NPORT-EX 2 marsicopartf.htm MARSICOPARTF

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.