Marsico Focus Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2020
(Unaudited)
| Number of Shares | Value | Percent of Net Assets | ||||||||||
| COMMON STOCKS | ||||||||||||
| Air Freight & Logistics | ||||||||||||
| United Parcel Service, Inc. - Cl. B | 166,234 | $ | 27,993,806 | 3.23 | % | |||||||
| Apparel, Accessories & Luxury Goods | ||||||||||||
| lululemon athletica, inc.* | 52,632 | 18,317,515 | 2.11 | |||||||||
| Application Software | ||||||||||||
| Adobe, Inc.* | 61,766 | 30,890,412 | 3.56 | |||||||||
| Automobile Manufacturers | ||||||||||||
| Tesla, Inc.* | 19,036 | 13,433,134 | 1.55 | |||||||||
| Data Processing & Outsourced Services | ||||||||||||
| PayPal Holdings, Inc.* | 132,379 | 31,003,162 | 3.57 | |||||||||
| Square, Inc. - Cl. A* | 116,954 | 25,453,868 | 2.94 | |||||||||
| Visa, Inc. - Cl. A | 234,385 | 51,267,031 | 5.91 | |||||||||
| 107,724,061 | 12.42 | |||||||||||
| Financial Exchanges & Data | ||||||||||||
| S&P Global, Inc. | 60,179 | 19,782,643 | 2.28 | |||||||||
| Footwear | ||||||||||||
| NIKE, Inc. - Cl. B | 180,748 | 25,570,420 | 2.95 | |||||||||
| Health Care Equipment | ||||||||||||
| Danaher Corporation | 105,369 | 23,406,670 | 2.70 | |||||||||
| DexCom, Inc.* | 20,410 | 7,545,985 | 0.87 | |||||||||
| Intuitive Surgical, Inc.* | 22,515 | 18,419,521 | 2.12 | |||||||||
| 49,372,176 | 5.69 | |||||||||||
| Interactive Media & Services | ||||||||||||
| Alphabet, Inc. - Cl. A* | 22,894 | 40,124,940 | 4.62 | |||||||||
| Facebook, Inc. - Cl. A* | 121,838 | 33,281,268 | 3.84 | |||||||||
| Snap, Inc. - Cl. A* | 195,686 | 9,797,998 | 1.13 | |||||||||
| 83,204,206 | 9.59 | |||||||||||
| Internet & Direct Marketing Retail | ||||||||||||
| Amazon.com, Inc.* | 19,268 | 62,754,527 | 7.24 | |||||||||
| Metal & Glass Containers | ||||||||||||
| Ball Corporation | 160,448 | 14,950,545 | 1.72 | |||||||||
| Number of Shares | Value | Percent of Net Assets | ||||||||||
| Movies & Entertainment | ||||||||||||
| The Walt Disney Company* | 228,662 | $ | 41,428,981 | 4.78 | % | |||||||
| Restaurants | ||||||||||||
| Chipotle Mexican Grill, Inc.* | 15,789 | 21,894,764 | 2.52 | |||||||||
| McDonald’s Corporation | 39,956 | 8,573,759 | 0.99 | |||||||||
| Starbucks Corp. | 338,934 | 36,259,159 | 4.18 | |||||||||
| 66,727,682 | 7.69 | |||||||||||
| Semiconductor Equipment | ||||||||||||
| Lam Research Corporation | 47,205 | 22,293,505 | 2.57 | |||||||||
| Semiconductors | ||||||||||||
| NVIDIA Corporation | 59,664 | 31,156,541 | 3.59 | |||||||||
| Specialized REITs | ||||||||||||
| Crown Castle International Corp. | 119,765 | 19,065,390 | 2.20 | |||||||||
| Specialty Chemicals | ||||||||||||
| The Sherwin-Williams Company | 43,393 | 31,889,950 | 3.68 | |||||||||
| Systems Software | ||||||||||||
| Microsoft Corporation | 251,948 | 56,038,274 | 6.46 | |||||||||
| ServiceNow, Inc.* | 65,790 | 36,212,790 | 4.18 | |||||||||
| 92,251,064 | 10.64 | |||||||||||
| Technology Hardware, Storage & Peripherals | ||||||||||||
| Apple, Inc. | 467,544 | 62,038,413 | 7.15 | |||||||||
| Trucking | ||||||||||||
| Uber Technologies, Inc.* | 500,723 | 25,536,873 | 2.94 | |||||||||
| TOTAL COMMON STOCKS | ||||||||||||
| (Cost $414,534,471) | 846,381,844 | 97.58 | ||||||||||
| Number of Shares | Value | Percent of Net Assets | ||||||||||
| SHORT-TERM INVESTMENTS | ||||||||||||
| State Street Institutional Treasury Money Market Fund - Premier Class, 0.000% | 22,802,026 | $ | 22,802,026 | 2.63 | % | |||||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||||||
| (Cost $22,802,026) | 22,802,026 | 2.63 | ||||||||||
| TOTAL INVESTMENTS | ||||||||||||
| (Cost $437,336,497) | 869,183,870 | 100.21 | ||||||||||
| Liabilities, Less Cash and Other Assets | (1,858,010 | ) | (0.21 | ) | ||||||||
| NET ASSETS | $ | 867,325,860 | 100.00 | % | ||||||||
| * | Non-income producing |
See notes to schedule of investments.
