Marsico Growth Fund NPORTP Marsico Global Fund (Jun 2022 report)

Marsico Focus Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2022

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS^
Air Freight & Logistics
United Parcel Service, Inc. - Cl. B		130,245	$	23,774,922		3.81	%

Apparel, Accessories & Luxury Goods
lululemon athletica, inc.*		162,474		44,292,037		7.09

Application Software
Adobe, Inc.*		45,286		16,577,393		2.65

Asset Management & Custody Banks
Blackstone, Inc.		282,387		25,762,166		4.13

Data Processing & Outsourced Services
Visa, Inc. - Cl. A		119,111		23,451,765		3.76

Footwear
On Holding A.G. - Cl. A*		369,343		6,533,678		1.05

Hypermarkets & Super Centers
Costco Wholesale Corp.		43,148		20,679,974		3.31

Interactive Media & Services
Alphabet, Inc. - Cl. A*		11,681		25,455,936		4.08

Internet & Direct Marketing Retail
Amazon.com, Inc.*		507,300		53,880,333		8.63

Managed Health Care
UnitedHealth Group, Inc.		48,264		24,789,838		3.97

Oil & Gas Exploration & Production
Pioneer Natural Resources Company		130,461		29,103,240		4.66

Pharmaceuticals
Eli Lilly & Company		88,466		28,683,331		4.59

Restaurants
Chipotle Mexican Grill, Inc.*		12,733		16,645,342		2.66

Semiconductor Equipment
KLA Corp.		29,302		9,349,682		1.50

	Number of Shares		Value			Percent of Net Assets
Semiconductors
Marvell Technology, Inc.		344,392	$	14,991,384			2.40	%
NVIDIA Corp.		121,857		18,472,303			2.96
				33,463,687			5.36

Specialty Chemicals
The Sherwin-Williams Company		120,852		27,059,971			4.33

Systems Software
Microsoft Corp.		218,088		56,011,541			8.97
ServiceNow, Inc.*		37,923		18,033,145			2.89
				74,044,686			11.86
Technology Hardware, Storage & Peripherals
Apple, Inc.		265,921		36,356,719			5.82

Wireless Telecommunication Services
T-Mobile US, Inc.*		278,384		37,453,783			6.00

TOTAL COMMON STOCKS
(Cost $401,984,277)				557,358,483			89.26

SHORT-TERM INVESTMENTS^

State Street Institutional Treasury Money Market Fund - Premier Class, 0.000%		69,517,596		69,517,596			11.13

TOTAL SHORT-TERM INVESTMENTS
(Cost $69,517,596)				69,517,596			11.13

TOTAL INVESTMENTS
(Cost $471,501,873)				626,876,079			100.39

Liabilities, Less Cash and Other Assets				(2,455,219	)		(0.39	)

NET ASSETS			$	624,420,860			100.00	%

As of June 30, 2022, all investments were classified as Level 1 with their corresponding fair valuation disclosed in the above Schedule of Investments. For more information on investment valuation and valuation inputs, refer to the Notes to Schedule of Investments.

Non-income producing

See notes to schedule of investments.

Marsico Growth Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2022

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS^
Agricultural & Farm Machinery
Deere & Company		4,353	$	1,303,593		0.49	%

Application Software
Adobe, Inc.*		14,123		5,169,865		1.96
The Trade Desk, Inc. - Cl. A*		113,564		4,757,196		1.80
				9,927,061		3.76
Asset Management & Custody Banks
Blackstone, Inc.		82,654		7,540,524		2.86

Automobile Manufacturers
Tesla, Inc.*		8,664		5,834,511		2.21

Consumer Finance
American Express Company		9,266		1,284,453		0.49

Data Processing & Outsourced Services
Adyen N.V.*		3,311		4,816,030		1.82
Mastercard, Inc. - Cl. A		61,923		19,535,468		7.40
				24,351,498		9.22
Financial Exchanges & Data
S&P Global, Inc.		23,815		8,027,084		3.04

