Marsico Focus Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2020

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS
Aerospace & Defense
Lockheed Martin Corporation		59,296	$	21,638,296		3.13	%
Apparel, Accessories & Luxury Goods
lululemon athletica, inc.*		52,632		16,421,710		2.37
Application Software
Adobe, Inc.*		69,814		30,390,732		4.39
Automobile Manufacturers
Tesla, Inc.*		20,129		21,735,496		3.14
Biotechnology
Regeneron Pharmaceuticals, Inc.*		49,605		30,936,158		4.47
Data Processing & Outsourced Services
PayPal Holdings, Inc.*		253,465		44,161,207		6.38
Square, Inc. - Cl. A*		136,447		14,318,748		2.07
Visa, Inc. - Cl. A		188,089		36,333,152		5.25
				94,813,107		13.70
Financial Exchanges & Data
S&P Global, Inc.		70,925		23,368,369		3.38
Footwear
NIKE, Inc. - Cl. B		180,748		17,722,342		2.56
Health Care Equipment
Danaher Corporation		120,203		21,255,497		3.07
Intuitive Surgical, Inc.*		22,515		12,829,722		1.86
				34,085,219		4.93
Interactive Media & Services
Alphabet, Inc. - Cl. A*		22,894		32,464,837		4.69
Facebook, Inc. - Cl. A*		121,838		27,665,754		4.00
				60,130,591		8.69
Internet & Direct Marketing Retail
Amazon.com, Inc.*		19,268		53,156,944		7.68
Metal & Glass Containers
Ball Corporation		160,448		11,149,532		1.61

	Number of Shares		Value			Percent of Net Assets
Restaurants
Chipotle Mexican Grill, Inc.*		15,789	$	16,615,712			2.40	%
McDonald’s Corporation		68,152		12,571,999			1.82
Starbucks Corp.		285,964		21,044,091			3.04
				50,231,802			7.26
Semiconductor Equipment
Lam Research Corporation		47,205		15,268,929			2.21
Semiconductors
NVIDIA Corporation		82,665		31,405,260			4.54
Specialized REITs
Crown Castle International Corp.		119,765		20,042,673			2.90
Specialty Chemicals
The Sherwin-Williams Company		43,393		25,074,645			3.63
Systems Software
Microsoft Corporation		251,948		51,273,938			7.41
ServiceNow, Inc.*		79,691		32,279,636			4.67
				83,553,574			12.08
Technology Hardware, Storage & Peripherals
Apple, Inc.		116,886		42,640,013			6.16
TOTAL COMMON STOCKS
(Cost $377,631,152)				683,765,392			98.83
SHORT-TERM INVESTMENTS
State Street Institutional Treasury Money Market Fund - Premier Class, 0.000%		10,401,675		10,401,675			1.50
TOTAL SHORT-TERM INVESTMENTS
(Cost $10,401,675)				10,401,675			1.50
TOTAL INVESTMENTS
(Cost $388,032,827)				694,167,067			100.33
Liabilities, Less Cash and Other Assets				(2,315,271	)		(0.33	)
NET ASSETS			$	691,851,796			100.00	%

* Non-income producing

See notes to schedule of investments.

Marsico Growth Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2020

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS
Apparel, Accessories & Luxury Goods
lululemon athletica, inc.*		28,309	$	8,832,691		2.62	%
Application Software
Adobe, Inc.*		33,487		14,577,226		4.32
salesforce.com, inc.*		36,490		6,835,672		2.03
				21,412,898		6.35
Automobile Manufacturers
Tesla, Inc.*		9,407		10,157,773		3.01
Biotechnology
Exact Sciences Corporation*		35,058		3,047,942		0.90
Data Processing & Outsourced Services
Mastercard, Inc. - Cl. A		47,188		13,953,492		4.13
PayPal Holdings, Inc.*		86,359		15,046,328		4.46
Square, Inc. - Cl. A*		94,231		9,888,601		2.93
Visa, Inc. - Cl. A		55,369		10,695,630		3.17
				49,584,051		14.69
Education Services
Bright Horizons Family Solutions, Inc.*		25,544		2,993,757		0.89
Financial Exchanges & Data
Moody’s Corp.		17,693		4,860,798		1.44
S&P Global, Inc.		25,935		8,545,064		2.53
				13,405,862		3.97
Health Care Equipment
Danaher Corporation		45,129		7,980,161		2.36
Edwards Lifesciences Corp.*		40,401		2,792,113		0.83
IDEXX Laboratories, Inc.*		9,934		3,279,810		0.97
				14,052,084		4.16
Interactive Media & Services
Alphabet, Inc. - Cl. A*		8,732		12,382,413		3.67
Facebook, Inc. - Cl. A*		36,137		8,205,628		2.43
Snap, Inc. - Cl. A*		246,061		5,779,973		1.71
				26,368,014		7.81
Internet & Direct Marketing Retail
Amazon.com, Inc.*		7,758		21,402,925		6.34

