Marsico Focus Fund

SCHEDULE OF INVESTMENTS

As of December 31, 2022

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS^
Apparel, Accessories & Luxury Goods
lululemon athletica, inc.*		54,585	$	17,487,942		3.24	%
Application Software
Synopsys, Inc.*		53,584		17,108,835		3.17
Data Processing & Outsourced Services
Visa, Inc. - Cl. A		119,111		24,746,501		4.59
Diversified Banks
JPMorgan Chase & Company		178,169		23,892,463		4.43
Financial Exchanges & Data
S&P Global, Inc.		51,518		17,255,439		3.20
Home Improvement Retail
The Home Depot, Inc.		75,118		23,726,771		4.40
Hypermarkets & Super Centers
Costco Wholesale Corp.		43,148		19,697,062		3.65
Interactive Media & Services
Meta Platforms, Inc. - Cl. A*		175,738		21,148,311		3.92
Internet & Direct Marketing Retail
Amazon.com, Inc.*		322,395		27,081,180		5.02
Life Sciences Tools & Services
Danaher Corp.		67,752		17,982,736		3.34
Managed Health Care
UnitedHealth Group, Inc.		48,264		25,588,608		4.75
Oil & Gas Exploration & Production
Devon Energy Corp.		265,120		16,307,531		3.02
Pioneer Natural Resources Company		66,471		15,181,312		2.82
				31,488,843		5.84
Pharmaceuticals
Eli Lilly & Company		68,722		25,141,257		4.66
Research & Consulting Services
CoStar Group, Inc.*		176,493		13,639,379		2.53

	Number of Shares		Value			Percent of Net Assets
Restaurants
Chipotle Mexican Grill, Inc.*		15,132	$	20,995,499			3.89	%
Semiconductor Equipment
ASML Holding N.V. - NY Reg. Shs.		44,480		24,303,872			4.51
Semiconductors
NVIDIA Corp.		142,959		20,892,028			3.87
Specialty Chemicals
The Sherwin-Williams Company		102,810		24,399,897			4.53
Systems Software
Microsoft Corp.		183,581		44,026,396			8.16
ServiceNow, Inc.*		31,204		12,115,577			2.25
				56,141,973			10.41
Technology Hardware, Storage & Peripherals
Apple, Inc.		205,741		26,731,928			4.96
Trading Companies & Distributors
United Rentals, Inc.*		57,200		20,330,024			3.77
Wireless Telecommunication Services
T-Mobile US, Inc.*		166,793		23,351,020			4.33
TOTAL COMMON STOCKS
(Cost $397,660,801)				523,131,568			97.01
SHORT-TERM INVESTMENTS^
State Street Institutional Treasury Money Market Fund - Premier Class, 3.79%#		18,929,664		18,929,664			3.51
TOTAL SHORT-TERM INVESTMENTS
(Cost $18,929,664)				18,929,664			3.51
TOTAL INVESTMENTS
(Cost $416,590,465)				542,061,232			100.52
Liabilities, Less Cash and Other Assets				(2,785,660	)		(0.52	)
NET ASSETS			$	539,275,572			100.00	%

^ As of December 31, 2022, all investments were classified as Level 1 with their corresponding fair valuation disclosed in the above Schedule of Investments. For more information on investment valuation and valuation inputs, refer to the Notes to Schedule of Investments.

* Non-income producing

^# Rate shown is the 7-day yield as of December 31, 2022.

See Notes to Schedule of Investments.

