Item 1. Report to Stockholders.

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.meederinvestment.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-325-3539 or by sending an email request to meederfunds@meederinvestment.com.

Beginning on January 1, 2019, you may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with a Fund, you can call 1-800-325-3539 or send an email request to meederfunds@meederinvestment.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Funds held in your account if you invest through your financial intermediary or all Funds held with the Fund complex if you invest directly with a Fund.

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 Adviser Dealer 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, 2019

As we enter a new decade, it is important to take a moment and reflect on what has occurred and learn from the past. In the last 100 years, 2010-2019 was the first decade in which the U.S. economy did not experience a recession. It was also a decade where the stock market did not close 20% below its all-time high. The only other decade in the last 100 years that the S&P 500 Index (“S&P 500”) did not experience a drawdown of this magnitude was 1990-1999. Why is this important? A famous quote states that “History does not repeat itself, but it often rhymes.” Therefore, let’s not forget what happened in the decade that followed the 1990’s. In the 2000’s, there were two separate market declines of more than 45%! While we are not predicting another decline of this magnitude, we feel it is important for clients to not ignore the past and have investment managers with the flexibility to navigate this type of volatility.

After a decade of strong returns and economic growth, many investors have become complacent in this current “Goldilocks Economy.” It may not be too hot, or too cold and seems to be “just right.” At Meeder, we believe that the one thing you can always count on is change. We want you to know that we will continue to navigate the market utilizing our data-driven investment models, which eliminate emotion from the investment decision making process.

S&P REACHES NEW HIGH DESPITE IMPEACHMENT

The S&P 500 Index climbed more than 9% in the 4th quarter alone and helped propel the index’s 2019 total return to over 31%. The S&P 500 achieved a total of 35 record highs in 2019, as the trend of growth stocks outperforming their value peers extended throughout the year. During the year, small-cap stocks remained the weakest performing market cap of U.S. equities. Despite their underperformance, the Russell 2000 Index still rose 25%. When comparing individual sectors in 2019, technology leaped far above the others by rising over 50%.

The biggest news of the fourth quarter occurred on December 18th, as the U.S. House of Representatives voted to formally impeach President Trump on two articles – abuse of power and obstruction of Congress. The impeachment process moves to the Senate next, where Supreme Court Chief Justice John Roberts will preside over the case. The Senate will hold a trial and determine if the President is guilty of these charges. If a two-thirds majority of the Senate votes that he is guilty, he would be removed from office.

The only other U.S. Presidents to be formally impeached are President Bill Clinton and President Andrew Johnson, both of which were not convicted or removed from office. Richard Nixon is widely thought to have been impeached but resigned from office before the official impeachment inquiry began. Since the official inquiry was launched against President Trump on October 31, the S&P 500 has risen over 6%.

ECONOMIC DATA REMAINS MIXED

GDP for the third quarter grew 2.1%. A very strong jobs report showed the U.S. created 266,000 jobs compared to the consensus estimates of 187,000 for November, while December showed results of 145,000 below expectations of 160,000. Among the largest sector contributors, Health Care, Social Work, and Manufacturers provided the biggest employment gains. The Leading Economic Index increased by 0.1% in November, exceeding expectations and broke the streak of three consecutive monthly declines. This index is widely followed because it uses 10 leading economic indicators to try and identify peaks and troughs in the business cycle.

While the economy continues to expand, the rate of growth is much slower than it has previously been during this business cycle. Signs of weakness are also starting to show in certain parts of the economy, especially manufacturing. The ISM Manufacturing PMI Index in the U.S. reported levels of 47.2 for December compared to expectations of 49. This was the fifth consecutive month below 50 and was the lowest level since June 2009. A reading below 50 traditionally indicates a contraction in the manufacturing sector.

Data from the Energy Information Administration released this quarter showed that the U.S. is one step closer to becoming energy independent. The U.S. has a long history of being dependent on foreign energy producers. In recent years, the U.S. has increased its energy production, mainly because of an increase in hydraulic fracking. In December, for the first time ever, the U.S. was a net exporter of crude oil and petroleum products for a full month. For perspective, in August 2006, the U.S. was a net importer of more than 13.4 million barrels per day.

CHINA

The world’s second largest economy, China, is feeling the impact of the existing trade environment, as their measure of economic growth recently fell to a 30-year low. On the bright side, the U.S. & China trade negotiations took a positive turn near the end of 2019, as media reports stated both parties have agreed in principle to a Phase 1 trade deal. Details around this deal are still unclear, but early reports state that both sides will suspend future tariffs. This is seen as a good first step by both parties. News of this progress helped bolster market sentiment, but it is important to understand that a complete resolution appears to be far off. Returns for emerging markets have been impacted by this trade dispute, lagging their developed international counterparts in 2019. While the MSCI EAFE Index, which tracks companies within developed international regions, posted returns of 22%, the MSCI Emerging Markets Index only increased by 18%.

FEDERAL RESERVE

In October, the Federal Reserve (“Fed”) met and again cut rates by 0.25%, bringing the overnight lending rate between banks to a range of 1.50% - 1.75%. It was the third 0.25% cut in 2019. This reduction helped provide a tailwind to the performance of bonds, as the Bloomberg Barclays Aggregate Index increased to a total return of 8.7% for the year. The Fed met again in December but left the overnight lending range unchanged. This was expected, as Fed Chairman Jerome Powell stated the board is “strongly committed” to maintaining a 2% inflation level for growth. Until the economy persistently outpaces this level, it is unlikely investors will see any rate hikes from the Federal Open Market Committee. One key measure that is essential to achieving higher inflation is strong consumer spending. It represents over 70% of the U.S. economy and

continues to be healthy. Consumer confidence also remains high, which was certainly evident during the start of the holiday shopping season. The National Retail Federation estimated there were nearly 190 million shoppers in the U.S. between Black Friday and Cyber Monday, an increase of 14% over last year’s 165.8 million. Data from Adobe Analytics showed that Black Friday online shopping reached a record $7.4 billion.

MEEDER PORTFOLIOS

At Meeder, we manage investment solutions across different risk profiles and time horizons. These strategies utilize a multi-discipline/multi-factor approach that guide us in the allocation of our portfolios. Many of these solutions employ one or more of our core investment strategies; Growth, Defensive Equity and Fixed Income.

