Meridian Small Cap Growth Fund
Schedule of Investments
Schedule of Investments
March 31, 2020 (Unaudited)
Shares | Value | |
Common Stocks - 87.0% | ||
Communication Services - 2.7% | ||
Entertainment - 1.2% | ||
Cinemark Holdings, Inc. | 1,331,482 | $13,567,802 |
Interactive Media & Services - 0.5% | ||
Eventbrite, Inc. Class A1 | 808,840 | 5,904,532 |
Media - 1.0% | ||
National CineMedia, Inc. | 1,276,220 | 4,160,477 |
TechTarget, Inc.1 | 319,305 | 6,580,876 |
10,741,353 | ||
Total Communication Services | 30,213,687 | |
Consumer Discretionary - 12.2% | ||
Auto Components - 1.3% | ||
Cooper-Standard Holdings, Inc.1 | 619,171 | 6,358,886 |
Fox Factory Holding Corp.1,2 | 208,192 | 8,744,064 |
15,102,950 | ||
Diversified Consumer Services - 0.7% | ||
Grand Canyon Education, Inc.1 | 99,037 | 7,555,038 |
Hotels, Restaurants & Leisure - 0.8% | ||
Chuy's Holdings, Inc.1,2 | 458,040 | 4,612,463 |
PlayAGS, Inc.1 | 1,654,707 | 4,384,973 |
8,997,436 | ||
Internet & Direct Marketing Retail - 1.1% | ||
Shutterstock, Inc.2 | 373,843 | 12,022,791 |
Leisure Products - 1.4% | ||
Clarus Corp. | 1,052,129 | 10,310,864 |
Malibu Boats, Inc. Class A1 | 208,749 | 6,009,884 |
16,320,748 | ||
Specialty Retail - 2.4% | ||
Sally Beauty Holdings, Inc.1,2 | 3,328,181 | 26,891,703 |
Textiles, Apparel & Luxury Goods - 4.5% | ||
Carter's, Inc.2 | 238,494 | 15,676,211 |
Skechers U.S.A., Inc. Class A1 | 1,498,273 | 35,569,001 |
Wolverine World Wide, Inc.2 | 25,668 | 390,153 |
51,635,365 | ||
Total Consumer Discretionary | 138,526,031 | |
Consumer Staples - 1.0% | ||
Food & Staples Retailing - 1.0% | ||
BJ's Wholesale Club Holdings, Inc.1,2 | 453,224 | 11,543,615 |
Total Consumer Staples | 11,543,615 | |
Energy - 0.7% | ||
Energy Equipment & Services - 0.3% | ||
NCS Multistage Holdings, Inc.1,2 | 1,357,807 | 868,997 |
Shares | Value | |
RigNet, Inc.1 | 1,616,233 | $2,909,219 |
3,778,216 | ||
Oil, Gas & Consumable Fuels - 0.4% | ||
Evolution Petroleum Corp. | 1,460,711 | 3,812,456 |
Total Energy | 7,590,672 | |
Financials - 0.9% | ||
Capital Markets - 0.9% | ||
PennantPark Investment Corp. | 1,556,645 | 4,031,711 |
WisdomTree Investments, Inc. | 2,896,807 | 6,749,560 |
Total Financials | 10,781,271 | |
Health Care - 25.4% | ||
Biotechnology - 10.9% | ||
Albireo Pharma, Inc.1 | 432,833 | 7,085,476 |
Argenx SE ADR (Netherlands)1 | 73,977 | 9,744,990 |
CareDx, Inc.1,2 | 581,628 | 12,696,939 |
Centrexion Therapeutics Corp. (Dividend Shares) Acquisition Date: 3/14/19, Cost $01,3,4 | 17,318 | 37,753 |
DBV Technologies SA ADR (France)1,2 | 907,735 | 3,558,321 |
Deciphera Pharmaceuticals, Inc.1 | 176,873 | 7,281,861 |
Heron Therapeutics, Inc.1,2 | 603,165 | 7,081,157 |
Immunomedics, Inc.1,2 | 626,179 | 8,440,893 |
Kiniksa Pharmaceuticals Ltd. Class A1,2 | 405,422 | 6,275,933 |
Kodiak Sciences, Inc.1,2 | 176,491 | 8,418,621 |
NextCure, Inc.1 | 222,984 | 8,266,017 |
