Meridian Small Cap Growth Fund
Schedule of Investments
Schedule of Investments
September 30, 2019 (Unaudited)
Shares | Value | |
Common Stocks - 87.2% | ||
Communication Services - 3.2% | ||
Entertainment - 1.3% | ||
Cinemark Holdings, Inc.1 | 543,880 | $21,015,523 |
Interactive Media & Services - 0.6% | ||
Eventbrite, Inc. Class A1,2 | 493,461 | 8,739,195 |
Media - 1.3% | ||
National CineMedia, Inc.1 | 1,276,220 | 10,465,004 |
TechTarget, Inc.2 | 457,442 | 10,303,881 |
20,768,885 | ||
Total Communication Services | 50,523,603 | |
Consumer Discretionary - 13.8% | ||
Auto Components - 0.6% | ||
Cooper-Standard Holdings, Inc.2 | 187,453 | 7,663,079 |
Fox Factory Holding Corp.2 | 25,473 | 1,585,439 |
9,248,518 | ||
Diversified Consumer Services - 1.3% | ||
Grand Canyon Education, Inc.2 | 211,217 | 20,741,510 |
Hotels, Restaurants & Leisure - 2.2% | ||
Chuy's Holdings, Inc.1,2 | 458,040 | 11,341,071 |
Playa Hotels & Resorts, N.V.2 | 954,763 | 7,475,794 |
PlayAGS, Inc.2 | 1,551,518 | 15,949,605 |
34,766,470 | ||
Internet & Direct Marketing Retail - 1.3% | ||
Shutterstock, Inc.1,2 | 558,588 | 20,176,199 |
Leisure Products - 1.1% | ||
Clarus Corp. | 946,470 | 11,097,361 |
Malibu Boats, Inc. Class A2 | 194,083 | 5,954,466 |
17,051,827 | ||
Specialty Retail - 2.4% | ||
Sally Beauty Holdings, Inc.1,2 | 2,456,834 | 36,582,258 |
Textiles, Apparel & Luxury Goods - 4.9% | ||
Carter's, Inc.1 | 228,340 | 20,826,891 |
Skechers U.S.A., Inc. Class A2 | 1,123,813 | 41,974,416 |
Wolverine World Wide, Inc.1 | 462,155 | 13,060,500 |
75,861,807 | ||
Total Consumer Discretionary | 214,428,589 | |
Consumer Staples - 0.7% | ||
Food & Staples Retailing - 0.7% | ||
BJ's Wholesale Club Holdings, Inc.1,2 | 424,960 | 10,993,715 |
Total Consumer Staples | 10,993,715 |
Shares | Value | |
Energy - 0.6% | ||
Energy Equipment & Services - 0.3% | ||
NCS Multistage Holdings, Inc.1,2 | 1,357,807 | $2,715,614 |
RigNet, Inc.2 | 355,490 | 2,755,048 |
5,470,662 | ||
Oil, Gas & Consumable Fuels - 0.3% | ||
Evolution Petroleum Corp. | 751,575 | 4,389,198 |
Total Energy | 9,859,860 | |
Financials - 3.1% | ||
Capital Markets - 3.1% | ||
GS Acquisition Holdings Corp.1,2 | 1,850,539 | 19,708,240 |
PennantPark Investment Corp. | 1,357,028 | 8,508,566 |
TPG Pace Holdings Corp. Class A2 | 851,989 | 8,758,447 |
WisdomTree Investments, Inc.1 | 2,171,793 | 11,347,618 |
Total Financials | 48,322,871 | |
Health Care - 19.7% | ||
Biotechnology - 7.3% | ||
Albireo Pharma, Inc.1,2 | 336,876 | 6,737,520 |
Argenx SE ADR (Netherlands)1,2 | 73,977 | 8,430,419 |
Atreca, Inc. Class A2 | 103,241 | 1,263,670 |
CareDx, Inc.2 | 333,579 | 7,542,221 |
Centrexion Therapeutics Corp. (Dividend Shares) Acquisition Date: 3/14/19, Cost $02,3,4 | 17,318 | 210,414 |
DBV Technologies SA ADR (France)1,2 | 636,759 | 5,476,127 |
Deciphera Pharmaceuticals, Inc.2 | 176,873 | 6,003,070 |
Heron Therapeutics, Inc.1,2 | 560,789 | 10,374,596 |
Immunomedics, Inc.1,2 | 626,179 | 8,303,134 |
Kiniksa Pharmaceuticals Ltd. Class A1,2 | 716,692 | 6,099,049 |
Kodiak Sciences, Inc.2 | 801,082 | 11,519,559 |
Mersana Therapeutics, Inc.2 | 209,924 | 331,680 |
Orchard Therapeutics Ltd. Acquisition Date: 8/2/18, Cost $2,095,9432,4 | 194,818 | 2,314,438 |
Orchard Therapeutics Plc ADR (United Kingdom)2 | 293,701 | 3,489,168 |
Rhythm Pharmaceuticals, Inc.1,2 | 313,770 | 6,774,294 |
Meridian Funds | 1 | www.meridianfund.com |
