0001145549-20-010304.txt : 20200227 0001145549-20-010304.hdr.sgml : 20200227 20200227171420 ACCESSION NUMBER: 0001145549-20-010304 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20191231 FILED AS OF DATE: 20200227 PERIOD START: 20200930 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MARSICO INVESTMENT FUND CENTRAL INDEX KEY: 0001047112 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-08397 FILM NUMBER: 20663725 BUSINESS ADDRESS: STREET 1: 1200 17TH ST STREET 2: STE 1700 CITY: DENVER STATE: CO ZIP: 80202 BUSINESS PHONE: 3034545600 MAIL ADDRESS: STREET 1: 1200 17TH STREET SUITE 1700 CITY: DENVER STATE: CO ZIP: 80202 0001047112 S000007713 MARSICO INTERNATIONAL OPPORTUNITIES FUND C000020963 MARSICO INTERNATIONAL OPPORTUNITIES FUND MIOFX NPORT-P 1 primary_doc.xml NPORT-P false 0001047112 XXXXXXXX S000007713 C000020963 MARSICO INVESTMENT FUND 811-08397 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2020-02-27 MARSICO INVESTMENT FUND Neil L. Gloude Neil L. Gloude Principal Financial Officer XXXX NPORT-EX 2 marsicopartf.htm MARSICO PART F

Marsico Focus Fund

SCHEDULE OF INVESTMENTS

As of December 31, 2019

(Unaudited)

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
COMMON STOCKS               
Aerospace & Defense               
Lockheed Martin Corporation   59,296   $23,088,677    3.93%
The Boeing Company   59,841    19,493,804    3.32 
         42,582,481    7.25 
Application Software               
Adobe, Inc.*   69,814    23,025,355    3.92 
salesforce.com, inc.*   202,149    32,877,514    5.60 
         55,902,869    9.52 
Data Processing & Outsourced Services               
PayPal Holdings, Inc.*   272,200    29,443,874    5.01 
Visa, Inc. - Cl. A   250,737    47,113,482    8.02 
         76,557,356    13.03 
Financial Exchanges & Data               
Intercontinental Exchange, Inc.   126,875    11,742,281    2.00 
S&P Global, Inc.   113,099    30,881,682    5.26 
         42,623,963    7.26 
Footwear               
NIKE, Inc. - Cl. B   180,748    18,311,580    3.12 
                
Health Care Equipment               
Danaher Corporation   120,203    18,448,756    3.14 
Intuitive Surgical, Inc.*   24,981    14,767,518    2.51 
         33,216,274    5.65 
Hotels, Resorts & Cruise Lines               
Marriott International, Inc. - Cl. A   134,108    20,307,974    3.46 
                
Interactive Media & Services               
Alphabet, Inc. - Cl. A*   15,665    20,981,544    3.57 
Facebook, Inc. - Cl. A*   178,944    36,728,256    6.25 
         57,709,800    9.82 
Internet & Direct Marketing Retail               
Amazon.com, Inc.*   19,436    35,914,618    6.11 
                
Managed Health Care               
UnitedHealth Group, Inc.   63,516    18,672,434    3.18 
                
Restaurants               
McDonald’s Corporation   92,001    18,180,318    3.09 

 

 

 

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
Semiconductors               
NVIDIA Corporation   96,794   $22,775,628    3.88%
Texas Instruments, Inc.   129,573    16,622,920    2.83 
         39,398,548    6.71 
Specialized REITs               
Crown Castle International Corp.   119,765    17,024,595    2.90 
                
Specialty Chemicals               
The Sherwin-Williams Company   48,186    28,118,458    4.79 
                
Systems Software               
Microsoft Corporation   251,948    39,732,200    6.76 
                
Technology Hardware, Storage & Peripherals               
Apple, Inc.   135,941    39,919,075    6.80 
TOTAL COMMON STOCKS               
(Cost $343,836,611)        584,172,543    99.45 
                
SHORT-TERM INVESTMENTS               
State Street Institutional U.S. Government Money Market Fund, 0.008%   6,731,249    6,731,249    1.15 
TOTAL SHORT-TERM INVESTMENTS               
(Cost $6,731,249)        6,731,249    1.15 
TOTAL INVESTMENTS               
(Cost $350,567,860)        590,903,792    100.60 
Liabilities, Less Cash and Other Assets        (3,523,022)   (0.60)
NET ASSETS       $587,380,770    100.00%

 

*Non-income producing

See notes to schedule of investments.