	Number of Shares		Value		Percent of Net Assets
Life Sciences Tools & Services
Mettler-Toledo International, Inc.*		9,366	$	7,544,781		2.24	%
Movies & Entertainment
Netflix, Inc.*		6,988		3,179,820		0.94
Spotify Technology S.A.*		37,906		9,786,950		2.90
The Walt Disney Company		30,359		3,385,332		1.01
				16,352,102		4.85
Pharmaceuticals
Zoetis, Inc.		61,831		8,473,320		2.51
Research & Consulting Services
CoStar Group, Inc.*		5,308		3,772,236		1.12
Restaurants
Chipotle Mexican Grill, Inc.*		9,822		10,336,280		3.06
Starbucks Corp.		90,735		6,677,189		1.98
				17,013,469		5.04
Semiconductors
NVIDIA Corporation		39,571		15,033,419		4.46
Specialized REITs
Crown Castle International Corp.		68,703		11,497,447		3.41
Specialty Chemicals
The Sherwin-Williams Company		18,996		10,976,839		3.25
Systems Software
Microsoft Corporation		111,892		22,771,141		6.75
ServiceNow, Inc.*		21,274		8,617,246		2.55
				31,388,387		9.30
Technology Hardware, Storage & Peripherals
Apple, Inc.		59,093		21,557,126		6.39
Trucking
Uber Technologies, Inc.*		258,281		8,027,373		2.38
TOTAL COMMON STOCKS
(Cost $177,968,037)				322,894,496		95.69

	Number of Shares		Value			Percent of Net Assets
SHORT-TERM INVESTMENTS
State Street Institutional Treasury Money Market Fund - Premier Class, 0.000%		16,379,148	$	16,379,148			4.85	%
TOTAL SHORT-TERM INVESTMENTS
(Cost $16,379,148)				16,379,148			4.85
TOTAL INVESTMENTS
(Cost $194,347,185)				339,273,644			100.54
Liabilities, Less Cash and Other Assets				(1,830,792	)		(0.54	)
NET ASSETS			$	337,442,852			100.00	%

* Non-income producing

See notes to schedule of investments.

Marsico 21st Century Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2020

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS
Aerospace & Defense
HEICO Corporation		48,506	$	4,833,623		1.76	%
Apparel Retail
Burlington Stores, Inc.*		30,389		5,984,506		2.18
Apparel, Accessories & Luxury Goods
lululemon athletica, inc.*		16,283		5,080,459		1.85
Application Software
Atlassian Corporation PLC - Cl. A*		42,007		7,572,602		2.76
Constellation Software, Inc.		5,185		5,854,474		2.14
Guidewire Software, Inc.*		51,859		5,748,570		2.10
PTC, Inc.*		62,052		4,827,025		1.76
RealPage, Inc.*		84,965		5,523,575		2.02
The Descartes Systems Group, Inc.*		143,100		7,554,491		2.76
				37,080,737		13.54
Biotechnology
Exact Sciences Corporation*		39,238		3,411,351		1.25
Repligen Corp.*		22,893		2,829,804		1.03
				6,241,155		2.28
Construction Materials
Vulcan Materials Company		43,388		5,026,500		1.83
Data Processing & Outsourced Services
Fidelity National Information Services, Inc.		50,090		6,716,568		2.45
Global Payments, Inc.		44,029		7,468,199		2.73
Square, Inc. - Cl. A*		62,616		6,570,923		2.40
WEX, Inc.*		35,248		5,816,273		2.12
				26,571,963		9.70
Diversified Support Services
Cintas Corp.		25,868		6,890,200		2.52
Education Services
Bright Horizons Family Solutions, Inc.*		44,346		5,197,351		1.90
Electrical Components & Equipment
AMETEK, Inc.		70,986		6,344,019		2.32

