Marsico Focus Fund 

SCHEDULE OF INVESTMENTS 

As of June 30, 2026 

(Unaudited)

 

		Number of Shares				Value				Percent of Net Assets
COMMON STOCKS
Aerospace & Defense
General Electric Co. DBA GE Aerospace			239,644			$	89,562,152				8.20	%
The Boeing Company*			220,560				47,744,623				4.37
							137,306,775				12.57
Broadline Retail
Amazon.com, Inc.*			322,395				76,839,624				7.04
Consumer Staples Merchandise Retail
Costco Wholesale Corp.			43,148				40,363,659				3.70
Diversified Banks
Citigroup, Inc.			345,998				48,425,880				4.43
Heavy Electrical Equipment
GE Vernova, Inc.			46,206				54,285,581				4.97
Hotels, Resorts & Cruise Lines
Viking Holdings Ltd.*			204,906				21,447,511				1.96
Interactive Media & Services
Alphabet, Inc. - Cl. A			149,705				53,500,076				4.90
Meta Platforms, Inc. - Cl. A			78,515				44,226,714				4.05
							97,726,790				8.95
Investment Banking & Brokerage
The Goldman Sachs Group, Inc.			45,948				46,470,429				4.26
Pharmaceuticals
Eli Lilly & Company			36,361				43,612,474				3.99
Semiconductor Materials & Equipment
ASML Holding N.V. - NY Reg. Shs.			34,147				67,933,408				6.22
Semiconductors
Micron Technology, Inc.			54,553				62,969,983				5.76
NVIDIA Corp.			392,459				78,527,121				7.19
Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR			122,709				58,602,137				5.37
							200,099,241				18.32
Systems Software
Microsoft Corp.			124,847				46,570,428				4.27

 

 

		Number of Shares				Value				Percent of Net Assets
Technology Hardware, Storage & Peripherals
Apple, Inc.			295,855			$	85,608,603				7.84	%
Transaction & Payment Processing Services
Visa, Inc. - Cl. A			104,908				35,992,886				3.30
TOTAL COMMON STOCKS (Cost $406,953,674)							1,002,683,289				91.82
SHORT-TERM INVESTMENTS
State Street Institutional Treasury Money Market Fund - Premier Class, 3.59%#			91,464,434				91,464,434				8.37
TOTAL SHORT-TERM INVESTMENTS
(Cost $91,464,434)							91,464,434				8.37
TOTAL INVESTMENTS (Cost $498,418,108)							1,094,147,723				100.19
Liabilities, Less Cash and Other Assets							(2,117,198	)			(0.19	)
NET ASSETS						$	1,092,030,525				100.00	%

 

SUMMARY OF FAIR VALUE MEASUREMENTS

 

As of June 30, 2026, 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, 2026.      

 

See Notes to Schedules of Investments.

 

 

Marsico Growth Fund

SCHEDULE OF INVESTMENTS 

As of June 30, 2026 

(Unaudited)

 

		Number of Shares				Value				Percent of Net Assets
COMMON STOCKS
Aerospace & Defense
General Electric Co. DBA GE Aerospace			64,287			$	24,025,981				6.19	%
HEICO Corp.			24,913				8,873,761				2.29
The Boeing Company*			42,262				9,148,455				2.36
							42,048,197				10.84
Automobile Manufacturers
Tesla, Inc.*			19,438				8,175,623				2.11
Broadline Retail
Amazon.com, Inc.*			115,012				27,411,960				7.07
Consumer Staples Merchandise Retail
Costco Wholesale Corp.			17,860				16,707,494				4.31
Diversified Banks
Citigroup, Inc.			72,142				10,096,994				2.60
Heavy Electrical Equipment
GE Vernova, Inc.			13,414				15,759,572				4.06
Hotels, Resorts & Cruise Lines
Viking Holdings Ltd.*			36,432				3,813,337				0.98
Interactive Media & Services
Alphabet, Inc. - Cl. A			83,636				29,888,997				7.71
Meta Platforms, Inc. - Cl. A			26,406				14,874,236				3.83
							44,763,233				11.54
Investment Banking & Brokerage
The Goldman Sachs Group, Inc.			4,978				5,034,600				1.30
Pharmaceuticals
Eli Lilly & Company			10,364				12,430,893				3.21
Restaurants
DoorDash, Inc. - Cl. A*			46,364				8,555,549				2.21
Semiconductor Materials & Equipment
ASML Holding N.V. - NY Reg. Shs.			7,888				15,692,703				4.05

