Meridian Small Cap Growth Fund
Schedule of Investments
Schedule of Investments
September 30, 2023 (Unaudited)
Shares | Value | |
Common Stocks - 90.5% | ||
Communication Services - 6.5% | ||
Entertainment - 1.2% | ||
Reservoir Media, Inc.1 | 729,878 | $4,452,256 |
Vivid Seats, Inc. Class A1 | 416,687 | 2,675,130 |
7,127,386 | ||
Interactive Media & Services - 4.1% | ||
Angi, Inc.1 | 2,008,126 | 3,976,090 |
Cargurus, Inc.1 | 722,520 | 12,658,550 |
ZipRecruiter, Inc. Class A1 | 630,154 | 7,555,547 |
24,190,187 | ||
Media - 1.2% | ||
TechTarget, Inc.1 | 217,186 | 6,593,767 |
Total Communication Services | 37,911,340 | |
Consumer Discretionary - 13.0% | ||
Automobile Components - 3.3% | ||
Atmus Filtration Technologies, Inc.1,2 | 324,563 | 6,767,139 |
Stoneridge, Inc.1 | 635,807 | 12,760,646 |
19,527,785 | ||
Diversified Consumer Services - 2.0% | ||
Frontdoor, Inc.1 | 148,569 | 4,544,726 |
Grand Canyon Education, Inc.1 | 62,472 | 7,301,727 |
11,846,453 | ||
Hotels, Restaurants & Leisure - 3.4% | ||
Everi Holdings, Inc.1 | 834,991 | 11,038,581 |
PlayAGS, Inc.1 | 1,342,253 | 8,751,490 |
19,790,071 | ||
Leisure Products - 0.6% | ||
Clarus Corp. | 448,398 | 3,389,889 |
Specialty Retail - 1.2% | ||
National Vision Holdings, Inc.1 | 162,540 | 2,629,897 |
Sally Beauty Holdings, Inc.1 | 546,444 | 4,579,201 |
7,209,098 | ||
Textiles, Apparel & Luxury Goods - 2.5% | ||
Canada Goose Holdings, Inc. (Canada)1,2 | 326,975 | 4,793,453 |
Skechers U.S.A., Inc. Class A1 | 198,599 | 9,721,421 |
14,514,874 | ||
Total Consumer Discretionary | 76,278,170 | |
Consumer Staples - 3.1% | ||
Personal Care Products - 0.9% | ||
Beauty Health Co. (The)1,2 | 873,854 | 5,260,601 |
Tobacco - 2.2% | ||
Turning Point Brands, Inc. | 570,501 | 13,172,868 |
Total Consumer Staples | 18,433,469 |
Shares | Value | |
Energy - 1.8% | ||
Energy Equipment & Services - 0.8% | ||
NCS Multistage Holdings, Inc.1 | 45,835 | $721,443 |
Newpark Resources, Inc.1 | 566,817 | 3,916,705 |
4,638,148 | ||
Oil, Gas & Consumable Fuels - 1.0% | ||
Viper Energy Partners LP | 219,580 | 6,121,891 |
Total Energy | 10,760,039 | |
Financials - 4.4% | ||
Capital Markets - 3.1% | ||
FinServ Acquisition Corp. Class A1 | 816,667 | 8,632,170 |
FinServ Acquisition Corp. Acquisition Date: 2/22/23, Cost $01,3,4 | 133,333 | 1,197,930 |
FinServ Acquisition Corp. Founder Shares Acquisition Date: 2/22/21, Cost $01,3,4 | 83,333 | 433,332 |
FinServ Acquisition Corp. Private Placement Units Acquisition Date: 2/12/21, Cost $208,3301,3,4 | 20,833 | 108,332 |
WisdomTree, Inc. | 1,117,210 | 7,820,470 |
18,192,234 | ||
Financial Services - 1.3% | ||
International Money Express, Inc.1 | 452,570 | 7,662,010 |
Total Financials | 25,854,244 | |
Health Care - 20.5% | ||
Biotechnology - 5.8% | ||
4D Molecular Therapeutics, Inc.1 | 254,567 | 3,240,638 |
C4 Therapeutics, Inc.1 | 1,157,606 | 2,153,147 |
Centrexion Therapeutics Corp. (Dividend Shares) Acquisition Date: 3/14/19, Cost $01,3,4 | 17,318 | 0 |
Inhibrx, Inc.1,2 | 217,390 | 3,989,106 |
Kiniksa Pharmaceuticals Ltd. Class A1 | 288,256 | 5,007,007 |