Meridian Small Cap Growth Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
September 30, 2019 (Unaudited)
Shares | Value | |
SpringWorks Therapeutics, Inc.2 | 225,982 | $4,899,290 |
TCR2 Therapeutics, Inc.1,2 | 476,606 | 7,163,388 |
Viking Therapeutics, Inc.1,2 | 1,300,255 | 8,945,754 |
Xencor, Inc.1,2 | 228,079 | 7,693,105 |
113,570,896 | ||
Health Care Equipment & Supplies - 3.8% | ||
Axogen, Inc.1,2 | 766,816 | 9,569,864 |
CryoLife, Inc.2 | 438,003 | 11,891,781 |
Endologix, Inc.1,2 | 146,581 | 581,927 |
Merit Medical Systems, Inc.2 | 603,842 | 18,393,027 |
Nevro Corp.1,2 | 95,122 | 8,177,638 |
Quidel Corp.1,2 | 180,974 | 11,102,755 |
59,716,992 | ||
Health Care Providers & Services - 1.3% | ||
BioTelemetry, Inc.1,2 | 476,622 | 19,412,814 |
Health Care Technology - 1.9% | ||
Medidata Solutions, Inc.2 | 194,888 | 17,832,252 |
Vocera Communications, Inc.1,2 | 497,089 | 12,253,244 |
30,085,496 | ||
Life Sciences Tools & Services - 2.6% | ||
10X Genomics, Inc. Class A1,2 | 42,978 | 2,166,091 |
Accelerate Diagnostics, Inc.1,2 | 455,047 | 8,450,223 |
Pacific Biosciences of California, Inc.2 | 2,098,993 | 10,830,804 |
Syneos Health, Inc.1,2 | 356,043 | 18,945,048 |
40,392,166 | ||
Pharmaceuticals - 2.8% | ||
Liquidia Technologies, Inc.2 | 936,724 | 3,334,738 |
Prestige Consumer Healthcare, Inc.1,2 | 356,904 | 12,381,000 |
Revance Therapeutics, Inc.1,2 | 721,441 | 9,378,733 |
WaVe Life Sciences Ltd.1,2 | 419,591 | 8,614,203 |
Xeris Pharmaceuticals, Inc.1,2 | 984,793 | 9,680,515 |
43,389,189 | ||
Total Health Care | 306,567,553 | |
Industrials - 29.8% | ||
Air Freight & Logistics - 1.4% | ||
Echo Global Logistics, Inc.2 | 465,562 | 10,544,980 |
Forward Air Corp. | 183,192 | 11,672,994 |
22,217,974 | ||
Commercial Services & Supplies - 11.8% | ||
ABM Industries, Inc.1 | 720,866 | 26,181,853 |
Cimpress, N.V. (Netherlands)1,2 | 170,329 | 22,456,176 |
Clean Harbors, Inc.2 | 571,944 | 44,154,077 |
Shares | Value | |
Heritage-Crystal Clean, Inc.2 | 1,553,190 | $41,159,535 |
Hudson Technologies, Inc.1,2 | 2,357,585 | 1,673,885 |
Ritchie Bros. Auctioneers, Inc. (Canada) | 615,458 | 24,556,774 |
SP Plus Corp.2 | 622,881 | 23,046,597 |
183,228,897 | ||
Construction & Engineering - 1.1% | ||
Construction Partners, Inc. Class A2 | 1,050,456 | 16,366,104 |
Machinery - 4.9% | ||
Graham Corp. | 413,502 | 8,212,150 |
John Bean Technologies Corp.1 | 209,995 | 20,879,803 |
Kennametal, Inc. | 498,156 | 15,313,315 |
Proto Labs, Inc.2 | 74,411 | 7,597,363 |
Tennant Co.1 | 351,653 | 24,861,867 |
76,864,498 | ||
Marine - 3.0% | ||
Kirby Corp.1,2 | 290,284 | 23,849,733 |
Matson, Inc. | 608,547 | 22,826,598 |
46,676,331 | ||
Professional Services - 5.1% | ||
Forrester Research, Inc. | 335,098 | 10,770,050 |
InnerWorkings, Inc.2 | 4,101,440 | 18,169,379 |
TriNet Group, Inc.2 | 435,714 | 27,097,054 |
TrueBlue, Inc.2 | 1,140,222 | 24,058,684 |
80,095,167 | ||
Road & Rail - 1.2% | ||
Heartland Express, Inc. | 881,670 | 18,964,722 |
Trading Companies & Distributors - 1.3% | ||
MSC Industrial Direct Co., Inc. Class A | 272,048 | 19,731,641 |
Total Industrials | 464,145,334 | |
Information Technology - 15.2% | ||
Electronic Equipment & Instruments - 0.8% | ||
CTS Corp. | 370,391 | 11,985,853 |
IT Services - 2.9% | ||
Carbonite, Inc.1,2 | 1,491,531 | 23,103,815 |
Presidio, Inc. | 1,295,049 | 21,886,328 |
44,990,143 | ||
Software - 11.0% | ||
2U, Inc.1,2 | 670,907 | 10,922,366 |
Actua Corp. | 1,117,791 | 469,472 |
