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0.1894 0.1305 0.0779 -0.2479 0.0130 0.2778 0.2036 0.1171 0.1892 0.0071 0.1402 0.2283 0 0 0 0 0 -0.2926 0.1512 0.0629 0.0631 -0.0691 0.1628 0.1529 0.2563 0.2492 0.2763 0 0 0 0 1984-08-01 1984-08-01 1984-08-01 1984-08-01 -0.1679 0.0965 0.2612 0.1229 0.1731 0.2362 0.2379 0.2482 0.1659 -0.0731 0 0 1994-02-10 1994-02-10 1994-02-10 1994-02-10 1994-02-10 1994-02-10 0.1896 0.1492 0.1115 0.4497 0.1310 -0.0065 0.0654 -0.1650 0.2794 0.2622 0 0 -0.2471 0.1406 0.0071 0.2043 0.1167 -0.0128 0.0785 0.2286 0.2791 0.1917 0 0 0 0 N-1A 2026-10-31 FUND SUMMARY MERIDIAN GROWTH FUND Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The M<small style="font-weight: inherit; font-style: unset; text-decoration: unset;">ERIDIAN</small> G<small style="font-weight: inherit; font-style: unset; text-decoration: unset;">ROWTH</small> F<small style="font-weight: inherit; font-style: unset; text-decoration: unset;">UND</small> seeks long-term growth of capital.</div> Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables or examples below.</span></div> Shareholder Fees (fees paid directly from your investment) 0.0575 0.0100 -0.0200 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0077 0.0077 0.0077 0.0025 0.0100 0.0000 0.0027 0.0024 0.0026 0.0129 0.0201 0.0103 Example <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Class A shares, Class C shares or Investor Class shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 699 960 1241 2042 304 630 1083 2064 105 328 569 1260 <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">You would pay the following expenses if you did not redeem your shares of the Fund:</div> 699 960 1241 2042 204 630 1083 2064 105 328 569 1260 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended June 30, 2026, the Fund’s portfolio turnover rate was 49% of the average value of its portfolio.</div> 0.49 Principal Investment Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The Fund attempts to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, including the amount of any borrowings for investment purposes, in securities of growth companies. For purposes of the Fund’s 80% investment policy, a company is considered to be a growth company if it issues securities that are represented in a third-party growth-style index. The Fund may invest in companies that issue securities that are neither represented in any growth or value-style index (for example, a company that issues exclusively privately placed securities). The Fund may include such non-represented securities within the 80% test if the portfolio management team determines the company exhibits at least one growth characteristic similar to those commonly used by third-party index providers in growth classifications. Such characteristics may include, but are not limited to, historical or projected growth in earnings, revenues, sales, cash flow, book value, or other relevant financial or operating measures; valuation measures used by index providers in style classification; or other fundamental characteristics that the Adviser believes support the potential for above-average growth or capital appreciation.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The Fund attempts to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, including the amount of any borrowings for investment purposes, in securities of growth companies. For purposes of the Fund’s 80% investment policy, a company is considered to be a growth company if it: (i) issues securities that are represented in a third-party growth-style index or that are classified as a growth company by a third-party vendor; or (ii) exhibits, in the Adviser’s judgment, at least one growth characteristic similar to those commonly used by third-party index providers or third-party vendors in growth classifications. Such characteristics may include, but are not limited to, historical or projected growth in earnings, revenues, sales, cash flow, book value, or other relevant financial or operating measures; valuation measures used by index providers in style classification; or other fundamental characteristics that the Adviser believes support the potential for above-average growth or capital appreciation.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The Fund seeks long-term growth of capital by investing primarily in a diversified portfolio of publicly traded common stocks of U.S. companies. Under normal circumstances, the Fund emphasizes small- and mid‑capitalization growth companies that the Investment Adviser believes may have prospects for above-average growth in revenues and earnings because of many factors, including high sales growth, high unit growth, industry growth, high or improving returns on assets and equity and a strong balance sheet. The Fund may invest in securities of companies with any capitalization across a broad range of industries, though it typically emphasizes small- and mid‑capitalization companies. These may include companies that are relatively small in terms of total assets, revenues and earnings. The mix of the Fund’s investments at any time will depend on the industries and types of securities the Investment Adviser believes hold the most potential for achieving the Fund’s investment objective. The Fund may invest up to 25% of its total assets, calculated at the time of purchase, in securities of foreign companies, including emerging market companies. The Fund generally sells investments when the Investment Adviser concludes that better investment opportunities exist in other securities, the security is fully valued, or the issuer’s circumstances or the political or economic outlook have changed.</div> The Fund attempts to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, including the amount of any borrowings for investment purposes, in securities of growth companies. For purposes of the Fund’s 80% investment policy, a company is considered to be a growth company if it issues securities that are represented in a third-party growth-style index. The Fund may invest in companies that issue securities that are neither represented in any growth or value-style index (for example, a company that issues exclusively privately placed securities). The Fund may include such non-represented securities within the 80% test if the portfolio management team determines the company exhibits at least one growth characteristic similar to those commonly used by third-party index providers in growth classifications.The Fund attempts to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, including the amount of any borrowings for investment purposes, in securities of growth companies. For purposes of the Fund’s 80% investment policy, a company is considered to be a growth company if it: (i) issues securities that are represented in a third-party growth-style index or that are classified as a growth company by a third-party vendor; or (ii) exhibits, in the Adviser’s judgment, at least one growth characteristic similar to those commonly used by third-party index providers or third-party vendors in growth classifications. The Fund seeks long-term growth of capital by investing primarily in a diversified portfolio of publicly traded common stocks of U.S. companies. Under normal circumstances, the Fund emphasizes small- and mid‑capitalization growth companies that the Investment Adviser believes may have prospects for above-average growth in revenues and earnings because of many factors, including high sales growth, high unit growth, industry growth, high or improving returns on assets and equity and a strong balance sheet. The Fund may invest up to 25% of its total assets, calculated at the time of purchase, in securities of foreign companies, including emerging market companies. The Fund generally sells investments when the Investment Adviser concludes that better investment opportunities exist in other securities, the security is fully valued, or the issuer’s circumstances or the political or economic outlook have changed. An investment in the Fund may lose money is not a deposit of a bank or insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Equity Securities Risk</span> — Equity securities fluctuate in price and value in response to many factors including historical and prospective earnings of the issuer and its financial condition, the value of its assets, general economic conditions, interest rates, investors’ perceptions, market liquidity, natural disasters and the spread of infectious disease or other public health issues.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Small and Medium Company Risk</span> — Generally, the smaller the capitalization of a company, the greater the risk associated with an investment in the company. The stock prices of small- and mid‑capitalization and newer companies tend to fluctuate more than those of larger capitalized and/or more established companies and generally have a smaller market for their shares than do large capitalization companies.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Large Company Risk</span> — Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors. Also, large‑cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Growth Securities Risk</span> — Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Investment Strategy Risk</span> — The Investment Adviser uses the Fund’s principal investment strategies and other investment strategies to seek to achieve the Fund’s investment objective of long-term growth of capital. There is no assurance that the Investment Adviser’s investment strategies or securities selection method will achieve that investment objective.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Market Risk</span> — The value of the Fund’s investments will fluctuate in response to the activities of individual companies and general stock market and economic conditions. As a result, the value of your investment in the Fund may be more or less than your purchase price.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Securities Lending Risk</span> — The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Sector Concentration Risk</span> — The Fund may concentrate its investments in companies that are in a single sector or related sector. Concentrating investments in a single sector may make the Fund more susceptible to adverse economic, business, regulatory or other developments affecting that sector. If an economic downturn occurs in a sector in which the Fund’s investments are concentrated, the Fund may perform poorly during that period. The Fund anticipates it will typically invest a significant portion of its assets in the industrials sector and the healthcare sector and, therefore, the Fund’s performance could be negatively impacted by events affecting these sectors.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Industrials Sector Risk</span> – The industrials sector may be adversely affected by, among other things, changes in the supply of and demand for products and services, product obsolescence, international political and economic developments, claims for environmental damage or product liability, tax policies, government regulation, and general economic conditions.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Healthcare Sector Risk</span> — The Fund anticipates it will typically invest a significant portion of its assets in the healthcare sector and, therefore, the Fund’s performance could be negatively impacted by events affecting the healthcare sector. The health care sector is subject to extensive government regulation and its profitability can be adversely affected by, among other things, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, and increased emphasis on the delivery of healthcare through outpatient services.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Foreign Securities Risk</span> — Investments in foreign securities, including in the securities of companies located in emerging markets, may be subject to more risks than those associated with U.S. investments,</div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">including currency fluctuations, political and economic instability and differences in accounting, auditing and financial reporting standards. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. In addition, emerging market securities involve greater risk and more volatility than those of companies in more developed markets. Significant levels of foreign taxes are also a risk related to foreign investments.</div> Performance <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The bar chart and table below show the Fund’s historical performance and provide an indication of the risks of investing in the Fund, including by comparing the Fund’s performance with the returns of the Russell 3000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index, a broad-based securities market index, and the Russell 2500<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index, an index more representative of the Fund’s investment strategy. The bar chart shows changes in the performance of the Fund’s Investor Class shares from year‑to‑year. The performance of the Fund’s other share classes would have differed from the Investor Class shares only to the extent that such classes have higher expenses than the Investor Class shares, which would have resulted in lower performance.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund may be obtained by visiting www.arrowmarkpartners.com/meridian or by calling 1‑800‑446‑6662.</div> The bar chart and table below show the Fund’s historical performance and provide an indication of the risks of investing in the Fund, including by comparing the Fund’s performance with the returns of the Russell 3000® Index, a broad-based securities market index, and the Russell 2500® Growth Index, an index more representative of the Fund’s investment strategy. The bar chart shows changes in the performance of the Fund’s Investor Class shares from year‑to‑year. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.arrowmarkpartners.com/meridian 1‑800‑446‑6662 Year‑by‑Year Total Returns as of 12/31 <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">During the period covered by this bar chart, the Fund’s Investor Class shares highest quarterly return was 32.96% (for the quarter ended June 30, 2020); and the lowest quarterly return was <span style="font-family: times new roman; font-size: 7pt;">–</span>30.46% (for the quarter ended March 31, 2020).</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">For the period January 1, 2026 through September 30, 2026, the total return of the Fund’s Investor Class shares was <span style="font-family: times new roman; font-size: 7pt;">–</span>3.72%.</div> highest quarterly return 0.3296 2020-06-30 lowest quarterly return -0.3046 2020-03-31 2026-09-30 total return of the Fund’s -0.0372 Average Annual Total Returns (For the year ended December 31, 2025) 2013-11-15 2013-11-15 2013-11-15 -0.0637 -0.0140 0.0727 -0.0822 -0.0326 0.0536 -0.0241 -0.0122 0.0553 2013-11-15 -0.1190 -0.0272 0.0640 2015-07-01 2015-07-01 2015-07-01 -0.0721 -0.0226 0.0627 0.1031 0.0298 0.1055 0.1715 0.1315 0.1429 The Fund’s returns after taxes on distributions and sale of Fund shares may be higher than its returns after taxes on distributions because it includes the effect of a tax benefit an investor may receive resulting from the capital losses that would have been incurred on the sale of the shares. <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">After‑tax returns are only shown for Investor Class shares. After‑tax returns for other Classes will vary. After‑tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term gain) and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑qualified arrangements such as 401(k) plans or individual retirement accounts.