NPORT-EX 2 marsicopartf.htm

Marsico Focus Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2021

(Unaudited)

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
COMMON STOCKS^               
Air Freight & Logistics               
United Parcel Service, Inc. - Cl. B   166,234   $34,571,685    3.82%
                
Apparel, Accessories & Luxury Goods               
lululemon athletica, inc.*   52,632    19,209,101    2.12 
                
Application Software               
Adobe, Inc.*   45,286    26,521,293    2.93 
                
Consumer Finance               
American Express Co.   165,792    27,393,812    3.03 
                
Data Processing & Outsourced Services               
PayPal Holdings, Inc.*   137,516    40,083,163    4.43 
Visa, Inc. - Cl. A   234,385    54,803,901    6.05 
         94,887,064    10.48 
Footwear               
NIKE, Inc. - Cl. B   180,748    27,923,759    3.09 
                
Health Care Equipment               
Danaher Corporation   105,369    28,276,825    3.12 
Intuitive Surgical, Inc.*   22,515    20,705,694    2.29 
         48,982,519    5.41 
Interactive Media & Services               
Alphabet, Inc. - Cl. A*   24,227    59,157,246    6.53 
Facebook, Inc. - Cl. A*   160,547    55,823,798    6.17 
         114,981,044    12.70 
Internet & Direct Marketing Retail               
Amazon.com, Inc.*   20,346    69,993,495    7.73 
                
Movies & Entertainment               
The Walt Disney Company*   282,962    49,736,231    5.49 
                
Railroads               
Canadian Pacific Railway Ltd.   321,205    24,703,877    2.73 
                
Restaurants               
Chipotle Mexican Grill, Inc.*   12,733    19,740,479    2.18 
Starbucks Corp.   377,988    42,262,839    4.67 
         62,003,318    6.85 

 

 

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
Semiconductor Equipment               
Lam Research Corporation   35,488   $23,092,042    2.55%
                
Semiconductors               
NVIDIA Corporation   59,664    47,737,167    5.27 
Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR   195,665    23,511,106    2.60 
         71,248,273    7.87 
Specialty Chemicals               
The Sherwin-Williams Company   120,852    32,926,127    3.64 
                
Systems Software               
Microsoft Corporation   239,819    64,966,967    7.17 
ServiceNow, Inc.*   54,153    29,759,781    3.29 
         94,726,748    10.46 
Technology Hardware, Storage & Peripherals               
Apple, Inc.   265,921    36,420,540    4.02 
                
TOTAL COMMON STOCKS               
(Cost $406,496,662)        859,320,928    94.92 
                
SHORT-TERM INVESTMENTS^               
State Street Institutional Treasury Money Market Fund - Premier Class, 0.000%   47,913,742    47,913,742    5.29 
                
TOTAL SHORT-TERM INVESTMENTS               
(Cost $47,913,742)        47,913,742    5.29 
                
TOTAL INVESTMENTS               
(Cost $454,410,404)        907,234,670    100.21 
                
Liabilities, Less Cash and Other Assets        (1,895,158)   (0.21)
                
NET ASSETS       $905,339,512    100.00%

 

^ As of June 30, 2021, all investments were classified as Level 1 with their corresponding fair valuation disclosed in the above Schedule of Investments. For more information on investment valuation and valuation inputs, refer to the Notes to Schedule of Investments.
* Non-income producing.

See notes to schedule of investments.

 

 

 

Marsico Growth Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2021

(Unaudited)

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
COMMON STOCKS^            
Apparel Retail               
Burlington Stores, Inc.*   30,297   $9,755,331    2.26%
                
Application Software               
DocuSign, Inc.*   22,895    6,400,755    1.48 
                
Automobile Manufacturers               
Tesla, Inc.*   5,680    3,860,696    0.89 
                
