Marsico Growth Fund (MGRIX) NPORT-P Marsico Growth Fund (Jun 2023 report)

Marsico Focus Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2023

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS
Application Software
Synopsys, Inc.*		53,584	$	23,331,010		3.28	%
Automobile Manufacturers
Tesla, Inc.*		122,405		32,041,957		4.50
Broadline Retail
Amazon.com, Inc.*		322,395		42,027,412		5.91
Consumer Staples Merchandise Retail
Costco Wholesale Corp.		43,148		23,230,020		3.26
Financial Exchanges & Data
S&P Global, Inc.		51,518		20,653,051		2.90
Interactive Media & Services
Alphabet, Inc. - Cl. A*		237,440		28,421,568		3.99
Meta Platforms, Inc. - Cl. A*		175,738		50,433,291		7.09
				78,854,859		11.08
Managed Health Care
UnitedHealth Group, Inc.		62,439		30,010,681		4.22
Passenger Airlines
Delta Air Lines, Inc.*		453,776		21,572,511		3.03
Pharmaceuticals
Eli Lilly & Company		68,722		32,229,244		4.53
Restaurants
Chipotle Mexican Grill, Inc.*		15,132		32,367,348		4.55
Semiconductor Materials & Equipment
ASML Holding N.V. - NY Reg. Shs.		44,480		32,236,880		4.53
Semiconductors
Advanced Micro Devices, Inc.*		199,634		22,740,309		3.20
NVIDIA Corp.		142,959		60,474,516		8.50
				83,214,825		11.70
Specialty Chemicals
The Sherwin-Williams Company		102,810		27,298,111		3.84

	Number of Shares		Value			Percent of Net Assets
Systems Software
Microsoft Corp.		243,678	$	82,982,106			11.66	%
ServiceNow, Inc.*		34,029		19,123,277			2.69
				102,105,383			14.35
Technology Hardware, Storage & Peripherals
Apple, Inc.		327,320		63,490,261			8.92
Transaction & Payment Processing Services
Visa, Inc. - Cl. A		119,111		28,286,480			3.98
Wireless Telecommunication Services
T-Mobile US, Inc.*		166,793		23,167,548			3.26
TOTAL COMMON STOCKS
(Cost $384,686,687)				696,117,581			97.84
SHORT-TERM INVESTMENTS
State Street Institutional Treasury Money Market Fund - Premier Class, 5.02%#		18,134,180		18,134,180			2.55
TOTAL SHORT-TERM INVESTMENTS
(Cost $18,134,180)				18,134,180			2.55
TOTAL INVESTMENTS
(Cost $402,820,867)				714,251,761			100.39
Liabilities, Less Cash and Other Assets				(2,742,559	)		(0.39	)
NET ASSETS			$	711,509,202			100.00	%

*	Non-income producing.
#	Rate shown is the 7-day yield as of June 30, 2023.

See Notes to Schedule of Investments.

Marsico Growth Fund 

SCHEDULE OF INVESTMENTS 

As of June 30, 2023 

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS
Aerospace & Defense
HEICO Corp.		15,313	$	2,709,482		0.90	%
Application Software
Adobe, Inc.*		20,227		9,890,801		3.30
Synopsys, Inc.*		25,315		11,022,404		3.67
				20,913,205		6.97
Automobile Manufacturers
Tesla, Inc.*		45,029		11,787,241		3.93
Broadline Retail
Amazon.com, Inc.*		127,113		16,570,451		5.52
Consumer Staples Merchandise Retail
Costco Wholesale Corp.		17,860		9,615,467		3.21
Diversified Support Services
Cintas Corp.		10,309		5,124,398		1.71
Electronic Components
Amphenol Corp. - Cl. A		74,774		6,352,051		2.12
Financial Exchanges & Data
MSCI, Inc.		9,234		4,333,424		1.45
S&P Global, Inc.		21,501		8,619,536		2.87
				12,952,960		4.32
Health Care Equipment
IDEXX Laboratories, Inc.*		15,977		8,024,129		2.67
Interactive Media & Services
Alphabet, Inc. - Cl. A*		107,961		12,922,932		4.31
Meta Platforms, Inc. - Cl. A*		61,641		17,689,734		5.89
				30,612,666		10.20
Life Sciences Tools & Services
Danaher Corp.		23,889		5,733,360		1.91
Mettler-Toledo International, Inc.*		3,306		4,336,282		1.45
				10,069,642		3.36
Managed Health Care
UnitedHealth Group, Inc.		20,024		9,624,335		3.21