</div> After‑tax returns are only shown for Investor Class shares. After‑tax returns for other Classes will vary. After‑tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term gain) and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑qualified arrangements such as 401(k) plans or individual retirement accounts. FUND SUMMARY MERIDIAN CONTRARIAN FUND Investment Objective <div style="margin-top:6pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;">The M<small style="font-weight:inherit;font-style:unset;text-decoration:unset">ERIDIAN</small> C<small style="font-weight:inherit;font-style:unset;text-decoration:unset">ONTRARIAN</small> F<small style="font-weight:inherit;font-style:unset;text-decoration:unset">UND</small> seeks long-term growth of capital. </div> Fees and Expenses of the Fund <div style="margin-top:6pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <span style="font-weight:bold">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables or examples below.</span> </div> Shareholder Fees (fees paid directly from your investment) 0.0575 0.0100 -0.0200 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0100 0.0100 0.0100 0.0025 0.0100 0.0000 0.0023 0.0021 0.0023 0.0001 0.0001 0.0001 0.0149 0.0222 0.0124 Please note that Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of Operating Expenses Before Waivers/Reimbursements/Reductions to Average Net Assets found in the “Financial Highlights” section of this prospectus since the latter reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Example <div style="margin-top:6pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Class A shares, Class C shares or Investor Class shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </div> 718 1019 1341 2252 325 694 1189 2283 126 393 680 1500 <div style="margin-top:6pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;">You would pay the following expenses if you did not redeem your shares of the Fund: </div> 718 1019 1341 2252 225 694 1189 2283 126 393 680 1500 Portfolio Turnover <div style="margin-top:6pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended June 30, 2026, the Fund’s portfolio turnover rate was 53% of the average value of its portfolio. </div> 0.53 Principal Investment Strategies <div style="margin-top:6pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;">The Fund seeks long-term growth of capital by investing primarily in a diversified portfolio of publicly traded common stocks of U.S. companies. Under normal circumstances, the Fund invests in the stocks of businesses that are likely to have recently underperformed their peers, or the market due to what the Investment Adviser deems to be temporary operational issues. The Fund then emphasizes stocks which the Investment Adviser believes are undervalued in relation to the business’ (or issuer’s) long-term earnings power or asset value, or the stock market in general. Securities in which the Fund invests may be undervalued because of many factors, including market decline, poor economic conditions, tax‑loss selling or actual or anticipated unfavorable developments affecting the issuer of the security. The Fund may invest in securities of companies with any capitalization across a broad range of industries. The Fund intends to invest at least 65% of its total assets in common stocks and equity-related securities (such as convertible debt securities and warrants). The Fund may invest up to 35% of its total assets in debt or fixed income securities, including higher yield, higher </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;"> risk, lower rated or unrated corporate bonds commonly referred to as “junk bonds.” These are bonds that are rated Ba or below by Moody’s or BB or below by S&amp;P. The Fund may invest up to 10% of its total assets in securities rated Ca or below by Moody’s Investors Service, Inc. (“Moody’s”) or C or below by Standard and Poor’s Ratings Services (“S&amp;P”) or unrated but considered by the Investment Adviser to be of comparable quality. The Fund may also invest up to 25% of its total assets, calculated at the time of purchase, in securities of foreign companies, including emerging market companies. The Fund generally sells investments when (i) the Investment Adviser concludes that the company’s fundamentals are not meeting expectations; (ii) better investment opportunities exist; and/or (iii) the company’s business has improved and this, in the Investment Adviser’s opinion, is reflected in the share price. </div> An investment in the Fund may lose money is not a deposit of a bank or insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <div style="margin-top:6pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Equity Securities Risk</span> — Equity securities fluctuate in price and value in response to many factors including historical and prospective earnings of the issuer and its financial condition, the value of its assets, general economic conditions, interest rates, investors’ perceptions, market liquidity, natural disasters and the spread of infectious disease or other public health issues. </div> <div style="margin-top:6pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Large Company Risk</span> — Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors. Also, large‑cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. </div> <div style="margin-top:6pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Small and Medium Company Risk</span> — Generally, the smaller the capitalization of a company, the greater the risk associated with an investment in the company. The stock prices of small- and mid‑capitalization and newer companies tend to fluctuate more than those of larger capitalized and/or more established companies and generally have a smaller market for their shares than do large capitalization companies. </div> <div style="margin-top:6pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Value Securities Risk</span> — The market value of a value security may take longer than anticipated to rise, may decline or may fail to meet the Investment Adviser’s assessment of its potential value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time. </div> <div style="margin-top:6pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Investment Strategy Risk</span> — The Investment Adviser uses the Fund’s principal investment strategies and other investment strategies to seek to achieve the Fund’s investment objective of long-term growth of capital. There is no assurance that the Investment Adviser’s investment strategies or securities selection method will achieve that investment objective. </div> <div style="margin-top:0pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Market Risk</span> — The value of the Fund’s investments will fluctuate in response to the activities of individual companies and general stock market and economic conditions. As a result, the value of your investment in the Fund may be more or less than your purchase price. </div> <div style="margin-top:6pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Securities Lending Risk</span> — The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund. </div> <div style="margin-top:6pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Sector Concentration Risk</span> — The Fund may concentrate its investments in companies that are in a single sector or related sector. Concentrating investments in a single sector may make the Fund more susceptible to adverse economic, business, regulatory or other developments affecting that sector. If an economic downturn occurs in a sector in which the Fund’s investments are concentrated, the Fund may perform poorly during that period. </div> <div style="margin-top:6pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Foreign Securities Risk</span> — Investments in foreign securities, including securities of companies located in emerging markets, may be subject to more risks than those associated with U.S. investments, including currency fluctuations, political and economic instability and differences in accounting, auditing and financial reporting standards. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. In addition, emerging market securities involve greater risk and more volatility than those of companies in more developed markets. Significant levels of foreign taxes are also a risk related to foreign investments. </div> <div style="margin-top:6pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">Debt Securities Risk</span> — Debt securities are subject to credit risk, interest rate risk and liquidity risk. Credit risk is the risk that the entity that issued a debt security may become unable to make payments of principal and interest when due and includes the risk of default. Interest rate risk is the risk of losses due to changes in interest rates. Liquidity risk is the risk that the Fund may not be able to sell portfolio securities because there are too few buyers for them. </div> <div style="margin-top:6pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold">High Yield Bond Risk</span> — Debt securities that are rated below investment grade (commonly referred to as “junk bonds”) involve a greater risk of default or price declines than investment grade securities. The market for high-yield, lower rated securities may be smaller and less active, causing market price volatility and limited liquidity in the secondary market. This may limit the ability of a Fund to sell these securities at their fair market values either to meet redemption requests, or in response to changes in the economy or the financial markets. </div> Performance <div style="margin-top:6pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;">The bar chart and table below show the Fund’s historical performance and provide an indication of the risks of investing in the Fund, including by comparing the Fund’s performance with the returns of the Russell 3000<sup style="font-size:75%;vertical-align:top">®</sup> Index, a broad-based securities market index, and the Russell 2500<sup style="font-size:75%;vertical-align:top">®</sup> Index and the Russell 2500<sup style="font-size:75%;vertical-align:top">®</sup> Value Index, indexes more representative of the Fund’s investment strategy. The bar chart shows changes in the performance of the Fund’s Investor Class shares from year‑to‑year. The performance of the Fund’s other share classes would have differed from the Investor Class shares only to the extent that such classes have higher expenses than the Investor Class shares, which would have resulted in lower performance. </div><div style="margin-top:0pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund may be obtained by visiting www.arrowmarkpartners.com/meridian or by calling 1‑800‑446‑6662. </div> The bar chart and table below show the Fund’s historical performance and provide an indication of the risks of investing in the Fund, including by comparing the Fund’s performance with the returns of the Russell 3000® Index, a broad-based securities market index, and the Russell 2500® Index and the Russell 2500® Value Index, indexes more representative of the Fund’s investment strategy. The bar chart shows changes in the performance of the Fund’s Investor Class shares from year‑to‑year. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.arrowmarkpartners.com/meridian 1‑800‑446‑6662 Year‑by‑Year Total Returns as of 12/31 <div style="margin-top:6pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;">During the period covered by this bar chart, the Fund’s Investor Class shares highest quarterly return was 29.41% (for the quarter ended June 30, 2020); and the lowest quarterly return was <span style="font-family:times new roman;font-size:7pt">–</span>30.94% (for the quarter ended March 31, 2020). </div><div style="margin-top:6pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;">For the period January 1, 2026 through September 30, 2026, the total return of the Fund’s Investor Class shares was 6.26%. </div> highest quarterly return 0.2941 2020-06-30 lowest quarterly return -0.3094 2020-03-31 2026-09-30 total return of the Fund’s 0.0626 Average Annual Total Returns (For the year ended December 31, 2025) 2013-11-15 2013-11-15 2013-11-15 0.1723 0.0863 0.1198 0.1388 0.0629 0.0960 0.1232 0.0646 0.0928 2013-11-15 0.1033 0.0709 0.1104 2015-07-01 2015-07-01 2015-07-01 2015-07-01 0.1603 0.0753 0.1093 0.1191 0.0726 0.1040 0.1273 0.1002 0.0972 0.1715 0.1315 0.1429 The Fund’s returns after taxes on distributions and sale of Fund shares may be higher than its returns after taxes on distributions because it includes the effect of a tax benefit an investor may receive resulting from the capital losses that would have been incurred on the sale of the shares. <div style="margin-top:6pt;margin-bottom:0pt;text-indent:4%;font-size:10pt;font-family:times new roman;">After‑tax returns are only shown for Investor Class shares. After‑tax returns for other Classes will vary. After‑tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term gain) and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑qualified arrangements such as 401(k) plans or individual retirement accounts. </div> After‑tax returns are only shown for Investor Class shares. After‑tax returns for other Classes will vary. After‑tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term gain) and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑qualified arrangements such as 401(k) plans or individual retirement accounts. FUND SUMMARY MERIDIAN HEDGED EQUITY FUND Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The M<small style="font-weight: inherit; font-style: unset; text-decoration: unset;">ERIDIAN</small> H<small style="font-weight: inherit; font-style: unset; text-decoration: unset;">EDGED</small> E<small style="font-weight: inherit; font-style: unset; text-decoration: unset;">QUITY</small> F<small style="font-weight: inherit; font-style: unset; text-decoration: unset;">UND</small> seeks long-term growth of capital.</div> Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables or examples below.</span></div> Shareholder Fees(fees paid directly from your investment) 0.0575 0.0100 -0.0200 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0091 0.0091 0.0091 0.0025 0.0100 0.0000 0.0078 0.0102 0.0070 0.0002 0.0002 0.0002 0.0196 0.0295 0.0163 -0.0044 -0.0068 -0.0036 0.0152 0.0227 0.0127 Please note that Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of Operating Expenses Before Waivers/Reimbursements/Reductions to Average Net Assets found in the “Financial Highlights” section of this prospectus since the latter reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. one year after the date of this prospectus Example <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Class A shares, Class C shares or Investor Class shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the Fund’s operating expenses remain the same and the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and Recoupment shown above will only be in place for the length of the current commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 721 1115 1533 2695 330 848 1492 2877 129 479 853 1903 <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">You would pay the following expenses if you did not redeem your shares of the Fund:</div> 721 1115 1533 2695 230 848 1492 2877 129 479 853 1903 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended June 30, 2026, the Fund’s portfolio turnover rate was 36% of the average value of its portfolio.