SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Exact name of Registrant as specified in charter)
(Address of principal executive offices) (Zip code)
The Marsico Investment Fund
1200 17th Street, Suite 1600
Denver, Colorado 80202
(Name and address of agent for service)
Item 1. | Reports to Stockholders |
OCTOBER 2017 |
(1) | The references to the Marsico Funds website (marsicofunds.com) included throughout this annual report do not incorporate the website’s contents into this report. |
TABLE OF CONTENTS |
KEY FUND STATISTICS | 2 | ||
MARKET ENVIRONMENT | 5 | ||
MARSICO FOCUS FUND | |||
Investment Review | 7 | ||
Fund Overview | 10 | ||
Schedule of Investments | 11 | ||
MARSICO GROWTH FUND | |||
Investment Review | 12 | ||
Fund Overview | 15 | ||
Schedule of Investments | 16 | ||
MARSICO 21st CENTURY FUND | |||
Investment Review | 18 | ||
Fund Overview | 21 | ||
Schedule of Investments | 22 | ||
MARSICO INTERNATIONAL OPPORTUNITIES FUND | |||
Investment Review | 24 | ||
Fund Overview | 26 | ||
Schedule of Investments | 27 | ||
MARSICO FLEXIBLE CAPITAL FUND | |||
Investment Review | 29 | ||
Fund Overview | 31 | ||
Schedule of Investments | 32 | ||
MARSICO GLOBAL FUND | |||
Investment Review | 34 | ||
Fund Overview | 36 | ||
Schedule of Investments | 37 | ||
FINANCIAL STATEMENTS | 38 | ||
NOTES TO FINANCIAL STATEMENTS | 48 | ||
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 56 | ||
EXPENSE EXAMPLE | 57 | ||
OTHER INFORMATION | 58 | ||
TRUSTEE AND OFFICER INFORMATION | 59 |
KEY FUND STATISTICS (UNAUDITED) |
Marsico Focus Fund | Marsico Growth Fund | Marsico 21st Century | ||||||
MFOCX | MGRIX | MXXIX | ||||||
For additional disclosures, please see page 10. | For additional disclosures, please see page 15. | For additional disclosures, please see page 21. | ||||||
PERFORMANCE COMPARISON(1) | PERFORMANCE COMPARISON(1) | PERFORMANCE COMPARISON(1) | ||||||
TOTAL ANNUAL OPERATING EXPENSES* 1.27% | TOTAL ANNUAL OPERATING EXPENSES* 1.36% | TOTAL ANNUAL OPERATING EXPENSES* 1.41% | ||||||
SECTOR ALLOCATION(2) | SECTOR ALLOCATION(2) | SECTOR ALLOCATION(2) | ||||||
TOP FIVE HOLDINGS | TOP FIVE HOLDINGS | TOP FIVE HOLDINGS | ||||||
ALIBABA GROUP HOLDING LTD. SPON. ADR | 7.87% | ALIBABA GROUP HOLDING LTD. SPON. ADR | 5.66% | FIRST REPUBLIC BANK | 3.42% | |||
VISA, INC. - CL. A | 5.25% | VISA, INC. - CL. A | 4.78% | MASTERCARD, INC. - CL. A | 3.17% | |||
UNITEDHEALTH GROUP, INC. | 5.08% | ADOBE SYSTEMS, INC. | 4.06% | INTUITIVE SURGICAL, INC. | 3.13% | |||
PAYPAL HOLDINGS, INC. | 4.95% | PAYPAL HOLDINGS, INC. | 3.69% | CONSTELLATION BRANDS, INC. - CL. A | 2.99% | |||
APPLE, INC. | 4.67% | FACEBOOK, INC. - CL. A | 3.63% | SALESFORCE.COM, INC. | 2.94% |
KEY FUND STATISTICS (UNAUDITED) |
Marsico International | Marsico Flexible Capital | Marsico Global Fund | ||||||
MIOFX | MFCFX | MGLBX | ||||||
For additional disclosures, please see page 26. | For additional disclosures, please see page 31. | For additional disclosures, please see page 36. | ||||||
PERFORMANCE COMPARISON(1) | PERFORMANCE COMPARISON(1) | PERFORMANCE COMPARISON(1) | ||||||
TOTAL ANNUAL OPERATING EXPENSES* 1.77% NET EXPENSES*† 1.60% | TOTAL ANNUAL OPERATING EXPENSES* 1.37% | TOTAL ANNUAL OPERATING EXPENSES* 1.69% NET EXPENSES*† 1.60% | ||||||
SECTOR ALLOCATION(2) | SECTOR ALLOCATION(2) | SECTOR ALLOCATION(2) | ||||||
TOP FIVE HOLDINGS | TOP FIVE HOLDINGS | TOP FIVE HOLDINGS | ||||||
ASML HOLDING N.V. | 4.71% | LOCKHEED MARTIN CORPORATION | 5.71% | TENCENT HOLDINGS LTD. | 5.85% | |||
INTERXION HOLDING N.V. | 4.64% | VISA, INC. - CL. A | 5.42% | ALIBABA GROUP HOLDING LTD. SPON. ADR | 5.68% | |||
ALIBABA GROUP HOLDING LTD. SPON. ADR | 3.88% | CONSTELLATION BRANDS, INC. - CL. A | 4.48% | UBISOFT ENTERTAINMENT S.A. | 4.41% | |||
JULIUS BAER GROUP LTD. | 3.82% | APPLE, INC. | 4.23% | HERMES INTERNATIONAL | 3.85% | |||
BAYER A.G. | 3.82% | FACEBOOK, INC. - CL. A | 4.07% | ANHEUSER-BUSCH INBEV S.A./N.V. | 3.61% |
Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 888-860-8686 or visit marsicofunds.com.
KEY FUND STATISTICS (UNAUDITED) |
* | The Total Annual Operating Expenses and Net Expenses are reflective of the information disclosed in the Funds’ Prospectus dated January 30, 2017. The information may differ from the expense ratios disclosed in this report. |
† | Marsico Capital Management, LLC (the “Adviser”) has entered into a written expense limitation and fee waiver agreement under which it has agreed to limit the total expenses of each of the International Opportunities Fund and the Global Fund (excluding interest, taxes, acquired fund fees and expenses, litigation, brokerage and extraordinary expenses) to an annual rate of 1.60% of each Fund’s average net assets until January 31, 2018. This expense limitation and fee waiver agreement may be terminated by the Adviser at any time after January 31, 2018, upon 15 days prior notice to the Fund and its administrator. The Adviser may recoup from a Fund fees previously waived or expenses previously reimbursed by the Adviser with respect to that Fund pursuant to this agreement (or a previous expenses limitation agreement) if: (1) such recoupment by the Adviser does not cause the Fund, at the time of recoupment, to exceed the lesser of (a) the expense limitation in effect at the time the relevant amount was waived and/or reimbursed, or (b) the expense limitation in effect at the time of the proposed recoupment, and (2) the recoupment is made within three fiscal years after the end of the fiscal year in which the amount was waived or reimbursed. |
(1) | The performance data quoted here represent past performance, and past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 888-860-8686 or visit marsicofunds.com. |
The performance included in the chart does not reflect the deduction of taxes on Fund distributions or the redemption of Fund shares. |
All indices are unmanaged and investors cannot invest directly in an index. |
(2) | Sector weightings represent the percentage of the respective Fund’s investments (excluding cash equivalents) in certain general sectors. These sectors may include more than one industry. The Fund’s portfolio composition is subject to change at any time. |
MARKET ENVIRONMENT |
MARKET ENVIRONMENT |
Index Name(1) | Universe of Equities Represented | One-Year Total Return (as of September 30, 2017) |
US | ||
S&P 500 | US large-capitalization equities | +18.61% |
Russell 3000 | US publicly-traded equities of all sizes | +18.71% |
Russell 2000 | US small-capitalization equities | +20.74% |
Russell Mid-Cap Growth | US medium-capitalization equities | +17.82% |
Index Name(1) | Universe of Equities Represented | One-Year Total Return (as of September 30, 2017) |
INTERNATIONAL | ||
MSCI EAFE (US$) | Equities in developed international equity markets, including Japan, Western Europe, and Australasia | +19.10% |
MSCI Emerging Markets (US$) | Equities in developing international equity markets, including China, India, Eastern Europe, and Latin America | +22.46% |
MSCI ACWI (US$) | Equities in the global developed and emerging markets | +18.65% |
(1) | All indices are unmanaged and investors cannot invest directly in an index. |
FOCUS FUND |
FOCUS FUND |
FOCUS FUND |
PORTFOLIO MANAGER
(1) | Total returns are based on net change in net asset value assuming reinvestment of distributions. Please see the Prospectus for more information. |
(2) | Regarding GICS data cited throughout this report, the Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s (“S&P”) and is licensed for use by Marsico Capital Management, LLC (the “Adviser”). Neither MSCI, S&P, nor the Adviser or any third party involved in compiling GICS makes any express or implied warranties or representations with respect to such standard or classification (or the results from use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any such standard or classification. MSCI, S&P, the Adviser, and any of their affiliates or third parties involved in compiling GICS shall not have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. |
(3) | Through September 30, 2016, the Funds reported certain real estate investment trusts as having been classified within the Financials sector. These investments are now reported in the new GICS Real Estate sector. References to investment sector exposure included throughout this annual report reflect the impact of this change. |
FOCUS FUND OVERVIEW |
TOTAL ANNUAL OPERATING EXPENSES* 1.27% | NET ASSETS $559,657,308 | NET ASSET VALUE PER SHARE $19.63 |
GROWTH OF $10,000(1) | PERFORMANCE COMPARISON | |||
SECTOR ALLOCATION(2) | TOP FIVE HOLDINGS | |||
Alibaba Group Holding Ltd. Spon. ADR | 7.87% | |||
Visa, Inc. - Cl. A | 5.25% | |||
UnitedHealth Group, Inc. | 5.08% | |||
PayPal Holdings, Inc. | 4.95% | |||
Apple, Inc. | 4.67% | |||
* | The Total Annual Operating Expenses are reflective of the information disclosed in the Funds’ Prospectus dated January 30, 2017 and may differ from the expense ratio disclosed in this report. |
The performance data quoted here represent past performance, and past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 888-860-8686 or visit marsicofunds.com. |
The performance included in the chart and graph does not reflect the deduction of taxes on Fund distributions or the redemption of Fund shares. |
All indices are unmanaged and investors cannot invest directly in an index. |
(1) | This chart assumes an initial investment of $10,000 made on September 30, 2007. Total returns are based on net change in NAV, assuming reinvestment of distributions. |
(2) | Sector weightings represent the percentage of the Fund’s investments (excluding cash equivalents) in certain general sectors. These sectors may include more than one industry. The Fund’s portfolio composition is subject to change at any time. |
SCHEDULE OF INVESTMENTS |
Number of Shares | Value | Percent of Net Assets | ||||||||||
COMMON STOCKS | ||||||||||||
Aerospace & Defense | ||||||||||||
Lockheed Martin Corporation | 57,426 | $ | 17,818,713 | 3.18 | % | |||||||
Application Software | ||||||||||||
salesforce.com, inc.* | 253,464 | 23,678,607 | 4.23 | |||||||||
Biotechnology | ||||||||||||
Celgene Corporation* | 172,901 | 25,212,424 | 4.51 | |||||||||
Brewers | ||||||||||||
Anheuser-Busch InBev S.A./N.V. | 92,593 | 11,085,836 | 1.98 | |||||||||
Data Processing & Outsourced Services | ||||||||||||
PayPal Holdings, Inc.* | 432,626 | 27,701,043 | 4.95 | |||||||||
Visa, Inc. - Cl. A | 279,338 | 29,397,531 | 5.25 | |||||||||
57,098,574 | 10.20 | |||||||||||
Distillers & Vintners | ||||||||||||
Constellation Brands, Inc. - Cl. A | 84,218 | 16,797,280 | 3.00 | |||||||||
Financial Exchanges & Data | ||||||||||||
Intercontinental Exchange, Inc. | 143,778 | 9,877,549 | 1.77 | |||||||||
Health Care Equipment | ||||||||||||
Boston Scientific Corporation* | 556,508 | 16,233,338 | 2.90 | |||||||||
Home Entertainment Software | ||||||||||||
Activision Blizzard, Inc. | 279,181 | 18,009,966 | 3.22 | |||||||||
Internet & Direct Marketing Retail | ||||||||||||
Amazon.com, Inc.* | 24,741 | 23,784,760 | 4.25 | |||||||||
Netflix, Inc.* | 127,281 | 23,082,409 | 4.12 | |||||||||
The Priceline Group, Inc.* | 8,797 | 16,105,724 | 2.88 | |||||||||
62,972,893 | 11.25 | |||||||||||
Internet Software & Services | ||||||||||||
Alibaba Group Holding Ltd. Spon. ADR* | 255,102 | 44,058,666 | 7.87 | |||||||||
Alphabet, Inc. - Cl. A* | 23,998 | 23,367,333 | 4.18 | |||||||||
Facebook, Inc. - Cl. A* | 136,507 | 23,324,951 | 4.17 | |||||||||
90,750,950 | 16.22 | |||||||||||
Managed Health Care | ||||||||||||
Anthem, Inc. | 80,392 | 15,264,833 | 2.73 | |||||||||
UnitedHealth Group, Inc. | 145,147 | 28,427,040 | 5.08 | |||||||||
43,691,873 | 7.81 | |||||||||||
Pharmaceuticals | ||||||||||||
Merck & Co., Inc. | 291,426 | 18,660,007 | 3.33 | |||||||||
Regional Banks | ||||||||||||
First Republic Bank | 164,495 | 17,183,148 | 3.07 | |||||||||
Restaurants | ||||||||||||
Domino's Pizza Enterprises Ltd. | 397,088 | 14,271,820 | 2.55 | |||||||||
COMMON STOCKS (continued) | ||||||||||||
Semiconductor Equipment | ||||||||||||
Applied Materials, Inc. | 427,648 | $ | 22,276,184 | 3.98 | % | |||||||
Semiconductors | ||||||||||||
NVIDIA Corporation | 113,988 | 20,377,635 | 3.64 | |||||||||
Specialty Chemicals | ||||||||||||
The Sherwin-Williams Company | 52,220 | 18,696,849 | 3.34 | |||||||||
Technology Hardware, Storage & Peripherals | ||||||||||||