GROWTH

Portfolios comprised of the Growth Strategy are more aggressive in their objective and typically remain invested in the stock market. These portfolios captured significant gains during the fourth quarter, as many stock market indices reached new all-time highs. Investors in the Growth Strategy experienced more market volatility than less aggressive portfolios; however, they were rewarded with larger returns, as the stock market grinded substantially higher.

DEFENSIVE EQUITY

Portfolios comprised of the Defensive Equity Strategy utilize investment models that assess the risk/reward relationship of the stock market. The goal is to reduce exposure to the market when that relationship is deemed unfavorable and ultimately, decrease participation in more severe market declines.

The tactical portfolios began the fourth quarter with a target of 100% exposure to the stock market. In October, market risk increased due to concerns over slowing global growth and increased trade tensions between the U.S. and China. As risk increased, short-term trends also turned negative. Our model guided us to reduce the equity exposure to 85%. The Fed then reduced short-term interest rates, by 0.25%, for the third time in 2019. The stock market responded favorably as short- and long-term trends improved, and market risk gradually fell. This led us to steadily increase our exposure back to 100% before the end of November.

In addition to strong momentum in December, there was an improvement in market breadth. As a reminder, market breadth gauges how many industries and stocks are participating in a trend. The number of advancing securities significantly exceeded the number of declining securities in the latter part of December, which is typically a positive sign for the continuation of an uptrend.

FIXED INCOME

The Meeder Fixed Income Strategy tactically shifts portfolio exposure utilizing investment models designed to actively monitor the credit quality, emerging market debt exposure and the U.S. Treasury duration of the portfolio. Our investment models guided us to start the fourth quarter with smaller allocations to emerging market and high yield bonds, primarily due to a deterioration in momentum, volatility and macro factors. Much of this turmoil was likely due to the U.S. Presidential impeachment process combined with uncertainty around the trade war between the U.S. & China. In the middle of October, the U.S. and China reached a partial trade deal, calling it “Phase 1” of the overall trade negotiations and related market volatility subsided. Our investment models then guided us to reduce our holdings in investment-grade and U.S. Treasury holdings and use those proceeds to increase our holdings in both emerging market and high yield bonds. Our investment models continued to favor increased exposure to the two sectors for remainder of the year and the portfolio benefitted from the tailwinds that were produced from the market’s optimism in the U.S. and global economic strength. The U.S. Treasury curve inversion ended during the quarter and it steepened as rates dropped across the front end of the yield curve and the longer-dated treasury yields moved higher.

OUR COMMITTMENT

As we begin a new year, it is important to remember our goal. We are dedicated to keeping clients committed to their investment strategy throughout a full market cycle. We believe that investors often make the biggest mistakes when they become emotional, rather than utilizing data when making investment decisions. Therefore, we continue to utilize and refine our data-driven investment models to make fact-based decisions when allocating our portfolios. We believe a systematic approach, based on the highest probability outcomes, will generate a better risk-adjusted return for investors over a full market cycle. We believe this focus helps clients stay committed to their investment strategy and ultimately reach their investment destination. Thank you once again for giving us the opportunity to be part of your investment journey.

Robert S. Meeder
President and CEO
Meeder Asset Management, Inc.

2019 Annual Report
Fund Summaries

Muirfield Fund

The Meeder Muirfield Fund Institutional Class returned 14.01% compared to the Morningstar Moderate Target Risk Index return of 19.03%.

After market volatility spiked and our model scores weakened at the end of 2018, we began the year with a 15% target exposure to the stock market. During the first quarter, our model identified institutional demand for stocks increasing and both short-term and long-term trends had turned positive. We increased our target equity exposure to 69% by the end of March. Our measure of market volatility continued to fall and was the primary driver for the steady increase in equity exposure, which reached as high as 98% in early May. Poor economic data released throughout May confirmed the U.S. economy’s rate of growth was slowing. By the start of June, we had reduced exposure to the stock market to 81%. In mid-June, our models identified a significant increase in the demand for stocks, causing us to gradually increase our exposure until reaching 100% near the end of June.

The ongoing trade war between U.S. and China escalated further, causing our internal measure of market risk to elevate and short-term trend factors to turn negative. We decreased our model portfolio’s target exposure to equities to a low of 79% toward the end of August. By mid-September, the S&P 500 broke out of its short-term trading range and the number of advancing securities relative to declining securities also reached an extremely high level. This positive market breadth improved the score of the short-term model and was one reason why we increased our exposure to 100% by the middle of September. In October, market risk increased due to concerns over slowing global growth and increased trade tensions between the U.S. and China. As risk increased, short-term trends also turned negative. Our model guided us to reduce the equity exposure to 85%. The Federal Reserve then reduced short-term interest rates, by 0.25%, for the third time in 2019. The stock market responded favorably as short- and long-term trends improved, and market risk gradually fell. This led us to steadily increase our exposure back to 100% before the end of November, and we remained fully invested through the end of the year.

Our shifts within equity markets include international versus domestic holdings, as well as allocating among market capitalization ranges in addition to sector overweight and/or underweight positions. Due primarily to relative momentum factors, our exposure to international holdings among both developed international and emerging market securities was underweight relative to the benchmark. Our underweight exposure to international markets contributed to performance relative to the benchmark in 2019.

Within our stock selection process, we attempt to gain exposure to companies with strong profitability that are priced at reasonable valuations relative to their industry peers and are trading with positive price momentum. For the year ending 2019, securities with exposure to short-term momentum and value characteristics, such as low book-to-price, contributed to performance. Companies with strong profitability detracted from performance.

In the portfolio, we will often use equity index derivatives in the Fund, such as stock index futures, to efficiently equitize our cash positions as well as manage the equity exposure of the Fund. In regard to equitizing cash positions, these derivatives are designed to track their respective stock index, so there was no discernible impact to the Fund’s relative performance. The use of stock index futures to manage equity exposure of the Fund had a positive impact on the performance of the Fund relative to the benchmark index during 2019.

Investment Objective

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

Average Annual Total Returns
as of December 31, 2019

Top 10 Holdings
as of December 31, 2019

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

Growth of $10,000
as of December 31, 2019

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.

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.

Sector Concentration
as of December 31, 2019

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

Asset Allocation
as of December 31, 2019

As a percentage of total net assets. The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund.

The Blended Index is comprised 60% of the S&P 500 Index and 40% of 90-day T-bills.