 

 

		Number of Shares				Value				Percent of Net Assets
Semiconductors
Advanced Micro Devices, Inc.*			13,481			$	7,831,248				2.02	%
Broadcom, Inc.			24,273				9,169,126				2.36
Micron Technology, Inc.			13,339				15,397,074				3.97
NVIDIA Corp.			149,345				29,882,441				7.71
Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR			55,496				26,503,225				6.83
							88,783,114				22.89
Specialty Chemicals
The Sherwin-Williams Company			29,324				10,096,840				2.60
Systems Software
Microsoft Corp.			56,959				21,246,846				5.48
Technology Hardware, Storage & Peripherals
Apple, Inc.			98,261				28,432,803				7.33
Transaction & Payment Processing Services
Mastercard, Inc. - Cl. A			24,838				12,756,797				3.29
Visa, Inc. - Cl. A			16,751				5,747,100				1.48
							18,503,897				4.77
TOTAL COMMON STOCKS (Cost $176,204,228)							377,553,655				97.35
SHORT-TERM INVESTMENTS
State Street Institutional Treasury Money Market Fund - Premier Class, 3.59%#			18,920,986				18,920,986				4.88
TOTAL SHORT-TERM INVESTMENTS (Cost $18,920,986)							18,920,986				4.88
TOTAL INVESTMENTS (Cost $195,125,214)							396,474,641				102.23
Liabilities, Less Cash and Other Assets							(8,639,932	)			(2.23	)
NET ASSETS						$	387,834,709				100.00	%

 

SUMMARY OF FAIR VALUE MEASUREMENTS

 

As of June 30, 2026, 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, 2026.

 

See Notes to Schedules of Investments.

 

 

 

Marsico Midcap Growth Focus Fund 

SCHEDULE OF INVESTMENTS 

As of June 30, 2026 

(Unaudited)

 

		Number of Shares				Value				Percent of Net Assets
COMMON STOCKS
Aerospace & Defense
AAR CORP.*			221,819			$	31,704,590				3.37	%
Axon Enterprise, Inc.*			39,382				22,077,943				2.35
HEICO Corp.			25,082				8,933,958				0.95
Rolls-Royce Holdings PLC			1,326,176				25,412,046				2.71
VSE Corp.			136,795				31,257,657				3.33
							119,386,194				12.71
Application Software
Clear Secure, Inc. - Cl. A			145,214				8,092,776				0.86
Datadog, Inc. - Cl. A*			112,884				29,390,478				3.13
Unity Software, Inc.*			875,430				25,019,790				2.66
							62,503,044				6.65
Asset Management & Custody Banks
Ares Management Corp. - Cl. A			207,817				23,132,110				2.46
Automotive Retail
O’Reilly Automotive, Inc.*			269,301				24,799,929				2.64
Biotechnology
Insmed, Inc.*			128,723				13,724,446				1.46
Revolution Medicines, Inc.*			219,460				41,100,469				4.38
							54,824,915				5.84
Building Products
Johnson Controls International PLC			125,715				18,368,219				1.96
Communications Equipment
Lumentum Holdings, Inc.*			18,736				16,076,612				1.71
Diversified Support Services
Cintas Corp.			135,646				23,070,672				2.46
Electrical Components & Equipment
AMETEK, Inc.			115,089				27,844,633				2.96
Electronic Components
Amphenol Corp. - Cl. A			159,678				28,154,425				3.00

 

 