 

 

 

Marsico Growth Fund

SCHEDULE OF INVESTMENTS

As of December 31, 2019

(Unaudited)

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
COMMON STOCKS               
Aerospace & Defense               
Lockheed Martin Corporation   25,976   $10,114,535    3.72%
The Boeing Company   12,654    4,122,167    1.52 
         14,236,702    5.24 
Apparel Retail               
The TJX Companies, Inc.   125,723    7,676,646    2.83 
                
Application Software               
Adobe, Inc.*   33,487    11,044,348    4.07 
salesforce.com, inc.*   72,722    11,827,506    4.35 
         22,871,854    8.42 
Data Processing & Outsourced Services               
Fidelity National Information Services, Inc.   47,507    6,607,748    2.43 
PayPal Holdings, Inc.*   106,064    11,472,943    4.22 
Visa, Inc. - Cl. A   90,543    17,013,030    6.26 
         35,093,721    12.91 
Financial Exchanges & Data               
Intercontinental Exchange, Inc.   57,579    5,328,936    1.96 
S&P Global, Inc.   20,970    5,725,859    2.11 
         11,054,795    4.07 
Footwear               
NIKE, Inc. - Cl. B   57,480    5,823,299    2.14 
                
Health Care Equipment               
Danaher Corporation   45,129    6,926,399    2.55 
Intuitive Surgical, Inc.*   4,031    2,382,926    0.88 
         9,309,325    3.43 
Health Care Supplies               
Align Technology, Inc.*   9,515    2,655,066    0.98 
                
Hotels, Resorts & Cruise Lines               
Marriott International, Inc. - Cl. A   51,008    7,724,141    2.84 
                
Interactive Home Entertainment               
Electronic Arts, Inc.*   26,752    2,876,107    1.06 
Take-Two Interactive Software, Inc.*   21,751    2,662,975    0.98 
         5,539,082    2.04 

 

 

 

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
Interactive Media & Services               
Alphabet, Inc. - Cl. A*   7,261   $9,725,311    3.58%
Facebook, Inc. - Cl. A*   64,171    13,171,097    4.85 
Snap, Inc. - Cl. A*   344,251    5,621,619    2.07 
         28,518,027    10.50 
Internet & Direct Marketing Retail               
Amazon.com, Inc.*   7,970    14,727,285    5.42 
                
Managed Health Care               
UnitedHealth Group, Inc.   27,287    8,021,832    2.95 
                
Metal & Glass Containers               
Ball Corporation   50,179    3,245,076    1.19 
                
Pharmaceuticals               
Zoetis, Inc.   61,831    8,183,333    3.01 
                
Restaurants               
McDonald’s Corporation   33,167    6,554,131    2.41 
                
Semiconductors               
NVIDIA Corporation   36,211    8,520,448    3.14 
Texas Instruments, Inc.   56,008    7,185,267    2.64 
         15,705,715    5.78 
Specialized REITs               
Crown Castle International Corp.   68,703    9,766,132    3.59 
                
Specialty Chemicals               
The Sherwin-Williams Company   18,996    11,084,926    4.08 
                
Systems Software               
Microsoft Corporation   107,107    16,890,774    6.22 
ServiceNow, Inc.*   14,970    4,226,330    1.55 
         21,117,104    7.77 
Technology Hardware, Storage & Peripherals               
Apple, Inc.   67,043    19,687,177    7.25 
TOTAL COMMON STOCKS               
(Cost $156,126,869)        268,595,369    98.85 

 

 

 

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
SHORT-TERM INVESTMENTS               
State Street Institutional Treasury Money Market Fund, 0.008%   4,577,987   $4,577,987    1.68%
TOTAL SHORT-TERM INVESTMENTS               
(Cost $4,577,987)        4,577,987    1.68 
TOTAL INVESTMENTS               
(Cost $160,704,856)        273,173,356    100.53 
Liabilities, Less Cash and Other Assets        (1,446,287)   (0.53)
NET ASSETS       $271,727,069    100.00%

 

*Non-income producing

See notes to schedule of investments.