Data Processing & Outsourced Services               
Mastercard, Inc. - Cl. A   40,770    14,884,719    3.45 
PayPal Holdings, Inc.*   102,883    29,988,337    6.96 
Square, Inc. - Cl. A*   41,839    10,200,348    2.37 
Visa, Inc. - Cl. A   18,467    4,317,954    1.00 
         59,391,358    13.78 
Health Care Equipment               
Danaher Corporation   45,129    12,110,818    2.81 
DexCom, Inc.*   16,921    7,225,267    1.68 
Edwards Lifesciences Corp.*   54,248    5,618,465    1.30 
Intuitive Surgical, Inc.*   12,084    11,112,930    2.58 
         36,067,480    8.37 
Interactive Home Entertainment               
Activision Blizzard, Inc.   136,076    12,987,094    3.01 
Sea Ltd. ADR*   36,869    10,124,227    2.35 
         23,111,321    5.36 
Interactive Media & Services               
Alphabet, Inc. - Cl. A*   10,823    26,427,493    6.13 
Facebook, Inc. - Cl. A*   61,824    21,496,823    4.99 
Snap, Inc. - Cl. A*   65,160    4,440,003    1.03 
         52,364,319    12.15 
Internet & Direct Marketing Retail               
Amazon.com, Inc.*   10,897    37,487,423    8.70 
Chewy, Inc. - Cl. A*   52,518    4,186,210    0.97 
         41,673,633    9.67 
Internet Services & Infrastructure               
Shopify, Inc. - Cl. A*   3,944    5,762,105    1.34 
Twilio, Inc. - Cl. A*   25,841    10,185,489    2.36 
         15,947,594    3.70 

 

 

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
Movies & Entertainment               
The Walt Disney Company*   85,750   $15,072,277    3.50%
                
Personal Products               
The Estee Lauder Companies, Inc. – Cl. A   43,996    13,994,248    3.25 
                
Research & Consulting Services               
CoStar Group, Inc.*   53,080    4,396,086    1.02 
                
Restaurants               
Chipotle Mexican Grill, Inc.*   6,987    10,832,226    2.51 
Domino’s Pizza, Inc.   13,865    6,467,884    1.50 
Starbucks Corp.   140,613    15,721,939    3.65 
         33,022,049    7.66 
Semiconductors               
NVIDIA Corporation   18,486    14,790,649    3.43 
                
Specialty Chemicals               
The Sherwin-Williams Company   56,988    15,526,381    3.60 
                
Systems Software               
Microsoft Corporation   72,456    19,628,330    4.55 
ServiceNow, Inc.*   21,274    11,691,127    2.71 
         31,319,457    7.26 
Technology Hardware, Storage & Peripherals               
Apple, Inc.   63,966    8,760,783    2.03 
                
Trucking               
Lyft, Inc. - Cl. A*   112,653    6,813,253    1.58 
Uber Technologies, Inc.*   199,388    9,993,327    2.32 
         16,806,580    3.90 
TOTAL COMMON STOCKS               
(Cost $216,737,304)        402,260,997    93.31 

 

 

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
SHORT-TERM INVESTMENTS^               
State Street Institutional Treasury Money Market Fund - Premier Class, 0.000%   37,365,186   $37,365,186    8.67%
                
TOTAL SHORT-TERM INVESTMENTS               
(Cost $37,365,186)        37,365,186    8.67 
                
TOTAL INVESTMENTS               
(Cost $254,102,490)        439,626,183    101.98 
                
Liabilities, Less Cash and Other Assets        (8,541,381)   (1.98)
                
NET ASSETS       $431,084,802    100.00%

 

^ As of June 30, 2021, all investments were classified as Level 1 with their corresponding fair valuation disclosed in the above Schedule of Investments. For more information on investment valuation and valuation inputs, refer to the Notes to Schedule of Investments.
* Non-income producing

See notes to schedule of investments.

 

 

 

Marsico 21ST Century Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2021

(Unaudited)

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
COMMON STOCKS^               
Aerospace & Defense               
Axon Enterprise, Inc.*   45,519   $8,047,759    2.12%
HEICO Corporation   48,506    6,762,707    1.79 
         14,810,466    3.91 
Airlines               
Spirit Airlines, Inc.*   191,315    5,823,629    1.54 
                
Apparel Retail               
Burlington Stores, Inc.*   33,400    10,754,466    2.84 
                
Application Software               
Atlassian Corporation PLC - Cl. A*   42,007    10,789,918    2.85 
Constellation Software, Inc.   5,185    7,852,832    2.07 
Datadog, Inc. - Cl. A*   36,162    3,763,741    1.00 
Guidewire Software, Inc.*   51,859    5,845,546    1.54 
PTC, Inc.*   62,052    8,765,466    2.32 
The Descartes Systems Group, Inc.*   130,400    9,018,387    2.38 
         46,035,890    12.16 
Biotechnology               
Exact Sciences Corporation*   58,920    7,324,345    1.93 
Natera, Inc.*   37,954    4,308,918    1.14 
         11,633,263    3.07 
Data Processing & Outsourced Services               
Global Payments, Inc.   44,029    8,257,199    2.18 
Square, Inc. - Cl. A*   33,069    8,062,222    2.13 
WEX, Inc.*   47,247    9,161,193    2.42 
         25,480,614    6.73 
Diversified Support Services               
Cintas Corp.   22,184    8,474,288    2.24 
                