Orchard Therapeutics Plc ADR (United Kingdom)1 | 550,241 | 4,143,315 |
Precision BioSciences, Inc.1,2 | 261,797 | 1,578,636 |
SpringWorks Therapeutics, Inc.1,2 | 230,079 | 6,212,133 |
Talis Biomedical Corp. Acquisition Date: 10/6/17, Cost $4,000,0001,3,4 | 146,220 | 179,851 |
TCR2 Therapeutics, Inc.1,2 | 546,715 | 4,231,574 |
Veracyte, Inc.1,2 | 650,203 | 15,806,435 |
Viela Bio, Inc.1,2 | 165,583 | 6,292,154 |
Viking Therapeutics, Inc.1,2 | 1,386,734 | 6,489,915 |
123,821,974 | ||
Health Care Equipment & Supplies - 5.3% | ||
Axogen, Inc.1 | 961,782 | 10,002,533 |
CryoLife, Inc.1 | 378,522 | 6,404,592 |
Endologix, Inc.1,2 | 146,581 | 101,273 |
Merit Medical Systems, Inc.1 | 718,567 | 22,455,219 |
Nevro Corp.1 | 74,382 | 7,436,712 |
Meridian Funds | 1 | www.meridianfund.com |
Meridian Small Cap Growth Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
March 31, 2020 (Unaudited)
Shares | Value | |
Quidel Corp.1,2 | 144,529 | $14,136,382 |
60,536,711 | ||
Health Care Providers & Services - 3.9% | ||
BioTelemetry, Inc.1,2 | 707,100 | 27,230,421 |
HealthEquity, Inc.1 | 119,854 | 6,063,414 |
MEDNAX, Inc.1 | 984,176 | 11,455,809 |
44,749,644 | ||
Health Care Technology - 1.2% | ||
Vocera Communications, Inc.1,2 | 626,956 | 13,316,545 |
Life Sciences Tools & Services - 2.1% | ||
Accelerate Diagnostics, Inc.1,2 | 455,047 | 3,790,541 |
Pacific Biosciences of California, Inc.1,2 | 1,724,645 | 5,277,414 |
Syneos Health, Inc.1,2 | 389,837 | 15,367,375 |
24,435,330 | ||
Pharmaceuticals - 2.0% | ||
Arvinas, Inc.1 | 172,041 | 6,933,252 |
Liquidia Technologies, Inc.1 | 936,724 | 4,411,970 |
Revance Therapeutics, Inc.1,2 | 605,484 | 8,961,163 |
Xeris Pharmaceuticals, Inc.1,2 | 1,279,123 | 2,494,290 |
22,800,675 | ||
Total Health Care | 289,660,879 | |
Industrials - 26.9% | ||
Air Freight & Logistics - 2.1% | ||
Echo Global Logistics, Inc.1 | 799,028 | 13,647,398 |
Forward Air Corp. | 197,035 | 9,979,823 |
23,627,221 | ||
Commercial Services & Supplies - 10.1% | ||
ABM Industries, Inc. | 776,743 | 18,921,459 |
Cimpress Plc (Ireland)1,2 | 181,658 | 9,664,206 |
Clean Harbors, Inc.1 | 497,418 | 25,537,440 |
Heritage-Crystal Clean, Inc.1 | 1,659,143 | 26,944,482 |
Hudson Technologies, Inc.1,2 | 2,357,585 | 1,626,026 |
Ritchie Bros. Auctioneers, Inc. (Canada) | 661,965 | 22,625,964 |
SP Plus Corp.1 | 462,369 | 9,594,157 |
114,913,734 | ||
Construction & Engineering - 0.4% | ||
Construction Partners, Inc. Class A1,2 | 250,895 | 4,237,617 |
Machinery - 4.7% | ||
Graham Corp. | 444,748 | 5,737,249 |
John Bean Technologies Corp.2 | 262,068 | 19,463,791 |
Kennametal, Inc.2 | 412,778 | 7,685,926 |
Tennant Co. | 351,653 | 20,378,291 |
53,265,257 |
Shares | Value | |
Marine - 2.9% | ||
Kirby Corp.1 | 446,174 | $19,395,184 |
Matson, Inc. | 468,168 | 14,335,304 |
33,730,488 | ||
Professional Services - 5.7% | ||
Forrester Research, Inc.1 | 436,173 | 12,749,337 |
InnerWorkings, Inc.1 | 4,101,440 | 4,798,685 |
