0000745467 mefi:C000003881Member 2016-06-30 2016-06-30 0000745467 mefi:C000003882Member 2016-06-30 2016-06-30 0000745467 mefi:C000003883Member 2016-06-30 2016-06-30 0000745467 mefi:C000132293Member 2016-06-30 2016-06-30 0000745467 mefi:C000132294Member 2016-06-30 2016-06-30 0000745467 mefi:C000132295Member 2016-06-30 2016-06-30 0000745467 mefi:C000132296Member 2016-06-30 2016-06-30 0000745467 mefi:C000132936Member 2016-06-30 2016-06-30 0000745467 mefi:C000132937Member 2016-06-30 2016-06-30 0000745467 mefi:C000132939Member 2016-06-30 2016-06-30 0000745467 mefi:C000132940Member 2016-06-30 2016-06-30 0000745467 mefi:C000132941Member 2016-06-30 2016-06-30 0000745467 mefi:C000132942Member 2016-06-30 2016-06-30 0000745467 mefi:C000132943Member 2016-06-30 2016-06-30 0000745467 mefi:C000156527Member 2016-06-30 2016-06-30 0000745467 mefi:C000156528Member 2016-06-30 2016-06-30 0000745467 mefi:C000156529Member 2016-06-30 2016-06-30 0000745467 mefi:CBOESAndP500BuyWriteIndexMember 2016-06-30 2016-06-30 0000745467 mefi:Russell2000GrowthC000132296IndexMember 2016-06-30 2016-06-30 0000745467 mefi:Russell2000GrowthIndexMember 2016-06-30 2016-06-30 0000745467 mefi:Russell2500GrowthC000132941IndexMember 2016-06-30 2016-06-30 0000745467 mefi:Russell2500GrowthIndexMember 2016-06-30 2016-06-30 0000745467 mefi:Russell2500IndexMember 2016-06-30 2016-06-30 0000745467 mefi:Russell2500ValueIndexMember 2016-06-30 2016-06-30 0000745467 mefi:Russell3000C000132941IndexMember 2016-06-30 2016-06-30 0000745467 mefi:Russell3000IndexMember 2016-06-30 2016-06-30 0000745467 us-gaap:StandardPoors500IndexMember 2016-06-30 2016-06-30 0000745467 mefi:C000156530Member 2016-07-01 2016-07-01 0000745467 mefi:Russell2000GrowthIndexMember 2016-07-01 2016-07-01 0000745467 mefi:Russell3000IndexMember 2016-07-01 2016-07-01 0000745467 mefi:C000003881Member 2016-07-01 2018-06-30 0000745467 mefi:C000003882Member 2016-07-01 2018-06-30 0000745467 mefi:C000003883Member 2016-07-01 2018-06-30 0000745467 mefi:C000132293Member 2016-07-01 2018-06-30 0000745467 mefi:C000132294Member 2016-07-01 2018-06-30 0000745467 mefi:C000132295Member 2016-07-01 2018-06-30 0000745467 mefi:C000132296Member 2016-07-01 2018-06-30 0000745467 mefi:C000132936Member 2016-07-01 2018-06-30 0000745467 mefi:C000132937Member 2016-07-01 2018-06-30 0000745467 mefi:C000132939Member 2016-07-01 2018-06-30 0000745467 mefi:C000132940Member 2016-07-01 2018-06-30 0000745467 mefi:C000132941Member 2016-07-01 2018-06-30 0000745467 mefi:C000132942Member 2016-07-01 2018-06-30 0000745467 mefi:C000132943Member 2016-07-01 2018-06-30 0000745467 mefi:C000156527Member 2016-07-01 2018-06-30 0000745467 mefi:C000156528Member 2016-07-01 2018-06-30 0000745467 mefi:C000156529Member 2016-07-01 2018-06-30 0000745467 mefi:CBOESAndP500BuyWriteIndexMember 2016-07-01 2018-06-30 0000745467 mefi:Russell2000GrowthC000132296IndexMember 2016-07-01 2018-06-30 0000745467 mefi:Russell2000GrowthIndexMember 2016-07-01 2018-06-30 0000745467 mefi:Russell2500GrowthC000132941IndexMember 2016-07-01 2018-06-30 0000745467 mefi:Russell2500GrowthIndexMember 2016-07-01 2018-06-30 0000745467 mefi:Russell2500IndexMember 2016-07-01 2018-06-30 0000745467 mefi:Russell2500ValueIndexMember 2016-07-01 2018-06-30 0000745467 mefi:Russell3000C000132941IndexMember 2016-07-01 2018-06-30 0000745467 mefi:Russell3000IndexMember 2016-07-01 2018-06-30 0000745467 us-gaap:StandardPoors500IndexMember 2016-07-01 2018-06-30 0000745467 mefi:C000003881Member 2016-07-01 2019-06-30 0000745467 mefi:C000003882Member 2016-07-01 2019-06-30 0000745467 mefi:C000003883Member 2016-07-01 2019-06-30 0000745467 mefi:C000132293Member 2016-07-01 2019-06-30 0000745467 mefi:C000132294Member 2016-07-01 2019-06-30 0000745467 mefi:C000132295Member 2016-07-01 2019-06-30 0000745467 mefi:C000132296Member 2016-07-01 2019-06-30 0000745467 mefi:C000132936Member 2016-07-01 2019-06-30 0000745467 mefi:C000132937Member 2016-07-01 2019-06-30 0000745467 mefi:C000132939Member 2016-07-01 2019-06-30 0000745467 mefi:C000132940Member 2016-07-01 2019-06-30 0000745467 mefi:C000132941Member 2016-07-01 2019-06-30 0000745467 mefi:C000132942Member 2016-07-01 2019-06-30 0000745467 mefi:C000132943Member 2016-07-01 2019-06-30 0000745467 mefi:C000156527Member 2016-07-01 2019-06-30 0000745467 mefi:C000156528Member 2016-07-01 2019-06-30 0000745467 mefi:C000156529Member 2016-07-01 2019-06-30 0000745467 mefi:CBOESAndP500BuyWriteIndexMember 2016-07-01 2019-06-30 0000745467 mefi:Russell2000GrowthC000132296IndexMember 2016-07-01 2019-06-30 0000745467 mefi:Russell2000GrowthIndexMember 2016-07-01 2019-06-30 0000745467 mefi:Russell2500GrowthC000132941IndexMember 2016-07-01 2019-06-30 0000745467 mefi:Russell2500GrowthIndexMember 2016-07-01 2019-06-30 0000745467 mefi:Russell2500IndexMember 2016-07-01 2019-06-30 0000745467 mefi:Russell2500ValueIndexMember 2016-07-01 2019-06-30 0000745467 mefi:Russell3000C000132941IndexMember 2016-07-01 2019-06-30 0000745467 mefi:Russell3000IndexMember 2016-07-01 2019-06-30 0000745467 us-gaap:StandardPoors500IndexMember 2016-07-01 2019-06-30 0000745467 mefi:C000003881Member 2016-07-01 2020-06-30 0000745467 mefi:C000003882Member 2016-07-01 2020-06-30 0000745467 mefi:C000003883Member 2016-07-01 2020-06-30 0000745467 mefi:C000132293Member 2016-07-01 2020-06-30 0000745467 mefi:C000132294Member 2016-07-01 2020-06-30 0000745467 mefi:C000132295Member 2016-07-01 2020-06-30 0000745467 mefi:C000132296Member 2016-07-01 2020-06-30 0000745467 mefi:C000132936Member 2016-07-01 2020-06-30 0000745467 mefi:C000132937Member 2016-07-01 2020-06-30 0000745467 mefi:C000132939Member 2016-07-01 2020-06-30 0000745467 mefi:C000132940Member 2016-07-01 2020-06-30 0000745467 mefi:C000132941Member 2016-07-01 2020-06-30 0000745467 mefi:C000132942Member 2016-07-01 2020-06-30 0000745467 mefi:C000132943Member 2016-07-01 2020-06-30 0000745467 mefi:C000156527Member 2016-07-01 2020-06-30 0000745467 mefi:C000156528Member 2016-07-01 2020-06-30 0000745467 mefi:C000156529Member 2016-07-01 2020-06-30 0000745467 mefi:CBOESAndP500BuyWriteIndexMember 2016-07-01 2020-06-30 0000745467 mefi:Russell2000GrowthC000132296IndexMember 2016-07-01 2020-06-30 0000745467 mefi:Russell2000GrowthIndexMember 2016-07-01 2020-06-30 0000745467 mefi:Russell2500GrowthC000132941IndexMember 2016-07-01 2020-06-30 0000745467 mefi:Russell2500GrowthIndexMember 2016-07-01 2020-06-30 0000745467 mefi:Russell2500IndexMember 2016-07-01 2020-06-30 0000745467 mefi:Russell2500ValueIndexMember 2016-07-01 2020-06-30 0000745467 mefi:Russell3000C000132941IndexMember 2016-07-01 2020-06-30 0000745467 mefi:Russell3000IndexMember 2016-07-01 2020-06-30 0000745467 us-gaap:StandardPoors500IndexMember 2016-07-01 2020-06-30 0000745467 mefi:C000003881Member 2016-07-01 2022-06-30 0000745467 mefi:C000003882Member 2016-07-01 2022-06-30 0000745467 mefi:C000003883Member 2016-07-01 2022-06-30 0000745467 mefi:C000132293Member 2016-07-01 2022-06-30 0000745467 mefi:C000132294Member 2016-07-01 2022-06-30 0000745467 mefi:C000132295Member 2016-07-01 2022-06-30 0000745467 mefi:C000132296Member 2016-07-01 2022-06-30 0000745467 mefi:C000132936Member 2016-07-01 2022-06-30 0000745467 mefi:C000132937Member 2016-07-01 2022-06-30 0000745467 mefi:C000132939Member 2016-07-01 2022-06-30 0000745467 mefi:C000132940Member 2016-07-01 2022-06-30 0000745467 mefi:C000132941Member 2016-07-01 2022-06-30 0000745467 mefi:C000132942Member 2016-07-01 2022-06-30 0000745467 mefi:C000132943Member 2016-07-01 2022-06-30 0000745467 mefi:C000156527Member 2016-07-01 2022-06-30 0000745467 mefi:C000156528Member 2016-07-01 2022-06-30 0000745467 mefi:C000156529Member 2016-07-01 2022-06-30 0000745467 mefi:CBOESAndP500BuyWriteIndexMember 2016-07-01 2022-06-30 0000745467 mefi:Russell2000GrowthC000132296IndexMember 2016-07-01 2022-06-30 0000745467 mefi:Russell2000GrowthIndexMember 2016-07-01 2022-06-30 0000745467 mefi:Russell2500GrowthC000132941IndexMember 2016-07-01 2022-06-30 0000745467 mefi:Russell2500GrowthIndexMember 2016-07-01 2022-06-30 0000745467 mefi:Russell2500IndexMember 2016-07-01 2022-06-30 0000745467 mefi:Russell2500ValueIndexMember 2016-07-01 2022-06-30 0000745467 mefi:Russell3000C000132941IndexMember 2016-07-01 2022-06-30 0000745467 mefi:Russell3000IndexMember 2016-07-01 2022-06-30 0000745467 us-gaap:StandardPoors500IndexMember 2016-07-01 2022-06-30 0000745467 mefi:C000003881Member 2016-07-01 2023-06-30 0000745467 mefi:C000003882Member 2016-07-01 2023-06-30 0000745467 mefi:C000003883Member 2016-07-01 2023-06-30 0000745467 mefi:C000132293Member 2016-07-01 2023-06-30 0000745467 mefi:C000132294Member 2016-07-01 2023-06-30 0000745467 mefi:C000132295Member 2016-07-01 2023-06-30 0000745467 mefi:C000132296Member 2016-07-01 2023-06-30 0000745467 mefi:C000132936Member 2016-07-01 2023-06-30 0000745467 mefi:C000132937Member 2016-07-01 2023-06-30 0000745467 mefi:C000132939Member 2016-07-01 2023-06-30 0000745467 mefi:C000132940Member 2016-07-01 2023-06-30 0000745467 mefi:C000132941Member 2016-07-01 2023-06-30 0000745467 mefi:C000132942Member 2016-07-01 2023-06-30 0000745467 mefi:C000132943Member 2016-07-01 2023-06-30 0000745467 mefi:C000156527Member 2016-07-01 2023-06-30 0000745467 mefi:C000156528Member 2016-07-01 2023-06-30 0000745467 mefi:C000156529Member 2016-07-01 2023-06-30 0000745467 mefi:CBOESAndP500BuyWriteIndexMember 2016-07-01 2023-06-30 0000745467 mefi:Russell2000GrowthC000132296IndexMember 2016-07-01 2023-06-30 0000745467 mefi:Russell2000GrowthIndexMember 2016-07-01 2023-06-30 0000745467 mefi:Russell2500GrowthC000132941IndexMember 2016-07-01 2023-06-30 0000745467 mefi:Russell2500GrowthIndexMember 2016-07-01 2023-06-30 0000745467 mefi:Russell2500IndexMember 2016-07-01 2023-06-30 0000745467 mefi:Russell2500ValueIndexMember 2016-07-01 2023-06-30 0000745467 mefi:Russell3000C000132941IndexMember 2016-07-01 2023-06-30 0000745467 mefi:Russell3000IndexMember 2016-07-01 2023-06-30 0000745467 us-gaap:StandardPoors500IndexMember 2016-07-01 2023-06-30 0000745467 mefi:C000003881Member 2016-07-01 2024-06-30 0000745467 mefi:C000003882Member 2016-07-01 2024-06-30 0000745467 mefi:C000003883Member 2016-07-01 2024-06-30 0000745467 mefi:C000132293Member 2016-07-01 2024-06-30 0000745467 mefi:C000132294Member 2016-07-01 2024-06-30 0000745467 mefi:C000132295Member 2016-07-01 2024-06-30 0000745467 mefi:C000132296Member 2016-07-01 2024-06-30 0000745467 mefi:C000132936Member 2016-07-01 2024-06-30 0000745467 mefi:C000132937Member 2016-07-01 2024-06-30 0000745467 mefi:C000132939Member 2016-07-01 2024-06-30 0000745467 mefi:C000132940Member 2016-07-01 2024-06-30 0000745467 mefi:C000132941Member 2016-07-01 2024-06-30 0000745467 mefi:C000132942Member 2016-07-01 2024-06-30 0000745467 mefi:C000132943Member 2016-07-01 2024-06-30 0000745467 mefi:C000156527Member 2016-07-01 2024-06-30 0000745467 mefi:C000156528Member 2016-07-01 2024-06-30 0000745467 mefi:C000156529Member 2016-07-01 2024-06-30 0000745467 mefi:CBOESAndP500BuyWriteIndexMember 2016-07-01 2024-06-30 0000745467 mefi:Russell2000GrowthC000132296IndexMember 2016-07-01 2024-06-30 0000745467 mefi:Russell2000GrowthIndexMember 2016-07-01 2024-06-30 0000745467 mefi:Russell2500GrowthC000132941IndexMember 2016-07-01 2024-06-30 0000745467 mefi:Russell2500GrowthIndexMember 2016-07-01 2024-06-30 0000745467 mefi:Russell2500IndexMember 2016-07-01 2024-06-30 0000745467 mefi:Russell2500ValueIndexMember 2016-07-01 2024-06-30 0000745467 mefi:Russell3000C000132941IndexMember 2016-07-01 2024-06-30 0000745467 mefi:Russell3000IndexMember 2016-07-01 2024-06-30 0000745467 us-gaap:StandardPoors500IndexMember 2016-07-01 2024-06-30 0000745467 mefi:C000003881Member 2016-07-01 2025-06-30 0000745467 mefi:C000003882Member 2016-07-01 2025-06-30 0000745467 mefi:C000003883Member 2016-07-01 2025-06-30 0000745467 mefi:C000132293Member 2016-07-01 2025-06-30 0000745467 mefi:C000132294Member 2016-07-01 2025-06-30 0000745467 mefi:C000132295Member 2016-07-01 2025-06-30 0000745467 mefi:C000132296Member 2016-07-01 2025-06-30 0000745467 mefi:C000132936Member 2016-07-01 2025-06-30 0000745467 mefi:C000132937Member 2016-07-01 2025-06-30 0000745467 mefi:C000132939Member 2016-07-01 2025-06-30 0000745467 mefi:C000132940Member 2016-07-01 2025-06-30 0000745467 mefi:C000132941Member 2016-07-01 2025-06-30 0000745467 mefi:C000132942Member 2016-07-01 2025-06-30 0000745467 mefi:C000132943Member 2016-07-01 2025-06-30 0000745467 mefi:C000156527Member 2016-07-01 2025-06-30 0000745467 mefi:C000156528Member 2016-07-01 2025-06-30 0000745467 mefi:C000156529Member 2016-07-01 2025-06-30 0000745467 mefi:CBOESAndP500BuyWriteIndexMember 2016-07-01 2025-06-30 0000745467 mefi:Russell2000GrowthC000132296IndexMember 2016-07-01 2025-06-30 0000745467 mefi:Russell2000GrowthIndexMember 2016-07-01 2025-06-30 0000745467 mefi:Russell2500GrowthC000132941IndexMember 2016-07-01 2025-06-30 0000745467 mefi:Russell2500GrowthIndexMember 2016-07-01 2025-06-30 0000745467 mefi:Russell2500IndexMember 2016-07-01 2025-06-30 0000745467 mefi:Russell2500ValueIndexMember 2016-07-01 2025-06-30 0000745467 mefi:Russell3000C000132941IndexMember 2016-07-01 2025-06-30 0000745467 mefi:Russell3000IndexMember 2016-07-01 2025-06-30 0000745467 us-gaap:StandardPoors500IndexMember 2016-07-01 2025-06-30 0000745467 mefi:C000156530Member 2016-07-02 2018-06-30 0000745467 mefi:Russell2000GrowthIndexMember 2016-07-02 2018-06-30 0000745467 mefi:Russell3000IndexMember 2016-07-02 2018-06-30 0000745467 mefi:C000156530Member 2016-07-02 2019-06-30 0000745467 mefi:Russell2000GrowthIndexMember 2016-07-02 2019-06-30 0000745467 mefi:Russell3000IndexMember 2016-07-02 2019-06-30 0000745467 mefi:C000156530Member 2016-07-02 2020-06-30 0000745467 mefi:Russell2000GrowthIndexMember 2016-07-02 2020-06-30 0000745467 mefi:Russell3000IndexMember 2016-07-02 2020-06-30 0000745467 mefi:C000156530Member 2016-07-02 2022-06-30 0000745467 mefi:Russell2000GrowthIndexMember 2016-07-02 2022-06-30 0000745467 mefi:Russell3000IndexMember 2016-07-02 2022-06-30 0000745467 mefi:C000156530Member 2016-07-02 2023-06-30 0000745467 mefi:Russell2000GrowthIndexMember 2016-07-02 2023-06-30 0000745467 mefi:Russell3000IndexMember 2016-07-02 2023-06-30 0000745467 mefi:C000156530Member 2016-07-02 2024-06-30 0000745467 mefi:Russell2000GrowthIndexMember 2016-07-02 2024-06-30 0000745467 mefi:Russell3000IndexMember 2016-07-02 2024-06-30 0000745467 mefi:C000156530Member 2016-07-02 2025-06-30 0000745467 mefi:Russell2000GrowthIndexMember 2016-07-02 2025-06-30 0000745467 mefi:Russell3000IndexMember 2016-07-02 2025-06-30 0000745467 mefi:C000156530Member 2016-07-06 2017-06-30 0000745467 mefi:Russell2000GrowthIndexMember 2016-07-06 2017-06-30 0000745467 mefi:Russell3000IndexMember 2016-07-06 2017-06-30 0000745467 mefi:C000156530Member 2016-07-07 2021-06-30 0000745467 mefi:Russell2000GrowthIndexMember 2016-07-07 2021-06-30 0000745467 mefi:Russell3000IndexMember 2016-07-07 2021-06-30 0000745467 mefi:C000156530Member 2016-07-08 2026-06-30 0000745467 mefi:Russell2000GrowthIndexMember 2016-07-08 2026-06-30 0000745467 mefi:Russell3000IndexMember 2016-07-08 2026-06-30 0000745467 2025-07-01 2026-06-30 0000745467 mefi:C000003881Member 2016-07-01 2021-06-30 0000745467 mefi:C000003882Member 2016-07-01 2021-06-30 0000745467 mefi:C000003883Member 2016-07-01 2021-06-30 0000745467 mefi:C000132293Member 2016-07-01 2021-06-30 0000745467 mefi:C000132294Member 2016-07-01 2021-06-30 0000745467 mefi:C000132295Member 2016-07-01 2021-06-30 0000745467 mefi:C000132296Member 2016-07-01 2021-06-30 0000745467 mefi:C000132936Member 2016-07-01 2021-06-30 0000745467 mefi:C000132937Member 2016-07-01 2021-06-30 0000745467 mefi:C000132939Member 2016-07-01 2021-06-30 0000745467 mefi:C000132940Member 2016-07-01 2021-06-30 0000745467 mefi:C000132941Member 2016-07-01 2021-06-30 0000745467 mefi:C000132942Member 2016-07-01 2021-06-30 0000745467 mefi:C000132943Member 2016-07-01 2021-06-30 0000745467 mefi:C000156527Member 2016-07-01 2021-06-30 0000745467 mefi:C000156528Member 2016-07-01 2021-06-30 0000745467 mefi:C000156529Member 2016-07-01 2021-06-30 0000745467 mefi:CBOESAndP500BuyWriteIndexMember 2016-07-01 2021-06-30 0000745467 mefi:Russell2000GrowthC000132296IndexMember 2016-07-01 2021-06-30 0000745467 mefi:Russell2000GrowthIndexMember 2016-07-01 2021-06-30 0000745467 mefi:Russell2500GrowthC000132941IndexMember 2016-07-01 2021-06-30 0000745467 mefi:Russell2500GrowthIndexMember 2016-07-01 2021-06-30 0000745467 mefi:Russell2500IndexMember 2016-07-01 2021-06-30 0000745467 mefi:Russell2500ValueIndexMember 2016-07-01 2021-06-30 0000745467 mefi:Russell3000C000132941IndexMember 2016-07-01 2021-06-30 0000745467 mefi:Russell3000IndexMember 2016-07-01 2021-06-30 0000745467 us-gaap:StandardPoors500IndexMember 2016-07-01 2021-06-30 0000745467 mefi:C000003881Member 2021-07-01 2026-06-30 0000745467 mefi:C000003882Member 2021-07-01 2026-06-30 0000745467 mefi:C000003883Member 2021-07-01 2026-06-30 0000745467 mefi:C000132293Member 2021-07-01 2026-06-30 0000745467 mefi:C000132294Member 2021-07-01 2026-06-30 0000745467 mefi:C000132295Member 2021-07-01 2026-06-30 0000745467 mefi:C000132295Member oef:WithoutSalesLoadMember 2021-07-01 2026-06-30 0000745467 mefi:C000132296Member 2021-07-01 2026-06-30 0000745467 mefi:C000132936Member 2021-07-01 2026-06-30 0000745467 mefi:C000132937Member 2021-07-01 2026-06-30 0000745467 mefi:C000132937Member oef:WithoutSalesLoadMember 2021-07-01 2026-06-30 0000745467 mefi:C000132939Member 2021-07-01 2026-06-30 0000745467 mefi:C000132940Member 2021-07-01 2026-06-30 0000745467 mefi:C000132940Member oef:WithoutSalesLoadMember 2021-07-01 2026-06-30 0000745467 mefi:C000132941Member 2021-07-01 2026-06-30 0000745467 mefi:C000132942Member 2021-07-01 2026-06-30 0000745467 mefi:C000132943Member 2021-07-01 2026-06-30 0000745467 mefi:C000132943Member oef:WithoutSalesLoadMember 2021-07-01 2026-06-30 0000745467 mefi:C000156527Member 2021-07-01 2026-06-30 0000745467 mefi:C000156528Member 2021-07-01 2026-06-30 0000745467 mefi:C000156529Member 2021-07-01 2026-06-30 0000745467 mefi:C000156530Member 2021-07-01 2026-06-30 0000745467 mefi:CBOESAndP500BuyWriteIndexMember 2021-07-01 2026-06-30 0000745467 mefi:Russell2000GrowthIndexMember 2021-07-01 2026-06-30 0000745467 mefi:Russell2500GrowthIndexMember 2021-07-01 2026-06-30 0000745467 mefi:Russell2500IndexMember 2021-07-01 2026-06-30 0000745467 mefi:Russell2500ValueIndexMember 2021-07-01 2026-06-30 0000745467 mefi:Russell3000IndexMember 2021-07-01 2026-06-30 0000745467 us-gaap:StandardPoors500IndexMember 2021-07-01 2026-06-30 0000745467 mefi:C000003881Member 2016-07-01 2017-06-30 0000745467 mefi:C000003882Member 2016-07-01 2017-06-30 0000745467 mefi:C000003883Member 2016-07-01 2017-06-30 0000745467 mefi:C000132293Member 2016-07-01 2017-06-30 0000745467 mefi:C000132294Member 2016-07-01 2017-06-30 0000745467 mefi:C000132295Member 2016-07-01 2017-06-30 0000745467 mefi:C000132296Member 2016-07-01 2017-06-30 0000745467 mefi:C000132936Member 2016-07-01 2017-06-30 0000745467 mefi:C000132937Member 2016-07-01 2017-06-30 0000745467 mefi:C000132939Member 2016-07-01 2017-06-30 0000745467 mefi:C000132940Member 2016-07-01 2017-06-30 0000745467 mefi:C000132941Member 2016-07-01 2017-06-30 0000745467 mefi:C000132942Member 2016-07-01 2017-06-30 0000745467 mefi:C000132943Member 2016-07-01 2017-06-30 0000745467 mefi:C000156527Member 2016-07-01 2017-06-30 0000745467 mefi:C000156528Member 2016-07-01 2017-06-30 0000745467 mefi:C000156529Member 2016-07-01 2017-06-30 0000745467 mefi:CBOESAndP500BuyWriteIndexMember 2016-07-01 2017-06-30 0000745467 mefi:Russell2000GrowthC000132296IndexMember 2016-07-01 2017-06-30 0000745467 mefi:Russell2000GrowthIndexMember 2016-07-01 2017-06-30 0000745467 mefi:Russell2500GrowthC000132941IndexMember 2016-07-01 2017-06-30 0000745467 mefi:Russell2500GrowthIndexMember 2016-07-01 2017-06-30 0000745467 mefi:Russell2500IndexMember 2016-07-01 2017-06-30 0000745467 mefi:Russell2500ValueIndexMember 2016-07-01 2017-06-30 0000745467 mefi:Russell3000C000132941IndexMember 2016-07-01 2017-06-30 0000745467 mefi:Russell3000IndexMember 2016-07-01 2017-06-30 0000745467 us-gaap:StandardPoors500IndexMember 2016-07-01 2017-06-30 0000745467 mefi:C000003881Member 2025-07-01 2026-06-30 0000745467 mefi:C000003882Member 2025-07-01 2026-06-30 0000745467 mefi:C000003883Member 2025-07-01 2026-06-30 0000745467 mefi:C000132293Member 2025-07-01 2026-06-30 0000745467 mefi:C000132294Member 2025-07-01 2026-06-30 0000745467 mefi:C000132295Member 2025-07-01 2026-06-30 0000745467 mefi:C000132295Member oef:WithoutSalesLoadMember 2025-07-01 2026-06-30 0000745467 mefi:C000132296Member 2025-07-01 2026-06-30 0000745467 mefi:C000132936Member 2025-07-01 2026-06-30 0000745467 mefi:C000132937Member 2025-07-01 2026-06-30 0000745467 mefi:C000132937Member oef:WithoutSalesLoadMember 2025-07-01 2026-06-30 0000745467 mefi:C000132939Member 2025-07-01 2026-06-30 0000745467 mefi:C000132940Member 2025-07-01 2026-06-30 0000745467 mefi:C000132940Member oef:WithoutSalesLoadMember 2025-07-01 2026-06-30 0000745467 mefi:C000132941Member 2025-07-01 2026-06-30 0000745467 mefi:C000132942Member 2025-07-01 2026-06-30 0000745467 mefi:C000132943Member 2025-07-01 2026-06-30 0000745467 mefi:C000132943Member oef:WithoutSalesLoadMember 2025-07-01 2026-06-30 0000745467 mefi:C000156527Member 2025-07-01 2026-06-30 0000745467 mefi:C000156528Member 2025-07-01 2026-06-30 0000745467 mefi:C000156529Member 2025-07-01 2026-06-30 0000745467 mefi:C000156530Member 2025-07-01 2026-06-30 0000745467 mefi:CBOESAndP500BuyWriteIndexMember 2025-07-01 2026-06-30 0000745467 mefi:Russell2000GrowthIndexMember 2025-07-01 2026-06-30 0000745467 mefi:Russell2500GrowthIndexMember 2025-07-01 2026-06-30 0000745467 mefi:Russell2500IndexMember 2025-07-01 2026-06-30 0000745467 mefi:Russell2500ValueIndexMember 2025-07-01 2026-06-30 0000745467 mefi:Russell3000IndexMember 2025-07-01 2026-06-30 0000745467 us-gaap:StandardPoors500IndexMember 2025-07-01 2026-06-30 0000745467 mefi:C000003881Member 2016-07-01 2026-06-30 0000745467 mefi:C000003882Member 2016-07-01 2026-06-30 0000745467 mefi:C000003883Member 2016-07-01 2026-06-30 0000745467 mefi:C000132293Member 