Spectrum Fund

The Meeder Spectrum Fund Institutional Class returned 13.44% for the year ended December 31, 2019, compared to the Morningstar Moderate Target Risk Index return of 19.03%.

After market volatility spiked and our model scores weakened at the end of 2018, we began the year with a 15% target exposure to the stock market. During the first quarter, our model identified institutional demand for stocks increasing and both short-term and long-term trends had turned positive. We increased our target equity exposure to 69% by the end of March. Our measure of market volatility continued to fall and was the primary driver for the steady increase in equity exposure, which reached as high as 98% in early May. Poor economic data released throughout May confirmed the U.S. economy’s rate of growth was slowing. By the start of June, we had reduced exposure to the stock market to 81%. In mid-June, our models identified a significant increase in the demand for stocks, causing us to gradually increase our exposure until reaching 100% near the end of June.

The ongoing trade war between U.S. and China escalated further, causing our internal measure of market risk to elevate and short-term trend factors to turn negative. We decreased our model portfolio’s target exposure to equities to a low of 79% toward the end of August. By mid-September, the S&P 500 broke out of its short-term trading range and the number of advancing securities relative to declining securities also reached an extremely high level. This positive market breadth improved the score of the short-term model and was one reason why we increased our exposure to 100% by the middle of September. In October, market risk increased due to concerns over slowing global growth and increased trade tensions between the U.S. and China. As risk increased, short-term trends also turned negative. Our model guided us to reduce the equity exposure to 85%. The Federal Reserve then reduced short-term interest rates, by 0.25%, for the third time in 2019. The stock market responded favorably as short- and long-term trends improved, and market risk gradually fell. This led us to steadily increase our exposure back to 100% before the end of November, and we remained fully invested through the end of the year.

Our shifts within equity markets include international versus domestic holdings, as well as allocating among market capitalization ranges in addition to sector overweight and/or underweight positions. Due primarily to relative momentum factors, our exposure to international holdings among both developed international and emerging market securities was underweight relative to the benchmark. Our underweight exposure to international markets contributed to performance relative to the benchmark in 2019.

Within our stock selection process, we attempt to gain exposure to companies with strong profitability that are priced at reasonable valuations relative to their industry peers and are trading with positive price momentum. For the year ending 2019, securities with exposure to short-term momentum and value characteristics, such as low book-to-price, contributed to performance. Companies with strong profitability detracted from performance.

In the portfolio, we will often use equity index derivatives in the Fund, such as stock index futures, to efficiently equitize our cash positions as well as manage the equity exposure of the Fund. In regard to equitizing cash positions, these derivatives are designed to track their respective stock index, so there was no discernible impact to the Fund’s relative performance. The use of stock index futures to manage equity exposure of the Fund had a positive impact on the performance of the Fund relative to the benchmark index during 2019.

Investment Objective

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

Average Annual Total Returns
as of December 31, 2019

Top 10 Holdings
as of December 31, 2019

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

Growth of $10,000
as of December 31, 2019

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.

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.

Sector Concentration
as of December 31, 2019

Total long as a percentage of total long common stocks. Total short as a percentage of total short common stocks. Concentrations are subject to change.

Asset Allocation
as of December 31, 2019

As a percentage of total net assets. The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund.

The Blended Index is comprised 60% of the S&P 500 Index and 40% of 90-day T-bills.

Global Allocation Fund

The Meeder Global Allocation Fund Institutional Class returned 13.66% compared to the Morningstar Global Allocation Index benchmark return of 18.53%.

The Fund invests in domestic equity markets but will generally hold securities in emerging market and developed international equities as well. We alter the allocation to the international markets based on indications from our quantitative models. Additionally, the strategy can reduce equity exposure when it is deemed to be a high-risk market environment.

After market volatility spiked and our model scores weakened at the end of 2018, we began the year with a 15% target exposure to the stock market. During the first quarter, our model identified institutional demand for stocks increasing and both short-term and long-term trends had turned positive. We increased our target equity exposure to 69% by the end of March. Our measure of market volatility continued to fall and was the primary driver for the steady increase in equity exposure, which reached as high as 98% in early May. Poor economic data released throughout May confirmed the U.S. economy’s rate of growth was slowing. By the start of June, we had reduced exposure to the stock market to 81%. In mid-June, our models identified a significant increase in the demand for stocks, causing us to gradually increase our exposure until reaching 100% near the end of June.

The ongoing trade war between U.S. and China escalated further, causing our internal measure of market risk to elevate and short-term trend factors to turn negative. We decreased our model portfolio’s target exposure to equities to a low of 79% toward the end of August. By mid-September, the S&P 500 broke out of its short-term trading range and the number of advancing securities relative to declining securities also reached an extremely high level. This positive market breadth improved the score of the short-term model and was one reason why we increased our exposure to 100% by the middle of September. In October, market risk increased due to concerns over slowing global growth and increased trade tensions between the U.S. and China. As risk increased, short-term trends also turned negative. Our model guided us to reduce the equity exposure to 85%. The Federal Reserve then reduced short-term interest rates, by 0.25%, for the third time in 2019. The stock market responded favorably as short- and long-term trends improved, and market risk gradually fell. This led us to steadily increase our exposure back to 100% before the end of November, and we remained fully invested through the end of the year.

Our shifts within equity markets include international versus domestic holdings, as well as allocating among market capitalization ranges in addition to sector overweight and/or underweight positions. Due primarily to relative momentum factors, our exposure to international holdings among both developed international and emerging market securities was underweight relative to the benchmark. Our underweight exposure to international markets detracted from performance relative to the benchmark in 2019.

Early in January, momentum factors improved in our fixed income models and we increased the portfolio’s allocation to high yield and emerging markets debt sectors. Roughly two-thirds of the portfolio remained allocated to more conservative U.S. Government securities and investment-grade bonds. The Fed took a dovish pivot in mid-March, announcing that it was “unlikely” there would be rate hikes in 2019. This reversed their earlier forecast of two rate increases. After the statement, Treasury prices increased as yields declined across the U.S. yield curve and portions of the yield curve inverted, as the 10-Year Treasury yield fell below the 3-month Treasury yield. The Fed maintained a dovish stance in the 2nd quarter due to mixed economic data and continued low inflation, eventually cutting overnight rates by 0.25% on the final day of July, as the U.S. and China trade negotiations continued to add to market uncertainty.

