# EDGAR Filing Document

**Accession Number:** 0000745467
**File Stem:** 0001193125-25-197309
**Filing Date:** 2025-9
**Character Count:** 385191
**Document Hash:** 48af5027f40e58261aa5d3b6dcbd6ab4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-197309.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001193125-25-197309

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 56

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MERIDIAN FUND INC
- **CENTRAL INDEX KEY:** 0000745467

**ORGANIZATION NAME:**
- **EIN:** 680024203
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04014
- **FILM NUMBER:** 251297407

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FILLMORE STREET
- **STREET 2:** SUITE 325
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206
- **BUSINESS PHONE:** 303-398-2929

**MAIL ADDRESS:**
- **STREET 1:** 100 FILLMORE STREET
- **STREET 2:** SUITE 325
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80206

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MERIDIAN FUND INC/NEW
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### MERIDIAN HEDGED EQUITY FUND (Series ID: S000001461)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000003881 | Legacy Class   | MEIFX           |
| C000132936 | Investor Class | MRIEX           |
| C000132937 | Class A        | MRAEX           |
| C000156527 | Class C        | MRCEX           |

### MERIDIAN GROWTH FUND (Series ID: S000001462)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000003882 | Legacy Class        | MERDX           |
| C000132939 | Investor Class      | MRIGX           |
| C000132940 | Class A             | MRAGX           |
| C000132941 | Institutional Class | MRRGX           |
| C000156528 | Class C             | MRCGX           |

### MERIDIAN CONTRARIAN FUND (Series ID: S000001463)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000003883 | Legacy Class   | MVALX           |
| C000132942 | Investor Class | MFCIX           |
| C000132943 | Class A        | MFCAX           |
| C000156529 | Class C        | MFCCX           |

### Meridian Small Cap Growth Fund (Series ID: S000042770)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000132293 | Legacy Class        | MSGGX           |
| C000132294 | Investor Class      | MISGX           |
| C000132295 | Class A             | MSGAX           |
| C000132296 | Institutional Class | MSGRX           |
| C000156530 | Class C             | MSGCX           |

?xml version='1.0' encoding='ASCII'? MERIDIAN FUND INC

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-04014

#### Meridian Fund, Inc. <sup>®</sup>
(Exact name of registrant as specified in charter)

------

100 Fillmore St., Suite 325

Denver, CO 80206

(Address of principal executive offices) (Zip code)

David J. Corkins

100 Fillmore St., Suite 325

Denver, CO 80206

(Name and address of agent for service)

#### Registrant's telephone number, including area code:

#### 303-398-2929

#### Date of fiscal year end:

#### June 30

#### Date of reporting period:

#### June 30, 2025
 **Item 1. Report to Stockholders.**

(a) The registrant's undefined report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

### Meridian Growth Fund

### Legacy Class \| (MERDX)
![TSR - Meridian Logo](g869768images_28605.jpg)

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Meridian Growth Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.arrowmarkpartners.com/meridian/fund/meridian-growth-fund/. You can also request this information by contacting us at 1-800-446-6662.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Meridian Growth Fund<br>(Legacy Class) | $92 | 0.91% |

---

#### What drove fund performance during the past 12 months ?
* U.S. equities moved higher over the 12-month period ended June 30, 2025. 

* The U.S. election results, potential tariffs, and geopolitical uncertainty were key influences on the markets during the period. 

* Small cap stocks, while delivering a respectable 8% return over the period, were generally overshadowed by the market's narrow focus on larger, AI-related companies. 

* The market presented a challenging landscape for our approach as high-momentum stocks outperformed, creating a headwind to performance. 

* From a sector perspective, positive stock selection in the consumer staples and healthcare sectors aided relative returns. 

* Conversely, negative stock selection in the industrials and information technology sectors were headwinds to relative performance. 

#### How has the Fund historically performed?

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g869768chartimages_10334508.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Meridian Growth Fund (Legacy Class/(MERDX))** | 1.43% | 5.24% | 6.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 2500<sup>®</sup> Growth Index** | 8.81% | 7.50% | 8.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 3000<sup>®</sup> Index** | 15.30% | 15.96% | 12.96% |

---

**The Fund's past performance is not a good predictor of future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$787275400 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;89 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$7550611 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

**Top Ten Holdings <sup>(1)</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. (Canada) | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trimble, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cargurus, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Doximity, Inc. Class A | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Align Technology, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprout Social, Inc. Class A | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corp. | 2.0% |

---

**Sector Allocation <sup>(1)</sup>**![Graphical Representation - Allocation 1 Chart](g869768chartimages_10334523.jpg)

 *<sup>(1)</sup> Figures are reported as a percentage of net assets.*

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings, and proxy voting information at https://www.arrowmarkpartners.com/meridian/fund/meridian-growth-fund/. You can also request this information by contacting us at 800.446.6662.

#### Householding
We will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call the Funds' transfer agent at 800.446.6662.

Meridian Funds www.arrowmarkpartners.com/meridian/

### Meridian Growth Fund

### Institutional Class \| (MRRGX)
![TSR - Meridian Logo](g869768images_28605.jpg)

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Meridian Growth Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.arrowmarkpartners.com/meridian/fund/meridian-growth-fund/. You can also request this information by contacting us at 1-800-446-6662.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Meridian Growth Fund<br>(Institutional Class) | $89 | 0.88% |

---

#### What drove fund performance during the past 12 months ?
* U.S. equities moved higher over the 12-month period ended June 30, 2025. 

* The U.S. election results, potential tariffs, and geopolitical uncertainty were key influences on the markets during the period. 

* Small cap stocks, while delivering a respectable 8% return over the period, were generally overshadowed by the market's narrow focus on larger, AI-related companies. 

* The market presented a challenging landscape for our approach as high-momentum stocks outperformed, creating a headwind to performance. 

* From a sector perspective, positive stock selection in the consumer staples and healthcare sectors aided relative returns. 

* Conversely, negative stock selection in the industrials and information technology sectors were headwinds to relative performance. 

#### How has the Fund historically performed?

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](g869768chartimages_10334616.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Meridian Growth Fund (Institutional Class/(MRRGX))** | 1.46% | 5.27% | 6.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 2500<sup>®</sup> Growth Index** | 8.81% | 7.50% | 8.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 3000<sup>®</sup> Index** | 15.30% | 15.96% | 12.96% |

---

**The Fund's past performance is not a good predictor of future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$787275400 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;89 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$7550611 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

**Top Ten Holdings <sup>(1)</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. (Canada) | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trimble, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cargurus, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Doximity, Inc. Class A | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Align Technology, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprout Social, Inc. Class A | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corp. | 2.0% |

---

**Sector Allocation <sup>(1)</sup>**![Graphical Representation - Allocation 1 Chart](g869768chartimages_10334631.jpg)

 *<sup>(1)</sup> Figures are reported as a percentage of net assets.*

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings, and proxy voting information at https://www.arrowmarkpartners.com/meridian/fund/meridian-growth-fund/. You can also request this information by contacting us at 800.446.6662.

#### Householding
We will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call the Funds' transfer agent at 800.446.6662.

Meridian Funds www.arrowmarkpartners.com/meridian/

### Meridian Growth Fund

### Class A \| (MRAGX)
![TSR - Meridian Logo](g869768images_28605.jpg)

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Meridian Growth Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.arrowmarkpartners.com/meridian/fund/meridian-growth-fund/. You can also request this information by contacting us at 1-800-446-6662.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Meridian Growth Fund<br>(Class A) | $115 | 1.14% |

---

#### What drove fund performance during the past 12 months ?
* U.S. equities moved higher over the 12-month period ended June 30, 2025. 

* The U.S. election results, potential tariffs, and geopolitical uncertainty were key influences on the markets during the period. 

* Small cap stocks, while delivering a respectable 8% return over the period, were generally overshadowed by the market's narrow focus on larger, AI-related companies. 

* The market presented a challenging landscape for our approach as high-momentum stocks outperformed, creating a headwind to performance. 

* From a sector perspective, positive stock selection in the consumer staples and healthcare sectors aided relative returns. 

* Conversely, negative stock selection in the industrials and information technology sectors were headwinds to relative performance. 

#### How has the Fund historically performed?

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g869768chartimages_10334580.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Meridian Growth Fund (Class A/(MRAGX))** | 1.25% | 5.00% | 6.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Meridian Growth Fund (Class A/(MRAGX)) <sup>(1)</sup>** | (4.57)% | 3.76% | 5.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 2500<sup>®</sup> Growth Index** | 8.81% | 7.50% | 8.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 3000<sup>®</sup> Index** | 15.30% | 15.96% | 12.96% |

---

*(1)* **Assuming maximum sales charge, if any. Class A Shares are subject to a maximum initial sales charge of 5.75%** 

**The Fund's past performance is not a good predictor of future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$787275400 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;89 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$7550611 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

**Top Ten Holdings <sup>(1)</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. (Canada) | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trimble, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cargurus, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Doximity, Inc. Class A | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Align Technology, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprout Social, Inc. Class A | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corp. | 2.0% |

---

**Sector Allocation <sup>(1)</sup>**![Graphical Representation - Allocation 1 Chart](g869768chartimages_10334595.jpg)

 *<sup>(1)</sup> Figures are reported as a percentage of net assets.*

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings, and proxy voting information at https://www.arrowmarkpartners.com/meridian/fund/meridian-growth-fund/. You can also request this information by contacting us at 800.446.6662.

#### Householding
We will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call the Funds' transfer agent at 800.446.6662.

Meridian Funds www.arrowmarkpartners.com/meridian/

### Meridian Growth Fund

### Class C \| (MRCGX)
![TSR - Meridian Logo](g869768images_28605.jpg)

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Meridian Growth Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.arrowmarkpartners.com/meridian/fund/meridian-growth-fund/. You can also request this information by contacting us at 1-800-446-6662.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Meridian Growth Fund<br>(Class C) | $182 | 1.82% |

---

#### What drove fund performance during the past 12 months ?
* U.S. equities moved higher over the 12-month period ended June 30, 2025. 

* The U.S. election results, potential tariffs, and geopolitical uncertainty were key influences on the markets during the period. 

* Small cap stocks, while delivering a respectable 8% return over the period, were generally overshadowed by the market's narrow focus on larger, AI-related companies. 

* The market presented a challenging landscape for our approach as high-momentum stocks outperformed, creating a headwind to performance. 

* From a sector perspective, positive stock selection in the consumer staples and healthcare sectors aided relative returns. 

* Conversely, negative stock selection in the industrials and information technology sectors were headwinds to relative performance. 

#### How has the Fund historically performed?

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g869768chartimages_10334652.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **Since Inception** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Meridian Growth Fund (Class C/(MRCGX))** | 0.50% | 4.23% | 5.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 2500<sup>®</sup> Growth Index** | 8.81% | 7.50% | 8.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 3000<sup>®</sup> Index** | 15.30% | 15.96% | 12.89% |

---

**The Fund's past performance is not a good predictor of future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$787275400 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;89 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$7550611 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

**Top Ten Holdings <sup>(1)</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. (Canada) | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trimble, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cargurus, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Doximity, Inc. Class A | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Align Technology, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprout Social, Inc. Class A | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corp. | 2.0% |

---

**Sector Allocation <sup>(1)</sup>**![Graphical Representation - Allocation 1 Chart](g869768chartimages_10334667.jpg)

 *<sup>(1)</sup> Figures are reported as a percentage of net assets.*

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings, and proxy voting information at https://www.arrowmarkpartners.com/meridian/fund/meridian-growth-fund/. You can also request this information by contacting us at 800.446.6662.

#### Householding
We will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call the Funds' transfer agent at 800.446.6662.

Meridian Funds www.arrowmarkpartners.com/meridian/

### Meridian Growth Fund

### Investor Class \| (MRIGX)
![TSR - Meridian Logo](g869768images_28605.jpg)

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Meridian Growth Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.arrowmarkpartners.com/meridian/fund/meridian-growth-fund/. You can also request this information by contacting us at 1-800-446-6662.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Meridian Growth Fund<br>(Investor Class) | $97 | 0.96% |

---

#### What drove fund performance during the past 12 months ?
* U.S. equities moved higher over the 12-month period ended June 30, 2025. 

* The U.S. election results, potential tariffs, and geopolitical uncertainty were key influences on the markets during the period. 

* Small cap stocks, while delivering a respectable 8% return over the period, were generally overshadowed by the market's narrow focus on larger, AI-related companies. 

* The market presented a challenging landscape for our approach as high-momentum stocks outperformed, creating a headwind to performance. 

* From a sector perspective, positive stock selection in the consumer staples and healthcare sectors aided relative returns. 

* Conversely, negative stock selection in the industrials and information technology sectors were headwinds to relative performance. 

#### How has the Fund historically performed?

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g869768chartimages_10334544.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Meridian Growth Fund (Investor Class/(MRIGX))** | 1.37% | 5.18% | 6.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 2500<sup>®</sup> Growth Index** | 8.81% | 7.50% | 8.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 3000<sup>®</sup> Index** | 15.30% | 15.96% | 12.96% |

---

**The Fund's past performance is not a good predictor of future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$787275400 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;89 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$7550611 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

**Top Ten Holdings <sup>(1)</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;RB Global, Inc. (Canada) | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trimble, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cargurus, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Doximity, Inc. Class A | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Align Technology, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprout Social, Inc. Class A | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corp. | 2.0% |

---

**Sector Allocation <sup>(1)</sup>**![Graphical Representation - Allocation 1 Chart](g869768chartimages_10334559.jpg)

 *<sup>(1)</sup> Figures are reported as a percentage of net assets.*

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings, and proxy voting information at https://www.arrowmarkpartners.com/meridian/fund/meridian-growth-fund/. You can also request this information by contacting us at 800.446.6662.

#### Householding
We will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call the Funds' transfer agent at 800.446.6662.

Meridian Funds www.arrowmarkpartners.com/meridian/

### Meridian Contrarian Fund

### Legacy Class \| (MVALX)
![TSR - Meridian Logo](g869768images_28605.jpg)

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Meridian Contrarian Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.arrowmarkpartners.com/meridian/fund/meridian-contrarian-fund/. You can also request this information by contacting us at 1-800-446-6662.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Meridian Contrarian Fund<br>(Legacy Class) | $127 | 1.17% |

---

#### What drove fund performance during the past 12 months ?
* U.S. equities moved higher over the 12-month period ended June 30, 2025. 

* The U.S. election results, potential tariffs, and geopolitical uncertainty were key influences on the markets during the period. 

* Small cap stocks, while delivering a respectable 8% return over the period, were generally overshadowed by the market's narrow focus on larger, AI-related companies. 

* From a sector perspective, positive stock selection in the industrials and information technology sectors aided returns. 

* Conversely, negative stock selection in the communication services and consumer discretionary sectors were headwinds to relative performance. 

#### How has the Fund historically performed?

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g869768chartimages_10334868.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Meridian Contrarian Fund (Legacy Class/(MVALX))** | 16.91% | 14.00% | 10.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 2500<sup>®</sup> Index** | 9.91% | 11.44% | 8.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 2500<sup>®</sup> Value Index** | 10.47% | 13.96% | 7.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 3000<sup>®</sup> Index** | 15.30% | 15.96% | 12.96% |

---

**The Fund's past performance is not a good predictor of future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$574045826 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$5590040 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

**Top Ten Holdings <sup>(1)</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cameco Corp. (Canada) | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mirion Technologies, Inc. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc. Class A | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penguin Solutions, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Renewable Corp. (Canada) | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollar Tree, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Honest Co., Inc. (The) | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Perrigo Co. Plc | 2.5% |

---

**Sector Allocation <sup>(1)</sup>**![Graphical Representation - Allocation 1 Chart](g869768chartimages_10334883.jpg)

 *<sup>(1)</sup> Figures are reported as a percentage of net assets.*

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings, and proxy voting information at https://www.arrowmarkpartners.com/meridian/fund/meridian-contrarian-fund/. You can also request this information by contacting us at 800.446.6662.

#### Householding
We will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call the Funds' transfer agent at 800.446.6662.

Meridian Funds www.arrowmarkpartners.com/meridian/

### Meridian Contrarian Fund

### Class A \| (MFCAX)
![TSR - Meridian Logo](g869768images_28605.jpg)

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Meridian Contrarian Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.arrowmarkpartners.com/meridian/fund/meridian-contrarian-fund/. You can also request this information by contacting us at 1-800-446-6662.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Meridian Contrarian Fund<br>(Class A) | $158 | 1.46% |

---

#### What drove fund performance during the past 12 months ?
* U.S. equities moved higher over the 12-month period ended June 30, 2025. 

* The U.S. election results, potential tariffs, and geopolitical uncertainty were key influences on the markets during the period. 

* Small cap stocks, while delivering a respectable 8% return over the period, were generally overshadowed by the market's narrow focus on larger, AI-related companies. 

* From a sector perspective, positive stock selection in the industrials and information technology sectors aided returns. 

* Conversely, negative stock selection in the communication services and consumer discretionary sectors were headwinds to relative performance. 

#### How has the Fund historically performed?

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g869768chartimages_10334940.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Meridian Contrarian Fund (Class A/(MFCAX))** | 16.58% | 13.66% | 9.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Meridian Contrarian Fund (Class A/(MFCAX)) <sup>(1)</sup>** | 9.88% | 12.32% | 9.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 2500<sup>®</sup> Index** | 9.91% | 11.44% | 8.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 2500<sup>®</sup> Value Index** | 10.47% | 13.96% | 7.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 3000<sup>®</sup> Index** | 15.30% | 15.96% | 12.96% |

---

*(1)* **Assuming maximum sales charge, if any. Class A Shares are subject to a maximum initial sales charge of 5.75%** 

**The Fund's past performance is not a good predictor of future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$574045826 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$5590040 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

**Top Ten Holdings <sup>(1)</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cameco Corp. (Canada) | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mirion Technologies, Inc. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc. Class A | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penguin Solutions, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Renewable Corp. (Canada) | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollar Tree, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Honest Co., Inc. (The) | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Perrigo Co. Plc | 2.5% |

---

**Sector Allocation <sup>(1)</sup>**![Graphical Representation - Allocation 1 Chart](g869768chartimages_10334955.jpg)

 *<sup>(1)</sup> Figures are reported as a percentage of net assets.*

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings, and proxy voting information at https://www.arrowmarkpartners.com/meridian/fund/meridian-contrarian-fund/. You can also request this information by contacting us at 800.446.6662.

#### Householding
We will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call the Funds' transfer agent at 800.446.6662.

Meridian Funds www.arrowmarkpartners.com/meridian/

### Meridian Contrarian Fund

### Class C \| (MFCCX)
![TSR - Meridian Logo](g869768images_28605.jpg)

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Meridian Contrarian Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.arrowmarkpartners.com/meridian/fund/meridian-contrarian-fund/. You can also request this information by contacting us at 1-800-446-6662.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Meridian Contrarian Fund<br>(Class C) | $243 | 2.25% |

---

#### What drove fund performance during the past 12 months ?
* U.S. equities moved higher over the 12-month period ended June 30, 2025. 

* The U.S. election results, potential tariffs, and geopolitical uncertainty were key influences on the markets during the period. 

* Small cap stocks, while delivering a respectable 8% return over the period, were generally overshadowed by the market's narrow focus on larger, AI-related companies. 

* From a sector perspective, positive stock selection in the industrials and information technology sectors aided returns. 

* Conversely, negative stock selection in the communication services and consumer discretionary sectors were headwinds to relative performance. 

#### How has the Fund historically performed?

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g869768chartimages_10334976.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** | **Since Inception<sup>(1)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Meridian Contrarian Fund (Class C/(MFCCX))** | 15.67% | 12.80% | N/A | 9.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 2500<sup>®</sup> Index** | 9.91% | 11.44% | 0.00% | 8.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 2500<sup>®</sup> Value Index** | 10.47% | 13.96% | 0.00% | 7.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 3000<sup>®</sup> Index** | 0.00% | 15.96% | 15.30% | 12.89% |

---

*(1)* **Inception date of Class C is July 01, 2015.** 

**The Fund's past performance is not a good predictor of future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$574045826 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$5590040 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

**Top Ten Holdings <sup>(1)</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cameco Corp. (Canada) | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mirion Technologies, Inc. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc. Class A | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penguin Solutions, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Renewable Corp. (Canada) | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollar Tree, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Honest Co., Inc. (The) | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Perrigo Co. Plc | 2.5% |

---

**Sector Allocation <sup>(1)</sup>**![Graphical Representation - Allocation 1 Chart](g869768chartimages_10334991.jpg)

 *<sup>(1)</sup> Figures are reported as a percentage of net assets.*

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings, and proxy voting information at https://www.arrowmarkpartners.com/meridian/fund/meridian-contrarian-fund/. You can also request this information by contacting us at 800.446.6662.

#### Householding
We will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call the Funds' transfer agent at 800.446.6662.

Meridian Funds www.arrowmarkpartners.com/meridian/

### Meridian Contrarian Fund

### Investor Class \| (MFCIX)
![TSR - Meridian Logo](g869768images_28605.jpg)

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Meridian Contrarian Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.arrowmarkpartners.com/meridian/fund/meridian-contrarian-fund/. You can also request this information by contacting us at 1-800-446-6662.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Meridian Contrarian Fund<br>(Investor Class) | $130 | 1.20% |

---

#### What drove fund performance during the past 12 months ?
* U.S. equities moved higher over the 12-month period ended June 30, 2025. 

* The U.S. election results, potential tariffs, and geopolitical uncertainty were key influences on the markets during the period. 

* Small cap stocks, while delivering a respectable 8% return over the period, were generally overshadowed by the market's narrow focus on larger, AI-related companies. 

* From a sector perspective, positive stock selection in the industrials and information technology sectors aided returns. 

* Conversely, negative stock selection in the communication services and consumer discretionary sectors were headwinds to relative performance. 

#### How has the Fund historically performed?

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g869768chartimages_10334904.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Meridian Contrarian Fund (Investor Class/(MFCIX))** | 16.88% | 13.95% | 10.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 2500<sup>®</sup> Index** | 9.91% | 11.44% | 8.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 2500<sup>®</sup> Value Index** | 10.47% | 13.96% | 7.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 3000<sup>®</sup> Index** | 15.30% | 15.96% | 12.96% |

---

**The Fund's past performance is not a good predictor of future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$574045826 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$5590040 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

**Top Ten Holdings <sup>(1)</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cameco Corp. (Canada) | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mirion Technologies, Inc. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc. Class A | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Penguin Solutions, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Renewable Corp. (Canada) | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollar Tree, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Honest Co., Inc. (The) | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Perrigo Co. Plc | 2.5% |

---

**Sector Allocation <sup>(1)</sup>**![Graphical Representation - Allocation 1 Chart](g869768chartimages_10334919.jpg)

 *<sup>(1)</sup> Figures are reported as a percentage of net assets.*

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings, and proxy voting information at https://www.arrowmarkpartners.com/meridian/fund/meridian-contrarian-fund/. You can also request this information by contacting us at 800.446.6662.

#### Householding
We will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call the Funds' transfer agent at 800.446.6662.

Meridian Funds www.arrowmarkpartners.com/meridian/

### Meridian Hedged Equity Fund

### Legacy Class \| (MEIFX)
![TSR - Meridian Logo](g869768images_28605.jpg)

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Meridian Hedged Equity Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.arrowmarkpartners.com/meridian/fund/meridian-hedged-equity-fund/. You can also request this information by contacting us at 1-800-446-6662.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Meridian Hedged Equity Fund<br>(Legacy Class) | $132 | 1.25% |

---

#### What drove fund performance during the past 12 months ?
* U.S. equities moved higher over the 12-month period ended June 30, 2025. 

* The U.S. election results, potential tariffs, and geopolitical uncertainty were key influences on the markets during the period. 

* Large cap growth companies in the overall market returned 17.2% during the period. 

* At period end, approximately 46% of the Fund's portfolio was unhedged, with long-term capital growth the primary objective. 

* Contributing positively to relative performance were several names in the utilities sector. 

* Conversely, select holdings in the information technology sector detracted from relative performance. 

#### How has the Fund historically performed?

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g869768chartimages_10334364.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Meridian Hedged Equity Fund (Legacy Class/(MEIFX))** | 11.26% | 10.32% | 12.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;**S&P 500<sup>®</sup> Index** | 15.16% | 16.64% | 13.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;**CBOE S&P 500 Buy Write Index** | 10.25% | 10.16% | 6.42% |

---

**The Fund's past performance is not a good predictor of future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$43028074 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;97 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$394597 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

**Top Ten Holdings <sup>(1)</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Clear Secure, Inc. Class A | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;GEO Group, Inc. (The) | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;GFL Environmental, Inc. | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Airbnb, Inc. Class A | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;MGM Resorts International | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc. Class A(Canada) | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;DraftKings, Inc. Class A | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 3.8% |

---

**Sector Allocation <sup>(1)</sup>**![Graphical Representation - Allocation 1 Chart](g869768chartimages_10334379.jpg)

 *<sup>(1)</sup> Figures are reported as a percentage of net assets.*

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings, and proxy voting information at https://www.arrowmarkpartners.com/meridian/fund/meridian-hedged-equity-fund/. You can also request this information by contacting us at 800.446.6662.

#### Householding
We will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call the Funds' transfer agent at 800.446.6662.

Meridian Funds www.arrowmarkpartners.com/meridian/

### Meridian Hedged Equity Fund

### Class A \| (MRAEX)
![TSR - Meridian Logo](g869768images_28605.jpg)

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Meridian Hedged Equity Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.arrowmarkpartners.com/meridian/fund/meridian-hedged-equity-fund/. You can also request this information by contacting us at 1-800-446-6662.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Meridian Hedged Equity Fund<br>(Class A) | $158 | 1.50% |

---

#### What drove fund performance during the past 12 months ?
* U.S. equities moved higher over the 12-month period ended June 30, 2025. 

* The U.S. election results, potential tariffs, and geopolitical uncertainty were key influences on the markets during the period. 

* Large cap growth companies in the overall market returned 17.2% during the period. 

* At period end, approximately 46% of the Fund's portfolio was unhedged, with long-term capital growth the primary objective. 

* Contributing positively to relative performance were several names in the utilities sector. 

* Conversely, select holdings in the information technology sector detracted from relative performance. 

#### How has the Fund historically performed?

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g869768chartimages_10334436.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Meridian Hedged Equity Fund (Class A/(MRAEX))** | 11.00% | 9.99% | 12.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Meridian Hedged Equity Fund (Class A/(MRAEX)) <sup>(1)</sup>** | 4.60% | 8.70% | 11.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;**S&P 500<sup>®</sup> Index** | 15.16% | 16.64% | 13.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;**CBOE S&P 500 Buy Write Index** | 10.25% | 10.16% | 6.42% |

---

*(1)* **Assuming maximum sales charge, if any. Class A Shares are subject to a maximum initial sales charge of 5.75%** 

**The Fund's past performance is not a good predictor of future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$43028074 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;97 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$394597 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

**Top Ten Holdings <sup>(1)</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Clear Secure, Inc. Class A | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;GEO Group, Inc. (The) | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;GFL Environmental, Inc. | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Airbnb, Inc. Class A | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;MGM Resorts International | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc. Class A(Canada) | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;DraftKings, Inc. Class A | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 3.8% |

---

**Sector Allocation <sup>(1)</sup>**![Graphical Representation - Allocation 1 Chart](g869768chartimages_10334451.jpg)

 *<sup>(1)</sup> Figures are reported as a percentage of net assets.*

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings, and proxy voting information at https://www.arrowmarkpartners.com/meridian/fund/meridian-hedged-equity-fund/. You can also request this information by contacting us at 800.446.6662.

#### Householding
We will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call the Funds' transfer agent at 800.446.6662.

Meridian Funds www.arrowmarkpartners.com/meridian/

### Meridian Hedged Equity Fund

### Class C \| (MRCEX)
![TSR - Meridian Logo](g869768images_28605.jpg)

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Meridian Hedged Equity Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.arrowmarkpartners.com/meridian/fund/meridian-hedged-equity-fund/. You can also request this information by contacting us at 1-800-446-6662.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Meridian Hedged Equity Fund<br>(Class C) | $236 | 2.25% |

---

#### What drove fund performance during the past 12 months ?
* U.S. equities moved higher over the 12-month period ended June 30, 2025. 

* The U.S. election results, potential tariffs, and geopolitical uncertainty were key influences on the markets during the period. 

* Large cap growth companies in the overall market returned 17.2% during the period. 

* At period end, approximately 46% of the Fund's portfolio was unhedged, with long-term capital growth the primary objective. 

* Contributing positively to relative performance were several names in the utilities sector. 

* Conversely, select holdings in the information technology sector detracted from relative performance. 

#### How has the Fund historically performed?

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g869768chartimages_10334472.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **Since Inception<sup>(1)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Meridian Hedged Equity Fund (Class C/(MRCEX))** | 10.18% | 9.40% | 11.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;**S&P 500<sup>®</sup> Index** | 15.16% | 16.64% | 13.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;**CBOE S&P 500 Buy Write Index** | 10.25% | 10.16% | 6.36% |

---

*(1)* **Inception date of Class C is July 01, 2015.** 

**The Fund's past performance is not a good predictor of future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$43028074 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;97 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$394597 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

**Top Ten Holdings <sup>(1)</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Clear Secure, Inc. Class A | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;GEO Group, Inc. (The) | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;GFL Environmental, Inc. | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Airbnb, Inc. Class A | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;MGM Resorts International | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc. Class A(Canada) | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;DraftKings, Inc. Class A | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 3.8% |

---

**Sector Allocation <sup>(1)</sup>**![Graphical Representation - Allocation 1 Chart](g869768chartimages_10334487.jpg)

 *<sup>(1)</sup> Figures are reported as a percentage of net assets.*

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings, and proxy voting information at https://www.arrowmarkpartners.com/meridian/fund/meridian-hedged-equity-fund/. You can also request this information by contacting us at 800.446.6662.

#### Householding
We will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call the Funds' transfer agent at 800.446.6662.

Meridian Funds www.arrowmarkpartners.com/meridian/

### Meridian Hedged Equity Fund

### Investor Class \| (MRIEX)
![TSR - Meridian Logo](g869768images_28605.jpg)

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Meridian Hedged Equity Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.arrowmarkpartners.com/meridian/fund/meridian-hedged-equity-fund/. You can also request this information by contacting us at 1-800-446-6662.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Meridian Hedged Equity Fund<br>(Investor Class) | $132 | 1.25% |

---

#### What drove fund performance during the past 12 months ?
* U.S. equities moved higher over the 12-month period ended June 30, 2025. 

* The U.S. election results, potential tariffs, and geopolitical uncertainty were key influences on the markets during the period. 

* Large cap growth companies in the overall market returned 17.2% during the period. 

* At period end, approximately 46% of the Fund's portfolio was unhedged, with long-term capital growth the primary objective. 

* Contributing positively to relative performance were several names in the utilities sector. 

* Conversely, select holdings in the information technology sector detracted from relative performance. 

#### How has the Fund historically performed?

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g869768chartimages_10334400.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Meridian Hedged Equity Fund (Investor Class/(MRIEX))** | 11.53% | 10.37% | 12.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;**S&P 500<sup>®</sup> Index** | 15.16% | 16.64% | 13.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;**CBOE S&P 500 Buy Write Index** | 10.25% | 10.16% | 6.42% |

---

**The Fund's past performance is not a good predictor of future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$43028074 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;97 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$394597 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

**Top Ten Holdings <sup>(1)</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Clear Secure, Inc. Class A | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;GEO Group, Inc. (The) | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;GFL Environmental, Inc. | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Airbnb, Inc. Class A | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;MGM Resorts International | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc. Class A(Canada) | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;DraftKings, Inc. Class A | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 3.8% |

---

**Sector Allocation <sup>(1)</sup>**![Graphical Representation - Allocation 1 Chart](g869768chartimages_10334415.jpg)

 *<sup>(1)</sup> Figures are reported as a percentage of net assets.*

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings, and proxy voting information at https://www.arrowmarkpartners.com/meridian/fund/meridian-hedged-equity-fund/. You can also request this information by contacting us at 800.446.6662.

#### Householding
We will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call the Funds' transfer agent at 800.446.6662.

Meridian Funds www.arrowmarkpartners.com/meridian/

### Meridian Small Cap Growth Fund

### Legacy Class \| (MSGGX)
![TSR - Meridian Logo](g869768images_28605.jpg)

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Meridian Small Cap Growth Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.arrowmarkpartners.com/meridian/fund/meridian-small-cap-growth-fund/. You can also request this information by contacting us at 1-800-446-6662.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Meridian Small Cap Growth Fund<br>(Legacy Class) | $127 | 1.25% |

---

#### What drove fund performance during the past 12 months ?
* U.S. equities moved higher over the 12-month period ended June 30, 2025. 

* The U.S. election results, potential tariffs, and geopolitical uncertainty were key influences on the markets during the period. 

* Small cap stocks, while delivering a respectable 8% return over the period, were generally overshadowed by the market's narrow focus on larger, AI-related companies. 

* From a sector perspective, stock selection was positive in the consumer staples and energy sectors. 

* Conversely, negative stock selection in the industrials and healthcare sectors detracted from relative returns. 

#### How has the Fund historically performed?

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g869768chartimages_10334688.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Meridian Small Cap Growth Fund (Legacy Class/(MSGGX))** | 2.51% | 6.31% | 6.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 2000<sup>®</sup> Growth Index** | 9.73% | 7.42% | 7.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 3000<sup>®</sup> Index** | 15.30% | 15.96% | 12.96% |

---

**The Fund's past performance is not a good predictor of future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$349821396 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;93 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4010553 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

**Top Ten Holdings <sup>(1)</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cargurus, Inc. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evolve Vacation Rental Network, Inc. Series 8 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kirby Corp. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mirion Technologies, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alight, Inc. Class A | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprout Social, Inc. Class A | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Remitly Global, Inc. | 2.0% |

---

**Sector Allocation <sup>(1)</sup>**![Graphical Representation - Allocation 1 Chart](g869768chartimages_10334703.jpg)

 *<sup>(1)</sup> Figures are reported as a percentage of net assets.*

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings, and proxy voting information at https://www.arrowmarkpartners.com/meridian/fund/meridian-small-cap-growth-fund/. You can also request this information by contacting us at 800.446.6662.

