|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS - 93.0%
|
|
|
|
|
AEROSPACE & DEFENSE - 2.1%
|
|
|
FLIR Systems, Inc.
|
|
|
143,200
|
|
|
$
|
3,724,632
|
|
|
Orbital Sciences Corp.*
|
|
|
694,400
|
|
|
|
11,589,536
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,314,168
|
|
|
|
|
AGRICULTURE - 1.9%
|
|
|
Monsanto Co.
|
|
|
126,700
|
|
|
|
13,383,321
|
|
|
|
|
AIR FREIGHT & LOGISTICS - 1.0%
|
|
|
UTi Worldwide, Inc.
|
|
|
494,000
|
|
|
|
7,153,120
|
|
|
|
|
APPAREL - 2.9%
|
|
|
Gildan Activewear, Inc. (Canada)
|
|
|
315,300
|
|
|
|
12,583,623
|
|
|
Maidenform Brands, Inc.*
|
|
|
407,500
|
|
|
|
7,143,475
|
|
|
Wolverine World Wide, Inc.
|
|
|
23,000
|
|
|
|
1,020,510
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,747,608
|
|
|
|
|
AUTOMOTIVE WHOLESALE SERVICES - 2.8%
|
|
|
LKQ Corp.*
|
|
|
914,000
|
|
|
|
19,888,640
|
|
|
|
|
BANKING-COMMERCIAL - 1.7%
|
|
|
Associated Banc-Corp.
|
|
|
783,600
|
|
|
|
11,902,884
|
|
|
|
|
BASIC MATERIALS - 1.7%
|
|
|
Compass Minerals International, Inc.
|
|
|
150,000
|
|
|
|
11,835,000
|
|
|
|
|
CHEMICALS-SPECIALTY - 1.0%
|
|
|
Innophos Holdings, Inc.
|
|
|
136,700
|
|
|
|
7,458,352
|
|
|
|
|
CONSULTING SERVICES - 2.3%
|
|
|
Huron Consulting Group, Inc.*
|
|
|
415,700
|
|
|
|
16,761,024
|
|
|
|
|
CONSUMER PRODUCTS - 0.9%
|
|
|
Scotts Miracle-Gro Co. (The) Class A
|
|
|
155,500
|
|
|
|
6,723,820
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIVERSIFIED FINANCIAL SERVICES - 5.1%
|
|
|
Broadridge Financial Solutions, Inc.
|
|
|
910,400
|
|
|
$
|
22,614,336
|
|
|
Equifax, Inc.
|
|
|
242,700
|
|
|
|
13,977,093
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,591,429
|
|
|
|
|
DIVERSIFIED OPERATIONS - 1.7%
|
|
|
Koninklijke Philips Electronics N.V. (Netherlands)
|
|
|
413,000
|
|
|
|
12,204,150
|
|
|
|
|
ENERGY - 3.9%
|
|
|
Energen Corp.
|
|
|
154,100
|
|
|
|
8,014,741
|
|
|
EOG Resources, Inc.
|
|
|
110,000
|
|
|
|
14,087,700
|
|
|
Ultra Petroleum Corp.*
|
|
|
303,700
|
|
|
|
6,104,370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,206,811
|
|
|
|
|
FOOD - 3.2%
|
|
|
Flowers Foods, Inc.
|
|
|
498,700
|
|
|
|
16,427,178
|
|
|
Lancaster Colony Corp.
|
|
|
85,900
|
|
|
|
6,614,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,041,478
|
|
|
|
|
HEALTH CARE PRODUCTS - 3.0%
|
|
|
Haemonetics Corp.*
|
|
|
390,500
|
|
|
|
16,268,230
|
|
|
Masimo Corp.
|
|
|
264,600
|
|
|
|
5,191,452
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,459,682
|
|
|
|
|
HEALTH CARE SERVICES - 1.9%
|
|
|
Humana, Inc.
|
|
|
55,000
|
|
|
|
3,801,050
|
|
|
ICON Plc ADR* (Ireland)
|
|
|
308,000
|
|
|
|
9,945,320
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,746,370
|
|
|
|
|
HOME IMPROVEMENT RETAIL - 1.5%
|
|
|
Sherwin-Williams Co. (The)
|
|
|
62,000
|
|
|
|
10,471,180
|
|
|
|
|
HOUSEHOLD APPLIANCES - 1.7%
|
|
|
Stanley Black & Decker, Inc.
|
|
|
149,790
|
|
|
|
12,128,496
|
|
|
|
|
INDUSTRIAL - 6.7%
|
|
|
Aecon Group, Inc. (Canada)
|
|
|
474,600
|
|
|
|
6,092,223
|
|
See
accompanying notes to Schedule of Investments.
