N-Q 1 d924814dnq.htm MERIDIAN FUND INC Meridian Fund Inc

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number: 811-04014
(Exact name of registrant as specified in charter): Meridian Fund, Inc.®
(Address of principal executive offices): 100 Fillmore St.
Suite 325
Denver, CO 80206
(Name and address of agent for service): David J. Corkins
100 Fillmore St.
Suite 325
Denver, CO 80206
Registrant’s telephone number: 303-398-2929
Date of fiscal year end: June 30, 2015
Date of reporting period: March 31, 2015

 

 

 

ITEM 1 — SCHEDULE OF INVESTMENTS

Meridian Growth Fund
Schedule of Investments
March 31, 2015 (Unaudited)
  Shares Value
Common Stocks - 91.2%
Consumer Discretionary - 19.5%
Distributors - 1.1%
LKQ Corp.* 835,131 $ 21,345,948
Diversified Consumer Services - 2.7%
Grand Canyon Education, Inc.* 408,667 17,695,281
ServiceMaster Global Holdings, Inc.* 1,059,743 35,766,326
    53,461,607
Hotels, Restaurants & Leisure - 1.4%
Dunkin' Brands Group, Inc. 600,250 28,547,890
Media - 2.1%
National CineMedia, Inc. 2,747,594 41,488,670
Specialty Retail - 6.4%
DSW, Inc. Class A 566,740 20,901,371
Five Below, Inc.* 700,502 24,916,856
Hibbett Sports, Inc.* 420,424 20,626,002
Monro Muffler Brake, Inc. 326,240 21,221,912
Sally Beauty Holdings, Inc.* 1,146,441 39,403,177
    127,069,318
Textiles, Apparel & Luxury Goods - 5.8%
Carter's, Inc. 523,242 48,384,188
Tumi Holdings, Inc.* 1,092,310 26,717,903
Wolverine World Wide, Inc. 1,181,819 39,531,845
    114,633,936
Total Consumer Discretionary   386,547,369
Energy - 3.8%
Energy Equipment & Services - 3.8%
CHC Group Ltd.* 2,600,057 3,458,076
Core Laboratories N.V. (Netherlands) 179,739 18,780,928
Dril-Quip, Inc.* 260,982 17,848,559
RigNet, Inc.* 1,217,760 34,815,758
Total Energy   74,903,321
Financials - 7.0%
Capital Markets - 4.6%
Financial Engines, Inc. 375,823 15,720,676
LPL Financial Holdings, Inc. 1,193,188 52,333,226
WisdomTree Investments, Inc. 1,094,449 23,486,875
    91,540,777
Commercial Banks - 2.4%
Bank of the Ozarks, Inc. 714,330 26,380,207
East West Bancorp., Inc. 514,854 20,830,993
    47,211,200
Total Financials   138,751,977
  Shares Value
Health Care - 13.0%
Biotechnology - 3.3%
Chimerix, Inc. * 254,016 $ 9,573,863
Clovis Oncology, Inc.* 130,248 9,668,309
Exact Sciences Corp.* 653,273 14,385,072
Juno Therapeutics, Inc. * 191,711 11,629,189
Neurocrine Biosciences, Inc.* 263,782 10,474,783
Synageva BioPharma Corp.* 100,490 9,800,790
    65,532,006
Health Care Equipment & Supplies - 1.2%
Align Technology, Inc.* 270,939 14,572,454
LDR Holding Corp. * 276,009 10,112,970
    24,685,424
Health Care Providers & Services - 4.9%
Cooper Cos., Inc. (The) 127,804 23,953,026
DexCom, Inc.* 169,659 10,576,542
Endologix, Inc.* 1,665,916 28,437,186
Insulet Corp.* 400,022 13,340,734
Novadaq Technologies, Inc.* 631,892 10,261,926
Quidel Corp.* 369,538 9,970,135
    96,539,549
Health Care Technology - 1.6%
athenahealth, Inc.* 71,009 8,477,764
Medidata Solutions, Inc.* 221,108 10,843,136
Spectranetics Corp. (The)* 366,334 12,733,770
    32,054,670
Pharmaceuticals - 2.0%
Prestige Brands Holdings, Inc.* 685,597 29,405,255
Revance Therapeutics, Inc.* 476,224 9,872,124
    39,277,379
Total Health Care   258,089,028
Industrials - 26.8%
Aerospace & Defense - 2.7%
HEICO Corp. Class A 1,072,773 53,145,174
Air Freight & Logistics - 1.8%
Expeditors International of Washington, Inc. 410,957 19,799,908
Forward Air Corp. 292,236 15,868,415
    35,668,323
Commercial Services & Supplies - 3.9%
Clean Harbors, Inc.* 1,015,692 57,670,992
Ritchie Bros. Auctioneers, Inc. (Canada) 796,094 19,854,584
    77,525,576
Electrical Equipment - 3.3%
Polypore International, Inc.* 390,795 23,017,826
Sensata Technologies Holding N.V. (Netherlands)* 737,165 42,350,129
    65,367,955
The accompanying notes are an integral part of the schedule of investments.
Meridian Funds 1 www.meridianfund.com