2016-07-01 2026-06-30 0000745467 mefi:C000132294Member 2016-07-01 2026-06-30 0000745467 mefi:C000132295Member 2016-07-01 2026-06-30 0000745467 mefi:C000132295Member oef:WithoutSalesLoadMember 2016-07-01 2026-06-30 0000745467 mefi:C000132296Member 2016-07-01 2026-06-30 0000745467 mefi:C000132936Member 2016-07-01 2026-06-30 0000745467 mefi:C000132937Member 2016-07-01 2026-06-30 0000745467 mefi:C000132937Member oef:WithoutSalesLoadMember 2016-07-01 2026-06-30 0000745467 mefi:C000132939Member 2016-07-01 2026-06-30 0000745467 mefi:C000132940Member 2016-07-01 2026-06-30 0000745467 mefi:C000132940Member oef:WithoutSalesLoadMember 2016-07-01 2026-06-30 0000745467 mefi:C000132941Member 2016-07-01 2026-06-30 0000745467 mefi:C000132942Member 2016-07-01 2026-06-30 0000745467 mefi:C000132943Member 2016-07-01 2026-06-30 0000745467 mefi:C000132943Member oef:WithoutSalesLoadMember 2016-07-01 2026-06-30 0000745467 mefi:C000156527Member 2016-07-01 2026-06-30 0000745467 mefi:C000156528Member 2016-07-01 2026-06-30 0000745467 mefi:C000156529Member 2016-07-01 2026-06-30 0000745467 mefi:C000156530Member 2016-07-01 2026-06-30 0000745467 mefi:CBOESAndP500BuyWriteIndexMember 2016-07-01 2026-06-30 0000745467 mefi:Russell2000GrowthC000132296IndexMember 2016-07-01 2026-06-30 0000745467 mefi:Russell2000GrowthIndexMember 2016-07-01 2026-06-30 0000745467 mefi:Russell2500GrowthC000132941IndexMember 2016-07-01 2026-06-30 0000745467 mefi:Russell2500GrowthIndexMember 2016-07-01 2026-06-30 0000745467 mefi:Russell2500IndexMember 2016-07-01 2026-06-30 0000745467 mefi:Russell2500ValueIndexMember 2016-07-01 2026-06-30 0000745467 mefi:Russell3000C000132941IndexMember 2016-07-01 2026-06-30 0000745467 mefi:Russell3000IndexMember 2016-07-01 2026-06-30 0000745467 us-gaap:StandardPoors500IndexMember 2016-07-01 2026-06-30 0000745467 mefi:C000003881Member 2026-06-30 0000745467 mefi:C000003881Member mefi:AmazonComIncMember 2026-06-30 0000745467 mefi:C000003881Member mefi:AuroraInnovationIncMember 2026-06-30 0000745467 mefi:C000003881Member mefi:BrookfieldAssetManagementLtdClassACanadaMember 2026-06-30 0000745467 mefi:C000003881Member mefi:ClearSecureIncClassAMember 2026-06-30 0000745467 mefi:C000003881Member oef:CommunicationsSectorMember 2026-06-30 0000745467 mefi:C000003881Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000745467 mefi:C000003881Member oef:ConsumerStaplesSectorMember 2026-06-30 0000745467 mefi:C000003881Member mefi:CrowdstrikeHoldingsIncClassAMember 2026-06-30 0000745467 mefi:C000003881Member mefi:DraftKingsIncClassAMember 2026-06-30 0000745467 mefi:C000003881Member mefi:DRHortonIncMember 2026-06-30 0000745467 mefi:C000003881Member mefi:ElectronicArtsIncMember 2026-06-30 0000745467 mefi:C000003881Member us-gaap:EnergySectorMember 2026-06-30 0000745467 mefi:C000003881Member mefi:FedExCorpMember 2026-06-30 0000745467 mefi:C000003881Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000745467 mefi:C000003881Member mefi:FiservIncMember 2026-06-30 0000745467 mefi:C000003881Member us-gaap:HealthcareSectorMember 2026-06-30 0000745467 mefi:C000003881Member oef:IndustrialSectorMember 2026-06-30 0000745467 mefi:C000003881Member oef:InformationTechnologySectorMember 2026-06-30 0000745467 mefi:C000003881Member us-gaap:RealEstateSectorMember 2026-06-30 0000745467 mefi:C000003881Member oef:UtilitiesSectorMember 2026-06-30 0000745467 mefi:C000003882Member 2026-06-30 0000745467 mefi:C000003882Member mefi:AxogenIncMember 2026-06-30 0000745467 mefi:C000003882Member oef:CommunicationsSectorMember 2026-06-30 0000745467 mefi:C000003882Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000745467 mefi:C000003882Member oef:ConsumerStaplesSectorMember 2026-06-30 0000745467 mefi:C000003882Member mefi:CurtissWrightCorpMember 2026-06-30 0000745467 mefi:C000003882Member mefi:DefiniumTherapeuticsIncMember 2026-06-30 0000745467 mefi:C000003882Member us-gaap:EnergySectorMember 2026-06-30 0000745467 mefi:C000003882Member mefi:FederalSignalCorpMember 2026-06-30 0000745467 mefi:C000003882Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000745467 mefi:C000003882Member mefi:GeneracHoldingsIncMember 2026-06-30 0000745467 mefi:C000003882Member us-gaap:HealthcareSectorMember 2026-06-30 0000745467 mefi:C000003882Member mefi:HingeHealthIncClassAMember 2026-06-30 0000745467 mefi:C000003882Member oef:IndustrialSectorMember 2026-06-30 0000745467 mefi:C000003882Member oef:InformationTechnologySectorMember 2026-06-30 0000745467 mefi:C000003882Member oef:MaterialsSectorMember 2026-06-30 0000745467 mefi:C000003882Member mefi:RBGlobalIncCanadaMember 2026-06-30 0000745467 mefi:C000003882Member us-gaap:RealEstateSectorMember 2026-06-30 0000745467 mefi:C000003882Member mefi:StandardAeroIncMember 2026-06-30 0000745467 mefi:C000003882Member mefi:TurningPointBrandsIncMember 2026-06-30 0000745467 mefi:C000003882Member mefi:VeracyteIncMember 2026-06-30 0000745467 mefi:C000003883Member 2026-06-30 0000745467 mefi:C000003883Member mefi:AdeiaIncMember 2026-06-30 0000745467 mefi:C000003883Member mefi:BlackBerryLtdCanadaMember 2026-06-30 0000745467 mefi:C000003883Member mefi:CaesarsEntertainmentIncMember 2026-06-30 0000745467 mefi:C000003883Member oef:CommunicationsSectorMember 2026-06-30 0000745467 mefi:C000003883Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000745467 mefi:C000003883Member oef:ConsumerStaplesSectorMember 2026-06-30 0000745467 mefi:C000003883Member mefi:DollarTreeIncMember 2026-06-30 0000745467 mefi:C000003883Member us-gaap:EnergySectorMember 2026-06-30 0000745467 mefi:C000003883Member mefi:EnvistaHoldingsCorpMember 2026-06-30 0000745467 mefi:C000003883Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000745467 mefi:C000003883Member mefi:FirstCitizensBancSharesIncClassAMember 2026-06-30 0000745467 mefi:C000003883Member us-gaap:HealthcareSectorMember 2026-06-30 0000745467 mefi:C000003883Member oef:IndustrialSectorMember 2026-06-30 0000745467 mefi:C000003883Member oef:InformationTechnologySectorMember 2026-06-30 0000745467 mefi:C000003883Member oef:MaterialsSectorMember 2026-06-30 0000745467 mefi:C000003883Member mefi:PDFSolutionsIncMember 2026-06-30 0000745467 mefi:C000003883Member us-gaap:RealEstateSectorMember 2026-06-30 0000745467 mefi:C000003883Member mefi:RegalRexnordCorpMember 2026-06-30 0000745467 mefi:C000003883Member mefi:TexasCapitalBancsharesIncMember 2026-06-30 0000745467 mefi:C000003883Member oef:UtilitiesSectorMember 2026-06-30 0000745467 mefi:C000003883Member mefi:VSECorpMember 2026-06-30 0000745467 mefi:C000132293Member 2026-06-30 0000745467 mefi:C000132293Member mefi:ApartmentListIncSeriesDMember 2026-06-30 0000745467 mefi:C000132293Member mefi:AxogenIncMember 2026-06-30 0000745467 mefi:C000132293Member oef:CommunicationsSectorMember 2026-06-30 0000745467 mefi:C000132293Member mefi:ConsensusCloudSolutionsIncMember 2026-06-30 0000745467 mefi:C000132293Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000745467 mefi:C000132293Member oef:ConsumerStaplesSectorMember 2026-06-30 0000745467 mefi:C000132293Member mefi:DefiniumTherapeuticsIncMember 2026-06-30 0000745467 mefi:C000132293Member us-gaap:EnergySectorMember 2026-06-30 0000745467 mefi:C000132293Member mefi:FederalSignalCorpMember 2026-06-30 0000745467 mefi:C000132293Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000745467 mefi:C000132293Member us-gaap:HealthcareSectorMember 2026-06-30 0000745467 mefi:C000132293Member mefi:HingeHealthIncClassAMember 2026-06-30 0000745467 mefi:C000132293Member oef:IndustrialSectorMember 2026-06-30 0000745467 mefi:C000132293Member oef:InformationTechnologySectorMember 2026-06-30 0000745467 mefi:C000132293Member mefi:KadantIncMember 2026-06-30 0000745467 mefi:C000132293Member oef:MaterialsSectorMember 2026-06-30 0000745467 mefi:C000132293Member us-gaap:RealEstateSectorMember 2026-06-30 0000745467 mefi:C000132293Member mefi:SPXTechnologiesIncMember 2026-06-30 0000745467 mefi:C000132293Member mefi:TurningPointBrandsIncMember 2026-06-30 0000745467 mefi:C000132293Member oef:UtilitiesSectorMember 2026-06-30 0000745467 mefi:C000132293Member mefi:VeracyteIncMember 2026-06-30 0000745467 mefi:C000132294Member 2026-06-30 0000745467 mefi:C000132294Member mefi:ApartmentListIncSeriesDMember 2026-06-30 0000745467 mefi:C000132294Member mefi:AxogenIncMember 2026-06-30 0000745467 mefi:C000132294Member oef:CommunicationsSectorMember 2026-06-30 0000745467 mefi:C000132294Member mefi:ConsensusCloudSolutionsIncMember 2026-06-30 0000745467 mefi:C000132294Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000745467 mefi:C000132294Member oef:ConsumerStaplesSectorMember 2026-06-30 0000745467 mefi:C000132294Member mefi:DefiniumTherapeuticsIncMember 2026-06-30 0000745467 mefi:C000132294Member us-gaap:EnergySectorMember 2026-06-30 0000745467 mefi:C000132294Member mefi:FederalSignalCorpMember 2026-06-30 0000745467 mefi:C000132294Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000745467 mefi:C000132294Member us-gaap:HealthcareSectorMember 2026-06-30 0000745467 mefi:C000132294Member mefi:HingeHealthIncClassAMember 2026-06-30 0000745467 mefi:C000132294Member oef:IndustrialSectorMember 2026-06-30 0000745467 mefi:C000132294Member oef:InformationTechnologySectorMember 2026-06-30 0000745467 mefi:C000132294Member mefi:KadantIncMember 2026-06-30 0000745467 mefi:C000132294Member oef:MaterialsSectorMember 2026-06-30 0000745467 mefi:C000132294Member us-gaap:RealEstateSectorMember 2026-06-30 0000745467 mefi:C000132294Member mefi:SPXTechnologiesIncMember 2026-06-30 0000745467 mefi:C000132294Member mefi:TurningPointBrandsIncMember 2026-06-30 0000745467 mefi:C000132294Member oef:UtilitiesSectorMember 2026-06-30 0000745467 mefi:C000132294Member mefi:VeracyteIncMember 2026-06-30 0000745467 mefi:C000132295Member 2026-06-30 0000745467 mefi:C000132295Member mefi:ApartmentListIncSeriesDMember 2026-06-30 0000745467 mefi:C000132295Member mefi:AxogenIncMember 2026-06-30 0000745467 mefi:C000132295Member oef:CommunicationsSectorMember 2026-06-30 0000745467 mefi:C000132295Member mefi:ConsensusCloudSolutionsIncMember 2026-06-30 0000745467 mefi:C000132295Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000745467 mefi:C000132295Member oef:ConsumerStaplesSectorMember 2026-06-30 0000745467 mefi:C000132295Member mefi:DefiniumTherapeuticsIncMember 2026-06-30 0000745467 mefi:C000132295Member us-gaap:EnergySectorMember 2026-06-30 0000745467 mefi:C000132295Member mefi:FederalSignalCorpMember 2026-06-30 0000745467 mefi:C000132295Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000745467 mefi:C000132295Member us-gaap:HealthcareSectorMember 2026-06-30 0000745467 mefi:C000132295Member mefi:HingeHealthIncClassAMember 2026-06-30 0000745467 mefi:C000132295Member oef:IndustrialSectorMember 2026-06-30 0000745467 mefi:C000132295Member oef:InformationTechnologySectorMember 2026-06-30 0000745467 mefi:C000132295Member mefi:KadantIncMember 2026-06-30 0000745467 mefi:C000132295Member oef:MaterialsSectorMember 2026-06-30 0000745467 mefi:C000132295Member us-gaap:RealEstateSectorMember 2026-06-30 0000745467 mefi:C000132295Member mefi:SPXTechnologiesIncMember 2026-06-30 0000745467 mefi:C000132295Member mefi:TurningPointBrandsIncMember 2026-06-30 0000745467 mefi:C000132295Member oef:UtilitiesSectorMember 2026-06-30 0000745467 mefi:C000132295Member mefi:VeracyteIncMember 2026-06-30 0000745467 mefi:C000132296Member 2026-06-30 0000745467 mefi:C000132296Member mefi:ApartmentListIncSeriesDMember 2026-06-30 0000745467 mefi:C000132296Member mefi:AxogenIncMember 2026-06-30 0000745467 mefi:C000132296Member oef:CommunicationsSectorMember 2026-06-30 0000745467 mefi:C000132296Member mefi:ConsensusCloudSolutionsIncMember 2026-06-30 0000745467 mefi:C000132296Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000745467 mefi:C000132296Member oef:ConsumerStaplesSectorMember 2026-06-30 0000745467 mefi:C000132296Member mefi:DefiniumTherapeuticsIncMember 2026-06-30 0000745467 mefi:C000132296Member us-gaap:EnergySectorMember 2026-06-30 0000745467 mefi:C000132296Member mefi:FederalSignalCorpMember 2026-06-30 0000745467 mefi:C000132296Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000745467 mefi:C000132296Member us-gaap:HealthcareSectorMember 2026-06-30 0000745467 mefi:C000132296Member mefi:HingeHealthIncClassAMember 2026-06-30 0000745467 mefi:C000132296Member oef:IndustrialSectorMember 2026-06-30 0000745467 mefi:C000132296Member oef:InformationTechnologySectorMember 2026-06-30 0000745467 mefi:C000132296Member mefi:KadantIncMember 2026-06-30 0000745467 mefi:C000132296Member oef:MaterialsSectorMember 2026-06-30 0000745467 mefi:C000132296Member us-gaap:RealEstateSectorMember 2026-06-30 0000745467 mefi:C000132296Member mefi:SPXTechnologiesIncMember 2026-06-30 0000745467 mefi:C000132296Member mefi:TurningPointBrandsIncMember 2026-06-30 0000745467 mefi:C000132296Member oef:UtilitiesSectorMember 2026-06-30 0000745467 mefi:C000132296Member mefi:VeracyteIncMember 2026-06-30 0000745467 mefi:C000132936Member 2026-06-30 0000745467 mefi:C000132936Member mefi:AmazonComIncMember 2026-06-30 0000745467 mefi:C000132936Member mefi:AuroraInnovationIncMember 2026-06-30 0000745467 mefi:C000132936Member mefi:BrookfieldAssetManagementLtdClassACanadaMember 2026-06-30 0000745467 mefi:C000132936Member mefi:ClearSecureIncClassAMember 2026-06-30 0000745467 mefi:C000132936Member oef:CommunicationsSectorMember 2026-06-30 0000745467 mefi:C000132936Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000745467 mefi:C000132936Member oef:ConsumerStaplesSectorMember 2026-06-30 0000745467 mefi:C000132936Member mefi:CrowdstrikeHoldingsIncClassAMember 2026-06-30 0000745467 mefi:C000132936Member mefi:DraftKingsIncClassAMember 2026-06-30 0000745467 mefi:C000132936Member mefi:DRHortonIncMember 2026-06-30 0000745467 mefi:C000132936Member mefi:ElectronicArtsIncMember 2026-06-30 0000745467 mefi:C000132936Member us-gaap:EnergySectorMember 2026-06-30 0000745467 mefi:C000132936Member mefi:FedExCorpMember 2026-06-30 0000745467 mefi:C000132936Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000745467 mefi:C000132936Member mefi:FiservIncMember 2026-06-30 0000745467 mefi:C000132936Member us-gaap:HealthcareSectorMember 2026-06-30 0000745467 mefi:C000132936Member oef:IndustrialSectorMember 2026-06-30 0000745467 mefi:C000132936Member oef:InformationTechnologySectorMember 2026-06-30 0000745467 mefi:C000132936Member us-gaap:RealEstateSectorMember 2026-06-30 0000745467 mefi:C000132936Member oef:UtilitiesSectorMember 2026-06-30 0000745467 mefi:C000132937Member 2026-06-30 0000745467 mefi:C000132937Member mefi:AmazonComIncMember 2026-06-30 0000745467 mefi:C000132937Member mefi:AuroraInnovationIncMember 2026-06-30 0000745467 mefi:C000132937Member mefi:BrookfieldAssetManagementLtdClassACanadaMember 2026-06-30 0000745467 mefi:C000132937Member mefi:ClearSecureIncClassAMember 2026-06-30 0000745467 mefi:C000132937Member oef:CommunicationsSectorMember 2026-06-30 0000745467 mefi:C000132937Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000745467 mefi:C000132937Member oef:ConsumerStaplesSectorMember 2026-06-30 0000745467 mefi:C000132937Member mefi:CrowdstrikeHoldingsIncClassAMember 2026-06-30 0000745467 mefi:C000132937Member mefi:DraftKingsIncClassAMember 2026-06-30 0000745467 mefi:C000132937Member mefi:DRHortonIncMember 2026-06-30 0000745467 mefi:C000132937Member mefi:ElectronicArtsIncMember 2026-06-30 0000745467 mefi:C000132937Member us-gaap:EnergySectorMember 2026-06-30 0000745467 mefi:C000132937Member mefi:FedExCorpMember 2026-06-30 0000745467 mefi:C000132937Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000745467 mefi:C000132937Member mefi:FiservIncMember 2026-06-30 0000745467 mefi:C000132937Member us-gaap:HealthcareSectorMember 2026-06-30 0000745467 mefi:C000132937Member oef:IndustrialSectorMember 2026-06-30 0000745467 mefi:C000132937Member oef:InformationTechnologySectorMember 2026-06-30 0000745467 mefi:C000132937Member us-gaap:RealEstateSectorMember 2026-06-30 0000745467 mefi:C000132937Member oef:UtilitiesSectorMember 2026-06-30 0000745467 mefi:C000132939Member 2026-06-30 0000745467 mefi:C000132939Member mefi:AxogenIncMember 2026-06-30 0000745467 mefi:C000132939Member oef:CommunicationsSectorMember 2026-06-30 0000745467 mefi:C000132939Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000745467 mefi:C000132939Member oef:ConsumerStaplesSectorMember 2026-06-30 0000745467 mefi:C000132939Member mefi:CurtissWrightCorpMember 2026-06-30 0000745467 mefi:C000132939Member mefi:DefiniumTherapeuticsIncMember 2026-06-30 0000745467 mefi:C000132939Member us-gaap:EnergySectorMember 2026-06-30 0000745467 mefi:C000132939Member mefi:FederalSignalCorpMember 2026-06-30 0000745467 mefi:C000132939Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000745467 mefi:C000132939Member mefi:GeneracHoldingsIncMember 2026-06-30 0000745467 mefi:C000132939Member us-gaap:HealthcareSectorMember 2026-06-30 0000745467 mefi:C000132939Member mefi:HingeHealthIncClassAMember 2026-06-30 0000745467 mefi:C000132939Member oef:IndustrialSectorMember 2026-06-30 0000745467 mefi:C000132939Member oef:InformationTechnologySectorMember 2026-06-30 0000745467 mefi:C000132939Member oef:MaterialsSectorMember 2026-06-30 0000745467 mefi:C000132939Member mefi:RBGlobalIncCanadaMember 2026-06-30 0000745467 mefi:C000132939Member us-gaap:RealEstateSectorMember 2026-06-30 0000745467 mefi:C000132939Member mefi:StandardAeroIncMember 2026-06-30 0000745467 mefi:C000132939Member mefi:TurningPointBrandsIncMember 2026-06-30 0000745467 mefi:C000132939Member mefi:VeracyteIncMember 2026-06-30 0000745467 mefi:C000132940Member 2026-06-30 0000745467 mefi:C000132940Member mefi:AxogenIncMember 2026-06-30 0000745467 mefi:C000132940Member oef:CommunicationsSectorMember 2026-06-30 0000745467 mefi:C000132940Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000745467 mefi:C000132940Member oef:ConsumerStaplesSectorMember 2026-06-30 0000745467 mefi:C000132940Member mefi:CurtissWrightCorpMember 2026-06-30 0000745467 mefi:C000132940Member mefi:DefiniumTherapeuticsIncMember 2026-06-30 0000745467 mefi:C000132940Member us-gaap:EnergySectorMember 2026-06-30 0000745467 mefi:C000132940Member mefi:FederalSignalCorpMember 2026-06-30 0000745467 mefi:C000132940Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000745467 mefi:C000132940Member mefi:GeneracHoldingsIncMember 2026-06-30 0000745467 mefi:C000132940Member us-gaap:HealthcareSectorMember 2026-06-30 0000745467 mefi:C000132940Member mefi:HingeHealthIncClassAMember 2026-06-30 0000745467 mefi:C000132940Member oef:IndustrialSectorMember 2026-06-30 0000745467 mefi:C000132940Member oef:InformationTechnologySectorMember 2026-06-30 0000745467 mefi:C000132940Member oef:MaterialsSectorMember 2026-06-30 0000745467 mefi:C000132940Member mefi:RBGlobalIncCanadaMember 2026-06-30 0000745467 mefi:C000132940Member us-gaap:RealEstateSectorMember 2026-06-30 0000745467 mefi:C000132940Member mefi:StandardAeroIncMember 2026-06-30 0000745467 mefi:C000132940Member mefi:TurningPointBrandsIncMember 2026-06-30 0000745467 mefi:C000132940Member mefi:VeracyteIncMember 2026-06-30 0000745467 mefi:C000132941Member 2026-06-30 0000745467 mefi:C000132941Member mefi:AxogenIncMember 2026-06-30 0000745467 mefi:C000132941Member oef:CommunicationsSectorMember 2026-06-30 0000745467 mefi:C000132941Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000745467 mefi:C000132941Member oef:ConsumerStaplesSectorMember 2026-06-30 0000745467 mefi:C000132941Member mefi:CurtissWrightCorpMember 2026-06-30 0000745467 mefi:C000132941Member mefi:DefiniumTherapeuticsIncMember 2026-06-30 0000745467 mefi:C000132941Member us-gaap:EnergySectorMember 2026-06-30 0000745467 mefi:C000132941Member mefi:FederalSignalCorpMember 2026-06-30 0000745467 mefi:C000132941Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000745467 mefi:C000132941Member mefi:GeneracHoldingsIncMember 2026-06-30 0000745467 mefi:C000132941Member us-gaap:HealthcareSectorMember 2026-06-30 0000745467 mefi:C000132941Member mefi:HingeHealthIncClassAMember 2026-06-30 0000745467 mefi:C000132941Member oef:IndustrialSectorMember 2026-06-30 0000745467 mefi:C000132941Member oef:InformationTechnologySectorMember 2026-06-30 0000745467 mefi:C000132941Member oef:MaterialsSectorMember 2026-06-30 0000745467 mefi:C000132941Member mefi:RBGlobalIncCanadaMember 2026-06-30 0000745467 mefi:C000132941Member us-gaap:RealEstateSectorMember 2026-06-30 0000745467 mefi:C000132941Member mefi:StandardAeroIncMember 2026-06-30 0000745467 mefi:C000132941Member mefi:TurningPointBrandsIncMember 2026-06-30 0000745467 mefi:C000132941Member mefi:VeracyteIncMember 2026-06-30 0000745467 mefi:C000132942Member 2026-06-30 0000745467 mefi:C000132942Member mefi:AdeiaIncMember 2026-06-30 0000745467 mefi:C000132942Member mefi:BlackBerryLtdCanadaMember 2026-06-30 0000745467 mefi:C000132942Member mefi:CaesarsEntertainmentIncMember 2026-06-30 0000745467 mefi:C000132942Member oef:CommunicationsSectorMember 2026-06-30 0000745467 mefi:C000132942Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000745467 mefi:C000132942Member oef:ConsumerStaplesSectorMember 2026-06-30 0000745467 mefi:C000132942Member mefi:DollarTreeIncMember 2026-06-30 0000745467 mefi:C000132942Member us-gaap:EnergySectorMember 2026-06-30 0000745467 mefi:C000132942Member mefi:EnvistaHoldingsCorpMember 2026-06-30 0000745467 mefi:C000132942Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000745467 mefi:C000132942Member mefi:FirstCitizensBancSharesIncClassAMember 2026-06-30 0000745467 mefi:C000132942Member us-gaap:HealthcareSectorMember 2026-06-30 0000745467 mefi:C000132942Member oef:IndustrialSectorMember 2026-06-30 0000745467 mefi:C000132942Member oef:InformationTechnologySectorMember 2026-06-30 0000745467 mefi:C000132942Member oef:MaterialsSectorMember 2026-06-30 0000745467 mefi:C000132942Member mefi:PDFSolutionsIncMember 2026-06-30 0000745467 mefi:C000132942Member us-gaap:RealEstateSectorMember 2026-06-30 0000745467 mefi:C000132942Member mefi:RegalRexnordCorpMember 2026-06-30 0000745467 mefi:C000132942Member mefi:TexasCapitalBancsharesIncMember 2026-06-30 0000745467 