TriNet Group, Inc.1 | 827,875 | 31,177,773 |
TrueBlue, Inc.1 | 1,323,736 | 16,890,871 |
65,616,666 | ||
Road & Rail - 1.0% | ||
Heartland Express, Inc. | 627,506 | 11,652,786 |
Total Industrials | 307,043,769 | |
Information Technology - 15.0% | ||
Electronic Equipment & Instruments - 0.6% | ||
CTS Corp. | 282,842 | 7,039,937 |
Software - 14.4% | ||
2U, Inc.1,2 | 769,596 | 16,330,827 |
Actua Corp. | 1,117,791 | 111,779 |
American Software, Inc. Class A | 435,963 | 6,195,034 |
Asure Software, Inc.1,2 | 754,674 | 4,497,857 |
Benefitfocus, Inc.1,2 | 1,720,074 | 15,325,860 |
Cerence, Inc.1 | 407,115 | 6,269,571 |
ChannelAdvisor Corp.1 | 632,085 | 4,588,937 |
Cornerstone OnDemand, Inc.1 | 239,878 | 7,616,127 |
Domo, Inc. Class B1 | 682,344 | 6,782,500 |
LogMeIn, Inc. | 405,119 | 33,738,310 |
Mimecast Ltd.1 | 223,170 | 7,877,901 |
Model N, Inc.1 | 266,995 | 5,929,959 |
Ping Identity Holding Corp.1,2 | 254,412 | 5,093,328 |
Pluralsight, Inc. Class A1,2 | 1,389,833 | 15,260,366 |
QAD, Inc. Class A | 248,782 | 9,933,865 |
Tufin Software Technologies, Ltd. (Israel)1 | 603,585 | 5,299,476 |
Upland Software, Inc.1 | 260,249 | 6,979,878 |
Workiva, Inc.1 | 66,541 | 2,151,271 |
Zuora, Inc. Class A1 | 542,916 | 4,370,474 |
164,353,320 | ||
Total Information Technology | 171,393,257 | |
Materials - 1.7% | ||
Containers & Packaging - 1.7% | ||
Ranpak Holdings Corp.1 | 3,121,456 | 19,540,314 |
Total Materials | 19,540,314 |
Meridian Funds | 2 | www.meridianfund.com |
Meridian Small Cap Growth Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
March 31, 2020 (Unaudited)
Shares | Value | |
Real Estate - 0.5% | ||
Equity Real Estate Investment Trusts (REITS) - 0.5% | ||
Jernigan Capital, Inc.2 | 498,327 | $5,461,664 |
Total Real Estate | 5,461,664 | |
Total Common Stocks - 87.0% (Cost $1,347,204,193) | 991,755,159 | |
Warrants - 0.1% | ||
Health Care - 0.0% | ||
Biotechnology - 0.0% | ||
Lyra Therapeutics, Inc., Strike Price $0.25, Expires 1/10/30 Acquisition Date: 1/10/20, Cost $01,3,4 | 772,976 | 77,298 |
Health Care Equipment & Supplies - 0.0% | ||
Endologix, Inc., Strike Price $6.61, Expires 4/3/29 Acquisition Date: 4/1/19, Cost $4,638,8651,4 | 701,795 | 477,852 |
Total Health Care | 555,150 | |
Materials - 0.1% | ||
Containers & Packaging - 0.1% | ||
Ranpak Holdings Corp., Strike Price $11.50, Expires 6/3/241 | 731,678 | 695,094 |
Total Materials | 695,094 | |
Total Warrants - 0.1% (Cost $5,563,817) | 1,250,244 | |
Preferred Stocks - 6.1% | ||
Consumer Discretionary - 0.3% | ||
Internet & Direct Marketing Retail - 0.3% | ||
Evolve Vacation Rental Network, Inc. Acquisition Date: 6/15/18, Cost $3,999,9991,3,4 | 470,013 | 3,252,490 |
Total Consumer Discretionary | 3,252,490 | |
Health Care - 4.2% | ||
Biotechnology - 2.8% | ||
4D Molecular Therapeutics, Inc. Acquisition Date: 8/27/18, Cost $3,999,9991,3,4 | 229,095 | 3,757,158 |