Education Services               
Bright Horizons Family Solutions, Inc.*   44,346    6,523,740    1.72 
                
Electrical Components & Equipment               
AMETEK, Inc.   48,635    6,492,773    1.71 
                
Electronic Components               
Amphenol Corp. - Cl. A   112,790    7,715,964    2.04 

 

 

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
Electronic Equipment & Instruments               
Cognex Corporation   95,603   $8,035,432    2.12%
Novanta, Inc.*   42,470    5,723,257    1.51 
         13,758,689    3.63 
Financial Exchanges & Data               
MSCI, Inc.   14,888    7,936,495    2.10 
                
General Merchandise Stores               
Ollie’s Bargain Outlet Holdings, Inc.*   78,285    6,586,117    1.74 
                
Health Care Equipment               
DexCom, Inc.*   19,509    8,330,343    2.20 
IDEXX Laboratories, Inc.*   14,839    9,371,570    2.47 
Insulet Corp.*   29,650    8,139,222    2.15 
         25,841,135    6.82 
Health Care Supplies               
The Cooper Companies, Inc.   18,402    7,292,161    1.93 
                
Health Care Technology               
GoodRx Holdings, Inc. - Cl. A*   69,508    2,502,983    0.66 
Teladoc Health, Inc.*   16,822    2,797,330    0.74 
         5,300,313    1.40 
Home Improvement Retail               
Floor & Decor Holdings, Inc. - Cl. A*   48,648    5,142,094    1.36 
                
Hotels, Resorts & Cruise Lines               
Hilton Worldwide Holdings, Inc.*   55,339    6,674,990    1.76 
                
Interactive Media & Services               
Snap, Inc. - Cl. A*   175,610    11,966,065    3.16 
                
Internet Services & Infrastructure               
Twilio, Inc. - Cl. A*   27,881    10,989,575    2.90 
                
Leisure Facilities               
Planet Fitness, Inc. - Cl. A*   45,573    3,429,368    0.91 
                
Life Sciences Tools & Services               
Avantor, Inc.*   222,919    7,915,854    2.09 
Mettler-Toledo International, Inc.*   3,357    4,650,586    1.23 
Repligen Corp.*   22,893    4,569,901    1.20 
         17,136,341    4.52 
Metal & Glass Containers               
Ball Corporation   72,399    5,865,767    1.55 

 

 

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
Movies & Entertainment               
Spotify Technology S.A.*   5,621   $1,549,091    0.41%
                
Pharmaceuticals               
Horizon Therapeutics PLC*   40,140    3,758,710    0.99 
                
Real Estate Services               
FirstService Corporation   63,800    10,942,657    2.89 
                
Regional Banks               
First Republic Bank   51,040    9,553,157    2.52 
                
Research & Consulting Services               
CoStar Group, Inc.*   105,880    8,768,982    2.32 
                
Restaurants               
Chipotle Mexican Grill, Inc.*   3,860    5,984,312    1.58 
                
Semiconductor Equipment               
Lam Research Corporation   17,033    11,083,373    2.93 
                
Semiconductors               
Marvell Technology, Inc.   177,282    10,340,859    2.73 
Microchip Technology, Inc.   53,322    7,984,436    2.11 
         18,325,295    4.84 
Specialized Consumer Services               
frontdoor, inc.*   67,857    3,380,636    0.89 
                
Specialized REITs               
SBA Communications Corporation - Cl. A   23,673    7,544,585    1.99 
                
Trucking               
Lyft, Inc. - Cl. A*   135,642    8,203,628    2.17 
                
TOTAL COMMON STOCKS               
(Cost $195,577,220)        360,758,629    95.27 

 

 

 

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
SHORT-TERM INVESTMENTS^               
State Street Institutional Treasury Money Market Fund - Premier Class, 0.000%   22,819,243   $22,819,243    6.03%
                
TOTAL SHORT-TERM INVESTMENTS               
(Cost $22,819,243)        22,819,243    6.03 
                
TOTAL INVESTMENTS               
(Cost $218,396,463)        383,577,872    101.30 
                
Liabilities, Less Cash and Other Assets        (4,917,719)   (1.30)
                
NET ASSETS       $378,660,153    100.00%

 

^ As of June 30, 2021, all investments were classified as Level 1 with their corresponding fair valuation disclosed in the above Schedule of Investments. For more information on investment valuation and valuation inputs, refer to the Notes to Schedule of Investments.
* Non-income producing

See notes to schedule of investments.