Meridian Growth Fund
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
  Shares Value
Machinery - 4.6%
Kennametal, Inc. 619,984 $ 20,887,261
Proto Labs, Inc.* 291,672 20,417,040
Tennant Co. 376,539 24,614,355
Woodward, Inc. 474,633 24,211,029
    90,129,685
Marine - 1.0%
Kirby Corp.* 275,146 20,649,707
Professional Services - 3.9%
Advisory Board Co. (The)* 290,963 15,502,509
Corporate Executive Board Co. (The) 526,048 42,010,193
TriNet Group, Inc.* 552,060 19,449,074
    76,961,776
Road & Rail - 2.5%
Heartland Express, Inc. 783,029 18,604,769
Roadrunner Transportation Systems, Inc.* 883,529 22,326,778
Saia, Inc.* 192,779 8,540,110
    49,471,657
Trading Companies & Distributors - 3.1%
MSC Industrial Direct Co., Class A 487,751 35,215,622
WESCO International, Inc.* 370,184 25,872,160
    61,087,782
Total Industrials   530,007,635
Information Technology - 20.1%
Electronic Equipment & Instruments - 1.5%
Trimble Navigation Ltd.* 1,179,630 29,726,676
Internet Software & Services - 4.2%
ChannelAdvisor Corp.* 1,069,222 10,360,761
CoStar Group, Inc.* 78,002 15,431,136
Dealertrack Technologies, Inc.* 249,683 9,617,789
Demandware, Inc.* 281,090 17,118,381
SPS Commerce, Inc.* 225,005 15,097,836
VistaPrint, N.V. (Netherlands)* 189,164 15,961,658
    83,587,561
IT Services - 3.0%
Euronet Worldwide, Inc.* 420,674 24,714,598
Gartner, Inc.* 411,050 34,466,542
    59,181,140
Software - 10.0%
Cadence Design Systems, Inc.* 2,937,169 54,161,396
RealPage, Inc.* 494,873 9,966,742
SolarWinds, Inc.* 912,914 46,777,713
  Shares Value
Solera Holdings, Inc. 967,844 $ 49,998,821
SS&C Technologies Holdings, Inc. 590,556 36,791,639
    197,696,311
Technology Hardware, Storage & Peripherals - 1.4%
Stratasys Ltd.* 528,710 27,905,314
Total Information Technology   398,097,002
Materials - 1.0%
Chemicals - 1.0%
Valspar Corp. (The) 228,088 19,166,235
Total Materials   19,166,235
Total Investments - 91.2%
(Cost $1,564,149,130) 		 
1,805,562,567
Cash and Other Assets, Less Liabilities - 8.8%   174,290,200
Net Assets - 100.0%   $1,979,852,767
N.V.—Naamloze Vennootschap is the Dutch term for limited liability company
    
* Non-income producing securities
The accompanying notes are an integral part of the schedule of investments.
Meridian Funds 2 www.meridianfund.com