Centrexion Therapeutics Corp. Acquisition Date: 12/18/17, Cost $2,995,0071,3,4 | 1,663,893 | 1,480,865 |
Forte Biosciences, Inc. Acquisition Date: 11/27/18, Cost $4,000,0001,4 | 5,571,807 | 8,413,428 |
Shares | Value | |
Inhibrx, Inc. Acquisition Date: 10/1/18, Cost $3,999,9941,3,4 | 573,065 | $3,719,192 |
Lyra Therapeutics, Inc. Series C Acquisition Date: 1/10/20, Cost $1,000,0001,3,4 | 2,576,589 | 850,274 |
Lyra Therapeutics, Inc. Acquisition Date: 7/30/18, Cost $4,000,0001,3,4 | 13,333,334 | 3,466,667 |
Metacrine, Inc. Acquisition Date: 6/5/18, Cost $2,785,0021,3,4 | 1,313,680 | 2,351,487 |
NexImmune, Inc. (Series A Shares) Acquisition Date: 12/28/17, Cost $3,000,0001,3,4 | 10,166,045 | 3,581,498 |
NexImmune, Inc. (Series A-2 Shares) Acquisition Date: 1/25/19, Cost $1,000,0001,3,4 | 2,838,489 | 1,000,000 |
NexImmune, Inc. (Series A-3 Shares) Acquisition Date: 12/12/19, Cost $1,750,0001,3,4 | 4,967,357 | 1,750,000 |
Precision BioSciences, Inc. Acquisition Date: 5/25/18-3/1/19, Cost $1,212,7411,4 | 105,370 | 635,381 |
Talis Biomedical Corp. (Series C-1 Shares) Acquisition Date: 11/27/19, Cost $1,201,9301,3,4 | 438,661 | 1,101,038 |
32,106,988 | ||
Health Care Equipment & Supplies - 1.0% | ||
Beta Bionics, Inc. Acquisition Date: 10/9/18, Cost $3,999,9761,3,4 | 26,631 | 4,260,960 |
Pulmonx Corp. (Series G-1 Shares) Acquisition Date: 4/16/19, Cost $2,750,0001,3,4 | 2,083,333 | 2,645,833 |
Sonendo, Inc. (Series E Shares) Acquisition Date: 12/10/19, Cost $4,999,9951,3,4 | 454,545 | 4,999,995 |
11,906,788 |
Meridian Funds | 3 | www.meridianfund.com |
Meridian Small Cap Growth Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
March 31, 2020 (Unaudited)
Shares | Value | |
Pharmaceuticals - 0.4% | ||
Oric Pharmaceuticals, Inc. (Series D Shares) Acquisition Date: 6/3/19, Cost $3,999,9991,3,4 | 1,212,121 | $4,024,241 |
Total Health Care | 48,038,017 | |
Information Technology - 1.6% | ||
Communications Equipment - 0.5% | ||
Starry, Inc. (Series C Shares) Acquisition Date: 5/14/18, Cost $3,780,0001,3,4 | 4,099,783 | 4,468,764 |
Starry, Inc. (Series D Shares) Acquisition Date: 3/6/19, Cost $1,665,0001,3,4 | 1,164,336 | 1,595,140 |
6,063,904 | ||
Software - 1.1% | ||
ACV Auctions, Inc. Series A Acquisition Date: 2/28/20, Cost $3,961,2231,3,4 | 762,010 | 3,961,223 |
DraftKings, Inc. Acquisition Date: 8/17/18, Cost $6,259,8001,4 | 2,455,247 | 8,274,182 |
12,235,405 | ||
Total Information Technology | 18,299,309 | |
Total Preferred Stocks - 6.1% (Cost $66,360,664) | 69,589,816 |
Shares/ Principal Amount | ||
Short-Term Investments - 2.5%5 | ||
Money Market Funds - 0.4% | ||
BlackRock Liquidity Funds, FedFund, Institutional Class, 0.33% | 736,000 | 736,000 |
Federated Treasury Obligations Fund, Institutional Class, 0.37% | 736,000 | 736,000 |
Fidelity Investments Money Market Government Portfolio, Institutional Class, 0.34% | 636,000 | 636,000 |
