Meritage Portfolio Management    
Meritage Yield-Focus Equity Fund
As of 3/31/2019


The Fund may invest in smaller companies, which involves additional risks such as limited liquidity and greater volatility.

Investments in emerging markets involve greater risks.

Foreign investments, including ADRs, are subject to sovereign risk and may be adversely affected by changes in currency exchange rates, future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws or restrictions.

A BDC may invest in the equity and debt securities of smaller and developing companies as well as companies that are experiencing financial crises (“Portfolio Companies”).  Investments in smaller and developing Portfolio Companies involve a greater risk of loss due to their youth and limited track records and are more susceptible to competition and economic and market changes due to limited products and market shares. 

MLPs are subject to certain risks inherent in the structure of MLPs, including complex tax structure risks, limited ability for election or removal of management, limited voting rights, potential dependence on parent companies or sponsors for revenues to satisfy obligations, and potential conflicts of interest between partners, members and affiliates.

Investors should be aware of the risks involved with investing in REITs and real estate securities, such as declines in the value of real estate and increased susceptibility to adverse economic or regulatory developments.

MLPs, also known as publicly traded partnerships, predominately operate, or directly or indirectly own, energy-related assets. REITS are companies that pool investor funds to invest primarily in income producing real estate or real estate related loans or interests. BDCs are publicly-traded closed-end funds that seek capital appreciation and income by investing in smaller companies during their initial stages of development. With respect to investments in BDCs, the Fund plans to invest only in publicly traded BDCs.

The Russell 3000 Value Index is a market-cap weighted index and measures the performance of the broad value segment of the U.S. equity universe.

Effective 12/14/17, the Fund's benchmark was updated from the Russell 3000 Value Index to the Zacks Multi-Asset Income Index based on the Adviser's determination that the Zack Multi-Asset Income Index more closely aligns with the investment strategy of the Fund.

The Zacks Multi-Asset Income Index is comprised of approximately 125 to 150 securities selected, based on investment and other criteria, from a universe of domestic and international companies. The universe of securities within the Index includes U.S. listed common stocks and ADRs paying dividends, real estate investment trusts, MLPs, CEFs, Canadian royalty trusts and traditional preferred stocks.



Value Equity Fund
Growth Equity Fund
Yield-Focus Equity Fund
Fund Information
Fact sheet
Portfolio Management Team
Clint W. Anderson, CFA®,
Lead Manager

Mark E. Eveans, CFA®

Sharon L. Divine, CFA®

John M. Wallis, CFA®

Fund Facts
Institutional Shares

CUSIP 14064D600 14064D501

Inception 12/20/2013 12/20/2013

Min. Initial Inv. $2,500 $100,000

Subsequent Inv. $100 $1,000

Expense Ratio 1.41% net 1.16% net
  1.91% gross 1.66% gross
  Contractual through 12/31/19

12b-1 Fee 0.25% None



7500 College Blvd., Suite 1212, Overland Park KS 66210, Tel 913-345-7000. © Meritage Funds. All rights reserved.

Past performance is no guarantee of future results. The investment return and principal value of an investment in the Funds will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Investors should carefully consider the investment objectives, risks, charges and expenses of the Meritage Mutual Funds. This and other important information about the Funds is contained in the Prospectus, which can be obtained by calling Shareholder Services at (855) 261-0104. The Prospectus should be read carefully before investing.

Distributed by Unified Financial Securities, LLC. (Member, FINRA)