Nuvalent, Inc. Class A1,2 | 107,288 | 4,932,029 |
ORIC Pharmaceuticals, Inc.1 | 521,937 | 3,157,719 |
RayzeBio, Inc.1 | 46,536 | 1,033,099 |
Relay Therapeutics, Inc.1,2 | 280,948 | 2,362,773 |
SpringWorks Therapeutics, Inc.1,2 | 182,864 | 4,227,816 |
Veracyte, Inc.1 | 180,574 | 4,032,217 |
34,135,551 |
Meridian Funds | 1 | www.arrowmarkpartners.com/meridian/ |
Meridian Small Cap Growth Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
September 30, 2023 (Unaudited)
Shares | Value | |
Health Care Equipment & Supplies - 9.4% | ||
Axogen, Inc.1 | 367,082 | $1,835,410 |
Merit Medical Systems, Inc.1 | 127,660 | 8,811,093 |
Nevro Corp. 1 | 190,461 | 3,660,660 |
Omnicell, Inc.1 | 54,651 | 2,461,481 |
Paragon 28, Inc.1 | 388,735 | 4,878,624 |
PROCEPT BioRobotics Corp.1 | 53,882 | 1,767,868 |
QuidelOrtho Corp.1 | 239,551 | 17,496,805 |
Sight Sciences, Inc.1 | 383,761 | 1,293,275 |
Silk Road Medical, Inc.1 | 302,637 | 4,536,529 |
Sonendo, Inc.1 | 3,851,159 | 2,872,194 |
Tandem Diabetes Care, Inc.1 | 135,182 | 2,807,730 |
TransMedics Group, Inc.1 | 58,570 | 3,206,708 |
55,628,377 | ||
Health Care Providers & Services - 2.4% | ||
HealthEquity, Inc.1 | 133,055 | 9,719,668 |
Pediatrix Medical Group, Inc.1 | 337,252 | 4,286,473 |
14,006,141 | ||
Health Care Technology - 1.7% | ||
Certara, Inc.1,2 | 357,611 | 5,199,664 |
Definitive Healthcare Corp.1 | 590,204 | 4,715,730 |
9,915,394 | ||
Life Sciences Tools & Services - 0.6% | ||
MaxCyte, Inc.1 | 1,135,140 | 3,541,637 |
Pharmaceuticals - 0.6% | ||
Arvinas, Inc.1 | 185,409 | 3,641,433 |
Capsule Corp. Acquisition Date: 4/8/21, Cost $2,000,0001,3,4 | 138,011 | 17,941 |
3,659,374 | ||
Total Health Care | 120,886,474 | |
Industrials - 27.6% | ||
Aerospace & Defense - 0.5% | ||
Byrna Technologies, Inc.1,2 | 894,279 | 2,003,185 |
Rocket Lab U.S.A., Inc.1,2 | 269,651 | 1,181,071 |
3,184,256 | ||
Commercial Services & Supplies - 10.3% | ||
ACV Auctions, Inc. Class A1 | 799,815 | 12,141,192 |
Cimpress Plc (Ireland)1 | 100,530 | 7,038,105 |
Heritage-Crystal Clean, Inc.1 | 288,368 | 13,077,489 |
Montrose Environmental Group, Inc.1 | 150,516 | 4,404,098 |
RB Global, Inc. (Canada)2 | 277,733 | 17,358,312 |
SP Plus Corp.1 | 192,028 | 6,932,211 |
60,951,407 | ||
Ground Transportation - 0.6% | ||
Heartland Express, Inc. | 226,926 | 3,333,543 |
Shares | Value | |
Machinery - 3.2% | ||
John Bean Technologies Corp. | 44,182 | $4,645,295 |
Kadant, Inc. | 34,461 | 7,772,679 |
Tennant Co. | 86,308 | 6,399,738 |
18,817,712 | ||
Marine Transportation - 4.5% | ||
Kirby Corp.1 | 135,551 | 11,223,623 |
Matson, Inc. | 175,756 | 15,593,072 |
26,816,695 | ||
Professional Services - 5.8% | ||
Alight, Inc. Class A1 | 2,282,598 | 16,183,620 |
Forrester Research, Inc.1 | 262,185 | 7,577,147 |
Legalzoom.com, Inc.1 | 925,328 | 10,123,088 |
33,883,855 | ||
Trading Companies & Distributors - 2.7% | ||
Hudson Technologies, Inc.1 | 1,180,726 | 15,703,656 |
Total Industrials | 162,691,124 | |
Information Technology - 11.8% | ||
Electronic Equipment, Instruments & Components - 2.2% | ||
Mirion Technologies, Inc.1 | 1,714,255 | 12,805,485 |
