# EDGAR Filing Document

**Accession Number:** 0001047112
**File Stem:** 0001104659-25-118521
**Filing Date:** 2025-12
**Character Count:** 238484
**Document Hash:** 29702953b98c3b206a77cd2a1bd15cce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-118521.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0001104659-25-118521

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251204

**DATE AS OF CHANGE**: 20251204

**EFFECTIVENESS DATE**: 20251204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MARSICO INVESTMENT FUND
- **CENTRAL INDEX KEY:** 0001047112

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08397
- **FILM NUMBER:** 251550649

**BUSINESS ADDRESS:**
- **STREET 1:** 1200 17TH ST
- **STREET 2:** STE 1700
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202
- **BUSINESS PHONE:** 3034545600

**MAIL ADDRESS:**
- **STREET 1:** 1200 17TH STREET SUITE 1700
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202

## Series and Classes Contracts Data

### MARSICO FOCUS FUND (Series ID: S000007710)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020960 | INVESTOR CLASS      | MFOCX           |
| C000232236 | INSTITUTIONAL CLASS | MIFOX           |

### MARSICO GROWTH FUND (Series ID: S000007711)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020961 | INVESTOR CLASS      | MGRIX           |
| C000232237 | INSTITUTIONAL CLASS | MIGWX           |

### MARSICO MIDCAP GROWTH FOCUS FUND (Series ID: S000007712)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020962 | INVESTOR CLASS      | MXXIX           |
| C000232238 | INSTITUTIONAL CLASS | MIDFX           |

### MARSICO INTERNATIONAL OPPORTUNITIES FUND (Series ID: S000007713)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020963 | INVESTOR CLASS      | MIOFX           |
| C000232239 | INSTITUTIONAL CLASS | MIIOX           |

### MARSICO GLOBAL FUND (Series ID: S000017705)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000048905 | INVESTOR CLASS      | MGLBX           |
| C000232240 | INSTITUTIONAL CLASS | MIGOX           |

?xml version='1.0' encoding='ASCII'? EDGAR HTML

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-08397

#### THE MARSICO INVESTMENT FUND
(Exact name of registrant as specified in charter)

------

1200 17th Street, Suite 1700

Denver, CO 80202

(Address of Principal Executive Offices) (Zip Code)

The Corporation Trust Company

The Marsico Investment Fund

Corporation Trust Center 1209 Orange Street

Wilmington, Delaware 19802

(Name and address of Agent for Service of Process)

Copies to:

Anthony H. Zacharski

Morgan, Lewis & Bockius LLP

101 Park Avenue

New York, NY 10178

#### Registrant's telephone number, including area code:

#### 1-888-860-8686

#### Date of fiscal year end:

#### September 30

#### Date of reporting period:

#### September 30, 2025

#### Item 1. Reports to Stockholders
(a) The following is a copy of the reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Marsico Focus Fund](#classname78e52bbb-551e-45ab-85b2-011eb9602021)<br> **[Investor Class - MFOCX](#classname78e52bbb-551e-45ab-85b2-011eb9602021)**  |
|  [Marsico Focus Fund](#classname9c7cbb1d-8b60-43ee-83f3-64c6e10c200c)<br> **[Institutional Class - MIFOX](#classname9c7cbb1d-8b60-43ee-83f3-64c6e10c200c)**  |
|  [Marsico Growth Fund](#classnamee44662f2-90aa-4c6e-9775-500738fdbcf2)<br> **[Investor Class - MGRIX](#classnamee44662f2-90aa-4c6e-9775-500738fdbcf2)**  |
|  [Marsico Growth Fund](#classnamedc29b4e3-fda0-41a8-9dc7-7d488fd3ed1b)<br> **[Institutional Class - MIGWX](#classnamedc29b4e3-fda0-41a8-9dc7-7d488fd3ed1b)**  |
|  [Marsico Midcap Growth Focus Fund](#classnamebe79e8b3-07b2-4045-9f71-a66dbf5f7238)<br> **[Investor Class - MXXIX](#classnamebe79e8b3-07b2-4045-9f71-a66dbf5f7238)**  |
|  [Marsico Midcap Growth Focus Fund](#classnameda86aa9e-0e5f-40d1-abe9-c8ea3603bd2e)<br> **[Institutional Class - MIDFX](#classnameda86aa9e-0e5f-40d1-abe9-c8ea3603bd2e)**  |
|  [Marsico International Opportunities Fund](#classname61d5f9fc-eeb9-4fec-8813-a099e6736b59)<br> **[Investor Class - MIOFX](#classname61d5f9fc-eeb9-4fec-8813-a099e6736b59)**  |
|  [Marsico International Opportunities Fund](#classname4695dcd0-6cde-4581-ba52-f89ee4263fb8)<br> **[Institutional Class - MIIOX](#classname4695dcd0-6cde-4581-ba52-f89ee4263fb8)**  |
|  [Marsico Global Fund](#classname9c87ab6d-b20d-4fca-9947-82b979821cf5)<br> **[Investor Class - MGLBX](#classname9c87ab6d-b20d-4fca-9947-82b979821cf5)**  |
|  [Marsico Global Fund](#classname2b342106-33a0-4cdf-ab8f-d8e6a7bbff33)<br> **[Institutional Class - MIGOX](#classname2b342106-33a0-4cdf-ab8f-d8e6a7bbff33)**  |

---

Marsico Focus Fund

[Investor Class](#Toc) / MFOCX

![Marsico TSR - Fund Logo - Cover](tm2528564-1_tsrimg028.jpg)

ANNUAL SHAREHOLDER REPORT \| September 30, 2025

This annual shareholder report contains important information about the Marsico Focus Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.marsicofunds.com/fund-documents/. You can also request this information by contacting us at 888-860-8686.

#### Fund Expenses for the Past Year
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Focus Fund<br>(Investor Class/MFOCX) | $130 | 1.19% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the fiscal year ended September 30, 2025, the Fund's Investor Class shares posted a total return of +18.82%, compared to its benchmark index, the S&P 500<sup>®</sup> Index, which had a total return of +17.60% over the same period. Below, we discuss some of the effects of the Fund's investment allocation on its performance as compared to the S&P 500<sup>®</sup> Index, as well as the Fund's top stock contributors and detractors. The Fund is not managed to track a benchmark index and may hold a substantially overweight or underweight position in a sector, industry, or security when compared to a benchmark.

Please keep in mind that the Fund is classified as a non-diversified fund, which means it may hold fewer securities. Holding fewer securities increases the risk that the value of the Fund could go down because of the poor performance of a single investment.

TOP PERFORMANCE CONTRIBUTORS

**» Investment Allocations** \| The Fund's outperformance, as compared to the S&P 500<sup>®</sup> Index, can primarily be attributed to stock selection in the Industrials sector, as defined in the Global Industry Classification Standard. Additionally, an underweight allocation to the weakest performing sector of the benchmark index, Health Care, and an overweight allocation to the strongest performing sector of the benchmark index, Communication Services, aided relative performance results.

**» GE Vernova, Inc. ("GE Vernova")** \| GE Vernova is a leading provider of power generation and grid technologies, spanning gas, wind, and electrification systems. GE Vernova's earnings results improved based on surging orders tied to its data center and artificial intelligence ("AI") buildouts, which created backlogs of demand for its products, combined with generally strong demand for its renewable energy and grid modernization technologies.

**» NVIDIA Corp. ("NVIDIA")** \| NVIDIA is a market leader in generative AI hardware and software, powering next-generation computing applications. The company benefitted as soaring demand for AI chips and data center solutions drove record revenues and earnings.

TOP PERFORMANCE DETRACTORS

**» Investment Allocations** \| Stock selection in the Consumer Discretionary, Financials, Communication Services, and Information Technology sectors had the largest negative effect on performance relative to the benchmark index. An underweight allocation to the strong performing Financials sector and overweight allocation to the weak performing Materials sector further detracted from relative performance results.

**» Chipotle Mexican Grill, Inc. ("Chipotle")** \| Chipotle operates a chain of fast-casual restaurants specializing in Mexican-inspired cuisine with a focus on fresh ingredients. Chipotle's stock performance was pressured by rising food and labor costs, and investor sentiment was further dampened by leadership uncertainty due to the departure of longtime CEO, Brian Niccol. We exited the position in favor of other opportunities.

**» KKR & Co., Inc. ("KKR")** \| KKR is a global investment firm managing private equity, credit, and infrastructure strategies. We sold the position as fundraising slowed and exit activity remained limited, leaving management and incentive fees softer than expected.

#### Fund Performance
The following graph and table compare the performance data of the Investor Class shares of the Fund for the most recently completed 10 fiscal years to the performance data of a broad-based index over the same periods. All indices are unmanaged and investors cannot invest directly in an index. The graph and table below assume reinvestment of dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on dividends and capital gain distributions or the redemption of fund shares. The graph assumes an initial investment of $10,000.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](tm2528564-1_tsrimg005.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS**<br>*(for the periods ended 09/30/2025)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Years |
| Focus Fund (Investor Class/MFOCX) | 18.82% | 15.09% | 17.33% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

The Standard & Poor's 500 Index ("S&P 500<sup>®</sup> Index") is an index of the common stock prices of 500 large US companies, and includes the reinvestment of dividends.

 ***Performance data quoted above represents past performance, and past performance is not a guarantee of future results.*** *The performance results above reflect any applicable expense waivers or reimbursements in effect during the periods shown, without which the performance returns reflected would have been reduced. In accordance with the expense limitation and fee waiver agreement, Marsico Capital Management, LLC ("Adviser") may recoup fees and expenses previously waived or reimbursed under certain parameters. Recoupment of previously waived fees and expenses or reimbursements results in lower performance returns. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.*

Visit www.marsicofunds.com/performance-and-prices/monthly.fs or call 888-860-8686 to obtain the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1098817551 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;22 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;$7524556 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;64% |

---

#### Graphical Representation of Holdings
The table and chart below show the investment makeup of the Fund. Sector weightings represent the percentage of the Fund's investments in certain general sectors and may include more than one industry. The Fund's portfolio composition is subject to change at any time.

**Top Ten Equity Holdings**

*(% of net assets)*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 9.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Cl. A | 9.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 8.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 6.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;General Electric Co. DBA GE Aerospace | 6.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 6.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR | 4.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | 4.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 4.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Boeing Company | 4.33% |

---

**Sector Allocation**

*(% of net assets)*

![Graphical Representation - Allocation 1 Chart](tm2528564-1_tsrimg006.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.marsicofunds.com/fund-documents/. You can also request this information by contacting us at 888-860-8686.

#### Householding
For shareholders with multiple accounts utilizing the same social security number or tax identification number, the Marsico Funds may deliver a single copy of prospectuses, financial reports and other communications to shareholders in order to reduce expenses. If your shares are held through a financial intermediary, the financial intermediary may utilize other householding methods, such as the same mailing address, to deliver a single copy. If you would prefer that your documents not be subject to householding, please call 888-860-8686 if you hold your shares directly with the Marsico Funds, or, if you hold your shares through a financial intermediary, by contacting your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Marsico Funds or your financial intermediary.

![Marsico TSR - QR Code](tm2528564-1_tsrimg027.jpg)

For additional information, please scan the QR code to navigate to additional hosted material at www.marsicofunds.com/fund-documents/.

Marsico Focus Fund

[Institutional Class](#Toc) / MIFOX

![Marsico TSR - Fund Logo - Cover](tm2528564-1_tsrimg028.jpg)

ANNUAL SHAREHOLDER REPORT \| September 30, 2025

This annual shareholder report contains important information about the Marsico Focus Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.marsicofunds.com/fund-documents/. You can also request this information by contacting us at 888-860-8686.

#### Fund Expenses for the Past Year
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Focus Fund<br>(Institutional Class/MIFOX) | $102 | 0.93% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the fiscal year ended September 30, 2025, the Fund's Institutional Class shares posted a total return of +19.18%, compared to its benchmark index, the S&P 500<sup>®</sup> Index, which had a total return of +17.60% over the same period. Below, we discuss some of the effects of the Fund's investment allocation on its performance as compared to the S&P 500<sup>®</sup> Index, as well as the Fund's top stock contributors and detractors. The Fund is not managed to track a benchmark index and may hold a substantially overweight or underweight position in a sector, industry, or security when compared to a benchmark.

Please keep in mind that the Fund is classified as a non-diversified fund, which means it may hold fewer securities. Holding fewer securities increases the risk that the value of the Fund could go down because of the poor performance of a single investment.

TOP PERFORMANCE CONTRIBUTORS

**» Investment Allocations** \| The Fund's outperformance, as compared to the S&P 500<sup>®</sup> Index, can primarily be attributed to stock selection in the Industrials sector, as defined in the Global Industry Classification Standard. Additionally, an underweight allocation to the weakest performing sector of the benchmark index, Health Care, and an overweight allocation to the strongest performing sector of the benchmark index, Communication Services, aided relative performance results.

**» GE Vernova, Inc. ("GE Vernova")** \| GE Vernova is a leading provider of power generation and grid technologies, spanning gas, wind, and electrification systems. GE Vernova's earnings results improved based on surging orders tied to its data center and artificial intelligence ("AI") buildouts, which created backlogs of demand for its products, combined with generally strong demand for its renewable energy and grid modernization technologies.

**» NVIDIA Corp. ("NVIDIA")** \| NVIDIA is a market leader in generative AI hardware and software, powering next-generation computing applications. The company benefitted as soaring demand for AI chips and data center solutions drove record revenues and earnings.