14
Meridian Value Fund
Schedule of Investments (continued)
March 31, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS (continued)
|
|
|
|
|
INDUSTRIAL (continued)
|
|
|
Flowserve Corp.
|
|
|
106,800
|
|
|
$
|
17,911,428
|
|
|
Lennox International, Inc.
|
|
|
212,900
|
|
|
|
13,517,021
|
|
|
Xylem, Inc.
|
|
|
381,600
|
|
|
|
10,516,896
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48,037,568
|
|
|
|
|
INDUSTRIAL CONGLOMERATES - 1.3%
|
|
|
Air Products & Chemicals, Inc.
|
|
|
107,000
|
|
|
|
9,321,840
|
|
|
|
|
INDUSTRIAL SERVICES - 2.5%
|
|
|
Ritchie Bros. Auctioneers, Inc. (Canada)
|
|
|
518,200
|
|
|
|
11,244,940
|
|
|
W.W. Grainger, Inc.
|
|
|
31,000
|
|
|
|
6,974,380
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,219,320
|
|
|
|
|
INSURANCE - 2.1%
|
|
|
Arthur J Gallagher & Co. (Canada)
|
|
|
368,800
|
|
|
|
15,235,128
|
|
|
|
|
LEISURE & AMUSEMENT - 3.9%
|
|
|
Bally Technologies, Inc.*
|
|
|
276,000
|
|
|
|
14,343,720
|
|
|
Polaris Industries, Inc.
|
|
|
149,000
|
|
|
|
13,781,010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,124,730
|
|
|
|
|
METALS - 1.8%
|
|
|
Newmont Mining Corp.
|
|
|
304,000
|
|
|
|
12,734,560
|
|
|
|
|
OFFICE SERVICES & SUPPLIES - 2.0%
|
|
|
Steelcase, Inc. Class A
|
|
|
982,000
|
|
|
|
14,464,860
|
|
|
|
|
PACKAGING - 1.1%
|
|
|
Aptargroup, Inc.
|
|
|
143,100
|
|
|
|
8,206,785
|
|
|
|
|
PHARMACEUTICALS - 1.4%
|
|
|
BioMarin Pharmaceutical, Inc.*
|
|
|
40,700
|
|
|
|
2,533,982
|
|
|
Hospira, Inc.*
|
|
|
237,400
|
|
|
|
7,793,842
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,327,824
|
|
|
|
|
RAILROADS - 3.2%
|
|
|
GATX Corp.
|
|
|
187,400
|
|
|
|
9,739,178
|
|
|
Union Pacific Corp.
|
|
|
93,800
|
|
|
|
13,358,058
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,097,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REAL ESTATE - 2.0%
|
|
|
Alexander & Baldwin, Inc.*
|
|
|
411,200
|
|
|
$
|
14,700,400
|
|
|
|
|
RESTAURANTS - 1.2%
|
|
|
Denny’s Corp.*
|
|
|
1,508,600
|
|
|
|
8,704,622
|
|
|
|
|
|
|
RETAIL - 3.2%
|
|
|
|
|
|
|
|
|
|
Aeropostale, Inc.*
|
|
|
620,100
|
|
|
|
8,433,360
|
|
|
Mattel, Inc.
|
|
|
331,800
|
|
|
|
14,529,522
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,962,882
|
|
|
|
|
SEMICONDUCTORS - 3.6%
|
|
|
Linear Technology Corp.
|
|
|
316,200
|
|
|
|
12,132,594
|
|
|
Power Integrations, Inc.
|
|
|
311,800
|
|
|
|
13,535,238
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,667,832
|
|
|
|
|
STORAGE - 1.7%
|
|
|
Mobile Mini, Inc.*
|
|
|
409,400
|
|
|
|
12,048,642
|
|
|
|
|
TECHNOLOGY - 9.1%
|
|
|
Autodesk, Inc.*
|
|
|
85,600
|
|
|
|
3,530,144
|
|
|
Brocade Communications Systems, Inc.*
|
|
|
2,151,300
|
|
|
|
12,413,001
|
|
|
Corning, Inc.
|
|
|
543,000
|
|
|
|
7,238,190
|
|
|
Cree, Inc.*
|
|
|
107,000
|
|
|
|
5,853,970
|
|
|
eBay, Inc.*
|
|
|
191,000
|
|
|
|
10,356,020
|
|
|
Verint Systems, Inc.*
|
|
|
422,600
|
|
|
|
15,446,030
|
|
|
Zebra Technologies Corp. Class A*
|
|
|
219,300
|
|
|
|
10,335,609
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65,172,964
|
|
|
|
|
TECH-SOFTWARE - 1.5%
|
|
|
Citrix Systems, Inc.*
|
|
|
147,000
|
|
|
|
10,607,520
|
|
|
|
|
TRANSPORTATION - 1.7%
|
|
|
Matson, Inc.
|
|
|
488,100
|
|
|
|
12,007,260
|
|
|
|
|
UTILITIES - 2.7%
|
|
|
Hawaiian Electric Industries, Inc.
|
|
|
699,375
|
|
|
|
19,379,681
|
|
See
accompanying notes to Schedule of Investments.
