Marsico Focus Fund (MFOCX) NPORT-P Marsico Growth Fund (Dec 2019 report)

Marsico Focus Fund

SCHEDULE OF INVESTMENTS

As of December 31, 2019

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS
Aerospace & Defense
Lockheed Martin Corporation		59,296	$	23,088,677		3.93	%
The Boeing Company		59,841		19,493,804		3.32
				42,582,481		7.25
Application Software
Adobe, Inc.*		69,814		23,025,355		3.92
salesforce.com, inc.*		202,149		32,877,514		5.60
				55,902,869		9.52
Data Processing & Outsourced Services
PayPal Holdings, Inc.*		272,200		29,443,874		5.01
Visa, Inc. - Cl. A		250,737		47,113,482		8.02
				76,557,356		13.03
Financial Exchanges & Data
Intercontinental Exchange, Inc.		126,875		11,742,281		2.00
S&P Global, Inc.		113,099		30,881,682		5.26
				42,623,963		7.26
Footwear
NIKE, Inc. - Cl. B		180,748		18,311,580		3.12
Health Care Equipment
Danaher Corporation		120,203		18,448,756		3.14
Intuitive Surgical, Inc.*		24,981		14,767,518		2.51
				33,216,274		5.65
Hotels, Resorts & Cruise Lines
Marriott International, Inc. - Cl. A		134,108		20,307,974		3.46
Interactive Media & Services
Alphabet, Inc. - Cl. A*		15,665		20,981,544		3.57
Facebook, Inc. - Cl. A*		178,944		36,728,256		6.25
				57,709,800		9.82
Internet & Direct Marketing Retail
Amazon.com, Inc.*		19,436		35,914,618		6.11
Managed Health Care
UnitedHealth Group, Inc.		63,516		18,672,434		3.18
Restaurants
McDonald’s Corporation		92,001		18,180,318		3.09

	Number of Shares		Value			Percent of Net Assets
Semiconductors
NVIDIA Corporation		96,794	$	22,775,628			3.88	%
Texas Instruments, Inc.		129,573		16,622,920			2.83
				39,398,548			6.71
Specialized REITs
Crown Castle International Corp.		119,765		17,024,595			2.90
Specialty Chemicals
The Sherwin-Williams Company		48,186		28,118,458			4.79
Systems Software
Microsoft Corporation		251,948		39,732,200			6.76
Technology Hardware, Storage & Peripherals
Apple, Inc.		135,941		39,919,075			6.80
TOTAL COMMON STOCKS
(Cost $343,836,611)				584,172,543			99.45
SHORT-TERM INVESTMENTS
State Street Institutional U.S. Government Money Market Fund, 0.008%		6,731,249		6,731,249			1.15
TOTAL SHORT-TERM INVESTMENTS
(Cost $6,731,249)				6,731,249			1.15
TOTAL INVESTMENTS
(Cost $350,567,860)				590,903,792			100.60
Liabilities, Less Cash and Other Assets				(3,523,022	)		(0.60	)
NET ASSETS			$	587,380,770			100.00	%

* Non-income producing

See notes to schedule of investments.

Marsico Growth Fund

SCHEDULE OF INVESTMENTS

As of December 31, 2019

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS
Aerospace & Defense
Lockheed Martin Corporation		25,976	$	10,114,535		3.72	%
The Boeing Company		12,654		4,122,167		1.52
				14,236,702		5.24
Apparel Retail
The TJX Companies, Inc.		125,723		7,676,646		2.83
Application Software
Adobe, Inc.*		33,487		11,044,348		4.07
salesforce.com, inc.*		72,722		11,827,506		4.35
				22,871,854		8.42
Data Processing & Outsourced Services
Fidelity National Information Services, Inc.		47,507		6,607,748		2.43
PayPal Holdings, Inc.*		106,064		11,472,943		4.22
Visa, Inc. - Cl. A		90,543		17,013,030		6.26
				35,093,721		12.91
Financial Exchanges & Data
Intercontinental Exchange, Inc.		57,579		5,328,936		1.96
S&P Global, Inc.		20,970		5,725,859		2.11
				11,054,795		4.07
Footwear
NIKE, Inc. - Cl. B		57,480		5,823,299		2.14
Health Care Equipment
Danaher Corporation		45,129		6,926,399		2.55
Intuitive Surgical, Inc.*		4,031		2,382,926		0.88
				9,309,325		3.43
Health Care Supplies
Align Technology, Inc.*		9,515		2,655,066		0.98
Hotels, Resorts & Cruise Lines
Marriott International, Inc. - Cl. A		51,008		7,724,141		2.84
Interactive Home Entertainment
Electronic Arts, Inc.*		26,752		2,876,107		1.06
Take-Two Interactive Software, Inc.*		21,751		2,662,975		0.98
				5,539,082		2.04