Health Care Equipment
Danaher Corp.		23,889		6,056,339		2.30
Edwards Lifesciences Corp.*		43,390		4,125,955		1.56
IDEXX Laboratories, Inc.*		9,952		3,490,465		1.32
Insulet Corp.*		12,374		2,696,790		1.02
Intuitive Surgical, Inc.*		26,771		5,373,207		2.04
				21,742,756		8.24
Hypermarkets & Super Centers
Costco Wholesale Corp.		12,027		5,764,301		2.18

Interactive Media & Services
Alphabet, Inc. - Cl. A*		8,275		18,033,376		6.83

Internet & Direct Marketing Retail
Amazon.com, Inc.*		141,040		14,979,858		5.67

	Number of Shares		Value		Percent of Net Assets
Managed Health Care
UnitedHealth Group, Inc.		8,349	$	4,288,297		1.62	%

Movies & Entertainment
The Walt Disney Company*		39,414		3,720,682		1.41

Personal Products
The Estee Lauder Companies, Inc. – Cl. A		41,743		10,630,690		4.03

Regional Banks
First Republic Bank		40,534		5,845,003		2.21

Restaurants
Chipotle Mexican Grill, Inc.*		6,987		9,133,826		3.46

Semiconductors
Marvell Technology, Inc.		73,994		3,220,959		1.22
NVIDIA Corp.		28,829		4,370,188		1.66
				7,591,147		2.88
Soft Drinks
Monster Beverage Corp.*		57,595		5,339,056		2.02

Specialized REITs
Crown Castle International Corp.		74,065		12,471,065		4.72

Specialty Chemicals
The Sherwin-Williams Company		32,790		7,342,009		2.78

Systems Software
Microsoft Corp.		82,075		21,079,322		7.98
ServiceNow, Inc.*		24,964		11,870,881		4.50
				32,950,203		12.48
Technology Hardware, Storage & Peripherals
Apple, Inc.		119,933		16,397,240		6.21

Wireless Telecommunication Services
T-Mobile US, Inc.*		68,153		9,169,305		3.47

TOTAL COMMON STOCKS
(Cost $193,583,763)				243,667,538		92.28

	Number of Shares		Value			Percent of Net Assets
SHORT-TERM INVESTMENTS^

State Street Institutional Treasury Money Market Fund - Premier Class, 0.000%		22,387,219	$	22,387,219			8.48	%

TOTAL SHORT-TERM INVESTMENTS
(Cost $22,387,219)				22,387,219			8.48

TOTAL INVESTMENTS
(Cost $215,970,982)				266,054,757			100.76

Liabilities, Less Cash and Other Assets				(1,995,592	)		(0.76	)

NET ASSETS			$	264,059,165			100.00	%

Non-income producing

See notes to schedule of investments.

Marsico Midcap Growth Focus Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2022

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS^
Aerospace & Defense
Axon Enterprise, Inc.*		45,519	$	4,241,005		1.83	%
HEICO Corp.		48,506		6,360,107		2.74
				10,601,112		4.57
Apparel Retail
Burlington Stores, Inc.*		24,183		3,294,450		1.42

Application Software
Atlassian Corp. PLC - Cl. A*		25,222		4,726,603		2.04
Constellation Software, Inc.		5,185		7,697,220		3.32
Datadog, Inc. - Cl. A*		38,217		3,639,787		1.57
Guidewire Software, Inc.*		51,859		3,681,471		1.59
HubSpot, Inc.*		10,845		3,260,549		1.40
PTC, Inc.*		16,098		1,711,861		0.74
The Descartes Systems Group, Inc.*		91,600		5,692,265		2.45
The Trade Desk, Inc. - Cl. A*		33,820		1,416,720		0.61
Unity Software, Inc.*		25,472		937,879		0.40
				32,764,355		14.12
Biotechnology
Exact Sciences Corp.*		75,476		2,973,000		1.28
Horizon Therapeutics PLC*		57,724		4,604,066		1.98
Natera, Inc.*		66,404		2,353,358		1.02
				9,930,424		4.28
Data Processing & Outsourced Services
Global Payments, Inc.		29,135		3,223,496		1.39
WEX, Inc.*		40,603		6,316,203		2.72
				9,539,699		4.11
Diversified Support Services
Cintas Corp.		22,184		8,286,389		3.57

Education Services
Bright Horizons Family Solutions, Inc.*		44,346		3,748,124		1.62