	Number of Shares		Value		Percent of Net Assets
Electronic Components
Amphenol Corp. - Cl. A		56,395	$	5,403,205		1.97	%
Electronic Equipment & Instruments
Cognex Corporation		95,603		5,709,411		2.08
Novanta, Inc.*		42,470		4,534,522		1.66
				10,243,933		3.74
Financial Exchanges & Data
MSCI, Inc.		14,888		4,969,912		1.81
General Merchandise Stores
Ollie’s Bargain Outlet Holdings, Inc.*		54,113		5,284,134		1.93
Health Care Equipment
DexCom, Inc.*		13,176		5,341,550		1.95
IDEXX Laboratories, Inc.*		17,270		5,701,863		2.08
Insulet Corp.*		21,643		4,204,369		1.53
Intuitive Surgical, Inc.*		8,073		4,600,238		1.68
Teleflex, Inc.		17,575		6,396,949		2.34
				26,244,969		9.58
Health Care Supplies
The Cooper Companies, Inc.		19,474		5,523,605		2.02
Home Improvement Retail
Floor & Decor Holdings, Inc. - Cl. A*		48,648		2,804,557		1.02
Hotels, Resorts & Cruise Lines
Hilton Worldwide Holdings, Inc.		55,927		4,107,838		1.50
Interactive Media & Services
Snap, Inc. - Cl. A*		487,700		11,456,073		4.18
Internet Services & Infrastructure
Okta, Inc.*		12,540		2,510,884		0.92
Twilio, Inc. - Cl. A*		38,443		8,435,163		3.08
				10,946,047		4.00
Life Sciences Tools & Services
Avantor, Inc.*		183,513		3,119,721		1.14
Mettler-Toledo International, Inc.*		4,141		3,335,783		1.22
				6,455,504		2.36
Managed Health Care
Centene Corp.*		60,177		3,824,248		1.40
Metal & Glass Containers
Ball Corporation		72,399		5,031,007		1.84

	Number of Shares		Value		Percent of Net Assets
Real Estate Services
FirstService Corporation		63,800	$	6,426,525		2.35	%
Regional Banks
First Republic Bank		51,040		5,409,730		1.97
Research & Consulting Services
CoStar Group, Inc.*		11,601		8,244,482		3.01
Verisk Analytics, Inc.		22,774		3,876,135		1.42
				12,120,617		4.43
Restaurants
Chipotle Mexican Grill, Inc.*		4,457		4,690,369		1.71
Semiconductor Equipment
Lam Research Corporation		23,981		7,756,894		2.83
Semiconductors
Marvell Technology Group Ltd.		127,202		4,459,702		1.63
Microchip Technology, Inc.		53,322		5,615,340		2.05
				10,075,042		3.68
Specialized Consumer Services
frontdoor, Inc.*		56,422		2,501,187		0.91
Specialized REITs
SBA Communications Corporation - Cl. A		15,799		4,706,838		1.72
Trucking
Lyft, Inc. - Cl. A*		148,350		4,897,034		1.79
TOTAL COMMON STOCKS
(Cost $189,356,693)				270,129,781		98.62
SHORT-TERM INVESTMENTS
State Street Institutional Treasury Money Market Fund - Premier Class, 0.000%		183,855		183,855		0.07
TOTAL SHORT-TERM INVESTMENTS
(Cost $183,855)				183,855		0.07
TOTAL INVESTMENTS
(Cost $189,540,548)				270,313,636		98.69
Cash and Other Assets, Less Liabilities				3,584,230		1.31
NET ASSETS			$	273,897,866		100.00	%

* Non-income producing

See notes to schedule of investments.

