Marsico Growth Fund (MGRIX) NPORT-P Monthly portfolio investment report

Marsico Focus Fund

SCHEDULE OF INVESTMENTS

As of December 31, 2023

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS
Application Software
Adobe, Inc.*		45,608	$	27,209,733		3.62	%
Synopsys, Inc.*		64,479		33,200,882		4.42
				60,410,615		8.04
Asset Management & Custody Banks
Blackstone, Inc.		146,547		19,185,933		2.55
Broadline Retail
Amazon.com, Inc.*		322,395		48,984,696		6.52
Consumer Staples Merchandise Retail
Costco Wholesale Corp.		43,148		28,481,132		3.79
Financial Exchanges & Data
S&P Global, Inc.		71,856		31,654,005		4.21
Homebuilding
Lennar Corp. - Cl. A		99,819		14,877,024		1.98
Toll Brothers, Inc.		145,404		14,946,077		1.99
				29,823,101		3.97
Interactive Media & Services
Alphabet, Inc. - Cl. A*		237,440		33,167,994		4.41
Meta Platforms, Inc. - Cl. A*		175,738		62,204,222		8.28
				95,372,216		12.69
Movies & Entertainment
Netflix, Inc.*		47,108		22,935,943		3.05
Passenger Ground Transportation
Uber Technologies, Inc.*		268,025		16,502,299		2.20
Pharmaceuticals
Eli Lilly & Company		68,722		40,059,428		5.33
Restaurants
Chipotle Mexican Grill, Inc.*		15,132		34,606,279		4.60
Semiconductor Materials & Equipment
ASML Holding N.V. - NY Reg. Shs.		41,861		31,685,428		4.22

	Number of Shares		Value			Percent of Net Assets
Semiconductors
NVIDIA Corp.		102,873	$	50,944,767			6.78	%
Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR		225,916		23,495,264			3.13
				74,440,031			9.91
Specialty Chemicals
The Sherwin-Williams Company		102,810		32,066,439			4.27
Systems Software
Microsoft Corp.		243,678		91,632,675			12.20
ServiceNow, Inc.*		45,313		32,013,182			4.26
				123,645,857			16.46
Technology Hardware, Storage & Peripherals
Apple, Inc.		153,651		29,582,427			3.94
Transaction & Payment Processing Services
Visa, Inc. - Cl. A		119,111		31,010,549			4.13
TOTAL COMMON STOCKS
(Cost $388,640,291)				750,446,378			99.88
SHORT-TERM INVESTMENTS
State Street Institutional Treasury Money Market Fund - Premier Class, 5.28%#		3,508,691		3,508,691			0.47
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,508,691)				3,508,691			0.47
TOTAL INVESTMENTS
(Cost $392,148,982)				753,955,069			100.35
Liabilities, Less Cash and Other Assets				(2,618,731	)		(0.35	)
NET ASSETS			$	751,336,338			100.00	%

SUMMARY OF FAIR VALUE MEASUREMENTS

As of December 31, 2023, all investments disclosed in the preceding Schedule of Investments were classified as Level 1.

For more information on investment valuation and valuation inputs, refer to the Notes to Schedule of Investments.

*	Non-income producing.
#	Rate shown is the 7-day yield as of December 31, 2023.

See Notes to Schedule of Investments.