mefi:C000132942Member oef:UtilitiesSectorMember 2026-06-30 0000745467 mefi:C000132942Member mefi:VSECorpMember 2026-06-30 0000745467 mefi:C000132943Member 2026-06-30 0000745467 mefi:C000132943Member mefi:AdeiaIncMember 2026-06-30 0000745467 mefi:C000132943Member mefi:BlackBerryLtdCanadaMember 2026-06-30 0000745467 mefi:C000132943Member mefi:CaesarsEntertainmentIncMember 2026-06-30 0000745467 mefi:C000132943Member oef:CommunicationsSectorMember 2026-06-30 0000745467 mefi:C000132943Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000745467 mefi:C000132943Member oef:ConsumerStaplesSectorMember 2026-06-30 0000745467 mefi:C000132943Member mefi:DollarTreeIncMember 2026-06-30 0000745467 mefi:C000132943Member us-gaap:EnergySectorMember 2026-06-30 0000745467 mefi:C000132943Member mefi:EnvistaHoldingsCorpMember 2026-06-30 0000745467 mefi:C000132943Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000745467 mefi:C000132943Member mefi:FirstCitizensBancSharesIncClassAMember 2026-06-30 0000745467 mefi:C000132943Member us-gaap:HealthcareSectorMember 2026-06-30 0000745467 mefi:C000132943Member oef:IndustrialSectorMember 2026-06-30 0000745467 mefi:C000132943Member oef:InformationTechnologySectorMember 2026-06-30 0000745467 mefi:C000132943Member oef:MaterialsSectorMember 2026-06-30 0000745467 mefi:C000132943Member mefi:PDFSolutionsIncMember 2026-06-30 0000745467 mefi:C000132943Member us-gaap:RealEstateSectorMember 2026-06-30 0000745467 mefi:C000132943Member mefi:RegalRexnordCorpMember 2026-06-30 0000745467 mefi:C000132943Member mefi:TexasCapitalBancsharesIncMember 2026-06-30 0000745467 mefi:C000132943Member oef:UtilitiesSectorMember 2026-06-30 0000745467 mefi:C000132943Member mefi:VSECorpMember 2026-06-30 0000745467 mefi:C000156527Member 2026-06-30 0000745467 mefi:C000156527Member mefi:AmazonComIncMember 2026-06-30 0000745467 mefi:C000156527Member mefi:AuroraInnovationIncMember 2026-06-30 0000745467 mefi:C000156527Member mefi:BrookfieldAssetManagementLtdClassACanadaMember 2026-06-30 0000745467 mefi:C000156527Member mefi:ClearSecureIncClassAMember 2026-06-30 0000745467 mefi:C000156527Member oef:CommunicationsSectorMember 2026-06-30 0000745467 mefi:C000156527Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000745467 mefi:C000156527Member oef:ConsumerStaplesSectorMember 2026-06-30 0000745467 mefi:C000156527Member mefi:CrowdstrikeHoldingsIncClassAMember 2026-06-30 0000745467 mefi:C000156527Member mefi:DraftKingsIncClassAMember 2026-06-30 0000745467 mefi:C000156527Member mefi:DRHortonIncMember 2026-06-30 0000745467 mefi:C000156527Member mefi:ElectronicArtsIncMember 2026-06-30 0000745467 mefi:C000156527Member us-gaap:EnergySectorMember 2026-06-30 0000745467 mefi:C000156527Member mefi:FedExCorpMember 2026-06-30 0000745467 mefi:C000156527Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000745467 mefi:C000156527Member mefi:FiservIncMember 2026-06-30 0000745467 mefi:C000156527Member us-gaap:HealthcareSectorMember 2026-06-30 0000745467 mefi:C000156527Member oef:IndustrialSectorMember 2026-06-30 0000745467 mefi:C000156527Member oef:InformationTechnologySectorMember 2026-06-30 0000745467 mefi:C000156527Member us-gaap:RealEstateSectorMember 2026-06-30 0000745467 mefi:C000156527Member oef:UtilitiesSectorMember 2026-06-30 0000745467 mefi:C000156528Member 2026-06-30 0000745467 mefi:C000156528Member mefi:AxogenIncMember 2026-06-30 0000745467 mefi:C000156528Member oef:CommunicationsSectorMember 2026-06-30 0000745467 mefi:C000156528Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000745467 mefi:C000156528Member oef:ConsumerStaplesSectorMember 2026-06-30 0000745467 mefi:C000156528Member mefi:CurtissWrightCorpMember 2026-06-30 0000745467 mefi:C000156528Member mefi:DefiniumTherapeuticsIncMember 2026-06-30 0000745467 mefi:C000156528Member us-gaap:EnergySectorMember 2026-06-30 0000745467 mefi:C000156528Member mefi:FederalSignalCorpMember 2026-06-30 0000745467 mefi:C000156528Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000745467 mefi:C000156528Member mefi:GeneracHoldingsIncMember 2026-06-30 0000745467 mefi:C000156528Member us-gaap:HealthcareSectorMember 2026-06-30 0000745467 mefi:C000156528Member mefi:HingeHealthIncClassAMember 2026-06-30 0000745467 mefi:C000156528Member oef:IndustrialSectorMember 2026-06-30 0000745467 mefi:C000156528Member oef:InformationTechnologySectorMember 2026-06-30 0000745467 mefi:C000156528Member oef:MaterialsSectorMember 2026-06-30 0000745467 mefi:C000156528Member mefi:RBGlobalIncCanadaMember 2026-06-30 0000745467 mefi:C000156528Member us-gaap:RealEstateSectorMember 2026-06-30 0000745467 mefi:C000156528Member mefi:StandardAeroIncMember 2026-06-30 0000745467 mefi:C000156528Member mefi:TurningPointBrandsIncMember 2026-06-30 0000745467 mefi:C000156528Member mefi:VeracyteIncMember 2026-06-30 0000745467 mefi:C000156529Member 2026-06-30 0000745467 mefi:C000156529Member mefi:AdeiaIncMember 2026-06-30 0000745467 mefi:C000156529Member mefi:BlackBerryLtdCanadaMember 2026-06-30 0000745467 mefi:C000156529Member mefi:CaesarsEntertainmentIncMember 2026-06-30 0000745467 mefi:C000156529Member oef:CommunicationsSectorMember 2026-06-30 0000745467 mefi:C000156529Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000745467 mefi:C000156529Member oef:ConsumerStaplesSectorMember 2026-06-30 0000745467 mefi:C000156529Member mefi:DollarTreeIncMember 2026-06-30 0000745467 mefi:C000156529Member us-gaap:EnergySectorMember 2026-06-30 0000745467 mefi:C000156529Member mefi:EnvistaHoldingsCorpMember 2026-06-30 0000745467 mefi:C000156529Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000745467 mefi:C000156529Member mefi:FirstCitizensBancSharesIncClassAMember 2026-06-30 0000745467 mefi:C000156529Member us-gaap:HealthcareSectorMember 2026-06-30 0000745467 mefi:C000156529Member oef:IndustrialSectorMember 2026-06-30 0000745467 mefi:C000156529Member oef:InformationTechnologySectorMember 2026-06-30 0000745467 mefi:C000156529Member oef:MaterialsSectorMember 2026-06-30 0000745467 mefi:C000156529Member mefi:PDFSolutionsIncMember 2026-06-30 0000745467 mefi:C000156529Member us-gaap:RealEstateSectorMember 2026-06-30 0000745467 mefi:C000156529Member mefi:RegalRexnordCorpMember 2026-06-30 0000745467 mefi:C000156529Member mefi:TexasCapitalBancsharesIncMember 2026-06-30 0000745467 mefi:C000156529Member oef:UtilitiesSectorMember 2026-06-30 0000745467 mefi:C000156529Member mefi:VSECorpMember 2026-06-30 0000745467 mefi:C000156530Member 2026-06-30 0000745467 mefi:C000156530Member mefi:ApartmentListIncSeriesDMember 2026-06-30 0000745467 mefi:C000156530Member mefi:AxogenIncMember 2026-06-30 0000745467 mefi:C000156530Member oef:CommunicationsSectorMember 2026-06-30 0000745467 mefi:C000156530Member mefi:ConsensusCloudSolutionsIncMember 2026-06-30 0000745467 mefi:C000156530Member oef:ConsumerDiscretionarySectorMember 2026-06-30 0000745467 mefi:C000156530Member oef:ConsumerStaplesSectorMember 2026-06-30 0000745467 mefi:C000156530Member mefi:DefiniumTherapeuticsIncMember 2026-06-30 0000745467 mefi:C000156530Member us-gaap:EnergySectorMember 2026-06-30 0000745467 mefi:C000156530Member mefi:FederalSignalCorpMember 2026-06-30 0000745467 mefi:C000156530Member us-gaap:FinancialServicesSectorMember 2026-06-30 0000745467 mefi:C000156530Member us-gaap:HealthcareSectorMember 2026-06-30 0000745467 mefi:C000156530Member mefi:HingeHealthIncClassAMember 2026-06-30 0000745467 mefi:C000156530Member oef:IndustrialSectorMember 2026-06-30 0000745467 mefi:C000156530Member oef:InformationTechnologySectorMember 2026-06-30 0000745467 mefi:C000156530Member mefi:KadantIncMember 2026-06-30 0000745467 mefi:C000156530Member oef:MaterialsSectorMember 2026-06-30 0000745467 mefi:C000156530Member us-gaap:RealEstateSectorMember 2026-06-30 0000745467 mefi:C000156530Member mefi:SPXTechnologiesIncMember 2026-06-30 0000745467 mefi:C000156530Member mefi:TurningPointBrandsIncMember 2026-06-30 0000745467 mefi:C000156530Member oef:UtilitiesSectorMember 2026-06-30 0000745467 mefi:C000156530Member mefi:VeracyteIncMember 2026-06-30 iso4217:USD pure mefi:Holding 1000000 10000 1000000 2455529.89 2232636.25 3097600.95 3264428.99 1000000 1185094.58 1360229.17 1482411.78 1579206.75 2276654.43 1960981.98 2332659.97 1214355.91 1244016.93 2872089.76 3311398.11 4067175 1475858.3 1515986.4 1566361.56 1508555.27 1561030.75 1710684.07 2362777.78 2559730.48 1572881.46 1745594.69 2069979 1864363.63 2034703.58 2256766.17 18229.57 26959.99 10936.16 14746.93 1483919.66 10000 16827.63 17799.57 32100.73 24090.64 24497.45 15496 11046.06 12346.25 35634.35 23627.78 14501.66 15572.47 20347.04 22326.36 36710.46 30976.01 10000 10000 24887.17 30825.54 11850.95 40671.75 2110926.65 13602.29 15036.25 15299.67 19609.82 14824.12 15792.07 21933.56 22766.54 19609.82 19095.72 13195.89 33209.18 25857.31 16256.41 23362.84 15827 16384 19025.7 10000 10000 23326.6 14530.59 28720.9 20921.38 33113.98 27637.09 40671.75 18725.43 15256.5 1563851.95 14743.06 11725.96 26455.94 17789.38 29117.02 12440.17 17676.83 20345.22 18152.65 10000.01 14176.92 15610.31 22336.44 15458.49 30976.01 15279.74 20409.69 10000 19082 15159.86 25597.3 23591.9 27093.61 20143.67 2353432.75 19901.83 20219.67 10000 16597.36 12700.42 28720.9 34556.41 17103.02 18816 10000 15365.08 15085.55 23384.73 14157.51 12572 1690734.58 24371.33 24104.45 24310.48 25703.63 22961.99 15159.86 14058.93 14832.89 11850.95 22536.06 14926.47 19088.01 14875.61 15502.56 33816.7 14816.49 24499.5 2499432.05 12340.58 15610.31 19356.76 15042.63 22567.66 12275.6 30006.35 10000.01 10000 10000 20363.68 10000 1271885.52 18206 11205.83 15792.07 15663.62 16842.58 23627.78 11984.11 15140.71 15408.64 10000 17455.95 20347.04 19128.62 31755.02 14791 16758.44 11768.75 28110.29 12440.17 1911913.05 28151.98 17776.93 15438.08 15728.81 10000 23513 12335.78 21109.57 1585504.52 13690.99 29135.35 22123 20868.53 23326.6 13510.89 16336.35 34380.23 30182.25 18897.01 33113.98 2055117.66 19475.48 18643.64 15420.45 34498.01 15199.07 10000 23225.96 22766.54 21017.39 1000000 19022.16 19171.73 20814.38 15819.25 20313.77 12212.42 2093027.62 12220.49 15728.81 10000 35565.87 16135.61 24275.29 16313.5 22356.1 15212.51 12695.87 23149.59 15359.16 1234769.2 10000 22326.36 17851.18 14655.15 12308.97 27998.14 15590.36 15085.55 23657 21030.24 20310.84 14888.95 1967596.87 10000 18702.12 10000 14824.12 15826.12 19909.66 36521.22 12941.99 32644.29 19445.96 24205.62 20483.19 21132.51 16269.74 12403.25 27110.31 1528409.69 12661.56 23762.47 15734.93 27502.24 16646.74 15061.49 12021.47 13484.24 33501.55 11836.06 15512 18047.67 12306.87 18982.62 19129.86 24555.3 1507363.8 23458.36 18643.64 28381.1 17106.84 36585.18 14815.82 1546784.43 2475046.36 16504.4 12143.56 1948863.79 24085.61 14457.95 10000.01 11805.51 13602.29 23239.12 15654.54 14758.58 15509.56 10000.01 36840.86 19155.88 20758.79 23824.49 21318.99 11789.6 42271.12 20825.43 16006.39 1920852.44 23563.56 15132 31006.21 10000 24806.4 1666973.67 11798.37 24422.64 20699.79 10000 1000000 24586.98 19562.68 13930.68 20993.79 17922.24 0.057 0.161 0.024 0.307 0.025 0.029 0.054 0.339 0.244 0.070 0.076 0.053 0.025 0.024 0.108 0.026 0.012 0.187 0.058 0.027 0.276 0.244 0.244 0.187 0.070 0.099 0.161 0.058 0.001 0.307 0.210 0.024 0.021 0.276 0.037 0.041 0.339 0.012 0.104 0.035 0.246 0.021 0.161 0.027 0.076 0.035 0.066 0.026 0.046 0.058 0.045 0.187 0.015 0.053 0.201 0.076 0.210 0.037 0.015 0.020 0.066 0.058 0.029 0.029 0.065 0.057 0.010 0.027 0.029 0.065 0.210 0.190 0.018 0.020 0.045 0.210 0.065 0.099 0.210 0.058 0.076 0.025 0.024 0.190 0.165 0.020 0.108 0.070 0.029 0.021 0.210 0.026 0.246 0.001 0.010 0.045 0.025 0.066 0.046 0.029 0.012 0.244 0.161 0.057 0.104 0.246 0.020 0.029 0.201 0.010 0.029 0.015 0.099 0.246 0.070 0.099 0.027 0.187 0.201 0.024 0.031 0.276 0.053 0.165 0.339 0.190 0.010 0.018 0.307 0.054 0.339 0.027 0.020 0.165 0.190 0.104 0.070 0.041 0.018 0.012 0.065 0.066 0.165 0.035 0.066 0.165 0.001 0.054 0.029 0.021 0.057 0.031 0.246 0.021 0.015 0.025 0.053 0.276 0.108 0.339 0.210 0.108 0.026 0.307 0.104 0.201 0.029 0.031 0.041 0.001 0.244 0.031 0.046 0.012 0.054 0.018 0.010 0.018 0.053 0.307 0.037 0.046 0.041 0.210 0.037 0.045 0.190 0.035 0.015 0000745467 false N-1A MERIDIAN FUND INC N-CSR 2026-06-30 Meridian Growth Fund Legacy Class MERDX This annual shareholder report contains important information about the Meridian Growth Fund (“Fund”) for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 85, 140); font-family: 'arial'; font-size: 10pt;">https://www.arrowmarkpartners.com/meridian/fund/meridian-growth-fund/</span>. You can also request this information by contacting us at 1-800-446-6662. https://www.arrowmarkpartners.com/meridian/fund/meridian-growth-fund/ 1-800-446-6662 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 2.4pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Meridian Growth Fund<br/>(Legacy Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>100<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.96<span>%</span><span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> </table> 100 0.0096 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 2.4pt; margin-top: 11.2pt;"><b>What drove fund performance during the past 12 months</b>?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0 0 10pt 0;"> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 10pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">U.S. equity markets navigated a twelve-month period shaped by competing forces: optimism surrounding monetary easing and enthusiasm for AI-related investment on one hand, and escalating trade policy uncertainty and the outbreak—and subsequent de-escalation—of military conflict with Iran on the other.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">SMID cap growth stocks delivered a 33% return over the period, outperforming large cap growth stocks, which returned 18%.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">The investment strategy's emphasis on durability was evident during the period, as the strategy outperformed on 12 of the 15 days on which the index declined 2% or more.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Our investment process seeks to focus on high quality companies with recurring revenue and what we believe to be sustainable competitive advantages.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">The period saw pronounced relative outperformance by lower-quality stocks—the highest-beta quintile of the index outperformed the lowest by more than 70 percentage points, and companies with no earnings, and in many cases no revenue, meaningfully outpaced the broader index—which ran counter to the Fund's quality bias and created a significant headwind to relative results.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">From a sector perspective, stock selection was positive in the health care, communication services, and energy sectors.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Conversely, negative stock selection in the information technology, consumer discretionary, and industrials sectors detracted from relative returns.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 2.4pt;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; margin-bottom: 2.4pt;">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 16pt;"> <img alt="Fund Performance - Growth of 10K" src="g219428chartimages_12154086.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1 Year<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Meridian Growth Fund (Legacy Class/(MERDX))</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.32<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(2.36<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.63<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 2500<sup style="vertical-align: super; font-size: 6pt;">®</sup> Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">32.94<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.56<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 3000<sup style="vertical-align: super; font-size: 6pt;">®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">22.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.06<span>%</span></td> </tr> </table> Meridian Growth Fund (Legacy Class/(MERDX)) 0.0732 -0.0236 0.0763 Russell 2500® Growth Index 0.3294 0.0498 0.1256 Russell 3000® Index 0.2282 0.1231 0.1506 The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 4pt; text-align: left; margin: 4pt 0px 4pt 0px;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>530,880,448</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">92</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,786,924</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">49<span>%</span></td> </tr> </table> 530880448 92 4786924 0.49 <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 4pt; margin: 4pt 0px 4pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">RB Global, Inc. (Canada)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Curtiss-Wright Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Axogen, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Federal Signal Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Hinge Health, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Definium Therapeutics, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Veracyte, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">StandardAero, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Turning Point Brands, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Generac Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 4pt; margin: 4pt 0px 4pt 0px;"><b>Sector Allocation</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 10pt;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g219428chartimages_12154350.jpg" style="width: 301pt;"/> </div> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 4pt; margin: 4pt 0px 4pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">RB Global, Inc. (Canada)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Curtiss-Wright Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Axogen, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Federal Signal Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Hinge Health, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Definium Therapeutics, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Veracyte, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">StandardAero, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Turning Point Brands, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Generac Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> 0.026 0.025 0.025 0.024 0.023 0.023 0.022 0.021 0.021 0.021 Meridian Growth Fund Institutional Class MRRGX This annual shareholder report contains important information about the Meridian Growth Fund (“Fund”) for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 85, 140); font-family: 'arial'; font-size: 10pt;">https://www.arrowmarkpartners.com/meridian/fund/meridian-growth-fund/</span>. You can also request this information by contacting us at 1-800-446-6662. https://www.arrowmarkpartners.com/meridian/fund/meridian-growth-fund/ 1-800-446-6662 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 2.4pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Meridian Growth Fund<br/>(Institutional Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>93<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.90<span>%</span><span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> </table> 93 0.0090 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 2.4pt; margin-top: 11.2pt;"><b>What drove fund performance during the past 12 months</b>?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0 0 10pt 0;"> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 10pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">U.S. equity markets navigated a twelve-month period shaped by competing forces: optimism surrounding monetary easing and enthusiasm for AI-related investment on one hand, and escalating trade policy uncertainty and the outbreak—and subsequent de-escalation—of military conflict with Iran on the other.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">SMID cap growth stocks delivered a 33% return over the period, outperforming large cap growth stocks, which returned 18%.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">The investment strategy's emphasis on durability was evident during the period, as the strategy outperformed on 12 of the 15 days on which the index declined 2% or more.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Our investment process seeks to focus on high quality companies with recurring revenue and what we believe to be sustainable competitive advantages.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">The period saw pronounced relative outperformance by lower-quality stocks—the highest-beta quintile of the index outperformed the lowest by more than 70 percentage points, and companies with no earnings, and in many cases no revenue, meaningfully outpaced the broader index—which ran counter to the Fund's quality bias and created a significant headwind to relative results.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">From a sector perspective, stock selection was positive in the health care, communication services, and energy sectors.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Conversely, negative stock selection in the information technology, consumer discretionary, and industrials sectors detracted from relative returns.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 2.4pt;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; margin-bottom: 2.4pt;">GROWTH OF $1,000,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 16pt;"> <img alt="Fund Performance - Growth of 10K" src="g219428chartimages_12154083.