Meridian Enhanced Equity Fund
Schedule of Investments
Schedule of Investments
March 31, 2020 (Unaudited)
Shares | Value | |
Common Stocks - 113.5% | ||
Communication Services - 26.3% | ||
Diversified Telecommunication Services - 3.0% | ||
GCI Liberty, Inc. Class A1,2 | 24,297 | $1,384,200 |
Entertainment - 5.8% | ||
Activision Blizzard, Inc.3 | 16,973 | 1,009,554 |
Walt Disney Co. (The) | 10,927 | 1,055,548 |
World Wrestling Entertainment, Inc. Class A3 | 20,000 | 678,600 |
2,743,702 | ||
Interactive Media & Services - 12.6% | ||
IAC/InterActiveCorp1 | 2,500 | 448,075 |
Pinterest, Inc. Class A1,3 | 200,000 | 3,088,000 |
Snap, Inc. Class A1,3 | 200,000 | 2,378,000 |
5,914,075 | ||
Media - 4.9% | ||
Altice U.S.A., Inc. Class A1 | 29,670 | 661,344 |
Boston Omaha Corp. Class A1,2 | 21,306 | 385,852 |
Liberty Global Plc Class A (United Kingdom)1,3 | 60,000 | 990,600 |
Liberty Media Corp-Liberty SiriusXM Class A1 | 8,500 | 269,365 |
2,307,161 | ||
Total Communication Services | 12,349,138 | |
Consumer Discretionary - 20.5% | ||
Hotels, Restaurants & Leisure - 1.2% | ||
Planet Fitness, Inc. Class A1 | 12,000 | 584,400 |
Internet & Direct Marketing Retail - 9.8% | ||
Amazon.com, Inc.1,3 | 811 | 1,581,223 |
Chewy, Inc. Class A1,3 | 80,000 | 2,999,200 |
4,580,423 | ||
Leisure Products - 0.8% | ||
Clarus Corp. | 38,967 | 381,877 |
Specialty Retail - 1.8% | ||
Home Depot, Inc. (The) | 4,467 | 834,033 |
Textiles, Apparel & Luxury Goods - 6.9% | ||
Hanesbrands, Inc.3 | 150,000 | 1,180,500 |
NIKE, Inc. Class B | 10,290 | 851,395 |
Skechers U.S.A., Inc. Class A1,3 | 50,000 | 1,187,000 |
3,218,895 | ||
Total Consumer Discretionary | 9,599,628 | |
Consumer Staples - 6.0% | ||
Food & Staples Retailing - 2.1% | ||
Costco Wholesale Corp. | 3,538 | 1,008,790 |
Food Products - 2.4% | ||
TreeHouse Foods, Inc.1,2 | 25,000 | 1,103,750 |
Shares | Value | |
Household Products - 0.7% | ||
Energizer Holdings, Inc.3 | 10,800 | $326,700 |
Tobacco - 0.8% | ||
Altria Group, Inc. | 10,000 | 386,700 |
Total Consumer Staples | 2,825,940 | |
Energy - 1.2% | ||
Oil, Gas & Consumable Fuels - 1.2% | ||
Cheniere Energy, Inc.1,2 | 5,071 | 169,879 |
Marathon Petroleum Corp. | 16,000 | 377,920 |
Total Energy | 547,799 | |
Financials - 13.9% | ||
Banks - 11.8% | ||
Bank OZK3 | 40,000 | 668,000 |
Citigroup, Inc.3 | 34,800 | 1,465,776 |
Citizens Financial Group, Inc.3 | 1,000 | 18,810 |
U.S. Bancorp | 22,303 | 768,339 |
Wells Fargo & Co.3 | 54,300 | 1,558,410 |
Zions Bancorp NA3 | 40,000 | 1,070,400 |
5,549,735 | ||
Capital Markets - 2.1% | ||
Intercontinental Exchange, Inc. | 11,815 | 954,061 |
Total Financials | 6,503,796 | |
Health Care - 3.5% | ||
Biotechnology - 3.0% | ||
Alnylam Pharmaceuticals, Inc.1,2 | 2,749 | 299,229 |
Exact Sciences Corp.1,2,3 | 15,146 | 878,468 |
Heron Therapeutics, Inc.1,2 | 18,813 | 220,864 |
1,398,561 | ||
Health Care Technology - 0.5% | ||
Teladoc Health, Inc.1,2 | 1,559 | 241,661 |
Total Health Care | 1,640,222 | |
Industrials - 1.6% | ||
Professional Services - 1.6% | ||
IHS Markit Ltd. (United Kingdom) | 12,648 | 758,880 |
Total Industrials | 758,880 | |
Information Technology - 28.7% | ||
IT Services - 6.6% | ||
PayPal Holdings, Inc.1 | 10,252 | 981,526 |