Meridian Contrarian Fund
Schedule of Investments
March 31, 2015 (Unaudited)
  Shares Value
Common Stocks - 92.3%
Consumer Discretionary - 19.5%
Distributors - 1.6%
LKQ Corp.* 434,695 $ 11,110,804
Diversified Consumer Services - 2.5%
Regis Corp.* 296,000 4,842,560
ServiceMaster Global Holdings, Inc.* 372,669 12,577,579
    17,420,139
Food & Staples Retailing - 1.4%
Fresh Market, Inc. (The) * 248,000 10,078,720
Hotels, Restaurants & Leisure - 1.0%
Denny's Corp.* 590,594 6,732,772
Specialty Retail - 6.4%
Children's Place, Inc. (The) 188,161 12,078,054
Dick's Sporting Goods, Inc. 128,750 7,337,462
Inter Parfums, Inc. 214,943 7,011,441
Monro Muffler Brake, Inc. 111,915 7,280,071
Select Comfort Corp.* 340,902 11,750,892
    45,457,920
Textiles, Apparel & Luxury Goods - 6.6%
Coach, Inc. 256,753 10,637,277
Gildan Activewear, Inc. (Canada) 468,000 13,815,360
Tumi Holdings, Inc.* 438,000 10,713,480
Wolverine World Wide, Inc. 346,000 11,573,700
    46,739,817
Total Consumer Discretionary   137,540,172
Energy - 5.6%
Energy Equipment & Services - 1.1%
Core Laboratories N.V. (Netherlands) 30,565 3,193,737
Helmerich & Payne, Inc. 67,661 4,605,684
    7,799,421
Oil, Gas & Consumable Fuels - 4.5%
Cameco Corp. 652,464 9,088,824
EOG Resources, Inc. 125,600 11,516,264
Occidental Petroleum Corp. 150,526 10,988,398
    31,593,486
Total Energy   39,392,907
Financials - 11.0%
Commercial Banks - 5.9%
Bank of Hawaii Corp. 235,157 14,393,960
Citigroup, Inc. 235,000 12,107,200
Lazard Ltd. Class A 54,821 2,883,037
Synchrony Financial * 410,775 12,467,021
    41,851,218
Insurance - 1.1%
Old Republic International Corp. 524,812 7,840,691
  Shares Value
Real Estate Investment Trusts - 1.6%
Rayonier, Inc. 415,954 $ 11,214,120
Real Estate Management & Development - 2.4%
Alexander & Baldwin, Inc. 383,924 16,577,838
Total Financials   77,483,867
Health Care - 14.1%
Biotechnology - 1.4%
Neurocrine Biosciences, Inc.* 260,410 10,340,881
Health Care Equipment & Supplies - 5.1%
CR Bard, Inc. 87,000 14,559,450
Endologix, Inc.* 468,447 7,996,391
Hologic, Inc. * 415,000 13,705,375
    36,261,216
Health Care Providers & Services - 1.6%
Humana, Inc. 42,059 7,487,343
Insulet Corp.* 111,000 3,701,850
    11,189,193
Life Sciences Tools & Services - 1.9%
Accelerate Diagnostics, Inc. * 170,150 3,828,375
ICON, Plc* 132,500 9,345,225
    13,173,600
Pharmaceuticals - 4.1%
Impax Laboratories, Inc.* 267,500 12,537,725
Nektar Therapeutics * 347,605 3,823,655
Pfizer, Inc. 359,285 12,499,525
    28,860,905
Total Health Care   99,825,795
Industrials - 14.8%
Air Freight & Logistics - 3.6%
Expeditors International of Washington, Inc. 158,583 7,640,529
Hub Group, Inc. Class A* 237,543 9,333,064
UTi Worldwide, Inc.* 684,916 8,424,467
    25,398,060
Building Products - 2.5%
Lennox International, Inc. 72,900 8,142,201
NCI Building Systems, Inc.* 558,891 9,657,636
    17,799,837
Commercial Services & Supplies - 2.2%
Clean Harbors, Inc.* 233,200 13,241,096
Steelcase, Inc. Class A 122,339 2,317,101
    15,558,197
Machinery - 3.1%
Lindsay Corp. 43,500 3,316,875
Stanley Black & Decker, Inc. 74,064 7,062,743
Xylem, Inc. 317,888 11,132,438
    21,512,056
The accompanying notes are an integral part of the schedule of investments.
Meridian Funds 3 www.meridianfund.com

Meridian Contrarian Fund
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
  Shares Value
Professional Services - 1.1%
Verisk Analytics, Inc., Class A* 105,000 $ 7,497,000
Road & Rail - 2.3%
Norfolk Southern Corp. 159,700 16,436,324
Total Industrials   104,201,474
Information Technology - 25.7%
Electronic Equipment & Instruments - 1.8%
FLIR Systems, Inc. 228,051 7,133,435
Trimble Navigation Ltd.* 203,083 5,117,692
    12,251,127
Internet Software & Services - 3.5%
Rackspace Hosting, Inc. * 273,291 14,099,083
RetailMeNot, Inc. * 205,000 3,692,050
Yelp, Inc. * 150,640 7,132,804
    24,923,937
IT Services - 5.1%
Acxiom Corp.* 340,300 6,292,147
Broadridge Financial Solutions, Inc. 263,400 14,489,634
CACI International, Inc. Class A* 169,500 15,241,440
    36,023,221
Semiconductors - 4.4%
Linear Technology Corp. 152,200 7,122,960
Mellanox Technologies Ltd.* 134,204 6,084,809
NVIDIA Corp. 727,357 15,219,945
Power Integrations, Inc. 51,900 2,702,952
    31,130,666
Software - 9.0%
Barracuda Networks, Inc.* 185,902 7,151,650
Fortinet, Inc.* 297,321 10,391,369
Informatica Corp.* 226,574 9,936,403
Microsoft Corp. 278,149 11,308,148
Silver Spring Networks, Inc.* 598,000 5,346,120
Verint Systems, Inc.* 253,500 15,699,255
Zynga, Inc. Class A* 1,359,337 3,874,110
    63,707,055
Technology Hardware, Storage & Peripherals - 1.9%
Apple, Inc. 83,599 10,402,223
Stratasys Ltd.* 60,000 3,166,800
    13,569,023
Total Information Technology   181,605,029
  Shares Value
Telecommunication Services - 1.6%
Diversified Telecommunications - 1.6%
Iridium Communications, Inc.* 1,172,000 $ 11,380,120
Total Telecommunication Services   11,380,120
Total Investments - 92.3%
(Cost $502,755,634) 		 
651,429,364
Cash and Other Assets, Less Liabilities - 7.7%   54,389,802
Net Assets - 100.0%   $705,819,166
N.V.—Naamloze Vennootschap is the Dutch term for limited liability company
Plc—Public Limited Company
    