Marsico Growth Fund

SCHEDULE OF INVESTMENTS

As of December 31, 2022

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS^
Aerospace & Defense
HEICO Corp.		15,313	$	2,352,689		1.03	%
Apparel, Accessories & Luxury Goods
lululemon athletica, inc.*		8,127		2,603,728		1.14
Application Software
Synopsys, Inc.*		18,670		5,961,144		2.61
Data Processing & Outsourced Services
Mastercard, Inc. - Cl. A		41,549		14,447,834		6.33
Diversified Banks
JPMorgan Chase & Company		34,818		4,669,094		2.04
Diversified Support Services
Cintas Corp.		10,309		4,655,751		2.04
Electronic Components
Amphenol Corp. - Cl. A		74,774		5,693,292		2.49
Financial Exchanges & Data
MSCI, Inc.		9,234		4,295,380		1.88
S&P Global, Inc.		15,504		5,192,910		2.27
				9,488,290		4.15
Health Care Equipment
IDEXX Laboratories, Inc.*		15,977		6,517,977		2.85
Intuitive Surgical, Inc.*		20,223		5,366,173		2.35
				11,884,150		5.20
Home Improvement Retail
Floor & Decor Holdings, Inc. - Cl. A*		31,992		2,227,603		0.97
The Home Depot, Inc.		20,889		6,597,999		2.89
				8,825,602		3.86
Hypermarkets & Super Centers
Costco Wholesale Corp.		12,027		5,490,326		2.40
Interactive Media & Services
Alphabet, Inc. - Cl. A*		136,175		12,014,720		5.26
Meta Platforms, Inc. - Cl. A*		50,448		6,070,912		2.66
				18,085,632		7.92

	Number of Shares		Value		Percent of Net Assets
Internet & Direct Marketing Retail
Amazon.com, Inc.*		127,113	$	10,677,492		4.68	%
Etsy, Inc.*		19,313		2,313,311		1.01
				12,990,803		5.69
Life Sciences Tools & Services
Danaher Corp.		23,889		6,340,618		2.78
Mettler-Toledo International, Inc.*		3,306		4,778,658		2.09
				11,119,276		4.87
Managed Health Care
UnitedHealth Group, Inc.		9,891		5,244,010		2.30
Oil & Gas Exploration & Production
Devon Energy Corp.		37,167		2,286,142		1.00
Pioneer Natural Resources Company		23,679		5,408,047		2.37
				7,694,189		3.37
Personal Products
The Estee Lauder Companies, Inc. – Cl. A		16,420		4,073,966		1.78
Pharmaceuticals
Eli Lilly & Company		10,557		3,862,173		1.69
Research & Consulting Services
CoStar Group, Inc.*		79,797		6,166,712		2.70
Restaurants
Chipotle Mexican Grill, Inc.*		5,191		7,202,461		3.15
Semiconductor Equipment
ASML Holding N.V. - NY Reg. Shs.		9,999		5,463,454		2.39
Semiconductors
NVIDIA Corp.		58,769		8,588,502		3.76
Soft Drinks
Monster Beverage Corp.*		57,595		5,847,620		2.56
Specialty Chemicals
The Sherwin-Williams Company		23,885		5,668,627		2.48
Systems Software
Microsoft Corp.		82,075		19,683,226		8.62
ServiceNow, Inc.*		15,844		6,151,750		2.69
				25,834,976		11.31
Technology Hardware, Storage & Peripherals
Apple, Inc.		68,891		8,951,008		3.92

	Number of Shares		Value			Percent of Net Assets
Trading Companies & Distributors
United Rentals, Inc.*		16,628	$	5,909,924			2.59	%
Wireless Telecommunication Services
T-Mobile US, Inc.*		46,938		6,571,320			2.88
TOTAL COMMON STOCKS
(Cost $175,156,856)				225,346,553			98.65
SHORT-TERM INVESTMENTS^
State Street Institutional Treasury Money Market Fund - Premier Class, 3.79%#		5,200,041		5,200,041			2.28
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,200,041)				5,200,041			2.28
TOTAL INVESTMENTS
(Cost $180,356,897)				230,546,594			100.93
Liabilities, Less Cash and Other Assets				(2,120,837	)		(0.93	)
NET ASSETS			$	228,425,757			100.00	%

^ As of December 31, 2022, all investments were classified as Level 1 with their corresponding fair valuation disclosed in the above Schedule of Investments. For more information on investment valuation and valuation inputs, refer to the Notes to Schedule of Investments.

* Non-income producing

^# Rate shown is the 7-day yield as of December 31, 2022.