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1 Year<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Meridian Growth Fund (Institutional Class/(MRRGX))</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.40<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(2.32<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.67<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 2500<sup style="vertical-align: super; font-size: 6pt;">®</sup> Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">32.94<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.56<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 3000<sup style="vertical-align: super; font-size: 6pt;">®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">22.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.06<span>%</span></td> </tr> </table> Meridian Growth Fund (Institutional Class/(MRRGX)) 0.0740 -0.0232 0.0767 Russell 2500® Growth Index 0.3294 0.0498 0.1256 Russell 3000® Index 0.2282 0.1231 0.1506 The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 4pt; text-align: left; margin: 4pt 0px 4pt 0px;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>530,880,448</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">92</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,786,924</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">49<span>%</span></td> </tr> </table> 530880448 92 4786924 0.49 <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 4pt; margin: 4pt 0px 4pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">RB Global, Inc. (Canada)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Curtiss-Wright Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Axogen, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Federal Signal Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Hinge Health, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Definium Therapeutics, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Veracyte, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">StandardAero, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Turning Point Brands, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Generac Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 4pt; margin: 4pt 0px 4pt 0px;"><b>Sector Allocation</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 10pt;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g219428chartimages_12154353.jpg" style="width: 301pt;"/> </div> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 4pt; margin: 4pt 0px 4pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">RB Global, Inc. (Canada)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Curtiss-Wright Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Axogen, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Federal Signal Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Hinge Health, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Definium Therapeutics, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Veracyte, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">StandardAero, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Turning Point Brands, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Generac Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> 0.026 0.025 0.025 0.024 0.023 0.023 0.022 0.021 0.021 0.021 Meridian Growth Fund Class A MRAGX This annual shareholder report contains important information about the Meridian Growth Fund (“Fund”) for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 85, 140); font-family: 'arial'; font-size: 10pt;">https://www.arrowmarkpartners.com/meridian/fund/meridian-growth-fund/</span>. You can also request this information by contacting us at 1-800-446-6662. https://www.arrowmarkpartners.com/meridian/fund/meridian-growth-fund/ 1-800-446-6662 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 2.4pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Meridian Growth Fund<br/>(Class A)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>129<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span><span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> </table> 129 0.0125 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 2.4pt; margin-top: 11.2pt;"><b>What drove fund performance during the past 12 months</b>?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0 0 10pt 0;"> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 10pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">U.S. equity markets navigated a twelve-month period shaped by competing forces: optimism surrounding monetary easing and enthusiasm for AI-related investment on one hand, and escalating trade policy uncertainty and the outbreak—and subsequent de-escalation—of military conflict with Iran on the other.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">SMID cap growth stocks delivered a 33% return over the period, outperforming large cap growth stocks, which returned 18%.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">The investment strategy's emphasis on durability was evident during the period, as the strategy outperformed on 12 of the 15 days on which the index declined 2% or more.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Our investment process seeks to focus on high quality companies with recurring revenue and what we believe to be sustainable competitive advantages.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">The period saw pronounced relative outperformance by lower-quality stocks—the highest-beta quintile of the index outperformed the lowest by more than 70 percentage points, and companies with no earnings, and in many cases no revenue, meaningfully outpaced the broader index—which ran counter to the Fund's quality bias and created a significant headwind to relative results.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">From a sector perspective, stock selection was positive in the health care, communication services, and energy sectors.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Conversely, negative stock selection in the information technology, consumer discretionary, and industrials sectors detracted from relative returns.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 2.4pt;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; margin-bottom: 2.4pt;">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 16pt;"> <img alt="Fund Performance - Growth of 10K" src="g219428chartimages_12154084.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1 Year<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Meridian Growth Fund (Class A/(MRAGX))</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.01<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(2.58<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.34<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Meridian Growth Fund (Class A/(MRAGX)) <sup style="vertical-align: super; font-size: 6pt;">(1)</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.87<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(3.73<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.71<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 2500<sup style="vertical-align: super; font-size: 6pt;">®</sup> Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">32.94<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.56<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 3000<sup style="vertical-align: super; font-size: 6pt;">®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">22.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.06<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: 20pt; font-family: 'arial'; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; break-inside: avoid-page; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; vertical-align: top; font-size: 6pt; width: 3pt; font-weight: normal; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-style: italic; color: rgb(0, 0, 0); text-align: left; margin-bottom: 5pt; font-size: 6pt; padding: 0px;">(1<span>)</span></div> </td> <td style="font-family: 'Arial'; break-inside: avoid-page; color: rgb(0, 0, 0); vertical-align: middle; text-align: left; font-size: 7.5pt; width: 100%; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 5pt; padding: 0px;">Assuming maximum sales charge, if any.  Class A Shares are subject to a maximum initial sales charge of 5.75%</div> </td> </tr> </table> Meridian Growth Fund (Class A/(MRAGX)) 0.0701 -0.0258 0.0734 Meridian Growth Fund (Class A/(MRAGX)) 0.0087 -0.0373 0.0671 Russell 2500® Growth Index 0.3294 0.0498 0.1256 Russell 3000® Index 0.2282 0.1231 0.1506 The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-after: avoid; margin-bottom: 6pt;"> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 4pt; text-align: left; margin: 4pt 0px 4pt 0px;">Key Fund Statistics</div> </div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); width: auto; margin-bottom: 11.2pt;"> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>530,880,448</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">92</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,786,924</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">49<span>%</span></td> </tr> </table> </div> </div> 530880448 92 4786924 0.49 <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 4pt; margin: 4pt 0px 4pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">RB Global, Inc. (Canada)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Curtiss-Wright Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Axogen, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Federal Signal Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Hinge Health, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Definium Therapeutics, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Veracyte, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">StandardAero, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Turning Point Brands, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Generac Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 4pt; margin: 4pt 0px 4pt 0px;"><b>Sector Allocation</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 10pt;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g219428chartimages_12154352.jpg" style="width: 301pt;"/> </div> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 4pt; margin: 4pt 0px 4pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">RB Global, Inc. (Canada)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Curtiss-Wright Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Axogen, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Federal Signal Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Hinge Health, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Definium Therapeutics, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Veracyte, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">StandardAero, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Turning Point Brands, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Generac Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> 0.026 0.025 0.025 0.024 0.023 0.023 0.022 0.021 0.021 0.021 Meridian Growth Fund Class C MRCGX This annual shareholder report contains important information about the Meridian Growth Fund (“Fund”) for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 85, 140); font-family: 'arial'; font-size: 10pt;">https://www.arrowmarkpartners.com/meridian/fund/meridian-growth-fund/</span>. You can also request this information by contacting us at 1-800-446-6662. https://www.arrowmarkpartners.com/meridian/fund/meridian-growth-fund/ 1-800-446-6662 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 2.4pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Meridian Growth Fund<br/>(Class C)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>202<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.96<span>%</span><span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> </table> 202 0.0196 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 2.4pt; margin-top: 11.2pt;"><b>What drove fund performance during the past 12 months</b>?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0 0 10pt 0;"> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 10pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">U.S. equity markets navigated a twelve-month period shaped by competing forces: optimism surrounding monetary easing and enthusiasm for AI-related investment on one hand, and escalating trade policy uncertainty and the outbreak—and subsequent de-escalation—of military conflict with Iran on the other.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">SMID cap growth stocks delivered a 33% return over the period, outperforming large cap growth stocks, which returned 18%.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">The investment strategy's emphasis on durability was evident during the period, as the strategy outperformed on 12 of the 15 days on which the index declined 2% or more.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Our investment process seeks to focus on high quality companies with recurring revenue and what we believe to be sustainable competitive advantages.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">The period saw pronounced relative outperformance by lower-quality stocks—the highest-beta quintile of the index outperformed the lowest by more than 70 percentage points, and companies with no earnings, and in many cases no revenue, meaningfully outpaced the broader index—which ran counter to the Fund's quality bias and created a significant headwind to relative results.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">From a sector perspective, stock selection was positive in the health care, communication services, and energy sectors.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Conversely, negative stock selection in the information technology, consumer discretionary, and industrials sectors detracted from relative returns.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 2.4pt;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; margin-bottom: 2.4pt;">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 16pt;"> <img alt="Fund Performance - Growth of 10K" src="g219428chartimages_12154081.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1 Year<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Meridian Growth Fund (Class C/(MRCGX))</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.23<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(3.29<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.57<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 2500<sup style="vertical-align: super; font-size: 6pt;">®</sup> Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">32.94<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.56<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 3000<sup style="vertical-align: super; font-size: 6pt;">®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">22.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.06<span>%</span></td> </tr> </table> Meridian Growth Fund (Class C/(MRCGX)) 0.0623 -0.0329 0.0657 Russell 2500® Growth Index 0.3294 0.0498 0.1256 Russell 3000® Index 0.2282 0.1231 0.1506 The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 4pt; text-align: left; margin: 4pt 0px 4pt 0px;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>530,880,448</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">92</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,786,924</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">49<span>%</span></td> </tr> </table> 530880448 92 4786924 0.49 <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 4pt; margin: 4pt 0px 4pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">RB Global, Inc. (Canada)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Curtiss-Wright Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Axogen, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Federal Signal Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Hinge Health, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Definium Therapeutics, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Veracyte, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">StandardAero, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Turning Point Brands, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Generac Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 4pt; margin: 4pt 0px 4pt 0px;"><b>Sector Allocation</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 10pt;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g219428chartimages_12154354.jpg" style="width: 301pt;"/> </div> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 4pt; margin: 4pt 0px 4pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">RB Global, Inc. (Canada)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Curtiss-Wright Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Axogen, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Federal Signal Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Hinge Health, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Definium Therapeutics, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Veracyte, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">StandardAero, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Turning Point Brands, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Generac Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> 0.026 0.025 0.025 0.024 0.023 0.023 0.022 0.021 0.021 0.021 Meridian Growth Fund Investor Class MRIGX This annual shareholder report contains important information about the Meridian Growth Fund (“Fund”) for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 85, 140); font-family: 'arial'; font-size: 10pt;">https://www.arrowmarkpartners.com/meridian/fund/meridian-growth-fund/</span>. You can also request this information by contacting us at 1-800-446-6662. https://www.arrowmarkpartners.com/meridian/fund/meridian-growth-fund/ 1-800-446-6662 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 2.4pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Meridian Growth Fund<br/>(Investor Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>107<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.03<span>%</span><span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> </table> 107 0.0103 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 2.4pt; margin-top: 11.2pt;"><b>What drove fund performance during the past 12 months</b>?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0 0 10pt 0;"> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 10pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">U.S. equity markets navigated a twelve-month period shaped by competing forces: optimism surrounding monetary easing and enthusiasm for AI-related investment on one hand, and escalating trade policy uncertainty and the outbreak—and subsequent de-escalation—of military conflict with Iran on the other.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">SMID cap growth stocks delivered a 33% return over the period, outperforming large cap growth stocks, which returned 18%.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">The investment strategy's emphasis on durability was evident during the period, as the strategy outperformed on 12 of the 15 days on which the index declined 2% or more.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Our investment process seeks to focus on high quality companies with recurring revenue and what we believe to be sustainable competitive advantages.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">The period saw pronounced relative outperformance by lower-quality stocks—the highest-beta quintile of the index outperformed the lowest by more than 70 percentage points, and companies with no earnings, and in many cases no revenue, meaningfully outpaced the broader index—which ran counter to the Fund's quality bias and created a significant headwind to relative results.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">From a sector perspective, stock selection was positive in the health care, communication services, and energy sectors.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Conversely, negative stock selection in the information technology, consumer discretionary, and industrials sectors detracted from relative returns.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 2.4pt;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; margin-bottom: 2.4pt;">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 16pt;"> <img alt="Fund Performance - Growth of 10K" src="g219428chartimages_12154085.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1 Year<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Meridian Growth Fund (Investor Class/(MRIGX))</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.24<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(2.42<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.58<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 2500<sup style="vertical-align: super; font-size: 6pt;">®</sup> Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">32.94<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.98<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.56<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 3000<sup style="vertical-align: super; font-size: 6pt;">®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">22.