Marsico Growth Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2020
(Unaudited)
| Number of Shares |
Value | Percent of Net Assets |
||||||||||
| COMMON STOCKS | ||||||||||||
| Air Freight & Logistics | ||||||||||||
| United Parcel Service, Inc. - Cl. B | 47,057 | $ | 7,924,399 | 1.73 | % | |||||||
| Apparel Retail | ||||||||||||
| Burlington Stores, Inc.* | 40,848 | 10,683,794 | 2.33 | |||||||||
| Application Software | ||||||||||||
| Adobe, Inc.* | 27,703 | 13,854,824 | 3.02 | |||||||||
| Automobile Manufacturers | ||||||||||||
| Tesla, Inc.* | 16,661 | 11,757,168 | 2.56 | |||||||||
| Data Processing & Outsourced Services | ||||||||||||
| Mastercard, Inc. - Cl. A | 63,757 | 22,757,424 | 4.95 | |||||||||
| PayPal Holdings, Inc.* | 70,660 | 16,548,572 | 3.60 | |||||||||
| Square, Inc. - Cl. A* | 74,594 | 16,234,638 | 3.53 | |||||||||
| Visa, Inc. - Cl. A | 81,819 | 17,896,270 | 3.90 | |||||||||
| 73,436,904 | 15.98 | |||||||||||
| Financial Exchanges & Data | ||||||||||||
| Moody’s Corp. | 17,693 | 5,135,216 | 1.12 | |||||||||
| S&P Global, Inc. | 25,935 | 8,525,613 | 1.85 | |||||||||
| 13,660,829 | 2.97 | |||||||||||
| Health Care Equipment | ||||||||||||
| Danaher Corporation | 45,129 | 10,024,956 | 2.18 | |||||||||
| Edwards Lifesciences Corp.* | 72,371 | 6,602,406 | 1.44 | |||||||||
| IDEXX Laboratories, Inc.* | 9,934 | 4,965,709 | 1.08 | |||||||||
| Intuitive Surgical, Inc.* | 12,084 | 9,885,920 | 2.15 | |||||||||
| 31,478,991 | 6.85 | |||||||||||
| Interactive Home Entertainment | ||||||||||||
| Sea Ltd. ADR* | 49,937 | 9,939,960 | 2.16 | |||||||||
| Interactive Media & Services | ||||||||||||
| Alphabet, Inc. - Cl. A* | 8,732 | 15,304,053 | 3.33 | |||||||||
| Facebook, Inc. - Cl. A* | 52,337 | 14,296,375 | 3.11 | |||||||||
| Snap, Inc. - Cl. A* | 279,933 | 14,016,245 | 3.05 | |||||||||
| 43,616,673 | 9.49 | |||||||||||
| Internet & Direct Marketing Retail | ||||||||||||
| Amazon.com, Inc.* | 9,114 | 29,683,660 | 6.46 | |||||||||
| Number of Shares |
Value | Percent of Net Assets |
||||||||||
| Life Sciences Tools & Services | ||||||||||||
| Mettler-Toledo International, Inc.* | 8,483 | $ | 9,667,906 | 2.10 | % | |||||||
| Movies & Entertainment | ||||||||||||
| Spotify Technology S.A.* | 13,758 | 4,329,092 | 0.94 | |||||||||
| The Walt Disney Company* | 101,289 | 18,351,541 | 4.00 | |||||||||
| 22,680,633 | 4.94 | |||||||||||
| Personal Products | ||||||||||||
| The Estee Lauder Companies, Inc. – Cl. A | 43,996 | 11,711,295 | 2.55 | |||||||||
| Pharmaceuticals | ||||||||||||
| Zoetis, Inc. | 89,275 | 14,775,013 | 3.22 | |||||||||
| Research & Consulting Services | ||||||||||||
| CoStar Group, Inc.* | 5,308 | 4,906,078 | 1.07 | |||||||||
| Restaurants | ||||||||||||
| Chipotle Mexican Grill, Inc.* | 9,822 | 13,620,265 | 2.97 | |||||||||
| Starbucks Corp. | 140,613 | 15,042,779 | 3.27 | |||||||||
| 28,663,044 | 6.24 | |||||||||||
| Semiconductors | ||||||||||||
| NVIDIA Corporation | 18,486 | 9,653,389 | 2.10 | |||||||||
| Specialized REITs | ||||||||||||
| Crown Castle International Corp. | 26,974 | 4,293,991 | 0.93 | |||||||||
| Specialty Chemicals | ||||||||||||
| The Sherwin-Williams Company | 18,996 | 13,960,350 | 3.04 | |||||||||
| Systems Software | ||||||||||||
| Microsoft Corporation | 111,892 | 24,887,019 | 5.42 | |||||||||
| ServiceNow, Inc.* | 21,274 | 11,709,848 | 2.55 | |||||||||
| 36,596,867 | 7.97 | |||||||||||
| Technology Hardware, Storage & Peripherals | ||||||||||||
| Apple, Inc. | 248,007 | 32,908,049 | 7.16 | |||||||||
| Trucking | ||||||||||||
| Uber Technologies, Inc.* | 269,342 | 13,736,442 | 2.99 | |||||||||
| TOTAL COMMON STOCKS | ||||||||||||
| (Cost $225,510,545) | 449,590,259 | 97.86 | ||||||||||
Number of Shares |
Value | Percent of Net Assets |
||||||||||
| SHORT-TERM INVESTMENTS | ||||||||||||
| State Street Institutional Treasury Money Market Fund - Premier Class, 0.000% | 12,000,854 | $ | 12,000,854 | 2.61 | % | |||||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||||||
| (Cost $12,000,854) | 12,000,854 | 2.61 | ||||||||||
| TOTAL INVESTMENTS | ||||||||||||
| (Cost $237,511,399) | 461,591,113 | 100.47 | ||||||||||
| Liabilities, Less Cash and Other Assets | (2,169,229 | ) | (0.47 | ) | ||||||||
| NET ASSETS | $ | 459,421,884 | 100.00 | % | ||||||||
| * | Non-income producing |
See notes to schedule of investments.