</div> 0.36 Principal Investment Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The Fund seeks to maximize total return by investing primarily in a diversified portfolio of equity securities of U.S. companies that have the potential for capital appreciation. Under normal circumstances, the Fund will invest at least 80% of its net assets in long or short positions in equity securities. Equity securities include, but are not limited to, common and preferred stocks as well as convertible securities, such as options, in domestic and foreign companies. The Fund often sells exchange traded call options against 40% to 60% of the underlying equity holdings. This hedging strategy seeks to use the option premiums collected, cash flow and income to the Fund, to reduce risk and volatility associated with typical long-only equity investment strategies. The Fund may invest in securities of companies with any capitalization across a broad range of industries. These may include companies that are relatively small in terms of assets, revenues and earnings. The mix of the Fund’s investments at any time will depend on the industries and types of securities the Investment Adviser believes hold the most potential for achieving the Fund’s investment objective. The Fund may invest up to 25% of its total assets, calculated at the time of purchase, in securities of foreign companies, including emerging market companies. The Fund may also invest its assets in debt or fixed income securities including higher yield, higher risk, lower rated or unrated corporate bonds commonly referred to as “junk bonds.” These are bonds that are rated Ba or below by Moody’s Investors Service, Inc. (“Moody’s”) or BB or below by Standard and Poor’s Ratings Services (“S&amp;P”) or are in default or unrated but of comparable quality as determined by the Investment Adviser. The Fund generally sells investments when the Investment Adviser concludes that the long-term growth prospects of the company have deteriorated, or the issuer’s circumstances or the political or economic outlook relative to the security have changed, and better investment opportunities exist in other securities.</div> Under normal circumstances, the Fund will invest at least 80% of its net assets in long or short positions in equity securities. Equity securities include, but are not limited to, common and preferred stocks as well as convertible securities, such as options, in domestic and foreign companies. The Fund often sells exchange traded call options against 40% to 60% of the underlying equity holdings. This hedging strategy seeks to use the option premiums collected, cash flow and income to the Fund, to reduce risk and volatility associated with typical long-only equity investment strategies. The Fund may invest in securities of companies with any capitalization across a broad range of industries. These may include companies that are relatively small in terms of assets, revenues and earnings. The mix of the Fund’s investments at any time will depend on the industries and types of securities the Investment Adviser believes hold the most potential for achieving the Fund’s investment objective. The Fund may invest up to 25% of its total assets, calculated at the time of purchase, in securities of foreign companies, including emerging market companies. The Fund may also invest its assets in debt or fixed income securities including higher yield, higher risk, lower rated or unrated corporate bonds commonly referred to as “junk bonds.” These are bonds that are rated Ba or below by Moody’s Investors Service, Inc. (“Moody’s”) or BB or below by Standard and Poor’s Ratings Services (“S&amp;P”) or are in default or unrated but of comparable quality as determined by the Investment Adviser. An investment in the Fund may lose money is not a deposit of a bank or insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Equity Securities Risk</span> — Equity securities fluctuate in price and value in response to many factors including historical and prospective earnings of the issuer and its financial condition, the value of its assets, general economic conditions, interest rates, investors’ perceptions, market liquidity, natural disasters and the spread of infectious disease or other public health issues.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Small and Medium Company Risk</span> — Generally, the smaller the capitalization of a company, the greater the risk associated with an investment in the company. The stock prices of small- and mid‑capitalization and newer companies tend to fluctuate more than those of larger capitalized and/or more established companies and generally have a smaller market for their shares than do large capitalization companies.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Large Company Risk</span> — Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors. Also, large‑cap</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Investment Strategy Risk</span> — The Investment Adviser uses the Fund’s principal investment strategies and other investment strategies to seek to achieve the Fund’s investment objective of long-term growth of capital along with income as a component of total return. There is no assurance that the Investment Adviser’s investment strategies or securities selection method will achieve that investment objective.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Market Risk</span> — The value of the Fund’s investments will fluctuate in response to the activities of individual companies and general stock market and economic conditions. As a result, the value of your investment in the Fund may be more or less than your purchase price.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Securities Lending Risk</span> — The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Sector Concentration Risk</span> — The Fund may concentrate its investments in companies that are in a single sector or related sector. Concentrating investments in a single sector may make the Fund more susceptible to adverse economic, business, regulatory or other developments affecting that sector. If an economic downturn occurs in a sector in which the Fund’s investments are concentrated, the Fund may perform poorly during that period. The Fund anticipates it will typically invest a significant portion of its assets in the information technology sector and, therefore, the Fund’s performance could be negatively impacted by events affecting this sector.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Information Technology Risk</span> — Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss, or impairment of, or inability to enforce, these rights may adversely affect the profitability of these companies.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Options Risk</span> — The success of the Fund’s investment in options depends upon many factors, such as the price of the options, which is a function of interest rates, volatility, dividends, the exercise price, stock price and other market factors. These factors may change rapidly over time.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The principal risk associated with writing put options, is that the Fund assumes the risk that it will have to purchase the underlying security at an exercise price that may be higher than the market price of the security. If the market price of the underlying security declines, the Fund would expect to suffer a loss. However, the premium the Fund received for writing the put should offset a portion of the decline.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The principal risk associated with purchasing options is that price valuations or market movements may not justify purchasing the options, or, if purchased, the options may expire unexercised, causing the Fund to lose the premium paid (<span style="font-style: italic;">i.e., </span>incur the cost of the options but not the attendant benefits).</div> <div style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The principal risk associated with writing covered call options is that the Fund will be required to sell the underlying security (<span style="font-style: italic;">i.e., </span>have the security “called”) and, therefore, will not participate in gains if the stock price exceeds the exercise price generally at the expiration date of the option.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The Fund’s investment in options may also result in reduced flexibility in purchases and sales of portfolio securities. Because the Fund may hold the securities underlying the options held or sold by the Fund, the Fund may be less likely to sell such securities in its portfolio to take advantage of new investment opportunities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Foreign Securities Risk</span> — Investments in foreign securities, including securities of companies located in emerging markets, may be subject to more risks than those associated with U.S. investments, including currency fluctuations, political and economic instability and differences in accounting, auditing and financial reporting standards. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. In addition, emerging market securities involve greater risk and more volatility than those of companies in more developed markets. Significant levels of foreign taxes are also a risk related to foreign investments.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Debt Securities Risk</span> — Debt securities are subject to credit risk, interest rate risk and liquidity risk. Credit risk is the risk that the entity that issued a debt security may become unable to make payments of principal and interest when due and includes the risk of default. Interest rate risk is the risk of losses due to changes in interest rates. Liquidity risk is the risk that the Fund may not be able to sell portfolio securities because there are too few buyers for them.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">High Yield Bond Risk</span> — Debt securities that are rated below investment grade (commonly referred to as “junk bonds”) involve a greater risk of default or price declines than investment grade securities. The market for high-yield, lower rated securities may be smaller and less active, causing market price volatility and limited liquidity in the secondary market. This may limit the ability of a Fund to sell these securities at their fair market values either to meet redemption requests, or in response to changes in the economy or the financial markets.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Income Risk</span> — The Fund may not be able to pay distributions or may have to reduce its distribution level if the amount of dividends and/or interest received by the Fund on the securities it holds declines or is insufficient to pay such distributions.</div> Performance <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The bar chart and table below show the Fund’s historical performance and provides an indication of the risks of investing in the Fund, including by comparing the Fund’s performance with the returns of the S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Index, a broad-based securities market index, and the Cboe S&amp;P 500 BuyWrite Index (BXM), an index more representative of the Fund’s investment strategy. The bar chart shows changes in the performance of the Fund’s Investor Class shares from year‑to‑year. The performance of the Fund’s other share classes would have differed from the Investor Class shares only to the extent that such classes’ shares have higher expenses than the Investor Class shares, which would have resulted in lower performance.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund may be obtained by visiting www.arrowmarkpartners.com/meridian or by calling 1‑800‑446‑6662.</div> The bar chart and table below show the Fund’s historical performance and provides an indication of the risks of investing in the Fund, including by comparing the Fund’s performance with the returns of the S&P 500® Index, a broad-based securities market index, and the Cboe S&P 500 BuyWrite Index (BXM), an index more representative of the Fund’s investment strategy. The bar chart shows changes in the performance of the Fund’s Investor Class shares from year‑to‑year. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.arrowmarkpartners.com/meridian 1‑800‑446‑6662 Year‑by‑Year Total Returns as of 12/31 <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">During the period covered by this bar chart, the Fund’s Investor Class shares highest quarterly return was 21.54% (for the quarter ended June 30, 2020); and the lowest quarterly return was <span style="font-family: times new roman; font-size: 7pt;">–</span>18.51% (for the quarter ended December 31, 2018).</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">For the period January 1, 2026 through September 30, 2026, the total return of the Fund’s Investor Class shares was 7.28%.</div> highest quarterly return 0.2154 2020-06-30 lowest quarterly return -0.1851 2018-12-31 2026-09-30 total return of the Fund’s 0.0728 Average Annual Total Returns (For the year ended December 31, 2025) 2013-11-15 2013-11-15 2013-11-15 0.0670 0.0661 0.1347 0.0497 0.0340 0.1006 0.0518 0.0422 0.1002 2013-11-15 0.0027 0.0502 0.1248 2015-07-01 2015-07-01 2015-07-01 0.0546 0.0565 0.1259 0.1788 0.1442 0.1482 0.0891 0.0933 0.0731 The Fund’s returns after taxes on distributions and sale of Fund shares may be higher than its returns after taxes on distributions because it includes the effect of a tax benefit an investor may receive resulting from the capital losses that would have been incurred on the sale of the shares. <div style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">After‑tax returns are only shown for Investor Class shares. After‑tax returns for other Classes will vary. After‑tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term gain) and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑qualified arrangements such as 401(k) plans or individual retirement accounts.</div> After‑tax returns are only shown for Investor Class shares. After‑tax returns for other Classes will vary.  After‑tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term gain) and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑qualified arrangements such as 401(k) plans or individual retirement accounts. FUND SUMMARY MERIDIAN SMALL CAP GROWTH FUND Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The M<small style="font-weight: inherit; font-style: unset; text-decoration: unset;">ERIDIAN</small> S<small style="font-weight: inherit; font-style: unset; text-decoration: unset;">MALL</small> C<small style="font-weight: inherit; font-style: unset; text-decoration: unset;">AP</small> G<small style="font-weight: inherit; font-style: unset; text-decoration: unset;">ROWTH</small> F<small style="font-weight: inherit; font-style: unset; text-decoration: unset;">UND</small> seeks long-term growth of capital by investing primarily in equity securities of small capitalization companies.