IFAM Infrastructure Materials Corp (CE)

The Report to Shareholders is attached herewith.

Meridian Equity Income Fund ^® (MEIFX)

The Meridian Equity Income Fund’s net asset value per share at June 30, 2013 was $12.35. This represents an increase of 14.1% for the calendar year to date. The Fund’s total return and average annual compound rate of return since inception January 31, 2005 were 64.6% and 6.1%, respectively. At the close of the quarter, total net assets were $28,697,158 and were invested 1.0% in cash and other assets net of liabilities and 99.0% in stocks. At the close of the quarter, there were 431 shareholders in the Equity Income Fund.

The Fund continues to invest in companies that we believe have the potential for capital appreciation and the ability to grow dividends. The Fund is diversified, with 49 holdings representing 44 different industry groups at June 30, 2013. At the end of the quarter ended June 30, 2013, the portfolio’s average holding had a five-year average return on equity of 20.0% and an average dividend yield of 3.4%, both measures substantially higher than the average S&P 500 stock, with an average market capitalization of $46.2 billion and an average debt to capital ratio of 39.0%.

During the quarter, we purchased shares of Apple, Cisco Systems and Steelcase. We sold our shares in Cato, Digital Realty Trust and McDonalds.

Leggett & Platt is a leading manufacturer of engineered products and components. As the pioneer of steel coil springs found in mattresses and furniture, the company continues to supply a variety of components to bedding and furniture manufacturers. Additionally, Leggett & Platt’s broader product line includes retail store fixtures, office furniture components, automotive seating components and industrial steel wire and tubing. Customers choose Leggett & Platt as a supplier because the company’s manufacturing scale and processes result in lower costs than customers can produce themselves. We believe earnings should grow based on the contribution of new products, cost reduction efforts and the improving housing market. Moreover, future dividend growth appears likely based on a 42-year record of dividend increases. We believe Leggett & Platt is an attractive investment based on its 3.8% dividend yield and positive growth outlook.

Meridian Growth Fund ^® (MERDX)

The Meridian Growth Fund’s net asset value per share at June 30, 2013 was $44.31. This represents an increase of 11.4% for the calendar year to date. The Fund’s total return and average annual compound rate of return since inception August 1, 1984 were 3,016.8% and 12.6%, respectively. At the close of the quarter, total net assets were $2,112,945,125 and were invested 6.0% in cash, cash equivalents and other assets net of liabilities and 94.0% in stocks. At the close of the quarter, there were 78,795 shareholders in the Growth Fund.

We continue to follow the investment strategy that has served the Fund well for the past 29 years. Our portfolio remains diversified in mid-sized growth companies which in our opinion are predominantly market leaders, having strong returns on capital, solid growth prospects

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and that sell at reasonable valuations. The Fund is invested in 56 positions representing 31 industry groups along with Treasury Bills. Our heaviest areas of concentration continue to be the consumer and technology sectors.

During the quarter, we purchased shares of Brunswick, Genesee & Wyoming and QLIK Technologies. We sold our positions in Autodesk, Life Technologies, RPM International and Ritchie Bros.

Perrigo is a global manufacturer of over-the-counter (OTC) store brand and generic prescription pharmaceuticals, infant formulas, nutritional products and active pharma ingredients. The company is the dominant player in the OTC drug market with the largest distribution network and broadest range of product offerings. The OTC store brands have increased their market share by about 1-2% annually at the expense of national name product given their superior value proposition to both the consumer and retailers. Perrigo has numerous growth drivers over the next few years including the continued penetration of OTC store brands and introduction of new product categories. The stock sells at a reasonable valuation, in our opinion, given the company’s strong management team, financial returns and long-term growth prospects.

Meridian Value Fund ^® (MVALX)

The Meridian Value Fund’s net asset value per share at June 30, 2013 was $37.20. This represents an increase of 13.2% for the calendar year to date. The Fund’s total return and average annual compound rate of return since June 30, 1995 to date were 951.4% and 14.0%, respectively. At the close of the quarter, total net assets were $704,522,621 and were invested 5.2% in cash, cash equivalents and other assets net of liabilities and 94.8% in stocks. At the close of the quarter, there were 29,032 shareholders in the Value Fund.