 

 

 

 

Marsico International Opportunities Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2021

(Unaudited)

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
COMMON STOCKS^               
Aerospace & Defense               
Airbus SE*   10,890   $1,400,266    2.24%
                
Airlines               
Wizz Air Holdings PLC*   16,785    1,084,081    1.73 
                
Apparel, Accessories & Luxury Goods               
adidas A.G.   1,652    614,886    0.98 
LVMH Moet Hennessy Louis Vuitton S.E.   1,065    835,105    1.34 
         1,449,991    2.32 
Application Software               
Atlassian Corporation PLC - Cl. A*   1,443    370,649    0.59 
Constellation Software, Inc.   288    436,184    0.70 
SAP S.E.   4,695    661,594    1.05 
Xero Ltd.*   4,129    424,536    0.68 
         1,892,963    3.02 
Asset Management & Custody Banks               
Julius Baer Group Ltd.   9,951    649,383    1.04 
                
Automobile Manufacturers               
Volkswagen A.G. Preference Shares   2,701    676,413    1.08 
                
Automotive Retail               
Auto1 Group S.E.*   17,449    766,570    1.22 
                
Biotechnology               
CSL Ltd.   2,903    620,889    0.99 
                
Casinos & Gaming               
Sands China, Ltd.*   248,000    1,044,473    1.67 
                
Communications Equipment               
Telefonaktiebolaget LM Ericsson B Shares   64,757    813,880    1.30 
                
Consumer Electronics               
Sony Group Corporation   14,900    1,450,502    2.32 

 

 

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
Data Processing & Outsourced Services               
Adyen N.V.*   172   $420,237    0.67%
Mastercard, Inc. - Cl. A   2,559    934,265    1.49 
Pagseguro Digital Ltd. - Cl. A*   7,189    402,009    0.64 
         1,756,511    2.80 
Distillers & Vintners               
Diageo PLC   25,645    1,227,780    1.96 
                
Diversified Banks               
BAWAG Group A.G.   9,866    525,034    0.84 
HDFC Bank Ltd. ADR*   10,525    769,588    1.23 
         1,294,622    2.07 
Electronic Equipment & Instruments               
Keyence Corporation   2,000    1,009,406    1.61 
                
Financial Exchanges & Data               
Deutsche Boerse A.G.   8,529    1,488,672    2.38 
                
General Merchandise Stores               
Dollarama, Inc.   12,952    592,850    0.95 
                
Health Care Equipment               
Koninklijke Philips N.V.   16,262    805,823    1.29 
Olympus Corporation   76,300    1,516,453    2.42 
         2,322,276    3.71 
Health Care Supplies               
Alcon, Inc.   16,217    1,135,409    1.81 
                
Health Care Technology               
M3, Inc.   8,100    591,523    0.94 
                
Human Resource & Employment Services               
Recruit Holdings Company Ltd.   14,600    718,862    1.15 
                
Industrial Conglomerates               
Siemens A.G.   10,427    1,652,053    2.64 
                
Industrial Gases               
Air Liquide S.A.   6,224    1,089,747    1.74 
                
Industrial Machinery               
MISUMI Group, Inc.   23,900    808,893    1.29 
                
Integrated Oil & Gas               
TotalEnergies S.E.   26,635    1,205,029    1.92 

 

 

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
Integrated Telecommunication Services               
Cellnex Telecom SA   31,443   $2,002,872    3.20%
                
Interactive Home Entertainment               
Nintendo Co., Ltd.   1,100    639,831    1.02 
Sea Ltd. ADR*   4,949    1,358,995    2.17 
         1,998,826    3.19 
Interactive Media & Services               
Scout24 A.G.   11,727    988,944    1.58 
Tencent Holdings Ltd.   27,900    2,098,528    3.35 
         3,087,472    4.93 
Internet & Direct Marketing Retail               
Alibaba Group Holding Ltd. Spon. ADR*   9,579    2,172,326    3.47 
boohoo group plc*   185,407    796,094    1.27 
Meituan - Cl. B*   20,400    841,822    1.34 
MercadoLibre, Inc.*   680    1,059,297    1.69 
         4,869,539    7.77 
Internet Services & Infrastructure               
Shopify, Inc. - Cl. A*   259    378,394    0.60 
                
Life & Health Insurance               
AIA Group Ltd.   102,200    1,270,211    2.03 
                
