Meridian Hedged Equity Fund
Schedule of Investments
Schedule of Investments
March 31, 2024 (Unaudited)
Shares | Value | |
Common Stocks - 134.7% | ||
Communication Services - 15.3% | ||
Diversified Telecommunication Services - 0.5% | ||
Verizon Communications, Inc. | 5,892 | $247,228 |
Entertainment - 6.6% | ||
Liberty Media Corp.-Liberty Live Class A1 | 3,237 | 137,087 |
Liberty Media Corp.-Liberty Live Class C1 | 199 | 8,720 |
Live Nation Entertainment, Inc.1,2 | 19,500 | 2,062,515 |
Madison Square Garden Entertainment Corp.1 | 4,977 | 195,148 |
Sphere Entertainment Co.1 | 4,977 | 244,271 |
Walt Disney Co. (The) | 3,546 | 433,889 |
3,081,630 | ||
Interactive Media & Services - 6.1% | ||
Alphabet, Inc. Class C1,2 | 12,100 | 1,842,346 |
IAC, Inc.1 | 4,170 | 222,428 |
Match Group, Inc.1,2 | 21,000 | 761,880 |
2,826,654 | ||
Media - 2.1% | ||
Boston Omaha Corp. Class A1 | 9,662 | 149,375 |
Liberty Broadband Corp. Class C1 | 7,553 | 432,258 |
Liberty Media Corp.-Liberty SiriusXM Class A1 | 12,951 | 384,645 |
Liberty Media Corp.-Liberty SiriusXM1 | 799 | 23,738 |
990,016 | ||
Total Communication Services | 7,145,528 | |
Consumer Discretionary - 33.9% | ||
Automobiles - 5.4% | ||
Rivian Automotive, Inc. Class A1,2 | 232,370 | 2,544,451 |
Broadline Retail - 6.4% | ||
Alibaba Group Holding Ltd. ADR (China)2 | 22,500 | 1,628,100 |
Amazon.com, Inc.1 | 7,494 | 1,351,768 |
2,979,868 | ||
Diversified Consumer Services - 2.1% | ||
ADT, Inc.2 | 144,000 | 967,680 |
Hotels, Restaurants & Leisure - 5.3% | ||
Airbnb, Inc. Class A1,2 | 4,000 | 659,840 |
MGM Resorts International1,2 | 38,400 | 1,812,864 |
2,472,704 | ||
Household Durables - 4.7% | ||
D.R. Horton, Inc.2 | 13,500 | 2,221,425 |
Specialty Retail - 6.9% | ||
Advance Auto Parts, Inc. | 1,717 | 146,100 |
Shares | Value | |
Home Depot, Inc. (The) | 1,148 | $440,373 |
Lowe's Cos., Inc. | 2,065 | 526,017 |
Sally Beauty Holdings, Inc.1,2 | 170,000 | 2,111,400 |
3,223,890 | ||
Textiles, Apparel & Luxury Goods - 3.1% | ||
Levi Strauss & Co. Class A2 | 59,000 | 1,179,410 |
NIKE, Inc. Class B | 3,025 | 284,289 |
1,463,699 | ||
Total Consumer Discretionary | 15,873,717 | |
Consumer Staples - 8.0% | ||
Consumer Staples Distribution & Retail - 2.1% | ||
Costco Wholesale Corp. | 773 | 566,323 |
Target Corp. | 2,234 | 395,887 |
962,210 | ||
Food Products - 4.0% | ||
Archer-Daniels-Midland Co.2 | 17,900 | 1,124,299 |
Dole Plc | 32,645 | 389,455 |
Lamb Weston Holdings, Inc.2 | 3,300 | 351,549 |
1,865,303 | ||
Personal Care Products - 1.9% | ||
Coty, Inc. Class A1,2 | 48,000 | 574,080 |
Kenvue, Inc. | 15,412 | 330,742 |
904,822 | ||
Total Consumer Staples | 3,732,335 | |
Energy - 1.1% | ||
Oil, Gas & Consumable Fuels - 1.1% | ||
Chevron Corp. | 3,310 | 522,119 |
Total Energy | 522,119 | |
Financials - 15.2% | ||
Banks - 4.8% | ||
JPMorgan Chase & Co. | 4,000 | 801,200 |
U.S. Bancorp | 17,777 | 794,632 |
Wells Fargo & Co.2 | 11,700 | 678,132 |
2,273,964 | ||
Capital Markets - 7.6% | ||
Charles Schwab Corp. (The)2 | 32,200 | 2,329,348 |
Intercontinental Exchange, Inc. | 6,664 | 915,834 |
