Marsico Focus Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2025

(Unaudited)

 

		Number of Shares				Value				Percent of Net Assets
COMMON STOCKS
Aerospace & Defense
General Electric Co. DBA GE Aerospace			239,644			$	61,681,969				5.71	%
The Boeing Company*			220,560				46,213,937				4.28
							107,895,906				9.99
Application Software
Synopsys, Inc.*			64,479				33,057,094				3.06
Broadline Retail
Amazon.com, Inc.*			322,395				70,730,239				6.55
Consumer Staples Merchandise Retail
Costco Wholesale Corp.			43,148				42,713,931				3.95
Heavy Electrical Equipment
GE Vernova, Inc.			91,633				48,487,602				4.49
Hotels, Resorts & Cruise Lines
Booking Holdings, Inc.			5,551				32,136,071				2.97
Interactive Media & Services
Meta Platforms, Inc. - Cl. A			135,618				100,098,290				9.27
Investment Banking & Brokerage
The Goldman Sachs Group, Inc.			26,873				19,019,366				1.76
Managed Health Care
UnitedHealth Group, Inc.			93,391				29,135,190				2.70
Movies & Entertainment
Netflix, Inc.*			47,108				63,083,736				5.84
The Walt Disney Company			265,803				32,962,230				3.05
TKO Group Holdings, Inc.			211,727				38,523,728				3.57
							134,569,694				12.46
Property & Casualty Insurance
The Progressive Corp.			129,889				34,662,178				3.21
Restaurants
Chipotle Mexican Grill, Inc.*			628,318				35,280,056				3.27
Semiconductor Materials & Equipment
ASML Holding N.V. - NY Reg. Shs.			41,861				33,546,987				3.11

 

 

		Number of Shares				Value				Percent of Net Assets
Semiconductors
NVIDIA Corp.			516,887			$	81,662,977				7.56	%
Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR			225,916				51,167,715				4.74
							132,830,692				12.30
Specialty Chemicals
The Sherwin-Williams Company			67,717				23,251,309				2.15
Systems Software
Microsoft Corp.			199,254				99,110,932				9.18
ServiceNow, Inc.*			34,944				35,925,228				3.32
							135,036,160				12.50
Technology Hardware, Storage & Peripherals
Apple, Inc.			153,651				31,524,576				2.92
Transaction & Payment Processing Services
Visa, Inc. - Cl. A			104,908				37,247,585				3.45
TOTAL COMMON STOCKS
(Cost $480,712,366)							1,081,222,926				100.11
SHORT-TERM INVESTMENTS
State Street Institutional Treasury Money Market Fund - Premier Class, 4.20%#			3,361,786				3,361,786				0.31
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,361,786)							3,361,786				0.31
TOTAL INVESTMENTS
(Cost $484,074,152)							1,084,584,712				100.42
Liabilities, Less Cash and Other Assets							(4,546,459	)			(0.42	)
NET ASSETS						$	1,080,038,253				100.00	%

 

SUMMARY OF FAIR VALUE MEASUREMENTS

 

As of June 30, 2025, 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 Schedules of Investments.

  

*	Non-income producing.

#	Rate shown is the 7-day yield as of June 30, 2025.

 

See Notes to Schedules of Investments.

 

 

Marsico Growth Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2025

(Unaudited)

 

		Number of Shares				Value				Percent of Net Assets
COMMON STOCKS
Aerospace & Defense
General Electric Co. DBA GE Aerospace			50,151			$	12,908,366				3.02	%
HEICO Corp.			50,781				16,656,168				3.90
The Boeing Company*			38,197				8,003,417				1.87
							37,567,951				8.79
Application Software
AppLovin Corp. - Cl. A*			6,246				2,186,600				0.51
Constellation Software, Inc.			1,675				6,141,810				1.44
SAP S.E. Spon. ADR			50,944				15,492,070				3.63
Synopsys, Inc.*			11,591				5,942,474				1.39
							29,762,954				6.97
Broadline Retail
Amazon.com, Inc.*			115,012				25,232,483				5.91
Consumer Finance
American Express Company			7,652				2,440,835				0.57
Consumer Staples Merchandise Retail
Costco Wholesale Corp.			17,860				17,680,329				4.14
Diversified Support Services
Cintas Corp.			13,684				3,049,753				0.71
Financial Exchanges & Data
Moody’s Corp.			38,622				19,372,409				4.53
Heavy Electrical Equipment
GE Vernova, Inc.			13,414				7,098,018				1.66
Interactive Media & Services
Alphabet, Inc. - Cl. A			68,158				12,011,484				2.81
Meta Platforms, Inc. - Cl. A			39,920				29,464,553				6.90
							41,476,037				9.71
Investment Banking & Brokerage
Robinhood Markets, Inc. - Cl. A*			143,019				13,390,869				3.13
Managed Health Care
UnitedHealth Group, Inc.			6,791				2,118,588				0.50

