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.®
(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, 2023
Item 1. Reports to Stockholders.
(a) | Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1). |
The Report to Shareholders is attached herewith.
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Meridian Funds | 3 | www.arrowmarkpartners.com/meridian/ |
Portfolio Performance and Composition (Unaudited)
Meridian Funds | 4 | www.arrowmarkpartners.com/meridian/ |
Portfolio Performance and Composition (Unaudited) (continued)
Meridian Funds | 5 | www.arrowmarkpartners.com/meridian/ |
Portfolio Performance and Composition (Unaudited) (continued)
Meridian Funds | 6 | www.arrowmarkpartners.com/meridian/ |
Portfolio Performance and Composition (Unaudited) (continued)
Inception | 1 Year | 5 Year | 10 Year | Since Inception | |
Legacy Class (MERDX) | 8/1/84 | 14.67% | 5.17% | 9.29% | 11.76% |
Institutional Class (MRRGX) | 12/24/14 | 14.69% | 5.20% | — | 7.99% |
Class A (MRAGX) w/o sales charge | 11/15/13 | 14.48% | 4.87% | — | 8.13% |
Class A (MRAGX) with sales charge1 | 11/15/13 | 7.90% | 3.63% | — | 7.46% |
Class C (MRCGX) | 7/1/15 | 13.56% | 4.12% | — | 6.92% |
Investor Class (MRIGX) | 11/15/13 | 14.61% | 5.13% | — | 8.43% |
Russell 2500® Growth Index | 8/1/84 2 | 18.58% | 7.00% | 10.38% | N/A 3 |
1 | Assuming maximum sales charge, if any. Class A Shares are subject to a maximum initial sales charge of 5.75%. |
2 | Inception date of Legacy Class Shares. |
3 | Inception date of Legacy Class precedes the inception date of Russell 2500® Growth Index. |
Meridian Funds | 7 | www.arrowmarkpartners.com/meridian/ |
Portfolio Composition (Unaudited)
STERIS Plc | 3.3% |
RB Global, Inc. (Canada) | 3.2% |
QuidelOrtho Corp. | 3.1% |
Sensata Technologies Holding Plc | 2.8% |
Ziff Davis, Inc. | 2.7% |
ACV Auctions, Inc. Class A | 2.6% |
Alight, Inc. Class A | 2.6% |
Cargurus, Inc. | 2.3% |
Euronet Worldwide, Inc. | 2.3% |
Churchill Downs, Inc. | 2.3% |
Meridian Funds | 8 | www.arrowmarkpartners.com/meridian/ |
Portfolio Performance and Composition (Unaudited)
Meridian Funds | 9 | www.arrowmarkpartners.com/meridian/ |
Portfolio Performance and Composition (Unaudited) (continued)
Meridian Funds | 10 | www.arrowmarkpartners.com/meridian/ |
Portfolio Performance and Composition (Unaudited) (continued)
Meridian Funds | 11 | www.arrowmarkpartners.com/meridian/ |
Portfolio Performance and Composition (Unaudited) (continued)
Meridian Funds | 12 | www.arrowmarkpartners.com/meridian/ |
Portfolio Performance and Composition (Unaudited) (continued)
Inception | 1 Year | 5 Year | 10 Year | Since Inception | |
Legacy Class (MVALX) | 2/10/94 | 15.71% | 8.72% | 11.27% | 12.45% |
Class A (MFCAX) w/o sales charge | 11/15/13 | 15.33% | 8.37% | — | 9.69% |
Class A (MFCAX) with sales charge1 | 11/15/13 | 8.69% | 7.09% | — | 9.02% |
Class C (MFCCX) | 7/1/15 | 14.50% | 7.61% | — | 9.25% |
Investor Class (MFCIX) | 11/15/13 | 15.65% | 8.66% | — | 9.98% |
Russell 2500® Index | 2/10/94 2 | 13.58% | 6.55% | 9.38% | 9.81% |
Russell 2500® Value Index | 2/10/94 2 | 10.37% | 5.32% | 8.02% | 9.84% |
1 | Assuming maximum sales charge, if any. Class A Shares are subject to a maximum initial sales charge of 5.75%. |
2 | Inception date of Legacy Class Shares. |
Meridian Funds | 13 | www.arrowmarkpartners.com/meridian/ |
Portfolio Composition (Unaudited)
CACI International, Inc. Class A | 3.6% |
First Citizens BancShares, Inc. Class A | 3.5% |
VICI Properties, Inc. | 2.9% |
Molson Coors Beverage Co. Class B | 2.8% |
Cameco Corp. (Canada) | 2.8% |
SMART Global Holdings, Inc. | 2.7% |
Cars.com, Inc. | 2.6% |
Advanced Micro Devices, Inc. | 2.5% |
Perrigo Co. Plc | 2.4% |
Juniper Networks, Inc. | 2.4% |
Meridian Funds | 14 | www.arrowmarkpartners.com/meridian/ |
Portfolio Performance and Composition (Unaudited)
Meridian Funds | 15 | www.arrowmarkpartners.com/meridian/ |
Portfolio Performance and Composition (Unaudited) (continued)
Meridian Funds | 16 | www.arrowmarkpartners.com/meridian/ |
Portfolio Performance and Composition (Unaudited) (continued)
Meridian Funds | 17 | www.arrowmarkpartners.com/meridian/ |
Portfolio Performance and Composition (Unaudited) (continued)
Inception | 1 Year | 5 Year | 10 Year | Since Inception | |
Legacy Class (MEIFX) | 1/31/05 | 11.52% | 10.60% | 12.63% | 9.60% |
Class A (MRAEX) w/o sales charge | 11/15/13 | 11.05% | 10.21% | — | 11.42% |
Class A (MRAEX) with sales charge1 | 11/15/13 | 4.65% | 8.91% | — | 10.74% |
Class C (MRCEX) | 7/1/15 | 10.60% | 9.76% | — | 11.87% |
Investor Class (MRIEX) | 11/15/13 | 11.38% | 10.57% | — | 11.71% |
S&P 500® Index | 1/31/05 2 | 19.59% | 12.31% | 12.86% | 9.64% |
CBOE S&P 500 Buy Write Index | 1/31/05 | 9.02% | 4.42% | 6.26% | 5.28% |
1 | Assuming maximum sales charge, if any. Class A Shares are subject to a maximum initial sales charge of 5.75%. |
2 | Inception date of Legacy Class Shares. |
Meridian Funds | 18 | www.arrowmarkpartners.com/meridian/ |
Portfolio Composition (Unaudited)
Lamb Weston Holdings, Inc. | 14.1% |
Rivian Automotive, Inc. Class A | 8.1% |
Align Technology, Inc. | 5.4% |
NVIDIA Corp. | 5.3% |
Live Nation Entertainment, Inc. | 5.0% |
DigitalBridge Group, Inc. | 4.5% |
Sally Beauty Holdings, Inc. | 4.4% |
ServiceNow, Inc. | 4.1% |
Coty, Inc. Class A | 4.1% |
Airbnb, Inc. Class A | 3.7% |
Meridian Funds | 19 | www.arrowmarkpartners.com/meridian/ |
Portfolio Performance and Composition (Unaudited)
Meridian Funds | 20 | www.arrowmarkpartners.com/meridian/ |
Portfolio Performance and Composition (Unaudited) (continued)
Meridian Funds | 21 | www.arrowmarkpartners.com/meridian/ |
Portfolio Performance and Composition (Unaudited) (continued)
Meridian Funds | 22 | www.arrowmarkpartners.com/meridian/ |
Portfolio Performance and Composition (Unaudited) (continued)
Inception | 1 Year | 5 Year | Since Inception | |
Legacy Class (MSGGX) | 12/16/13 | 16.25% | 4.33% | 9.71% |
Institutional Class (MSGRX) | 12/24/14 | 16.38% | 4.41% | 8.11% |
Class A (MSGAX) w/o sales charge | 12/16/13 | 15.90% | 3.98% | 9.34% |
Class A (MSGAX) with sales charge1 | 12/16/13 | 9.24% | 2.76% | 8.67% |
Class C (MSGCX) | 7/1/15 | 15.03% | 3.25% | 6.66% |
Investor Class (MISGX) | 12/16/13 | 16.21% | 4.25% | 9.64% |
Russell 2000® Growth Index | 12/16/13 2 | 18.53% | 4.22% | 7.50% |
1 | Assuming maximum sales charge, if any. Class A Shares are subject to a maximum initial sales charge of 5.75%. |
2 | Inception date of Legacy Class Shares. |
Meridian Funds | 23 | www.arrowmarkpartners.com/meridian/ |
Portfolio Composition (Unaudited)
RB Global, Inc. (Canada) | 3.1% |
Alight, Inc. Class A | 3.0% |
QuidelOrtho Corp. | 3.0% |
Hudson Technologies, Inc. | 2.6% |
ACV Auctions, Inc. Class A | 2.5% |
Cargurus, Inc. | 2.3% |
Heritage-Crystal Clean, Inc. | 2.2% |
Matson, Inc. | 2.1% |
Alkami Technology, Inc. | 2.0% |
Turning Point Brands, Inc. | 1.9% |
Meridian Funds | 24 | www.arrowmarkpartners.com/meridian/ |
Meridian Funds | 25 | www.arrowmarkpartners.com/meridian/ |
Actual | Annualized Expense Ratio | Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expenses Paid During the Period 1 |
Legacy Class (MERDX) | 0.89% | $1,000.00 | $1,151.90 | $4.77 |
Institutional Class (MRRGX) | 0.86% | $1,000.00 | $1,152.20 | $4.61 |
Class A (MRAGX) | 0.99% | $1,000.00 | $1,151.40 | $5.31 |
Class C (MRCGX) | 1.79% | $1,000.00 | $1,146.60 | $9.58 |
Investor Class (MRIGX) | 0.94% | $1,000.00 | $1,151.80 | $5.04 |
Hypothetical 2 | Annualized Expense Ratio | Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expenses Paid During the Period 1 |
Legacy Class (MERDX) | 0.89% | $1,000.00 | $1,020.49 | $4.48 |
Institutional Class (MRRGX) | 0.86% | $1,000.00 | $1,020.64 | $4.33 |
Class A (MRAGX) | 0.99% | $1,000.00 | $1,020.00 | $4.99 |
Class C (MRCGX) | 1.79% | $1,000.00 | $1,016.01 | $9.00 |
Investor Class (MRIGX) | 0.94% | $1,000.00 | $1,020.24 | $4.73 |
1 | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181 days, the number of days in the most recent fiscal half-year, then divided by 365. |
2 | Hypothetical 5% return before expenses. |
Meridian Funds | 26 | www.arrowmarkpartners.com/meridian/ |
Actual | Annualized Expense Ratio | Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expenses Paid During the Period 1 |
Legacy Class (MVALX) | 1.16% | $1,000.00 | $1,099.80 | $ 6.07 |
Class A (MFCAX) | 1.47% | $1,000.00 | $1,098.20 | $ 7.69 |
Class C (MFCCX) | 2.20% | $1,000.00 | $1,094.20 | $11.49 |
Investor Class (MFCIX) | 1.21% | $1,000.00 | $1,099.90 | $ 6.33 |
Hypothetical 2 | Annualized Expense Ratio | Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expenses Paid During the Period 1 |
Legacy Class (MVALX) | 1.16% | $1,000.00 | $1,019.15 | $ 5.84 |
Class A (MFCAX) | 1.47% | $1,000.00 | $1,017.60 | $ 7.39 |
Class C (MFCCX) | 2.20% | $1,000.00 | $1,013.96 | $11.05 |
Investor Class (MFCIX) | 1.21% | $1,000.00 | $1,018.90 | $ 6.09 |
1 | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181 days, the number of days in the most recent fiscal half-year, then divided by 365. |
2 | Hypothetical 5% return before expenses. |
Meridian Funds | 27 | www.arrowmarkpartners.com/meridian/ |
Actual | Annualized Expense Ratio | Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expenses Paid During the Period 1 |
Legacy Class (MEIFX) | 1.25% | $1,000.00 | $1,107.10 | $ 6.57 |
Class A (MRAEX) | 1.60% | $1,000.00 | $1,105.00 | $ 8.40 |
Class C (MRCEX) | 2.00% | $1,000.00 | $1,103.30 | $10.49 |
Investor Class (MRIEX) | 1.36% | $1,000.00 | $1,106.70 | $ 7.14 |
Hypothetical 2 | Annualized Expense Ratio | Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expenses Paid During the Period 1 |
Legacy Class (MEIFX) | 1.25% | $1,000.00 | $1,018.70 | $ 6.29 |
Class A (MRAEX) | 1.60% | $1,000.00 | $1,016.95 | $ 8.05 |
Class C (MRCEX) | 2.00% | $1,000.00 | $1,014.96 | $10.05 |
Investor Class (MRIEX) | 1.36% | $1,000.00 | $1,018.15 | $ 6.84 |
1 | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181 days, the number of days in the most recent fiscal half-year, then divided by 365. |
2 | Hypothetical 5% return before expenses. |
Meridian Funds | 28 | www.arrowmarkpartners.com/meridian/ |
Actual | Annualized Expense Ratio | Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expenses Paid During the Period 1 |
Legacy Class (MSGGX) | 1.20% | $1,000.00 | $1,118.30 | $ 6.34 |
Institutional Class (MSGRX) | 1.10% | $1,000.00 | $1,118.90 | $ 5.81 |
Class A (MSGAX) | 1.46% | $1,000.00 | $1,116.80 | $ 7.71 |
Class C (MSGCX) | 2.22% | $1,000.00 | $1,112.80 | $11.69 |
Investor Class (MISGX) | 1.23% | $1,000.00 | $1,118.50 | $ 6.50 |
Hypothetical 2 | Annualized Expense Ratio | Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expenses Paid During the Period 1 |
Legacy Class (MSGGX) | 1.20% | $1,000.00 | $1,018.95 | $ 6.04 |
Institutional Class (MSGRX) | 1.10% | $1,000.00 | $1,019.45 | $ 5.54 |
Class A (MSGAX) | 1.46% | $1,000.00 | $1,017.65 | $ 7.34 |
Class C (MSGCX) | 2.22% | $1,000.00 | $1,013.86 | $11.15 |
Investor Class (MISGX) | 1.23% | $1,000.00 | $1,018.80 | $ 6.19 |
1 | Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181 days, the number of days in the most recent fiscal half-year, then divided by 365. |
2 | Hypothetical 5% return before expenses. |
Meridian Funds | 29 | www.arrowmarkpartners.com/meridian/ |
Performance Disclosure
Meridian Funds | 30 | www.arrowmarkpartners.com/meridian/ |
Schedule of Investments
Shares | Value | |
Common Stocks - 87.0% | ||
Communication Services - 7.7% | ||
Diversified Telecommunication Services - 0.6% | ||
Iridium Communications, Inc. | 140,867 | $ 8,750,658 |
Interactive Media & Services - 7.1% | ||
Cargurus, Inc.1 | 1,504,390 | 34,044,346 |
IAC, Inc.1 | 149,907 | 9,414,159 |
Ziff Davis, Inc.1 | 560,346 | 39,257,841 |
ZipRecruiter, Inc. Class A1 | 1,128,143 | 20,035,820 |
102,752,166 | ||
Total Communication Services | 111,502,824 | |
Consumer Discretionary - 12.0% | ||
Automobile Components - 0.4% | ||
Fox Factory Holding Corp.1 | 60,838 | 6,601,531 |
Distributors - 0.6% | ||
Pool Corp. | 21,545 | 8,071,619 |
Diversified Consumer Services - 1.9% | ||
Frontdoor, Inc.1 | 467,022 | 14,898,002 |
Grand Canyon Education, Inc.1 | 121,177 | 12,506,678 |
27,404,680 | ||
Hotels, Restaurants & Leisure - 3.1% | ||
Churchill Downs, Inc. | 237,772 | 33,090,729 |
Sportradar Holding AG Class A (Switzerland)1,2 | 919,499 | 11,861,537 |
44,952,266 | ||
Specialty Retail - 2.6% | ||
Farfetch Ltd. Class A (United Kingdom)1,2 | 1,322,218 | 7,986,197 |
Floor & Decor Holdings, Inc. Class A1 | 63,777 | 6,630,257 |
National Vision Holdings, Inc.1 | 395,129 | 9,597,683 |
Sally Beauty Holdings, Inc.1,2 | 1,152,549 | 14,233,980 |
38,448,117 | ||
Textiles, Apparel & Luxury Goods - 3.4% | ||
Canada Goose Holdings, Inc. (Canada)1,2 | 703,110 | 12,515,358 |
Skechers U.S.A., Inc. Class A1 | 478,673 | 25,206,920 |
Under Armour, Inc. Class C1 | 1,688,467 | 11,329,614 |
49,051,892 | ||
Total Consumer Discretionary | 174,530,105 | |
Consumer Staples - 0.5% | ||
Consumer Staples Distribution & Retail - 0.5% | ||
BJ's Wholesale Club Holdings, Inc.1 | 109,736 | 6,914,465 |
Total Consumer Staples | 6,914,465 |
Shares | Value | |
Energy - 0.6% | ||
Oil, Gas & Consumable Fuels - 0.6% | ||
Viper Energy Partners LP | 341,529 | $ 9,163,223 |
Total Energy | 9,163,223 | |
Financials - 5.2% | ||
Capital Markets - 2.9% | ||
LPL Financial Holdings, Inc. | 107,952 | 23,472,003 |
WisdomTree, Inc. | 2,694,145 | 18,481,835 |
41,953,838 | ||
Financial Services - 2.3% | ||
Euronet Worldwide, Inc.1 | 286,284 | 33,601,153 |
Total Financials | 75,554,991 | |
Health Care - 25.7% | ||
Biotechnology - 3.9% | ||
Agios Pharmaceuticals, Inc.1 | 329,506 | 9,331,610 |
Halozyme Therapeutics, Inc.1 | 262,335 | 9,462,424 |
Legend Biotech Corp. ADR1 | 173,669 | 11,988,371 |
Relay Therapeutics, Inc.1 | 498,970 | 6,267,063 |
SpringWorks Therapeutics, Inc.1,2 | 363,737 | 9,537,184 |
Veracyte, Inc.1 | 414,126 | 10,547,789 |
57,134,441 | ||
Health Care Equipment & Supplies - 13.2% | ||
Align Technology, Inc.1 | 22,298 | 7,885,465 |
Axogen, Inc.1 | 595,527 | 5,437,162 |
Cooper Cos., Inc. (The) | 66,155 | 25,365,812 |
Merit Medical Systems, Inc.1 | 329,693 | 27,575,523 |
Nevro Corp. 1 | 301,301 | 7,659,071 |
Omnicell, Inc.1 | 137,233 | 10,109,955 |
QuidelOrtho Corp.1 | 538,333 | 44,606,272 |
STERIS Plc2 | 212,099 | 47,718,033 |
Teleflex, Inc. | 67,177 | 16,258,849 |
192,616,142 | ||
Health Care Providers & Services - 3.1% | ||
HealthEquity, Inc.1 | 297,423 | 18,779,288 |
Henry Schein, Inc.1 | 314,930 | 25,540,823 |
44,320,111 | ||
Health Care Technology - 1.7% | ||
Certara, Inc.1 | 738,419 | 13,446,610 |
Doximity, Inc. Class A1,2 | 337,825 | 11,492,806 |
24,939,416 | ||
Life Sciences Tools & Services - 3.3% | ||
Bio-Techne Corp. | 155,716 | 12,711,097 |
Sotera Health Co.1 | 1,091,223 | 20,558,641 |
Stevanato Group SpA (Italy) | 118,240 | 3,828,611 |
Syneos Health, Inc.1 | 262,881 | 11,077,806 |
48,176,155 |
Meridian Funds | 31 | www.arrowmarkpartners.com/meridian/ |
Schedule of Investments (continued)
Shares | Value | |
Pharmaceuticals - 0.5% | ||
Arvinas, Inc.1 | 294,553 | $ 7,310,806 |
Capsule Corp. Acquisition Date: 4/8/21, Cost $2,999,9931,3,4 | 207,016 | 53,824 |
7,364,630 | ||
Total Health Care | 374,550,895 | |
Industrials - 21.3% | ||
Aerospace & Defense - 0.5% | ||
Rocket Lab U.S.A., Inc.1,2 | 1,321,543 | 7,929,258 |
Air Freight & Logistics - 1.2% | ||
Forward Air Corp. | 170,855 | 18,129,424 |
Commercial Services & Supplies - 6.8% | ||
ACV Auctions, Inc. Class A1 | 2,201,429 | 38,018,679 |
Cimpress Plc (Ireland)1 | 232,958 | 13,856,342 |
RB Global, Inc. (Canada) | 785,483 | 47,128,979 |
99,004,000 | ||
Electrical Equipment - 2.8% | ||
Sensata Technologies Holding Plc | 898,709 | 40,432,918 |
Ground Transportation - 0.5% | ||
Heartland Express, Inc. | 425,874 | 6,988,592 |
Machinery - 2.8% | ||
John Bean Technologies Corp. | 112,132 | 13,601,611 |
Middleby Corp. (The)1 | 51,698 | 7,642,515 |
Tennant Co. | 218,580 | 17,729,024 |
Toro Co. (The) | 16,164 | 1,643,071 |
40,616,221 | ||
Marine Transportation - 3.4% | ||
Kirby Corp.1 | 308,541 | 23,742,230 |
Matson, Inc. | 334,335 | 25,987,860 |
49,730,090 | ||
Professional Services - 2.6% | ||
Alight, Inc. Class A1 | 4,038,429 | 37,315,084 |
Trading Companies & Distributors - 0.7% | ||
Applied Industrial Technologies, Inc. | 72,122 | 10,445,429 |
Total Industrials | 310,591,016 | |
Information Technology - 12.5% | ||
Electronic Equipment, Instruments & Components - 2.2% | ||
Trimble, Inc.1 | 613,235 | 32,464,661 |
IT Services - 1.1% | ||
Okta, Inc.1 | 228,825 | 15,869,014 |
Semiconductors & Semiconductor Equipment - 3.0% | ||