Apple, Inc. | 169,380 | 26,104,846 | 4.67 | |||||||||
TOTAL COMMON STOCKS | ||||||||||||
(Cost $364,454,830) | 530,798,492 | 94.85 | ||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||
State Street Institutional U.S. Government Money Market Fund, 0.000% | 35,842,753 | 35,842,753 | 6.40 | |||||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||||||
(Cost $35,842,753) | 35,842,753 | 6.40 | ||||||||||
TOTAL INVESTMENTS | ||||||||||||
(Cost $400,297,583) | 566,641,245 | 101.25 | ||||||||||
Liabilities, Less Cash and Other Assets | (6,983,937 | ) | (1.25 | ) | ||||||||
NET ASSETS | $ | 559,657,308 | 100.00 | % |
* | Non-income producing. |
GROWTH FUND |
GROWTH FUND |
GROWTH FUND |
PORTFOLIO MANAGER
(1) | Total returns are based on net change in net asset value assuming reinvestment of distributions. Please see the Prospectus for more information. |
(2) | Through September 30, 2016, the Funds reported certain real estate investment trusts as having been classified within the Financials sector. These investments are now reported in the new GICS Real Estate sector. References to investment sector exposure included throughout this annual report reflect the impact of this change. |
GROWTH FUND OVERVIEW |
TOTAL ANNUAL OPERATING EXPENSES* 1.36% | NET ASSETS $266,921,832 | NET ASSET VALUE PER SHARE $18.47 |
GROWTH OF $10,000(1) | PERFORMANCE COMPARISON | |||
SECTOR ALLOCATION(2) | TOP FIVE HOLDINGS | |||
Alibaba Group Holding Ltd. Spon. ADR | 5.66% | |||
Visa, Inc. - Cl. A | 4.78% | |||
Adobe Systems, Inc. | 4.06% | |||
PayPal Holdings, Inc. | 3.69% | |||
Facebook, Inc. - Cl. A | 3.63% | |||
* | The Total Annual Operating Expenses are reflective of the information disclosed in the Funds’ Prospectus dated January 30, 2017 and may differ from the expense ratio disclosed in this report. |
The performance data quoted here represent past performance, and past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 888-860-8686 or visit marsicofunds.com. |
The performance included in the chart and graph does not reflect the deduction of taxes on Fund distributions or the redemption of Fund shares. |
All indices are unmanaged and investors cannot invest directly in an index. |
(1) | This chart assumes an initial investment of $10,000 made on September 30, 2007. Total returns are based on net change in NAV, assuming reinvestment of distributions. |
(2) | Sector weightings represent the percentage of the Fund’s investments (excluding cash equivalents) in certain general sectors. These sectors may include more than one industry. The Fund’s portfolio composition is subject to change at any time. |
SCHEDULE OF INVESTMENTS |
Number of Shares | Value | Percent of Net Assets | ||||||||||
COMMON STOCKS | ||||||||||||
Aerospace & Defense | ||||||||||||
Lockheed Martin Corporation | 30,332 | $ | 9,411,717 | 3.52 | % | |||||||
Raytheon Company | 31,428 | 5,863,836 | 2.20 | |||||||||
15,275,553 | 5.72 | |||||||||||
Application Software | ||||||||||||
Adobe Systems, Inc.* | 72,717 | 10,847,922 | 4.06 | |||||||||
salesforce.com, inc.* | 90,863 | 8,488,421 | 3.18 | |||||||||
19,336,343 | 7.24 | |||||||||||
Biotechnology | ||||||||||||
Amgen, Inc. | 51,709 | 9,641,143 | 3.61 | |||||||||
Celgene Corporation* | 54,671 | 7,972,125 | 2.99 | |||||||||
17,613,268 | 6.60 | |||||||||||
Brewers | ||||||||||||
Anheuser-Busch InBev S.A./N.V. | 53,842 | 6,446,315 | 2.42 | |||||||||
Data Processing & Outsourced Services | ||||||||||||
PayPal Holdings, Inc.* | 153,764 | 9,845,509 | 3.69 | |||||||||
Visa, Inc. - Cl. A | 121,278 | 12,763,297 | 4.78 | |||||||||
22,608,806 | 8.47 | |||||||||||
Distillers & Vintners | ||||||||||||
Constellation Brands, Inc. - Cl. A | 33,546 | 6,690,750 | 2.51 | |||||||||
Financial Exchanges & Data | ||||||||||||
Intercontinental Exchange, Inc. | 57,579 | 3,955,677 | 1.48 | |||||||||
Health Care Equipment | ||||||||||||
Boston Scientific Corporation* | 150,353 | 4,385,797 | 1.64 | |||||||||
Health Care Services | ||||||||||||
Laboratory Corporation of America Holdings* | 46,035 | 6,949,904 | 2.60 | |||||||||
Hotel & Resort REITs | ||||||||||||
MGM Growth Properties LLC - Cl. A | 103,079 | 3,114,017 | 1.17 | |||||||||
Hotels, Resorts & Cruise Lines | ||||||||||||
Norwegian Cruise Line Holdings Ltd.* | 116,431 | 6,293,096 | 2.36 | |||||||||
Internet & Direct Marketing Retail | ||||||||||||
Amazon.com, Inc.* | 9,266 | 8,907,869 | 3.34 | |||||||||
Netflix, Inc.* | 22,766 | 4,128,614 | 1.54 | |||||||||
The Priceline Group, Inc.* | 4,633 | 8,482,189 | 3.18 | |||||||||
21,518,672 | 8.06 | |||||||||||
COMMON STOCKS (continued) | ||||||||||||
Internet Software & Services | ||||||||||||
Alibaba Group Holding Ltd. Spon. ADR* | 87,498 | $ | 15,111,780 | 5.66 | % | |||||||
Alphabet, Inc. - Cl. A* | 9,493 | 9,243,524 | 3.46 | |||||||||
Facebook, Inc. - Cl. A* | 56,624 | 9,675,343 | 3.63 | |||||||||
Tencent Holdings Ltd. | 198,100 | 8,525,938 | 3.19 | |||||||||
42,556,585 | 15.94 | |||||||||||
Investment Banking & Brokerage | ||||||||||||
The Charles Schwab Corporation | 99,291 | 4,342,988 | 1.63 | |||||||||
Managed Health Care | ||||||||||||
Anthem, Inc. | 29,840 | 5,666,019 | 2.12 | |||||||||
UnitedHealth Group, Inc. | 47,060 | 9,216,701 | 3.46 | |||||||||
14,882,720 | 5.58 | |||||||||||
Multi-Sector Holdings | ||||||||||||
Berkshire Hathaway, Inc. - Cl. B* | 44,885 | 8,228,318 | 3.08 | |||||||||
Pharmaceuticals | ||||||||||||
Merck & Co., Inc. | 99,440 | 6,367,143 | 2.38 | |||||||||
Zoetis, Inc. | 126,679 | 8,077,053 | 3.03 | |||||||||
14,444,196 | 5.41 | |||||||||||
Regional Banks | ||||||||||||
First Republic Bank | 57,608 | 6,017,732 | 2.26 | |||||||||
Semiconductor Equipment | ||||||||||||
Applied Materials, Inc. | 127,624 | 6,647,934 | 2.49 | |||||||||
Semiconductors | ||||||||||||
NVIDIA Corporation | 46,887 | 8,381,989 | 3.14 | |||||||||
Specialized REITs | ||||||||||||
Crown Castle International Corp. | 80,646 | 8,062,987 | 3.02 | |||||||||
Specialty Chemicals | ||||||||||||
The Sherwin-Williams Company | 17,682 | 6,330,863 | 2.37 | |||||||||
Technology Hardware, Storage & Peripherals | ||||||||||||
Apple, Inc. | 56,960 | 8,778,675 | 3.29 | |||||||||
TOTAL COMMON STOCKS | ||||||||||||
(Cost $179,890,246) | 262,863,185 | 98.48 |
* | Non-income producing. |
See notes to financial statements. |
SCHEDULE OF INVESTMENTS |
Number of Shares | Value | Percent of Net Assets | ||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||
State Street Institutional Treasury Money Market Fund, 0.000% | 12,889,369 | $ | 12,889,369 | 4.83 | % | |||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||||||
(Cost $12,889,369) | 12,889,369 | 4.83 | ||||||||||
TOTAL INVESTMENTS | ||||||||||||
(Cost $192,779,615) | 275,752,554 | 103.31 | ||||||||||
Liabilities, Less Cash and Other Assets | (8,830,722 | ) | (3.31 | ) | ||||||||
NET ASSETS | $ | 266,921,832 | 100.00 | % |
See notes to financial statements. |
21st CENTURY FUND |
21st CENTURY FUND |
21st CENTURY FUND |
PORTFOLIO MANAGER
(1) | Total returns are based on net change in net asset value assuming reinvestment of distributions. Periodically, certain fees and expenses have been waived or reimbursed by the Adviser for the 21st Century Fund. In the absence of such a waiver or reimbursement, the performance returns reflected would have been reduced. In accordance with the expense limitation and fee waiver agreement, the Adviser may recoup fees and expenses previously waived or reimbursed under certain parameters. Periodically, the Adviser has recouped such fees or expenses from the 21st Century Fund, resulting in a lower performance return. Please see the Prospectus for more information. |
(2) | Through September 30, 2016, the Funds reported certain real estate investment trusts as having been classified within the Financials sector. These investments are now reported in the new GICS Real Estate sector. References to investment sector exposure included throughout this annual report reflect the impact of this change. |
21st CENTURY FUND OVERVIEW |
TOTAL ANNUAL OPERATING EXPENSES* 1.41% | NET ASSETS $234,322,251 | NET ASSET VALUE PER SHARE $26.19 |
GROWTH OF $10,000(2) | PERFORMANCE COMPARISON | |||
SECTOR ALLOCATION(3) | TOP FIVE HOLDINGS | |||
First Republic Bank | 3.42% | |||
Mastercard, Inc. - Cl. A | 3.17% | |||
Intuitive Surgical, Inc. | 3.13% | |||
Constellation Brands, Inc. - Cl. A | 2.99% | |||
salesforce.com, inc. | 2.94% | |||
* | The Total Annual Operating Expenses are reflective of the information disclosed in the Funds’ Prospectus dated January 30, 2017 and may differ from the expense ratio disclosed in this report. |
The performance data quoted here represent past performance, and past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 888-860-8686 or visit marsicofunds.com. |
The performance included in the chart and graph does not reflect the deduction of taxes on Fund distributions or the redemption of Fund shares. |
All indices are unmanaged and investors cannot invest directly in an index. |
The Russell Midcap Growth Index is the Fund’s supplemental benchmark index. The Russell Midcap Growth Index is an index composed of mid-capitalization US equities that exhibit growth characteristics. |
(1) | Periodically, certain fees and expenses have been waived or reimbursed by the Adviser for the 21st Century Fund. In the absence of such a waiver or reimbursement, the performance returns reflected would have been reduced. In accordance with the expense limitation and fee waiver agreement, the Adviser may recoup fees and expenses previously waived or reimbursed under certain parameters. Periodically, the Adviser has recouped such fees or expenses from the 21st Century Fund, resulting in a lower performance return. |
(2) | This chart assumes an initial investment of $10,000 made on September 30, 2007. Total returns are based on net change in NAV, assuming reinvestment of distributions. |
(3) | Sector weightings represent the percentage of the Fund’s investments (excluding cash equivalents) in certain general sectors. These sectors may include more than one industry. The Fund’s portfolio composition is subject to change at any time. |
SCHEDULE OF INVESTMENTS |
Number of Shares | Value | Percent of Net Assets | ||||||||||
COMMON STOCKS | ||||||||||||
Aerospace & Defense | ||||||||||||
HEICO Corporation | 12,827 | $ | 1,151,993 | 0.49 | % | |||||||
Airlines | ||||||||||||
Ryanair Holdings PLC Spon. ADR* | 10,743 | 1,132,527 | 0.48 | |||||||||
Apparel Retail | ||||||||||||
Burlington Stores, Inc.* | 48,805 | 4,658,925 | 1.99 | |||||||||
Apparel, Accessories & Luxury Goods | ||||||||||||
lululemon athletica, inc.* | 42,206 | 2,627,324 | 1.12 | |||||||||
Application Software | ||||||||||||
Adobe Systems, Inc.* | 38,139 | 5,689,576 | 2.43 | |||||||||
Atlassian Corporation PLC - Cl. A* | 39,927 | 1,403,434 | 0.60 | |||||||||
PTC, Inc.* | 71,905 | 4,046,813 | 1.72 | |||||||||
salesforce.com, inc.* | 73,785 | 6,892,995 | 2.94 | |||||||||
Snap, Inc. - Cl. A* | 76,933 | 1,118,606 | 0.48 | |||||||||
The Descartes Systems Group, Inc.* | 107,200 | 2,923,675 | 1.25 | |||||||||
22,075,099 | 9.42 | |||||||||||
Automobile Manufacturers | ||||||||||||
Tesla, Inc.* | 3,589 | 1,224,208 | 0.52 | |||||||||
Automotive Retail | ||||||||||||
O'Reilly Automotive, Inc.* | 14,646 | 3,154,309 | 1.35 | |||||||||
Biotechnology | ||||||||||||
Alkermes PLC* | 39,854 | 2,026,177 | 0.86 | |||||||||
Construction Materials | ||||||||||||
Vulcan Materials Company | 40,483 | 4,841,767 | 2.07 | |||||||||
Data Processing & Outsourced Services | ||||||||||||
Broadridge Financial Solutions, Inc. | 55,281 | 4,467,810 | 1.91 | |||||||||
FleetCor Technologies, Inc.* | 25,930 | 4,013,186 | 1.71 | |||||||||
Mastercard, Inc. - Cl. A | 52,550 | 7,420,060 | 3.17 | |||||||||
Vantiv, Inc. - Cl. A* | 72,563 | 5,113,515 | 2.18 | |||||||||
21,014,571 | 8.97 | |||||||||||
Distillers & Vintners | ||||||||||||
Constellation Brands, Inc. - Cl. A | 35,067 | 6,994,113 | 2.99 | |||||||||
Diversified Support Services | ||||||||||||
Healthcare Services Group, Inc. | 103,117 | 5,565,224 | 2.38 | |||||||||
Electrical Components & Equipment | ||||||||||||
AMETEK, Inc. | 56,218 | 3,712,637 | 1.58 | |||||||||
Electronic Equipment & Instruments | ||||||||||||
Cognex Corporation | 12,368 | 1,363,943 | 0.58 | |||||||||
General Merchandise Stores | ||||||||||||
Ollie's Bargain Outlet Holdings, Inc.* | 81,394 | 3,776,682 | 1.61 | |||||||||
COMMON STOCKS (continued) | ||||||||||||