	Number of Shares		Value		Percent of Net Assets
Interactive Media & Services
Alphabet, Inc. - Cl. A*		7,261	$	9,725,311		3.58	%
Facebook, Inc. - Cl. A*		64,171		13,171,097		4.85
Snap, Inc. - Cl. A*		344,251		5,621,619		2.07
				28,518,027		10.50
Internet & Direct Marketing Retail
Amazon.com, Inc.*		7,970		14,727,285		5.42
Managed Health Care
UnitedHealth Group, Inc.		27,287		8,021,832		2.95
Metal & Glass Containers
Ball Corporation		50,179		3,245,076		1.19
Pharmaceuticals
Zoetis, Inc.		61,831		8,183,333		3.01
Restaurants
McDonald’s Corporation		33,167		6,554,131		2.41
Semiconductors
NVIDIA Corporation		36,211		8,520,448		3.14
Texas Instruments, Inc.		56,008		7,185,267		2.64
��				15,705,715		5.78
Specialized REITs
Crown Castle International Corp.		68,703		9,766,132		3.59
Specialty Chemicals
The Sherwin-Williams Company		18,996		11,084,926		4.08
Systems Software
Microsoft Corporation		107,107		16,890,774		6.22
ServiceNow, Inc.*		14,970		4,226,330		1.55
				21,117,104		7.77
Technology Hardware, Storage & Peripherals
Apple, Inc.		67,043		19,687,177		7.25
TOTAL COMMON STOCKS
(Cost $156,126,869)				268,595,369		98.85

	Number of Shares		Value			Percent of Net Assets
SHORT-TERM INVESTMENTS
State Street Institutional Treasury Money Market Fund, 0.008%		4,577,987	$	4,577,987			1.68	%
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,577,987)				4,577,987			1.68
TOTAL INVESTMENTS
(Cost $160,704,856)				273,173,356			100.53
Liabilities, Less Cash and Other Assets				(1,446,287	)		(0.53	)
NET ASSETS			$	271,727,069			100.00	%

* Non-income producing

See notes to schedule of investments.

Marsico 21st Century Fund

SCHEDULE OF INVESTMENTS

As of December 31, 2019

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS
Aerospace & Defense
HEICO Corporation		43,510	$	4,966,667		1.78	%
L3Harris Technologies, Inc.		33,391		6,607,077		2.37
				11,573,744		4.15
Apparel Retail
Burlington Stores, Inc.*		41,876		9,548,984		3.43
Apparel, Accessories & Luxury Goods
Under Armour, Inc. - Cl. A*		61,683		1,332,353		0.48
Application Software
Atlassian Corporation PLC - Cl. A*		28,633		3,445,695		1.24
Constellation Software, Inc.		5,889		5,719,434		2.05
Guidewire Software, Inc.*		57,671		6,330,546		2.27
PTC, Inc.*		62,052		4,647,074		1.67
RealPage, Inc.*		106,980		5,750,175		2.06
The Descartes Systems Group, Inc.*		143,100		6,116,091		2.20
				32,009,015		11.49
Automotive Retail
O’Reilly Automotive, Inc.*		16,990		7,446,037		2.67
Biotechnology
Exact Sciences Corporation*		33,016		3,053,320		1.10
Building Products
A.O. Smith Corporation		111,380		5,306,143		1.90
Construction Materials
Vulcan Materials Company		45,671		6,576,167		2.36
Data Processing & Outsourced Services
Broadridge Financial Solutions, Inc.		39,343		4,860,434		1.75
Fidelity National Information Services, Inc.		66,150		9,200,804		3.30
Square, Inc. - Cl. A*		46,993		2,939,882		1.06
WEX, Inc.*		29,151		6,105,968		2.19
				23,107,088		8.30
Education Services
Bright Horizons Family Solutions, Inc.*		9,394		1,411,824		0.51

