fundamentally focused

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1 fundamentally focused Meridian Contrarian Fund Advisor Shares: MFCAX Institutional Shares: MFCIX A mutual fund that seeks: Long-term growth of capital Out-of-favor companies that may have depressed valuations and visible catalysts for sustainable improvement Prioritize downside risk before potential return Maintain long-term investment horizon Investors should consider the investment objective and policies, risk considerations, charges and ongoing expenses of an investment carefully before investing. The prospectus contains this and other information relevant to an investment in the Fund. Please read the prospectus carefully before you invest or send money. To obtain a prospectus, please contact your investment representative or Destra Capital Investments LLC at or access our website at meridianfund.com. Not FDIC Insured, Not Bank Guaranteed, May Lose Value

2 Identifying Earnings Interruptions The Meridian Contrarian Fund s investment team seeks companies that the managers believe have strong fundamentals but have experienced a period of interrupted earnings growth. The Fund focuses on out-offavor companies that typically have depressed valuations and a visible catalyst for sustainable improvement in business fundamentals. Contrarian Growth Model Earnings Early Growth Growth companies typically have above average growth in revenues and earnings. Interrupted Growth Companies falter for a variety of reasons, but the market often punishes without differentiation. Return-to-Growth Earnings Peak Meridian Contrarian Fund seeks to invest in companies that have had temporary problems but may provide long-term promise. The Meridian Contrarian Fund investment team has over 15 years of history and experience sifting through companies that have fallen out of favor on Wall Street. The managers search for investments that they believe may regain their footing and contribute to the Fund s objective of long-term capital growth. By taking a contrarian approach when analyzing companies, the managers seek to find investments poised for earnings recovery. Contrarian Investing Investing with a contrarian approach is rooted in the philosophy that crowd mentality rules the market and creates inefficiencies. Contrarian investing aims to capitalize on these inefficiencies by investing in companies potentially poised for recovery even as the broader market may be disinterested. Investment Style Risk: Although the Fund makes every effort to achieve its investment objective of long-term growth of capital, it cannot guarantee that the Investment Adviser s investment strategies or securities selection method will achieve that objective or that the perceived intrinsic value of a company will be realized. 2 - Meridian Contrarian Fund

3 Careful Selection Through Detailed Analysis The Fund s investment strategy starts with fundamental analysis. Through this analysis, the portfolio managers eliminate companies that exhibit the following patterns: Earnings Secular Decliner Industry not conducive to growth Industry is in secular decline Earnings Repeat Offenders No competitive advantage Poor management Weak economics The team seeks companies that recognize their problems and have a strong, coherent turnaround plan to return to growth. Fundamental Research: Finding Opportunity in Adversity Companies that experience declines in earnings are usually punished with a weak stock price. Companies with earnings declines several quarters in a row are often abandoned by investors. These companies, which are unloved, sometimes forgotten, and often thinly covered by Wall Street analysts, are where the Meridian Contrarian Fund investment team begins its search for investment opportunities. Screen for Earnings Decline Screen for companies that have reported multiple year-over-year earnings declines; typically, at least three quarters in a row Eliminate micro-cap companies with less than $250 million market cap Analyze Appropriate Valuation Evaluate price to normalized earnings upon return to growth Upside scenario if investment thesis materializes Downside scenario if problems persist Analyze appropriate valuation Screen for Earnings Decline Assess quality of business Assess Quality of Business Industry strength Durable competitive advantage Sustainable future earnings growth Improving return on invested capital and free cash flow Determine if Earnings Rebound Coherent turnaround plan Fixed product/service responsible for problems Strong new or existing management Industry conducive to growth Expectations properly reset Determine if earnings rebound Identify reasons for decline Identify Reasons for Decline Company specific Costly investment cycle Missed product cycle Poor acquisition Industry-specific downturn General economic weakness 3 - Meridian Contrarian Fund