Marsico 21st Century Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2020
(Unaudited)
| Number of Shares | Value | Percent of Net Assets | ||||||||||
| COMMON STOCKS | ||||||||||||
| Aerospace & Defense | ||||||||||||
| HEICO Corporation | 48,506 | $ | 6,422,194 | 1.80 | % | |||||||
| Apparel Retail | ||||||||||||
| Burlington Stores, Inc.* | 35,957 | 9,404,553 | 2.64 | |||||||||
| Apparel, Accessories & Luxury Goods | ||||||||||||
| lululemon athletica, inc.* | 11,268 | 3,921,602 | 1.10 | |||||||||
| Application Software | ||||||||||||
| Atlassian Corporation PLC - Cl. A* | 42,007 | 9,824,177 | 2.76 | |||||||||
| C3.ai, Inc. - Cl. A* | 1,000 | 138,750 | 0.04 | |||||||||
| Constellation Software, Inc. | 5,185 | 6,732,964 | 1.89 | |||||||||
| Datadog, Inc. - Cl. A* | 15,576 | 1,533,301 | 0.43 | |||||||||
| Guidewire Software, Inc.* | 51,859 | 6,675,809 | 1.88 | |||||||||
| PTC, Inc.* | 62,052 | 7,422,040 | 2.08 | |||||||||
| RealPage, Inc.* | 84,965 | 7,412,347 | 2.08 | |||||||||
| The Descartes Systems Group, Inc.* | 130,400 | 7,626,899 | 2.14 | |||||||||
| Topicus.com, Inc.* † | 9,643 | 57,499 | 0.02 | |||||||||
| 47,423,786 | 13.32 | |||||||||||
| Biotechnology | ||||||||||||
| Exact Sciences Corporation* | 39,238 | 5,198,643 | 1.46 | |||||||||
| Natera, Inc.* | 37,954 | 3,777,182 | 1.06 | |||||||||
| 8,975,825 | 2.52 | |||||||||||
| Construction Materials | ||||||||||||
| Vulcan Materials Company | 17,340 | 2,571,695 | 0.72 | |||||||||
| Data Processing & Outsourced Services | ||||||||||||
| Global Payments, Inc. | 44,029 | 9,484,727 | 2.67 | |||||||||
| Square, Inc. - Cl. A* | 53,989 | 11,750,166 | 3.30 | |||||||||
| WEX, Inc.* | 38,002 | 7,734,547 | 2.17 | |||||||||
| 28,969,440 | 8.14 | |||||||||||
| Diversified Support Services | ||||||||||||
| Cintas Corp. | 25,868 | 9,143,303 | 2.57 | |||||||||
| Education Services | ||||||||||||
| Bright Horizons Family Solutions, Inc.* | 44,346 | 7,671,415 | 2.15 | |||||||||
| Electrical Components & Equipment | ||||||||||||
| AMETEK, Inc. | 48,635 | 5,881,917 | 1.65 | |||||||||
| Number of Shares | Value | Percent of Net Assets | ||||||||||
| Electronic Components | ||||||||||||
| Amphenol Corp. - Cl. A | 56,395 | $ | 7,374,774 | 2.07 | % | |||||||
| Electronic Equipment & Instruments | ||||||||||||
| Cognex Corporation | 95,603 | 7,675,487 | 2.16 | |||||||||
| Novanta, Inc.* | 42,470 | 5,020,803 | 1.41 | |||||||||
| 12,696,290 | 3.57 | |||||||||||
| Financial Exchanges & Data | ||||||||||||
| MSCI, Inc. | 14,888 | 6,647,939 | 1.87 | |||||||||
| General Merchandise Stores | ||||||||||||
| Ollie’s Bargain Outlet Holdings, Inc.* | 54,113 | 4,424,820 | 1.24 | |||||||||
| Health Care Equipment | ||||||||||||
| DexCom, Inc.* | 14,552 | 5,380,165 | 1.51 | |||||||||
| IDEXX Laboratories, Inc.* | 17,270 | 8,632,755 | 2.43 | |||||||||
| Insulet Corp.* | 21,643 | 5,532,600 | 1.55 | |||||||||
| Intuitive Surgical, Inc.* | 6,355 | 5,199,026 | 1.46 | |||||||||
| Teleflex, Inc. | 4,199 | 1,728,182 | 0.49 | |||||||||
| 26,472,728 | 7.44 | |||||||||||
| Health Care Supplies | ||||||||||||
| The Cooper Companies, Inc. | 19,474 | 7,075,294 | 1.99 | |||||||||
| Health Care Technology | ||||||||||||
| GoodRx Holdings, Inc. - Cl. A* | 44,565 | 1,797,752 | 0.51 | |||||||||
| Teladoc Health, Inc.* | 10,175 | 2,034,593 | 0.57 | |||||||||
| 3,832,345 | 1.08 | |||||||||||
| Home Improvement Retail | ||||||||||||
| Floor & Decor Holdings, Inc. - Cl. A* | 48,648 | 4,516,967 | 1.27 | |||||||||
| Hotels, Resorts & Cruise Lines | ||||||||||||
| Hilton Worldwide Holdings, Inc. | 67,365 | 7,495,030 | 2.11 | |||||||||
| Interactive Media & Services | ||||||||||||
| Snap, Inc. - Cl. A* | 429,682 | 21,514,178 | 6.04 | |||||||||
| Internet Services & Infrastructure | ||||||||||||
| Okta, Inc.* | 7,187 | 1,827,367 | 0.52 | |||||||||
| Twilio, Inc. - Cl. A* | 30,104 | 10,190,204 | 2.86 | |||||||||
| 12,017,571 | 3.38 | |||||||||||
| Number of Shares | Value | Percent of Net Assets | ||||||||||
| Life Sciences Tools & Services | ||||||||||||
| Adaptive Biotechnologies Corporation* | 90,038 | $ | 5,323,947 | 1.50 | % | |||||||
| Avantor, Inc.* | 222,919 | 6,275,170 | 1.76 | |||||||||
| Mettler-Toledo International, Inc.* | 4,141 | 4,719,415 | 1.33 | |||||||||
| Repligen Corp.* | 22,893 | 4,386,985 | 1.23 | |||||||||
| 20,705,517 | 5.82 | |||||||||||