#### Householding
We will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call the Funds' transfer agent at 800.446.6662.

Meridian Funds www.arrowmarkpartners.com/meridian/

### Meridian Small Cap Growth Fund

### Institutional Class \| (MSGRX)
![TSR - Meridian Logo](g869768images_28605.jpg)

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Meridian Small Cap Growth Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.arrowmarkpartners.com/meridian/fund/meridian-small-cap-growth-fund/. You can also request this information by contacting us at 1-800-446-6662.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Meridian Small Cap Growth Fund<br>(Institutional Class) | $111 | 1.10% |

---

#### What drove fund performance during the past 12 months ?
* U.S. equities moved higher over the 12-month period ended June 30, 2025. 

* The U.S. election results, potential tariffs, and geopolitical uncertainty were key influences on the markets during the period. 

* Small cap stocks, while delivering a respectable 8% return over the period, were generally overshadowed by the market's narrow focus on larger, AI-related companies. 

* From a sector perspective, stock selection was positive in the consumer staples and energy sectors. 

* Conversely, negative stock selection in the industrials and healthcare sectors detracted from relative returns. 

#### How has the Fund historically performed?

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](g869768chartimages_10334796.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Meridian Small Cap Growth Fund (Institutional Class/(MSGRX))** | 2.72% | 6.42% | 6.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 2000<sup>®</sup> Growth Index** | 9.73% | 7.42% | 7.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 3000<sup>®</sup> Index** | 15.30% | 15.96% | 12.96% |

---

**The Fund's past performance is not a good predictor of future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$349821396 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;93 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4010553 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

**Top Ten Holdings <sup>(1)</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cargurus, Inc. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evolve Vacation Rental Network, Inc. Series 8 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kirby Corp. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mirion Technologies, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alight, Inc. Class A | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprout Social, Inc. Class A | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Remitly Global, Inc. | 2.0% |

---

**Sector Allocation <sup>(1)</sup>**![Graphical Representation - Allocation 1 Chart](g869768chartimages_10334811.jpg)

 *<sup>(1)</sup> Figures are reported as a percentage of net assets.*

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings, and proxy voting information at https://www.arrowmarkpartners.com/meridian/fund/meridian-small-cap-growth-fund/. You can also request this information by contacting us at 800.446.6662.

#### Householding
We will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call the Funds' transfer agent at 800.446.6662.

Meridian Funds www.arrowmarkpartners.com/meridian/

### Meridian Small Cap Growth Fund

### Class A \| (MSGAX)
![TSR - Meridian Logo](g869768images_28605.jpg)

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Meridian Small Cap Growth Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.arrowmarkpartners.com/meridian/fund/meridian-small-cap-growth-fund/. You can also request this information by contacting us at 1-800-446-6662.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Meridian Small Cap Growth Fund<br>(Class A) | $152 | 1.50% |

---

#### What drove fund performance during the past 12 months ?
* U.S. equities moved higher over the 12-month period ended June 30, 2025. 

* The U.S. election results, potential tariffs, and geopolitical uncertainty were key influences on the markets during the period. 

* Small cap stocks, while delivering a respectable 8% return over the period, were generally overshadowed by the market's narrow focus on larger, AI-related companies. 

* From a sector perspective, stock selection was positive in the consumer staples and energy sectors. 

* Conversely, negative stock selection in the industrials and healthcare sectors detracted from relative returns. 

#### How has the Fund historically performed?

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g869768chartimages_10334760.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Meridian Small Cap Growth Fund (Class A/(MSGAX))** | 2.23% | 5.99% | 6.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Meridian Small Cap Growth Fund (Class A/(MSGAX)) <sup>(1)</sup>** | (3.63)% | 4.74% | 5.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 2000<sup>®</sup> Growth Index** | 9.73% | 7.42% | 7.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 3000<sup>®</sup> Index** | 15.30% | 15.96% | 12.96% |

---

*(1)* **Assuming maximum sales charge, if any. Class A Shares are subject to a maximum initial sales charge of 5.75%** 

**The Fund's past performance is not a good predictor of future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$349821396 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;93 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4010553 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

**Top Ten Holdings <sup>(1)</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cargurus, Inc. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evolve Vacation Rental Network, Inc. Series 8 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kirby Corp. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mirion Technologies, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alight, Inc. Class A | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprout Social, Inc. Class A | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Remitly Global, Inc. | 2.0% |

---

**Sector Allocation <sup>(1)</sup>**![Graphical Representation - Allocation 1 Chart](g869768chartimages_10334775.jpg)

 *<sup>(1)</sup> Figures are reported as a percentage of net assets.*

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings, and proxy voting information at https://www.arrowmarkpartners.com/meridian/fund/meridian-small-cap-growth-fund/. You can also request this information by contacting us at 800.446.6662.

#### Householding
We will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call the Funds' transfer agent at 800.446.6662.

Meridian Funds www.arrowmarkpartners.com/meridian/

### Meridian Small Cap Growth Fund

### Class C \| (MSGCX)
![TSR - Meridian Logo](g869768images_28605.jpg)

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Meridian Small Cap Growth Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.arrowmarkpartners.com/meridian/fund/meridian-small-cap-growth-fund/. You can also request this information by contacting us at 1-800-446-6662.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Meridian Small Cap Growth Fund<br>(Class C) | $227 | 2.25% |

---

#### What drove fund performance during the past 12 months ?
* U.S. equities moved higher over the 12-month period ended June 30, 2025. 

* The U.S. election results, potential tariffs, and geopolitical uncertainty were key influences on the markets during the period. 

* Small cap stocks, while delivering a respectable 8% return over the period, were generally overshadowed by the market's narrow focus on larger, AI-related companies. 

* From a sector perspective, stock selection was positive in the consumer staples and energy sectors. 

* Conversely, negative stock selection in the industrials and healthcare sectors detracted from relative returns. 

#### How has the Fund historically performed?

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g869768chartimages_10334832.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **Since Inception<sup>(1)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Meridian Small Cap Growth Fund (Class C/(MSGCX))** | 1.41% | 5.23% | 5.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 2000<sup>®</sup> Growth Index** | 9.73% | 7.42% | 7.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 3000<sup>®</sup> Index** | 15.30% | 15.96% | 12.89% |

---

*(1)* **Inception date of Class C is July 01, 2015.** 

**The Fund's past performance is not a good predictor of future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$349821396 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;93 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4010553 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

**Top Ten Holdings <sup>(1)</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cargurus, Inc. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evolve Vacation Rental Network, Inc. Series 8 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kirby Corp. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mirion Technologies, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alight, Inc. Class A | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprout Social, Inc. Class A | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Remitly Global, Inc. | 2.0% |

---

**Sector Allocation <sup>(1)</sup>**![Graphical Representation - Allocation 1 Chart](g869768chartimages_10334847.jpg)

 *<sup>(1)</sup> Figures are reported as a percentage of net assets.*

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings, and proxy voting information at https://www.arrowmarkpartners.com/meridian/fund/meridian-small-cap-growth-fund/. You can also request this information by contacting us at 800.446.6662.

#### Householding
We will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call the Funds' transfer agent at 800.446.6662.

Meridian Funds www.arrowmarkpartners.com/meridian/

### Meridian Small Cap Growth Fund

### Investor Class \| (MISGX)
![TSR - Meridian Logo](g869768images_28605.jpg)

#### Annual SHAREHOLDER REPORT \| June 30, 2025
This annual shareholder report contains important information about the Meridian Small Cap Growth Fund ("Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://www.arrowmarkpartners.com/meridian/fund/meridian-small-cap-growth-fund/. You can also request this information by contacting us at 1-800-446-6662.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| Meridian Small Cap Growth Fund<br>(Investor Class) | $127 | 1.25% |

---

#### What drove fund performance during the past 12 months ?
* U.S. equities moved higher over the 12-month period ended June 30, 2025. 

* The U.S. election results, potential tariffs, and geopolitical uncertainty were key influences on the markets during the period. 

* Small cap stocks, while delivering a respectable 8% return over the period, were generally overshadowed by the market's narrow focus on larger, AI-related companies. 

* From a sector perspective, stock selection was positive in the consumer staples and energy sectors. 

* Conversely, negative stock selection in the industrials and healthcare sectors detracted from relative returns. 

#### How has the Fund historically performed?

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g869768chartimages_10334724.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Meridian Small Cap Growth Fund (Investor Class/(MISGX))** | 2.53% | 6.28% | 6.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 2000<sup>®</sup> Growth Index** | 9.73% | 7.42% | 7.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Russell 3000<sup>®</sup> Index** | 15.30% | 15.96% | 12.96% |

---

**The Fund's past performance is not a good predictor of future performance.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$349821396 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;93 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4010553 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

**Top Ten Holdings <sup>(1)</sup>** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cargurus, Inc. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evolve Vacation Rental Network, Inc. Series 8 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kirby Corp. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mirion Technologies, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alight, Inc. Class A | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprout Social, Inc. Class A | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Remitly Global, Inc. | 2.0% |

---

**Sector Allocation <sup>(1)</sup>**![Graphical Representation - Allocation 1 Chart](g869768chartimages_10334739.jpg)

 *<sup>(1)</sup> Figures are reported as a percentage of net assets.*

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings, and proxy voting information at https://www.arrowmarkpartners.com/meridian/fund/meridian-small-cap-growth-fund/. You can also request this information by contacting us at 800.446.6662.

#### Householding
We will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name, or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call the Funds' transfer agent at 800.446.6662.

Meridian Funds www.arrowmarkpartners.com/meridian/

------

(b) Not applicable.

#### Item 2. Code of Ethics.
(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code of Ethics").

(c) There have been no amendments, during the period covered by this report, to a provision of the Code of Ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in Item 2(b) of Form N-CSR.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in Item 2(b) of Form N-CSR.

(e) Not applicable.

(f) A copy of the Code of Ethics is filed as Exhibit.

#### Item 3. Audit Committee Financial Expert.
As of the end of the period covered by the report, the registrant's board of directors has determined that James Glavin is qualified to serve as an audit committee financial expert serving on its audit committee and that he is "independent," as defined by Item 3 of Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
<u>Audit Fees</u> 

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $143,500 in 2025 and $163,500 in 2024.

------

<u>Audit-Related Fees</u> 

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 in 2025 and $0 in 2024.

<u>Tax Fees</u> 

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $21,600 in 2025 and $21,600 in 2024. The fiscal year tax fees were for review of each fund's federal and excise tax returns and year-end distributions.

<u>All Other Fees</u> 

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 in 2025 and $0 in 2024.

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services to be provided to the Registrant by the principal accountant, including services provided to any entity affiliated with the Registrant.

PROHIBITED SERVICES

The Committee shall confirm with the Auditor engaged to perform the audit of the Company that the Auditor is not performing contemporaneously any of the following non-audit services for the Company, the Adviser, or any affiliates of the Company or Adviser:

1. bookkeeping or other services related to the accounting records or financial statements of the Company;

2. financial information systems design and implementation;

3. appraisal or valuation services, fairness opinions, or contribution-in-kind reports;

4. actuarial services;

5. internal audit outsourcing services;

6. management functions or human resources;

7. broker or dealer, investment adviser, or investment banking services;

8. legal services and expert services unrelated to the audit; and

------

9. any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

The Auditor is responsible for informing the Committee of whether it believes that a particular service is permissible or prohibited pursuant to applicable regulations and standards.

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:  |

---

(b) N/A

(c) N/A

(d) N/A

(f) Not applicable.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant for each of the last two fiscal years of the registrant was $21,600 in 2025 and $21,600 in 2024. The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $0 in 2025 and $0 in 2024.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included in the financial statements filed under Item 7 of this Form.

(b) Not applicable.

------

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) The annual financial statements are attached herewith.

------

---

| | |
|:---|:---|
| ![LOGO](g869768dsp_0001a.jpg) | Financial Statements and<br> Other Important<br> Information<br> *June 30, 2025* |

---

### Meridian Fund, Inc.
Meridian Growth Fund

Meridian Contrarian Fund

Meridian Hedged Equity Fund

Meridian Small Cap Growth Fund

![LOGO](g869768dsp_001b.jpg)

------

#### MERIDIAN FUND, INC.

#### **Table of Contents**

---

| | |
|:---|:---|
|  [Schedules of Investments](#fin869768_1) | 4 |
|  [Statements of Assets and Liabilities](#fin869768_2) | 18 |
|  [Statements of Operations](#fin869768_3) | 20 |
|  [Statements of Changes in Net Assets](#fin869768_4) | 21 |
|  [Financial Highlights](#fin869768_5) | 23 |
|  [Notes to Financial Statements.](#fin869768_6) | 41 |
|  [Report of Independent Registered Public Accounting Firm](#fin869768_7) | 62 |
|  [2025 Tax Notice to Shareholders](#fin869768_8) | 63 |

---

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 3.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Growth Fund

#### Schedule of Investments

#### June 30, 2025

---

| | | |
|:---|:---|:---|
| | Shares | Value |
|  **Common Stocks - 94.6%** |  |  |
|  **Communication Services - 6.8%** |  |  |
|  **Diversified Telecommunication Services - 1.0%** | **Diversified Telecommunication Services - 1.0%** | **Diversified Telecommunication Services - 1.0%** |
|  Iridium Communications, Inc. | 258332 | $7793877 |
|  **Interactive Media & Services - 5.8%** | **Interactive Media & Services - 5.8%** | **Interactive Media & Services - 5.8%** |
|  Cargurus, Inc.<sup>1</sup>  | 638899 | 21383950 |
|  IAC, Inc.<sup>1</sup>  | 181982 | 6795208 |
|  Ziff Davis, Inc.<sup>1</sup>  | 450820 | 13646321 |
|  ZipRecruiter, Inc. Class A<sup>1,2</sup>  | 717339 | 3593868 |
|  |  | 45419347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 53213224 |
|  **Consumer Discretionary - 8.1%** |  |  |
|  **Automobile Components - 0.4%** |  |  |
|  Fox Factory Holding Corp.<sup>1</sup>  | 121553 | 3153085 |
|  **Hotels, Restaurants & Leisure - 5.1%** | **Hotels, Restaurants & Leisure - 5.1%** | **Hotels, Restaurants & Leisure - 5.1%** |
|  Churchill Downs, Inc. | 175603 | 17735903 |
|  DraftKings, Inc. Class A<sup>1</sup>  | 363404 | 15586398 |
|  Red Rock Resorts, Inc. Class A | 73580 | 3828367 |
|  Sportradar Group AG Class A (Switzerland)<sup>1</sup>  | 111365 | 3127129 |
|  |  | 40277797 |
|  **Specialty Retail - 1.8%** |  |  |
|  Chewy, Inc. Class A<sup>1</sup>  | 130571 | 5564936 |
|  Floor & Decor Holdings, Inc. Class A<sup>1</sup>  | 52387 | 3979317 |
|  Sally Beauty Holdings, Inc.<sup>1</sup>  | 537140 | 4973916 |
|  |  | 14518169 |
|  **Textiles, Apparel & Luxury Goods - 0.8%** | **Textiles, Apparel & Luxury Goods - 0.8%** | **Textiles, Apparel & Luxury Goods - 0.8%** |
|  Deckers Outdoor Corp.<sup>1</sup>  | 57811 | 5958580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 63907631 |
|  **Consumer Staples - 0.8%** | **Consumer Staples - 0.8%** | **Consumer Staples - 0.8%** |
|  **Tobacco - 0.8%** | **Tobacco - 0.8%** | **Tobacco - 0.8%** |
|  Turning Point Brands, Inc. | 80134 | 6071753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 6071753 |
|  **Energy - 1.8%** |  |  |
|  **Oil, Gas & Consumable Fuels - 1.8%** | **Oil, Gas & Consumable Fuels - 1.8%** | **Oil, Gas & Consumable Fuels - 1.8%** |
|  Crescent Energy Co. Class A | 334265 | 2874679 |
|  Viper Energy, Inc. | 289499 | 11038597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 13913276 |
|  **Financials - 5.8%** |  |  |
|  **Capital Markets - 1.1%** |  |  |
|  WisdomTree, Inc.<sup>2</sup>  | 745623 | 8582120 |
|  **Financial Services - 3.9%** |  |  |
|  Chime Financial, Inc. Class A<sup>1</sup>  | 36028 | 1243326 |
|  Euronet Worldwide, Inc.<sup>1</sup>  | 177389 | 17983697 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Shares | Value | Value |
|  Remitly Global, Inc.<sup>1</sup>  | 615466 | $| 11552297 |
|  |  |  | 30779320 |
|  **Insurance - 0.8%** |  |  |  |
|  First American Financial Corp. | 100533 |  | 6171721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  |  | 45533161 |
|  **Health Care - 28.7%** |  |  |  |
|  **Biotechnology - 6.7%** |  |  |  |
|  Agios Pharmaceuticals, Inc.<sup>1</sup>  | 139063 |  | 4625235 |
|  Dyne Therapeutics, Inc.<sup>1</sup>  | 107102 |  | 1019611 |
|  Exact Sciences Corp.<sup>1</sup>  | 106628 |  | 5666212 |
|  Halozyme Therapeutics, Inc.<sup>1</sup>  | 209672 |  | 10907138 |
|  Legend Biotech Corp. ADR<sup>1,2</sup>  | 127947 |  | 4540839 |
|  Madrigal Pharmaceuticals, Inc.<sup>1,2</sup>  | 32035 |  | 9695073 |
|  Nuvalent, Inc. Class A<sup>1</sup>  | 55798 |  | 4257387 |
|  Veracyte, Inc.<sup>1</sup>  | 460968 |  | 12459965 |
|  |  |  | 53171460 |
|  **Health Care Equipment & Supplies - 11.7%** | **Health Care Equipment & Supplies - 11.7%** | **Health Care Equipment & Supplies - 11.7%** | **Health Care Equipment & Supplies - 11.7%** |
|  Align Technology, Inc.<sup>1</sup>  | 85995 |  | 16281433 |
|  Axogen, Inc.<sup>1</sup>  | 235544 |  | 2555652 |
|  Cooper Cos., Inc. (The)<sup>1</sup>  | 184443 |  | 13124964 |
|  Globus Medical, Inc. Class A<sup>1</sup>  | 210997 |  | 12453043 |
|  Merit Medical Systems, Inc.<sup>1</sup>  | 123077 |  | 11505238 |
|  PROCEPT BioRobotics Corp.<sup>1,2</sup>  | 64059 |  | 3689798 |
|  QuidelOrtho Corp.<sup>1</sup>  | 131860 |  | 3800205 |
|  STERIS Plc | 67064 |  | 16110114 |
|  Tandem Diabetes Care, Inc.<sup>1</sup>  | 444243 |  | 8280690 |
|  TransMedics Group, Inc.<sup>1,2</sup>  | 31361 |  | 4202688 |
|  |  |  | 92003825 |
|  **Health Care Providers & Services - 2.5%** | **Health Care Providers & Services - 2.5%** | **Health Care Providers & Services - 2.5%** | **Health Care Providers & Services - 2.5%** |
|  HealthEquity, Inc.<sup>1</sup>  | 68915 |  | 7219535 |
|  Hinge Health, Inc. Class A<sup>1,2</sup>  | 93173 |  | 4821703 |
|  Progyny, Inc.<sup>1</sup>  | 347341 |  | 7641502 |
|  |  |  | 19682740 |
|  **Health Care Technology - 6.2%** | **Health Care Technology - 6.2%** | **Health Care Technology - 6.2%** | **Health Care Technology - 6.2%** |
|  Certara, Inc.<sup>1</sup>  | 1319987 |  | 15443848 |
|  Doximity, Inc. Class A<sup>1</sup>  | 292651 |  | 17951213 |
|  Waystar Holding Corp.<sup>1</sup>  | 378744 |  | 15479267 |
|  |  |  | 48874328 |
|  **Life Sciences Tools & Services - 1.6%** | **Life Sciences Tools & Services - 1.6%** | **Life Sciences Tools & Services - 1.6%** | **Life Sciences Tools & Services - 1.6%** |
|  Bio-Techne Corp. | 141131 |  | 7261190 |
|  Stevanato Group SpA (Italy)<sup>2</sup>  | 204268 |  | 4990267 |
|  |  |  | 12251457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  |  | 225983810 |
|  **Industrials - 24.9%** |  |  |  |
|  **Aerospace & Defense - 3.0%** |  |  |  |
|  Curtiss-Wright Corp. | 28468 |  | 13908041 |
|  StandardAero, Inc.<sup>1</sup>  | 312835 |  | 9901228 |
|  |  |  | 23809269 |

---

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 4.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Growth Fund

#### Schedule of Investments (continued)

#### June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | Shares | Value | Value |
|  **Commercial Services & Supplies - 6.5%** | **Commercial Services & Supplies - 6.5%** |  |  |
|  ACV Auctions, Inc. Class A<sup>1</sup>  | 716413 | $| 11620219 |
|  Cimpress Plc (Ireland)<sup>1</sup>  | 129200 |  | 6072400 |
|  GFL Environmental, Inc. | 110645 |  | 5583147 |
|  MSA Safety, Inc. | 26314 |  | 4408384 |
|  RB Global, Inc. (Canada) | 220730 |  | 23439319 |
|  |  |  | 51123469 |
|  **Electrical Equipment - 3.2%** |  |  |  |
|  Generac Holdings, Inc.<sup>1</sup>  | 61375 |  | 8789514 |
|  Sensata Technologies Holding Plc | 534829 |  | 16103701 |
|  |  |  | 24893215 |
|  **Machinery - 5.3%** |  |  |  |
|  Federal Signal Corp. | 152205 |  | 16197656 |
|  JBT Marel Corp. | 86717 |  | 10428587 |
|  Middleby Corp. (The)<sup>1</sup>  | 55343 |  | 7969392 |
|  Timken Co. (The) | 52924 |  | 3839636 |
|  Toro Co. (The) | 51922 |  | 3669847 |
|  |  |  | 42105118 |
|  **Marine Transportation - 1.7%** |  |  |  |
|  Kirby Corp.<sup>1</sup>  | 118947 |  | 13489779 |
|  **Professional Services - 3.1%** |  |  |  |
|  Alight, Inc. Class A | 2774543 |  | 15703913 |
|  TriNet Group, Inc. | 113720 |  | 8317481 |
|  |  |  | 24021394 |
|  **Trading Companies & Distributors - 2.1%** | **Trading Companies & Distributors - 2.1%** |  |  |
|  Applied Industrial Technologies, Inc. | 41280 |  | 9595536 |
|  Core & Main, Inc. Class A<sup>1</sup>  | 115949 |  | 6997522 |
|  |  |  | 16593058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  |  | 196035302 |
|  **Information Technology - 17.2%** | **Information Technology - 17.2%** |  |  |
|  **Electronic Equipment, Instruments & Components - 2.8%** | **Electronic Equipment, Instruments & Components - 2.8%** | **Electronic Equipment, Instruments & Components - 2.8%** | **Electronic Equipment, Instruments & Components - 2.8%** |
|  Trimble, Inc.<sup>1</sup>  | 289027 |  | 21960271 |
|  **Semiconductors & Semiconductor Equipment - 3.5%** | **Semiconductors & Semiconductor Equipment - 3.5%** | **Semiconductors & Semiconductor Equipment - 3.5%** | **Semiconductors & Semiconductor Equipment - 3.5%** |
|  GLOBALFOUNDRIES, Inc.<sup>1,2</sup>  | 448039 |  | 17115090 |
|  ON Semiconductor Corp.<sup>1</sup>  | 195386 |  | 10240180 |
|  |  |  | 27355270 |
|  **Software - 10.9%** |  |  |  |
|  Alkami Technology, Inc.<sup>1</sup>  | 451379 |  | 13604563 |
|  Blackbaud, Inc.<sup>1</sup>  | 175133 |  | 11245290 |
|  Cellebrite DI Ltd. (Israel)<sup>1</sup>  | 229140 |  | 3666240 |
|  Consensus Cloud Solutions, Inc.<sup>1</sup>  | 173398 |  | 3998558 |
|  Dynatrace, Inc.<sup>1</sup>  | 275900 |  | 15232439 |
|  Elastic, N.V.<sup>1</sup>  | 74495 |  | 6282163 |
|  Klaviyo, Inc. Class A<sup>1</sup>  | 133273 |  | 4475307 |
|  Monday.com Ltd.<sup>1</sup>  | 19957 |  | 6276078 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Shares | Value | Value |
|  N-able, Inc.<sup>1</sup>  | 662690 | $| 5367789 |
|  Sprout Social, Inc. Class A<sup>1</sup>  | 776094 |  | 16228126 |
|  |  |  | 86376553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  |  | 135692094 |
|  **Materials - 0.5%** |  |  |  |
|  **Construction Materials - 0.5%** |  |  |  |
|  Eagle Materials, Inc. | 20702 |  | 4184081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  |  | 4184081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks - 94.6% (Cost $624,085,892) |  |  | 744534332 |
|  **Preferred Stocks - 4.5%** |  |  |  |
|  **Communication Services - 1.8%** | **Communication Services - 1.8%** |  |  |
|  **Interactive Media & Services - 1.8%** | **Interactive Media & Services - 1.8%** |  |  |
|  Evolve Vacation Rental Network, Inc. Series 9<br>Acquisition Date: 5/29/20,<br>Cost $4,499,999<sup>1,3,4</sup>  | 776451 |  | 14162466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  |  | 14162466 |
|  **Information Technology - 1.6%** | **Information Technology - 1.6%** |  |  |
|  **IT Services - 1.1%** |  |  |  |
|  Skyryse, Inc. Series B<br>Acquisition Date: 10/21/21,<br>Cost $7,164,990<sup>1,3,4</sup>  | 290316 |  | 8404648 |
|  **Software - 0.5%** |  |  |  |
|  Dataminr, Inc. Series F<br>Acquisition Date: 3/22/21,<br>Cost $7,369,692<sup>1,3,4</sup> | 167493 |  | 4255997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  |  | 12660645 |
|  **Real Estate - 1.1%** |  |  |  |
|  **Real Estate Management & Development - 1.1%** | **Real Estate Management & Development - 1.1%** | **Real Estate Management & Development - 1.1%** | **Real Estate Management & Development - 1.1%** |
|  Apartment List, Inc. Series D Acquisition Date: 11/2/20 -12/21/20, Cost $8,399,997<sup>1,3,4</sup>  | 2299479 |  | 8370104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  |  | 8370104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks - 4.5%<br>(Cost $27,434,678) |  |  | 35193215 |
|  **Private Investment Fund - 0.5%** | **Private Investment Fund - 0.5%** |  |  |
|  Quail Investment Holdings, LLC Acquisition Date: 9/1/20, Cost $4,037,882<sup>1,3,5</sup>  | 4038 |  | 3555597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Private Investment Fund - 0.5% (Cost $4,037,882) | &nbsp;&nbsp;&nbsp;&nbsp; Total Private Investment Fund - 0.5% (Cost $4,037,882) |  | 3555597 |

---

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 5.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Growth Fund

#### Schedule of Investments (continued)

#### June 30, 2025

---

| | | |
|:---|:---|:---|
| | <br>Shares | Value |
|  **Convertible Note - 0.1%** |  |  |
|  **Information Technology - 0.1%** | **Information Technology - 0.1%** |  |
|  **Software - 0.1%** |  |  |
|  Skyryse, Inc.<br>Acquisition Date: 4/10/24,<br>Cost $1,000,000<sup>1,3,4</sup>  | 1000000 | $1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology | &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Convertible Note - 0.1%<br>(Cost $1,000,000) |  | 1000000 |
|  | Shares/<br>Principal<br>Amount |  |
|  **Short-Term Investments - 2.2%** | **Short-Term Investments - 2.2%** |  |
|  **Money Market Funds - 2.2%** | **Money Market Funds - 2.2%** |  |
|  Goldman Sachs Financial Square Government Fund,<br>Institutional Class, 4.21% <sup>6</sup>  | 14384495 | 14384495 |

---

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal<br>Amount | Value |
|  Invesco Short Term Investments, Government & Agency Portfolio, Institutional Class, 4.26% <sup>6,7</sup>  | 3242185 | $3242185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $17,626,680) |  | 17626680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments - 2.2%<br>(Cost $17,626,680) |  | 17626680 |
|  **Total Investments** - **101.9%**  |  |  |
|  (Cost $674,185,132) |  | 801909824 |
|  Liabilities in Excess of Other<br>Assets - (1.9)% |  | (14634424) |
|  **Net Assets - 100.0%** |  | $**787275400** |

---

#### ADR—American Depositary Receipt

#### AG—Aktiengesellschaft is the German term for Public Limited Company

#### N.V.—Naamloze Vennootschap is the Dutch term for limited liability company

#### Plc—Public Limited Company

#### SpA—Società per Azioni

<sup>1</sup> Non-income producing securities.

<sup>2</sup> All or portion of this security is on loan at June 30, 2025. Total value of such securities at year-end amounts to $24,689,074 and represents 3.14% of net assets. 

<sup>3</sup> Restricted security; cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules and agreements. Acquisition date represents the date on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities at year-end amounts to $39,748,812 and represents 5.05% of net assets. 

<sup>4</sup> Security is valued using significant unobservable inputs in good faith in accordance with procedures utilized by the Valuation Designee. See Note 1 in Notes to financial statements.

<sup>5</sup> Quail Investment Holdings, LLC is a limited liability company that was organized to invest solely in Qumulo, Inc Series E Preferred Stock. The value of Qumulo, Inc. is substantially the same as Quail Investment Holdings, LLC.

<sup>6</sup> The rate shown is the 7-Day SEC yield as of June 30, 2025.

<sup>7</sup> Collateral received from brokers for securities lending was invested in short-term investments.

