Meridian Small Cap Growth Fund
Schedule of Investments
Schedule of Investments
March 31, 2021 (Unaudited)
Shares | Value | |
Common Stocks - 94.0% | ||
Communication Services - 0.4% | ||
Interactive Media & Services - 0.0% | ||
Actua Corp. 1 | 1,232,871 | $123,287 |
Media - 0.4% | ||
TechTarget, Inc. 1 | 88,713 | 6,161,118 |
Total Communication Services | 6,284,405 | |
Consumer Discretionary - 15.1% | ||
Auto Components - 1.4% | ||
Cooper-Standard Holdings, Inc. 1 | 388,806 | 14,121,434 |
Fox Factory Holding Corp. 1,2 | 63,512 | 8,069,835 |
22,191,269 | ||
Diversified Consumer Services - 0.6% | ||
Grand Canyon Education, Inc. 1 | 95,520 | 10,230,192 |
Hotels, Restaurants & Leisure - 0.9% | ||
PlayAGS, Inc. 1 | 1,850,275 | 14,950,222 |
Household Durables - 0.9% | ||
Purple Innovation, Inc. 1,2 | 476,738 | 15,088,758 |
Internet & Direct Marketing Retail - 1.0% | ||
Shutterstock, Inc. 2 | 180,578 | 16,078,665 |
Leisure Products - 2.0% | ||
Clarus Corp. | 999,079 | 17,034,297 |
Malibu Boats, Inc. Class A 1 | 200,045 | 15,939,585 |
32,973,882 | ||
Specialty Retail - 3.9% | ||
Sally Beauty Holdings, Inc. 1,2 | 2,287,265 | 46,042,645 |
Shift Technologies, Inc. 1,2 | 1,057,597 | 8,799,207 |
ThredUp, Inc. Class A 1 | 366,343 | 8,546,782 |
63,388,634 | ||
Textiles, Apparel & Luxury Goods - 4.4% | ||
Carter's, Inc. | 118,115 | 10,503,967 |
Hanesbrands, Inc. 2 | 859,257 | 16,901,585 |
Skechers U.S.A., Inc. Class A 1 | 1,077,203 | 44,930,137 |
72,335,689 | ||
Total Consumer Discretionary | 247,237,311 | |
Consumer Staples - 0.4% | ||
Food & Staples Retailing - 0.4% | ||
BJ's Wholesale Club Holdings, Inc. 1,2 | 142,861 | 6,408,744 |
Total Consumer Staples | 6,408,744 | |
Energy - 0.4% | ||
Energy Equipment & Services - 0.1% | ||
NCS Multistage Holdings, Inc. 1 | 67,890 | 1,883,948 |
Shares | Value | |
Oil, Gas & Consumable Fuels - 0.3% | ||
Evolution Petroleum Corp. | 1,460,711 | $4,937,203 |
Total Energy | 6,821,151 | |
Financials - 5.3% | ||
Capital Markets - 5.3% | ||
Build Acquisition Corp. 1 | 299,399 | 2,955,068 |
FinServ Acquisition Corp. 1 | 816,667 | 8,138,087 |
FinServ Acquisition Corp. Acquisition Date: 2/12/21 - 2/22/21, Cost $208,330 1,3 | 104,166 | 519,007 |
Foley Trasimene Acquisition Corp. 1 | 1,212,169 | 12,970,208 |
Jaws Acquisition Corp. Class A 1,2 | 804,534 | 10,660,075 |
PennantPark Investment Corp. | 1,501,367 | 8,482,724 |
Tishman Speyer Innovation Corp. II 1 | 400,000 | 4,008,000 |
TS Innovation Acquisitions Corp. 1,2 | 1,021,350 | 11,837,446 |
Warrior Technologies Acquisition Co. 1 | 898,444 | 8,894,596 |
WisdomTree Investments, Inc. | 3,038,255 | 18,989,094 |
Total Financials | 87,454,305 | |
Health Care - 27.9% | ||
Biotechnology - 12.9% | ||
4D Molecular Therapeutics, Inc. 1,2 | 113,540 | 4,925,365 |
4D Molecular Therapeutics, Inc. Acquisition Date: 8/27/18, Cost $3,999,999 1,3 | 229,095 | 8,447,420 |