Movies & Entertainment               
Spotify Technology S.A.*   1,715    472,637    0.75 
                
Packaged Foods & Meats               
Nestlé S.A.   16,070    2,001,173    3.20 
                
Personal Products               
L’Oreal S.A.   1,717    765,104    1.22 
                
Pharmaceuticals               
AstraZeneca PLC   16,828    2,021,244    3.23 
Novo Nordisk A/S - Cl. B   8,922    747,477    1.19 
Roche Holding AG   5,282    1,989,777    3.18 
         4,758,498    7.60 
Property & Casualty Insurance               
Intact Financial Corporation   7,300    991,766    1.58 
                
Real Estate Services               
FirstService Corporation   2,900    497,393    0.79 
                
Research & Consulting Services               
Experian PLC   35,804    1,379,841    2.20 

 

 

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
Restaurants               
Domino’s Pizza Enterprises Ltd.   7,749   $700,327    1.12%
                
Semiconductor Equipment               
ASML Holding N.V.   2,632    1,808,246    2.89 
Tokyo Electron Ltd.   1,700    735,731    1.17 
         2,543,977    4.06 
Semiconductors               
Infineon Technologies A.G.   11,835    474,608    0.76 
Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR   10,645    1,279,103    2.04 
         1,753,711    2.80 
Soft Drinks               
Coca-Cola Europacific Partners PLC   11,993    711,425    1.14 
                
Specialty Chemicals               
Akzo Nobel N.V.   6,011    742,690    1.18 
Shin-Etsu Chemical Company Ltd.   5,200    869,670    1.39 
         1,612,360    2.57 
Trucking               
Uber Technologies, Inc.*   13,049    654,016    1.04 
                
TOTAL COMMON STOCKS               
(Cost $42,998,844)        61,192,586    97.69 
                
SHORT-TERM INVESTMENTS^               
State Street Institutional Treasury Money Market Fund - Premier Class, 0.000%   1,773,662    1,773,662    2.83 
                
TOTAL SHORT-TERM INVESTMENTS               
(Cost $1,773,662)        1,773,662    2.83 
                
TOTAL INVESTMENTS               
(Cost $44,772,506)        62,966,248    100.52 
                
Liabilities, Less Cash and Other Assets        (325,152)   (0.52)
                
NET ASSETS       $62,641,096    100.00%

 

^ As of June 30, 2021, all investments were classified as Level 1 with their corresponding fair valuation disclosed in the above Schedule of Investments. For more information on investment valuation and valuation inputs, refer to the Notes to Schedule of Investments.
* Non-income producing

See notes to schedule of investments.

 

 

 

 

SUMMARY OF INVESTMENTS BY COUNTRY

 

       Percent of 
       Investment 
Country  Market Value   Securities 
Argentina  $1,059,297    1.68%
Australia   1,691,865    2.69 
Austria   525,034    0.83 
Brazil   402,009    0.64 
Canada   2,896,587    4.60 
China/Hong Kong   7,427,360    11.80 
Denmark   747,477    1.19 
France   5,295,251    8.41 
Germany   7,323,740    11.63 
India   769,588    1.22 
Japan   8,340,871    13.25 
Netherlands   3,776,996    6.00 
New Zealand   424,536    0.67 
Singapore   1,358,995    2.16 
Spain   2,002,872    3.18 
Sweden   1,286,517    2.04 
Switzerland   6,859,823    10.89 
Taiwan   1,279,103    2.03 
United Kingdom   6,136,384    9.75 
United States(1)   3,361,943    5.34 
   $62,966,248    100.00%

 

(1) Includes short-term securities.

 

 

Marsico Global Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2021

(Unaudited)

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
COMMON STOCKS^               
Apparel, Accessories & Luxury Goods               
Hermes International   7,782   $11,335,993    3.50%
lululemon athletica, inc.*   22,202    8,103,064    2.51 
LVMH Moet Hennessy Louis Vuitton S.E.   12,139    9,518,634    2.94 
         28,957,691    8.95 
Automobile Manufacturers               
Volkswagen A.G. Preference Shares   25,367    6,352,669    1.96 
                
Consumer Finance               
American Express Co.   61,534    10,167,263    3.14 
                
Data Processing & Outsourced Services               
Adyen N.V.*   2,692    6,577,197    2.03 
PayPal Holdings, Inc.*   55,232    16,099,023    4.97 
Visa, Inc. - Cl. A   47,836    11,185,014    3.46 
         33,861,234    10.46 
Integrated Telecommunication Services               
Cellnex Telecom SA   154,870    9,864,986    3.05 
                