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 6.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Contrarian Fund

#### Schedule of Investments

#### June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | Shares | Value | Value |
|  **Common Stocks - 91.9%** |  |  |  |
|  **Communication Services - 0.1%** | **Communication Services - 0.1%** |  |  |
|  **Interactive Media & Services - 0.1%** | **Interactive Media & Services - 0.1%** |  |  |
|  Samba TV, Inc. Common Shares Acquisition Date: 5/1/25, Cost $3,843,995<sup>1,2,3</sup>  | 15368 | $| 237436 |
|  Samba TV, Inc. Common Shares in Escrow Acquisition Date: 5/1/25, Cost $2,406,005<sup>1,2,3</sup>  | 9625 |  | 141271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  |  | 378707 |
|  **Consumer Discretionary - 5.3%** | **Consumer Discretionary - 5.3%** |  |  |
|  **Hotels, Restaurants & Leisure - 2.5%** | **Hotels, Restaurants & Leisure - 2.5%** |  |  |
|  Lucky Strike Entertainment |  |  |  |
|  Corp. Class A<sup>4</sup>  | 578803 |  | 5284472 |
|  Six Flags Entertainment Corp.<sup>4</sup>  | 191000 |  | 5812130 |
|  Sweetgreen, Inc. Class A<sup>3</sup>  | 222157 |  | 3305696 |
|  |  |  | 14402298 |
|  **Specialty Retail - 1.9%** |  |  |  |
|  Aritzia, Inc. (Canada)<sup>3</sup>  | 215216 |  | 11141732 |
|  **Textiles, Apparel & Luxury Goods - 0.9%** | **Textiles, Apparel & Luxury Goods - 0.9%** |  |  |
|  VF Corp. | 423975 |  | 4981706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  |  | 30525736 |
|  **Consumer Staples - 6.2%** |  |  |  |
|  **Beverages - 0.7%** |  |  |  |
|  Zevia PBC Class A<sup>3</sup>  | 1200000 |  | 3864000 |
|  **Consumer Staples Distribution & Retail - 2.5%** | **Consumer Staples Distribution & Retail - 2.5%** | **Consumer Staples Distribution & Retail - 2.5%** | **Consumer Staples Distribution & Retail - 2.5%** |
|  Dollar Tree, Inc.<sup>3</sup>  | 146562 |  | 14515501 |
|  **Food Products - 0.5%** |  |  |  |
|  Mama's Creations, Inc.<sup>3</sup>  | 350000 |  | 2905000 |
|  **Personal Care Products - 2.5%** |  |  |  |
|  Honest Co., Inc. (The)<sup>3</sup>  | 2848546 |  | 14499099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  |  | 35783600 |
|  **Energy - 6.1%** |  |  |  |
|  **Oil, Gas & Consumable Fuels - 6.1%** | **Oil, Gas & Consumable Fuels - 6.1%** |  |  |
|  California Resources Corp. | 178000 |  | 8129260 |
|  Cameco Corp. (Canada) | 255289 |  | 18950102 |
|  Denison Mines Corp. (Canada)<sup>3,4</sup>  | 2499000 |  | 4548180 |
|  NexGen Energy Ltd. (Canada)<sup>3,4</sup>  | 536655 |  | 3724386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  |  | 35351928 |
|  **Financials - 12.7%** |  |  |  |
|  **Banks - 5.0%** |  |  |  |
|  First Citizens BancShares, Inc. Class A | 9160 |  | 17921265 |
|  Texas Capital Bancshares, Inc.<sup>3</sup>  | 136000 |  | 10798400 |
|  |  |  | 28719665 |

---

---

| | | |
|:---|:---|:---|
| | Shares | Value |
|  **Capital Markets - 2.9%** |  |  |
|  DigitalBridge Group, Inc. | 707121 | $7318702 |
|  LPL Financial Holdings, Inc. | 25835 | 9687350 |
|  |  | 17006052 |
|  **Insurance - 4.8%** |  |  |
|  Axis Capital Holdings Ltd. | 181000 | 18791420 |
|  Universal Insurance Holdings, Inc. | 314000 | 8707220 |
|  |  | 27498640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 73224357 |
|  **Health Care - 11.5%** |  |  |
|  **Biotechnology - 2.7%** |  |  |
|  Legend Biotech Corp. ADR<sup>3</sup>  | 268821 | 9540458 |
|  ORIC Pharmaceuticals, Inc.<sup>3,4</sup>  | 370000 | 3755500 |
|  Zenas Biopharma, Inc.<sup>3,4</sup>  | 243812 | 2362538 |
|  |  | 15658496 |
|  **Health Care Equipment & Supplies - 4.1%** | **Health Care Equipment & Supplies - 4.1%** |  |
|  Envista Holdings Corp.<sup>3</sup>  | 663643 | 12967584 |
|  Neogen Corp.<sup>3,4</sup>  | 869000 | 4153820 |
|  QuidelOrtho Corp.<sup>3</sup>  | 218000 | 6282760 |
|  |  | 23404164 |
|  **Health Care Providers & Services - 1.3%** | **Health Care Providers & Services - 1.3%** |  |
|  Tenet Healthcare Corp.<sup>3</sup>  | 43400 | 7638400 |
|  **Health Care Technology - 0.9%** |  |  |
|  Certara, Inc.<sup>3</sup>  | 429000 | 5019300 |
|  **Pharmaceuticals - 2.5%** |  |  |
|  Perrigo Co. Plc | 528000 | 14108160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 65828520 |
|  **Industrials - 16.7%** |  |  |
|  **Aerospace & Defense - 3.4%** |  |  |
|  BWX Technologies, Inc. | 134223 | 19336165 |
|  **Building Products - 0.5%** |  |  |
|  Advanced Drainage Systems, Inc. | 27000 | 3101220 |
|  **Commercial Services & Supplies - 1.1%** | **Commercial Services & Supplies - 1.1%** |  |
|  VSE Corp.<sup>4</sup>  | 50000 | 6549000 |
|  **Electrical Equipment - 2.8%** |  |  |
|  American Superconductor Corp.<sup>3</sup>  | 156432 | 5739490 |
|  Regal Rexnord Corp. | 69600 | 10089216 |
|  |  | 15828706 |
|  **Ground Transportation - 1.6%** |  |  |
|  Knight-Swift Transportation Holdings, Inc. | 110813 | 4901259 |
|  U-Haul Holding Co.<sup>3,4</sup>  | 75800 | 4590448 |
|  |  | 9491707 |

---

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 7.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Contrarian Fund

#### Schedule of Investments (continued)

#### June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | Shares | Value | Value |
|  **Machinery - 1.6%** |  |  |  |
|  Hillman Solutions Corp.<sup>3</sup>  | 391000 | $| 2791740 |
|  Kornit Digital Ltd. (Israel)<sup>3</sup>  | 317000 |  | 6311470 |
|  |  |  | 9103210 |
|  **Professional Services - 3.8%** |  |  |  |
|  CACI International, Inc. Class A<sup>3</sup>  | 26200 |  | 12489540 |
|  Parsons Corp.<sup>3</sup>  | 40000 |  | 2870800 |
|  Planet Labs PBC<sup>3</sup>  | 1064958 |  | 6496244 |
|  |  |  | 21856584 |
|  **Trading Companies & Distributors - 1.9%** | **Trading Companies & Distributors - 1.9%** |  |  |
|  Core & Main, Inc. Class A<sup>3</sup>  | 179000 |  | 10802650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  |  | 96069242 |
|  **Information Technology - 18.3%** | **Information Technology - 18.3%** |  |  |
|  **Electronic Equipment, Instruments & Components -6.6%** | **Electronic Equipment, Instruments & Components -6.6%** | **Electronic Equipment, Instruments & Components -6.6%** | **Electronic Equipment, Instruments & Components -6.6%** |
|  Mirion Technologies, Inc.<sup>3</sup>  | 833000 |  | 17934490 |
|  nLight, Inc.<sup>3</sup>  | 464717 |  | 9145631 |
|  Trimble, Inc.<sup>3</sup>  | 139656 |  | 10611063 |
|  |  |  | 37691184 |
|  **Semiconductors & Semiconductor Equipment - 7.5%** | **Semiconductors & Semiconductor Equipment - 7.5%** | **Semiconductors & Semiconductor Equipment - 7.5%** | **Semiconductors & Semiconductor Equipment - 7.5%** |
|  Advanced Micro Devices, Inc.<sup>3</sup>  | 77000 |  | 10926300 |
|  Ambarella, Inc.<sup>3</sup>  | 65000 |  | 4294225 |
|  CEVA, Inc.<sup>3</sup>  | 395000 |  | 8682100 |
|  Navitas Semiconductor Corp.<sup>3,4</sup>  | 353000 |  | 2312150 |
|  PDF Solutions, Inc.<sup>3</sup>  | 65000 |  | 1389700 |
|  Penguin Solutions, Inc.<sup>3,4</sup>  | 779782 |  | 15447481 |
|  |  |  | 43051956 |
|  **Software - 3.7%** |  |  |  |
|  Adeia, Inc. | 444000 |  | 6278160 |
|  BlackBerry Ltd. (Canada)<sup>3,4</sup>  | 1346833 |  | 6168495 |
|  LiveRamp Holdings, Inc.<sup>3</sup>  | 274314 |  | 9063335 |
|  |  |  | 21509990 |
|  **Technology Hardware, Storage & Peripherals - 0.5%** | **Technology Hardware, Storage & Peripherals - 0.5%** | **Technology Hardware, Storage & Peripherals - 0.5%** | **Technology Hardware, Storage & Peripherals - 0.5%** |
|  Corsair Gaming, Inc.<sup>3</sup>  | 273000 |  | 2574390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  |  | 104827520 |
|  **Materials - 6.1%** |  |  |  |
|  **Containers & Packaging - 3.2%** |  |  |  |
|  Crown Holdings, Inc. | 133642 |  | 13762453 |
|  Ranpak Holdings Corp.<sup>3</sup>  | 1296000 |  | 4626720 |
|  |  |  | 18389173 |
|  **Metals & Mining - 2.9%** |  |  |  |
|  Constellium SE<sup>3</sup>  | 578913 |  | 7699543 |
|  New Gold, Inc. (Canada)<sup>3</sup>  | 1768000 |  | 8751600 |
|  |  |  | 16451143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  |  | 34840316 |

---

---

| | | | |
|:---|:---|:---|:---|
| | Shares | Value | Value |
|  **Real Estate - 3.0%** |  |  |  |
|  **Residential REITs - 1.5%** |  |  |  |
|  Sun Communities, Inc. | 67288 | $| 8511259 |
|  **Specialized REITs - 1.5%** |  |  |  |
|  VICI Properties, Inc. | 268000 |  | 8736800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  |  | 17248059 |
|  **Utilities - 5.9%** |  |  |  |
|  **Electric Utilities - 2.2%** |  |  |  |
|  Evergy, Inc.<sup>4</sup>  | 184000 |  | 12683120 |
|  **Independent Power & Renewable Electricity Producers -2.6%** | **Independent Power & Renewable Electricity Producers -2.6%** | **Independent Power & Renewable Electricity Producers -2.6%** | **Independent Power & Renewable Electricity Producers -2.6%** |
|  Brookfield Renewable Corp. (Canada)<sup>4</sup>  | 444300 |  | 14564154 |
|  **Water Utilities - 1.1%** |  |  |  |
|  Consolidated Water Co. Ltd.<sup>4</sup>  | 212837 |  | 6389367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  |  | 33636641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks - 91.9%<br>(Cost $380,122,334) |  |  | 527714626 |
|  **Rights - 0.1%** |  |  |  |
|  **Health Care - 0.1%** |  |  |  |
|  **Biotechnology - 0.1%** |  |  |  |
|  Albireo Pharma, Inc. CVR<sup>2,3</sup>  | 150750 |  | 362745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  |  | 362745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Rights - 0.1%<br>(Cost $0) |  |  | 362745 |
|  | Shares/<br>Principal<br>Amount |  |  |
|  **Short-Term Investments - 11.6%** | **Short-Term Investments - 11.6%** |  |  |
|  **Money Market Funds - 11.6%** |  |  |  |
|  Goldman Sachs Financial Square Government Fund,<br>Institutional Class, 4.21%<sup>5</sup>  | 51052740 |  | 51052740 |

---

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 8.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Contrarian Fund

#### Schedule of Investments (continued)

#### June 30, 2025

---

| | | |
|:---|:---|:---|
| | Shares/<br>Principal<br>Amount | Value |
|  Invesco Short Term Investments, Government & Agency Portfolio, Institutional Class, 4.26% <sup>5,6</sup>  | 15656221 | $15656221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds<br>(Cost $66,708,961) |  | 66708961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term<br>Investments - 11.6%<br>(Cost $66,708,961) |  | 66708961 |
|  **Total Investments** - **103.6%**  |  |  |
|  (Cost $446,831,295) |  | 594786332 |
|  Liabilities in Excess of Other<br>Assets - (3.6)% |  | (20740506) |
|  **Net Assets - 100.0%** |  | $**574045826** |

---

#### ADR—American Depositary Receipt

#### CVR—Contingent Value Rights

#### PBC—Public Benefit Corporation

#### Plc—Public Limited Company

#### SE—Societas Europaea is the Latin term for a public limited liability company

<sup>1</sup> Restricted security; cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules and agreements. Acquisition date represents the date on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities at year-end amounts to $378,707 and represents 0.07% of net assets. 

<sup>2</sup> Security is valued using significant unobservable inputs in good faith in accordance with procedures utilized by the Valuation Designee. See Note 1 in Notes to financial statements.

<sup>3</sup> Non-income producing securities.

<sup>4</sup> All or portion of this security is on loan at June 30, 2025. Total value of such securities at year-end amounts to $28,695,362 and represents 5.00% of net assets. 

<sup>5</sup> The rate shown is the 7-Day SEC yield as of June 30, 2025.

<sup>6</sup> Collateral received from brokers for securities lending was invested in short-term investments.

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 9.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Hedged Equity Fund

#### Schedule of Investments

#### June 30, 2025

---

| | | |
|:---|:---|:---|
| | Shares | Value |
|  **Common Stocks - 119.0%** |  |  |
|  **Communication Services - 19.1%** |  |  |
|  **Diversified Telecommunication Services - 0.6%** | **Diversified Telecommunication Services - 0.6%** | **Diversified Telecommunication Services - 0.6%** |
|  Verizon Communications, Inc. | 5892 | $254947 |
|  **Entertainment - 9.8%** |  |  |
|  Electronic Arts, Inc.<sup>1</sup>  | 7100 | 1133870 |
|  Live Nation Entertainment, Inc.<sup>1,2</sup>  | 16000 | 2420480 |
|  Madison Square Garden Entertainment Corp.<sup>2</sup>  | 4977 | 198931 |
|  Walt Disney Co. (The) | 3546 | 439739 |
|  |  | 4193020 |
|  **Interactive Media & Services - 3.5%** | **Interactive Media & Services - 3.5%** |  |
|  Angi, Inc.<sup>2</sup>  | 2189 | 33404 |
|  IAC, Inc.<sup>2</sup>  | 4170 | 155708 |
|  Match Group, Inc.<sup>1</sup>  | 43200 | 1334448 |
|  |  | 1523560 |
|  **Media - 5.2%** |  |  |
|  Boston Omaha Corp. Class A<sup>2</sup>  | 26555 | 372832 |
|  Comcast Corp. Class A<sup>1</sup>  | 24000 | 856560 |
|  Liberty Broadband Corp. Class C<sup>2</sup>  | 7553 | 743064 |
|  Sirius XM Holdings, Inc.<sup>3</sup>  | 11515 | 264500 |
|  |  | 2236956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 8208483 |
|  **Consumer Discretionary - 25.6%** |  |  |
|  **Broadline Retail - 2.6%** |  |  |
|  Amazon.com, Inc.<sup>2</sup>  | 5115 | 1122180 |
|  **Diversified Consumer Services - 0.8%** | **Diversified Consumer Services - 0.8%** |  |
|  ADT, Inc.<sup>1</sup>  | 40000 | 338800 |
|  **Hotels, Restaurants & Leisure - 14.9%** | **Hotels, Restaurants & Leisure - 14.9%** |  |
|  Airbnb, Inc. Class A<sup>1,2</sup>  | 14400 | 1905696 |
|  DraftKings, Inc. Class A<sup>1,2</sup>  | 38400 | 1646976 |
|  Las Vegas Sands Corp.<sup>1</sup>  | 24000 | 1044240 |
|  MGM Resorts International<sup>1,2</sup>  | 52800 | 1815792 |
|  |  | 6412704 |
|  **Household Durables - 4.3%** |  |  |
|  D.R. Horton, Inc.<sup>1</sup>  | 14500 | 1869340 |
|  **Specialty Retail - 2.5%** |  |  |
|  Home Depot, Inc. (The) | 1148 | 420903 |
|  Valvoline, Inc.<sup>1,2</sup>  | 16900 | 640003 |
|  |  | 1060906 |
|  **Textiles, Apparel & Luxury Goods - 0.5%** | **Textiles, Apparel & Luxury Goods - 0.5%** |  |
|  NIKE, Inc. Class B | 3025 | 214896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 11018826 |
|  **Consumer Staples - 7.8%** |  |  |
|  **Consumer Staples Distribution & Retail - 1.6%** | **Consumer Staples Distribution & Retail - 1.6%** | **Consumer Staples Distribution & Retail - 1.6%** |
|  Costco Wholesale Corp. | 473 | 468242 |

---

---

| | | |
|:---|:---|:---|
| | Shares | Value |
|  Target Corp. | 2234 | $220384 |
|  |  | 688626 |
|  **Food Products - 4.3%** |  |  |
|  Archer-Daniels-Midland Co.<sup>1</sup>  | 15000 | 791700 |
|  Dole Plc | 32645 | 456703 |
|  Lamb Weston Holdings, Inc.<sup>1</sup>  | 11300 | 585905 |
|  |  | 1834308 |
|  **Personal Care Products - 1.9%** |  |  |
|  Kenvue, Inc.<sup>1</sup>  | 39412 | 824893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 3347827 |
|  **Energy - 6.3%** |  |  |
|  **Oil, Gas & Consumable Fuels - 6.3%** | **Oil, Gas & Consumable Fuels - 6.3%** |  |
|  Cheniere Energy, Inc.<sup>1</sup>  | 6700 | 1631584 |
|  Chevron Corp. | 3310 | 473959 |
|  Phillips 66<sup>1</sup>  | 4900 | 584570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 2690113 |
|  **Financials - 16.2%** |  |  |
|  **Banks - 4.6%** |  |  |
|  JPMorgan Chase & Co. | 4000 | 1159640 |
|  U.S. Bancorp | 17777 | 804409 |
|  |  | 1964049 |
|  **Capital Markets - 3.7%** |  |  |
|  Intercontinental Exchange, Inc. | 6664 | 1222644 |
|  S&P Global, Inc. | 690 | 363830 |
|  |  | 1586474 |
|  **Financial Services - 5.7%** |  |  |
|  PayPal Holdings, Inc.<sup>1,2</sup>  | 14660 | 1089531 |
|  Visa, Inc. Class A | 3911 | 1388601 |
|  |  | 2478132 |
|  **Insurance - 2.2%** |  |  |
|  Chubb Ltd.<sup>1</sup>  | 3300 | 956076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 6984731 |
|  **Health Care - 6.7%** |  |  |
|  **Biotechnology - 0.0%** |  |  |
|  GRAIL, Inc.<sup>2,3</sup>  | 645 | 33166 |
|  **Health Care Providers & Services - 0.6%** | **Health Care Providers & Services - 0.6%** |  |
|  UnitedHealth Group, Inc.<sup>1</sup>  | 800 | 249576 |
|  **Life Sciences Tools & Services - 3.9%** | **Life Sciences Tools & Services - 3.9%** |  |
|  Danaher Corp.<sup>1</sup>  | 6825 | 1348210 |
|  Illumina, Inc.<sup>1,2</sup>  | 3400 | 324394 |
|  |  | 1672604 |
|  **Pharmaceuticals - 2.2%** |  |  |
|  Johnson & Johnson | 2215 | 338341 |
|  Royalty Pharma Plc Class A | 16759 | 603827 |
|  |  | 942168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 2897514 |

---

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 10.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Hedged Equity Fund

#### Schedule of Investments (continued)

#### June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | Shares | Value | Value |
|  **Industrials - 13.5%** |  |  |  |
|  **Commercial Services & Supplies - 12.5%** | **Commercial Services & Supplies - 12.5%** |  |  |
|  ACV Auctions, Inc. Class A<sup>1,2</sup>  | 53594 | $| 869295 |
|  GEO Group, Inc. (The)<sup>1,2</sup>  | 97000 |  | 2323150 |
|  GFL Environmental, Inc.<sup>1</sup>  | 43426 |  | 2191276 |
|  |  |  | 5383721 |
|  **Professional Services - 1.0%** |  |  |  |
|  CACI International, Inc. Class A<sup>2</sup>  | 840 |  | 400428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  |  | 5784149 |
|  **Information Technology - 15.6%** |  |  |  |
|  **IT Services - 4.1%** |  |  |  |
|  Shopify, Inc. Class A (Canada)<sup>1,2</sup>  | 15300 |  | 1764855 |
|  **Semiconductors & Semiconductor Equipment - 1.8%** | **Semiconductors & Semiconductor Equipment - 1.8%** | **Semiconductors & Semiconductor Equipment - 1.8%** | **Semiconductors & Semiconductor Equipment - 1.8%** |
|  GLOBALFOUNDRIES, Inc.<sup>2,3</sup>  | 4200 |  | 160440 |
|  NVIDIA Corp. | 2530 |  | 399715 |
|  QUALCOMM, Inc.<sup>1</sup>  | 1300 |  | 207038 |
|  |  |  | 767193 |
|  **Software - 9.7%** |  |  |  |
|  Clear Secure, Inc. Class A<sup>1</sup>  | 96000 |  | 2664960 |
|  Microsoft Corp. | 2018 |  | 1003773 |
|  Zoom Communications, Inc. Class A<sup>1,2</sup>  | 6300 |  | 491274 |
|  |  |  | 4160007 |
|  **Technology Hardware, Storage & Peripherals - 0.0%** | **Technology Hardware, Storage & Peripherals - 0.0%** | **Technology Hardware, Storage & Peripherals - 0.0%** | **Technology Hardware, Storage & Peripherals - 0.0%** |
|  Apple, Inc. | 88 |  | 18055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  |  | 6710110 |
|  **Materials - 1.3%** |  |  |  |
|  **Chemicals - 1.3%** |  |  |  |
|  International Flavors & Fragrances, Inc.<sup>1</sup>  | 7800 |  | 573690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  |  | 573690 |
|  **Real Estate - 3.5%** |  |  |  |
|  **Health Care REITs - 0.5%** |  |  |  |
|  Alexandria Real Estate Equities, Inc. | 2941 |  | 213605 |
|  **Real Estate Management & Development - 0.1%** | **Real Estate Management & Development - 0.1%** | **Real Estate Management & Development - 0.1%** | **Real Estate Management & Development - 0.1%** |
|  Seaport Entertainment Group, Inc.<sup>2,3</sup> | 1361 |  | 25383 |
|  **Specialized REITs - 2.9%** |  |  |  |
|  American Tower Corp. | 2978 |  | 658197 |
|  Equinix, Inc. | 772 |  | 614103 |
|  |  |  | 1272300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  |  | 1511288 |

---

---

| | | |
|:---|:---|:---|
| | Shares | Value |
|  **Utilities - 3.4%** |  |  |
|  **Electric Utilities - 1.8%** |  |  |
|  Entergy Corp. | 9574 | $795791 |
|  **Independent Power & Renewable Electricity Producers - 1.6%** | **Independent Power & Renewable Electricity Producers - 1.6%** | **Independent Power & Renewable Electricity Producers - 1.6%** |
|  Vistra Corp. | 3510 | 680273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 1476064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks - 119.0%<br>(Cost $42,895,295) |  | 51202795 |
|  | Shares/<br>Principal<br>Amount |  |
|  **Short-Term Investments - 6.8%** |  |  |
|  **Money Market Funds - 6.8%** |  |  |
|  Goldman Sachs Financial Square Government Fund, Institutional Class, 4.21% <sup>4</sup>  | 2875637 | 2875637 |
|  Invesco Short Term Investments, Government & Agency Portfolio, Institutional Class, 4.26% <sup>4,5</sup>  | 55175 | 55175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $2,930,812) |  | 2930812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments - 6.8% (Cost $2,930,812) |  | 2930812 |
|  **Total Investments** - **125.8%**  |  |  |
|  (Cost $45,826,107) |  | 54133607 |
|  Liabilities in Excess of Other<br>Assets - (25.8)% |  | (11105533) |
|  **Net Assets - 100.0%** |  | $**43028074** |
|  |  | Value |
|  **Call Options Written - (25.7)%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Call Options Written - (25.7)% (Premium received $(10069144)) |  | $(11040382) |

---

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 11.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Hedged Equity Fund

#### Schedule of Investments (continued)

#### June 30, 2025

#### Plc—Public Limited Company

<sup>1</sup> Securities, or a portion thereof, with a value of $32,244,778 were pledged as collateral for written options by the fund. 

<sup>2</sup> Non-income producing securities.

<sup>3</sup> All or portion of this security is on loan at June 30, 2025. Total value of such securities at year-end amounts to $481,586 and represents 1.12% of net assets. 

<sup>4</sup> The rate shown is the 7-Day SEC yield as of June 30, 2025.

<sup>5</sup> Collateral received from brokers for securities lending was invested in short-term investments.

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 12.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Hedged Equity Fund

#### Schedule of Investments (continued)

#### June 30, 2025

#### Exchange-Traded Options Written

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Strike Price** | **Expiration Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Premium<br>Received** | **Value** |
|  **Call** |  |  |  |  |  |  |
|  ACV Auctions, Inc. Class A | $10.00 | 11/21/25 | 400 | $648800 | $(252948) | $(340000) |
|  ADT, Inc. | 6.00 | 11/21/25 | 400 | 338800 | (89538) | (108000) |
|  GFL Environmental, Inc. | 35.00 | 12/19/25 | 259 | 1306914 | (297529) | (450660) |
|  Airbnb, Inc. Class A | 85.00 | 1/16/26 | 144 | 1905696 | (547495) | (736560) |
|  Archer-Daniels-Midland Co. | 45.00 | 1/16/26 | 150 | 791700 | (189507) | (138450) |
|  Cheniere Energy, Inc. | 155.00 | 1/16/26 | 67 | 1631584 | (284160) | (629130) |
|  Clear Secure, Inc. Class A | 16.86 | 1/16/26 | 960 | 2664960 | (630660) | (1132800) |
|  D.R. Horton, Inc. | 120.00 | 1/16/26 | 49 | 631708 | (192158) | (94178) |
|  D.R. Horton, Inc. | 115.00 | 1/16/26 | 96 | 1237632 | (362853) | (218880) |
|  GEO Group, Inc. (The) | 15.00 | 1/16/26 | 970 | 2323150 | (1439324) | (960300) |
|  Illumina, Inc. | 80.00 | 1/16/26 | 34 | 324394 | (265550) | (107100) |
|  Lamb Weston Holdings, Inc. | 65.00 | 1/16/26 | 80 | 414800 | (205257) | (20400) |
|  Live Nation Entertainment, Inc. | 70.00 | 1/16/26 | 160 | 2420480 | (509252) | (1364800) |
|  Match Group, Inc. | 25.00 | 1/16/26 | 192 | 593088 | (254248) | (136320) |
|  MGM Resorts International | 40.00 | 1/16/26 | 384 | 1320576 | (524188) | (79104) |
|  QUALCOMM, Inc. | 185.00 | 1/16/26 | 13 | 207038 | (72522) | (8905) |
|  Valvoline, Inc. | 30.00 | 1/16/26 | 169 | 640003 | (224711) | (170690) |
|  Zoom Communications, Inc. Class A | 55.00 | 1/16/26 | 63 | 491274 | (148000) | (164430) |
|  Chubb Ltd. | 255.00 | 3/20/26 | 33 | 956076 | (136536) | (163350) |
|  Las Vegas Sands Corp. | 35.00 | 3/20/26 | 240 | 1044240 | (366564) | (265200) |
|  Shopify, Inc. Class A | 45.00 | 3/20/26 | 153 | 1764855 | (559021) | (1126845) |
|  Danaher Corp. | 200.00 | 6/18/26 | 48 | 948192 | (218177) | (126720) |
|  International Flavors & Fragrances, Inc. | 65.00 | 6/18/26 | 78 | 573690 | (133033) | (112008) |
|  PayPal Holdings, Inc. | 60.00 | 6/18/26 | 115 | 854680 | (298405) | (233450) |
|  Kenvue, Inc. | 18.00 | 9/18/26 | 240 | 502320 | (120171) | (160800) |
|  MGM Resorts International | 40.00 | 12/18/26 | 144 | 495216 | (221620) | (75600) |
|  Comcast Corp. Class A | 30.00 | 1/15/27 | 240 | 856560 | (184582) | (192000) |
|  DraftKings, Inc. Class A | 20.00 | 1/15/27 | 384 | 1646976 | (586348) | (968832) |
|  Electronic Arts, Inc. | 115.00 | 1/15/27 | 71 | 1133870 | (234788) | (406120) |
|  Match Group, Inc. | 25.00 | 1/15/27 | 240 | 741360 | (296663) | (214800) |
|  Phillips 66 | 110.00 | 1/15/27 | 49 | 584570 | (143999) | (111230) |
|  UnitedHealth Group, Inc. | 420.00 | 1/15/27 | 8 | 249576 | (79337) | (22720) |
|  |  |  |  | Total | $(10069144) | $(11040382) |

---

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 13.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Small Cap Growth Fund

#### Schedule of Investments

#### June 30, 2025

---

| | | |
|:---|:---|:---|
| | Shares | Value |
|  **Common Stocks - 89.5%** |  |  |
|  **Communication Services - 4.9%** |  |  |
|  **Interactive Media & Services - 4.7%** | **Interactive Media & Services - 4.7%** |  |
|  Angi, Inc.<sup>1</sup>  | 206964 | $3158271 |
|  Cargurus, Inc.<sup>1</sup>  | 326916 | 10941878 |
|  ZipRecruiter, Inc. Class A<sup>1</sup>  | 445401 | 2231459 |
|  |  | 16331608 |
|  **Media - 0.2%** |  |  |
|  TechTarget, Inc.<sup>1</sup>  | 91141 | 708166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 17039774 |
|  **Consumer Discretionary - 6.3%** | **Consumer Discretionary - 6.3%** |  |
|  **Automobile Components - 1.4%** |  |  |
|  Fox Factory Holding Corp.<sup>1</sup>  | 57111 | 1481459 |
|  Stoneridge, Inc.<sup>1</sup>  | 487468 | 3431775 |
|  |  | 4913234 |
|  **Hotels, Restaurants & Leisure - 3.7%** | **Hotels, Restaurants & Leisure - 3.7%** |  |
|  First Watch Restaurant Group, Inc.<sup>1,2</sup>  | 238634 | 3827689 |
|  Genius Sports Ltd. (United Kingdom)<sup>1</sup>  | 345141 | 3589466 |
|  Pursuit Attractions and Hospitality, Inc.<sup>1</sup>  | 66902 | 1928785 |
|  Red Rock Resorts, Inc. Class A | 35939 | 1869906 |
|  Sweetgreen, Inc. Class A<sup>1,2</sup>  | 114863 | 1709162 |
|  |  | 12925008 |
|  **Leisure Products - 0.4%** |  |  |
|  Clarus Corp. | 408725 | 1418276 |
|  **Specialty Retail - 0.8%** |  |  |
|  Sally Beauty Holdings, Inc.<sup>1</sup>  | 304830 | 2822726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 22079244 |
|  **Consumer Staples - 3.7%** |  |  |
|  **Tobacco - 3.7%** |  |  |
|  Turning Point Brands, Inc. | 171945 | 13028273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 13028273 |
|  **Energy - 3.1%** |  |  |
|  **Energy Equipment & Services - 0.3%** |  |  |
|  NCS Multistage Holdings, Inc.<sup>1</sup>  | 35932 | 1061072 |
|  **Oil, Gas & Consumable Fuels - 2.8%** | **Oil, Gas & Consumable Fuels - 2.8%** |  |
|  Crescent Energy Co. Class A | 153325 | 1318595 |
|  Infinity Natural Resources, Inc. Class A<sup>1</sup>  | 108317 | 1983284 |
|  Viper Energy, Inc. | 165991 | 6329237 |
|  |  | 9631116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 10692188 |

---

---

| | | |
|:---|:---|:---|
| | Shares | Value |
|  **Financials - 4.2%** |  |  |
|  **Capital Markets - 1.2%** |  |  |
|  WisdomTree, Inc. | 355801 | $4095269 |
|  **Financial Services - 3.0%** |  |  |
|  International Money Express, Inc.<sup>1,2</sup>  | 349487 | 3526324 |
|  Remitly Global, Inc.<sup>1</sup>  | 379743 | 7127776 |
|  |  | 10654100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 14749369 |
|  **Health Care - 28.0%** |  |  |
|  **Biotechnology - 10.4%** |  |  |
|  4D Molecular Therapeutics, Inc.<sup>1</sup>  | 130435 | 483914 |
|  CareDx, Inc.<sup>1</sup>  | 308053 | 6019356 |
|  Centrexion Therapeutics Corp.<br>(Dividend Shares)<br>Acquisition Date: 3/14/19,<br>Cost $0<sup>1,3,4</sup>  | 17318 | 520 |
|  CG oncology, Inc.<sup>1,2</sup>  | 95574 | 2484924 |
|  Kiniksa Pharmaceuticals International Plc<sup>1</sup>  | 98788 | 2733464 |
|  Neurogene, Inc.<sup>1,2</sup>  | 114252 | 1708067 |
|  Newamsterdam Pharma Co., N.V. (Netherlands)<sup>1</sup>  | 86540 | 1567239 |
|  Nuvalent, Inc. Class A<sup>1</sup>  | 31897 | 2433741 |
|  ORIC Pharmaceuticals, Inc.<sup>1,2</sup>  | 312847 | 3175397 |
|  PMV Pharmaceuticals, Inc.<sup>1</sup>  | 1255473 | 1330801 |
|  ProQR Therapeutics, N.V. (Netherlands)<sup>1</sup>  | 559736 | 1141862 |
|  SpringWorks Therapeutics, Inc.<sup>1</sup>  | 79101 | 3716956 |
|  Veracyte, Inc.<sup>1</sup>  | 254014 | 6865998 |
|  Zenas Biopharma, Inc.<sup>1,2</sup>  | 273850 | 2653607 |
|  |  | 36315846 |
|  **Health Care Equipment & Supplies - 6.2%** | **Health Care Equipment & Supplies - 6.2%** |  |
|  Axogen, Inc.<sup>1</sup>  | 227160 | 2464686 |
|  Beta Bionics, Inc.<br>Acquisition Date: 10/9/18 - 8/28/23,<br>Cost $5,906,817<sup>1,3</sup>  | 367188 | 5346257 |
|  Merit Medical Systems, Inc.<sup>1</sup>  | 53364 | 4988467 |
|  PROCEPT BioRobotics Corp.<sup>1,2</sup>  | 27061 | 1558714 |
|  QuidelOrtho Corp.<sup>1</sup>  | 63071 | 1817706 |
|  Tandem Diabetes Care, Inc.<sup>1</sup>  | 206007 | 3839971 |
|  TransMedics Group, Inc.<sup>1,2</sup>  | 13244 | 1774828 |
|  |  | 21790629 |
|  **Health Care Providers & Services - 3.6%** | **Health Care Providers & Services - 3.6%** |  |
|  HealthEquity, Inc.<sup>1</sup>  | 30797 | 3226293 |
|  Hinge Health, Inc. Class A<sup>1</sup>  | 39277 | 2032585 |
|  Pediatrix Medical Group, Inc.<sup>1</sup>  | 250605 | 3596182 |

---

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 14.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Small Cap Growth Fund

#### Schedule of Investments (continued)

#### June 30, 2025

---

| | | |
|:---|:---|:---|
| | Shares | Value |
|  Progyny, Inc.<sup>1</sup>  | 170081 | $3741782 |
|  |  | 12596842 |
|  **Health Care Technology - 5.5%** | **Health Care Technology - 5.5%** |  |
|  Certara, Inc.<sup>1</sup>  | 584379 | 6837234 |
|  Phreesia, Inc.<sup>1</sup>  | 195133 | 5553485 |
|  Waystar Holding Corp.<sup>1</sup>  | 167569 | 6848545 |
|  |  | 19239264 |
|  **Life Sciences Tools & Services - 1.7%** | **Life Sciences Tools & Services - 1.7%** |  |
|  Stevanato Group SpA (Italy)<sup>2</sup>  | 244736 | 5978900 |
|  **Pharmaceuticals - 0.6%** |  |  |
|  Structure Therapeutics, Inc. ADR<sup>1,2</sup>  | 102390 | 2123569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 98045050 |
|  **Industrials - 20.7%** |  |  |
|  **Aerospace & Defense - 2.0%** |  |  |
|  Byrna Technologies, Inc.<sup>1,2</sup>  | 101323 | 3128854 |
|  Voyager Technologies, Inc. Class A<sup>1</sup> | 100024 | 3925942 |
|  |  | 7054796 |
|  **Commercial Services & Supplies - 5.2%** | **Commercial Services & Supplies - 5.2%** |  |
|  ACV Auctions, Inc. Class A<sup>1</sup>  | 331844 | 5382510 |
|  Cimpress Plc (Ireland)<sup>1</sup>  | 66247 | 3113609 |
|  Montrose Environmental Group, Inc.<sup>1</sup>  | 126032 | 2758840 |
|  RB Global, Inc. (Canada) | 65998 | 7008328 |
|  |  | 18263287 |
|  **Machinery - 3.0%** |  |  |
|  Federal Signal Corp. | 66995 | 7129608 |
|  Kadant, Inc.<sup>2</sup>  | 10802 | 3429095 |
|  |  | 10558703 |
|  **Marine Transportation - 2.4%** |  |  |
|  Kirby Corp.<sup>1</sup>  | 72448 | 8216328 |
|  **Professional Services - 5.2%** |  |  |
|  Alight, Inc. Class A | 1389148 | 7862578 |
|  Asure Software, Inc.<sup>1</sup>  | 313029 | 3055163 |
|  Forrester Research, Inc.<sup>1</sup>  | 280965 | 2781553 |
|  TriNet Group, Inc. | 62796 | 4592899 |
|  |  | 18292193 |
|  **Trading Companies & Distributors - 2.9%** | **Trading Companies & Distributors - 2.9%** |  |
|  NPK International, Inc.<sup>1</sup>  | 611168 | 5201039 |
|  Titan Machinery, Inc.<sup>1,2</sup>  | 138749 | 2748618 |
|  Transcat, Inc.<sup>1</sup>  | 24954 | 2145046 |
|  |  | 10094703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 72480010 |