Health Care Equipment | ||||||||||||
Hologic, Inc.* | 52,860 | $ | 1,939,434 | 0.83 | % | |||||||
IDEXX Laboratories, Inc.* | 14,615 | 2,272,486 | 0.97 | |||||||||
Intuitive Surgical, Inc.* | 7,008 | 7,329,527 | 3.13 | |||||||||
LivaNova PLC* | 19,352 | 1,355,801 | 0.58 | |||||||||
Teleflex, Inc. | 22,925 | 5,547,162 | 2.36 | |||||||||
18,444,410 | 7.87 | |||||||||||
Health Care Facilities | ||||||||||||
Acadia Healthcare Company, Inc.* | 78,555 | 3,751,787 | 1.60 | |||||||||
Home Entertainment Software | ||||||||||||
Activision Blizzard, Inc. | 58,832 | 3,795,252 | 1.62 | |||||||||
Take-Two Interactive Software, Inc.* | 24,838 | 2,539,189 | 1.08 | |||||||||
6,334,441 | 2.70 | |||||||||||
Hotels, Resorts & Cruise Lines | ||||||||||||
Marriott International, Inc. - Cl. A | 33,630 | 3,708,044 | 1.58 | |||||||||
Norwegian Cruise Line Holdings Ltd.* | 114,387 | 6,182,617 | 2.64 | |||||||||
9,890,661 | 4.22 | |||||||||||
Industrial Machinery | ||||||||||||
RBC Bearings, Inc.* | 5,866 | 734,130 | 0.31 | |||||||||
Internet & Direct Marketing Retail | ||||||||||||
Ctrip.com International, Ltd. ADR* | 93,285 | 4,919,851 | 2.10 | |||||||||
Netflix, Inc.* | 22,778 | 4,130,790 | 1.76 | |||||||||
9,050,641 | 3.86 | |||||||||||
Internet Software & Services | ||||||||||||
CoStar Group, Inc.* | 23,131 | 6,204,891 | 2.65 | |||||||||
Scout24 A.G. | 65,258 | 2,668,644 | 1.14 | |||||||||
Twilio, Inc. - Cl. A* | 33,147 | 989,438 | 0.42 | |||||||||
9,862,973 | 4.21 | |||||||||||
Investment Banking & Brokerage | ||||||||||||
The Charles Schwab Corporation | 133,916 | 5,857,486 | 2.50 | |||||||||
IT Consulting & Other Services | ||||||||||||
Gartner, Inc.* | 38,816 | 4,829,099 | 2.06 | |||||||||
Metal & Glass Containers | ||||||||||||
Ball Corporation | 84,260 | 3,479,938 | 1.49 | |||||||||
Packaged Foods & Meats | ||||||||||||
Blue Buffalo Pet Products, Inc.* | 70,623 | 2,002,162 | 0.86 | |||||||||
TreeHouse Foods, Inc.* | 48,450 | 3,281,519 | 1.40 | |||||||||
5,283,681 | 2.26 | |||||||||||
Pharmaceuticals | ||||||||||||
Pacira Pharmaceuticals, Inc.* | 38,675 | 1,452,246 | 0.62 | |||||||||
Railroads | ||||||||||||
Genesee & Wyoming, Inc. - Cl. A* | 63,960 | 4,733,680 | 2.02 | |||||||||
Real Estate Services | ||||||||||||
FirstService Corporation | 18,100 | 1,189,356 | 0.51 |
* | Non-income producing. |
See notes to financial statements. |
SCHEDULE OF INVESTMENTS |
Number of Shares | Value | Percent of Net Assets | ||||||||||
COMMON STOCKS (continued) | ||||||||||||
Regional Banks | ||||||||||||
First Republic Bank | 76,842 | $ | 8,026,915 | 3.42 | % | |||||||
Signature Bank* | 39,099 | 5,006,236 | 2.14 | |||||||||
13,033,151 | 5.56 | |||||||||||
Research & Consulting Services | ||||||||||||
Verisk Analytics, Inc.* | 49,049 | 4,080,386 | 1.74 | |||||||||
Restaurants | ||||||||||||
Domino's Pizza, Inc. | 19,393 | 3,850,480 | 1.64 | |||||||||
Semiconductor Equipment | ||||||||||||
ASML Holding N.V. | 17,726 | 3,034,691 | 1.30 | |||||||||
Semiconductors | ||||||||||||
NVIDIA Corporation | 16,501 | 2,949,884 | 1.26 | |||||||||
Soft Drinks | ||||||||||||
Monster Beverage Corporation* | 83,895 | 4,635,199 | 1.98 | |||||||||
Specialized REITs | ||||||||||||
Crown Castle International Corp. | 46,674 | 4,666,467 | 1.99 | |||||||||
SBA Communications Corporation - Cl. A* | 43,307 | 6,238,373 | 2.66 | |||||||||
10,904,840 | 4.65 | |||||||||||
Specialty Chemicals | ||||||||||||
The Sherwin-Williams Company | 15,007 | 5,373,106 | 2.29 | |||||||||
TOTAL COMMON STOCKS | ||||||||||||
(Cost $152,483,652) | 218,075,765 | 93.06 | ||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||
State Street Institutional Treasury Money Market Fund, 0.000% | 15,925,232 | $ | 15,925,232 | 6.80 | % | |||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||||||
(Cost $15,925,232) | 15,925,232 | 6.80 | ||||||||||
TOTAL INVESTMENTS | ||||||||||||
(Cost $168,408,884) | 234,000,997 | 99.86 | ||||||||||
Cash and Other Assets, Less Liabilities | 321,254 | 0.14 | ||||||||||
NET ASSETS | $ | 234,322,251 | 100.00 | % |
See notes to financial statements. |
INTERNATIONAL OPPORTUNITIES FUND |
INTERNATIONAL OPPORTUNITIES FUND |
ROBERT G. SUSMAN, CFA
PORTFOLIO MANAGERS
(1) | Total returns are based on net change in net asset value assuming reinvestment of distributions. Periodically, certain fees and expenses have been waived or reimbursed by the Adviser for the International Opportunities Fund. In the absence of such a waiver or reimbursement, the performance returns reflected would have been reduced. In accordance with the expense limitation and fee waiver agreement, the Adviser may recoup fees and expenses previously waived or reimbursed under certain parameters. Periodically, the Adviser has recouped such fees or expenses from the International Opportunities Fund, resulting in a lower performance return. Please see the Prospectus for more information. |
(2) | Through September 30, 2016, the Funds reported certain real estate investment trusts as having been classified within the Financials sector. These investments are now reported in the new GICS Real Estate sector. References to investment sector exposure included throughout this annual report reflect the impact of this change. |
INTERNATIONAL OPPORTUNITIES FUND OVERVIEW |
TOTAL ANNUAL OPERATING EXPENSES* 1.77% NET EXPENSES*† 1.60% | NET ASSETS $63,789,100 | NET ASSET VALUE PER SHARE $19.30 |
GROWTH OF $10,000(1)(2) | PERFORMANCE COMPARISON | |||
SECTOR ALLOCATION(3) | TOP FIVE HOLDINGS | |||
ASML Holding N.V. | 4.71% | |||
InterXion Holding N.V. | 4.64% | |||
Alibaba Group Holding Ltd. Spon. ADR | 3.88% | |||
Julius Baer Group Ltd. | 3.82% | |||
Bayer A.G. | 3.82% | |||
* | The Total Annual Operating Expenses and Net Expenses are reflective of the information disclosed in the Funds’ Prospectus dated January 30, 2017 and may differ from the expense ratios disclosed in this report. |
† | Marsico Capital Management, LLC (the “Adviser”) has entered into a written expense limitation and fee waiver agreement under which it has agreed to limit the total expenses of the International Opportunities Fund (excluding interest, taxes, acquired fund fees and expenses, litigation, brokerage and extraordinary expenses) to an annual rate of 1.60% of the Fund’s average net assets until January 31, 2018. This expense limitation and fee waiver agreement may be terminated by the Adviser at any time after January 31, 2018, upon 15 days prior notice to the Fund and its administrator. The Adviser may recoup from the Fund fees previously waived or expenses previously reimbursed by the Adviser with respect to the Fund pursuant to this agreement (or a previous expense limitation agreement) if: (1) such recoupment by the Adviser does not cause the Fund, at the time of recoupment, to exceed the lesser of (a) the expense limitation in effect at the time the relevant amount was waived and/or reimbursed, or (b) the expense limitation in effect at the time of the proposed recoupment, and (2) the recoupment is made within three fiscal years after the end of the fiscal year in which the amount was waived or reimbursed. |
The performance data quoted here represent past performance, and past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 888-860-8686 or visit marsicofunds.com. |
The performance included in the chart and graph does not reflect the deduction of taxes on Fund distributions or the redemption of Fund shares. |
All indices are unmanaged and investors cannot invest directly in an index. |
The MSCI EAFE Index tracks the stocks of about 1,000 companies in Europe, Australasia, and the Far East (EAFE). |
(1) | Periodically, certain fees and expenses have been waived or reimbursed by the Adviser for the International Opportunities Fund. In the absence of such a waiver or reimbursement, the performance returns reflected would have been reduced. In accordance with the expense limitation and fee waiver agreement, the Adviser may recoup fees and expenses previously waived or reimbursed under certain parameters. Periodically, the Adviser has recouped such fees or expenses from the International Opportunities Fund, resulting in a lower performance return. |
(2) | This chart assumes an initial investment of $10,000 made on September 30, 2007. Total returns are based on net change in NAV, assuming reinvestment of distributions. |
(3) | Sector weightings represent the percentage of the Fund’s investments (excluding cash equivalents) in certain general sectors. These sectors may include more than one industry. The Fund’s portfolio composition is subject to change at any time. |
SCHEDULE OF INVESTMENTS |
Number of Shares | Value | Percent of Net Assets | ||||||||||
COMMON STOCKS | ||||||||||||
Airlines | ||||||||||||
Ryanair Holdings PLC Spon. ADR* | 19,680 | $ | 2,074,666 | 3.25 | % | |||||||
Apparel, Accessories & Luxury Goods | ||||||||||||
lululemon athletica, inc.* | 12,647 | 787,276 | 1.23 | |||||||||
Application Software | ||||||||||||
Constellation Software, Inc. | 2,761 | 1,506,330 | 2.36 | |||||||||
Dassault Systemes | 12,621 | 1,276,726 | 2.00 | |||||||||
SAP S.E. | 11,329 | 1,241,096 | 1.95 | |||||||||
4,024,152 | 6.31 | |||||||||||
Asset Management & Custody Banks | ||||||||||||
Hargreaves Lansdown PLC | 98,370 | 1,950,873 | 3.06 | |||||||||
Julius Baer Group Ltd. | 41,230 | 2,439,695 | 3.82 | |||||||||
4,390,568 | 6.88 | |||||||||||
Biotechnology | ||||||||||||
Genmab A/S* | 3,350 | 739,567 | 1.16 | |||||||||
Brewers | ||||||||||||
Anheuser-Busch InBev S.A./N.V. | 15,104 | 1,808,349 | 2.84 | |||||||||
Casinos & Gaming | ||||||||||||
MGM China Holdings Ltd. | 737,200 | 1,766,653 | 2.77 | |||||||||
Data Processing & Outsourced Services | ||||||||||||
Cielo S.A. | 70,500 | 489,270 | 0.77 | |||||||||
Paysafe Group PLC* | 190,238 | 1,484,902 | 2.33 | |||||||||
Vantiv, Inc. - Cl. A* | 15,228 | 1,073,117 | 1.68 | |||||||||
Wirecard A.G. | 23,762 | 2,174,007 | 3.41 | |||||||||
5,221,296 | 8.19 | |||||||||||
Diversified Banks | ||||||||||||
HDFC Bank Ltd. ADR | 12,839 | 1,237,294 | 1.94 | |||||||||
UniCredit SpA* | 22,621 | 481,779 | 0.75 | |||||||||
1,719,073 | 2.69 | |||||||||||
Financial Exchanges & Data | ||||||||||||
Bolsa Mexicana de Valores S.A.B. de C.V. | 187,200 | 313,028 | 0.49 | |||||||||
Deutsche Boerse A.G. | 11,504 | 1,246,943 | 1.96 | |||||||||
1,559,971 | 2.45 | |||||||||||
General Merchandise Stores | ||||||||||||
Dollarama, Inc. | 12,529 | 1,370,935 | 2.15 | |||||||||
Health Care Distributors | ||||||||||||
Sinopharm Group Company Ltd. - Cl. H | 106,000 | 466,793 | 0.73 | |||||||||
Health Care Equipment | ||||||||||||
Koninklijke Philips N.V. | 48,620 | 2,007,217 | 3.15 | |||||||||
Home Entertainment Software | ||||||||||||
Ubisoft Entertainment S.A.* | 26,851 | 1,845,720 | 2.89 | |||||||||
COMMON STOCKS (continued) | ||||||||||||
Household Products | ||||||||||||
Reckitt Benckiser Group PLC | 18,672 | $ | 1,704,644 | 2.67 | % | |||||||
Industrial Machinery | ||||||||||||
FANUC Corporation | 8,700 | 1,762,035 | 2.76 | |||||||||
Integrated Telecommunication Services | ||||||||||||
Cellnex Telecom SA | 13,379 | 306,133 | 0.48 | |||||||||
Internet & Direct Marketing Retail | ||||||||||||
ASOS PLC* | 8,198 | 654,176 | 1.02 | |||||||||
Ctrip.com International, Ltd. ADR* | 33,371 | 1,759,987 | 2.76 | |||||||||
MakeMyTrip Ltd.* | 27,198 | 781,942 | 1.23 | |||||||||
Start Today Company Ltd. | 22,800 | 722,346 | 1.13 | |||||||||
3,918,451 | 6.14 | |||||||||||
Internet Software & Services | ||||||||||||
Alibaba Group Holding Ltd. Spon. ADR* | 14,315 | 2,472,344 | 3.88 | |||||||||
Just Eat PLC* | 84,355 | 755,643 | 1.18 | |||||||||
Scout24 A.G. | 39,587 | 1,618,861 | 2.54 | |||||||||
Tencent Holdings Ltd. | 51,600 | 2,220,790 | 3.48 | |||||||||
7,067,638 | 11.08 | |||||||||||
IT Consulting & Other Services | ||||||||||||
InterXion Holding N.V.* | 58,168 | 2,962,496 | 4.64 | |||||||||
Life Sciences Tools & Services | ||||||||||||
QIAGEN N.V. | 30,952 | 974,988 | 1.53 | |||||||||
Pharmaceuticals | ||||||||||||
Bayer A.G. | 17,889 | 2,437,790 | 3.82 | |||||||||
Dechra Pharmaceuticals PLC | 44,072 | 1,204,751 | 1.89 | |||||||||
3,642,541 | 5.71 | |||||||||||
Publishing | ||||||||||||
Lifull Company Ltd. | 167,900 | 1,459,286 | 2.29 | |||||||||
Real Estate Operating Companies | ||||||||||||
Aroundtown S.A. | 92,123 | 659,814 | 1.03 | |||||||||
Restaurants | ||||||||||||
Domino's Pizza Enterprises Ltd. | 42,508 | 1,527,788 | 2.40 | |||||||||