	Number of Shares		Value		Percent of Net Assets
Electrical Components & Equipment
AMETEK, Inc.		86,491	$	8,626,612		3.10	%
Electronic Equipment & Instruments
Cognex Corporation		109,346		6,127,750		2.20
Novanta, Inc.*		57,727		5,105,376		1.83
				11,233,126		4.03
Electronic Manufacturing Services
TE Connectivity Ltd.		51,061		4,893,686		1.76
Financial Exchanges & Data
MSCI, Inc.		8,048		2,077,833		0.75
General Merchandise Stores
Ollie’s Bargain Outlet Holdings, Inc.*		58,776		3,838,661		1.38
Health Care Equipment
DexCom, Inc.*		9,183		2,008,689		0.72
IDEXX Laboratories, Inc.*		19,088		4,984,449		1.79
Intuitive Surgical, Inc.*		9,992		5,906,771		2.12
LivaNova PLC*		43,627		3,290,785		1.18
Teleflex, Inc.		23,854		8,979,600		3.23
				25,170,294		9.04
Health Care Supplies
The Cooper Companies, Inc.		19,474		6,256,801		2.25
Home Improvement Retail
Floor & Decor Holdings, Inc. - Cl. A*		48,648		2,471,805		0.89
Hotels, Resorts & Cruise Lines
Norwegian Cruise Line Holdings Ltd.*		71,572		4,180,520		1.50
Interactive Media & Services
Snap, Inc. - Cl. A*		382,413		6,244,804		2.24
Internet Services & Infrastructure
Twilio, Inc. - Cl. A*		37,564		3,691,790		1.32
IT Consulting & Other Services
Gartner, Inc.*		45,884		7,070,724		2.54
InterXion Holding N.V.*		46,743		3,917,531		1.40
				10,988,255		3.94
Leisure Facilities
Vail Resorts, Inc.		17,643		4,231,321		1.52

	Number of Shares		Value		Percent of Net Assets
Life Sciences Tools & Services
Avantor, Inc.*		81,165	$	1,473,145		0.53	%
Metal & Glass Containers
Ball Corporation		84,843		5,486,797		1.97
Pharmaceuticals
GW Pharmaceuticals PLC ADR*		11,051		1,155,493		0.41
Real Estate Services
FirstService Corporation		63,800		5,939,534		2.13
Regional Banks
First Republic Bank		51,040		5,994,648		2.15
Signature Bank		35,713		4,878,753		1.75
				10,873,401		3.90
Research & Consulting Services
CoStar Group, Inc.*		13,191		7,892,175		2.83
Verisk Analytics, Inc.		38,685		5,777,218		2.08
				13,669,393		4.91
Semiconductor Equipment
Lam Research Corporation		29,909		8,745,392		3.14
Semiconductors
Marvell Technology Group Ltd.		107,014		2,842,292		1.02
Microchip Technology, Inc.		73,674		7,715,141		2.77
				10,557,433		3.79
Specialized Consumer Services
frontdoor, Inc.*		56,422		2,675,531		0.96
ServiceMaster Global Holdings, Inc.*		122,349		4,730,013		1.70
				7,405,544		2.66
Specialized REITs
SBA Communications Corporation - Cl. A		26,187		6,310,805		2.27
Trucking
Lyft, Inc. - Cl. A*		29,451		1,266,982		0.45
TOTAL COMMON STOCKS
(Cost $200,961,652)				268,154,102		96.27

	Number of Shares		Value			Percent of Net Assets
SHORT-TERM INVESTMENTS
State Street Institutional Treasury Money Market Fund, 0.008%		11,282,689	$	11,282,689			4.05	%
TOTAL SHORT-TERM INVESTMENTS
(Cost $11,282,689)				11,282,689			4.05
TOTAL INVESTMENTS
(Cost $212,244,341)				279,436,791			100.32
Liabilities, Less Cash and Other Assets				(897,006	)		(0.32	)
NET ASSETS			$	278,539,785			100.00	%

* Non-income producing

See notes to schedule of investments.