Shopify, Inc. Class A (Canada)1 | 1,500 | 625,395 |
Visa, Inc. Class A2 | 9,342 | 1,505,183 |
3,112,104 | ||
Semiconductors & Semiconductor Equipment - 5.3% | ||
NVIDIA Corp. | 6,654 | 1,753,994 |
ON Semiconductor Corp.1,3 | 60,000 | 746,400 |
2,500,394 |
Meridian Funds | 1 | www.meridianfund.com |
Meridian Enhanced Equity Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
March 31, 2020 (Unaudited)
Shares | Value | |
Software - 13.3% | ||
Cerence, Inc.1,2 | 26,584 | $409,394 |
LogMeIn, Inc.3 | 26,200 | 2,181,936 |
Microsoft Corp. | 9,702 | 1,530,102 |
New Relic, Inc.1 | 15,000 | 693,600 |
salesforce.com, Inc.1 | 7,564 | 1,089,065 |
Workday, Inc. Class A1 | 2,500 | 325,550 |
6,229,647 | ||
Technology Hardware, Storage & Peripherals - 3.5% | ||
Apple, Inc. | 6,416 | 1,631,525 |
Total Information Technology | 13,473,670 | |
Materials - 3.4% | ||
Chemicals - 3.4% | ||
Huntsman Corp.3 | 110,000 | 1,587,300 |
Total Materials | 1,587,300 | |
Real Estate - 5.6% | ||
Equity Real Estate Investment Trusts (REITS) - 5.6% | ||
American Tower Corp. | 3,099 | 674,807 |
Equinix, Inc. | 2,616 | 1,633,875 |
Seritage Growth Properties Class A2 | 13,036 | 118,758 |
Weyerhaeuser Co.3 | 12,000 | 203,400 |
Total Real Estate | 2,630,840 | |
Utilities - 2.8% | ||
Independent Power & Renewable Electricity Producers - 2.8% | ||
Vistra Energy Corp. | 83,699 | 1,335,836 |
Total Utilities | 1,335,836 | |
Total Common Stocks - 113.5% (Cost $55,124,183) | 53,253,049 |
Shares/ Principal Amount | ||
Short-Term Investments - 1.8% | ||
Money Market Funds - 1.4% | ||
General Government Securities, Class B, 0.01%4 (Cost $675,784) | 675,784 | 675,784 |
Shares/ Principal Amount | Value | |
Repurchase Agreements - 0.4%5 | ||
HSBC Securities, Inc., dated 3/31/20, due 4/1/20, 0.00% total to be received $1,246 (collateralized by various U.S. Treasury Obligations, 0.00% - 3.00%, 5/15/44 - 8/15/48, totaling $1,271) | $1,246 | $1,246 |
Royal Bank of Canada, dated 3/31/20, due 4/1/20, 0.01% total to be received $175,914 (collateralized by various U.S. Government Sponsored Agency, 2.50% - 5.00%, 8/1/23 - 6/1/51, totaling $179,432) | 175,914 | 175,914 |
Total Repurchase Agreements | 177,160 | |
Total Short-Term Investments - 1.8% (Cost $852,944) | 852,944 | |
Total Investments -115.3% (Cost $55,977,127) | 54,105,993 | |
Liabilities in Excess of Other Assets - (15.3)% | (7,180,022) | |
Net Assets - 100.0% | $46,925,971 |
Value | ||
Call Options Written - (15.1)% | ||
Total Call Options Written - (15.1)% (Premium received $(9,920,861)) | $(7,078,042) |
Meridian Funds | 2 | www.meridianfund.com |
Meridian Enhanced Equity Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
March 31, 2020 (Unaudited)
Plc—Public Limited Company |
1 | Non-income producing securities. |
2 | All or portion of this security is on loan at March 31, 2020. Total value of such securities at period-end amounts to $4,880,002 and represents 10.40% of net assets. |
3 | Securities, or a portion thereof, were pledged as collateral for written options by the fund. |
4 | Security is held at broker. |
5 | Collateral received from brokers for securities lending was invested in short-term investments. |
Meridian Funds | 3 | www.meridianfund.com |