 

 

		Number of Shares				Value				Percent of Net Assets
Movies & Entertainment
Netflix, Inc.*			19,487			$	26,095,626				6.11	%
Spotify Technology S.A.*			19,948				15,306,899				3.59
The Walt Disney Company			112,328				13,929,795				3.26
TKO Group Holdings, Inc.			24,242				4,410,832				1.03
							59,743,152				13.99
Passenger Ground Transportation
Uber Technologies, Inc.*			99,630				9,295,479				2.18
Property & Casualty Insurance
The Progressive Corp.			15,309				4,085,360				0.96
Restaurants
Chipotle Mexican Grill, Inc.*			113,842				6,392,228				1.50
Semiconductors
Broadcom, Inc.			55,617				15,330,826				3.59
NVIDIA Corp.			184,543				29,155,948				6.83
Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR			42,073				9,529,114				2.23
							54,015,888				12.65
Specialty Chemicals
The Sherwin-Williams Company			40,768				13,998,101				3.28
Systems Software
Microsoft Corp.			56,959				28,331,976				6.63
ServiceNow, Inc.*			11,831				12,163,215				2.85
							40,495,191				9.48
Technology Hardware, Storage & Peripherals
Apple, Inc.			78,566				16,119,386				3.77
Transaction & Payment Processing Services
Mastercard, Inc. - Cl. A			31,777				17,856,767				4.18
Visa, Inc. - Cl. A			16,751				5,947,443				1.39
							23,804,210				5.57
TOTAL COMMON STOCKS (Cost $205,348,092)							427,139,221				100.00

 

 

		Number of Shares				Value				Percent of Net Assets
SHORT-TERM INVESTMENTS
State Street Institutional Treasury Money Market Fund - Premier Class, 4.20%#			2,655,577			$	2,655,577				0.62	%
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,655,577)							2,655,577				0.62
TOTAL INVESTMENTS
(Cost $208,003,669)							429,794,798				100.62
Liabilities, Less Cash and Other Assets							(2,656,516	)			(0.62	)
NET ASSETS						$	427,138,282				100.00	%

 

SUMMARY OF FAIR VALUE MEASUREMENTS

 

As of June 30, 2025, 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 Schedules of Investments.

 

*	Non-income producing.

#	Rate shown is the 7-day yield as of June 30, 2025.

 

See Notes to Schedules of Investments.

 

 

 

Marsico Midcap Growth Focus Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2025

(Unaudited)

 

		Number of Shares				Value				Percent of Net Assets
COMMON STOCKS
Aerospace & Defense
AAR CORP.*			69,793			$	4,801,061				0.96	%
HEICO Corp.			48,506				15,909,968				3.17
Rheinmetall A.G.			4,498				9,521,264				1.90
Rolls-Royce Holdings PLC			1,326,176				17,613,949				3.51
							47,846,242				9.54
Application Software
AppLovin Corp. - Cl. A*			35,274				12,348,722				2.46
Constellation Software, Inc.			5,185				19,012,111				3.79
Palantir Technologies, Inc. - Cl. A*			164,764				22,460,629				4.48
Synopsys, Inc.*			32,816				16,824,107				3.36
Tyler Technologies, Inc.*			6,516				3,862,945				0.77
							74,508,514				14.86
Automotive Retail
O’Reilly Automotive, Inc.*			136,140				12,270,298				2.45
Diversified Support Services
Cintas Corp.			79,932				17,814,445				3.55
Electrical Components & Equipment
AMETEK, Inc.			48,635				8,800,990				1.76
Electronic Components
Amphenol Corp. - Cl. A			159,678				15,768,202				3.15
Environmental & Facilities Services
Waste Connections, Inc.			4,091				763,871				0.15
Financial Exchanges & Data
MSCI, Inc.			10,594				6,109,984				1.22
Food Retail
Maplebear, Inc., DBA Instacart*			211,226				9,555,864				1.91
Sprouts Farmers Market, Inc.*			86,138				14,181,761				2.83
							23,737,625				4.74
Heavy Electrical Equipment
GE Vernova, Inc.			48,396				25,608,743				5.11
Siemens Energy A.G.*			194,025				22,411,797				4.47
							48,020,540				9.58