Marsico International Opportunities Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2020

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS
Aerospace & Defense
BAE Systems PLC		86,935	$	519,824		0.95	%
Safran S.A.*		3,577		359,815		0.66
				879,639		1.61
Airlines
Ryanair Holdings PLC Spon. ADR*		3,750		248,775		0.46
Apparel, Accessories & Luxury Goods
adidas A.G.*		1,349		355,666		0.65
LVMH Moet Hennessy Louis Vuitton S.E.		1,018		449,442		0.82
				805,108		1.47
Application Software
Atlassian Corporation PLC - Cl. A*		1,597		287,891		0.53
Constellation Software, Inc.		288		325,186		0.59
SAP S.E.		11,237		1,570,813		2.87
The Descartes Systems Group, Inc.*		6,800		358,984		0.66
Xero Ltd.*		6,419		403,210		0.74
				2,946,084		5.39
Asset Management & Custody Banks
Hargreaves Lansdown PLC		13,288		267,967		0.49
Julius Baer Group Ltd.		12,162		510,775		0.94
				778,742		1.43
Biotechnology
CSL Ltd.		1,898		377,491		0.69
Casinos & Gaming
Sands China, Ltd.		65,600		258,414		0.47
Communications Equipment
Telefonaktiebolaget LM Ericsson B Shares		46,423		430,320		0.79
Construction & Engineering
Taisei Corporation		8,100		295,213		0.54
Consumer Electronics
Sony Corporation		13,800		952,616		1.74

	Number of Shares		Value		Percent of Net Assets
Data Processing & Outsourced Services
Mastercard, Inc. - Cl. A		1,050	$	310,485		0.57	%
Pagseguro Digital Ltd. - Cl. A*		11,887		420,086		0.77
PayPal Holdings, Inc.*		2,073		361,179		0.66
				1,091,750		2.00
Distillers & Vintners
Diageo PLC		12,733		423,211		0.77
Pernod Ricard S.A.		3,016		474,919		0.87
Treasury Wine Estates Ltd.		41,223		299,933		0.55
				1,198,063		2.19
Diversified Banks
BAWAG Group A.G.*		9,866		341,384		0.62
BNP Paribas S.A.*		14,673		586,245		1.07
HDFC Bank Ltd. ADR		7,605		345,723		0.63
HSBC Holdings PLC		57,307		266,339		0.49
ING Groep N.V.		23,141		161,314		0.30
Sumitomo Mitsui Financial Group, Inc.		19,100		539,036		0.99
				2,240,041		4.10
Drug Retail
Zur Rose Group A.G.*		887		242,714		0.44
Electrical Components & Equipment
ABB Ltd.		19,658		445,901		0.82
Electronic Equipment & Instruments
Keyence Corporation		1,700		712,405		1.30
Financial Exchanges & Data
Deutsche Boerse A.G.		7,304		1,321,854		2.42
London Stock Exchange Group PLC		2,783		289,418		0.53
				1,611,272		2.95
Food Retail
Koninklijke Ahold Delhaize N.V.		10,150		276,629		0.51
General Merchandise Stores
B&M European Value Retail S.A.		222,865		1,097,032		2.01
Dollarama, Inc.		12,142		403,898		0.74
				1,500,930		2.75
Health Care Equipment
Koninklijke Philips N.V.*		32,216		1,505,064		2.76
Olympus Corporation		32,400		623,781		1.14
Straumann Holding A.G.		342		295,654		0.54
				2,424,499		4.44

	Number of Shares		Value		Percent of Net Assets
Health Care Supplies
Alcon, Inc.*		7,510	$	431,519		0.79	%
Human Resource & Employment Services
Recruit Holdings Company Ltd.		13,300		457,389		0.84
Industrial Conglomerates
Siemens A.G.		9,257		1,091,744		2.00
Industrial Gases
Air Liquide S.A.		3,278		473,955		0.87
Industrial Machinery
FANUC Corporation		1,400		250,978		0.46
MISUMI Group, Inc.		22,100		554,895		1.01
				805,873		1.47
Integrated Oil & Gas
TOTAL S.A.		19,131		737,661		1.35
Integrated Telecommunication Services
Cellnex Telecom SA		22,162		1,353,605		2.48
Infrastrutture Wireless Italiane SpA		28,330		284,384		0.52
				1,637,989		3.00
Interactive Home Entertainment
Nintendo Co., Ltd.		1,700		760,017		1.39
Sea Ltd. ADR*		4,343		465,743		0.85
				1,225,760		2.24
Interactive Media & Services
Adevinta ASA*		32,589		329,847		0.60
Facebook, Inc. - Cl. A*		1,795		407,591		0.75
REA Group Ltd.		7,405		557,992		1.02
Scout24 A.G.		10,304		797,197		1.46
Tencent Holdings Ltd.		42,900		2,748,941		5.03
Z Holdings Corporation		89,400		438,750		0.80
				5,280,318		9.66
Internet & Direct Marketing Retail
Alibaba Group Holding Ltd. Spon. ADR*		12,231		2,638,227		4.83
Amazon.com, Inc.*		88		242,776		0.44
Trainline PLC*		45,709		246,345		0.45
				3,127,348		5.72
Internet Services & Infrastructure
Shopify, Inc. - Cl. A*		336		318,931		0.58
Life & Health Insurance
AIA Group Ltd.		64,000		598,886		1.10