Albireo Pharma, Inc. 1 | 286,939 | 10,114,600 |
Argenx SE ADR (Netherlands) 1 | 31,555 | 8,689,931 |
C4 Therapeutics, Inc. 1,2 | 83,953 | 3,105,421 |
CareDx, Inc. 1 | 187,359 | 12,757,274 |
Centrexion Therapeutics Corp. (Dividend Shares) Acquisition Date: 3/14/19, Cost $0 1,3,4 | 17,318 | 5,022 |
DBV Technologies SA ADR (France) 1,2 | 814,300 | 4,340,219 |
Deciphera Pharmaceuticals, Inc. 1 | 161,428 | 7,238,432 |
Forte Biosciences, Inc. 1,2 | 540,382 | 18,518,891 |
Heron Therapeutics, Inc. 1,2 | 608,728 | 9,867,481 |
Inhibrx, Inc. 1,2 | 494,218 | 9,918,955 |
Instil Bio, Inc. 1 | 264,305 | 6,628,769 |
Kiniksa Pharmaceuticals Ltd. Class A 1,2 | 372,215 | 6,889,700 |
Meridian Funds | 1 | www.meridianfund.com |
Meridian Small Cap Growth Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
March 31, 2021 (Unaudited)
Shares | Value | |
Kodiak Sciences, Inc. 1,2 | 102,048 | $11,571,223 |
MaxCyte, Inc. 1,2 | 304,500 | 3,694,097 |
Metacrine, Inc. 1 | 432,584 | 2,682,021 |
NexImmune, Inc. Acquisition Date: 12/28/17 - 12/12/19, Cost $5,749,994 1,3 | 1,040,949 | 16,882,111 |
ORIC Pharmaceuticals, Inc. 1,2 | 307,504 | 7,533,848 |
PMV Pharmaceuticals, Inc. 1,2 | 166,982 | 5,492,038 |
Precision BioSciences, Inc. 1,2 | 367,167 | 3,800,178 |
Relay Therapeutics, Inc. 1,2 | 164,089 | 5,672,557 |
SpringWorks Therapeutics, Inc. 1,2 | 122,458 | 9,009,235 |
Taysha Gene Therapies, Inc. 1,2 | 57,862 | 1,174,599 |
TCR2 Therapeutics, Inc. 1,2 | 389,848 | 8,607,844 |
Veracyte, Inc. 1,2 | 319,039 | 17,148,346 |
Viking Therapeutics, Inc. 1,2 | 992,527 | 6,277,733 |
210,993,310 | ||
Health Care Equipment & Supplies - 6.6% | ||
Axogen, Inc. 1 | 812,424 | 16,459,710 |
Cardiovascular Systems, Inc. 1 | 303,311 | 11,628,944 |
CryoLife, Inc. 1,2 | 333,201 | 7,523,679 |
Itamar Medical Ltd. ADR (Israel) 1,2 | 288,441 | 6,908,162 |
Merit Medical Systems, Inc. 1 | 505,905 | 30,293,591 |
Nevro Corp. 1,2 | 39,533 | 5,514,854 |
Pulmonx Corp. 1 | 208,333 | 9,529,151 |
Quidel Corp. 1,2 | 99,911 | 12,781,614 |
Talis Biomedical Corp. Acquisition Date: 10/6/17 - 11/27/19, Cost $6,363,734 1,3 | 705,537 | 7,706,228 |
108,345,933 | ||
Health Care Providers & Services - 3.3% | ||
AMN Healthcare Services, Inc. 1 | 222,524 | 16,400,019 |
HealthEquity, Inc. 1,2 | 287,672 | 19,561,696 |
Innovage Holding Corp. 1,2 | 284,743 | 7,343,522 |
MEDNAX, Inc. 1,2 | 427,264 | 10,882,414 |
54,187,651 | ||
Health Care Technology - 2.4% | ||
Certara, Inc. 1,2 | 98,844 | 2,698,441 |
Inovalon Holdings, Inc. Class A 1 | 256,010 | 7,367,968 |
Omnicell, Inc. 1 | 121,738 | 15,810,114 |
Renalytix AI Plc ADR 1,2 | 231,243 | 5,933,696 |
Vocera Communications, Inc. 1,2 | 190,635 | 7,331,822 |
39,142,041 | ||
Life Sciences Tools & Services - 1.3% | ||
Syneos Health, Inc. 1 | 286,859 | 21,758,255 |
Shares | Value | |