GLOBALFOUNDRIES, Inc.1 | 332,708 | 21,486,283 |
Shares | Value | |
ON Semiconductor Corp.1 | 235,073 | $ 22,233,204 |
43,719,487 | ||
Software - 6.2% | ||
8x8, Inc.1 | 1,729,451 | 7,315,578 |
Consensus Cloud Solutions, Inc.1 | 192,794 | 5,976,614 |
Dynatrace, Inc.1 | 403,355 | 20,760,682 |
Monday.com Ltd.1 | 76,384 | 13,078,468 |
N-able, Inc.1 | 1,082,830 | 15,603,580 |
Smartsheet, Inc. Class A1 | 365,234 | 13,973,853 |
Tenable Holdings, Inc.1 | 313,300 | 13,644,215 |
90,352,990 | ||
Total Information Technology | 182,406,152 | |
Materials - 1.5% | ||
Containers & Packaging - 1.5% | ||
Graphic Packaging Holding Co. | 901,967 | 21,674,267 |
Total Materials | 21,674,267 | |
Total Common Stocks - 87.0% (Cost $970,523,711) | 1,266,887,938 | |
Preferred Stocks - 2.5% | ||
Communication Services - 1.1% | ||
Interactive Media & Services - 1.1% | ||
Evolve Vacation Rental Network, Inc. Series 9 Acquisition Date: 5/29/20, Cost $4,499,9991,3,4 | 776,451 | 16,080,300 |
Total Communication Services | 16,080,300 | |
Health Care - 0.1% | ||
Health Care Providers & Services - 0.1% | ||
Binx Health, Inc. Series E Acquisition Date: 5/26/21, Cost $8,500,1361,3,4 | 31,619 | 1,424,436 |
Total Health Care | 1,424,436 | |
Information Technology - 0.8% | ||
IT Services - 0.5% | ||
Skyryse, Inc. Series B Acquisition Date: 10/21/21, Cost $7,164,9901,3,4 | 290,316 | 7,330,479 |
Software - 0.3% | ||
Dataminr, Inc. Series F Acquisition Date: 3/22/21, Cost $7,369,6921,3,4 | 167,493 | 4,869,022 |
Total Information Technology | 12,199,501 |
Meridian Funds | 32 | www.arrowmarkpartners.com/meridian/ |
Schedule of Investments (continued)
Shares | Value | |
Real Estate - 0.5% | ||
Real Estate Management & Development - 0.5% | ||
Apartment List, Inc. Series D Acquisition Date: 11/2/20 - 12/21/20, Cost $8,399,9971,3,4 | 2,299,479 | $ 7,473,307 |
Total Real Estate | 7,473,307 | |
Total Preferred Stocks - 2.5% (Cost $35,934,814) | 37,177,544 | |
Private Investment Fund - 0.3% | ||
Quail Investment Holdings, LLC Acquisition Date: 9/1/20, Cost $4,037,8821,3,5 | 4,038 | 3,853,432 |
Total Private Investment Fund - 0.3% (Cost $4,037,882) | 3,853,432 |
Shares/ Principal Amount | ||
Short-Term Investments - 11.1% | ||
Money Market Funds - 9.3% | ||
Goldman Sachs Financial Square Government Fund, Institutional Class, 5.02% (Cost $135,115,691) | 135,115,691 | 135,115,691 |
Repurchase Agreements - 1.8%6 | ||
Bank of America Securities, Inc., dated 6/30/23, due 7/3/23, 5.06% total to be received $6,196,113 (collateralized by various U.S. Government Sponsored Agency, 2.00% - 6.50%, 4/1/35 - 9/1/61, totaling $6,317,371) | $ 6,193,501 | 6,193,501 |
Shares/ Principal Amount | Value | |
Citigroup Global Markets, Inc., dated 6/30/23, due 7/3/23, 5.07% total to be received $6,196,118 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 6.50%, 10/31/24 - 8/20/67, totaling $6,317,371) | $ 6,193,501 | $ 6,193,501 |
Daiwa Capital Markets America, Inc., dated 6/30/23, due 7/3/23, 5.07% total to be received $2,330,911 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 7.00%, 7/27/23 - 7/1/53, totaling $2,376,526) | 2,329,927 | 2,329,927 |
National Bank Financial, Inc., dated 6/30/23, due 7/3/23, 5.09% total to be received $5,002,121 (collateralized by various U.S. Treasury Obligations, 0.50% - 4.00%, 7/3/23 - 9/9/49, totaling $5,100,000) | 5,000,000 | 5,000,000 |
Meridian Funds | 33 | www.arrowmarkpartners.com/meridian/ |
Schedule of Investments (continued)
Shares/ Principal Amount | Value | |
RBC Dominion Securities, Inc., dated 6/30/23, due 7/3/23, 5.06% total to be received $6,196,113 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 7.50%, 7/31/23 - 5/20/53, totaling $6,317,371) | $ 6,193,501 | $ 6,193,501 |
Total Repurchase Agreements (Cost $25,910,430) | 25,910,430 | |
Total Short-Term Investments - 11.1% (Cost $161,026,121) | 161,026,121 | |
Total Investments - 100.9% (Cost $1,171,522,528) | 1,468,945,035 | |
Liabilities in Excess of Other Assets - (0.9)% | (12,614,209) | |
Net Assets - 100.0% | $1,456,330,826 |
ADR—American Depositary Receipt |
Plc—Public Limited Company |
SpA—Società per Azioni |
1 | Non-income producing securities. |
2 | All or portion of this security is on loan at June 30, 2023. Total value of such securities at year-end amounts to $39,493,848 and represents 2.71% of net assets. |
3 | 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 $41,084,800 and represents 2.82% of net assets. |
4 | Security is valued using significant unobservable inputs in good faith in accordance with procedures approved by the Board of Directors. See Note 1 in Notes to financial statements. |
5 | 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. |
6 | Cash collateral received from brokers for securities lending was invested in short-term investments. |
Meridian Funds | 34 | www.arrowmarkpartners.com/meridian/ |
Schedule of Investments
Shares | Value | |
Common Stocks - 91.4% | ||
Communication Services - 4.0% | ||
Interactive Media & Services - 4.0% | ||
Cars.com, Inc.1 | 825,000 | $ 16,351,500 |
Pinterest, Inc. Class A1 | 314,000 | 8,584,760 |
Total Communication Services | 24,936,260 | |
Consumer Discretionary - 6.4% | ||
Automobile Components - 1.9% | ||
Aptiv Plc1 | 117,000 | 11,944,530 |
Hotels, Restaurants & Leisure - 3.0% | ||
Bowlero Corp.1,2 | 781,803 | 9,100,187 |
Everi Holdings, Inc.1 | 408,000 | 5,899,680 |
PlayAGS, Inc.1 | 603,622 | 3,410,464 |
18,410,331 | ||
Textiles, Apparel & Luxury Goods - 1.5% | ||
Skechers U.S.A., Inc. Class A1 | 173,000 | 9,110,180 |
Total Consumer Discretionary | 39,465,041 | |
Consumer Staples - 5.6% | ||
Beverages - 3.4% | ||
Boston Beer Co., Inc. (The) Class A1 | 10,000 | 3,084,400 |
Molson Coors Beverage Co. Class B | 267,000 | 17,579,280 |
Vintage Wine Estates, Inc.1 | 566,077 | 484,279 |
21,147,959 | ||
Food Products - 1.4% | ||
Lancaster Colony Corp. | 42,000 | 8,445,780 |
Personal Care Products - 0.8% | ||
Honest Co., Inc. (The)1,2 | 2,746,206 | 4,613,626 |
Total Consumer Staples | 34,207,365 | |
Energy - 5.8% | ||
Oil, Gas & Consumable Fuels - 5.8% | ||
APA Corp. | 258,000 | 8,815,860 |
California Resources Corp. | 219,000 | 9,918,510 |
Cameco Corp. (Canada) | 542,000 | 16,980,860 |
Total Energy | 35,715,230 | |
Financials - 7.7% | ||
Banks - 5.6% | ||
First Citizens BancShares, Inc. Class A | 16,800 | 21,561,960 |
First Interstate BancSystem, Inc. Class A | 134,257 | 3,200,687 |
Texas Capital Bancshares, Inc.1 | 184,000 | 9,476,000 |
34,238,647 | ||
Insurance - 2.1% | ||
Axis Capital Holdings Ltd. | 176,000 | 9,474,080 |
Shares | Value | |
Universal Insurance Holdings, Inc. | 228,209 | $ 3,521,265 |
12,995,345 | ||
Total Financials | 47,233,992 | |
Health Care - 11.7% | ||
Biotechnology - 2.6% | ||
Legend Biotech Corp. ADR1 | 187,821 | 12,965,284 |
SpringWorks Therapeutics, Inc.1,2 | 117,000 | 3,067,740 |
16,033,024 | ||
Health Care Equipment & Supplies - 4.2% | ||
Align Technology, Inc.1 | 18,000 | 6,365,520 |
Paragon 28, Inc.1 | 261,000 | 4,630,140 |
QuidelOrtho Corp.1 | 147,000 | 12,180,420 |
Sight Sciences, Inc.1 | 320,978 | 2,657,698 |
25,833,778 | ||
Health Care Providers & Services - 2.1% | ||
Tenet Healthcare Corp.1 | 162,000 | 13,183,560 |
Life Sciences Tools & Services - 0.3% | ||
Syneos Health, Inc.1 | 38,218 | 1,610,506 |
Pharmaceuticals - 2.5% | ||
Perrigo Co. Plc | 439,000 | 14,904,050 |
RVL Pharmaceuticals Plc1 | 1,506,002 | 843,512 |
15,747,562 | ||
Total Health Care | 72,408,430 | |
Industrials - 14.2% | ||
Commercial Services & Supplies - 2.3% | ||
ACV Auctions, Inc. Class A1 | 521,000 | 8,997,670 |
Driven Brands Holdings, Inc.1 | 190,500 | 5,154,930 |
14,152,600 | ||
Electrical Equipment - 0.7% | ||
American Superconductor Corp.1 | 669,432 | 4,190,644 |
Ground Transportation - 0.5% | ||
U-Haul Holding Co. Series N Non-Voting | 37,000 | 1,874,790 |
U-Haul Holding Co. | 23,000 | 1,272,360 |
3,147,150 | ||
Machinery - 4.6% | ||
CNH Industrial, N.V. (United Kingdom) | 731,006 | 10,526,487 |
Hillenbrand, Inc. | 152,000 | 7,794,560 |
Toro Co. (The) | 101,000 | 10,266,650 |
28,587,697 | ||
Professional Services - 4.8% | ||
CACI International, Inc. Class A1 | 65,000 | 22,154,600 |
Meridian Funds | 35 | www.arrowmarkpartners.com/meridian/ |
Schedule of Investments (continued)
Shares | Value | |
Clarivate Plc1,2 | 441,000 | $ 4,202,730 |
Planet Labs PBC1,2 | 927,000 | 2,984,940 |
29,342,270 | ||
Trading Companies & Distributors - 1.3% | ||
Custom Truck One Source, Inc.1,2 | 1,172,000 | 7,899,280 |
Total Industrials | 87,319,641 | |
Information Technology - 20.1% | ||
Communications Equipment - 2.4% | ||
Juniper Networks, Inc. | 468,000 | 14,662,440 |
Electronic Equipment, Instruments & Components - 4.3% | ||
nLight, Inc.1 | 288,000 | 4,440,960 |
Rogers Corp.1 | 60,000 | 9,715,800 |
Trimble, Inc.1 | 238,156 | 12,607,979 |
26,764,739 | ||
IT Services - 1.0% | ||
Okta, Inc.1 | 86,000 | 5,964,100 |
Semiconductors & Semiconductor Equipment - 11.0% | ||
Advanced Micro Devices, Inc.1 | 137,000 | 15,605,670 |
Ambarella, Inc.1 | 116,000 | 9,705,720 |
GLOBALFOUNDRIES, Inc.1 | 133,000 | 8,589,140 |
Navitas Semiconductor Corp.1,2 | 548,000 | 5,775,920 |
NVIDIA Corp. | 10,000 | 4,230,200 |
PDF Solutions, Inc.1 | 171,000 | 7,712,100 |
SMART Global Holdings, Inc.1,2 | 568,000 | 16,477,680 |
68,096,430 | ||
Software - 1.4% | ||
Cerence, Inc.1 | 30,250 | 884,207 |
Clear Secure, Inc. Class A2 | 126,200 | 2,924,054 |
LiveRamp Holdings, Inc.1 | 161,000 | 4,598,160 |
8,406,421 | ||
Total Information Technology | 123,894,130 | |
Materials - 2.3% | ||
Chemicals - 0.5% | ||
Olin Corp. | 59,000 | 3,032,010 |
Containers & Packaging - 1.8% | ||
Crown Holdings, Inc. | 92,000 | 7,992,040 |
Ranpak Holdings Corp.1 | 713,000 | 3,222,760 |
11,214,800 | ||
Total Materials | 14,246,810 | |
Real Estate - 7.3% | ||
Diversified REITs - 2.3% | ||
Alexander & Baldwin, Inc. | 749,000 | 13,916,420 |
Real Estate Management & Development - 2.1% | ||
DigitalBridge Group, Inc.2 | 870,750 | 12,808,732 |
Shares | Value | |
Specialized REITs - 2.9% | ||
VICI Properties, Inc. | 575,000 | $ 18,072,250 |
Total Real Estate | 44,797,402 | |
Utilities - 6.3% | ||
Electric Utilities - 4.4% | ||
ALLETE, Inc. | 163,000 | 9,449,110 |
Avangrid, Inc.2 | 309,000 | 11,643,120 |
Hawaiian Electric Industries, Inc. | 171,000 | 6,190,200 |
27,282,430 | ||
Independent Power & Renewable Electricity Producers - 1.9% | ||
Brookfield Renewable Corp. Class A2 | 370,800 | 11,687,616 |
Total Utilities | 38,970,046 | |
Total Common Stocks - 91.4% (Cost $437,555,520) | 563,194,347 | |
Warrants - 0.0% | ||
Information Technology - 0.0% | ||
Software - 0.0% | ||
KLDiscovery, Inc., Strike Price $11.50, Expires 12/19/241 | 450,000 | 585 |
Total Information Technology | 585 | |
Total Warrants - 0.0% (Cost $250,695) | 585 | |
Preferred Stocks - 0.6% | ||
Information Technology - 0.6% | ||
Software - 0.6% | ||
Casters Holdings, Inc. dba Fyllo Compliance Cloud Series C Acquisition Date: 10/25/21, Cost $3,000,0001,3,4 | 2,821,405 | 1,749,271 |
Fyllo Series C-2 Shares Acquisition Date: 10/21/22, Cost $3,000,0001,3,4 | 2,272,727 | 1,681,818 |
Total Information Technology | 3,431,089 | |
Total Preferred Stocks - 0.6% (Cost $6,000,000) | 3,431,089 | |
Rights - 0.0% | ||
Health Care - 0.0% | ||
Biotechnology - 0.0% | ||
Albireo Pharma, Inc. CVR1,4 | 150,750 | 328,635 |
Total Health Care | 328,635 | |
Total Rights - 0.0% (Cost $0) | 328,635 |
Meridian Funds | 36 | www.arrowmarkpartners.com/meridian/ |
Schedule of Investments (continued)
Shares/ Principal Amount | Value | |
Short-Term Investments - 11.9% | ||
Money Market Funds - 8.8% | ||
Goldman Sachs Financial Square Government Fund, Institutional Class, 5.02% (Cost $54,684,391) | 54,684,391 | $ 54,684,391 |
Repurchase Agreements - 3.1%5 | ||
Bank of America Securities, Inc., dated 6/30/23, due 7/3/23, 5.06% total to be received $4,547,024 (collateralized by various U.S. Government Sponsored Agency, 2.00% - 6.50%, 4/1/35 - 9/1/61, totaling $4,636,009) | $ 4,545,107 | 4,545,107 |
Citigroup Global Markets, Inc., dated 6/30/23, due 7/3/23, 5.07% total to be received $4,547,027 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 6.50%, 10/31/24 - 8/20/67, totaling $4,636,009) | 4,545,107 | 4,545,107 |
Daiwa Capital Markets America, Inc., dated 6/30/23, due 7/3/23, 5.07% total to be received $4,547,027 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 7.00%, 7/27/23 - 7/1/53, totaling $4,636,009) | 4,545,107 | 4,545,107 |
Shares/ Principal Amount | Value | |
Nomura Securities International, Inc., dated 6/30/23, due 7/3/23, 5.05% total to be received $834,258 (collateralized by various U.S. Government Sponsored Agency, 1.50% - 6.50%, 9/1/29 - 2/1/57, totaling $850,586) | $ 833,907 | $ 833,907 |
RBC Dominion Securities, Inc., dated 6/30/23, due 7/3/23, 5.06% total to be received $4,547,024 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 7.50%, 7/31/23 - 5/20/53, totaling $4,636,009) | 4,545,107 | 4,545,107 |
Total Repurchase Agreements (Cost $19,014,335) | 19,014,335 | |
Total Short-Term Investments - 11.9% (Cost $73,698,726) | 73,698,726 | |
Total Investments - 103.9% (Cost $517,504,941) | 640,653,382 | |
Liabilities in Excess of Other Assets - (3.9)% | (24,202,706) | |
Net Assets - 100.0% | $616,450,676 |
Meridian Funds | 37 | www.arrowmarkpartners.com/meridian/ |
Schedule of Investments (continued)
ADR—American Depositary Receipt |
CVR—Contingent Value Rights |
N.V.—Naamloze Vennootschap is the Dutch term for limited liability company |
PBC—Public Benefit Corporation |
Plc—Public Limited Company |
1 | Non-income producing securities. |
2 | All or portion of this security is on loan at June 30, 2023. Total value of such securities at year-end amounts to $39,584,287 and represents 6.42% of net assets. |
3 | 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 $3,431,089 and represents 0.56% of net assets. |
4 | Security is valued using significant unobservable inputs in good faith in accordance with procedures approved by the Board of Directors. See Note 1 in Notes to financial statements. |
5 | Cash collateral received from brokers for securities lending was invested in short-term investments. |
Meridian Funds | 38 | www.arrowmarkpartners.com/meridian/ |
Schedule of Investments
Shares | Value | |
Common Stocks - 131.8% | ||
Communication Services - 14.2% | ||
Diversified Telecommunication Services - 0.5% | ||
Starry, Inc. Acquisition Date: 3/28/22, Cost $1,250,0031,2 | 166,667 | $ 1,417 |
Verizon Communications, Inc. | 5,892 | 219,123 |
220,540 | ||
Entertainment - 6.3% | ||
Live Nation Entertainment, Inc.2,3 | 26,300 | 2,396,193 |
Madison Square Garden Entertainment Corp.2,4 | 4,977 | 167,327 |
Sphere Entertainment Co.2,4 | 4,977 | 136,320 |
Walt Disney Co. (The)2 | 3,546 | 316,587 |
3,016,427 | ||
Interactive Media & Services - 4.8% | ||
Alphabet, Inc. Class C2,3 | 12,100 | 1,463,737 |
IAC, Inc.2 | 4,170 | 261,876 |
Pinterest, Inc. Class A2,3 | 20,000 | 546,800 |
2,272,413 | ||
Media - 2.6% | ||
Boston Omaha Corp. Class A2 | 9,662 | 181,839 |
Liberty Broadband Corp. Class C2 | 7,553 | 605,071 |
Liberty Media Corp.-Liberty SiriusXM Class A2 | 12,951 | 424,922 |
Liberty Media Corp.-Liberty SiriusXM Class C2 | 799 | 26,151 |
1,237,983 | ||
Total Communication Services | 6,747,363 | |
Consumer Discretionary - 25.9% | ||
Automobiles - 8.1% | ||
Rivian Automotive, Inc. Class A2,3 | 232,370 | 3,871,284 |
Broadline Retail - 2.1% | ||
Amazon.com, Inc.2 | 7,494 | 976,918 |
Distributors - 2.3% | ||
Pool Corp.3 | 2,900 | 1,086,456 |
Hotels, Restaurants & Leisure - 3.7% | ||
Airbnb, Inc. Class A2,3 | 13,800 | 1,768,608 |
Specialty Retail - 6.3% | ||
Advance Auto Parts, Inc. | 1,717 | 120,705 |
Home Depot, Inc. (The) | 1,148 | 356,615 |
Lowe's Cos., Inc. | 1,853 | 418,222 |
Sally Beauty Holdings, Inc.2,3 | 170,000 | 2,099,500 |
2,995,042 | ||
Textiles, Apparel & Luxury Goods - 3.4% | ||
Levi Strauss & Co. Class A3 | 89,000 | 1,284,270 |
Shares | Value | |
NIKE, Inc. Class B | 3,025 | $ 333,869 |
1,618,139 | ||
Total Consumer Discretionary | 12,316,447 | |
Consumer Staples - 20.6% | ||
Consumer Staples Distribution & Retail - 1.5% | ||
Costco Wholesale Corp. | 773 | 416,168 |
Target Corp. | 2,234 | 294,664 |
710,832 | ||
Food Products - 15.0% | ||
Dole Plc | 32,645 | 441,361 |
Lamb Weston Holdings, Inc.3 | 58,500 | 6,724,575 |
7,165,936 | ||
Personal Care Products - 4.1% | ||
Coty, Inc. Class A2,3 | 158,000 | 1,941,820 |
Total Consumer Staples | 9,818,588 | |
Energy - 0.0% | ||
Oil, Gas & Consumable Fuels - 0.0% | ||
Granite Ridge Resources, Inc. | 1,081 | 7,167 |
Total Energy | 7,167 | |