Interactive Home Entertainment               
Sea Ltd. ADR*   42,885    11,776,221    3.64 
                
Interactive Media & Services               
Alphabet, Inc. - Cl. A*   3,885    9,486,354    2.93 
Facebook, Inc. - Cl. A*   47,851    16,638,271    5.14 
Tencent Holdings Ltd. ADR   123,572    9,304,972    2.87 
         35,429,597    10.94 
Internet & Direct Marketing Retail               
Alibaba Group Holding Ltd. Spon. ADR*   42,704    9,684,413    2.99 
Amazon.com, Inc.*   6,049    20,809,528    6.43 
         30,493,941    9.42 
Internet Services & Infrastructure               
Shopify, Inc. - Cl. A*   7,723    11,283,149    3.49 
Twilio, Inc. - Cl. A*   24,908    9,817,737    3.03 
         21,100,886    6.52 
Movies & Entertainment               
The Walt Disney Company*   73,186    12,863,903    3.97 

 

 

 

   Number
of
Shares		   Value   Percent
of Net
Assets		 
Personal Products               
L’Oreal S.A.   21,065   $9,386,667    2.90%
                
Railroads               
Canadian Pacific Railway Ltd.   127,045    9,771,031    3.02 
                
Restaurants               
Chipotle Mexican Grill, Inc.*   3,376    5,233,948    1.62 
Domino’s Pizza Enterprises Ltd.   71,720    6,481,802    2.00 
Starbucks Corp.   82,470    9,220,970    2.85 
         20,936,720    6.47 
Semiconductor Equipment               
ASML Holding N.V. - NY Reg. Shs.   16,528    11,418,204    3.53 
                
Semiconductors               
NVIDIA Corporation   17,213    13,772,121    4.25 
Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR   82,044    9,858,407    3.05 
         23,630,528    7.30 
Specialty Chemicals               
The Sherwin-Williams Company   32,913    8,967,147    2.77 
                
Systems Software               
Microsoft Corporation   69,126    18,726,233    5.78 
                
Technology Hardware, Storage & Peripherals               
Apple, Inc.   116,561    15,964,195    4.93 
                
TOTAL COMMON STOCKS               
(Cost $185,475,328)        319,669,116    98.75 
                
SHORT-TERM INVESTMENTS^               
State Street Institutional Treasury Money Market Fund - Premier Class, 0.000%   204,239    204,239    0.06 
                
TOTAL SHORT-TERM INVESTMENTS               
(Cost $204,239)        204,239    0.06 
                
TOTAL INVESTMENTS               
(Cost $185,679,567)        319,873,355    98.81 
                
Cash and Other Assets, Less Liabilities        3,839,492    1.19 
                
NET ASSETS       $323,712,847    100.00%

 

^ As of June 30, 2021, all investments were classified as Level 1 with their corresponding fair valuation disclosed in the above Schedule of Investments. For more information on investment valuation and valuation inputs, refer to the Notes to Schedule of Investments.
* Non-income producing

See notes to schedule of investments.

 

 

 

 

SUMMARY OF INVESTMENTS BY COUNTRY

 

 

       Percent of 
       Investment 
Country  Market Value   Securities 
Australia  $6,481,802    2.03%
Canada   21,054,180    6.58 
China/Hong Kong   18,989,385    5.94 
France   30,241,294    9.45 
Germany   6,352,669    1.99 
Netherlands   17,995,401    5.63 
Singapore   11,776,221    3.68 
Spain   9,864,986    3.08 
Taiwan   9,858,407    3.08 
United States(1)   187,259,010    58.54 
   $319,873,355    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. As of June 30, 2021, each of the Fund’s investments were categorized as Level 1 securities. The fair values of the investments are reflected on each Fund’s Schedule of Investments by security type and economic industry.

 

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 2018-2021 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 June 30, 2021, 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.

 

FEDERAL INCOME TAX INFORMATION

 

At June 30, 2021, 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  $454,709,378   $255,237,368   $218,397,619   $44,925,424   $185,988,023 
                          
Gross Unrealized Appreciation  $454,748,638   $184,845,925   $168,127,751   $18,525,790   $135,494,898 
Gross Unrealized Depreciation   (2,223,346)   (457,110)   (2,947,498)   (484,966)   (1,609,566)
                          
Net Unrealized Appreciation on Investments  $452,525,292   $184,388,815   $165,180,253   $18,040,824   $133,885,332 

 

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