Domino's Pizza Group PLC | 294,839 | 1,225,551 | 1.92 | |||||||||
2,753,339 | 4.32 | |||||||||||
Semiconductor Equipment | ||||||||||||
ASML Holding N.V. | 17,635 | 3,002,407 | 4.71 | |||||||||
Trading Companies & Distributors | ||||||||||||
MISUMI Group, Inc. | 64,400 | 1,695,776 | 2.66 | |||||||||
Wireless Telecommunication Services | ||||||||||||
SoftBank Group Corporation | 7,400 | 597,393 | 0.94 | |||||||||
TOTAL COMMON STOCKS | ||||||||||||
(Cost $48,365,810) | 62,289,177 | 97.65 |
* | Non-income producing. |
See notes to financial statements. |
SCHEDULE OF INVESTMENTS |
Number of Shares | Value | Percent of Net Assets | ||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||
State Street Institutional Treasury Money Market Fund, 0.000% | 1,893,432 | $ | 1,893,432 | 2.97 | % | |||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||||||
(Cost $1,893,432) | 1,893,432 | 2.97 | ||||||||||
TOTAL INVESTMENTS | ||||||||||||
(Cost $50,259,242) | 64,182,609 | 100.62 | ||||||||||
Liabilities, Less Cash and Other Assets | (393,509 | ) | (0.62 | ) | ||||||||
NET ASSETS | $ | 63,789,100 | 100.00 | % |
SUMMARY OF INVESTMENTS BY COUNTRY | ||||||||
Country | Market Value | Percent of Investment Securities | ||||||
Australia | $ | 1,527,788 | 2.38 | % | ||||
Belgium | 1,808,349 | 2.82 | ||||||
Brazil | 489,270 | 0.76 | ||||||
Canada | 2,877,265 | 4.48 | ||||||
China/Hong Kong | 8,686,567 | 13.53 | ||||||
Denmark | 739,567 | 1.15 | ||||||
France | 3,122,446 | 4.87 | ||||||
Germany | 9,378,511 | 14.61 | ||||||
India | 2,019,236 | 3.15 | ||||||
Ireland | 2,074,666 | 3.23 | ||||||
Italy | 481,779 | 0.75 | ||||||
Japan | 6,236,836 | 9.72 | ||||||
Mexico | 313,028 | 0.49 | ||||||
Netherlands | 8,947,108 | 13.94 | ||||||
Spain | 306,133 | 0.48 | ||||||
Switzerland | 2,439,695 | 3.80 | ||||||
United Kingdom | 8,980,540 | 13.99 | ||||||
United States(1) | 3,753,825 | 5.85 | ||||||
$ | 64,182,609 | 100.00 | % |
(1) | Includes short-term securities. |
See notes to financial statements. |
FLEXIBLE CAPITAL FUND |
FLEXIBLE CAPITAL FUND |
PORTFOLIO MANAGER
(1) | Total returns are based on net change in net asset value assuming reinvestment of distributions. Periodically, certain fees and expenses have been waived or reimbursed by the Adviser for the Flexible Capital Fund. In the absence of such a waiver or reimbursement, the performance returns reflected would have been reduced. In accordance with the expense limitation and fee waiver agreement, the Adviser may recoup fees and expenses previously waived or reimbursed under certain parameters. Please see the Prospectus for more information. |
(2) | Through September 30, 2016, the Funds reported certain real estate investment trusts as having been classified within the Financials sector. These investments are now reported in the new GICS Real Estate sector. References to investment sector exposure included throughout this annual report reflect the impact of this change. |
FLEXIBLE CAPITAL FUND OVERVIEW |
TOTAL ANNUAL OPERATING EXPENSES* 1.37% | NET ASSETS $245,983,243 | NET ASSET VALUE PER SHARE $15.50 |
GROWTH OF $10,000(1)(2) | PERFORMANCE COMPARISON | |||
SECTOR ALLOCATION(3) | TOP FIVE HOLDINGS | |||
Lockheed Martin Corporation | 5.71% | |||
Visa, Inc. - Cl. A | 5.42% | |||
Constellation Brands, Inc. - Cl. A | 4.48% | |||
Apple, Inc. | 4.23% | |||
Facebook, Inc. - Cl. A | 4.07% | |||
* | The Total Annual Operating Expenses are reflective of the information disclosed in the Funds’ Prospectus dated January 30, 2017 and may differ from the expense ratio disclosed in this report. |
The performance data quoted here represent past performance, and past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 888-860-8686 or visit marsicofunds.com. |
The performance included in the chart and graph does not reflect the deduction of taxes on Fund distributions or the redemption of Fund shares. |
All indices are unmanaged and investors cannot invest directly in an index. |
(1) | Periodically, certain fees and expenses have been waived or reimbursed by the Adviser for the Flexible Capital Fund. In the absence of such a waiver or reimbursement, the performance returns reflected would have been reduced. In accordance with the expense limitation and fee waiver agreement, the Adviser may recoup fees and expenses previously waived or reimbursed under certain parameters. |
(2) | This chart assumes an initial investment of $10,000 made on September 30, 2007. Total returns are based on change in NAV, assuming reinvestment of distributions. |
(3) | Sector weightings represent the percentage of the Fund’s investments (excluding cash equivalents) in certain general sectors. These sectors may include more than one industry. The Fund’s portfolio composition is subject to change at any time. |
SCHEDULE OF INVESTMENTS |
Number of Shares | Value | Percent of Net Assets | ||||||||||
COMMON STOCKS | ||||||||||||
Aerospace & Defense | ||||||||||||
BAE Systems PLC | 516,686 | $ | 4,372,247 | 1.78 | % | |||||||
Lockheed Martin Corporation | 45,288 | 14,052,413 | 5.71 | |||||||||
18,424,660 | 7.49 | |||||||||||
Airport Services | ||||||||||||
Macquarie Infrastructure Corporation | 88,696 | 6,402,077 | 2.60 | |||||||||
Automotive Retail | ||||||||||||
O'Reilly Automotive, Inc.* | 24,425 | 5,260,412 | 2.14 | |||||||||
Biotechnology | ||||||||||||
Amgen, Inc. | 42,723 | 7,965,703 | 3.24 | |||||||||
Brewers | ||||||||||||
Anheuser-Busch InBev S.A./N.V. | 30,445 | 3,645,074 | 1.48 | |||||||||
Broadcasting | ||||||||||||
CBS Corporation - Cl. B | 36,947 | 2,142,926 | 0.87 | |||||||||
Casinos & Gaming | ||||||||||||
Red Rock Resorts, Inc. - Cl. A | 68,409 | 1,584,352 | 0.64 | |||||||||
Data Processing & Outsourced Services | ||||||||||||
Visa, Inc. - Cl. A | 126,675 | 13,331,277 | 5.42 | |||||||||
Distillers & Vintners | ||||||||||||
Constellation Brands, Inc. - Cl. A | 55,317 | 11,032,976 | 4.48 | |||||||||
Environmental & Facilities Services | ||||||||||||
Waste Management, Inc. | 92,089 | 7,207,806 | 2.93 | |||||||||
Financial Exchanges & Data | ||||||||||||
CME Group, Inc. | 54,812 | 7,436,892 | 3.02 | |||||||||
General Merchandise Stores | ||||||||||||
Target Corporation | 86,293 | 5,092,150 | 2.07 | |||||||||
Health Care Equipment | ||||||||||||
Zimmer Biomet Holdings, Inc. | 41,427 | 4,850,687 | 1.97 | |||||||||
Home Improvement Retail | ||||||||||||
The Home Depot, Inc. | 33,053 | 5,406,149 | 2.20 | |||||||||
Hotels, Resorts & Cruise Lines | ||||||||||||
Hilton Grand Vacations, Inc.* | 134,324 | 5,188,936 | 2.11 | |||||||||
Internet Software & Services | ||||||||||||
Alphabet, Inc. - Cl. A* | 9,218 | 8,975,751 | 3.65 | |||||||||
Facebook, Inc. - Cl. A* | 58,619 | 10,016,229 | 4.07 | |||||||||
18,991,980 | 7.72 | |||||||||||
COMMON STOCKS (continued) | ||||||||||||
Leisure Facilities | ||||||||||||
Six Flags Entertainment Corporation | 90,874 | $ | 5,537,862 | 2.25 | % | |||||||
Managed Health Care | ||||||||||||
Anthem, Inc. | 31,893 | 6,055,843 | 2.46 | |||||||||
Mortgage REITs | ||||||||||||
Starwood Property Trust, Inc. | 375,761 | 8,161,529 | 3.32 | |||||||||
Movies & Entertainment | ||||||||||||
Time Warner, Inc. | 66,035 | 6,765,286 | 2.75 | |||||||||
Packaged Foods & Meats | ||||||||||||
Mondelez International, Inc. - Cl. A | 30,438 | 1,237,609 | 0.50 | |||||||||
Pharmaceuticals | ||||||||||||
Johnson & Johnson | 68,803 | 8,945,078 | 3.64 | |||||||||
Regional Banks | ||||||||||||
Signature Bank* | 27,651 | 3,540,434 | 1.44 | |||||||||
Restaurants | ||||||||||||
Domino's Pizza Group PLC | 1,662,453 | 6,910,282 | 2.81 | |||||||||
Semiconductors | ||||||||||||
Texas Instruments, Inc. | 68,225 | 6,115,689 | 2.49 | |||||||||
Specialized REITs | ||||||||||||
Crown Castle International Corp. | 93,131 | 9,311,237 | 3.79 | |||||||||
Systems Software | ||||||||||||
Microsoft Corporation | 36,566 | 2,723,801 | 1.11 | |||||||||
Technology Hardware, Storage & Peripherals | ||||||||||||
Apple, Inc. | 67,488 | 10,401,251 | 4.23 | |||||||||
TOTAL COMMON STOCKS | ||||||||||||
(Cost $150,557,043) | 199,669,958 | 81.17 | ||||||||||
CONVERTIBLE PREFERRED STOCKS | ||||||||||||
Pharmaceuticals | ||||||||||||
Allergan PLC, Series A, 5.500%, 3/1/18 | 4,091 | 3,018,422 | 1.23 | |||||||||
TOTAL CONVERTIBLE PREFERRED STOCKS | ||||||||||||
(Cost $3,343,424) | 3,018,422 | 1.23 |
* | Non-income producing. |
See notes to financial statements. |
SCHEDULE OF INVESTMENTS |
Par Value/ Number of Shares | Value | Percent of Net Assets | ||||||||||
CORPORATE BONDS | ||||||||||||
Casinos & Gaming | ||||||||||||
MGM Resorts International, 6.625%, 12/15/21 | $ | 3,500,000 | $ | 3,937,500 | 1.60 | % | ||||||
General Merchandise Stores | ||||||||||||
Dollar Tree, Inc., 5.750%, 3/1/23 | 5,000,000 | 5,275,000 | 2.14 | |||||||||
Metal & Glass Containers | ||||||||||||
Ball Corp., 4.000%, 11/15/23 | 4,000,000 | 4,090,000 | 1.66 | |||||||||
Movies & Entertainment | ||||||||||||
Lions Gate Entertainment Corporation 144A, 5.875%, 11/1/24† | 1,000,000 | 1,050,000 | 0.43 | |||||||||
Restaurants | ||||||||||||
Yum! Brands, Inc., 6.875%, 11/15/37 | 3,000,000 | 3,296,250 | 1.34 | |||||||||
TOTAL CORPORATE BONDS | ||||||||||||
(Cost $16,232,341) | 17,648,750 | 7.17 | ||||||||||
PREFERRED STOCKS | ||||||||||||
Diversified Banks | ||||||||||||
JPMorgan Chase & Co., Series BB, 6.150%, Perpetual Maturity | 94,101 | 2,549,196 | 1.03 | |||||||||
Wells Fargo & Company, Series N, 5.200%, Perpetual Maturity | 102,044 | 2,552,121 | 1.04 | |||||||||
5,101,317 | 2.07 | |||||||||||
Investment Banking & Brokerage | ||||||||||||
The Charles Schwab Corporation, Series C, 6.000%, Perpetual Maturity | 93,162 | 2,528,417 | 1.03 | |||||||||
Regional Banks | ||||||||||||
Regions Financial Corporation, Series A, 6.375%, Perpetual Maturity | 74,183 | 1,887,957 | 0.77 | |||||||||
TOTAL PREFERRED STOCKS | ||||||||||||
(Cost $8,982,862) | 9,517,691 | 3.87 |
Number of Shares | Value | Percent of Net Assets | ||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||
State Street Institutional Treasury Money Market Fund, 0.000% | 14,751,151 | $ | 14,751,151 | 6.00 | % | |||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||||||
(Cost $14,751,151) | 14,751,151 | 6.00 | ||||||||||
TOTAL INVESTMENTS | ||||||||||||
(Cost $193,866,821) | 244,605,972 | 99.44 | ||||||||||
Cash and Other Assets, Less Liabilities | 1,377,271 | 0.56 | ||||||||||
NET ASSETS | $ | 245,983,243 | 100.00 | % |
† | These securities have been determined to be liquid under guidelines established by the Board of Trustees. At September 30, 2017, the total value of the Fund’s 144A securities was 0.43% of net assets. |
See notes to financial statements. |
GLOBAL FUND |
GLOBAL FUND |
PORTFOLIO MANAGER
(1) | Total returns are based on net change in net asset value assuming reinvestment of distributions. Periodically, certain fees and expenses have been waived or reimbursed by the Adviser for the Global Fund. In the absence of such a waiver or reimbursement, the performance returns reflected would have been reduced. In accordance with the expense limitation and fee waiver agreement, the Adviser may recoup fees and expenses previously waived or reimbursed under certain parameters. Periodically, the Adviser has recouped such fees or expenses from the Global Fund, resulting in a lower performance return. Please see the Prospectus for more information. |
(2) | Through September 30, 2016, the Funds reported certain real estate investment trusts as having been classified within the Financials sector. These investments are now reported in the new GICS Real Estate sector. References to investment sector exposure included throughout this annual report reflect the impact of this change. |
GLOBAL FUND OVERVIEW |
TOTAL ANNUAL OPERATING EXPENSES* 1.69% NET EXPENSES*† 1.60% | NET ASSETS $44,493,135 | NET ASSET VALUE PER SHARE $15.13 |
GROWTH OF $10,000(1)(2) | PERFORMANCE COMPARISON | |||
SECTOR ALLOCATION(3) | TOP FIVE HOLDINGS | |||
Tencent Holdings Ltd. | 5.85% | |||
Alibaba Group Holding Ltd. Spon. ADR | 5.68% | |||
Ubisoft Entertainment S.A. | 4.41% | |||
Hermes International | 3.85% | |||
Anheuser-Busch InBev S.A./N.V. | 3.61% | |||
* | The Total Annual Operating Expenses and Net Expenses are reflective of the information disclosed in the Funds’ Prospectus dated January 30, 2017 and may differ from the expense ratios disclosed in this report. |
