Meridian Enhanced Equity Fund
Schedule of Investments
Schedule of Investments
September 30, 2019 (Unaudited)
Shares | Value | |
Common Stocks - 114.2% | ||
Communication Services - 24.3% | ||
Diversified Telecommunication Services - 3.0% | ||
GCI Liberty, Inc. Class A1 | 29,570 | $1,835,410 |
Entertainment - 11.5% | ||
Activision Blizzard, Inc.2 | 67,073 | 3,549,503 |
Take-Two Interactive Software, Inc.1,2 | 13,494 | 1,691,338 |
Walt Disney Co. (The) | 14,290 | 1,862,273 |
7,103,114 | ||
Interactive Media & Services - 3.5% | ||
IAC/InterActiveCorp1 | 2,871 | 625,792 |
Snap, Inc. Class A1 | 100,000 | 1,580,000 |
2,205,792 | ||
Media - 6.3% | ||
Altice USA, Inc. Class A1 | 21,820 | 625,797 |
Boston Omaha Corp. Class A1 | 15,935 | 315,991 |
Liberty Global Plc Class A (United Kingdom)1,2 | 120,000 | 2,970,000 |
3,911,788 | ||
Total Communication Services | 15,056,104 | |
Consumer Discretionary - 15.0% | ||
Hotels, Restaurants & Leisure - 5.9% | ||
Papa John's International, Inc.2 | 70,000 | 3,664,500 |
Internet & Direct Marketing Retail - 2.9% | ||
Amazon.com, Inc.1 | 1,030 | 1,787,987 |
Leisure Products - 0.5% | ||
Clarus Corp. | 27,911 | 327,257 |
Specialty Retail - 1.5% | ||
Home Depot, Inc. (The) | 4,083 | 947,338 |
Textiles, Apparel & Luxury Goods - 4.2% | ||
Hanesbrands, Inc.3 | 100,000 | 1,532,000 |
NIKE, Inc. Class B | 10,907 | 1,024,385 |
2,556,385 | ||
Total Consumer Discretionary | 9,283,467 | |
Consumer Staples - 2.2% | ||
Food & Staples Retailing - 2.2% | ||
Costco Wholesale Corp. | 4,722 | 1,360,456 |
Total Consumer Staples | 1,360,456 | |
Energy - 4.5% | ||
Energy Equipment & Services - 0.5% | ||
Liberty Oilfield Services, Inc. Class A | 28,866 | 312,619 |
Oil, Gas & Consumable Fuels - 4.0% | ||
Cheniere Energy, Inc.1 | 5,248 | 330,939 |
EOG Resources, Inc. | 4,184 | 310,536 |
Shares | Value | |
Marathon Petroleum Corp. | 30,000 | $1,822,500 |
2,463,975 | ||
Total Energy | 2,776,594 | |
Financials - 21.9% | ||
Banks - 20.4% | ||
Bank OZK | 100,000 | 2,727,000 |
Citigroup, Inc. | 50,000 | 3,454,000 |
Citizens Financial Group, Inc.2 | 30,000 | 1,061,100 |
U.S. Bancorp | 26,544 | 1,468,945 |
Wells Fargo & Co. | 25,000 | 1,261,000 |
Zions Bancorp NA2 | 60,000 | 2,671,200 |
12,643,245 | ||
Capital Markets - 1.5% | ||
Intercontinental Exchange, Inc. | 10,119 | 933,680 |
Total Financials | 13,576,925 | |
Health Care - 3.8% | ||
Biotechnology - 1.5% | ||
Alnylam Pharmaceuticals, Inc.1,3 | 3,825 | 307,607 |
Exact Sciences Corp.1 | 3,449 | 311,686 |
Heron Therapeutics, Inc.1 | 17,369 | 321,326 |
940,619 | ||
Health Care Technology - 1.8% | ||
Teladoc Health, Inc.1 | 16,307 | 1,104,310 |
Life Sciences Tools & Services - 0.5% | ||
Accelerate Diagnostics, Inc.1 | 16,437 | 305,235 |
Total Health Care | 2,350,164 | |
Industrials - 6.4% | ||
Marine - 4.9% | ||
Matson, Inc.2 | 80,000 | 3,000,800 |
Professional Services - 1.5% | ||