See Notes to Schedule of Investments.

Marsico Midcap Growth Focus Fund

SCHEDULE OF INVESTMENTS

As of December 31, 2022

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS^
Aerospace & Defense
HEICO Corp.		57,011	$	8,759,170		3.59	%
Apparel, Accessories & Luxury Goods
lululemon athletica, inc.*		30,076		9,635,749		3.94
Application Software
Constellation Software, Inc.		5,185		8,095,186		3.31
Synopsys, Inc.*		32,816		10,477,821		4.29
				18,573,007		7.60
Automotive Retail
O’Reilly Automotive, Inc.*		9,076		7,660,416		3.14
Biotechnology
Neurocrine Biosciences, Inc.*		64,223		7,670,795		3.14
Casinos & Gaming
Las Vegas Sands Corp.*		102,075		4,906,745		2.01
Data Processing & Outsourced Services
Toast, Inc. - Cl. A*		189,531		3,417,244		1.40
Diversified Support Services
Cintas Corp.		22,184		10,018,738		4.10
Electrical Components & Equipment
AMETEK, Inc.		48,635		6,795,282		2.78
Electronic Components
Amphenol Corp. - Cl. A		132,175		10,063,805		4.12
Electronic Equipment & Instruments
Novanta, Inc.*		42,470		5,770,399		2.36
Financial Exchanges & Data
MSCI, Inc.		14,888		6,925,451		2.84
Health Care Equipment
IDEXX Laboratories, Inc.*		14,839		6,053,718		2.48
Home Improvement Retail
Floor & Decor Holdings, Inc. - Cl. A*		33,619		2,340,891		0.96

	Number of Shares		Value		Percent of Net Assets
Homebuilding
NVR, Inc.*		1,626	$	7,500,055		3.07	%
Internet & Direct Marketing Retail
Etsy, Inc.*		38,902		4,659,682		1.91
Leisure Products
Acushnet Holdings Corp.		177,118		7,520,430		3.08
Life Sciences Tools & Services
Mettler-Toledo International, Inc.*		5,734		8,288,210		3.39
Repligen Corp.*		29,824		5,049,502		2.07
				13,337,712		5.46
Oil & Gas Exploration & Production
Devon Energy Corp.		58,670		3,608,792		1.47
Pioneer Natural Resources Company		31,846		7,273,308		2.98
				10,882,100		4.45
Regional Banks
First Republic Bank		51,040		6,221,266		2.55
Research & Consulting Services
CoStar Group, Inc.*		127,355		9,841,994		4.03
Restaurants
Chipotle Mexican Grill, Inc.*		6,582		9,132,459		3.74
Domino’s Pizza, Inc.		10,394		3,600,482		1.47
				12,732,941		5.21
Semiconductor Equipment
Enphase Energy, Inc.*		27,572		7,305,477		2.99
KLA Corp.		21,400		8,068,442		3.30
				15,373,919		6.29
Semiconductors
Microchip Technology, Inc.		109,468		7,690,127		3.15
Systems Software
Palo Alto Networks, Inc.*		39,964		5,576,577		2.28
Trading Companies & Distributors
United Rentals, Inc.*		21,082		7,492,964		3.07
TOTAL COMMON STOCKS
(Cost $171,100,978)				217,421,177		89.01

	Number of Shares		Value			Percent of Net Assets
SHORT-TERM INVESTMENTS^
State Street Institutional Treasury Money Market Fund- Premier Class, 3.79%#		27,957,856	$	27,957,856			11.45	%
TOTAL SHORT-TERM INVESTMENTS
(Cost $27,957,856)				27,957,856			11.45
TOTAL INVESTMENTS
(Cost $199,058,834)				245,379,033			100.46
Liabilities, Less Cash and Other Assets				(1,112,272	)		(0.46	)
NET ASSETS			$	244,266,761			100.00	%

^ As of December 31, 2022, all investments were classified as Level 1 with their corresponding fair valuation disclosed in the above Schedule of Investments. For more information on investment valuation and valuation inputs, refer to the Notes to Schedule of Investments.

