Meridian Small Cap Growth Fund
Schedule of Investments
Schedule of Investments
September 30, 2020 (Unaudited)
Shares | Value | |
Common Stocks - 93.4% | ||
Communication Services - 0.8% | ||
Entertainment - 0.3% | ||
Cinemark Holdings, Inc. 1 | 409,188 | $4,091,880 |
Interactive Media & Services - 0.0% | ||
Actua Corp. 2 | 1,117,791 | 111,779 |
Media - 0.5% | ||
TechTarget, Inc. 2 | 155,733 | 6,846,023 |
Total Communication Services | 11,049,682 | |
Consumer Discretionary - 11.8% | ||
Auto Components - 0.8% | ||
Cooper-Standard Holdings, Inc. 2 | 403,122 | 5,325,241 |
Fox Factory Holding Corp. 1,2 | 65,769 | 4,888,610 |
10,213,851 | ||
Diversified Consumer Services - 0.6% | ||
Grand Canyon Education, Inc. 2 | 99,037 | 7,917,018 |
Hotels, Restaurants & Leisure - 0.4% | ||
PlayAGS, Inc. 2 | 1,654,707 | 5,857,663 |
Household Durables - 0.6% | ||
Purple Innovation, Inc. 2 | 291,153 | 7,238,064 |
Internet & Direct Marketing Retail - 1.1% | ||
Shutterstock, Inc. | 285,954 | 14,881,046 |
Leisure Products - 1.6% | ||
Clarus Corp. | 1,056,804 | 14,922,072 |
Malibu Boats, Inc. Class A 2 | 126,818 | 6,285,100 |
21,207,172 | ||
Specialty Retail - 2.0% | ||
Sally Beauty Holdings, Inc. 1,2 | 3,070,740 | 26,684,731 |
Textiles, Apparel & Luxury Goods - 4.7% | ||
Carter's, Inc. 1 | 171,501 | 14,848,557 |
Hanesbrands, Inc. 1 | 890,894 | 14,031,580 |
Skechers U.S.A., Inc. Class A 2 | 1,116,864 | 33,751,630 |
62,631,767 | ||
Total Consumer Discretionary | 156,631,312 | |
Consumer Staples - 0.4% | ||
Food & Staples Retailing - 0.4% | ||
BJ's Wholesale Club Holdings, Inc. 1,2 | 142,861 | 5,935,874 |
Total Consumer Staples | 5,935,874 | |
Energy - 0.8% | ||
Energy Equipment & Services - 0.5% | ||
NCS Multistage Holdings, Inc. 2 | 1,357,807 | 806,537 |
Shares | Value | |
RigNet, Inc. 1,2 | 1,475,101 | $6,047,914 |
6,854,451 | ||
Oil, Gas & Consumable Fuels - 0.3% | ||
Evolution Petroleum Corp. | 1,460,711 | 3,271,993 |
Total Energy | 10,126,444 | |
Financials - 2.2% | ||
Capital Markets - 2.2% | ||
Foley Trasimene Acquisition Corp. 2 | 1,256,799 | 14,189,261 |
PennantPark Investment Corp. | 1,556,645 | 4,965,697 |
WisdomTree Investments, Inc. | 3,150,119 | 10,080,381 |
Total Financials | 29,235,339 | |
Health Care - 34.7% | ||
Biotechnology - 16.1% | ||
Albireo Pharma, Inc. 2 | 297,504 | 9,927,708 |
Argenx SE ADR (Netherlands) 2 | 32,717 | 8,588,867 |
CareDx, Inc. 1,2 | 438,072 | 16,620,452 |
Centrexion Therapeutics Corp. (Dividend Shares) Acquisition Date: 3/14/19, Cost $0 2,3,4 | 17,318 | 35,156 |
DBV Technologies SA ADR (France) 2 | 298,580 | 516,543 |
Deciphera Pharmaceuticals, Inc. 2 | 161,428 | 8,281,256 |
Forte Biosciences, Inc. Acquisition Date: 11/27/18, Cost $4,000,000 2,3 | 1,174,685 | 48,436,374 |
Heron Therapeutics, Inc. 1,2 | 631,140 | 9,353,495 |
Immunomedics, Inc. 2 | 151,766 | 12,904,663 |
Inhibrx, Inc. 1,2 | 170,588 | 3,070,584 |
Inhibrx, Inc. Acquisition Date: 10/1/18, Cost $3,999,985 2,3 | 329,688 | 5,044,226 |
Kiniksa Pharmaceuticals Ltd. Class A 1,2 | 372,215 | 5,702,334 |