	Number of Shares		Value		Percent of Net Assets
Movies & Entertainment
Spotify Technology S.A.*		2,120	$	547,363		1.00	%
Multi-Line Insurance
AXA S.A.		50,513		1,062,941		1.95
Packaged Foods & Meats
Nestlé S.A.		15,514		1,720,047		3.15
Personal Products
L’Oreal S.A.*		1,030		332,429		0.61
Unilever PLC		23,710		1,278,943		2.34
				1,611,372		2.95
Pharmaceuticals
AstraZeneca PLC		5,149		535,879		0.98
Bayer A.G.		6,481		480,394		0.88
Dechra Pharmaceuticals PLC		22,959		808,679		1.48
GW Pharmaceuticals PLC ADR*		2,257		276,979		0.50
Novartis AG		16,234		1,414,323		2.59
Roche Holding AG		3,897		1,350,114		2.47
Takeda Pharmaceutical Company Ltd.		28,400		1,020,353		1.87
				5,886,721		10.77
Property & Casualty Insurance
Tokio Marine Holdings, Inc.		18,200		796,669		1.46
Real Estate Operating Companies
Aroundtown S.A.*		166,468		954,162		1.75
Real Estate Services
FirstService Corporation		4,200		423,063		0.77
Reinsurance
Muenchener Rueckversicherungs-Gesellschaft AG		2,043		531,987		0.97
Research & Consulting Services
Experian PLC		13,157		461,796		0.84
RELX PLC		15,000		347,186		0.64
				808,982		1.48
Restaurants
Domino’s Pizza Enterprises Ltd.		14,290		685,048		1.25
Semiconductor Equipment
ASML Holding N.V.		2,894		1,058,662		1.94
Tokyo Electron Ltd.		1,700		419,465		0.77
				1,478,127		2.71

	Number of Shares		Value		Percent of Net Assets
Semiconductors
Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR		5,048	$	286,575		0.52	%
Specialty Chemicals
Shin-Etsu Chemical Company Ltd.		6,100		715,905		1.31
Symrise A.G.		2,568		300,062		0.55
				1,015,967		1.86
Trucking
Uber Technologies, Inc.*		11,552		359,036		0.66
TOTAL COMMON STOCKS
(Cost $42,683,486)				54,072,039		98.96
SHORT-TERM INVESTMENTS
State Street Institutional Treasury Money Market Fund - Premier Class, 0.000%		520,833		520,833		0.95
TOTAL SHORT-TERM INVESTMENTS
(Cost $520,833)				520,833		0.95
TOTAL INVESTMENTS
(Cost $43,204,319)				54,592,872		99.91
Cash and Other Assets, Less Liabilities				47,285		0.09
NET ASSETS			$	54,640,157		100.00	%

* Non-income producing

See notes to schedule of investments.

SUMMARY OF INVESTMENTS BY COUNTRY
			Percent of
			Investment
Country	Market Value		Securities
Australia	$	2,208,355		4.05	%
Austria		341,384		0.63
Brazil		420,086		0.77
Canada		1,830,062		3.35
China/Hong Kong		6,244,468		11.44
France		4,477,407		8.20
Germany		7,403,879		13.56
India		345,723		0.63
Ireland		248,775		0.46
Italy		284,384		0.52
Japan		8,537,472		15.64
Netherlands		3,001,669		5.50
New Zealand		403,210		0.74
Norway		329,847		0.60
Singapore		465,743		0.85
Spain		1,353,605		2.48
Sweden		977,683		1.79
Switzerland		6,411,047		11.74
Taiwan		286,575		0.53
United Kingdom		6,819,598		12.49
United States(1)		2,201,900		4.03
	$	54,592,872		100.00	%

(1) Includes short-term securities.