In the middle of August, a potential recessionary warning signal flashed as the 10-year U.S. Treasury yield fell below the 2-year U.S. Treasury, followed by an inversion of the U.S. Treasury yield curve for the first time since 2007. Our models signaled a change in sector positioning and we reallocated the portfolio to a more conservative position with a reduction in high yield and emerging market debt and an increase in investment-grade securities and U.S. Treasuries. In September, the Fed cut the policy rate for the second time this year by 0.25%. However, market concerns started to ease in the middle of October as the U.S. and China reached a partial trade deal, calling it “Phase 1” of the overall trade negotiations, causing related market volatility to subside.

Our investment models then guided us to reduce our holdings in investment-grade and U.S. Treasury holdings and use those proceeds to increase our holdings in both emerging market and high yield bonds. Our investment models continued to favor increased exposure to the two sectors for remainder of the year and the portfolio benefitted from the tailwinds that were produced from the market’s optimism in the U.S. and global economic strength. The U.S. Treasury curve inversion ended during the quarter and it steepened as rates dropped across the front end of the yield curve and the longer-dated treasury yields moved higher. The portfolio’s treasury allocation’s duration was slightly higher than the benchmark during the second and third quarter and remained below the benchmark during the first and the fourth quarter. Portfolio duration remained slightly shorter than the benchmark throughout the year.

Within our stock selection process, we attempt to gain exposure to companies with strong profitability that are priced at reasonable valuations relative to their industry peers and are trading with positive price momentum. For the year ending 2019, securities with exposure to short-term momentum and value characteristics, such as low book-to-price, contributed to performance. Companies with strong profitability detracted from performance.

In the portfolio, we will often use equity index derivatives in the Fund, such as stock index futures, to efficiently equitize our cash positions as well as manage the equity exposure of the Fund. In regard to equitizing cash positions, these derivatives are designed to track their respective stock index, so there was no discernible impact to the Fund’s relative performance. The use of stock index futures to manage equity exposure of the Fund had a positive impact on the performance of the Fund relative to the benchmark index during 2019.

Investment Objective

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

Average Annual Total Returns
as of December 31, 2019

Growth of $10,000
as of December 31, 2019

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.

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.

Top 10 Holdings
as of December 31, 2019

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

Sector Concentration
as of December 31, 2019

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

Asset Allocation
as of December 31, 2019

As a percentage of total net assets. The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund.

The Blended Index is comprised of 54% MSCI ACWI, 36% of 90 day T-Bills and 10% Bloomberg Barclays US Aggregate Bond Index.

Balanced Fund

The Meeder Balanced Fund Institutional Class returned 12.77% for the year compared to the Morningstar Moderate Target Risk Index return of 19.03%. The Fund maintains exposure to both equity and fixed income.

After market volatility spiked and our model scores weakened at the end of 2018, we began the year with a 15% target exposure to the stock market. During the first quarter, our model identified institutional demand for stocks increasing and both short-term and long-term trends had turned positive. We increased our target equity exposure to 69% by the end of March. Our measure of market volatility continued to fall and was the primary driver for the steady increase in equity exposure, which reached as high as 98% in early May. Poor economic data released throughout May confirmed the U.S. economy’s rate of growth was slowing. By the start of June, we had reduced exposure to the stock market to 81%. In mid-June, our models identified a significant increase in the demand for stocks, causing us to gradually increase our exposure until reaching 100% near the end of June.

The ongoing trade war between U.S. and China escalated further, causing our internal measure of market risk to elevate and short-term trend factors to turn negative. We decreased our model portfolio’s target exposure to equities to a low of 79% toward the end of August. By mid-September, the S&P 500 broke out of its short-term trading range and the number of advancing securities relative to declining securities also reached an extremely high level. This positive market breadth improved the score of the short-term model and was one reason why we increased our exposure to 100% by the middle of September. In October, market risk increased due to concerns over slowing global growth and increased trade tensions between the U.S. and China. As risk increased, short-term trends also turned negative. Our model guided us to reduce the equity exposure to 85%. The Federal Reserve then reduced short-term interest rates, by 0.25%, for the third time in 2019. The stock market responded favorably as short- and long-term trends improved, and market risk gradually fell. This led us to steadily increase our exposure back to 100% before the end of November, and we remained fully invested through the end of the year.

Our shifts within equity markets include international versus domestic holdings, as well as allocating among market capitalization ranges in addition to sector overweight and/or underweight positions. Due primarily to relative momentum factors, our exposure to international holdings among both developed international and emerging market securities was underweight relative to the benchmark. Our underweight exposure to international markets contributed to performance relative to the benchmark in 2019.

Early in January, momentum factors improved in our fixed income models and we increased the portfolio’s allocation to high yield and emerging markets debt sectors. Roughly two-thirds of the portfolio remained allocated to more conservative U.S. Government securities and investment-grade bonds. The Fed took a dovish pivot in mid-March, announcing that it was “unlikely” there would be rate hikes in 2019. This reversed their earlier forecast of two rate increases. After the statement, Treasury prices increased as yields declined across the U.S. yield curve and portions of the yield curve inverted, as the 10-Year Treasury yield fell below the 3-month Treasury yield. The Fed maintained a dovish stance in the 2nd quarter due to mixed economic data and continued low inflation, eventually cutting overnight rates by 0.25% on the final day of July, as the U.S. and China trade negotiations continued to add to market uncertainty.

In the middle of August, a potential recessionary warning signal flashed as the 10-year U.S. Treasury yield fell below the 2-year U.S. Treasury, followed by an inversion of the U.S. Treasury yield curve for the first time since 2007. Our models signaled a change in sector positioning and we reallocated the portfolio to a more conservative position with a reduction in high yield and emerging market debt and an increase in investment-grade securities and U.S. Treasuries. In September, the Fed cut the policy rate for the second time this year by 0.25%. However, market concerns started to ease in the middle of October as the U.S. and China reached a partial trade deal, calling it “Phase 1” of the overall trade negotiations, causing related market volatility to subside. Our investment models then guided us to reduce our holdings in investment-grade and U.S. Treasury holdings and use those proceeds to increase our holdings in both emerging market and high yield bonds.