		Number of Shares				Value				Percent of Net Assets
Heavy Electrical Equipment
GE Vernova, Inc.			28,140			$	33,060,561				3.52	%
Siemens Energy A.G.			149,927				28,402,630				3.02
							61,463,191				6.54
Hotels, Resorts & Cruise Lines
Hyatt Hotels Corp. - Cl. A			87,842				17,027,293				1.81
Viking Holdings Ltd.*			373,486				39,092,780				4.16
							56,120,073				5.97
Independent Power Producers & Energy Traders
Talen Energy Corp.*			82,191				31,582,714				3.36
Insurance Brokers
Arthur J. Gallagher & Company			81,899				18,801,553				2.00
Investment Banking & Brokerage
Evercore, Inc. - Cl. A			79,919				27,287,543				2.90
Leisure Products
Acushnet Holdings Corp.			100,319				11,890,811				1.27
Movies & Entertainment
IMAX Corp.*			219,503				8,749,390				0.93
TKO Group Holdings, Inc.			148,524				29,899,366				3.18
							38,648,756				4.11
Other Specialty Retail
Five Below, Inc.*			72,578				13,048,799				1.39
Passenger Airlines
United Airlines Holdings, Inc.*			215,205				29,265,728				3.11
Pharmaceuticals
Teva Pharmaceutical Industries Ltd. Spon. ADR*			353,219				11,967,060				1.27
Real Estate Services
CBRE Group, Inc. - Cl. A*			78,825				10,616,939				1.13
Regional Banks
East West Bancorp, Inc.			95,692				12,352,880				1.32
Restaurants
Yum! Brands, Inc.			164,295				26,264,199				2.80
Semiconductor Materials & Equipment
MKS, Inc.			88,154				39,210,899				4.17

 

 

		Number of Shares/Warrants				Value				Percent of Net Assets
Semiconductors
MACOM Technology Solutions Holdings, Inc.*			43,726			$	16,632,059				1.77	%
Soft Drinks & Non-alcoholic Beverages
Coca-Cola Europacific Partners PLC			119,262				11,934,548				1.27
Specialty Chemicals
Solstice Advanced Materials, Inc.			263,005				23,302,243				2.48
The Sherwin-Williams Company			54,032				18,604,298				1.98
							41,906,541				4.46
Systems Software
Nebius Group N.V.*			59,473				16,424,658				1.75
Trading Companies & Distributors
United Rentals, Inc.			23,917				27,095,330				2.88
Watsco, Inc.			14,415				6,007,163				0.64
							33,102,493				3.52
TOTAL COMMON STOCKS (Cost $640,296,899)							906,682,197				96.50
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, 3.59%#			34,023,558				34,023,558				3.62
TOTAL SHORT-TERM INVESTMENTS (Cost $34,023,558)							34,023,558				3.62
TOTAL INVESTMENTS (Cost $674,320,457)							940,705,755				100.12
Liabilities, Less Cash and Other Assets							(1,094,763	)			(0.12	)
NET ASSETS						$	939,610,992				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, 2026.

 

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		$	906,682,197			$	-			$	-			$	906,682,197
Warrants
Information Technology			-				-				-	**			-
Short-term Investments			34,023,558				-				-				34,023,558
		$	940,705,755			$	-			$	-			$	940,705,755

 

**  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, in accordance with the Fund’s policy and procedures. As of June 30, 2026, the total value of Level 3 securities was $0, which represents 0.00% of the Fund’s net assets. 

^{^} As of June 30, 2026, 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, 2026.

 

See Notes to Schedules of Investments.

 

 

 

Marsico International Opportunities Fund 

SCHEDULE OF INVESTMENTS 

As of June 30, 2026 

(Unaudited)

 