 

 

 

Marsico 21st Century Fund

SCHEDULE OF INVESTMENTS

As of December 31, 2019

(Unaudited)

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
COMMON STOCKS               
Aerospace & Defense               
HEICO Corporation   43,510   $4,966,667    1.78%
L3Harris Technologies, Inc.   33,391    6,607,077    2.37 
         11,573,744    4.15 
Apparel Retail               
Burlington Stores, Inc.*   41,876    9,548,984    3.43 
                
Apparel, Accessories & Luxury Goods               
Under Armour, Inc. - Cl. A*   61,683    1,332,353    0.48 
                
Application Software               
Atlassian Corporation PLC - Cl. A*   28,633    3,445,695    1.24 
Constellation Software, Inc.   5,889    5,719,434    2.05 
Guidewire Software, Inc.*   57,671    6,330,546    2.27 
PTC, Inc.*   62,052    4,647,074    1.67 
RealPage, Inc.*   106,980    5,750,175    2.06 
The Descartes Systems Group, Inc.*   143,100    6,116,091    2.20 
         32,009,015    11.49 
Automotive Retail               
O’Reilly Automotive, Inc.*   16,990    7,446,037    2.67 
                
Biotechnology               
Exact Sciences Corporation*   33,016    3,053,320    1.10 
                
Building Products               
A.O. Smith Corporation   111,380    5,306,143    1.90 
                
Construction Materials               
Vulcan Materials Company   45,671    6,576,167    2.36 
                
Data Processing & Outsourced Services               
Broadridge Financial Solutions, Inc.   39,343    4,860,434    1.75 
Fidelity National Information Services, Inc.   66,150    9,200,804    3.30 
Square, Inc. - Cl. A*   46,993    2,939,882    1.06 
WEX, Inc.*   29,151    6,105,968    2.19 
         23,107,088    8.30 
Education Services               
Bright Horizons Family Solutions, Inc.*   9,394    1,411,824    0.51 

 

 

 

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
Electrical Components & Equipment               
AMETEK, Inc.   86,491   $8,626,612    3.10%
                
Electronic Equipment & Instruments               
Cognex Corporation   109,346    6,127,750    2.20 
Novanta, Inc.*   57,727    5,105,376    1.83 
         11,233,126    4.03 
Electronic Manufacturing Services               
TE Connectivity Ltd.   51,061    4,893,686    1.76 
                
Financial Exchanges & Data               
MSCI, Inc.   8,048    2,077,833    0.75 
                
General Merchandise Stores               
Ollie’s Bargain Outlet Holdings, Inc.*   58,776    3,838,661    1.38 
                
Health Care Equipment               
DexCom, Inc.*   9,183    2,008,689    0.72 
IDEXX Laboratories, Inc.*   19,088    4,984,449    1.79 
Intuitive Surgical, Inc.*   9,992    5,906,771    2.12 
LivaNova PLC*   43,627    3,290,785    1.18 
Teleflex, Inc.   23,854    8,979,600    3.23 
         25,170,294    9.04 
Health Care Supplies               
The Cooper Companies, Inc.   19,474    6,256,801    2.25 
                
Home Improvement Retail               
Floor & Decor Holdings, Inc. - Cl. A*   48,648    2,471,805    0.89 
                
Hotels, Resorts & Cruise Lines               
Norwegian Cruise Line Holdings Ltd.*   71,572    4,180,520    1.50 
                
Interactive Media & Services               
Snap, Inc. - Cl. A*   382,413    6,244,804    2.24 
                
Internet Services & Infrastructure               
Twilio, Inc. - Cl. A*   37,564    3,691,790    1.32 
                
IT Consulting & Other Services               
Gartner, Inc.*   45,884    7,070,724    2.54 
InterXion Holding N.V.*   46,743    3,917,531    1.40 
         10,988,255    3.94 
Leisure Facilities               
Vail Resorts, Inc.   17,643    4,231,321    1.52 

 

 

 

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
Life Sciences Tools & Services               
Avantor, Inc.*   81,165   $1,473,145    0.53%
                
Metal & Glass Containers               
Ball Corporation   84,843    5,486,797    1.97 
                
Pharmaceuticals               
GW Pharmaceuticals PLC ADR*   11,051    1,155,493    0.41 
                
Real Estate Services               
FirstService Corporation   63,800    5,939,534    2.13 
                
Regional Banks               
First Republic Bank   51,040    5,994,648    2.15 
Signature Bank   35,713    4,878,753    1.75 
         10,873,401    3.90 
Research & Consulting Services               
CoStar Group, Inc.*   13,191    7,892,175    2.83 
Verisk Analytics, Inc.   38,685    5,777,218    2.08 
         13,669,393    4.91 
Semiconductor Equipment               
Lam Research Corporation   29,909    8,745,392    3.14 
                
