2020 Meeder Funds Annual Report

Meeder Funds Annual Report December 31, 2020 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 [email protected]. 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 [email protected] 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. TABLE OF CONTENTS Letter to Shareholders ......................................................................................................................................................... 1 Fund Summaries (Unaudited) Muirfield Fund ................................................................................................................................................................ 4 Spectrum Fund .............................................................................................................................................................. 6 Global Allocation Fund .................................................................................................................................................... 8 Balanced Fund ............................................................................................................................................................... 10 Moderate Allocation Fund ............................................................................................................................................... 12 Conservative Allocation Fund .......................................................................................................................................... 14 Dynamic Allocation Fund ................................................................................................................................................ 16 Quantex Fund ................................................................................................................................................................. 18 Total Return Bond Fund .................................................................................................................................................. 20 Prime Money Market Fund ............................................................................................................................................. 22 Institutional Prime Money Market Fund .......................................................................................................................... 24 Financial Statements Schedules of Investments .............................................................................................................................................. 27 Statements of Assets & Liabilities ................................................................................................................................... 118 Statements of Operations ............................................................................................................................................... 120 Statements of Changes in Net Assets ............................................................................................................................. 122 Financial Highlights ........................................................................................................................................................ 126 Notes to Financial Statements .............................................................................................................................................. 136 Report of Independent Registered Public Accounting Firm �� 155 Shareholder Expense Analysis .............................................................................................................................................. 156 Management of the Trust ..................................................................................................................................................... 158 Other Items .......................................................................................................................................................................... 159 This Annual Report is prepared and distributed for the general information of the shareholders of the Funds. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus. Investors are advised to consider carefully the investment objectives, risks, charges and expenses of the Fund before investing. The prospectus contains this and other information about the Funds. Meeder Funds are distributed by Meeder Distribution Services, Inc. (f.k.a. 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, 2020 CAPITAL MARKETS UPDATE: Q4: 2020 FEDERAL RESERVE For many, the year 2020 could not end quickly enough. The U.S. The Federal Open Market Committee held its meeting in December election and quest to find a COVID-19 vaccine dominated the and kept interest rates near zero. The committee also committed to headlines throughout the year. As scientists learned more about the purchasing a minimum of $120 billion of bonds each month until the transmission of the virus, state governments formulated various economy reaches full employment and inflation expectations. They strategies and companies across the U.S. gradually reopened. Positive issued a statement saying, “these asset purchases help foster smooth news on vaccine advances helped GDP in the 3rd quarter rebound market functioning and accommodative financial conditions, thereby by more than +33%, up from its worst-ever drop of -31.4% in the supporting the flow of credit to households and businesses.” The prior quarter. At the end of December, the FDA approved two different Federal Reserve (Fed) stated that they would consider many items COVID-19 vaccines for emergency use. These events provided a when determining their outlook, including the global pandemic, labor renewed hope that the global economy could reopen sooner than markets, inflation, and international events. As it stands, a survey of previously expected and helped the Dow Jones Industrial Average, Fed officials revealed the group is committed to keeping rates near S&P 500, and Russell 2000 Indices reach new all-time highs. Small- zero through 2023. cap stocks were the best performing U.S, market cap index for the quarter, followed by mid and large-caps, respectively. WTI oil also reached a 9-month high of $50 a barrel as the world reached another ELECTION 2020 step closer to the global economy reopening. Joe Biden will be inaugurated as the 46th President of the United While it seemed like things were moving back to normal economically, States as the electoral college officially certified their votes, providing the disconnect between strong stock market performance and a him with more than the 270 votes needed. Democrats will maintain weak economic recovery continues as significant economic problems control of the House of Representatives, but their majority decreased remain The U.S. unemployment rate remains stagnant at 6.7% from 38 seats to 10. On January 5, Democrats won both of Georgia’s as many workers still attempt to regain their footing after being runoff races. These seats now split the Senate in a 50-50 tie between displaced due to the pandemic. Unfortunately, U.S. Non-farm payrolls both parties but gives the incoming Democratic Vice President the lost 140,000 jobs in December, making it the first loss since the tie-breaking majority. Stock market returns have historically been economy shed almost an unthinkable 21 million jobs in April alone. higher with a split Congress, which usually leads to less sweeping The continued trend of slowing growth even compelled Congress policy changes. However, performance of the S&P 500 Index when to pass a stimulus relief bill for those impacted the most by the Democrats have maintained control of the White House and Congress pandemic. The new administration

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