Marsico International Opportunities Fund

SCHEDULE OF INVESTMENTS

As of December 31, 2019

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS
Aerospace & Defense
Airbus SE		8,485	$	1,241,860		2.21	%
BAE Systems PLC		75,197		562,574		1.00
The Boeing Company		1,338		435,867		0.77
				2,240,301		3.98
Airlines
Ryanair Holdings PLC Spon. ADR*		9,678		847,890		1.51
Apparel, Accessories & Luxury Goods
adidas A.G.		744		241,851		0.43
LVMH Moet Hennessy Louis Vuitton S.E.		1,018		472,971		0.84
				714,822		1.27
Application Software
Constellation Software, Inc.		288		279,707		0.50
SAP S.E.		11,660		1,573,668		2.79
				1,853,375		3.29
Asset Management & Custody Banks
Hargreaves Lansdown PLC		10,661		273,252		0.49
Julius Baer Group Ltd.		13,568		699,990		1.24
				973,242		1.73
Brewers
Anheuser-Busch InBev S.A./N.V.		12,681		1,034,247		1.84
Communications Equipment
Telefonaktiebolaget LM Ericsson B Shares		74,444		648,241		1.15
Construction & Engineering
Taisei Corporation		5,300		221,697		0.39
Consumer Electronics
Sony Corporation		12,200		830,999		1.48
Data Processing & Outsourced Services
Fidelity National Information Services, Inc.		6,498		903,807		1.61
Pagseguro Digital Ltd. - Cl. A*		14,751		503,894		0.89
Wirecard A.G.		2,990		360,542		0.64
				1,768,243		3.14

	Number of Shares		Value		Percent of Net Assets
Distillers & Vintners
Diageo PLC		22,397	$	949,494		1.69	%
Treasury Wine Estates Ltd.		33,746		384,584		0.68
				1,334,078		2.37
Diversified Banks
Banco Santander S.A.		108,355		453,351		0.80
BAWAG Group A.G.		14,295		651,009		1.16
HDFC Bank Ltd. ADR		8,763		555,311		0.99
HSBC Holdings PLC		75,625		592,923		1.05
Mitsubishi UFJ Financial Group, Inc.		190,900		1,042,215		1.85
				3,294,809		5.85
Electrical Components & Equipment
ABB Ltd.		19,658		474,693		0.84
Electronic Equipment & Instruments
Keyence Corporation		1,500		531,361		0.94
Financial Exchanges & Data
Deutsche Boerse A.G.		6,693		1,052,182		1.87
General Merchandise Stores
B&M European Value Retail S.A.		217,566		1,180,417		2.10
Dollarama, Inc.		16,079		552,621		0.98
				1,733,038		3.08
Health Care Equipment
Koninklijke Philips N.V.		43,511		2,124,050		3.77
Olympus Corporation		24,800		385,506		0.69
				2,509,556		4.46
Health Care Supplies
Alcon, Inc.*		6,067		343,533		0.61
Human Resource & Employment Services
Recruit Holdings Company Ltd.		20,500		773,361		1.37
Industrial Conglomerates
Siemens A.G.		5,402		706,165		1.26
Industrial Gases
Air Liquide S.A.		2,341		331,389		0.59
Industrial Machinery
FANUC Corporation		1,600		299,369		0.53
MISUMI Group, Inc.		24,200		606,253		1.08
				905,622		1.61

	Number of Shares		Value		Percent of Net Assets
Integrated Oil & Gas
BP PLC		89,900	$	561,589		1.00	%
Integrated Telecommunication Services
Cellnex Telecom SA		28,050		1,207,262		2.15
Interactive Home Entertainment
Nintendo Co., Ltd.		2,100		849,818		1.51
Interactive Media & Services
Facebook, Inc. - Cl. A*		5,421		1,112,661		1.98
Scout24 A.G.		18,357		1,213,842		2.16
Tencent Holdings Ltd.		49,100		2,366,690		4.20
				4,693,193		8.34
Internet & Direct Marketing Retail
Alibaba Group Holding Ltd. Spon. ADR*		12,392		2,628,343		4.67
MakeMyTrip Ltd.*		15,248		349,179		0.62
Trainline PLC*		37,447		251,484		0.45
				3,229,006		5.74
IT Consulting & Other Services
InterXion Holding N.V.*		15,247		1,277,851		2.27
Life & Health Insurance
AIA Group Ltd.		51,000		535,375		0.95
Life Sciences Tools & Services
Eurofins Scientific S.E.		1,268		702,908		1.25
Multi-Line Insurance
AXA S.A.		28,882		813,487		1.45
Packaged Foods & Meats
Nestlé S.A.		15,514		1,679,641		2.98
Personal Products
Kao Corporation		3,400		282,408		0.50
Unilever PLC		18,661		1,075,372		1.91
				1,357,780		2.41
Pharmaceuticals
AstraZeneca PLC		5,614		565,680		1.00
Bayer A.G.		3,528		288,135		0.51
Dechra Pharmaceuticals PLC		27,478		1,055,523		1.88
GW Pharmaceuticals PLC ADR*		1,770		185,071		0.33
Novartis AG		12,263		1,164,465		2.07
Roche Holding AG		3,540		1,148,543		2.04
Takeda Pharmaceutical Company Ltd.		13,700		546,210		0.97
				4,953,627		8.80