Semiconductors               
Marvell Technology Group Ltd.   107,014    2,842,292    1.02 
Microchip Technology, Inc.   73,674    7,715,141    2.77 
         10,557,433    3.79 
Specialized Consumer Services               
frontdoor, Inc.*   56,422    2,675,531    0.96 
ServiceMaster Global Holdings, Inc.*   122,349    4,730,013    1.70 
         7,405,544    2.66 
Specialized REITs               
SBA Communications Corporation - Cl. A   26,187    6,310,805    2.27 
                
Trucking               
Lyft, Inc. - Cl. A*   29,451    1,266,982    0.45 
TOTAL COMMON STOCKS               
(Cost $200,961,652)        268,154,102    96.27 

 

 

 

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
SHORT-TERM INVESTMENTS               
State Street Institutional Treasury Money Market Fund, 0.008%   11,282,689   $11,282,689    4.05%
TOTAL SHORT-TERM INVESTMENTS               
(Cost $11,282,689)        11,282,689    4.05 
TOTAL INVESTMENTS               
(Cost $212,244,341)        279,436,791    100.32 
Liabilities, Less Cash and Other Assets        (897,006)   (0.32)
NET ASSETS       $278,539,785    100.00%

 

*Non-income producing

See notes to schedule of investments.

 

 

 

Marsico International Opportunities Fund

SCHEDULE OF INVESTMENTS

As of December 31, 2019

(Unaudited)

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
COMMON STOCKS               
Aerospace & Defense               
Airbus SE   8,485   $1,241,860    2.21%
BAE Systems PLC   75,197    562,574    1.00 
The Boeing Company   1,338    435,867    0.77 
         2,240,301    3.98 
Airlines               
Ryanair Holdings PLC Spon. ADR*   9,678    847,890    1.51 
                
Apparel, Accessories & Luxury Goods               
adidas A.G.   744    241,851    0.43 
LVMH Moet Hennessy Louis Vuitton S.E.   1,018    472,971    0.84 
         714,822    1.27 
Application Software               
Constellation Software, Inc.   288    279,707    0.50 
SAP S.E.   11,660    1,573,668    2.79 
         1,853,375    3.29 
Asset Management & Custody Banks               
Hargreaves Lansdown PLC   10,661    273,252    0.49 
Julius Baer Group Ltd.   13,568    699,990    1.24 
         973,242    1.73 
Brewers               
Anheuser-Busch InBev S.A./N.V.   12,681    1,034,247    1.84 
                
Communications Equipment               
Telefonaktiebolaget LM Ericsson B Shares   74,444    648,241    1.15 
                
Construction & Engineering               
Taisei Corporation   5,300    221,697    0.39 
                
Consumer Electronics               
Sony Corporation   12,200    830,999    1.48 
                
Data Processing & Outsourced Services               
Fidelity National Information Services, Inc.   6,498    903,807    1.61 
Pagseguro Digital Ltd. - Cl. A*   14,751    503,894    0.89 
Wirecard A.G.   2,990    360,542    0.64 
         1,768,243    3.14 

 

 

 

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
Distillers & Vintners               
Diageo PLC   22,397   $949,494    1.69%
Treasury Wine Estates Ltd.   33,746    384,584    0.68 
         1,334,078    2.37 
Diversified Banks               
Banco Santander S.A.   108,355    453,351    0.80 
BAWAG Group A.G.   14,295    651,009    1.16 
HDFC Bank Ltd. ADR   8,763    555,311    0.99 
HSBC Holdings PLC   75,625    592,923    1.05 
Mitsubishi UFJ Financial Group, Inc.   190,900    1,042,215    1.85 
         3,294,809    5.85 
Electrical Components & Equipment               
ABB Ltd.   19,658    474,693    0.84 
                
Electronic Equipment & Instruments               
Keyence Corporation   1,500    531,361    0.94 
                
Financial Exchanges & Data               
Deutsche Boerse A.G.   6,693    1,052,182    1.87 
                
General Merchandise Stores               
B&M European Value Retail S.A.   217,566    1,180,417    2.10 
Dollarama, Inc.   16,079    552,621    0.98 
         1,733,038    3.08 
Health Care Equipment               
Koninklijke Philips N.V.   43,511    2,124,050    3.77 
Olympus Corporation   24,800    385,506    0.69 
         2,509,556    4.46 
Health Care Supplies               
Alcon, Inc.*   6,067    343,533    0.61 
                