	Number of Shares		Value		Percent of Net Assets
Movies & Entertainment
Netflix, Inc.*		9,152	$	4,031,365		1.34	%
Spotify Technology S.A.*		44,771		7,187,984		2.40
				11,219,349		3.74
Passenger Airlines
Delta Air Lines, Inc.*		126,984		6,036,819		2.01
Pharmaceuticals
Eli Lilly & Company		6,209		2,911,897		0.97
Zoetis, Inc.		16,285		2,804,440		0.94
				5,716,337		1.91
Restaurants
Chipotle Mexican Grill, Inc.*		5,191		11,103,549		3.70
Semiconductor Materials & Equipment
ASML Holding N.V. - NY Reg. Shs.		9,999		7,246,775		2.41
KLA Corp.		8,643		4,192,028		1.40
				11,438,803		3.81
Semiconductors
Advanced Micro Devices, Inc.*		56,343		6,418,031		2.14
NVIDIA Corp.		58,769		24,860,462		8.29
				31,278,493		10.43
Soft Drinks & Non-alcoholic Beverages
Celsius Holdings, Inc.*		25,846		3,855,965		1.29
Specialty Chemicals
The Sherwin-Williams Company		11,597		3,079,235		1.03
Systems Software
Microsoft Corp.		72,379		24,647,945		8.21
ServiceNow, Inc.*		15,951		8,963,983		2.99
				33,611,928		11.20
Technology Hardware, Storage & Peripherals
Apple, Inc.		86,555		16,789,073		5.60
Transaction & Payment Processing Services
Mastercard, Inc. - Cl. A		24,838		9,768,785		3.26
Visa, Inc. - Cl. A		16,751		3,978,028		1.32
				13,746,813		4.58
Wireless Telecommunication Services
T-Mobile US, Inc.*		18,471		2,565,622		0.85
TOTAL COMMON STOCKS
(Cost $184,402,912)				294,798,013		98.27

	Number of Shares		Value			Percent of Net Assets
SHORT-TERM INVESTMENTS
State Street Institutional Treasury Money Market Fund - Premier Class, 5.02%#		8,324,079	$	8,324,079			2.78	%
TOTAL SHORT-TERM INVESTMENTS
(Cost $8,324,079)				8,324,079			2.78
TOTAL INVESTMENTS
(Cost $192,726,991)				303,122,092			101.05
Liabilities, Less Cash and Other Assets				(3,144,473	)		(1.05	)
NET ASSETS			$	299,977,619			100.00	%

*	Non-income producing.
#	Rate shown is the 7-day yield as of June 30, 2023.

See Notes to Schedule of Investments.

Marsico Midcap Growth Focus Fund 

SCHEDULE OF INVESTMENTS 

As of June 30, 2023 

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS
Aerospace & Defense
HEICO Corp.		57,011	$	10,087,526		3.97	%
Application Software
Constellation Software, Inc.		5,185		10,742,842		4.23
Synopsys, Inc.*		32,816		14,288,415		5.63
				25,031,257		9.86
Automotive Parts & Equipment
Mobileye Global, Inc. - Cl. A*		87,226		3,351,223		1.32
Automotive Retail
O’Reilly Automotive, Inc.*		9,076		8,670,303		3.42
Biotechnology
Neurocrine Biosciences, Inc.*		64,223		6,056,229		2.39
Casinos & Gaming
Las Vegas Sands Corp.*		102,075		5,920,350		2.33
Communications Equipment
Arista Networks, Inc.*		38,901		6,304,296		2.48
Diversified Support Services
Cintas Corp.		22,184		11,027,223		4.34
Electrical Components & Equipment
AMETEK, Inc.		48,635		7,873,034		3.10
Electronic Components
Amphenol Corp. - Cl. A		132,175		11,228,266		4.42
Electronic Equipment & Instruments
Novanta, Inc.*		42,470		7,818,727		3.08
Financial Exchanges & Data
MSCI, Inc.		14,888		6,986,789		2.75
Health Care Equipment
GE HealthCare Technologies, Inc.		88,698		7,205,825		2.84
IDEXX Laboratories, Inc.*		14,839		7,452,591		2.93
				14,658,416		5.77