Electrical Components & Equipment
AMETEK, Inc.		48,635		5,344,500		2.30

Electronic Components
Amphenol Corp. - Cl. A		112,790		7,261,420		3.13

	Number of Shares		Value		Percent of Net Assets
Electronic Equipment & Instruments
Cognex Corp.		72,262	$	3,072,580		1.32	%
Novanta, Inc.*		42,470		5,150,337		2.22
				8,222,917		3.54
Financial Exchanges & Data
MSCI, Inc.		14,888		6,136,089		2.64

Footwear
On Holding A.G. - Cl. A*		131,442		2,325,209		1.00

Health Care Equipment
DexCom, Inc.*		78,036		5,816,023		2.51
IDEXX Laboratories, Inc.*		14,839		5,204,483		2.24
Insulet Corp.*		36,798		8,019,756		3.46
				19,040,262		8.21
Health Care Supplies
The Cooper Companies, Inc.		18,402		5,762,034		2.48

Home Improvement Retail
Floor & Decor Holdings, Inc. - Cl. A*		57,687		3,631,973		1.57

Hotels, Resorts & Cruise Lines
Hilton Worldwide Holdings, Inc.		55,339		6,166,978		2.66

Interactive Media & Services
Snap, Inc. - Cl. A*		135,135		1,774,323		0.76

Internet Services & Infrastructure
Twilio, Inc. - Cl. A*		35,007		2,933,937		1.26

Leisure Facilities
Planet Fitness, Inc. - Cl. A*		70,270		4,779,063		2.06

Life Sciences Tools & Services
Avantor, Inc.*		222,919		6,932,781		2.99
Mettler-Toledo International, Inc.*		3,357		3,856,421		1.66
Repligen Corp.*		22,893		3,717,823		1.60
				14,507,025		6.25
Movies & Entertainment
Spotify Technology S.A.*		15,731		1,476,040		0.64

Oil & Gas Exploration & Production
Diamondback Energy, Inc.		28,165		3,412,190		1.47

Real Estate Services
FirstService Corp.		57,500		6,974,868		3.01

	Number of Shares		Value			Percent of Net Assets
Regional Banks
First Republic Bank		51,040	$	7,359,968			3.17	%

Research & Consulting Services
CoStar Group, Inc.*		127,355		7,693,515			3.32

Restaurants
Chipotle Mexican Grill, Inc.*		3,860		5,046,024			2.17

Semiconductor Equipment
Lam Research Corp.		5,406		2,303,767			0.99

Semiconductors
Marvell Technology, Inc.		98,068		4,268,900			1.84
Microchip Technology, Inc.		73,755		4,283,690			1.85
ON Semiconductor Corp.*		59,596		2,998,275			1.29
				11,550,865			4.98
Specialized REITs
SBA Communications Corp. - Cl. A		21,302		6,817,705			2.94

Systems Software
UiPath, Inc. - Cl. A*		65,076		1,183,732			0.51

TOTAL COMMON STOCKS
(Cost $191,896,266)				219,868,957			94.75

SHORT-TERM INVESTMENTS^

State Street Institutional Treasury Money Market Fund - Premier Class, 0.000%		13,005,099		13,005,099			5.61

TOTAL SHORT-TERM INVESTMENTS
(Cost $13,005,099)				13,005,099			5.61

TOTAL INVESTMENTS
(Cost $204,901,365)				232,874,056			100.36

Liabilities, Less Cash and Other Assets				(833,328	)		(0.36	)

NET ASSETS			$	232,040,728			100.00	%

Non-income producing

See notes to schedule of investments.