</div> Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables or examples below.</span></div> Shareholder Fees (fees paid directly from your investment) 0.0575 0.0100 -0.0200 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0100 0.0100 0.0100 0.0025 0.0100 0.0000 0.0036 0.0032 0.0033 0.0001 0.0001 0.0001 0.0162 0.0233 0.0134 -0.0011 -0.0007 -0.0008 0.0151 0.0226 0.0126 Please note that Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of Operating Expenses Before Waivers/Reimbursements/Reductions to Average Net Assets found in the “Financial Highlights” section of this prospectus since the latter reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. one year after the date of this prospectus Example <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Class A shares, Class C shares or Investor Class shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the Fund’s operating expenses remain the same and the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and Recoupment shown above will only be in place for the length of the current commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 720 1047 1397 2380 329 721 1240 2402 128 417 727 1606 <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">You would pay the following expenses if you did not redeem your shares of the Fund:</div> 720 1047 1397 2380 229 721 1240 2402 128 417 727 1606 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended June 30, 2026, the Fund’s portfolio turnover rate was 62% of the average value of its portfolio.</div> 0.62 Principal Investment Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The Fund seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets, including the amount of any borrowings for investment purposes, in equity securities (including common stocks, preferred stocks and securities convertible into common and preferred stocks) of U.S. small capitalization companies. In the view of the Investment Adviser, small capitalization companies are defined as companies whose total market capitalization falls within the range of companies included in the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index or the S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Index at the time of purchase. Both indices are broad indices of small capitalization stocks. As of September 30, 2026, the market capitalization of the companies in these indices ranged from approximately $1 million to $58 billion. The Fund may also invest up to 20% of its net assets in securities of companies of any market capitalization.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">In addition, the Fund attempts to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, including the amount of any borrowings for investment purposes, in securities of growth companies. For purposes of this 80% investment policy, a company is considered to be a growth company if it issues securities that are represented in a third-party growth-style index. The Fund may invest in companies that issue securities that are neither represented in any growth or value-style index (for example, a company that issues exclusively privately placed securities). The Fund may include such non-represented securities within the 80% test if the portfolio management team determines the company exhibits at least one growth characteristic similar to those commonly used by third-party index providers in growth classifications. Such characteristics may include, but are not limited to, historical or projected growth in earnings, revenues, sales, cash flow, book value, or other relevant financial or operating measures; valuation measures used by index providers in style classification; or other fundamental characteristics that the Adviser believes support the potential for above-average growth or capital appreciation.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The portfolio managers apply a “bottom up” fundamental research process in selecting investments. In other words, the portfolio managers analyze individual companies to determine if a company presents an attractive investment opportunity and if it is consistent with the Fund’s investment strategies and policies. The Fund generally sells investments when the Investment Adviser concludes that better investment opportunities exist in other securities, the security is fully valued, or the issuer’s circumstances or the political or economic outlook have changed.</div> The Fund seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets, including the amount of any borrowings for investment purposes, in equity securities (including common stocks, preferred stocks and securities convertible into common and preferred stocks) of U.S. small capitalization companies.In addition, the Fund attempts to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, including the amount of any borrowings for investment purposes, in securities of growth companies. For purposes of this 80% investment policy, a company is considered to be a growth company if it issues securities that are represented in a third-party growth-style index. The Fund may invest in companies that issue securities that are neither represented in any growth or value-style index (for example, a company that issues exclusively privately placed securities). The Fund may include such non-represented securities within the 80% test if the portfolio management team determines the company exhibits at least one growth characteristic similar to those commonly used by third-party index providers in growth classifications. In the view of the Investment Adviser, small capitalization companies are defined as companies whose total market capitalization falls within the range of companies included in the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index or the S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Index at the time of purchase. Both indices are broad indices of small capitalization stocks. As of September 30, 2026, the market capitalization of the companies in these indices ranged from approximately $1 million to $58 billion. The Fund may also invest up to 20% of its net assets in securities of companies of any market capitalization. The portfolio managers apply a “bottom up” fundamental research process in selecting investments. In other words, the portfolio managers analyze individual companies to determine if a company presents an attractive investment opportunity and if it is consistent with the Fund’s investment strategies and policies. The Fund generally sells investments when the Investment Adviser concludes that better investment opportunities exist in other securities, the security is fully valued, or the issuer’s circumstances or the political or economic outlook have changed. An investment in the Fund may lose money is not a deposit of a bank or insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Equity Securities Risk</span> — Equity securities fluctuate in price and value in response to many factors including historical and prospective earnings of the issuer and its financial condition, the value of its assets, general economic conditions, interest rates, investors’ perceptions, market liquidity, natural disasters and the spread of infectious disease or other public health issues.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Small Company Risk</span> — Generally, the smaller the capitalization of a company, the greater the risk associated with an investment in the company. The stock prices of small capitalization and newer companies tend to fluctuate more than those of larger capitalized and/or more established companies and generally have a smaller market for their shares than do large capitalization companies.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Growth Securities Risk</span> — Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Investment Strategy Risk</span> — The Investment Adviser uses the Fund’s principal investment strategies and other investment strategies to seek to achieve the Fund’s investment objective of long-term growth of capital by investing primarily in equity securities of small capitalization companies. There is no assurance that the Investment Adviser’s investment strategies or securities selection method will achieve that investment objective.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Market Risk</span> — The value of the Fund’s investments will fluctuate in response to the activities of individual companies and general stock market and economic conditions. As a result, the value of your investment in the Fund may be more or less than your purchase price.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Securities Lending Risk</span> — The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Sector Concentration Risk</span> — The Fund may concentrate its investments in companies that are in a single sector or related sector. Concentrating investments in a single sector may make the Fund more susceptible to adverse economic, business, regulatory or other developments affecting that sector. If an economic downturn occurs in a sector in which the Fund’s investments are concentrated, the Fund may perform poorly during that period. The Fund anticipates it will typically invest a significant portion of its assets in the industrials sector and the health care sector and, therefore, the Fund’s performance could be negatively impacted by events affecting these sectors.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Healthcare Sector Risk</span> — The Fund anticipates it will typically invest a significant portion of its assets in the healthcare sector and, therefore, the Fund’s performance could be negatively impacted by events affecting the healthcare sector. The health care sector is subject to extensive government regulation and its profitability can be adversely affected by, among other things, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, and increased emphasis on the delivery of healthcare through outpatient services.</div> Performance <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The bar chart and table below show the Fund’s historical performance and provide an indication of the risks of investing in the Fund, including by comparing the Fund’s performance with the returns of the Russell 3000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index, a broad-based securities market index, and the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index, an index more representative of the Fund’s investment strategy. The bar chart shows changes in the performance of the Fund’s Investor Class shares from year‑to‑year. The performance of the Fund’s other share classes would have differed from the Investor Class shares only to the extent that such classes have higher expenses than the Investor Class shares, which would have resulted in lower performance.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund may be obtained by visiting www.arrowmarkpartners.com/meridian or by calling 1‑800‑446‑6662.</div> The bar chart and table below show the Fund’s historical performance and provide an indication of the risks of investing in the Fund, including by comparing the Fund’s performance with the returns of the Russell 3000® Index, a broad-based securities market index, and the Russell 2000® Growth Index, an index more representative of the Fund’s investment strategy. The bar chart shows changes in the performance of the Fund’s Investor Class shares from year‑to‑year. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.arrowmarkpartners.com/meridian 1‑800‑446‑6662 Year‑by‑Year Total Returns as of 12/31 <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">During the period covered by this bar chart, the Fund’s Investor Class shares highest quarterly return was 33.61% (for the quarter ended June 30, 2020); and the lowest quarterly return was –31.61% (for the quarter ended March 31, 2020).</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">For the period January 1, 2026 through September 30, 2026, the total return of the Fund’s Investor Class shares was 1.40%.</div> highest quarterly return 0.3361 2020-06-30 lowest quarterly return -0.3161 2020-03-31 2026-09-30 total return of the Fund’s 0.0140 Average Annual Total Returns (For the year ended December 31, 2025) 2013-12-16 2013-12-16 2013-12-16 -0.0130 0.0038 0.0871 -0.0299 -0.0206 0.0663 0.0047 0.0007 0.0670 2013-12-16 -0.0717 -0.0106 0.0780 2015-07-01 2015-07-01 2015-07-01 -0.0228 -0.0060 0.0767 0.1301 0.0318 0.0957 0.1715 0.1315 0.1429 The Fund’s returns after taxes on distributions and sale of Fund shares may be higher than its returns after taxes on distributions because it includes the effect of a tax benefit an investor may receive resulting from the capital losses that would have been incurred on the sale of the shares. <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">After‑tax returns are only shown for Investor Class shares. After‑tax returns for other Classes will vary. After‑tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term gain) and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑qualified arrangements such as 401(k) plans or individual retirement accounts.</div> After‑tax returns are only shown for Investor Class shares. After‑tax returns for other Classes will vary. After‑tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term gain) and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑qualified arrangements such as 401(k) plans or individual retirement accounts. FUND SUMMARY MERIDIAN GROWTH FUND Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The M<small style="font-weight: inherit; font-style: unset; text-decoration: unset;">ERIDIAN</small> G<small style="font-weight: inherit; font-style: unset; text-decoration: unset;">ROWTH</small> F<small style="font-weight: inherit; font-style: unset; text-decoration: unset;">UND</small> seeks long-term growth of capital.</div> Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables or examples below. </span></div> Shareholder Fees (fees paid directly from your investment) -0.0200 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0077 0.0077 0.0019 0.0015 0.0096 0.0092 Example <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Legacy Class shares or Institutional Class shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 98 306 531 1177 92 292 508 1130 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended June 30, 2026, the Fund’s portfolio turnover rate was 49% of the average value of its portfolio.</div> 0.49 Principal Investment Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The Fund attempts to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, including the amount of any borrowings for investment purposes, in securities of growth companies. For purposes of the Fund’s 80% investment policy, a company is considered to be a growth company if it issues securities that are represented in a third-party growth-style index. The Fund may invest in companies that issue securities that are neither represented in any growth or value-style index (for example, a company that issues exclusively privately placed securities). The Fund may include such non-represented securities within the 80% test if the portfolio management team determines the company exhibits at least one growth characteristic similar to those commonly used by third-party index providers in growth classifications. Such characteristics may include, but are not limited to, historical or projected growth in earnings, revenues, sales, cash flow, book value, or other relevant financial or operating measures; valuation measures used by index providers in style classification; or other fundamental characteristics that the Adviser believes support the potential for above-average growth or capital appreciation.