American Software, Inc. Class A | 674,524 | 10,131,350 |
Asure Software, Inc.1,2 | 754,674 | 5,063,863 |
Benefitfocus, Inc.2 | 681,479 | 16,226,015 |
ChannelAdvisor Corp.2 | 632,085 | 5,897,353 |
Meridian Funds | 2 | www.meridianfund.com |
Meridian Small Cap Growth Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
September 30, 2019 (Unaudited)
Shares | Value | |
Cornerstone OnDemand, Inc.2 | 224,919 | $12,330,060 |
Domo, Inc. Class B1,2 | 495,592 | 7,919,560 |
Everbridge, Inc.1,2 | 72,605 | 4,480,455 |
LivePerson, Inc.1,2 | 235,527 | 8,408,314 |
LogMeIn, Inc. | 669,888 | 47,535,252 |
Medallia, Inc.1,2 | 88,936 | 2,439,514 |
Model N, Inc.2 | 542,455 | 15,058,551 |
Ping Identity Holding Corp.1,2 | 236,538 | 4,080,280 |
QAD, Inc. Class A | 270,559 | 12,494,415 |
Tufin Software Technologies, Ltd. (Israel)1,2 | 481,689 | 7,928,601 |
171,385,421 | ||
Technology Hardware, Storage & Peripherals - 0.5% | ||
3D Systems Corp.1,2 | 971,254 | 7,915,720 |
Total Information Technology | 236,277,137 | |
Materials - 0.6% | ||
Containers & Packaging - 0.6% | ||
Ranpak Holdings Corp.1,2 | 1,463,357 | 8,867,943 |
Total Materials | 8,867,943 | |
Real Estate - 0.5% | ||
Equity Real Estate Investment Trusts (REITS) - 0.5% | ||
Jernigan Capital, Inc.1 | 434,424 | 8,362,662 |
Total Real Estate | 8,362,662 | |
Total Common Stocks - 87.2% (Cost $1,338,684,685) | 1,358,349,267 | |
Warrants - 0.3% | ||
Financials - 0.0% | ||
Capital Markets - 0.0% | ||
TPG Pace Holdings Corp. | 283,996 | 451,554 |
Total Financials | 451,554 | |
Health Care - 0.3% | ||
Health Care Equipment & Supplies - 0.3% | ||
Endologix, Inc., Strike Price $6.61, Expires 4/3/29 Acquisition Date: 4/1/19, Cost $4,638,8652,3,4 | 701,795 | 4,638,865 |
Total Health Care | 4,638,865 |
Shares | Value | |
Materials - 0.0% | ||
Containers & Packaging - 0.0% | ||
Ranpak Holdings Corp., Strike Price $11.50, Expires 6/3/242 | 731,678 | $548,758 |
Total Materials | 548,758 | |
Total Warrants - 0.3% (Cost $6,014,399) | 5,639,177 | |
Preferred Stocks - 4.3% | ||
Consumer Discretionary - 0.3% | ||
Internet & Direct Marketing Retail - 0.3% | ||
Evolve Vacation Rental Network, Inc. Acquisition Date: 6/15/18, Cost $3,999,9992,3,4 | 470,013 | 4,469,823 |
Total Consumer Discretionary | 4,469,823 | |
Health Care - 3.0% | ||
Biotechnology - 2.3% | ||
4D Molecular Therapeutics, Inc. Acquisition Date: 8/27/18, Cost $3,999,9992,3,4 | 229,095 | 4,515,462 |
Centrexion Therapeutics Corp. Acquisition Date: 12/18/17, Cost $2,995,0072,3,4 | 1,663,893 | 3,544,092 |
Forte Biosciences, Inc. Acquisition Date: 11/27/18, Cost $4,000,0002,3,4 | 5,571,807 | 4,401,728 |
Inhibrx, Inc. Acquisition Date: 10/1/18, Cost $3,999,9942,3,4 | 573,065 | 5,100,278 |
Lyra Therapeutics, Inc. Acquisition Date: 7/30/18, Cost $4,000,0002,3,4 | 13,333,334 | 3,733,334 |
Metacrine, Inc. Acquisition Date: 6/5/18, Cost $2,785,0022,3,4 | 1,313,680 | 2,811,275 |
NexImmune, Inc. (Series A Shares) Acquisition Date: 12/28/17, Cost $3,000,0002,3,4 | 10,166,045 | 3,581,498 |
NexImmune, Inc. (Series A-2 Shares) Acquisition Date: 1/25/19, Cost $1,000,0002,3,4 | 2,838,489 | 1,000,000 |
Meridian Funds | 3 | www.meridianfund.com |
Meridian Small Cap Growth Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
September 30, 2019 (Unaudited)
Shares | Value | |
Precision BioSciences, Inc. Acquisition Date: 5/25/18-3/1/19, Cost $4,225,8582,4 | 367,167 | $3,080,531 |