Kodiak Sciences, Inc. 1,2 | 140,854 | 8,339,965 |
Lyra Therapeutics, Inc. Acquisition Date: 7/30/18, Cost $4,999,980 2,3 | 471,708 | 4,482,641 |
Metacrine, Inc. 1,2 | 175,000 | 1,776,250 |
Metacrine, Inc. Acquisition Date: 6/5/18 Cost $2,785,002 2,3 | 257,584 | 2,222,309 |
NextCure, Inc. 2 | 222,984 | 1,962,259 |
PMV Pharmaceuticals, Inc. 2 | 173,130 | 6,146,115 |
Precision BioSciences, Inc. 1,2 | 367,167 | 2,261,749 |
Meridian Funds | 1 | www.meridianfund.com |
Meridian Small Cap Growth Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
September 30, 2020 (Unaudited)
Shares | Value | |
Relay Therapeutics, Inc. 1,2 | 170,131 | $7,245,879 |
SpringWorks Therapeutics, Inc. 1,2 | 209,988 | 10,010,128 |
Talis Biomedical Corp. Acquisition Date: 10/6/17, Cost $4,000,000 2,3,4 | 146,220 | 902,179 |
Taysha Gene Therapies, Inc. 2 | 93,947 | 2,104,413 |
Taysha Gene Therapies, Inc. Acquisition Date: 7/28/20 Cost $999,991 2,3 | 64,088 | 1,220,235 |
TCR2 Therapeutics, Inc. 2 | 498,975 | 10,139,172 |
Veracyte, Inc. 1,2 | 495,545 | 16,100,257 |
Viela Bio, Inc. 1,2 | 165,583 | 4,649,571 |
Viking Therapeutics, Inc. 1,2 | 1,056,150 | 6,146,793 |
214,191,573 | ||
Health Care Equipment & Supplies - 6.8% | ||
Accelerate Diagnostics, Inc. 1,2 | 415,312 | 4,427,226 |
Axogen, Inc. 2 | 877,798 | 10,208,791 |
Cardiovascular Systems, Inc. 2 | 314,479 | 12,374,749 |
CryoLife, Inc. 2 | 345,469 | 6,380,812 |
Merit Medical Systems, Inc. 2 | 570,576 | 24,820,056 |
Nevro Corp. 2 | 45,956 | 6,401,671 |
Quidel Corp. 1,2 | 113,540 | 24,908,405 |
89,521,710 | ||
Health Care Providers & Services - 5.8% | ||
AMN Healthcare Services, Inc. 2 | 200,103 | 11,698,021 |
BioTelemetry, Inc. 1,2 | 549,896 | 25,064,260 |
HealthEquity, Inc. 2 | 358,661 | 18,424,416 |
MEDNAX, Inc. 2 | 898,236 | 14,623,282 |
Ontrak, Inc. 1,2 | 126,245 | 7,574,700 |
77,384,679 | ||
Health Care Technology - 2.5% | ||
Omnicell, Inc. 2 | 190,962 | 14,257,223 |
Renalytix AI Plc ADR 1,2 | 231,243 | 2,821,164 |
Vocera Communications, Inc. 1,2 | 572,209 | 16,639,838 |
33,718,225 | ||
Life Sciences Tools & Services - 1.2% | ||
Syneos Health, Inc. 1,2 | 297,421 | 15,810,901 |
Pharmaceuticals - 2.3% | ||
Arvinas, Inc. 2 | 141,291 | 3,335,880 |
Liquidia Technologies, Inc. 1,2 | 1,159,013 | 5,702,344 |
Oric Phamaceuticals, Inc. Acquisition Date: 6/3/19, Cost $3,999,996 2,3 | 303,030 | 6,441,963 |
Revance Therapeutics, Inc. 1,2 | 330,754 | 8,315,156 |
Shares | Value | |
Xeris Pharmaceuticals, Inc. 1,2 | 1,167,428 | $6,922,848 |
30,718,191 | ||
Total Health Care | 461,345,279 | |
Industrials - 26.0% | ||
Air Freight & Logistics - 2.5% | ||
Echo Global Logistics, Inc. 2 | 771,811 | 19,889,569 |
Forward Air Corp. | 241,081 | 13,833,228 |
33,722,797 | ||
Commercial Services & Supplies - 9.8% | ||
ABM Industries, Inc. | 708,917 | 25,988,897 |
Cimpress Plc (Ireland) 2 | 125,914 | 9,463,696 |
Clean Harbors, Inc. 2 | 312,932 | 17,533,580 |
Heritage-Crystal Clean, Inc. 2 | 1,874,709 | 25,027,365 |
Hudson Technologies, Inc. 1,2 | 2,357,585 | 2,711,223 |