IHS Markit Ltd. (United Kingdom)1 | 13,980 | 934,982 |
Total Industrials | 3,935,782 | |
Information Technology - 20.3% | ||
IT Services - 4.1% | ||
PayPal Holdings, Inc.1 | 8,526 | 883,208 |
Switch, Inc. Class A | 20,133 | 314,478 |
Visa, Inc. Class A | 7,680 | 1,321,037 |
2,518,723 | ||
Semiconductors & Semiconductor Equipment - 2.5% | ||
NVIDIA Corp. | 9,018 | 1,569,763 |
Software - 9.5% | ||
LogMeIn, Inc. | 43,000 | 3,051,280 |
Microsoft Corp. | 13,549 | 1,883,717 |
salesforce.com, Inc.1 | 6,293 | 934,133 |
5,869,130 |
Meridian Funds | 1 | www.meridianfund.com |
Meridian Enhanced Equity Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
September 30, 2019 (Unaudited)
Shares | Value | |
Technology Hardware, Storage & Peripherals - 4.2% | ||
Apple, Inc. | 7,707 | $1,726,137 |
HP, Inc. | 45,760 | 865,779 |
2,591,916 | ||
Total Information Technology | 12,549,532 | |
Materials - 3.8% | ||
Chemicals - 3.8% | ||
Huntsman Corp. | 100,000 | 2,326,000 |
Total Materials | 2,326,000 | |
Real Estate - 9.9% | ||
Equity Real Estate Investment Trusts (REITS) - 9.9% | ||
American Tower Corp. | 2,822 | 624,029 |
Equinix, Inc. | 2,184 | 1,259,731 |
Seritage Growth Properties Class A | 7,869 | 334,354 |
Weyerhaeuser Co.2 | 140,000 | 3,878,000 |
Total Real Estate | 6,096,114 | |
Utilities - 2.1% | ||
Independent Power & Renewable Electricity Producers - 2.1% | ||
Vistra Energy Corp. | 49,086 | 1,312,069 |
Total Utilities | 1,312,069 | |
Total Common Stocks - 114.2% (Cost $60,885,289) | 70,623,207 |
Shares/ Principal Amount | ||
Short-Term Investments - 0.0% | ||
Repurchase Agreements - 0.0% | ||
RBC Dominion Securities Inc., dated 9/30/19, due 10/1/19, 2.29% total to be received $314 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 6.50%, 10/15/19 - 9/1/49, totaling $320) | $314 | 314 |
Total Short-Term Investments - 0.0% (Cost $314) | 314 | |
Total Investments -114.2% (Cost $60,885,603) | 70,623,521 | |
Liabilities in Excess of Other Assets - (14.2)% | (8,768,128) | |
Net Assets - 100.0% | $61,855,393 |
Value | ||
Call Options Written - (17.6)% | ||
Total Call Options Written - (17.6)% (Premium received $(8,722,322)) | $(10,880,250) |
Meridian Funds | 2 | www.meridianfund.com |
Meridian Enhanced Equity Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
September 30, 2019 (Unaudited)
Plc—Public Limited Company |
1 | Non-income producing securities. |
2 | Securities, or a portion thereof, were pledged as collateral for written options by the fund. |
3 | All or portion of this security is on loan at September 30, 2019. Total value of such securities at period-end amounts to $2,023,884 and represents 3.27% of net assets. Securities loaned with a value of $184,277 have been sold and are pending settlement as of September 30, 2019. |
Meridian Funds | 3 | www.meridianfund.com |
Meridian Enhanced Equity Fund
Schedule of Investments
