Meritage Growth Equity Fund Institutional Shares MPGIX

The investment seeks growth of capital. The fund normally invests at least 80% of the value of its net assets (plus borrowings for investment purposes) in equity securities. It principally invests in exchange-traded common stocks of domestic companies. Up to 35% of the fund's total assets may be invested in the common stock (or its equivalent) of and American Depositary Receipts ("ADRs") relating to foreign companies (including those located in emerging markets) that trade in the U.S. ADRs are issued by U.S. banks (depositories) and represent ownership interests in securities of foreign companies that are deposited with those banks.