We continue to seek out-of-favor companies, typically having experienced an extended period of declining earnings. Often these companies have experienced outsized declines in their stock prices as the market reacts to these earnings declines. We research these companies to determine the factors behind the earnings decline and evaluate the company’s response. Ideal investment candidates are those that are poised to resume sustainable growth and that are trading at a reasonable valuation based on potential earnings. The Fund is invested in 60 positions, representing 36 industry groups along with Treasury Bills. We continue to invest in companies of all market capitalizations and our largest areas of concentration are technology, industrials and transportation.

During the quarter, we purchased shares of Chiquita Brands, First Niagara Financial Group, Genesee & Wyoming, Informatica, Itron, National Instruments, Nvidia, Occidental Petroleum, Tempur-Pedic and Ubiquiti Networks. We sold our positions in Aecon Group, Corning, GATX, Monsanto, Newmont Mining, Ritchie Bros., Ultra Petroleum, UTI Worldwide and Zebra Technologies.

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Haemonetics is the market leader in blood management products for collection centers and hospitals. The company’s equipment and related consumables allow collection centers to separate blood into the components of plasma, red cells and white cells. Hospital-based products include blood diagnostics, devices to salvage patient blood during surgery and software to manage blood supply. Earnings temporarily declined due to two product quality issues that management of Haemonetics has stated have been remedied. In our opinion, earnings growth may be expected to accelerate in the next few years as Haemonetics rolls out its automated whole blood collection solution to collection centers. Relative to the existing manual process, the company’s automated solution speeds up the collection process and reduces discard rates. Cost and efficiency gains become more important to collection centers as hospitals better manage their blood supply. We believe the company is a compelling value at 12x our $3.50 estimate of earnings power.

Miscellaneous

You can sign up for E-mail Alerts on our website at www.meridianfund.com . When you sign up for E-mail Alerts, you will receive notification of news items, shareholder reports, SEC filings and other information regarding the Meridian Funds.

The Meridian Funds are no-load and there are no transaction fees or commissions charged when you purchase shares directly through our transfer agent, BNY Mellon Investment Servicing (U.S.), Inc. This is a very cost-effective way to purchase shares of the Meridian Funds if you do not need the services of a broker-dealer or if you make multiple purchases.

The information provided in this report should not be considered investment advice or a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in a particular Fund’s portfolio at the time you receive this report or that securities sold have not been repurchased. Securities discussed are presented as illustrations of companies that fit a particular Fund’s investment strategy and do not represent a Fund’s entire portfolio and in the aggregate may represent only a small percentage of a Fund’s portfolio holdings. It should not be assumed that any of the securities transactions or holdings discussed were or will prove to be profitable, or that investment decisions Fund management makes in the future will be profitable or will equal the investment performance of the securities discussed herein. Management’s views presented herein and any discussion of a particular Fund’s portfolio holdings or performance are as of June 30, 2013 and are subject to change without notice.

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Meridian Equity Income Fund

Summary of Portfolio Holdings

June 30, 2013

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Meridian Equity Income Fund

Summary of Portfolio Holdings (continued)

June 30, 2013

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Meridian Growth Fund

Summary of Portfolio Holdings

June 30, 2013

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Meridian Value Fund

Summary of Portfolio Holdings

June 30, 2013

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Meridian Value Fund

Summary of Portfolio Holdings (continued)

June 30, 2013

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Meridian Fund, Inc.

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period January 1, 2013 to June 30, 2013

We believe it is important for you to understand the impact of fees and expenses on your investment. All mutual funds have operating expenses. As a shareholder of the Fund, you incur ongoing costs, which generally include costs for portfolio management and administrative services, and other Fund expenses. Operating expenses, which are deducted from a Fund’s gross income, directly reduce the investment return of the portfolio. A Fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period and assume reinvestment of all dividends and distributions.

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Meridian Fund, Inc.

Disclosure of Fund Expenses (Unaudited) (continued)

For the Six Month Period January 1, 2013 to June 30, 2013

The table above illustrates your Fund’s costs in two ways:

Actual Fund Return: This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, the third column shows the period’s annualized expense ratio, and the last column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund at the beginning of the period. You may use the information here, together with your account value, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period.”

Hypothetical 5% Return: This section is intended to help you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had a return of 5% before expenses during the period shown, but that the expense ratio is unchanged. In this case, because the return used is not the Fund’s actual return, the results do not apply to your investment. You can assess your Fund’s costs by comparing this 5% Return hypothetical example with the 5% Return hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as short-term redemption and exchange fees or sales and service charges you may pay third party broker/dealers. Had these transactional costs been included, your costs would have been higher. Therefore, the hypothetical section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

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