Marsico Growth Fund

SCHEDULE OF INVESTMENTS

As of December 31, 2023

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS
Aerospace & Defense
HEICO Corp.		24,085	$	4,308,084		1.30	%
Apparel, Accessories & Luxury Goods
lululemon athletica, inc.*		4,057		2,074,304		0.63
Application Software
Adobe, Inc.*		20,522		12,243,425		3.70
Intuit, Inc.		14,365		8,978,556		2.71
Synopsys, Inc.*		25,315		13,034,947		3.93
Workday, Inc. - Cl. A*		21,054		5,812,167		1.75
				40,069,095		12.09
Asset Management & Custody Banks
Blackstone, Inc.		25,755		3,371,845		1.02
Broadline Retail
Amazon.com, Inc.*		127,113		19,313,549		5.83
Consumer Finance
American Express Company		54,925		10,289,650		3.10
Consumer Staples Merchandise Retail
Costco Wholesale Corp.		17,860		11,789,029		3.56
Diversified Support Services
Cintas Corp.		10,309		6,212,822		1.87
Electronic Components
Amphenol Corp. - Cl. A		74,774		7,412,347		2.24
Financial Exchanges & Data
MSCI, Inc.		3,120		1,764,828		0.53
S&P Global, Inc.		21,501		9,471,621		2.86
				11,236,449		3.39
Health Care Equipment
IDEXX Laboratories, Inc.*		3,550		1,970,428		0.59
Homebuilding
Toll Brothers, Inc.		16,856		1,732,628		0.52

	Number of Shares		Value		Percent of Net Assets
Interactive Home Entertainment
ROBLOX Corp. - Cl. A*		38,434	$	1,757,202		0.53	%
Interactive Media & Services
Alphabet, Inc. - Cl. A*		113,655		15,876,467		4.79
Meta Platforms, Inc. - Cl. A*		61,641		21,818,448		6.58
				37,694,915		11.37
Internet Services & Infrastructure
Shopify, Inc. - Cl. A*		52,388		4,081,025		1.23
IT Consulting & Other Services
Accenture PLC - Cl. A		4,776		1,675,946		0.51
Life Sciences Tools & Services
Danaher Corp.		7,080		1,637,887		0.49
Movies & Entertainment
Netflix, Inc.*		6,720		3,271,834		0.98
Spotify Technology S.A.*		21,472		4,034,803		1.22
				7,306,637		2.20
Passenger Ground Transportation
Uber Technologies, Inc.*		34,720		2,137,710		0.64
Pharmaceuticals
Eli Lilly & Company		5,433		3,167,004		0.96
Zoetis, Inc.		43,378		8,561,516		2.58
				11,728,520		3.54
Restaurants
Chipotle Mexican Grill, Inc.*		6,559		15,000,171		4.53
Semiconductor Materials & Equipment
ASML Holding N.V. - NY Reg. Shs.		9,999		7,568,443		2.28
Semiconductors
Advanced Micro Devices, Inc.*		27,440		4,044,930		1.22
NVIDIA Corp.		33,113		16,398,220		4.95
Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR		16,025		1,666,600		0.50
				22,109,750		6.67
Specialty Chemicals
The Sherwin-Williams Company		40,768		12,715,539		3.84

	Number of Shares		Value			Percent of Net Assets
Systems Software
Microsoft Corp.		72,379	$	27,217,399			8.21	%
ServiceNow, Inc.*		22,101		15,614,136			4.71
				42,831,535			12.92
Technology Hardware, Storage & Peripherals
Apple, Inc.		86,555		16,664,434			5.03
Trading Companies & Distributors
Watsco, Inc.		8,008		3,431,188			1.04
Transaction & Payment Processing Services
Mastercard, Inc. - Cl. A		24,838		10,593,655			3.20
Visa, Inc. - Cl. A		16,751		4,361,123			1.31
				14,954,778			4.51
TOTAL COMMON STOCKS
(Cost $188,343,959)				323,075,910			97.47
SHORT-TERM INVESTMENTS
State Street Institutional Treasury Money Market Fund - Premier Class, 5.28%#		10,640,048		10,640,048			3.21
TOTAL SHORT-TERM INVESTMENTS
(Cost $10,640,048)				10,640,048			3.21
TOTAL INVESTMENTS
(Cost $198,984,007)				333,715,958			100.68
Liabilities, Less Cash and Other Assets				(2,243,678	)		(0.68	)
NET ASSETS			$	331,472,280			100.00	%

SUMMARY OF FAIR VALUE MEASUREMENTS

As of December 31, 2023, all investments disclosed in the preceding Schedule of Investments were classified as Level 1.

For more information on investment valuation and valuation inputs, refer to the Notes to Schedule of Investments.

*	Non-income producing.
#	Rate shown is the 7-day yield as of December 31, 2023.