TOP PERFORMANCE DETRACTORS

**» Investment Allocations** \| Stock selection in the Consumer Discretionary, Financials, Communication Services, and Information Technology sectors had the largest negative effect on performance relative to the benchmark index. An underweight allocation to the strong performing Financials sector and overweight allocation to the weak performing Materials sector further detracted from relative performance results.

**» Chipotle Mexican Grill, Inc. ("Chipotle")** \| Chipotle operates a chain of fast-casual restaurants specializing in Mexican-inspired cuisine with a focus on fresh ingredients. Chipotle's stock performance was pressured by rising food and labor costs, and investor sentiment was further dampened by leadership uncertainty due to the departure of longtime CEO, Brian Niccol. We exited the position in favor of other opportunities.

**» KKR & Co., Inc. ("KKR")** \| KKR is a global investment firm managing private equity, credit, and infrastructure strategies. We sold the position as fundraising slowed and exit activity remained limited, leaving management and incentive fees softer than expected.

#### Fund Performance
The following graph and table compare the performance data of the Institutional Class shares of the Fund for the applicable periods since inception to the performance data of a broad-based index over the same periods. All indices are unmanaged and investors cannot invest directly in an index. The graph and table below assume reinvestment of dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on dividends and capital gain distributions or the redemption of fund shares. The graph assumes an initial investment of $100,000.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](tm2528564-1_tsrimg007.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS**<br>*(for the periods ended 09/30/2025)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since<br>Inception<sup>^</sup> |
| Focus Fund (Institutional Class/MIFOX) | 19.18% | 12.85% |
| S&P 500<sup>®</sup> Index | 17.60% | 12.02% |

---

 *<sup>^</sup>* *December 6, 2021* 

The Standard & Poor's 500 Index ("S&P 500<sup>®</sup> Index") is an index of the common stock prices of 500 large US companies, and includes the reinvestment of dividends.

 ***Performance data quoted above represents past performance, and past performance is not a guarantee of future results.*** *The performance results above reflect any applicable expense waivers or reimbursements in effect during the periods shown, without which the performance returns reflected would have been reduced. In accordance with the expense limitation and fee waiver agreement, Marsico Capital Management, LLC ("Adviser") may recoup fees and expenses previously waived or reimbursed under certain parameters. Recoupment of previously waived fees and expenses or reimbursements results in lower performance returns. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.*

Visit www.marsicofunds.com/performance-and-prices/monthly.fs#institutional-class or call 888-860-8686 to obtain the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1098817551 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;22 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;$7524556 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;64% |

---

#### Graphical Representation of Holdings
The table and chart below show the investment makeup of the Fund. Sector weightings represent the percentage of the Fund's investments in certain general sectors and may include more than one industry. The Fund's portfolio composition is subject to change at any time.

**Top Ten Equity Holdings**

*(% of net assets)*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 9.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Cl. A | 9.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 8.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 6.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;General Electric Co. DBA GE Aerospace | 6.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 6.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR | 4.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | 4.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 4.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Boeing Company | 4.33% |

---

**Sector Allocation**

*(% of net assets)*

![Graphical Representation - Allocation 1 Chart](tm2528564-1_tsrimg008.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.marsicofunds.com/fund-documents/. You can also request this information by contacting us at 888-860-8686.

#### Householding
For shareholders with multiple accounts utilizing the same social security number or tax identification number, the Marsico Funds may deliver a single copy of prospectuses, financial reports and other communications to shareholders in order to reduce expenses. If your shares are held through a financial intermediary, the financial intermediary may utilize other householding methods, such as the same mailing address, to deliver a single copy. If you would prefer that your documents not be subject to householding, please call 888-860-8686 if you hold your shares directly with the Marsico Funds, or, if you hold your shares through a financial intermediary, by contacting your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Marsico Funds or your financial intermediary.

![Marsico TSR - QR Code](tm2528564-1_tsrimg027.jpg)

For additional information, please scan the QR code to navigate to additional hosted material at www.marsicofunds.com/fund-documents/.

Marsico Growth Fund

[Investor Class](#Toc) / MGRIX

![Marsico TSR - Fund Logo - Cover](tm2528564-1_tsrimg028.jpg)

ANNUAL SHAREHOLDER REPORT \| September 30, 2025

This annual shareholder report contains important information about the Marsico Growth Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.marsicofunds.com/fund-documents/. You can also request this information by contacting us at 888-860-8686.

#### Fund Expenses for the Past Year
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Growth Fund<br>(Investor Class/MGRIX) | $141 | 1.29% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the fiscal year ended September 30, 2025, the Fund's Investor Class shares posted a total return of +19.13%, compared to its benchmark index, the S&P 500<sup>®</sup> Index, which had a total return of +17.60% over the same period. Below, we discuss some of the effects of the Fund's investment allocation on its performance as compared to the S&P 500<sup>®</sup> Index, as well as the Fund's top stock contributors and detractors. The Fund is not managed to track a benchmark index and may hold a substantially overweight or underweight position in a sector, industry, or security when compared to a benchmark.

TOP PERFORMANCE CONTRIBUTORS

**» Investment Allocations** \| The Fund's outperformance, as compared to the S&P 500<sup>®</sup> Index, can primarily be attributed to an underweight allocation to the weakest performing sector of the benchmark index, Health Care, and an overweight allocation to the strongest performing sector of the benchmark index, Communication Services, as defined in the Global Industry Classification Standard. The Fund's relative performance was also positively impacted by stock selection in the Financials and Industrials sectors, and by maintaining a relatively low average cash position of approximately 1%, as the benchmark index returned +17.60% during the period.

**» Robinhood Markets, Inc. – Cl. A ("Robinhood")** \| Robinhood is a financial services platform that offers commission-free trading of stocks, ETFs, options, and cryptocurrencies through a mobile-first interface designed to make investing more accessible. The company's growth in its assets and revenue was primarily driven by its rapid product velocity in new product offerings, such as trading in cryptocurrencies and hosting IRA accounts, that were well received by its large, engaged base of younger retail investors.

**» NVIDIA Corp. ("NVIDIA")** \| NVIDIA is a market leader in generative artificial intelligence ("AI") hardware and software, powering next-generation computing applications. The company benefitted as soaring demand for AI chips and data center solutions drove record revenues and earnings.

TOP PERFORMANCE DETRACTORS

**» Investment Allocations** \| Stock selection was weak in the Consumer Discretionary and Information Technology sectors which had a negative impact on performance relative to the benchmark index. An underweight allocation on average to the strong performing Financials sector and an overweight allocation to the weak performing sector, Materials, further detracted from performance.

**» Starbucks Corp. ("Starbucks")** \| Starbucks is the world's largest coffeehouse chain, offering beverages, food, and consumer packaged goods globally. The company faced weaker international sales—particularly in China—while US store traffic softened amid rising competition and operating expenses. Due to these challenges, we exited the position.

**» Chipotle Mexican Grill, Inc. ("Chipotle")** \| Chipotle operates a chain of fast-casual restaurants specializing in Mexican-inspired cuisine with a focus on fresh ingredients. Chipotle's stock performance was pressured by rising food and labor costs, and investor sentiment was further dampened by leadership uncertainty due to the departure of longtime CEO, Brian Niccol.

#### Fund Performance
The following graph and table compare the performance data of the Investor Class shares of the Fund for the most recently completed 10 fiscal years to the performance data of a broad-based index over the same periods. All indices are unmanaged and investors cannot invest directly in an index. The graph and table below assume reinvestment of dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on dividends and capital gain distributions or the redemption of fund shares. The graph assumes an initial investment of $10,000.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](tm2528564-1_tsrimg001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS**<br>*(for the periods ended 09/30/2025)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Years |
| Growth Fund (Investor Class/MGRIX) | 19.13% | 13.61% | 16.52% |
| S&P 500<sup>®</sup> Index | 17.60% | 16.47% | 15.30% |

---

The Standard & Poor's 500 Index ("S&P 500<sup>®</sup> Index") is an index of the common stock prices of 500 large US companies, and includes the reinvestment of dividends.

 ***Performance data quoted above represents past performance, and past performance is not a guarantee of future results.*** *The performance results above reflect any applicable expense waivers or reimbursements in effect during the periods shown, without which the performance returns reflected would have been reduced. In accordance with the expense limitation and fee waiver agreement, Marsico Capital Management, LLC ("Adviser") may recoup fees and expenses previously waived or reimbursed under certain parameters. Recoupment of previously waived fees and expenses or reimbursements results in lower performance returns. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.*

Visit www.marsicofunds.com/performance-and-prices/monthly.fs or call 888-860-8686 to obtain the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$411733751 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;$3404838 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;117% |

---

#### Graphical Representation of Holdings
The table and chart below show the investment makeup of the Fund. Sector weightings represent the percentage of the Fund's investments in certain general sectors and may include more than one industry. The Fund's portfolio composition is subject to change at any time.

**Top Ten Equity Holdings**

*(% of net assets)*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 8.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 7.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Cl. A | 7.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 6.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | 5.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Robinhood Markets, Inc. - Cl. A | 4.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Cl. A | 4.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 4.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Cl. A | 4.39% |

---

**Sector Allocation**

*(% of net assets)*

![Graphical Representation - Allocation 1 Chart](tm2528564-1_tsrimg002.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.marsicofunds.com/fund-documents/. You can also request this information by contacting us at 888-860-8686.

#### Householding
For shareholders with multiple accounts utilizing the same social security number or tax identification number, the Marsico Funds may deliver a single copy of prospectuses, financial reports and other communications to shareholders in order to reduce expenses. If your shares are held through a financial intermediary, the financial intermediary may utilize other householding methods, such as the same mailing address, to deliver a single copy. If you would prefer that your documents not be subject to householding, please call 888-860-8686 if you hold your shares directly with the Marsico Funds, or, if you hold your shares through a financial intermediary, by contacting your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Marsico Funds or your financial intermediary.

![Marsico TSR - QR Code](tm2528564-1_tsrimg027.jpg)

For additional information, please scan the QR code to navigate to additional hosted material at www.marsicofunds.com/fund-documents/.

Marsico Growth Fund

[Institutional Class](#Toc) / MIGWX

![Marsico TSR - Fund Logo - Cover](tm2528564-1_tsrimg028.jpg)

ANNUAL SHAREHOLDER REPORT \| September 30, 2025

This annual shareholder report contains important information about the Marsico Growth Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.marsicofunds.com/fund-documents/. You can also request this information by contacting us at 888-860-8686.

#### Fund Expenses for the Past Year
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Growth Fund<br>(Institutional Class/MIGWX) | $113 | 1.03% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the fiscal year ended September 30, 2025, the Fund's Institutional Class shares posted a total return of +19.43%, compared to its benchmark index, the S&P 500<sup>®</sup> Index, which had a total return of +17.60% over the same period. Below, we discuss some of the effects of the Fund's investment allocation on its performance as compared to the S&P 500<sup>®</sup> Index, as well as the Fund's top stock contributors and detractors. The Fund is not managed to track a benchmark index and may hold a substantially overweight or underweight position in a sector, industry, or security when compared to a benchmark.

TOP PERFORMANCE CONTRIBUTORS

**» Investment Allocations** \| The Fund's outperformance, as compared to the S&P 500<sup>®</sup> Index, can primarily be attributed to an underweight allocation to the weakest performing sector of the benchmark index, Health Care, and an overweight allocation to the strongest performing sector of the benchmark index, Communication Services, as defined in the Global Industry Classification Standard. The Fund's relative performance was also positively impacted by stock selection in the Financials and Industrials sectors, and by maintaining a relatively low average cash position of approximately 1%, as the benchmark index returned +17.60% during the period.

**» Robinhood Markets, Inc. – Cl. A ("Robinhood")** \| Robinhood is a financial services platform that offers commission-free trading of stocks, ETFs, options, and cryptocurrencies through a mobile-first interface designed to make investing more accessible. The company's growth in its assets and revenue was primarily driven by its rapid product velocity in new product offerings, such as trading in cryptocurrencies and hosting IRA accounts, that were well received by its large, engaged base of younger retail investors.

**» NVIDIA Corp. ("NVIDIA")** \| NVIDIA is a market leader in generative artificial intelligence ("AI") hardware and software, powering next-generation computing applications. The company benefitted as soaring demand for AI chips and data center solutions drove record revenues and earnings.

TOP PERFORMANCE DETRACTORS

**» Investment Allocations** \| Stock selection was weak in the Consumer Discretionary and Information Technology sectors which had a negative impact on performance relative to the benchmark index. An underweight allocation on average to the strong performing Financials sector and an overweight allocation to the weak performing sector, Materials, further detracted from performance.

**» Starbucks Corp. ("Starbucks")** \| Starbucks is the world's largest coffeehouse chain, offering beverages, food, and consumer packaged goods globally. The company faced weaker international sales—particularly in China—while US store traffic softened amid rising competition and operating expenses. Due to these challenges, we exited the position.

**» Chipotle Mexican Grill, Inc. ("Chipotle")** \| Chipotle operates a chain of fast-casual restaurants specializing in Mexican-inspired cuisine with a focus on fresh ingredients. Chipotle's stock performance was pressured by rising food and labor costs, and investor sentiment was further dampened by leadership uncertainty due to the departure of longtime CEO, Brian Niccol.

#### Fund Performance
The following graph and table compare the performance data of the Institutional Class shares of the Fund for the applicable periods since inception to the performance data of a broad-based index over the same periods. All indices are unmanaged and investors cannot invest directly in an index. The graph and table below assume reinvestment of dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on dividends and capital gain distributions or the redemption of fund shares. The graph assumes an initial investment of $100,000.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](tm2528564-1_tsrimg003.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS**<br>*(for the periods ended 09/30/2025)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since<br>Inception<sup>^</sup> |
| Growth Fund (Institutional Class/MIGWX) | 19.43% | 11.38% |
| S&P 500<sup>®</sup> Index | 17.60% | 12.02% |

---

 *<sup>^</sup>* *December 6, 2021* 

The Standard & Poor's 500 Index ("S&P 500<sup>®</sup> Index") is an index of the common stock prices of 500 large US companies, and includes the reinvestment of dividends.