| Metal & Glass Containers | ||||||||||||
| Ball Corporation | 72,399 | 6,746,139 | 1.89 | |||||||||
| Movies & Entertainment | ||||||||||||
| Spotify Technology S.A.* | 5,621 | 1,768,704 | 0.50 | |||||||||
| Real Estate Services | ||||||||||||
| FirstService Corporation | 63,800 | 8,732,215 | 2.45 | |||||||||
| Regional Banks | ||||||||||||
| First Republic Bank | 51,040 | 7,499,307 | 2.11 | |||||||||
| Research & Consulting Services | ||||||||||||
| CoStar Group, Inc.* | 10,588 | 9,786,276 | 2.75 | |||||||||
| Verisk Analytics, Inc. | 22,774 | 4,727,655 | 1.33 | |||||||||
| 14,513,931 | 4.08 | |||||||||||
| Restaurants | ||||||||||||
| Chipotle Mexican Grill, Inc.* | 3,860 | 5,352,701 | 1.50 | |||||||||
| Semiconductor Equipment | ||||||||||||
| Lam Research Corporation | 23,981 | 11,325,507 | 3.18 | |||||||||
| Semiconductors | ||||||||||||
| Marvell Technology Group Ltd. | 127,202 | 6,047,183 | 1.70 | |||||||||
| Microchip Technology, Inc. | 53,322 | 7,364,301 | 2.07 | |||||||||
| 13,411,484 | 3.77 | |||||||||||
| Specialized Consumer Services | ||||||||||||
| frontdoor, inc.* | 56,422 | 2,832,949 | 0.80 | |||||||||
| Specialized REITs | ||||||||||||
| SBA Communications Corporation - Cl. A | 15,799 | 4,457,372 | 1.25 | |||||||||
| Trucking | ||||||||||||
| Lyft, Inc. - Cl. A* | 175,856 | 8,639,805 | 2.43 | |||||||||
| TOTAL COMMON STOCKS | ||||||||||||
| (Cost $186,449,906) | 350,439,297 | 98.45 | ||||||||||
| Number of Shares | Value | Percent of Net Assets | ||||||||||
| SHORT-TERM INVESTMENTS | ||||||||||||
| State Street Institutional Treasury Money Market Fund - Premier Class, 0.000% | 6,232,295 | $ | 6,232,295 | 1.75 | % | |||||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||||||
| (Cost $6,232,295) | 6,232,295 | 1.75 | ||||||||||
| TOTAL INVESTMENTS | ||||||||||||
| (Cost $192,682,201) | 356,671,592 | 100.20 | ||||||||||
| Liabilities, Less Cash and Other Assets | (706,665 | ) | (0.20 | ) | ||||||||
| NET ASSETS | $ | 355,964,927 | 100.00 | % | ||||||||
| * | Non-income producing |
| † | Security valued at fair value as determined in good faith by Marsico Capital Management, LLC, investment adviser to the Fund, in accordance with procedures established by, and under the general supervision of, the Fund’s Board of Trustees. The security is considered to be a Level 3 holding. The security was received as a result of a mandatory corporate action and is considered to be restricted and illiquid due to resale restrictions. At December 31, 2020, the value of the Fund’s restricted and illiquid securities was 0.016% of net assets. |
See notes to schedule of investments.
Marsico International Opportunities Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2020
(Unaudited)
| Number of Shares | Value | Percent of Net Assets | ||||||||||
| COMMON STOCKS | ||||||||||||
| Aerospace & Defense | ||||||||||||
| Airbus SE* | 3,460 | $ | 379,492 | 0.63 | % | |||||||
| BAE Systems PLC | 99,600 | 665,761 | 1.10 | |||||||||
| Safran S.A.* | 3,320 | 470,279 | 0.78 | |||||||||
| 1,515,532 | 2.51 | |||||||||||
| Airlines | ||||||||||||
| Wizz Air Holdings PLC* | 5,381 | 335,843 | 0.56 | |||||||||
| Apparel, Accessories & Luxury Goods | ||||||||||||
| adidas A.G.* | 1,652 | 601,212 | 1.00 | |||||||||
| LVMH Moet Hennessy Louis Vuitton S.E. | 1,065 | 664,710 | 1.10 | |||||||||
| 1,265,922 | 2.10 | |||||||||||
| Application Software | ||||||||||||
| Atlassian Corporation PLC - Cl. A* | 2,606 | 609,465 | 1.01 | |||||||||
| Constellation Software, Inc. | 288 | 373,982 | 0.62 | |||||||||
| SAP S.E. | 4,964 | 650,211 | 1.08 | |||||||||
| The Descartes Systems Group, Inc.* | 5,900 | 345,082 | 0.57 | |||||||||
| Topicus.com, Inc.* †† | 535 | 3,190 | 0.01 | |||||||||
| Xero Ltd.* | 5,957 | 674,278 | 1.12 | |||||||||
| 2,656,208 | 4.41 | |||||||||||
| Asset Management & Custody Banks | ||||||||||||
| Julius Baer Group Ltd. | 12,810 | 737,953 | 1.22 | |||||||||
| Biotechnology | ||||||||||||
| CSL Ltd. | 1,898 | 414,367 | 0.69 | |||||||||
| Casinos & Gaming | ||||||||||||
| Sands China, Ltd. | 120,800 | 530,573 | 0.88 | |||||||||
| Communications Equipment | ||||||||||||
| Telefonaktiebolaget LM Ericsson B Shares | 33,906 | 402,375 | 0.67 | |||||||||
| Consumer Electronics | ||||||||||||
| Sony Corporation | 12,800 | 1,274,979 | 2.12 | |||||||||
| Data Processing & Outsourced Services | ||||||||||||