---

---

| | | |
|:---|:---|:---|
| | Shares | Value |
|  **Information Technology - 17.0%** |  |  |
|  **Electronic Equipment, Instruments & Components -3.0%** | **Electronic Equipment, Instruments & Components -3.0%** | **Electronic Equipment, Instruments & Components -3.0%** |
|  Crane NXT Co. | 40909 | $2204995 |
|  Mirion Technologies, Inc.<sup>1</sup>  | 381296 | 8209303 |
|  |  | 10414298 |
|  **Semiconductors & Semiconductor Equipment - 1.0%** | **Semiconductors & Semiconductor Equipment - 1.0%** | **Semiconductors & Semiconductor Equipment - 1.0%** |
|  Allegro MicroSystems, Inc. (Japan)<sup>1</sup> | 98652 | 3372912 |
|  **Software - 13.0%** |  |  |
|  8x8, Inc.<sup>1,2</sup>  | 1053296 | 2064460 |
|  Alkami Technology, Inc.<sup>1</sup>  | 216135 | 6514309 |
|  Amplitude, Inc. Class A<sup>1</sup>  | 571621 | 7088100 |
|  Blackbaud, Inc.<sup>1</sup>  | 84892 | 5450915 |
|  Cellebrite DI Ltd. (Israel)<sup>1</sup>  | 100747 | 1611952 |
|  Consensus Cloud Solutions, Inc.<sup>1</sup>  | 383734 | 8848906 |
|  CS Disco, Inc.<sup>1</sup>  | 371739 | 1624500 |
|  I3 Verticals, Inc. Class A<sup>1,2</sup>  | 71240 | 1957675 |
|  PagerDuty, Inc.<sup>1,2</sup>  | 215611 | 3294536 |
|  Sprout Social, Inc. Class A<sup>1</sup>  | 342005 | 7151325 |
|  |  | 45606678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 59393888 |
|  **Materials - 0.7%** |  |  |
|  **Containers & Packaging - 0.7%** |  |  |
|  Ranpak Holdings Corp.<sup>1</sup>  | 668921 | 2388048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 2388048 |
|  **Utilities - 0.9%** |  |  |
|  **Water Utilities - 0.9%** |  |  |
|  Pure Cycle Corp.<sup>1</sup>  | 306713 | 3287963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 3287963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks - 89.5% (Cost $285,422,874) |  | 313183807 |
|  **Preferred Stocks - 8.0%** |  |  |
|  **Communication Services - 2.5%** |  |  |
|  **Specialty Retail - 2.5%** |  |  |
|  Evolve Vacation Rental Network, Inc. Series 8<br>Acquisition Date: 6/15/18, Cost $3,999,999<sup>1,3,4</sup>  | 470013 | 8573037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 8573037 |
|  **Health Care - 1.5%** |  |  |
|  **Biotechnology - 1.5%** |  |  |
|  Centrexion Therapeutics Corp. Acquisition Date: 12/18/17, Cost $2,995,007<sup>1,3,4</sup>  | 1663893 | 149750 |

---

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 15.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Small Cap Growth Fund

#### Schedule of Investments (continued)

#### June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | Shares | Value | Value |
|  DNA Script Series C<br>Acquisition Date: 10/8/21,<br>Cost $3,431,721<sup>1,3,4</sup>  | 3955 | $| 935832 |
|  YAP Therapeutics, Inc. Series B Acquisition Date: 1/12/22,<br>Cost $3,000,005<sup>1,3,4</sup>  | 64544 |  | 4063045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  |  | 5148627 |
|  **Information Technology - 2.3%** |  |  |  |
|  **IT Services - 1.4%** |  |  |  |
|  Skyryse, Inc. Series B<br>Acquisition Date: 10/21/21,<br>Cost $4,184,983<sup>1,3,4</sup>  | 169570 |  | 4909052 |
|  **Software - 0.9%** |  |  |  |
|  Dataminr, Inc. Series F<br>Acquisition Date: 3/22/21,<br>Cost $5,655,320<sup>1,3,4</sup>  | 128530 |  | 3265947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  |  | &nbsp;&nbsp;&nbsp;&nbsp;8174999 |
|  **Real Estate - 1.7%** |  |  |  |
|  **Real Estate Management & Development - 1.7%** | **Real Estate Management & Development - 1.7%** | **Real Estate Management & Development - 1.7%** | **Real Estate Management & Development - 1.7%** |
|  Apartment List, Inc. Series D Acquisition Date: 12/21/20 - 12/24/20,<br>Cost $5,999,998<sup>1,3,4</sup>  | 1642485 |  | 5978646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  |  | 5978646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Preferred Stocks - 8.0% (Cost $29,267,033) |  |  | 27875309 |
|  **Private Investment Fund - 0.7%** | **Private Investment Fund - 0.7%** |  |  |
|  Quail Investment Holdings, LLC Acquisition Date: 9/1/20, Cost $2,917,695<sup>1,3,5</sup>  | 2918 |  | 2569206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Private Investment Fund - 0.7% (Cost $2,917,695) | &nbsp;&nbsp;&nbsp;&nbsp; Total Private Investment Fund - 0.7% (Cost $2,917,695) |  | 2569206 |

---

---

| | | |
|:---|:---|:---|
| | Shares | Value |
|  **Rights - 0.0%** |  |  |
|  **Health Care - 0.0%** |  |  |
|  **Biotechnology - 0.0%** |  |  |
|  Inhibrx, Inc. CVR<sup>1,4</sup>  | 96915 | $67434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 67434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Rights - 0.0%<br>(Cost $0) |  | 67434 |
|  | Shares/<br>Principal<br>Amount |  |
|  **Short-Term Investments - 6.3%** | **Short-Term Investments - 6.3%** |  |
|  **Money Market Funds - 6.3%** |  |  |
|  Goldman Sachs Financial Square Government Fund,<br>Institutional Class, 4.21% <sup>6</sup>  | 6438955 | 6438955 |
|  Invesco Short Term Investments, Government & Agency Portfolio, Institutional Class, 4.26% <sup>6,7</sup>  | 15403989 | 15403989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Money Market Funds (Cost $21,842,944) |  | 21842944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments - 6.3% (Cost $21,842,944) |  | 21842944 |
|  **Total Investments** - **104.5%**  |  |  |
|  (Cost $339,450,546) |  | 365538700 |
|  Liabilities in Excess of Other<br>Assets - (4.5)% |  | (15717304) |
|  **Net Assets - 100.0%** |  | $**349821396** |

---

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 16.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Small Cap Growth Fund

#### Schedule of Investments (continued)

#### June 30, 2025

#### ADR—American Depositary Receipt

#### CVR—Contingent Value Rights

#### N.V.—Naamloze Vennootschap is the Dutch term for limited liability company

#### Plc—Public Limited Company

#### SpA—Società per Azioni

<sup>1</sup> Non-income producing securities.

<sup>2</sup> All or portion of this security is on loan at June 30, 2025. Total value of such securities at year-end amounts to $24,408,718 and represents 6.98% of net assets. 

<sup>3</sup> Restricted security; cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules and agreements. Acquisition date represents the date on which an enforceable right to acquire such security is obtained and is presented along with related cost in the security description. The Fund has registration rights for certain restricted securities. Any costs related to such registration are borne by the issuer. The aggregate value of restricted securities at year-end amounts to $35,791,292 and represents 10.23% of net assets. 

<sup>4</sup> Security is valued using significant unobservable inputs in good faith in accordance with procedures utilized by the Valuation Designee. See Note 1 in Notes to financial statements.

<sup>5</sup> Quail Investment Holdings, LLC is a limited liability company that was organized to invest solely in Qumulo, Inc Series E Preferred Stock. The value of Qumulo, Inc. is substantially the same as Quail Investment Holdings, LLC.

<sup>6</sup> The rate shown is the 7-Day SEC yield as of June 30, 2025.

<sup>7</sup> Collateral received from brokers for securities lending was invested in short-term investments.

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 17.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### Statements of Assets and Liabilities

---

| | | | | |
|:---|:---|:---|:---|:---|
| **June 30, 2025** | **Meridian<br>Growth Fund** | **Meridian<br>Contrarian Fund** | **Meridian<br>Hedged<br>Equity Fund** | **Meridian<br>Small Cap<br>Growth Fund** |
|  **Assets** |  |  |  |  |
|  Investments, at value<sup>1,2</sup>  | $801909824 | $594786332 | $54133607 | $365538700 |
|  Receivables and other assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares purchased | 331830 | 3805 | 4507 | 529577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 2871525 |  | 97913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 110171 | 481991 | 43887 | 80641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending interest | 3768 | 56681 | 59 | 11319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 45153 | 31416 | 18116 | 22554 |
|  Total Assets | 802400746 | 598231750 | 54200176 | 366280704 |
|  **Liabilities** |  |  |  |  |
|  Collateral held for securities on loan | 3242185 | 15656221 | 55175 | 15403989 |
|  Options written at value<sup>3</sup>  |  |  | 11040382 |  |
|  Payables and other accrued expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 11118177 | 79616 | 27 | 292390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 7818922 |  | 215582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 501567 | 456659 | 26563 | 327130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service plan fees | 694 | 822 | 441 | 2002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 90427 | 62198 | 34091 | 99858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Directors' fees | 1576 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 95132 | 72049 | 5278 | 54592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 75588 | 39437 | 10145 | 63765 |
|  Total Liabilities | 15125346 | 24185924 | 11172102 | 16459308 |
|  **Commitment and Contigencies (see Note 1)** |  |  |  |  |
|  **Net Assets** | $787275400 | $574045826 | $43028074 | $349821396 |
|  **Net Assets Consist of** |  |  |  |  |
|  Paid-in capital | $611591918 | $375489082 | $35563532 | $303119657 |
|  Accumulated earnings | 175683482 | 198556744 | 7464542 | 46701739 |
|  **Net Assets** | $787275400 | $574045826 | $43028074 | $349821396 |
|  <sup>1</sup> Investments at cost | $674185132 | $446831295 | $45826107 | $339450546 |
|  <br> <sup>2</sup> Including securities on loan valued at $24,689,074, $28,695,362, $481,586 and $24,408,718 respectively. See Note 4 in Notes to Financial Statements.<br> <sup>3</sup> Written options, premium received of $—, $—, $10,069,144 and $—, respectively. | <br> <sup>2</sup> Including securities on loan valued at $24,689,074, $28,695,362, $481,586 and $24,408,718 respectively. See Note 4 in Notes to Financial Statements.<br> <sup>3</sup> Written options, premium received of $—, $—, $10,069,144 and $—, respectively. | <br> <sup>2</sup> Including securities on loan valued at $24,689,074, $28,695,362, $481,586 and $24,408,718 respectively. See Note 4 in Notes to Financial Statements.<br> <sup>3</sup> Written options, premium received of $—, $—, $10,069,144 and $—, respectively. | <br> <sup>2</sup> Including securities on loan valued at $24,689,074, $28,695,362, $481,586 and $24,408,718 respectively. See Note 4 in Notes to Financial Statements.<br> <sup>3</sup> Written options, premium received of $—, $—, $10,069,144 and $—, respectively. | <br> <sup>2</sup> Including securities on loan valued at $24,689,074, $28,695,362, $481,586 and $24,408,718 respectively. See Note 4 in Notes to Financial Statements.<br> <sup>3</sup> Written options, premium received of $—, $—, $10,069,144 and $—, respectively. |

---

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 18.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### Statements of Assets and Liabilities (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **June 30, 2025** | **Meridian<br>Growth Fund** | **Meridian<br>Contrarian Fund** | **Meridian<br>Hedged<br>Equity Fund** | **Meridian<br>Small Cap<br>Growth Fund** |
|  **Net Asset Value** |  |  |  |  |
|  **Legacy Class** |  |  |  |  |
|  Net Assets | $619120498 | $564371911 | $37915385 | $10960994 |
|  Shares outstanding<sup>1</sup>  | 17791803 | 13679505 | 2746557 | 869257 |
|  Net Asset value per share (offering and redemption price) | $34.80 | $41.26 | $13.80 | $12.61 |
|  **Institutional Class** |  |  |  |  |
|  Net Assets | $152343566 | $— | $— | $259245631 |
|  Shares outstanding<sup>1</sup>  | 4372244 |  |  | 20271492 |
|  Net Asset value per share (offering and redemption price) | $34.84 | $— | $— | $12.79 |
|  **Class A** |  |  |  |  |
|  Net Assets | $2087764 | $2013680 | $2156882 | $6406584 |
|  Shares outstanding<sup>1</sup>  | 64172 | 51033 | 162484 | 539581 |
|  Net Asset value per share (offering and redemption price) | $32.53 | $39.46 | $13.27 | $11.87 |
|  **Class C** |  |  |  |  |
|  Net Assets | $335917 | $539401 | $5693 | $810427 |
|  Shares outstanding<sup>1</sup>  | 11133 | 14742 | 453 | 75510 |
|  Net Asset value per share (offering and redemption price) | $30.17 | $36.59 | $12.57 | $10.73 |
|  **Investor Class** |  |  |  |  |
|  Net Assets | $13387655 | $7120834 | $2950114 | $72397760 |
|  Shares outstanding<sup>1</sup>  | 391784 | 174894 | 214316 | 5801851 |
|  Net Asset value per share (offering and redemption price) | $34.17 | $40.72 | $13.77 | $12.48 |

---

<sup>1</sup> 500,000,000 shares authorized, $0.01 par value. 

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 19.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### Statements of Operations

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Year Ended June 30, 2025** | **Meridian<br>Growth Fund** | **Meridian<br>Contrarian Fund** | **Meridian<br>Hedged<br>Equity Fund** | **Meridian<br>Small Cap<br>Growth Fund** |
|  **Investment Income** |  |  |  |  |
|  Dividends | $4733150 | $7419880 | $784231 | $1707061 |
|  Foreign taxes withheld | (71630) | (133240) | (327) | (20197) |
|  Securities lending<sup>1</sup>  | 79916 | 989368 | 1192 | 116930 |
|  Total investment income | 4741436 | 8276008 | 785096 | 1803794 |
|  **Expenses** |  |  |  |  |
|  Investment management fees | 7550611 | 5590040 | 394597 | 4010553 |
|  Custodian fees | 115976 | 65817 | 10630 | 55688 |
|  Distribution and service plan fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 3728 | 3833 | 4528 | 17331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 4424 | 5530 | 56 | 13388 |
|  Directors' fees | 200870 | 110281 | 8726 | 75673 |
|  Pricing fees | 145465 | 87714 | 23767 | 110760 |
|  Audit and tax fees | 38001 | 40073 | 30159 | 72425 |
|  Legal fees | 45552 | 26003 | 3144 | 23428 |
|  Registration and filing fees | 106794 | 91186 | 89748 | 110553 |
|  Shareholder communications fees | 61993 | 46602 | 5142 |  |
|  Transfer agent fees | 556603 | 416773 | 33782 | 326140 |
|  Recoupment of investment advisory fees previously waived |  | 80 |  | 5753 |
|  Miscellaneous expenses | 115375 | 66305 | 21616 | 19732 |
|  Total expenses | 8945392 | 6550237 | 625895 | 4841424 |
|  Less waivers and/or reimbursements (Note 6) |  |  | (66652) | (211511) |
|  Net expenses | 8945392 | 6550237 | 559243 | 4629913 |
|  Net investment income (loss) | (4203956) | 1725771 | 225853 | (2826119) |
|  **Realized and Unrealized Gain (Loss)** |  |  |  |  |
|  Net realized gain/(loss) on investments and foreign currency transactions | 112522003 | 52353215 | (288611) | 47489022 |
|  Net realized gain on written options |  |  | 677107 |  |
|  Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (88812326) | 32832555 | 713662 | (31316609) |
|  Net change in unrealized appreciation on written options |  |  | 3452114 |  |
|  Total realized and unrealized gain | 23709677 | 85185770 | 4554272 | 16172413 |
|  **Net increase in net assets resulting from operations** | $19505721 | $86911541 | $4780125 | $13346294 |

---

<sup>1</sup> Net of rebates and fees paid to borrowers.

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 20.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Meridian Growth Fund** | **Meridian Growth Fund** | **Meridian Contrarian Fund** | **Meridian Contrarian Fund** |
| **Changes in Net Assets From:** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** |
|  **Operations** |  |  |  |  |
|  Net investment income/(loss) | $(4203956) | $(3380139) | $1725771 | $2604795 |
|  Net realized gain | 112522003 | 81710343 | 52353215 | 22023916 |
|  Net change in unrealized appreciation/(depreciation) | (88812326) | (80885277) | 32832555 | (8025959) |
|  Net increase/(decrease) in net assets resulting from operations | 19505721 | (2555073) | 86911541 | 16602752 |
|  **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legacy Class | (851664) |  | (22856624) | (30160813) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (350433) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (3564) |  | (63515) | (77166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (711) |  | (23069) | (37712) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (22046) |  | (535918) | (958306) |
|  Decrease in net assets from distributions | (1228418) |  | (23479126) | (31233997) |
|  **Fund Share Transactions** |  |  |  |  |
|  Net decrease in net assets resulting from fund share transactions (Note 2) | (378066543) | (306711113) | (54134488) | (37071532) |
|  Total increase/(decrease) in net assets | (359789240) | (309266186) | 9297927 | (51702777) |
|  **Net Assets** |  |  |  |  |
|  Beginning of Year | 1147064640 | 1456330826 | 564747899 | 616450676 |
|  End of Year | $787275400 | $1147064640 | $574045826 | $564747899 |

---

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 21.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Meridian Hedged Equity Fund** | **Meridian Hedged Equity Fund** | **Meridian Small Cap Growth Fund** | **Meridian Small Cap Growth Fund** |
| **Changes in Net Assets From:** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** |
|  **Operations** |  |  |  |  |
|  Net investment income/(loss) | $225853 | $325610 | $(2826119) | $(3508853) |
|  Net realized gain | 388496 | 4994346 | 47489022 | 80286019 |
|  Net change in unrealized appreciation/(depreciation) | 4165776 | 873703 | (31316609) | (50882661) |
|  Net increase in net assets resulting from operations | 4780125 | 6193659 | 13346294 | 25894505 |
|  **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legacy Class | (5177449) | (268416) | (241124) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  |  | (5195528) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (275215) | (6832) | (182310) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (822) | (27) | (31777) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (352475) | (12899) | (2030735) |  |
|  Decrease in net assets from distributions | (5805961) | (288174) | (7681474) |  |
|  **Fund Share Transactions** |  |  |  |  |
|  Net decrease in net assets resulting from fund share transactions (Note 2) | (1220048) | (8230414) | (97049550) | (371649402) |
|  Total decrease in net assets | (2245884) | (2324929) | (91384730) | (345754897) |
|  **Net Assets** |  |  |  |  |
|  Beginning of Year | 45273958 | 47598887 | 441206126 | 786961023 |
|  End of Year | $43028074 | $45273958 | $349821396 | $441206126 |

---

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 22.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Growth Fund

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** |
| **Legacy Class** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance** |  |  |  |  |  |
|  Net asset value, beginning of year | $34.35 | $34.20 | $33.95 | $55.49 | $35.86 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1</sup>  | (0.15) | (0.09) | (0.11) | (0.21) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.64 | 0.24 | 4.46 | (13.93) | 20.29 |
|  Net increase (decrease) from investment operations | 0.49 | 0.15 | 4.35 | (14.14) | 20.05 |
|  Less distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (0.04) |  | (4.10) | (7.40) | (0.42) |
|  Total distributions to shareholders | (0.04) |  | (4.10) | (7.40) | (0.42) |
|  Redemption fees | 0.00<sup>2</sup> | 0.00<sup>2</sup> | 0.00<sup>2</sup> | 0.00<sup>2</sup> | 0.00<sup>2</sup> |
|  Net asset value, end of year | $34.80 | $34.35 | $34.20 | $33.95 | $55.49 |
|  Total return | 1.43% | 0.44% | 14.67% | (29.20)% | 56.11% |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
|  Ratio of net investment loss to average net assets | (0.43)%<sup>3</sup> | (0.27)%<sup>3</sup> | (0.31)%<sup>3</sup> | (0.43)%<sup>3</sup> | (0.51)%<sup>3</sup> |
|  Ratio of expenses to average net assets | 0.91%<sup>3</sup> | 0.90%<sup>3</sup> | 0.88%<sup>3</sup> | 0.85%<sup>3</sup> | 0.84%<sup>3</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net Assets, End of Year (000's) | $619120 | $737420 | $930493 | $962311 | $1503022 |
|  Portfolio Turnover Rate | 40% | 33% | 47% | 42% | 30% |

---

<sup>1</sup> Per share net investment loss has been calculated using the average daily shares method.

<sup>2</sup> Less than $0.005 per share. 

<sup>3</sup> These ratios exclude the impact of expenses of the underlying private investment funds in which the Fund invests as represented in the Schedule of Investments.

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 23.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Growth Fund

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** |
| **Institutional Class** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance** |  |  |  |  |  |
|  Net asset value, beginning of year | $34.38 | $34.22 | $33.96 | $55.48 | $35.85 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1</sup>  | (0.14) | (0.08) | (0.09) | (0.19) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.64 | 0.24 | 4.45 | (13.93) | 20.28 |
|  Net increase (decrease) from investment operations | 0.50 | 0.16 | 4.36 | (14.12) | 20.05 |
|  Less distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (0.04) |  | (4.10) | (7.40) | (0.42) |
|  Total distributions to shareholders | (0.04) |  | (4.10) | (7.40) | (0.42) |
|  Redemption fees | 0.00<sup>2</sup> | 0.00<sup>2</sup> | 0.00<sup>2</sup> | 0.00<sup>2</sup> | 0.00<sup>2</sup> |
|  Net asset value, end of year | $34.84 | $34.38 | $34.22 | $33.96 | $55.48 |
|  Total return | 1.46% | 0.47% | 14.69% | (29.17)% | 56.13% |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
|  Ratio of net investment loss to average net assets | (0.40)%<sup>3</sup> | (0.24)%<sup>3</sup> | (0.27)%<sup>3</sup> | (0.40)%<sup>3</sup> | (0.49)%<sup>3</sup> |
|  Ratio of expenses to average net assets | 0.88%<sup>3</sup> | 0.87%<sup>3</sup> | 0.85%<sup>3</sup> | 0.82%<sup>3</sup> | 0.82%<sup>3</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net Assets, End of Year (000's) | $152344 | $386379 | $488196 | $422429 | $660985 |
|  Portfolio Turnover Rate | 40% | 33% | 47% | 42% | 30% |

---

<sup>1</sup> Per share net investment loss has been calculated using the average daily shares method.

<sup>2</sup> Less than $0.005 per share. 

<sup>3</sup> These ratios exclude the impact of expenses of the underlying private investment funds in which the Fund invests as represented in the Schedule of Investments.

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 24.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Growth Fund

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** |
| **Class A** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance** |  |  |  |  |  |
|  Net asset value, beginning of year | $32.17 | $32.09 | $32.16 | $53.12 | $34.45 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1</sup>  | (0.22) | (0.14) | (0.17) | (0.34) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.62 | 0.22 | 4.20 | (13.22) | 19.46 |
|  Net increase (decrease) from investment operations | 0.40 | 0.08 | 4.03 | (13.56) | 19.09 |
|  Less distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (0.04) |  | (4.10) | (7.40) | (0.42) |
|  Total distributions to shareholders | (0.04) |  | (4.10) | (7.40) | (0.42) |
|  Redemption fees | 0.00<sup>2</sup> |  |  |  | 0.00<sup>2</sup> |
|  Net asset value, end of year | $32.53 | $32.17 | $32.09 | $32.16 | $53.12 |
|  Total return<sup>3</sup>  | 1.25% | 0.25% | 14.48% | (29.43)% | 55.62% |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
|  Ratio of net investment loss to average net assets | (0.66)%<sup>4</sup> | (0.44)%<sup>4</sup> | (0.52)%<sup>4</sup> | (0.75)%<sup>4</sup> | (0.82)%<sup>4</sup> |
|  Ratio of expenses to average net assets | 1.14%<sup>4</sup> | 1.07%<sup>4</sup> | 1.08%<sup>4</sup> | 1.17%<sup>4</sup> | 1.16%<sup>4</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net Assets, End of Year (000's) | $2088 | $2719 | $3414 | $4163 | $6045 |
|  Portfolio Turnover Rate | 40% | 33% | 47% | 42% | 30% |

---

<sup>1</sup> Per share net investment loss has been calculated using the average daily shares method.

<sup>2</sup> Less than $0.005 per share. 

<sup>3</sup> Excludes the effects of any sales charges.

<sup>4</sup> These ratios exclude the impact of expenses of the underlying private investment funds in which the Fund invests as represented in the Schedule of Investments.

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 25.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Growth Fund

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** |
| **Class C** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance** |  |  |  |  |  |
|  Net asset value, beginning of year | $30.06 | $30.19 | $30.73 | $51.42 | $33.60 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1</sup>  | (0.42) | (0.33) | (0.39) | (0.64) | (0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.57 | 0.20 | 3.95 | (12.65) | 18.90 |
|  Net increase (decrease) from investment operations | 0.15 | (0.13) | 3.56 | (13.29) | 18.24 |
|  Less distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (0.04) |  | (4.10) | (7.40) | (0.42) |
|  Total distributions to shareholders | (0.04) |  | (4.10) | (7.40) | (0.42) |
|  Redemption fees |  |  |  |  |  |
|  Net asset value, end of year | $30.17 | $30.06 | $30.19 | $30.73 | $51.42 |
|  Total return<sup>2</sup>  | 0.50% | (0.43)% | 13.56% | (29.91)% | 54.49% |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
|  Ratio of net investment loss to average net assets | (1.35)%<sup>3</sup> | (1.14)%<sup>3</sup> | (1.30)%<sup>3</sup> | (1.44)%<sup>3</sup> | (1.53)%<sup>3</sup> |
|  Ratio of expenses to average net assets | 1.82%<sup>3</sup> | 1.78%<sup>3</sup> | 1.84%<sup>3</sup> | 1.87%<sup>3</sup> | 1.87%<sup>3</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net Assets, End of Year (000's) | $336 | $677 | $961 | $1459 | $2899 |
|  Portfolio Turnover Rate | 40% | 33% | 47% | 42% | 30% |

---

<sup>1</sup> Per share net investment loss has been calculated using the average daily shares method.

<sup>2</sup> Excludes the effects of any sales charges.

<sup>3</sup> These ratios exclude the impact of expenses of the underlying private investment funds in which the Fund invests as represented in the Schedule of Investments.

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 26.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Growth Fund

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** |
| **Investor Class** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance** |  |  |  |  |  |
|  Net asset value, beginning of year | $33.75 | $33.62 | $33.46 | $54.83 | $35.46 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1</sup>  | (0.17) | (0.10) | (0.13) | (0.23) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.63 | 0.23 | 4.39 | (13.74) | 19.99 |
|  Net increase (decrease) from investment operations | 0.46 | 0.13 | 4.26 | (13.97) | 19.79 |
|  Less distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (0.04) |  | (4.10) | (7.40) | (0.42) |
|  Total distributions to shareholders | (0.04) |  | (4.10) | (7.40) | (0.42) |
|  Redemption fees | 0.00<sup>2</sup> | 0.00<sup>2</sup> | 0.00<sup>2</sup> |  | 0.00<sup>2</sup> |
|  Net asset value, end of year | $34.17 | $33.75 | $33.62 | $33.46 | $54.83 |
|  Total return | 1.37% | 0.39% | 14.61% | (29.25)% | 56.01% |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
|  Ratio of net investment loss to average net assets | (0.48)%<sup>3</sup> | (0.31)%<sup>3</sup> | (0.38)%<sup>3</sup> | (0.50)%<sup>3</sup> | (0.47)%<sup>3</sup> |
|  Ratio of expenses to average net assets | 0.96%<sup>3</sup> | 0.96%<sup>3</sup> | 0.94%<sup>3</sup> | 0.92%<sup>3</sup> | 0.87%<sup>3</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net Assets, End of Year (000's) | $13388 | $19871 | $33267 | $40639 | $62145 |
|  Portfolio Turnover Rate | 40% | 33% | 47% | 42% | 30% |

---

<sup>1</sup> Per share net investment loss has been calculated using the average daily shares method.

<sup>2</sup> Less than $0.005 per share. 

<sup>3</sup> These ratios exclude the impact of expenses of the underlying private investment funds in which the Fund invests as represented in the Schedule of Investments.

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 27.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Contrarian Fund

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** |
| **Legacy Class** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance** |  |  |  |  |  |
|  Net asset value, beginning of year | $36.79 | $37.68 | $36.27 | $50.21 | $31.63 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup>  | 0.12 | 0.16 | 0.16 | (0.01) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 5.99 | 0.94 | 5.17 | (7.44) | 20.68 |
|  Net increase (decrease) from investment operations | 6.11 | 1.10 | 5.33 | (7.45) | 20.64 |
|  Less distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.19) | (0.17) |  |  | (0.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.45) | (1.82) | (3.92) | (6.49) | (1.12) |
|  Total distributions to shareholders | (1.64) | (1.99) | (3.92) | (6.49) | (2.06) |
|  Redemption fees | 0.00<sup>2</sup> | 0.00<sup>2</sup> | 0.00<sup>2</sup> |  | 0.00<sup>2</sup> |
|  Net asset value, end of year | $41.26 | $36.79 | $37.68 | $36.27 | $50.21 |
|  Total return | 16.91% | 3.02% | 15.71% | (17.18)% | 66.77% |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
|  Ratio of net investment income (loss) to average net assets | 0.31% | 0.45% | 0.44% | (0.03)% | (0.11)% |
|  Ratio of expenses to average net assets | 1.17% | 1.17% | 1.15% | 1.12% | 1.11% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net Assets, End of Year (000's) | $564372 | $545609 | $596928 | $560554 | $730712 |
|  Portfolio Turnover Rate | 45% | 58% | 54% | 57% | 72% |

---

<sup>1</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>2</sup> Less than $0.005 per share. 

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 28.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Contrarian Fund

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** |
| **Class A** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance** |  |  |  |  |  |
|  Net asset value, beginning of year | $35.26 | $36.13 | $35.04 | $48.85 | $30.83 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup>  | 0.01 | 0.05 | 0.05 | (0.17) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 5.73 | 0.91 | 4.96 | (7.17) | 20.17 |
|  Net increase (decrease) from investment operations | 5.74 | 0.96 | 5.01 | (7.34) | 19.96 |
|  Less distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.09) | (0.01) |  |  | (0.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.45) | (1.82) | (3.92) | (6.49) | (1.12) |
|  Total distributions to shareholders | (1.54) | (1.83) | (3.92) | (6.49) | (1.94) |
|  Redemption fees | 0.00<sup>2</sup> |  |  | 0.02 | 0.00<sup>2</sup> |
|  Net asset value, end of year | $39.46 | $35.26 | $36.13 | $35.04 | $48.85 |
|  Total return<sup>3</sup>  | 16.58% | 2.74% | 15.33% | (17.40)% | 66.22% |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
|  Ratio of net investment income (loss) to average net assets | 0.03% | 0.14% | 0.13% | (0.38)% | (0.51)% |
|  Ratio of expenses to average net assets | 1.46% | 1.44% | 1.46% | 1.46% | 1.43% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net Assets, End of Year (000's) | $2014 | $1424 | $2451 | $2057 | $3403 |
|  Portfolio Turnover Rate | 45% | 58% | 54% | 57% | 72% |

---

<sup>1</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>2</sup> Less than $0.005 per share. 

<sup>3</sup> Excludes the effects of any sales charges.

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 29.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Contrarian Fund

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** |
| **Class C** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance** |  |  |  |  |  |
|  Net asset value, beginning of year | $32.97 | $34.16 | $33.56 | $47.38 | $30.13 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1</sup>  | (0.26) | (0.20) | (0.20) | (0.43) | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 5.33 | 0.83 | 4.72 | (6.91) | 19.69 |
|  Net increase (decrease) from investment operations | 5.07 | 0.63 | 4.52 | (7.34) | 19.16 |
|  Less distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income |  |  |  |  | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.45) | (1.82) | (3.92) | (6.49) | (1.12) |
|  Total distributions to shareholders | (1.45) | (1.82) | (3.92) | (6.49) | (1.91) |
|  Redemption fees |  |  | 0.00<sup>2</sup> | 0.01 |  |
|  Net asset value, end of year | $36.59 | $32.97 | $34.16 | $33.56 | $47.38 |
|  Total return<sup>3</sup>  | 15.67% | 1.93% | 14.50% | (18.01)% | 65.03% |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
|  Ratio of net investment loss to average net assets | (0.77)% | (0.61)% | (0.59)% | (1.06)% | (1.27)% |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2.25% | 2.24% | 2.23% | 2.19% | 2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived<sup>4</sup>  | 2.25% | 2.23% | 2.20% | 2.19% | 2.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived and excluding recoupment of past waived fees<sup>4</sup>  | 2.24% |  |  |  |  |
|  **Supplemental Data** |  |  |  |  |  |
|  Net Assets, End of Year (000's) | $539 | $570 | $583 | $403 | $193 |
|  Portfolio Turnover Rate | 45% | 58% | 54% | 57% | 72% |

---

<sup>1</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>2</sup> Less than $0.005 per share. 