S&P Global, Inc. | 690 | 293,560 |
3,538,742 | ||
Financial Services - 2.8% | ||
PayPal Holdings, Inc.1 | 3,160 | 211,688 |
Visa, Inc. Class A | 3,911 | 1,091,482 |
1,303,170 | ||
Total Financials | 7,115,876 |
Meridian Funds | 1 | www.arrowmarkpartners.com/meridian/ |
Meridian Hedged Equity Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
March 31, 2024 (Unaudited)
Shares | Value | |
Health Care - 8.1% | ||
Health Care Providers & Services - 1.8% | ||
Progyny, Inc.1,2 | 22,500 | $858,375 |
Life Sciences Tools & Services - 5.5% | ||
Danaher Corp. | 2,025 | 505,683 |
Illumina, Inc. 1,2 | 15,200 | 2,087,264 |
2,592,947 | ||
Pharmaceuticals - 0.8% | ||
Johnson & Johnson | 2,215 | 350,391 |
Total Health Care | 3,801,713 | |
Industrials - 6.6% | ||
Commercial Services & Supplies - 2.2% | ||
ACV Auctions, Inc. Class A1 | 13,594 | 255,160 |
GFL Environmental, Inc.2 | 22,226 | 766,797 |
1,021,957 | ||
Electrical Equipment - 2.8% | ||
Acuity Brands, Inc.2 | 4,800 | 1,289,904 |
Professional Services - 1.6% | ||
Alight, Inc. Class A1 | 27,247 | 268,383 |
CACI International, Inc. Class A1 | 840 | 318,217 |
Dun & Bradstreet Holdings, Inc. | 17,376 | 174,455 |
761,055 | ||
Total Industrials | 3,072,916 | |
Information Technology - 36.9% | ||
IT Services - 1.8% | ||
Shopify, Inc. Class A (Canada)1,2 | 11,300 | 872,021 |
Semiconductors & Semiconductor Equipment - 19.7% | ||
GLOBALFOUNDRIES, Inc.1,3 | 4,200 | 218,862 |
Micron Technology, Inc.2 | 12,000 | 1,414,680 |
NVIDIA Corp.2 | 5,953 | 5,378,893 |
QUALCOMM, Inc.2 | 13,000 | 2,200,900 |
9,213,335 | ||
Software - 14.1% | ||
Clear Secure, Inc. Class A2 | 96,000 | 2,041,920 |
Microsoft Corp. | 2,889 | 1,215,460 |
Salesforce, Inc.2 | 1,729 | 520,740 |
ServiceNow, Inc.1,2 | 1,600 | 1,219,840 |
Zoom Video Communications, Inc. Class A1,2 | 24,300 | 1,588,491 |
6,586,451 | ||
Technology Hardware, Storage & Peripherals - 1.3% | ||
Apple, Inc.2 | 3,588 | 615,270 |
Total Information Technology | 17,287,077 |
Shares | Value | |
Materials - 2.4% | ||
Chemicals - 2.4% | ||
Huntsman Corp.2 | 43,000 | $1,119,290 |
Total Materials | 1,119,290 | |
Real Estate - 3.4% | ||
Office REITs - 0.8% | ||
Alexandria Real Estate Equities, Inc. | 2,941 | 379,124 |
Specialized REITs - 2.6% | ||
American Tower Corp. | 2,978 | 588,423 |
Equinix, Inc. | 772 | 637,155 |
1,225,578 | ||
Total Real Estate | 1,604,702 | |
Utilities - 3.8% | ||
Electric Utilities - 1.1% | ||
Entergy Corp. | 4,787 | 505,890 |
Independent Power & Renewable Electricity Producers - 2.7% | ||
Vistra Corp. | 18,609 | 1,296,117 |
Total Utilities | 1,802,007 | |
Total Common Stocks - 134.7% (Cost $52,397,756) | 63,077,280 |
Shares/ Principal Amount | ||
Short-Term Investments - 10.5% | ||
Money Market Funds - 10.0% | ||
Goldman Sachs Financial Square Government Fund, Institutional Class, 5.21% (Cost $4,681,038) | 4,681,038 | 4,681,038 |
Meridian Funds | 2 | www.arrowmarkpartners.com/meridian/ |
Meridian Hedged Equity Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
March 31, 2024 (Unaudited)