| Adyen N.V.* | 91 | 211,779 | 0.35 | |||||||||
| Mastercard, Inc. - Cl. A | 1,709 | 610,010 | 1.01 | |||||||||
| Pagseguro Digital Ltd. - Cl. A* | 8,252 | 469,374 | 0.78 | |||||||||
| 1,291,163 | 2.14 | |||||||||||
| Number of Shares | Value | Percent of Net Assets | ||||||||||
| Distillers & Vintners | ||||||||||||
| Diageo PLC | 16,152 | $ | 635,689 | 1.05 | % | |||||||
| Pernod Ricard S.A. | 2,344 | 449,004 | 0.75 | |||||||||
| 1,084,693 | 1.80 | |||||||||||
| Diversified Banks | ||||||||||||
| BAWAG Group A.G.* | 9,866 | 458,006 | 0.76 | |||||||||
| BNP Paribas S.A.* | 18,661 | 982,674 | 1.63 | |||||||||
| HDFC Bank Ltd. ADR* | 4,219 | 304,865 | 0.50 | |||||||||
| Sumitomo Mitsui Financial Group, Inc. | 17,700 | 546,488 | 0.91 | |||||||||
| 2,292,033 | 3.80 | |||||||||||
| Drug Retail | ||||||||||||
| Zur Rose Group A.G.* | 887 | 283,543 | 0.47 | |||||||||
| Electronic Equipment & Instruments | ||||||||||||
| Keyence Corporation | 1,400 | 786,403 | 1.30 | |||||||||
| Financial Exchanges & Data | ||||||||||||
| Deutsche Boerse A.G. | 6,667 | 1,134,155 | 1.88 | |||||||||
| Hong Kong Exchanges & Clearing Ltd. | 4,900 | 268,625 | 0.45 | |||||||||
| London Stock Exchange Group PLC | 2,783 | 342,822 | 0.57 | |||||||||
| 1,745,602 | 2.90 | |||||||||||
| General Merchandise Stores | ||||||||||||
| B&M European Value Retail S.A. | 113,430 | 800,707 | 1.33 | |||||||||
| Dollarama, Inc. | 11,269 | 459,294 | 0.76 | |||||||||
| 1,260,001 | 2.09 | |||||||||||
| Health Care Equipment | ||||||||||||
| Koninklijke Philips N.V.* | 22,135 | 1,183,865 | 1.97 | |||||||||
| Olympus Corporation | 30,100 | 657,795 | 1.09 | |||||||||
| Straumann Holding A.G. | 269 | 313,423 | 0.52 | |||||||||
| 2,155,083 | 3.58 | |||||||||||
| Health Care Supplies | ||||||||||||
| Alcon, Inc.* | 6,970 | 463,250 | 0.77 | |||||||||
| Human Resource & Employment Services | ||||||||||||
| Recruit Holdings Company Ltd. | 12,300 | 514,729 | 0.85 | |||||||||
| Industrial Conglomerates | ||||||||||||
| Siemens A.G. | 9,283 | 1,332,745 | 2.21 | |||||||||
| Industrial Gases | ||||||||||||
| Air Liquide S.A. | 3,611 | 592,228 | 0.98 | |||||||||
| Industrial Machinery | ||||||||||||
| MISUMI Group, Inc. | 20,500 | 672,050 | 1.12 | |||||||||
| Number of Shares | Value | Percent of Net Assets | ||||||||||
| Integrated Oil & Gas | ||||||||||||
| TOTAL S.E. | 23,007 | $ | 992,160 | 1.65 | % | |||||||
| Integrated Telecommunication Services | ||||||||||||
| Cellnex Telecom SA | 26,115 | 1,567,095 | 2.60 | |||||||||
| Interactive Home Entertainment | ||||||||||||
| Nintendo Co., Ltd. | 1,400 | 892,567 | 1.48 | |||||||||
| Sea Ltd. ADR* | 5,514 | 1,097,562 | 1.82 | |||||||||
| 1,990,129 | 3.30 | |||||||||||
| Interactive Media & Services | ||||||||||||
| Adevinta ASA* | 39,242 | 659,049 | 1.09 | |||||||||
| Facebook, Inc. - Cl. A* | 1,295 | 353,742 | 0.59 | |||||||||
| REA Group Ltd. | 4,023 | 461,694 | 0.77 | |||||||||
| Scout24 A.G. | 8,646 | 708,208 | 1.18 | |||||||||
| Tencent Holdings Ltd. | 30,100 | 2,189,811 | 3.63 | |||||||||
| Z Holdings Corporation | 128,600 | 777,665 | 1.29 | |||||||||
| 5,150,169 | 8.55 | |||||||||||
| Internet & Direct Marketing Retail | ||||||||||||
| Alibaba Group Holding Ltd. Spon. ADR* | 8,749 | 2,036,155 | 3.38 | |||||||||
| boohoo group plc* | 116,929 | 548,459 | 0.91 | |||||||||
| MercadoLibre, Inc.* | 185 | 309,915 | 0.51 | |||||||||
| 2,894,529 | 4.80 | |||||||||||
| Internet Services & Infrastructure | ||||||||||||
| GDS Holdings Ltd. ADR* | 3,938 | 368,754 | 0.61 | |||||||||
| Shopify, Inc. - Cl. A* | 305 | 345,245 | 0.57 | |||||||||
| 713,999 | 1.18 | |||||||||||
| Life & Health Insurance | ||||||||||||
| AIA Group Ltd. | 59,400 | 727,899 | 1.21 | |||||||||
| Movies & Entertainment | ||||||||||||
| Spotify Technology S.A.* | 1,715 | 539,642 | 0.90 | |||||||||
| Multi-Line Insurance | ||||||||||||
| AXA S.A. | 31,639 | 754,174 | 1.25 | |||||||||
| Packaged Foods & Meats | ||||||||||||
| Nestlé S.A. | 15,111 | 1,779,592 | 2.95 | |||||||||
| Personal Products | ||||||||||||
| L’Oreal S.A. | 1,030 | 391,079 | 0.65 | |||||||||
| Unilever PLC | 20,137 | 1,209,441 | 2.01 | |||||||||
| 1,600,520 | 2.66 | |||||||||||
| Number of Shares | Value | Percent of Net Assets | ||||||||||
| Pharmaceuticals | ||||||||||||
| AstraZeneca PLC | 11,475 | $ | 1,149,287 | 1.91 | % | |||||||