 

 

		Number of Shares				Value				Percent of Net Assets
Insurance Brokers
Arthur J. Gallagher & Company			21,347			$	6,833,602				1.36	%
Interactive Home Entertainment
Roblox Corp. - Cl. A*			188,150				19,793,380				3.95
Take-Two Interactive Software, Inc.*			29,582				7,183,989				1.43
							26,977,369				5.38
Investment Banking & Brokerage
Robinhood Markets, Inc. - Cl. A*			195,754				18,328,447				3.66
Leisure Products
Acushnet Holdings Corp.			100,319				7,305,230				1.46
Movies & Entertainment
Spotify Technology S.A.*			33,055				25,364,424				5.06
TKO Group Holdings, Inc.			99,947				18,185,356				3.63
							43,549,780				8.69
Real Estate Services
CBRE Group, Inc. - Cl. A*			103,825				14,547,959				2.90
Restaurants
Chipotle Mexican Grill, Inc.*			329,100				18,478,965				3.69
Yum! Brands, Inc.			47,756				7,076,484				1.41
							25,555,449				5.10
Semiconductor Materials & Equipment
KLA Corp.			21,400				19,168,836				3.82
Semiconductors
Marvell Technology, Inc.			267,906				20,735,924				4.14
Soft Drinks & Non-alcoholic Beverages
Celsius Holdings, Inc.*			160,078				7,426,018				1.48
Coca-Cola Europacific Partners PLC			119,262				11,057,973				2.21
							18,483,991				3.69
Systems Software
CrowdStrike Holdings, Inc. - Cl. A*			33,391				17,006,370				3.39
Trading Companies & Distributors
United Rentals, Inc.			9,690				7,300,446				1.46
Watsco, Inc.			14,415				6,365,952				1.27
							13,666,398				2.73
TOTAL COMMON STOCKS
(Cost $271,598,410)							487,800,066				97.32

 

 

		Number of Shares/Warrants				Value				Percent of Net Assets
WARRANTS
Application Software
Constellation Software, Inc. Warrants, Strike Price: Pending, 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, 4.20%#			13,797,205				13,797,205				2.75
TOTAL SHORT-TERM INVESTMENTS
(Cost $13,797,205)							13,797,205				2.75
TOTAL INVESTMENTS
(Cost $285,395,615)							501,597,271				100.07
Liabilities, Less Cash and Other Assets							(333,850	)			(0.07	)
NET ASSETS						$	501,263,421				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 June 30, 2025.

 

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		$	487,800,066			$	-			$	-			$	487,800,066
Warrants
Information Technology			-				-				-	**			-
Short-term Investments			13,797,205				-				-				13,797,205
		$	501,597,271			$	-			$	-			$	501,597,271

 

**

Constellation Software, Inc. 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 Schedules 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 June 30, 2025, the total value of Level 3 securities was $0, which represents 0.00% of the Fund’s net assets.

^

As of June 30, 2025, 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 June 30, 2025.

 

See Notes to Schedules of Investments.

 

 

SUMMARY OF INVESTMENTS BY COUNTRY

 

						Percent of
						Investment
Country		Market Value				Securities
Canada		$	19,775,982				3.94	%
Germany			31,933,061				6.37
Sweden			25,364,424				5.06
United Kingdom			28,671,922				5.71
United States(1)			395,851,882				78.92
		$	501,597,271				100.00	%

 

⁽¹⁾ Includes short-term securities.

 

 

 

Marsico International Opportunities Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2025

(Unaudited)

 