Pharmaceuticals - 1.4% | ||
Arvinas, Inc. 1 | 135,179 | $8,935,332 |
Revance Therapeutics, Inc. 1,2 | 330,754 | 9,244,574 |
Xeris Pharmaceuticals, Inc. 1,2 | 1,125,971 | 5,078,129 |
23,258,035 | ||
Total Health Care | 457,685,225 | |
Industrials - 26.7% | ||
Air Freight & Logistics - 2.4% | ||
Echo Global Logistics, Inc. 1 | 710,065 | 22,303,142 |
Forward Air Corp. 2 | 183,927 | 16,334,557 |
38,637,699 | ||
Commercial Services & Supplies - 11.0% | ||
ABM Industries, Inc. | 629,760 | 32,124,058 |
Cimpress Plc (Ireland) 1,2 | 121,443 | 12,160,087 |
Clean Harbors, Inc. 1 | 301,819 | 25,370,905 |
Heritage-Crystal Clean, Inc. 1 | 1,790,990 | 48,589,559 |
Montrose Environmental Group, Inc. 1 | 182,283 | 9,148,784 |
Ritchie Bros. Auctioneers, Inc. (Canada) | 712,184 | 41,698,373 |
SP Plus Corp. 1 | 351,766 | 11,534,407 |
180,626,173 | ||
Machinery - 4.7% | ||
Graham Corp. | 428,955 | 6,108,319 |
John Bean Technologies Corp. 2 | 116,100 | 15,480,774 |
Kennametal, Inc. 2 | 200,688 | 8,021,500 |
Middleby Corp. (The) 1,2 | 150,644 | 24,969,243 |
Tennant Co. | 278,980 | 22,287,712 |
76,867,548 | ||
Marine - 3.6% | ||
Kirby Corp. 1 | 393,164 | 23,699,926 |
Matson, Inc. | 520,018 | 34,685,200 |
58,385,126 | ||
Professional Services - 4.4% | ||
Forrester Research, Inc. 1 | 383,949 | 16,310,154 |
TriNet Group, Inc. 1 | 456,653 | 35,600,668 |
TrueBlue, Inc. 1 | 914,875 | 20,145,547 |
72,056,369 | ||
Road & Rail - 0.4% | ||
Heartland Express, Inc. | 329,309 | 6,447,870 |
Trading Companies & Distributors - 0.2% | ||
Hudson Technologies, Inc. 1,2 | 2,357,585 | 3,795,712 |
Total Industrials | 436,816,497 | |
Information Technology - 16.2% | ||
Electronic Equipment & Instruments - 1.0% | ||
CTS Corp. 2 | 550,693 | 17,104,525 |
Meridian Funds | 2 | www.meridianfund.com |
Meridian Small Cap Growth Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
March 31, 2021 (Unaudited)
Shares | Value | |
IT Services - 0.4% | ||
International Money Express, Inc. 1 | 445,152 | $6,681,731 |
Semiconductors & Semiconductor Equipment - 0.5% | ||
Allegro MicroSystems, Inc. (Japan) 1 | 340,112 | 8,621,839 |
Software - 14.3% | ||
2U, Inc. 1,2 | 985,269 | 37,666,834 |
8x8, Inc. 1 | 461,328 | 14,965,480 |
ACV Auctions, Inc. Acquisition Date: 2/28/20 and 9/2/20, Cost $4,593,111 1,3 | 434,337 | 12,777,543 |
American Software, Inc. Class A | 290,563 | 6,014,654 |
Asure Software, Inc. 1,2 | 754,674 | 5,765,709 |
Benefitfocus, Inc. 1,2 | 974,911 | 13,463,521 |
Cerence, Inc. 1,2 | 60,630 | 5,431,235 |
ChannelAdvisor Corp. 1 | 286,389 | 6,744,461 |
Mimecast Ltd. 1 | 543,813 | 21,866,721 |
Model N, Inc. 1 | 346,207 | 12,196,873 |
Ping Identity Holding Corp. 1,2 | 232,196 | 5,092,058 |
Pluralsight, Inc. Class A 1 | 1,132,159 | 25,292,432 |
QAD, Inc. Class A 2 | 218,995 | 14,580,687 |
SVMK, Inc. 1 | 1,390,931 | 25,481,856 |