<sup>3</sup> Excludes the effects of any sales charges.

<sup>4</sup> See Note 6 to Financial Statements.

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 30.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Contrarian Fund

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** |
| **Investor Class** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance** |  |  |  |  |  |
|  Net asset value, beginning of year | $36.32 | $37.22 | $35.89 | $49.77 | $31.37 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup>  | 0.10 | 0.16 | 0.16 | (0.05) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 5.92 | 0.91 | 5.09 | (7.34) | 20.54 |
|  Net increase (decrease) from investment operations | 6.02 | 1.07 | 5.25 | (7.39) | 20.43 |
|  Less distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.17) | (0.15) |  |  | (0.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.45) | (1.82) | (3.92) | (6.49) | (1.12) |
|  Total distributions to shareholders | (1.62) | (1.97) | (3.92) | (6.49) | (2.03) |
|  Redemption fees | 0.00<sup>2</sup> | 0.00<sup>2</sup> |  | 0.00<sup>2</sup> | 0.00<sup>2</sup> |
|  Net asset value, end of year | $40.72 | $36.32 | $37.22 | $35.89 | $49.77 |
|  Total return | 16.88% | 3.00% | 15.65% | (17.21)% | 66.65% |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
|  Ratio of net investment income (loss) to average net assets | 0.26% | 0.43% | 0.43% | (0.11)% | (0.28)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 1.20% | 1.20% | 1.19% | 1.18% | 1.19% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net Assets, End of Year (000's) | $7121 | $17144 | $16487 | $11088 | $5690 |
|  Portfolio Turnover Rate | 45% | 58% | 54% | 57% | 72% |

---

<sup>1</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>2</sup> Less than $0.005 per share. 

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 31.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Hedged Equity Fund

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** |
| **Legacy Class** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance** |  |  |  |  |  |
|  Net asset value, beginning of year | $14.22 | $12.51 | $12.26 | $17.80 | $15.17 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup>  | 0.07 | 0.09 | 0.02 | (0.04) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.44 | 1.70 | 1.28 | (1.74) | 4.82 |
|  Net increase (decrease) from investment operations | 1.51 | 1.79 | 1.30 | (1.78) | 4.77 |
|  Less distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.11) | (0.02) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.82) | (0.06) | (1.05) | (3.76) | (2.14) |
|  Total distributions to shareholders | (1.93) | (0.08) | (1.05) | (3.76) | (2.14) |
|  Redemption fees |  | 0.00<sup>2</sup> |  |  |  |
|  Net asset value, end of year | $13.80 | $14.22 | $12.51 | $12.26 | $17.80 |
|  Total return | 11.26% | 14.37% | 11.52% | (13.52)% | 33.17% |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
|  Ratio of net investment income (loss) to average net assets | 0.52% | 0.71% | 0.16% | (0.29)% | (0.31)% |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1.40% | 1.44% | 1.33% | 1.20% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fees waived and excluding recoupment of past waived fees | 1.40% | 1.44% | 1.33% | 1.20% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived and excluding recoupment of past waived fees<sup>3</sup>  | 1.25% | 1.25% | 1.25% | 1.20% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived and excluding recoupment of past waived fees and interest and dividend expenses<sup>3</sup>  | 1.25% | 1.25% | 1.25% | 1.20% | 1.24% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net Assets, End of Year (000's) | $37915 | $41038 | $43993 | $46636 | $60565 |
|  Portfolio Turnover Rate | 40% | 33% | 43% | 74% | 96% |

---

<sup>1</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>2</sup> Less than $0.005 per share. 

<sup>3</sup> See Note 6 to Financial Statements.

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 32.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Hedged Equity Fund

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** |
| **Class A** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance** |  |  |  |  |  |
|  Net asset value, beginning of year | $13.74 | $12.10 | $11.94 | $17.48 | $14.97 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup>  | 0.04 | 0.06 | (0.02) | (0.10) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.38 | 1.64 | 1.23 | (1.68) | 4.76 |
|  Net increase (decrease) from investment operations | 1.42 | 1.70 | 1.21 | (1.78) | 4.65 |
|  Less distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.07) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.82) | (0.06) | (1.05) | (3.76) | (2.14) |
|  Total distributions to shareholders | (1.89) | (0.06) | (1.05) | (3.76) | (2.14) |
|  Redemption fees | 0.00<sup>2</sup> |  | 0.00<sup>2</sup> | 0.00<sup>2</sup> | 0.00<sup>2</sup> |
|  Net asset value, end of year | $13.27 | $13.74 | $12.10 | $11.94 | $17.48 |
|  Total return<sup>3</sup>  | 11.00% | 14.09% | 11.05% | (13.80)% | 32.78% |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
|  Ratio of net investment income (loss) to average net assets | 0.28% | 0.44% | (0.20)% | (0.63)% | (0.66)% |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1.71% | 1.68% | 1.62% | 1.54% | 1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fees waived and excluding recoupment of past waived fees | 1.71% | 1.68% | 1.62% | 1.53% | 1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived and excluding recoupment of past waived fees<sup>4</sup>  | 1.50% | 1.53% | 1.60% | 1.53% | 1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived and excluding recoupment of past waived fees and interest and dividend expenses<sup>4</sup>  | 1.50% | 1.53% | 1.60% | 1.53% | 1.57% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net Assets, End of Year (000's) | $2157 | $1663 | $1414 | $1844 | $2117 |
|  Portfolio Turnover Rate | 40% | 33% | 43% | 74% | 96% |

---

<sup>1</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>2</sup> Less than $0.005 per share. 

<sup>3</sup> Excludes the effects of any sales charges.

<sup>4</sup> See Note 6 to Financial Statements.

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 33.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Hedged Equity Fund

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** |
| **Class C** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance** |  |  |  |  |  |
|  Net asset value, beginning of year | $13.13 | $11.64 | $11.57 | $17.13 | $14.76 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1</sup>  | (0.06) | (0.03) | (0.07) | (0.15) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.32 | 1.58 | 1.19 | (1.65) | 4.68 |
|  Net increase (decrease) from investment operations | 1.26 | 1.55 | 1.12 | (1.80) | 4.51 |
|  Less distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.82) | (0.06) | (1.05) | (3.76) | (2.14) |
|  Total distributions to shareholders | (1.82) | (0.06) | (1.05) | (3.76) | (2.14) |
|  Redemption fees |  |  |  |  |  |
|  Net asset value, end of year | $12.57 | $13.13 | $11.64 | $11.57 | $17.13 |
|  Total return<sup>2</sup>  | 10.18% | 13.35% | 10.60% | (14.23)% | 32.27% |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
|  Ratio of net investment loss to average net assets | (0.48)% | (0.27)% | (0.60)% | (1.05)% | (1.05)% |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2.64% | 2.41% | 2.25% | 2.17% | 2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding recoupment of past waived fees | 2.64% | 2.41% | 2.25% | 2.17% | 2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived and excluding recoupment of past waived fees<sup>3</sup>  | 2.25% | 2.17% | 2.00% | 2.00% | 2.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived and excluding recoupment of past waived fees and interest and dividend expenses<sup>3</sup>  | 2.25% | 2.17% | 2.00% | 2.00% | 2.00% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net Assets, End of Year (000's) | $6 | $6 | $24 | $58 | $10 |
|  Portfolio Turnover Rate | 40% | 33% | 43% | 74% | 96% |

---

<sup>1</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>2</sup> Excludes the effects of any sales charges.

<sup>3</sup> See Note 6 to Financial Statements.

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 34.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Hedged Equity Fund

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** |
| **Investor Class** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance** |  |  |  |  |  |
|  Net asset value, beginning of year | $14.16 | $12.45 | $12.22 | $17.76 | $15.12 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup>  | 0.07 | 0.09 | 0.01 | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 1.47 | 1.69 | 1.27 | (1.74) | 4.81 |
|  Net increase (decrease) from investment operations | 1.54 | 1.78 | 1.28 | (1.78) | 4.77 |
|  Less distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | (0.11) | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (1.82) | (0.06) | (1.05) | (3.76) | (2.14) |
|  Total distributions to shareholders | (1.93) | (0.07) | (1.05) | (3.76) | (2.14) |
|  Redemption fees | 0.00<sup>2</sup> |  |  |  | 0.01 |
|  Net asset value, end of year | $13.77 | $14.16 | $12.45 | $12.22 | $17.76 |
|  Total return | 11.53% | 14.34% | 11.38% | (13.55)% | 33.37% |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
|  Ratio of net investment income (loss) to average net assets | 0.54% | 0.70% | 0.09% | (0.27)% | (0.26)% |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1.39% | 1.43% | 1.33% | 1.19% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fees waived and excluding recoupment of past waived fees | 1.39% | 1.43% | 1.33% | 1.19% | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived and excluding recoupment of past waived fees and interest and dividend expenses | 1.25% | 1.28% | 1.33% | 1.19% | 1.20% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net Assets, End of Year (000's) | $2950 | $2568 | $2168 | $2031 | $1957 |
|  Portfolio Turnover Rate | 40% | 33% | 43% | 74% | 96% |

---

<sup>1</sup> Per share net investment income (loss) has been calculated using the average daily shares method.

<sup>2</sup> Less than $0.005 per share. 

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 35.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Small Cap Growth Fund

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** |
| **Legacy Class** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance** |  |  |  |  |  |
|  Net asset value, beginning of year | $12.53 | $12.01 | $11.82 | $23.30 | $14.71 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1</sup>  | (0.10) | (0.08) | (0.09) | (0.16) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.43 | 0.60 | 1.81 | (5.96) | 9.13 |
|  Net increase (decrease) from investment operations | 0.33 | 0.52 | 1.72 | (6.12) | 8.98 |
|  Less distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (0.25) |  | (1.53) | (5.36) | (0.39) |
|  Total distributions to shareholders | (0.25) |  | (1.53) | (5.36) | (0.39) |
|  Redemption fees |  |  | 0.00<sup>2</sup> |  |  |
|  Net asset value, end of year | $12.61 | $12.53 | $12.01 | $11.82 | $23.30 |
|  Total return | 2.51% | 4.33% | 16.25% | (32.39)% | 61.51% |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
|  Ratio of net investment loss to average net assets | (0.80)%<sup>3</sup> | (0.64)%<sup>3</sup> | (0.74)%<sup>3</sup> | (0.88)%<sup>3</sup> | (0.75)%<sup>3</sup> |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1.25%<sup>3</sup> | 1.25%<sup>3</sup> | 1.21%<sup>3</sup> | 1.15%<sup>3</sup> | 1.12%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived<sup>4</sup>  | 1.25%<sup>3</sup> | 1.23%<sup>3</sup> | 1.20%<sup>3</sup> | 1.15%<sup>3</sup> | 1.12%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived and excluding recoupment of past waived fees<sup>4</sup>  | 1.21% |  |  |  |  |
|  **Supplemental Data** |  |  |  |  |  |
|  Net Assets, End of Year (000's) | $10961 | $16910 | $30447 | $30519 | $41481 |
|  Portfolio Turnover Rate | 37% | 42% | 53% | 45% | 32% |

---

<sup>1</sup> Per share net investment loss has been calculated using the average daily shares method.

<sup>2</sup> Less than $0.005 per share. 

<sup>3</sup> These ratios exclude the impact of expenses of the underlying private investment funds in which the Fund invests as represented in the Schedule of Investments.

<sup>4</sup> See Note 6 to Financial Statements.

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 36.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Small Cap Growth Fund

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** |
| **Institutional Class** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance** |  |  |  |  |  |
|  Net asset value, beginning of year | $12.68 | $12.14 | $11.92 | $23.44 | $14.79 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1</sup>  | (0.09) | (0.06) | (0.08) | (0.15) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.45 | 0.60 | 1.83 | (6.01) | 9.18 |
|  Net increase (decrease) from investment operations | 0.36 | 0.54 | 1.75 | (6.16) | 9.04 |
|  Less distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (0.25) |  | (1.53) | (5.36) | (0.39) |
|  Total distributions to shareholders | (0.25) |  | (1.53) | (5.36) | (0.39) |
|  Redemption fees | 0.00<sup>2</sup> | 0.00<sup>2</sup> | 0.00<sup>2</sup> | 0.00<sup>2</sup> | 0.00<sup>2</sup> |
|  Net asset value, end of year | $12.79 | $12.68 | $12.14 | $11.92 | $23.44 |
|  Total return | 2.72% | 4.45% | 16.38% | (32.36)% | 61.59% |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
|  Ratio of net investment loss to average net assets | (0.65)%<sup>3</sup> | (0.49)%<sup>3</sup> | (0.65)%<sup>3</sup> | (0.82)%<sup>3</sup> | (0.72)%<sup>3</sup> |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1.17%<sup>3</sup> | 1.19%<sup>3</sup> | 1.15%<sup>3</sup> | 1.09%<sup>3</sup> | 1.10%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before fees waived and excluding recoupment of past waived fees | 1.17%<sup>3</sup> | 1.19%<sup>3</sup> | 1.15%<sup>3</sup> | 1.09%<sup>3</sup> | 1.09%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived and excluding recoupment of past waived fees <sup>4</sup>  | 1.10%<sup>3</sup> | 1.10%<sup>3</sup> | 1.10%<sup>3</sup> | 1.09%<sup>3</sup> | 1.09%<sup>3</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net Assets, End of Year (000's) | $259246 | $296282 | $300507 | $316076 | $611787 |
|  Portfolio Turnover Rate | 37% | 42% | 53% | 45% | 32% |

---

<sup>1</sup> Per share net investment loss has been calculated using the average daily shares method.

<sup>2</sup> Less than $0.005 per share. 

<sup>3</sup> These ratios exclude the impact of expenses of the underlying private investment funds in which the Fund invests as represented in the Schedule of Investments.

<sup>4</sup> See Note 6 to Financial Statements.

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 37.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Small Cap Growth Fund

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** |
| **Class A** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance** |  |  |  |  |  |
|  Net asset value, beginning of year | $11.84 | $11.38 | $11.31 | $22.62 | $14.33 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1</sup>  | (0.13) | (0.10) | (0.12) | (0.21) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.41 | 0.56 | 1.72 | (5.74) | 8.88 |
|  Net increase (decrease) from investment operations | 0.28 | 0.46 | 1.60 | (5.95) | 8.68 |
|  Less distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (0.25) |  | (1.53) | (5.36) | (0.39) |
|  Total distributions to shareholders | (0.25) |  | (1.53) | (5.36) | (0.39) |
|  Redemption fees | 0.00<sup>2</sup> |  | 0.00<sup>2</sup> | 0.00<sup>2</sup> |  |
|  Net asset value, end of year | $11.87 | $11.84 | $11.38 | $11.31 | $22.62 |
|  Total return<sup>3</sup>  | 2.23% | 4.04% | 15.90% | (32.63)% | 61.05% |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
|  Ratio of net investment loss to average net assets | (1.05)%<sup>4</sup> | (0.94)%<sup>4</sup> | (1.04)%<sup>4</sup> | (1.22)%<sup>4</sup> | (1.10)%<sup>4</sup> |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1.53%<sup>4</sup> | 1.59%<sup>4</sup> | 1.49%<sup>4</sup> | 1.49%<sup>4</sup> | 1.48%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived<sup>5</sup>  | 1.50%<sup>4</sup> | 1.54%<sup>4</sup> | 1.49%<sup>4</sup> | 1.49%<sup>4</sup> | 1.48%<sup>4</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net Assets, End of Year (000's) | $6407 | $9898 | $14667 | $20946 | $35335 |
|  Portfolio Turnover Rate | 37% | 42% | 53% | 45% | 32% |

---

<sup>1</sup> Per share net investment loss has been calculated using the average daily shares method.

<sup>2</sup> Less than $0.005 per share. 

<sup>3</sup> Excludes the effects of any sales charges.

<sup>4</sup> These ratios exclude the impact of expenses of the underlying private investment funds in which the Fund invests as represented in the Schedule of Investments.

<sup>5</sup> See Note 6 to Financial Statements.

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 38.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Small Cap Growth Fund

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** |
| **Class C** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance** |  |  |  |  |  |
|  Net asset value, beginning of year | $10.81 | $10.46 | $10.59 | $21.68 | $13.84 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1</sup>  | (0.20) | (0.17) | (0.19) | (0.31) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.37 | 0.52 | 1.59 | (5.42) | 8.55 |
|  Net increase (decrease) from investment operations | 0.17 | 0.35 | 1.40 | (5.73) | 8.23 |
|  Less distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (0.25) |  | (1.53) | (5.36) | (0.39) |
|  Total distributions to shareholders | (0.25) |  | (1.53) | (5.36) | (0.39) |
|  Redemption fees |  |  | 0.00<sup>2</sup> |  |  |
|  Net asset value, end of year | $10.73 | $10.81 | $10.46 | $10.59 | $21.68 |
|  Total return<sup>3</sup>  | 1.41% | 3.35% | 15.03% | (33.10)% | 59.94% |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
|  Ratio of net investment loss to average net assets | (1.81)%<sup>4</sup> | (1.66)%<sup>4</sup> | (1.79)%<sup>4</sup> | (1.90)%<sup>4</sup> | (1.78)%<sup>4</sup> |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2.25%<sup>4</sup> | 2.28%<sup>4</sup> | 2.22%<sup>4</sup> | 2.17%<sup>4</sup> | 2.16%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived<sup>5</sup>  | 2.25%<sup>4</sup> | 2.25%<sup>4</sup> | 2.22%<sup>4</sup> | 2.17%<sup>4</sup> | 2.16%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived and excluding recoupment of past waived fees<sup>5</sup>  | 2.23% |  |  |  |  |
|  **Supplemental Data** |  |  |  |  |  |
|  Net Assets, End of Year (000's) | $810 | $2009 | $3374 | $4241 | $8324 |
|  Portfolio Turnover Rate | 37% | 42% | 53% | 45% | 32% |

---

<sup>1</sup> Per share net investment loss has been calculated using the average daily shares method.

<sup>2</sup> Less than $0.005 per share. 

<sup>3</sup> Excludes the effects of any sales charges.

<sup>4</sup> These ratios exclude the impact of expenses of the underlying private investment funds in which the Fund invests as represented in the Schedule of Investments.

<sup>5</sup> See Note 6 to Financial Statements.

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 39.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Small Cap Growth Fund

#### Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** | **For the Fiscal Year Ended June 30,** |
| **Investor Class** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share Operating Performance** |  |  |  |  |  |
|  Net asset value, beginning of year | $12.40 | $11.89 | $11.72 | $23.17 | $14.63 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1</sup>  | (0.10) | (0.08) | (0.09) | (0.17) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 0.43 | 0.59 | 1.79 | (5.92) | 9.08 |
|  Net increase (decrease) from investment operations | 0.33 | 0.51 | 1.70 | (6.09) | 8.93 |
|  Less distributions to shareholders: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized capital gains | (0.25) |  | (1.53) | (5.36) | (0.39) |
|  Total distributions to shareholders | (0.25) |  | (1.53) | (5.36) | (0.39) |
|  Redemption fees | 0.00<sup>2</sup> | 0.00<sup>2</sup> | 0.00<sup>2</sup> | 0.00<sup>2</sup> |  |
|  Net asset value, end of year | $12.48 | $12.40 | $11.89 | $11.72 | $23.17 |
|  Total return | 2.53% | 4.29% | 16.21% | (32.44)% | 61.51% |
|  **Ratios to Average Net Assets** |  |  |  |  |  |
|  Ratio of net investment loss to average net assets | (0.80)%<sup>3</sup> | (0.70)%<sup>3</sup> | (0.79)%<sup>3</sup> | (0.94)%<sup>3</sup> | (0.80)%<sup>3</sup> |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1.26%<sup>3</sup> | 1.27%<sup>3</sup> | 1.24%<sup>3</sup> | 1.22%<sup>3</sup> | 1.17%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After fees waived<sup>4</sup>  | 1.25%<sup>3</sup> | 1.27%<sup>3</sup> | 1.24%<sup>3</sup> | 1.22%<sup>3</sup> | 1.17%<sup>3</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net Assets, End of Year (000's) | $72398 | $116107 | $437966 | $442418 | $920317 |
|  Portfolio Turnover Rate | 37% | 42% | 53% | 45% | 32% |

---

<sup>1</sup> Per share net investment loss has been calculated using the average daily shares method.

<sup>2</sup> Less than $0.005 per share. 

<sup>3</sup> These ratios exclude the impact of expenses of the underlying private investment funds in which the Fund invests as represented in the Schedule of Investments.

<sup>4</sup> See Note 6 to Financial Statements.

#### The accompanying notes are an integral part of the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 40.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### Notes to Financial Statements

#### June 30, 2025
1. **Organization and Significant Accounting Policies:** Meridian Fund, Inc. (the "Meridian Funds" or the "Company") comprises the following separate series: the Meridian Growth Fund (the "Growth Fund"), the Meridian Contrarian Fund (the "Contrarian Fund"), the Meridian Hedged Equity Fund (the "Hedged Equity Fund") and the Meridian Small Cap Growth Fund (the "Small Cap Growth Fund") (each a "Fund" and collectively, the "Funds"). The Company is registered as an open-end investment company under the Investment Company Act of 1940 and is organized as a Maryland corporation. Each Fund is classified as a "diversified" management investment company.

Meridian Funds offer five share classes: Legacy Class Shares, Investor Class Shares, Class A Shares, Class C Shares and Institutional Class Shares. As of June 30, 2025, Institutional Class Shares of the Hedged Equity Fund and Contrarian Fund are not currently being offered for sale. Effective November 1, 2024, the Growth Fund and Small Cap Growth Fund reopened Class A and Investor Class shares for new investments. These share classes had previously been closed to new investors on June 15, 2017, and June 29, 2018, respectively. As a result of the reopening, investors were once again able to purchase shares in these classes under the terms outlined in the Funds' prospectuses. The reopening did not impact the rights or privileges of existing shareholders. This change did not result in any material impact on the financial position or operations of the Growth Fund or Small Cap Growth Fund. Legacy Class Shares are available to investors who have continuously held an investment in any Meridian Fund prior to November 15, 2013. Effective November 1, 2018, direct initial purchases of Legacy Class Shares are permitted in the Hedged Equity Fund. Institutional Class Shares are available to certain eligible investors including endowments, foundations and qualified retirement plans. Class A, Class C and Investor Class Shares are available for purchase through financial intermediary platforms. Legacy Class, Investor Class, Class A and Institutional Class Shares are subject to a 2% redemption fee on shares redeemed or exchanged that have been held for 60 days or less. The redemption fees are collected and retained by the Fund for the benefit of the remaining shareholders. The redemption fees are recorded as a credit to paid-in capital. Class A Shares are subject to a maximum initial sales charge (front-end load) of 5.75%. Class C Shares are subject to a 1.00% contingent deferred sales charge ("CDSC") if redeemed within one year of purchase. Investor Class Shares are not subject to front-end load or CDSC and require a higher minimum initial investment. All Classes have identical rights and privileges with respect to the Fund in general, and exclusive voting rights with respect to Class specific matters. Net Asset Value ("NAV") per share may differ by class due to each class having its own expenses directly attributable to that class. Class A and Class C Shares are also subject to certain expenses related to the distribution of these shares. See Note 6 for further information on additional share classes.

The primary investment objectives of the Growth Fund, Contrarian Fund, and Hedged Equity Fund are to seek long-term growth of capital.

The primary investment objective of the Small Cap Growth Fund is to seek long-term growth of capital by investing primarily in equity securities of small capitalization companies.

#### Segment Reporting:
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07")," which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the "CODM"). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025. The Adviser's Fund Management collectively act as the CODM assessing performance and making decisions about resource allocation.

The Fund considers the applicability and impact of all accounting standard updates ("ASUs") issued by the FASB. ASUs not listed were assessed and either determined to be not applicable or expected to have minimal impact on the Fund's consolidated financial statements.

The following significant accounting policies are consistently followed by the Funds in the preparation of their financial statements in conformity with U.S. generally accepted accounting principles ("U.S." GAAP"). Each Fund is considered an

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 41.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### Notes to Financial Statements (continued)

#### June 30, 2025
investment company under U.S. GAAP and follows the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services - Investment Companies.*

a. **Cash & Cash Equivalents:** Each Fund considers its investment in a Federal Deposit Insurance Corporation insured interest bearing account to be cash and cash equivalents. Cash and cash equivalents are valued at cost plus any accrued interest. The Funds maintain cash balances, which, at times may exceed federally insured limits. The Funds maintain these balances with a high quality financial institution. The Funds may incur charges on cash overdrafts.

b. **Share Valuation:** The NAV of each Fund's share class is calculated by dividing the sum of the value of the securities held by each Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses), by the total number of shares outstanding of each Fund. The result is rounded to the nearest cent. Each Fund's shares will not be priced on the days in which the New York Stock Exchange ("NYSE") is closed for trading.

c. **Investment Valuations:** Equity securities are valued at the closing price or last sales price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the last reported bid price.

Fixed income (debt) securities are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures.

Investments in open-end U.S. mutual funds are valued at NAV each business day.

The market value of the Funds' investments in exchange traded funds is based on the published NAV of each fund computed as of the close of regular trading on the NYSE on days when the NYSE is open.

Exchange-traded options are valued at the most recent sale price at the close of the options market in which the options trade. An exchange-traded option for which there is no close price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day's price will be used, unless it is determined that the prior day's price no longer reflects the fair value of the option.

Securities and other assets for which reliable market quotations are not readily available or for which a significant event has occurred since the time of the most recent market quotation, will be valued based upon other available factors deemed relevant by ArrowMark Colorado Holdings, LLC (the "Adviser") under the guidelines utilized by the Funds' valuation designee, and under the general supervision and responsibility of, the Funds' Board of Directors (the "Board"). These factors include but are not limited to (i) attributes specific to the investment; (ii) the principal market for the investment; (iii) the customary participants in the principal market for the investment; (iv) data assumptions by market participants for the investment, if reasonably available; (v) quoted prices for similar investments in active markets; and (vi) other factors, such as future cash flows, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and/or default rates. Valuations based on such factors are reported to the Board on a quarterly basis. The Board has approved the designation of the Adviser as the "Valuation Designee" for the Funds.

A Fund's investment in an unregistered pooled investment vehicle ("Private Investment Fund") is valued, as a practical expedient, at the most recent net asset value determined by the Private Investment Fund manager according to such manager's policies and procedures based on valuation information reasonably available to the Private Investment Fund manager at that time; provided, however, that the Valuation Designee may consider whether it is appropriate, in light of relevant circumstances, to adjust such valuation in accordance with the Fund's valuation procedures. If the Private Investment Fund does not report a value to a Fund on a timely basis, the fair value of the Private Investment Fund shall be based on the most recent value reported by the Private Investment Fund, as well as any other relevant information available at the time the Fund values its portfolio. The frequency and timing of receiving valuations for the Private Investment Fund investment is subject to change at any time, without notice to investors, at the discretion of the Private Investment Fund manager or the Fund.

d. **Fair Value Measurements:** All investment securities are recorded at their estimated fair value. As described in Note 1.c. above, the Funds utilize various methods to determine and measure the fair value of investment

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 42.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### Notes to Financial Statements (continued)

#### June 30, 2025
securities on a recurring basis. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3) that are significant to the fair value instrument. The three levels of the fair value hierarchy are described below:

Level 1 - quoted prices in active markets for identical securities;

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

Level 3 - significant unobservable inputs (including the Funds' determinations as to the fair value of investments).

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 43.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### Notes to Financial Statements (continued)

#### June 30, 2025
The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The summary of inputs used to value the Funds' securities as of June 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Practical<br>Expedient<sup>1</sup>** | **Total** |
|  **Growth Fund** |  |  |  |  |  |
|  Common Stocks<sup>2</sup>  | $744534332 | $— | $— | $— | $744534332 |
|  Preferred Stocks<sup>2</sup>  |  |  | 35193215 |  | 35193215 |
|  Private Investment |  |  |  |  |  |
|  Fund |  |  |  | 3555597 | 3555597 |
|  Convertible Note<sup>2</sup>  |  |  | 1000000 |  | 1000000 |
|  Short-Term |  |  |  |  |  |
|  Investments | 17626680 |  |  |  | 17626680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments . | $762161012 | $— | $36193215 | $3555597 | $801909824 |
|  **Contrarian Fund** |  |  |  |  |  |
|  Common Stocks<sup>2</sup>  | $527335919 | $— | $378707 | $— | $527714626 |
|  Rights<sup>2</sup>  |  |  | 362745 |  | 362745 |
|  Short-Term |  |  |  |  |  |
|  Investments | 66708961 |  |  |  | 66708961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments . | $594044880 | $— | $741452 | $— | $594786332 |
|  **Hedged Equity Fund** |  |  |  |  |  |
|  Assets: |  |  |  |  |  |
|  Common Stocks<sup>2</sup>  | $51202795 | $— | $— | $— | $51202795 |
|  Short-Term |  |  |  |  |  |
|  Investments | 2930812 |  |  |  | 2930812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments - Assets | $54133607 | $— | $— | $— | $54133607 |
|  Liabilities: |  |  |  |  |  |
|  Call Options Written | $(1669142) | $(9371240) | $— | $— | $(11040382) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments - Liabilities | $(1669142) | $(9371240) | $— | $— | $(11040382) |
|  **Small Cap Growth Fund** |  |  |  |  |  |
|  Common Stocks<sup>2</sup>  | $313183287 | $— | $520 | $— | $313183807 |
|  Preferred Stocks<sup>2</sup>  |  |  | 27875309 |  | 27875309 |
|  Rights<sup>2</sup>  |  |  | 67434 |  | 67434 |
|  Private Investment |  |  |  |  |  |
|  Fund |  |  |  | 2569206 | 2569206 |
|  Short-Term |  |  |  |  |  |
|  Investments | 21842944 |  |  |  | 21842944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments . | $335026231 | $— | $27943263 | $2569206 | $365538700 |

---

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 44.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### Notes to Financial Statements (continued)

#### June 30, 2025

<sup>1</sup> Certain investments that are measured at fair value using the NAV Per Share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments. 

<sup>2</sup> See above Schedule of Investments for values in each industry.

The following is the fair value measurement of investments that are measured at NAV per Share (or its equivalent) as a practical expedient:

#### Growth Fund

---

| | | |
|:---|:---|:---|
| **Security Description** | **Value** | **Redemption**<br> **Notice Period** |
| Quail Investment<br> Holdings, LLC<br> Private<br> Investment<br> Fund<sup>1</sup>  | $3555597 – Subject to<br> advisor<br> approval | N/A |

---

#### Small Cap Growth Fund

---

| | | |
|:---|:---|:---|
| **Security Description** | **Value** | **Redemption**<br> **Notice Period** |
| Quail Investment<br> Holdings, LLC<br> Private<br> Investment<br> Fund<sup>1</sup>  | $2569206 – Subject to<br> advisor<br> approval | N/A |

---

<sup>1</sup> Private Investment Fund investing generally consists of private partnerships which directly invest in various strategies to generate capital appreciation and/or income yield. These strategies may span across the capital stock and may include Private Equity, Private Credit, Venture Capital, Collateralized Loan Obligations, Asset-Backed Securities, Master Limited Partners and Direct Real Estate. 

