(PUB) Investing 2015

23

November 2015

Morningstar FundInvestor

Data through October 31, 2015 FINRA members: For internal or institutional use only. Meridian Small Cap Growth Investor

Ticker MISGX

Yield 0.0%

Total Assets $277 mil

Mstar Category Small Growth

Benchmark 1: Russell 2000 Growth TR USD Benchmark 2: S&P 500 TR USD Morningstar Analyst Rating 10-19-15 ´

Investment Style Equity

Historical Profile Return Risk Rating — — Not Rated

9 9 9

13.0

Growth of $10,000

12.0

Investment Values of Fund Investment Values of Benchmark 1

Morningstar Pillars Process

11.0

∞ Positive ¶ Neutral ∞ Positive ∞ Positive § Negative

Performance

10.0

People Parent

Performance Quartile (within Category)

& )

Price

History

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 10-15

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ ‰ Á

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0

10.45 12.26 11.66

NAV

20.28 -4.89 14.68 -4.79 6.59 -7.60 0.00 0.00 20.28 -4.89 0.00 0.00 0.30 0.00 3.63 1.33 -0.70 -0.83 1 82

Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $

Pillar Spectrum ∞ Positive

§ Negative

¶ Neutral

Performance 10-31-15 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

2011 2012 2013 2014 2015

— — — — — — — — — — — — — — — 6.60 4.58 -4.55 13.03 20.28

78 50

45

151

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 09-30-15 Total Stocks: 99 Share change since 06-30-15

3.67 2.05 -12.41

— —

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Sector

YTD Ret % % Assets -3.25 2.92 3.41 2.25 16.46 2.25 4.63 2.20 8.00 2.05 -3.33 1.94 2.49 1.83 -30.06 1.81 1.07 1.81 33.36 1.66 -3.45 1.63 -5.11 1.54 -43.26 1.48 -7.62 1.43 -36.38 1.41 -29.47 1.39 — 1.37 -9.23 1.29 -15.90 1.28

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

T Clean Harbors Inc

Industrl

1 Yr 3 Yr 5 Yr

-1.69

3 Mo 6 Mo

-8.26 0.24 -7.63 -5.59 -2.12 -6.36 -1.69 -5.21 -6.89

51 9,174 74 9,441 78 9,831

T National CineMedia Inc

Cnsmr Cyc Technology

— — — — — — — — — — — —

T SolarWinds Inc

1 Yr

T CEB Inc

Industrl

10 Yr Incept

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

— — — — — — — — — — — — — — — — — — — —

R Solera Holdings Inc

Technology

10.00

T Heritage-Crystal Clean In

Industrl

T Balchem Corp

Basic Mat

Other Measures

Standard Index

Best Fit Index

T Heartland Express Inc

Industrl Industrl

Alpha

— — — — — —

— — —

T SP Plus Corp

Beta

Tax Analysis

Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

T Bank of the Ozarks Inc

Finan Svcs

R-Squared

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

— — — — — — — — — — — —

Y Proto Labs Inc

Industrl

Standard Deviation

T RigNet Inc

Technology -26.88 1.60

Mean

T Evolution Petroleum Corp T Del Frisco's Restaurant G

Energy

Sharpe Ratio

Cnsmr Cyc

Potential Capital Gain Exposure: -3% of assets

Heico Corp Class A

Industrl

Morningstar's Take by Greg Carlson 10-19-15 Meridian Small Cap Growth’s proven approach and management team earn a Morningstar Analyst Rating of Bronze. This fund is managed by Chad Meade and Brian Schaub, who left Janus Capital to join Arrowpoint Partners in mid-2013 just as the latter firm became the advisor to the Meridian Funds. In September 2013, MeadeandSchaub took thehelmofMeridianGrowthand filled theportfoliowithamixofmid-andsmall-capgrowth stocks (an approach they used successfully at Janus TritonJATTX). InDecember2013, this fundwas launched as a pure small-growth play similar to Janus Venture JAVTX, the managers’ other former charge. Meade and Schaub have successfully balanced risk andprudencehere.They favorcompanieswithsignificant competitive advantages and relatively sturdy cash flows and balance sheets. But they’ve taken advantage of the fund’ssmallsizebybuyingmanymicro-capstocks (which comprised 48% of assets at the end of June, far above the small-growth norm) and investing in a smattering of IPOs. Those tactics are part of the reason the fund has beaten all but one of its small growth peers and trounced its Russell 2000 Growth benchmark from inception