† | Marsico Capital Management, LLC (the “Adviser”) has entered into a written expense limitation and fee waiver agreement under which it has agreed to limit the total expenses of the Global Fund (excluding interest, taxes, acquired fund fees and expenses, litigation, brokerage and extraordinary expenses) to an annual rate of 1.60% of the Fund’s average net assets until January 31, 2018. This expense limitation and fee waiver agreement may be terminated by the Adviser at any time after January 31, 2018, upon 15 days prior notice to the Fund and its administrator. The Adviser may recoup from the Fund fees previously waived or expenses previously reimbursed by the Adviser with respect to the Fund pursuant to this agreement (or a previous expense limitation agreement) if: (1) such recoupment by the Adviser does not cause the Fund, at the time of recoupment, to exceed the lesser of (a) the expense limitation in effect at the time the relevant amount was waived and/or reimbursed, or (b) the expense limitation in effect at the time of the proposed recoupment, and (2) the recoupment is made within three fiscal years after the end of the fiscal year in which the amount was waived or reimbursed. |
The performance data quoted here represent past performance, and past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 888-860-8686 or visit marsicofunds.com. |
The performance included in the chart and graph does not reflect the deduction of taxes on Fund distributions or the redemption of Fund shares. |
All indices are unmanaged and investors cannot invest directly in an index. |
The MSCI ACWI (All Country World Index) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets. |
(1) | Periodically, certain fees and expenses have been waived or reimbursed by the Adviser for the Global Fund. In the absence of such a waiver or reimbursement, the performance returns reflected would have been reduced. In accordance with the expense limitation and fee waiver agreement, the Adviser may recoup fees and expenses previously waived or reimbursed under certain parameters. Periodically, the Adviser has recouped such fees or expenses from the Global Fund, resulting in a lower performance return. |
(2) | This chart assumes an initial investment of $10,000 made on September 30, 2007. Total returns are based on change in NAV, assuming reinvestment of distributions. |
(3) | Sector weightings represent the percentage of the Fund’s investments (excluding cash equivalents) in certain general sectors. These sectors may include more than one industry. The Fund’s portfolio composition is subject to change at any time. |
SCHEDULE OF INVESTMENTS |
Number of Shares | Value | Percent of Net Assets | ||||||||||
COMMON STOCKS | ||||||||||||
Airlines | ||||||||||||
Ryanair Holdings PLC Spon. ADR* | 12,677 | $ | 1,336,409 | 3.00 | % | |||||||
Apparel, Accessories & Luxury Goods | ||||||||||||
Hermes International | 3,395 | 1,711,554 | 3.85 | |||||||||
Application Software | ||||||||||||
salesforce.com, inc.* | 11,359 | 1,061,158 | 2.39 | |||||||||
SAP S.E. | 12,916 | 1,414,952 | 3.18 | |||||||||
Snap, Inc. - Cl. A* | 43,763 | 636,314 | 1.43 | |||||||||
3,112,424 | 7.00 | |||||||||||
Biotechnology | ||||||||||||
Amgen, Inc. | 4,750 | 885,638 | 1.99 | |||||||||
Celgene Corporation* | 6,055 | 882,940 | 1.99 | |||||||||
1,768,578 | 3.98 | |||||||||||
Brewers | ||||||||||||
Anheuser-Busch InBev S.A./N.V. | 13,422 | 1,606,969 | 3.61 | |||||||||
Data Processing & Outsourced Services | ||||||||||||
Visa, Inc. - Cl. A | 13,913 | 1,464,204 | 3.29 | |||||||||
Wirecard A.G. | 15,894 | 1,454,157 | 3.27 | |||||||||
2,918,361 | 6.56 | |||||||||||
Distillers & Vintners | ||||||||||||
Constellation Brands, Inc. - Cl. A | 2,364 | 471,500 | 1.06 | |||||||||
General Merchandise Stores | ||||||||||||
Dollarama, Inc. | 10,144 | 1,109,966 | 2.49 | |||||||||
Health Care Equipment | ||||||||||||
Intuitive Surgical, Inc.* | 1,053 | 1,101,312 | 2.48 | |||||||||
Koninklijke Philips N.V. | 32,559 | 1,344,158 | 3.02 | |||||||||
2,445,470 | 5.50 | |||||||||||
Home Entertainment Software | ||||||||||||
Activision Blizzard, Inc. | 22,496 | 1,451,217 | 3.26 | |||||||||
Nintendo Co., Ltd. | 3,200 | 1,181,888 | 2.66 | |||||||||
Ubisoft Entertainment S.A.* | 28,581 | 1,964,639 | 4.41 | |||||||||
4,597,744 | 10.33 | |||||||||||
Internet & Direct Marketing Retail | ||||||||||||
Amazon.com, Inc.* | 1,371 | 1,318,011 | 2.96 | |||||||||
Ctrip.com International, Ltd. ADR* | 21,233 | 1,119,828 | 2.52 | |||||||||
Netflix, Inc.* | 6,882 | 1,248,051 | 2.80 | |||||||||
3,685,890 | 8.28 | |||||||||||
Internet Software & Services | ||||||||||||
Alibaba Group Holding Ltd. Spon. ADR* | 14,625 | 2,525,884 | 5.68 | |||||||||
Alphabet, Inc. - Cl. A* | 1,131 | 1,101,277 | 2.47 | |||||||||
Facebook, Inc. - Cl. A* | 8,776 | 1,499,555 | 3.37 | |||||||||
Tencent Holdings Ltd. | 60,500 | 2,603,833 | 5.85 | |||||||||
7,730,549 | 17.37 | |||||||||||
IT Consulting & Other Services | ||||||||||||
InterXion Holding N.V.* | 25,375 | 1,292,349 | 2.90 | |||||||||
Managed Health Care | ||||||||||||
UnitedHealth Group, Inc. | 6,391 | 1,251,677 | 2.81 | |||||||||
COMMON STOCKS (continued) | ||||||||||||
Regional Banks | ||||||||||||
First Republic Bank | 8,412 | $ | 878,718 | 1.98 | % | |||||||
Restaurants | ||||||||||||
Domino's Pizza Enterprises Ltd. | 30,936 | 1,111,877 | 2.50 | |||||||||
Domino's Pizza Group PLC | 240,769 | 1,000,799 | 2.25 | |||||||||
2,112,676 | 4.75 | |||||||||||
Semiconductor Equipment | ||||||||||||
Applied Materials, Inc. | 25,422 | 1,324,232 | 2.98 | |||||||||
ASML Holding N.V. | 6,752 | 1,149,547 | 2.58 | |||||||||
2,473,779 | 5.56 | |||||||||||
Semiconductors | ||||||||||||
NVIDIA Corporation | 6,763 | 1,209,021 | 2.72 | |||||||||
Specialty Chemicals | ||||||||||||
The Sherwin-Williams Company | 3,078 | 1,102,047 | 2.48 | |||||||||
TOTAL COMMON STOCKS | ||||||||||||
(Cost $30,054,879) | 42,815,681 | 96.23 | ||||||||||
SHORT-TERM INVESTMENTS | ||||||||||||
State Street Institutional Treasury Money Market Fund, 0.000% | 1,496,567 | 1,496,567 | 3.36 | |||||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||||||
(Cost $1,496,567) | 1,496,567 | 3.36 | ||||||||||
TOTAL INVESTMENTS | ||||||||||||
(Cost $31,551,446) | 44,312,248 | 99.59 | ||||||||||
Cash and Other Assets, Less Liabilities | 180,887 | 0.41 | ||||||||||
NET ASSETS | $ | 44,493,135 | 100.00 | % |
SUMMARY OF INVESTMENTS BY COUNTRY | ||||||||
Country | Market Value | Percent of Investment Securities | ||||||
Australia | $ | 1,111,877 | 2.51 | % | ||||
Belgium | 1,606,969 | 3.63 | ||||||
Canada | 1,109,966 | 2.50 | ||||||
China/Hong Kong | 6,249,545 | 14.10 | ||||||
France | 3,676,193 | 8.30 | ||||||
Germany | 2,869,109 | 6.47 | ||||||
Ireland | 1,336,409 | 3.02 | ||||||
Japan | 1,181,888 | 2.67 | ||||||
Netherlands | 3,786,054 | 8.54 | ||||||
United Kingdom | 1,000,799 | 2.26 | ||||||
United States(1) | 20,383,439 | 46.00 | ||||||
$ | 44,312,248 | 100.00 | % |
(1) | Includes short-term securities. |
* | Non-income producing. |
See notes to financial statements. |
FINANCIAL STATEMENTS |
(Amounts in thousands) | MARSICO FOCUS FUND | MARSICO GROWTH FUND | ||||||
ASSETS | ||||||||
Investments, at value (cost $400,298, $192,780, $168,409, $50,259, $193,867, and $31,551, respectively) | $ | 566,641 | $ | 275,753 | ||||
Receivable for investments sold | — | — | ||||||
Receivable for capital stock sold | 15 | 1 | ||||||
Interest and dividends receivable | 363 | 98 | ||||||
Prepaid expenses and other assets | 2,937 | 1,132 | ||||||
Total Assets | 569,956 | 276,984 | ||||||
LIABILITIES | ||||||||
Payable for investments purchased | 2,467 | 6,651 | ||||||
Payable for capital stock redeemed | 239 | 231 | ||||||
Payable to investment adviser | 351 | 175 | ||||||
Accrued trustees' fees | 2,934 | 1,128 | ||||||
Accrued distribution fee | 4,098 | 1,761 | ||||||
Accrued professional fees | 94 | 45 | ||||||
Accrued transfer agent fees and expenses | 17 | 9 | ||||||
Accrued printing expenses | 33 | 16 | ||||||
Accrued custody and fund accounting fees | 24 | 16 | ||||||
Accrued expenses and other liabilities | 42 | 30 | ||||||
Total Liabilities | 10,299 | 10,062 | ||||||
NET ASSETS | $ | 559,657 | $ | 266,922 | ||||
NET ASSETS CONSIST OF | ||||||||
Paid-in-capital | $ | 309,223 | $ | 160,547 | ||||
Undistributed net investment income (accumulated net investment loss) | (4,373 | ) | (2,262 | ) | ||||
Accumulated net realized gain (loss) on investments and foreign currency transactions | 87,351 | 25,176 | ||||||
Net unrealized appreciation on investments and foreign currency translations | 167,456 | 83,461 | ||||||
NET ASSETS | $ | 559,657 | $ | 266,922 | ||||
SHARES OUTSTANDING, $0.001 par value | ||||||||
(Unlimited shares authorized) | 28,517 | 14,451 | ||||||
NET ASSET VALUE, REDEMPTION PRICE, AND OFFERING PRICE PER SHARE (NET ASSETS/SHARES OUTSTANDING)* | $ | 19.63 | $ | 18.47 |
* | Not in thousands, based on unrounded net assets and shares outstanding. |
See notes to financial statements. |
FINANCIAL STATEMENTS |
MARSICO 21st CENTURY FUND | MARSICO INTERNATIONAL OPPORTUNITIES FUND | MARSICO FLEXIBLE CAPITAL FUND | MARSICO GLOBAL FUND | ||||||||||||
$ | 234,001 | $ | 64,183 | $ | 244,606 | $ | 44,312 | ||||||||
1,558 | — | 1,398 | 1,687 | ||||||||||||
1 | 1 | 25 | 20 | ||||||||||||
38 | 91 | 545 | 26 | ||||||||||||
410 | 203 | 1,747 | 132 | ||||||||||||
236,008 | 64,478 | 248,321 | 46,177 | ||||||||||||
— | 136 | — | 1,325 | ||||||||||||
40 | 23 | 102 | — | ||||||||||||
153 | 47 | 161 | 31 | ||||||||||||
407 | 194 | 1,741 | 123 | ||||||||||||
973 | 227 | 204 | 162 | ||||||||||||
40 | 10 | 46 | 6 | ||||||||||||
8 | 5 | 29 | 3 | ||||||||||||
14 | 3 | 16 | 2 | ||||||||||||
15 | 18 | 16 | 11 | ||||||||||||
36 | 26 | 23 | 21 | ||||||||||||
1,686 | 689 | 2,338 | 1,684 | ||||||||||||
$ | 234,322 | $ | 63,789 | $ | 245,983 | $ | 44,493 | ||||||||
$ | 554,671 | $ | 144,577 | $ | 168,451 | $ | 28,516 | ||||||||
(2,457 | ) | (553 | ) | 1,907 | (574 | ) | |||||||||
(383,693 | ) | (94,231 | ) | 24,125 | 3,716 | ||||||||||
65,801 | 13,996 | 51,500 | 12,835 | ||||||||||||
$ | 234,322 | $ | 63,789 | $ | 245,983 | $ | 44,493 | ||||||||
8,947 | 3,305 | 15,865 | 2,941 | ||||||||||||
$ | 26.19 | $ | 19.30 | $ | 15.50 | $ | 15.13 |
FINANCIAL STATEMENTS |
(Amounts in thousands) | MARSICO FOCUS FUND | MARSICO GROWTH FUND | ||||||
INVESTMENT INCOME | ||||||||
Dividends (net of $31, $6, $10, $34, $0, and $18, respectively, non-reclaimable foreign withholding taxes) | $ | 4,133 | $ | 2,309 | ||||
Interest | — | — | ||||||
Total Investment Income | 4,133 | 2,309 | ||||||
EXPENSES | ||||||||
Investment advisory fees | 4,210 | 2,089 | ||||||
Distribution fees | 1,370 | 655 | ||||||
Trustees' fees and expenses | 715 | (1) | 267 | (1) | ||||
Transfer agent fees and expenses | 416 | 214 | ||||||
Professional fees | 297 | 141 | ||||||
Fund administration fees | 165 | 136 | ||||||
Custody and fund accounting fees | 134 | 90 | ||||||
Miscellaneous | 87 | 42 | ||||||
Printing and postage expenses | 85 | 42 | ||||||
Federal and state registration fees | 33 | 29 | ||||||
Total Expenses | 7,512 | 3,705 | ||||||
Less waiver of expenses and expenses paid indirectly | (1 | ) | — | |||||
Net Expenses | 7,511 | 3,705 | ||||||
NET INVESTMENT INCOME (LOSS) | (3,378 | ) | (1,396 | ) | ||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||
Net realized gain on investments | 91,438 | 25,336 | ||||||
Net realized gain (loss) on foreign currency transactions | 222 | — | ||||||
Change in unrealized appreciation (depreciation) on investments and foreign currency translations | 20,700 | 21,972 | ||||||
Net Gain on Investments | 112,360 | 47,308 | ||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 108,982 | $ | 45,912 |
(1) | Amounts include trustees’ fees and expenses and the mark to market unrealized appreciation during the period for shares held in the Trustees’ Deferred Fee Plan, as more fully described in Note 2(g) in the Notes to Financial Statements. |
Trustees’ Fees and Expenses* | Unrealized Appreciation* | |||||||
Focus Fund | $ | 183,091 | $ | 531,725 | ||||
Growth Fund | 86,488 | 180,836 | ||||||
21st Century Fund | 76,627 | 61,584 | ||||||
International Opportunities Fund | 18,818 | 33,971 | ||||||
Flexible Capital Fund | 90,959 | 147,851 | ||||||
Global Fund | 12,156 | 23,742 |
* | Not in thousands. |
See notes to financial statements. |
FINANCIAL STATEMENTS |
