(PUB) Morningstar FundInvestor

December 2013

Morningstar FundInvestor

5

Data through November 30, 2013 Meridian Growth Legacy

Ticker

Status Yield Total Assets

Mstar Category Mid-Cap Growth

MERDX Open

0.3% $2,157 mil

Morningstar Analyst Rating 11-25-13

Investment Style Equity Stock %

Historical Profile Return Risk Rating Average Below Avg Above Avg

99% 98% 96% 98% 96% 97% 96% 95% 94%

´

Manager Change Partial Manager Change

10.0 14.0 18.0 22.8 29.2

Morningstar Pillars Process Performance

Growth of $10,000

Positive Neutral Positive Neutral Neutral

Investment Values of Fund Investment Values of S&P 500

¶

People Parent Price

¶ ¶

Performance Quartile (within Category) History

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 11-13

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 „ ´ˇ ¨

22.98 -17.82

33.03 47.90 19.22

37.24 14.47

36.57 0.33 -4.58

39.24 15.81

37.72

25.07

34.00 36.17

44.59 31.36 16.30

41.63 1.07 -1.04 2.72 0.16 0.91

39.78 12.27 -3.73 -3.54

36.11 24.63 -4.49 -6.92

NAV

-30.35 5.40

Total Return %

4.28 9.59 0.20

3.59

0.02 5.15 0.03

-0.09 -6.03 0.14

6.65

9.71

+/-S&P 500 +/-Russ MG

5.19 1.00

-11.77 -1.01

-10.12 13.97

4.98 0.19

0.00

0.00 0.33

0.24

0.55

0.37

0.00

Income Return % Capital Return %

-18.02

46.90

14.47

15.78

-30.59 5.26

35.62

31.17

11.90

24.63

12

7

41

98

10

89

2

64

10

19

67

94

Total Rtn % Rank Cat

Pillar Spectrum Positive

0.06 0.61 1.06 1.18

0.23 0.69 0.95 -0.47

0.00 0.56 0.88 -0.21

0.00 0.80 0.86 -0.21

0.01 3.12 0.85 -0.03

0.05 3.58 0.84 0.11

0.09 1.09 0.84 0.13

0.14 0.00 0.86 0.52

0.07 0.01 0.84 0.24

0.07 3.27 0.81 0.18

0.15 6.88 0.85 0.22

0.00

Income $

§ Negative

¶ Neutral

13.23

Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil

0.87 0.11

Performance 11-30-13 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

26

27

32

29

40

39

35

37

26

25

37

.

2009 2010 2011 2012 2013

-3.19 14.92 14.59 6.81 36.17 6.21 -6.01 14.82 14.61 31.36 6.21 0.53 -17.75 15.08 1.07 12.83 -4.07 2.20 1.50 12.27 10.13 1.14 6.95 . .

317

746

1,632

1,636

1,867

1,871

1,057

1,437

2,103

2,450

2,027

2,157

Portfolio Analysis 06-30-13 Share change since 03-13 Total Stocks:56 Sector

Rating and Risk Time Load-Adj

PE Tot Ret% % Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

Dresser-Rand Group, Inc. Sensata Technologies Hol Wolverine World Wide Polypore International, VistaPrint, Ltd. Clean Harbors, Inc. Heico Corporation Class SBA Communications Corp SS&C Technologies Holdin Expeditors International Sally Beauty Holdings In Hibbett Sports Inc

Energy

20.1 0.53 2.52

1 Yr 3 Yr 5 Yr

25.21 14.81 21.36

Trailing

Total

+/-

+/- Russ %Rank Growth of

Technology 36.5 20.01 2.24 Cnsmr Cyc 33.3 61.35 2.11 Cnsmr Cyc 22.7 22.52 1.87 Cnsmr Cyc 62.9 74.48 1.86 Industrl 37.2 -18.32 1.87

Return% S&P 500 9.88 -1.28 11.74 -0.17 25.21 -5.09 14.81 -2.92 21.36 3.76 9.57 1.88 11.83 6.94

MG

Cat

$10,000

Avg Avg Avg

-Avg -Avg Low

3 Mo 6 Mo 1 Yr

-0.18 -1.54 -8.70 -1.95 -2.13 0.02 4.23

66 10,988 86 11,174 96 12,521 53 15,133 39 26,326 38 24,941 12 53,503

10 Yr Incept

9.57

12.87

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

Industrl Industrl

24.0 -4.07 1.83 28.7 62.23 1.82

Other Measures

Standard Index

Best Fit Index

S&P 500

Russ MG

Comm Svs

19.99 1.82

.