Marsico Global Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2020

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS
Apparel, Accessories & Luxury Goods
Hermes International		8,813	$	7,399,461		2.88	%
lululemon athletica, inc.*		27,734		8,653,285		3.36
				16,052,746		6.24
Application Software
Atlassian Corporation PLC - Cl. A*		26,520		4,780,761		1.86
RingCentral, Inc. - Cl. A*		5,000		1,425,050		0.55
SAP S.E.		35,639		4,981,954		1.94
				11,187,765		4.35
Data Processing & Outsourced Services
Adyen N.V.*		2,583		3,759,540		1.46
PayPal Holdings, Inc.*		46,660		8,129,572		3.16
Square, Inc. - Cl. A*		54,767		5,747,249		2.24
Visa, Inc. - Cl. A		54,241		10,477,734		4.07
				28,114,095		10.93
Financial Exchanges & Data
Deutsche Boerse A.G.		29,063		5,259,726		2.04
S&P Global, Inc.		18,937		6,239,363		2.43
				11,499,089		4.47
Integrated Telecommunication Services
Cellnex Telecom SA		101,256		6,184,487		2.40
Interactive Media & Services
Facebook, Inc. - Cl. A*		47,851		10,865,527		4.22
Scout24 A.G.		55,464		4,291,123		1.67
Tencent Holdings Ltd. ADR		142,852		9,142,528		3.55
				24,299,178		9.44
Internet & Direct Marketing Retail
Alibaba Group Holding Ltd. Spon. ADR*		57,888		12,486,441		4.85
Amazon.com, Inc.*		5,829		16,081,162		6.25
				28,567,603		11.10
Internet Services & Infrastructure
Okta, Inc.*		7,773		1,556,388		0.61
Shopify, Inc. - Cl. A*		7,744		7,350,605		2.86
Twilio, Inc. - Cl. A*		32,635		7,160,771		2.78
				16,067,764		6.25

	Number of Shares		Value		Percent of Net Assets
Metal & Glass Containers
Ball Corporation		90,874	$	6,314,834		2.45	%
Movies & Entertainment
Spotify Technology S.A.*		37,740		9,744,091		3.79
Personal Products
L’Oreal S.A.*		21,664		6,991,977		2.72
Pharmaceuticals
Roche Holding AG		29,459		10,206,057		3.97
Real Estate Operating Companies
Aroundtown S.A.*		722,518		4,141,331		1.61
Semiconductor Equipment
ASML Holding N.V. - NY Reg. Shs.		26,284		9,673,301		3.76
Semiconductors
NVIDIA Corporation		25,874		9,829,791		3.82
Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR		56,787		3,223,798		1.25
				13,053,589		5.07
Specialized REITs
Crown Castle International Corp.		44,159		7,390,009		2.87
Digital Realty Trust, Inc.		36,739		5,220,979		2.03
				12,610,988		4.90
Specialty Chemicals
The Sherwin-Williams Company		10,971		6,339,592		2.46
Systems Software
Microsoft Corporation		76,272		15,522,114		6.03
ServiceNow, Inc.*		20,862		8,450,362		3.29
				23,972,476		9.32
Technology Hardware, Storage & Peripherals
Apple, Inc.		26,241		9,572,717		3.72
TOTAL COMMON STOCKS
(Cost $156,008,399)				254,593,680		98.95

	Number of Shares		Value			Percent of Net Assets
SHORT-TERM INVESTMENTS
State Street Institutional Treasury Money Market Fund - Premier Class, 0.000%		2,936,083	$	2,936,083			1.14	%
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,936,083)				2,936,083			1.14
TOTAL INVESTMENTS
(Cost $158,944,482)				257,529,763			100.09
Liabilities, Less Cash and Other Assets				(220,959	)		(0.09	)
NET ASSETS			$	257,308,804			100.00	%

* Non-income producing

See notes to schedule of investments.