* Non-income producing

^# Rate shown is the 7-day yield as of December 31, 2022.

See Notes to Schedule of Investments.

Marsico International Opportunities Fund

SCHEDULE OF INVESTMENTS

As of December 31, 2022

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS^
Aerospace & Defense
Airbus S.E.		14,013	$	1,665,323		4.46	%
Apparel, Accessories & Luxury Goods
LVMH Moet Hennessy Louis Vuitton S.E.		1,210		880,636		2.36
Application Software
Constellation Software, Inc.		306		477,749		1.28
SAP S.E.		8,892		917,482		2.45
Xero Ltd.*		4,129		197,545		0.53
				1,592,776		4.26
Asset Management & Custody Banks
Partners Group Holding A.G.		196		173,139		0.46
Automobile Manufacturers
Ferrari N.V.		1,917		410,660		1.10
Biotechnology
CSL Ltd.		3,655		716,093		1.92
Casinos & Gaming
Evolution A.B.		3,464		337,077		0.90
Consumer Electronics
Sony Group Corp.		12,500		955,787		2.56
Data Processing & Outsourced Services
Adyen N.V.*		227		313,071		0.84
Distillers & Vintners
Diageo PLC		23,041		1,016,723		2.72
Diversified Banks
BAWAG Group A.G.		15,163		808,315		2.16
HDFC Bank Ltd. Spon. ADR		11,663		797,866		2.14
				1,606,181		4.30
Electronic Equipment & Instruments
Keyence Corp.		1,800		705,242		1.89
Financial Exchanges & Data
Deutsche Boerse A.G.		4,644		802,346		2.15

	Number of Shares		Value		Percent of Net Assets
General Merchandise Stores
Dollarama, Inc.		4,622	$	270,322		0.72	%
Health Care Equipment
Olympus Corp.		45,600		817,214		2.19
Health Care Supplies
Alcon, Inc.		18,494		1,263,668		3.38
Human Resource & Employment Services
Recruit Holdings Company Ltd.		13,300		423,302		1.13
Industrial Conglomerates
Siemens A.G.		4,784		663,890		1.78
Industrial Gases
Air Liquide S.A.		5,011		710,197		1.90
Industrial Machinery
MISUMI Group, Inc.		16,000		350,991		0.94
Integrated Oil & Gas
TotalEnergies S.E.		11,641		730,844		1.96
Integrated Telecommunication Services
Cellnex Telecom S.A.		24,088		797,272		2.13
Deutsche Telekom A.G.		48,293		963,495		2.58
				1,760,767		4.71
Interactive Home Entertainment
Sea Ltd. ADR*		4,933		256,664		0.69
Interactive Media & Services
Scout24 S.E.		11,915		598,564		1.60
Tencent Holdings Ltd.		22,400		958,510		2.57
				1,557,074		4.17
Internet & Direct Marketing Retail
Alibaba Group Holding Ltd. Spon. ADR*		7,584		668,074		1.79
JD.com, Inc. - Cl. A		23,516		663,411		1.78
Meituan - Cl. B*		24,400		546,116		1.46
MercadoLibre, Inc.*		353		298,723		0.80
				2,176,324		5.83
IT Consulting & Other Services
Endava PLC Spon. ADR*		1,891		144,661		0.39
Life & Health Insurance
AIA Group Ltd.		113,200		1,258,833		3.37