 ***Performance data quoted above represents past performance, and past performance is not a guarantee of future results.*** *The performance results above reflect any applicable expense waivers or reimbursements in effect during the periods shown, without which the performance returns reflected would have been reduced. In accordance with the expense limitation and fee waiver agreement, Marsico Capital Management, LLC ("Adviser") may recoup fees and expenses previously waived or reimbursed under certain parameters. Recoupment of previously waived fees and expenses or reimbursements results in lower performance returns. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.*

Visit www.marsicofunds.com/performance-and-prices/monthly.fs#institutional-class or call 888-860-8686 to obtain the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$411733751 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;$3404838 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;117% |

---

#### Graphical Representation of Holdings
The table and chart below show the investment makeup of the Fund. Sector weightings represent the percentage of the Fund's investments in certain general sectors and may include more than one industry. The Fund's portfolio composition is subject to change at any time.

**Top Ten Equity Holdings**

*(% of net assets)*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 8.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 7.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Cl. A | 7.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 6.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 6.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | 5.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Robinhood Markets, Inc. - Cl. A | 4.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Cl. A | 4.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 4.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Cl. A | 4.39% |

---

**Sector Allocation**

*(% of net assets)*

![Graphical Representation - Allocation 1 Chart](tm2528564-1_tsrimg004.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.marsicofunds.com/fund-documents/. You can also request this information by contacting us at 888-860-8686.

#### Householding
For shareholders with multiple accounts utilizing the same social security number or tax identification number, the Marsico Funds may deliver a single copy of prospectuses, financial reports and other communications to shareholders in order to reduce expenses. If your shares are held through a financial intermediary, the financial intermediary may utilize other householding methods, such as the same mailing address, to deliver a single copy. If you would prefer that your documents not be subject to householding, please call 888-860-8686 if you hold your shares directly with the Marsico Funds, or, if you hold your shares through a financial intermediary, by contacting your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Marsico Funds or your financial intermediary.

![Marsico TSR - QR Code](tm2528564-1_tsrimg027.jpg)

For additional information, please scan the QR code to navigate to additional hosted material at www.marsicofunds.com/fund-documents/.

Marsico Midcap Growth Focus Fund

[Investor Class](#Toc) / MXXIX

![Marsico TSR - Fund Logo - Cover](tm2528564-1_tsrimg028.jpg)

ANNUAL SHAREHOLDER REPORT \| September 30, 2025

This annual shareholder report contains important information about the Marsico Midcap Growth Focus Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.marsicofunds.com/fund-documents/. You can also request this information by contacting us at 888-860-8686.

#### Fund Expenses for the Past Year
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Midcap Growth Focus Fund<br>(Investor Class/MXXIX) | $155 | 1.31% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the fiscal year ended September 30, 2025, the Fund's Investor Class shares posted a total return of +37.09%, compared to its benchmark indices, the Russell 3000<sup>®</sup> Index and the Russell Midcap<sup>®</sup> Growth Benchmark Index, which had total returns of +17.41% and +22.02%, respectively, over the same period. Below, we discuss some of the effects of the Fund's investment allocation on its performance as compared to the Russell Midcap<sup>®</sup> Growth Benchmark Index, as well as the Fund's top stock contributors and detractors. The Fund is not managed to track a benchmark index and may hold a substantially overweight or underweight position in a sector, industry, or security when compared to a benchmark.

TOP PERFORMANCE CONTRIBUTORS

**» Investment Allocations** \| The Fund's outperformance, as compared to the Russell Midcap<sup>®</sup> Growth Benchmark Index, can primarily be attributed to stock selection in the Communication Services, Industrials, Information Technology, and Financials sectors, as defined in the Global Industry Classification Standard. An overweight allocation on average to two of the strong performing sectors of the Russell Midcap<sup>®</sup> Growth Benchmark Index, Communication Services and Information Technology, further boosted performance relative to the benchmark index.

**» Palantir Technologies, Inc. – Cl. A ("Palantir")** \| Palantir provides data integration and artificial intelligence ("AI") driven analytics platforms that help governments and enterprises make decisions based on complex datasets. Revenue growth accelerated as commercial adoption of its AI-enabled Foundry and AIP platforms broadened its customer base. We ultimately sold the Fund's position once it met our price target.

**» AppLovin Corp. – Cl. A ("AppLovin")** \| AppLovin operates a mobile application marketing and monetization platform that helps developers optimize user acquisition and in-app revenue. The company delivered strong performance as its AI-powered AXON engine improved advertiser returns for its customers and drove higher spending on its products. We exited the position in favor of other opportunities.

TOP PERFORMANCE DETRACTORS

**» Investment Allocations** \| Stock selection in the Consumer Discretionary and Consumer Staples sectors negatively impacted performance relative to the Russell Midcap<sup>®</sup> Growth Benchmark Index. Further, an overweight allocation on average to the weakest performing sector of Russell Midcap<sup>®</sup> Growth Benchmark Index, Consumer Staples, and an underweight allocation to the strongest performing sector, Utilities, dampened relative performance.

**» KKR & Co., Inc. ("KKR")** \| KKR is a global investment firm managing private equity, credit, and infrastructure strategies. We sold the position as fundraising slowed and exit activity remained limited, leaving management and incentive fees softer than expected.

**» Chipotle Mexican Grill, Inc. ("Chipotle")** \| Chipotle operates a chain of fast-casual restaurants specializing in Mexican-inspired cuisine with a focus on fresh ingredients. Chipotle's stock performance was pressured by rising food and labor costs, and investor sentiment was further dampened by leadership uncertainty due to the departure of longtime CEO, Brian Niccol. We exited the position in favor of other opportunities.

#### Fund Performance
The following graph and table compare the performance data of the Investor Class shares of the Fund for the most recently completed 10 fiscal years to the performance data of (i) the Russell 3000<sup>®</sup> Index, a broad-based index, and (ii) the Russell Midcap<sup>®</sup> Growth Benchmark Index, an index that more closely reflects the Fund's principal investment strategies, over the same periods. All indices are unmanaged and investors cannot invest directly in an index. The graph and table below assume reinvestment of dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on dividends and capital gain distributions or the redemption of fund shares. The graph assumes an initial investment of $10,000.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](tm2528564-1_tsrimg009.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS**<br>*(for the periods ended 09/30/2025)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Years |
| Midcap Growth Focus Fund (Investor Class/MXXIX) | 37.09% | 14.75% | 15.42% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell Midcap<sup>®</sup> Growth Benchmark Index | 22.02% | 11.26% | 13.37% |

---

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 US companies.

The Russell Midcap<sup>®</sup> Growth Benchmark Index measures the performance of the mid-capitalization growth sector of the US equity market, and is composed of mid-capitalization US equities that exhibit growth characteristics including higher price-to-book ratios and higher forecasted growth. It is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market, and constituent weights are not capped. The index is a subset of the Russell Midcap<sup>®</sup> Index, which measures the performance of the mid-capitalization sector of the US equity market.

 ***Performance data quoted above represents past performance, and past performance is not a guarantee of future results.*** *The performance results above reflect any applicable expense waivers or reimbursements in effect during the periods shown, without which the performance returns reflected would have been reduced. In accordance with the expense limitation and fee waiver agreement, Marsico Capital Management, LLC ("Adviser") may recoup fees and expenses previously waived or reimbursed under certain parameters. Recoupment of previously waived fees and expenses or reimbursements results in lower performance returns. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.*

Visit www.marsicofunds.com/performance-and-prices/monthly.fs or call 888-860-8686 to obtain the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$608370146 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;$3347715 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;106% |

---

#### Graphical Representation of Holdings
The table and charts below show the investment makeup of the Fund. Sector weightings represent the percentage of the Fund's investments in certain general sectors and may include more than one industry. The Fund's portfolio composition is subject to change at any time.

**Top Ten Equity Holdings**

*(% of net assets)*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 4.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Robinhood Markets, Inc. - Cl. A | 4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roblox Corp. - Cl. A | 4.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;KLA Corp. | 3.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology S.A. | 3.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy A.G. | 3.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;HEICO Corp. | 3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | 3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | 3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp. - Cl. A | 3.25% |

---

**Sector Allocation**

*(% of net assets)*

![Graphical Representation - Allocation 1 Chart](tm2528564-1_tsrimg010.jpg)

**Country Allocation**

*(% of total investments)*

![Graphical Representation - Allocation 2 Chart](tm2528564-1_tsrimg011.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.marsicofunds.com/fund-documents/. You can also request this information by contacting us at 888-860-8686.

#### Householding
For shareholders with multiple accounts utilizing the same social security number or tax identification number, the Marsico Funds may deliver a single copy of prospectuses, financial reports and other communications to shareholders in order to reduce expenses. If your shares are held through a financial intermediary, the financial intermediary may utilize other householding methods, such as the same mailing address, to deliver a single copy. If you would prefer that your documents not be subject to householding, please call 888-860-8686 if you hold your shares directly with the Marsico Funds, or, if you hold your shares through a financial intermediary, by contacting your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Marsico Funds or your financial intermediary.

![Marsico TSR - QR Code](tm2528564-1_tsrimg027.jpg)

For additional information, please scan the QR code to navigate to additional hosted material at www.marsicofunds.com/fund-documents/.

Marsico Midcap Growth Focus Fund

[Institutional Class](#Toc) / MIDFX

![Marsico TSR - Fund Logo - Cover](tm2528564-1_tsrimg028.jpg)

ANNUAL SHAREHOLDER REPORT \| September 30, 2025

This annual shareholder report contains important information about the Marsico Midcap Growth Focus Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.marsicofunds.com/fund-documents/. You can also request this information by contacting us at 888-860-8686.

#### Fund Expenses for the Past Year
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Midcap Growth Focus Fund<br>(Institutional Class/MIDFX) | $126 | 1.06% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the fiscal year ended September 30, 2025, the Fund's Institutional Class shares posted a total return of +37.44%, compared to its benchmark indices, the Russell 3000<sup>®</sup> Index and the Russell Midcap<sup>®</sup> Growth Benchmark Index, which had total returns of +17.41% and +22.02%, respectively, over the same period. Below, we discuss some of the effects of the Fund's investment allocation on its performance as compared to the Russell Midcap<sup>®</sup> Growth Benchmark Index, as well as the Fund's top stock contributors and detractors. The Fund is not managed to track a benchmark index and may hold a substantially overweight or underweight position in a sector, industry, or security when compared to a benchmark.

TOP PERFORMANCE CONTRIBUTORS

**» Investment Allocations** \| The Fund's outperformance, as compared to the Russell Midcap<sup>®</sup> Growth Benchmark Index, can primarily be attributed to stock selection in the Communication Services, Industrials, Information Technology, and Financials sectors, as defined in the Global Industry Classification Standard. An overweight allocation on average to two of the strong performing sectors of the Russell Midcap<sup>®</sup> Growth Benchmark Index, Communication Services and Information Technology, further boosted performance relative to the benchmark index.

**» Palantir Technologies, Inc. – Cl. A ("Palantir")** \| Palantir provides data integration and artificial intelligence ("AI") driven analytics platforms that help governments and enterprises make decisions based on complex datasets. Revenue growth accelerated as commercial adoption of its AI-enabled Foundry and AIP platforms broadened its customer base. We ultimately sold the Fund's position once it met our price target.

**» AppLovin Corp. – Cl. A ("AppLovin")** \| AppLovin operates a mobile application marketing and monetization platform that helps developers optimize user acquisition and in-app revenue. The company delivered strong performance as its AI-powered AXON engine improved advertiser returns for its customers and drove higher spending on its products. We exited the position in favor of other opportunities.

TOP PERFORMANCE DETRACTORS

**» Investment Allocations** \| Stock selection in the Consumer Discretionary and Consumer Staples sectors negatively impacted performance relative to the Russell Midcap<sup>®</sup> Growth Benchmark Index. Further, an overweight allocation on average to the weakest performing sector of Russell Midcap<sup>®</sup> Growth Benchmark Index, Consumer Staples, and an underweight allocation to the strongest performing sector, Utilities, dampened relative performance.

**» KKR & Co., Inc. ("KKR")** \| KKR is a global investment firm managing private equity, credit, and infrastructure strategies. We sold the position as fundraising slowed and exit activity remained limited, leaving management and incentive fees softer than expected.

**» Chipotle Mexican Grill, Inc. ("Chipotle")** \| Chipotle operates a chain of fast-casual restaurants specializing in Mexican-inspired cuisine with a focus on fresh ingredients. Chipotle's stock performance was pressured by rising food and labor costs, and investor sentiment was further dampened by leadership uncertainty due to the departure of longtime CEO, Brian Niccol. We exited the position in favor of other opportunities.

#### Fund Performance
The following graph and table compare the performance data of the Institutional Class shares of the Fund for the applicable periods since inception to the performance data of (i) the Russell 3000<sup>®</sup> Index, a broad-based index, and (ii) the Russell Midcap<sup>®</sup> Growth Benchmark Index, an index that more closely reflects the Fund's principal investment strategies, over the same periods. All indices are unmanaged and investors cannot invest directly in an index. The graph and table below assume reinvestment of dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on dividends and capital gain distributions or the redemption of fund shares. The graph assumes an initial investment of $100,000.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](tm2528564-1_tsrimg012.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS**<br>*(for the periods ended 09/30/2025)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since<br>Inception<sup>^</sup> |
| Midcap Growth Focus Fund (Institutional Class/MIDFX) | 37.44% | 11.34% |
| Russell 3000<sup>®</sup> Index | 17.41% | 11.09% |
| Russell Midcap<sup>®</sup> Growth Benchmark Index | 22.02% | 7.45% |

---

 *<sup>^</sup>* *December 6, 2021* 

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 US companies.