		Number of Shares				Value				Percent of Net Assets
COMMON STOCKS
Aerospace & Defense
General Electric Co. DBA GE Aerospace			16,464			$	6,153,091				3.03	%
Rolls-Royce Holdings PLC			863,014				16,536,984				8.13
Safran S.A.			23,739				9,357,842				4.60
The Boeing Company*			27,252				5,899,240				2.90
							37,947,157				18.66
Application Software
SAP S.E. Spon. ADR			47,873				7,377,708				3.63
Automobile Manufacturers
Ferrari N.V.			16,142				6,009,505				2.96
Broadline Retail
Amazon.com, Inc.*			29,891				7,124,221				3.50
Diversified Banks
Banco Santander S.A.			467,269				6,451,666				3.17
Heavy Electrical Equipment
GE Vernova, Inc.			5,970				7,013,914				3.45
Siemens Energy A.G.			34,516				6,538,817				3.21
							13,552,731				6.66
Industrial Conglomerates
Siemens A.G.			14,395				4,624,278				2.27
Industrial Gases
Linde PLC			17,093				8,870,242				4.36
Interactive Media & Services
Alphabet, Inc. - Cl. A			21,329				7,622,345				3.75
Investment Banking & Brokerage
The Goldman Sachs Group, Inc.			5,960				6,027,765				2.96
Movies & Entertainment
Spotify Technology S.A.*			11,086				5,089,915				2.50
Pharmaceuticals
Teva Pharmaceutical Industries Ltd. Spon. ADR*			207,591				7,033,183				3.46

 

 

		Number of Shares/Warrants				Value				Percent of Net Assets
Semiconductor Materials & Equipment
ASML Holding N.V.			5,343			$	10,508,994				5.17	%
Tokyo Electron Ltd.			14,900				7,069,929				3.47
							17,578,923				8.64
Semiconductors
ARM Holdings PLC ADR*			24,460				8,672,782				4.26
Infineon Technologies A.G.			88,028				8,214,433				4.04
Micron Technology, Inc.			6,772				7,816,852				3.84
NVIDIA Corp.			47,837				9,571,705				4.71
Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR			34,541				16,495,745				8.11
							50,771,517				24.96
Soft Drinks & Non-alcoholic Beverages
Coca-Cola Europacific Partners PLC			81,272				8,132,889				4.00
TOTAL COMMON STOCKS (Cost $130,399,926)							194,214,045				95.48
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
SHORT-TERM INVESTMENTS
State Street Institutional Treasury Money Market Fund - Premier Class, 3.59%#			9,231,283				9,231,283				4.54
TOTAL SHORT-TERM INVESTMENTS (Cost $9,231,283)							9,231,283				4.54
TOTAL INVESTMENTS (Cost $139,631,209)							203,445,328				100.02
Liabilities, Less Cash and Other Assets							(48,213	)			(0.02	)
NET ASSETS						$	203,397,115				100.00	%

 

 

SUMMARY OF INVESTMENTS BY COUNTRY

 

						Percent of
						Investment
Country		Market Value				Securities
Canada		$	0				0.00	%
France			9,357,842				4.60
Germany			26,755,236				13.15
Israel			7,033,183				3.46
Italy			6,009,505				2.95
Japan			7,069,929				3.47
Netherlands			10,508,994				5.17
Spain			6,451,666				3.17
Sweden			5,089,915				2.50
Taiwan			16,495,745				8.11
United Kingdom			42,212,897				20.75
United States (1)			66,460,416				32.67
		$	203,445,328				100.00	%

 

⁽¹⁾ Includes short-term securities.            

 

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, 2026.

 

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		$	194,214,045			$	-			$	-			$	194,214,045
Warrants
Information Technology			-				-				-	**			-
Short-term Investments			9,231,283				-				-				9,231,283
		$	203,445,328			$	-			$	-			$	203,445,328

 

**  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, in accordance with the Fund’s policy and procedures. As of June 30, 2026, the total value of Level 3 securities was $0, which represents 0.00% of the Fund’s net assets.

^{^} As of June 30, 2026, 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, 2026.

   

See Notes to Schedules of Investments.