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The Fund seeks long-term growth of capital by investing primarily in a diversified portfolio of publicly traded common stocks of U.S. companies. Under normal circumstances, the Fund emphasizes small- and mid‑capitalization growth companies that the Investment Adviser believes may have prospects for above-average growth in revenues and earnings because of many factors, including high sales growth, high unit growth, industry growth, high or improving returns on assets and equity and a strong balance sheet. The Fund may invest in securities of companies with any capitalization across a broad range of industries, though it typically emphasizes small- and mid‑capitalization companies. These may include companies that are relatively small in terms of total assets, revenues and earnings. The mix of the Fund’s investments at any time will depend on the industries and types of securities the Investment Adviser believes hold the most potential for achieving the Fund’s investment objective. The Fund may invest up to 25% of its total assets, calculated at the time of purchase, in securities of foreign companies, including emerging market companies. The Fund generally sells investments when the Investment Adviser concludes that better investment opportunities exist in other securities, the security is fully valued, or the issuer’s circumstances or the political or economic outlook have changed.</div> The Fund attempts to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, including the amount of any borrowings for investment purposes, in securities of growth companies. For purposes of the Fund’s 80% investment policy, a company is considered to be a growth company if it issues securities that are represented in a third-party growth-style index. The Fund may invest in companies that issue securities that are neither represented in any growth or value-style index (for example, a company that issues exclusively privately placed securities). The Fund may include such non-represented securities within the 80% test if the portfolio management team determines the company exhibits at least one growth characteristic similar to those commonly used by third-party index providers in growth classifications. The Fund seeks long-term growth of capital by investing primarily in a diversified portfolio of publicly traded common stocks of U.S. companies. Under normal circumstances, the Fund emphasizes small- and mid‑capitalization growth companies that the Investment Adviser believes may have prospects for above-average growth in revenues and earnings because of many factors, including high sales growth, high unit growth, industry growth, high or improving returns on assets and equity and a strong balance sheet. The Fund may invest up to 25% of its total assets, calculated at the time of purchase, in securities of foreign companies, including emerging market companies. The Fund generally sells investments when the Investment Adviser concludes that better investment opportunities exist in other securities, the security is fully valued, or the issuer’s circumstances or the political or economic outlook have changed. An investment in the Fund may lose money is not a deposit of a bank or insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <div style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Equity Securities Risk</span> — Equity securities fluctuate in price and value in response to many factors including historical and prospective earnings of the issuer and its financial condition, the value of its assets, general economic conditions, interest rates, investors’ perceptions, market liquidity, natural disasters and the spread of infectious disease or other public health issues.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Small and Medium Company Risk</span> — Generally, the smaller the capitalization of a company, the greater the risk associated with an investment in the company. The stock prices of small- and mid‑capitalization and newer companies tend to fluctuate more than those of larger capitalized and/or more established companies and generally have a smaller market for their shares than do large capitalization companies.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Large Company Risk</span> — Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors. Also, large‑cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Growth Securities Risk</span> — Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Investment Strategy Risk</span> — The Investment Adviser uses the Fund’s principal investment strategies and other investment strategies to seek to achieve the Fund’s investment objective of long-term growth of capital. There is no assurance that the Investment Adviser’s investment strategies or securities selection method will achieve that investment objective.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Market Risk</span> — The value of the Fund’s investments will fluctuate in response to the activities of individual companies and general stock market and economic conditions. As a result, the value of your investment in the Fund may be more or less than your purchase price.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Securities Lending Risk</span> — The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Sector Concentration Risk</span> — The Fund may concentrate its investments in companies that are in a single sector or related sector. Concentrating investments in a single sector may make the Fund more susceptible to adverse economic, business, regulatory or other developments affecting that sector. If an economic downturn occurs in a sector in which the Fund’s investments are concentrated, the Fund may perform poorly during that period. The Fund anticipates it will typically invest a significant portion of its assets in industrials sector and the health care sector, therefore, the Fund’s performance could be negatively impacted by events affecting these sectors.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Industrials Sector Risk</span> — The industrials sector may be adversely affected by, among other things, changes in the supply of and demand for products and services, product obsolescence, international political and economic developments, claims for environmental damage or product liability, tax policies, government regulation, and general economic conditions.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Healthcare Sector Risk</span> — The Fund anticipates it will typically invest a significant portion of its assets in the healthcare sector and, therefore, the Fund’s performance could be negatively impacted by events affecting the healthcare sector. The health care sector is subject to extensive government regulation and its profitability can be adversely affected by, among other things, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, and increased emphasis on the delivery of healthcare through outpatient services.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Foreign Securities Risk</span> — Investments in foreign securities, including in the securities of companies located in emerging markets, may be subject to more risks than those associated with U.S. investments, including currency fluctuations, political and economic instability and differences in accounting, auditing and financial reporting standards. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. In addition, emerging market securities involve greater risk and more volatility than those of companies in more developed markets. Significant levels of foreign taxes are also a risk related to foreign investments.</div> Performance <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The bar chart and table below show the Fund’s historical performance and provide an indication of the risks of investing in the Fund, including by comparing the Fund’s performance with the returns of the Russell 3000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index, a broad-based securities market index, and the Russell 2500<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index, an index more representative of the Fund’s investment strategy. The bar chart shows changes in the performance of the Fund’s Legacy Class shares from year‑to‑year. The performance of the Fund’s other share class would have differed from that of Legacy Class shares only to the extent that such class has lower expenses than Legacy Class shares, which would have resulted in higher performance.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund may be obtained by visiting www.arrowmarkpartners.com/meridian or by calling 1‑800‑446‑6662.</div> The bar chart and table below show the Fund’s historical performance and provide an indication of the risks of investing in the Fund, including by comparing the Fund’s performance with the returns of the Russell 3000® Index, a broad-based securities market index, and the Russell 2500® Growth Index, an index more representative of the Fund’s investment strategy. The bar chart shows changes in the performance of the Fund’s Legacy Class shares from year‑to‑year. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.arrowmarkpartners.com/meridian 1‑800‑446‑6662 Year‑by‑Year Total Returns as of 12/31 <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">During the period covered by this bar chart, the Fund’s Legacy Class shares highest quarterly return was 32.96% (for the quarter ended June 30, 2020); and the lowest quarterly return was –30.46% (for the quarter ended March 31, 2020).</div> <div style="margin-top: 12pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">For the period January 1, 2026 through September 30, 2026, the total return of the Fund’s Legacy Class shares was –3.64%.</div> highest quarterly return 0.3296 2020-06-30 lowest quarterly return -0.3046 2020-03-31 2026-09-30 total return of the Fund’s -0.0364 Average Annual Total Returns (For the year ended December 31, 2025) -0.0631 -0.0134 0.0732 -0.0813 -0.0317 0.0544 -0.0240 -0.0118 0.0558 2014-12-24 2014-12-24 -0.0625 -0.0130 0.0735 0.1031 0.0298 0.1055 0.1715 0.1315 0.1429 The Fund’s returns after taxes on distributions and sale of Fund shares may be higher than its returns after taxes on distributions because it includes the effect of a tax benefit an investor may receive resulting from the capital losses that would have been incurred on the sale of the shares. <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">After‑tax returns are only shown for Legacy Class shares. After‑tax returns for other Classes will vary. After‑tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term gain) and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑qualified arrangements such as 401(k) plans or individual retirement accounts.</div> After‑tax returns are only shown for Legacy Class shares. After‑tax returns for other Classes will vary. After‑tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term gain) and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑qualified arrangements such as 401(k) plans or individual retirement accounts. FUND SUMMARY MERIDIAN CONTRARIAN FUND Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The M<small style="font-weight: inherit; font-style: unset; text-decoration: unset;">ERIDIAN</small> C<small style="font-weight: inherit; font-style: unset; text-decoration: unset;">ONTRARIAN</small> F<small style="font-weight: inherit; font-style: unset; text-decoration: unset;">UND</small> seeks long-term growth of capital.</div> Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables or examples below. </span></div> Shareholder Fees (fees paid directly from your investment) -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0100 0.0017 0.0001 0.0118 Please note that Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of Operating Expenses Before Waivers/Reimbursements/Reductions to Average Net Assets found in the “Financial Highlights” section of this prospectus since the latter reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Example <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Legacy Class shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 120 375 650 1433 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended June 30, 2026, the Fund’s portfolio turnover rate was 53% of the average value of its portfolio.</div> 0.53 Principal Investment Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The Fund seeks long-term growth of capital by investing primarily in a diversified portfolio of publicly traded common stocks of U.S. companies. Under normal circumstances, the Fund invests in the stocks of businesses that are likely to have recently underperformed their peers, or the market due to what the Investment Adviser deems to be temporary operational issues. The Fund then emphasizes stocks which the Investment Adviser believes are undervalued in relation to the business’s (or issuer’s) long-term earnings power or asset value, or the stock market in general. Securities in which the Fund invests may be undervalued because of many factors, including market decline, poor economic conditions, tax‑loss selling or actual or anticipated unfavorable developments affecting the issuer of the security. The Fund may invest in securities of companies with any capitalization across a broad range of industries. The Fund intends to invest at least 65% of its total assets in common stocks and equity-related securities (such as convertible debt securities and warrants). The Fund may invest up to 35% of its total assets in debt or fixed income securities, including higher yield, higher risk, lower rated or unrated corporate bonds commonly referred to as “junk bonds.” These are bonds that are rated Ba or below by Moody’s or BB or below by S&amp;P. The Fund may invest up to 10% of its total assets in securities rated Ca or below by Moody’s or C or below by S&amp;P, or unrated but considered by the Investment Adviser to be of comparable quality. The Fund may also invest up to 25% of its total assets, calculated at the time of purchase, in securities of foreign companies, including emerging market companies. The Fund generally sells investments when (i) the Investment Adviser concludes that the company’s fundamentals are not meeting expectations; (ii) better investment opportunities exist; and/or (iii) the company’s business has improved and this, in the Investment Adviser’s opinion, is reflected in the share price.</div> An investment in the Fund may lose money is not a deposit of a bank or insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Equity Securities Risk</span> — Equity securities fluctuate in price and value in response to many factors including historical and prospective earnings of the issuer and its financial condition, the value of its assets, general economic conditions, interest rates, investors’ perceptions, market liquidity, natural disasters and the spread of infectious disease or other public health issues.