Schedule of Investments
September 30, 2019 (Unaudited)
Exchange-Traded Options Written | ||||||||||||
Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount | Premium Received | Value | ||||||
Call | ||||||||||||
LogMeIn, Inc. | 60.00 | 12/20/19 | 200 | $1,419,200 | $(207,983) | $(264,000) | ||||||
Matson, Inc. | 30.00 | 12/20/19 | 500 | 1,875,500 | (414,164) | (420,000) | ||||||
Activision Blizzard, Inc. | 42.50 | 1/17/20 | 100 | 529,200 | (119,765) | (112,500) | ||||||
HP, Inc. | 18.00 | 1/17/20 | 500 | 946,000 | (134,606) | (92,000) | ||||||
Liberty Global Plc Class A (United Kingdom) | 22.50 | 1/17/20 | 300 | 742,500 | (160,261) | (105,000) | ||||||
Marathon Petroleum Corp. | 37.50 | 1/17/20 | 150 | 911,250 | (206,128) | (382,500) | ||||||
Snap, Inc. Class A | 10.00 | 1/17/20 | 1,000 | 1,580,000 | (609,203) | (610,000) | ||||||
Take-Two Interactive Software, Inc. | 80.00 | 1/17/20 | 100 | 1,253,400 | (237,276) | (486,000) | ||||||
Weyerhaeuser Co. | 21.00 | 1/17/20 | 1,400 | 3,878,000 | (810,885) | (1,036,000) | ||||||
Zions Bancorp NA | 34.00 | 1/17/20 | 300 | 1,335,600 | (198,385) | (384,000) | ||||||
Activision Blizzard, Inc. | 42.50 | 2/21/20 | 350 | 1,852,200 | (458,216) | (425,250) | ||||||
Bank OZK | 22.50 | 2/21/20 | 1,000 | 2,727,000 | (499,205) | (610,000) | ||||||
Huntsman Corp. | 15.00 | 2/21/20 | 500 | 1,163,000 | (272,102) | (440,000) | ||||||
LogMeIn, Inc. | 55.00 | 3/20/20 | 230 | 1,632,080 | (319,622) | (414,000) | ||||||
Matson, Inc. | 30.00 | 3/20/20 | 300 | 1,125,300 | (254,080) | (273,000) | ||||||
Citizens Financial Group, Inc. | 30.00 | 4/17/20 | 300 | 1,061,100 | (158,761) | (192,000) | ||||||
Liberty Global Plc Class A (United Kingdom) | 22.50 | 4/17/20 | 300 | 742,500 | (173,761) | (147,000) | ||||||
Papa John's International, Inc. | 37.50 | 4/17/20 | 700 | 3,664,500 | (903,832) | (1,127,000) | ||||||
Zions Bancorp NA | 34.00 | 4/17/20 | 300 | 1,335,600 | (215,877) | (358,500) | ||||||
Activision Blizzard, Inc. | 42.50 | 6/19/20 | 100 | 529,200 | (134,135) | (140,500) | ||||||
Citigroup, Inc. | 52.50 | 6/19/20 | 400 | 2,763,200 | (542,655) | (714,000) | ||||||
Marathon Petroleum Corp. | 37.50 | 6/19/20 | 150 | 911,250 | (209,034) | (375,000) | ||||||
Liberty Global Plc Class A (United Kingdom) | 22.50 | 12/18/20 | 300 | 742,500 | (217,539) | (207,000) | ||||||
Liberty Global Plc Class A (United Kingdom) | 25.00 | 12/18/20 | 300 | 742,500 | (173,847) | (126,000) | ||||||
Citigroup, Inc. | 52.50 | 1/15/21 | 100 | 690,800 | (147,392) | (191,500) | ||||||
Hanesbrands, Inc. | 10.00 | 1/15/21 | 1,000 | 1,532,000 | (419,207) | (570,000) | ||||||
Huntsman Corp. | 15.00 | 1/15/21 | 500 | 1,163,000 | (319,601) | (470,000) | ||||||
Wells Fargo & Co. | 45.00 | 1/15/21 | 250 | 1,261,000 | (204,800) | (207,500) | ||||||
Total | $(8,722,322) | $(10,880,250) |
Meridian Funds | 4 | www.meridianfund.com |