Alpha

-3.3 1.06

-0.5 0.92

Technology 34.1 86.70 1.78

Beta

Industrl

25.8 11.35 1.77

R-Squared

83

92

Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 10.80 90 3.49 100 18.58 75 2.30 99 7.89 56 1.53 99 Potential Capital Gain Exposure: 4% of assets Morningstar’s Take by Greg Carlson 11-25-13 Meridian Growth has seen a lot of changes lately, but it’s in good hands. Chad Meade and Brian Schaub took over this fund in September 2013, capping a turbulent period for this fund. In early 2012, Rick Aster, lead skipper since the fund’s 1984 inception, suddenly passed away. Jamie England, lead manager of the firm’s other two funds--Meridian Contrarian MVALX and Meridian Equity Income MEIFX--stepped in to assist comanager William Tao. Plus, Larry Cordisco and Kevin O’Boyle (both former managers at Contrarian) rejoined the firm. In September 2013, Denver-based Arrowpoint Partners, which Meade and Schaub had joined in May from Janus, purchased the fund’s advisor, Aster Investment Management. O’Boyle, who had rejoined on a temporary basis, left again, and Tao departed as well. England and Cordisco now focus fully on their charges. While Meade and Schaub are new to both the fund and Arrowpoint, their transition has been fairly smooth. Arrowpoint founders David Corkins, Karen Reidy, and Minyoung Sohn are also former Janus employees, as

Cnsmr Cyc 19.0 19.39 1.76 Cnsmr Cyc 34.0 57.11 1.75 Cnsmr Cyc 18.5 9.21 1.69 Technology 43.3 6.72 1.64 Technology 34.3 40.48 1.63 Finan Svs 21.2 25.65 1.55 Technology 8.8 -1.92 1.53 Hlth care 21.0 42.52 1.49 Cyclical 34.08 1.18 BasicMat 2.30 0.75 5 4 CnsmrCyc23.72 2.76 24 16 FinanSvs 6.45 0.41 15 12 Real Est 1.61 1.10 3 2 Sensitive 54.84 1.26 CommSrvs 2.02 0.50 4 1 Energy 4.89 0.46 9 5 Industrl 28.44 2.50 21 17 Technlgy 19.49 1.11 27 17 Defensive11.09 0.40 CnsmrDef 0.82 0.07 3 1 Hlthcare 10.27 0.87 10 4 Utilities 0.00 0.00 . . h r t y u j i o p a k s d f Industrl 33.7 25.94 1.54 Sector Weightings % of Stocks Rel S&P 500 High 3 Year Low

Standard Deviation

14.46 14.81

LKQ Corporation PetSmart Inc.

Mean

Trimble Navigation Ltd. Gartner, Inc. Class A Brown & Brown, Inc.

Sharpe Ratio

1.02

Stericycle, Inc.

Cadence Design Systems,

are four of the six analysts who support Meade and Schaub. The duo’s investment style isn’t too different from the one historically used here, either. They typically seek out small- and mid-cap firms with competitive advantages and relatively solid balance sheets. They employed this strategy with great success in seven years at Janus Triton JATTX. That fund, like this one, typically kept up in rising markets and lost less than most peers when stocks fell. Meade and Schaub have wasted no time reshaping the portfolio to their liking. Of the top 10 holdings at the end of September, only two were held by the fund three months earlier, and all 10 were held by Triton at the end of March (Meade and Schaub’s last disclosed portfolio there). They’ve also boosted the number of holdings from 56 at the end of June to a more-typical 81. Overall, Meade and Schaub appear to be well-positioned to repeat their previous success. The only knock against the fund is high expenses for the new Institutional and Advisor share classes.

Cooper Companies

Current Investment Style

Market Cap % Giant 0.0 Large 0.0 Mid 69.0 Small 28.8 Micro 2.2 Avg $mil: 3,933

Value Blnd Growth

Large Mid Small

Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Growth Measures

Rel Category

26.04 3.70 1.70 16.56 0.66 14.86 13.09 11.12 7.86 13.66

1.34 1.35 1.01 1.65 0.74 1.05 1.34 1.44 0.58 0.53

% Rel Category

Composition - Net

Cash 5.7 Stocks 94.3 Bonds 0.0 Other 0.0 Foreign 3.9

Address:

60 E Sir Francis Drake Blvd Larkspur, CA 94939 800-446-6662 www.meridianfund.com

Minimum Purchase: Min Auto Inv Plan:

$1000

Add: $50 IRA: $0

$0

Add: .

Profitability

% Rel Category

Sales Fees:

No-load, 2.00%R 1.00% mx./0.75% mn. Mgt:0.76% Dist: .

Return on Equity Return on Assets Net Margin

16.04 6.92 8.08

0.94 0.94 0.80

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

Management Fee:

(% of Stock)

08-01-84

Actual Fees:

Arrowpoint Asset Management, LLC

Expense Projections: Income Distribution:

3Yr:$278 Annually

5Yr:$482 10Yr:$1073

None

N/A

Mutual Funds ß ®

© 2013Morningstar, Inc.All rights reserved. The information herein isnot representedorwarranted tobe accurate, correct, completeor timely.Pastperformance isnoguaranteeof future results.Accessupdated reports at To order reprints, call 312-696-6100. mfb.morningstar.com.

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