Y Wolverine World Wide Inc

Cnsmr Cyc Cnsmr Cyc Technology

T Hibbett Sports Inc

through Sept. 30, 2015. The fund also benefited from Meade and Schaub putting money to work slowly after the fund’s launch (due to lofty valuations), as growth stocks swooned in early 2014. Is the managers’ strategy sustainable? Janus Venturealreadyhad$1billion inassetswhen theduo took the helm in mid-2010 and swelled to $2.3 billion by the time they left Janus; its stake in micro-caps wasn’t much higher than the category norm (it ranged from 15%-24% of assets) during that span. That said, Meade and Schaub have generally limited tiny companies to smaller positions--which has helped the fund hold up well in downturns--and are taking a more conservative approach to capacity here--they would close the strategy at under $2 billion under current market conditions. Also, while most of this fund’s share classes are currently pricey, the firm is working to trim fees. All told, this is an appealing option.

Y 2U Inc

T Forward Air Corp T Five Below Inc

Industrl

Cnsmr Cyc

Current Investment Style

Sector Weightings h Cyclical r BasicMat t CnsmrCyc y FinanSvcs u Real Est j Sensitive i CommSrvs o Energy p Industrl a Technlgy k Defensive s CnsmrDef d Hlthcare f Utilities

% of Stocks

Rel Bmark 1

Market Cap % Giant 0.0 Large 0.0 Mid 7.1 Small 45.3 Micro 47.7 Avg $mil: 994

Value Blend Growth

Large Mid Small

26.61 0.86 2.07 0.38 18.99 1.09 4.66 0.96 0.89 0.28 55.28 1.37 0.00 0.00 1.75 1.68 31.62 2.15 21.91 0.95 18.10 0.63 1.39 0.30 16.71 0.69 0.00 0.00

Value Measures

Rel Category

Price/Earnings 23.83

0.98 0.85 0.83 0.91 1.04 0.96 1.38 1.54 1.47 0.74

Price/Book Price/Sales

2.46 1.38

Price/Cash Flow 10.58 Dividend Yield % 0.79

Growth Measures

% Rel Category

Long-Term Erngs 15.44

Book Value

12.76 11.88

Composition - Net

Sales

Cash 10.8 Stocks 88.0 Bonds 0.0 Other 1.1 Foreign 4.8 (% of Stock)

Address:

Meridian Fund Inc Larkspur CA 94939

Minimum Purchase: Min Auto Inv Plan:

$99999 Add: — IRA: —

Cash Flow 12.23 Historical Erngs 7.03

$99999 Add: —

800-446-6662

Sales Fees:

No-load, 2.00%R

Web Address:

www.meridianfund.com

Management Fee:

1.00%

Profitability

%

Inception:

12-16-13

Actual Fees:

Mgt:1.00% Dist:0.00%

Return on Equity Return on Assets

3.09 -0.53 2.85

Advisor:

Arrowpoint Asset Management, LLC

Expense Projections: Income Distribution:

3Yr:$440 5Yr:$761 10Yr:$1669

Subadvisor:

None

Annually

Net Margin

A

ß ® Mutual Funds

©2015Morningstar, Inc.All rights reserved. The information herein is not represented orwarranted to be accurate, complete or timely. Past performance is no guarantee of future results.Access updated reports at www.morningstar.com . To order reprints, call 312-696-6100.