See Notes to Schedule of Investments.

Marsico Midcap Growth Focus Fund

SCHEDULE OF INVESTMENTS

As of December 31, 2023

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS
Aerospace & Defense
HEICO Corp.		57,011	$	10,197,558		3.92	%
Apparel Retail
Foot Locker, Inc.		65,704		2,046,680		0.79
Application Software
Constellation Software, Inc.		5,185		12,855,459		4.94
Palantir Technologies, Inc. - Cl. A*		348,589		5,985,273		2.30
Samsara, Inc. - Cl. A*		52,916		1,766,336		0.68
Synopsys, Inc.*		32,816		16,897,286		6.50
				37,504,354		14.42
Automotive Parts & Equipment
Mobileye Global, Inc. - Cl. A*		87,226		3,778,630		1.45
Automotive Retail
O’Reilly Automotive, Inc.*		9,076		8,622,926		3.32
Biotechnology
Neurocrine Biosciences, Inc.*		60,323		7,948,159		3.06
Casinos & Gaming
Las Vegas Sands Corp.		102,075		5,023,111		1.93
Diversified Support Services
Cintas Corp.		19,983		12,042,955		4.63
Electrical Components & Equipment
AMETEK, Inc.		48,635		8,019,425		3.09
Electronic Components
Amphenol Corp. - Cl. A		122,225		12,116,164		4.66
Financial Exchanges & Data
MSCI, Inc.		18,785		10,625,735		4.09
Health Care Equipment
GE HealthCare Technologies, Inc.		71,386		5,519,566		2.12
Home Improvement Retail
Floor & Decor Holdings, Inc. - Cl. A*		48,085		5,364,363		2.06

	Number of Shares		Value		Percent of Net Assets
Homebuilding
D.R. Horton, Inc.		28,904	$	4,392,830		1.69	%
Lennar Corp. - Cl. A		39,008		5,813,752		2.24
NVR, Inc.*		1,287		9,009,579		3.46
PulteGroup, Inc.		42,228		4,358,774		1.68
Toll Brothers, Inc.		43,329		4,453,788		1.71
				28,028,723		10.78
Insurance Brokers
Arthur J. Gallagher & Company		14,722		3,310,683		1.27
Interactive Home Entertainment
Take-Two Interactive Software, Inc.*		20,647		3,323,135		1.28
IT Consulting & Other Services
Gartner, Inc.*		7,425		3,349,492		1.29
Leisure Products
Acushnet Holdings Corp.		122,333		7,727,776		2.97
Movies & Entertainment
Spotify Technology S.A.*		51,343		9,647,863		3.71
Passenger Airlines
Delta Air Lines, Inc.		206,871		8,322,420		3.20
United Airlines Holdings, Inc.*		155,608		6,420,386		2.47
				14,742,806		5.67
Restaurants
Chipotle Mexican Grill, Inc.*		6,582		15,052,771		5.79
Semiconductor Materials & Equipment
KLA Corp.		21,400		12,439,820		4.78
Semiconductors
Marvell Technology, Inc.		56,386		3,400,640		1.31
Microchip Technology, Inc.		109,468		9,871,824		3.79
				13,272,464		5.10
Systems Software
Palo Alto Networks, Inc.*		39,964		11,784,584		4.53
Trading Companies & Distributors
Watsco, Inc.		20,718		8,877,041		3.41
TOTAL COMMON STOCKS
(Cost $171,859,091)				260,366,784		100.12

	Number of Shares/Warrants		Value			Percent of Net Assets
WARRANTS
Application Software
Constellation Software, Inc., Expiration Date: March 31, 2040*@^		5,185	$	0			0.00	%
TOTAL WARRANTS
(Cost $0)				0			0.00
SHORT-TERM INVESTMENTS
State Street Institutional Treasury Money Market Fund - Premier Class, 5.28%#		629,433		629,433			0.24
TOTAL SHORT-TERM INVESTMENTS
(Cost $629,433)				629,433			0.24
TOTAL INVESTMENTS
(Cost $172,488,524)				260,996,217			100.36
Liabilities, Less Cash and Other Assets				(931,431	)		(0.36	)
NET ASSETS			$	260,064,786			100.00	%

SUMMARY OF FAIR VALUE MEASUREMENTS

The following is a summary of the fair values of the Fund’s investments according to the valuation inputs utilized as of December 31, 2023.