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Large Company Risk</span> — Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors. Also, large‑cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Small and Medium Company Risk</span> — Generally, the smaller the capitalization of a company, the greater the risk associated with an investment in the company. The stock prices of small- and mid‑capitalization and newer companies tend to fluctuate more than those of larger capitalized and/or more established companies and generally have a smaller market for their shares than do large capitalization companies.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Value Securities Risk</span> — The market value of a value security may take longer than anticipated to rise, may decline or may fail to meet the Investment Adviser’s assessment of its potential value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Investment Strategy Risk</span> — The Investment Adviser uses the Fund’s principal investment strategies and other investment strategies to seek to achieve the Fund’s investment objective of long-term growth of capital. There is no assurance that the Investment Adviser’s investment strategies or securities selection method will achieve that investment objective.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Market Risk</span> — The value of the Fund’s investments will fluctuate in response to the activities of individual companies and general stock market and economic conditions. As a result, the value of your investment in the Fund may be more or less than your purchase price.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Securities Lending Risk</span> — The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Sector Concentration Risk</span> — The Fund may concentrate its investments in companies that are in a single sector or related sector. Concentrating investments in a single sector may make the Fund more susceptible to adverse economic, business, regulatory or other developments affecting that sector. If an economic downturn occurs in a sector in which the Fund’s investments are concentrated, the Fund may perform poorly during that period.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Foreign Securities Risk</span> — Investments in foreign securities, including securities of companies located in emerging markets, may be subject to more risks than those associated with U.S. investments, including currency fluctuations, political and economic instability and differences in accounting, auditing and financial reporting standards. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. In addition, emerging market securities involve greater risk and more volatility than those of companies in more developed markets. Significant levels of foreign taxes are also a risk related to foreign investments.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Debt Securities Risk</span> — Debt securities are subject to credit risk, interest rate risk and liquidity risk. Credit risk is the risk that the entity that issued a debt security may become unable to make payments of principal and interest when due and includes the risk of default. Interest rate risk is the risk of losses due to changes in interest rates. Liquidity risk is the risk that the Fund may not be able to sell portfolio securities because there are too few buyers for them.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">High Yield Bond Risk</span> — Debt securities that are rated below investment grade (commonly referred to as “junk bonds”) involve a greater risk of default or price declines than investment grade securities. The market for high-yield, lower rated securities may be smaller and less active, causing market price volatility and limited liquidity in the secondary market. This may limit the ability of a Fund to sell these securities at their fair market values either to meet redemption requests, or in response to changes in the economy or the financial markets.</div> Performance <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The bar chart and table below show the Fund’s historical performance and provide an indication of the risks of investing in the Fund, including by comparing the Fund’s performance with the returns of the Russell 3000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index, a broad-based securities market index, and the Russell 2500<sup style="font-size: 75%; vertical-align: top;">®</sup> Index and the Russell 2500<sup style="font-size: 75%; vertical-align: top;">®</sup> Value Index, indexes more representative of the Fund’s investment strategy. The bar chart shows changes in the performance of the Fund’s Legacy Class shares from year‑to‑year.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund may be obtained by visiting www.arrowmarkpartners.com/meridian or by calling 1‑800‑446‑6662.</div> The bar chart and table below show the Fund’s historical performance and provide an indication of the risks of investing in the Fund, including by comparing the Fund’s performance with the returns of the Russell 3000® Index, a broad-based securities market index, and the Russell 2500® Index and the Russell 2500® Value Index, indexes more representative of the Fund’s investment strategy. The bar chart shows changes in the performance of the Fund’s Legacy Class shares from year‑to‑year. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.arrowmarkpartners.com/meridian 1‑800‑446‑6662 Year‑by‑Year Total Returns as of 12/31 <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">During the period covered by this bar chart, the Fund’s Legacy Class shares highest quarterly return was 29.47% (for the quarter ended June 30, 2020); and the lowest quarterly return was –30.95% (for the quarter ended March 31, 2020).</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">For the period January 1, 2026 through September 30, 2026, the total return of the Fund’s Legacy Class shares was 6.29%.</div> highest quarterly return 0.2947 2020-06-30 lowest quarterly return -0.3095 2020-03-31 2026-09-30 total return of the Fund’s 0.0629 Average Annual Total Returns (For the year ended December 31, 2025) 0.1731 0.0868 0.1209 0.1399 0.0636 0.0971 0.1235 0.0650 0.0937 0.1191 0.0726 0.1040 0.1273 0.1002 0.0972 0.1715 0.1315 0.1429 The Fund’s returns after taxes on distributions and sale of Fund shares may be higher than its returns after taxes on distributions because it includes the effect of a tax benefit an investor may receive resulting from the capital losses that would have been incurred on the sale of the shares. <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term gain) and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑qualified arrangements such as 401(k) plans or individual retirement accounts.</div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term gain) and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑qualified arrangements such as 401(k) plans or individual retirement accounts. FUND SUMMARY MERIDIAN HEDGED EQUITY FUND Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The M<small style="font-weight: inherit; font-style: unset; text-decoration: unset;">ERIDIAN</small> H<small style="font-weight: inherit; font-style: unset; text-decoration: unset;">EDGED</small> E<small style="font-weight: inherit; font-style: unset; text-decoration: unset;">QUITY</small> F<small style="font-weight: inherit; font-style: unset; text-decoration: unset;">UND</small> seeks long-term growth of capital.</div> Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables or examples below. </span></div> Shareholder Fees (fees paid directly from your investment) -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0091 0.0069 0.0002 0.0162 -0.0035 0.0127 Please note that Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of Operating Expenses Before Waivers/Reimbursements/Reductions to Average Net Assets found in the “Financial Highlights” section of this prospectus since the latter reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. one year after the date of this prospectus Example <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Legacy Class shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the Fund’s operating expenses remain the same and the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement and Recoupment shown above will only be in place for the length of the current commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 129 477 849 1894 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended June 30, 2026, the Fund’s portfolio turnover rate was 36% of the average value of its portfolio.</div> 0.36 Principal Investment Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The Fund seeks to maximize total return by investing primarily in a diversified portfolio of equity securities of U.S. companies that have the potential for capital appreciation. Under normal circumstances, the Fund will invest at least 80% of its net assets in long or short positions in equity securities. Equity securities include, but are not limited to, common and preferred stocks as well as convertible securities, such as options, in domestic and foreign companies. The Fund often sells exchange traded call options against 40% to 60% of the underlying equity holdings. This hedging strategy seeks to use the option premiums collected, cash flow and income to the Fund, to reduce risk and volatility associated with typical long-only equity investment strategies. The Fund may invest in securities of companies with any capitalization across a broad range of industries. These may include companies that are relatively small in terms of assets, revenues and earnings. The mix of the Fund’s investments at any time will depend on the industries and types of securities the Investment Adviser believes hold the most potential for achieving the Fund’s investment objective. The Fund may invest up to 25% of its total assets, calculated at the time of purchase, in securities of foreign companies, including emerging market companies. The Fund may also invest its assets in debt or fixed income securities</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">including higher yield, higher risk, lower rated or unrated corporate bonds commonly referred to as “junk bonds.” These are bonds that are rated Ba or below by Moody’s Investors Service, Inc. (“Moody’s”) or BB or below by Standard and Poor’s Ratings Services (“S&amp;P”) or are in default or unrated but of comparable quality as determined by the Investment Adviser. The Fund generally sells investments when the Investment Adviser concludes that the long-term growth prospects of the company have deteriorated, or the issuer’s circumstances or the political or economic outlook relative to the security have changed, and better investment opportunities exist in other securities.</div> Under normal circumstances, the Fund will invest at least 80% of its net assets in long or short positions in equity securities. Equity securities include, but are not limited to, common and preferred stocks as well as convertible securities, such as options, in domestic and foreign companies. The Fund often sells exchange traded call options against 40% to 60% of the underlying equity holdings. This hedging strategy seeks to use the option premiums collected, cash flow and income to the Fund, to reduce risk and volatility associated with typical long-only equity investment strategies. The Fund may invest in securities of companies with any capitalization across a broad range of industries. These may include companies that are relatively small in terms of assets, revenues and earnings. The mix of the Fund’s investments at any time will depend on the industries and types of securities the Investment Adviser believes hold the most potential for achieving the Fund’s investment objective. The Fund may invest up to 25% of its total assets, calculated at the time of purchase, in securities of foreign companies, including emerging market companies. The Fund may also invest its assets in debt or fixed income securitiesincluding higher yield, higher risk, lower rated or unrated corporate bonds commonly referred to as “junk bonds.” These are bonds that are rated Ba or below by Moody’s Investors Service, Inc. (“Moody’s”) or BB or below by Standard and Poor’s Ratings Services (“S&amp;P”) or are in default or unrated but of comparable quality as determined by the Investment Adviser. An investment in the Fund may lose money is not a deposit of a bank or insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Equity Securities Risk</span> — Equity securities fluctuate in price and value in response to many factors including historical and prospective earnings of the issuer and its financial condition, the value of its assets, general economic conditions, interest rates, investors’ perceptions, market liquidity, natural disasters and the spread of infectious disease or other public health issues.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Small and Medium Company Risk</span> — Generally, the smaller the capitalization of a company, the greater the risk associated with an investment in the company. The stock prices of small- and mid‑capitalization and newer companies tend to fluctuate more than those of larger capitalized and/or more established companies and generally have a smaller market for their shares than do large capitalization companies.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Large Company Risk</span> — Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors. Also, large‑cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Investment Strategy Risk</span> — The Investment Adviser uses the Fund’s principal investment strategies and other investment strategies to seek to achieve the Fund’s investment objective of long-term growth of capital along with income as a component of total return. There is no assurance that the Investment Adviser’s investment strategies or securities selection method will achieve that investment objective.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Market Risk</span> — The value of the Fund’s investments will fluctuate in response to the activities of individual companies and general stock market and economic conditions. As a result, the value of your investment in the Fund may be more or less than your purchase price.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Securities Lending Risk</span> — The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Sector Concentration Risk</span> — The Fund may concentrate its investments in companies that are in a single sector or related sector. Concentrating investments in a single sector may make the Fund more susceptible to adverse economic, business, regulatory or other developments affecting that sector. If an economic downturn occurs in a sector in which the Fund’s investments are concentrated, the Fund may perform poorly during that period. The Fund anticipates it will typically invest a significant portion of its assets in the information technology sector and, therefore, the Fund’s performance could be negatively impacted by events affecting this sector.