* Non-income producing securities
The accompanying notes are an integral part of the schedule of investments.
Meridian Funds 4 www.meridianfund.com

Meridian Equity Income Fund
Schedule of Investments
March 31, 2015 (Unaudited)
  Shares Value
Common Stocks - 73.7%
Consumer Discretionary - 11.0%
Hotels, Restaurants & Leisure - 1.5%
Restaurant Brands
International, Inc. 		4,578 $ 175,841
Internet & Catalog Retail - 1.8%
Amazon.com, Inc.* 600 223,260
Media - 2.8%
Time Warner, Inc. 2,000 168,880
Walt Disney Co. (The)† 1,693 177,579
    346,459
Specialty Retail - 1.4%
TJX Companies, Inc. (The)† 2,500 175,125
Textiles, Apparel & Luxury Goods - 3.5%
NIKE Class B 1,970 197,650
VF Corp. 3,000 225,930
    423,580
Total Consumer Discretionary   1,344,265
Consumer Staples - 7.8%
Beverages - 1.5%
Brown-Forman Corp. Class B 2,000 180,700
Food & Staples Retailing - 1.8%
Costco Wholesale Corp.† 1,430 216,638
Food Products - 1.2%
Hershey Co. (The) 1,500 151,365
Tobacco - 3.3%
Altria Group, Inc. 4,644 232,293
Reynolds American, Inc. 2,413 166,280
    398,573
Total Consumer Staples   947,276
Energy - 7.1%
Energy Equipment & Services - 1.3%
National Oilwell Varco, Inc. 3,150 157,469
Oil, Gas & Consumable Fuels - 5.8%
California Resources Corp. 25,000 190,250
Cameco Corp. 4,500 62,685
EOG Resources, Inc. 1,694 155,323
Kinder Morgan, Inc. 3,847 161,805
MarkWest Energy Partners LP 2,095 138,479
    708,542
Total Energy   866,011
Financials - 3.9%
Commercial Banks - 3.9%
JPMorgan Chase & Co. 2,554 154,721
U.S. Bancorp 3,656 159,657
Wells Fargo & Co. 2,919 158,794
Total Financials   473,172
  Shares Value
Health Care - 10.6%
Biotechnology - 5.5%
Biogen, Inc.* 250 $ 105,560
Exact Sciences Corp.* 4,300 94,686
Gilead Sciences, Inc.* 2,001 196,358
OvaScience, Inc. * 3,250 112,872
Vertex Pharmaceuticals, Inc. * 1,342 158,316
    667,792
Life Sciences Tools & Services - 2.4%
Accelerate Diagnostics, Inc. * 5,000 112,500
Illumina, Inc. * 1,000 185,640
    298,140
Pharmaceuticals - 2.7%
Novartis AG, ADR 1,660 163,693
Perrigo Co., Plc* 967 160,087
    323,780
Total Health Care   1,289,712
Industrials - 9.9%
Aerospace & Defense - 3.8%
General Dynamics Corp. 563 76,416
Lockheed Martin Corp. 1,496 303,628
Raytheon Co. 754 82,374
    462,418
Air Freight & Logistics - 1.6%
United Parcel Service, Inc. Class B 2,000 193,880
Professional Services - 1.5%
Equifax, Inc. 2,001 186,093
Road & Rail - 1.8%
Union Pacific Corp.† 1,957 211,963
Trading Companies & Distributors - 1.2%
WW Grainger, Inc. 628 148,089
Total Industrials   1,202,443
Information Technology - 18.0%
Internet Software & Services - 5.6%
Alibaba Group Holding Ltd. 1,888 157,157
Google, Inc. Class A*,† 550 305,085
Twitter, Inc. * 4,500 225,360
    687,602
IT Services - 1.6%
International Business Machines Corp. 1,250 200,625
Semiconductors - 1.7%
NVIDIA Corp. 10,000 209,250
Software - 4.3%
Microsoft Corp.† 8,000 325,240
Oracle Corp.† 4,500 194,175
    519,415
The accompanying notes are an integral part of the schedule of investments.
Meridian Funds 5 www.meridianfund.com