| Dechra Pharmaceuticals PLC | 18,855 | 889,556 | 1.47 | |||||||||
| Novartis AG | 16,308 | 1,540,906 | 2.56 | |||||||||
| Novo Nordisk A/S - Cl. B | 8,922 | 624,806 | 1.04 | |||||||||
| Roche Holding AG | 5,282 | 1,843,599 | 3.06 | |||||||||
| Takeda Pharmaceutical Company Ltd. | 26,400 | 960,070 | 1.59 | |||||||||
| 7,008,224 | 11.63 | |||||||||||
| Property & Casualty Insurance | ||||||||||||
| Tokio Marine Holdings, Inc. | 23,300 | 1,197,776 | 1.99 | |||||||||
| Real Estate Operating Companies | ||||||||||||
| Aroundtown S.A. | 98,870 | 739,201 | 1.23 | |||||||||
| Real Estate Services | ||||||||||||
| FirstService Corporation | 3,300 | 451,666 | 0.75 | |||||||||
| Reinsurance | ||||||||||||
| Muenchener Rueckversicherungs-Gesellschaft AG | 3,072 | 911,206 | 1.51 | |||||||||
| Research & Consulting Services | ||||||||||||
| Experian PLC | 12,210 | 463,681 | 0.77 | |||||||||
| RELX PLC | 18,410 | 451,274 | 0.75 | |||||||||
| 914,955 | 1.52 | |||||||||||
| Restaurants | ||||||||||||
| Domino’s Pizza Enterprises Ltd. | 9,065 | 605,777 | 1.01 | |||||||||
| Semiconductor Equipment | ||||||||||||
| ASML Holding N.V. | 2,740 | 1,330,728 | 2.21 | |||||||||
| Tokyo Electron Ltd. | 1,700 | 632,221 | 1.05 | |||||||||
| 1,962,949 | 3.26 | |||||||||||
| Semiconductors | ||||||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR | 3,729 | 406,610 | 0.67 | |||||||||
| Soft Drinks | ||||||||||||
| Coca-Cola European Partners PLC | 14,307 | 712,918 | 1.18 | |||||||||
| Specialty Chemicals | ||||||||||||
| Akzo Nobel N.V. | 6,011 | 645,186 | 1.07 | |||||||||
| Shin-Etsu Chemical Company Ltd. | 4,500 | 786,209 | 1.31 | |||||||||
| Symrise A.G. | 2,568 | 340,072 | 0.56 | |||||||||
| 1,771,467 | 2.94 | |||||||||||
| Technology Hardware, Storage & Peripherals | ||||||||||||
| Samsung Electronics Company Ltd. GDR 144A† | 385 | 702,625 | 1.17 | |||||||||
| Number of Shares | Value | Percent of Net Assets | ||||||||||
| Trucking | ||||||||||||
| Uber Technologies, Inc.* | 11,552 | $ | 589,152 | 0.98 | % | |||||||
| TOTAL COMMON STOCKS | ||||||||||||
| (Cost $40,605,260) | 60,291,709 | 100.06 | ||||||||||
| SHORT-TERM INVESTMENTS | ||||||||||||
| State Street Institutional Treasury Money Market Fund - Premier Class, 0.000% | 90,771 | 90,771 | 0.15 | |||||||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||||||
| (Cost $90,771) | 90,771 | 0.15 | ||||||||||
| TOTAL INVESTMENTS | ||||||||||||
| (Cost $40,696,031) | 60,382,480 | 100.21 | ||||||||||
| Liabilities, Less Cash and Other Assets | (128,004 | ) | (0.21 | ) | ||||||||
| NET ASSETS | $ | 60,254,476 | 100.00 | % | ||||||||
| * | Non-income producing |
| † | This security has been determined to be liquid under guidelines established by the Board of Trustees. At December 31, 2020, the total value of the Fund’s 144A securities was 1.16% of net assets. |
| †† | Security valued at fair value as determined in good faith by Marsico Capital Management, LLC, investment adviser to the Fund, in accordance with procedures established by, and under the general supervision of, the Fund’s Board of Trustees. The security is considered to be a Level 3 holding. The security was received as a result of a mandatory corporate action and is considered to be restricted and illiquid due to resale restrictions. At December 31, 2020, the value of the Fund’s restricted and illiquid securities was 0.005% of net assets. |
See notes to schedule of investments.
| SUMMARY OF INVESTMENTS BY COUNTRY |
| Country | Market Value | Percent of Investment Securities | ||||||
| Argentina | $ | 309,915 | 0.51 | % | ||||
| Australia | 2,091,303 | 3.46 | ||||||
| Austria | 458,006 | 0.76 | ||||||
| Brazil | 469,374 | 0.78 | ||||||
| Canada | 1,978,459 | 3.28 | ||||||
| China/Hong Kong | 6,121,817 | 10.14 | ||||||
| Denmark | 624,806 | 1.03 | ||||||
| France | 5,675,800 | 9.40 | ||||||
| Germany | 6,417,010 | 10.63 | ||||||
| India | 304,865 | 0.50 | ||||||
| Japan | 9,698,952 | 16.06 | ||||||
| Netherlands | 3,371,558 | 5.58 | ||||||
| New Zealand | 674,278 | 1.12 | ||||||
| Norway | 659,049 | 1.09 | ||||||
| Singapore | 1,097,562 | 1.82 | ||||||
| South Korea | 702,625 | 1.16 | ||||||
| Spain | 1,567,095 | 2.60 | ||||||
| Sweden | 942,017 | 1.56 | ||||||
| Switzerland | 7,298,109 | 12.09 | ||||||
| Taiwan | 406,610 | 0.67 | ||||||
| United Kingdom | 7,869,595 | 13.03 | ||||||
| United States(1) | 1,643,675 | 2.73 | ||||||