Goldman Sachs Financial Square Government Fund, Institutional Class, 0.34% | 657,000 | 657,000 |
Shares/ Principal Amount | Value | |
Invesco Short Term Investments, Government & Agency Portfolio, Institutional Class, 0.43% | 1,000,000 | $1,000,000 |
JPMorgan U.S. Government Money Market Fund, Institutional Class, 0.32% | 596,000 | 596,000 |
Morgan Stanley Institutional Liquidity Funds, Government Portfolio, Institutional Class, 0.25% | 513,000 | 513,000 |
Total Money Market Funds | 4,874,000 | |
Repurchase Agreements - 2.1% | ||
Citigroup Global Markets, Inc., dated 3/31/20, due 4/1/20, 0.02% total to be received $6,311,496 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 2.00% - 11.00%, 4/15/20 - 1/1/59, totaling $6,437,722) | $6,311,492 | 6,311,492 |
HSBC Securities, Inc., dated 3/31/20, due 4/1/20, 0.01% total to be received $1,369,128 (collateralized by various U.S. Government Sponsored Agency, 3.00% - 3.50%, 11/20/49 - 2/20/50, totaling $1,396,511) | 1,369,128 | 1,369,128 |
HSBC Securities, Inc., dated 3/31/20, due 4/1/20, 0.01% total to be received $4,942,365 (collateralized by various U.S. Government Sponsored Agency, 2.50% - 8.00%, 2/1/30 - 3/1/56, totaling $5,041,211) | 4,942,364 | 4,942,364 |
Meridian Funds | 4 | www.meridianfund.com |
Meridian Small Cap Growth Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
March 31, 2020 (Unaudited)
Shares/ Principal Amount | Value | |
JP Morgan Securities LLC, dated 3/31/20, due 4/1/20, 0.01% total to be received $4,254,706 (collateralized by various U.S. Treasury Obligations, 2.88%, 11/30/23, totaling $4,339,799) | $4,254,705 | $4,254,705 |
RBC Dominion Securities Inc., dated 3/31/20, due 4/1/20, 0.01% total to be received $6,311,494 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 7.13%, 7/15/20 - 2/20/50, totaling $6,437,722) | 6,311,492 | 6,311,492 |
Total Repurchase Agreements | 23,189,181 | |
Total Short-Term Investments - 2.5% (Cost $28,063,181) | 28,063,181 | |
Total Investments -95.7% (Cost $1,447,191,855) | 1,090,658,400 | |
Cash and Other Assets, Less Liabilities - 4.3% | 49,078,454 | |
Net Assets - 100.0% | $1,139,736,854 |
ADR—American Depositary Receipt |
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 $192,251,295 and represents 16.87% of net assets. Securities loaned with a value of $383,389 are pending settlement as of March 31, 2020. |
3 | Security is valued using significant unobservable inputs in good faith in accordance with procedures approved by the Board of Directors. |
4 | Restricted security; cannot be offered for public resale without first being registered under the Securities Act of 1933 and related rules. 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 period-end amounts to $70,362,570 and represents 6.17% of net assets. |
5 | Collateral received from brokers for securities lending was invested in short-term investments. |
Meridian Funds | 5 | www.meridianfund.com |