Shares/ Principal Amount | Value | |
Repurchase Agreements - 0.5%4 | ||
RBC Dominion Securities, Inc., dated 3/28/24, due 4/1/24, 5.33% total to be received $223,641 (collateralized by various U.S. Government Sponsored Agency and U.S. Treasury Obligations, 0.00% - 8.00%, 4/4/24 - 3/1/54, totaling $227,979) (Cost $223,509) | $223,509 | $223,509 |
Total Short-Term Investments - 10.5% (Cost $4,904,547) | 4,904,547 | |
Total Investments - 145.2% (Cost $57,302,303) | 67,981,827 | |
Liabilities in Excess of Other Assets - (45.2)% | (21,149,537) | |
Net Assets - 100.0% | $46,832,290 |
Value | ||
Call Options Written - (44.9)% | ||
Total Call Options Written - (44.9)% (Premium received $(14,294,743)) | $(21,012,649) |
ADR—American Depositary Receipt |
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 March 31, 2024. Total value of such securities at period-end amounts to $218,862 and represents 0.47% of net assets. |
4 | Cash collateral received from brokers for securities lending was invested in short-term investments. |
Meridian Funds | 3 | www.arrowmarkpartners.com/meridian/ |
Meridian Hedged Equity Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
March 31, 2024 (Unaudited)
Exchange-Traded Options Written | ||||||||||||
Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount | Premium Received | Value | ||||||
Call | ||||||||||||
GFL Environmental, Inc. | 25.00 | 4/19/24 | 47 | $162,150 | $(23,627) | $(56,400) | ||||||
Zoom Video Communications, Inc. Class A | 55.00 | 5/17/24 | 60 | 392,220 | (87,553) | (69,300) | ||||||
Airbnb, Inc. Class A | 70.00 | 6/21/24 | 40 | 659,840 | (194,781) | (387,800) | ||||||
Alphabet, Inc. Class C | 68.00 | 6/21/24 | 58 | 883,108 | (182,094) | (507,500) | ||||||
Charles Schwab Corp. (The) | 27.50 | 6/21/24 | 122 | 882,548 | (406,057) | (573,400) | ||||||
Micron Technology, Inc. | 45.00 | 6/21/24 | 58 | 683,762 | (141,328) | (431,230) | ||||||
NVIDIA Corp. | 125.00 | 6/21/24 | 26 | 2,349,256 | (153,216) | (2,031,120) | ||||||
QUALCOMM, Inc. | 120.00 | 6/21/24 | 20 | 338,600 | (67,425) | (100,540) | ||||||
Rivian Automotive, Inc. Class A | 5.00 | 6/21/24 | 2,282 | 2,498,790 | (3,261,408) | (1,465,044) | ||||||
Levi Strauss & Co. Class A | 13.00 | 7/19/24 | 290 | 579,710 | (98,374) | (208,800) | ||||||
Live Nation Entertainment, Inc. | 70.00 | 7/19/24 | 35 | 370,195 | (79,941) | (138,250) | ||||||
ADT, Inc. | 5.00 | 8/16/24 | 1,440 | 967,680 | (272,479) | (280,800) | ||||||
Huntsman Corp. | 19.00 | 8/16/24 | 200 | 520,600 | (115,844) | (188,000) | ||||||
Archer-Daniels-Midland Co. | 42.50 | 9/20/24 | 29 | 182,149 | (31,168) | (61,190) | ||||||
Illumina, Inc. | 75.00 | 9/20/24 | 33 | 453,156 | (241,271) | (229,680) | ||||||
Sally Beauty Holdings, Inc. | 7.50 | 9/20/24 | 1,574 | 1,954,908 | (801,511) | (1,038,840) | ||||||
Zoom Video Communications, Inc. Class A | 55.00 | 9/20/24 | 60 | 392,220 | (102,253) | (82,800) | ||||||
Acuity Brands, Inc. | 210.00 | 12/20/24 | 48 | 1,289,904 | (291,896) | (352,800) | ||||||