| $ | 60,382,480 | 100.00 | % | |||||
| (1) | Includes short-term securities. |
Marsico Global Fund
SCHEDULE OF INVESTMENTS
As of December 31, 2020
(Unaudited)
| Number of Shares | Value | Percent of Net Assets | ||||||||||
| COMMON STOCKS | ||||||||||||
| Aerospace & Defense | ||||||||||||
| Airbus SE* | 54,820 | $ | 6,012,644 | 1.99 | % | |||||||
| Safran S.A.* | 41,229 | 5,840,101 | 1.94 | |||||||||
| 11,852,745 | 3.93 | |||||||||||
| Apparel, Accessories & Luxury Goods | ||||||||||||
| Hermes International | 8,813 | 9,470,127 | 3.14 | |||||||||
| lululemon athletica, inc.* | 22,202 | 7,726,962 | 2.56 | |||||||||
| 17,197,089 | 5.70 | |||||||||||
| Application Software | ||||||||||||
| Atlassian Corporation PLC - Cl. A* | 26,520 | 6,202,232 | 2.06 | |||||||||
| Data Processing & Outsourced Services | ||||||||||||
| Adyen N.V.* | 2,583 | 6,011,269 | 1.99 | |||||||||
| PayPal Holdings, Inc.* | 38,810 | 9,089,302 | 3.01 | |||||||||
| Square, Inc. - Cl. A* | 45,259 | 9,850,169 | 3.27 | |||||||||
| Visa, Inc. - Cl. A | 54,241 | 11,864,134 | 3.93 | |||||||||
| 36,814,874 | 12.20 | |||||||||||
| Financial Exchanges & Data | ||||||||||||
| S&P Global, Inc. | 16,937 | 5,567,700 | 1.84 | |||||||||
| Industrial Gases | ||||||||||||
| Linde PLC | 22,354 | 5,890,503 | 1.95 | |||||||||
| Integrated Telecommunication Services | ||||||||||||
| Cellnex Telecom SA | 127,901 | 7,675,013 | 2.54 | |||||||||
| Interactive Home Entertainment | ||||||||||||
| Sea Ltd. ADR* | 55,674 | 11,081,910 | 3.67 | |||||||||
| Interactive Media & Services | ||||||||||||
| Facebook, Inc. - Cl. A* | 47,851 | 13,070,979 | 4.33 | |||||||||
| Scout24 A.G. | 55,464 | 4,543,147 | 1.50 | |||||||||
| Tencent Holdings Ltd. ADR | 182,973 | 13,153,929 | 4.36 | |||||||||
| 30,768,055 | 10.19 | |||||||||||
| Internet & Direct Marketing Retail | ||||||||||||
| Alibaba Group Holding Ltd. Spon. ADR* | 56,140 | 13,065,462 | 4.33 | |||||||||
| Amazon.com, Inc.* | 5,302 | 17,268,243 | 5.72 | |||||||||
| 30,333,705 | 10.05 | |||||||||||
| Number of Shares | Value | Percent of Net Assets | ||||||||||
| Internet Services & Infrastructure | ||||||||||||
| Okta, Inc.* | 7,773 | $ | 1,976,363 | 0.66 | % | |||||||
| Shopify, Inc. - Cl. A* | 7,744 | 8,765,821 | 2.90 | |||||||||
| Twilio, Inc. - Cl. A* | 25,862 | 8,754,287 | 2.90 | |||||||||
| 19,496,471 | 6.46 | |||||||||||
| Life Sciences Tools & Services | ||||||||||||
| Lonza Group AG | 9,117 | 5,857,618 | 1.94 | |||||||||
| Metal & Glass Containers | ||||||||||||
| Ball Corporation | 82,498 | 7,687,164 | 2.55 | |||||||||
| Movies & Entertainment | ||||||||||||
| Spotify Technology S.A.* | 27,910 | 8,782,161 | 2.91 | |||||||||
| Personal Products | ||||||||||||
| L’Oreal S.A. | 21,664 | 8,225,579 | 2.73 | |||||||||
| Semiconductor Equipment | ||||||||||||
| ASML Holding N.V. - NY Reg. Shs. | 26,284 | 12,819,232 | 4.25 | |||||||||
| Semiconductors | ||||||||||||
| NVIDIA Corporation | 20,203 | 10,550,007 | 3.50 | |||||||||
| Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR | 56,787 | 6,192,054 | 2.05 | |||||||||
| 16,742,061 | 5.55 | |||||||||||
| Specialty Chemicals | ||||||||||||
| The Sherwin-Williams Company | 10,971 | 8,062,698 | 2.67 | |||||||||
| Systems Software | ||||||||||||
| Microsoft Corporation | 74,401 | 16,548,271 | 5.48 | |||||||||
| ServiceNow, Inc.* | 14,466 | 7,962,520 | 2.64 | |||||||||
| 24,510,791 | 8.12 | |||||||||||
| Technology Hardware, Storage & Peripherals | ||||||||||||
| Apple, Inc. | 104,964 | 13,927,673 | 4.61 | |||||||||
| Trucking | ||||||||||||
| Uber Technologies, Inc.* | 117,422 | 5,988,522 | 1.98 | |||||||||
| TOTAL COMMON STOCKS | ||||||||||||
| (Cost $153,026,631) | 295,483,796 | 97.90 | ||||||||||
| Number of Shares | Value | Percent of Net Assets | ||||||||||
| SHORT-TERM INVESTMENTS | ||||||||||||
| State Street Institutional Treasury Money Market Fund - Premier Class, 0.000% | 6,791,135 | $ | 6,791,135 | 2.25 | % | |||||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||||||
| (Cost $6,791,135) | 6,791,135 | 2.25 | ||||||||||
| TOTAL INVESTMENTS | ||||||||||||
| (Cost $159,817,766) | 302,274,931 | 100.15 | ||||||||||
| Liabilities, Less Cash and Other Assets | (445,507 | ) | (0.15 | ) | ||||||||
| NET ASSETS | $ | 301,829,424 | 100.00 | % | ||||||||
| * | Non-income producing |
See notes to schedule of investments.