Semiconductors & Semiconductor Equipment - 1.3% | ||
Allegro MicroSystems, Inc. (Japan)1 | 243,688 | 7,783,395 |
Software - 8.3% | ||
8x8, Inc.1 | 1,195,066 | 3,011,566 |
Alkami Technology, Inc.1 | 742,273 | 13,524,214 |
Amplitude, Inc. Class A1 | 259,075 | 2,997,498 |
Clearwater Analytics Holdings, Inc. Class A1 | 160,386 | 3,101,865 |
Consensus Cloud Solutions, Inc.1 | 510,461 | 12,853,408 |
Monday.com Ltd.1 | 27,211 | 4,332,535 |
PagerDuty, Inc.1 | 397,787 | 8,946,230 |
48,767,316 | ||
Total Information Technology | 69,356,196 | |
Materials - 1.1% | ||
Containers & Packaging - 1.1% | ||
Ranpak Holdings Corp.1 | 1,202,211 | 6,540,028 |
Total Materials | 6,540,028 | |
Utilities - 0.7% | ||
Water Utilities - 0.7% | ||
Pure Cycle Corp.1 | 433,315 | 4,159,824 |
Total Utilities | 4,159,824 | |
Total Common Stocks - 90.5% (Cost $504,142,471) | 532,870,908 |
Meridian Funds | 2 | www.arrowmarkpartners.com/meridian/ |
Meridian Small Cap Growth Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
September 30, 2023 (Unaudited)
Shares | Value | |
Warrants - 0.1% | ||
Financials - 0.0% | ||
Capital Markets - 0.0% | ||
FinServ Acquisition Corp. Strike Price $11.50, Expires 2/17/261 | 204,166 | $6,533 |
Total Financials | 6,533 | |
Health Care - 0.1% | ||
Health Care Equipment & Supplies - 0.1% | ||
Beta Bionics, Inc. Series D, Strike Price $0.01, Expires 8/28/331,3,4 | 83,332 | 293,329 |
Beta Bionics, Inc. Strike Price $0.01, Expires 2/16/321,3,4 | 21,570 | 129,204 |
Total Health Care | 422,533 | |
Total Warrants - 0.1% (Cost $545,174) | 429,066 | |
Preferred Stocks - 5.8% | ||
Communication Services - 1.5% | ||
Specialty Retail - 1.5% | ||
Evolve Vacation Rental Network, Inc. Series 8 Acquisition Date: 6/15/18, Cost $3,999,9991,3,4 | 470,013 | 8,859,745 |
Total Communication Services | 8,859,745 | |
Health Care - 2.1% | ||
Biotechnology - 1.1% | ||
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 | 1,741,189 |
Neurogene, Inc. Series B Acquisition Date: 3/4/22, Cost $3,000,0001,3,4 | 1,229,508 | 1,844,262 |
YAP Therapeutics, Inc. Series B Acquisition Date: 1/12/22, Cost $3,000,0051,3,4 | 64,544 | 2,997,423 |
6,699,346 | ||
Health Care Equipment & Supplies - 0.8% | ||
Adagio Medical, Inc. Series E Acquisition Date: 11/9/20, Cost $4,000,0031,3,4 | 176,913 | 1,836,357 |
Beta Bionics, Inc. Series B Acquisition Date: 10/9/18, Cost $3,999,9761,3,4 | 266,310 | 1,696,395 |
Shares | Value | |
Beta Bionics, Inc. Series C Acquisition Date: 2/16/22, Cost $959,987 1,3,4 | 86,280 | $517,680 |
Beta Bionics, Inc. Series D Acquisition Date: 8/28/23, Cost $706,8711,3,4 | 119,047 | 707,139 |
4,757,571 | ||
Health Care Providers & Services - 0.2% | ||
Binx Health, Inc. Series E Acquisition Date: 5/26/21, Cost $6,500,0411,3,4 | 24,179 | 837,319 |
Total Health Care | 12,294,236 | |
Information Technology - 1.3% | ||
IT Services - 0.7% | ||
Skyryse, Inc. Series B Acquisition Date: 10/21/21, Cost $4,184,9831,3,4 | 169,570 | 4,281,643 |
Software - 0.6% | ||
Dataminr, Inc. Series F Acquisition Date: 3/22/21, Cost $5,655,320 1,3,4 | 128,530 | 3,496,016 |