Financials - 14.0% | ||
Banks - 4.9% | ||
Bank of America Corp.3 | 23,900 | 685,691 |
JPMorgan Chase & Co. | 4,000 | 581,760 |
U.S. Bancorp | 17,777 | 587,352 |
Wells Fargo & Co.3 | 11,700 | 499,356 |
2,354,159 | ||
Capital Markets - 5.4% | ||
Blue Owl Capital, Inc.3 | 72,000 | 838,800 |
Charles Schwab Corp. (The)3 | 12,200 | 691,496 |
Intercontinental Exchange, Inc. | 6,664 | 753,565 |
S&P Global, Inc. | 690 | 276,614 |
2,560,475 | ||
Financial Services - 3.7% | ||
PayPal Holdings, Inc.2,3 | 12,460 | 831,456 |
Visa, Inc. Class A | 3,911 | 928,784 |
1,760,240 | ||
Total Financials | 6,674,874 | |
Health Care - 8.6% | ||
Health Care Equipment & Supplies - 5.4% | ||
Align Technology, Inc.2,3 | 7,300 | 2,581,572 |
Health Care Providers & Services - 2.6% | ||
Laboratory Corp. of America Holdings3 | 5,100 | 1,230,783 |
Pharmaceuticals - 0.6% | ||
Johnson & Johnson | 1,775 | 293,798 |
Total Health Care | 4,106,153 |
Meridian Funds | 39 | www.arrowmarkpartners.com/meridian/ |
Schedule of Investments (continued)
Shares | Value | |
Industrials - 8.9% | ||
Aerospace & Defense - 0.5% | ||
Boeing Co. (The)2 | 1,195 | $ 252,336 |
Commercial Services & Supplies - 4.2% | ||
ACV Auctions, Inc. Class A2 | 26,594 | 459,278 |
GFL Environmental, Inc. (Canada) | 17,526 | 680,009 |
RB Global, Inc. (Canada)3 | 14,500 | 870,000 |
2,009,287 | ||
Construction & Engineering - 1.1% | ||
WillScot Mobile Mini Holdings Corp.2,3 | 10,700 | 511,353 |
Professional Services - 3.1% | ||
Alight, Inc. Class A2 | 27,247 | 251,762 |
CACI International, Inc. Class A2 | 840 | 286,306 |
CoStar Group, Inc.2,3 | 8,100 | 720,900 |
Dun & Bradstreet Holdings, Inc.4 | 17,376 | 201,041 |
1,460,009 | ||
Total Industrials | 4,232,985 | |
Information Technology - 28.2% | ||
IT Services - 1.3% | ||
Twilio, Inc. Class A2,3 | 9,700 | 617,114 |
Semiconductors & Semiconductor Equipment - 9.8% | ||
Allegro MicroSystems, Inc. (Japan)2 | 6,690 | 301,987 |
GLOBALFOUNDRIES, Inc.2 | 4,200 | 271,236 |
Micron Technology, Inc.3 | 12,100 | 763,631 |
NVIDIA Corp.3 | 5,953 | 2,518,238 |
QUALCOMM, Inc.3 | 6,800 | 809,472 |
4,664,564 | ||
Software - 14.9% | ||
Alkami Technology, Inc.2 | 15,037 | 246,456 |
Microsoft Corp. | 3,849 | 1,310,739 |
Salesforce, Inc.2,3 | 3,229 | 682,159 |
ServiceNow, Inc.2,3 | 3,500 | 1,966,895 |
Splunk, Inc.2,3 | 11,800 | 1,251,862 |
Zoom Video Communications, Inc. Class A2,3 | 24,300 | 1,649,484 |
7,107,595 | ||
Technology Hardware, Storage & Peripherals - 2.2% | ||
Apple, Inc. | 5,388 | 1,045,110 |
Total Information Technology | 13,434,383 | |
Materials - 2.4% | ||
Chemicals - 2.4% | ||
Huntsman Corp.3 | 43,000 | 1,161,860 |
Total Materials | 1,161,860 | |
Real Estate - 7.1% | ||
Office REITs - 0.6% | ||
Alexandria Real Estate Equities, Inc. | 2,549 | 289,286 |
Shares | Value | |
Real Estate Management & Development - 4.5% | ||
DigitalBridge Group, Inc.3 | 146,000 | $ 2,147,660 |
Specialized REITs - 2.0% | ||
American Tower Corp. | 1,721 | 333,771 |
Equinix, Inc. | 772 | 605,201 |
938,972 | ||
Total Real Estate | 3,375,918 | |
Utilities - 1.9% | ||
Independent Power & Renewable Electricity Producers - 1.9% | ||
Vistra Corp. | 33,609 | 882,236 |
Total Utilities | 882,236 | |
Total Common Stocks - 131.8% (Cost $56,745,473) | 62,757,974 |
Shares/ Principal Amount | ||
Short-Term Investments - 11.3% | ||
Money Market Funds - 11.3% | ||
Goldman Sachs Financial Square Government Fund, Institutional Class, 5.02% (Cost $5,361,200) | 5,361,200 | 5,361,200 |
Repurchase Agreements - 0.0%5 | ||
RBC Dominion Securities, Inc., dated 6/30/23, due 7/3/23, 5.00% total to be received $1,151 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 7.50%, 7/31/23 - 5/20/53, totaling $1,174) (Cost $1,151) | $ 1,151 | 1,151 |
Total Short-Term Investments - 11.3% (Cost $5,362,351) | 5,362,351 | |
Total Investments - 143.1% (Cost $62,107,824) | 68,120,325 | |
Liabilities in Excess of Other Assets - (43.1)% | (20,521,438) | |
Net Assets - 100.0% | $47,598,887 |
Meridian Funds | 40 | www.arrowmarkpartners.com/meridian/ |
Schedule of Investments (continued)
Value | ||
Call Options Written - (43.1)% | ||
Total Call Options Written - (43.1)% (Premium received $(16,817,109)) | $(20,532,771) |
Plc—Public Limited Company |
1 | 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 $1,417 and represents 0.00% of net assets. |
2 | Non-income producing securities. |
3 | Securities, or a portion thereof, were pledged as collateral for written options by the fund. |
4 | All or portion of this security is on loan at June 30, 2023. Total value of such securities at year-end amounts to $452,677 and represents 0.95% of net assets. |
5 | Cash collateral received from brokers for securities lending was invested in short-term investments. |
Meridian Funds | 41 | www.arrowmarkpartners.com/meridian/ |
Schedule of Investments (continued)
Exchange-Traded Options Written | ||||||||||||
Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount | Premium Received | Value | ||||||
Call | ||||||||||||
CoStar Group, Inc. | 65.00 | 7/21/23 | 81 | $ 720,900 | $ (125,331) | $ (214,650) | ||||||
ServiceNow, Inc. | 250.00 | 8/18/23 | 10 | 561,970 | (155,424) | (317,600) | ||||||
DigitalBridge Group, Inc. | 10.00 | 10/20/23 | 1,460 | 2,147,660 | (627,290) | (919,800) | ||||||
WillScot Mobile Mini Holdings Corp. | 35.00 | 10/20/23 | 107 | 511,353 | (127,297) | (171,200) | ||||||
Pool Corp. | 270.00 | 12/15/23 | 29 | 1,086,456 | (300,894) | (340,170) | ||||||
RB Global, Inc. (Canada) | 48.92 | 12/15/23 | 145 | 870,000 | (190,653) | (200,100) | ||||||
Airbnb, Inc. Class A | 65.00 | 1/19/24 | 98 | 1,255,968 | (515,960) | (650,720) | ||||||
Align Technology, Inc. | 120.00 | 1/19/24 | 73 | 2,581,572 | (733,917) | (1,766,600) | ||||||
Bank of America Corp. | 25.00 | 1/19/24 | 239 | 685,691 | (228,501) | (119,022) | ||||||
Blue Owl Capital, Inc. | 7.50 | 1/19/24 | 720 | 838,800 | (225,431) | (388,800) | ||||||
Coty, Inc. Class A | 7.00 | 1/19/24 | 1,580 | 1,941,820 | (764,267) | (1,027,000) | ||||||
Huntsman Corp. | 25.00 | 1/19/24 | 430 | 1,161,860 | (344,784) | (162,110) | ||||||
Laboratory Corp. of America Holdings | 210.00 | 1/19/24 | 51 | 1,230,783 | (266,264) | (216,240) | ||||||
Lamb Weston Holdings, Inc. | 45.00 | 1/19/24 | 585 | 6,724,575 | (994,441) | (4,293,900) | ||||||
Levi Strauss & Co. Class A | 20.00 | 1/19/24 | 890 | 1,284,270 | (612,832) | (17,800) | ||||||
Live Nation Entertainment, Inc. | 50.00 | 1/19/24 | 263 | 2,396,193 | (865,997) | (1,162,460) | ||||||
PayPal Holdings, Inc. | 60.00 | 1/19/24 | 93 | 620,589 | (241,378) | (112,995) | ||||||
Pinterest, Inc. Class A | 10.00 | 1/19/24 | 200 | 546,800 | (190,320) | (354,000) | ||||||
QUALCOMM, Inc. | 125.00 | 1/19/24 | 68 | 809,472 | (166,543) | (63,036) | ||||||
Salesforce, Inc. | 110.00 | 1/19/24 | 15 | 316,890 | (74,987) | (159,675) | ||||||
Sally Beauty Holdings, Inc. | 12.50 | 1/19/24 | 1,700 | 2,099,500 | (1,342,714) | (297,500) | ||||||
ServiceNow, Inc. | 300.00 | 1/19/24 | 9 | 505,773 | (163,866) | (250,560) | ||||||
Splunk, Inc. | 90.00 | 1/19/24 | 118 | 1,251,862 | (440,686) | (280,840) | ||||||
Twilio, Inc. Class A | 70.00 | 1/19/24 | 97 | 617,114 | (485,616) | (81,480) | ||||||
Zoom Video Communications, Inc. Class A | 70.00 | 1/19/24 | 243 | 1,649,484 | (1,253,662) | (229,878) | ||||||
Airbnb, Inc. Class A | 70.00 | 6/21/24 | 40 | 512,640 | (194,781) | (259,400) | ||||||
Alphabet, Inc. Class C | 68.00 | 6/21/24 | 58 | 701,626 | (182,094) | (348,000) | ||||||
Charles Schwab Corp. (The) | 27.50 | 6/21/24 | 122 | 691,496 | (406,057) | (375,760) | ||||||
Micron Technology, Inc. | 45.00 | 6/21/24 | 59 | 372,349 | (143,765) | (132,455) | ||||||
NVIDIA Corp. | 125.00 | 6/21/24 | 26 | 1,099,852 | (153,216) | (806,000) | ||||||
Rivian Automotive, Inc. Class A | 5.00 | 6/21/24 | 2,282 | 3,801,812 | (3,261,407) | (2,647,120) | ||||||
Alphabet, Inc. Class C | 70.00 | 1/17/25 | 63 | 762,111 | (203,645) | (381,150) | ||||||
Micron Technology, Inc. | 45.00 | 1/17/25 | 62 | 391,282 | (163,377) | (151,280) | ||||||
Salesforce, Inc. | 110.00 | 1/17/25 | 17 | 359,142 | (99,945) | (194,650) | ||||||
ServiceNow, Inc. | 300.00 | 1/17/25 | 16 | 899,152 | (251,749) | (478,240) | ||||||
Wells Fargo & Co. | 32.50 | 1/17/25 | 116 | 495,088 | (150,707) | (157,180) | ||||||
NVIDIA Corp. | 135.00 | 6/20/25 | 26 | 1,099,852 | (167,311) | (803,400) | ||||||
Total | $(16,817,109) | $(20,532,771) |
Meridian Funds | 42 | www.arrowmarkpartners.com/meridian/ |
Schedule of Investments
Shares | Value | |
Common Stocks - 87.2% | ||
Communication Services - 5.3% | ||
Entertainment - 0.5% | ||
Reservoir Media, Inc.1,2 | 656,424 | $ 3,951,672 |
Interactive Media & Services - 4.0% | ||
Angi, Inc.1,2 | 727,416 | 2,400,473 |
Cargurus, Inc.1 | 815,079 | 18,445,238 |
ZipRecruiter, Inc. Class A1 | 630,154 | 11,191,535 |
32,037,246 | ||
Media - 0.8% | ||
TechTarget, Inc.1 | 195,329 | 6,080,592 |
Total Communication Services | 42,069,510 | |
Consumer Discretionary - 14.0% | ||
Automobile Components - 2.4% | ||
Atmus Filtration Technologies, Inc.1,2 | 324,563 | 7,127,403 |
Stoneridge, Inc.1 | 635,807 | 11,984,962 |
19,112,365 | ||
Broadline Retail - 0.6% | ||
Savers Value Village, Inc.1 | 189,224 | 4,484,609 |
Diversified Consumer Services - 1.9% | ||
Frontdoor, Inc.1 | 246,106 | 7,850,781 |
Grand Canyon Education, Inc.1 | 71,991 | 7,430,191 |
15,280,972 | ||
Hotels, Restaurants & Leisure - 3.9% | ||
Everi Holdings, Inc.1 | 709,714 | 10,262,465 |
NeoGames S.A. (Israel)1 | 428,025 | 11,180,013 |
PlayAGS, Inc.1 | 1,566,599 | 8,851,284 |
30,293,762 | ||
Leisure Products - 0.5% | ||
Clarus Corp. | 457,184 | 4,178,662 |
Specialty Retail - 2.2% | ||
Farfetch Ltd. Class A (United Kingdom)1,2 | 713,361 | 4,308,700 |
National Vision Holdings, Inc.1,2 | 209,489 | 5,088,488 |
Sally Beauty Holdings, Inc.1 | 623,554 | 7,700,892 |
17,098,080 | ||
Textiles, Apparel & Luxury Goods - 2.5% | ||
Canada Goose Holdings, Inc. (Canada)1,2 | 326,975 | 5,820,155 |
Skechers U.S.A., Inc. Class A1 | 259,071 | 13,642,679 |
19,462,834 | ||
Total Consumer Discretionary | 109,911,284 | |
Consumer Staples - 2.9% | ||
Personal Care Products - 1.0% | ||
Beauty Health Co. (The)1,2 | 924,160 | 7,735,219 |
Shares | Value | |
Tobacco - 1.9% | ||
Turning Point Brands, Inc. | 632,256 | $ 15,180,467 |
Total Consumer Staples | 22,915,686 | |
Energy - 0.8% | ||
Energy Equipment & Services - 0.1% | ||
NCS Multistage Holdings, Inc.1 | 45,835 | 811,738 |
Oil, Gas & Consumable Fuels - 0.7% | ||
Viper Energy Partners LP | 197,482 | 5,298,442 |
Total Energy | 6,110,180 | |
Financials - 3.8% | ||
Capital Markets - 2.5% | ||
FinServ Acquisition Corp. Class A1,2 | 816,667 | 8,354,504 |
FinServ Acquisition Corp. Acquisition Date: 2/22/23, Cost $01,3,4 | 133,333 | 1,159,397 |
FinServ Acquisition Corp. Founder Shares Acquisition Date: 2/22/21, Cost $01,3,4 | 83,333 | 378,332 |
FinServ Acquisition Corp. Private Placement Units Acquisition Date: 2/12/21, Cost $208,3301,3,4 | 20,833 | 94,582 |
WisdomTree, Inc. | 1,433,384 | 9,833,014 |
19,819,829 | ||
Financial Services - 1.3% | ||
International Money Express, Inc.1 | 406,591 | 9,973,677 |
Total Financials | 29,793,506 | |
Health Care - 21.3% | ||
Biotechnology - 5.4% | ||
4D Molecular Therapeutics, Inc.1 | 228,948 | 4,137,090 |
Centrexion Therapeutics Corp. (Dividend Shares) Acquisition Date: 3/14/19, Cost $01,3,4 | 17,318 | 0 |
Inhibrx, Inc.1,2 | 217,390 | 5,643,444 |
Kiniksa Pharmaceuticals Ltd. Class A1 | 416,259 | 5,860,927 |
Nuvalent, Inc. Class A1,2 | 170,731 | 7,199,726 |
ORIC Pharmaceuticals, Inc.1,2 | 630,618 | 4,893,596 |
Relay Therapeutics, Inc.1 | 252,674 | 3,173,586 |
SpringWorks Therapeutics, Inc.1,2 | 204,060 | 5,350,453 |
Veracyte, Inc.1 | 242,484 | 6,176,068 |
42,434,890 |
Meridian Funds | 43 | www.arrowmarkpartners.com/meridian/ |
Schedule of Investments (continued)
Shares | Value | |
Health Care Equipment & Supplies - 10.2% | ||
Axogen, Inc.1 | 341,327 | $ 3,116,316 |
Merit Medical Systems, Inc.1 | 179,747 | 15,034,039 |
Nevro Corp. 1 | 165,033 | 4,195,139 |
Omnicell, Inc.1 | 74,087 | 5,457,989 |
Paragon 28, Inc.1 | 452,766 | 8,032,069 |
QuidelOrtho Corp.1,2 | 282,251 | 23,387,318 |
Sight Sciences, Inc.1,2 | 518,039 | 4,289,363 |
Silk Road Medical, Inc.1 | 224,512 | 7,294,395 |
Sonendo, Inc.1 | 3,904,929 | 5,310,703 |
TransMedics Group, Inc.1,2 | 52,989 | 4,450,016 |
80,567,347 | ||
Health Care Providers & Services - 2.0% | ||
HealthEquity, Inc.1 | 166,722 | 10,526,827 |
Pediatrix Medical Group, Inc.1 | 378,538 | 5,379,025 |
15,905,852 | ||
Health Care Technology - 1.4% | ||
Certara, Inc.1,2 | 424,459 | 7,729,398 |
Definitive Healthcare Corp.1 | 255,953 | 2,815,483 |
10,544,881 | ||
Life Sciences Tools & Services - 0.8% | ||
MaxCyte, Inc.1 | 1,295,574 | 5,946,685 |
Pharmaceuticals - 1.5% | ||
Arvinas, Inc.1 | 166,750 | 4,138,735 |
Capsule Corp. Acquisition Date: 4/8/21, Cost $2,000,0001,3,4 | 138,011 | 35,883 |
DICE Therapeutics, Inc.1 | 166,500 | 7,735,590 |
11,910,208 | ||
Total Health Care | 167,309,863 | |
Industrials - 28.0% | ||
Aerospace & Defense - 1.2% | ||
Byrna Technologies, Inc.1,2 | 894,279 | 4,480,338 |
Rocket Lab U.S.A., Inc.1,2 | 826,453 | 4,958,718 |
9,439,056 | ||
Air Freight & Logistics - 1.2% | ||
Forward Air Corp. | 91,221 | 9,679,460 |
Commercial Services & Supplies - 10.3% | ||
ACV Auctions, Inc. Class A1 | 1,160,842 | 20,047,741 |
Cimpress Plc (Ireland)1 | 129,431 | 7,698,556 |
Heritage-Crystal Clean, Inc.1 | 451,749 | 17,071,595 |
RB Global, Inc. (Canada) | 405,128 | 24,307,680 |
SP Plus Corp.1 | 306,697 | 11,994,920 |
81,120,492 | ||
Ground Transportation - 0.5% | ||
Heartland Express, Inc. | 226,926 | 3,723,856 |
Machinery - 3.3% | ||
John Bean Technologies Corp. | 65,474 | 7,941,996 |
Shares | Value | |
Kadant, Inc. | 36,825 | $ 8,178,833 |
Tennant Co. | 115,550 | 9,372,260 |
25,493,089 | ||
Marine Transportation - 3.6% | ||
Kirby Corp.1 | 158,082 | 12,164,410 |
Matson, Inc.2 | 211,851 | 16,467,178 |
28,631,588 | ||
Professional Services - 5.3% | ||
Alight, Inc. Class A1 | 2,583,605 | 23,872,510 |
Forrester Research, Inc.1 | 235,799 | 6,859,393 |
Legalzoom.com, Inc.1 | 925,328 | 11,177,962 |
41,909,865 | ||
Trading Companies & Distributors - 2.6% | ||
Hudson Technologies, Inc.1 | 2,116,139 | 20,357,257 |
Total Industrials | 220,354,663 | |
Information Technology - 9.7% | ||
Electronic Equipment, Instruments & Components - 1.6% | ||
Mirion Technologies, Inc.1,2 | 1,541,735 | 13,027,661 |
Semiconductors & Semiconductor Equipment - 1.3% | ||
Allegro MicroSystems, Inc. (Japan)1 | 219,164 | 9,893,063 |
Software - 6.8% | ||
8x8, Inc.1 | 1,074,796 | 4,546,387 |
Alkami Technology, Inc.1 | 972,159 | 15,933,686 |
Clearwater Analytics Holdings, Inc. Class A1 | 246,526 | 3,912,368 |
Consensus Cloud Solutions, Inc.1,2 | 478,004 | 14,818,124 |
Monday.com Ltd.1 | 41,138 | 7,043,648 |
PagerDuty, Inc.1 | 327,722 | 7,367,190 |
53,621,403 | ||
Total Information Technology | 76,542,127 | |
Materials - 0.8% | ||
Containers & Packaging - 0.8% | ||
Ranpak Holdings Corp.1 | 1,388,518 | 6,276,101 |
Total Materials | 6,276,101 | |
Utilities - 0.6% | ||
Water Utilities - 0.6% | ||
Pure Cycle Corp.1 | 442,773 | 4,870,503 |
Total Utilities | 4,870,503 | |
Total Common Stocks - 87.2% (Cost $566,641,529) | 686,153,423 |
Meridian Funds | 44 | www.arrowmarkpartners.com/meridian/ |
Schedule of Investments (continued)
Shares | Value | |
Warrants - 0.0% | ||
Financials - 0.0% | ||
Capital Markets - 0.0% | ||
FinServ Acquisition Corp. Strike Price $11.50, Expires 2/17/261 | 204,166 | $ 4,390 |
Total Financials | 4,390 | |
Health Care - 0.0% | ||
Health Care Equipment & Supplies - 0.0% | ||
Beta Bionics, Inc. Strike Price $0.01, Expires 2/16/321,3,4 | 2,157 | 129,161 |
Total Health Care | 129,161 | |
Total Warrants - 0.0% (Cost $252,051) | 133,551 | |
Preferred Stocks - 4.7% | ||
Communication Services - 1.3% | ||
Specialty Retail - 1.3% | ||
Evolve Vacation Rental Network, Inc. Series 8 Acquisition Date: 6/15/18, Cost $3,999,9991,3,4 | 470,013 | 9,733,969 |
Total Communication Services | 9,733,969 | |
Health Care - 1.7% | ||
Biotechnology - 1.0% | ||
Centrexion Therapeutics Corp. Acquisition Date: 12/18/17, Cost $2,995,0071,3,4 | 1,663,893 | 116,472 |
DNA Script Series C Acquisition Date: 10/8/21, Cost $3,431,7211,3,4 | 3,955 | 1,970,025 |
Neurogene, Inc. Series B Acquisition Date: 3/4/22, Cost $3,000,0001,3,4 | 1,229,508 | 3,000,000 |
YAP Therapeutics, Inc. Series B Acquisition Date: 1/12/22, Cost $3,000,0051,3,4 | 64,544 | 3,006,459 |
8,092,956 | ||
Health Care Equipment & Supplies - 0.6% | ||
Adagio Medical, Inc. Series E Acquisition Date: 11/9/20, Cost $4,000,0031,3,4 | 176,913 | 2,273,332 |