Fund Investment by Major Security Type	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 -Significant Unobservable Inputs			Total
Assets
Common Stocks	$	260,366,784	$	-	$	-		$	260,366,784
Warrants
Information Technology		-		-		-	**		-
Short-term Investments		629,433		-		-			629,433
	$	260,996,217	$	-	$	-		$	260,996,217

** Constellation Software, Inc. warrants were received as a result of a mandatory corporate action. The warrants represent the only Level 3 security held by the Fund.

For more information on investment valuation and valuation inputs, refer to the Notes to Schedule of Investments.

*	Non-income producing.
@	Security valued at fair value using significant unobservable inputs as determined in good faith by Marsico Capital Management, LLC (the "Adviser"), as the Fund’s Board of Trustees’ valuation designee. As of December 31, 2023, the total value of Level 3 securities was $0, which represents 0.00% of the Fund’s net assets.
^	As of December 31, 2023, certain information for the security, such as the strike price, is pending announcement by the issuer.
#	Rate shown is the 7-day yield as of December 31, 2023.

See Notes to Schedule of Investments.

Marsico International Opportunities Fund

SCHEDULE OF INVESTMENTS

As of December 31, 2023

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS
Aerospace & Defense
Airbus S.E.		9,033	$	1,393,884		3.52	%
Rolls-Royce Holdings PLC*		321,231		1,227,143		3.09
Safran S.A.		7,837		1,379,593		3.48
				4,000,620		10.09
Apparel, Accessories & Luxury Goods
Hermes International		568		1,203,172		3.04
Application Software
Constellation Software, Inc.		306		758,683		1.91
SAP S.E.		13,737		2,115,209		5.34
Synopsys, Inc.*		1,587		817,162		2.06
				3,691,054		9.31
Asset Management & Custody Banks
Blackstone, Inc.		5,821		762,085		1.92
Automobile Manufacturers
Ferrari N.V.		3,733		1,263,359		3.19
Broadline Retail
Amazon.com, Inc.*		7,723		1,173,433		2.96
Consumer Electronics
Sony Group Corp.		11,600		1,103,234		2.78
Homebuilding
Toll Brothers, Inc.		7,465		767,327		1.94
Industrial Gases
Air Liquide S.A.		4,757		924,893		2.33
Integrated Oil & Gas
TotalEnergies S.E.		26,457		1,799,164		4.54
Interactive Home Entertainment
Nintendo Co., Ltd.		32,900		1,717,100		4.33
Interactive Media & Services
Meta Platforms, Inc. - Cl. A*		4,344		1,537,602		3.88

	Number of Shares/Warrants		Value		Percent of Net Assets
Internet Services & Infrastructure
Shopify, Inc. - Cl. A*		21,248	$	1,655,219		4.18	%
Movies & Entertainment
Netflix, Inc.*		2,036		991,288		2.50
Spotify Technology S.A.*		8,100		1,522,071		3.84
				2,513,359		6.34
Personal Care Products
L’Oreal S.A.		1,782		886,536		2.24
Pharmaceuticals
Eli Lilly & Company		2,364		1,378,023		3.48
Novo Nordisk A/S - Cl. B		20,592		2,128,819		5.37
				3,506,842		8.85
Real Estate Services
FirstService Corp.		3,400		550,779		1.39
Restaurants
Chipotle Mexican Grill, Inc.*		388		887,341		2.24
Semiconductor Materials & Equipment
ASML Holding N.V.		2,897		2,180,175		5.50
Semiconductors
NVIDIA Corp.		3,546		1,756,050		4.43
Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR		19,266		2,003,664		5.06
				3,759,714		9.49
Soft Drinks & Non-alcoholic Beverages
Coca-Cola Europacific Partners PLC		18,288		1,220,541		3.08
Systems Software
Microsoft Corp.		3,458		1,300,346		3.28
TOTAL COMMON STOCKS
(Cost $29,431,384)				38,403,895		96.90
WARRANTS
Application Software
Constellation Software, Inc., Expiration Date: March 31, 2040*@^		306		0		0.00
TOTAL WARRANTS
(Cost $0)				0		0.00