	Number of Shares		Value		Percent of Net Assets
Home Improvement Retail
Floor & Decor Holdings, Inc. - Cl. A*		48,085	$	4,998,917		1.97	%
Homebuilding
Lennar Corp. - Cl. A		39,008		4,888,092		1.92
NVR, Inc.*		1,287		8,173,248		3.22
				13,061,340		5.14
Interactive Home Entertainment
Take-Two Interactive Software, Inc.*		20,647		3,038,413		1.20
IT Consulting & Other Services
Gartner, Inc.*		7,425		2,601,052		1.03
Leisure Products
Acushnet Holdings Corp.		145,062		7,931,990		3.12
Life Sciences Tools & Services
Mettler-Toledo International, Inc.*		5,734		7,520,944		2.96
Movies & Entertainment
Spotify Technology S.A.*		51,343		8,243,119		3.25
Other Specialty Retail
Five Below, Inc.*		11,557		2,271,413		0.90
Tractor Supply Company		11,297		2,497,766		0.98
				4,769,179		1.88
Passenger Airlines
Delta Air Lines, Inc.*		162,517		7,726,058		3.04
United Airlines Holdings, Inc.*		92,139		5,055,667		1.99
				12,781,725		5.03
Restaurants
Chipotle Mexican Grill, Inc.*		6,582		14,078,898		5.55
Semiconductor Materials & Equipment
KLA Corp.		21,400		10,379,428		4.09
Semiconductors
Marvell Technology, Inc.		56,386		3,370,755		1.33
Microchip Technology, Inc.		109,468		9,807,238		3.86
				13,177,993		5.19
Soft Drinks & Non-alcoholic Beverages
Celsius Holdings, Inc.*		51,635		7,703,426		3.03
Systems Software
Palo Alto Networks, Inc.*		39,964		10,211,202		4.02

	Number of Shares		Value			Percent of Net Assets
Trading Companies & Distributors
Watsco, Inc.		7,720	$	2,944,948			1.16	%
Transaction & Payment Processing Services
Toast, Inc. - Cl. A*		189,531		4,277,715			1.69
TOTAL COMMON STOCKS
(Cost $173,681,623)				252,733,928			99.54
SHORT-TERM INVESTMENTS
State Street Institutional Treasury Money Market Fund - Premier Class, 5.02%#		2,946,970		2,946,970			1.16
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,946,970)				2,946,970			1.16
TOTAL INVESTMENTS
(Cost $176,628,593)				255,680,898			100.70
Liabilities, Less Cash and Other Assets				(1,773,506	)		(0.70	)
NET ASSETS			$	253,907,392			100.00	%

*	Non-income producing.
#	Rate shown is the 7-day yield as of June 30, 2023.

See Notes to Schedule of Investments.

Marsico International Opportunities Fund 

SCHEDULE OF INVESTMENTS 

As of June 30, 2023 

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS
Aerospace & Defense
Airbus S.E.		12,520	$	1,810,164		4.43	%
Safran S.A.		7,837		1,228,134		3.01
				3,038,298		7.44
Apparel, Accessories & Luxury Goods
Hermes International		568		1,234,672		3.02
LVMH Moet Hennessy Louis Vuitton S.E.		1,210		1,140,924		2.80
				2,375,596		5.82
Application Software
Constellation Software, Inc.		306		634,004		1.55
SAP S.E.		13,737		1,876,576		4.60
				2,510,580		6.15
Automobile Manufacturers
Ferrari N.V.		1,615		525,214		1.29
Automotive Parts & Equipment
Mobileye Global, Inc. - Cl. A*		23,772		913,320		2.24
Broadline Retail
MercadoLibre, Inc.*		353		418,164		1.02
Casinos & Gaming
Evolution A.B.		3,464		438,971		1.07
Consumer Electronics
Sony Group Corp.		11,600		1,047,134		2.56
Distillers & Vintners
Diageo PLC		23,041		990,554		2.42
Electronic Equipment & Instruments
Keyence Corp.		1,800		855,281		2.09
Health Care Supplies
Alcon, Inc.		17,173		1,424,713		3.49
Human Resource & Employment Services
Recruit Holdings Company Ltd.		13,300		424,474		1.04