	Number of Shares		Value		Percent of Net Assets
Real Estate Operating Companies
Aroundtown S.A.		276,628	$	2,477,384		4.40	%
Real Estate Services
FirstService Corporation		4,500		418,933		0.74
Research & Consulting Services
Experian PLC		13,157		444,756		0.79
RELX PLC		11,415		288,118		0.51
				732,874		1.30
Restaurants
Domino’s Pizza Enterprises Ltd.		21,623		794,508		1.41
Semiconductor Equipment
ASML Holding N.V.		2,894		856,023		1.52
Tokyo Electron Ltd.		1,300		286,250		0.51
				1,142,273		2.03
Semiconductors
NXP Semiconductors N.V.		2,319		295,116		0.52
Specialty Chemicals
Shin-Etsu Chemical Company Ltd.		6,100		677,060		1.20
Wireless Telecommunication Services
SoftBank Group Corporation		7,000		306,401		0.54
TOTAL COMMON STOCKS
(Cost $42,451,644)				53,828,930		95.62
SHORT-TERM INVESTMENTS
State Street Institutional Treasury Money Market Fund, 0.008%		2,155,828		2,155,828		3.83
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,155,828)				2,155,828		3.83
TOTAL INVESTMENTS
(Cost $44,607,472)				55,984,758		99.45
Cash and Other Assets, Less Liabilities				309,117		0.55
NET ASSETS			$	56,293,875		100.00	%

* Non-income producing

See notes to schedule of investments.

SUMMARY OF INVESTMENTS BY COUNTRY

			Percent of
			Investment
Country	Market Value		Securities
Australia	$	1,179,092		2.11	%
Austria		651,009		1.16
Belgium		1,034,247		1.85
Brazil		503,894		0.90
Canada		1,251,261		2.24
China/Hong Kong		5,530,408		9.88
France		3,562,615		6.36
Germany		7,913,769		14.14
India		904,490		1.61
Ireland		847,890		1.51
Japan		7,638,908		13.65
Netherlands		4,553,040		8.13
Spain		1,660,613		2.97
Sweden		648,241		1.16
Switzerland		5,510,865		9.84
United Kingdom		7,986,253		14.26
United States(1)		4,608,163		8.23
	$	55,984,758		100.00	%

⁽¹⁾ Includes short-term securities.

Marsico Global Fund

SCHEDULE OF INVESTMENTS

As of December 31, 2019

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS
Aerospace & Defense
Airbus SE		73,217	$	10,715,997		4.55	%
Lockheed Martin Corporation		12,513		4,872,312		2.07
				15,588,309		6.62
Apparel, Accessories & Luxury Goods
Hermes International		10,342		7,728,334		3.28
Application Software
Atlassian Corporation PLC - Cl. A*		26,520		3,191,417		1.36
salesforce.com, inc.*		38,118		6,199,512		2.63
SAP S.E.		63,509		8,571,361		3.64
				17,962,290		7.63
Communications Equipment
Telefonaktiebolaget LM Ericsson B Shares		758,612		6,605,817		2.81
Data Processing & Outsourced Services
PayPal Holdings, Inc.*		35,999		3,894,012		1.65
Visa, Inc. - Cl. A		59,986		11,271,369		4.79
Wirecard A.G.		30,493		3,676,930		1.56
				18,842,311		8.00
Financial Exchanges & Data
S&P Global, Inc.		27,995		7,644,035		3.25
General Merchandise Stores
Ollie’s Bargain Outlet Holdings, Inc.*		41,545		2,713,304		1.15
Health Care Equipment
Intuitive Surgical, Inc.*		8,988		5,313,256		2.26
Koninklijke Philips N.V.		152,075		7,423,751		3.15
				12,737,007		5.41
Hotels, Resorts & Cruise Lines
Marriott International, Inc. - Cl. A		28,613		4,332,867		1.84
Interactive Media & Services
Facebook, Inc. - Cl. A*		57,343		11,769,651		5.00
Snap, Inc. - Cl. A*		301,570		4,924,638		2.09
Tencent Holdings Ltd.		159,300		7,678,487		3.26
				24,372,776		10.35