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;"></span><span style="font-weight: bold;"></span><span style="font-weight: bold;">Information Technology Risk </span>—<span style="font-weight: bold;"></span> Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss, or impairment of, or inability to enforce, these rights may adversely affect the profitability of these companies.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Options Risk</span> — The success of the Fund’s investment in options depends upon many factors, such as the price of the options, which is a function of interest rates, volatility, dividends, the exercise price, stock price and other market factors. These factors may change rapidly over time.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The principal risk associated with writing put options, is that the Fund assumes the risk that it will have to purchase the underlying security at an exercise price that may be higher than the market price of the security. If the market price of the underlying security declines, the Fund would expect to suffer a loss. However, the premium the Fund received for writing the put should offset a portion of the decline.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The principal risk associated with purchasing options is that price valuations or market movements may not justify purchasing the options, or, if purchased, the options may expire unexercised, causing the Fund to lose the premium paid (i.e., incur the cost of the options but not the attendant benefits).</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The principal risk associated with writing covered call options is that the Fund will be required to sell the underlying security (i.e., have the security “called”) and, therefore, will not participate in gains if the stock price exceeds the exercise price generally at the expiration date of the option.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The Fund’s investment in options may also result in reduced flexibility in purchases and sales of portfolio securities. Because the Fund may hold the securities underlying the options held or sold by the Fund, the Fund may be less likely to sell such securities in its portfolio to take advantage of new investment opportunities.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Foreign Securities Risk</span> — Investments in foreign securities, including securities of companies located in emerging markets, may be subject to more risks than those associated with U.S. investments, including currency fluctuations, political and economic instability and differences in accounting, auditing and financial reporting standards. Foreign securities may be less liquid than domestic securities so that the Fund may, at</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">times, be unable to sell foreign securities at desirable times or prices. In addition, emerging market securities involve greater risk and more volatility than those of companies in more developed markets. Significant levels of foreign taxes are also a risk related to foreign investments.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Debt Securities Risk</span> — Debt securities are subject to credit risk, interest rate risk and liquidity risk. Credit risk is the risk that the entity that issued a debt security may become unable to make payments of principal and interest when due and includes the risk of default. Interest rate risk is the risk of losses due to changes in interest rates. Liquidity risk is the risk that the Fund may not be able to sell portfolio securities because there are too few buyers for them.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">High Yield Bond Risk</span> — Debt securities that are rated below investment grade (commonly referred to as “junk bonds”) involve a greater risk of default or price declines than investment grade securities. The market for high-yield, lower rated securities may be smaller and less active, causing market price volatility and limited liquidity in the secondary market. This may limit the ability of a Fund to sell these securities at their fair market values either to meet redemption requests, or in response to changes in the economy or the financial markets.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Income Risk</span> — The Fund may not be able to pay distributions or may have to reduce its distribution level if the amount of dividends and/or interest received by the Fund on the securities it holds declines or is insufficient to pay such distributions.</div> Performance <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The bar chart and table below show the Fund’s historical performance and provide an indication of the risks of investing in the Fund, including by comparing the Fund’s performance with the returns of the S&amp;P 500<sup style="font-size: 75%; vertical-align: top;">®</sup> Index, a broad-based securities market index, and the Cboe S&amp;P 500 BuyWrite Index (BXM), an index more representative of the Fund’s investment strategy. The bar chart shows changes in the performance of the Fund’s Legacy Class shares from year‑to‑year.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund may be obtained by visiting www.arrowmarkpartners.com/meridian or by calling 1‑800‑446‑6662.</div> The bar chart and table below show the Fund’s historical performance and provide an indication of the risks of investing in the Fund, including by comparing the Fund’s performance with the returns of the S&P 500® Index, a broad-based securities market index, and the Cboe S&P 500 BuyWrite Index (BXM), an index more representative of the Fund’s investment strategy. The bar chart shows changes in the performance of the Fund’s Legacy Class shares from year‑to‑year. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.arrowmarkpartners.com/meridian 1‑800‑446‑6662 Year‑by‑Year Total Returns as of 12/31 <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">During the period covered by this bar chart, the Fund’s Legacy Class shares highest quarterly return was 21.75% (for the quarter ended June 30, 2020); and the lowest quarterly return was <span style="font-family: times new roman; font-size: 7pt;">–</span>18.46% (for the quarter ended December 31, 2018).</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">For the period January 1, 2026 through September 30, 2026, the total return of the Fund’s Legacy Class shares was 7.26%.</div> highest quarterly return 0.2175 2020-06-30 lowest quarterly return -0.1846 2018-12-31 2026-09-30 total return of the Fund’s 0.0726 Average Annual Total Returns (For the year ended December 31, 2025) 2005-01-31 2005-01-31 2005-01-31 2005-01-31 2005-01-31 0.0654 0.0658 0.1353 0.0481 0.0338 0.1012 0.0508 0.0420 0.1007 0.1788 0.1442 0.1482 0.0891 0.0933 0.0731 The Fund’s returns after taxes on distributions and sale of Fund shares may be higher than its returns after taxes on distributions because it includes the effect of a tax benefit an investor may receive resulting from the capital losses that would have been incurred on the sale of the shares. <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">After‑tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term gain) and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑qualified arrangements such as 401(k) plans or individual retirement accounts.</div> After‑tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term gain) and do not reflect the impact of state and local taxes. Actual after‑tax returns depend on an investor’s tax situation and may differ from those shown. After‑tax returns shown are not relevant to investors who hold their Fund shares through tax‑qualified arrangements such as 401(k) plans or individual retirement accounts. FUND SUMMARY MERIDIAN SMALL CAP GROWTH FUND Investment Objective <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The M<small style="font-weight: inherit; font-style: unset; text-decoration: unset;">ERIDIAN</small> S<small style="font-weight: inherit; font-style: unset; text-decoration: unset;">MALL</small> C<small style="font-weight: inherit; font-style: unset; text-decoration: unset;">AP</small> G<small style="font-weight: inherit; font-style: unset; text-decoration: unset;">ROWTH</small> F<small style="font-weight: inherit; font-style: unset; text-decoration: unset;">UND</small> seeks long-term growth of capital by investing primarily in equity securities of small capitalization companies.</div> Fees and Expenses of the Fund <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <span style="font-weight: bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables or examples below. </span></div> Shareholder Fees (fees paid directly from your investment) -0.0200 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0100 0.0100 0.0024 0.0021 0.0001 0.0001 0.0125 0.0122 -0.0011 0.0125 0.0111 Please note that Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of Operating Expenses Before Waivers/Reimbursements/Reductions to Average Net Assets found in the “Financial Highlights” section of this prospectus since the latter reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. one year after the date of this prospectus Example <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Legacy Class shares or Institutional Class shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year, the Fund’s operating expenses remain the same and the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement shown above will only be in place for the length of the current commitment. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div> 127 376 659 1466 113 396 686 1511 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended June 30, 2026, the Fund’s portfolio turnover rate was 62% of the average value of its portfolio.</div> 0.62 Principal Investment Strategies <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The Fund seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets, including the amount of any borrowings for investment purposes, in equity securities (including, but not limited to, common stocks, preferred stocks and securities convertible into common and preferred stocks) of U.S. small capitalization companies. In the view of the Investment Adviser, small capitalization companies are defined as companies whose total market capitalization falls within the range of companies included in the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index or the S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Index at the time of purchase. Both indices are broad indices of small capitalization stocks. As of September 30, 2026, the market capitalization of the companies in these indices ranged from approximately $1 million to $58 billion. The Fund may also invest up to 20% of its net assets in securities of companies of any market capitalization.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">In addition, the Fund attempts to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, including the amount of any borrowings for investment purposes, in securities of growth companies. For purposes of this 80% investment policy, a company is considered to be a growth company if it issues securities that are represented in a third-party growth-style index. The Fund may invest in companies that issue securities that are neither represented in any growth or value-style index (for example, a company that issues exclusively privately placed securities). The Fund may include such non-represented securities within the 80% test if the portfolio management team determines the company exhibits at least one growth characteristic similar to those commonly used by third-party index providers in growth classifications. Such characteristics may include, but are not limited to, historical or projected growth in earnings, revenues, sales, cash flow, book value, or other relevant financial or operating measures; valuation measures used by index providers in style classification; or other fundamental characteristics that the Adviser believes support the potential for above-average growth or capital appreciation.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The portfolio managers apply a “bottom up” fundamental research process in selecting investments. In other words, the portfolio managers analyze individual companies to determine if a company presents an attractive investment opportunity and if it is consistent with the Fund’s investment strategies and policies. The Fund generally sells investments when the Investment Adviser concludes that better investment opportunities exist in other securities, the security is fully valued, or the issuer’s circumstances or the political or economic outlook have changed.</div> The Fund seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets, including the amount of any borrowings for investment purposes, in equity securities (including, but not limited to, common stocks, preferred stocks and securities convertible into common and preferred stocks) of U.S. small capitalization companies.In addition, the Fund attempts to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, including the amount of any borrowings for investment purposes, in securities of growth companies. For purposes of this 80% investment policy, a company is considered to be a growth company if it issues securities that are represented in a third-party growth-style index. The Fund may invest in companies that issue securities that are neither represented in any growth or value-style index (for example, a company that issues exclusively privately placed securities). The Fund may include such non-represented securities within the 80% test if the portfolio management team determines the company exhibits at least one growth characteristic similar to those commonly used by third-party index providers in growth classifications. In the view of the Investment Adviser, small capitalization companies are defined as companies whose total market capitalization falls within the range of companies included in the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index or the S&amp;P SmallCap 600<sup style="font-size: 75%; vertical-align: top;">®</sup> Index at the time of purchase. Both indices are broad indices of small capitalization stocks. As of September 30, 2026, the market capitalization of the companies in these indices ranged from approximately $1 million to $58 billion. The Fund may also invest up to 20% of its net assets in securities of companies of any market capitalization. The portfolio managers apply a “bottom up” fundamental research process in selecting investments. In other words, the portfolio managers analyze individual companies to determine if a company presents an attractive investment opportunity and if it is consistent with the Fund’s investment strategies and policies. The Fund generally sells investments when the Investment Adviser concludes that better investment opportunities exist in other securities, the security is fully valued, or the issuer’s circumstances or the political or economic outlook have changed. An investment in the Fund may lose money is not a deposit of a bank or insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Equity Securities Risk</span> — Equity securities fluctuate in price and value in response to many factors including historical and prospective earnings of the issuer and its financial condition, the value of its assets, general economic conditions, interest rates, investors’ perceptions, market liquidity, natural disasters and the spread of infectious disease or other public health issues.