Reconciliations of Level 3 investments are presented when the Funds had significant amounts of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following tables are reconciliations of Level 3 investments for which significant unobservable inputs were used in determining fair value:

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 45.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### Notes to Financial Statements (continued)

#### June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Growth Fund** | **Common<br>Stocks** | **Preferred**<br>**Stocks** | **Convertible**<br>**Note** | **Total Level 3** |
|  Investments in Securities |  |  |  |  |
|  Beginning Balance July 1, 2024. | $26912 | $34888683 | $1000000 | $35915595 |
|  Total Purchases |  |  |  |  |
|  Total Sales. | (2) | (3) |  | (5) |
|  Realized Gain (Loss) | (2999991) | (8500133) |  | (11500124) |
|  Transfers in |  |  |  |  |
|  Transfers out |  |  |  |  |
|  Change in unrealized Gain (Loss) | 2973081 | 8804668 |  | 11777749 |
|  Ending Balance June 30, 2025 | $— | $35193215 | $1000000 | $36193215 |
|  Change in unrealized Gain (Loss) on investments still held at June 30, 2025 | $— | $1476332 | $— | $1476332 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Contrarian Fund** | **Common<br>Stocks** | **Preferred**<br>**Stocks** | **Rights** | **Total Level 3** |
|  Investments in Securities |  |  |  |  |
|  Beginning Balance July 1, 2024. | $— | $2514900 | $343710 | $2858610 |
|  Total Purchases |  |  |  |  |
|  Total Sales. |  |  |  |  |
|  Transfers in | 6250000 |  |  | 6250000 |
|  Transfers out |  | (8249987) |  | (8249987) |
|  Change in unrealized Gain (Loss) | (5871293) | 5735087 | 19035 | (117171) |
|  Ending Balance June 30, 2025 | $378707 | $— | $362745 | $741452 |
|  Change in unrealized Gain (Loss) on investments still held at June 30, 2025 | $(5871293) | $— | $19035 | $(5852258) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Small Cap Growth Fund** | **Common**<br>**Stocks** | **Preferred**<br>**Stocks** | **Rights** | **Warrants** | **Total Level 3** |
|  Investments in Securities |  |  |  |  |  |
|  Beginning Balance July 1, 2024 | $17941 | $32277871 | $61056 | $695309 | $33052177 |
|  Total Purchases |  |  |  |  |  |
|  Total Sales | (110) | (2) |  | (239997) | (240109) |
|  Realized Gain (Loss) | (1999905) | (6500038) |  | (293123) | (8793066) |
|  Transfers in | 5906832 |  |  |  | 5906832 |
|  Transfers out<sup>1</sup>  | (5346257) | (9666838) |  |  | (15013095) |
|  Change in unrealized Gain (Loss) | 1422019 | 11764316 | 6378 | (162189) | 13030524 |
|  Ending Balance June 30, 2025 | $520 | $27875309 | $67434 | $— | $27943263 |
|  Change in unrealized Gain (Loss) on investments still held at June 30, 2025 | $520 | $1285734 | $6378 | $— | $1292632 |

---

<sup>1</sup> During the year ended June 30, 2025, certain Level 3 investments were transferred out as a result of a corporate action.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 46.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### Notes to Financial Statements (continued)

#### June 30, 2025
In accordance with GAAP, the following table provides quantitative information about significant unobservable inputs used to determine the fair valuations of the Funds' Level 3 assets, by class of financial instrument; it also indicates the sensitivity of the Level 3 valuations to changes in those significant unobservable inputs. Because the Valuation Designee considers a wide variety of factors and inputs, both observable and unobservable, in determining fair values, the unobservable inputs presented do not reflect all inputs significant to the fair value determination.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** | **Growth Fund** |
| **Asset Class** | **Market Value** | **Valuation Technique** | **Unobservable Input** | **Value/Range**<br>**(Weighted Average)<sup>1,2</sup>** |
|  Debt | $1000000 | Scenario Approach | Probability<br> Weighting of<br> Expected Future<br> Outcome | 10% - 75% |
|  Preferred Stock | $8404648 | Option Pricing<br> Method | Industry Volatility,<br> Time to Exit | 45%, 36 months |
|  |  | Fully Diluted Method | Enterprise value<br> adjustment | 40% |
|  Preferred Stock | $4255997 | Market Approach | Revenue Multiple | 8.2x |
|  |  | Liquidation<br> Preference | Price Per Share | $36.36 |
|  Preferred Stock | $22532570 | Market Approach | Gross Profit<br>Multiple | 5.1x - 7.4x (5.95x) |
|  |  | Liquidation<br> Preference | Price Per Share | $3.40 - $19.37<br> ($13.44) |
| **Contrarian Fund** | **Contrarian Fund** | **Contrarian Fund** | **Contrarian Fund** | **Contrarian Fund** |
| **Asset Class** | **Market Value** | **Valuation Technique** | **Unobservable Input** | **Value/Range**<br>**(Weighted Average)<sup>1,2</sup>** |
|  Common Stock | $237436 | Market Approach | Revenue Multiple | 7.25x |
|  Common Stock | $141271 | Market Approach | Discount Rate | -5% |
|  Rights | $362745 | Market Approach | Probability<br> Weighting of<br> Expected Future<br> Outcome | 26% |

---

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 47.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### Notes to Financial Statements (continued)

#### June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** | **Small Cap Growth Fund** |
| **Asset Class** | **Market Value** | **Valuation Technique** | **Unobservable Input** | **Value/Range**<br>**(Weighted Average)<sup>1,2</sup>** |
|  Common Stock | $520 | Option Pricing<br> Method | Industry Volatility,<br> Time to Exit | 80%, 36 months |
|  |  | Fully Diluted Method | Enterprise value<br> adjustment | -75% |
|  Preferred Stock | $935832 | Option Pricing Method | Industry Volatility,<br> Time to Exit | 70%, 48 months |
|  Preferred Stock | $3265947 | Market Approach | Revenue Multiple | 8.2x |
|  |  | Liquidation<br> Preference | Price Per Share | $36.36 |
|  Preferred Stock | $9121847 | Option Pricing Method | Industry Volatility,<br> Time to Exit | 45% -80%, 24 - 36<br> months (61.16%,<br> 35.80 months) |
|  |  | Fully Diluted Method | Enterprise value adjustment | -75% - 65%<br>(49.25%) |
|  Preferred Stock | $14551683 | Market Approach | Gross Profit Multiple | 5.1x - 7.4x (6.04x) |
|  |  | Liquidation<br> Preference | Price Per Share | $3.40 - $19.37<br> ($12.81) |
|  Rights | $67434 | Market Approach | Probability<br> Weighting of<br> Expected Future<br> Outcome | 15% |

---

<sup>1</sup> A significant change in an unobservable input would have resulted in a correlated significant change to value.

<sup>2</sup> Unobservable inputs were weighted by the fair value of the investments.

---

| | | |
|:---|:---|:---|
| **Unobservable Input** | **Impact to**<br>**Value if**<br>**Input**<br>**Increases** | **Impact to**<br>**Value if**<br>**Input**<br>**Decreases** |
| Industry Volatility | Decrease | Increase |
| Time to Exit | Decrease | Increase |
| Revenue Multiple | Increase | Decrease |
| Gross Profit Multiple | Increase | Decrease |
| Enterprise Value Adjustment | Increase | Decrease |
| Probability Weighting of Expected Future Outcome | Increase | Decrease |
| Price Per Share | Increase | Decrease |
| Discount Rate | Decrease | Increase |

---

e. **Investment Transactions and Investment Income:** Security transactions are accounted for on the date the securities are purchased or sold (trade date). Realized gains and losses on security transactions are determined on the basis of specific identification for both financial statement and federal income tax purposes. Dividend income is recorded on the ex-dividend date. Non-cash dividends received in the form of stock are recorded as dividend income at market value. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Interest income, including amortization and accretion of premiums and discounts on debt securities, is accrued daily. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective securities using the effective interest method. Upon notification from

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 48.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### Notes to Financial Statements (continued)

#### June 30, 2025
issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Distributions from Private Investment Funds that represent returns of capital in excess of cumulative profits and losses are credited to investment cost rather than income.

f. **Option writing:** When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by a Fund on the expiration date as realized gains from investments. The difference between the premium and amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether a Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. A Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

g. **Allocation of Income, Expenses, Gains and Losses:** Income, gains and losses are allocated on a daily basis to each share class based on the relative proportion of the net assets of the class to each Fund's total net assets. Expenses are allocated on the basis of relative net assets of the class to the Fund, or if an expense is specific to a share class, to that specific share class.

h. **Use of Estimates:** The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual amounts could differ from those estimates, and such differences could be significant.

i. **Distributions to Shareholders:** The Funds record distributions to shareholders on the ex-dividend date. The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations which may differ from U.S. GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.

Distributions which exceed net investment income and net realized capital gains are reported as distributions in excess of net investment income or distributions in excess of net realized capital gains for financial reporting purposes but not for tax purposes. To the extent they exceed net investment income and net realized capital gains for tax purposes, they are reported as distributions of paid-in capital.

j. **Guarantees and Indemnification:** Under the Funds' organizational documents, its Officers and Directors are indemnified against certain liability arising out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses, subject to applicable law. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 49.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### Notes to Financial Statements (continued)

#### June 30, 2025
2. **Capital Shares Transactions**: Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Growth Fund:** |  |  |  |  |
|  **Legacy Class** |  |  |  |  |
|  Shares sold. | 46224 | $1626637 | 202918 | $6574342 |
|  Shares issued from reinvestment of distributions | 22441 | 822016 |  |  |
|  Redemption fees |  | 3858 |  | 8552 |
|  Shares redeemed | (3745267) | (133172500) | (5939587) | (197104486) |
|  Net decrease | (3676602) | $(130719989) | (5736669) | $(190521592) |
|  **Institutional Class** |  |  |  |  |
|  Shares sold. | 643759 | $22881360 | 1200081 | $39783781 |
|  Shares issued from reinvestment of distributions | 9550 | 350304 |  |  |
|  Redemption fees |  | 8746 |  | 10953 |
|  Shares redeemed | (7518926) | (262779187) | (4227501) | (141899424) |
|  Net decrease | (6865617) | $(239538777) | (3027420) | $(102104690) |
|  **Class A** |  |  |  |  |
|  Shares sold. | 9043 | $304553 | 3560 | $113854 |
|  Shares issued from reinvestment of distributions | 104 | 3548 |  |  |
|  Redemption fees |  | 1437 |  |  |
|  Shares redeemed | (29486) | (1002306) | (25450) | (807707) |
|  Net decrease | (20339) | $(692768) | (21890) | $(693853) |
|  **Class C** |  |  |  |  |
|  Shares sold. | 101 | $3628 | 418 | $12350 |
|  Shares issued from reinvestment of distributions | 22 | 711 |  |  |
|  Shares redeemed | (11501) | (357463) | (9739) | (287487) |
|  Net decrease | (11378) | $(353124) | (9321) | $(275137) |
|  **Investor Class** |  |  |  |  |
|  Shares sold. | 12320 | $427502 | 38587 | $1224864 |
|  Shares issued from reinvestment of distributions | 514 | 18488 |  |  |
|  Redemption fees |  | 213 |  | 2058 |
|  Shares redeemed | (209838) | (7208088) | (439268) | (14342763) |
|  Net decrease | (197004) | $(6761885) | (400681) | $(13115841) |

---

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 50.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### Notes to Financial Statements (continued)

#### June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Contrarian Fund:** |  |  |  |  |
|  **Legacy Class** |  |  |  |  |
|  Shares sold | 38050 | $1435063 | 55039 | $1980501 |
|  Shares issued from reinvestment of distributions | 574212 | 22066980 | 809671 | 29188628 |
|  Redemption fees |  | 3736 |  | 381 |
|  Shares redeemed | (1764081) | (66843825) | (1876624) | (68330533) |
|  Net decrease | (1151819) | $(43338046) | (1011914) | $(37161023) |
|  **Class A** |  |  |  |  |
|  Shares sold | 19266 | $712975 | 1530 | $49277 |
|  Shares issued from reinvestment of distributions | 1726 | 63516 | 2230 | 77166 |
|  Redemption fees |  | 4 |  |  |
|  Shares redeemed | (10337) | (365863) | (31232) | (1066771) |
|  Net increase/(decrease) | 10655 | $410632 | (27472) | $(940328) |
|  **Class C** |  |  |  |  |
|  Shares sold | 3197 | $111400 | 4026 | $134716 |
|  Shares issued from reinvestment of distributions | 673 | 23070 | 1161 | 37712 |
|  Shares redeemed | (6430) | (219633) | (4962) | (162827) |
|  Net increase/(decrease) | (2560) | $(85163) | 225 | $9601 |
|  **Investor Class** |  |  |  |  |
|  Shares sold | 37320 | $1421567 | 112751 | $4031967 |
|  Shares issued from reinvestment of distributions | 13562 | 514393 | 25993 | 925359 |
|  Redemption fees |  | 24 |  | 1953 |
|  Shares redeemed | (348030) | (13057895) | (109702) | (3939061) |
|  Net increase/(decrease) | (297148) | $(11121911) | 29042 | $1020218 |

---

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 51.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### Notes to Financial Statements (continued)

#### June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Hedged Equity Fund:** |  |  |  |  |
|  **Legacy Class** |  |  |  |  |
|  Shares sold | 22531 | $319977 | 19383 | $253345 |
|  Shares issued from reinvestment of distributions | 388151 | 5104182 | 19886 | 264685 |
|  Redemption fees |  |  |  | 199 |
|  Shares redeemed | (550637) | (7628207) | (670264) | (8876875) |
|  Net decrease. | (139955) | $(2204048) | (630995) | $(8358646) |
|  **Class A** |  |  |  |  |
|  Shares sold | 91771 | $1278570 | 17108 | $228160 |
|  Shares issued from reinvestment of distributions | 21739 | 275216 | 525 | 6765 |
|  Redemption fees |  | 15 |  |  |
|  Shares redeemed | (72049) | (996801) | (13466) | (172282) |
|  Net increase | 41461 | $557000 | 4167 | $62643 |
|  **Class C** |  |  |  |  |
|  Shares issued from reinvestment of distributions | 68 | $823 | 2 | $27 |
|  Shares redeemed | (68) | (823) | (1608) | (18818) |
|  Net decrease. |  | $— | (1606) | $(18791) |
|  **Investor Class** |  |  |  |  |
|  Shares sold | 125480 | $1739252 | 24726 | $321561 |
|  Shares issued from reinvestment of distributions | 26881 | 352137 | 972 | 12887 |
|  Redemption fees |  | 3509 |  |  |
|  Shares redeemed | (119326) | (1667898) | (18502) | (250068) |
|  Net increase | 33035 | $427000 | 7196 | $84380 |

---

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 52.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### Notes to Financial Statements (continued)

#### June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2025** | **Year Ended**<br>**June 30, 2024** | **Year Ended**<br>**June 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Small Cap Growth Fund:** |  |  |  |  |
|  **Legacy Class** |  |  |  |  |
|  Shares sold. | 18402 | $240126 | 336599 | $3597870 |
|  Shares issued from reinvestment of distributions | 17913 | 240929 |  |  |
|  Shares redeemed | (516770) | (6785386) | (1522805) | (18540445) |
|  Net decrease | (480455) | $(6304331) | (1186206) | $(14942575) |
|  **Institutional Class** |  |  |  |  |
|  Shares sold. | 3622613 | $46651727 | 6730304 | $83999638 |
|  Shares issued from reinvestment of distributions | 330930 | 4510575 |  |  |
|  Redemption fees |  | 7148 |  | 4198 |
|  Shares redeemed | (7041989) | (91721358) | (8129339) | (97398015) |
|  Net decrease | (3088446) | $(40551908) | (1399035) | $(13394179) |
|  **Class A** |  |  |  |  |
|  Shares sold. | 30933 | $373574 | 85805 | $952564 |
|  Shares issued from reinvestment of distributions | 14265 | 180874 |  |  |
|  Redemption fees |  | 70 |  |  |
|  Shares redeemed | (341635) | (4174080) | (538639) | (6085838) |
|  Net decrease | (296437) | $(3619562) | (452834) | $(5133274) |
|  **Class C** |  |  |  |  |
|  Shares sold. |  | $— | 286 | $3000 |
|  Shares issued from reinvestment of distributions | 2758 | 31741 |  |  |
|  Shares redeemed | (113193) | (1247554) | (136876) | (1396043) |
|  Net decrease | (110435) | $(1215813) | (136590) | $(1393043) |
|  **Investor Class** |  |  |  |  |
|  Shares sold. | 711855 | $8922866 | 2760630 | $31256186 |
|  Shares issued from reinvestment of distributions | 136858 | 1821585 |  |  |
|  Redemption fees |  | 394 |  | 2501 |
|  Shares redeemed | (4409888) | (56102781) | (30237765) | (368045018) |
|  Net decrease | (3561175) | $(45357936) | (27477135) | $(336786331) |

---

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 53.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### Notes to Financial Statements (continued)

#### June 30, 2025
3. **Investment Transactions:** The cost of investments purchased and the proceeds from sales of investments, excluding short-term securities and U.S. government obligations, for the year ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Proceeds from Sales** |
|  Growth Fund | $381970718 | $723267588 |
|  Contrarian Fund | $235518089 | $321992925 |
|  Hedged Equity Fund | $26844411 | $34006383 |
|  Small Cap Growth Fund. | $144875190 | $249196563 |

---

4. **Other Investment Transactions** 

a. **Restricted Securities:** Restricted securities for which quotations are not readily available are valued at fair value, as determined by the Valuation Designee. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities or fundamental data relating to the issuer, or both. Depending on the relative significance of valuation inputs, these instruments may be classified in either level 2 or level 3 of the fair value hierarchy. Refer to the Schedules of Investments for information about restricted securities held as of June 30, 2025 for Growth, Contrarian and Small Cap Growth Funds.

b. **Private Placement Securities:** Privately issued securities are restricted securities that are offered in a private placement and are generally not registered with the SEC or any federal or state regulatory authority. Securities issued in a private placement are generally "restricted securities" as that term is defined under Rule 144 promulgated under the Securities Act of 1933, and may not be resold without registration with the Securities and Exchange Commission or the availability of an exemption there from. There is generally no public trading market for privately offered securities and it is generally not anticipated that a public trading market will develop. There are substantial restrictions on the transfer of privately offered securities. Such securities have limited liquidity that makes it difficult or impossible to sell. An investment in privately issued securities often requires a long-term investment horizon and it may be many years before an investor receives significant distributions from such investment. Due to the lack of public market for privately offered securities, it may be difficult to value the investment.

c. **Securities Lending:** The Funds have entered into an agreement with The Bank of New York Mellon (the "Lending Agent"), dated September 23, 2015 ("Securities Lending Agreement"), to provide securities lending services to the Funds. Under this program, the proceeds (cash collateral) received from borrowers are used to invest in money market funds or joint repurchase agreements. Under the Securities Lending Agreement, the borrowers may pay the Funds negotiated lender fees and the Funds receive cash and/or securities as collateral in an amount equal to not less than 102% of the market value of loaned securities. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral is returned by the Fund, on the next business day. The borrower pays fees at the Funds' direction to the Lending Agent. Although the risk of lending is generally mitigated by the collateral, the Funds could experience a delay in recovering securities and a possible loss of income or value if the borrower fails to return them. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The following table summarizes the securities received as collateral for securities lending:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Collateral Type** | **Coupon Range** | **Maturity Date Range** | **Market Value** |
|  Growth Fund | U.S. Government Obligations | 0.13% - 6.25% | 7/15/25 - 5/15/54 | $21877915 |
|  Contrarian Fund | U.S. Government Obligations | 0.13% - 6.25% | 9/30/25 - 5/15/54 | 13933894 |
|  Hedged Equity Fund | U.S. Government Obligations | 0.13% - 6.25% | 9/30/25 - 5/15/54 | 430558 |
|  Small Cap Growth Fund | U.S. Government Obligations | 0.13% - 6.25% | 7/15/25 - 5/15/54 | 9604741 |

---

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 54.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### Notes to Financial Statements (continued)

#### June 30, 2025
Income generated from securities lending is presented in the Statements of Operations. As of June 30, 2025, the total value of securities on loan for the Growth Fund, Contrarian Fund, Hedged Equity Fund, and the Small Cap Growth Fund were $24,689,074, $28,695,362, $481,586 and $24,408,718, respectively. Securities on loan are footnoted in the Schedules of Investments. As of June 30, 2025, the total collateral value for the Growth Fund, Contrarian Fund, Hedged Equity Fund, and the Small Cap Growth Fund were $25,120,100, $29,590,115, $485,733 and $25,008,730, respectively.

d. **Repurchase Agreements and Joint Repurchase Agreements:** The Funds may enter into repurchase agreements for temporary cash management purposes provided that the value of the underlying collateral, including accrued interest, will equal or exceed the value of the repurchase agreement during the term of the agreement. The underlying collateral for all repurchase agreements is held in safekeeping by the Funds' custodian or at the Federal Reserve Bank. If the seller defaults and the value of the collateral declines, or if bankruptcy proceedings commence with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited.

Additionally, the Funds may enter into joint repurchase agreements for reinvestment of cash collateral on securities lending transactions under the securities lending program offered by the Lending Agent (the "Program"), provided that the value of the underlying collateral, including accrued interest will equal or exceed the value of the joint repurchase agreement during the term of the agreement. The Funds participate on a pro rata basis with other clients of the Lending Agent in its share of the underlying collateral under such joint repurchase agreements and in its share of proceeds from any repurchase or other disposition of the underlying collateral. The underlying collateral for joint repurchase agreements is held in safekeeping by the Funds' custodian or at the Federal Reserve Bank. If the seller defaults and the value of the collateral declines, or if bankruptcy proceedings commence with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited. Pursuant to the Program, the Funds are indemnified for such losses by the Lending Agent.

At June 30, 2025, The Funds did not enter into repurchase agreement for the reporting period.

e. **Options:** Certain Funds purchase and write call and put options to increase or decrease their exposure to underlying instruments (including equity risk, interest rate risk and/or commodity price risk) and/or, in the case of options written, to generate gains from options premiums. A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. When the Funds purchase (write) an option, an amount equal to the premium paid (received) by the Funds is reflected as an asset (liability). The amount of the asset (liability) is subsequently marked-to-market to reflect the current market value of the option purchased (written). When an instrument is purchased or sold through an exercise of an option, the related premium paid (or received) is added to (or deducted from) the basis of the instrument acquired or deducted from (or added to) the proceeds of the instrument sold. When an option expires (or the Funds enter into a closing transaction), the Funds realize a gain or loss on the option to the extent of the premiums received or paid (or gain or loss to the extent the cost of the closing transaction exceeds the premiums received or paid). When the Funds write a call option, such option is "covered," meaning that the Funds hold the underlying instrument subject to being called by the option counterparty. When the Funds write a put option, such option is covered by cash in an amount sufficient to cover the obligation.

In purchasing and writing options, the Funds bear the risk of an unfavorable change in the value of the underlying instrument or the risk that the Funds may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Funds purchasing or selling a security when it otherwise would not, or at a price different from the current market value.

Average quarterly balances of outstanding derivative financial instruments were as follows.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 55.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### Notes to Financial Statements (continued)

#### June 30, 2025

#### Hedged Equity Fund

#### Options:

---

| | |
|:---|:---|
|  Average value of option contracts written | $14565116.0 |

---

For the year ended June 30, 2025, the effect of equity option positions written can be found in the Statements of Operations under Realized and Unrealized Gain (Loss), Net realized gain on written options and Net change in unrealized appreciation on written options, and are included in Options written at value in the Statements of Assets and Liabilities. Equity options purchased are included in Investments, at value in the Statements of Assets and Liabilities. Realized and unrealized gain/loss of equity options purchased are included in Net realized gain/(loss) on investments and foreign currency transactions and Net change in unrealized appreciation on investments and foreign currency translations in the Statements of Operations.

f. **Warrants:** The Funds can invest in warrants and stock purchase rights of companies of any market capitalization. A warrant gives the Funds the right to buy stock, typically from the issuer. The warrant specifies the amount of underlying stock, the purchase (or "exercise") price, and the date the warrant expires. Certain warrants may permit, without legal obligation, net settlement for stock or cash. The Funds have no obligation to exercise the warrant and buy the stock.

g. **Short Sales:** The Funds may enter into short sales. A short sale occurs when a fund sells a security it generally does not own (the security is borrowed), in anticipation of a decline in the security's price. The initial amount of a short sale is recorded as a liability which is marked-to-market daily. Fluctuations in the value of the short liability are recorded as unrealized gains or losses. If a Fund shorts a security when also holding a long position in the security (a "short against the box"), as the security's price declines, the short position increases in value, offsetting the long position's decrease in value. The opposite effect occurs if the security's price rises. A Fund realizes a gain or loss upon closing of the short sale (returning the security to the counterparty by way of purchase or delivery of a long position owned). Possible losses from short sales may be unlimited, whereas losses from security purchases cannot exceed the total amount invested. The Funds are liable to the buyer for any dividends payable on securities while those securities are in a short position. These dividends are an expense of the Funds. The Funds designate collateral consisting of cash, U.S. government securities or other liquid assets sufficient to collateralize the market value of short positions.

h. **Private Investment Funds:** The Funds value private investment companies using the NAVs provided by the underlying private investment companies as a practical expedient. The Funds apply the practical expedient to private investment companies on an investment-by-investment basis, and consistently with each Fund's entire position in a particular investment, unless it is probable that the Funds will sell a portion of an investment at an amount different from the NAV of the investment. Each of these investments has certain restrictions with respect to rights of withdrawal by the Funds as specified in the respective agreements. Generally, the Funds are required to provide notice of its intent to withdraw after the investment has been maintained for a certain period of time.

5. **Selected Risks** 

In the normal course of business, each Fund's investment activities expose it to various types of risk associated with the financial instruments and markets in which it invests. Some significant types of financial risks each Fund is exposed to include market risk, debt securities risk, options risk and private investment funds risk. Each Fund's prospectus and statement of additional information provide details of these and other types of risk.

**Market Risk:** Market risk refers to the possibility that the market values of securities or other investments that a Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall or fail to rise because of a variety of factors affecting (or the market's perception of) individual companies or other issuers (e.g., an unfavorable earnings report), industries or sectors, or the market as a whole, reducing the value of an investment in a Fund. Accordingly, an investment in the Fund could lose money over short or even long periods. The market values of the securities the Fund holds also can be affected by changes (or perceived changes) in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 56.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### Notes to Financial Statements (continued)

#### June 30, 2025
greater price volatility than debt securities. In addition, stock prices may be sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. As a result, the value of your investments in a Fund may be more or less than the value of your purchase price.

**Debt Securities Risk:** Each Fund may invest in debt securities of both government and corporate issuers. A decline in prevailing levels of interest rates generally increases the value of debt securities in a Fund's portfolio, while an increase in rates usually reduces the value of those securities. The value of a Fund's debt securities, including bonds and convertible securities, are affected by movements in interest rates; if interest rates rise, the value of these securities may fall. Generally, the longer the average maturity of a debt security, the greater the change in its value. As a result, to the extent that a Fund invests in debt securities, interest rate fluctuations will affect the Fund's net asset value, but not the income it receives from debt securities it owns. Debt securities are also subject to credit, liquidity risk and prepayment and extension risk. Credit risk is the risk that the entity that issued a debt security may become unable to make payments of principal and interest, and includes the risk of default. Liquidity risk is the risk that a Fund may not be able to sell portfolio securities because there are too few buyers for them. Prepayment and extension risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. If a loan or security is converted, prepaid or redeemed before maturity, particularly during a time of declining interest rates or spreads, the portfolio managers may not be able to invest the proceeds in securities or loans providing as high a level of income, resulting in a reduced yield to a Fund. Conversely, as interest rates rise or spreads widen, the likelihood of prepayment decreases. The portfolio managers may be unable to capitalize on securities with higher interest rates or wider spreads because a Fund's investments are locked in at a lower rate for a longer period of time.

**Options Risk:** Investments in options involve risks different from, and possibly greater than, investing directly in the underlying security, asset or other reference, including, among others, the risk that the counterparty to an option may not perform or may be unable to perform in accordance with the terms of the instrument, the potential that, at times, there may not be a liquid secondary market for the options (as described above), and the risk of imperfect correlation between any movement in the price or value of options and their underlying security, asset or other reference. Such events, as well as circumstances under which a Fund is required to purchase the underlying asset at a disadvantageous price, may result in losses to the Fund. In addition, options also may involve a small initial investment relative to the risk assumed, which could result in losses that are greater than the amount originally invested. Special risks are presented by internationally traded options. Because of time differences between the United States and various foreign countries, and because different holidays are observed in different countries, foreign options markets may be open for trading during hours or on days when U.S. markets are closed. As a result, option premiums may not reflect the current prices of the underlying interest in the United States.

**Private Investment Funds (PIF) Risk:** PIFs are subject to management and other expenses, which will be directly or indirectly paid by the Funds. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in PIFs and also may be higher than other funds that invest directly in stocks and bonds. Each PIF is subject to specific risks, depending on the nature of its investment strategy. The Funds may invest in private investment funds and/or hedge funds, which may pursue alternative investment strategies. Hedge funds often engage in speculative investment practices such as leverage, short-selling, arbitrage, hedging, derivatives, and other strategies that may increase investment loss.

6. **Affiliate Transactions and Fees** 

**Investment Management Fees:** Under the Investment Management Agreement, the Adviser receives the following fees for providing certain investment management and other services necessary for managing each Fund. The fee is paid monthly in arrears and calculated based on that month's daily average net assets.

---

| | | | |
|:---|:---|:---|:---|
| **Growth Fund:** | **Growth Fund:** | **Contrarian Fund:** | **Contrarian Fund:** |
| **Average Daily Net Assets** | **Investment**<br> **Management Fee** | **Average Daily Net Assets** | **Investment**<br> **Management Fee** |
|  Up to $50,000,000 | 1.00% | Up to $750,000,000 | 1.00% |
|  Greater than $50,000,000 | 0.75% | $750,000,001 to $800,000,000 | 0.75% |
|  |  | $800,000,001 to $850,000,000 | 0.70% |
|  |  | $850,000,001 to $900,000,000 | 0.65% |

---

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 57.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### Notes to Financial Statements (continued)

#### June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Growth Fund:** | **Growth Fund:** | **Contrarian Fund:** | **Contrarian Fund:** |
| **Average Daily Net Assets** | **Investment**<br> **Management Fee** | **Average Daily Net Assets** | **Investment**<br> **Management Fee** |
|  |  | $900,000,001 to $950,000,000 | 0.60% |
|  |  | $950,000,001 to $1,000,000,000 | 0.55% |
|  |  | Greater than $1,000,000,000 | 0.50% |
| **Hedged Equity Fund:** | **Hedged Equity Fund:** | **Small Cap Growth Fund:<sup>1</sup>**  | **Small Cap Growth Fund:<sup>1</sup>**  |
| **Average Daily Net Assets** | **Investment**<br> **Management Fee** | **Average Daily Net Assets** | **Investment**<br> **Management Fee** |
|  Up to $10,000,000 | 1.00% | Up to $450,000,000 | 1.00% |
|  $10,000,001 to $30,000,000 | 0.90% | $450,000,001 to $600,000,000 | 0.90% |
|  $30,000,001 to $50,000,000 | 0.80% | $600,000,001 to $750,000,000 | 0.85% |
|  Greater than $50,000,000 | 0.70% | $750000,001 to $900,000,000 | 0.80% |
|  |  | $900,000,001 to $1,050,000,000 | 0.75% |
|  |  | Greater than $1,050,000,000 | 0.70% |
|  <br> *<sup>1</sup> Prior to October 31, 2024, Investment Management Fee was 1% for average daily net assets greater than $0.* | <br> *<sup>1</sup> Prior to October 31, 2024, Investment Management Fee was 1% for average daily net assets greater than $0.* | <br> *<sup>1</sup> Prior to October 31, 2024, Investment Management Fee was 1% for average daily net assets greater than $0.* | <br> *<sup>1</sup> Prior to October 31, 2024, Investment Management Fee was 1% for average daily net assets greater than $0.* |

---

**Distribution Plan for Class A and Class C shares:** Each Fund has entered into and adopted a Distribution Plan for Class A and Class C shares. Under the Distribution Plan, the Funds may pay ALPS Distributors, Inc. (the "Distributor"), and/or eligible financial intermediaries a fee for services and expenses related to the sale and distribution of the Funds' Class A and Class C at an annual rate of up to 0.25% and 1.00% of average daily net assets for Class A and Class C shares, respectively.

For the year ended June 30, 2025, the Distributor received commissions in the amounts of $1,006, $81 and $19 for Class A of Contrarian Fund, Hedged Equity Fund and Small Cap Growth Fund, respectively. The Contrarian Fund also paid CDSC fees in the amount of $984 to distributors for Class C.

**Waivers and Reimbursements of Expenses:** The Adviser contractually agreed to waive its investment advisory fees and reimburse operating expenses, to the extent that total annual operating expenses for the Funds exceed the expense limitations listed below, excluding acquired fund fees and expenses, dividend expenses on securities sold short, and interest expenses on short sales. With respect to these limits, the Adviser waived the fees listed below during the year ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 58.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### Notes to Financial Statements (continued)

#### June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Expense Limitations** | **Total Waivers and<br>Reimbursements<br>for the year ended<br>June 30, 2025** |
|  **Growth Fund** |  |  |
|  Legacy Class | 1.05% | $— |
|  Institutional Class | 0.90% | $— |
|  Class A | 1.30% | $— |
|  Class C | 2.05% | $— |
|  Investor Class | 1.05% | $— |
|  **Contrarian Fund** |  |  |
|  Legacy Class | 1.25% | $— |
|  Class A | 1.50% | $— |
|  Class C | 2.25% | $— |
|  Investor Class | 1.25% | $— |
|  **Hedged Equity Fund** |  |  |
|  Legacy Class | 1.25% | $58300 |
|  Class A | 1.50% | $4212 |
|  Class C | 2.25% | $23 |
|  Investor Class | 1.25% | $4117 |
|  **Small Cap Growth Fund** |  |  |
|  Legacy Class | 1.25% | $— |
|  Institutional Class | 1.10% | $194414 |
|  Class A | 1.50% | $3013 |
|  Class C | 2.25% | $— |
|  Investor Class | 1.25% | $14084 |

---

Subject to the approval of the Board, the Funds may repay the Adviser the amounts of its reimbursement for the Funds by each share class for up to three years following the reimbursement up to the lesser of an amount not to exceed the current expense limitation of that share class or the expense limitation of that share class in effect at the time that the share class received the applicable reimbursement. This agreement will continue until October 31, 2025, and may be renewed or modified with approval of the Funds' Board. For the year ended June 30, 2025, the Adviser recouped $80 and $5,753 from the Contrarian Fund and the Small Cap Growth Fund.

At June 30, 2025, the balance of carried forward recoupable expenses along with the year of expiration for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration June 30,** | **Expiration June 30,** | **Expiration June 30,** | **Expiration June 30,** |
|  | **2025** | **2026** | **2027** | **2028** |
|  Growth Fund | $— | $— | $— | $— |
|  Contrarian Fund |  | 55 | 56 |  |
|  Hedged Equity Fund | 75 | 35268 | 84931 | 66652 |
|  Small Cap Growth Fund |  | 150864 | 229986 | 211511 |

---

7. **Directors and Officers:** Certain Officers of the Funds are also Officers of the Adviser. Officers of the Funds who are Officers of the Adviser receive no compensation from the Funds. Each Non-Interested Director is paid an annual fee set at $40,000. An additional $5,000 is paid to each Non-Interested Director for attendance at each in-person meeting of the Board and an additional $1,000 is paid to each Non-Interested Director for participating in a telephonic meeting of

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 59.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### Notes to Financial Statements (continued)

#### June 30, 2025
the Board. An additional $3,000 is paid to each member of the Audit or Governance Committee of the Board for attendance at an in-person Audit or Governance Committee meeting and an additional $1,000 is paid to each member of the Audit or Governance Committee of the Board for participating in a telephonic Audit or Governance Committee meeting.