	Number of Shares		Value		Percent of Net Assets
Industrial Conglomerates
Siemens A.G.		4,197	$	699,644		1.71	%
Industrial Gases
Air Liquide S.A.		4,757		853,097		2.09
Integrated Oil & Gas
TotalEnergies S.E.		11,641		668,247		1.64
Integrated Telecommunication Services
Cellnex Telecom S.A.		20,451		826,298		2.02
Deutsche Telekom A.G.		75,950		1,657,115		4.06
				2,483,413		6.08
Interactive Home Entertainment
Nintendo Co., Ltd.		28,600		1,303,826		3.19
Sea Ltd. ADR*		4,933		286,311		0.70
				1,590,137		3.89
Interactive Media & Services
Tencent Holdings Ltd.		22,400		949,786		2.33
Internet Services & Infrastructure
Shopify, Inc. - Cl. A*		21,248		1,372,621		3.36
Life & Health Insurance
AIA Group Ltd.		113,200		1,149,715		2.81	��
Movies & Entertainment
Spotify Technology S.A.*		2,877		461,902		1.13
Packaged Foods & Meats
Nestlé S.A.		12,290		1,478,383		3.62
Personal Care Products
L’Oreal S.A.		1,782		831,261		2.04
Pharmaceuticals
AstraZeneca PLC		11,775		1,687,996		4.13
Dechra Pharmaceuticals PLC		8,352		391,111		0.96
Novo Nordisk A/S - Cl. B		10,296		1,663,213		4.07
				3,742,320		9.16
Property & Casualty Insurance
Intact Financial Corp.		6,500		1,003,593		2.46
Real Estate Services
FirstService Corp.		3,400		523,622		1.28

	Number of Shares		Value			Percent of Net Assets
Research & Consulting Services
Experian PLC		25,111	$	963,785			2.36	%
Semiconductor Materials & Equipment
ASML Holding N.V.		2,132		1,546,401			3.79
Semiconductors
Infineon Technologies A.G.		15,880		653,974			1.60
Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR		19,606		1,978,637			4.84
				2,632,611			6.44
Soft Drinks & Non-alcoholic Beverages
Coca-Cola Europacific Partners PLC		21,861		1,408,504			3.45
Transaction & Payment Processing Services
Adyen N.V.*		227		393,089			0.96
TOTAL COMMON STOCKS
(Cost $29,879,210)				39,714,430			97.23
SHORT-TERM INVESTMENTS
State Street Institutional Treasury Money Market Fund - Premier Class, 5.02%#		1,213,142		1,213,142			2.97
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,213,142)				1,213,142			2.97
TOTAL INVESTMENTS
(Cost $31,092,352)				40,927,572			100.20
Liabilities, Less Cash and Other Assets				(80,374	)		(0.20	)
NET ASSETS			$	40,847,198			100.00	%

*	Non-income producing.
#	Rate shown is the 7-day yield as of June 30, 2023.

See Notes to Schedule of Investments.

International

SUMMARY OF INVESTMENTS BY COUNTRY

			Percent of
			Investment
Country	Market Value		Securities
Argentina	$	418,164		1.02	%
Canada		3,533,840		8.64
China/Hong Kong		2,099,501		5.13
Denmark		1,663,213		4.06
France		7,766,499		18.98
Germany		4,887,309		11.94
Israel		913,320		2.23
Italy		525,214		1.28
Japan		3,630,715		8.87
Netherlands		1,939,490		4.74
Singapore		286,311		0.70
Spain		826,298		2.02
Sweden		900,873		2.20
Switzerland		2,903,096		7.09
Taiwan		1,978,637		4.84
United Kingdom		5,441,950		13.30
United States(1)		1,213,142		2.96
	$	40,927,572		100.00	%

⁽¹⁾ Includes short-term securities.