Meridian Equity Income Fund
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
  Shares Value
Technology Hardware, Storage & Peripherals - 4.8%
Apple, Inc.† 2,983 $ 371,175
Stratasys Ltd.* 4,000 211,120
    582,295
Total Information Technology   2,199,187
Materials - 3.9%
Chemicals - 2.6%
Dow Chemical Co. (The) 4,027 193,215
Mosaic Co. (The) 2,745 126,435
    319,650
Metals & Mining - 1.3%
Royal Gold, Inc. 2,500 157,775
Total Materials   477,425
Utilities - 1.5%
Multi-Utility - 1.5%
Dominion Resources, Inc. 2,660 188,514
Total Utilities   188,514
Total Common Stocks - 73.7%
(Cost $8,388,999) 		  8,988,005
    
  Principal Value  
Corporate Bonds - 2.9%
Energy - 2.9%
Oil, Gas & Consumable Fuels - 2.9%
Halcon Resources Corp., 9.75%, 7/15/20 $ 500,000 352,500
Total Corporate Bonds - 2.9%
(Cost $355,029) 		  352,500
    
  Number of
Contracts 		Value
Call Options Purchased - 2.2%
Biogen, Inc.
Expiring April 02, 2015 at $475.00 		5 $ 25
Continental Resources, Inc.
Expiring January 20, 2017 at $40.00 		150 207,000
Halliburton Co.
Expiring January 20, 2017 at $50.00 		150 66,750
Microsoft Corp.
Expiring January 15, 2016 at $50.00 		50 2,050
Total Call Options Purchased - 2.2%
(Cost $213,837) 		  275,825
  Number of
Contracts 		Value
Put Options Purchased - 0.0%
SPDR S&P 500 ETF Trust    
Expiring April 02, 2015 at $170.00 95 $ 95
Expiring April 17, 2015 at $165.00 55 165
Total Put Options Purchased - 0.0%
(Cost $2,758) 		  260
Total Investments - 78.8%
(Cost $8,960,623) 		 
9,616,590
Cash and Other Assets, Less Liabilities - 21.2%   2,580,665
Net Assets - 100.0%   $ 12,197,255
 
Call Options Written - (1.1)%
Amazon.com, Inc.
Expiring July 17, 2015 at $440.00 		(3) (1,185)
Apple, Inc.    
Expiring May 15, 2015 at $130.00 (14) (4,158)
Expiring July 17, 2015 at $140.00 (10) (2,150)
Biogen, Inc.
Expiring July 17, 2015 at $525.00 		(2) (920)
California Resources Corp.
Expiring August 21, 2015 at $5.00 		(250) (67,500)
Gilead Sciences, Inc.
Expiring January 15, 2016 at $80.00 		(10) (21,300)
Stratasys Ltd.    
Expiring January 15, 2016 at $55.00 (20) (13,600)
Expiring January 20, 2017 at $50.00 (20) (24,400)
The accompanying notes are an integral part of the schedule of investments.
Meridian Funds 6 www.meridianfund.com

Meridian Equity Income Fund
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
  Number of
Contracts 		Value
Vertex Pharmaceuticals, Inc.
Expiring July 17, 2015 at $150.00 		(10) $ (1,100)
Walt Disney Co. (The)
Expiring May 15, 2015 at $115.00 		(5) (250)
Total Call Options Written - (1.1)%
(Premium received $(145,944)) 		  $ (136,563)
ADR—American Depository Receipt
Plc—Public Limited Company
    
* Non-income producing securities
† Securities, or a portion thereof, were pledged as collateral by the Fund.
The accompanying notes are an integral part of the schedule of investments.
Meridian Funds 7 www.meridianfund.com