	Number of Shares		Value			Percent of Net Assets
SHORT-TERM INVESTMENTS
State Street Institutional Treasury Money Market Fund - Premier Class, 5.28%#		1,348,479	$	1,348,479			3.40	%
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,348,479)				1,348,479			3.40
TOTAL INVESTMENTS
(Cost $30,779,863)				39,752,374			100.30
Liabilities, Less Cash and Other Assets				(120,718	)		(0.30	)
NET ASSETS			$	39,631,656			100.00	%

SUMMARY OF FAIR VALUE MEASUREMENTS

The following is a summary of the fair values of the Fund’s investments according to the valuation inputs utilized as of December 31, 2023.

Fund Investment by Major Security Type	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 -Significant Unobservable Inputs			Total
Assets
Common Stocks	$	38,403,895	$	-	$	-		$	38,403,895
Warrants
Information Technology		-		-		-	**		-
Short-term Investments		1,348,479		-		-			1,348,479
	$	39,752,374	$	-	$	-		$	39,752,374

** Constellation Software, Inc. warrants were received as a result of a mandatory corporate action. The warrants represent the only Level 3 security held by the Fund.

For more information on investment valuation and valuation inputs, refer to the Notes to Schedule of Investments.

*	Non-income producing.
@	Security valued at fair value using significant unobservable inputs as determined in good faith by the Adviser, as the Fund’s Board of Trustees’ valuation designee. As of December 31, 2023, the total value of Level 3 securities was $0, which represents 0.00% of the Fund’s net assets.
^	As of December 31, 2023, certain information for the security, such as the strike price, is pending announcement by the issuer.
#	Rate shown is the 7-day yield as of December 31, 2023.

See Notes to Schedule of Investments.

SUMMARY OF INVESTMENTS BY COUNTRY
			Percent of
			Investment
Country	Market Value		Securities
Canada	$	2,964,681		7.46	%
Denmark		2,128,819		5.35
France		7,587,242		19.09
Germany		2,115,209		5.32
Italy		1,263,359		3.18
Japan		2,820,334		7.09
Netherlands		2,180,175		5.48
Sweden		1,522,071		3.83
Taiwan		2,003,664		5.04
United Kingdom		2,447,684		6.16
United States(1)		12,719,136		32.00
	$	39,752,374		100.00	%

⁽¹⁾ Includes short-term securities.

Marsico Global Fund

SCHEDULE OF INVESTMENTS

As of December 31, 2023

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS
Aerospace & Defense
Airbus S.E.		35,391	$	5,461,191		3.12	%
Safran S.A.		10,004		1,761,063		1.00
				7,222,254		4.12
Apparel, Accessories & Luxury Goods
Hermes International		6,706		14,205,049		8.11
Application Software
Adobe, Inc.*		7,907		4,717,316		2.70
SAP S.E. Spon. ADR		37,851		5,851,386		3.34
Synopsys, Inc.*		14,289		7,357,549		4.20
				17,926,251		10.24
Asset Management & Custody Banks
Blackstone, Inc.		41,263		5,402,152		3.08
Automotive Parts & Equipment
Mobileye Global, Inc. - Cl. A*		107,508		4,657,247		2.66
Automotive Retail
O’Reilly Automotive, Inc.*		5,638		5,356,551		3.06
Broadline Retail
Amazon.com, Inc.*		62,761		9,535,906		5.45
Consumer Staples Merchandise Retail
Costco Wholesale Corp.		9,846		6,499,148		3.71
Homebuilding
Toll Brothers, Inc.		34,338		3,529,603		2.02
Interactive Media & Services
Alphabet, Inc. - Cl. A*		58,528		8,175,776		4.67
Meta Platforms, Inc. - Cl. A*		33,816		11,969,512		6.84
				20,145,288		11.51
Internet Services & Infrastructure
Shopify, Inc. - Cl. A*		75,518		5,882,852		3.36
Movies & Entertainment
Spotify Technology S.A.*		27,809		5,225,589		2.98