SUMMARY OF INVESTMENTS BY COUNTRY
			Percent of
			Investment
Country	Market Value		Securities
Australia	$	4,780,761		1.86	%
Canada		7,350,605		2.85
China/Hong Kong		21,628,969		8.40
France		14,391,438		5.60
Germany		18,674,134		7.25
Netherlands		13,432,841		5.22
Spain		6,184,487		2.40
Sweden		9,744,091		3.78
Switzerland		10,206,057		3.96
Taiwan		3,223,798		1.25
United States(1)		147,912,582		57.43
	$	257,529,763		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 June 30, 2020:

Fund Investments by
Major Security Type		Level 1		Level 2		Level 3		Total
Marsico Focus Fund
Assets
Common Stocks
Communication Services	$	60,130,591	$	-	$	-	$	60,130,591
Consumer Discretionary		159,268,294		-		-		159,268,294
Financials		23,368,369		-		-		23,368,369
Health Care		65,021,377		-		-		65,021,377
Industrials		21,638,296		-		-		21,638,296
Information Technology		298,071,615		-		-		298,071,615
Materials		36,224,177		-		-		36,224,177
Real Estate		20,042,673		-		-		20,042,673
Short-term Investments		10,401,675		-		-		10,401,675
							$	694,167,067
Marsico Growth Fund
Assets
Common Stocks
Communication Services		42,720,116		-		-		42,720,116
Consumer Discretionary		60,400,615		-		-		60,400,615
Financials		13,405,862		-		-		13,405,862
Health Care		33,118,127		-		-		33,118,127
Industrials		11,799,609		-		-		11,799,609
Information Technology		138,975,881		-		-		138,975,881
Materials		10,976,839		-		-		10,976,839
Real Estate		11,497,447		-		-		11,497,447
Short-term Investments		16,379,148		-		-		16,379,148
							$	339,273,644
Marsico 21st Century Fund
Assets
Common Stocks
Communication Services		11,456,073		-		-		11,456,073
Consumer Discretionary		35,650,401		-		-		35,650,401
Financials		10,379,642		-		-		10,379,642
Health Care		48,289,481		-		-		48,289,481
Industrials		35,085,493		-		-		35,085,493
Information Technology		108,077,821		-		-		108,077,821
Materials		10,057,507		-		-		10,057,507
Real Estate		11,133,363		-		-		11,133,363
Short-term Investments		183,855		-		-		183,855
							$	270,313,636
Marsico International Opportunities Fund
Assets
Common Stocks
Communication Services	$	2,189,294	$	6,502,136	$	-	$	8,691,430
Consumer Discretionary		3,543,315		3,786,149		-		7,329,464
Consumer Staples		242,714		4,806,111		-		5,048,825
Energy		737,661		-		-		737,661
Financials		1,046,073		6,574,465		-		7,620,538
Health Care		276,979		8,843,251		-		9,120,230
Industrials		607,811		4,784,741		-		5,392,552
Information Technology		2,669,317		4,594,875		-		7,264,192
Materials		-		1,489,922		-		1,489,922
Real Estate		423,063		954,162		-		1,377,225
Short-term Investments		520,833		-		-		520,833
							$	54,592,872
Marsico Global Fund
Assets
Common Stocks
Communication Services		29,752,146		10,475,610		-		40,227,756
Consumer Discretionary		37,220,888		7,399,461		-		44,620,349
Consumer Staples		-		6,991,977		-		6,991,977
Financials		6,239,363		5,259,726		-		11,499,089
Health Care		-		10,206,057		-		10,206,057
Information Technology		106,659,753		4,981,954		-		111,641,707
Materials		12,654,426		-		-		12,654,426
Real Estate		12,610,988		4,141,331		-		16,752,319
Short-term Investments		2,936,083		-		-		2,936,083
							$	257,529,763

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 2017-2020 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 June 30, 2020, 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 June 30, 2020 gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes were as follows:

	Focus Fund			Growth Fund			21st Century Fund			International Opportunities Fund			Global Fund
Cost of Investments	$	388,520,345		$	195,636,798		$	189,541,369		$	43,398,068		$	160,110,171
Gross Unrealized Appreciation	$	306,588,314		$	146,751,940		$	85,987,276		$	12,852,000		$	100,379,080
Gross Unrealized Depreciation		(941,592	)		(3,115,094	)		(5,215,009	)		(1,657,196	)		(2,959,488	)
Net Unrealized Appreciation on Investments	$	305,646,722		$	143,636,846		$	80,772,267		$	11,194,804		$	97,419,592

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