An additional $10,000 is paid to the Chairman of the Board and the Chairman of a Committee of the Board. The Chairman of the Board also receives an additional $2,500 for attending each in-person meeting of the Board. The Chairman of a Committee receives an additional $2,000 for attending each in-person Committee meeting.

8. **Distribution Information:** Income and long-term capital gains distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The tax character of distributions made during the fiscal year ended June 30, 2025, is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025 Taxable Distributions** | **2025 Taxable Distributions** | **2025 Taxable Distributions** |
|  | **Ordinary<br>Income** | **Net Long-Term<br>Capital Gain** | **Total<br>Distributions** |
|  Growth Fund | $— | $1228418 | $1228418 |
|  Contrarian Fund | 2673515 | 20805611 | 23479126 |
|  Hedged Equity Fund | 4511974 | 1293987 | 5805961 |
|  Small Cap Growth Fund |  | 7681474 | 7681474 |

---

The tax character of distributions made during the fiscal year ended June 30, 2024, is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2024 Taxable Distributions** | **2024 Taxable Distributions** | **2024 Taxable Distributions** |
|  | **Ordinary<br>Income** | **Net Long-Term<br>Capital Gain** | **Total<br>Distributions** |
|  Growth Fund | $— | $— | $— |
|  Contrarian Fund | 2596858 | 28637139 | 31233997 |
|  Hedged Equity Fund | 73345 | 214829 | 288174 |
|  Small Cap Growth Fund |  |  |  |

---

9. **Federal Income Taxes Information:** It is the Funds' policy to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute all of their taxable income to their shareholders; therefore, no federal income tax provision is required. Management has analyzed the Funds' tax positions taken on federal income tax returns for all open tax years (current and prior three tax years), and has concluded that no provision for federal income tax is required in the Funds' financial statements. The Funds' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year ended June 30, 2025, the Funds did not incur any interest or penalties.

For the year ended June 30, 2025, the following reclassifications were made as a result of permanent differences between the financial statements and income tax reporting requirements. Reclassifications result primarily from differences in net operating losses:

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 60.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### Notes to Financial Statements (continued)

#### June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Increase/(Decrease)<br>Paid-in Capital** | **Increase/(Decrease)<br>Accumulated Earnings** |
|  Growth Fund | $(4938668) | $4938668 |
|  Contrarian Fund. |  |  |
|  Hedged Equity Fund |  |  |
|  Small Cap Growth Fund | (2720774) | 2720774 |

---

The aggregate cost of investments and unrealized appreciation and depreciation, for federal income tax purposes, at June 30, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aggregate Cost** | **Aggregate Gross<br>Unrealized<br>Appreciation** | **Aggregate Gross<br>Unrealized<br>Depreciation** | **Net Unrealized<br>Appreciation** |
|  Growth Fund | $682376198 | $203572139 | $(84038513) | $119533626 |
|  Contrarian Fund. | 450258063 | 171569037 | (27040768) | 144528269 |
|  Hedged Equity Fund | 46030323 | 11901599 | (3798315) | 8103284 |
|  Small Cap Growth Fund | 346076946 | 80280913 | (60819159) | 19461754 |
|  | **Components of Accumulated Earnings (Losses) on a Tax Basis** | **Components of Accumulated Earnings (Losses) on a Tax Basis** | **Components of Accumulated Earnings (Losses) on a Tax Basis** | **Components of Accumulated Earnings (Losses) on a Tax Basis** |
|  | **Growth Fund** | **Contrarian<br>Fund** | **Hedged Equity<br>Fund** | **Small Cap<br>Growth Fund** |
|  Undistributed ordinary income | $— | $7220485 | $363012 | $— |
|  Capital loss carry forward |  |  | (30608) |  |
|  Undistributed long-term capital gains | 57712012 | 46807990 |  | 28418189 |
|  Unrealized appreciation/(depreciation) | 119533950 | 144528269 | 8103376 | 19462143 |
|  Unrealized appreciation/(depreciation) - Other |  |  | (971238) |  |
|  Qualified late year deferred losses | (1562480) |  |  | (1178593) |
|  Total Accumulated Earnings/(Losses) | $175683482 | $198556744 | $7464542 | $46701739 |

---

The differences between book and tax-basis unrealized appreciations are attributable to the tax deferral of losses on wash sales, straddles, passive foreign investment companies and investment adjustments in partnerships. Late year losses incurred after December 31 within the fiscal year or period are deemed to arise on the first business day of the following fiscal year for tax purposes. The Growth Fund and Small Cap Growth Fund incurred and elected to defer such ordinary late year losses of $1,562,480 and $1,178,593, respectively.

As of June 30, 2025, Hedged Equity Fund had $30,608, long-term capital loss carryforwards available to offset future realized capital gains. The Growth Fund and Small Cap Growth Fund utilized capital loss carryforwards of $50,784,802 and $5,089,729, respectively.

10. **Subsequent Events:** Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued, and has noted no additional events that require recognition or disclosure in the financial statements.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 61.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

### Report of Independent Registered Public Accounting Firm
To the Shareholders of Meridian Growth Fund, Meridian Contrarian Fund, Meridian Hedged Equity Fund, and Meridian Small Cap Growth Fund and Board of Directors of Meridian Fund, Inc.

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Meridian Fund, Inc. comprising Meridian Growth Fund, Meridian Contrarian Fund, Meridian Hedged Equity Fund, and Meridian Small Cap Growth Fund (the "Funds") as of June 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian, brokers, administrator, issuer, and transfer agents; when replies were not received, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2018.

COHEN & COMPANY, LTD.

Cleveland, Ohio

August 26, 2025

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 62.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### 2025 TAX NOTICE TO SHAREHOLDERS (Unaudited)
The information set forth below is for each Fund's fiscal year as required by federal laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of a fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in early 2024. Please consult your tax advisor for proper treatment of this information.

For the period July 1, 2024 to June 30, 2025, the Funds reported the following terms with regard to distributions paid during the period. All information is based on financial information available as of the date of this annual report and, accordingly, is subject to change. For each item, it is the intention of each Fund to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

Pursuant to Internal Revenue Code Section 852(b)(3), the Growth Fund, Contrarian Fund, Hedged Equity Fund and Small Cap Growth Fund reported $1,228,418, $20,805,611, $1,293,987 and $7,681,474, respectively, as long-term capital gain distribution for the year ended June 30, 2025.

Pursuant to Internal Revenue Code Section 854(b)(2), the Funds listed below report a percentage of their ordinary income dividends distributed during the year ended June 30, 2025 as qualifying for the corporate dividends-received deduction:

---

| | |
|:---|:---|
|  Growth Fund | 0.0% |
|  Contrarian Fund | 98.23% |
|  Hedged Equity Fund | 10.93% |
|  Small Cap Growth Fund | 0.0% |

---

Pursuant to Section 1 (h)(11) of the Internal Revenue Code, the Funds listed below report the following amounts of their income dividends paid during the year ended June 30, 2025 as qualified dividend income (QDI):

---

| | |
|:---|:---|
|  Growth Fund | 0.0% |
|  Contrarian Fund | 98.49% |
|  Hedged Equity Fund | 12.09% |
|  Small Cap Growth Fund | 0.0% |

---

The Funds report a portion of the net income dividends distributed during the year ended June 30, 2025, as Qualified Interest Income (QII), as defined in the Internal Revenue Code as follows:

---

| | |
|:---|:---|
|  Growth Fund | 0.0% |
|  Contrarian Fund | 22.58% |
|  Hedged Equity Fund | 34.44% |
|  Small Cap Growth Fund | 0.0% |

---

The Funds report a portion of the short term capital gain dividends distributed during the year ended June 30, 2025, as Qualified Short-Term Gain, as defined in the Internal Revenue Code as follows:

---

| | |
|:---|:---|
|  Growth Fund | 0.0% |
|  Contrarian Fund | 0.0% |
|  Hedged Equity Fund | 100.0% |
|  Small Cap Growth Fund | 0.0% |

---

U.S. Government interest represents the amount of interest that was derived from direct U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of total ordinary income distributions (the total of short-term capital gain and net investment income distributions). Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exception of these amounts from state income for the Funds.

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 63.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### 2025 TAX NOTICE TO SHAREHOLDERS (Unaudited) (continued)
U.S. Government interest:

---

| | |
|:---|:---|
|  Growth Fund | 0.0% |
|  Contrarian Fund | 0.0% |
|  Hedged Equity Fund | 0.0% |
|  Small Cap Growth Fund | 0.0% |

---

---

| | | |
|:---|:---|:---|
| **Meridian Funds** | 64.0 | **www.arrowmarkpartners.com/meridian/** |

---

------

#### Meridian Fund, Inc.

#### Other Information (Unaudited)

#### June 30, 2025

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the period covered by this report.

#### Proxy Disclosures
Not applicable to the period covered by this report.

#### Remuneration Paid to Directors, Officers and Others
Refer to the Statements of Operations included herein.

#### Board Consideration of Management Agreement
Not applicable to the period covered by this report.

#### Contact Us
By phone from 9:00 AM to 6:00 PM EST on any business day at the following if you are an:

<u>Individual Investor:</u> <u>Institutional Investor:</u> <u>Financial Advisor:</u> <br> (800) 446-6662 (303) 398-2929 (877) 796-3434

#### Key Information

---

| | |
|:---|:---|
| **Investment Adviser** | **Independent Registered Public Accounting Firm** |
| ArrowMark Colorado Holdings, LLC | Cohen & Company, Ltd. |
| 100 Fillmore Street, Suite 325 | 1350 Euclid Ave., Suite 800 |
| Denver, CO 80206 | Cleveland, OH 44115 |
| **Distributor** | **Directors and Officers** |
| ALPS Distributors, Inc**.** |  |
| 1290 Broadway, Suite 1000 | <u>Directors</u> |
| Denver, CO 80203 | James Bernard Glavin, Chairman |
|  | Guy M. Arnold |
| **Administrator, Transfer Agent and Disbursing Agent** | John S. Emrich |
| BNY Mellon Investment Servicing (US) Inc. | Michael S. Erickson |
| 103 Bellevue Parkway | Edward F. Keely |
| Wilmington, DE 19809 | Michael Stolper\* |
| **Custodian** | <u>Officers</u> |
| The Bank of New York Mellon | David Corkins, President |
| One Wall Street | Katie Jones, Chief Financial Officer and Treasurer |
| New York, NY 10286 | Nick McMordie, Vice President, Secretary and Chief Compliance Officer |
| **Counsel** | Kelsey Auble, Assistant Treasurer |
| Davis Graham & Stubbs LLP |  |
| 1550 17th Street, Suite 500 |  |
| Denver, CO 80202 | \*Interested Director |

---

------

(b) The Financial Highlights are included with the Financial Statements under Item 7(a).

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
This information is filed under Item 7 of this Form N-CSR.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
This information is filed under Item 7 of this Form N-CSR.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
This information is filed under Item 7 of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
This information is filed under Item 7 of this Form N-CSR.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

------

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | [The registrant's Code of Ethics is attached hereto.](d869768dex99codeeth.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d869768dex99cert.htm) |
| (a)(4) | There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. |

---

------

---

| | |
|:---|:---|
| (a)(5) | There was no change in the Registrant's independent public accountant during the period covered by the report. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d869768dex99906cert.htm) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meridian Fund, Inc.<sup>®</sup>

---

| | |
|:---|:---|
|  By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ David J. Corkins |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David J. Corkins |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Executive Officer and President |

---

 <br> Date &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 5, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
|  By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ David J. Corkins |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David J. Corkins |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Executive Officer and President |

---

 <br> Date &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 5, 2025

---

| | |
|:---|:---|
|  By (Signature and Title)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Katie Jones |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Katie Jones |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Financial Officer and Treasurer |

---

 <br> Date &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 5, 2025

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**EX-99.CODE ETH** 

**ArrowMark Partners, LLC** 

**("ArrowMark")** 

**&** 

**Meridian Funds, Inc** 

**("Meridian")** 

**Code of Ethics** 

May 2025

------

**TABLE OF CONTENTS** 

---

| | | | |
|:---|:---|:---|:---|
|  **[INTRODUCTION](#code869768_1)** |  | **3** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [DEFINITIONS](#code869768_2) |  | 4 |  |
|  **[GENERAL STANDARDS](#code869768_3)** |  | **6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [RISKS](#code869768_4) |  | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [GUIDING PRINCIPLES & STANDARDS OF CONDUCT](#code869768_5) |  | 7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [INDEPENDENT DIRECTORS OF MERIDIAN FUND, INC](#code869768_6) |  | 7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [NON-SUPERVISED INDIVIDUALS](#code869768_7) |  | 7 |  |
|  **[PERSONAL SECURITY TRANSACTION POLICY](#code869768_8)** |  | **8** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [ACA COMPLIANCE ALPHA ("COMPLIANCE ALPHA")](#code869768_9) |  | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PRE-CLEARANCE PROCEDURES](#code869768_10) |  | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [REPORTABLE AND EXEMPT SECURITIES](#code869768_11) |  | 8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [TRADING RESTRICTIONS](#code869768_12) |  | 9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [BENEFICIAL OWNERSHIP](#code869768_13) |  | 9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [REPORTING](#code869768_14) |  | 10 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [EXCEPTIONS FROM REPORTING REQUIREMENTS](#code869768_15) |  | 12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [TRADING AND REVIEW](#code869768_16) |  | 12 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [REPORTING VIOLATIONS AND REMEDIAL ACTIONS](#code869768_17) |  | 13 |  |
|  **[INSIDER TRADING POLICY](#code869768_18)** |  | **13** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [WHOM DOES THE POLICY COVER ?](#code869768_19) |  | 14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [WHAT INFORMATION IS MATERIAL ?](#code869768_20) |  | 14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [WHAT INFORMATION IS NON - PUBLIC?](#code869768_21) |  | 14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [SELECTIVE DISCLOSURE](#code869768_22) |  | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [RELATIONSHIPS WITH CLIENTS/INVESTORS](#code869768_23) |  | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ["VALUE-ADDED" INVESTORS](#code869768_24) |  | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PAID RESEARCH PROVIDERS](#code869768_25) |  | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PENALTIES FOR TRADING ON INSIDER INFORMATION](#code869768_26) |  | 16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PROCEDURES TO FOLLOW IF AN EMPLOYEE BELIEVES THAT HE/SHE POSSESSES MATERIAL, NON-PUBLIC INFORMATION](#code869768_27) |  | 16 |  |
|  **[SERVING AS OFFICERS, TRUSTEES AND/OR DIRECTORS OF OUTSIDE ORGANIZATIONS](#code869768_28)** |  | **17** |  |
|  **[DIVERSION OF FIRM BUSINESS OR INVESTMENT OPPORTUNITY](#code869768_29)** |  | **18** |  |
|  **[DEALINGS WITH GOVERNMENT AND INDUSTRY REGULATORS](#code869768_30)** |  | **18** |  |
|  **[POLITICAL CONTRIBUTIONS AND PUBLIC OFFICE](#code869768_31)** |  | **18** |  |
|  **[IMPROPER USE OF ARROWMARK PROPERTY](#code869768_32)** |  | **19** |  |
|  **[PROTECTION OF ARROWMARK'S NAME](#code869768_33)** |  | **19** |  |
|  **[EMPLOYEE INVOLVEMENT IN LITIGATION OR PROCEEDINGS](#code869768_34)** |  | **19** |  |
|  **[GIFTS AND ENTERTAINMENT](#code869768_35)** |  | **19** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [FOREIGN CORRUPT PRACTICE ACT POLICY](#code869768_36) |  | 20 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *[Foreign Official Gifts and Entertainment](#code869768_37)* | | *20* | |
|  **[TRAVEL EXPENSES](#code869768_38)** |  | **21** |  |
|  **[DISCLOSURE](#code869768_39)** |  | **21** |  |
|  **[RECORDKEEPING](#code869768_40)** |  | **21** |  |
|  **[RESPONSIBILITY](#code869768_41)** |  | **22** |  |
|  **[EMPLOYEE ACKNOWLEDGEMENT](#code869768_42)** |  | **22** |  |

---

------

**Introduction** 

The policy of ArrowMark is to avoid any conflict of interest, or the appearance of any conflict of interest, between the interests of its clients and the interests of ArrowMark, its officers, directors and employees. This Code of Ethics (the "Code") is based on the principle that ArrowMark owes a fiduciary duty to any person or institution it serves as an adviser or sponsor to ensure that the personal securities transactions of the firms and their employees do not interfere with, or take unfair advantage of, their relationship with clients.

Rule 204A-1 under the Investment Advisers Act of 1940 ("Advisers Act") and Section l7(j) of the Investment Company Act of 1940 (the "1940 Act") and Rule l7j-1 thereunder are intended to address the potential conflicts arising from the personal investment activities of advisory and investment company personnel. This Code has been adopted by ArrowMark and Meridian to meet those concerns and legal requirements.

The Code also addresses procedures designed to prevent the misuse of inside information by ArrowMark and persons subject to this Code. The business of ArrowMark depends on investor confidence in the fairness and integrity of the securities markets. Insider trading poses a significant threat to that confidence. Trading securities on the basis of inside information or improperly communicating that information to others may expose ArrowMark or its employees to stringent penalties.

The Code is drafted broadly; it will be applied and interpreted in a similar manner. You may legitimately be uncertain about the application of the Code in a particular circumstance. ArrowMark encourages each of you to raise questions regarding compliance. Often, a single question can forestall disciplinary action or complex legal problems.

The Code applies to <u>all</u> ArrowMark employees, directors and officers unless otherwise noted in particular sections. Each person subject to the Code (other than Independent Trustees) must acknowledge that he or she has received, read and agrees to be bound by the Code. Any questions with respect to this Code of Ethics should be directed to ArrowMark's CCO, Rick Grove. As discussed in greater detail below, Employees must promptly report any violations of the Code of Ethics to the CCO. All reported Code of Ethics violations will be treated as being made on an anonymous basis.

------

**Definitions** 

The following defined terms are used throughout this Code of Ethics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **34 Act** – Securities Exchange Act of 1934

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **33 Act** – Securities Act of 1933

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Access Person** – An Access Person is an Employee/Supervised Person who has access to nonpublic
information regarding any Client's trading or any Reportable Fund's holdings, who is involved in making securities recommendations to Clients, or who has access to non-public securities
recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Advisers Act** – Investment Advisers Act of 1940

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Automatic Investment Plan** – A program in which regular periodic purchases (or withdrawals) are
made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Beneficial Ownership** – As set forth under Rule 16a-1(a)(2), determines whether a person is subject to the provision of Section 16 of the 34 Act, and the rules and regulations thereunder, which generally encompasses those situations in which the
beneficial owner has the right to enjoy some direct or indirect "pecuniary interest" (i.e., some economic benefit) from the ownership of a security. This may also include securities held by members of an Employee's immediate family
sharing the same household; provided however, this presumption may be rebutted. The term immediate family means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and includes adoptive relationships. Any report of beneficial ownership required thereunder shall not be construed as an admission that the person making the report has any direct or indirect
beneficial ownership in the securities to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **CCO** – Rick Grove, Chief Compliance Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Client** – ArrowMark's separate accounts, unregistered investment funds and registered
investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **ACA Compliance Alpha ("Compliance Alpha")** – On-line compliance management application used to manage employee disclosures, employee personal trading and certain reporting requirements. Compliance Alpha can be accessed at https://www.compliancealpha.com/

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Employees** – Officers, directors and employees of ArrowMark.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Exchange Traded Fund** – An ETF (Exchange-Traded Fund) is a type of investment fund that holds a
collection of assets like stocks or bonds and trades on stock exchanges like a regular stock. It offers diversification, low fees, and flexibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Federal Securities Laws** – Means the 33 Act, 34 Act, the Sarbanes-Oxley Act of 2002, IC Act,
Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Commission under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the Commission or the
Department of the Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Front-Running** – A practice generally understood to be investment advisory personnel personally
trading ahead of a pending trade for client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **Investors** – Limited partners and/or shareholders in ArrowMark funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **IC Act** – Investment Company Act of 1940

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **IPO** – An "Initial public offering" is an offering of securities registered under the
33 Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of section 13 or 15(d) of the 34 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **Independent Trustee.** A trustee of an open-end or closed-end fund which is an Investment Company Client who is not an "interested person" of the open-end or closed-end fund
within the meaning of Section 2(a)(19) of the 1940 Act.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **Insider Trading** – Although not defined in securities laws, insider trading is generally thought to
be described as trading either personally or on behalf of others on the basis of material non-public information or communicating material non-public information to
others in violation of the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **Limited Offering** – An offering that is exempt from registration under the 33 Act pursuant to
section 4(2) or section 4(6) or pursuant to Rules 504, 505, or 506 of Regulation D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **Material Information** – Information for which there is a substantial likelihood that an investor
would consider it important in making his or her investment decisions, or information that is reasonably certain to have a substantial effect on the price of a company's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. **Mutual Funds** – Meridian Growth Fund, Meridian Contrarian Fund, Meridian Enhanced Equity Fund and
Meridian Small Cap Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. **Non-Public Information** – Information that has not been
available to the investing public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. **Non-Public Personal Information** – Personally identifiable
financial information, including any information a client provides to obtain a financial product or service; any information about a client resulting from any transaction involving a financial product or service; or any information otherwise
obtained about a client in connection with providing a financial product or service to that client; and any list, description, or other grouping of clients (and publicly available information pertaining to them) that is derived using any personally
identifiable financial information that is not publicly available information. Examples of Non-public Personal Information include: name, address, phone number (if unlisted), social security and tax
identification numbers, financial circumstances and income, and account balances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. **Operating Committee** – Robin Beery, Tim de Vires, Clay Freeman, Rick Grove, Kirk Reid and Blake
Rice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. **Private Funds** – Unregistered privately offered funds sponsored or managed by ArrowMark.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. **Reportable Security** – Any Security (including ETFs), with five (5) exceptions: 1)
Transactions and holdings in direct obligations of the Government of the United States; 2) Money market instruments – bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements and other high quality
short-term debt instruments; 3) Shares of money market funds; 4) Transactions and holdings in shares of other types of mutual funds, unless the adviser or a control affiliate acts as the investment adviser or principal underwriter for the fund; and
5) transactions in units of a unit investment trust if the unit investment trust is invested exclusively in unaffiliated mutual funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. **RIC** – An investment company registered under the IC Act

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. **Scalping** – A practice generally understood to be investment advisory personnel personally
benefiting from small gains in short-term personal trades in securities being traded in advisory accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. **Security** – Means any note, stock, treasury stock, security future, bond, debenture, evidence of
indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of
deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any
interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a
"security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. **Supervised Person** – Any partner, officer, director (or other person occupying a similar status or
performing similar functions), or employee of ArrowMark, or other person who provides investment advice on behalf of ArrowMark and is subject to ArrowMark's supervision and control.

------

**GENERAL STANDARDS** 

The Code is predicated on the principle that ArrowMark owes a fiduciary duty to its clients. <sup>1</sup> Accordingly, Employees must avoid activities, interests and relationships that run contrary (or appear to run contrary) to the best interests of clients. At all times, ArrowMark will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Place client interests ahead of ArrowMark's*** – As a fiduciary, ArrowMark will serve in
its clients' best interests. In other words, Employees may not benefit at the expense of advisory clients. This concept is particularly relevant when Employees are making personal investments in securities traded by advisory clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Engage in personal investing that is in full compliance with ArrowMark's Code of Ethics*** – Employees must review and abide by ArrowMark's Personal Securities Transaction and Insider Trading Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Avoid taking advantage of your position*** – Employees must not accept investment opportunities,
gifts or other gratuities from individuals seeking to conduct business with ArrowMark, or on behalf of an advisory client, unless in compliance with the Gift Policy below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***Maintain full compliance with the Federal Securities Laws*** – Employees must abide by the
standards set forth in Rule 204A-1 under the Advisers Act and Rule 17j-1 under the IC Act. In addition, ArrowMark's employees who are Officers of a RIC must also
abide by the Fund's Officer Code of Conduct that is established by the investment company.

**Risks** 

In developing this policy and procedures, ArrowMark considered the below material risks associated with administering the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access person engages in various personal trading practices that wrongly make use of non-public information resulting in harm to clients or unjust enrichment to access person. (These practices include trading ahead of clients and passing non-public information
on to spouses and other persons over whose accounts the access person has control.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access persons are able to cherry pick clients' trades and systematically move profitable trades to a
personal account and let less profitable trades remain in clients' accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• One or more Employees engage in an excessive volume of personal trading (as determined by the CCO) that detracts
from their ability to perform services for clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees take advantage of their position by accepting excessive gifts or other gratuities (including access to
IPO investments or early stage investments) from individuals seeking to do business with ArrowMark.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The personal trading of Employees does not comply with certain provisions of Rule 204A-1 under the Advisers Act (and Rule 17j-1 of the IC Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access persons are not aware of what constitutes insider information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees serve as trustees and/or directors of outside organizations. (This could present a conflict in a number
of ways; for example, if ArrowMark wants to recommend the organization for investment or if the organization is one of its service providers.)

The following guidelines have been established to effectuate and monitor this Code of Ethics.

<sup>1</sup> S.E.C. v. Capital Gains Research, Inc., 375 U.S. at 191-192 (1963).

------

**Guiding Principles & Standards of Conduct** 

All Employees will act with competence, dignity and integrity, in an ethical manner, when dealing with clients, the public, prospects, third-party service providers and fellow Employees. The following set of principles frame the professional and ethical conduct that ArrowMark expects from its Employees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Act with integrity, competence, diligence, respect, and in an ethical manner with the public, clients,
prospective clients, employers, Employees, colleagues in the investment profession, and other participants in the global capital markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Place the integrity of the investment profession, the interests of clients, and the interests of ArrowMark above
one's own personal interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adhere to the fundamental standard that you should not take inappropriate advantage of your position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avoid and disclose any actual or potential conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conduct all personal securities transactions in a manner consistent with this policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use reasonable care and exercise independent professional judgment when conducting investment analysis, making
investment recommendations, taking investment actions, and engaging in other professional activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Practice and encourage others to practice in a professional and ethical manner that will reflect favorably on you
and the profession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Promote the integrity of, and uphold the rules governing, capital markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintain and improve your professional competence and strive to maintain and improve the competence of other
investment professionals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply with applicable provisions of the federal securities laws.

**Independent Directors of Meridian Fund, Inc.** 

Notwithstanding any other provisions hereof, Independent Directors of Meridian are not subject to the trading restriction or any reporting requirements outlined in this Code of Ethics. However, an Independent Director would be subject to the trading restrictions and reporting requirements if the Independent Director knew or, in the ordinary course of fulfilling his or her official duties as a trustee, should have known that during the 15-day period immediately preceding or after the date of the director's transaction in a security that such security was or was to be purchased or sold by a Mutual Fund or such purchase or sale was considered by the Mutual Fund.

**Non-supervised individuals** 

On occasion, ArrowMark will share office space with individuals that are not employed by ArrowMark. Such individuals will not have access to the file servers or secure file rooms. In such circumstances, the individual will enter into a non-disclosure agreement with ArrowMark and provide quarterly representations certifying that they have not violated the spirit of the code of ethics among other things.

Temporary employees performing administrative services will not be subject to the trading restrictions and reporting requirements under the Code of Ethics.

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**Personal Security Transaction Policy** 

Employees may not purchase or sell any security in which the Employee has a beneficial ownership unless the transaction occurs in an exempted security or the Employee has complied with the Personal Security Transaction Policy set forth below.

**ACA Compliance Alpha ("Compliance Alpha")** 

ArrowMark utilizes Compliance Alpha to manage employee disclosures, employee personal trading and other reporting requirements. Compliance Alpha is an automated, web-based technology solution for a full range of employee-monitoring tasks – including personal trade monitoring; management of affirmations, disclosures, and compliance activities; a case management tool to help keep compliance projects on track; and gifts, entertainment, and contributions tracking. Proactive trade-blocking capabilities block prohibited trades before they're placed and alert compliance staff when they're attempted. Employee-monitoring technology which automates pre-clearance and transaction review, gift and contribution logs, and email alerts for employees.

All related reporting and approval forms are located on the Compliance Alpha portal. Access the portal by clicking on the below link.

<u>https://www.compliancealpha.com/</u> 

**Pre-Clearance Procedures** 

Employees must have clearance for all non-exempt personal securities transactions before completing the transactions. ArrowMark reserves the right to disapprove any proposed transaction that may have the appearance of improper conduct or create a conflict of interest for the Firm.

Employees must receive approval for all non-exempt personal trades from the CCO or his designee by submitting a trading request in Compliance Alpha under the "Submit Trade Request" section. Once preclearance is granted to an Employee, such pre-clearance will remain valid for two (2) business days following the date of the approval.<sup>2</sup> If the Employee wishes to transact in that security after the lapse of the two (2) day window, he or she must again obtain pre-clearance via Compliance Alpha. Unless otherwise noted, no pre-clearance is required for transactions taking place in the exempted securities noted below.

***Employees must request approval for all personal trades in Meridian Funds, IPOs and private placements. Open-end funds for which ArrowMark is not the investment adviser or sub-adviser are considered exempt securities.***

**Reportable and Exempt Securities** 

Employees are required to provide periodic reports (See ***Reporting*** section below) regarding transactions and holdings in <u>any security</u> (i.e. a Reportable Security), except for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange Traded Funds (ETFs)

<sup>2</sup> Employees may preclear a reportable transaction at a specified price (i.e. a limit order) and the outstanding order may be good until canceled by the Employee. In such instances, the transaction may occur on a day other than the two day trading window in which the preclearance is granted. If the Employee alters any aspect of the order (most notably the limit price), the Employee must again seek pre-clearance for the transaction. These types of transactions must be reported on a quarterly basis similar to all of the Employee's other reportable transactions. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt
instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interests in 529 college savings plans other than those managed by ArrowMark or including the Meridian Mutual
Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by open-end funds other than mutual funds advised or sub-advised by ArrowMark; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are Meridian Mutual Funds.

ETFs (Exchange-Traded Fund) are a type of investment fund that holds a collection of assets like stocks or bonds and trades on stock exchanges like a regular stock. It offers diversification, low fees, and flexibility.

Commodities, futures and options traded on a commodities exchange, including currency futures are not considered securities. However, futures and options on any group or index of securities shall be considered securities.

Virtual currency and cryptocurrency are not considered securities. Any employee who purchases or sells virtual currency or cryptocurrency coins or tokens that are being offered, or previously were offered, as part of an initial coin offering ("ICO"), should consult with the CCO as to whether such coins or tokens would be considered Securities for purposes of this policy. If the CCO determines, based on the structure of the ICO and relevant SEC guidance, that such coins or tokens should be considered Securities, the coins or tokens will be considered Reportable Securities for purposes of this policy. For the avoidance of doubt, virtual currency or cryptocurrency coins or tokens that were created outside the context of an ICO are not deemed Securities under this policy.

Employees may have a beneficial interest in accounts managed by ArrowMark under an investment management agreement. Such accounts must comply with the reporting requirements of the Code but are exempt from the below trading restriction.

**Trading Restrictions** 

No Employee shall engage in a personal securities transaction in a security which the person <u>knows or has reason to believe</u> (i) is currently being purchased or sold (i.e., a pending "buy" or "sell" order), (ii) has been purchased or sold for a client within the last seven (7) calendar days, or (iii) is being considered for imminent purchase or sale by a client, until that client's transactions have been completed <u>or</u> consideration of such transactions has been abandoned. A security will be treated as *"under consideration"* for a client, if the portfolio manager or investment team responsible for the management of the account of that client intends to purchase or sell the security in the next seven (7) calendar days. Employee-Related Accounts, accounts managed for principals, employees and their families are not subject to the 7-day restriction provided they trade in-line with other similarly managed accounts.

**Beneficial Ownership** 

Employees are considered to have beneficial ownership of securities if they have or share a direct or indirect pecuniary interest in the securities. Employees have a pecuniary interest in securities if they have the ability to directly or indirectly profit from a securities transaction.

The following are examples of indirect pecuniary interests in securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities held by members of Employees' immediate family sharing the same household. Immediate family
means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law. Adoptive relationships are included;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees' interests as a general partner in securities held by a general or limited partnership; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees' interests as a manager/member in the securities held by a limited liability company.

Employees do not have an indirect pecuniary interest in securities held by entities in which they hold an equity interest unless they are a controlling equity holder or they share investment control over the securities held by the entity.

The following circumstances constitute beneficial ownership by Employees of securities held by a trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ownership of securities as a trustee where either the Employee or members of the Employees' immediate
family have a vested interest in the principal or income of the trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ownership of a vested beneficial interest in a trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An Employee's status as a settlor/grantor of a trust, unless the consent of all of the beneficiaries is
required in order for the Employee to revoke the trust.

**Reporting** 

In order to provide ArrowMark with information to enable it to determine with reasonable assurance any indications of Scalping, Front-Running or the appearance of a conflict of interest with the trading by ArrowMark clients, each Employee shall submit the following reports in the forms attached hereto (or equivalent reports) to the CCO showing all transactions in securities in which the person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership except for exempt transactions listed in the section below entitled "Exceptions from Reporting Requirements".

EMPLOYEES ARE REMINDED THAT THEY MUST ALSO REPORT TRANSACTIONS BY MEMBERS OF THE EMPLOYEE'S IMMEDIATE FAMILY INCLUDING SPOUSE, CHILDREN AND OTHER MEMBERS OF THE HOUSEHOLD IN ACCOUNTS OVER WHICH THE EMPLOYEE HAS DIRECT OR INDIRECT INFLUENCE OR CONTROL**.**

*Initial and Annual Holdings Reports* 

New Employees are required to report all of their personal securities holdings not later than 10 days after the commencement of their employment. All brokerage accounts must be entered into Compliance Alpha and appropriately authenticated. Duplicate brokerage statements or data feeds into Compliance Alpha may serve this purpose unless determined otherwise by the CCO. The initial holdings report must be current as of a date not more than 45 days prior to the date the person becomes subject to this Code.