The Russell Midcap<sup>®</sup> Growth Benchmark Index measures the performance of the mid-capitalization growth sector of the US equity market, and is composed of mid-capitalization US equities that exhibit growth characteristics including higher price-to-book ratios and higher forecasted growth. It is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market, and constituent weights are not capped. The index is a subset of the Russell Midcap<sup>®</sup> Index, which measures the performance of the mid-capitalization sector of the US equity market.

 ***Performance data quoted above represents past performance, and past performance is not a guarantee of future results.*** *The performance results above reflect any applicable expense waivers or reimbursements in effect during the periods shown, without which the performance returns reflected would have been reduced. In accordance with the expense limitation and fee waiver agreement, Marsico Capital Management, LLC ("Adviser") may recoup fees and expenses previously waived or reimbursed under certain parameters. Recoupment of previously waived fees and expenses or reimbursements results in lower performance returns. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.*

Visit www.marsicofunds.com/performance-and-prices/monthly.fs#institutional-class or call 888-860-8686 to obtain the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$608370146 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;$3347715 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;106% |

---

#### Graphical Representation of Holdings
The table and charts below show the investment makeup of the Fund. Sector weightings represent the percentage of the Fund's investments in certain general sectors and may include more than one industry. The Fund's portfolio composition is subject to change at any time.

**Top Ten Equity Holdings**

*(% of net assets)*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 4.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Robinhood Markets, Inc. - Cl. A | 4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roblox Corp. - Cl. A | 4.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;KLA Corp. | 3.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology S.A. | 3.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy A.G. | 3.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;HEICO Corp. | 3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | 3.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | 3.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp. - Cl. A | 3.25% |

---

**Sector Allocation**

*(% of net assets)*

![Graphical Representation - Allocation 1 Chart](tm2528564-1_tsrimg013.jpg)

**Country Allocation**

*(% of total investments)*

![Graphical Representation - Allocation 2 Chart](tm2528564-1_tsrimg014.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.marsicofunds.com/fund-documents/. You can also request this information by contacting us at 888-860-8686.

#### Householding
For shareholders with multiple accounts utilizing the same social security number or tax identification number, the Marsico Funds may deliver a single copy of prospectuses, financial reports and other communications to shareholders in order to reduce expenses. If your shares are held through a financial intermediary, the financial intermediary may utilize other householding methods, such as the same mailing address, to deliver a single copy. If you would prefer that your documents not be subject to householding, please call 888-860-8686 if you hold your shares directly with the Marsico Funds, or, if you hold your shares through a financial intermediary, by contacting your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Marsico Funds or your financial intermediary.

![Marsico TSR - QR Code](tm2528564-1_tsrimg027.jpg)

For additional information, please scan the QR code to navigate to additional hosted material at www.marsicofunds.com/fund-documents/.

Marsico International Opportunities Fund

[Investor Class](#Toc) / MIOFX

![Marsico TSR - Fund Logo - Cover](tm2528564-1_tsrimg028.jpg)

ANNUAL SHAREHOLDER REPORT \| September 30, 2025

This annual shareholder report contains important information about the Marsico International Opportunities Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.marsicofunds.com/fund-documents/. You can also request this information by contacting us at 888-860-8686.

#### Fund Expenses for the Past Year
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| International Opportunities Fund<br>(Investor Class/MIOFX) | $1761.50%<sup>1</sup> |

---

 **<sup>1</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the fiscal year ended September 30, 2025, the Fund's Investor Class shares posted a total return of (US $) +34.45%, compared to its benchmark index, the MSCI EAFE<sup>®</sup> Index, which had a total return of (US $) +14.99% over the same period. Below, we discuss some of the effects of the Fund's investment allocation on its performance as compared to the MSCI EAFE<sup>®</sup> Index, as well as the Fund's top stock contributors and detractors. The Fund is not managed to track a benchmark index and may hold a substantially overweight or underweight position in a sector, industry, or security when compared to a benchmark.

TOP PERFORMANCE CONTRIBUTORS

**» Investment Allocations** \| The Fund's outperformance, as compared to the MSCI EAFE<sup>®</sup> Index, can primarily be attributed to stock selection in the Industrials, Information Technology, and Communication Services sectors, as defined in the Global Industry Classification Standard. Additionally, an underweight allocation to the weakest performing sector of the benchmark, Health Care, and an overweight allocation to the strong performing sector, Communication Services, further bolstered the Fund's performance relative to the benchmark index.

**» Rolls-Royce Holdings PLC ("Rolls-Royce")** \| Rolls-Royce is a global engineering company which, among its other product lines, designs and manufactures aircraft engines and power systems. The company's earnings strengthened as civil aerospace flying hours recovered sharply and defense demand remained resilient.

**» Spotify Technology S.A. ("Spotify")** \| Spotify is the world's largest audio streaming platform, offering music, podcasts, and personalized content recommendations to users globally. The company performed well as subscriber growth remained resilient despite price increases. Disciplined spending further supported improved profitability, underscoring the strength of the platform's value proposition.

TOP PERFORMANCE DETRACTORS

**» Investment Allocations** \| An underweight allocation to the Financials sector, the strongest performing sector of the benchmark index, had the largest negative effect on performance relative to the benchmark index. Further dampening relative performance was stock selection in the Consumer Discretionary and Health Care sectors. The Fund's relative performance was also adversely impacted by maintaining an average cash position of approximately 7%, as the benchmark index returned +14.99% during the period.

**» Novo Nordisk A/S – Cl. B ("Novo Nordisk")** \| Novo Nordisk is a global pharmaceutical company specializing in diabetes care, obesity treatments, and rare diseases. The company's stock price came under pressure as investors questioned the durability of GLP-1 pricing power and increasing competition. Given these pressures, we sold the position.

**» Eli Lilly & Company ("Eli Lilly")** \| Eli Lilly is a pharmaceutical company focused on treatments for diabetes, oncology, immunology, and neuroscience. We exited the position as the business struggled with manufacturing bottlenecks and regulatory scrutiny that constrained its ability to meet surging demand for obesity drugs.

#### Fund Performance
The following graph and table compare the performance data of the Investor Class shares of the Fund for the most recently completed 10 fiscal years to the performance data of a broad-based index over the same periods. All indices are unmanaged and investors cannot invest directly in an index. The graph and table below assume reinvestment of dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on dividends and capital gain distributions or the redemption of fund shares. The graph assumes an initial investment of $10,000.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](tm2528564-1_tsrimg015.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS**<br>*(for the periods ended 09/30/2025)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Years |
| International Opportunities Fund (Investor Class/MIOFX) | 34.45% | 13.58% | 11.80% |
| MSCI EAFE<sup>®</sup> Index | 14.99% | 11.15% | 8.17% |

---

The Morgan Stanley Capital International Europe Australasia Far East Index ("MSCI EAFE<sup>®</sup> Index") is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US and Canada.

 ***Performance data quoted above represents past performance, and past performance is not a guarantee of future results.*** *The performance results above reflect any applicable expense waivers or reimbursements in effect during the periods shown, without which the performance returns reflected would have been reduced. In accordance with the expense limitation and fee waiver agreement, Marsico Capital Management, LLC ("Adviser") may recoup fees and expenses previously waived or reimbursed under certain parameters. Recoupment of previously waived fees and expenses or reimbursements results in lower performance returns. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.*

Visit www.marsicofunds.com/performance-and-prices/monthly.fs or call 888-860-8686 to obtain the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$161422436 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fees paid during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;$701282 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

#### Graphical Representation of Holdings
The table and charts below show the investment makeup of the Fund. Sector weightings represent the percentage of the Fund's investments in certain general sectors and may include more than one industry. The Fund's portfolio composition is subject to change at any time.

**Top Ten Equity Holdings**

*(% of net assets)*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | 8.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy A.G. | 6.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp. - Cl. A | 4.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR | 4.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 4.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. ADR | 3.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 3.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Cl. A | 3.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Safran S.A. | 3.57% |

---

**Sector Allocation**

*(% of net assets)*

![Graphical Representation - Allocation 1 Chart](tm2528564-1_tsrimg016.jpg)

**Country Allocation**

*(% of total investments)*

![Graphical Representation - Allocation 2 Chart](tm2528564-1_tsrimg017.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.marsicofunds.com/fund-documents/. You can also request this information by contacting us at 888-860-8686.

#### Householding
For shareholders with multiple accounts utilizing the same social security number or tax identification number, the Marsico Funds may deliver a single copy of prospectuses, financial reports and other communications to shareholders in order to reduce expenses. If your shares are held through a financial intermediary, the financial intermediary may utilize other householding methods, such as the same mailing address, to deliver a single copy. If you would prefer that your documents not be subject to householding, please call 888-860-8686 if you hold your shares directly with the Marsico Funds, or, if you hold your shares through a financial intermediary, by contacting your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Marsico Funds or your financial intermediary.

![Marsico TSR - QR Code](tm2528564-1_tsrimg027.jpg)

For additional information, please scan the QR code to navigate to additional hosted material at www.marsicofunds.com/fund-documents/.

Marsico International Opportunities Fund

[Institutional Class](#Toc) / MIIOX

![Marsico TSR - Fund Logo - Cover](tm2528564-1_tsrimg028.jpg)

ANNUAL SHAREHOLDER REPORT \| September 30, 2025

This annual shareholder report contains important information about the Marsico International Opportunities Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.marsicofunds.com/fund-documents/. You can also request this information by contacting us at 888-860-8686.

#### Fund Expenses for the Past Year
*(Based on a hypothetical $10,000 investment)*

---

| | |
|:---|:---|
| Fund (Class) | Costs of a $10,000 investment |
| International Opportunities Fund<br>(Institutional Class/MIIOX) | $1471.25%<sup>1</sup> |

---

 **<sup>1</sup>** **Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.** 

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the fiscal year ended September 30, 2025, the Fund's Institutional Class shares posted a total return of (US $) +34.80%, compared to its benchmark index, the MSCI EAFE<sup>®</sup> Index, which had a total return of (US $) +14.99% over the same period. Below, we discuss some of the effects of the Fund's investment allocation on its performance as compared to the MSCI EAFE<sup>®</sup> Index, as well as the Fund's top stock contributors and detractors. The Fund is not managed to track a benchmark index and may hold a substantially overweight or underweight position in a sector, industry, or security when compared to a benchmark.

TOP PERFORMANCE CONTRIBUTORS

**» Investment Allocations** \| The Fund's outperformance, as compared to the MSCI EAFE<sup>®</sup> Index, can primarily be attributed to stock selection in the Industrials, Information Technology, and Communication Services sectors, as defined in the Global Industry Classification Standard. Additionally, an underweight allocation to the weakest performing sector of the benchmark, Health Care, and an overweight allocation to the strong performing sector, Communication Services, further bolstered the Fund's performance relative to the benchmark index.

**» Rolls-Royce Holdings PLC ("Rolls-Royce")** \| Rolls-Royce is a global engineering company which, among its other product lines, designs and manufactures aircraft engines and power systems. The company's earnings strengthened as civil aerospace flying hours recovered sharply and defense demand remained resilient.

**» Spotify Technology S.A. ("Spotify")** \| Spotify is the world's largest audio streaming platform, offering music, podcasts, and personalized content recommendations to users globally. The company performed well as subscriber growth remained resilient despite price increases. Disciplined spending further supported improved profitability, underscoring the strength of the platform's value proposition.

TOP PERFORMANCE DETRACTORS

**» Investment Allocations** \| An underweight allocation to the Financials sector, the strongest performing sector of the benchmark index, had the largest negative effect on performance relative to the benchmark index. Further dampening relative performance was stock selection in the Consumer Discretionary and Health Care sectors. The Fund's relative performance was also adversely impacted by maintaining an average cash position of approximately 7%, as the benchmark index returned +14.99% during the period.

**» Novo Nordisk A/S – Cl. B ("Novo Nordisk")** \| Novo Nordisk is a global pharmaceutical company specializing in diabetes care, obesity treatments, and rare diseases. The company's stock price came under pressure as investors questioned the durability of GLP-1 pricing power and increasing competition. Given these pressures, we sold the position.

**» Eli Lilly & Company ("Eli Lilly")** \| Eli Lilly is a pharmaceutical company focused on treatments for diabetes, oncology, immunology, and neuroscience. We exited the position as the business struggled with manufacturing bottlenecks and regulatory scrutiny that constrained its ability to meet surging demand for obesity drugs.

#### Fund Performance
The following graph and table compare the performance data of the Institutional Class shares of the Fund for the applicable periods since inception to the performance data of a broad-based index over the same periods. All indices are unmanaged and investors cannot invest directly in an index. The graph and table below assume reinvestment of dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on dividends and capital gain distributions or the redemption of fund shares. The graph assumes an initial investment of $100,000.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](tm2528564-1_tsrimg018.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS**<br>*(for the periods ended 09/30/2025)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since<br>Inception<sup>^</sup> |
| International Opportunities Fund (Institutional Class/MIIOX) | 34.80% | 14.45% |
| MSCI EAFE<sup>®</sup> Index | 14.99% | 8.49% |

---

 *<sup>^</sup>* *December 6, 2021* 

The Morgan Stanley Capital International Europe Australasia Far East Index ("MSCI EAFE<sup>®</sup> Index") is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US and Canada.