Our investment models continued to favor increased exposure to the two sectors for remainder of the year and the portfolio benefitted from the tailwinds that were produced from the market’s optimism in the U.S. and global economic strength. The U.S. Treasury curve inversion ended during the quarter and it steepened as rates dropped across the front end of the yield curve and the longer-dated treasury yields moved higher. The portfolio’s treasury allocation’s duration was slightly higher than the benchmark during the second and third quarter and remained below the benchmark during the first and the fourth quarter. Portfolio duration remained slightly shorter than the benchmark throughout the year.

Within our stock selection process, we attempt to gain exposure to companies with strong profitability that are priced at reasonable valuations relative to their industry peers and are trading with positive price momentum. For the year ending 2019, securities with exposure to short-term momentum and value characteristics, such as low book-to-price, contributed to performance. Companies with strong profitability detracted from performance.

In the portfolio, we will often use equity index derivatives in the Fund, such as stock index futures, to efficiently equitize our cash positions as well as manage the equity exposure of the Fund. In regard to equitizing cash positions, these derivatives are designed to track their respective stock index, so there was no discernible impact to the Fund’s relative performance. The use of stock index futures to manage equity exposure of the Fund had a positive impact on the performance of the Fund relative to the benchmark index during 2019.

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, 2019

Growth of $10,000
as of December 31, 2019

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.

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.

Top 10 Holdings
as of December 31, 2019

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

Sector Concentration
as of December 31, 2019

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

Asset Allocation
as of December 31, 2019

As a percentage of total net assets. The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund.

The Blended Index is comprised 42% of the S&P 500 Index, 28% of the average 90-day T-bills, and 30% of the Bloomberg Barclays US Aggregate Bond Index.

Moderate Allocation Fund

The Meeder Moderate Allocation Fund Institutional Class returned 11.52% compared to the Morningstar Moderate Conservative Target Risk Index return of 15.25%.

After market volatility spiked and our model scores weakened at the end of 2018, we began the year with a 15% target exposure to the stock market. During the first quarter, our model identified institutional demand for stocks increasing and both short-term and long-term trends had turned positive. We increased our target equity exposure to 69% by the end of March. Our measure of market volatility continued to fall and was the primary driver for the steady increase in equity exposure, which reached as high as 98% in early May. Poor economic data released throughout May confirmed the U.S. economy’s rate of growth was slowing. By the start of June, we had reduced exposure to the stock market to 81%. In mid-June, our models identified a significant increase in the demand for stocks, causing us to gradually increase our exposure until reaching 100% near the end of June.

The ongoing trade war between U.S. and China escalated further, causing our internal measure of market risk to elevate and short-term trend factors to turn negative. We decreased our model portfolio’s target exposure to equities to a low of 79% toward the end of August. By mid-September, the S&P 500 broke out of its short-term trading range and the number of advancing securities relative to declining securities also reached an extremely high level. This positive market breadth improved the score of the short-term model and was one reason why we increased our exposure to 100% by the middle of September. In October, market risk increased due to concerns over slowing global growth and increased trade tensions between the U.S. and China. As risk increased, short-term trends also turned negative. Our model guided us to reduce the equity exposure to 85%. The Federal Reserve then reduced short-term interest rates, by 0.25%, for the third time in 2019. The stock market responded favorably as short- and long-term trends improved, and market risk gradually fell. This led us to steadily increase our exposure back to 100% before the end of November, and we remained fully invested through the end of the year.

Our shifts within equity markets include international versus domestic holdings, as well as allocating among market capitalization ranges in addition to sector overweight and/or underweight positions. Due primarily to relative momentum factors, our exposure to international holdings among both developed international and emerging market securities was underweight relative to the benchmark. Our underweight exposure to international markets contributed to performance relative to the benchmark in 2019.

Early in January, momentum factors improved in our fixed income models and we increased the portfolio’s allocation to high yield and emerging markets debt sectors. Roughly two-thirds of the portfolio remained allocated to more conservative U.S. Government securities and investment-grade bonds. The Fed took a dovish pivot in mid-March, announcing that it was “unlikely” there would be rate hikes in 2019. This reversed their earlier forecast of two rate increases. After the statement, Treasury prices increased as yields declined across the U.S. yield curve and portions of the yield curve inverted, as the 10-Year Treasury yield fell below the 3-month Treasury yield. The Fed maintained a dovish stance in the 2nd quarter due to mixed economic data and continued low inflation, eventually cutting overnight rates by 0.25% on the final day of July, as the U.S. and China trade negotiations continued to add to market uncertainty.

In the middle of August, a potential recessionary warning signal flashed as the 10-year U.S. Treasury yield fell below the 2-year U.S. Treasury, followed by an inversion of the U.S. Treasury yield curve for the first time since 2007. Our models signaled a change in sector positioning and we reallocated the portfolio to a more conservative position with a reduction in high yield and emerging market debt and an increase in investment-grade securities and U.S. Treasuries. In September, the Fed cut the policy rate for the second time this year by 0.25%. However, market concerns started to ease in the middle of October as the U.S. and China reached a partial trade deal, calling it “Phase 1” of the overall trade negotiations, causing related market volatility to subside. Our investment models then guided us to reduce our holdings in investment-grade and U.S. Treasury holdings and use those proceeds to increase our holdings in both emerging market and high yield bonds.

Our investment models continued to favor increased exposure to the two sectors for remainder of the year and the portfolio benefitted from the tailwinds that were produced from the market’s optimism in the U.S. and global economic strength. The U.S. Treasury curve inversion ended during the quarter and it steepened as rates dropped across the front end of the yield curve and the longer-dated treasury yields moved higher. The portfolio’s treasury allocation’s duration was slightly higher than the benchmark during the second and third quarter and remained below the benchmark during the first and the fourth quarter. Portfolio duration remained slightly shorter than the benchmark throughout the year.

Within our stock selection process, we attempt to gain exposure to companies with strong profitability that are priced at reasonable valuations relative to their industry peers and are trading with positive price momentum. For the year ending 2019, securities with exposure to short-term momentum and value characteristics, such as low book-to-price, contributed to performance. Companies with strong profitability detracted from performance.

In the portfolio, we will often use equity index derivatives in the Fund, such as stock index futures, to efficiently equitize our cash positions as well as manage the equity exposure of the Fund. In regard to equitizing cash positions, these derivatives are designed to track their respective stock index, so there was no discernible impact to the Fund’s relative performance. The use of stock index futures to manage equity exposure of the Fund had a positive impact on the performance of the Fund relative to the benchmark index during 2019.