		Number of Shares				Value				Percent of Net Assets
COMMON STOCKS
Aerospace & Defense
Airbus S.E.			12,544			$	2,619,231				2.29	%
General Electric Co. DBA GE Aerospace			12,135				3,123,428				2.73
Rheinmetall A.G.			1,228				2,599,402				2.27
Rolls-Royce Holdings PLC			645,946				8,579,299				7.50
Safran S.A.			8,140				2,645,472				2.31
The Boeing Company*			13,969				2,926,925				2.56
							22,493,757				19.66
Apparel, Accessories & Luxury Goods
Hermes International			907				2,456,254				2.15
Application Software
Constellation Software, Inc.			1,013				3,714,420				3.24
SAP S.E.			26,256				7,984,134				6.98
							11,698,554				10.22
Automobile Manufacturers
Ferrari N.V.			5,917				2,903,709				2.54
Broadline Retail
Amazon.com, Inc.*			21,729				4,767,125				4.17
Consumer Electronics
Sony Group Corp. Spon. ADR			96,305				2,506,819				2.19
Heavy Electrical Equipment
GE Vernova, Inc.			7,085				3,749,028				3.28
Siemens Energy A.G.*			41,795				4,827,734				4.22
Siemens Energy A.G. ADR*			3,029				350,940				0.30
							8,927,702				7.80
Integrated Telecommunication Services
Deutsche Telekom A.G.			65,159				2,377,074				2.08
Interactive Home Entertainment
Nintendo Co., Ltd.			50,000				4,819,277				4.21
Interactive Media & Services
Meta Platforms, Inc. - Cl. A			4,344				3,206,263				2.80
Tencent Holdings Ltd. ADR			35,978				2,320,581				2.03
							5,526,844				4.83

 

 

		Number of Shares/Warrants				Value				Percent of Net Assets
Managed Health Care
UnitedHealth Group, Inc.			9,346			$	2,915,672				2.55	%
Movies & Entertainment
Netflix, Inc.*			2,374				3,179,095				2.78
Spotify Technology S.A.*			7,345				5,636,112				4.92
							8,815,207				7.70
Restaurants
Chipotle Mexican Grill, Inc.*			19,400				1,089,310				0.95
Semiconductor Materials & Equipment
ASML Holding N.V.			5,343				4,264,672				3.73
Semiconductors
ARM Holdings PLC ADR*			14,919				2,412,999				2.11
NVIDIA Corp.			33,722				5,327,739				4.66
Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR			22,890				5,184,356				4.53
							12,925,094				11.30
Soft Drinks & Non-alcoholic Beverages
Coca-Cola Europacific Partners PLC			44,575				4,132,994				3.61
Coca-Cola HBC A.G.			29,131				1,521,092				1.33
							5,654,086				4.94
Systems Software
Microsoft Corp.			10,134				5,040,753				4.41
TOTAL COMMON STOCKS
(Cost $72,435,979)							109,181,909				95.43
WARRANTS
Application Software
Constellation Software, Inc. Warrants, Strike Price: Pending, 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, 4.20%#			4,902,410			$	4,902,410				4.29	%
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,902,410)							4,902,410				4.29
TOTAL INVESTMENTS
(Cost $77,338,389)							114,084,319				99.72
Cash and Other Assets, Less Liabilities							324,831				0.28
NET ASSETS						$	114,409,150				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 June 30, 2025.

 

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		$	109,181,909			$	-			$	-			$	109,181,909
Warrants
Information Technology			-				-				-	**			-
Short-term Investments			4,902,410				-				-				4,902,410
		$	114,084,319			$	-			$	-			$	114,084,319

 

**	Constellation Software, Inc. 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 Schedules 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 June 30, 2025, the total value of Level 3 securities was $0, which represents 0.00% of the Fund’s net assets.

^

As of June 30, 2025, 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 June 30, 2025.

 

See Notes to Schedules of Investments.

 

 

SUMMARY OF INVESTMENTS BY COUNTRY

 

						Percent of
						Investment
Country		Market Value				Securities
Canada		$	3,714,420				3.26	%
China/Hong Kong			2,320,581				2.03
France			7,720,957				6.77
Germany			18,139,284				15.90
Italy			4,424,801				3.88
Japan			7,326,096				6.42
Netherlands			4,264,672				3.74
Sweden			5,636,112				4.94
Taiwan			5,184,356				4.54
United Kingdom			15,125,292				13.26
United States(1)			40,227,748				35.26
		$	114,084,319				100.00	%

 

⁽¹⁾ Includes short-term securities.

 

 

 

Marsico Global Fund

SCHEDULE OF INVESTMENTS

As of June 30, 2025

(Unaudited)

 