Marsico Global Fund 

SCHEDULE OF INVESTMENTS 

As of June 30, 2023 

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS
Aerospace & Defense
Airbus S.E.		19,906	$	2,878,045		1.61	%
Apparel, Accessories & Luxury Goods
Hermes International		6,706		14,576,958		8.18
Application Software
Synopsys, Inc.*		14,612		6,362,211		3.57
Automobile Manufacturers
Tesla, Inc.*		26,484		6,932,717		3.89
Automotive Parts & Equipment
Mobileye Global, Inc. - Cl. A*		96,456		3,705,840		2.08
Automotive Retail
O’Reilly Automotive, Inc.*		5,809		5,549,338		3.11
Broadline Retail
Amazon.com, Inc.*		70,718		9,218,798		5.17
Consumer Staples Merchandise Retail
Costco Wholesale Corp.		9,846		5,300,889		2.97
Homebuilding
Lennar Corp. - Cl. A		20,656		2,588,403		1.45
Industrial Conglomerates
Siemens A.G.		20,694		3,449,708		1.94
Integrated Telecommunication Services
Deutsche Telekom A.G.		340,906		7,438,059		4.17
Interactive Media & Services
Alphabet, Inc. - Cl. A*		48,678		5,826,756		3.27
Meta Platforms, Inc. - Cl. A*		38,118		10,939,104		6.14
				16,765,860		9.41
Internet Services & Infrastructure
Shopify, Inc. - Cl. A*		86,461		5,585,381		3.13
Managed Health Care
UnitedHealth Group, Inc.		8,906		4,280,580		2.40

	Number of Shares		Value			Percent of Net Assets
Passenger Airlines
Delta Air Lines, Inc.*		57,371	$	2,727,417			1.53	%
Personal Care Products
L’Oreal S.A.		14,543		6,783,964			3.81
Pharmaceuticals
AstraZeneca PLC		41,424		5,938,304			3.33
Eli Lilly & Company		17,291		8,109,133			4.55
Novo Nordisk A/S - Cl. B		44,193		7,138,924			4.00
				21,186,361			11.88
Restaurants
Chipotle Mexican Grill, Inc.*		3,247		6,945,333			3.90
Semiconductor Materials & Equipment
ASML Holding N.V. - NY Reg. Shs.		11,333		8,213,592			4.61
Semiconductors
Advanced Micro Devices, Inc.*		52,873		6,022,763			3.38
NVIDIA Corp.		19,785		8,369,451			4.70
Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR		85,380		8,616,550			4.83
				23,008,764			12.91
Systems Software
Microsoft Corp.		26,317		8,961,991			5.03
Technology Hardware, Storage & Peripherals
Apple, Inc.		31,982		6,203,549			3.48
TOTAL COMMON STOCKS
(Cost $112,487,575)				178,663,758			100.23
SHORT-TERM INVESTMENTS
State Street Institutional Treasury Money Market Fund - Premier Class, 5.02%#		251,573		251,573			0.14
TOTAL SHORT-TERM INVESTMENTS
(Cost $251,573)				251,573			0.14
TOTAL INVESTMENTS
(Cost $112,739,148)				178,915,331			100.37
Liabilities, Less Cash and Other Assets				(653,725	)		(0.37	)
NET ASSETS			$	178,261,606			100.00	%

*	Non-income producing.
#	Rate shown is the 7-day yield as of June 30, 2023.

See Notes to Schedule of Investments.

Global 

SUMMARY OF INVESTMENTS BY COUNTRY

			Percent of
			Investment
Country	Market Value		Securities
Canada	$	5,585,381		3.12	%
Denmark		7,138,924		3.99
France		24,238,967		13.55
Germany		10,887,767		6.08
Israel		3,705,840		2.07
Netherlands		8,213,592		4.59
Taiwan		8,616,550		4.82
United Kingdom		5,938,304		3.32
United States(1)		104,590,006		58.46
	$	178,915,331		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. 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, as the Board’s valuation designee (as defined in Rule 2a-5 under the 1940 Act (“Rule 2a-5”)), in accordance with established procedures and under the general oversight of the Funds’ Board of Trustees. The Funds may use pricing services to assist in determining market value. The Adviser, as the Board’s valuation designee, has proposed and the Board has approved 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.

Securities for which market quotations are not readily available will have a fair value determined by the Adviser, as the Board’s valuation designee, in accordance with procedures established by the Adviser, approved by the Chief Compliance Officer, and ratified by the Board of Trustees. When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Funds’ procedures.