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Small Company Risk</span> — Generally, the smaller the capitalization of a company, the greater the risk associated with an investment in the company. The stock prices of small capitalization and newer companies tend to fluctuate more than those of larger capitalized and/or more established companies and generally have a smaller market for their shares than do large capitalization companies.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Growth Securities Risk</span> — Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Investment Strategy Risk</span> — The Investment Adviser uses the Fund’s principal investment strategies and other investment strategies to seek to achieve the Fund’s investment objective of long-term growth of capital by investing primarily in equity securities of small capitalization companies. There is no assurance that the Investment Adviser’s investment strategies or securities selection method will achieve that investment objective.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Market Risk</span> — The value of the Fund’s investments will fluctuate in response to the activities of individual companies and general stock market and economic conditions. As a result, the value of your investment in the Fund may be more or less than your purchase price.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Securities Lending Risk</span> — The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Sector Concentration Risk</span> — The Fund may concentrate its investments in companies that are in a single sector or related sector. Concentrating investments in a single sector may make the Fund more susceptible to adverse economic, business, regulatory or other developments affecting that sector. If an economic downturn occurs in a sector in which the Fund’s investments are concentrated, the Fund may perform poorly during that period. The Fund anticipates it will typically invest a significant portion of its assets in the industrials sector and the healthcare sector, therefore, the Fund’s performance could be negatively impacted by events affecting these sectors.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;"><span style="font-weight: bold;">Healthcare Sector Risk </span>— The Fund anticipates it will typically invest a significant portion of its assets in the healthcare sector and, therefore, the Fund’s performance could be negatively impacted by events affecting the healthcare sector. The health care sector is subject to extensive government regulation and its profitability can be adversely affected by, among other things, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, and increased emphasis on the delivery of healthcare through outpatient services.</div> Performance <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The bar chart and table below show the Fund’s historical performance and provide an indication of the risks of investing in the Fund, including by comparing the Fund’s performance with the returns of the Russell 3000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index, a broad-based securities market index, and the Russell 2000<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index, an index more representative of the Fund’s investment strategy. The bar chart shows changes in the performance of the Fund’s Legacy Class shares from year‑to‑year. The performance of the Institutional Class shares of the Fund would have differed from that of Legacy Class shares only to the extent that the Institutional Class shares have higher expenses than Legacy Class shares, which would have resulted in lower performance.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information for the Fund may be obtained by visiting www.arrowmarkpartners.com/meridian or by calling 1‑800‑446‑6662.</div> The bar chart and table below show the Fund’s historical performance and provide an indication of the risks of investing in the Fund, including by comparing the Fund’s performance with the returns of the Russell 3000® Index, a broad-based securities market index, and the Russell 2000® Growth Index, an index more representative of the Fund’s investment strategy. The bar chart shows changes in the performance of the Fund’s Legacy Class shares from year‑to‑year. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.arrowmarkpartners.com/meridian 1‑800‑446‑6662 Year‑by‑Year Total Returns as of 12/31 <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">During the period covered by this bar chart, the Fund’s Legacy Class shares highest quarterly return was 33.73% (for the quarter ended June 30, 2020); and the lowest quarterly return was –31.59% (for the quarter ended March 31, 2020).</div> <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">For the period January 1, 2026 through September 30, 2026, the total return of the Fund’s Legacy Class shares was 1.38%.</div> highest quarterly return 0.3373 2020-06-30 lowest quarterly return -0.3159 2020-03-31 2026-09-30 total return of the Fund’s 0.0138 Average Annual Total Returns (For the year ended December 31, 2025) 2013-12-16 2013-12-16 2013-12-16 -0.0128 0.0042 0.0877 -0.0296 -0.0201 0.0671 0.0047 0.0010 0.0675 2014-12-24 2014-12-24 2014-12-24 -0.0112 0.0053 0.0888 0.1301 0.0318 0.0957 0.1715 0.1315 0.1429 The Fund’s returns after taxes on distributions and sale of Fund shares may be higher than its returns after taxes on distributions because it includes the effect of a tax benefit an investor may receive resulting from the capital losses that would have been incurred on the sale of the shares. <div style="margin-top: 6pt; margin-bottom: 0pt; text-indent: 4%; font-size: 10pt; font-family: times new roman;">After-tax returns are only shown for Legacy Class shares. After-tax returns for other Classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term gain) and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-qualified arrangements such as 401(k) plans or individual retirement accounts.</div> After-tax returns are only shown for Legacy Class shares. After-tax returns for other Classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates for the character of income in question (as ordinary income or long-term gain) and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-qualified arrangements such as 401(k) plans or individual retirement accounts. The Fund’s returns after taxes on distributions and sale of Fund shares may be higher than its returns after taxes on distributions because it includes the effect of a tax benefit an investor may receive resulting from the capital losses that would have been incurred on the sale of the shares. Additional index. Broad-based securities market index. Please note that Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of Operating Expenses Before Waivers/Reimbursements/Reductions to Average Net Assets found in the “Financial Highlights” section of this prospectus since the latter reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The Investment Adviser has agreed to waive a portion of the investment advisory and/or administration fees and/or reimburse other expenses of the Meridian Hedged Equity Fund so that the ratio of expenses to average net assets of the Meridian Hedged Equity Fund (excluding Acquired Fund Fees and Expenses, brokerage expenses, dividend expenses on securities sold short and interest expenses on short sales, taxes, and extraordinary expenses) does not exceed 1.50% for Class A, 2.25% for Class C and 1.25% for Investor Class. These expense limitations may not be amended or withdrawn until one year after the date of this prospectus without the consent of the Board of Directors. For a period not to exceed three (3) years on which a waiver of reimbursement in excess of the expense limitation is made by the Investment Adviser, the Fund will carry forward, and may repay the Investment Adviser such amounts; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense limitation in effect at the time of the waiver or (ii) the expense limitation in effect at the time of the recapture. The Fund’s returns after taxes on distributions and sale of Fund shares may be higher than its returns after taxes on distributions because it includes the effect of a tax benefit an investor may receive resulting from the capital losses that would have been incurred on the sale of the shares. Broad-based securities market index. Additional index. Please note that Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of Operating Expenses Before Waivers/Reimbursements/Reductions to Average Net Assets found in the “Financial Highlights” section of this prospectus since the latter reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The Investment Adviser has agreed to waive a portion of the investment advisory and/or administration fees and/or reimburse other expenses of the Meridian Small Cap Growth Fund so that the ratio of expenses to average net assets of the Meridian Small Cap Growth Fund (excluding Acquired Fund Fees and Expenses, brokerage expenses, dividend expenses on securities sold short and interest expenses on short sales, taxes, and extraordinary expenses) does not exceed 1.50% for Class A, 2.25% for Class C and 1.25% for Investor Class. These expense limitations may not be amended or withdrawn until one year after the date of this prospectus without the consent of the Board of Directors. For a period not to exceed three (3) years on which a waiver of reimbursement in excess of the expense limitation is made by the Investment Adviser, the Fund will carry forward, and may repay the Investment Adviser such amounts; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense limitation in effect at the time of the waiver or (ii) the expense limitation in effect at the time of the recapture. The Fund’s returns after taxes on distributions and sale of Fund shares may be higher than its returns after taxes on distributions because it includes the effect of a tax benefit an investor may receive resulting from the capital losses that would have been incurred on the sale of the shares. Additional index. Broad-based securities market index. The Fund’s returns after taxes on distributions and sale of Fund shares may be higher than its returns after taxes on distributions because it includes the effect of a tax benefit an investor may receive resulting from the capital losses that would have been incurred on the sale of the shares. Additional index. Broad-based securities market index. Please note that Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of Operating Expenses Before Waivers/Reimbursements/Reductions to Average Net Assets found in the “Financial Highlights” section of this prospectus since the latter reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The Fund’s returns after taxes on distributions and sale of Fund shares may be higher than its returns after taxes on distributions because it includes the effect of a tax benefit an investor may receive resulting from the capital losses that would have been incurred on the sale of the shares. Additional index. Broad-based securities market index. Please note that Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of Operating Expenses Before Waivers/Reimbursements/Reductions to Average Net Assets found in the “Financial Highlights” section of this prospectus since the latter reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The Investment Adviser has agreed to waive a portion of the investment advisory and/or administration fees and/or reimburse other expenses of the Meridian Hedged Equity Fund so that the ratio of expenses to average net assets of the Meridian Hedged Equity Fund (excluding Acquired Fund Fees and Expenses, brokerage expenses, dividend expenses on securities sold short and interest expenses on short sales, taxes, and extraordinary expenses) does not exceed 1.25% for the Legacy Class. This expense limitation may not be amended or withdrawn until one year after the date of this prospectus without the consent of the Board of Directors. For a period not to exceed three (3) years on which a waiver of reimbursement in excess of the expense limitation is made by the Investment Adviser, the Fund will carry forward, and may repay the Investment Adviser such amounts; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense limitation in effect at the time of the waiver or (ii) the expense limitation in effect at the time of the recapture. The Fund’s returns after taxes on distributions and sale of Fund shares may be higher than its returns after taxes on distributions because it includes the effect of a tax benefit an investor may receive resulting from the capital losses that would have been incurred on the sale of the shares. Broad-based securities market index. Additional index. Please note that Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of Operating Expenses Before Waivers/Reimbursements/Reductions to Average Net Assets found in the “Financial Highlights” section of this prospectus since the latter reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. [The Investment Adviser has agreed to waive a portion of the investment advisory and/or administration fees and/or reimburse other expenses of the Meridian Small Cap Growth Fund so that the ratio of expenses to average net assets of the Meridian Small Cap Growth Fund (excluding Acquired Fund Fees and Expenses, brokerage expenses, dividend expenses on securities sold short and interest expenses on short sales, taxes, and extraordinary expenses) does not exceed 1.25% for the Legacy Class and 1.10% for the Institutional Class. These expense limitations may not be amended or withdrawn until one year after the date of this prospectus without the consent of the Board of Directors.] For a period not to exceed three (3) years on which a waiver of reimbursement in excess of the expense limitation is made by the Investment Adviser, the Fund will carry forward, and may repay the Investment Adviser such amounts; provided, however, that such recapture payments do not cause the Fund’s expense ratio (after recapture) to exceed the lesser of (i) the expense limitation in effect at the time of the waiver or (ii) the expense limitation in effect at the time of the recapture. The Fund’s returns after taxes on distributions and sale of Fund shares may be higher than its returns after taxes on distributions because it includes the effect of a tax benefit an investor may receive resulting from the capital losses that would have been incurred on the sale of the shares. Additional index. Broad-based securities market index. The Fund’s returns after taxes on distributions and sale of Fund shares may be higher than its returns after taxes on distributions because it includes the effect of a tax benefit an investor may receive resulting from the capital losses that would have been incurred on the sale of the shares. Additional index. Broad-based securities market index. Please note that Total Annual Fund Operating Expenses in the table above may not correlate to the ratio of Operating Expenses Before Waivers/Reimbursements/Reductions to Average Net Assets found in the “Financial Highlights” section of this prospectus since the latter reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.