 ***Performance data quoted above represents past performance, and past performance is not a guarantee of future results.*** *The performance results above reflect any applicable expense waivers or reimbursements in effect during the periods shown, without which the performance returns reflected would have been reduced. In accordance with the expense limitation and fee waiver agreement, Marsico Capital Management, LLC ("Adviser") may recoup fees and expenses previously waived or reimbursed under certain parameters. Recoupment of previously waived fees and expenses or reimbursements results in lower performance returns. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.*

Visit www.marsicofunds.com/performance-and-prices/monthly.fs#institutional-class or call 888-860-8686 to obtain the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$161422436 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fees paid during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;$701282 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

#### Graphical Representation of Holdings
The table and charts below show the investment makeup of the Fund. Sector weightings represent the percentage of the Fund's investments in certain general sectors and may include more than one industry. The Fund's portfolio composition is subject to change at any time.

**Top Ten Equity Holdings**

*(% of net assets)*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | 8.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy A.G. | 6.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp. - Cl. A | 4.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR | 4.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 4.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 4.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. ADR | 3.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 3.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Cl. A | 3.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;Safran S.A. | 3.57% |

---

**Sector Allocation**

*(% of net assets)*

![Graphical Representation - Allocation 1 Chart](tm2528564-1_tsrimg019.jpg)

**Country Allocation**

*(% of total investments)*

![Graphical Representation - Allocation 2 Chart](tm2528564-1_tsrimg020.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.marsicofunds.com/fund-documents/. You can also request this information by contacting us at 888-860-8686.

#### Householding
For shareholders with multiple accounts utilizing the same social security number or tax identification number, the Marsico Funds may deliver a single copy of prospectuses, financial reports and other communications to shareholders in order to reduce expenses. If your shares are held through a financial intermediary, the financial intermediary may utilize other householding methods, such as the same mailing address, to deliver a single copy. If you would prefer that your documents not be subject to householding, please call 888-860-8686 if you hold your shares directly with the Marsico Funds, or, if you hold your shares through a financial intermediary, by contacting your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Marsico Funds or your financial intermediary.

![Marsico TSR - QR Code](tm2528564-1_tsrimg027.jpg)

For additional information, please scan the QR code to navigate to additional hosted material at www.marsicofunds.com/fund-documents/.

Marsico Global Fund

[Investor Class](#Toc) / MGLBX

![Marsico TSR - Fund Logo - Cover](tm2528564-1_tsrimg028.jpg)

ANNUAL SHAREHOLDER REPORT \| September 30, 2025

This annual shareholder report contains important information about the Marsico Global Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.marsicofunds.com/fund-documents/. You can also request this information by contacting us at 888-860-8686.

#### Fund Expenses for the Past Year
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Global Fund<br>(Investor Class/MGLBX) | $156 | 1.34% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the fiscal year ended September 30, 2025, the Fund's Investor Class shares posted a total return of (US $) +33.45%, compared to its benchmark index, the MSCI All Country World<sup>®</sup> Index, which had a total return of (US $) +17.27% over the same period. Below, we discuss some of the effects of the Fund's investment allocation on its performance as compared to the MSCI All Country World<sup>®</sup> Index, as well as the Fund's top stock contributors and detractors. The Fund is not managed to track a benchmark index and may hold a substantially overweight or underweight position in a sector, industry, or security when compared to a benchmark.

TOP PERFORMANCE CONTRIBUTORS

**» Investment Allocations** \| The Fund's outperformance, as compared to the MSCI All Country World<sup>®</sup> Index, can primarily be attributed to strong stock selection in the Industrials, Communication Services, and Information Technology sectors, as defined in the Global Industry Classification Standard. Additionally, an underweight allocation to the weakest performing sector of the benchmark index, Health Care, and an overweight allocation to the strongest performing sector of the benchmark index, Communication Services, boosted relative performance results.

**» Rolls-Royce Holdings PLC ("Rolls-Royce")** \| Rolls-Royce is a global engineering company which, among its other product lines, designs and manufactures aircraft engines and power systems. The company's earnings strengthened as civil aerospace flying hours recovered sharply and defense demand remained resilient.

**» GE Vernova, Inc. ("GE Vernova")** \| GE Vernova is a leading provider of power generation and grid technologies, spanning gas, wind, and electrification systems. GE Vernova's earnings results improved based on surging orders tied to its data center and artificial intelligence buildouts, which created backlogs of demand for its products, combined with generally strong demand for its renewable energy and grid modernization technologies.

TOP PERFORMANCE DETRACTORS

**» Investment Allocations** \| Weak stock selection in the Consumer Discretionary, Health Care, and Financials sectors had a negative effect on performance relative to the benchmark index. An underweight allocation to the strong performing Financials sector created a further drag on performance.

**» Novo Nordisk A/S – Cl. B ("Novo Nordisk")** \| Novo Nordisk is a global pharmaceutical company specializing in diabetes care, obesity treatments, and rare diseases. The company's stock price came under pressure as investors questioned the durability of GLP-1 pricing power and increasing competition. Given these pressures, we sold the position.

**» The Goldman Sachs Group, Inc. ("Goldman Sachs")** \| Goldman Sachs is a global investment bank providing services in trading, investment banking, and asset management. Results were hampered by weaker capital markets activity, including subdued IPO issuance and lower advisory revenues.

#### Fund Performance
The following graph and table compare the performance data of the Investor Class shares of the Fund for the most recently completed 10 fiscal years to the performance data of a broad-based index over the same periods. All indices are unmanaged and investors cannot invest directly in an index. The graph and table below assume reinvestment of dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on dividends and capital gain distributions or the redemption of fund shares. The graph assumes an initial investment of $10,000.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](tm2528564-1_tsrimg021.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS**<br>*(for the periods ended 09/30/2025)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Years |
| Global Fund (Investor Class/MGLBX) | 33.45% | 13.69% | 15.71% |
| MSCI All Country World<sup>®</sup> Index | 17.27% | 13.54% | 11.91% |

---

The Morgan Stanley Capital International All Country World Index ("MSCI All Country World<sup>®</sup> Index") is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

 ***Performance data quoted above represents past performance, and past performance is not a guarantee of future results.*** *The performance results above reflect any applicable expense waivers or reimbursements in effect during the periods shown, without which the performance returns reflected would have been reduced. In accordance with the expense limitation and fee waiver agreement, Marsico Capital Management, LLC ("Adviser") may recoup fees and expenses previously waived or reimbursed under certain parameters. Recoupment of previously waived fees and expenses or reimbursements results in lower performance returns. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.*

Visit www.marsicofunds.com/performance-and-prices/monthly.fs or call 888-860-8686 to obtain the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$462588091 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;$3128132 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;68% |

---

#### Graphical Representation of Holdings
The table and charts below show the investment makeup of the Fund. Sector weightings represent the percentage of the Fund's investments in certain general sectors and may include more than one industry. The Fund's portfolio composition is subject to change at any time.

**Top Ten Equity Holdings**

*(% of net assets)*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | 7.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp. - Cl. A | 6.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR | 6.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Cl. A | 5.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;General Electric Co. DBA GE Aerospace | 5.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy A.G. | 4.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology S.A. | 4.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 4.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. ADR | 4.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | 4.38% |

---

**Sector Allocation**

*(% of net assets)*

![Graphical Representation - Allocation 1 Chart](tm2528564-1_tsrimg022.jpg)

**Country Allocation**

*(% of total investments)*

![Graphical Representation - Allocation 2 Chart](tm2528564-1_tsrimg023.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.marsicofunds.com/fund-documents/. You can also request this information by contacting us at 888-860-8686.

#### Householding
For shareholders with multiple accounts utilizing the same social security number or tax identification number, the Marsico Funds may deliver a single copy of prospectuses, financial reports and other communications to shareholders in order to reduce expenses. If your shares are held through a financial intermediary, the financial intermediary may utilize other householding methods, such as the same mailing address, to deliver a single copy. If you would prefer that your documents not be subject to householding, please call 888-860-8686 if you hold your shares directly with the Marsico Funds, or, if you hold your shares through a financial intermediary, by contacting your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Marsico Funds or your financial intermediary.

![Marsico TSR - QR Code](tm2528564-1_tsrimg027.jpg)

For additional information, please scan the QR code to navigate to additional hosted material at www.marsicofunds.com/fund-documents/.

Marsico Global Fund

[Institutional Class](#Toc) / MIGOX

![Marsico TSR - Fund Logo - Cover](tm2528564-1_tsrimg028.jpg)

ANNUAL SHAREHOLDER REPORT \| September 30, 2025

This annual shareholder report contains important information about the Marsico Global Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at www.marsicofunds.com/fund-documents/. You can also request this information by contacting us at 888-860-8686.

#### Fund Expenses for the Past Year
*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage<br>of a $10,000 investment |
| Global Fund<br>(Institutional Class/MIGOX) | $125 | 1.07% |

---

#### Management's Discussion of Fund Performance
SUMMARY OF RESULTS

For the fiscal year ended September 30, 2025, the Fund's Institutional Class shares posted a total return of (US $) +33.81%, compared to its benchmark index, the MSCI All Country World<sup>®</sup> Index, which had a total return of (US $) +17.27% over the same period. Below, we discuss some of the effects of the Fund's investment allocation on its performance as compared to the MSCI All Country World<sup>®</sup> Index, as well as the Fund's top stock contributors and detractors. The Fund is not managed to track a benchmark index and may hold a substantially overweight or underweight position in a sector, industry, or security when compared to a benchmark.

TOP PERFORMANCE CONTRIBUTORS

**» Investment Allocations** \| The Fund's outperformance, as compared to the MSCI All Country World<sup>®</sup> Index, can primarily be attributed to strong stock selection in the Industrials, Communication Services, and Information Technology sectors, as defined in the Global Industry Classification Standard. Additionally, an underweight allocation to the weakest performing sector of the benchmark index, Health Care, and an overweight allocation to the strongest performing sector of the benchmark index, Communication Services, boosted relative performance results.

**» Rolls-Royce Holdings PLC ("Rolls-Royce")** \| Rolls-Royce is a global engineering company which, among its other product lines, designs and manufactures aircraft engines and power systems. The company's earnings strengthened as civil aerospace flying hours recovered sharply and defense demand remained resilient.

**» GE Vernova, Inc. ("GE Vernova")** \| GE Vernova is a leading provider of power generation and grid technologies, spanning gas, wind, and electrification systems. GE Vernova's earnings results improved based on surging orders tied to its data center and artificial intelligence buildouts, which created backlogs of demand for its products, combined with generally strong demand for its renewable energy and grid modernization technologies.

TOP PERFORMANCE DETRACTORS

**» Investment Allocations** \| Weak stock selection in the Consumer Discretionary, Health Care, and Financials sectors had a negative effect on performance relative to the benchmark index. An underweight allocation to the strong performing Financials sector created a further drag on performance.

**» Novo Nordisk A/S – Cl. B ("Novo Nordisk")** \| Novo Nordisk is a global pharmaceutical company specializing in diabetes care, obesity treatments, and rare diseases. The company's stock price came under pressure as investors questioned the durability of GLP-1 pricing power and increasing competition. Given these pressures, we sold the position.

**» The Goldman Sachs Group, Inc. ("Goldman Sachs")** \| Goldman Sachs is a global investment bank providing services in trading, investment banking, and asset management. Results were hampered by weaker capital markets activity, including subdued IPO issuance and lower advisory revenues.

#### Fund Performance
The following graph and table compare the performance data of the Institutional Class shares of the Fund for the applicable periods since inception to the performance data of a broad-based index over the same periods. All indices are unmanaged and investors cannot invest directly in an index. The graph and table below assume reinvestment of dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on dividends and capital gain distributions or the redemption of fund shares. The graph assumes an initial investment of $100,000.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](tm2528564-1_tsrimg024.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS**<br>*(for the periods ended 09/30/2025)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since<br>Inception<sup>^</sup> |
| Global Fund (Institutional Class/MIGOX) | 33.81% | 13.53% |
| MSCI All Country World<sup>®</sup> Index | 17.27% | 9.96% |

---

 *<sup>^</sup>* *December 6, 2021* 

The Morgan Stanley Capital International All Country World Index ("MSCI All Country World<sup>®</sup> Index") is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.

 ***Performance data quoted above represents past performance, and past performance is not a guarantee of future results.*** *The performance results above reflect any applicable expense waivers or reimbursements in effect during the periods shown, without which the performance returns reflected would have been reduced. In accordance with the expense limitation and fee waiver agreement, Marsico Capital Management, LLC ("Adviser") may recoup fees and expenses previously waived or reimbursed under certain parameters. Recoupment of previously waived fees and expenses or reimbursements results in lower performance returns. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.*

Visit www.marsicofunds.com/performance-and-prices/monthly.fs#institutional-class or call 888-860-8686 to obtain the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$462588091 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;$3128132 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;68% |

---

#### Graphical Representation of Holdings
The table and charts below show the investment makeup of the Fund. Sector weightings represent the percentage of the Fund's investments in certain general sectors and may include more than one industry. The Fund's portfolio composition is subject to change at any time.

**Top Ten Equity Holdings**

*(% of net assets)*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | 7.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp. - Cl. A | 6.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR | 6.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Cl. A | 5.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;General Electric Co. DBA GE Aerospace | 5.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy A.G. | 4.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology S.A. | 4.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 4.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. ADR | 4.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | 4.38% |

---

**Sector Allocation**

*(% of net assets)*

![Graphical Representation - Allocation 1 Chart](tm2528564-1_tsrimg025.jpg)

**Country Allocation**

*(% of total investments)*

![Graphical Representation - Allocation 2 Chart](tm2528564-1_tsrimg026.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.marsicofunds.com/fund-documents/. You can also request this information by contacting us at 888-860-8686.