| SUMMARY OF INVESTMENTS BY COUNTRY |
| Country | Market Value | Percent of Investment Securities | ||||||
| Australia | $ | 6,202,232 | 2.05 | % | ||||
| Canada | 8,765,821 | 2.90 | ||||||
| China/Hong Kong | 26,219,391 | 8.67 | ||||||
| France | 29,548,451 | 9.77 | ||||||
| Germany | 4,543,147 | 1.50 | ||||||
| Netherlands | 18,830,501 | 6.23 | ||||||
| Singapore | 11,081,910 | 3.67 | ||||||
| Spain | 7,675,013 | 2.54 | ||||||
| Sweden | 8,782,161 | 2.91 | ||||||
| Switzerland | 5,857,618 | 1.94 | ||||||
| Taiwan | 6,192,054 | 2.05 | ||||||
| United Kingdom | 5,890,503 | 1.95 | ||||||
| United States(1) | 162,686,129 | 53.82 | ||||||
| $ | 302,274,931 | 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. The 21st Century Fund and the International Opportunities Fund received unlisted and resale-restricted shares as a result of a mandatory corporate action. Receipt of the restricted shares was the only Level 3 activity 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, 2020:
| Fund Investments by | |||||||||||||||||
| Major Security Type | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Marsico Focus Fund | |||||||||||||||||
| Assets | |||||||||||||||||
| Common Stocks | |||||||||||||||||
| Communication Services | $ | 124,633,187 | $ | - | $ | - | $ | 124,633,187 | |||||||||
| Consumer Discretionary | 186,803,278 | - | - | 186,803,278 | |||||||||||||
| Financials | 19,782,643 | - | - | 19,782,643 | |||||||||||||
| Health Care | 49,372,176 | - | - | 49,372,176 | |||||||||||||
| Industrials | 53,530,679 | - | - | 53,530,679 | |||||||||||||
| Information Technology | 346,353,996 | - | - | 346,353,996 | |||||||||||||
| Materials | 46,840,495 | - | - | 46,840,495 | |||||||||||||
| Real Estate | 19,065,390 | - | - | 19,065,390 | |||||||||||||
| Short-term Investments | 22,802,026 | - | - | 22,802,026 | |||||||||||||
| $ | 869,183,870 | ||||||||||||||||
| Marsico Growth Fund | |||||||||||||||||
| Assets | |||||||||||||||||
| Common Stocks | |||||||||||||||||
| Communication Services | 76,237,266 | - | - | 76,237,266 | |||||||||||||
| Consumer Discretionary | 80,787,666 | - | - | 80,787,666 | |||||||||||||
| Consumer Staples | 11,711,295 | - | - | 11,711,295 | |||||||||||||
| Financials | 13,660,829 | - | - | 13,660,829 | |||||||||||||
| Health Care | 55,921,910 | - | - | 55,921,910 | |||||||||||||
| Industrials | 26,566,919 | - | - | 26,566,919 | |||||||||||||
| Information Technology | 166,450,033 | - | - | 166,450,033 | |||||||||||||
| Materials | 13,960,350 | - | - | 13,960,350 | |||||||||||||
| Real Estate | 4,293,991 | - | - | 4,293,991 | |||||||||||||
| Short-term Investments | 12,000,854 | - | - | 12,000,854 | |||||||||||||
| $ | 461,591,113 | ||||||||||||||||
| Marsico 21st Century Fund | |||||||||||||||||
| Assets | |||||||||||||||||
| Common Stocks | |||||||||||||||||
| Communication Services | 23,282,882 | - | - | 23,282,882 | |||||||||||||
| Consumer Discretionary | 45,620,037 | - | - | 45,620,037 | |||||||||||||
| Financials | 14,147,246 | - | - | 14,147,246 | |||||||||||||
| Health Care | 67,061,709 | - | - | 67,061,709 | |||||||||||||
| Industrials | 44,601,150 | - | - | 44,601,150 | |||||||||||||
| Information Technology | 133,161,353 | - | 57,499 | 133,218,852 | |||||||||||||
| Materials | 9,317,834 | - | - | 9,317,834 | |||||||||||||
| Real Estate | 13,189,587 | - | - | 13,189,587 | |||||||||||||
| Short-term Investments | 6,232,295 | - | - | 6,232,295 | |||||||||||||
| $ | 356,671,592 | ||||||||||||||||
| Marsico International Opportunities Fund | |||||||||||||||||
| Assets | |||||||||||||||||
| Common Stocks | |||||||||||||||||
| Communication Services | $ | 9,247,035 | $ | - | $ | - | $ | 9,247,035 | |||||||||
| Consumer Discretionary | 7,831,781 | - | - | 7,831,781 | |||||||||||||
| Consumer Staples | 5,461,266 | - | - | 5,461,266 | |||||||||||||
| Energy | 992,160 | - | - | 992,160 | |||||||||||||
| Financials | 8,366,643 | - | - | 8,366,643 | |||||||||||||
| Health Care | 10,040,924 | - | - | 10,040,924 | |||||||||||||
| Industrials | 5,875,006 | - | - | 5,875,006 | |||||||||||||
| Information Technology | 8,919,142 | - | 3,190 | 8,922,332 | |||||||||||||
| Materials | 2,363,695 | - | - | 2,363,695 | |||||||||||||
| Real Estate | 1,190,867 | - | - | 1,190,867 | |||||||||||||
| Short-term Investments | 90,771 | - | - | 90,771 | |||||||||||||
| $ | 60,382,480 | ||||||||||||||||
| Marsico Global Fund | |||||||||||||||||
| Assets | |||||||||||||||||
| Common Stocks | |||||||||||||||||
| Communication Services | 58,307,139 | - | - | 58,307,139 | |||||||||||||
| Consumer Discretionary | 47,530,794 | - | - | 47,530,794 | |||||||||||||
| Consumer Staples | 8,225,579 | - | - | 8,225,579 | |||||||||||||
| Financials | 5,567,700 | - | - | 5,567,700 | |||||||||||||
| Health Care | 5,857,618 | - | - | 5,857,618 | |||||||||||||
| Industrials | 17,841,267 | - | - | 17,841,267 | |||||||||||||
| Information Technology | 130,513,334 | - | - | 130,513,334 | |||||||||||||
| Materials | 21,640,365 | - | - | 21,640,365 | |||||||||||||
| Short-term Investments | 6,791,135 | - | - | 6,791,135 | |||||||||||||
| $ | 302,274,931 | ||||||||||||||||
The Funds have determined that their investments in Level 3 securities are not material to their financial position or results of operations. At December 31, 2020, the value of the 21st Century Fund’s and the International Opportunities Fund’s Level 3 securities as a percentage of each Fund’s net assets was 0.016% and 0.005%, respectively.
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 2017-2021 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, 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 December 31, 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 | $ | 437,605,564 | $ | 238,601,250 | $ | 192,682,994 | $ | 40,975,186 | $ | 160,136,464 | ||||||||||
| Gross Unrealized Appreciation | $ | 432,843,536 | $ | 223,379,117 | $ | 164,620,649 | $ | 19,656,062 | $ | 142,350,234 | ||||||||||
| Gross Unrealized Depreciation | (1,265,230 | ) | (389,254 | ) | (632,051 | ) | (248,768 | ) | (211,767 | ) | ||||||||||
| Net Unrealized Appreciation on Investments | $ | 431,578,306 | $ | 222,989,863 | $ | 163,988,598 | $ | 19,407,294 | $ | 142,138,467 | ||||||||||
The difference between cost amounts for financial statement and federal income tax purposes is due primarily to wash sale loss deferrals.