Beta Bionics, Inc. Series B Acquisition Date: 10/9/18, Cost $3,999,9761,3,4 | 26,631 | 1,692,400 |
Shares | Value | |
Beta Bionics, Inc. Series C Acquisition Date: 2/16/22, Cost $959,987 1,3,4 | 8,628 | $ 516,731 |
4,482,463 | ||
Health Care Providers & Services - 0.1% | ||
Binx Health, Inc. Series E Acquisition Date: 5/26/21, Cost $6,500,0411,3,4 | 24,179 | 1,089,264 |
Total Health Care | 13,664,683 | |
Information Technology - 1.0% | ||
IT Services - 0.5% | ||
Skyryse, Inc. Series B Acquisition Date: 10/21/21, Cost $4,184,9831,3,4 | 169,570 | 4,281,643 |
Software - 0.5% | ||
Dataminr, Inc. Series F Acquisition Date: 3/22/21, Cost $5,655,320 1,3,4 | 128,530 | 3,736,367 |
Total Information Technology | 8,018,010 | |
Real Estate - 0.7% | ||
Real Estate Management & Development - 0.7% | ||
Apartment List, Inc. Series D Acquisition Date: 12/21/20 - 12/24/20, Cost $5,999,9981,3,4 | 1,642,485 | 5,338,076 |
Total Real Estate | 5,338,076 | |
Total Preferred Stocks - 4.7% (Cost $47,727,039) | 36,754,738 | |
Private Investment Fund - 0.3% | ||
Quail Investment Holdings, LLC Acquisition Date: 9/1/20, Cost $2,917,6951,3,5 | 2,918 | 2,784,415 |
Total Private Investment Fund - 0.3% (Cost $2,917,695) | 2,784,415 |
Shares/ Principal Amount | ||
Short-Term Investments - 10.2% | ||
Money Market Funds - 8.0% | ||
Goldman Sachs Financial Square Government Fund, Institutional Class, 5.02% (Cost $62,547,259) | 62,547,259 | 62,547,259 |
Meridian Funds | 45 | www.arrowmarkpartners.com/meridian/ |
Schedule of Investments (continued)
Shares/ Principal Amount | Value | |
Repurchase Agreements - 2.2%6 | ||
Bank of America Securities, Inc., dated 6/30/23, due 7/3/23, 5.06% total to be received $4,187,614 (collateralized by various U.S. Government Sponsored Agency, 2.00% - 6.50%, 4/1/35 - 9/1/61, totaling $4,269,566) | $ 4,185,849 | $ 4,185,849 |
Citigroup Global Markets, Inc., dated 6/30/23, due 7/3/23, 5.07% total to be received $4,187,618 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 6.50%, 10/31/24 - 8/20/67, totaling $4,269,566) | 4,185,849 | 4,185,849 |
Daiwa Capital Markets America, Inc., dated 6/30/23, due 7/3/23, 5.07% total to be received $4,187,618 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 7.00%, 7/27/23 - 7/1/53, totaling $4,269,566) | 4,185,849 | 4,185,849 |
Nomura Securities International, Inc., dated 6/30/23, due 7/3/23, 5.05% total to be received $768,214 (collateralized by various U.S. Government Sponsored Agency, 1.50% - 6.50%, 9/1/29 - 2/1/57, totaling $783,250) | 767,891 | 767,891 |
Shares/ Principal Amount | Value | |
RBC Dominion Securities, Inc., dated 6/30/23, due 7/3/23, 5.06% total to be received $4,187,614 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 7.50%, 7/31/23 - 5/20/53, totaling $4,269,566) | $ 4,185,849 | $ 4,185,849 |
Total Repurchase Agreements (Cost $17,511,287) | 17,511,287 | |
Total Short-Term Investments - 10.2% (Cost $80,058,546) | 80,058,546 | |
Total Investments - 102.4% (Cost $697,596,860) | 805,884,673 | |
Liabilities in Excess of Other Assets - (2.4)% | (18,923,650) | |
Net Assets - 100.0% | $786,961,023 |
Meridian Funds | 46 | www.arrowmarkpartners.com/meridian/ |
Schedule of Investments (continued)
Plc—Public Limited Company |
S.A.—Société Anonyme is the French term for a public limited company |
1 | Non-income producing securities. |
2 | All or portion of this security is on loan at June 30, 2023. Total value of such securities at year-end amounts to $32,603,217 and represents 4.14% of net assets. |
3 | 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 $41,336,508 and represents 5.25% of net assets. |
4 | Security is valued using significant unobservable inputs in good faith in accordance with procedures approved by the Board of Directors. See Note 1 in Notes to financial statements. |
5 | 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. |
6 | Cash collateral received from brokers for securities lending was invested in short-term investments. |
Meridian Funds | 47 | www.arrowmarkpartners.com/meridian/ |
Statements of Assets and Liabilities
June 30, 2023 | Meridian Growth Fund | Meridian Contrarian Fund | Meridian Hedged Equity Fund | Meridian Small Cap Growth Fund |
Assets | ||||
Investments, at value1,2 | $1,443,034,605 | $621,639,047 | $68,119,174 | $788,373,386 |
Repurchase agreements3 | 25,910,430 | 19,014,335 | 1,151 | 17,511,287 |
Receivables and other assets: | ||||
Fund shares purchased | 175,016 | 2,913 | 10 | 373,294 |
Investments sold | 15,826,377 | 427,979 | — | 3,709,969 |
Dividends | 581,682 | 856,285 | 46,151 | 371,912 |
Securities lending interest | 33,355 | 17,691 | 428 | 10,888 |
Prepaid expenses | 59,623 | 41,518 | 28,096 | 41,379 |
Total Assets | 1,485,621,088 | 641,999,768 | 68,195,010 | 810,392,115 |
Liabilities | ||||
Collateral held for securities on loan | 25,910,430 | 19,014,335 | 1,151 | 17,511,287 |
Options written at value4 | — | — | 20,532,771 | — |
Payables and other accrued expenses: | ||||
Fund shares sold | 651,670 | 54,685 | — | 431,411 |
Investments purchased | 1,624,169 | 5,862,299 | — | 4,627,558 |
Investment management fees | 885,637 | 499,510 | 22,180 | 605,617 |
Distribution and service plan fees | 1,453 | 945 | 310 | 6,090 |
Professional fees | 99,584 | 49,233 | 29,969 | 105,719 |
Transfer agent fees | 64,686 | 43,051 | 2,803 | 76,053 |
Other | 52,633 | 25,034 | 6,939 | 67,357 |
Total Liabilities | 29,290,262 | 25,549,092 | 20,596,123 | 23,431,092 |
Net Assets | $1,456,330,826 | $616,450,676 | $47,598,887 | $786,961,023 |
Net Assets Consist of | ||||
Paid-in capital | $1,303,642,407 | $466,695,102 | $45,013,994 | $778,819,139 |
Accumulated earnings | 152,688,419 | 149,755,574 | 2,584,893 | 8,141,884 |
Net Assets | $1,456,330,826 | $616,450,676 | $47,598,887 | $786,961,023 |
1 Investments at cost | $1,145,612,098 | $498,490,606 | $62,106,673 | $680,085,573 |
2 | Including securities on loan valued at $39,493,848, $39,584,287, $452,677 and $32,603,217 respectively. See Note 4 in Notes to Financial Statements. |
3 | Repurchase agreements at cost are $25,910,430, $19,014,335, $1,151 and $17,511,287, respectively. |
4 | Written options, premium received of $—, $—, $16,817,109 and $—, respectively. |
Meridian Funds | 48 | www.arrowmarkpartners.com/meridian/ |
Statements of Assets and Liabilities (continued)
June 30, 2023 | Meridian Growth Fund | Meridian Contrarian Fund | Meridian Hedged Equity Fund | Meridian Small Cap Growth Fund |
Net Asset Value | ||||
Legacy Class | ||||
Net Assets | $930,492,528 | $596,928,495 | $43,992,758 | $ 30,447,199 |
Shares outstanding5 | 27,205,074 | 15,843,238 | 3,517,507 | 2,535,918 |
Net Asset value per share (offering and redemption price) | $ 34.20 | $ 37.68 | $ 12.51 | $ 12.01 |
Institutional Class | ||||
Net Assets | $488,196,414 | $ — | $ — | $300,507,094 |
Shares outstanding5 | 14,265,281 | — | — | 24,758,973 |
Net Asset value per share (offering and redemption price) | $ 34.22 | $ — | $ — | $ 12.14 |
Class A | ||||
Net Assets | $ 3,414,113 | $ 2,451,440 | $ 1,414,165 | $ 14,666,693 |
Shares outstanding5 | 106,401 | 67,850 | 116,856 | 1,288,852 |
Net Asset value per share (offering and redemption price) | $ 32.09 | $ 36.13 | $ 12.10 | $ 11.38 |
Class C | ||||
Net Assets | $ 961,099 | $ 583,314 | $ 23,970 | $ 3,374,118 |
Shares outstanding5 | 31,832 | 17,077 | 2,059 | 322,535 |
Net Asset value per share (offering and redemption price) | $ 30.19 | $ 34.16 | $ 11.64 | $ 10.46 |
Investor Class | ||||
Net Assets | $ 33,266,672 | $ 16,487,427 | $ 2,167,994 | $437,965,919 |
Shares outstanding5 | 989,469 | 443,000 | 174,085 | 36,840,161 |
Net Asset value per share (offering and redemption price) | $ 33.62 | $ 37.22 | $ 12.45 | $ 11.89 |
5 | 500,000,000 shares authorized, $0.01 par value. |
Meridian Funds | 49 | www.arrowmarkpartners.com/meridian/ |
Statements of Operations
For the Year Ended June 30, 2023 | Meridian Growth Fund | Meridian Contrarian Fund | Meridian Hedged Equity Fund | Meridian Small Cap Growth Fund |
Investment Income | ||||
Dividends | $ 7,735,852 | $ 9,258,991 | $ 722,102 | $ 3,461,326 |
Foreign taxes withheld | (240,577) | (86,394) | (26,197) | (135,868) |
Securities lending | 630,995 | 382,043 | 8,418 | 162,382 |
Total investment income | 8,126,270 | 9,554,640 | 704,323 | 3,487,840 |
Expenses | ||||
Investment management fees | 10,780,084 | 5,993,922 | 438,284 | 7,781,227 |
Custodian fees | 143,188 | 59,722 | 10,836 | 100,173 |
Distribution and service plan fees: | ||||
Class A | 7,318 | 5,841 | 3,589 | 45,097 |
Class C | 12,277 | 4,776 | 531 | 37,904 |
Directors' fees | 193,220 | 81,558 | 6,820 | 105,599 |
Pricing fees | 175,011 | 88,377 | 24,141 | 150,619 |
Audit and tax fees | 61,608 | 33,470 | 27,668 | 99,566 |
Legal fees | 69,503 | 34,622 | 2,278 | 50,377 |
Registration and filing fees | 100,829 | 84,473 | 79,719 | 111,651 |
Shareholder communications fees | 160,378 | 79,319 | 29,913 | 170,926 |
Transfer agent fees | 629,912 | 387,453 | 29,947 | 710,985 |
Miscellaneous expenses | 120,234 | 65,172 | 12,494 | 76,514 |
Total expenses excluding interest expenses | 12,453,562 | 6,918,705 | 666,220 | 9,440,638 |
Interest expenses | — | 131 | — | — |
Total expenses | 12,453,562 | 6,918,836 | 666,220 | 9,440,638 |
Less waivers and/or reimbursements (Note 6) | — | (135) | (35,268) | (153,039) |
Net expenses | 12,453,562 | 6,918,701 | 630,952 | 9,287,599 |
Net investment income (loss) | (4,327,292) | 2,635,939 | 73,371 | (5,799,759) |
Realized and Unrealized Gain (Loss) | ||||
Net realized gain/(loss) on investments and foreign currency transactions | (132,453,682) | 27,152,375 | (1,881,456) | (71,349,266) |
Net realized gain on written options | — | — | 3,080,936 | — |
Net change in unrealized appreciation on investments and foreign currency translations | 328,287,475 | 56,817,111 | 13,590,431 | 191,258,547 |
Net change in unrealized depreciation on written options | — | — | (9,550,596) | — |
Total realized and unrealized gain | 195,833,793 | 83,969,486 | 5,239,315 | 119,909,281 |
Net increase in net assets resulting from operations | $ 191,506,501 | $86,605,425 | $ 5,312,686 | $114,109,522 |
Meridian Funds | 50 | www.arrowmarkpartners.com/meridian/ |
Statements of Changes in Net Assets
Meridian Growth Fund | Meridian Contrarian Fund | ||||
Changes in Net Assets From: | Year Ended June 30, 2023 | Year Ended June 30, 2022 | Year Ended June 30, 2023 | Year Ended June 30, 2022 | |
Operations | |||||
Net investment income/(loss) | $ (4,327,292) | $ (8,489,541) | $ 2,635,939 | $ (199,564) | |
Net realized gain/(loss) | (132,453,682) | 254,714,493 | 27,152,375 | 68,472,165 | |
Net change in unrealized appreciation/(depreciation) | 328,287,475 | (849,474,577) | 56,817,111 | (188,597,170) | |
Net increase/(decrease) in net assets resulting from operations | 191,506,501 | (603,249,625) | 86,605,425 | (120,324,569) | |
Distributions to Shareholders: | |||||
Legacy Class | (107,518,469) | (194,054,079) | (58,613,137) | (91,794,387) | |
Institutional Class | (48,923,168) | (81,802,242) | — | — | |
Class A | (376,445) | (837,322) | (261,059) | (361,504) | |
Class C | (173,743) | (378,203) | (48,333) | (50,641) | |
Investor Class | (4,133,336) | (8,081,484) | (1,488,090) | (1,202,076) | |
Decrease in net assets from distributions | (161,125,161) | (285,153,330) | (60,410,619) | (93,408,608) | |
Fund Share Transactions | |||||
Net increase/(decrease) in net assets resulting from fund share transactions (Note 2) | (5,051,610) | 84,308,728 | 16,153,710 | 47,836,902 | |
Total increase/(decrease) in net assets | 25,329,730 | (804,094,227) | 42,348,516 | (165,896,275) | |
Net Assets | |||||
Beginning of Year | 1,431,001,096 | 2,235,095,323 | 574,102,160 | 739,998,435 | |
End of Year | $1,456,330,826 | $1,431,001,096 | $616,450,676 | $ 574,102,160 |
Meridian Funds | 51 | www.arrowmarkpartners.com/meridian/ |
Statements of Changes in Net Assets (continued)
Meridian Hedged Equity Fund | Meridian Small Cap Growth Fund | ||||
Changes in Net Assets From: | Year Ended June 30, 2023 | Year Ended June 30, 2022 | Year Ended June 30, 2023 | Year Ended June 30, 2022 | |
Operations | |||||
Net investment income/(loss) | $ 73,371 | $ (181,352) | �� | $ (5,799,759) | $ (10,744,607) |
Net realized gain/(loss) | 1,199,480 | 6,506,114 | (71,349,266) | 241,196,306 | |
Net change in unrealized appreciation/(depreciation) | 4,039,835 | (14,051,577) | 191,258,547 | (635,547,919) | |
Net increase/(decrease) in net assets resulting from operations | 5,312,686 | (7,726,815) | 114,109,522 | (405,096,220) | |
Distributions to Shareholders: | |||||
Legacy Class | (3,856,611) | (12,274,693) | (2,861,579) | (9,963,768) | |
Institutional Class | — | — | (32,231,867) | (112,922,342) | |
Class A | (113,612) | (463,710) | (2,366,555) | (8,338,772) | |
Class C | (5,065) | (8,835) | (505,652) | (1,873,343) | |
Investor Class | (176,493) | (413,786) | (51,135,572) | (162,733,487) | |
Decrease in net assets from distributions | (4,151,781) | (13,161,024) | (89,101,225) | (295,831,712) | |
Fund Share Transactions | |||||
Net increase/(decrease) in net assets resulting from fund share transactions (Note 2) | (4,131,845) | 6,808,736 | (52,247,187) | (102,115,956) | |
Total decrease in net assets | (2,970,940) | (14,079,103) | (27,238,890) | (803,043,888) | |
Net Assets | |||||
Beginning of Year | 50,569,827 | 64,648,930 | 814,199,913 | 1,617,243,801 | |
End of Year | $47,598,887 | $ 50,569,827 | $786,961,023 | $ 814,199,913 |
Meridian Funds | 52 | www.arrowmarkpartners.com/meridian/ |
Financial Highlights
For the Fiscal Year Ended June 30, | |||||
Legacy Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Per Share Operating Performance | |||||
Net asset value, beginning of year | $ 33.95 | $ 55.49 | $ 35.86 | $ 39.69 | $ 45.05 |
Income (loss) from investment operations: | |||||
Net investment loss1 | (0.11) | (0.21) | (0.24) | (0.05) | (0.03) |
Net realized and unrealized gain (loss) | 4.46 | (13.93) | 20.29 | (0.23) | 0.12 |
Net increase (decrease) from investment operations | 4.35 | (14.14) | 20.05 | (0.28) | 0.09 |
Less distributions to shareholders: | |||||
Distributions from net investment income | 0.00 | 0.00 | 0.00 | 0.00 | (0.02) |
Distributions from net realized capital gains | (4.10) | (7.40) | (0.42) | (3.55) | (5.43) |
Total distributions to shareholders | (4.10) | (7.40) | (0.42) | (3.55) | (5.45) |
Redemption fees | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 2 |
Net asset value, end of year | $ 34.20 | $ 33.95 | $ 55.49 | $ 35.86 | $ 39.69 |
Total return | 14.67% | (29.20)% | 56.11% | (1.40)% 3 | 2.98% 3 |
Ratios to Average Net Assets | |||||
Ratio of net investment loss to average net assets | (0.31)% 4 | (0.43)% 4 | (0.51)% 4 | (0.12)% | (0.06)% |
Ratio of expenses to average net assets | 0.88% 4 | 0.85% 4 | 0.84% 4 | 0.85% | 0.85% |
Supplemental Data | |||||
Net Assets, End of Year (000's) | $930,493 | $ 962,311 | $1,503,022 | $1,095,062 | $1,307,172 |
Portfolio Turnover Rate | 47% | 42% | 30% | 47% | 35% |
1 | Per share net investment loss has been calculated using the average daily shares method. |
2 | Less than $0.005 per share. |
3 | The total return is based on beginning and ending Financial Statement Net Asset Value as shown above, which may differ from the traded Net Asset Value, due to rounding. |
4 | 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. |
Meridian Funds | 53 | www.arrowmarkpartners.com/meridian/ |
Financial Highlights
For the Fiscal Year Ended June 30, | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Per Share Operating Performance | |||||
Net asset value, beginning of year | $ 33.96 | $ 55.48 | $ 35.85 | $ 39.67 | $ 45.03 |
Income (loss) from investment operations: | |||||
Net investment loss1 | (0.09) | (0.19) | (0.23) | (0.03) | (0.02) |
Net realized and unrealized gain (loss) | 4.45 | (13.93) | 20.28 | (0.24) | 0.12 |
Net increase (decrease) from investment operations | 4.36 | (14.12) | 20.05 | (0.27) | 0.10 |
Less distributions to shareholders: | |||||
Distributions from net investment income | 0.00 | 0.00 | 0.00 | 0.00 | (0.03) |
Distributions from net realized capital gains | (4.10) | (7.40) | (0.42) | (3.55) | (5.43) |
Total distributions to shareholders | (4.10) | (7.40) | (0.42) | (3.55) | (5.46) |
Redemption fees | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 2 |
Net asset value, end of year | $ 34.22 | $ 33.96 | $ 55.48 | $ 35.85 | $ 39.67 |
Total return | 14.69% | (29.17)% | 56.13% | (1.38)% | 3.00% |
Ratios to Average Net Assets | |||||