Meridian Small Cap Growth Fund
Schedule of Investments
March 31, 2015 (Unaudited)
  Shares Value
Common Stocks - 84.7%
Consumer Discretionary - 18.8%
Auto Components - 1.0%
Dorman Products, Inc.* 41,469 $ 2,063,083
Diversified Consumer Services - 3.4%
2U, Inc.* 117,652 3,009,538
Grand Canyon Education, Inc.* 27,911 1,208,547
ServiceMaster Global Holdings, Inc.* 88,299 2,980,091
    7,198,176
Hotels, Restaurants & Leisure - 2.1%
Del Frisco's Restaurant Group, Inc.* 104,138 2,098,380
Papa Murphy's Holdings, Inc.* 54,898 995,850
Texas Roadhouse, Inc. 36,825 1,341,535
    4,435,765
Leisure Equipment & Products - 1.4%
Arctic Cat, Inc. 25,043 909,562
Malibu Boats, Inc. Class A* 91,210 2,129,753
    3,039,315
Media - 2.6%
National CineMedia, Inc. 275,016 4,152,741
Rentrak Corp.* 22,685 1,260,379
    5,413,120
Specialty Retail - 4.4%
Boot Barn Holdings, Inc. * 91,965 2,199,803
Five Below, Inc.* 64,561 2,296,435
Hibbett Sports, Inc.* 40,965 2,009,743
Monro Muffler Brake, Inc. 22,869 1,487,628
Winmark Corp. 14,133 1,237,627
    9,231,236
Textiles, Apparel & Luxury Goods - 3.9%
Carter's, Inc. 26,207 2,423,361
Tumi Holdings, Inc.* 65,887 1,611,596
Wolverine World Wide, Inc. 123,999 4,147,767
    8,182,724
Total Consumer Discretionary   39,563,419
Energy - 3.3%
Energy Equipment & Services - 2.1%
Era Group, Inc. * 61,624 1,284,244
RigNet, Inc.* 105,419 3,013,929
    4,298,173
Oil, Gas & Consumable Fuels - 1.2%
Evolution Petroleum Corp. 438,923 2,611,592
Total Energy   6,909,765
Financials - 3.5%
Capital Markets - 2.4%
Financial Engines, Inc. 34,497 1,443,010
PennantPark Investment Corp. 128,867 1,166,246
WisdomTree Investments, Inc. 109,557 2,351,093
    4,960,349
Commercial Banks - 1.1%
Bank of the Ozarks, Inc. 63,293 2,337,411
Total Financials   7,297,760
  Shares Value
Health Care - 15.6%
Biotechnology - 5.9%
Atara Biotherapeutics, Inc. * 30,672 $ 1,275,035
Cellectis SA, ADR * 14,306 494,845
Chimerix, Inc. * 21,455 808,639
Clovis Oncology, Inc.* 10,771 799,531
Exact Sciences Corp.* 68,661 1,511,915
Neurocrine Biosciences, Inc.* 22,967 912,020
OvaScience, Inc. * 19,570 679,666
Repligen Corp.* 49,252 1,495,291
Spark Therapeutics, Inc. * 16,013 1,241,007
Synageva BioPharma Corp.* 9,210 898,251
Versartis, Inc.* 62,044 1,139,748
Xencor, Inc. * 70,146 1,074,637
    12,330,585
Health Care Equipment & Supplies - 5.2%
DexCom, Inc.* 10,217 636,928
Endologix, Inc.* 142,406 2,430,870
Insulet Corp.* 41,096 1,370,552
LDR Holding Corp. * 32,263 1,182,116
Merit Medical Systems, Inc.* 78,876 1,518,363
Nevro Corp. * 19,292 924,665
Novadaq Technologies, Inc.* 84,707 1,375,642
Quidel Corp.* 23,897 644,741
Spectranetics Corp. (The)* 25,847 898,442
    10,982,319
Health Care Providers & Services - 1.0%
National Research Corp. Class A 63,034 907,690
Trupanion, Inc. * 158,248 1,265,984
    2,173,674
Health Care Technology - 1.2%
Castlight Health Inc. Class B* 142,337 1,104,535
Computer Programs & Systems, Inc. 13,010 705,923
Medidata Solutions, Inc.* 16,174 793,173
    2,603,631
Life Sciences Tools & Services - 0.4%
Fluidigm Corp.* 17,572 739,781
Pharmaceuticals - 1.9%
Prestige Brands Holdings, Inc.* 71,934 3,085,249
Revance Therapeutics, Inc.* 44,892 930,611
    4,015,860
Total Health Care   32,845,850
Industrials - 26.5%
Aerospace & Defense - 1.9%
HEICO Corp. Class A 79,982 3,962,308
Air Freight & Logistics - 1.7%
Forward Air Corp. 33,314 1,808,950
Park-Ohio Holdings Corp. 35,417 1,865,414
    3,674,364
The accompanying notes are an integral part of the schedule of investments.
Meridian Funds 8 www.meridianfund.com