	Number of Shares		Value			Percent of Net Assets
Personal Care Products
L’Oreal S.A.		10,008	$	4,978,931			2.84	%
Pharmaceuticals
Eli Lilly & Company		14,804		8,629,548			4.93
Novo Nordisk A/S - Cl. B		88,386		9,137,421			5.22
				17,766,969			10.15
Restaurants
Chipotle Mexican Grill, Inc.*		3,167		7,242,802			4.14
Semiconductor Materials & Equipment
ASML Holding N.V. - NY Reg. Shs.		11,333		8,578,174			4.90
Semiconductors
NVIDIA Corp.		17,278		8,556,411			4.89
Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR		56,103		5,834,712			3.33
				14,391,123			8.22
Systems Software
Microsoft Corp.		25,861		9,724,771			5.55
Technology Hardware, Storage & Peripherals
Apple, Inc.		23,728		4,568,352			2.61
TOTAL COMMON STOCKS
(Cost $99,073,538)				172,839,012			98.71
SHORT-TERM INVESTMENTS
State Street Institutional Treasury Money Market Fund - Premier Class, 5.28%#		2,634,156		2,634,156			1.51
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,634,156)				2,634,156			1.51
TOTAL INVESTMENTS
(Cost $101,707,694)				175,473,168			100.22
Liabilities, Less Cash and Other Assets				(382,020	)		(0.22	)
NET ASSETS			$	175,091,148			100.00	%

SUMMARY OF FAIR VALUE MEASUREMENTS

As of December 31, 2023, all investments disclosed in the preceding Schedule of Investments were classified as Level 1.

For more information on investment valuation and valuation inputs, refer to the Notes to Schedule of Investments.

*	Non-income producing.
#	Rate shown is the 7-day yield as of December 31, 2023.

See Notes to Schedule of Investments.

SUMMARY OF INVESTMENTS BY COUNTRY
			Percent of
			Investment
Country	Market Value		Securities
Canada	$	5,882,852		3.35	%
Denmark		9,137,421		5.21
France		26,406,234		15.05
Germany		5,851,386		3.34
Israel		4,657,247		2.64
Netherlands		8,578,174		4.89
Sweden		5,225,589		2.98
Taiwan		5,834,712		3.33
United States(1)		103,899,553		59.21
	$	175,473,168		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 accordance with the Funds’ policies and procedures, in good faith by the Adviser, subject to the Board’s general supervision of the Adviser as the Board’s valuation designee (as defined in Rule 2a-5 under the 1940 Act). The Funds’ policies and procedures, including those wherein the Adviser has been approved as the Board’s valuation designee, have been duly approved by the Board. When a security has been “fair valued,” consideration is given to facts and circumstances relevant to the particular situation, including a review of the various factors set forth in the Funds’ policies and procedures. 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.

“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. As of December 31, 2023, the fair values of each Fund’s investments according to the valuation inputs utilized are reflected in the “Summary of Fair Value Measurements” on the Fund’s Schedule of Investments. The Funds did not hold a significant amount of Level 3 securities as of December 31, 2023.

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 2020-2024 as defined by Internal Revenue Service (“IRS”) statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of and during the period ended December 31, 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 December 31, 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	$	393,303,862		$	200,328,376		$	172,489,058		$	30,819,430		$	101,967,809
Gross Unrealized Appreciation	$	361,058,839		$	133,494,251		$	90,089,377		$	9,007,179		$	73,697,644
Gross Unrealized Depreciation		(407,632	)		(106,669	)		(1,582,218	)		(74,235	)		(192,285	)
Net Unrealized Appreciation on Investments	$	360,651,207		$	133,387,582		$	88,507,159		$	8,932,944		$	73,505,359

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