Ratio of net investment loss to average net assets | (0.27)% 3 | (0.40)% 3 | (0.49)% 3 | (0.09)% | (0.05)% |
Ratio of expenses to average net assets | 0.85% 3 | 0.82% 3 | 0.82% 3 | 0.82% | 0.83% |
Supplemental Data | |||||
Net Assets, End of Year (000's) | $488,196 | $ 422,429 | $660,985 | $455,636 | $367,627 |
Portfolio Turnover Rate | 47% | 42% | 30% | 47% | 35% |
1 | Per share net investment loss has been calculated using the average daily shares method. |
2 | Less than $0.005 per share. |
3 | 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. |
Meridian Funds | 54 | www.arrowmarkpartners.com/meridian/ |
Financial Highlights
For the Fiscal Year Ended June 30, | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 |
Per Share Operating Performance | |||||
Net asset value, beginning of year | $ 32.16 | $ 53.12 | $ 34.45 | $ 38.38 | $ 43.88 |
Income (loss) from investment operations: | |||||
Net investment loss1 | (0.17) | (0.34) | (0.37) | (0.16) | (0.13) |
Net realized and unrealized gain (loss) | 4.20 | (13.22) | 19.46 | (0.22) | 0.06 |
Net increase (decrease) from investment operations | 4.03 | (13.56) | 19.09 | (0.38) | (0.07) |
Less distributions to shareholders: | |||||
Distributions from net realized capital gains | (4.10) | (7.40) | (0.42) | (3.55) | (5.43) |
Total distributions to shareholders | (4.10) | (7.40) | (0.42) | (3.55) | (5.43) |
Redemption fees | 0.00 | 0.00 | 0.00 2 | 0.00 2 | 0.00 |
Net asset value, end of year | $ 32.09 | $ 32.16 | $ 53.12 | $ 34.45 | $ 38.38 |
Total return3 | 14.48% | (29.43)% | 55.62% | (1.72)% 4 | 2.64% 4 |
Ratios to Average Net Assets | |||||
Ratio of net investment loss to average net assets | (0.52)% 5 | (0.75)% 5 | (0.82)% 5 | (0.45)% | (0.32)% |
Ratio of expenses to average net assets | 1.08% 5 | 1.17% 5 | 1.16% 5 | 1.17% | 1.15% |
Supplemental Data | |||||
Net Assets, End of Year (000's) | $ 3,414 | $ 4,163 | $ 6,045 | $ 4,731 | $ 6,707 |
Portfolio Turnover Rate | 47% | 42% | 30% | 47% | 35% |
1 | Per share net investment loss has been calculated using the average daily shares method. |
2 | Less than $0.005 per share. |
3 | Excludes the effects of any sales charges. |
4 | The total return is based on beginning and ending Financial Statement Net Asset Value as shown above, which may differ from the traded Net Asset Value, due to rounding. |
5 | 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. |
Meridian Funds | 55 | www.arrowmarkpartners.com/meridian/ |
Financial Highlights
For the Fiscal Year Ended June 30, | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 |
Per Share Operating Performance | |||||
Net asset value, beginning of year | $ 30.73 | $ 51.42 | $ 33.60 | $ 37.76 | $ 43.56 |
Income (loss) from investment operations: | |||||
Net investment loss1 | (0.39) | (0.64) | (0.66) | (0.40) | (0.43) |
Net realized and unrealized gain (loss) | 3.95 | (12.65) | 18.90 | (0.21) | 0.06 |
Net increase (decrease) from investment operations | 3.56 | (13.29) | 18.24 | (0.61) | (0.37) |
Less distributions to shareholders: | |||||
Distributions from net realized capital gains | (4.10) | (7.40) | (0.42) | (3.55) | (5.43) |
Total distributions to shareholders | (4.10) | (7.40) | (0.42) | (3.55) | (5.43) |
Redemption fees | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Net asset value, end of year | $ 30.19 | $ 30.73 | $ 51.42 | $ 33.60 | $ 37.76 |
Total return2 | 13.56% | (29.91)% | 54.49% | (2.40)% 3 | 1.94% 3 |
Ratios to Average Net Assets | |||||
Ratio of net investment loss to average net assets | (1.30)% 4 | (1.44)% 4 | (1.53)% 4 | (1.15)% | (1.08)% |
Ratio of expenses to average net assets | 1.84% 4 | 1.87% 4 | 1.87% 4 | 1.87% | 1.87% |
Supplemental Data | |||||
Net Assets, End of Year (000's) | $ 961 | $ 1,459 | $ 2,899 | $ 2,188 | $ 2,914 |
Portfolio Turnover Rate | 47% | 42% | 30% | 47% | 35% |
1 | Per share net investment loss has been calculated using the average daily shares method. |
2 | Excludes the effects of any sales charges. |
3 | The total return is based on beginning and ending Financial Statement Net Asset Value as shown above, which may differ from the traded Net Asset Value, due to rounding. |
4 | 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. |
Meridian Funds | 56 | www.arrowmarkpartners.com/meridian/ |
Financial Highlights
For the Fiscal Year Ended June 30, | |||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Per Share Operating Performance | |||||
Net asset value, beginning of year | $ 33.46 | $ 54.83 | $ 35.46 | $ 39.29 | $ 44.66 |
Income (loss) from investment operations: | |||||
Net investment loss1 | (0.13) | (0.23) | (0.20) | (0.05) | (0.06) |
Net realized and unrealized gain (loss) | 4.39 | (13.74) | 19.99 | (0.23) | 0.13 |
Net increase (decrease) from investment operations | 4.26 | (13.97) | 19.79 | (0.28) | 0.07 |
Less distributions to shareholders: | |||||
Distributions from net investment income | 0.00 | 0.00 | 0.00 | 0.00 | (0.01) |
Distributions from net realized capital gains | (4.10) | (7.40) | (0.42) | (3.55) | (5.43) |
Total distributions to shareholders | (4.10) | (7.40) | (0.42) | (3.55) | (5.44) |
Redemption fees | 0.00 2 | 0.00 | 0.00 2 | 0.00 2 | 0.00 2 |
Net asset value, end of year | $ 33.62 | $ 33.46 | $ 54.83 | $ 35.46 | $ 39.29 |
Total return | 14.61% | (29.25)% | 56.01% | (1.42)% 3 | 2.95% 3 |
Ratios to Average Net Assets | |||||
Ratio of net investment loss to average net assets | (0.38)% 4 | (0.50)% 4 | (0.47)% 4 | (0.13)% | (0.14)% |
Ratio of expenses to average net assets | 0.94% 4 | 0.92% 4 | 0.87% 4 | 0.86% | 0.87% |
Supplemental Data | |||||
Net Assets, End of Year (000's) | $ 33,267 | $ 40,639 | $ 62,145 | $280,414 | $362,613 |
Portfolio Turnover Rate | 47% | 42% | 30% | 47% | 35% |
1 | Per share net investment loss has been calculated using the average daily shares method. |
2 | Less than $0.005 per share. |
3 | The total return is based on beginning and ending Financial Statement Net Asset Value as shown above, which may differ from the traded Net Asset Value, due to rounding. |
4 | 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. |
Meridian Funds | 57 | www.arrowmarkpartners.com/meridian/ |
Financial Highlights
For the Fiscal Year Ended June 30, | |||||
Legacy Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Per Share Operating Performance | |||||
Net asset value, beginning of year | $ 36.27 | $ 50.21 | $ 31.63 | $ 35.91 | $ 45.23 |
Income (loss) from investment operations: | |||||
Net investment income (loss)1 | 0.16 | (0.01) | (0.04) | 0.16 | 0.20 |
Net realized and unrealized gain (loss) | 5.17 | (7.44) | 20.68 | (1.64) | (1.63) |
Net increase (decrease) from investment operations | 5.33 | (7.45) | 20.64 | (1.48) | (1.43) |
Less distributions to shareholders: | |||||
Distributions from net investment income | 0.00 | 0.00 | (0.94) | (0.31) | (0.49) |
Distributions from net realized capital gains | (3.92) | (6.49) | (1.12) | (2.49) | (7.40) |
Total distributions to shareholders | (3.92) | (6.49) | (2.06) | (2.80) | (7.89) |
Redemption fees | 0.00 2 | 0.00 | 0.00 2 | 0.00 2 | 0.00 2 |
Net asset value, end of year | $ 37.68 | $ 36.27 | $ 50.21 | $ 31.63 | $ 35.91 |
Total return | 15.71% | (17.18)% | 66.77% | (4.90)% | (0.05)% |
Ratios to Average Net Assets | |||||
Ratio of net investment income (loss) to average net assets | 0.44% | (0.03)% | (0.11)% | 0.47% | 0.51% |
Ratio of expenses to average net assets | 1.15% | 1.12% | 1.11% | 1.13% | 1.12% |
Supplemental Data | |||||
Net Assets, End of Year (000's) | $596,928 | $ 560,554 | $730,712 | $483,573 | $592,899 |
Portfolio Turnover Rate | 54% | 57% | 72% | 76% | 57% |
1 | Per share net investment income (loss) has been calculated using the average daily shares method. |
2 | Less than $0.005 per share. |
Meridian Funds | 58 | www.arrowmarkpartners.com/meridian/ |
Financial Highlights
For the Fiscal Year Ended June 30, | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 |
Per Share Operating Performance | |||||
Net asset value, beginning of year | $ 35.04 | $ 48.85 | $ 30.83 | $ 34.94 | $ 44.26 |
Income (loss) from investment operations: | |||||
Net investment income (loss)1 | 0.05 | (0.17) | (0.21) | 0.01 | 0.05 |
Net realized and unrealized gain (loss) | 4.96 | (7.17) | 20.17 | (1.57) | (1.60) |
Net increase (decrease) from investment operations | 5.01 | (7.34) | 19.96 | (1.56) | (1.55) |
Less distributions to shareholders: | |||||
Distributions from net investment income | 0.00 | 0.00 | (0.82) | (0.06) | (0.37) |
Distributions from net realized capital gains | (3.92) | (6.49) | (1.12) | (2.49) | (7.40) |
Total distributions to shareholders | (3.92) | (6.49) | (1.94) | (2.55) | (7.77) |
Redemption fees | 0.00 | 0.02 | 0.00 2 | 0.00 2 | 0.00 2 |
Net asset value, end of year | $ 36.13 | $ 35.04 | $ 48.85 | $ 30.83 | $ 34.94 |
Total return3 | 15.33% | (17.40)% | 66.22% | (5.22)% | (0.42)% |
Ratios to Average Net Assets | |||||
Ratio of net investment income (loss) to average net assets | 0.13% | (0.38)% | (0.51)% | 0.04% | 0.12% |
Ratio of expenses to average net assets | 1.46% | 1.46% | 1.43% | 1.48% | 1.48% |
Supplemental Data | |||||
Net Assets, End of Year (000's) | $ 2,451 | $ 2,057 | $ 3,403 | $ 1,648 | $ 4,572 |
Portfolio Turnover Rate | 54% | 57% | 72% | 76% | 57% |
1 | Per share net investment income (loss) has been calculated using the average daily shares method. |
2 | Less than $0.005 per share. |
3 | Excludes the effects of any sales charges. |
Meridian Funds | 59 | www.arrowmarkpartners.com/meridian/ |
Financial Highlights
For the Fiscal Year Ended June 30, | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 |
Per Share Operating Performance | |||||
Net asset value, beginning of year | $ 33.56 | $ 47.38 | $ 30.13 | $ 34.37 | $ 43.77 |
Income (loss) from investment operations: | |||||
Net investment loss1 | (0.20) | (0.43) | (0.53) | (0.17) | (0.18) |
Net realized and unrealized gain (loss) | 4.72 | (6.91) | 19.69 | (1.58) | (1.60) |
Net increase (decrease) from investment operations | 4.52 | (7.34) | 19.16 | (1.75) | (1.78) |
Less distributions to shareholders: | |||||
Distributions from net investment income | 0.00 | 0.00 | (0.79) | 0.00 | (0.22) |
Distributions from net realized capital gains | (3.92) | (6.49) | (1.12) | (2.49) | (7.40) |
Total distributions to shareholders | (3.92) | (6.49) | (1.91) | (2.49) | (7.62) |
Redemption fees | 0.00 2 | 0.01 | 0.00 | 0.00 | 0.00 |
Net asset value, end of year | $ 34.16 | $ 33.56 | $ 47.38 | $ 30.13 | $ 34.37 |
Total return3 | 14.50% | (18.01)% | 65.03% | (5.86)% 4 | (1.06)% 4 |
Ratios to Average Net Assets | |||||
Ratio of net investment loss to average net assets | (0.59)% | (1.06)% | (1.27)% | (0.55)% | (0.50)% |
Ratio of expenses to average net assets: | |||||
Total expenses | 2.23% | 2.19% | 2.16% | 2.17% | 2.14% |
After fees waived5 | 2.20% | 2.19% | 2.16% | 2.17% | 2.14% |
Supplemental Data | |||||
Net Assets, End of Year (000's) | $ 583 | $ 403 | $ 193 | $ 49 | $ 49 |
Portfolio Turnover Rate | 54% | 57% | 72% | 76% | 57% |
1 | Per share net investment income (loss) has been calculated using the average daily shares method. |
2 | Less than $0.005 per share. |
3 | Excludes the effects of any sales charges. |
4 | The total return is based on beginning and ending Financial Statement Net Asset Value as shown above, which may differ from the traded Net Asset Value, due to rounding. |
5 | See Note 6 to Financial Statements. |
Meridian Funds | 60 | www.arrowmarkpartners.com/meridian/ |
Financial Highlights
For the Fiscal Year Ended June 30, | |||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Per Share Operating Performance | |||||
Net asset value, beginning of year | $ 35.89 | $ 49.77 | $ 31.37 | $ 35.63 | $ 44.90 |
Income (loss) from investment operations: | |||||
Net investment income (loss)1 | 0.16 | (0.05) | (0.11) | 0.12 | 0.18 |
Net realized and unrealized gain (loss) | 5.09 | (7.34) | 20.54 | (1.61) | (1.63) |
Net increase (decrease) from investment operations | 5.25 | (7.39) | 20.43 | (1.49) | (1.45) |
Less distributions to shareholders: | |||||
Distributions from net investment income | 0.00 | 0.00 | (0.91) | (0.28) | (0.42) |
Distributions from net realized capital gains | (3.92) | (6.49) | (1.12) | (2.49) | (7.40) |
Total distributions to shareholders | (3.92) | (6.49) | (2.03) | (2.77) | (7.82) |
Redemption fees | 0.00 | 0.00 2 | 0.00 2 | 0.00 2 | 0.00 |
Net asset value, end of year | $ 37.22 | $ 35.89 | $ 49.77 | $ 31.37 | $ 35.63 |
Total return | 15.65% | (17.21)% | 66.65% | (4.96)% | (0.11)% |
Ratios to Average Net Assets | |||||
Ratio of net investment income (loss) to average net assets | 0.43% | (0.11)% | (0.28)% | 0.37% | 0.45% |
Ratio of expenses to average net assets | 1.19% | 1.18% | 1.19% | 1.19% | 1.18% |
Supplemental Data | |||||
Net Assets, End of Year (000's) | $ 16,487 | $ 11,088 | $ 5,690 | $ 1,936 | $ 3,484 |
Portfolio Turnover Rate | 54% | 57% | 72% | 76% | 57% |
1 | Per share net investment income (loss) has been calculated using the average daily shares method. |
2 | Less than $0.005 per share. |
Meridian Funds | 61 | www.arrowmarkpartners.com/meridian/ |
Financial Highlights
For the Fiscal Year Ended June 30, | |||||
Legacy Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Per Share Operating Performance | |||||
Net asset value, beginning of year | $ 12.26 | $ 17.80 | $ 15.17 | $ 18.42 | $ 18.64 |
Income (loss) from investment operations: | |||||
Net investment income (loss)1 | 0.02 | (0.04) | (0.05) | (0.02) | (0.13) |
Net realized and unrealized gain (loss) | 1.28 | (1.74) | 4.82 | 2.65 | 1.55 |
Net increase (decrease) from investment operations | 1.30 | (1.78) | 4.77 | 2.63 | 1.42 |
Less distributions to shareholders: | |||||
Distributions from net investment income | 0.00 | 0.00 | 0.00 | 0.00 | (0.09) |
Distributions from net realized capital gains | (1.05) | (3.76) | (2.14) | (5.88) | (1.55) |
Total distributions to shareholders | (1.05) | (3.76) | (2.14) | (5.88) | (1.64) |
Redemption fees | 0.00 | 0.00 | 0.00 | 0.00 2 | 0.00 |
Net asset value, end of year | $ 12.51 | $ 12.26 | $ 17.80 | $ 15.17 | $ 18.42 |
Total return | 11.52% | (13.52)% | 33.17% | 15.86% 3 | 11.20% 3 |
Ratios to Average Net Assets | |||||
Ratio of net investment income (loss) to average net assets | 0.16% | (0.29)% | (0.31)% | (0.12)% | (0.79)% |
Ratio of expenses to average net assets: | |||||
Total expenses | 1.33% | 1.20% | 1.25% | 1.28% | 1.58% |
Before fees waived and excluding recoupment of past waived fees | 1.33% | 1.20% | 1.24% | 1.28% | 1.58% |
After fees waived and excluding recoupment of past waived fees4 | 1.25% | 1.20% | 1.24% | 1.26% | 1.58% |
After fees waived and Excluding recoupment of past waived fees and interest and dividend expenses4 | 1.25% | 1.20% | 1.24% | 1.25% | 1.19% |
Supplemental Data | |||||
Net Assets, End of Year (000's) | $ 43,993 | $ 46,636 | $ 60,565 | $ 48,332 | $ 60,306 |
Portfolio Turnover Rate | 43% | 74% | 96% | 140% | 47% |
1 | Per share net investment income (loss) has been calculated using the average daily shares method. |
2 | Less than $0.005 per share. |
3 | The total return is based on beginning and ending Financial Statement Net Asset Value as shown above, which may differ from the traded Net Asset Value, due to rounding. |
4 | See Note 6 to Financial Statements. |
Meridian Funds | 62 | www.arrowmarkpartners.com/meridian/ |
Financial Highlights
For the Fiscal Year Ended June 30, | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 |
Per Share Operating Performance | |||||
Net asset value, beginning of year | $ 11.94 | $ 17.48 | $ 14.97 | $ 18.31 | $ 18.48 |
Income (loss) from investment operations: | |||||
Net investment loss1 | (0.02) | (0.10) | (0.11) | (0.08) | (0.21) |
Net realized and unrealized gain (loss) | 1.23 | (1.68) | 4.76 | 2.61 | 1.59 |
Net increase (decrease) from investment operations | 1.21 | (1.78) | 4.65 | 2.53 | 1.38 |
Less distributions to shareholders: | |||||
Distributions from net realized capital gains | (1.05) | (3.76) | (2.14) | (5.88) | (1.55) |
Total distributions to shareholders | (1.05) | (3.76) | (2.14) | (5.88) | (1.55) |
Redemption fees | 0.00 2 | 0.00 2 | 0.00 2 | 0.01 | 0.00 2 |
Net asset value, end of year | $ 12.10 | $ 11.94 | $ 17.48 | $ 14.97 | $ 18.31 |
Total return3 | 11.05% | (13.80)% | 32.78% | 15.39% 4 | 10.87% 4 |
Ratios to Average Net Assets | |||||
Ratio of net investment loss to average net assets | (0.20)% | (0.63)% | (0.66)% | (0.50)% | (1.27)% |
Ratio of expenses to average net assets: | |||||
Total expenses | 1.62% | 1.54% | 1.60% | 1.64% | 2.00% |
Before fees waived and Before fees waived and excluding recoupment of past waived fees | 1.62% | 1.53% | 1.57% | 1.64% | 2.00% |