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, 2019

Growth of $10,000
as of December 31, 2019

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.

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.

Top 10 Holdings
as of December 31, 2019

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

Sector Concentration
as of December 31, 2019

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

Asset Allocation
as of December 31, 2019

As a percentage of total net assets. The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund.

The Blended Index is comprised 30% of the S&P 500 Index, 20% of the average 90-day T-bills, and 50% of the Bloomberg Barclays US Aggregate Bond Index.

Conservative Allocation Fund

The Meeder Conservative Allocation Fund Institutional Class returned 10.61% compared to the Morningstar Conservative Target Risk Index return of 11.22%.

After market volatility spiked and our model scores weakened at the end of 2018, we began the year with a 15% target exposure to the stock market. During the first quarter, our model identified institutional demand for stocks increasing and both short-term and long-term trends had turned positive. We increased our target equity exposure to 69% by the end of March. Our measure of market volatility continued to fall and was the primary driver for the steady increase in equity exposure, which reached as high as 98% in early May. Poor economic data released throughout May confirmed the U.S. economy’s rate of growth was slowing. By the start of June, we had reduced exposure to the stock market to 81%. In mid-June, our models identified a significant increase in the demand for stocks, causing us to gradually increase our exposure until reaching 100% near the end of June.

The ongoing trade war between U.S. and China escalated further, causing our internal measure of market risk to elevate and short-term trend factors to turn negative. We decreased our model portfolio’s target exposure to equities to a low of 79% toward the end of August. By mid-September, the S&P 500 broke out of its short-term trading range and the number of advancing securities relative to declining securities also reached an extremely high level. This positive market breadth improved the score of the short-term model and was one reason why we increased our exposure to 100% by the middle of September. In October, market risk increased due to concerns over slowing global growth and increased trade tensions between the U.S. and China. As risk increased, short-term trends also turned negative. Our model guided us to reduce the equity exposure to 85%. The Federal Reserve then reduced short-term interest rates, by 0.25%, for the third time in 2019. The stock market responded favorably as short- and long-term trends improved, and market risk gradually fell. This led us to steadily increase our exposure back to 100% before the end of November, and we remained fully invested through the end of the year.

Our shifts within equity markets include international versus domestic holdings, as well as allocating among market capitalization ranges in addition to sector overweight and/or underweight positions. Due primarily to relative momentum factors, our exposure to international holdings among both developed international and emerging market securities was underweight relative to the benchmark. Our underweight exposure to international markets contributed to performance relative to the benchmark in 2019.

Early in January, momentum factors improved in our fixed income models and we increased the portfolio’s allocation to high yield and emerging markets debt sectors. Roughly two-thirds of the portfolio remained allocated to more conservative U.S. Government securities and investment-grade bonds. The Fed took a dovish pivot in mid-March, announcing that it was “unlikely” there would be rate hikes in 2019. This reversed their earlier forecast of two rate increases. After the statement, Treasury prices increased as yields declined across the U.S. yield curve and portions of the yield curve inverted, as the 10-Year Treasury yield fell below the 3-month Treasury yield. The Fed maintained a dovish stance in the 2nd quarter due to mixed economic data and continued low inflation, eventually cutting overnight rates by 0.25% on the final day of July, as the U.S. and China trade negotiations continued to add to market uncertainty.

In the middle of August, a potential recessionary warning signal flashed as the 10-year U.S. Treasury yield fell below the 2-year U.S. Treasury, followed by an inversion of the U.S. Treasury yield curve for the first time since 2007. Our models signaled a change in sector positioning and we reallocated the portfolio to a more conservative position with a reduction in high yield and emerging market debt and an increase in investment-grade securities and U.S. Treasuries. In September, the Fed cut the policy rate for the second time this year by 0.25%. However, market concerns started to ease in the middle of October as the U.S. and China reached a partial trade deal, calling it “Phase 1” of the overall trade negotiations, causing related market volatility to subside.

Our investment models then guided us to reduce our holdings in investment-grade and U.S. Treasury holdings and use those proceeds to increase our holdings in both emerging market and high yield bonds. Our investment models continued to favor increased exposure to the two sectors for remainder of the year and the portfolio benefitted from the tailwinds that were produced from the market’s optimism in the U.S. and global economic strength. The U.S. Treasury curve inversion ended during the quarter and it steepened as rates dropped across the front end of the yield curve and the longer-dated treasury yields moved higher. The portfolio’s treasury allocation’s duration was slightly higher than the benchmark during the second and third quarter and remained below the benchmark during the first and the fourth quarter. Portfolio duration remained slightly shorter than the benchmark throughout the year.

Within our stock selection process, we attempt to gain exposure to companies with strong profitability that are priced at reasonable valuations relative to their industry peers and are trading with positive price momentum. For the year ending 2019, securities with exposure to short-term momentum and value characteristics, such as low book-to-price, contributed to performance. Companies with strong profitability detracted from performance.

In the portfolio, we will often use equity index derivatives in the Fund, such as stock index futures, to efficiently equitize our cash positions as well as manage the equity exposure of the Fund. In regard to equitizing cash positions, these derivatives are designed to track their respective stock index, so there was no discernible impact to the Fund’s relative performance. The use of stock index futures to manage equity exposure of the Fund had a positive impact on the performance of the Fund relative to the benchmark index during 2019.

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, 2019

Growth of $10,000
as of December 31, 2019

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.

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.

Top 10 Holdings
as of December 31, 2019

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

Sector Concentration
as of December 31, 2019

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

Asset Allocation
as of December 31, 2019

As a percentage of total net assets. The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund.

The Blended Index is comprised 18% of the S&P 500 Index, 12% of the average 90-day T-bills, and 70% of the Bloomberg Barclays US Aggregate Bond Index.

Dynamic Allocation Fund

The Meeder Dynamic Allocation Fund Institutional Class returned 24.40% compared to the Morningstar Aggressive Target Risk Index return of 25.91%.

Our shifts within equity markets include international versus domestic holdings, as well as allocating among market capitalization ranges in addition to sector overweight and/or underweight positions. Due primarily to relative momentum factors, our exposure to international holdings among both developed international and emerging market securities was underweight relative to the benchmark. Our underweight exposure to international markets contributed to performance relative to the benchmark in 2019.