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.06<span>%</span></td> </tr> </table> Meridian Growth Fund (Investor Class/(MRIGX)) 0.0724 -0.0242 0.0758 Russell 2500® Growth Index 0.3294 0.0498 0.1256 Russell 3000® Index 0.2282 0.1231 0.1506 The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 4pt; text-align: left; margin: 4pt 0px 4pt 0px;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>530,880,448</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">92</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>4,786,924</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">49<span>%</span></td> </tr> </table> 530880448 92 4786924 0.49 <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 4pt; margin: 4pt 0px 4pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">RB Global, Inc. (Canada)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Curtiss-Wright Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Axogen, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Federal Signal Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Hinge Health, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Definium Therapeutics, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Veracyte, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">StandardAero, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Turning Point Brands, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Generac Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 4pt; margin: 4pt 0px 4pt 0px;"><b>Sector Allocation</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 10pt;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g219428chartimages_12154351.jpg" style="width: 301pt;"/> </div> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 4pt; margin: 4pt 0px 4pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">RB Global, Inc. (Canada)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Curtiss-Wright Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Axogen, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Federal Signal Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Hinge Health, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Definium Therapeutics, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Veracyte, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">StandardAero, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Turning Point Brands, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Generac Holdings, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> </table><div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> 0.026 0.025 0.025 0.024 0.023 0.023 0.022 0.021 0.021 0.021 Meridian Contrarian Fund Legacy Class MVALX This annual shareholder report contains important information about the Meridian Contrarian Fund (“Fund”) for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 85, 140); font-family: 'arial'; font-size: 10pt;">https://www.arrowmarkpartners.com/meridian/fund/meridian-contrarian-fund/</span>. You can also request this information by contacting us at 1-800-446-6662. https://www.arrowmarkpartners.com/meridian/fund/meridian-contrarian-fund/ 1-800-446-6662 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Meridian Contrarian Fund<br/>(Legacy Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>134<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.17<span>%</span><span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> </table> 134 0.0117 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;"><b>What drove fund performance during the past 12 months</b>?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0 0 10pt 0;"> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 10pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">U.S. equity markets navigated a period shaped by competing forces over the 12-month period ended June 30, 2026: optimism surrounding a resilient economy along with the AI boom and caution driven by geopolitical conflict, the specter of renewed inflation and valuation concerns.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Small cap core stocks delivered a strong 36.7% return over the period, while small cap value stocks returned a remarkable 38.5%.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">As such, during the period we continued to employ a fundamental research-driven process that includes screening for companies that have multiple quarters of year-over-year earnings declines; exploring the reason for the declines; and singling out the companies we believe are poised for an earnings rebound via a cohesive turnaround plan, a new management team, or through improvements or changes to the business.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">From a sector perspective, positive stock selection in the materials and technology sectors aided returns. </div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Conversely, negative stock selection in the healthcare and industrials sectors were headwinds to relative performance.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g219428chartimages_12154096.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1 Year<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Meridian Contrarian Fund (Legacy Class/(MVALX))</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">29.81<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.42<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.93<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 2500<sup style="vertical-align: super; font-size: 6pt;">®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">36.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.30<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.25<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 2500<sup style="vertical-align: super; font-size: 6pt;">®</sup> Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">38.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.28<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.28<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 3000<sup style="vertical-align: super; font-size: 6pt;">®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">22.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.06<span>%</span></td> </tr> </table> Meridian Contrarian Fund (Legacy Class/(MVALX)) 0.2981 0.0842 0.1393 Russell 2500® Index 0.3672 0.0830 0.1225 Russell 2500® Value Index 0.3854 0.1028 0.1128 Russell 3000® Index 0.2282 0.1231 0.1506 The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; text-align: left; margin: 5pt 0px 5pt 0px;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>679,391,632</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">79</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>6,117,518</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">53<span>%</span></td> </tr> </table> 679391632 79 6117518 0.53 <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Texas Capital Bancshares, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Envista Holdings Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Regal Rexnord Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">First Citizens BancShares, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">VSE Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">PDF Solutions, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BlackBerry Ltd. (Canada)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Dollar Tree, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Adeia, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Caesars Entertainment, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 10pt;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g219428chartimages_12154362.jpg" style="width: 301pt;"/> </div> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Texas Capital Bancshares, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Envista Holdings Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Regal Rexnord Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">First Citizens BancShares, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">VSE Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">PDF Solutions, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BlackBerry Ltd. (Canada)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Dollar Tree, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Adeia, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Caesars Entertainment, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td> </tr> </table> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> 0.026 0.026 0.024 0.024 0.021 0.021 0.021 0.020 0.019 0.019 Meridian Contrarian Fund Class A MFCAX This annual shareholder report contains important information about the Meridian Contrarian Fund (“Fund”) for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 85, 140); font-family: 'arial'; font-size: 10pt;">https://www.arrowmarkpartners.com/meridian/fund/meridian-contrarian-fund/</span>. You can also request this information by contacting us at 1-800-446-6662. https://www.arrowmarkpartners.com/meridian/fund/meridian-contrarian-fund/ 1-800-446-6662 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Meridian Contrarian Fund<br/>(Class A)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>170<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.48<span>%</span><span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> </table> 170 0.0148 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;"><b>What drove fund performance during the past 12 months</b>?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0 0 10pt 0;"> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 10pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">U.S. equity markets navigated a period shaped by competing forces over the 12-month period ended June 30, 2026: optimism surrounding a resilient economy along with the AI boom and caution driven by geopolitical conflict, the specter of renewed inflation and valuation concerns.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Small cap core stocks delivered a strong 36.7% return over the period, while small cap value stocks returned a remarkable 38.5%.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">As such, during the period we continued to employ a fundamental research-driven process that includes screening for companies that have multiple quarters of year-over-year earnings declines; exploring the reason for the declines; and singling out the companies we believe are poised for an earnings rebound via a cohesive turnaround plan, a new management team, or through improvements or changes to the business.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">From a sector perspective, positive stock selection in the materials and technology sectors aided returns. </div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Conversely, negative stock selection in the healthcare and industrials sectors were headwinds to relative performance.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g219428chartimages_12154095.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1 Year<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Meridian Contrarian Fund (Class A/(MFCAX))</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">29.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.13<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.55<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Meridian Contrarian Fund (Class A/(MFCAX)) <sup style="vertical-align: super; font-size: 6pt;">(1)</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">22.11<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.86<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.88<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 2500<sup style="vertical-align: super; font-size: 6pt;">®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">36.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.30<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.25<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 2500<sup style="vertical-align: super; font-size: 6pt;">®</sup> Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">38.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.28<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.28<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 3000<sup style="vertical-align: super; font-size: 6pt;">®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">22.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.06<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: 20pt; font-family: 'arial'; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; break-inside: avoid-page; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; vertical-align: top; font-size: 6pt; width: 3pt; font-weight: normal; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-style: italic; color: rgb(0, 0, 0); text-align: left; margin-bottom: 5pt; font-size: 6pt; padding: 0px;">(1<span>)</span></div> </td> <td style="font-family: 'Arial'; break-inside: avoid-page; color: rgb(0, 0, 0); vertical-align: middle; text-align: left; font-size: 7.5pt; width: 100%; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 5pt; padding: 0px;">Assuming maximum sales charge, if any.  Class A Shares are subject to a maximum initial sales charge of 5.75%</div> </td> </tr> </table> Meridian Contrarian Fund (Class A/(MFCAX)) 0.2957 0.0813 0.1355 Meridian Contrarian Fund (Class A/(MFCAX)) 0.2211 0.0686 0.1288 Russell 2500® Index 0.3672 0.0830 0.1225 Russell 2500® Value Index 0.3854 0.1028 0.1128 Russell 3000® Index 0.2282 0.1231 0.1506 The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; text-align: left; margin: 5pt 0px 5pt 0px;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>679,391,632</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">79</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>6,117,518</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">53<span>%</span></td> </tr> </table> 679391632 79 6117518 0.53 <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Texas Capital Bancshares, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Envista Holdings Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Regal Rexnord Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">First Citizens BancShares, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">VSE Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">PDF Solutions, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BlackBerry Ltd. (Canada)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Dollar Tree, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Adeia, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Caesars Entertainment, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 10pt;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g219428chartimages_12154363.jpg" style="width: 301pt;"/> </div> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Texas Capital Bancshares, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Envista Holdings Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Regal Rexnord Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">First Citizens BancShares, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">VSE Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">PDF Solutions, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BlackBerry Ltd. (Canada)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Dollar Tree, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Adeia, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Caesars Entertainment, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td> </tr> </table> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> 0.026 0.026 0.024 0.024 0.021 0.021 0.021 0.020 0.019 0.019 Meridian Contrarian Fund Class C MFCCX This annual shareholder report contains important information about the Meridian Contrarian Fund (“Fund”) for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 85, 140); font-family: 'arial'; font-size: 10pt;">https://www.arrowmarkpartners.com/meridian/fund/meridian-contrarian-fund/</span>. You can also request this information by contacting us at 1-800-446-6662. https://www.arrowmarkpartners.com/meridian/fund/meridian-contrarian-fund/ 1-800-446-6662 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div><div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Meridian Contrarian Fund<br/>(Class C)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>255<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.23<span>%</span><span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> </table> 255 0.0223 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;"><b>What drove fund performance during the past 12 months</b>?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0 0 10pt 0;"> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 10pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">U.S. equity markets navigated a period shaped by competing forces over the 12-month period ended June 30, 2026: optimism surrounding a resilient economy along with the AI boom and caution driven by geopolitical conflict, the specter of renewed inflation and valuation concerns.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Small cap core stocks delivered a strong 36.7% return over the period, while small cap value stocks returned a remarkable 38.5%.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">As such, during the period we continued to employ a fundamental research-driven process that includes screening for companies that have multiple quarters of year-over-year earnings declines; exploring the reason for the declines; and singling out the companies we believe are poised for an earnings rebound via a cohesive turnaround plan, a new management team, or through improvements or changes to the business.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">From a sector perspective, positive stock selection in the materials and technology sectors aided returns. </div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Conversely, negative stock selection in the healthcare and industrials sectors were headwinds to relative performance.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g219428chartimages_12154091.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1 Year<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Meridian Contrarian Fund (Class C/(MFCCX)) </td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">28.43<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.29<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.75<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 2500<sup style="vertical-align: super; font-size: 6pt;">®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">36.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.30<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.25<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 2500<sup style="vertical-align: super; font-size: 6pt;">®</sup> Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">38.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.28<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.28<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 3000<sup style="vertical-align: super; font-size: 6pt;">®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">22.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.06<span>%</span></td> </tr> </table> Meridian Contrarian Fund (Class C/(MFCCX)) 0.2843 0.0729 0.1275 Russell 2500® Index 0.3672 0.0830 0.1225 Russell 2500® Value Index 0.3854 0.1028 0.1128 Russell 3000® Index 0.2282 0.1231 0.1506 The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; text-align: left; margin: 5pt 0px 5pt 0px;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>679,391,632</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">79</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>6,117,518</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">53<span>%</span></td> </tr> </table> 679391632 79 6117518 0.53 <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Texas Capital Bancshares, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Envista Holdings Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Regal Rexnord Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">First Citizens BancShares, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">VSE Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">PDF Solutions, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BlackBerry Ltd. (Canada)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Dollar Tree, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Adeia, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Caesars Entertainment, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td> </tr> </table><div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div><div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 10pt;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g219428chartimages_12154384.jpg" style="width: 301pt;"/> </div><div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Texas Capital Bancshares, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Envista Holdings Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Regal Rexnord Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">First Citizens BancShares, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">VSE Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">PDF Solutions, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BlackBerry Ltd. (Canada)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Dollar Tree, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Adeia, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Caesars Entertainment, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td> </tr> </table><div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> 0.026 0.026 0.024 0.024 0.021 0.021 0.021 0.020 0.019 0.019 Meridian Contrarian Fund Investor Class MFCIX This annual shareholder report contains important information about the Meridian Contrarian Fund (“Fund”) for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 85, 140); font-family: 'arial'; font-size: 10pt;">https://www.arrowmarkpartners.com/meridian/fund/meridian-contrarian-fund/</span>. You can also request this information by contacting us at 1-800-446-6662. https://www.arrowmarkpartners.com/meridian/fund/meridian-contrarian-fund/ 1-800-446-6662 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Meridian Contrarian Fund<br/>(Investor Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>141<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.23<span>%</span><span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> </table> 141 0.0123 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;"><b>What drove fund performance during the past 12 months</b>?