	Number of Shares		Value		Percent of Net Assets
Internet & Direct Marketing Retail
Alibaba Group Holding Ltd. Spon. ADR*		58,804	$	12,472,329		5.30	%
Amazon.com, Inc.*		5,829		10,771,059		4.57
				23,243,388		9.87
Internet Services & Infrastructure
Twilio, Inc. - Cl. A*		42,833		4,209,627		1.79
IT Consulting & Other Services
InterXion Holding N.V.*		69,007		5,783,477		2.46
Metal & Glass Containers
Ball Corporation		90,874		5,876,821		2.50
Real Estate Operating Companies
Aroundtown S.A.		1,036,615		9,283,564		3.94
Restaurants
McDonald’s Corporation		17,938		3,544,728		1.51
Semiconductor Equipment
ASML Holding N.V. - NY Reg. Shs.		33,935		10,042,724		4.27
Semiconductors
NVIDIA Corporation		30,147		7,093,589		3.01
NXP Semiconductors N.V.		48,595		6,184,200		2.63
				13,277,789		5.64
Specialized REITs
Crown Castle International Corp.		50,461		7,173,031		3.05
Specialty Chemicals
The Sherwin-Williams Company		10,971		6,402,017		2.72
Systems Software
Microsoft Corporation		82,620		13,029,174		5.54
ServiceNow, Inc.*		20,862		5,889,760		2.50
				18,918,934		8.04
Technology Hardware, Storage & Peripherals
Apple, Inc.		26,241		7,705,670		3.27
TOTAL COMMON STOCKS
(Cost $168,375,930)				233,988,820		99.40

	Number of Shares		Value			Percent of Net Assets
SHORT-TERM INVESTMENTS
State Street Institutional Treasury Money Market Fund, 0.008%		1,951,975	$	1,951,975			0.83	%
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,951,975)				1,951,975			0.83
TOTAL INVESTMENTS
(Cost $170,327,905)				235,940,795			100.23
Liabilities, Less Cash and Other Assets				(530,429	)		(0.23	)
NET ASSETS			$	235,410,366			100.00	%

* Non-income producing

See notes to schedule of investments.

SUMMARY OF INVESTMENTS BY COUNTRY

			Percent of
			Investment
Country	Market Value		Securities
Australia	$	3,191,417		1.35	%
China/Hong Kong		20,150,816		8.54
France		18,444,331		7.82
Germany		21,531,855		9.12
Netherlands		29,434,152		12.48
Sweden		6,605,817		2.80
United States(1)		136,582,407		57.89
	$	235,940,795		100.00	%

⁽¹⁾ Includes short-term securities.

Notes to Schedules of Investments

Investment Valuation — A security traded on a recognized stock exchange is generally valued at the last sale price prior to the closing of the principal exchange on which the security is traded. Securities traded on NASDAQ generally will be valued at the NASDAQ Official Closing Price. If no sale price is reported on the valuation date, the most current bid price will generally be used, with the exception of short option positions which will generally utilize the most current ask price. Other securities for which over-the-counter market quotations are readily available are generally valued at the last sale price. Debt securities that will mature in more than 60 days are generally valued at their bid prices furnished by a pricing service approved by the Funds’ Board of Trustees and subject to review pursuant to procedures established by, and under the general supervision of, the Board of Trustees. Debt securities that will mature in 60 days or less are valued at amortized cost, if it approximates market value. Any securities for which market quotations are not readily available are valued at their fair value as determined in good faith by the Adviser in accordance with procedures established by, and under the general supervision of, the Funds’ Board of Trustees. The Funds may use pricing services to assist in determining market value. The Board of Trustees has authorized the use of a pricing service to assist the Funds in valuing certain equity securities listed or traded on foreign security exchanges in the Funds’ portfolios in certain circumstances where there is a significant change in the value of related US-traded securities, as represented by, for example, the S&P 500 Index.

“Fair Value Measurements and Disclosures” (the “Fair Value Statement”) defines fair value, establishes a framework for measuring fair value in Generally Accepted Accounting Principles (“GAAP”), and expands disclosures about fair value measurements. Under the Fair Value Statement, various inputs are used in determining the value of the Funds’ investments.