Montrose Environmental Group, Inc. 2 | 401,880 | 9,572,782 |
Ritchie Bros. Auctioneers, Inc. (Canada) | 543,279 | 32,189,281 |
SP Plus Corp. 2 | 421,994 | 7,574,792 |
130,061,616 | ||
Machinery - 4.9% | ||
Graham Corp. | 444,748 | 5,679,432 |
John Bean Technologies Corp. 1 | 203,687 | 18,716,799 |
Kennametal, Inc. 1 | 208,077 | 6,021,748 |
Middleby Corp. (The) 2 | 188,951 | 16,950,794 |
Tennant Co. | 289,252 | 17,459,251 |
64,828,024 | ||
Marine - 2.7% | ||
Kirby Corp. 2 | 464,030 | 16,783,965 |
Matson, Inc. | 484,466 | 19,422,242 |
36,206,207 | ||
Professional Services - 5.6% | ||
Forrester Research, Inc. 1,2 | 410,055 | 13,445,703 |
InnerWorkings, Inc. 2 | 4,101,440 | 12,263,306 |
TriNet Group, Inc. 2 | 569,060 | 33,756,639 |
TrueBlue, Inc. 2 | 948,559 | 14,693,179 |
74,158,827 | ||
Road & Rail - 0.5% | ||
Heartland Express, Inc. | 341,434 | 6,350,672 |
Total Industrials | 345,328,143 | |
Information Technology - 14.5% | ||
Electronic Equipment & Instruments - 1.1% | ||
CTS Corp. | 680,807 | 14,998,178 |
IT Services - 0.3% | ||
International Money Express, Inc. 2 | 235,344 | 3,380,717 |
Meridian Funds | 2 | www.meridianfund.com |
Meridian Small Cap Growth Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
September 30, 2020 (Unaudited)
Shares | Value | |
Software - 13.1% | ||
2U, Inc. 1,2 | 710,232 | $24,048,455 |
8x8, Inc. 2 | 554,531 | 8,622,957 |
American Software, Inc. Class A | 290,563 | 4,079,504 |
Asure Software, Inc. 1,2 | 754,674 | 5,697,789 |
Benefitfocus, Inc. 2 | 1,031,440 | 11,552,128 |
Cerence, Inc. 1,2 | 93,153 | 4,552,387 |
ChannelAdvisor Corp. 2 | 440,066 | 6,367,755 |
DraftKings, Inc. Class A Acquisition Date: 8/17/18, Cost $5,415,663 2,3 | 759,256 | 37,973,430 |
Mimecast Ltd. 2 | 203,682 | 9,556,759 |
Model N, Inc. 2 | 237,917 | 8,393,712 |
Ping Identity Holding Corp. 2 | 232,196 | 7,246,837 |
Pluralsight, Inc. Class A 1,2 | 1,044,099 | 17,885,416 |
QAD, Inc. Class A | 227,058 | 9,581,848 |
Upland Software, Inc. 2 | 156,868 | 5,913,924 |
Workiva, Inc. 2 | 66,541 | 3,710,326 |
Zuora, Inc. Class A 1,2 | 819,374 | 8,472,327 |
173,655,554 | ||
Total Information Technology | 192,034,449 | |
Materials - 1.9% | ||
Containers & Packaging - 1.9% | ||
Ranpak Holdings Corp. 1,2 | 2,641,684 | 25,148,832 |
Total Materials | 25,148,832 | |
Real Estate - 0.3% | ||
Equity Real Estate Investment Trusts (REITS) - 0.3% | ||
Jernigan Capital, Inc. | 205,819 | 3,527,738 |
Total Real Estate | 3,527,738 | |
Total Common Stocks - 93.4% (Cost $1,100,082,152) | 1,240,363,092 | |
Warrants - 0.0% | ||
Information Technology - 0.0% | ||
Software - 0.0% | ||
DraftKings, Inc. Class A, Strike Price $11.50, Expires 4/23/25 Acquisition Date: 4/23/20, Cost $0 2,3 | 5,321 | 214,112 |
Total Information Technology | 214,112 | |
Total Warrants - 0.0% (Cost $0) | 214,112 |
Shares | Value | |
Preferred Stocks - 4.1% | ||
Consumer Discretionary - 0.2% | ||
Internet & Direct Marketing Retail - 0.2% | ||
Evolve Vacation Rental Network, Inc. Series 8 Shares Acquisition Date: 6/15/18, Cost $3,999,999 2,3,4 | 470,013 | $3,337,092 |
