NPORT-EX 2 marsicopartf.htm MARSICOPARTF

 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.