Marsico International Opportunities Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2022

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS^
Advertising
S4 Capital PLC*		49,531	$	138,194		0.34	%

Aerospace & Defense
Airbus S.E.		15,152		1,467,971		3.64

Airlines
Ryanair Holdings PLC Spon. ADR*		4,409		296,505		0.74

Apparel, Accessories & Luxury Goods
adidas A.G.		1,652		292,159		0.73
LVMH Moet Hennessy Louis Vuitton S.E.		1,210		737,607		1.83
				1,029,766		2.56
Application Software
Atlassian Corp. PLC - Cl. A*		1,443		270,418		0.67
Constellation Software, Inc.		288		427,541		1.06
SAP S.E.		8,994		819,338		2.03
Xero Ltd.*		4,129		219,339		0.55
				1,736,636		4.31
Asset Management & Custody Banks
Julius Baer Group Ltd.		9,167		422,893		1.05

Automobile Manufacturers
Ferrari N.V.		1,184		217,240		0.54
Volkswagen A.G. Preference Shares		1,523		203,366		0.50
				420,606		1.04
Biotechnology
CSL Ltd.		3,655		678,802		1.68

Broadcasting
Viaplay Group A.B. - Cl. B*		11,107		227,900		0.57

Casinos & Gaming
Evolution A.B.		3,464		314,951		0.78

Consumer Electronics
Sony Group Corp.		12,500		1,022,166		2.54

	Number of Shares		Value		Percent of Net Assets
Data Processing & Outsourced Services
Adyen N.V.*		227	$	330,184		0.82	%
Mastercard, Inc. - Cl. A		1,364		430,315		1.07
				760,499		1.89
Distillers & Vintners
Diageo PLC		23,041		990,228		2.46

Diversified Banks
BAWAG Group A.G.		15,163		638,145		1.58
HDFC Bank Ltd. Spon. ADR		13,387		735,750		1.83
				1,373,895		3.41
Electronic Equipment & Instruments
Keyence Corp.		1,800		615,301		1.53

Financial Exchanges & Data
Deutsche Boerse A.G.		6,572		1,099,185		2.73

General Merchandise Stores
Dollarama, Inc.		6,219		358,105		0.89

Health Care Equipment
Olympus Corp.		67,700		1,360,437		3.38

Health Care Supplies
Alcon, Inc.		17,017		1,188,596		2.95

Human Resource & Employment Services
Recruit Holdings Company Ltd.		13,300		391,609		0.97

Industrial Conglomerates
Siemens A.G.		6,990		711,201		1.77

Industrial Gases
Air Liquide S.A.		5,653		758,991		1.88

Industrial Machinery
MISUMI Group, Inc.		23,900		503,788		1.25

Integrated Oil & Gas
TotalEnergies S.E.		11,641		614,473		1.53

Integrated Telecommunication Services
Cellnex Telecom S.A.		29,591		1,148,296		2.85
Deutsche Telekom A.G.		48,293		958,832		2.38
				2,107,128		5.23

	Number of Shares		Value		Percent of Net Assets
Interactive Home Entertainment
Sea Ltd. ADR*		4,961	$	331,692		0.82	%

Interactive Media & Services
Scout24 S.E.		13,314		683,528		1.70
Tencent Holdings Ltd.		22,400		1,011,694		2.51
				1,695,222		4.21
Internet & Direct Marketing Retail
Alibaba Group Holding Ltd. Spon. ADR*		6,790		771,887		1.92
JD.com, Inc. - Cl. A		15,616		503,100		1.25
Meituan - Cl. B*		24,400		603,874		1.50
MercadoLibre, Inc.*		476		303,150		0.75
				2,182,011		5.42
Internet Services & Infrastructure
Shopify, Inc. - Cl. A*		2,590		80,912		0.20

Life & Health Insurance
AIA Group Ltd.		113,200		1,226,954		3.05

Movies & Entertainment
Spotify Technology S.A.*		2,388		224,066		0.56

Packaged Foods & Meats
Nestlé S.A.		12,611		1,472,131		3.65

Personal Products
L’Oreal S.A.		1,782		614,950		1.53

Pharmaceuticals
AstraZeneca PLC		11,565		1,520,432		3.77
Dechra Pharmaceuticals PLC		5,268		221,752		0.55
Novo Nordisk A/S - Cl. B		8,922		989,553		2.46
Roche Holding A.G.		4,409		1,471,206		3.65
				4,202,943		10.43
Property & Casualty Insurance
Intact Financial Corp.		8,600		1,213,033		3.01

Real Estate Services
FirstService Corp.		3,400		412,427		1.02

Research & Consulting Services
Experian PLC		26,741		783,197		1.94

Restaurants
Domino’s Pizza Enterprises Ltd.		6,353		298,191		0.74

	Number of Shares		Value			Percent of Net Assets
Semiconductor Equipment
ASML Holding N.V.		2,433	$	1,162,264			2.89	%