Talis Biomedical Corp. Acquisition Date: 10/6/17, Cost $4,000,0002,3,4 | 1,462,202 | 4,430,472 |
36,198,670 | ||
Health Care Equipment & Supplies - 0.4% | ||
Beta Bionics, Inc. Acquisition Date: 10/9/18, Cost $3,999,9762,3,4 | 26,631 | 4,260,960 |
Pulmonx Corp. (Series G-1 Shares) Acquisition Date: 4/16/19, Cost $2,750,0002,3,4 | 2,083,333 | 2,750,000 |
7,010,960 | ||
Pharmaceuticals - 0.3% | ||
Oric Pharmaceuticals, Inc. (Series D Shares) Acquisition Date: 6/3/19, Cost $3,999,9992,3,4 | 1,212,121 | 3,999,999 |
Total Health Care | 47,209,629 | |
Information Technology - 1.0% | ||
Communications Equipment - 0.5% | ||
Starry, Inc. (Series C Shares) Acquisition Date: 5/14/18, Cost $3,780,0002,3,4 | 4,099,783 | 5,862,690 |
Starry, Inc. (Series D Shares) Acquisition Date: 3/6/19, Cost $1,665,0002,3,4 | 1,164,336 | 1,665,000 |
7,527,690 | ||
Software - 0.5% | ||
DraftKings, Inc. Acquisition Date: 8/17/18, Cost $6,259,8002,3,4 | 2,455,247 | 7,242,979 |
Total Information Technology | 14,770,669 | |
Total Preferred Stocks - 4.3% (Cost $60,460,633) | 66,450,121 |
Shares/ Principal Amount | Value | |
Short-Term Investments - 3.6%5 | ||
Repurchase Agreements - 3.6% | ||
Bank of America Securities, Inc., dated 9/30/19, due 10/1/19, 2.30% total to be received $3,882,693 (collateralized by various U.S. Treasury Obligations, 1.13% - 2.25%, 8/31/21 - 11/15/27, totaling $3,960,095) | $3,882,445 | $3,882,445 |
BNP Paribas S.A., dated 9/30/19, due 10/1/19, 2.37% total to be received $13,122,204 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 7.00%, 2/15/21 - 8/1/49, totaling $13,383,767) | 13,121,340 | 13,121,340 |
Citigroup Global Markets, Inc., dated 9/30/19, due 10/1/19, 2.32% total to be received $13,122,186 (collateralized by various U.S. Government Sponsored Agency, 2.50% - 9.00%, 6/1/24 - 10/1/49, totaling $13,383,773) | 13,121,340 | 13,121,340 |
HSBC Securities, Inc., dated 9/30/19, due 10/1/19, 2.36% total to be received $13,122,200 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 2.50%, 1/30/20 - 5/15/46, totaling $13,383,767) | 13,121,340 | 13,121,340 |
Meridian Funds | 4 | www.meridianfund.com |
Meridian Small Cap Growth Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
September 30, 2019 (Unaudited)
Shares/ Principal Amount | Value | |
RBC Dominion Securities Inc., dated 9/30/19, due 10/1/19, 2.37% total to be received $13,122,204 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 6.50%, 10/15/19 - 9/1/49, totaling $13,383,767) | $13,121,340 | $13,121,340 |
Total Repurchase Agreements | 56,367,805 | |
Total Short-Term Investments - 3.6% (Cost $56,367,805) | 56,367,805 | |
Total Investments -95.4% (Cost $1,461,527,522) | 1,486,806,370 | |
Cash and Other Assets, Less Liabilities - 4.6% | 71,345,184 | |
Net Assets - 100.0% | $1,558,151,554 |
ADR—American Depositary Receipt |
N.V.—Naamloze Vennootschap is the Dutch term for limited liability company |
Plc—Public Limited Company |
1 | All or portion of this security is on loan at September 30, 2019. Total value of such securities at period-end amounts to $258,994,840 and represents 16.62% of net assets. |
2 | Non-income producing securities. |
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 $73,613,838 and represents 4.72% of net assets. |
5 | Collateral received from brokers for securities lending was invested in short-term investments. |
Meridian Funds | 5 | www.meridianfund.com |