Meridian Enhanced Equity Fund
Schedule of Investments
Schedule of Investments
March 31, 2020 (Unaudited)
Exchange-Traded Options Written | ||||||||||||
Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount | Premium Received | Value | ||||||
Call | ||||||||||||
Citizens Financial Group, Inc. | 30.00 | 4/17/20 | 10 | $18,810 | $(5,292) | $(50) | ||||||
Energizer Holdings, Inc. | 40.00 | 4/17/20 | 108 | 326,700 | (121,413) | (15,120) | ||||||
Pinterest, Inc. Class A | 13.00 | 5/15/20 | 1,200 | 1,852,800 | (971,039) | (402,000) | ||||||
Activision Blizzard, Inc. | 42.50 | 6/19/20 | 99 | 588,852 | (132,794) | (165,825) | ||||||
Citigroup, Inc. | 52.50 | 6/19/20 | 248 | 1,044,576 | (336,446) | (28,520) | ||||||
Chewy, Inc. Class A | 20.00 | 7/17/20 | 800 | 2,999,200 | (687,358) | (1,552,000) | ||||||
Hanesbrands, Inc. | 9.00 | 7/17/20 | 500 | 393,500 | (177,698) | (42,500) | ||||||
Snap, Inc. Class A | 10.00 | 7/17/20 | 2,000 | 2,378,000 | (938,412) | (590,000) | ||||||
World Wrestling Entertainment, Inc. Class A | 35.00 | 7/17/20 | 200 | 678,600 | (262,840) | (113,000) | ||||||
Bank OZK | 22.50 | 8/21/20 | 400 | 668,000 | (215,672) | (20,000) | ||||||
Huntsman Corp. | 16.00 | 8/21/20 | 600 | 865,800 | (305,523) | (108,000) | ||||||
Shopify, Inc. Class A (Canada) | 280.00 | 8/21/20 | 15 | 625,395 | (244,487) | (243,750) | ||||||
New Relic, Inc. | 30.00 | 9/18/20 | 150 | 693,600 | (258,735) | (289,500) | ||||||
Wells Fargo & Co. | 35.00 | 10/16/20 | 300 | 861,000 | (221,280) | (46,500) | ||||||
Weyerhaeuser Co. | 22.00 | 10/16/20 | 120 | 203,400 | (60,205) | (19,200) | ||||||
TreeHouse Foods, Inc. | 30.00 | 11/20/20 | 250 | 1,103,750 | (296,147) | (460,000) | ||||||
Liberty Global Plc Class A (United Kingdom) | 22.50 | 12/18/20 | 300 | 495,300 | (217,539) | (42,000) | ||||||
Liberty Global Plc Class A (United Kingdom) | 25.00 | 12/18/20 | 300 | 495,300 | (173,847) | (27,000) | ||||||
LogMeIn, Inc. | 65.00 | 12/18/20 | 262 | 2,181,936 | (357,445) | (576,400) | ||||||
Altria Group, Inc. | 32.50 | 1/15/21 | 100 | 386,700 | (92,366) | (89,500) | ||||||
Citigroup, Inc. | 52.50 | 1/15/21 | 100 | 421,200 | (147,391) | (30,000) | ||||||
Exact Sciences Corp. | 35.00 | 1/15/21 | 120 | 696,000 | (359,418) | (346,800) | ||||||
Hanesbrands, Inc. | 10.00 | 1/15/21 | 1,000 | 787,000 | (419,207) | (95,000) | ||||||
Huntsman Corp. | 15.00 | 1/15/21 | 500 | 721,500 | (319,601) | (127,500) | ||||||
Marathon Petroleum Corp. | 20.00 | 1/15/21 | 160 | 377,920 | (208,022) | (168,000) | ||||||
ON Semiconductor Corp. | 15.00 | 1/15/21 | 600 | 746,400 | (356,522) | (120,000) | ||||||
Pinterest, Inc. Class A | 13.00 | 1/15/21 | 800 | 1,235,200 | (743,357) | (395,200) | ||||||
Planet Fitness, Inc. Class A | 25.00 | 1/15/21 | 120 | 584,400 | (197,801) | (349,200) | ||||||
Skechers U.S.A., Inc. Class A | 25.00 | 1/15/21 | 500 | 1,187,000 | (448,698) | (305,000) | ||||||
Vistra Energy Corp. | 10.00 | 1/15/21 | 300 | 478,800 | (145,561) | (261,000) | ||||||
Wells Fargo & Co. | 45.00 | 1/15/21 | 243 | 697,410 | (199,065) | (9,477) | ||||||
Zions Bancorp NA | 40.00 | 1/15/21 | 400 | 1,070,400 | (299,680) | (40,000) | ||||||
Total | $(9,920,861) | $(7,078,042) |
Meridian Funds | 4 | www.meridianfund.com |