Semiconductors
Infineon Technologies A.G.		15,880		384,251			0.96
Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR		14,100		1,152,675			2.86
				1,536,926			3.82
Soft Drinks
Coca-Cola Europacific Partners PLC		22,714		1,172,269			2.91

Specialty Chemicals
Shin-Etsu Chemical Company Ltd.		5,200		586,380			1.46

TOTAL COMMON STOCKS
(Cost $37,195,099)				39,785,394			98.78

SHORT-TERM INVESTMENTS^

State Street Institutional Treasury Money Market Fund - Premier Class, 0.000%		556,730		556,730			1.38

TOTAL SHORT-TERM INVESTMENTS
(Cost $556,730)				556,730			1.38

TOTAL INVESTMENTS
(Cost $37,751,829)				40,342,124			100.16

Liabilities, Less Cash and Other Assets				(66,306	)		(0.16	)

NET ASSETS				40,275,818			100.00	%

Non-income producing

See notes to schedule of investments.

SUMMARY OF INVESTMENTS BY COUNTRY

Country	Market Value		Percent of Investment Securities
Argentina	$	303,150		0.75	%
Australia		1,247,411		3.09
Austria		638,145		1.58
Canada		2,492,018		6.18
China/Hong Kong		4,117,509		10.21
Denmark		989,553		2.45
France		4,193,992		10.40
Germany		5,151,860		12.77
India		735,750		1.82
Ireland		296,505		0.74
Italy		217,240		0.54
Japan		4,479,681		11.10
Netherlands		1,492,448		3.70
New Zealand		219,339		0.54
Singapore		331,692		0.82
Spain		1,148,296		2.85
Sweden		766,917		1.90
Switzerland		4,554,826		11.29
Taiwan		1,152,675		2.86
United Kingdom		4,826,072		11.96
United States⁽¹⁾		987,045		2.45
	$	40,342,124		100.00	%

⁽¹⁾

Includes short-term securities.

Marsico Global Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2022

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS^
Apparel, Accessories & Luxury Goods
Hermes International		7,351	$	8,219,614		5.04	%
lululemon athletica, inc.*		19,225		5,240,927		3.22
				13,460,541		8.26

Data Processing & Outsourced Services
Adyen N.V.*		3,467		5,042,941		3.10

Financial Exchanges & Data
Deutsche Boerse A.G.		23,749		3,972,087		2.44

Hypermarkets & Super Centers
Costco Wholesale Corp.		11,440		5,482,963		3.37

Industrial Gases
Linde PLC		13,562		3,899,482		2.39

Integrated Telecommunication Services
Deutsche Telekom A.G.		545,271		10,826,062		6.65

Interactive Media & Services
Alphabet, Inc. - Cl. A*		3,051		6,648,922		4.08

Internet & Direct Marketing Retail
Amazon.com, Inc.*		108,760		11,551,400		7.09
JD.com, Inc. ADR		82,205		5,279,205		3.24
				16,830,605		10.33

Oil & Gas Exploration & Production
Pioneer Natural Resources Company		34,144		7,616,844		4.68
Tourmaline Oil Corp.		78,900		4,102,530		2.52
				11,719,374		7.20

Personal Products
L’Oreal S.A.		24,338		8,398,799		5.16

Pharmaceuticals
Eli Lilly & Company		17,291		5,606,261		3.44
Novo Nordisk A/S - Cl. B		50,258		5,574,191		3.42
				11,180,452		6.86

Railroads
Canadian Pacific Railway Ltd.		77,091		5,384,035		3.31

	Number of Shares		Value			Percent of Net Assets
Restaurants
Chipotle Mexican Grill, Inc.*		3,376	$	4,413,310			2.71	%

Semiconductor Equipment
ASML Holding N.V. - NY Reg. Shs.		18,675		8,887,059			5.46

Semiconductors
Marvell Technology, Inc.		46,360		2,018,051			1.24
NVIDIA Corp.		34,049		5,161,488			3.17
Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR		57,646		4,712,560			2.89
				11,892,099			7.30

