Marsico Focus Fund (MFOCX) NPORT-P Marsico International Opportunities Fund (Dec 2020 report)

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 21^st 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 21^st 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 21^st 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.