MARSICO 21st CENTURY FUND | MARSICO INTERNATIONAL OPPORTUNITIES FUND | MARSICO FLEXIBLE CAPITAL FUND | MARSICO GLOBAL FUND | ||||||||||||
$ | 997 | $ | 478 | $ | 6,344 | $ | 302 | ||||||||
— | — | 1,686 | — | ||||||||||||
997 | 478 | 8,030 | 302 | ||||||||||||
1,818 | 461 | 2,181 | 309 | ||||||||||||
568 | 144 | 686 | 96 | ||||||||||||
138 | (1) | 53 | (1) | 239 | (1) | 36 | (1) | ||||||||
210 | 72 | 399 | 48 | ||||||||||||
124 | 38 | 156 | 27 | ||||||||||||
128 | 100 | 137 | 78 | ||||||||||||
91 | 116 | 106 | 71 | ||||||||||||
33 | 8 | 50 | 5 | ||||||||||||
43 | 17 | 52 | 6 | ||||||||||||
22 | 19 | 29 | 18 | ||||||||||||
3,175 | 1,028 | 4,035 | 694 | ||||||||||||
— | (106 | ) | — | (76 | ) | ||||||||||
3,175 | 922 | 4,035 | 618 | ||||||||||||
(2,178 | ) | (444 | ) | 3,995 | (316 | ) | |||||||||
34,718 | 9,143 | 30,234 | 4,701 | ||||||||||||
(353 | ) | (402 | ) | (2,164 | ) | 36 | |||||||||
6,689 | 3,642 | (11,428 | ) | 4,001 | |||||||||||
41,054 | 12,383 | 16,642 | 8,738 | ||||||||||||
$ | 38,876 | $ | 11,939 | $ | 20,637 | $ | 8,422 |
FINANCIAL STATEMENTS |
MARSICO FOCUS FUND | MARSICO GROWTH FUND | |||||||||||||||
(Amounts in thousands) | Year Ended 9/30/17 | Year Ended 9/30/16 | Year Ended 9/30/17 | Year Ended 9/30/16 | ||||||||||||
OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | (3,378 | ) | $ | (4,486 | ) | $ | (1,396 | ) | $ | (2,098 | ) | ||||
Net realized gain (loss) on investments | 91,438 | (119 | ) | 25,336 | 2,049 | |||||||||||
Net realized gain (loss) on foreign currency transactions | 222 | (292 | ) | — | — | |||||||||||
Change in unrealized appreciation (depreciation) on investments and foreign currency translations | 20,700 | 45,999 | 21,972 | 19,892 | ||||||||||||
Net increase in net assets resulting from operations | 108,982 | 41,102 | 45,912 | 19,843 | ||||||||||||
DISTRIBUTIONS: | ||||||||||||||||
Net investment income | — | — | — | — | ||||||||||||
Net realized gains | — | (157,703 | ) | (2,136 | ) | (111,369 | ) | |||||||||
Total distributions | — | (157,703 | ) | (2,136 | ) | (111,369 | ) | |||||||||
CAPITAL SHARE TRANSACTIONS: | ||||||||||||||||
Proceeds from sales of shares | 30,112 | 30,902 | 14,269 | 16,765 | ||||||||||||
Proceeds from reinvestment of distributions | — | 147,665 | 2,048 | 106,035 | ||||||||||||
Redemption of shares | (193,307 | ) | (236,947 | ) | (81,384 | ) | (153,503 | ) | ||||||||
Net decrease from capital share transactions | (163,195 | ) | (58,380 | ) | (65,067 | ) | (30,703 | ) | ||||||||
TOTAL INCREASE (DECREASE) IN NET ASSETS | (54,213 | ) | (174,981 | ) | (21,291 | ) | (122,229 | ) | ||||||||
NET ASSETS: | ||||||||||||||||
Beginning of Period | 613,870 | 788,851 | 288,213 | 410,442 | ||||||||||||
End of Period | $ | 559,657 | $ | 613,870 | $ | 266,922 | $ | 288,213 | ||||||||
Undistributed net investment income (Accumulated net investment loss) | $ | (4,373 | ) | $ | (5,164 | ) | $ | (2,262 | ) | $ | (2,709 | ) | ||||
TRANSACTIONS IN SHARES: | ||||||||||||||||
Shares sold | 1,762 | 1,894 | 864 | 1,038 | ||||||||||||
Shares issued in reinvestment of distributions | — | 9,166 | 137 | 6,814 | ||||||||||||
Shares redeemed | (11,719 | ) | (14,476 | ) | (5,100 | ) | (9,708 | ) | ||||||||
NET DECREASE | (9,957 | ) | (3,416 | ) | (4,099 | ) | (1,856 | ) |
See notes to financial statements. |
FINANCIAL STATEMENTS |
MARSICO 21st CENTURY FUND | MARSICO INTERNATIONAL OPPORTUNITIES FUND | MARSICO FLEXIBLE CAPITAL FUND | MARSICO GLOBAL FUND | |||||||||||||||||||||||||||
Year Ended 9/30/17 | Year Ended 9/30/16 | Year Ended 9/30/17 | Year Ended 9/30/16 | Year Ended 9/30/17 | Year Ended 9/30/16 | Year Ended 9/30/17 | Year Ended 9/30/16 | |||||||||||||||||||||||
$ | (2,178 | ) | $ | (2,547 | ) | $ | (444 | ) | $ | (501 | ) | $ | 3,995 | $ | 5,812 | $ | (316 | ) | $ | (341 | ) | |||||||||
34,718 | (1,442 | ) | 9,143 | 1,451 | 30,234 | 28,781 | 4,701 | 627 | ||||||||||||||||||||||
(353 | ) | (201 | ) | (402 | ) | (982 | ) | (2,164 | ) | (2,492 | ) | 36 | (979 | ) | ||||||||||||||||
6,689 | 23,264 | 3,642 | 5,801 | (11,428 | ) | 3,467 | 4,001 | 4,517 | ||||||||||||||||||||||
38,876 | 19,074 | 11,939 | 5,769 | 20,637 | 35,568 | 8,422 | 3,824 | |||||||||||||||||||||||
— | — | — | — | (4,808 | ) | (3,373 | ) | — | — | |||||||||||||||||||||
— | — | — | — | (21,758 | ) | (64,551 | ) | — | (6,835 | ) | ||||||||||||||||||||
— | — | — | — | (26,566 | ) | (67,924 | ) | — | (6,835 | ) | ||||||||||||||||||||
6,114 | 3,888 | 3,027 | 2,573 | 13,810 | 74,732 | 3,764 | 6,817 | |||||||||||||||||||||||
— | — | — | — | 23,955 | 57,636 | — | 5,566 | |||||||||||||||||||||||
(45,448 | ) | (56,566 | ) | (14,010 | ) | (34,650 | ) | (138,944 | ) | (296,134 | ) | (11,966 | ) | (31,711 | ) | |||||||||||||||
(39,334 | ) | (52,678 | ) | (10,983 | ) | (32,077 | ) | (101,179 | ) | (163,766 | ) | (8,202 | ) | (19,328 | ) | |||||||||||||||
(458 | ) | (33,604 | ) | 956 | (26,308 | ) | (107,108 | ) | (196,122 | ) | 220 | (22,339 | ) | |||||||||||||||||
234,780 | 268,384 | 62,833 | 89,141 | 353,091 | 549,213 | 44,273 | 66,612 | |||||||||||||||||||||||
$ | 234,322 | $ | 234,780 | $ | 63,789 | $ | 62,833 | $ | 245,983 | $ | 353,091 | $ | 44,493 | $ | 44,273 | |||||||||||||||
$ | (2,457 | ) | $ | (2,729 | ) | $ | (553 | ) | $ | (464 | ) | $ | 1,907 | $ | 2,348 | $ | (574 | ) | $ | (532 | ) | |||||||||
256 | 180 | 181 | 164 | 944 | 5,059 | 267 | 572 | |||||||||||||||||||||||
— | — | — | — | 1,738 | 3,850 | — | 467 | |||||||||||||||||||||||
(1,963 | ) | (2,693 | ) | (893 | ) | (2,292 | ) | (9,521 | ) | (19,300 | ) | (1,007 | ) | (2,743 | ) | |||||||||||||||
(1,707 | ) | (2,513 | ) | (712 | ) | (2,128 | ) | (6,839 | ) | (10,391 | ) | (740 | ) | (1,704 | ) |
FINANCIAL STATEMENTS |
MARSICO FOCUS FUND | ||||||||||||||||||||
For a Fund Share Outstanding Throughout the Period | Year Ended 9/30/17 | Year Ended 9/30/16 | Year Ended 9/30/15 | Year Ended 9/30/14 | Year Ended 9/30/13 | |||||||||||||||
Net Asset Value, Beginning of Period | $ | 15.96 | $ | 18.83 | $ | 22.41 | $ | 21.47 | $ | 20.02 | ||||||||||
Income from Investment Operations: | ||||||||||||||||||||
Net investment income (loss) | (0.17 | ) | (0.13 | ) | (0.10 | ) | (0.07 | ) | (0.03 | ) | ||||||||||
Net realized and unrealized gains (losses) on investments | 3.84 | 1.25 | (0.62 | ) | 4.46 | 3.84 | ||||||||||||||
Total from investment operations | 3.67 | 1.12 | (0.72 | ) | 4.39 | 3.81 | ||||||||||||||
Distributions & Other: | ||||||||||||||||||||
Net investment income | — | — | — | — | (0.03 | ) | ||||||||||||||
Net realized gains | — | (3.99 | ) | (2.86 | ) | (3.45 | ) | (2.33 | ) | |||||||||||
Redemption fees [See Note 2(h)] | — | — | — | — | (1) | — | (1) | |||||||||||||
Total distributions and other | — | (3.99 | ) | (2.86 | ) | (3.45 | ) | (2.36 | ) | |||||||||||
Net Asset Value, End of Period | $ | 19.63 | $ | 15.96 | $ | 18.83 | $ | 22.41 | $ | 21.47 | ||||||||||
Total Return | 22.99 | % | 5.75 | % | (4.15 | )% | 22.27 | % | 21.86 | % | ||||||||||
Supplemental Data and Ratios: | ||||||||||||||||||||
Net assets, end of period (000s) | $ | 559,657 | $ | 613,870 | $ | 788,851 | $ | 933,054 | $ | 854,708 | ||||||||||
Ratio of expenses to average net assets, less waivers and before expenses paid indirectly, plus recoupment of previously waived fees or expenses paid | 1.37 | % | 1.29 | % | 1.31 | % | 1.34 | % | 1.35 | % | ||||||||||
Ratio of net investment income (loss) to average net assets, net of waivers, recoupment of previously waived fees or expenses paid and expenses paid indirectly | (0.62 | )% | (0.63 | )% | (0.45 | )% | (0.35 | )% | (0.10 | )% | ||||||||||
Ratio of expenses to average net assets, before waivers, recoupment of previously waived fees or expenses paid and expenses paid indirectly | 1.37 | % | 1.29 | % | 1.31 | % | 1.34 | % | 1.35 | % | ||||||||||
Ratio of net investment income (loss) to average net assets, before waivers, recoupment of previously waived fees or expenses paid and expenses paid indirectly | (0.62 | )% | (0.63 | )% | (0.45 | )% | (0.35 | )% | (0.10 | )% | ||||||||||
Portfolio turnover rate | 67 | % | 45 | % | 68 | % | 71 | % | 92 | % |
(1) | Less than $0.01. |
See notes to financial statements. |
FINANCIAL STATEMENTS |
MARSICO GROWTH FUND | MARSICO 21st CENTURY FUND | |||||||||||||||||||||||||||||||||||||
Year Ended 9/30/17 | Year Ended 9/30/16 | Year Ended 9/30/15 | Year Ended 9/30/14 | Year Ended 9/30/13 | Year Ended 9/30/17 | Year Ended 9/30/16 | Year Ended 9/30/15 | Year Ended 9/30/14 | Year Ended 9/30/13 | |||||||||||||||||||||||||||||
$ | 15.54 | $ | 20.11 | $ | 23.63 | $ | 25.03 | $ | 21.96 | $ | 22.04 | $ | 20.38 | $ | 20.90 | $ | 18.05 | $ | 14.24 | |||||||||||||||||||
(0.14 | ) | (0.13 | ) | (0.15 | ) | (0.08 | ) | — | (1) | (0.29 | ) | (0.29 | ) | (0.21 | ) | (0.21 | ) | (0.09 | ) | |||||||||||||||||||
3.19 | 1.33 | (0.62 | ) | 4.01 | 4.30 | 4.44 | 1.95 | (0.31 | ) | 3.06 | 3.90 | |||||||||||||||||||||||||||
3.05 | 1.20 | (0.77 | ) | 3.93 | 4.30 | 4.15 | 1.66 | (0.52 | ) | 2.85 | 3.81 | |||||||||||||||||||||||||||
— | — | — | (0.06 | ) | (0.04 | ) | — | — | — | — | — | |||||||||||||||||||||||||||
(0.12 | ) | (5.77 | ) | (2.75 | ) | (5.27 | ) | (1.19 | ) | — | — | — | — | — | ||||||||||||||||||||||||
— | — | — | — | (1) | — | (1) | — | — | — | — | (1) | — | (1) | |||||||||||||||||||||||||
(0.12 | ) | (5.77 | ) | (2.75 | ) | (5.33 | ) | (1.23 | ) | — | — | — | — | — | ||||||||||||||||||||||||
$ | 18.47 | $ | 15.54 | $ | 20.11 | $ | 23.63 | $ | 25.03 | $ | 26.19 | $ | 22.04 | $ | 20.38 | $ | 20.90 | $ | 18.05 | |||||||||||||||||||
19.85 | % | 5.94 | % | (4.10 | )% | 17.51 | % | 20.92 | % | 18.83 | % | 8.15 | % | (2.49 | )% | 15.79 | % | 26.76 | % | |||||||||||||||||||
$ | 266,922 | $ | 288,213 | $ | 410,442 | $ | 562,653 | $ | 564,766 | $ | 234,322 | $ | 234,780 | $ | 268,384 | $ | 316,293 | $ | 312,215 | |||||||||||||||||||
1.42 | % | 1.37 | % | 1.35 | % | 1.37 | % | 1.37 | % | 1.40 | % | 1.41 | % | 1.38 | % | 1.42 | % | 1.45 | % | |||||||||||||||||||
(0.53 | )% | (0.61 | )% | (0.52 | )% | (0.34 | )% | 0.01 | % | (0.96 | )% | (1.01 | )% | (0.78 | )% | (0.88 | )% | (0.33 | )% | |||||||||||||||||||
1.42 | % | 1.37 | % | 1.35 | % | 1.37 | % | 1.37 | % | 1.40 | % | 1.41 | % | 1.38 | % | 1.42 | % | 1.45 | % | |||||||||||||||||||
(0.53 | )% | (0.61 | )% | (0.52 | )% | (0.34 | )% | 0.01 | % | (0.96 | )% | (1.01 | )% | (0.78 | )% | (0.88 | )% | (0.33 | )% | |||||||||||||||||||
50 | % | 52 | % | 81 | % | 80 | % | 114 | % | 28 | % | 44 | % | 94 | % | 83 | % | 102 | % |
FINANCIAL STATEMENTS |
MARSICO INTERNATIONAL OPPORTUNITIES FUND | ||||||||||||||||||||
For a Fund Share Outstanding Throughout the Period | Year Ended 9/30/17 | Year Ended 9/30/16 | Year Ended 9/30/15 | Year Ended 9/30/14 | Year Ended 9/30/13 | |||||||||||||||
Net Asset Value, Beginning of Period | $ | 15.64 | $ | 14.51 | $ | 14.72 | $ | 15.30 | $ | 12.50 | ||||||||||
Income from Investment Operations: | ||||||||||||||||||||
Net investment income (loss) | (0.16 | ) | (0.20 | ) | (0.21 | ) | (0.06 | ) | 0.09 | |||||||||||
Net realized and unrealized gains (losses) on investments | 3.82 | 1.33 | — | (1) | (0.42 | ) | 2.71 | |||||||||||||
Total from investment operations | 3.66 | 1.13 | (0.21 | ) | (0.48 | ) | 2.80 | |||||||||||||
Distributions & Other: | ||||||||||||||||||||
Net investment income | — | — | — | (0.10 | ) | — | ||||||||||||||
Net realized gains | — | — | — | — | — | |||||||||||||||
Redemption fees [See Note 2(h)] | — | — | — | — | (1) | — | (1) | |||||||||||||
Total distributions and other | — | — | — | (0.10 | ) | — | ||||||||||||||
Net Asset Value, End of Period | $ | 19.30 | $ | 15.64 | $ | 14.51 | $ | 14.72 | $ | 15.30 | ||||||||||
Total Return | 23.40 | % | 7.79 | % | (1.43 | )% | (3.18 | )% | 22.40 | % | ||||||||||
Supplemental Data and Ratios: | ||||||||||||||||||||
Net assets, end of period (000s) | $ | 63,789 | $ | 62,833 | $ | 89,141 | $ | 175,984 | $ | 119,522 | ||||||||||
Ratio of expenses to average net assets, less waivers and before expenses paid indirectly, plus recoupment of previously waived fees or expenses paid | 1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | ||||||||||
Ratio of net investment income (loss) to average net assets, net of waivers, recoupment of previously waived fees or expenses paid and expenses paid indirectly | (0.77 | )% | (0.71 | )% | (0.86 | )% | (0.55 | )% | 0.61 | % | ||||||||||
Ratio of expenses to average net assets, before waivers, recoupment of previously waived fees or expenses paid and expenses paid indirectly | 1.79 | % | 1.78 | % | 1.63 | % | 1.52 | % | 1.74 | % | ||||||||||