Meridian Small Cap Growth Fund
Schedule of Investments (continued)
March 31, 2015 (Unaudited)
  Shares Value
Commercial Services & Supplies - 7.3%
Clean Harbors, Inc.* 95,548 $ 5,425,215
Heritage-Crystal Clean, Inc.* 421,754 4,934,522
Ritchie Bros. Auctioneers, Inc. (Canada) 73,511 1,833,364
SP Plus Corp.* 143,268 3,130,406
    15,323,507
Electrical Equipment - 1.8%
Polypore International, Inc.* 22,209 1,308,110
Power Solutions International, Inc.* 37,466 2,408,689
    3,716,799
Industrial Conglomerates - 0.6%
Raven Industries, Inc. 59,272 1,212,705
Machinery - 3.6%
Kennametal, Inc. 61,839 2,083,356
Proto Labs, Inc.* 29,411 2,058,770
Tennant Co. 37,454 2,448,368
voxeljet AG ADR (Germany)* 111,255 880,027
    7,470,521
Professional Services - 4.6%
Advisory Board Co. (The)* 25,283 1,347,078
Corporate Executive Board Co. (The) 52,976 4,230,663
TriNet Group, Inc.* 86,652 3,052,750
TrueBlue, Inc.* 45,527 1,108,583
    9,739,074
Road & Rail - 2.5%
Heartland Express, Inc. 76,851 1,825,980
Roadrunner Transportation Systems, Inc.* 85,890 2,170,440
Saia, Inc.* 28,083 1,244,077
    5,240,497
Trading Companies & Distributors - 2.5%
Titan Machinery, Inc.* 169,561 2,263,639
WESCO International, Inc.* 44,414 3,104,095
    5,367,734
Total Industrials   55,707,509
Information Technology - 15.8%
Electronic Equipment & Instruments - 1.0%
DTS, Inc.* 30,716 1,046,494
Mesa Laboratories, Inc. 15,763 1,138,088
    2,184,582
Internet Software & Services - 6.0%
Carbonite, Inc.* 126,649 1,811,081
ChannelAdvisor Corp.* 240,469 2,330,145
Dealertrack Technologies, Inc.* 31,853 1,226,978
LivePerson, Inc.* 172,482 1,765,353
New Relic Inc. * 11,007 381,943
Q2 Holdings, Inc.* 51,231 1,083,023
SciQuest, Inc.* 62,541 1,058,819
  Shares Value
SPS Commerce, Inc.* 21,139 $ 1,418,427
VistaPrint, N.V. (Netherlands)* 17,012 1,435,472
    12,511,241
IT Services - 2.3%
Cass Information Systems, Inc. 46,107 2,588,447
Euronet Worldwide, Inc.* 37,024 2,175,160
    4,763,607
Software - 5.1%
Advent Software, Inc. 18,562 818,770
Callidus Software, Inc.* 97,164 1,232,040
Exa Corp.* 113,854 1,352,585
HubSpot Inc. * 25,204 1,005,640
PROS Holdings, Inc. * 49,437 1,221,588
RealPage, Inc.* 37,633 757,929
SolarWinds, Inc.* 84,402 4,324,758
    10,713,310
Technology Hardware, Storage & Peripherals - 1.4%
Stratasys Ltd.* 55,409 2,924,487
Total Information Technology   33,097,227
Materials - 1.2%
Chemicals - 1.2%
Balchem Corp. 43,768 2,423,872
Total Materials   2,423,872
Total Investments - 84.7%
(Cost $164,230,629) 		 
177,845,402
Cash and Other Assets, Less Liabilities - 15.3%   32,067,436
Net Assets - 100.0%   $ 209,912,838
ADR—American Depository Receipt
N.V.—Naamloze Vennootschap is the Dutch term for limited liability company
    
* Non-income producing securities
The accompanying notes are an integral part of the schedule of investments.
Meridian Funds 9 www.meridianfund.com