	Number of Shares		Value		Percent of Net Assets
Movies & Entertainment
Spotify Technology S.A.*		2,877	$	227,139		0.61	%
Packaged Foods & Meats
Nestlé S.A.		12,611		1,461,247		3.91
Personal Products
L’Oreal S.A.		1,782		636,356		1.70
Pharmaceuticals
AstraZeneca PLC		10,986		1,489,922		3.99
Dechra Pharmaceuticals PLC		7,108		224,970		0.60
Novo Nordisk A/S - Cl. B		8,922		1,204,704		3.22
Roche Holding A.G.		4,210		1,322,668		3.54
				4,242,264		11.35
Property & Casualty Insurance
Intact Financial Corp.		6,500		935,683		2.50
Real Estate Services
FirstService Corp.		3,400		416,362		1.11
Research & Consulting Services
Experian PLC		26,741		909,402		2.43
Restaurants
Domino’s Pizza Enterprises Ltd.		10,222		461,077		1.23
Semiconductor Equipment
ASML Holding N.V.		2,433		1,312,099		3.51
Semiconductors
Infineon Technologies A.G.		15,880		483,274		1.30
Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR		9,638		717,935		1.92
				1,201,209		3.22
Soft Drinks
Coca-Cola Europacific Partners PLC		22,581		1,249,181		3.34
Specialty Chemicals
Shin-Etsu Chemical Company Ltd.		5,200		642,868		1.72
TOTAL COMMON STOCKS
(Cost $31,781,535)				37,254,692		99.71

	Number of Shares		Value			Percent of Net Assets
SHORT-TERM INVESTMENTS^
State Street Institutional Treasury Money Market Fund - Premier Class, 3.79%#		316,242	$	316,242			0.85	%
TOTAL SHORT-TERM INVESTMENTS
(Cost $316,242)				316,242			0.85
TOTAL INVESTMENTS
(Cost $32,097,777)				37,570,934			100.56
Liabilities, Less Cash and Other Assets				(208,254	)		(0.56	)
NET ASSETS			$	37,362,680			100.00	%

^ As of December 31, 2022, all investments were classified as Level 1 with their corresponding fair valuation disclosed in the above Schedule of Investments. For more information on investment valuation and valuation inputs, refer to the Notes to Schedule of Investments.

* Non-income producing

^# Rate shown is the 7-day yield as of December 31, 2022.

See Notes to Schedule of Investments.

SUMMARY OF INVESTMENTS BY COUNTRY

Country	Market Value		Percent of Investment Securities
Argentina	$	298,723		0.80	%
Australia		1,177,170		3.13
Austria		808,315		2.15
Canada		2,100,116		5.59
China/Hong Kong		4,094,944		10.90
Denmark		1,204,704		3.21
France		4,623,356		12.31
Germany		4,429,051		11.79
India		797,866		2.12
Italy		410,660		1.09
Japan		3,895,404		10.37
Netherlands		1,625,170		4.33
New Zealand		197,545		0.53
Singapore		256,664		0.68
Spain		797,272		2.12
Sweden		564,216		1.50
Switzerland		4,220,722		11.23
Taiwan		717,935		1.91
United Kingdom		5,034,859		13.40
United States(1)		316,242		0.84
	$	37,570,934		100.00	%

⁽¹⁾ Includes short-term securities.

Marsico Global Fund

SCHEDULE OF INVESTMENTS

As of December 31, 2022

(Unaudited)

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS^
Apparel, Accessories & Luxury Goods
Hermes International		6,706	$	10,372,837		6.99	%
lululemon athletica, inc.*		11,163		3,576,402		2.41
				13,949,239		9.40
Application Software
Constellation Software, Inc.		2,681		4,185,766		2.82
Synopsys, Inc.*		14,612		4,665,465		3.14
				8,851,231		5.96
Automotive Retail
O’Reilly Automotive, Inc.*		5,809		4,902,970		3.30
Biotechnology
Neurocrine Biosciences, Inc.*		40,732		4,865,030		3.28
Financial Exchanges & Data
Deutsche Boerse A.G.		17,493		3,022,275		2.04
Home Improvement Retail
The Home Depot, Inc.		14,724		4,650,723		3.13
Hypermarkets & Super Centers
Costco Wholesale Corp.		11,440		5,222,360		3.52
Integrated Telecommunication Services
Deutsche Telekom A.G.		386,119		7,703,475		5.19
Interactive Media & Services
Meta Platforms, Inc. - Cl. A*		45,744		5,504,833		3.71
Internet & Direct Marketing Retail
Amazon.com, Inc.*		70,718		5,940,312		4.00
Managed Health Care
UnitedHealth Group, Inc.		12,109		6,419,950		4.32
Oil & Gas Exploration & Production
Pioneer Natural Resources Company		22,190		5,067,974		3.41
Personal Products
L’Oreal S.A.		14,543		5,193,334		3.50