 

 

Marsico Global Fund 

SCHEDULE OF INVESTMENTS 

As of June 30, 2026 

(Unaudited)

 

		Number of Shares				Value				Percent of Net Assets
COMMON STOCKS
Aerospace & Defense
General Electric Co. DBA GE Aerospace			51,717			$	19,328,194				4.34	%
Rolls-Royce Holdings PLC			2,114,160				40,511,314				9.09
Safran S.A.			40,461				15,949,603				3.58
The Boeing Company*			58,944				12,759,608				2.87
							88,548,719				19.88
Application Software
SAP S.E. Spon. ADR			92,921				14,320,055				3.21
Broadline Retail
Amazon.com, Inc.*			82,846				19,745,516				4.43
Consumer Staples Merchandise Retail
Costco Wholesale Corp.			4,594				4,297,549				0.96
Diversified Banks
Banco Santander S.A.			692,020				9,554,843				2.14
Heavy Electrical Equipment
GE Vernova, Inc.			13,455				15,807,741				3.55
Siemens Energy A.G.			80,256				15,203,943				3.41
							31,011,684				6.96
Interactive Media & Services
Alphabet, Inc. - Cl. A			32,752				11,704,582				2.63
Meta Platforms, Inc. - Cl. A			26,743				15,064,065				3.38
							26,768,647				6.01
Investment Banking & Brokerage
The Goldman Sachs Group, Inc.			18,449				18,658,765				4.19
Movies & Entertainment
Spotify Technology S.A.*			23,538				10,807,002				2.43
Pharmaceuticals
Teva Pharmaceutical Industries Ltd. Spon. ADR*			366,627				12,421,323				2.79
Semiconductor Materials & Equipment
ASML Holding N.V. - NY Reg. Shs.			17,601				35,016,133				7.86
Lam Research Corp.			34,706				15,039,151				3.38
							50,055,284				11.24

 

		Number of Shares				Value				Percent of Net Assets
Semiconductors
Infineon Technologies A.G.			191,231			$	17,844,937				4.00	%
Micron Technology, Inc.			24,771				28,592,918				6.42
NVIDIA Corp.			114,296				22,869,487				5.13
Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR			100,423				47,959,012				10.77
							117,266,354				26.32
Soft Drinks & Non-alcoholic Beverages
Coca-Cola Europacific Partners PLC			131,598				13,169,012				2.96
Systems Software
Microsoft Corp.			30,159				11,249,910				2.53
TOTAL COMMON STOCKS (Cost $213,645,975)							427,874,663				96.05
SHORT-TERM INVESTMENTS
State Street Institutional Treasury Money Market Fund - Premier Class, 3.59%#			17,586,005				17,586,005				3.95
TOTAL SHORT-TERM INVESTMENTS (Cost $17,586,005)							17,586,005				3.95
TOTAL INVESTMENTS (Cost $231,231,980)							445,460,668				100.00
Liabilities, Less Cash and Other Assets							(7,032	)			(0.00	)
NET ASSETS						$	445,453,636				100.00	%

 

SUMMARY OF INVESTMENTS BY COUNTRY

 

						Percent of
						Investment
Country		Market Value				Securities
France		$	15,949,603				3.58	%
Germany			47,368,935				10.63
Israel			12,421,323				2.79
Netherlands			35,016,133				7.86
Spain			9,554,843				2.14
Sweden			10,807,002				2.43
Taiwan			47,959,012				10.77
United Kingdom			53,680,326				12.05
United States(1)			212,703,491				47.75
		$	445,460,668				100.00	%

 

⁽¹⁾ Includes short-term securities.

 

SUMMARY OF FAIR VALUE MEASUREMENTS

 

As of June 30, 2026, 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, 2026.

 

See Notes to Schedules of Investments.

 

 

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, 2026, 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, 2026.

 

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 2022-2026 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, 2026, 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, 2026, 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		$	498,425,965			$	195,395,174			$	672,634,618			$	139,639,409			$	231,242,226
Gross Unrealized Appreciation		$	597,132,732			$	201,248,051			$	274,786,902			$	66,358,086			$	221,055,633
Gross Unrealized Depreciation			(1,410,974	)			(168,584	)			(6,715,765	)			(2,552,167	)			(6,837,191	)
Net Unrealized Appreciation on Investments		$	595,721,758			$	201,079,467			$	268,071,137			$	63,805,919			$	214,218,442

 

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