Total Consumer Discretionary | 3,337,092 | |
Health Care - 2.6% | ||
Biotechnology - 1.5% | ||
4D Molecular Therapeutics, Inc. Series B Shares Acquisition Date: 8/27/18, Cost $3,999,999 2,3,4 | 229,095 | 4,481,098 |
Centrexion Therapeutics Corp. Series D Shares Acquisition Date: 12/18/17, Cost $2,995,007 2,3,4 | 1,663,893 | 1,564,059 |
NexImmune, Inc. Series A Shares Acquisition Date: 12/28/17, Cost $3,000,000 2,3,4 | 10,166,045 | 4,473,060 |
NexImmune, Inc. Series A-2 Shares Acquisition Date: 1/25/19, Cost $999,999 2,3,4 | 2,838,488 | 1,305,705 |
NexImmune, Inc. Series A-3 Shares Acquisition Date: 12/12/19, Cost $1,750,000 2,3,4 | 4,967,357 | 2,235,311 |
Talis Biomedical Corp. Series C-1 Shares Acquisition Date: 11/27/19, Cost $2,363,797 2,3,4 | 862,700 | 6,116,543 |
20,175,776 | ||
Health Care Equipment & Supplies - 1.1% | ||
Beta Bionics, Inc. Series B Shares Acquisition Date: 10/9/18, Cost $3,999,976 2,3,4 | 26,631 | 5,115,815 |
Pulmonx Corp. Series G-1 Shares Acquisition Date: 4/16/19, Cost $2,750,000 2,3,4 | 2,083,333 | 3,708,333 |
Meridian Funds | 3 | www.meridianfund.com |
Meridian Small Cap Growth Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
September 30, 2020 (Unaudited)
Shares | Value | |
Sonendo, Inc. Series E Shares Acquisition Date: 12/10/19, Cost $4,999,995 2,3,4 | 454,545 | $5,022,722 |
13,846,870 | ||
Total Health Care | 34,022,646 | |
Industrials - 0.2% | ||
Commercial Services & Supplies - 0.2% | ||
Xometry, Inc. Series A-2 Acquisition Date: 7/20/20 Cost $292,269 2,3,4 | 30,521 | 292,269 |
Xometry, Inc. Series B Acquisition Date: 7/20/20 Cost $100,318 2,3,4 | 10,476 | 100,318 |
Xometry, Inc. Series C Acquisition Date: 7/20/20 Cost $106,008 2,3,4 | 10,887 | 106,008 |
Xometry, Inc. Series D Acquisition Date: 7/20/20 Cost $82,843 2,3,4 | 8,450 | 82,842 |
Xometry, Inc. Series E Acquisition Date: 7/20/20 Cost $832,427 2,3,4 | 61,109 | 832,427 |
Xometry, Inc. Series Seed-1 Acquisition Date: 9/4/20 Cost $429,088 2,3,4 | 53,636 | 429,088 |
Xometry, Inc. Series Seed-2 Acquisition Date: 9/4/20 Cost $188,776 2,3,4 | 23,597 | 188,776 |
Total Industrials | 2,031,728 | |
Information Technology - 1.1% | ||
Communications Equipment - 0.5% | ||
Starry, Inc. Series C Shares Acquisition Date: 5/14/18, Cost $3,780,000 2,3,4 | 4,099,783 | 4,714,750 |
Starry, Inc. Series D Shares Acquisition Date: 3/6/19, Cost $1,665,000 2,3,4 | 1,164,336 | 1,665,001 |
6,379,751 | ||
Software - 0.4% | ||
ACV Auctions, Inc. Series A Acquisition Date: 2/28/20, Cost $3,961,223 2,3,4 | 762,010 | 4,514,224 |
ACV Auctions, Inc. Series E-1 Acquisition Date: 9/2/20 Cost $631,888 2,3,4 | 106,664 | 631,888 |
5,146,112 |
Shares | Value | |
Technology Hardware, Storage & Peripherals - 0.2% | ||
Quail Investment Holdings, LLC Acquisition Date: 9/1/20 Cost $2,917,695 2,3,4 | 2,918 | $2,917,695 |
Total Information Technology | 14,443,558 | |
Total Preferred Stocks - 4.1% (Cost $45,846,307) | 53,835,024 |
Shares/ Principal Amount | ||
Short-Term Investments - 3.1%5 | ||
Money Market Funds - 0.8% | ||