These inputs are summarized into three broad levels and described below:

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, and evaluated quotations obtained from pricing services)

• Level 3 – significant unobservable inputs (including the Fund’s assumptions that market participants would use in determining the fair value of investments)

The inputs or methodology used for valuing investments are not an indication of the risk associated with investing in those investments. Changes in valuation techniques may result in transfers between the levels during the reporting period. There were no transfers into or out of Level 3 during the reporting period. The following is a summary of the fair values of the Funds’ investments in each category and economic sector as of December 31, 2019:

Fund Investments by
Major Security Type	Level 1		Level 2		Level 3		Total
Marsico Focus Fund
Assets
Common Stocks
Communication Services	$	57,709,800	$	-	$	-	$	57,709,800
Consumer Discretionary		92,714,490		-		-		92,714,490
Financials		42,623,963		-		-		42,623,963
Health Care		51,888,708		-		-		51,888,708
Industrials		42,582,481		-		-		42,582,481
Information Technology		251,510,048		-		-		251,510,048
Materials		28,118,458		-		-		28,118,458
Real Estate		17,024,595		-		-		17,024,595
Short-term Investments		6,731,249		-		-		6,731,249
							$	590,903,792
Marsico Growth Fund
Assets
Common Stocks
Communication Services		34,057,109		-		-		34,057,109
Consumer Discretionary		42,505,502		-		-		42,505,502
Financials		11,054,795		-		-		11,054,795
Health Care		28,169,556		-		-		28,169,556
Industrials		14,236,702		-		-		14,236,702
Information Technology		114,475,571		-		-		114,475,571
Materials		14,330,002		-		-		14,330,002
Real Estate		9,766,132		-		-		9,766,132
Short-term Investments		4,577,987		-		-		4,577,987
							$	273,173,356
Marsico 21st Century Fund
Assets
Common Stocks
Communication Services		6,244,804		-		-		6,244,804
Consumer Discretionary		41,867,049		-		-		41,867,049
Financials		12,951,234		-		-		12,951,234
Health Care		37,109,053		-		-		37,109,053
Industrials		40,442,874		-		-		40,442,874
Information Technology		105,225,785		-		-		105,225,785
Materials		12,062,964		-		-		12,062,964
Real Estate		12,250,339		-		-		12,250,339
Short-term Investments		11,282,689		-		-		11,282,689
							$	279,436,791
Marsico International Opportunities Fund
Assets
Common Stocks
Communication Services		7,056,674		-		-		7,056,674
Consumer Discretionary		7,302,373		-		-		7,302,373
Consumer Staples		5,405,746		-		-		5,405,746
Energy		561,589		-		-		561,589
Financials		6,669,095		-		-		6,669,095
Health Care		8,509,624		-		-		8,509,624
Industrials		6,902,603		-		-		6,902,603
Information Technology		7,516,460		-		-		7,516,460
Materials		1,008,449		-		-		1,008,449
Real Estate		2,896,317		-		-		2,896,317
Short-term Investments		2,155,828		-		-		2,155,828
							$	55,984,758
Marsico Global Fund
Assets
Common Stocks
Communication Services		24,372,776		-		-		24,372,776
Consumer Discretionary		41,562,621		-		-		41,562,621
Financials		7,644,035		-		-		7,644,035
Health Care		12,737,007		-		-		12,737,007
Industrials		15,588,309		-		-		15,588,309
Information Technology		103,348,639		-		-		103,348,639
Materials		12,278,838		-		-		12,278,838
Real Estate		16,456,595		-		-		16,456,595
Short-term Investments		1,951,975		-		-		1,951,975
							$	235,940,795

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 2016-2020 as defined by Internal Revenue Service (“IRS”) statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the period ended December 31, 2019, 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, 2019, gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes were as follows:

										International
	Focus			Growth			21st Century			Opportunities			Global
	Fund			Fund			Fund			Fund			Fund
Cost of Investments	$	350,869,624		$	160,654,998		$	212,248,194		$	45,213,967		$	171,550,792
Gross Unrealized Appreciation	$	241,433,439		$	113,742,415		$	72,054,304		$	11,547,902		$	66,984,820
Gross Unrealized Depreciation		(1,399,271	)		(1,224,057	)		(4,865,707	)		(777,111	)		(2,594,817	)
Net Unrealized Appreciation on Investments	$	240,034,168		$	112,518,358		$	67,188,597		$	10,770,791		$	64,390,003

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