Human Resource & Employment Services               
Recruit Holdings Company Ltd.   20,500    773,361    1.37 
                
Industrial Conglomerates               
Siemens A.G.   5,402    706,165    1.26 
                
Industrial Gases               
Air Liquide S.A.   2,341    331,389    0.59 
                
Industrial Machinery               
FANUC Corporation   1,600    299,369    0.53 
MISUMI Group, Inc.   24,200    606,253    1.08 
         905,622    1.61 

 

 

 

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
Integrated Oil & Gas               
BP PLC   89,900   $561,589    1.00%
                
Integrated Telecommunication Services               
Cellnex Telecom SA   28,050    1,207,262    2.15 
                
Interactive Home Entertainment               
Nintendo Co., Ltd.   2,100    849,818    1.51 
                
Interactive Media & Services               
Facebook, Inc. - Cl. A*   5,421    1,112,661    1.98 
Scout24 A.G.   18,357    1,213,842    2.16 
Tencent Holdings Ltd.   49,100    2,366,690    4.20 
         4,693,193    8.34 
Internet & Direct Marketing Retail               
Alibaba Group Holding Ltd. Spon. ADR*   12,392    2,628,343    4.67 
MakeMyTrip Ltd.*   15,248    349,179    0.62 
Trainline PLC*   37,447    251,484    0.45 
         3,229,006    5.74 
IT Consulting & Other Services               
InterXion Holding N.V.*   15,247    1,277,851    2.27 
                
Life & Health Insurance               
AIA Group Ltd.   51,000    535,375    0.95 
                
Life Sciences Tools & Services               
Eurofins Scientific S.E.   1,268    702,908    1.25 
                
Multi-Line Insurance               
AXA S.A.   28,882    813,487    1.45 
                
Packaged Foods & Meats               
Nestlé S.A.   15,514    1,679,641    2.98 
                
Personal Products               
Kao Corporation   3,400    282,408    0.50 
Unilever PLC   18,661    1,075,372    1.91 
         1,357,780    2.41 
Pharmaceuticals               
AstraZeneca PLC   5,614    565,680    1.00 
Bayer A.G.   3,528    288,135    0.51 
Dechra Pharmaceuticals PLC   27,478    1,055,523    1.88 
GW Pharmaceuticals PLC ADR*   1,770    185,071    0.33 
Novartis AG   12,263    1,164,465    2.07 
Roche Holding AG   3,540    1,148,543    2.04 
Takeda Pharmaceutical Company Ltd.   13,700    546,210    0.97 
         4,953,627    8.80 

 

 

 

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
Real Estate Operating Companies               
Aroundtown S.A.   276,628   $2,477,384    4.40%
                
Real Estate Services               
FirstService Corporation   4,500    418,933    0.74 
                
Research & Consulting Services               
Experian PLC   13,157    444,756    0.79 
RELX PLC   11,415    288,118    0.51 
         732,874    1.30 
Restaurants               
Domino’s Pizza Enterprises Ltd.   21,623    794,508    1.41 
                
Semiconductor Equipment               
ASML Holding N.V.   2,894    856,023    1.52 
Tokyo Electron Ltd.   1,300    286,250    0.51 
         1,142,273    2.03 
Semiconductors               
NXP Semiconductors N.V.   2,319    295,116    0.52 
                
Specialty Chemicals               
Shin-Etsu Chemical Company Ltd.   6,100    677,060    1.20 
                
Wireless Telecommunication Services               
SoftBank Group Corporation   7,000    306,401    0.54 
TOTAL COMMON STOCKS               
(Cost $42,451,644)        53,828,930    95.62 
                
SHORT-TERM INVESTMENTS               
State Street Institutional Treasury Money Market Fund, 0.008%   2,155,828    2,155,828    3.83 
TOTAL SHORT-TERM INVESTMENTS               
(Cost $2,155,828)        2,155,828    3.83 
TOTAL INVESTMENTS               
(Cost $44,607,472)        55,984,758    99.45 
Cash and Other Assets, Less Liabilities        309,117    0.55 
NET ASSETS       $56,293,875    100.00%

 

*Non-income producing

See notes to schedule of investments.