BlackRock Liquidity Funds, FedFund, Institutional Class, 0.05% | 1,496,000 | 1,496,000 |
Federated Treasury Obligations Fund, Institutional Class, 0.04% | 1,783,000 | 1,783,000 |
Fidelity Investments Money Market Government Portfolio, Institutional Class, 0.03% | 1,496,000 | 1,496,000 |
Goldman Sachs Financial Square Government Fund, Institutional Class, 0.00% | 1,496,000 | 1,496,000 |
Invesco Short Term Investments, Government & Agency Portfolio, Institutional Class, 0.02% | 1,839,000 | 1,839,000 |
JPMorgan U.S. Government Money Market Fund, Institutional Class, 0.01% | 1,496,000 | 1,496,000 |
Morgan Stanley Institutional Liquidity Funds, Government Portfolio, Institutional Class, 0.02% | 1,133,000 | 1,133,000 |
Total Money Market Funds (Cost $10,739,000) | 10,739,000 |
Meridian Funds | 4 | www.meridianfund.com |
Meridian Small Cap Growth Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
September 30, 2020 (Unaudited)
Shares/ Principal Amount | Value | |
Repurchase Agreements - 2.3% | ||
Bank of America Securities Inc., dated 9/30/20, due 10/1/20, 0.06% total to be received $1,588,981 (collateralized by various U.S. Treasury Obligations, 1.25% - 2.38%, 10/31/21 - 5/15/29, totaling $1,620,758) | $1,588,978 | $1,588,978 |
Citigroup Global Markets, Inc., dated 9/30/20, due 10/1/20, 0.08% total to be received $9,509,056 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 4.63%, 11/27/20 - 11/1/59, totaling $9,699,216) | 9,509,035 | 9,509,035 |
HSBC Securities, Inc., dated 9/30/20, due 10/1/20, 0.08% total to be received $9,509,056 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 5.00%, 11/1/26 - 8/1/50, totaling $9,699,216) | 9,509,035 | 9,509,035 |
Shares/ Principal Amount | Value | |
RBC Dominion Securities, Inc., dated 9/30/20, due 10/1/20, 0.08% total to be received $9,509,056 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 5.50%, 10/27/20 - 7/15/61, totaling $9,699,216) | $9,509,035 | $9,509,035 |
Total Repurchase Agreements (Cost $30,116,083) | 30,116,083 | |
Total Short-Term Investments - 3.1% (Cost $40,855,083) | 40,855,083 | |
Total Investments - 100.6% (Cost $1,186,783,542) | 1,335,267,311 | |
Liabilities in Excess of Other Assets - (0.6)% | (7,381,797) | |
Net Assets - 100.0% | $1,327,885,514 |
ADR—American Depositary Receipt |
Plc—Public Limited Company |
1 | All or portion of this security is on loan at September 30, 2020. Total value of such securities at period-end amounts to $170,122,177 and represents 12.81% of net assets. Securities loaned with a value of $748,067 are pending settlement as of September 30, 2020. |
2 | Non-income producing securities. |
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 period-end amounts to $160,807,649 and represents 12.11% of net assets. |
4 | Security is valued using significant unobservable inputs in good faith in accordance with procedures approved by the Board of Directors. |
5 | Collateral received from brokers for securities lending was invested in short-term investments. |
Meridian Funds | 5 | www.meridianfund.com |