	Number of Shares		Value		Percent of Net Assets
Pharmaceuticals
AstraZeneca PLC		41,424	$	5,617,924		3.79	%
Eli Lilly & Company		17,291		6,325,739		4.26
Novo Nordisk A/S - Cl. B		49,926		6,741,318		4.54
				18,684,981		12.59
Railroads
Canadian Pacific Railway Ltd.		60,317		4,499,045		3.03
Research & Consulting Services
CoStar Group, Inc.*		34,073		2,633,161		1.77
Restaurants
Chipotle Mexican Grill, Inc.*		4,707		6,530,915		4.40
Semiconductor Equipment
ASML Holding N.V. - NY Reg. Shs.		12,430		6,791,752		4.58
Semiconductors
Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR		53,630		3,994,899		2.69
Specialty Chemicals
The Sherwin-Williams Company		21,444		5,089,305		3.43
Systems Software
Microsoft Corp.		32,129		7,705,177		5.19
Technology Hardware, Storage & Peripherals
Apple, Inc.		31,982		4,155,421		2.80
Trading Companies & Distributors
United Rentals, Inc.*		15,337		5,451,077		3.67
TOTAL COMMON STOCKS
(Cost $117,803,522)				146,829,439		98.91

	Number of Shares		Value			Percent of Net Assets
SHORT-TERM INVESTMENTS^
State Street Institutional Treasury Money Market Fund- Premier Class, 3.79%#		2,168,608	$	2,168,608			1.46	%
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,168,608)				2,168,608			1.46
TOTAL INVESTMENTS
(Cost $119,972,130)				148,998,047			100.37
Liabilities, Less Cash and Other Assets				(551,343	)		(0.37	)
NET ASSETS			$	148,446,704			100.00	%

^ As of December 31, 2022, all investments were classified as Level 1 with their corresponding fair valuation disclosed in the above Schedule of Investments. For more information on investment valuation and valuation inputs, refer to the Notes to Schedule of Investments.

* Non-income producing

^# Rate shown is the 7-day yield as of December 31, 2022.

See Notes to Schedule of Investments.

SUMMARY OF INVESTMENTS BY COUNTRY

Country	Market Value		Percent of Investment Securities
Canada	$	8,684,811		5.83	%
Denmark		6,741,318		4.52
France		15,566,171		10.44
Germany		10,725,750		7.20
Netherlands		6,791,752		4.56
Taiwan		3,994,899		2.68
United Kingdom		5,617,924		3.77
United States(1)		90,875,422		61.00
	$	148,998,047		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.

The Funds began complying with Rule 2a-5 effective September 1, 2022. Effective on that date, 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. There were no transfers into or out of Level 3 during the reporting period. As of December 31, 2022, each of the Fund’s investments were categorized as Level 1 securities. The fair values of the investments are reflected on each Fund’s Schedule of Investments by security type and economic industry.

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

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

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

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

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

The Income Tax Statement requires management of the Funds to analyze all open tax years, consisting of fiscal years 2019-2023 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 December 31, 2022, the Funds did not have any liabilities for any unrecognized tax benefits. The Funds have no examinations in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

At December 31, 2022, 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	$	418,236,817		$	180,356,897		$	199,117,407		$	32,183,560		$	120,033,130
Gross Unrealized Appreciation	$	130,949,400		$	54,300,424		$	53,709,529		$	8,136,798		$	31,120,963
Gross Unrealized Depreciation		(7,124,985	)		(4,110,727	)		(7,447,903	)		(2,749,424	)		(2,156,046	)
Net Unrealized Appreciation on Investments	$	123,824,415		$	50,189,697		$	46,261,626		$	5,387,374		$	28,964,917

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