 

 

 

SUMMARY OF INVESTMENTS BY COUNTRY

 

       Percent of 
       Investment 
Country  Market Value   Securities 
Australia  $1,179,092    2.11%
Austria   651,009    1.16 
Belgium   1,034,247    1.85 
Brazil   503,894    0.90 
Canada   1,251,261    2.24 
China/Hong Kong   5,530,408    9.88 
France   3,562,615    6.36 
Germany   7,913,769    14.14 
India   904,490    1.61 
Ireland   847,890    1.51 
Japan   7,638,908    13.65 
Netherlands   4,553,040    8.13 
Spain   1,660,613    2.97 
Sweden   648,241    1.16 
Switzerland   5,510,865    9.84 
United Kingdom   7,986,253    14.26 
United States(1)   4,608,163    8.23 
   $55,984,758    100.00%

 

(1)Includes short-term securities.

 

 

 

 

Marsico Global Fund

SCHEDULE OF INVESTMENTS

As of December 31, 2019

(Unaudited)

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
COMMON STOCKS               
Aerospace & Defense               
Airbus SE   73,217   $10,715,997    4.55%
Lockheed Martin Corporation   12,513    4,872,312    2.07 
         15,588,309    6.62 
Apparel, Accessories & Luxury Goods               
Hermes International   10,342    7,728,334    3.28 
                
Application Software               
Atlassian Corporation PLC - Cl. A*   26,520    3,191,417    1.36 
salesforce.com, inc.*   38,118    6,199,512    2.63 
SAP S.E.   63,509    8,571,361    3.64 
         17,962,290    7.63 
Communications Equipment               
Telefonaktiebolaget LM Ericsson B Shares   758,612    6,605,817    2.81 
                
Data Processing & Outsourced Services               
PayPal Holdings, Inc.*   35,999    3,894,012    1.65 
Visa, Inc. - Cl. A   59,986    11,271,369    4.79 
Wirecard A.G.   30,493    3,676,930    1.56 
         18,842,311    8.00 
Financial Exchanges & Data               
S&P Global, Inc.   27,995    7,644,035    3.25 
                
General Merchandise Stores               
Ollie’s Bargain Outlet Holdings, Inc.*   41,545    2,713,304    1.15 
                
Health Care Equipment               
Intuitive Surgical, Inc.*   8,988    5,313,256    2.26 
Koninklijke Philips N.V.   152,075    7,423,751    3.15 
         12,737,007    5.41 
Hotels, Resorts & Cruise Lines               
Marriott International, Inc. - Cl. A   28,613    4,332,867    1.84 
                
Interactive Media & Services               
Facebook, Inc. - Cl. A*   57,343    11,769,651    5.00 
Snap, Inc. - Cl. A*   301,570    4,924,638    2.09 
Tencent Holdings Ltd.   159,300    7,678,487    3.26 
         24,372,776    10.35 

 

 

 

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
Internet & Direct Marketing Retail               
Alibaba Group Holding Ltd. Spon. ADR*   58,804   $12,472,329    5.30%
Amazon.com, Inc.*   5,829    10,771,059    4.57 
         23,243,388    9.87 
Internet Services & Infrastructure               
Twilio, Inc. - Cl. A*   42,833    4,209,627    1.79 
                
IT Consulting & Other Services               
InterXion Holding N.V.*   69,007    5,783,477    2.46 
                
Metal & Glass Containers               
Ball Corporation   90,874    5,876,821    2.50 
                
Real Estate Operating Companies               
Aroundtown S.A.   1,036,615    9,283,564    3.94 
                
Restaurants               
McDonald’s Corporation   17,938    3,544,728    1.51 
                
Semiconductor Equipment               
ASML Holding N.V. - NY Reg. Shs.   33,935    10,042,724    4.27 
                
Semiconductors               
NVIDIA Corporation   30,147    7,093,589    3.01 
NXP Semiconductors N.V.   48,595    6,184,200    2.63 
         13,277,789    5.64 
Specialized REITs               
Crown Castle International Corp.   50,461    7,173,031    3.05 
                
Specialty Chemicals               
The Sherwin-Williams Company   10,971    6,402,017    2.72 
                
Systems Software               
Microsoft Corporation   82,620    13,029,174    5.54 
ServiceNow, Inc.*   20,862    5,889,760    2.50 
         18,918,934    8.04 
Technology Hardware, Storage & Peripherals               
Apple, Inc.   26,241    7,705,670    3.27 
TOTAL COMMON STOCKS               
(Cost $168,375,930)        233,988,820    99.40 