We maintain at least a 5% allocation to fixed income in the Fund. During 2019, this allocation was actively managed among investment-grade, high yield, and emerging market debt sectors. These allocation changes are driven by our tactical fixed income models. These models assess various factors including momentum, volatility, and macroeconomic metrics and signal sector rotations. Although sector rotation among credit sectors added value within fixed income allocation in 2019, overall fixed income exposure slightly detracted from the Fund’s performance as equity markets rallied significantly relative to fixed income during the year.

Within our stock selection process, we attempt to gain exposure to companies with strong profitability that are priced at reasonable valuations relative to their industry peers and are trading with positive price momentum. For the year ending 2019, securities with exposure to short-term momentum and value characteristics, such as low book-to-price, contributed to performance. Companies with strong profitability detracted from performance.

We utilized equity index derivatives in the Fund, such as stock index futures, to equitize cash positions. Since these derivatives are designed to track a respective stock index, there was no discernable impact to the Fund’s relative performance in 2019.

Investment Objective

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

Average Annual Total Returns
as of December 31, 2019

Top 10 Holdings
as of December 31, 2019

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

Growth of $10,000
as of December 31, 2019

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.

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.

Sector Concentration
as of December 31, 2019

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

Asset Allocation
as of December 31, 2019

As a percentage of total net assets. The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund.

The Blended Index is comprised of 70% S&P 500 Index, 25% MSCI ACWI ex USA Index, and 5% Bloomberg Barclays US Aggregate Bond Index.

Quantex Fund

For the year ended December 31, 2019, the Meeder Quantex Fund Institutional Class returned 18.81% compared to the benchmark’s return of the S&P MidCap 400 Index of 26.20% and the Russell 2000 Index return of 25.52%.

We use a quantitative model to identify the capitalization ranges that incorporate our ideal portfolio of small- and mid-capitalization companies with strong growth potential each calendar year. Individual securities for the portfolio are equally weighted at the beginning of the year. Securities are then monitored on an ongoing basis and screened based on various momentum, profitability and value characteristics.

The portfolio’s performance was driven by a combination of sector selection and individual security selection. Consumer Discretionary, Industrials, and Energy were the largest overweight sectors relative to the benchmark, while our largest underweights relative to the benchmark were in Information Technology and Utilities. The largest sector contributors were Materials and Utilities, while the biggest individual contributors to performance were World Fuel Services and Tenet Healthcare. Mallinckrodt PLC, Tupperware Brands, and Chesapeake Energy were the largest individual detractors to performance.

We utilized equity index derivatives in the Fund, such as stock index futures, to equitize cash positions. Since these derivatives are designed to track a respective stock index, there was no discernable impact to the Fund’s relative performance in 2019.

Investment Objective

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

Average Annual Total Returns
as of December 31, 2019

Top 10 Holdings
as of December 31, 2019

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

Growth of $10,000
as of December 31, 2019

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.

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.

Sector Concentration
as of December 31, 2019

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

Asset Allocation
as of December 31, 2019

As a percentage of total net assets. The Fund has invested in stock index futures contracts in order to equitize cash balances held in the Fund.

The Blended Index consists of 50% of the Russell 2000 Index and 50% of the S&P MidCap 400 Index.

Total Return Bond Fund

The Meeder Total Return Bond Fund Institutional Class return was 7.67% for the year compared to the Bloomberg Barclays U.S. Aggregate Bond Index which returned 8.72%.

Early in January, momentum factors improved in our fixed income models and we increased the portfolio’s allocation to high yield and emerging markets debt sectors. Roughly two-thirds of the portfolio remained allocated to more conservative U.S. Government securities and investment-grade bonds. The Fed took a dovish pivot in mid-March, announcing that it was “unlikely” there would be rate hikes in 2019. This reversed their earlier forecast of two rate increases. After the statement, Treasury prices increased as yields declined across the U.S. yield curve and portions of the yield curve inverted, as the 10-Year Treasury yield fell below the 3-month Treasury yield. The Fed maintained a dovish stance in the 2nd quarter due to mixed economic data and continued low inflation, eventually cutting overnight rates by 0.25% on the final day of July, as the U.S. and China trade negotiations continued to add to market uncertainty. In the middle of August, a potential recessionary warning signal flashed as the 10-year U.S. Treasury yield fell below the 2-year U.S. Treasury, followed by an inversion of the U.S. Treasury yield curve for the first time since 2007. Our models signaled a change in sector positioning and we reallocated the portfolio to a more conservative position with a reduction in high yield and emerging market debt and an increase in investment-grade securities and U.S. Treasuries. In September, the Fed cut the policy rate for the second time this year by 0.25%. However, market concerns started to ease in the middle of October as the U.S. and China reached a partial trade deal, calling it “Phase 1” of the overall trade negotiations, causing related market volatility to subside. Our investment models then guided us to reduce our holdings in investment-grade and U.S. Treasury holdings and use those proceeds to increase our holdings in both emerging market and high yield bonds. Our investment models continued to favor increased exposure to the two sectors for remainder of the year and the portfolio benefitted from the tailwinds that were produced from the market’s optimism in the U.S. and global economic strength. The U.S. Treasury curve inversion ended during the quarter and it steepened as rates dropped across the front end of the yield curve and the longer-dated treasury yields moved higher. The portfolio’s treasury allocation’s duration was slightly higher than the benchmark during the second and third quarter and remained below the benchmark during the first and the fourth quarter. Portfolio duration remained slightly shorter than the benchmark throughout the year.

Investment Objective

The investment objective of the Fund is to provide total return, consisting of income and capital growth, consistent with minimizing the risk of loss of capital.

Average Annual Total Returns
as of December 31, 2019

Top 10 Holdings
as of December 31, 2019

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

Growth of $10,000
as of December 31, 2019

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.

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.

Fixed Income Sector Concentration
as of December 31, 2019

As a percentage of total fixed income securities.

Concentrations are subject to change.

Prime Money Market Fund

The Meeder Prime Money Market Fund is a constant net asset value (CNAV) fund offered only to natural persons. The objective of this fund is to maintain a CNAV at $1.00 per share while offering a competitive return to shareholders. The adviser to the Fund accomplishes 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 past several years the Money Market Fund industry has been faced with challenges from zero bound interest rates to regulatory changes. Regardless of the event, money fund managers digested what was put before them and marched ahead. In time, perseverance was rewarded with higher interest rates. From the end of 2015 to the end of 2018, the Federal Open Market Committee (FOMC) increased its benchmark interest rate nine times ending at a target range of 2.25% to 2.50%. However, in the ever-changing world known as “capital markets” even these advantageous interest rates could be short-lived.