Alibaba Group Holding Ltd. ADR (China) | 50.00 | 1/17/25 | 100 | 723,600 | (276,829) | (256,000) | ||||||
Alphabet, Inc. Class C | 70.00 | 1/17/25 | 63 | 959,238 | (203,646) | (538,965) | ||||||
Apple, Inc. | 155.00 | 1/17/25 | 35 | 600,180 | (143,473) | (100,800) | ||||||
Coty, Inc. Class A | 10.00 | 1/17/25 | 480 | 574,080 | (146,876) | (135,840) | ||||||
D.R. Horton, Inc. | 115.00 | 1/17/25 | 86 | 1,415,130 | (333,187) | (491,060) | ||||||
Huntsman Corp. | 18.00 | 1/17/25 | 230 | 598,690 | (159,670) | (223,100) | ||||||
Illumina, Inc. | 65.00 | 1/17/25 | 85 | 1,167,220 | (690,768) | (688,500) | ||||||
Lamb Weston Holdings, Inc. | 75.00 | 1/17/25 | 33 | 351,549 | (78,475) | (120,120) | ||||||
Levi Strauss & Co. Class A | 13.00 | 1/17/25 | 300 | 599,700 | (116,766) | (228,000) | ||||||
Match Group, Inc. | 25.00 | 1/17/25 | 210 | 761,880 | (293,387) | (289,800) | ||||||
Micron Technology, Inc. | 45.00 | 1/17/25 | 62 | 730,918 | (163,377) | (478,020) | ||||||
Progyny, Inc. | 22.50 | 1/17/25 | 225 | 858,375 | (357,031) | (411,750) | ||||||
QUALCOMM, Inc. | 120.00 | 1/17/25 | 88 | 1,489,840 | (371,985) | (486,640) | ||||||
Salesforce, Inc. | 110.00 | 1/17/25 | 17 | 512,006 | (99,945) | (335,580) | ||||||
ServiceNow, Inc. | 300.00 | 1/17/25 | 16 | 1,219,840 | (251,749) | (777,600) | ||||||
Shopify, Inc. Class A (Canada) | 22.50 | 1/17/25 | 113 | 872,021 | (321,591) | (652,575) | ||||||
Wells Fargo & Co. | 32.50 | 1/17/25 | 116 | 672,336 | (150,707) | (302,180) | ||||||
Zoom Video Communications, Inc. Class A | 55.00 | 1/17/25 | 60 | 392,220 | (113,653) | (100,080) | ||||||
Alibaba Group Holding Ltd. ADR (China) | 50.00 | 6/20/25 | 125 | 904,500 | (336,965) | (342,500) | ||||||
Charles Schwab Corp. (The) | 47.50 | 6/20/25 | 200 | 1,446,800 | (407,003) | (608,000) | ||||||
NVIDIA Corp. | 135.00 | 6/20/25 | 26 | 2,349,256 | (167,311) | (2,035,670) |
Meridian Funds | 4 | www.arrowmarkpartners.com/meridian/ |
Meridian Hedged Equity Fund
Schedule of Investments (continued)
Schedule of Investments (continued)
March 31, 2024 (Unaudited)
Exchange-Traded Options Written | ||||||||||||
Description | Strike Price | Expiration Date | Number of Contracts | Notional Amount | Premium Received | Value | ||||||
QUALCOMM, Inc. | 115.00 | 6/20/25 | 22 | $372,460 | $(98,808) | $(137,060) | ||||||
Archer-Daniels-Midland Co. | 45.00 | 1/16/26 | 150 | 942,150 | (189,507) | (313,500) | ||||||
Clear Secure, Inc. Class A | 17.45 | 1/16/26 | 960 | 2,041,920 | (630,660) | (748,800) | ||||||
D.R. Horton, Inc. | 120.00 | 1/16/26 | 49 | 806,295 | (192,158) | (299,880) | ||||||
Illumina, Inc. | 80.00 | 1/16/26 | 34 | 466,888 | (265,550) | (252,620) | ||||||
Live Nation Entertainment, Inc. | 70.00 | 1/16/26 | 160 | 1,692,320 | (509,252) | (750,400) | ||||||
MGM Resorts International | 40.00 | 1/16/26 | 384 | 1,812,864 | (524,188) | (570,240) | ||||||
Zoom Video Communications, Inc. Class A | 55.00 | 1/16/26 | 63 | 411,831 | (148,000) | (133,875) | ||||||
Total | $(14,294,743) | $(21,012,649) |
Meridian Funds | 5 | www.arrowmarkpartners.com/meridian/ |