 

 

 

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
SHORT-TERM INVESTMENTS               
State Street Institutional Treasury Money Market Fund, 0.008%   1,951,975   $1,951,975    0.83%
TOTAL SHORT-TERM INVESTMENTS               
(Cost $1,951,975)        1,951,975    0.83 
TOTAL INVESTMENTS               
(Cost $170,327,905)        235,940,795    100.23 
Liabilities, Less Cash and Other Assets        (530,429)   (0.23)
NET ASSETS       $235,410,366    100.00%

 

*Non-income producing

See notes to schedule of investments.

 

 

 

 

SUMMARY OF INVESTMENTS BY COUNTRY

 

       Percent of 
       Investment 
Country  Market Value   Securities 
Australia  $3,191,417    1.35%
China/Hong Kong   20,150,816    8.54 
France   18,444,331    7.82 
Germany   21,531,855    9.12 
Netherlands   29,434,152    12.48 
Sweden   6,605,817    2.80 
United States(1)   136,582,407    57.89 
   $235,940,795    100.00%

 

(1)Includes short-term securities.

 

 

 

Notes to Schedules of Investments

 

Investment Valuation — A security traded on a recognized stock exchange is generally valued at the last sale price prior to the closing of the principal exchange on which the security is traded. Securities traded on NASDAQ generally will be valued at the NASDAQ Official Closing Price. If no sale price is reported on the valuation date, the most current bid price will generally be used, with the exception of short option positions which will generally utilize the most current ask price. Other securities for which over-the-counter market quotations are readily available are generally valued at the last sale price. Debt securities that will mature in more than 60 days are generally valued at their bid prices furnished by a pricing service approved by the Funds’ Board of Trustees and subject to review pursuant to procedures established by, and under the general supervision of, the Board of Trustees. Debt securities that will mature in 60 days or less are valued at amortized cost, if it approximates market value. Any securities for which market quotations are not readily available are valued at their fair value as determined in good faith by the Adviser in accordance with procedures established by, and under the general supervision of, the Funds’ Board of Trustees. The Funds may use pricing services to assist in determining market value. The Board of Trustees has authorized the use of a pricing service to assist the Funds in valuing certain equity securities listed or traded on foreign security exchanges in the Funds’ portfolios in certain circumstances where there is a significant change in the value of related US-traded securities, as represented by, for example, the S&P 500 Index.

 

“Fair Value Measurements and Disclosures” (the “Fair Value Statement”) defines fair value, establishes a framework for measuring fair value in Generally Accepted Accounting Principles (“GAAP”), and expands disclosures about fair value measurements. Under the Fair Value Statement, various inputs are used in determining the value of the Funds’ investments.

 

These inputs are summarized into three broad levels and described below:

 

•Level 1 – quoted prices in active markets for identical investments

 

•Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, and evaluated quotations obtained from pricing services)

 

•Level 3 – significant unobservable inputs (including the Fund’s assumptions that market participants would use in determining the fair value of investments)

 

The inputs or methodology used for valuing investments are not an indication of the risk associated with investing in those investments. Changes in valuation techniques may result in transfers between the levels during the reporting period. There were no transfers into or out of Level 3 during the reporting period. The following is a summary of the fair values of the Funds’ investments in each category and economic sector as of December 31, 2019:

 

Fund Investments by                
Major Security Type  Level 1   Level 2   Level 3   Total 
Marsico Focus Fund                
Assets                
Common Stocks                    
Communication Services  $57,709,800   $-   $-   $57,709,800 
Consumer Discretionary   92,714,490    -    -    92,714,490 
Financials   42,623,963    -    -    42,623,963 
Health Care   51,888,708    -    -    51,888,708 
Industrials   42,582,481    -    -    42,582,481 
Information Technology   251,510,048    -    -    251,510,048 
Materials   28,118,458    -    -    28,118,458 
Real Estate   17,024,595    -    -    17,024,595 
Short-term Investments   6,731,249    -    -    6,731,249 
                  $590,903,792 
                     