4 Portfolio Composition Positions are typically initiated if the investment team believes a turnaround is likely. Once confirmation of the turnaround is identified, the team will typically increase position size. As a company is more fully valued (late-stage turnaround), the investment team reduces or sells a position entirely. Investment Process: Representative Company Price Intrinsic Value Stock Price in Market This chart is for illustrative purposes and does not represent any company held in the Fund which may or may not perform as anticipated. Opportunity Identified Turnaround likely Business plan in place Position initiated Earnings Confirmation Earnings increase begins Business plan execution Position increased appropriately Late-Stage Turnaround Earnings elevated Strong market recognition Position reduced or replaced The Contrarian Fund finds Hidden Growth : growth that other managers may ignore or avoid because the companies have experienced difficulties. James England Contrarian Fund, Co-Portfolio Manager 4 - Meridian Contrarian Fund

5 Risk First Approach The managers believe that managing downside risk is one of the key drivers to building quality, steady returns over time. The managers recognizes that avoiding companies with significant underperformance is a more critical component to portfolio selection than looking to select the best performers. Breakeven: Gain/Loss Offset A hypothetical portfolio experiences a 20% loss of value during a market downturn. That portfolio will need to return 25% to return the portfolio back to it s starting value. By limiting the downside through managing risk, investors can achieve greater performance over a long-term investment horizon and just as importantly, have more confidence and conviction to stay invested. I am more concerned with the return of my money than the return on my money. -10% 11.11% -20% 25% Initial Loss Gain Needed to Offset Initial Loss -Mark Twain -50% 100% -80% 400% -80% 0 80% 160% 240% 320% 400% Source: Destra Capital Investments, based on mathematical principal. Meridian Funds Investment Adviser Arrowpoint Asset Management, LLC ( Arrowpoint ), the Investment Adviser to the Fund, is a fundamental research-based investment manager focused on matching client needs with experienced human capital. The company was founded on the belief that quality asset management is derived from the synthesis of the following core principals: Experience Investment team with a strong track record of success Comprehensive understanding across capital structures and strategies Over $5.0 bil in assets under management 30 experienced team members Research Rooted in an intensive fundamental research process Focus on long-term returns and managing downside risk Long-term investment horizon Partnership Employees work as a team in a collaborative culture Long-term client relationships 100% privately held by partners Meridian Contrarian Fund Portfolio Management Team James England, CFA Co-Portfolio Manager (Lead) Larry Cordisco Co-Portfolio Manager James O Connor, CFA Co-Portfolio Manager 17 years experience 13 years experience 12 years experience 5 - Meridian Contrarian Fund

6 Meridian Contrarian Fund Distributed by Destra Capital Investments About Destra Destra Capital connects financial advisors with innovative investment strategies and uniquely positioned asset management products. With an experienced management team and specialized asset managers that confidently take the long view, our goal is to rise above fleeting market statistics towards the opportunity for long-term returns in the pursuit of Responsible Alpha. Pursuit of Responsible Alpha Contact Us Destra Capital Investments 901 Warrenville Road, Suite 15 Lisle, IL destracapital.com Destra Capital Investments LLC, a member of FINRA and SIPC, is the registered Broker Dealer and the distributor of the Meridian Funds. Common to all the Destra investment offerings is the goal of providing market leading returns with an eye towards downside risk -- we call this Responsible Alpha. Our experience working with financial advisors shows investing is not about beating an index, it is about helping clients achieve their objectives and goals. The pursuit of Responsible Alpha is the guiding principal to all the investment products Destra offers. The investment team also has the ability to 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 and up to 25% of it s total assets in foreign companies, including emerging market companies. Risk Considerations Some important risks of the Fund are: Equity Securities Risk: 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 and market liquidity. Market Risk: The value of the Fund s investments will fluctuate in response to the activities of individual companies and general stock market and economic conditions and the value of your investment in the Fund may be more or less than your purchase price. Value Securities Risk: 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. Small Company Risk: Generally, the smaller the capitalization of a company, the greater the risk associated with an investment in the company. The stock prices of smaller and newer companies tend to fluctuate more than those of larger, more established companies and have smaller market for their shares than do large capitalization companies. Foreign Company Risk: Investments in foreign securities 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. High Yield Bond Risk: 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 thinner 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. Debt Securities Risk: 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, including medium- and lower-grade securities, because there are too few buyers for them. Destra Capital Investments 901 Warrenville Road, Suite 15 Lisle, IL destracapital.com member FINRA/SIPC DEST_INV-BRO-MCF-FIN