Existing Employees are required to provide a complete list of securities holdings on an annual basis, no later than 45 days after year-end. Duplicate brokerage statements or data feeds into Compliance Alpha may serve this purpose unless determined otherwise by the CCO.

Each holdings report (both the initial and annual) must contain, at a minimum: (a) the title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Reportable Security in which the Employee has any direct or indirect beneficial ownership; (b) the name of any broker, dealer or bank with which the Employee maintains an account in which any securities are held for the Employee's direct or indirect benefit; and (c) the date the Employee submits the report. In the event that Employee submits brokerage or custodial statements or data feeds into Compliance Alpha to satisfy the initial and/or annual holdings report requirement, Employee must be certain that such statements include the information listed above.

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AS NOTED ABOVE, EMPLOYEES MUST REPORT THE NAME OF ANY BROKER, DEALER OR BANK WITH WHICH THE EMPLOYEE MAINTAINS AN ACCOUNT IN WHICH <u>ANY SECURITIES</u> ARE HELD FOR THE EMPLOYEE'S DIRECT OR INDIRECT BENEFIT. PLEASE NOTE THAT THIS REQUIREMENT DOES NOT PROVIDE FOR ANY EXEMPTIONS TO THE DEFINITION OF A SECURITY. THUS, IF EMPLOYEES HAVE A BENEFICIAL INTEREST IN A NON-REPORTABLE SECURITY IN AN ACCOUNT THAT HAS NOT PREVIOUSLY BEEN REPORTED, THE NAME OF THE BROKER, DEALER OR BANK WHERE THESE ACCOUNTS ARE MAINTAINED MUST BE REPORTED.

*Duplicate Copies* 

In order to help ensure trading activity is received, Employees will be required to provide direct links to brokerage accounts within Compliance Alpha. This may require entering your user name and password for such account. Duplicate brokerage confirmations may also be requested via an ArrowMark request letter to each bank, broker or dealer maintaining an account on behalf of the Employee.

NOTWITHSTANDING ANYTHING TO THE CONTRARY SET FORTH HEREIN, EMPLOYEES MAY CHOOSE TO INSTRUCT THEIR BROKER-DEALER TO PROVIDE DIRECTLY TO ARROWMARK (1) DUPLICATE BROKERAGE STATEMENTS AND/OR (2) DUPLICATE TRADING CONFIRMATIONS FOR ALL TRADES (OF ANY AND ALL TYPES WHATSOEVER) BE SUBMITTED AS THEY ARE PROCESSED, IN FULFILLMENT OF THE QUARTERLY TRANSACTION REPORTING OBLIGATIONS SET FORTH IN THIS POLICY, PROVIDED HOWEVER THAT TRADING IN ANY SECURITIES THAT ARE NOT REFLECTED IN THE STATEMENTS AND/OR CONFIRMATIONS SET FORTH ABOVE MUST BE PROVIDED IN THE FORMAT, TIME AND MANNER SET FORTH BELOW.

*Quarterly Transaction Reports* 

Employees shall be required to provide a direct data link within Compliance Alpha. Employees may also be required to instruct their broker-dealers to send to ArrowMark duplicate broker trade confirmations and/or account statements. If an Employee's trades do not occur through a broker-dealer Employees shall be required to instruct their broker-dealers to send to ArrowMark duplicate broker trade confirmations and/or account statements of the Employee. If an Employee's trades do not occur through a broker-dealer (i.e., purchase of a private investment fund), such transactions shall be reported separately on the quarterly personal securities transaction report found in Compliance Alpha. The quarterly transaction reports shall contain at least the following information for each transaction in a Reportable Security in which the Employee had, or as a result of the transaction acquired, any direct or indirect beneficial ownership<sup>3</sup>: (a) the date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, the

<sup>3</sup> Any report of beneficial ownership required thereunder shall not be construed as an admission that the person making the report has any direct or indirect beneficial ownership in the Reportable Securities to which the report relates.

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interest rate and maturity date (if applicable), the number of shares and the principal amount of each Reportable Security involved; (b) the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition); (c) the price of the Reportable Security at which the transaction was effected; (d) the name of the broker, dealer or bank with or through which the transaction was effected; and (e) the date that the report is submitted.

Employees shall also report on a quarterly basis, not later than 30 days after the end of the calendar quarter, the name of *any* account established by the Employee during the quarter in which any securities were held during the quarter for the direct or indirect benefit of the *Employee*, the date the account was established, and the date the report was submitted.

**Exceptions from Reporting Requirements** 

An Employee is not required to submit: 1) a transaction or initial and annual holdings report with respect to securities held in accounts over which the Employee had no direct or indirect influence or control (i.e., any transactions occurring in an account that is managed on a fully-discretionary basis by an unaffiliated money manager and over which such employee has no direct or indirect influence or control), and 2) a transaction report with respect to transactions effected pursuant to an Automatic Investment Plan. The CCO will determine on a case-by-case basis whether an account qualifies for either of these exceptions. In addition, from time to time, the CCO may exempt certain transactions on a fully documented trade-bytrade basis.

Any investment plans or accounts that may be eligible for either of these exceptions should be brought to the attention of the CCO or his designee who will, on a case-by-case basis, determine whether the plan or account qualifies for an exception. In making this determination, the CCO or his designee may ask for supporting documentation, such as a copy of the Automatic Investment Plan, a copy of the discretionary account management agreement and/or a written certification from the unaffiliated investment adviser, and may provide Employees with the exact wording and a clear definition of "no direct or indirect influence or control" that the adviser consistently applies to all Employees.

On a sample basis, the CCO may review reports on holdings and/or transactions made in the trust or discretionary account to identify transactions that would have been prohibited pursuant to ArrowMark's *Code*, absent reliance on the reporting exception.

Employees who claim they have no direct or indirect influence or control over an account are also required to disclose this in Compliance Alpha.

Reliance on this independent or separately managed account exception is conditioned on ArrowMark's receipt of the disclosure on Compliance Alpha and other satisfactory documentary evidence (e.g., copy of advisory agreement, certification from adviser, etc.) as directed by the CCO*.* 

Employees should consult with the CCO before excluding any accounts, especially those held by immediate family members sharing the same household.

**Trading and Review** 

ArrowMark strictly forbids Front-Running client accounts, which is a practice generally understood to be Employees personally trading ahead of a pending client transactions. The CCO will monitor Employees' investment patterns to detect these abuses. Another member of Compliance will monitor the CCO's personal securities transactions for compliance with the Personal Security Transaction Policy.

Employee trading activity will be reviewed against the firms' trading activity to identify any abuses. The reason for the post transaction review process is to ensure that ArrowMark has developed procedures to supervise the activities of its associated persons. The comparison of Employee trades to those of advisory clients will identify potential conflicts of interest or the appearance of a potential conflict.

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If it's discovered that an Employee is personally trading contrary to the policies set forth above, the Employee shall meet with the CCO or Operating Committee to review the facts surrounding the transactions. This meeting shall help determine the appropriate course of action.

**Reporting Violations and Remedial Actions** 

ArrowMark takes the potential for conflicts of interest caused by personal investing very seriously. As such, all Employees are required to promptly report any violations of the Code of Ethics to the CCO. You may also report any concerns anonymously via the Confidential Reporting Form located on the Compliance Alpha site. ArrowMark's management is aware of the potential matters that may arise as a result of this requirement, and shall take action against any Employee that seeks retaliation against another for reporting violations of the Code of Ethics.

If any violation of our Personal Security Transaction Policy is determined to have occurred, the CCO may impose sanctions and take such other actions as he deems appropriate, including, without limitation, requiring that the trades in question be reversed, requiring the disgorgement of profits or gifts, disgorgement of profits in excess of the execution price received by the Client, issuing a letter of caution or warning, issuing a suspension of personal trading rights or suspension of employment (with or without compensation), imposing a fine, making a civil referral to the SEC, making a criminal referral, and/or terminating employment for cause or any combination of the foregoing. All sanctions and other actions taken shall be in accordance with applicable employment laws and regulations. Any profits or gifts forfeited shall be paid to the applicable client(s), if any, or given to a charity, as the CCO shall determine is appropriate.

The following consequences may be enforced for violations of ArrowMark's personal trading policy.

1) First Violation – The initial violation of ArrowMark's personal trading policy may result in a re-training with the CCO.

2) Second Violation – The second violation of ArrowMark's personal trading policy may result in a formal disciplinary letter to the employee's file and a two-week suspension of personal trading privileges.

3) Third Violation – The third violation of ArrowMark's personal trading policy may result in a disciplinary meeting with the Partners and a four-week suspension of personal trading privileges.

No person shall participate in a determination of whether he or she has committed a violation of this Policy or in the imposition of any sanction against himself or herself.

**INSIDER TRADING POLICY** 

Section 204A of the Advisers Act requires every investment adviser to establish, maintain, and enforce written policies and procedures reasonably designed, taking into consideration the nature of such investment adviser's business, to prevent the misuse of material, non-public information by such investment adviser or any person associated with such investment adviser. In accordance with Section 204A, ArrowMark has instituted procedures to prevent the misuse of non-public information.

In the past, securities laws have been interpreted to prohibit the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading by an insider while in possession of material non-public information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading by a non-insider while in possession of material non-public information, where the information was disclosed to the non-insider in violation of an insider's duty to keep it confidential; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communicating material non-public information to others in breach of a
fiduciary duty.

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**Whom Does the Policy Cover?** 

This policy covers all Employees as well as any transactions in any securities participated in by family members, trusts or corporations directly or indirectly controlled by such persons. In addition, the policy applies to transactions engaged in by corporations in which the Employee is an officer, director or 10% or greater stockholder and a partnership of which the Employee is a partner unless the Employee has no direct or indirect control over the partnership.

**What Information is Material?** 

Individuals may not be held liable for trading on inside information unless the information is material. Advance knowledge of the following types of information is generally regarded as Material:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dividend or earnings announcements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Write-downs or write-offs of assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additions to reserves for bad debts or contingent liabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expansion or curtailment of company or major division operations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Merger, joint venture announcements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New product/service announcements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discovery or research developments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Criminal, civil and government investigations and indictments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pending labor disputes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Debt service or liquidity problems

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankruptcy or insolvency problems

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tender offers, stock repurchase plans, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recapitalization

Information provided by a company could be material because of its expected effect on a particular class of a company's securities, all of the company's securities, the securities of another company, or the securities of several companies. The misuse of material non-public information applies to all types of securities, including equity, debt, commercial paper, government securities and options.

Material information does not have to relate to a company's business. For example, material information about the contents of an upcoming newspaper column may affect the price of a security, and therefore be considered material.

**What Information is Non-Public?** 

In order for issues concerning Insider Trading to arise, information must not only be material, but also NonPublic.

Once material, non-public information has been effectively distributed to the investing public, it is no longer classified as material, non-public information. However, the distribution of non-public information must occur through commonly recognized channels for the classification to change. In addition, the information must not only be publicly disclosed, there must be adequate time for the public to receive and digest the information. Lastly, non-public information does not change to public information solely by selective dissemination.

Employees must be aware that even where there is no expectation of confidentiality, a person may become an insider upon receiving material, non-public information. Whether the "tip" made to the Employee makes him/her a "tippee" depends on whether the corporate insider expects to benefit personally, either directly or indirectly, from the disclosure.

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The "benefit" is not limited to a present or future monetary gain; it could be a reputational benefit or an expectation of a quid pro quo from the recipient by a gift of the information. Employees may also become insiders or tippees if they obtain material, non-public information by happenstance, at social gatherings, by overhearing conversations, etc.

**Selective Disclosure** 

Employees must never disclose proposed/pending trades to any client or other individual/entity outside of ArrowMark. Additionally, Employees must be careful when disclosing the composition of Clients' portfolios without obtaining consent from the CCO. Federal Securities Laws may specifically prohibit the dissemination of such information and doing so may be construed as a violation of ArrowMark's fiduciary duty to clients. Selectively disclosing the portfolio holdings of a client's portfolio to certain Investors/outside parties may also be viewed as ArrowMark engaging in a practice of favoritism. Including information regarding clients' portfolio holdings in marketing materials and our website is subject to the CCO's approval in accordance with our Marketing policy and procedures. All inquiries that are received by Employees to disclose portfolio holdings must be immediately reported to the CCO. In determining whether or not to approve the dissemination of holdings information, the CCO will consider, among other things, how current the holdings information is and the Fund's disclosure policy.

**Relationships with Clients/Investors** 

Given ArrowMark's standing in the investment community, it has retained executives of public companies and other well connected individuals as advisory clients/investors. While Employees may occasionally converse with these individuals as part of the normal course of its research/due diligence process, Portfolio Managers and Analysts must be aware that the relationship could incentivize those individuals to divulge additional information (including material non-public information) to ArrowMark. Accordingly, Employees need to be cognizant of this potential conflict and take extra precautions when discussing investment matters with such clients/investors or industry contacts.

**"Value-Added" Investors** 

Certain of ArrowMark's Investors may be deemed to be "value-added" investors; an investor who may provide some benefit to ArrowMark (such as industry expertise or access to individuals in the investor's network) beyond just the value of their investment. Examples of such investors generally include executive level officers or directors of a company, or personnel that are affiliated with other investment advisers and/or private funds. Due to the nature of their position, such investors may possess material non-public information. As such, Employees should refrain from discussing potentially sensitive topics (e.g., specific information about the investor's employer) with a known value-added investor. If there is any question as to whether information received from an Investor could be material non-public information, you are expected to notify the CCO immediately and act in accordance with the procedures described above. ArrowMark will maintain a list of Investors it perceives to be "value-added".

**Paid Research Providers** 

ArrowMark may utilize and compensate certain expert networks for research specific to certain industries, issuers and world markets. The ArrowMark compliance team aims to keep the amount of expert networks that the Firm utilizes to a minimum, and ensures that each expert network is properly vetted and reviewed. ArrowMark will not utilize any expert network that does not have robust compliance policies and procedure in place to help ensure that information being shared may not be construes as material non-public information. In addition, ArrowMark compliance provides each expert network with a list of screening

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questions that must be answered by each industry expert prior to being utilized by any member of the ArrowMark investment team. If any of the screening questions create a conflict for ArrowMark, the expert must be reviewed and signed-off on by a member of the ArrowMark compliance team. Additionally, ArrowMark Compliance periodically chaperones certain expert network calls. While ArrowMark relies on the specific screening and policies of each expert network, the expectation is also that all ArrowMark Portfolio Managers and Analysts will pay particular attention to the type of information conveyed by such sources. In the event that Portfolio Managers and Analysts suspect their receipt of non-public information, they must inform the CCO of the information to determine the appropriate course of action.

**Company Meetings and Compliance Monitoring** 

Meetings with company insiders and brokers are included in ArrowMark's company calendar. ArrowMark has implemented technology to alert the CCO (or designee) of any suspicious trading activity in companies that ArrowMark has met with. The CCO (or designee) may also reconcile the company calendar and/or email correspondence for any suspicious activity.

The CCO (or designee) reserves the right to chaperone any meeting or call with company insiders. The CCO (or designee) will also review email communication to identify any non-compliance with these procedures.

**Penalties for Trading on Insider Information** 

Severe penalties exist for firms and individuals that engage in the act of insider trading, including civil injunctions, treble damages, disgorgement of profits and jail sentences. Further, fines for individuals and firms found guilty of insider trading are levied in amounts up to three times the profit gained or loss avoided, and up to the greater of $1,000,000 or three times the profit gained or loss avoided, respectively.

**Procedures to follow if an Employee Believes that he/she Possesses Material, NonPublic Information** 

If an Employee has questions as to whether they are in possession of material, non-public information, they must inform the CCO and/or General Counsel as soon as possible. From this point, the Employee, CCO and General Counsel will conduct research to determine if the information is likely to be considered important to investors in making investment decisions, and whether the information has been publicly disseminated.

Given the severe penalties imposed on individuals and firms engaging in insider trading, Employees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shall not trade the securities of any company in which they are deemed insiders who may possess material, non-public information about the company.<sup>4</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shall not engage in securities transactions of any company, except in accordance with ArrowMark's Personal
Security Transaction Policy and the securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shall submit personal security trading reports in accordance with the Personal Security Transaction Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shall not discuss any potentially material, non-public information with
colleagues, except as specifically required by their position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shall immediately report the potential receipt of non-public information
to the CCO and/or General Counsel.

<sup>4</sup> Please refer to the Trading Policy for a discussion of instances in which trades are conducted in reliance on "Big Boy Letters".

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shall not proceed with any research, trading, etc. until the CCO and General Counsel inform the Employee of the
appropriate course of action.

Employees may access private side information from an issuer, creditor, bank, or other third party related to a proposed lending transaction. Typically such information is provided after a confidentiality agreement has been signed, which sometimes occurs electronically when investment staff access information via a web portal. Generally speaking, the CCO shall review, sign or otherwise approve (in the case of electronic access) confidentiality agreements, although other ArrowMark executives maintain the ability to execute confidentiality agreements. All ArrowMark employees should ensure that they notify the CCO of any confidentiality agreements signed that may relate to issuers of publicly traded securities. In all cases, regardless of the source, Employees should immediately inform the CCO if they have or believe they have received material non-public information regarding an issuer, especially if the issuer is known to have publicly traded securities.

If the CCO determines that the information is material and non-public, or in the case of a non-disclosure agreement, the CCO or designee will identify the security in the restricted log and update the pre-trade compliance rules in the order management system.

Trading in affected securities may resume, and other responses may be adjusted or eliminated, when the CCO determines that the information has become public and/or immaterial. At such time, the CCO or designee will amend the restricted log to indicate the date that trading was allowed to resume and the reason for the resumption.

**SERVING AS OFFICERS, TRUSTEES AND/OR DIRECTORS OF OUTSIDE ORGANIZATIONS** 

Employees may, under certain circumstances, be granted permission to serve as directors, trustees or officers of outside organizations by completing an outside employment form. These organizations can include public or private corporations, partnerships, charitable foundations and other not-for-profit institutions. Employees may also receive compensation for such activities.

At certain times, ArrowMark may determine that it is in its clients' best interests for an Employee(s) to serve as an officer or on the board of directors of an outside organization. For example, a company held in clients' portfolios may be undergoing a reorganization that may affect the value of the company's outstanding securities and the future direction of the company. Service with organizations outside of ArrowMark can, however, raise serious regulatory issues and concerns, including conflicts of interests and access to material non-public information.

As an outside board member or officer, an Employee may come into possession of material non-public information about the outside company, or other public companies. It is critical that a proper information barrier be in place between ArrowMark and the outside organization, and that the Employee does not communicate such information to other Employees in violation of the information barrier.

Similarly, ArrowMark may have a business relationship with the outside organization or may seek a relationship in the future. In those circumstances, the Employee must not be involved in the decision to retain or hire the outside organization.

Employees are prohibited from engaging in such outside activities without the prior written approval from the CCO. Approval will be granted on a case by case basis, subject to proper resolution of potential conflicts of interest. Outside activities will be approved only if any conflict of interest issues can be satisfactorily resolved and all of the necessary disclosures are made on Part II of Form ADV.

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**DIVERSION OF FIRM BUSINESS OR INVESTMENT OPPORTUNITY** 

No Employee may acquire, or receive personal gain or profit from, any business opportunity that comes to his or her attention as a result of his or her association with ArrowMark and in which he or she knows ArrowMark might be expected to participate or have an interest, without disclosing in writing all necessary facts to the CCO, offering the particular opportunity to ArrowMark, and obtaining written authorization to participate from the CCO.

Any personal or family interest of an Employee in any ArrowMark business activity or transaction must be immediately disclosed to the CCO. For example, if an Employee becomes aware that a transaction being considered or undertaken by ArrowMark may benefit, either directly or indirectly, an Employee or a family member thereof, the Employee must immediately disclose this possibility to the CCO.

**DEALINGS WITH GOVERNMENT AND INDUSTRY REGULATORS** 

ArrowMark's policy forbids payments of any kind by it, its Employees or any agent or other intermediary to any government official, self-regulatory official, corporation or other similar person or entity, within the United States or abroad, for the purpose of obtaining or retaining business, or for the purpose of influencing favorable consideration of any application for a business activity or other matter. This policy covers all types of payments, even to minor government officials and industry regulators, regardless of whether the payment would be considered legal under the circumstances. This policy encourages Employees to avoid even the appearance of impropriety in their dealings with industry and government regulators and officials.

It is expected and required that all Employees fulfill their personal obligations to governmental and regulatory bodies. Those obligations include the filing of appropriate federal, state and local tax returns, as well as the filing of any applicable forms or reports required by regulatory bodies.

All Employees are required to cooperate fully with management in connection with any internal or independent investigation and any claims, actions, arbitrations, litigations, investigations or inquiries brought by or against ArrowMark. Employees are expected, if requested, to provide ArrowMark with reasonable assistance, including, but not limited to, meeting or consulting with ArrowMark and its representatives, reviewing documents, analyzing facts and appearing or testifying as witnesses or interviewees or otherwise.

**POLITICAL CONTRIBUTIONS AND PUBLIC OFFICE** 

The following outlines ArrowMark's policies with respect to political contributions and public office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Political contributions, gifts, subscription, loans, advance, or deposit of money or anything of value are not to
exceed $350.00 per candidate whom you are entitled to vote, per election;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Political contributions, gifts, subscription, loans, advance, or deposit of money or anything of value are not to
exceed $150.00 per candidate whom you are not entitled to vote, per election;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contributions by ArrowMark and/or Employees to politically connected individuals/entities who may have the
ability, in some way, to influence clients to ArrowMark are strictly prohibited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Employee is permitted to make any soft dollar contributions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Employee can hold a public office if it in any way conflicts with ArrowMark's business.

**Employees must receive preclearance by submitting a "political contribution" request in Compliance Alpha.** 

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**IMPROPER USE OF ARROWMARK PROPERTY** 

No Employee may utilize property of ArrowMark or utilize the services of ArrowMark, its principals or employees, for his or her personal benefit or the benefit of another person or entity, without approval of the CCO. For this purpose, "property" means both tangible and intangible property, including ArrowMark and Employee funds, premises, equipment, supplies, information, business plans, business opportunities, confidential research, intellectual property or proprietary processes, and ideas for new research or services.

**PROTECTION OF ARROWMARK'S NAME** 

Employees should at all times be aware that ArrowMark's name, reputation and credibility are valuable assets and must be safeguarded from any potential misuse. Care should be exercised to avoid the unauthorized use of ArrowMark's name in any manner that could be misinterpreted to indicate a relationship between ArrowMark and any other entity or activity.

**EMPLOYEE INVOLVEMENT IN LITIGATION OR PROCEEDINGS** 

Employees must advise the CCO immediately if they become involved in or threatened with litigation or an administrative investigation or proceeding of any kind, are subject to any judgment, order or arrest, or are contacted by any regulatory authority.

**GIFTS AND ENTERTAINMENT** 

<u>Employees' Receipt of Business Meals, Sporting Events and Other Entertainment</u> – Employees may attend business meals, sporting events and other entertainment events at the expense of a giver, as long as the expense is reasonable, not lavish or extravagant in nature and the Employee is accompanied by the giver. In the event that the estimated cost of the meal, event, etc. is greater than $500.00, the Employee must report his/her attendance at the meal, event, etc. to the CCO. If the event is highly publicized such that the tickets may be selling in excess of their face value, the Employee must consider the mark-up for the reporting requirements.

<u>Gifts and Entertainment</u> – ArrowMark is prohibited from giving gifts (excluding promotional and de minimis items) with an a value exceeding $500.00 (either one single gift, or in aggregate on an annual basis). ArrowMark and its Employees are prohibited from giving gifts or entertainment that may appear lavish or excessive, and must obtain approval to give gifts or entertainment in excess of $500.00 to any Client, Investor, prospect, or individual or entity that ArrowMark does, or is seeking to do, business with. Employees should seek approval by completing a Gifts and Entertainment disclosure via the Compliance Alpha gifts portal.

<u>Employees' Receipt of Gifts</u> – Employees must report their intent to accept gifts over $500.00 (either one single gift, or in aggregate on an annual basis) to the CCO by submitting a gift receipt in Compliance Alpha. Reasonable gifts received on behalf of the Company shall not require reporting. Examples of reasonable gifts include holiday gift baskets and lunches brought to the offices by service providers.

<u>ArrowMark's Gift Giving Policy</u> – ArrowMark and its Employees are prohibited from giving gifts that may be deemed as excessive, and must obtain approval to give all gifts in excess of $500.00 to any client, prospective client or any individual or entity that ArrowMark is seeking to do business with.

<u>Gifts Given to Taft-Hartley Funds</u> – Employees are reminded that notwithstanding this policy, since ArrowMark may manage Taft-Hartley funds, any gratuity provided by ArrowMark to labor unions or union representatives that have an "interest" in the Taft-Hartley fund (including the members covered by the

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TaftHartley fund) in excess of $25.00 are required to be reported to CCO and Department Labor Form LM-10. Accordingly, ArrowMark will monitor all gratuities as discussed and make the appropriate filings on DOL Form LM-10.

<u>Gifts and Entertainment Given to ERISA Plan Fiduciaries</u> – ArrowMark is prohibited from giving gifts or entertainment with an aggregate value exceeding $500.00 per year to any ERISA plan fiduciary. Consequently, Employees/Supervised Persons must obtain approval before giving any gifts or entertainment to ERISA plan fiduciaries via the Compliance Alpha gifts portal.

<u>Gifts and Entertainment Given to State and Local Pension Officials</u> – ArrowMark must be mindful that myriad state and municipal regulations exist around the exchange of gifts and entertainment with such officials. Accordingly, Employees must consult with the CCO before providing any gifts or entertainment in connection with the solicitation of state and municipal pension, and similar plans. The CCO shall track all reportable entertainment and gifts via the Compliance Alpha gifts portal.

**Foreign Corrupt Practice Act Policy** 

The Foreign Corrupt Practices Act ("FCPA") prohibits the direct or indirect giving of, or a promise to give, "things of value" in order to corruptly obtain a business benefit from an officer, employee, or other "instrumentality" of a foreign government (collectively, "Foreign Officials"). Companies that are owned, even partly, by a foreign government may be considered an "instrumentality" of that government. In particular, government investments in foreign financial institutions may make the FCPA applicable to those institutions. Individuals acting in an official capacity on behalf of a foreign government or a foreign political party may also be "instrumentalities" of a foreign government.

The FCPA includes provisions that may permit the giving of gifts and entertainment under certain circumstances, including certain gifts and entertainment that are lawful under the written laws and regulations of the recipient's country, as well as bona-fide travel costs for certain legitimate business purposes. However, the availability of these exceptions is limited and is dependent on the relevant facts and circumstances. The FCPA does permit certain small "facilitating" or "expediting" payments to Foreign Officials to ensure that they perform routine, non-discretionary governmental duties (e.g., obtaining permits, licenses, or other official documents; processing governmental papers, such as visas and work orders; providing police protection, mail pickup and delivery; providing phone service, power and water supply, loading and unloading cargo, or protecting perishable products; and scheduling inspections associated with contract performance or transit of goods across country).

The FCPA prohibits payments to third parties, such as a placement agent, with knowledge, whether actual or inferred, that all or a portion of the payment will be passed on to Foreign Officials.

Risks

In developing these policies and procedures, ArrowMark considered the risk that Employees would try to use gifts or entertainment, directly or indirectly through placement agents, to exert improper influence on Foreign Officials. ArrowMark established the following guidelines to mitigate these risks.

**Foreign Official Gifts and Entertainment** 

ArrowMark and its Employees must comply with the spirit and the letter of the FCPA at all times. Employees must obtain written pre-clearance from the CCO prior to giving anything of value that might be subject to the FCPA *<u>except</u>* food and beverages that are provided during a legitimate business meeting and that are clearly not lavish or excessive.

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Employees must complete the *Gifts and Entertainment Report* in Compliance Alpha to disclose all gifts and entertainment that may be subject to the FCPA, irrespective of value and including food and beverages provided during a legitimate business meeting.

Employees must consult with the CCO if there is any question as to whether gifts or entertainment need to be pre-cleared and/or reported in connection with this policy.

**TRAVEL EXPENSES** 

Employees may charge normal and reasonable travel and travel-related expenses incurred for an ArrowMark business purpose. Such expenses may include meals and incidentals, travel costs (air, train, etc.), lodging expenses, business phone calls and other miscellaneous travel related expenses. When incurring such expenses, Employees must use reasonable judgment and generally be aware of escalating travel costs. While ArrowMark has not prescribed limits on such expenses, ArrowMark may reiterate its policy with Employees as necessary.

ArrowMark will pay for all travel expenses (airline, hotel, meals and incidentals) related to Employees' attendance at conferences, company visits, etc. In the event that any such expenses are included as part of the event, Employees shall report the approximate value of such expense to the CCO. The CCO will evaluate such covered expenses to determine whether reasonable and appropriate. ArrowMark has adopted this policy in order to monitor any potential conflicts of interest associated with our relationships with outside service providers.

**DISCLOSURE** 

ArrowMark shall describe its Code of Ethics in Part II of Form ADV and, upon request, furnish clients with a copy of the Code of Ethics. All client requests for ArrowMark's Code of Ethics shall be directed to the CCO.

If the CCO determines that a material violation of this Code has occurred, he or she shall promptly report the violation, and any enforcement action taken, to ArrowMark's Operating Committee. If ArrowMark's Operating Committee determines that such material violation appears to involve a fraudulent, deceptive or manipulative act, ArrowMark will report its findings to the Fund's Board of Directors or Trustees pursuant to Rule 17j-1. No less frequently than annually, the board must be furnished a written report that (i) describes any issues arising under the code or procedures since the last report to the board, including, but not limited to, information about material violations of the code or procedures and sanctions imposed in response to the material violations; and (ii) certifies that the fund and adviser has adopted procedures reasonably necessary to prevent access persons from violating the code.

**RECORDKEEPING** 

ArrowMark shall maintain records in the manner and to the extent set forth below, which records shall be available for appropriate examination by representatives of regulatory authorities or ArrowMark's management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of this Code of Ethics and any other code which is, or at any time within the past five years has been, in
effect shall be preserved in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any violation of this Code of Ethics and of any action taken as a result of such violation shall be
preserved in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of all written acknowledgements (annual certifications) for each person who is currently, or with the
past five years was, an Employee of ArrowMark.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each report made pursuant to this Code of Ethics by an Employee, including any information provided in
lieu of reports, shall be preserved by the Company for at least five years after the end of the fiscal year in which the report is made or the information is provided, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all persons who are, or within the past five years have been, required to make reports pursuant to this
Code of Ethics, or who are or were responsible for reviewing these reports, shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company shall preserve a record of any decision, and the reasons supporting the decision, to approve the
acquisition of any limited offering or IPO by Employees for at least five years after the end of the fiscal year in which the approval is granted, the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each finding presented to the Board of a Fund shall be preserved by ArrowMark for at least five years
after the end of the fiscal year in which the record is made, the first two years in an easily accessible place.

**RESPONSIBILITY** 

The CCO will be responsible for administering the Code of Ethics. All questions regarding the policy should be directed to the CCO. All Employees must acknowledge their receipt and understanding of the Code of Ethics upon commencement of their employment.

In the event a material change is made to the Personal Trading Policy of the Code of Ethics, the CCO shall ensure that such material change is approved by the Fund's Board no later than six months after adoption of the material change.

**EMPLOYEE ACKNOWLEDGEMENT** 

You are required to complete the Code of Ethics Acknowledgement, both initially upon the commencement of your employment with ArrowMark and annually thereafter, to acknowledge and certify that you have received, reviewed, understand and shall comply, or have complied with, the policies and procedures as set forth in the Code of Ethics. In addition, all Employees must be aware of and comply with the following undertakings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be thoroughly familiar with the policies and procedures set forth in this Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon the request of the CCO, provide initial and annual written certification that you have read and understand,
and will comply with, the policies and procedures set forth in this Code of Ethics and any other compliance materials distributed to you by the CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the CCO promptly in the event you have any reason to believe that you may have failed to comply with (or
become aware of another person's failure to comply with) the policies and procedures set forth in this Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the CCO promptly if you become aware of any practice that arguably involves ArrowMark in a conflict of
interest with any of its advisory accounts including unregistered investment funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cooperate to the fullest extent reasonably requested by the CCO so as to enable: (i) the CCO to discharge
his respective duties under the Code of Ethics and (ii) ArrowMark to comply with the securities laws to which it is subject; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the CCO promptly if you become aware of any part of any disclosure document that you believe may be
inaccurate, incomplete or out of date in any respect.

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, David J. Corkins, certify that:

1. I have reviewed this report on Form N-CSR of Meridian Fund, Inc.<sup>®</sup>;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

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| | |
|:---|:---|
|  Date: September 5, 2025 | /s/ David J. Corkins |
|  | David J. Corkins |
|  | Principal Executive Officer and President |

---

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**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Katie Jones, certify that:

1. I have reviewed this report on Form N-CSR of Meridian Fund, Inc.<sup>®</sup>;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

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| | |
|:---|:---|
|  Date: September 5, 2025 | /s/ Katie Jones |
|  | Katie Jones |
|  | Principal Financial Officer and Treasurer |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act** 

I, David J. Corkins, Principal Executive Officer and President of Meridian Fund, Inc.<sup>®</sup> (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

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| | |
|:---|:---|
|  Date: September 5, 2025 | /s/ David J. Corkins |
|  | David J. Corkins |
|  | Principal Executive Officer and President |

---

I, Katie Jones, Principal Financial Officer and Treasurer of Meridian Fund, Inc.<sup>®</sup> (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | |
|:---|:---|
|  Date: September 5, 2025 | /s/ Katie Jones |
|  | Katie Jones |
|  | Principal Financial Officer and Treasurer |

---