Marsico Growth Fund                    
Assets                    
Common Stocks                    
Communication Services   34,057,109    -    -    34,057,109 
Consumer Discretionary   42,505,502    -    -    42,505,502 
Financials   11,054,795    -    -    11,054,795 
Health Care   28,169,556    -    -    28,169,556 
Industrials   14,236,702    -    -    14,236,702 
Information Technology   114,475,571    -    -    114,475,571 
Materials   14,330,002    -    -    14,330,002 
Real Estate   9,766,132    -    -    9,766,132 
Short-term Investments   4,577,987    -    -    4,577,987 
                  $273,173,356 
                     
Marsico 21st Century Fund                    
Assets                    
Common Stocks                    
Communication Services   6,244,804    -    -    6,244,804 
Consumer Discretionary   41,867,049    -    -    41,867,049 
Financials   12,951,234    -    -    12,951,234 
Health Care   37,109,053    -    -    37,109,053 
Industrials   40,442,874    -    -    40,442,874 
Information Technology   105,225,785    -    -    105,225,785 
Materials   12,062,964    -    -    12,062,964 
Real Estate   12,250,339    -    -    12,250,339 
Short-term Investments   11,282,689    -    -    11,282,689 
                  $279,436,791 
                     
Marsico International Opportunities Fund                    
Assets                    
Common Stocks                    
Communication Services   7,056,674    -    -    7,056,674 
Consumer Discretionary   7,302,373    -    -    7,302,373 
Consumer Staples   5,405,746    -    -    5,405,746 
Energy   561,589    -    -    561,589 
Financials   6,669,095    -    -    6,669,095 
Health Care   8,509,624    -    -    8,509,624 
Industrials   6,902,603    -    -    6,902,603 
Information Technology   7,516,460    -    -    7,516,460 
Materials   1,008,449    -    -    1,008,449 
Real Estate   2,896,317    -    -    2,896,317 
Short-term Investments   2,155,828    -    -    2,155,828 
                  $55,984,758 
                     
Marsico Global Fund                    
Assets                    
Common Stocks                    
Communication Services   24,372,776    -    -    24,372,776 
Consumer Discretionary   41,562,621    -    -    41,562,621 
Financials   7,644,035    -    -    7,644,035 
Health Care   12,737,007    -    -    12,737,007 
Industrials   15,588,309    -    -    15,588,309 
Information Technology   103,348,639    -    -    103,348,639 
Materials   12,278,838    -    -    12,278,838 
Real Estate   16,456,595    -    -    16,456,595 
Short-term Investments   1,951,975    -    -    1,951,975 
                  $235,940,795 

 

Foreign Currency Translation — The accounting records of the Funds are maintained in US dollars. For valuation purposes, values of securities denominated in foreign currencies are translated into US dollars at 4:00 p.m. Eastern Time. Amounts related to the purchase and sale of foreign securities and investment income are translated at the rates of exchange prevailing on the respective dates of such transactions.

 

Reported realized gains and losses on foreign currency transactions arise from sales of portfolio securities, forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the US dollar equivalent of the amounts actually received or paid.

 

 

 

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the end of the reporting period. Net unrealized appreciation or depreciation on investments and foreign currency translations arises from changes in the value of assets and liabilities, including investments in securities at the end of the reporting period, resulting from changes in the exchange rates and changes in market prices of securities held. Transactions in foreign-denominated assets may involve greater risks than domestic transactions, including currency risk, political and economic risk, regulatory risk and market risk.

 

Federal Income Tax Information — “Accounting for Uncertainty in Income Taxes” (the “Income Tax Statement”) requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations.

 

The Income Tax Statement requires management of the Funds to analyze all open tax years, fiscal years 2016-2020 as defined by Internal Revenue Service (“IRS”) statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the period ended December 31, 2019, the Funds did not have any liabilities for any unrecognized tax benefits. The Funds have no examinations in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

 

At December 31, 2019, gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes were as follows:

 

               International     
   Focus   Growth   21st Century   Opportunities   Global 
   Fund   Fund   Fund   Fund   Fund 
Cost of Investments  $350,869,624   $160,654,998   $212,248,194   $45,213,967   $171,550,792 
                          
Gross Unrealized Appreciation  $241,433,439   $113,742,415   $72,054,304   $11,547,902   $66,984,820 
Gross Unrealized Depreciation   (1,399,271)   (1,224,057)   (4,865,707)   (777,111)   (2,594,817)
                          
Net Unrealized Appreciation on Investments  $240,034,168   $112,518,358   $67,188,597   $10,770,791   $64,390,003 

 

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to wash sale loss deferrals.