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0 0 10pt 0;"> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 10pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">U.S. equity markets navigated a period shaped by competing forces over the 12-month period ended June 30, 2026: optimism surrounding a resilient economy along with the AI boom and caution driven by geopolitical conflict, the specter of renewed inflation and valuation concerns.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Small cap core stocks delivered a strong 36.7% return over the period, while small cap value stocks returned a remarkable 38.5%.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">As such, during the period we continued to employ a fundamental research-driven process that includes screening for companies that have multiple quarters of year-over-year earnings declines; exploring the reason for the declines; and singling out the companies we believe are poised for an earnings rebound via a cohesive turnaround plan, a new management team, or through improvements or changes to the business.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">From a sector perspective, positive stock selection in the materials and technology sectors aided returns. </div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Conversely, negative stock selection in the healthcare and industrials sectors were headwinds to relative performance.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g219428chartimages_12154094.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1 Year<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Meridian Contrarian Fund (Investor Class/(MFCIX))</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">29.73<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.38<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.83<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 2500<sup style="vertical-align: super; font-size: 6pt;">®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">36.72<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.30<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.25<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 2500<sup style="vertical-align: super; font-size: 6pt;">®</sup> Value Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">38.54<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.28<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.28<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 3000<sup style="vertical-align: super; font-size: 6pt;">®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">22.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.06<span>%</span></td> </tr> </table> Meridian Contrarian Fund (Investor Class/(MFCIX)) 0.2973 0.0838 0.1383 Russell 2500® Index 0.3672 0.0830 0.1225 Russell 2500® Value Index 0.3854 0.1028 0.1128 Russell 3000® Index 0.2282 0.1231 0.1506 The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; text-align: left; margin: 5pt 0px 5pt 0px;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>679,391,632</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">79</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>6,117,518</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">53<span>%</span></td> </tr> </table> 679391632 79 6117518 0.53 <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Texas Capital Bancshares, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Envista Holdings Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Regal Rexnord Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">First Citizens BancShares, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">VSE Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">PDF Solutions, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BlackBerry Ltd. (Canada)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Dollar Tree, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Adeia, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Caesars Entertainment, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 10pt;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g219428chartimages_12154364.jpg" style="width: 301pt;"/> </div> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Texas Capital Bancshares, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Envista Holdings Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Regal Rexnord Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">First Citizens BancShares, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">VSE Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">PDF Solutions, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">BlackBerry Ltd. (Canada)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Dollar Tree, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Adeia, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Caesars Entertainment, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">1.9<span>%</span></td> </tr> </table> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> 0.026 0.026 0.024 0.024 0.021 0.021 0.021 0.020 0.019 0.019 Meridian Hedged Equity Fund Legacy Class MEIFX This annual shareholder report contains important information about the Meridian Hedged Equity Fund (“Fund”) for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 85, 140); font-family: 'arial'; font-size: 10pt;">https://www.arrowmarkpartners.com/meridian/fund/meridian-hedged-equity-fund/</span>. You can also request this information by contacting us at 1-800-446-6662. https://www.arrowmarkpartners.com/meridian/fund/meridian-hedged-equity-fund/ 1-800-446-6662 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Meridian Hedged Equity Fund<br/>(Legacy Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>129<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span><span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> </table> 129 0.0125 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;"><b>What drove fund performance during the past 12 months</b>?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0 0 10pt 0;"> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 10pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">The S&amp;P 500 Index returned 22% over the trailing twelve months, while the covered call index (CBOE S&amp;P 500 BuyWrite Index) returned 17% over the same period.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Equity gains were driven by resilient earnings, continued AI-related capital spending, and improving confidence that the Iran-related energy shock would not derail the AI expansion. Still, June's volatility underscored how sensitive crowded AI beneficiaries have become to valuation, guidance, interest rates, and capital-markets supply.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">At period end, approximately 31% of the portfolio was unhedged, reflecting the Fund's primary objective of long-term capital growth.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">The balance of the Fund is invested in companies with covered call options written against them — a strategy designed to balance the capital growth potential of the underlying holdings with the downside protection provided by option premium income.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">This approach allows our fundamental thesis on individual holdings to play out while generating income and providing a measure of downside protection.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Positive contributors to performance included select names in the consumer discretionary, healthcare, and financial sectors.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Conversely, select holdings in information technology and communication services detracted from relative performance.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g219428chartimages_12154089.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1 Year<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Meridian Hedged Equity Fund (Legacy Class/(MEIFX))</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.48<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.89<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">S&amp;P 500<sup style="vertical-align: super; font-size: 6pt;">®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">22.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.51<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">CBOE S&amp;P 500 Buy Write Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.34<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.72<span>%</span></td> </tr> </table> Meridian Hedged Equity Fund (Legacy Class/(MEIFX)) 0.0641 0.0548 0.1389 S&P 500® Index 0.2233 0.1341 0.1551 CBOE S&P 500 Buy Write Index 0.1734 0.0839 0.0772 The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; text-align: left; margin: 5pt 0px 5pt 0px;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>33,734,189</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">87</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>318,783</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">36<span>%</span></td> </tr> </table> 33734189 87 318783 0.36 <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Crowdstrike Holdings, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">DraftKings, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Aurora Innovation, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Clear Secure, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Electronic Arts, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Brookfield Asset Management Ltd. Class A(Canada)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">FedEx Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">D.R. Horton, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Fiserv, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.9<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 10pt;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g219428chartimages_12154347.jpg" style="width: 301pt;"/> </div> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Crowdstrike Holdings, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">DraftKings, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Aurora Innovation, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Clear Secure, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Electronic Arts, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Brookfield Asset Management Ltd. Class A(Canada)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">FedEx Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">D.R. Horton, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Fiserv, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.9<span>%</span></td> </tr> </table> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> 0.086 0.050 0.048 0.047 0.043 0.037 0.035 0.034 0.031 0.029 Meridian Hedged Equity Fund Class A MRAEX This annual shareholder report contains important information about the Meridian Hedged Equity Fund (“Fund”) for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 85, 140); font-family: 'arial'; font-size: 10pt;">https://www.arrowmarkpartners.com/meridian/fund/meridian-hedged-equity-fund/</span>. You can also request this information by contacting us at 1-800-446-6662. https://www.arrowmarkpartners.com/meridian/fund/meridian-hedged-equity-fund/ 1-800-446-6662 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Meridian Hedged Equity Fund<br/>(Class A)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>155<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.50<span>%</span><span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> </table> 155 0.0150 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;"><b>What drove fund performance during the past 12 months</b>?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0 0 10pt 0;"> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 10pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">The S&amp;P 500 Index returned 22% over the trailing twelve months, while the covered call index (CBOE S&amp;P 500 BuyWrite Index) returned 17% over the same period.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Equity gains were driven by resilient earnings, continued AI-related capital spending, and improving confidence that the Iran-related energy shock would not derail the AI expansion. Still, June's volatility underscored how sensitive crowded AI beneficiaries have become to valuation, guidance, interest rates, and capital-markets supply.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">At period end, approximately 31% of the portfolio was unhedged, reflecting the Fund's primary objective of long-term capital growth.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">The balance of the Fund is invested in companies with covered call options written against them — a strategy designed to balance the capital growth potential of the underlying holdings with the downside protection provided by option premium income.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">This approach allows our fundamental thesis on individual holdings to play out while generating income and providing a measure of downside protection.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Positive contributors to performance included select names in the consumer discretionary, healthcare, and financial sectors.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Conversely, select holdings in information technology and communication services detracted from relative performance.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g219428chartimages_12154087.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1 Year<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Meridian Hedged Equity Fund (Class A/(MRAEX))</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.16<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.17<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.53<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Meridian Hedged Equity Fund (Class A/(MRAEX)) <sup style="vertical-align: super; font-size: 6pt;">(1)</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">0.06<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">3.93<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.86<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">S&amp;P 500<sup style="vertical-align: super; font-size: 6pt;">®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">22.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.51<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">CBOE S&amp;P 500 Buy Write Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.34<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.72<span>%</span></td> </tr> </table> Meridian Hedged Equity Fund (Class A/(MRAEX)) 0.0616 0.0517 0.1353 Meridian Hedged Equity Fund (Class A/(MRAEX)) 0.0006 0.0393 0.1286 S&P 500® Index 0.2233 0.1341 0.1551 CBOE S&P 500 Buy Write Index 0.1734 0.0839 0.0772 The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; text-align: left; margin: 5pt 0px 5pt 0px;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>33,734,189</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">87</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>318,783</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">36<span>%</span></td> </tr> </table> 33734189 87 318783 0.36 <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Crowdstrike Holdings, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">DraftKings, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Aurora Innovation, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Clear Secure, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Electronic Arts, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Brookfield Asset Management Ltd. Class A(Canada)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">FedEx Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">D.R. Horton, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Fiserv, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.9<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 10pt;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g219428chartimages_12154349.jpg" style="width: 301pt;"/> </div> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Crowdstrike Holdings, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">DraftKings, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Aurora Innovation, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Clear Secure, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Electronic Arts, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Brookfield Asset Management Ltd. Class A(Canada)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">FedEx Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">D.R. Horton, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Fiserv, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.9<span>%</span></td> </tr> </table> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> 0.086 0.050 0.048 0.047 0.043 0.037 0.035 0.034 0.031 0.029 Meridian Hedged Equity Fund Class C MRCEX This annual shareholder report contains important information about the Meridian Hedged Equity Fund (“Fund”) for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 85, 140); font-family: 'arial'; font-size: 10pt;">https://www.arrowmarkpartners.com/meridian/fund/meridian-hedged-equity-fund/</span>. You can also request this information by contacting us at 1-800-446-6662. https://www.arrowmarkpartners.com/meridian/fund/meridian-hedged-equity-fund/ 1-800-446-6662 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Meridian Hedged Equity Fund<br/>(Class C)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>231<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.25<span>%</span><span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> </table> 231 0.0225 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;"><b>What drove fund performance during the past 12 months</b>?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0 0 10pt 0;"> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 10pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">The S&amp;P 500 Index returned 22% over the trailing twelve months, while the covered call index (CBOE S&amp;P 500 BuyWrite Index) returned 17% over the same period.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Equity gains were driven by resilient earnings, continued AI-related capital spending, and improving confidence that the Iran-related energy shock would not derail the AI expansion. Still, June's volatility underscored how sensitive crowded AI beneficiaries have become to valuation, guidance, interest rates, and capital-markets supply.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">At period end, approximately 31% of the portfolio was unhedged, reflecting the Fund's primary objective of long-term capital growth.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">The balance of the Fund is invested in companies with covered call options written against them — a strategy designed to balance the capital growth potential of the underlying holdings with the downside protection provided by option premium income.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">This approach allows our fundamental thesis on individual holdings to play out while generating income and providing a measure of downside protection.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Positive contributors to performance included select names in the consumer discretionary, healthcare, and financial sectors.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Conversely, select holdings in information technology and communication services detracted from relative performance.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g219428chartimages_12154088.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1 Year<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Meridian Hedged Equity Fund (Class C/(MRCEX))</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.35<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">4.53<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.96<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">S&amp;P 500<sup style="vertical-align: super; font-size: 6pt;">®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">22.