#### Householding
For shareholders with multiple accounts utilizing the same social security number or tax identification number, the Marsico Funds may deliver a single copy of prospectuses, financial reports and other communications to shareholders in order to reduce expenses. If your shares are held through a financial intermediary, the financial intermediary may utilize other householding methods, such as the same mailing address, to deliver a single copy. If you would prefer that your documents not be subject to householding, please call 888-860-8686 if you hold your shares directly with the Marsico Funds, or, if you hold your shares through a financial intermediary, by contacting your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Marsico Funds or your financial intermediary.

![Marsico TSR - QR Code](tm2528564-1_tsrimg027.jpg)

For additional information, please scan the QR code to navigate to additional hosted material at www.marsicofunds.com/fund-documents/.

(b) Not applicable.

Item 2. Code of Ethics

(a) The Registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party. A copy of this code of ethics is attached hereto as Exhibit (a).

(b) Not used.

(c) There were no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, and that relates to any element of the code of ethics description.

(d) The Registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

(e) Not applicable.

(f) See attached Exhibit (a).

Item 3. Audit Committee Financial Expert

(a)(1) The Registrant's Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee.

(a)(2) Mr. Matthew C. Flavin is the audit committee financial expert. Mr. Flavin is "independent" under the applicable rules.

Item 4. Principal Accountant Fees and Services

In each of the fiscal years ended September 30, 2025 and September 30, 2024, the aggregate Audit Fees billed (or to be billed) by PricewaterhouseCoopers LLP (PwC) for professional services rendered for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements as well as reimbursable expenses are listed below.

(a) Audit Fees.

---

| | |
|:---|:---|
| 2025 | 2024 |
| $226600 | $220000 |

---

(b) Audit-Related Fees.

In each of the fiscal years ended September 30, 2025 and September 30, 2024, the aggregate Audit-Related Fees billed (or to be billed) by PwC for services rendered for assurance and related services to each fund that are reasonably related to the performance of the audit or review of each fund's financial statements, but not reported as Audit Fees, are shown in the table below.

---

| | |
|:---|:---|
| 2025 | 2024 |
| $0 | $0 |

---

(c) Tax Fees.

In each of the fiscal years ended September 30, 2025 and September 30, 2024 the aggregate Tax Fees billed (or to be billed) by PwC for professional services rendered for tax compliance, tax advice, and tax planning are shown in the table below.

---

| | |
|:---|:---|
| 2025 | 2024 |
| $65007 | $63113 |

---

All of these fees were approved by the Trust's Audit Committee as required pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

Fees included in the Tax Fees category comprise all services performed by professional staff in the independent registered public accounting firm's tax division except those services related to the audit. Typically, this category would include fees for tax compliance, tax planning, and tax advice. Tax compliance, tax advice, and tax planning services include preparation of original and amended tax returns, claims for refund and tax payment-planning services, assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.

(d) All Other Fees.

In each of the fiscal years ended September 30, 2025 and September 30, 2024 the aggregate Other Fees billed (or to be billed) by PwC for all other non-audit services rendered are shown in the table below.

---

| | |
|:---|:---|
| 2025 | 2024 |
| $0 | $0 |

---

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

Pursuant to the Trust's Audit Committee Charter and Policies and Procedures (collectively, the "Procedures"), the Audit Committee has adopted pre-approval policies and procedures to govern the pre-approval of (i) all audit services and permissible non-audit services to be provided to the Trust by its independent accountant, and (ii) all permissible non-audit services to be provided by such independent accountant to the Trust's investment adviser and to any entity controlling, controlled by or under common control with the investment adviser that provides on-going services to the Trust (collectively, any "Service Affiliates") if the engagement directly relates to the Trust's operations and financial reporting.

In accordance with the Procedures, the Committee is responsible for the engagement of the independent accountant to certify the Trust's financial statements for each fiscal year. With respect to the pre-approval of non-audit services provided to the Trust and its Service Affiliates, the Procedures provide that the Committee may pre-approve such services on a project-by-project basis as they arise. The Procedures also permit the Committee to delegate authority to the Audit Committee Chairman (the "Designated Member") to pre-approve any proposed non-audit services that have not been previously approved by the Committee, subject to certain conditions. Any action by the Designated Member in approving a requested non-audit service shall be presented to the Audit Committee not later than at its next scheduled meeting. If the Designated Member does not approve the independent auditor's provision of a requested non-audit service, the matter may be presented to the full Committee for its consideration and action.

(e)(2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

100% of these fees were approved by the Trust's Audit Committee as required pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;According to PwC for the fiscal year ended September 30, 2025, the percentage of hours spent on the audit of the Marsico Funds' financial statements for the most recent fiscal year that were attributed to work performed by persons who are not full-time, permanent employees of PwC is as follows:

---

| | |
|:---|:---|
|  | 2025 |
| PwC work performed by persons who are not full-time: | 0% |

---

(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In each of the fiscal years ended September 30, 2025 and September 30, 2024, the aggregate fees billed (or to be billed) by PwC relating to non-audit services that were rendered to the Trust, to its investment adviser, and to any entity controlling, controlled by, or under common control with the investment adviser and that provides ongoing services to the Trust are shown in the table below.

---

| | |
|:---|:---|
| 2025 | 2024 |
| $0 | $0 |

---

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) The schedule of investments in securities of unaffiliated issuers is included as part of the financial statements filed under Item
7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

(a) The registrant's financial statements are attached herewith.

![](tm2528564d1_item7finimg01.jpg)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES (Form N-CSR Item 7.)** | **FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES (Form N-CSR Item 7.)** |
| [SCHEDULES OF INVESTMENTS](#funds_001) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[MARSICO FOCUS FUND](#funds_002) | [2](#funds_002) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[MARSICO GROWTH FUND](#funds_003) | [4](#funds_003) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[MARSICO MIDCAP GROWTH FOCUS FUND](#funds_004) | [6](#funds_004) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[MARSICO INTERNATIONAL OPPORTUNITIES FUND](#funds_005) | [8](#funds_005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[MARSICO GLOBAL FUND](#funds_006) | [10](#funds_006) |
| [FINANCIAL STATEMENTS](#funds_007) | [12](#funds_007) |
| [NOTES TO FINANCIAL STATEMENTS](#funds_008) | [22](#funds_008) |
| [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#funds_009) | [28](#funds_009) |
| [OTHER TAX INFORMATION](#funds_010) | [29](#funds_010) |
| [**OTHER INFORMATION (Form N-CSR Items 8. - 11.)**](#funds_011) | [30](#funds_011) |

---

**1**

**SCHEDULE OF INVESTMENTS**

**MARSICO FOCUS FUND**

**SCHEDULE OF INVESTMENTS**

As of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Number<br>of<br>Shares | Value | Percent<br>of Net<br>Assets |
| **COMMON STOCKS** | **COMMON STOCKS** | **COMMON STOCKS** | **COMMON STOCKS** |
| **Aerospace & Defense** |  |  |  |
| General Electric Co. DBA GE Aerospace | 239644 | $72089708 | 6.56% |
| The Boeing Company\* | 220560 | 47603465 | 4.33 |
|  |  | 119693173 | 10.89 |
| **Application Software** |  |  |  |
| AppLovin Corp. - Cl. A\* | 34590 | 24854299 | 2.26 |
| **Automobile Manufacturers** |  |  |  |
| Tesla, Inc.\* | 37420 | 16641422 | 1.51 |
| **Broadline Retail** |  |  |  |
| Amazon.com, Inc.\* | 322395 | 70788270 | 6.44 |
| **Consumer Staples Merchandise Retail** |  |  |  |
| Costco Wholesale Corp. | 43148 | 39939083 | 3.63 |
| **Diversified Banks** |  |  |  |
| Citigroup, Inc. | 345998 | 35118797 | 3.20 |
| **Heavy Electrical Equipment** |  |  |  |
| GE Vernova, Inc. | 85535 | 52595472 | 4.79 |
| **Hotels, Resorts & Cruise Lines** |  |  |  |
| Booking Holdings, Inc. | 5551 | 29971348 | 2.73 |
| **Interactive Media & Services** |  |  |  |
| Alphabet, Inc. - Cl. A | 177061 | 43043529 | 3.92 |
| Meta Platforms, Inc. - Cl. A | 135618 | 99595147 | 9.06 |
|  |  | 142638676 | 12.98 |
| **Internet Services & Infrastructure** |  |  |  |
| CoreWeave, Inc. - Cl. A\* | 94704 | 12960242 | 1.18 |
| **Investment Banking & Brokerage** |  |  |  |
| The Goldman Sachs Group, Inc. | 45948 | 36590690 | 3.33 |
| **Movies & Entertainment** |  |  |  |
| Netflix, Inc.\* | 44443 | 53283602 | 4.85 |
| **Semiconductor Materials & Equipment** |  |  |  |
| ASML Holding N.V. - NY Reg. Shs. | 41861 | 40525216 | 3.69 |
| **Semiconductors** |  |  |  |
| NVIDIA Corp. | 516887 | 96440776 | 8.78 |
| Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR | 191930 | 53604130 | 4.88 |
|  |  | 150044906 | 13.66 |
| **Specialty Chemicals** |  |  |  |
| The Sherwin-Williams Company | 67717 | 23447688 | 2.13 |
| **Systems Software** |  |  |  |
| Microsoft Corp. | 199254 | 103203609 | 9.39 |
| **Technology Hardware, Storage & Peripherals** |  |  |  |
| Apple, Inc. | 295855 | 75333559 | 6.86 |
| **Transaction & Payment Processing Services** |  |  |  |
| Visa, Inc. - Cl. A | 104908 | 35813493 | 3.26 |
| **TOTAL COMMON STOCKS** |  |  |  |
| **(Cost $464,166,732)** |  | **1063443545** | **96.78** |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| State Street Institutional Treasury Money Market Fund - Premier Class, 4.06%<sup>#</sup> | 39582747 | 39582747 | 3.60 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |  |
| **(Cost $39,582,747)** |  | **39582747** | **3.60** |
| **TOTAL INVESTMENTS** |  |  |  |
| **(Cost $503,749,479)** |  | **1103026292** | **100.38** |
| Liabilities, Less Cash and Other Assets |  | (4208741) | (0.38) |
| **NET ASSETS** |  | $**1098817551** | **100.00%** |

---

**2**

**SCHEDULE OF INVESTMENTS**

------

**SUMMARY OF FAIR VALUE MEASUREMENTS**

As of September 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 Note 2(a) in the Notes to Financial Statements.

---

| | |
|:---|:---|
| \* | Non-income producing. |
| <sup>#</sup> | Rate shown is the 7-day yield as of September 30, 2025. |
|  | See notes to financial statements. |

---

**3**

**SCHEDULE OF INVESTMENTS**

**MARSICO GROWTH FUND**

**SCHEDULE OF INVESTMENTS**

As of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Number<br>of<br>Shares | Value | Percent<br>of Net<br>Assets |
| **COMMON STOCKS** |  |  |  |
| **Aerospace & Defense** |  |  |  |
| General Electric Co. DBA GE Aerospace | 50151 | $15086424 | 3.67% |
| HEICO Corp. | 50781 | 16393122 | 3.98 |
| The Boeing Company\* | 38197 | 8244059 | 2.00 |
|  |  | 39723605 | 9.65 |
| **Application Software** |  |  |  |
| AppLovin Corp. - Cl. A\* | 12272 | 8817923 | 2.14 |
| **Automobile Manufacturers** |  |  |  |
| Tesla, Inc.\* | 12250 | 5447820 | 1.32 |
| **Broadline Retail** |  |  |  |
| Amazon.com, Inc.\* | 115012 | 25253185 | 6.13 |
| **Consumer Finance** |  |  |  |
| American Express Company | 12251 | 4069292 | 0.99 |
| **Consumer Staples Merchandise Retail** |  |  |  |
| Costco Wholesale Corp. | 17860 | 16531752 | 4.02 |
| **Diversified Support Services** |  |  |  |
| Cintas Corp. | 11268 | 2312870 | 0.56 |
| **Financial Exchanges & Data** |  |  |  |
| Moody's Corp. | 17177 | 8184497 | 1.99 |
| **Heavy Electrical Equipment** |  |  |  |
| GE Vernova, Inc. | 13414 | 8248269 | 2.00 |
| **Interactive Media & Services** |  |  |  |
| Alphabet, Inc. - Cl. A | 83636 | 20331912 | 4.94 |
| Meta Platforms, Inc. - Cl. A | 39920 | 29316449 | 7.12 |
|  |  | 49648361 | 12.06 |
| **Internet Services & Infrastructure** |  |  |  |
| Shopify, Inc. - Cl. A\* | 26945 | 4004296 | 0.97 |
| **Investment Banking & Brokerage** |  |  |  |
| Robinhood Markets, Inc. - Cl. A\* | 143019 | 20477460 | 4.97 |
| **Movies & Entertainment** |  |  |  |
| Netflix, Inc.\* | 19487 | 23363354 | 5.68 |
| Spotify Technology S.A.\* | 19948 | 13923704 | 3.38 |
| The Walt Disney Company | 112328 | 12861556 | 3.12 |
|  |  | 50148614 | 12.18 |
| **Passenger Ground Transportation** |  |  |  |
| Uber Technologies, Inc.\* | 99630 | 9760751 | 2.37 |
| **Restaurants** |  |  |  |
| Chipotle Mexican Grill, Inc.\* | 113842 | 4461468 | 1.08 |
| **Semiconductors** |  |  |  |
| Broadcom, Inc. | 55617 | 18348605 | 4.46 |
| NVIDIA Corp. | 184543 | 34432033 | 8.36 |
| Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR | 42073 | 11750568 | 2.85 |
|  |  | 64531206 | 15.67 |
| **Specialty Chemicals** |  |  |  |
| The Sherwin-Williams Company | 29324 | 10153728 | 2.47 |
| **Systems Software** |  |  |  |
| Microsoft Corp. | 56959 | 29501914 | 7.17 |
| **Technology Hardware, Storage & Peripherals** |  |  |  |
| Apple, Inc. | 98261 | 25020198 | 6.08 |
| **Transaction & Payment Processing Services** |  |  |  |
| Mastercard, Inc. - Cl. A | 31777 | 18075075 | 4.39 |
| Visa, Inc. - Cl. A | 16751 | 5718457 | 1.39 |
|  |  | 23793532 | 5.78 |
| **TOTAL COMMON STOCKS** |  |  |  |
| **(Cost $179,725,995)** |  | **410090741** | **99.60** |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| State Street Institutional Treasury Money Market Fund - Premier Class, 4.06%<sup>#</sup> | 4428467 | 4428467 | 1.08 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |  |
| **(Cost $4,428,467)** |  | **4428467** | **1.08** |
| **TOTAL INVESTMENTS** |  |  |  |
| **(Cost $184,154,462)** |  | **414519208** | **100.68** |
| Liabilities, Less Cash and Other Assets |  | (2785457) | (0.68) |
| **NET ASSETS** |  | $**411733751** | **100.00%** |

---

**4**

**SCHEDULE OF INVESTMENTS**

**SUMMARY OF FAIR VALUE MEASUREMENTS**

As of September 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 Note 2(a) in the Notes to Financial Statements.