Ratio of net investment income (loss) to average net assets, before waivers, recoupment of previously waived fees or expenses paid and expenses paid indirectly | (0.96 | )% | (0.89 | )% | (0.89 | )% | (0.47 | )% | 0.47 | % | ||||||||||
Portfolio turnover rate | 108 | % | 223 | % | 217 | % | 178 | % | 121 | % |
(1) | Less than $0.01. |
See notes to financial statements. |
FINANCIAL STATEMENTS |
MARSICO FLEXIBLE CAPITAL FUND | MARSICO GLOBAL FUND | |||||||||||||||||||||||||||||||||||||
Year Ended 9/30/17 | Year Ended 9/30/16 | Year Ended 9/30/15 | Year Ended 9/30/14 | Year Ended 9/30/13 | Year Ended 9/30/17 | Year Ended 9/30/16 | Year Ended 9/30/15 | Year Ended 9/30/14 | Year Ended 9/30/13 | |||||||||||||||||||||||||||||
$ | 15.55 | $ | 16.59 | $ | 18.39 | $ | 18.21 | $ | 15.79 | $ | 12.03 | $ | 12.37 | $ | 14.45 | $ | 14.74 | $ | 11.51 | |||||||||||||||||||
0.23 | 0.24 | 0.09 | (0.04 | ) | 0.04 | (0.14 | ) | (0.16 | ) | (0.10 | ) | (0.05 | ) | (0.02 | ) | |||||||||||||||||||||||
1.05 | 0.96 | (0.15 | ) | 2.18 | 3.28 | 3.24 | 1.14 | (0.32 | ) | 1.93 | 3.25 | |||||||||||||||||||||||||||
1.28 | 1.20 | (0.06 | ) | 2.14 | 3.32 | 3.10 | 0.98 | (0.42 | ) | 1.88 | 3.23 | |||||||||||||||||||||||||||
(0.24 | ) | (0.11 | ) | — | — | (0.09 | ) | — | — | — | — | — | ||||||||||||||||||||||||||
(1.09 | ) | (2.13 | ) | (1.74 | ) | (1.96 | ) | (0.81 | ) | — | (1.32 | ) | (1.66 | ) | (2.17 | ) | — | |||||||||||||||||||||
— | — | — | — | (1) | — | (1) | — | — | — | — | (1) | — | (1) | |||||||||||||||||||||||||
(1.33 | ) | (2.24 | ) | (1.74 | ) | (1.96 | ) | (0.90 | ) | — | (1.32 | ) | (1.66 | ) | (2.17 | ) | — | |||||||||||||||||||||
$ | 15.50 | $ | 15.55 | $ | 16.59 | $ | 18.39 | $ | 18.21 | $ | 15.13 | $ | 12.03 | $ | 12.37 | $ | 14.45 | $ | 14.74 | |||||||||||||||||||
9.32 | % | 7.79 | % | (0.81 | )% | 12.15 | % | 22.34 | % | 25.77 | % | 8.05 | % | (3.51 | )% | 13.23 | % | 28.06 | % | |||||||||||||||||||
$ | 245,983 | $ | 353,091 | $ | 549,213 | $ | 806,448 | $ | 805,735 | $ | 44,493 | $ | 44,273 | $ | 66,612 | $ | 73,475 | $ | 61,383 | |||||||||||||||||||
1.47 | % | 1.38 | % | 1.37 | % | 1.38 | % | 1.41 | % | 1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | |||||||||||||||||||
1.46 | % | 1.25 | % | 0.53 | % | (0.21 | )% | 0.16 | % | (0.82 | )% | (0.60 | )% | (0.80 | )% | (0.42 | )% | (0.06 | )% | |||||||||||||||||||
1.47 | % | 1.38 | % | 1.37 | % | 1.38 | % | 1.41 | % | 1.80 | % | 1.69 | % | 1.54 | % | 1.66 | % | 1.86 | % | |||||||||||||||||||
1.46 | % | 1.25 | % | 0.53 | % | (0.21 | )% | 0.16 | % | (1.02 | )% | (0.69 | )% | (0.74 | )% | (0.48 | )% | (0.32 | )% | |||||||||||||||||||
20 | % | 35 | % | 69 | % | 118 | % | 145 | % | 79 | % | 82 | % | 110 | % | 129 | % | 134 | % |
NOTES TO FINANCIAL STATEMENTS |
1. | Organization |
2. | Significant Accounting Policies |
(a) | 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. |
● | 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) |
NOTES TO FINANCIAL STATEMENTS |
Fund Investments by Major Security Type | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Marsico Focus Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | ||||||||||||||||
Consumer Discretionary | $ | 77,244,713 | $ | — | $ | — | $ | 77,244,713 | ||||||||
Consumer Staples | 27,883,116 | — | — | 27,883,116 | ||||||||||||
Financials | 27,060,697 | — | — | 27,060,697 | ||||||||||||
Health Care | 103,797,642 | — | — | 103,797,642 | ||||||||||||
Industrials | 17,818,713 | — | — | 17,818,713 | ||||||||||||
Information Technology | 258,296,762 | — | — | 258,296,762 | ||||||||||||
Materials | 18,696,849 | — | — | 18,696,849 | ||||||||||||
Short-term Investments | 35,842,753 | — | — | 35,842,753 | ||||||||||||
$ | 566,641,245 | |||||||||||||||
Marsico Growth Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | ||||||||||||||||
Consumer Discretionary | $ | 27,811,768 | $ | — | $ | — | $ | 27,811,768 | ||||||||
Consumer Staples | 13,137,065 | — | — | 13,137,065 | ||||||||||||
Financials | 22,544,715 | — | — | 22,544,715 | ||||||||||||
Health Care | 58,275,885 | — | — | 58,275,885 | ||||||||||||
Industrials | 15,275,553 | — | — | 15,275,553 | ||||||||||||
Information Technology | 108,310,332 | — | — | 108,310,332 | ||||||||||||
Materials | 6,330,863 | — | — | 6,330,863 | ||||||||||||
Real Estate | 11,177,004 | — | — | 11,177,004 | ||||||||||||
Short-term Investments | 12,889,369 | — | — | 12,889,369 | ||||||||||||
$ | 275,752,554 | |||||||||||||||
Marsico 21st Century Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | ||||||||||||||||
Consumer Discretionary | $ | 38,233,230 | $ | — | $ | — | $ | 38,233,230 | ||||||||
Consumer Staples | 16,912,993 | — | — | 16,912,993 | ||||||||||||
Financials | 18,890,637 | — | — | 18,890,637 | ||||||||||||
Health Care | 25,674,620 | — | — | 25,674,620 | ||||||||||||
Industrials | 21,110,577 | — | — | 21,110,577 | ||||||||||||
Information Technology | 71,464,701 | — | — | 71,464,701 | ||||||||||||
Materials | 13,694,811 | — | — | 13,694,811 | ||||||||||||
Real Estate | 12,094,196 | — | — | 12,094,196 | ||||||||||||
Short-term Investments | 15,925,232 | — | — | 15,925,232 | ||||||||||||
$ | 234,000,997 | |||||||||||||||
Marsico International Opportunities Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | ||||||||||||||||
Consumer Discretionary | $ | 12,055,940 | $ | — | $ | — | $ | 12,055,940 | ||||||||
Consumer Staples | 3,512,993 | — | — | 3,512,993 | ||||||||||||
Financials | 7,669,612 | — | — | 7,669,612 | ||||||||||||
Health Care | 7,831,106 | — | — | 7,831,106 | ||||||||||||
Industrials | 5,532,477 | — | — | 5,532,477 | ||||||||||||
Information Technology | 24,123,709 | — | — | 24,123,709 | ||||||||||||
Real Estate | 659,814 | — | — | 659,814 | ||||||||||||
Telecommunication Services | 903,526 | — | — | 903,526 | ||||||||||||
Short-term Investments | 1,893,432 | — | — | 1,893,432 | ||||||||||||
$ | 64,182,609 |
NOTES TO FINANCIAL STATEMENTS |
Fund Investments by Major Security Type | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Marsico Flexible Capital Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | ||||||||||||||||
Consumer Discretionary | $ | 43,888,355 | $ | — | $ | — | $ | 43,888,355 | ||||||||
Consumer Staples | 15,915,659 | — | — | 15,915,659 | ||||||||||||
Financials | 19,138,855 | — | — | 19,138,855 | ||||||||||||
Health Care | 27,817,311 | — | — | 27,817,311 | ||||||||||||
Industrials | 32,034,543 | — | — | 32,034,543 | ||||||||||||
Information Technology | 51,563,998 | — | — | 51,563,998 | ||||||||||||
Real Estate | 9,311,237 | — | — | 9,311,237 | ||||||||||||
Convertible Preferred Stocks | 3,018,422 | — | — | 3,018,422 | ||||||||||||
Corporate Bonds | — | 17,648,750 | — | 17,648,750 | ||||||||||||
Preferred Stocks | 9,517,691 | — | — | 9,517,691 | ||||||||||||
Short-term Investments | 14,751,151 | — | — | 14,751,151 | ||||||||||||
$ | 244,605,972 | |||||||||||||||
Marsico Global Fund | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | ||||||||||||||||
Consumer Discretionary | $ | 8,620,086 | $ | — | $ | — | $ | 8,620,086 | ||||||||
Consumer Staples | 2,078,469 | — | — | 2,078,469 | ||||||||||||
Financials | 878,718 | — | — | 878,718 | ||||||||||||
Health Care | 5,465,725 | — | — | 5,465,725 | ||||||||||||
Industrials | 1,336,409 | — | — | 1,336,409 | ||||||||||||
Information Technology | 23,334,227 | — | — | 23,334,227 | ||||||||||||
Materials | 1,102,047 | — | — | 1,102,047 | ||||||||||||
Short-term Investments | 1,496,567 | — | — | 1,496,567 | ||||||||||||
$ | 44,312,248 |
(b) | Expenses — The Funds are charged for those expenses that are directly attributable to each Fund, such as advisory and custodial fees. Expenses that are not directly attributable to a Fund are typically allocated among the Funds in proportion to their respective net assets and are in some cases allocated based on other factors. The Funds’ expenses may be reduced by advisory fee waivers, brokerage credits and uninvested cash balances earning interest or credits. Such credits are included in “Less waiver of expenses and expenses paid indirectly” on the Statements of Operations. |
(c) | Federal Income Taxes — Each Fund intends to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to continue to qualify as a regulated investment company and to make the requisite distributions of income to its shareholders which will be sufficient to relieve it from all or substantially all federal and state income taxes. Certain Funds may utilize earnings and profits on redemption of shares as part of the dividends paid deduction. |
(d) | Distributions to Shareholders — Dividends from net investment income and net realized capital gains, if any, will be declared and paid at least annually. Distributions to shareholders are recorded on the ex-dividend date. Each Fund may periodically make reclassifications among certain of its capital accounts as a result of the timing and characterization of certain income and capital gains distributions determined in accordance with federal tax regulations, which may differ from GAAP. These reclassifications are due to differing treatment for items such as foreign currency transactions, passive foreign investment companies and net investment losses. |
NOTES TO FINANCIAL STATEMENTS |
(e) | 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. |
(f) | Derivative Instruments — “Disclosure about Derivative Instruments and Hedging Activities” (the “Derivatives Statement”) requires enhanced disclosures about the Funds’ derivative and hedging activities, including how such activities are accounted for and their effects on the Funds’ financial position, performance and cash flows. |
(g) | Trustees’ Deferred Fee Plan — Effective February 1, 2000, the Board of Trustees adopted the Marsico Investment Fund Deferred Fee Plan (the “Deferred Fee Plan”), amended and restated as of December 30, 2005, which allows the Trustees to defer the receipt of all or a portion of their compensation received from the Funds. Any deferred fees are credited to accounts established on behalf of the Trustees into the Funds as directed by each Trustee. The amounts credited to these accounts increase or decrease in accordance with the performance of the Funds selected by the Trustees. The market value of the deferred account balances as of September 30, 2017 is shown on the Statements of Assets and Liabilities as part of an asset account, “Prepaid expenses and other assets”, and a liability account, “Accrued trustees’ fees”. Additionally, the fluctuation of the account balances due to the Funds’ performance is recorded by the Funds as unrealized appreciation (depreciation), which is shown as part of “Net unrealized appreciation on investments and foreign currency translations” on the Statements of Assets and Liabilities, and as compensation expense, which is shown as part of the expense account “Trustees’ fees and expenses” on the Statements of Operations. Fees earned and deferred by the Trustees for the year ended September 30, 2017 are also included in “Trustees’ fees and expenses” on the Statements of Operations. Amounts contributed to the Deferred Fee Plan will be deferred until distributed in accordance with the Deferred Fee Plan. Unrealized appreciation (depreciation) of Fund shares held in the Deferred Fee Plan is subject to the Funds’ expense reimbursement agreement with the Adviser. |
(h) | Redemption Fee — Effective January 31, 2014, the Funds’ Board of Trustees approved the elimination of redemption fees from Fund share transactions placed on and after January 31, 2014. Prior to January 31, 2014, a 2.00% redemption fee was retained by the Funds to offset transaction costs and other expenses associated with short-term investing. The fee was imposed on certain redemptions or exchanges of shares held 30 days or less from their purchase date. Redemption fees were recorded by the Funds as a reduction of shares redeemed and as a credit to paid-in-capital. |
(i) | Other — Investment transactions are accounted for on a trade date basis. Each Fund determines the gain or loss realized from the investment transactions by comparing the original cost of the security lot sold with the net sale proceeds. Dividend income is recognized on the ex-dividend date. Certain dividends from foreign securities are recorded when the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date. Interest income is recognized on an accrual basis and includes amortization of premiums and accretion of discounts. |