Upland Software, Inc. 1 | 191,566 | 9,040,000 |
Workiva, Inc. 1 | 64,178 | 5,664,350 |
Zuora, Inc. Class A 1,2 | 790,277 | 11,696,100 |
233,740,514 | ||
Total Information Technology | 266,148,609 | |
Materials - 1.6% | ||
Containers & Packaging - 1.6% | ||
Ranpak Holdings Corp. 1,2 | 1,293,397 | 25,945,544 |
Total Materials | 25,945,544 | |
Total Common Stocks - 94.0% (Cost $1,034,536,353) | 1,540,801,791 | |
Preferred Stocks - 2.9% | ||
Consumer Discretionary - 0.3% | ||
Internet & Direct Marketing Retail - 0.3% | ||
Evolve Vacation Rental Network, Inc. Series 8 Acquisition Date: 6/15/18, Cost $3,999,999 1,3,4 | 470,013 | 5,588,455 |
Total Consumer Discretionary | 5,588,455 | |
Health Care - 1.1% | ||
Biotechnology - 0.2% | ||
AbSci LLC Series E Acquisition Date: 10/19/20, Cost $2,499,998 1,3,4 | 127,443 | 2,500,432 |
Shares | Value | |
Centrexion Therapeutics Corp. Acquisition Date: 12/18/17, Cost $2,995,007 1,3,4 | 1,663,893 | $1,048,252 |
3,548,684 | ||
Health Care Equipment & Supplies - 0.9% | ||
Adagio Medical, Inc. Series E Acquisition Date: 11/9/20, Cost $4,000,003 1,3,4 | 176,913 | 4,000,003 |
Beta Bionics, Inc. Series B Acquisition Date: 10/9/18, Cost $3,999,976 1,3,4 | 26,631 | 5,613,016 |
Sonendo, Inc. Series E Acquisition Date: 12/10/19, Cost $4,999,995 1,3,4 | 454,545 | 5,022,722 |
14,635,741 | ||
Total Health Care | 18,184,425 | |
Industrials - 0.3% | ||
Commercial Services & Supplies - 0.3% | ||
Xometry, Inc. Series A-2 Acquisition Date: 7/20/20, Cost $292,269 1,3,4 | 30,521 | 681,229 |
Xometry, Inc. Series B Acquisition Date: 7/20/20, Cost $100,318 1,3,4 | 10,476 | 234,034 |
Xometry, Inc. Series C Acquisition Date: 7/20/20, Cost $106,008 1,3,4 | 10,887 | 243,760 |
Xometry, Inc. Series D Acquisition Date: 7/20/20, Cost $82,843 1,3,4 | 8,450 | 190,885 |
Xometry, Inc. Series E Acquisition Date: 7/20/20, Cost $832,427 1,3,4 | 61,109 | 1,401,229 |
Xometry, Inc. Series Seed-1 Acquisition Date: 9/4/20, Cost $429,088 1,3,4 | 53,636 | 1,194,474 |
Xometry, Inc. Series Seed-2 Acquisition Date: 9/4/20, Cost $188,776 1,3,4 | 23,597 | 525,505 |
Total Industrials | 4,471,116 | |
Information Technology - 0.8% | ||
Communications Equipment - 0.5% | ||
Starry, Inc. Series C Acquisition Date: 5/14/18, Cost $3,780,000 1,3,4 | 4,099,783 | 6,108,677 |
Meridian Funds | 3 | www.meridianfund.com |
Meridian Small Cap Growth Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
March 31, 2021 (Unaudited)
Shares | Value | |
Starry, Inc. Series D Acquisition Date: 3/6/19, Cost $1,665,000 1,3,4 | 1,164,336 | $1,874,581 |
7,983,258 | ||
Software - 0.3% | ||
Dataminr, Inc. Series F Acquisition Date: 3/22/21, Cost $5,655,320 1,3,4 | 128,530 | 5,655,320 |
Total Information Technology | 13,638,578 | |
Real Estate - 0.4% | ||
Real Estate Management & Development - 0.4% | ||