“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. In accordance with established procedures and under the general oversight of the Funds’ Board of Trustees, certain equity securities listed or traded on foreign security exchanges in the Funds’ portfolios that had a fair valuation adjustment factor applied to their equity prices at the end of the reporting period are categorized as Level 2. There were no transfers into or out of Level 3 during the reporting period. The following is a summary of the fair values of the Funds’ investments in each category and economic sector as of June 30, 2023.

Fund Investments by
Major Security Type	Level 1		Level 2		Level 3		Total
Marsico Focus Fund
Assets
Common Stocks
Communication Services	$	102,022,407	$	-	$	-	$	102,022,407
Consumer Discretionary		106,436,717		-		-		106,436,717
Consumer Staples		23,230,020		-		-		23,230,020
Financials		48,939,531		-		-		48,939,531
Health Care		62,239,925		-		-		62,239,925
Industrials		21,572,511		-		-		21,572,511
Information Technology		304,378,359		-		-		304,378,359
Materials		27,298,111		-		-		27,298,111
Short-term Investments		18,134,180		-		-		18,134,180
							$	714,251,761
Marsico Growth Fund
Assets
Common Stocks
Communication Services		44,397,637		-		-		44,397,637
Consumer Discretionary		39,461,241		-		-		39,461,241
Consumer Staples		13,471,432		-		-		13,471,432
Financials		26,699,773		-		-		26,699,773
Health Care		33,434,443		-		-		33,434,443
Industrials		13,870,699		-		-		13,870,699
Information Technology		120,383,553		-		-		120,383,553
Materials		3,079,235		-		-		3,079,235
Short-term Investments		8,324,079		-		-		8,324,079
							$	303,122,092
Marsico Midcap Growth Focus Fund
Assets
Common Stocks
Communication Services		11,281,532		-		-		11,281,532
Consumer Discretionary		62,782,200		-		-		62,782,200
Consumer Staples		7,703,426		-		-		7,703,426
Financials		11,264,504		-		-		11,264,504
Health Care		28,235,589		-		-		28,235,589
Industrials		44,714,456		-		-		44,714,456
Information Technology		86,752,221		-		-		86,752,221
Short-term Investments		2,946,970		-		-		2,946,970
							$	255,680,898
Marsico International Opportunities Fund
Assets
Common Stocks
Communication Services		748,213		4,737,025		-	$	5,485,238
Consumer Discretionary		1,856,698		3,861,701		-		5,718,399
Consumer Staples		1,408,504		3,300,198		-		4,708,702
Energy		-		668,247		-		668,247
Financials		1,003,593		1,542,804		-		2,546,397
Health Care		-		5,167,033		-		5,167,033
Industrials		-		5,126,201		-		5,126,201
Information Technology		3,985,262		4,932,232		-		8,917,494
Materials		-		853,097		-		853,097
Real Estate		523,622		-		-		523,622
Short-term Investments		1,213,142		-		-		1,213,142
							$	40,927,572
Marsico Global Fund
Assets
Common Stocks
Communication Services		16,765,860		7,438,059		-		24,203,919
Consumer Discretionary		34,940,429		14,576,958		-		49,517,387
Consumer Staples		5,300,889		6,783,964		-		12,084,853
Health Care		12,389,713		13,077,228		-		25,466,941
Industrials		2,727,417		6,327,753		-		9,055,170
Information Technology		58,335,488		-		-		58,335,488
Short-term Investments		251,573		-		-		251,573
							$	178,915,331

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 2020-2023 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, 2023, 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, 2023, gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

	Focus Fund			Growth Fund			Midcap Growth Focus Fund			International Opportunities Fund			Global Fund
Cost of Investments	$	405,614,242		$	193,859,236		$	176,629,127		$	31,147,794		$	112,800,148
Gross Unrealized Appreciation	$	309,227,391		$	109,749,105		$	81,410,885		$	10,431,966		$	67,219,212
Gross Unrealized Depreciation		(589,872	)		(486,249	)		(2,359,114	)		(652,188	)		(1,104,029	)
Net Unrealized Appreciation on Investments	$	308,637,519		$	109,262,856		$	79,051,771		$	9,779,778		$	66,115,183

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