		Number of Shares				Value				Percent of Net Assets
COMMON STOCKS
Aerospace & Defense
Airbus S.E.			42,935			$	8,964,980				2.00	%
General Electric Co. DBA GE Aerospace			76,954				19,807,190				4.42
Rolls-Royce Holdings PLC			2,114,160				28,079,762				6.27
Safran S.A.			40,461				13,149,687				2.93
							70,001,619				15.62
Apparel, Accessories & Luxury Goods
Hermes International			3,986				10,794,521				2.41
Application Software
Constellation Software, Inc.			3,261				11,957,279				2.67
SAP S.E. Spon. ADR			78,113				23,754,163				5.30
Synopsys, Inc.*			24,404				12,511,443				2.79
							48,222,885				10.76
Automobile Manufacturers
Ferrari N.V.			26,043				12,780,342				2.85
Automotive Retail
O’Reilly Automotive, Inc.*			84,570				7,622,294				1.70
Broadline Retail
Amazon.com, Inc.*			82,846				18,175,584				4.06
Consumer Staples Merchandise Retail
Costco Wholesale Corp.			13,046				12,914,757				2.88
Diversified Banks
JPMorgan Chase & Company			43,759				12,686,172				2.83
Heavy Electrical Equipment
GE Vernova, Inc.			34,915				18,475,272				4.13
Siemens Energy A.G.*			196,392				22,685,209				5.06
Siemens Energy A.G. ADR*			12,398				1,436,432				0.32
							42,596,913				9.51
Integrated Telecommunication Services
Deutsche Telekom A.G.			280,964				10,249,885				2.29
Interactive Home Entertainment
Nintendo Co., Ltd. ADR			408,959				9,823,195				2.19

 

 

		Number of Shares				Value				Percent of Net Assets
Interactive Media & Services
Meta Platforms, Inc. - Cl. A			33,816			$	24,959,251				5.57	%
Tencent Holdings Ltd. ADR			141,471				9,124,880				2.04
							34,084,131				7.61
Managed Health Care
UnitedHealth Group, Inc.			22,417				6,993,432				1.56
Movies & Entertainment
Netflix, Inc.*			16,875				22,597,819				5.05
Spotify Technology S.A.*			32,357				24,828,820				5.54
							47,426,639				10.59
Property & Casualty Insurance
The Progressive Corp.			17,896				4,775,727				1.07
Restaurants
Chipotle Mexican Grill, Inc.*			152,561				8,566,300				1.91
Semiconductor Materials & Equipment
ASML Holding N.V. - NY Reg. Shs.			17,601				14,105,265				3.15
Semiconductors
NVIDIA Corp.			93,794				14,818,514				3.31
Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR			100,423				22,744,805				5.07
							37,563,319				8.38
Systems Software
Microsoft Corp.			34,362				17,092,002				3.82
TOTAL COMMON STOCKS
(Cost $229,449,328)							426,474,982				95.19
SHORT-TERM INVESTMENTS
State Street Institutional Treasury Money Market Fund - Premier Class, 4.20%#			21,563,862				21,563,862				4.82
TOTAL SHORT-TERM INVESTMENTS
(Cost $21,563,862)							21,563,862				4.82
TOTAL INVESTMENTS
(Cost $251,013,190)							448,038,844				100.01
Liabilities, Less Cash and Other Assets							(27,130	)			(0.01	)
NET ASSETS						$	448,011,714				100.00	%

  

SUMMARY OF FAIR VALUE MEASUREMENTS

 

As of June 30, 2025, 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 Schedules of Investments.

 

*

Non-income producing.

#

Rate shown is the 7-day yield as of June 30, 2025.

 

See Notes to Schedules of Investments.

 

 

SUMMARY OF INVESTMENTS BY COUNTRY

 

						Percent of
						Investment
Country		Market Value				Securities
Canada		$	11,957,279				2.67	%
China/Hong Kong			9,124,880				2.04
France			32,909,188				7.34
Germany			58,125,689				12.97
Italy			12,780,342				2.85
Japan			9,823,195				2.19
Netherlands			14,105,265				3.15
Sweden			24,828,820				5.54
Taiwan			22,744,805				5.08
United Kingdom			28,079,762				6.27
United States(1)			223,559,619				49.90
		$	448,038,844				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 Funds’ 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 June 30, 2025, 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 June 30, 2025.

 

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 2021-2025 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, 2025, 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, 2025, gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

 

										Midcap				International
		Focus				Growth				Growth Focus				Opportunities				Global
			Fund				Fund				Fund				Fund				Fund
Cost of Investments		$	484,082,009			$	208,887,880			$	285,560,512			$	77,346,879			$	251,024,884
Gross Unrealized Appreciation		$	602,255,747			$	221,200,181			$	216,590,550			$	36,784,792			$	197,664,594
Gross Unrealized Depreciation			(1,753,044	)			(293,263	)			(553,791	)			(47,352	)			(650,634	)
Net Unrealized Appreciation on Investments		$	600,502,703			$	220,906,918			$	216,036,759			$	36,737,440			$	197,013,960

 

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