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.51<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">CBOE S&amp;P 500 Buy Write Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.34<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.72<span>%</span></td> </tr> </table> Meridian Hedged Equity Fund (Class C/(MRCEX)) 0.0535 0.0453 0.1296 S&P 500® Index 0.2233 0.1341 0.1551 CBOE S&P 500 Buy Write Index 0.1734 0.0839 0.0772 The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; text-align: left; margin: 5pt 0px 5pt 0px;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>33,734,189</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">87</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>318,783</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">36<span>%</span></td> </tr> </table> 33734189 87 318783 0.36 <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Crowdstrike Holdings, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">DraftKings, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Aurora Innovation, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Clear Secure, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Electronic Arts, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Brookfield Asset Management Ltd. Class A(Canada)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">FedEx Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">D.R. Horton, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Fiserv, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.9<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 10pt;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g219428chartimages_12154348.jpg" style="width: 301pt;"/> </div> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Crowdstrike Holdings, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">DraftKings, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Aurora Innovation, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Clear Secure, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Electronic Arts, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Brookfield Asset Management Ltd. Class A(Canada)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">FedEx Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">D.R. Horton, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Fiserv, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.9<span>%</span></td> </tr> </table> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> 0.086 0.050 0.048 0.047 0.043 0.037 0.035 0.034 0.031 0.029 Meridian Hedged Equity Fund Investor Class MRIEX This annual shareholder report contains important information about the Meridian Hedged Equity Fund (“Fund”) for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 85, 140); font-family: 'arial'; font-size: 10pt;">https://www.arrowmarkpartners.com/meridian/fund/meridian-hedged-equity-fund/</span>. You can also request this information by contacting us at 1-800-446-6662. https://www.arrowmarkpartners.com/meridian/fund/meridian-hedged-equity-fund/ 1-800-446-6662 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Meridian Hedged Equity Fund<br/>(Investor Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>129<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span><span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> </table> 129 0.0125 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;"><b>What drove fund performance during the past 12 months</b>?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0 0 10pt 0;"> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 10pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">The S&amp;P 500 Index returned 22% over the trailing twelve months, while the covered call index (CBOE S&amp;P 500 BuyWrite Index) returned 17% over the same period.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Equity gains were driven by resilient earnings, continued AI-related capital spending, and improving confidence that the Iran-related energy shock would not derail the AI expansion. Still, June's volatility underscored how sensitive crowded AI beneficiaries have become to valuation, guidance, interest rates, and capital-markets supply.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">At period end, approximately 31% of the portfolio was unhedged, reflecting the Fund's primary objective of long-term capital growth.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">The balance of the Fund is invested in companies with covered call options written against them — a strategy designed to balance the capital growth potential of the underlying holdings with the downside protection provided by option premium income.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">This approach allows our fundamental thesis on individual holdings to play out while generating income and providing a measure of downside protection.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Positive contributors to performance included select names in the consumer discretionary, healthcare, and financial sectors.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Conversely, select holdings in information technology and communication services detracted from relative performance.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g219428chartimages_12154090.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1 Year<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Meridian Hedged Equity Fund (Investor Class/(MRIEX))</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">6.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.50<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.85<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">S&amp;P 500<sup style="vertical-align: super; font-size: 6pt;">®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">22.33<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">13.41<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.51<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">CBOE S&amp;P 500 Buy Write Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.34<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.39<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">7.72<span>%</span></td> </tr> </table> Meridian Hedged Equity Fund (Investor Class/(MRIEX)) 0.0641 0.0550 0.1385 S&P 500® Index 0.2233 0.1341 0.1551 CBOE S&P 500 Buy Write Index 0.1734 0.0839 0.0772 The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; text-align: left; margin: 5pt 0px 5pt 0px;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>33,734,189</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">87</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>318,783</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">36<span>%</span></td> </tr> </table> 33734189 87 318783 0.36 <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Crowdstrike Holdings, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">DraftKings, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Aurora Innovation, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Clear Secure, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Electronic Arts, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Brookfield Asset Management Ltd. Class A(Canada)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">FedEx Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">D.R. Horton, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Fiserv, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.9<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 10pt;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g219428chartimages_12154346.jpg" style="width: 301pt;"/> </div> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Crowdstrike Holdings, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">8.6<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">DraftKings, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">5.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Aurora Innovation, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.8<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Clear Secure, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Electronic Arts, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">4.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Brookfield Asset Management Ltd. Class A(Canada)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.7<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">FedEx Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.5<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">D.R. Horton, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.4<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Fiserv, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Amazon.com, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.9<span>%</span></td> </tr> </table> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> 0.086 0.050 0.048 0.047 0.043 0.037 0.035 0.034 0.031 0.029 Meridian Small Cap Growth Fund Legacy Class MSGGX This annual shareholder report contains important information about the Meridian Small Cap Growth Fund (“Fund”) for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 85, 140); font-family: 'arial'; font-size: 10pt;">https://www.arrowmarkpartners.com/meridian/fund/meridian-small-cap-growth-fund/</span>. You can also request this information by contacting us at 1-800-446-6662. https://www.arrowmarkpartners.com/meridian/fund/meridian-small-cap-growth-fund/ 1-800-446-6662 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Meridian Small Cap Growth Fund<br/>(Legacy Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>136<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span><span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> </table> 136 0.0125 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;"><b>What drove fund performance during the past 12 months</b>?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0 0 10pt 0;"> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 10pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">U.S. equity markets navigated a twelve-month period shaped by competing forces: optimism surrounding monetary easing and enthusiasm for AI-related investment on one hand, and escalating trade policy uncertainty and the outbreak—and subsequent de-escalation—of military conflict with Iran on the other.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Small cap growth stocks delivered a 39% return over the period, significantly outperforming large cap growth stocks, which returned 18%.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">The investment strategy's emphasis on durability was evident during the period, as the strategy outperformed on 12 of the 15 days on which the index declined 2% or more.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Our investment process seeks to focus on high quality companies with recurring revenue and what we believe to be sustainable competitive advantages, which during the period we continued to find lower on the capitalization spectrum.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">The period saw pronounced relative outperformance by lower-quality stocks—the highest-beta quintile of the index outperformed the lowest by more than 60 percentage points, and companies with no earnings, and in many cases no revenue, meaningfully outpaced the broader index—which ran counter to the Fund's quality bias and created a significant headwind to relative results.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">From a sector perspective, stock selection was positive in the health care, financials, materials, and energy sectors.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Conversely, negative stock selection in the information technology, industrials, and consumer discretionary sectors detracted from relative returns.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g219428chartimages_12154082.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1 Year<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Meridian Small Cap Growth Fund (Legacy Class/(MSGGX))</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.09<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(0.32<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.37<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 2000<sup style="vertical-align: super; font-size: 6pt;">®</sup> Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">38.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.97<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 3000<sup style="vertical-align: super; font-size: 6pt;">®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">22.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.06<span>%</span></td> </tr> </table> Meridian Small Cap Growth Fund (Legacy Class/(MSGGX)) 0.1709 -0.0032 0.0937 Russell 2000® Growth Index 0.3874 0.0557 0.1197 Russell 3000® Index 0.2282 0.1231 0.1506 The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; text-align: left; margin: 5pt 0px 5pt 0px;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>272,755,578</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">101</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,117,264</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">62<span>%</span></td> </tr> </table> 272755578 101 3117264 0.62 <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Axogen, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Federal Signal Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Hinge Health, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Veracyte, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Consensus Cloud Solutions, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apartment List, Inc. Series D</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Definium Therapeutics, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SPX Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Turning Point Brands, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Kadant, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 10pt;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g219428chartimages_12154355.jpg" style="width: 301pt;"/> </div> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Axogen, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Federal Signal Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Hinge Health, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Veracyte, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Consensus Cloud Solutions, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apartment List, Inc. Series D</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Definium Therapeutics, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SPX Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Turning Point Brands, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Kadant, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> </table> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> 0.032 0.023 0.022 0.021 0.021 0.020 0.020 0.020 0.020 0.020 Meridian Small Cap Growth Fund Institutional Class MSGRX This annual shareholder report contains important information about the Meridian Small Cap Growth Fund (“Fund”) for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 85, 140); font-family: 'arial'; font-size: 10pt;">https://www.arrowmarkpartners.com/meridian/fund/meridian-small-cap-growth-fund/</span>. You can also request this information by contacting us at 1-800-446-6662. https://www.arrowmarkpartners.com/meridian/fund/meridian-small-cap-growth-fund/ 1-800-446-6662 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Meridian Small Cap Growth Fund<br/>(Institutional Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>119<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.10<span>%</span><span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> </table> 119 0.0110 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;"><b>What drove fund performance during the past 12 months</b>?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0 0 10pt 0;"> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 10pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">U.S. equity markets navigated a twelve-month period shaped by competing forces: optimism surrounding monetary easing and enthusiasm for AI-related investment on one hand, and escalating trade policy uncertainty and the outbreak—and subsequent de-escalation—of military conflict with Iran on the other.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Small cap growth stocks delivered a 39% return over the period, significantly outperforming large cap growth stocks, which returned 18%.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">The investment strategy's emphasis on durability was evident during the period, as the strategy outperformed on 12 of the 15 days on which the index declined 2% or more.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Our investment process seeks to focus on high quality companies with recurring revenue and what we believe to be sustainable competitive advantages, which during the period we continued to find lower on the capitalization spectrum.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">The period saw pronounced relative outperformance by lower-quality stocks—the highest-beta quintile of the index outperformed the lowest by more than 60 percentage points, and companies with no earnings, and in many cases no revenue, meaningfully outpaced the broader index—which ran counter to the Fund's quality bias and created a significant headwind to relative results.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">From a sector perspective, stock selection was positive in the health care, financials, materials, and energy sectors.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Conversely, negative stock selection in the information technology, industrials, and consumer discretionary sectors detracted from relative returns.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">GROWTH OF $1,000,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g219428chartimages_12154078.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1 Year<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Meridian Small Cap Growth Fund (Institutional Class/(MSGRX))</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.25<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(0.20<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.49<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 2000<sup style="vertical-align: super; font-size: 6pt;">®</sup> Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">38.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.97<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 3000<sup style="vertical-align: super; font-size: 6pt;">®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">22.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.06<span>%</span></td> </tr> </table> Meridian Small Cap Growth Fund (Institutional Class/(MSGRX)) 0.1725 -0.0020 0.0949 Russell 2000® Growth Index 0.3874 0.0557 0.1197 Russell 3000® Index 0.2282 0.1231 0.1506 The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; text-align: left; margin: 5pt 0px 5pt 0px;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>272,755,578</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">101</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,117,264</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">62<span>%</span></td> </tr> </table> 272755578 101 3117264 0.62 <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Axogen, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Federal Signal Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Hinge Health, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Veracyte, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Consensus Cloud Solutions, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apartment List, Inc. Series D</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Definium Therapeutics, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SPX Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Turning Point Brands, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Kadant, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 10pt;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g219428chartimages_12154358.jpg" style="width: 301pt;"/> </div> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Axogen, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Federal Signal Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Hinge Health, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Veracyte, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Consensus Cloud Solutions, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apartment List, Inc. Series D</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Definium Therapeutics, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SPX Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Turning Point Brands, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Kadant, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> </table> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> 0.032 0.023 0.022 0.021 0.021 0.020 0.020 0.020 0.020 0.020 Meridian Small Cap Growth Fund Class A MSGAX This annual shareholder report contains important information about the Meridian Small Cap Growth Fund (“Fund”) for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 85, 140); font-family: 'arial'; font-size: 10pt;">https://www.arrowmarkpartners.com/meridian/fund/meridian-small-cap-growth-fund/</span>. You can also request this information by contacting us at 1-800-446-6662. https://www.arrowmarkpartners.com/meridian/fund/meridian-small-cap-growth-fund/ 1-800-446-6662 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Meridian Small Cap Growth Fund<br/>(Class A)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>163<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.50<span>%</span><span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> </table> 163 0.0150 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;"><b>What drove fund performance during the past 12 months</b>?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0 0 10pt 0;"> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 10pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">U.S. equity markets navigated a twelve-month period shaped by competing forces: optimism surrounding monetary easing and enthusiasm for AI-related investment on one hand, and escalating trade policy uncertainty and the outbreak—and subsequent de-escalation—of military conflict with Iran on the other.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Small cap growth stocks delivered a 39% return over the period, significantly outperforming large cap growth stocks, which returned 18%.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">The investment strategy's emphasis on durability was evident during the period, as the strategy outperformed on 12 of the 15 days on which the index declined 2% or more.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Our investment process seeks to focus on high quality companies with recurring revenue and what we believe to be sustainable competitive advantages, which during the period we continued to find lower on the capitalization spectrum.