After fees waived and excluding recoupment of past waived fees5 | 1.60% | 1.53% | 1.57% | 1.61% | 2.00% |
After fees waived and excluding recoupment of past waived fees and interest and dividend expenses5 | 1.60% | 1.53% | 1.57% | 1.60% | 1.55% |
Supplemental Data | |||||
Net Assets, End of Year (000's) | $ 1,414 | $ 1,844 | $ 2,117 | $ 1,770 | $ 3,200 |
Portfolio Turnover Rate | 43% | 74% | 96% | 140% | 47% |
1 | Per share net investment income (loss) has been calculated using the average daily shares method. |
2 | Less than $0.005 per share. |
3 | Excludes the effects of any sales charges. |
4 | The total return is based on beginning and ending Financial Statement Net Asset Value as shown above, which may differ from the traded Net Asset Value, due to rounding. |
5 | See Note 6 to Financial Statements. |
Meridian Funds | 63 | www.arrowmarkpartners.com/meridian/ |
Financial Highlights
For the Fiscal Year Ended June 30, | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 |
Per Share Operating Performance | |||||
Net asset value, beginning of year | $ 11.57 | $ 17.13 | $ 14.76 | $ 18.17 | $ 18.44 |
Income (loss) from investment operations: | |||||
Net investment loss1 | (0.07) | (0.15) | (0.17) | (0.11) | (0.27) |
Net realized and unrealized gain (loss) | 1.19 | (1.65) | 4.68 | 2.58 | 1.55 |
Net increase (decrease) from investment operations | 1.12 | (1.80) | 4.51 | 2.47 | 1.28 |
Less distributions to shareholders: | |||||
Distributions from net realized capital gains | (1.05) | (3.76) | (2.14) | (5.88) | (1.55) |
Total distributions to shareholders | (1.05) | (3.76) | (2.14) | (5.88) | (1.55) |
Redemption fees | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Net asset value, end of year | $ 11.64 | $ 11.57 | $ 17.13 | $ 14.76 | $ 18.17 |
Total return2 | 10.60% | (14.23)% | 32.27% | 15.08% | 10.31% |
Ratios to Average Net Assets | |||||
Ratio of net investment loss to average net assets | (0.60)% | (1.05)% | (1.05)% | (0.77)% | (1.60)% |
Ratio of expenses to average net assets: | |||||
Total expenses | 2.25% | 2.17% | 2.20% | 2.25% | 2.35% |
Before fees waived and Excluding recoupment of past waived fees | 2.25% | 2.17% | 2.20% | 2.25% | 2.32% |
After fees waived and excluding recoupment of past waived fees3 | 2.00% | 2.00% | 2.00% | 2.02% | 2.32% |
After fees waived and excluding recoupment of past waived fees and interest and dividend expenses3 | 2.00% | 2.00% | 2.00% | 2.00% | 1.97% |
Supplemental Data | |||||
Net Assets, End of Year (000's) | $ 24 | $ 58 | $ 10 | $ 30 | $ 2 |
Portfolio Turnover Rate | 43% | 74% | 96% | 140% | 47% |
1 | Per share net investment income (loss) has been calculated using the average daily shares method. |
2 | Excludes the effects of any sales charges. |
3 | See Note 6 to Financial Statements. |
Meridian Funds | 64 | www.arrowmarkpartners.com/meridian/ |
Financial Highlights
For the Fiscal Year Ended June 30, | |||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Per Share Operating Performance | |||||
Net asset value, beginning of year | $ 12.22 | $ 17.76 | $ 15.12 | $ 18.40 | $ 18.61 |
Income (loss) from investment operations: | |||||
Net investment income (loss)1 | 0.01 | (0.04) | (0.04) | (0.03) | (0.18) |
Net realized and unrealized gain (loss) | 1.27 | (1.74) | 4.81 | 2.62 | 1.60 |
Net increase (decrease) from investment operations | 1.28 | (1.78) | 4.77 | 2.59 | 1.42 |
Less distributions to shareholders: | |||||
Distributions from net investment income | 0.00 | 0.00 | 0.00 | 0.00 | (0.08) |
Distributions from net realized capital gains | (1.05) | (3.76) | (2.14) | (5.88) | (1.55) |
Total distributions to shareholders | (1.05) | (3.76) | (2.14) | (5.88) | (1.63) |
Redemption fees | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 2 |
Net asset value, end of year | $ 12.45 | $ 12.22 | $ 17.76 | $ 15.12 | $ 18.40 |
Total return | 11.38% | (13.55)% | 33.37% | 15.65% | 11.22% 3 |
Ratios to Average Net Assets | |||||
Ratio of net investment income (loss) to average net assets | 0.09% | (0.27)% | (0.26)% | (0.17)% | (1.05)% |
Ratio of expenses to average net assets: | |||||
Total expenses | 1.33% | 1.19% | 1.20% | 1.35% | 1.70% |
Excluding recoupment of past waived fees | 1.33% | 1.19% | 1.20% | 1.35% | 1.70% |
Excluding recoupment of past waived fees and interest and dividend expenses | 1.33% | 1.19% | 1.20% | 1.34% | 1.22% |
Supplemental Data | |||||
Net Assets, End of Year (000's) | $ 2,168 | $ 2,031 | $ 1,957 | $ 1,681 | $ 1,014 |
Portfolio Turnover Rate | 43% | 74% | 96% | 140% | 47% |
1 | Per share net investment income (loss) has been calculated using the average daily shares method. |
2 | Less than $0.005 per share. |
3 | The total return is based on beginning and ending Financial Statement Net Asset Value as shown above, which may differ from the traded Net Asset Value, due to rounding. |
Meridian Funds | 65 | www.arrowmarkpartners.com/meridian/ |
Financial Highlights
For the Fiscal Year Ended June 30, | |||||
Legacy Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Per Share Operating Performance | |||||
Net asset value, beginning of year | $ 11.82 | $ 23.30 | $ 14.71 | $ 15.74 | $ 18.03 |
Income (loss) from investment operations: | |||||
Net investment loss1 | (0.09) | (0.16) | (0.15) | (0.06) | (0.07) |
Net realized and unrealized gain (loss) | 1.81 | (5.96) | 9.13 | (0.04) | (0.44) |
Net increase (decrease) from investment operations | 1.72 | (6.12) | 8.98 | (0.10) | (0.51) |
Less distributions to shareholders: | |||||
Distributions from net realized capital gains | (1.53) | (5.36) | (0.39) | (0.93) | (1.78) |
Total distributions to shareholders | (1.53) | (5.36) | (0.39) | (0.93) | (1.78) |
Redemption fees | 0.00 2 | 0.00 | 0.00 | 0.00 2 | 0.00 2 |
Net asset value, end of year | $ 12.01 | $ 11.82 | $ 23.30 | $ 14.71 | $ 15.74 |
Total return | 16.25% | (32.39)% | 61.51% | (1.17)% | (1.49)% |
Ratios to Average Net Assets | |||||
Ratio of net investment loss to average net assets | (0.74)% 3 | (0.88)% 3 | (0.75)% 3 | (0.42)% | (0.41)% |
Ratio of expenses to average net assets: | |||||
Total expenses | 1.21% 3 | 1.15% 3 | 1.12% 3 | 1.13% | 1.12% |
After fees waived4 | 1.20% 3 | 1.15% 3 | 1.12% 3 | 1.13% | 1.12% |
Supplemental Data | |||||
Net Assets, End of Year (000's) | $ 30,447 | $ 30,519 | $ 41,481 | $ 27,080 | $ 41,637 |
Portfolio Turnover Rate | 53% | 45% | 32% | 40% | 43% |
1 | Per share net investment loss has been calculated using the average daily shares method. |
2 | Less than $0.005 per share. |
3 | 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. |
4 | See Note 6 to Financial Statements. |
Meridian Funds | 66 | www.arrowmarkpartners.com/meridian/ |
Financial Highlights
For the Fiscal Year Ended June 30, | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Per Share Operating Performance | |||||
Net asset value, beginning of year | $ 11.92 | $ 23.44 | $ 14.79 | $ 15.81 | $ 18.09 |
Income (loss) from investment operations: | |||||
Net investment loss1 | (0.08) | (0.15) | (0.14) | (0.06) | (0.07) |
Net realized and unrealized gain (loss) | 1.83 | (6.01) | 9.18 | (0.04) | (0.43) |
Net increase (decrease) from investment operations | 1.75 | (6.16) | 9.04 | (0.10) | (0.50) |
Less distributions to shareholders: | |||||
Distributions from net realized capital gains | (1.53) | (5.36) | (0.39) | (0.93) | (1.78) |
Total distributions to shareholders | (1.53) | (5.36) | (0.39) | (0.93) | (1.78) |
Redemption fees | 0.00 2 | 0.00 2 | 0.00 2 | 0.01 | 0.00 2 |
Net asset value, end of year | $ 12.14 | $ 11.92 | $ 23.44 | $ 14.79 | $ 15.81 |
Total return | 16.38% | (32.36)% | 61.59% | (1.09)% | (1.42)% |
Ratios to Average Net Assets | |||||
Ratio of net investment loss to average net assets | (0.65)% 3 | (0.82)% 3 | (0.72)% 3 | (0.40)% | (0.41)% |
Ratio of expenses to average net assets: | |||||
Total expenses | 1.15% 3 | 1.09% 3 | 1.10% 3 | 1.10% | 1.10% |
Before fees waived and excluding recoupment of past waived fees | 1.15% 3 | 1.09% 3 | 1.09% 3 | 1.10% | 1.10% |
After fees waived and excluding recoupment of past waived fees 4 | 1.10% 3 | 1.09% 3 | 1.09% 3 | 1.10% | 1.09% |
Supplemental Data | |||||
Net Assets, End of Year (000's) | $300,507 | $ 316,076 | $611,787 | $587,095 | $728,123 |
Portfolio Turnover Rate | 53% | 45% | 32% | 40% | 43% |
1 | Per share net investment loss has been calculated using the average daily shares method. |
2 | Less than $0.005 per share. |
3 | 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. |
4 | See Note 6 to Financial Statements. |
Meridian Funds | 67 | www.arrowmarkpartners.com/meridian/ |
Financial Highlights
For the Fiscal Year Ended June 30, | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 |
Per Share Operating Performance | |||||
Net asset value, beginning of year | $ 11.31 | $ 22.62 | $ 14.33 | $ 15.42 | $ 17.76 |
Income (loss) from investment operations: | |||||
Net investment loss1 | (0.12) | (0.21) | (0.20) | (0.11) | (0.12) |
Net realized and unrealized gain (loss) | 1.72 | (5.74) | 8.88 | (0.05) | (0.44) |
Net increase (decrease) from investment operations | 1.60 | (5.95) | 8.68 | (0.16) | (0.56) |
Less distributions to shareholders: | |||||
Distributions from net realized capital gains | (1.53) | (5.36) | (0.39) | (0.93) | (1.78) |
Total distributions to shareholders | (1.53) | (5.36) | (0.39) | (0.93) | (1.78) |
Redemption fees | 0.00 2 | 0.00 2 | 0.00 | 0.00 2 | 0.00 2 |
Net asset value, end of year | $ 11.38 | $ 11.31 | $ 22.62 | $ 14.33 | $ 15.42 |
Total return3 | 15.90% | (32.63)% | 61.05% | (1.59)% | (1.81)% 4 |
Ratios to Average Net Assets | |||||
Ratio of net investment loss to average net assets | (1.04)% 5 | (1.22)% 5 | (1.10)% 5 | (0.80)% | (0.74)% |
Ratio of expenses to average net assets | 1.49% 5 | 1.49% 5 | 1.48% 5 | 1.49% | 1.44% |
Supplemental Data | |||||
Net Assets, End of Year (000's) | $ 14,667 | $ 20,946 | $ 35,335 | $ 33,878 | $ 45,376 |
Portfolio Turnover Rate | 53% | 45% | 32% | 40% | 43% |
1 | Per share net investment loss has been calculated using the average daily shares method. |
2 | Less than $0.005 per share. |
3 | Excludes the effects of any sales charges. |
4 | The total return is based on beginning and ending Financial Statement Net Asset Value as shown above, which may differ from the traded Net Asset Value, due to rounding. |
5 | 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. |
Meridian Funds | 68 | www.arrowmarkpartners.com/meridian/ |
Financial Highlights
For the Fiscal Year Ended June 30, | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 |
Per Share Operating Performance | |||||
Net asset value, beginning of year | $ 10.59 | $ 21.68 | $ 13.84 | $ 15.02 | $ 17.46 |
Income (loss) from investment operations: | |||||
Net investment loss1 | (0.19) | (0.31) | (0.32) | (0.21) | (0.24) |
Net realized and unrealized gain (loss) | 1.59 | (5.42) | 8.55 | (0.04) | (0.42) |
Net increase (decrease) from investment operations | 1.40 | (5.73) | 8.23 | (0.25) | (0.66) |
Less distributions to shareholders: | |||||
Distributions from net realized capital gains | (1.53) | (5.36) | (0.39) | (0.93) | (1.78) |
Total distributions to shareholders | (1.53) | (5.36) | (0.39) | (0.93) | (1.78) |
Redemption fees | 0.00 2 | 0.00 | 0.00 | 0.00 2 | 0.00 2 |
Net asset value, end of year | $ 10.46 | $ 10.59 | $ 21.68 | $ 13.84 | $ 15.02 |
Total return3 | 15.03% | (33.10)% | 59.94% | (2.25)% | (2.45)% |
Ratios to Average Net Assets | |||||
Ratio of net investment loss to average net assets | (1.79)% 4 | (1.90)% 4 | (1.78)% 4 | (1.47)% | (1.45)% |
Ratio of expenses to average net assets | 2.22% 4 | 2.17% 4 | 2.16% 4 | 2.18% | 2.16% |
Supplemental Data | |||||
Net Assets, End of Year (000's) | $ 3,374 | $ 4,241 | $ 8,324 | $ 6,922 | $ 13,255 |
Portfolio Turnover Rate | 53% | 45% | 32% | 40% | 43% |
1 | Per share net investment loss has been calculated using the average daily shares method. |
2 | Less than $0.005 per share. |
3 | Excludes the effects of any sales charges. |
4 | 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. |
Meridian Funds | 69 | www.arrowmarkpartners.com/meridian/ |
Financial Highlights
For the Fiscal Year Ended June 30, | |||||
Investor Class | 2023 | 2022 | 2021 | 2020 | 2019 |
Per Share Operating Performance | |||||
Net asset value, beginning of year | $ 11.72 | $ 23.17 | $ 14.63 | $ 15.70 | $ 17.99 |
Income (loss) from investment operations: | |||||
Net investment loss1 | (0.09) | (0.17) | (0.15) | (0.09) | (0.09) |
Net realized and unrealized gain (loss) | 1.79 | (5.92) | 9.08 | (0.05) | (0.42) |
Net increase (decrease) from investment operations | 1.70 | (6.09) | 8.93 | (0.14) | (0.51) |
Less distributions to shareholders: | |||||
Distributions from net realized capital gains | (1.53) | (5.36) | (0.39) | (0.93) | (1.78) |
Total distributions to shareholders | (1.53) | (5.36) | (0.39) | (0.93) | (1.78) |
Redemption fees | 0.00 2 | 0.00 2 | 0.00 | 0.00 2 | 0.00 2 |
Net asset value, end of year | $ 11.89 | $ 11.72 | $ 23.17 | $ 14.63 | $ 15.70 |
Total return | 16.21% | (32.44)% | 61.51% | (1.43)% 3 | (1.50)% 3 |
Ratios to Average Net Assets | |||||
Ratio of net investment loss to average net assets | (0.79)% 4 | (0.94)% 4 | (0.80)% 4 | (0.59)% | (0.53)% |
Ratio of expenses to average net assets | 1.24% 4 | 1.22% 4 | 1.17% 4 | 1.29% | 1.22% |
Supplemental Data | |||||
Net Assets, End of Year (000's) | $437,966 | $ 442,418 | $920,317 | $666,635 | $844,975 |
Portfolio Turnover Rate | 53% | 45% | 32% | 40% | 43% |
1 | Per share net investment loss has been calculated using the average daily shares method. |
2 | Less than $0.005 per share. |
3 | The total return is based on beginning and ending Financial Statement Net Asset Value as shown above, which may differ from the traded Net Asset Value, due to rounding. |
4 | 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. |
Meridian Funds | 70 | www.arrowmarkpartners.com/meridian/ |
Notes to Financial Statements
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”) (formerly Meridian Enhanced 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. Prior to July 1, 2015, Class A Shares were known as Advisor Class Shares. As of June 30, 2023, Institutional Class Shares of the Hedged Equity Fund and Contrarian Fund are not currently being offered for sale. Effective June 15, 2017, Investor Class, Class A, and Class C Shares of the Growth Fund are closed to new investors. Effective June 29, 2018, Investor Class, Class A, and Class C Shares of the Small Cap Growth Fund are closed to new investors. 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. Investor Class, Class A and Class C Shares are subject to sub-transfer agent fees. 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. | |
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 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 FDIC 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 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 |
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Notes to Financial Statements (continued)
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 established by, 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. | |
The Funds' 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 Committee 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 the 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: As described in Note 1.c. above, the Funds utilize various methods to determine and measure the fair value of investment 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). | |
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, 2023 is as follows: | |
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Notes to Financial Statements (continued)
Level 1 | Level 2 | Level 3 | Practical Expedient1 | Total | |||||
Growth Fund | |||||||||
Common Stocks2 | $ 1,266,834,114 | — | $ 53,824 | — | $ 1,266,887,938 | ||||
Preferred Stocks2 | — | — | 37,177,544 | — | 37,177,544 | ||||
Private Investment Fund | — | — | — | $ 3,853,432 | 3,853,432 | ||||
Short-Term Investments | 135,115,691 | $ 25,910,430 | — | — | 161,026,121 | ||||
Total Investments | $ 1,401,949,805 | $ 25,910,430 | $ 37,231,368 | $ 3,853,432 | $ 1,468,945,035 | ||||
Contrarian Fund | |||||||||
Common Stocks2 | $ 563,194,347 | — | — | — | $ 563,194,347 | ||||
Warrants2 | 585 | — | — | — | 585 | ||||
Preferred Stocks2 | — | — | $ 3,431,089 | — | 3,431,089 | ||||
Rights2 | — | — | 328,635 | — | 328,635 | ||||
Short-Term Investments | 54,684,391 | $ 19,014,335 | — | — | 73,698,726 | ||||
Total Investments | $ 617,879,323 | $ 19,014,335 | $ 3,759,724 | — | $ 640,653,382 | ||||
Hedged Equity Fund | |||||||||