Apartment List, Inc. Series D Acquisition Date: 12/21/20, Cost $5,999,998 1,3,4 | 1,642,485 | 5,999,998 |
Total Real Estate | 5,999,998 | |
Total Preferred Stocks - 2.9% (Cost $41,627,025) | 47,882,572 | |
Private Investment Fund - 0.2% | ||
Quail Investment Holdings, LLC Acquisition Date: 9/1/20, Cost $2,917,695 1,3 | 2,918 | 2,814,798 |
Total Private Investment Fund - 0.2% (Cost $2,917,695) | 2,814,798 | |
Convertible Corporate Bonds - 0.1% | ||
Health Care - 0.1% | ||
Biotechnology - 0.1% | ||
AbSci Corp. Acquisition Date: 3/18/21, Cost $1,312,500, 6.00%, 3/18/24 1,3,4 | 1,312,500 | 1,312,500 |
Total Health Care | 1,312,500 | |
Total Convertible Corporate Bonds - 0.1% (Cost $1,312,500) | 1,312,500 |
Shares/ Principal Amount | ||
Short-Term Investments - 3.4%5 | ||
Money Market Funds - 1.8% | ||
BlackRock Liquidity Funds, FedFund, Institutional Class, 0.04% | 9,770,000 | 9,770,000 |
Shares/ Principal Amount | Value | |
Goldman Sachs Financial Square Government Fund, Institutional Class, 0.04% | 2,811,000 | $2,811,000 |
Invesco Short Term Investments, Government & Agency Portfolio, Institutional Class, 0.03% | 3,634,000 | 3,634,000 |
JPMorgan U.S. Government Money Market Fund, Institutional Class, 0.04% | 13,310,000 | 13,310,000 |
Total Money Market Funds (Cost $29,525,000) | 29,525,000 | |
Repurchase Agreements - 1.6% | ||
Bank of America Securities, Inc., dated 3/31/21, due 4/1/21, 0.00% total to be received $521,589 (collateralized by various U.S. Treasury Obligations, 3.00% - 3.75%, 2/15/42 - 8/15/48, totaling $532,021) | $521,589 | 521,589 |
Citigroup Global Markets, Inc., dated 3/31/21, due 4/1/21, 0.01% total to be received $13,083,907 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 1.13% - 4.00%, 5/15/23 - 9/15/57, totaling $13,345,582) | 13,083,903 | 13,083,903 |
Meridian Funds | 4 | www.meridianfund.com |
Meridian Small Cap Growth Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
March 31, 2021 (Unaudited)
Shares/ Principal Amount | Value | |
Daiwa Capital Markets America, Inc., dated 3/31/21, due 4/1/21, 0.01% total to be received $13,083,907 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 7.00%, 5/4/21 - 4/1/51, totaling $13,345,582) | $13,083,903 | $13,083,903 |
Total Repurchase Agreements (Cost $26,689,395) | 26,689,395 | |
Total Short-Term Investments - 3.4% (Cost $56,214,395) | 56,214,395 | |
Total Investments - 100.6% (Cost $1,136,607,968) | 1,649,026,056 | |
Liabilities in Excess of Other Assets - (0.6)% | (9,656,845) | |
Net Assets - 100.0% | $1,639,369,211 |
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, 2021. Total value of such securities at period-end amounts to $327,934,328 and represents 20.00% 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 $98,347,201 and represents 6.00% 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 |