\* Non-income producing.

<sup>#</sup> Rate shown is the 7-day yield as of September 30, 2025.

See notes to financial statements.

**5**

**SCHEDULE OF INVESTMENTS**

**MARSICO MIDCAP GROWTH FOCUS FUND**

**SCHEDULE OF INVESTMENTS**

As of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Number<br>of<br>Shares/<br> Warrants | Value | Percent<br>of Net<br>Assets |
| **COMMON STOCKS** |  |  |  |
| **Aerospace & Defense** |  |  |  |
| AAR CORP.\* | 205678 | $18443146 | 3.03% |
| HEICO Corp. | 65945 | 21288365 | 3.50 |
| Rolls-Royce Holdings PLC | 1326176 | 21224524 | 3.49 |
| VSE Corp. | 105721 | 17575059 | 2.89 |
|  |  | 78531094 | 12.91 |
| **Application Software** |  |  |  |
| Clear Secure, Inc. - Cl. A | 324241 | 10823165 | 1.78 |
| Constellation Software, Inc. | 5185 | 14075466 | 2.32 |
| Unity Software, Inc.\* | 462332 | 18511773 | 3.04 |
|  |  | 43410404 | 7.14 |
| **Automotive Retail** |  |  |  |
| O'Reilly Automotive, Inc.\* | 136140 | 14677253 | 2.41 |
| **Coal & Consumable Fuels** |  |  |  |
| Centrus Energy Corp. - Cl. A\* | 40327 | 12504193 | 2.06 |
| **Construction & Engineering** |  |  |  |
| Everus Construction Group, Inc.\* | 30906 | 2650190 | 0.44 |
| **Diversified Support Services** |  |  |  |
| Cintas Corp. | 79932 | 16406842 | 2.70 |
| **Electrical Components & Equipment** |  |  |  |
| AMETEK, Inc. | 48635 | 9143380 | 1.50 |
| **Electronic Components** |  |  |  |
| Amphenol Corp. - Cl. A | 159678 | 19760152 | 3.25 |
| **Environmental & Facilities Services** |  |  |  |
| Rollins, Inc. | 153997 | 9045784 | 1.49 |
| **Heavy Electrical Equipment** |  |  |  |
| GE Vernova, Inc. | 48396 | 29758700 | 4.89 |
| Siemens Energy A.G.\* | 194025 | 22647397 | 3.72 |
|  |  | 52406097 | 8.61 |
| **Hotels, Resorts & Cruise Lines** |  |  |  |
| Viking Holdings Ltd.\* | 291109 | 18095335 | 2.97 |
| **Independent Power Producers & Energy Traders** |  |  |  |
| Talen Energy Corp.\* | 42928 | 18260713 | 3.00 |
| **Insurance Brokers** |  |  |  |
| Ryan Specialty Holdings, Inc. | 271230 | 15286523 | 2.51 |
| **Interactive Home Entertainment** |  |  |  |
| Roblox Corp. - Cl. A\* | 188150 | 26062538 | 4.28 |
| Take-Two Interactive Software, Inc.\* | 29582 | 7642806 | 1.26 |
|  |  | 33705344 | 5.54 |
| **Internet Services & Infrastructure** |  |  |  |
| Wix.com Ltd.\* | 33441 | 5940125 | 0.98 |
| **Investment Banking & Brokerage** |  |  |  |
| Evercore, Inc. - Cl. A | 50839 | 17149011 | 2.82 |
| Robinhood Markets, Inc. - Cl. A\* | 195754 | 28028058 | 4.61 |
|  |  | 45177069 | 7.43 |
| **Leisure Products** |  |  |  |
| Acushnet Holdings Corp. | 100319 | 7874038 | 1.29 |
| **Managed Health Care** |  |  |  |
| Alignment Healthcare, Inc.\* | 713341 | 12447800 | 2.05 |
| **Movies & Entertainment** |  |  |  |
| Spotify Technology S.A.\* | 33055 | 23072390 | 3.79 |
| TKO Group Holdings, Inc. | 99947 | 20185296 | 3.32 |
|  |  | 43257686 | 7.11 |
| **Passenger Airlines** |  |  |  |
| United Airlines Holdings, Inc.\* | 172692 | 16664778 | 2.74 |
| **Passenger Ground Transportation** |  |  |  |
| Lyft, Inc. - Cl. A\* | 296849 | 6533646 | 1.07 |
| **Real Estate Services** |  |  |  |
| CBRE Group, Inc. - Cl. A\* | 103825 | 16358667 | 2.69 |
| **Restaurants** |  |  |  |
| Texas Roadhouse, Inc. | 36584 | 6078432 | 1.00 |
| **Semiconductor Materials & Equipment** |  |  |  |
| KLA Corp. | 21400 | 23082040 | 3.79 |
| **Semiconductors** |  |  |  |
| MACOM Technology Solutions Holdings, Inc.\* | 43726 | 5443450 | 0.89 |
| **Soft Drinks & Non-alcoholic Beverages** |  |  |  |
| Celsius Holdings, Inc.\* | 160078 | 9202884 | 1.51 |
| Coca-Cola Europacific Partners PLC | 119262 | 10782478 | 1.77 |
|  |  | 19985362 | 3.28 |
| **Systems Software** |  |  |  |
| Nebius Group N.V.\* | 110332 | 12386974 | 2.04 |
| **Trading Companies & Distributors** |  |  |  |
| United Rentals, Inc. | 9690 | 9250655 | 1.52 |
| Watsco, Inc. | 14415 | 5827985 | 0.96 |
|  |  | 15078640 | 2.48 |
| **TOTAL COMMON STOCKS** |  |  |  |
| **<br> **(Cost $357,525,069)**  |  | **580192011** | **95.37** |
| **WARRANTS** |  |  |  |
| **Application Software** |  |  |  |
| Constellation Software, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;Warrants, Strike Price: Pending, |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration Date: March 31, 2040\*<sup>@^</sup> | 5185 | 0 | 0.00 |
| **TOTAL WARRANTS** |  |  |  |
| **(Cost $0)** |  | **0** | **0.00** |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| State Street Institutional Treasury |  |  |  |
| &nbsp;&nbsp;&nbsp;Money Market Fund - |  |  |  |
| &nbsp;&nbsp;&nbsp;Premier Class, 4.06%<sup>#</sup> | 84272631 | 84272631 | 13.85 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |  |
| **(Cost $84,272,631)** |  | **84272631** | **13.85** |
| **TOTAL INVESTMENTS** |  |  |  |
| **(Cost $441,797,700)** |  | **664464642** | **109.22** |
| Liabilities, Less Cash and Other Assets |  | (56094496) | (9.22) |
| **NET ASSETS** |  | $**608370146** | **100.00%** |

---

**6**

**SCHEDULE OF INVESTMENTS**

**SUMMARY OF INVESTMENTS BY COUNTRY**

---

| | | |
|:---|:---|:---|
| **Country** | **Market Value** | **Percent of<br>Investment<br>Securities** |
| Canada | $14075466 | 2.12% |
| Germany | 22647397 | 3.41 |
| Israel | 5940125 | 0.89 |
| Netherlands | 12386974 | 1.87 |
| Sweden | 23072390 | 3.47 |
| United Kingdom | 32007002 | 4.81 |
| United States<sup>(1)</sup> | 554335288 | 83.43 |
|  | $**664464642** | **100.00%** |

---

<sup>(1)</sup> 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 September 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund Investment by<br>Major Security Type** | **Level 1 -<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** |  | **Total** |
| **Assets** |  |  |  |  |  |
| **Common Stocks** | $580192011 | $— | $— |  | $580192011 |
| **Warrants** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology |  |  |  | \*\* |  |
| **Short-term Investments** | 84272631 |  |  |  | 84272631 |
|  | $**664464642** | $**—** | $**—** |  | $**664464642** |

---

\*\* 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 Note 2(a) in the Notes to Financial Statements.

\* Non-income producing.

---

| | |
|:---|:---|
| <sup>@</sup> | 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 September 30, 2025, the total value of Level 3 securities was $0, which represents 0.00% of the Fund's net assets. |

---

<sup>^</sup> As of September 30, 2025, certain information for the security, such as the strike price, is pending announcement by the issuer.

<sup>#</sup> Rate shown is the 7-day yield as of September 30, 2025.

See notes to financial statements.

**7**

**SCHEDULE OF INVESTMENTS**

**MARSICO INTERNATIONAL OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

As of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Number<br>of<br>Shares/<br> Warrants | Value | Percent<br>of Net<br>Assets |
| **COMMON STOCKS** |  |  |  |
| **Aerospace & Defense** |  |  |  |
| Airbus S.E. | 19280 | $4468287 | 2.77% |
| General Electric Co. DBA GE Aerospace | 16464 | 4952700 | 3.07 |
| Rolls-Royce Holdings PLC | 863014 | 13811938 | 8.56 |
| Safran S.A. | 16369 | 5767332 | 3.57 |
| The Boeing Company\* | 18360 | 3962639 | 2.45 |
|  |  | 32962896 | 20.42 |
| **Apparel, Accessories & Luxury Goods** |  |  |  |
| Hermes International | 1230 | 3008023 | 1.86 |
| **Application Software** |  |  |  |
| AppLovin Corp. - Cl. A\* | 10400 | 7472816 | 4.63 |
| Constellation Software, Inc. | 1013 | 2749942 | 1.70 |
| SAP S.E. | 18351 | 4910106 | 3.04 |
|  |  | 15132864 | 9.37 |
| **Automobile Manufacturers** |  |  |  |
| Ferrari N.V. | 5917 | 2871047 | 1.78 |
| **Broadline Retail** |  |  |  |
| Alibaba Group Holding Ltd. | 287200 | 6532347 | 4.05 |
| Sea Ltd. ADR\* | 22599 | 4039119 | 2.50 |
|  |  | 10571466 | 6.55 |
| **Consumer Electronics** |  |  |  |
| Sony Group Corp. Spon. ADR | 144018 | 4146278 | 2.57 |
| **Diversified Financial Services** |  |  |  |
| Sony Financial Group, Inc. ADR\*<sup>@</sup> | 28803 | 159569 | 0.10 |
| **Heavy Electrical Equipment** |  |  |  |
| GE Vernova, Inc. | 7085 | 4356567 | 2.70 |
| Siemens Energy A.G.\* | 88135 | 10287480 | 6.37 |
| Siemens Energy A.G. ADR\* | 3029 | 355998 | 0.22 |
|  |  | 15000045 | 9.29 |
| **Interactive Home Entertainment** |  |  |  |
| Nintendo Co., Ltd. | 50000 | 4329378 | 2.68 |
| **Interactive Media & Services** |  |  |  |
| Meta Platforms, Inc. - Cl. A | 7968 | 5851540 | 3.63 |
| Tencent Holdings Ltd. ADR | 75532 | 6431550 | 3.98 |
|  |  | 12283090 | 7.61 |
| **Internet Services & Infrastructure** |  |  |  |
| Shopify, Inc. - Cl. A\* | 19204 | 2853906 | 1.77 |
| **Movies & Entertainment** |  |  |  |
| Netflix, Inc.\* | 2837 | 3401336 | 2.11 |
| Spotify Technology S.A.\* | 8231 | 5745238 | 3.56 |
|  |  | 9146574 | 5.67 |
| **Passenger Airlines** |  |  |  |
| Ryanair Holdings PLC Spon. ADR | 42804 | 2577657 | 1.60 |
| **Semiconductor Materials & Equipment** |  |  |  |
| ASML Holding N.V. | 5343 | 5194632 | 3.22 |
| **Semiconductors** |  |  |  |
| ARM Holdings PLC ADR\* | 22027 | 3116600 | 1.93 |
| NVIDIA Corp. | 36320 | 6776586 | 4.20 |
| Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR | 24449 | 6828361 | 4.23 |
|  |  | 16721547 | 10.36 |
| **Soft Drinks & Non-alcoholic Beverages** |  |  |  |
| Coca-Cola Europacific Partners PLC | 44575 | 4030026 | 2.50 |
| **Systems Software** |  |  |  |
| Microsoft Corp. | 12089 | 6261498 | 3.88 |
| Nebius Group N.V.\* | 46786 | 5252664 | 3.25 |
|  |  | 11514162 | 7.13 |
| **TOTAL COMMON STOCKS** |  |  |  |
| **(Cost $106,005,420)** |  | **152503160** | **94.48** |
| **WARRANTS** |  |  |  |
| **Application Software** |  |  |  |
| Constellation Software, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;Warrants, Strike Price: Pending, |  |  |  |
| &nbsp;&nbsp;&nbsp;Expiration Date: March 31, 2040\*<sup>@&^</sup> | 306 | 0 | 0.00 |
| **TOTAL WARRANTS** |  |  |  |
| **(Cost $0)** |  | **0** | **0.00** |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| State Street Institutional Treasury Money Market Fund - Premier Class, 4.06%<sup>#</sup> | 12128559 | 12128559 | 7.51 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |  |
| **(Cost $12,128,559)** |  | **12128559** | **7.51** |
| **TOTAL INVESTMENTS** |  |  |  |
| **(Cost $118,133,979)** |  | **164631719** | **101.99** |
| Liabilities, Less Cash and Other Assets |  | (3209283) | (1.99) |
| **NET ASSETS** |  | $**161422436** | **100.00%** |