Assets: | |||||||||
Common Stocks2 | $ 62,756,557 | $ 1,417 | — | — | $ 62,757,974 | ||||
Short-Term Investments | 5,361,200 | 1,151 | — | — | 5,362,351 | ||||
Total Investments - Assets | $ 68,117,757 | $ 2,568 | — | — | $ 68,120,325 | ||||
Liabilities: | |||||||||
Call Options Written | $ (3,938,721) | $ (16,594,050) | — | — | $ (20,532,771) | ||||
Total Investments - Liabilities | $ (3,938,721) | $ (16,594,050) | — | — | $ (20,532,771) | ||||
Small Cap Growth Fund | |||||||||
Common Stocks | $ 684,485,229 | — | $ 1,668,194 | — | $ 686,153,423 | ||||
Warrants | 4,390 | — | 129,161 | — | 133,551 | ||||
Preferred Stocks | — | — | 36,754,738 | — | 36,754,738 | ||||
Private Investment Fund | — | — | — | $ 2,784,415 | 2,784,415 | ||||
Short-Term Investments | 62,547,259 | $ 17,511,287 | — | — | 80,058,546 | ||||
Total Investments | $ 747,036,878 | $ 17,511,287 | $ 38,552,093 | $ 2,784,415 | $ 805,884,673 |
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Notes to Financial Statements (continued)
1 | 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. |
2 | See above Schedule of Investments for values in each industry. |
Growth Fund | ||||||||||
Security Description | Investment Category | Value | Unfunded Commitments | Redemption Frequency | Redemption Notice Period | |||||
Quail Investment Holdings, LLC | Private Investment Fund1 | $ 3,853,432 | — | Subject to advisor approval | N/A | |||||
Small Cap Growth Fund | ||||||||||
Security Description | Investment Category | Value | Unfunded Commitments | Redemption Frequency | Redemption Notice Period | |||||
Quail Investment Holdings, LLC | Private Investment Fund1 | $ 2,784,415 | — | Subject to advisor approval | N/A |
1 | 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. |
Growth Fund | Common Stocks | Preferred Stocks | Total Level 3 | ||
Investments in Securities | |||||
Beginning Balance July 1, 2022 | $ — | $ 39,816,290 | $ 39,816,290 | ||
Total Purchases | — | — | — | ||
Transfers in1 | 2,999,993 | — | 2,999,993 | ||
Transfers out1 | — | (2,999,993) | (2,999,993) | ||
Change in unrealized Gain (Loss) | (2,946,169) | 361,247 | (2,584,922) | ||
Ending Balance June 30, 2023 | $ 53,824 | $ 37,177,544 | $ 37,231,368 | ||
Change in unrealized Gain (Loss) on investments still held at June 30, 2023 | $ (2,946,169) | $ (727,989) | $ (3,674,158) |
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Notes to Financial Statements (continued)
Contrarian Fund | Preferred Stocks | Rights | Total Level 3 | ||
Investments in Securities | |||||
Beginning Balance July 1, 2022 | $ 2,003,198 | $ — | $ 2,003,198 | ||
Total Purchases | 3,000,000 | — | 3,000,000 | ||
Transfers in | — | — 2 | — | ||
Transfers out | — | — | — | ||
Change in unrealized Gain (Loss) | (1,572,109) | 328,635 | (1,243,474) | ||
Ending Balance June 30, 2023 | $ 3,431,089 | $ 328,635 | $ 3,759,724 | ||
Change in unrealized Gain (Loss) on investments still held at June 30, 2023 | $ (1,572,109) | $ 328,635 | $ (1,243,474) |
Small Cap Growth Fund | Common Stocks | Preferred Stocks | Warrants | Total Level 3 | |||
Investments in Securities | |||||||
Beginning Balance July 1, 2022 | $ 512,494 | $ 41,558,128 | $ 195,424 | $ 42,266,046 | |||
Total Purchases | — | — | — | — | |||
Transfers in1 | 2,000,000 | — | — | 2,000,000 | |||
Transfers out1 | — | (2,000,000) | — | (2,000,000) | |||
Change in unrealized Gain (Loss) | (844,300) | (2,803,390) | (66,263) | (3,713,953) | |||
Ending Balance June 30, 2023 | $ 1,668,194 | $ 36,754,738 | $ 129,161 | $ 38,552,093 | |||
Change in unrealized Gain (Loss) on investments still held at June 30, 2023 | $ (844,300) | $ (3,529,547) | $ (66,263) | $ (4,440,110) |
1 | During the year ended June 30, 2023, certain Level 3 investments were transferred from preferred stock to common stock in the fair value hierarchy as a result of a corporate action. |
2 | During the year ended June 30, 2023, rights were transfered in with a value of $0 as a result of a corporate action. |
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Notes to Financial Statements (continued)
Growth Fund | ||||
Asset Class | Market Value | Valuation Technique | Unobservable Input | Value/Range (Weighted Average)1,2 |
Common Stock | $ 53,824 | Option Pricing Method | Industry Volatility, Time to Exit | 70%, 36 months |
Market Approach | Revenue Multiple | 0.30x to 0.50x | ||
Preferred Stocks | $ 8,754,915 | Option Pricing Method | Industry Volatility, Time to Exit | 45%-80%, 36 months (42.3%, 36 months) |
Fully Diluted Method | Enterprise Value Adjustment | 0% - 15% (12.56%) | ||
Preferred Stocks | $28,422,629 | Market Approach | Revenue Multiple | 4.6x - 13.3x (9.77x) |
Liquidation Preference | Price Per Share | $3.65 - $44.00 ($19.46) |
Contrarian Fund | ||||
Asset Class | Market Value | Valuation Technique | Unobservable Input | Value/Range (Weighted Average)1,2 |
Preferred Stocks | $3,431,089 | Option Pricing Method | Industry Volatility, Time to Exit | 90%, 36 months |
Market Approach | Revenue Multiple | 3.00x to 4.00x (3.50x) | ||
Rights | $ 328,635 | Market Approach | Probability Weighting of Expected Future Outcome | 26% |
Small Cap Growth Fund | ||||
Asset Class | Market Value | Valuation Technique | Unobservable Input | Value/Range (Weighted Average)1,2 |
Common Stock | $ 35,883 | Option Pricing Method | Industry Volatility, Time to Exit | 70%, 36 months |
Market Approach | Revenue Multiple | 0.30x to 0.50x | ||
Common Stock | — | Option Pricing Method | Industry Volatility, Time to Exit | 80%, 24 months |
Fully Diluted Method | Enterprise Value Adjustment | -90% | ||
Preferred Stocks | $17,946,326 | Option Pricing Method | Industry Volatility, Time to Exit | 35%-85%, 24-36 months (67.1%, 32.4 months) |
Fully Diluted Method | Enterprise Value Adjustment | -90% - 15% (-6.55%) | ||
Common Stock | $ 1,632,311 | Market Approach | Discount for Lack of Marketability | 50% - 85% (74.9%) |
Preferred Stocks | $18,808,412 | Market Approach | Revenue Multiple | 4.6x - 13.3x (8.29x) |
Liquidation Preference | Price Per Share | $3.65 - $44.00 ($19.80) | ||
Warrants | $ 129,161 | Option Pricing Method | Industry Volatility, Time to Exit | 80%, 24 months |
Fully Diluted Method | Enterprise Value Adjustment | 0% |
1 | A significant change in an unobservable input would have resulted in a correlated significant change to value. |
2 | Unobservable inputs were weighted by the fair value of the investments. |
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Notes to Financial Statements (continued)
Unobservable Input | Impact to Value if Input Increases | Impact to Value if Input Decreases | |
Industry Volatility | Decrease | Increase | |
Time to Exit | Decrease | Increase | |
Revenue Multiple | Increase | Decrease | |
Enterprise Value Adjustment | Increase | Decrease | |
Price Per Share | Increase | Decrease | |
Probability Weighting of Expected Future Outcome | Increase | Decrease | |
Discount for Lack of Marketability | 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. 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 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 the 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 the 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 the 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. The 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 |
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Notes to Financial Statements (continued)
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. However, based on experience, the Funds expect the risk of loss to be remote. |
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Notes to Financial Statements (continued)
2. | Capital Shares Transactions: Transactions in capital shares were as follows: |
Year Ended June 30, 2023 | Year Ended June 30, 2022 | ||||||
Shares | Amount | Shares | Amount | ||||
Growth Fund: | |||||||
Legacy Class | |||||||
Shares sold | 948,579 | $ 31,010,792 | 376,528 | $ 17,604,094 | |||
Shares issued from reinvestment of distributions | 3,511,434 | 104,078,921 | 3,999,593 | 188,260,840 | |||
Redemption fees | — | 7,170 | — | 7,506 | |||
Shares redeemed | (5,600,740) | (184,803,944) | (3,118,389) | (145,976,450) | |||
Net increase/(decrease) | (1,140,727) | $ (49,707,061) | 1,257,732 | $ 59,895,990 | |||
Institutional Class | |||||||
Shares sold | 2,682,334 | $ 88,569,479 | 1,411,780 | $ 67,045,357 | |||
Shares issued from reinvestment of distributions | 1,639,791 | 48,619,780 | 1,724,945 | 81,193,187 | |||
Redemption fees | — | 5,848 | — | 3,924 | |||
Shares redeemed | (2,497,122) | (83,129,297) | (2,610,282) | (127,768,533) | |||
Net increase | 1,825,003 | $ 54,065,810 | 526,443 | $ 20,473,935 | |||
Class A | |||||||
Shares sold | 14,529 | $ 452,904 | 16,732 | $ 732,217 | |||
Shares issued from reinvestment of distributions | 13,302 | 370,056 | 18,085 | 807,835 | |||
Shares redeemed | (50,864) | (1,680,513) | (19,194) | (870,049) | |||
Net increase/(decrease) | (23,033) | $ (857,553) | 15,623 | $ 670,003 | |||
Class C | |||||||
Shares sold | 689 | $ 19,900 | 1,175 | $ 51,609 | |||
Shares issued from reinvestment of distributions | 6,609 | 173,743 | 8,830 | 378,203 | |||
Shares redeemed | (22,941) | (666,700) | (18,901) | (777,428) | |||
Net decrease | (15,643) | $ (473,057) | (8,896) | $ (347,616) | |||
Investor Class | |||||||
Shares sold | 121,700 | $ 4,083,477 | 100,783 | $ 4,870,691 | |||
Shares issued from reinvestment of distributions | 129,741 | 3,780,669 | 154,977 | 7,192,465 | |||
Redemption fees | — | 14 | — | — | |||
Shares redeemed | (476,446) | (15,943,909) | (174,656) | (8,446,740) | |||
Net increase/(decrease) | (225,005) | $ (8,079,749) | 81,104 | $ 3,616,416 |
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Notes to Financial Statements (continued)
Year Ended June 30, 2023 | Year Ended June 30, 2022 | ||||||
Shares | Amount | Shares | Amount | ||||
Contrarian Fund: | |||||||
Legacy Class | |||||||
Shares sold | 56,778 | $ 2,094,519 | 62,549 | $ 2,791,832 | |||
Shares issued from reinvestment of distributions | 1,646,536 | 56,723,162 | 2,008,272 | 88,986,567 | |||
Redemption fees | — | 326 | — | — | |||
Shares redeemed | (1,313,689) | (48,157,781) | (1,171,501) | (52,934,540) | |||
Net increase | 389,625 | $ 10,660,226 | 899,320 | $ 38,843,859 | |||
Class A | |||||||
Shares sold | 15,550 | $ 560,441 | 14,694 | $ 672,955 | |||
Shares issued from reinvestment of distributions | 5,074 | 167,898 | 4,643 | 199,023 | |||
Redemption fees | — | — | — | 1,095 | |||
Shares redeemed | (11,483) | (403,381) | (30,283) | (1,392,479) | |||
Net increase/(decrease) | 9,141 | $ 324,958 | (10,946) | $ (519,406) | |||
Class C | |||||||
Shares sold | 4,621 | $ 152,191 | 9,296 | $ 387,157 | |||
Shares issued from reinvestment of distributions | 1,528 | 47,999 | 1,216 | 50,087 | |||
Redemption fees | — | 32 | — | 116 | |||
Shares redeemed | (1,089) | (35,854) | (2,573) | (100,710) | |||
Net increase | 5,060 | $ 164,368 | 7,939 | $ 336,650 | |||
Investor Class | |||||||
Shares sold | 184,511 | $ 6,938,079 | 421,484 | $ 18,744,946 | |||
Shares issued from reinvestment of distributions | 42,448 | 1,444,928 | 26,887 | 1,178,997 | |||
Redemption fees | — | — | — | 2 | |||
Shares redeemed | (92,897) | (3,378,849) | (253,768) | (10,748,146) | |||
Net increase | 134,062 | $ 5,004,158 | 194,603 | $ 9,175,799 |
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Notes to Financial Statements (continued)
Year Ended June 30, 2023 | Year Ended June 30, 2022 | ||||||
Shares | Amount | Shares | Amount | ||||
Hedged Equity Fund: | |||||||
Legacy Class | |||||||
Shares sold | 19,970 | $ 242,436 | 76,893 | $ 1,076,328 | |||
Shares issued from reinvestment of distributions | 323,009 | 3,646,775 | 784,030 | 11,540,921 | |||
Shares redeemed | (628,271) | (7,615,055) | (459,820) | (7,173,300) | |||
Net increase/(decrease) | (285,292) | $(3,725,844) | 401,103 | $ 5,443,949 | |||
Class A | |||||||
Shares sold | 4,084 | $ 51,145 | 32,512 | $ 482,565 | |||
Shares issued from reinvestment of distributions | 10,331 | 113,129 | 32,033 | 459,994 | |||
Redemption fees | — | 9 | — | 6 | |||
Shares redeemed | (52,019) | (625,111) | (31,205) | (433,907) | |||
Net increase/(decrease) | (37,604) | $ (460,828) | 33,340 | $ 508,658 | |||
Class C | |||||||
Shares sold | — | $ — | 3,905 | $ 60,000 | |||
Shares issued from reinvestment of distributions | 435 | 4,589 | 512 | 7,131 | |||
Shares redeemed | (3,397) | (38,617) | — | — | |||
Net increase/(decrease) | (2,962) | $ (34,028) | 4,417 | $ 67,131 | |||
Investor Class | |||||||
Shares sold | 15,729 | $ 192,561 | 42,212 | $ 602,177 | |||
Shares issued from reinvestment of distributions | 15,271 | 171,793 | 28,161 | 413,128 | |||
Shares redeemed | (23,078) | (275,499) | (14,383) | (226,307) | |||
Net increase | 7,922 | $ 88,855 | 55,990 | $ 788,998 |
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Notes to Financial Statements (continued)
Year Ended June 30, 2023 | Year Ended June 30, 2022 | ||||||
Shares | Amount | Shares | Amount | ||||
Small Cap Growth Fund: | |||||||
Legacy Class | |||||||
Shares sold | 821,915 | $ 9,691,077 | 1,409,663 | $ 20,770,888 | |||
Shares issued from reinvestment of distributions | 269,478 | 2,859,160 | 617,979 | 9,943,280 | |||
Redemption fees | — | 2,115 | — | — | |||
Shares redeemed | (1,137,744) | (13,701,128) | (1,225,338) | (18,139,957) | |||
Net increase/(decrease) | (46,351) | $ (1,148,776) | 802,304 | $ 12,574,211 | |||
Institutional Class | |||||||
Shares sold | 4,633,609 | $ 55,149,174 | 4,912,859 | $ 85,327,364 | |||
Shares issued from reinvestment of distributions | 2,864,006 | 30,702,146 | 6,471,753 | 104,971,834 | |||
Redemption fees | — | 7,221 | — | 7,991 | |||
Shares redeemed | (9,254,065) | (112,331,265) | (10,967,666) | (217,700,221) | |||
Net increase/(decrease) | (1,756,450) | $ (26,472,724) | 416,946 | $ (27,393,032) | |||
Class A | |||||||
Shares sold | 193,112 | $ 2,260,415 | 619,539 | $ 9,981,434 | |||
Shares issued from reinvestment of distributions | 222,757 | 2,243,163 | 449,971 | 6,938,550 | |||
Redemption fees | — | 62 | — | 349 | |||
Shares redeemed | (979,027) | (11,252,049) | (779,912) | (12,135,572) | |||
Net increase/(decrease) | (563,158) | $ (6,748,409) | 289,598 | $ 4,784,761 | |||
Class C | |||||||
Shares sold | 4,011 | $ 44,359 | 10,876 | $ 191,618 | |||
Shares issued from reinvestment of distributions | 53,788 | 499,685 | 127,851 | 1,852,562 | |||
Redemption fees | — | 3 | — | — | |||
Shares redeemed | (135,657) | (1,419,305) | (122,350) | (1,896,982) | |||
Net increase/(decrease) | (77,858) | $ (875,258) | 16,377 | $ 147,198 | |||
Investor Class | |||||||
Shares sold | 7,936,909 | $ 92,619,119 | 10,511,544 | $ 158,875,532 | |||
Shares issued from reinvestment of distributions | 3,868,445 | 40,657,361 | 8,942,683 | 142,725,214 | |||
Redemption fees | — | 2,566 | — | 5,445 | |||
Shares redeemed | (12,709,178) | (150,281,066) | (21,426,502) | (393,835,285) | |||
Net decrease | (903,824) | $ (17,002,020) | (1,972,275) | $ (92,229,094) |
Meridian Funds | 82 | www.arrowmarkpartners.com/meridian/ |
Notes to Financial Statements (continued)
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, 2023, were as follows: |
Purchases | Proceeds from Sales | ||
Growth Fund | $618,783,091 | $909,006,256 | |
Contrarian Fund | $297,756,497 | $332,213,233 | |
Hedged Equity Fund | $ 32,114,353 | $ 48,113,182 | |
Small Cap Growth Fund | $384,570,497 | $539,322,840 | |
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 Board. 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, 2023 for Growth, Contrarian, Hedged Equity 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 therefrom. 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 | 0.00% - 5.52% | 8/29/23 - 5/15/52 | $13,928,592 | |||
Contrarian Fund | U.S. Government Obligations | 0.13% - 5.52% | 9/15/23 - 2/15/52 | 20,595,429 | |||
Hedged Equity Fund | U.S. Government Obligations | 0.13% - 5.52% | 11/15/23 - 8/15/51 | 471,225 | |||
Small Cap Growth Fund | U.S. Government Obligations | 0.00% - 5.52% | 7/20/23 - 11/15/52 | 15,556,789 |
Meridian Funds | 83 | www.arrowmarkpartners.com/meridian/ |
Notes to Financial Statements (continued)
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, 2023, the market value of repurchase agreements or joint repurchase agreements outstanding for the Growth Fund, Contrarian Fund, Hedged Equity Fund, and the Small Cap Growth Fund were $25,910,430, $19,014,335, $1,151 and $17,511,287, respectively. | |