(j) | Indemnifications — In the normal course of business, the Funds enter into contracts that contain provisions indemnifying other parties against specified potential liabilities. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that |
NOTES TO FINANCIAL STATEMENTS |
3. | Investment Advisory Agreement and Transactions With Affiliates |
Annual Rate of Average Daily Net Assets | Asset Threshold |
0.80% | First $250 million |
0.75% | Next $250 million |
0.70% | Next $250 million |
0.65% | In excess of $750 million |
Year of Expiration | International Opportunities Fund | Global Fund | ||||||
2018 | $ | 32 | $ | — | ||||
2019 | 128 | 53 | ||||||
2020 | 106 | 76 | ||||||
$ | 266 | $ | 129 |
4. | Distribution and Service Plan |
NOTES TO FINANCIAL STATEMENTS |
5. | Investment Transactions |
(Amounts in thousands) | Focus Fund | Growth Fund | 21st Century Fund | International Opportunities Fund | Flexible Capital Fund | Global Fund | ||||||||||||||||||
Purchases | $ | 353,334 | $ | 127,899 | $ | 61,866 | $ | 61,541 | $ | 53,845 | $ | 29,938 | ||||||||||||
Sales | $ | 536,399 | $ | 180,131 | $ | 117,970 | $ | 74,251 | $ | 190,253 | $ | 36,978 |
6. | Federal Income Tax Information |
(Amounts in thousands) | Focus Fund | Growth Fund | 21st Century Fund | International Opportunities Fund | Flexible Capital Fund | Global Fund | ||||||||||||||||||
Cost of Investments | $ | 400,718 | $ | 192,788 | $ | 168,509 | $ | 50,994 | $ | 194,119 | $ | 31,905 | ||||||||||||
Gross Unrealized Appreciation | $ | 170,575 | $ | 83,056 | $ | 69,062 | $ | 13,497 | $ | 52,030 | $ | 12,468 | ||||||||||||
Gross Unrealized Depreciation | (4,652 | ) | (91 | ) | (3,570 | ) | (308 | ) | (1,543 | ) | (61 | ) | ||||||||||||
Net Unrealized Appreciation on Investments | $ | 165,923 | $ | 82,965 | $ | 65,492 | $ | 13,189 | $ | 50,487 | $ | 12,407 |
(Amounts in thousands) | Focus Fund | Growth Fund | 21st Century Fund | International Opportunities Fund | Flexible Capital Fund | Global Fund | ||||||||||||||||||
For losses expiring September 30, | ||||||||||||||||||||||||
2018 | $ | — | $ | — | $ | 383,616 | $ | 93,558 | $ | — | $ | — | ||||||||||||
Not Subject to Expiration | — | — | — | — | — | — | ||||||||||||||||||
$ | — | $ | — | $ | 383,616 | $ | 93,558 | $ | — | $ | — |
NOTES TO FINANCIAL STATEMENTS |
(Amounts in thousands) | Focus Fund | Growth Fund | 21st Century Fund | International Opportunities Fund | Flexible Capital Fund | Global Fund | ||||||||||||||||||
Undistributed Ordinary Income | $ | — | $ | — | $ | — | $ | — | $ | 2,975 | $ | 362 | ||||||||||||
Undistributed Trustees’ Deferred Compensation | (2,503 | ) | (1,368 | ) | (897 | ) | (347 | ) | (1,068 | ) | (382 | ) | ||||||||||||
Undistributed Long-Term Capital Gains | 87,734 | 25,152 | — | — | 24,025 | 3,705 | ||||||||||||||||||
Tax Accumulated Earnings (Deficit) | 85,231 | 23,784 | (897 | ) | (347 | ) | 25,932 | 3,685 | ||||||||||||||||
Accumulated Capital and Other Losses | (1,870 | ) | (894 | ) | (385,176 | ) | (93,702 | ) | — | (192 | ) | |||||||||||||
Net Unrealized Appreciation on Investments and on Foreign Currency Translations | 165,923 | 82,965 | 65,492 | 13,189 | 50,487 | 12,408 | ||||||||||||||||||
Trustees' Deferred Compensation Mark-to-Market | 1,112 | 488 | 209 | 72 | 761 | 73 | ||||||||||||||||||
Total Accumulated Earnings (Deficit) | $ | 250,396 | $ | 106,343 | $ | (320,372 | ) | $ | (80,788 | ) | $ | 77,180 | $ | 15,974 |
2017 | 2016 | |||||||||||||||
(Amounts in thousands) | Ordinary Income | Long-Term Capital Gains | Ordinary Income | Long-Term Capital Gains | ||||||||||||
Focus Fund | $ | — | $ | — | $ | — | $ | 157,703 | ||||||||
Growth Fund | — | 2,136 | — | 111,369 | ||||||||||||
21st Century Fund | — | — | — | — | ||||||||||||
International Opportunities Fund | — | — | — | — | ||||||||||||
Flexible Capital Fund | 4,808 | 21,758 | 3,373 | 64,551 | ||||||||||||
Global Fund | — | — | — | 6,835 |
7. | Subsequent Events |
Fund | Current Total Expense Limitation | Amended Total Expense Limitation |
Focus Fund | 1.60% | 1.45% |
Growth Fund | 1.50% | 1.45% |
21st Century Fund | 1.50% | 1.45% |
International Opportunities Fund | 1.60% | 1.50% |
Flexible Capital Fund | 1.60% | 1.45% |
Global Fund | 1.60% | 1.50% |
NOTES TO FINANCIAL STATEMENTS |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM |
November 15, 2017
EXPENSE EXAMPLE |
Expenses Paid During the Period | Beginning account value April 1, 2017 | Ending account value September 30, 2017 | Expenses paid for the six-month period ended September 30, 2017(1) |
FOCUS FUND | |||
Actual Example | $ 1,000.00 | $ 1,161.50 | $ 7.34 |
Hypothetical Example, assuming a 5% return before expenses | $ 1,000.00 | $ 1,018.21 | $ 6.85 |
GROWTH FUND | |||
Actual Example | $ 1,000.00 | $ 1,138.00 | $ 7.41 |
Hypothetical Example, assuming a 5% return before expenses | $ 1,000.00 | $ 1,018.07 | $ 6.99 |
21st CENTURY FUND | |||
Actual Example | $ 1,000.00 | $ 1,111.20 | $ 7.14 |
Hypothetical Example, assuming a 5% return before expenses | $ 1,000.00 | $ 1,018.24 | $ 6.83 |
INTERNATIONAL OPPORTUNITIES FUND | |||
Actual Example | $ 1,000.00 | $ 1,219.20 | $ 8.90 |
Hypothetical Example, assuming a 5% return before expenses | $ 1,000.00 | $ 1,016.98 | $ 8.09 |
FLEXIBLE CAPITAL FUND | |||
Actual Example | $ 1,000.00 | $ 1,064.60 | $ 7.46 |
Hypothetical Example, assuming a 5% return before expenses | $ 1,000.00 | $ 1,017.78 | $ 7.29 |
GLOBAL FUND | |||
Actual Example | $ 1,000.00 | $ 1,212.30 | $ 8.87 |
Hypothetical Example, assuming a 5% return before expenses | $ 1,000.00 | $ 1,016.98 | $ 8.09 |
(1) | Expenses are equal to the Funds’ annualized expense ratios (1.35% for the Focus Fund, 1.38% for the Growth Fund, 1.35% for the 21st Century Fund, 1.60% for the International Opportunities Fund, 1.44% for the Flexible Capital Fund, and 1.60% for the Global Fund), multiplied by the average account value over the period, multiplied by 183/365 (to reflect the six-month period). |
OTHER INFORMATION |
Foreign Source Income | Foreign Taxes Paid | |||||||
International Opportunities Fund | $ | 0.1523 | $ | 0.0100 |
TRUSTEE AND OFFICER INFORMATION |
Name, Address and Age | Position(s) Held with the Trust | Term of Office(1) and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee |
Jay S. Goodgold 1200 17th Street Suite 1600 Denver, CO 80202 DOB: 1954 | Trustee; Lead Independent Trustee | Trustee (since February 2006); Lead Independent Trustee (since November 2010) | Private investor (July 2003 - present); Managing Director, Goldman, Sachs & Co. (August 1978 - June 2003). | 6 | None |
Elizabeth Hoffman 1200 17th Street Suite 1600 Denver, CO 80202 DOB: 1946 | Trustee | Since February 2006 | Professor of Economics (January 2007 - present) and Executive Vice President and Provost (January 2007 - July 2012), Iowa State University; President Emerita, University of Colorado (August 2005 - present). | 6 | None |
Walter A. Koelbel, Jr. 1200 17th Street Suite 1600 Denver, CO 80202 DOB: 1952 | Trustee | Since December 1997 | President, and other positions, Koelbel and Company (full service real estate, development, investment, and management company) (more than five years). | 6 | None |
Michael D. Rierson 1200 17th Street Suite 1600 Denver, CO 80202 DOB: 1952 | Trustee | Since November 1998 | President, The Rierson Group (marketing and consulting firm serving non-profit organizations) (June 2015 - present); Senior Vice President for Development, Colonial Williamsburg Foundation (January 2011 - June 2015). | 6 | None |
Bruce E. Stangle 1200 17th Street Suite 1600 Denver, CO 80202 DOB: 1948 | Trustee | Since May 2010 | Chairman, Analysis Group, Inc. (economic consulting) (more than five years). | 6 | Director, Wellington Trust Company, NA (since 2001). |
Joseph T. Willett 1200 17th Street Suite 1600 Denver, CO 80202 DOB: 1951 | Trustee | Since November 2002 | Private investor (2002 - present); Chief Operating Officer, Merrill Lynch Europe (1998 - 2002). | 6 | None |
(1) | Each Trustee serves an indefinite term until the election of a successor or until reaching the mandatory retirement age for non-interested Trustees as established by the Trustees and set forth in the Trust’s Statement of Independent Trustee Retirement Policy, or until his or her resignation, death or removal. Each Officer serves an indefinite term, renewed annually, until the election of a successor (or until their resignation or removal). |
The Statement of Additional Information includes additional information about the Trustees and is available upon request, without charge, by calling 888-860-8686 or visiting marsicofunds.com. |
TRUSTEE AND OFFICER INFORMATION |
Name, Address and Age | Position(s) Held with the Trust | Term of Office(1) and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee |
Thomas F. Marsico(2) 1200 17th Street Suite 1600 Denver, CO 80202 DOB: 1955 | Trustee, President, Chief Executive Officer and Chief Investment Officer | Since December 1997 | Chief Executive Officer, Marsico Capital Management, LLC (more than five years). | 6 | None |
Christopher J. Marsico(2) 1200 17th Street Suite 1600 Denver, CO 80202 DOB: 1961 | Trustee, Executive Vice President and Chief Operating Officer | Trustee (August 2007 - March 2010 and since May 2010); Vice President and Treasurer (September 2002 - May 2010); Executive Vice President and Chief Operating Officer (since May 2010) | President, Marsico Capital Management, LLC (more than five years). | 6 | None |
Neil L. Gloude, CPA 1200 17th Street Suite 1600 Denver, CO 80202 DOB: 1961 | Vice President, Secretary and Treasurer | Vice President and Secretary (since May 2008); Treasurer (since May 2010) | Executive Vice President, Chief Financial Officer and Treasurer, Marsico Capital Management, LLC (more than five years). | N/A | N/A |
Steven R. Carlson 1200 17th Street Suite 1600 Denver, CO 80202 DOB: 1964 | Chief Compliance Officer | Since July 2016 | Executive Vice President and Chief Compliance Officer, Marsico Capital Management, LLC (more than five years). | N/A | N/A |
Thomas M. J. Kerwin 1200 17th Street Suite 1600 Denver, CO 80202 DOB: 1955 | Chief Legal Officer | Since August 2003 | Executive Vice President and General Counsel, Marsico Capital Management, LLC (more than five years). | N/A | N/A |
* | Trustees who are “interested persons” of the Funds, as defined in the 1940 Act. |
(1) | Each Trustee serves an indefinite term until the election of a successor or until reaching the mandatory retirement age for non-interested Trustees as established by the Trustees and set forth in the Trust’s Statement of Independent Trustee Retirement Policy, or until his or her resignation, death or removal. Each Officer serves an indefinite term, renewed annually, until the election of a successor (or until their resignation or removal). |
(2) | Mr. Thomas Marsico and Mr. Christopher Marsico are considered Interested Trustees of the Trust because of their affiliation with Marsico Capital Management, LLC, the Adviser to the Funds. Mr. Thomas Marsico and Mr. Christopher Marsico are brothers. |
The Statement of Additional Information includes additional information about the Trustees and is available upon request, without charge, by calling 888-860-8686 or visiting marsicofunds.com. |
Item 2. | Code of Ethics |
Item 3. | Audit Committee Financial Expert |
Item 4. | Principal Accountant Fees and Services |
2017 | 2016 |
$156,000 | $156,000 |
2017 | 2016 |
$2,000 | $1,000 |
2017 | 2016 |
$51,000 | $43,950 |
2017 | 2016 |
$0 | $0 |
PwC | 2017 |
Work performed by persons who are not full-time | 0% |
2017 | 2016 |
$0 | $0 |
Item 5. | Audit Committee of Listed Registrants |
Item 6. | Schedule of Investments |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Item 10. | Submission of Matters to a Vote of Security Holders |
Item 11. | Controls and Procedures. |
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits |
By: | /s/ Christopher J. Marsico | |
Christopher J. Marsico, | ||
Executive Vice President and Chief Operating Officer | ||
Date: | December 5, 2017 |
By: | /s/ Christopher J. Marsico | |
Christopher J. Marsico, | ||
Executive Vice President and Chief Operating Officer | ||
Date: | December 5, 2017 |
By: | /s/ Neil L. Gloude | |
Neil L. Gloude, | ||
Vice President, Secretary and Treasurer | ||
Date: | December 5, 2017 |