NPORT-EX 2 fp0082407-1_nportex.htm MARSICOPARTF

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.