15
Meridian Value Fund
Schedule of Investments (continued)
March 31, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
COMMON STOCKS (continued)
|
|
|
|
|
|
TOTAL COMMON STOCKS - 93.0%
(Cost $497,676,307)
|
|
$
|
668,039,187
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GOVERNMENT OBLIGATIONS - 2.1%
|
|
|
U.S. Treasury Bill @ .066%**
due 06/20/13
(Face Value $15,000,000)
|
|
|
14,998,005
|
|
|
|
|
|
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $14,997,752)
|
|
|
14,998,005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 95.1%
(Cost $512,674,059)
|
|
|
683,037,192
|
|
|
|
|
|
CASH AND OTHER ASSETS, LESS
LIABILITIES - 4.9%
|
|
|
35,342,252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS - 100.0%
|
|
$
|
718,379,444
|
|
|
|
|
|
|
|
|
|
ADR - American Depositary Receipt
|
*
|
Non-income producing securities
|
|
**
|
Annualized yield at date of purchase
|
See accompanying notes to Schedule of Investments.
16
Meridian Fund, Inc.
Notes to Schedules of Investments
March 31, 2013 (Unaudited)
|
1.
|
Investment Valuation:
Marketable 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. 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 Aster Investment Management Company, Inc. under the guidelines established by, and under the general supervision and responsibility of, the Funds’ Board of Directors. Short-term
debt securities with original or remaining maturities in excess of 60 days are valued at the mean of their quoted bid and asked prices. Short-term debt securities with 60 days or less to maturity are valued at amortized cost which approximates fair
market value.
|
|
2.
|
Fair Value Measurements:
As described in Note 1 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).
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, 2013 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs
|
|
Meridian
Equity Income
Fund
|
|
|
Meridian
Growth
Fund
|
|
|
Meridian
Value Fund
|
|
|
Level 1 - Quoted Prices*
|
|
$
|
27,781,899
|
|
|
$
|
2,040,158,673
|
|
|
$
|
668,039,187
|
|
|
Level 2 - Other Significant Observable Inputs**
|
|
|
—
|
|
|
|
49,995,139
|
|
|
|
14,998,005
|
|
|
Level 3 - Significant Unobservable Inputs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Market Value of Investments
|
|
$
|
27,781,899
|
|
|
$
|
2,090,153,812
|
|
|
$
|
683,037,192
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Level 1 investments are comprised of common stock with industry classifications as defined on the Schedule of Investments.
|
|
|
**
|
Level 2 investments are limited to U.S. Treasury Securities.
|
17
Meridian Fund, Inc.
Notes to Schedules of Investments (continued)
March 31, 2013 (Unaudited)
During the period ended March 31, 2013 there were no transfers between levels.
|
3.
|
Federal Income Tax Information:
The aggregate cost of investments, unrealized appreciation and depreciation which are book figures that approximate federal
income tax basis, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate Cost
|
|
|
Aggregate
Gross
Unrealized
Appreciation
|
|
|
Aggregate
Gross
Unrealized
Depreciation
|
|
|
Net Unrealized
Appreciation
|
|
|
Meridian Equity Income Fund
|
|
$
|
22,844,515
|
|
|
$
|
5,167,824
|
|
|
$
|
(230,440
|
)
|
|
$
|
4,937,384
|
|
|
Meridian Growth Fund
|
|
|
1,572,541,992
|
|
|
|
528,940,366
|
|
|
|
(11,328,546
|
)
|
|
|
517,611,820
|
|
|
Meridian Value Fund
|
|
|
512,674,059
|
|
|
|
183,817,231
|
|
|
|
(13,454,098
|
)
|
|
|
170,363,133
|
|
18
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.
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ITEM 3 — EXHIBITS
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(a)
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A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR
270.30a-2).
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Filed herewith
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.
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Meridian Fund, Inc.
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By:
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/s/ Gregg B. Keeling
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Gregg B. Keeling
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Acting President
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Date: May 30, 2013
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.
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By:
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/s/ Gregg B. Keeling
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Gregg B. Keeling
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CFO & Treasurer
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Date: May 30, 2013
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|
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By:
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/s/ Gregg B. Keeling
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|
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Gregg B. Keeling
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|
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Acting President
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Date: May 30, 2013
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