The New Year, 2019, started with several potential obstacles posing challenges to global sentiment and circulated speculation about the global growth path moving forward. Discussions surrounding global trade, while simmering in the background over the last couple of years, became a steady headline throughout the year. FOMC Chairperson, Jerome Powell, and cohorts in the committee stressed vigilance in the first half on 2019 vowing to consider all scenarios and ramifications for the domestic economy. As a result, the benchmark range for interest rates was unchanged through June. Amid the news that the U.S. economy was stable relative to that of its peers, intermittent cracks began to appear. Developed economies outside the U.S. continued to languish as seen through manufacturing sentiment gauges. Eventually, this filtered through to the U.S. economy by mid-2019. In an effort to mitigate structural economic drag, the FOMC embarked on a series of benchmark interest rate cuts. By the end of October, the target range had decreased three times to a range of 1.50% to 1.75%.

Factoring in data at hand and weighing expectations for the year that lay ahead, the adviser fine-tuned tactical strategy to targeting investment opportunities which may outperform in a potentially flat interest rate environment. Historically, the Fund has maintained ample liquidity in an effort to provide portfolio safety. Liquidity had also been a solid tool for taking advantage of investment opportunities when they arise. With expectations that a stable target interest rate environment may be on the horizon for 2019, the portfolio management team adjusted strategy to accommodate investment options while securing value for shareholders. As the FOMC adjusted its stance to potentially move its benchmark interest rate lower later in the year, the team again altered its strategy. The strategy employed favored extending the weighted average maturity of the portfolio to guard against declining interest rates. This investment strategy was maintained for the remainder of the year.

For 2019 the portfolio management team targeted a longer weighted average maturity. This strategy allowed the management team opportunity to alter investments as the environment changed. Currently, we believe the FOMC will continue to contemplate its benchmark interest rate strategy. We believe the committee may again be more receptive to altering its rate path lower given economic uncertainties. We do anticipate any further interest rate actions to remain drawn out versus historical interest rate cycles. Our sector allocation favors an overweight to high-quality liquid investments. Depending on investment opportunities we will continue to explore investment alternatives in short-term, high-quality corporate debt product without adding undo risk.

As we completed 2019, our belief was that the Fund should be positioned to maintain strong performance into 2020. In the event FOMC policy changes, we believe the portfolio is positioned to perform in the resulting environment. We will continuously monitor 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 while maintaining a stable share price of $1.00.

Average Annual Total Returns
as of December 31, 2019

Yields
as of December 31, 2019

Top 10 Holdings
as of December 31, 2019

As a percentage of total net assets.

The Fund operates as a retail money market fund and is limited to accounts beneficially owned by natural persons. 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 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, 2019

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

Institutional Prime Money Market Fund

The Meeder Institutional Prime Money Market Fund offers a floating net asset value (FNAV). An FNAV fund is characterized by a net asset value which could vary incrementally above or below $1.00 per share. The objective of this fund is to maintain a FNAV near $1.00 per share while offering a competitive return to shareholders. The adviser to the Fund accomplishes 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 past several years the Money Market Fund industry has been faced with challenges from zero bound interest rates to regulatory changes. Regardless of the event, money fund managers digested what was put before them and marched ahead. In time, perseverance was rewarded with higher interest rates. From the end of 2015 to the end of 2018, the Federal Open Market Committee (FOMC) increased its benchmark interest rate nine times ending at a target range of 2.25% to 2.50%. However, in the ever-changing world known as “capital markets” even these advantageous interest rates could be short-lived.

The New Year, 2019, started with several potential obstacles posing challenges to global sentiment and circulated speculation about the global growth path moving forward. Discussions surrounding global trade, while simmering in the background over the last couple of years, became a steady headline throughout the year. FOMC Chairperson, Jerome Powell, and cohorts in the committee stressed vigilance in the first half on 2019 vowing to consider all scenarios and ramifications for the domestic economy. As a result, the benchmark range for interest rates was unchanged through June. Amid the news that the U.S. economy was stable relative to that of its peers, intermittent cracks began to appear. Developed economies outside the U.S. continued to languish as seen through manufacturing sentiment gauges. Eventually, this filtered through to the U.S. economy by mid-2019. In an effort to mitigate structural economic drag, the FOMC embarked on series of benchmark interest rate cuts. By the end of October, the target range had decreased three times to a range of 1.50% to 1.75%.

Factoring in data at hand and weighing expectations for the year that lay ahead, the adviser fine-tuned tactical strategy to targeting investment opportunities which may outperform in a potentially flat interest rate environment. Historically, the Fund has maintained ample liquidity in an effort to provide portfolio safety. Liquidity had also been a solid tool for taking advantage of investment opportunities when they arise. With expectations that a stable target interest rate environment may be on the horizon for 2019, the portfolio management team adjusted strategy to accommodate investment options while securing value for shareholders. As the FOMC adjusted its stance to potentially move its benchmark interest rate lower later in the year, the team again altered its strategy. The strategy employed favored extending the weighted average maturity of the portfolio to guard against declining interest rates. This investment strategy was maintained for the remainder of the year.

For 2019 the portfolio management team targeted a longer weighted average maturity. This strategy allowed the management team opportunity to alter investments as the environment changed. Currently, we believe the FOMC will continue to contemplate its benchmark interest rate strategy. We believe the committee may again be more receptive to altering its rate path lower given economic uncertainties. We do anticipate any further interest rate actions to remain drawn out versus historical interest rate cycles. Our sector allocation favors an overweight to high-quality liquid investments. Depending on investment opportunities we will continue to explore investment alternatives in short-term, high-quality corporate debt product without adding undo risk.

As we completed 2019, our belief was that the Fund should be positioned to maintain strong performance into 2020. In the event FOMC policy changes, we believe the portfolio is positioned to perform in the resulting environment. We will continuously monitor 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, 2019

Yields
as of December 31, 2019

Top 10 Holdings
as of December 31, 2019

As a percentage of total net assets.

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, 2019

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

2019 Annual Report
Fund Holdings & Financial Statements

The accompanying notes are an integral part of these financial statements

The accompanying notes are an integral part of these financial statements

The accompanying notes are an integral part of these financial statements