Total Information Technology | 7,777,659 | |
Real Estate - 0.9% | ||
Real Estate Management & Development - 0.9% | ||
Apartment List, Inc. Series D Acquisition Date: 12/21/20 - 12/24/20, Cost $5,999,9981,3,4 | 1,642,485 | 4,976,730 |
Total Real Estate | 4,976,730 | |
Total Preferred Stocks - 5.8% (Cost $48,433,910) | 33,908,370 | |
Private Investment Fund - 0.5% | ||
Quail Investment Holdings, LLC Acquisition Date: 9/1/20, Cost $2,917,6951,3,5 | 2,918 | 3,003,300 |
Total Private Investment Fund - 0.5% (Cost $2,917,695) | 3,003,300 |
Meridian Funds | 3 | www.arrowmarkpartners.com/meridian/ |
Meridian Small Cap Growth Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
September 30, 2023 (Unaudited)
Shares/ Principal Amount | Value | |
Short-Term Investments - 5.0% | ||
Money Market Funds - 3.3% | ||
Goldman Sachs Financial Square Government Fund, Institutional Class, 5.23% (Cost $19,212,018) | 19,212,018 | $19,212,018 |
Repurchase Agreements - 1.7%6 | ||
Bank of America Securities, Inc., dated 9/29/23, due 10/2/23, 5.30% total to be received $2,462,918 (collateralized by various U.S. Government Sponsored Agency, 2.50% - 5.50%, 4/20/43 - 9/1/53, totaling $2,511,068) | $2,461,831 | 2,461,831 |
Citigroup Global Markets, Inc., dated 9/29/23, due 10/2/23, 5.30% total to be received $2,462,918 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 7.09%, 8/5/25 - 5/20/72, totaling $2,511,068) | 2,461,831 | 2,461,831 |
Daiwa Capital Markets America, Inc., dated 9/29/23, due 10/2/23, 5.32% total to be received $453,426 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 7.00%, 1/31/24 - 10/1/53, totaling $462,318) | 453,225 | 453,225 |
Shares/ Principal Amount | Value | |
National Bank Financial, Inc., dated 9/29/23, due 10/2/23, 5.34% total to be received $2,462,927 (collateralized by various U.S. Treasury Obligations, 0.00% - 4.75%, 10/2/23, totaling $2,511,068) | $2,461,831 | $2,461,831 |
RBC Dominion Securities, Inc., dated 9/29/23, due 10/2/23, 5.30% total to be received $2,462,918 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 7.00%, 10/5/23 - 9/1/53, totaling $2,511,068) | 2,461,831 | 2,461,831 |
Total Repurchase Agreements (Cost $10,300,549) | 10,300,549 | |
Total Short-Term Investments - 5.0% (Cost $29,512,567) | 29,512,567 | |
Total Investments - 101.9% (Cost $585,551,817) | 599,724,211 | |
Liabilities in Excess of Other Assets - (1.9)% | (10,992,593) | |
Net Assets - 100.0% | $588,731,618 |
Meridian Funds | 4 | www.arrowmarkpartners.com/meridian/ |
Meridian Small Cap Growth Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
September 30, 2023 (Unaudited)
Plc—Public Limited Company |
1 | Non-income producing securities. |
2 | All or portion of this security is on loan at September 30, 2023. Total value of such securities at period-end amounts to $24,383,553 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 period-end amounts to $39,091,737 and represents 6.64% 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 | 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 | 5 | www.arrowmarkpartners.com/meridian/ |