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">The period saw pronounced relative outperformance by lower-quality stocks—the highest-beta quintile of the index outperformed the lowest by more than 60 percentage points, and companies with no earnings, and in many cases no revenue, meaningfully outpaced the broader index—which ran counter to the Fund's quality bias and created a significant headwind to relative results.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">From a sector perspective, stock selection was positive in the health care, financials, materials, and energy sectors.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Conversely, negative stock selection in the information technology, industrials, and consumer discretionary sectors detracted from relative returns.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g219428chartimages_12154079.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1 Year<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Meridian Small Cap Growth Fund (Class A/(MSGAX))</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">16.80<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(0.61<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.04<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Meridian Small Cap Growth Fund (Class A/(MSGAX)) <sup style="vertical-align: super; font-size: 6pt;">(1)</sup></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">10.12<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(1.78<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.39<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 2000<sup style="vertical-align: super; font-size: 6pt;">®</sup> Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">38.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.97<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 3000<sup style="vertical-align: super; font-size: 6pt;">®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">22.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.06<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; break-inside: avoid; width: auto;"> <tr style="break-inside: avoid-page; height: 20pt; font-family: 'arial'; font-style: italic; font-size: 8pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-family: 'Arial'; break-inside: avoid-page; color: rgb(0, 0, 0); white-space: nowrap; text-align: left; vertical-align: top; font-size: 6pt; width: 3pt; font-weight: normal; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-style: italic; color: rgb(0, 0, 0); text-align: left; margin-bottom: 5pt; font-size: 6pt; padding: 0px;">(1<span>)</span></div> </td> <td style="font-family: 'Arial'; break-inside: avoid-page; color: rgb(0, 0, 0); vertical-align: middle; text-align: left; font-size: 7.5pt; width: 100%; padding: 0;"> <div style="margin-top: 0px; font-family: 'arial'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; margin-bottom: 5pt; padding: 0px;">Assuming maximum sales charge, if any.  Class A Shares are subject to a maximum initial sales charge of 5.75%</div> </td> </tr> </table> Meridian Small Cap Growth Fund (Class A/(MSGAX)) 0.1680 -0.0061 0.0904 Meridian Small Cap Growth Fund (Class A/(MSGAX)) 0.1012 -0.0178 0.0839 Russell 2000® Growth Index 0.3874 0.0557 0.1197 Russell 3000® Index 0.2282 0.1231 0.1506 The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; text-align: left; margin: 5pt 0px 5pt 0px;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>272,755,578</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">101</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,117,264</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">62<span>%</span></td> </tr> </table> 272755578 101 3117264 0.62 <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Axogen, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Federal Signal Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Hinge Health, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Veracyte, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Consensus Cloud Solutions, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apartment List, Inc. Series D</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Definium Therapeutics, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SPX Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Turning Point Brands, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Kadant, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 10pt;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g219428chartimages_12154357.jpg" style="width: 301pt;"/> </div> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Axogen, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Federal Signal Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Hinge Health, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Veracyte, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Consensus Cloud Solutions, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apartment List, Inc. Series D</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Definium Therapeutics, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SPX Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Turning Point Brands, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Kadant, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> </table> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> 0.032 0.023 0.022 0.021 0.021 0.020 0.020 0.020 0.020 0.020 Meridian Small Cap Growth Fund Class C MSGCX This annual shareholder report contains important information about the Meridian Small Cap Growth Fund (“Fund”) for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 85, 140); font-family: 'arial'; font-size: 10pt;">https://www.arrowmarkpartners.com/meridian/fund/meridian-small-cap-growth-fund/</span>. You can also request this information by contacting us at 1-800-446-6662. https://www.arrowmarkpartners.com/meridian/fund/meridian-small-cap-growth-fund/ 1-800-446-6662 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Meridian Small Cap Growth Fund<br/>(Class C)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>243<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">2.25<span>%</span><span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> </table> 243 0.0225 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;"><b>What drove fund performance during the past 12 months</b>?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0 0 10pt 0;"> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 10pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">U.S. equity markets navigated a twelve-month period shaped by competing forces: optimism surrounding monetary easing and enthusiasm for AI-related investment on one hand, and escalating trade policy uncertainty and the outbreak—and subsequent de-escalation—of military conflict with Iran on the other.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Small cap growth stocks delivered a 39% return over the period, significantly outperforming large cap growth stocks, which returned 18%.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">The investment strategy's emphasis on durability was evident during the period, as the strategy outperformed on 12 of the 15 days on which the index declined 2% or more.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Our investment process seeks to focus on high quality companies with recurring revenue and what we believe to be sustainable competitive advantages, which during the period we continued to find lower on the capitalization spectrum.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">The period saw pronounced relative outperformance by lower-quality stocks—the highest-beta quintile of the index outperformed the lowest by more than 60 percentage points, and companies with no earnings, and in many cases no revenue, meaningfully outpaced the broader index—which ran counter to the Fund's quality bias and created a significant headwind to relative results.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">From a sector perspective, stock selection was positive in the health care, financials, materials, and energy sectors.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Conversely, negative stock selection in the information technology, industrials, and consumer discretionary sectors detracted from relative returns.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g219428chartimages_12154077.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1 Year<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Meridian Small Cap Growth Fund (Class C/(MSGCX))</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.94<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(1.33<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">8.26<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 2000<sup style="vertical-align: super; font-size: 6pt;">®</sup> Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">38.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.97<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 3000<sup style="vertical-align: super; font-size: 6pt;">®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">22.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.06<span>%</span></td> </tr> </table> Meridian Small Cap Growth Fund (Class C/(MSGCX)) 0.1594 -0.0133 0.0826 Russell 2000® Growth Index 0.3874 0.0557 0.1197 Russell 3000® Index 0.2282 0.1231 0.1506 The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; text-align: left; margin: 5pt 0px 5pt 0px;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>272,755,578</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">101</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,117,264</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">62<span>%</span></td> </tr> </table> 272755578 101 3117264 0.62 <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Axogen, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Federal Signal Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Hinge Health, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Veracyte, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Consensus Cloud Solutions, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apartment List, Inc. Series D</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Definium Therapeutics, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SPX Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Turning Point Brands, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Kadant, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> </table><div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div><div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 10pt;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g219428chartimages_12154359.jpg" style="width: 301pt;"/> </div><div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Axogen, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Federal Signal Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Hinge Health, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Veracyte, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Consensus Cloud Solutions, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apartment List, Inc. Series D</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Definium Therapeutics, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SPX Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Turning Point Brands, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Kadant, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> </table><div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> 0.032 0.023 0.022 0.021 0.021 0.020 0.020 0.020 0.020 0.020 Meridian Small Cap Growth Fund Investor Class MISGX This annual shareholder report contains important information about the Meridian Small Cap Growth Fund (“Fund”) for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(0, 85, 140); font-family: 'arial'; font-size: 10pt;">https://www.arrowmarkpartners.com/meridian/fund/meridian-small-cap-growth-fund/</span>. You can also request this information by contacting us at 1-800-446-6662. https://www.arrowmarkpartners.com/meridian/fund/meridian-small-cap-growth-fund/ 1-800-446-6662 <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 10pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Fund</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage<br/>of a $10,000 investment<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Meridian Small Cap Growth Fund<br/>(Investor Class)</td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>136<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.25<span>%</span><span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> </table> 136 0.0125 <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); break-inside: avoid;"> <div style="font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;"><b>What drove fund performance during the past 12 months</b>?</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0 0 10pt 0;"> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 10pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">U.S. equity markets navigated a twelve-month period shaped by competing forces: optimism surrounding monetary easing and enthusiasm for AI-related investment on one hand, and escalating trade policy uncertainty and the outbreak—and subsequent de-escalation—of military conflict with Iran on the other.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Small cap growth stocks delivered a 39% return over the period, significantly outperforming large cap growth stocks, which returned 18%.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">The investment strategy's emphasis on durability was evident during the period, as the strategy outperformed on 12 of the 15 days on which the index declined 2% or more.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Our investment process seeks to focus on high quality companies with recurring revenue and what we believe to be sustainable competitive advantages, which during the period we continued to find lower on the capitalization spectrum.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">The period saw pronounced relative outperformance by lower-quality stocks—the highest-beta quintile of the index outperformed the lowest by more than 60 percentage points, and companies with no earnings, and in many cases no revenue, meaningfully outpaced the broader index—which ran counter to the Fund's quality bias and created a significant headwind to relative results.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">From a sector perspective, stock selection was positive in the health care, financials, materials, and energy sectors.</div> </li> <li style="color: rgb(0, 0, 0); padding-left: 6pt; margin-left: 20pt; list-style-type: disc; font-family: 'Arial'; font-size: 10pt; margin-top: 4pt;"> <div style="color: rgb(0, 0, 0); margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt;">Conversely, negative stock selection in the information technology, industrials, and consumer discretionary sectors detracted from relative returns.</div> </li> </ul> </div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); font-size: 12pt; font-weight: bold; margin-bottom: 3pt;">How has the Fund historically performed?</div> <div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">GROWTH OF $10,000</div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g219428chartimages_12154080.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 3pt;">AVERAGE ANNUAL TOTAL RETURN<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">1 Year<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">5 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-weight: bold; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 3pt;">10 Years<span style="vertical-align: super; font-size: 6pt;"></span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Meridian Small Cap Growth Fund (Investor Class/(MISGX))</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">17.03<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">(0.35<span>)</span><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">9.32<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 2000<sup style="vertical-align: super; font-size: 6pt;">®</sup> Growth Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">38.74<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">5.57<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">11.97<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 9pt; font-family: 'Arial'; font-weight: bold; padding: 6pt 3pt 3pt 10pt;">Russell 3000<sup style="vertical-align: super; font-size: 6pt;">®</sup> Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">22.82<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">12.31<span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 3pt 3pt 3pt;">15.06<span>%</span></td> </tr> </table> Meridian Small Cap Growth Fund (Investor Class/(MISGX)) 0.1703 -0.0035 0.0932 Russell 2000® Growth Index 0.3874 0.0557 0.1197 Russell 3000® Index 0.2282 0.1231 0.1506 The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; text-align: left; margin: 5pt 0px 5pt 0px;">Key Fund Statistics</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>272,755,578</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">101</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total advisory fees paid<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>3,117,264</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; color: rgb(0, 0, 0); font-size: 9pt; width: 40%; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period<span style="vertical-align: super; font-size: 6pt;"></span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 10pt 3pt 10pt;">62<span>%</span></td> </tr> </table> 272755578 101 3117264 0.62 <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Axogen, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Federal Signal Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Hinge Health, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Veracyte, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Consensus Cloud Solutions, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apartment List, Inc. Series D</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Definium Therapeutics, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SPX Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Turning Point Brands, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Kadant, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Sector Allocation</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <div style="font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-left: 10pt;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g219428chartimages_12154356.jpg" style="width: 301pt;"/> </div> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> <div style="font-family: 'arial'; color: rgb(0, 85, 140); letter-spacing: 1.25px; text-transform: uppercase; font-size: 10pt; font-weight: bold; border-bottom-color: rgb(0, 85, 140); border-bottom-style: solid; border-bottom-width: 1pt; text-align: center; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b> <b> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </b></div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Axogen, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">3.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Federal Signal Corp.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.3<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Hinge Health, Inc. Class A</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.2<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Veracyte, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Consensus Cloud Solutions, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.1<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Apartment List, Inc. Series D</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Definium Therapeutics, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">SPX Technologies, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Turning Point Brands, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 3pt 3pt 12pt;">Kadant, Inc.</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 12pt 3pt 3pt;">2.0<span>%</span></td> </tr> </table> <div style="color: rgb(0, 0, 0); margin-bottom: 0px; font-family: 'arial'; margin-top: 8pt; font-style: italic; font-size: 8pt;"><i> <sup style="vertical-align: super; font-size: 6pt;">(1)</sup> </i> <i> Figures are reported as a percentage of net assets.</i></div> 0.032 0.023 0.022 0.021 0.021 0.020 0.020 0.020 0.020 0.020 Figures are reported as a percentage of net assets. Figures are reported as a percentage of net assets. Figures are reported as a percentage of net assets. Figures are reported as a percentage of net assets. Figures are reported as a percentage of net assets. Figures are reported as a percentage of net assets. Figures are reported as a percentage of net assets. Figures are reported as a percentage of net assets. Figures are reported as a percentage of net assets. Figures are reported as a percentage of net assets. Figures are reported as a percentage of net assets. Assuming maximum sales charge, if any.  Class A Shares are subject to a maximum initial sales charge of 5.75% Figures are reported as a percentage of net assets. Figures are reported as a percentage of net assets. Figures are reported as a percentage of net assets. Figures are reported as a percentage of net assets. Assuming maximum sales charge, if any.  Class A Shares are subject to a maximum initial sales charge of 5.75% Figures are reported as a percentage of net assets. Figures are reported as a percentage of net assets. Figures are reported as a percentage of net assets. Assuming maximum sales charge, if any.  Class A Shares are subject to a maximum initial sales charge of 5.75% Assuming maximum sales charge, if any.  Class A Shares are subject to a maximum initial sales charge of 5.75%