e. | Master Netting Arrangements: The Funds may enter into master netting agreements with their counterparties for the repurchase agreements, which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting agreements in the Statements of Assets and Liabilities. |
Meridian Funds | 84 | www.arrowmarkpartners.com/meridian/ |
Notes to Financial Statements (continued)
The following table is a summary of the Funds’ open repurchase agreements that are subject to a master netting arrangement as of June 30, 2023: |
Gross Amounts Presented in Statements of Assets and Liabilities (Value of Securities on Loan) | Collateral Received | Net Amount | |||
Growth Fund | |||||
Repurchase agreement | $25,910,430 | $(25,910,430) 1 | $— | ||
Contrarian Fund | |||||
Repurchase agreement | $19,014,335 | $(19,014,335) 1 | $— | ||
Hedged Equity Fund | |||||
Repurchase agreement | $ 1,151 | $ (1,151)1 | $— | ||
Small Cap Growth Fund | |||||
Repurchase agreement | $17,511,287 | $(17,511,287) 1 | $— |
1 | The amount of collateral presented is limited such that the net amount cannot be less than zero. Collateral received in excess of the market value of repurchase agreements is not presented in this table. |
f. | 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. |
Contrarian Fund | |
Options: | |
Average value of option contracts purchased | $361,146 1 |
1 | Actual amounts for the period are shown due to limited outstanding derivative financial instruments as of each quarter end. |
Meridian Funds | 85 | www.arrowmarkpartners.com/meridian/ |
Notes to Financial Statements (continued)
Hedged Equity Fund | |
Options: | |
Average value of option contracts written | $17,549,945 |
g. | 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. |
h. | 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. |
i. | 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. The 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 | 86 | www.arrowmarkpartners.com/meridian/ |
Notes to Financial Statements (continued)
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: | Contrarian Fund: | |||||
Average Daily Net Assets | Investment Management Fee | Average Daily Net Assets | Investment Management Fee | |||
Up to $50,000,000 | 1.00% | Up to $750,000,000 | 1.00% | |||
Greater than $50,000,000 | 0.75% | $750,000,000 to $800,000,000 | 0.75% | |||
$800,000,000 to $850,000,000 | 0.70% | |||||
$850,000,000 to $900,000,000 | 0.65% |
Meridian Funds | 87 | www.arrowmarkpartners.com/meridian/ |
Notes to Financial Statements (continued)
Growth Fund: | Contrarian Fund: | |||||
Average Daily Net Assets | Investment Management Fee | Average Daily Net Assets | Investment Management Fee | |||
$900,000,000 to $950,000,000 | 0.60% | |||||
$950,000,000 to $1,000,000,000 | 0.55% | |||||
Greater than $1,000,000,000 | 0.50% |
Hedged Equity Fund: | Small Cap Growth Fund: | |||||
Average Daily Net Assets | Investment Management Fee | Average Daily Net Assets | Investment Management Fee | |||
Up to $10,000,000 | 1.00% | Greater than $0 | 1.00% | |||
$10,000,001 to $30,000,000 | 0.90% | |||||
$30,000,001 to $50,000,000 | 0.80% | |||||
Greater than $50,000,000 | 0.70% |
Expense Limitation | Total Waivers and Reimbursements for the year ended June 30, 2023 | ||
Growth Fund | |||
Institutional Class | 0.90% | $ — | |
Class A | 1.55% | $ — | |
Class C | 2.25% | $ — | |
Investor Class | 1.30% | $ — | |
Contrarian Fund | |||
Class A | 1.60% | $ — | |
Class C | 2.20% | $ 135 | |
Investor Class | 1.35% | $ — | |
Hedged Equity Fund | |||
Legacy Class | 1.25% | $ 34,874 | |
Class A | 1.60% | $ 258 | |
Class C | 2.00% | $ 136 | |
Investor Class | 1.35% | $ — |
Meridian Funds | 88 | www.arrowmarkpartners.com/meridian/ |
Notes to Financial Statements (continued)
Expense Limitation | Total Waivers and Reimbursements for the year ended June 30, 2023 | ||
Small Cap Growth Fund | |||
Legacy Class | 1.20% | $ 2,175 | |
Institutional Class | 1.10% | $150,864 | |
Class A | 1.60% | $ — | |
Class C | 2.25% | $ — | |
Investor Class | 1.35% | $ — | |
Expiration June 30, | |||||
2024 | 2025 | 2026 | |||
Growth Fund | $ — | $ — | $ — | ||
Contrarian Fund | — | — | 135 | ||
Hedged Equity Fund | 48 | 75 | 35,268 | ||
Small Cap Growth Fund | — | — | 153,039 | ||
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 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. |
Meridian Funds | 89 | www.arrowmarkpartners.com/meridian/ |
Notes to Financial Statements (continued)
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, 2023, is as follows: |
2023 Taxable Distributions | |||||
Ordinary Income | Net Long-Term Capital Gain | Total Distributions | |||
Growth Fund | $40,769,496 | $120,355,665 | $161,125,161 | ||
Contrarian Fund | — | 60,410,619 | 60,410,619 | ||
Hedged Equity Fund | 1,580,326 | 2,571,455 | 4,151,781 | ||
Small Cap Growth Fund | — | 89,101,225 | 89,101,225 |
2022 Taxable Distributions | |||||
Ordinary Income | Net Long-Term Capital Gain | Total Distributions | |||
Growth Fund | $91,415,999 | $193,737,331 | $285,153,330 | ||
Contrarian Fund | — | 93,408,608 | 93,408,608 | ||
Hedged Equity Fund | 5,302,570 | 7,858,454 | 13,161,024 | ||
Small Cap Growth Fund | 63,297,228 | 232,534,484 | 295,831,712 |
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, 2023, the Funds did not incur any interest or penalties. |
For the year ended June 30, 2023, 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 and return of capital distributions: |
Increase/(Decrease) Paid-in Capital | Increase/(Decrease) Accumulated Earnings | ||
Growth Fund | $ (3,241,366) | $ 3,241,366 | |
Contrarian Fund | — | — | |
Hedged Equity Fund | — | — | |
Small Cap Growth Fund | (10,268,745) | 10,268,745 | |
Meridian Funds | 90 | www.arrowmarkpartners.com/meridian/ |
Notes to Financial Statements (continued)
Aggregrate Cost | Aggregrate Gross Unrealized Appreciation | Aggregrate Gross Unrealized Depreciation | Net Unrealized Appreciation | ||||
Growth Fund | $1,189,944,777 | $347,994,719 | $(68,994,349) | $279,000,370 | |||
Contrarian Fund | 522,131,761 | 144,097,872 | (25,576,251) | 118,521,621 | |||
Hedged Equity Fund | 62,107,936 | 19,338,117 | (13,325,728) | 6,012,389 | |||
Small Cap Growth Fund | 711,961,890 | 175,223,458 | (81,300,675) | 93,922,783 |
Components of Accumulated Earnings (Losses) on a Tax Basis | |||||||
Growth Fund | Contrarian Fund | Hedged Equity Fund | Small Cap Growth Fund | ||||
Undistributed ordinary income | $ — | $ 2,596,818 | $ 73,333 | $ — | |||
Capital loss carry forward | (125,082,313) | — | — | (83,582,331) | |||
Undistributed long-term capital gains | — | 28,637,135 | 214,797 | — | |||
Unrealized appreciation/(depreciation) | 279,000,370 | 118,521,621 | 2,296,763 | 93,922,783 | |||
Qualified late year deferred losses | (1,229,638) | — | — | (2,198,568) | |||
Total Accumulated Earnings/(Losses) | $ 152,688,419 | $149,755,574 | $2,584,893 | $ 8,141,884 |
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 | 91 | www.arrowmarkpartners.com/meridian/ |
Board of Directors of Meridian Fund, Inc.
Meridian Funds | 92 | www.arrowmarkpartners.com/meridian/ |
Meridian Funds | 93 | www.arrowmarkpartners.com/meridian/ |
Information About the Directors and Officers (Unaudited)
Interested Directors* | Positions(s) Held with Fund: | Length of Service (Beginning Date) | Principal Occupation(s) During Past 5 Years | Number of Portfolios Overseen | Other Directorships |
Michael Stolper * (77) | Director | Indefinite term since May 3, 1985 | President, Stolper & Company, Inc. (an investment adviser), September 1975 to December 2017; Trustee, Ewing Marion Kauffman Foundation, March 2010 to March 2019. | 4 | ArrowMark Financial Corp.; Windowpane Funds (one portfolio) |
* Mr. Stolper is treated as an “interested” person of the Funds, as such term is defined in the 1940 Act, because, as a result of his prior ownership interest in Aster Investment Management, Inc. (the “Previous Investment Adviser”, the previous investment adviser to the Meridian Hedged Equity Fund, Meridian Growth Fund, and Meridian Contrarian Fund). |
Non-Interested Directors | Position(s) Held with Fund: | Length of Service (Beginning Date) | Princiapl Occupation(s) During Past 5 Years | Number of Portfolios Overseen | Other Directorships |
Guy M. Arnold (55) | Director | Indefinite term since May 12, 2015 | President of Hunt Development Group from July 2015 to present; Owner/Manager of GMA Holdings, LLC from January 2013 to July 2015. | 4 | The Children’s Hospital of Colorado Finance Committee |
John S. Emrich, CFA (54) | Director | Indefinite term since October 6, 2010 | Private Investor, January 2011 to present. | 4 | ArrowMark Financial Corp.; Destra Funds (4 Funds) |
Michael S. Erickson (71) | Director | Indefinite term since May 3, 1985 | Private Investor, August 2007 to present; Treasurer and Vice President, Erickson Holding Corp., 2003 to present; Treasurer, Vice President, and Manager, McGee Island LLC, 2015 to present. | 4 | Destra Funds (4 Funds); McGee Island, LLC |
James Bernard Glavin (88) | Director and Chairman of the Board | Indefinite term since May 3, 1985 | Retired; previously Chairman of the Board, Orchestra Therapeutics, Inc. | 4 | None |
Edward F. Keely, CFA (56) | Director | Indefinite term since February 13, 2015 | Independent Advisor to Borgen Investment Group, January 2021 to present. Formerly Chief Investment Officer/Portfolio Manager at Borgen Investment Group, 2008 to February 2021. | 4 | None |
Officers | Position(s) Held with Fund: | Length of Service | Principal Occupation(s) During Past 5 Years |
David Corkins (56) | President (Principal Executive Officer) | Indefinite; Since September 5, 2013 | Co-Founder, Principal and Portfolio Manager, ArrowMark Colorado Holdings, LLC |
Nick McMordie (39) | Secretary and Chief Compliance Officer | Indefinite; Since February 17, 2023 | Investment Officer - Compliance, ArrowMark Colorado Holdings, LLC |
Katie Jones (38) | Chief Financial Officer (Principal Financial Officer) and Treasurer | Indefinite; Since August 12, 2014 | Director, ArrowMark Colorado Holdings, LLC; formerly, Assistant Treasurer, Meridian Fund, Inc. |
Kelsey Auble (33) | Assistant Treasurer | Indefinite; Since November 12, 2019 | Controller, ArrowMark Colorado Holdings, LLC |
Meridian Funds | 94 | www.arrowmarkpartners.com/meridian/ |
2023 TAX NOTICE TO SHAREHOLDERS (Unaudited)
Growth Fund | 14.82% |
Contrarian Fund | 0% |
Hedged Equity Fund | 12.88% |
Small Cap Growth Fund | 0% |
Growth Fund | 17.56% |
Contrarian Fund | 0% |
Hedged Equity Fund | 13.80% |
Small Cap Growth Fund | 0% |
Growth Fund | 0% |
Contrarian Fund | 0% |
Hedged Equity Fund | 20.47% |
Small Cap Growth Fund | 0% |
Growth Fund | 100% |
Contrarian Fund | 0% |
Hedged Equity Fund | 100% |
Small Cap Growth Fund | 0% |
Meridian Funds | 95 | www.arrowmarkpartners.com/meridian/ |
2023 TAX NOTICE TO SHAREHOLDERS (Unaudited) (continued)
Growth Fund | 0% |
Contrarian Fund | 0% |
Hedged Equity Fund | 0% |
Small Cap Growth Fund | 0% |
Meridian Funds | 96 | www.arrowmarkpartners.com/meridian/ |
Glossary of Terms Used in this Report (Unaudited)
Meridian Funds | 97 | www.arrowmarkpartners.com/meridian/ |
• | Applications or other forms |
• | Transactions with us, our affiliates, or others |
P.O. Box 534452
1-800-446-6662
• | By electronic request at the following E-mail address: publicinfo@sec.gov |
• | Free from the Commission’s Website at http://www.sec.gov. |
Other Information (Unaudited)
(800) 446-6662
(303) 398-2929
(877) 796-3434
ArrowMark Colorado Holdings, LLC
100 Fillmore Street, Suite 325
Denver, CO 80206
ALPS Distributors, Inc.
1290 Broadway, Suite 1000
Denver, CO 80203
BNY Mellon Investment Servicing (US) Inc.
103 Bellevue Parkway
Wilmington, DE 19809
The Bank of New York Mellon
One Wall Street
New York, NY 10286
Davis Graham & Stubbs LLP
1550 17th Street, Suite 500
Denver, CO 80202
Cohen & Company, Ltd.
1350 Euclid Ave., Suite 800
Cleveland, OH 44115
James Bernard Glavin, Chairman
Guy M. Arnold
John S. Emrich
Michael S. Erickson
Edward F. Keely
Michael Stolper*
David Corkins, President
Katie Jones, Chief Financial Officer and Treasurer
Nick McMordie, Vice President, Secretary and Chief
Compliance Officer
(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. |
(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 description. |
(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 paragraph (b) of this item’s instructions. |
(f) | A copy of the registrant’s code of ethics is filed as Exhibit 12(a)(1) to this report. |
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.
• | Registrant may incorporate the following information by reference, if this information has been disclosed in the registrant’s definitive proxy statement or definitive information statement. The proxy statement or information statement must be filed no later than 120 days after the end of the fiscal year covered by the Annual Report. |
Audit Fees
(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 $134,900 in 2023 and $142,250 in 2022. |
Audit-Related Fees
(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 2023 and $0 in 2022. |
Tax Fees
(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 2023 and $21,000 in 2022. The fiscal year tax fees were for review of each fund’s federal and excise tax returns and year-end distributions. |
All Other Fees
(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 2023 and $0 in 2022. |
(e)(1) | Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
PRE-APPROVAL OF AUDIT AND PERMITTED NON-AUDIT SERVICES PROVIDED TO THE COMPANY
1. | Pre-Approval Requirements. The Committee shall pre-approve all auditing services and permissible non-audit services (e.g., tax services) to be provided to the Company by the Auditor, including the fees therefore. The Committee may delegate to one or more of its members the authority to grant pre-approvals. In connection with such delegation, the Committee shall establish pre-approval policies and procedures, including the requirement that the decisions of any member to whom authority is delegated under this section shall be presented to the full Committee at each of its scheduled meetings. |
2. | De Minimis Exception to Pre-Approval: Pre-approval for a permitted non-audit service shall not be required if: |
a. | the aggregate amount of all such non-audit services is not more than 5% of the total revenues paid by the Company to the Auditor in the fiscal year in which the non-audit services are provided; |
b. | such services were not recognized by the Company at the time of the engagement to be non-audit services; and |
c. | such services are promptly brought to the attention of the Committee and approved prior to the completion of the audit by the Committee or by one or more members of the Committee to whom authority to grant such approvals has been delegated by the Committee. |
Additionally, the Committee shall pre-approve the Auditor’s engagements for non-audit services with the Adviser and any affiliate of the Adviser that provides ongoing services to the Company in accordance with the foregoing, if the engagement relates directly to the operations and financial reporting of the Company, unless the aggregate amount of all services provided constitutes no more than 5% of the total amount of revenues paid to the Auditor by the Company, the Adviser and any affiliate of the Adviser that provides ongoing services to the Company during the fiscal year in which the services are provided that would have to be pre-approved by the Committee pursuant to this paragraph (without regard to this exception).
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 2023 and $21,000 in 2022. 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 2023 and $0 in 2022. |
(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 as part of the report to shareholders filed under Item 1 of this form. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. 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 11. 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
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) | Meridian Fund, Inc.® |
By (Signature and Title)* | /s/ David J. Corkins | |
David J. Corkins | ||
Principal Executive Officer and President |
Date | September 5, 2023 |
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)* | /s/ David J. Corkins | |
David J. Corkins | ||
Principal Executive Officer and President |
Date | September 5, 2023 |
By (Signature and Title)* | /s/ Katie Jones | |
Katie Jones | ||
Principal Financial Officer and Treasurer |
Date | September 5, 2023 |
* Print the name and title of each signing officer under his or her signature.