Specialty Chemicals
The Sherwin-Williams Company		31,330		7,015,100			4.31

Systems Software
Microsoft Corp.		50,866		13,063,915			8.02
ServiceNow, Inc.*		6,163		2,930,630			1.80
UiPath, Inc. - Cl. A*		25,592		465,518			0.29
				16,460,063			10.11

Technology Hardware, Storage & Peripherals
Apple, Inc.		49,440		6,759,437			4.15

TOTAL COMMON STOCKS
(Cost $130,315,786)				158,273,331			97.19

SHORT-TERM INVESTMENTS^

State Street Institutional Treasury Money Market Fund - Premier Class, 0.000%		4,975,044		4,975,044			3.06

TOTAL SHORT-TERM INVESTMENTS
(Cost $4,975,044)				4,975,044			3.06

TOTAL INVESTMENTS
(Cost $135,290,830)				163,248,375			100.25

Liabilities, Less Cash and Other Assets				(405,046	)		(0.25	)

NET ASSETS				162,843,329			100.00	%

Non-income producing

See notes to schedule of investments.

SUMMARY OF INVESTMENTS BY COUNTRY

Country	Market Value		Percent of Investment Securities
Canada	$	9,486,565		5.81	%
China/Hong Kong		5,279,205		3.23
Denmark		5,574,191		3.41
France		16,618,413		10.18
Germany		14,798,149		9.07
Netherlands		13,930,000		8.53
Taiwan		4,712,560		2.89
United Kingdom		3,899,482		2.39
United States⁽¹⁾		88,949,810		54.49
	$	163,248,375		100.00	%

⁽¹⁾

Includes short-term securities.

Notes to Schedules of Investments

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

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

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

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

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

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

The inputs or methodology used for valuing investments are not an indication of the risk associated with investing in those investments. Changes in valuation techniques may result in transfers between the levels during the reporting period. There were no transfers into or out of Level 3 during the reporting period. As of June 30, 2022, each of the Fund’s investments were categorized as Level 1 securities. The fair values of the investments are reflected on each Fund’s Schedule of Investments by security type and economic industry.

Foreign Currency Translation — The accounting records of the Funds are maintained in US dollars. For valuation purposes, values of securities denominated in foreign currencies are translated into US dollars at 4:00 p.m. Eastern Time. Amounts related to the purchase and sale of foreign securities and investment income are translated at the rates of exchange prevailing on the respective dates of such transactions.

Reported realized gains and losses on foreign currency transactions arise from sales of portfolio securities, forward foreign currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the US dollar equivalent of the amounts actually received or paid.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held at the end of the reporting period. Net unrealized appreciation or depreciation on investments and foreign currency translations arises from changes in the value of assets and liabilities, including investments in securities at the end of the reporting period, resulting from changes in the exchange rates and changes in market prices of securities held.

Transactions in foreign-denominated assets may involve greater risks than domestic transactions, including currency risk, political and economic risk, regulatory risk and market risk.

Federal Income Tax Information — “Accounting for Uncertainty in Income Taxes” (the “Income Tax Statement”) requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations.

The Income Tax Statement requires management of the Funds to analyze all open tax years, consisting of fiscal years 2019-2022 as defined by Internal Revenue Service (“IRS”) statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the period ended June 30, 2022, the Funds did not have any liabilities for any unrecognized tax benefits. The Funds have no examinations in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

At June 30, 2022, gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

(Amounts in thousands)	Focus Fund			Growth Fund			Midcap Growth Focus Fund			International Opportunities Fund			Global Fund
Cost of Investments	$	472,660,130		$	216,789,220		$	204,902,501		$	37,968,241		$	135,616,023

Gross Unrealized Appreciation	$	189,401,748		$	63,032,605		$	65,600,797		$	7,397,346		$	36,482,493
Gross Unrealized Depreciation		(35,185,799	)		(13,767,068	)		(37,629,242	)		(5,023,463	)		(8,850,141	)

Net Unrealized Appreciation on Investments	$	154,215,949		$	49,265,537		$	27,971,555		$	2,373,883		$	27,632,352

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

Marsico Growth Fund (MGRIX) NPORT-PMarsico Global Fund (Jun 2022 report)