Meridian Fund, Inc.
Notes to Schedules of Investments
March 31, 2015 (Unaudited)
1. Organization and Significant Accounting Policies: Meridian Fund, Inc. (the “Meridian Funds” or the “Company”) comprises the following separate series: the Meridian Growth Fund (the “Growth Fund”), the Meridian Contrarian Fund (the “Contrarian Fund”), the Meridian Equity Income Fund (the “Equity Income Fund”), and the Meridian Small Cap Growth Fund (the “Small Cap Growth Fund”), each a “Fund” and collectively, the “Funds”. The Company is registered as an open-end investment company under the Investment Company Act of 1940 and is organized as a Maryland Corporation. Each Fund is no load and diversified.
The primary investment objectives of the Growth Fund and Contrarian Fund are to seek long-term growth of capital.
The primary investment objective of the Equity Income Fund is to seek long-term growth of capital along with income as a component of total return.
The primary investment objective of the Small Cap Growth Fund is to seek long-term growth of capital by investing primarily in equity securities of small capitalization companies.
A description of the valuation techniques applied to the Funds’ securities measured at fair value on a recurring basis follows:
a. Investment Valuations: The Funds calculate the net asset value of the Funds’ shares as of the close of business of the New York Stock Exchange (NYSE), which is usually 4:00 p.m. Eastern time, on each day the exchange is open for trading.
  Equity securities are valued at the closing price or last sales price on the principal exchange or market on which they are traded; or, if there were no sales that day, at the last reported bid price.
  Fixed income (debt) securities with original or remaining maturities in excess of 60 days are valued at the mean of their quoted bid and ask prices. Short-term debt securities with 60 days or less to maturity are valued at amortized cost which approximates fair market value.
  Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option.
  Securities and other assets for which reliable market quotations are not readily available or for which a significant event has occurred since the time of the most recent market quotation, will be valued at their fair value as determined by Arrowpoint Asset Management, LLC (the “Adviser”) under the guidelines established by, and under the general supervision and responsibility of, the Funds’ Board of Directors (the “Board”).
b. Fair Value Measurements: As described in Note 1.a. above, the Funds utilize various methods to determine and measure the fair value of investment securities on a recurring basis. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
  Level 1 - quoted prices in active markets for identical securities;
  Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and
  Level 3 - significant unobservable inputs (including the Fund’s determinations as to the fair value of investments).
Meridian Funds 10 www.meridianfund.com

Meridian Fund, Inc.
Notes to Schedules of Investments (continued)
March 31, 2015 (Unaudited)
The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The summary of inputs used to value the Funds’ securities as of March 31, 2015 is as follows:
  Level 1   Level 2   Level 3   Total
Growth Fund
Common Stocks*
 $ 1,805,562,567   $ —   $ —   $ 1,805,562,567
Total Investments
 1,805,562,567   —   —   1,805,562,567
Contrarian Fund
Common Stocks*
 651,429,364   —   —   651,429,364
Total Investments
 651,429,364   —   —   651,429,364
Equity Income Fund
Assets:
Common Stocks*
 8,988,005   —   —   8,988,005
Corporate Bonds*
 —   352,500   —   352,500
Call Options Purchased
 275,825   —   —   275,825
Put Options Purchased
 260   —   —   260
Total Investments
 9,264,090   352,500   —   9,616,590
Liabilities:
Call Options Written
 (136,563)   —   —   (136,563)
Small Cap Growth Fund
Common Stocks*
 177,845,402   —   —   177,845,402
Total Investments
 $ 177,845,402   $ —   $ —   $ 177,845,402
* Industry classifications for these categories are detailed in the Schedules of Investments.
The Funds’ policy is to recognize transfers among Levels as of the beginning of the reporting period. There were no Level 3 investments held at March 31, 2015.
2. Federal Income Tax Information: For U.S. federal income tax purposes, the aggregate cost of investments, aggregate gross unrealized appreciation and depreciation, and net unrealized appreciation/(depreciation) of investments at March 31, 2015 were as follows:
  Aggregate Cost   Aggregate Gross
Unrealized
Appreciation 		  Aggregate
Gross
Unrealized
Depreciation 		  Net Unrealized
Appreciation
Growth Fund
 $1,564,149,130   $334,282,598   $(92,869,161)   $241,413,437
Contrarian Fund
 502,755,634   157,876,692   (9,202,962)   148,673,730
Equity Income Fund
 8,960,623   851,830   (195,863)   655,967
Small Cap Growth Fund
 164,230,629   19,329,223   (5,714,450)   13,614,773
Meridian Funds 11 www.meridianfund.com

ITEM 2 — CONTROLS AND PROCEDURES

 

  a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing).

 

  b) There have been no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3 — EXHIBITS

 

  c) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Act (17 CFR 270.30a-2), are attached as Ex99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Meridian Fund, Inc.

 

By:

/s/ David J. Corkins

David J. Corkins
Principal Executive Officer and President
Date: May 28, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Meridian Fund, Inc.

 

By:

/s/ David J. Corkins

David J. Corkins
Principal Executive Officer and President
Date: May 28, 2015
By:

/s/ Derek J. Mullins

Derek J. Mullins
Principal Financial Officer and Treasurer
Date: May 28, 2015