---

**8**

**SCHEDULE OF INVESTMENTS**

**SUMMARY OF INVESTMENTS BY COUNTRY**

---

| | | |
|:---|:---|:---|
| **Country** | **Market Value** | **Percent of<br>Investment<br>Securities** |
| Canada | $5603848 | 3.40% |
| China/Hong Kong | 12963897 | 7.88 |
| France | 13243642 | 8.04 |
| Germany | 15553584 | 9.44 |
| Ireland | 2577657 | 1.57 |
| Italy | 2871047 | 1.74 |
| Japan | 8635225 | 5.25 |
| Netherlands | 10447296 | 6.34 |
| Singapore | 4039119 | 2.45 |
| Sweden | 5745238 | 3.49 |
| Taiwan | 6828361 | 4.15 |
| United Kingdom | 20958564 | 12.73 |
| United States<sup>(1)</sup> | 55164241 | 33.52 |
|  | $**164631719** | **100.00%** |

---

<sup>(1)</sup> 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 September 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund Investment by<br>Major Security Type** | **Level 1 -<br>Quoted Prices** | **Level 2 -<br> Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** |  | **Total** |
| **Assets** |  |  |  |  |  |
| **Common Stocks** | $152343591 | $159569 | $— |  | $152503160 |
| **Warrants** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Information Technology |  |  |  | \*\* |  |
| **Short-term Investments** | 12128559 |  |  |  | 12128559 |
|  | $**164472150** | $**159569** | $**—** |  | $**164631719** |

---

\*\* Constellation Software, Inc. warrants represent the only Level 3 securities held by the Fund.

For more information on investment valuation and valuation inputs, refer to Note 2(a) in the Notes to Financial Statements.

\* Non-income producing.

<sup>@</sup> Security valued at fair value 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.

---

| | |
|:---|:---|
| <sup>&</sup> | As of September 30, 2025 the total value of Level 3 securities was $0, which represents 0.00% of the Fund's net assets. |

---

<sup>^</sup> As of September 30, 2025, certain information for the security, such as the strike price, is pending announcement by the issuer.

<sup>#</sup> Rate shown is the 7-day yield as of September 30, 2025.

See notes to financial statements.

**9**

**SCHEDULE OF INVESTMENTS**

**MARSICO GLOBAL FUND**

**SCHEDULE OF INVESTMENTS**

As of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | Number<br>of<br>Shares | Value | Percent<br>of Net<br>Assets |
| **COMMON STOCKS** |  |  |  |
| **Aerospace & Defense** |  |  |  |
| Airbus S.E. | 42935 | $9950513 | 2.15% |
| General Electric Co. DBA GE Aerospace | 76954 | 23149302 | 5.00 |
| Rolls-Royce Holdings PLC | 2114160 | 33835659 | 7.32 |
| Safran S.A. | 40461 | 14255729 | 3.08 |
| The Boeing Company\* | 58944 | 12721884 | 2.75 |
|  |  | 93913087 | 20.30 |
| **Apparel, Accessories & Luxury Goods** |  |  |  |
| Hermes International | 3986 | 9747952 | 2.11 |
| **Application Software** |  |  |  |
| AppLovin Corp. - Cl. A\* | 39254 | 28205569 | 6.10 |
| Palantir Technologies, Inc. - Cl. A\* | 89182 | 16268580 | 3.52 |
| SAP S.E. Spon. ADR | 27545 | 7360300 | 1.59 |
|  |  | 51834449 | 11.21 |
| **Automobile Manufacturers** |  |  |  |
| Ferrari N.V. | 14344 | 6959996 | 1.50 |
| **Automotive Retail** |  |  |  |
| O'Reilly Automotive, Inc.\* | 65245 | 7034063 | 1.52 |
| **Broadline Retail** |  |  |  |
| Amazon.com, Inc.\* | 82846 | 18190496 | 3.93 |
| **Consumer Staples Merchandise Retail** |  |  |  |
| Costco Wholesale Corp. | 13046 | 12075769 | 2.61 |
| **Diversified Banks** |  |  |  |
| JPMorgan Chase & Company | 43759 | 13802901 | 2.98 |
| **Heavy Electrical Equipment** |  |  |  |
| GE Vernova, Inc. | 34915 | 21469233 | 4.64 |
| Siemens Energy A.G.\* | 196392 | 22923683 | 4.96 |
| Siemens Energy A.G. ADR\* | 12398 | 1457137 | 0.31 |
|  |  | 45850053 | 9.91 |
| **Interactive Home Entertainment** |  |  |  |
| Nintendo Co., Ltd. ADR | 408959 | 8727185 | 1.89 |
| Roblox Corp. - Cl. A\* | 59299 | 8214098 | 1.77 |
|  |  | 16941283 | 3.66 |
| **Interactive Media & Services** |  |  |  |
| Meta Platforms, Inc. - Cl. A | 33816 | 24833794 | 5.37 |
| Tencent Holdings Ltd. ADR | 240123 | 20446474 | 4.42 |
|  |  | 45280268 | 9.79 |
| **Investment Banking & Brokerage** |  |  |  |
| The Goldman Sachs Group, Inc. | 18449 | 14691861 | 3.18 |
| **Movies & Entertainment** |  |  |  |
| Netflix, Inc.\* | 16875 | 20231775 | 4.38 |
| Spotify Technology S.A.\* | 32357 | 22585186 | 4.88 |
|  |  | 42816961 | 9.26 |
| **Semiconductor Materials & Equipment** |  |  |  |
| ASML Holding N.V. - NY Reg. Shs. | 17601 | 17039352 | 3.68 |
| **Semiconductors** |  |  |  |
| NVIDIA Corp. | 93794 | 17500084 | 3.78 |
| Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR | 100423 | 28047140 | 6.07 |
|  |  | 45547224 | 9.85 |
| **Systems Software** |  |  |  |
| Microsoft Corp. | 34362 | 17797798 | 3.85 |
| **TOTAL COMMON STOCKS** |  |  |  |
| **(Cost $239,326,312)** |  | **459523513** | **99.34** |
| **SHORT-TERM INVESTMENTS** |  |  |  |
| State Street Institutional Treasury Money Market Fund - Premier Class, 4.06%<sup>#</sup> | 2499351 | 2499351 | 0.54 |
| **TOTAL SHORT-TERM INVESTMENTS** |  |  |  |
| **(Cost $2,499,351)** |  | **2499351** | **0.54** |
| **TOTAL INVESTMENTS** |  |  |  |
| **(Cost $241,825,663)** |  | **462022864** | **99.88** |
| Cash and Other Assets, Less Liabilities |  | 565227 | 0.12 |
| **NET ASSETS** |  | $**462588091** | **100.00%** |

---

**10**

**SCHEDULE OF INVESTMENTS**

**SUMMARY OF INVESTMENTS BY COUNTRY**

---

| | | |
|:---|:---|:---|
| **Country** | **Market Value** | **Percent of<br>Investment<br>Securities** |
| China/Hong Kong | $20446474 | 4.43% |
| France | 33954194 | 7.36 |
| Germany | 31741120 | 6.86 |
| Italy | 6959996 | 1.50 |
| Japan | 8727185 | 1.89 |
| Netherlands | 17039352 | 3.69 |
| Sweden | 22585186 | 4.89 |
| Taiwan | 28047140 | 6.07 |
| United Kingdom | 33835659 | 7.32 |
| United States<sup>(1)</sup> | 258686558 | 55.99 |
|  | $**462022864** | **100.00%** |

---

 

<sup>(1)</sup> Includes short-term securities.

**SUMMARY OF FAIR VALUE MEASUREMENTS**

As of September 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 Note 2(a) in the Notes to Financial Statements.

\* Non-income producing.

<sup>#</sup> Rate shown is the 7-day yield as of September 30, 2025.

See notes to financial statements.

**11**

**FINANCIAL STATEMENTS**

**STATEMENTS OF ASSETS AND LIABILITIES**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
| (Amounts in thousands) | **MARSICO<br>FOCUS FUND** | **MARSICO<br>GROWTH FUND** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value (cost $503,749, $184,154, $441,798, $118,134, and $241,826, respectively) | $1103026 | $414519 |
| &nbsp;&nbsp;&nbsp;Cash |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for capital stock sold | 542 | 4 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 303 | 63 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 3729 | 1586 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | **1107600** | **416172** |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased |  |  |
| &nbsp;&nbsp;&nbsp;Payable for capital stock redeemed | 762 | 256 |
| &nbsp;&nbsp;&nbsp;Payable to investment adviser | 644 | 262 |
| &nbsp;&nbsp;&nbsp;Accrued trustees' fees | 3698 | 1562 |
| &nbsp;&nbsp;&nbsp;Accrued distribution fee | 3335 | 2198 |
| &nbsp;&nbsp;&nbsp;Accrued professional fees | 146 | 63 |
| &nbsp;&nbsp;&nbsp;Accrued transfer agent fees and expenses | 86 | 29 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 111 | 68 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | **8782** | **4438** |
| **NET ASSETS** | $**1098818** | $**411734** |
| **NET ASSETS CONSIST OF** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in-capital | $351414 | $130662 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 747404 | 281072 |
| **NET ASSETS** | $**1098818** | $**411734** |
| **NET ASSET VALUE INFORMATION BY CLASS** |  |  |
| **INVESTOR CLASS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $904180 | $361811 |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, $0.001 par value (Unlimited shares authorized) | 27219 | 12344 |
| **NET ASSET VALUE, REDEMPTION PRICE, AND OFFERING PRICE PER SHARE (NET ASSETS/SHARES OUTSTANDING)\*** | $**33.22** | $**29.31** |
| **INSTITUTIONAL CLASS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $194638 | $49923 |
| &nbsp;&nbsp;&nbsp;Shares Outstanding, $0.001 par value (Unlimited shares authorized) | 5790 | 1686 |
| **NET ASSET VALUE, REDEMPTION PRICE, AND OFFERING PRICE PER SHARE (NET ASSETS/SHARES OUTSTANDING)\*** | $**33.62** | $**29.61** |

---

\* Not in thousands, based on unrounded net assets and shares outstanding. <br>See notes to financial statements.

**12**

**FINANCIAL STATEMENTS**

---

| | | |
|:---|:---|:---|
| **MARSICO<br>MIDCAP GROWTH<br>FOCUS FUND** | **MARSICO<br>INTERNATIONAL<br>OPPORTUNITIES<br>FUND** | **MARSICO<br>GLOBAL FUND** |
| $664465 | $164632 | $462023 |
|  | 22 |  |
| 766 | 298 | 1076 |
| 143 | 168 | 226 |
| 1421 | 260 | 976 |
| **666795** | **165380** | **464301** |
| 55631 | 3305 |  |
| 42 | 23 | 116 |
| 374 | 100 | 305 |
| 1360 | 218 | 930 |
| 813 | 231 | 175 |
| 60 | 15 | 56 |
| 59 | 18 | 50 |
| 86 | 48 | 81 |
| **58425** | **3958** | **1713** |
| $**608370** | $**161422** | $**462588** |
| $330793 | $109601 | $207926 |
| 277577 | 51821 | 254662 |
| $**608370** | $**161422** | $**462588** |
| $468121 | $105970 | $275504 |
| 7401 | 3259 | 8333 |
| $**63.25** | $**32.52** | $**33.06** |
| $140249 | $55452 | $187084 |
| 2196 | 1692 | 5590 |
| $**63.88** | $**32.78** | $**33.47** |

---

**13**

**FINANCIAL STATEMENTS**

**STATEMENTS OF OPERATIONS**

**FOR THE YEAR ENDED September 30, 2025**

---

| | | |
|:---|:---|:---|
| (Amounts in thousands) | **MARSICO<br>FOCUS FUND** | **MARSICO<br>GROWTH FUND** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends (net of $182, $82, $10, $49, and $227, respectively, of non-reclaimable foreign withholding taxes) | $5206 | $2185 |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | **5206** | **2185** |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 7525 | 3405 |
| &nbsp;&nbsp;&nbsp;Distribution fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 2154 | 974 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 764 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 136 | 37 |
| &nbsp;&nbsp;&nbsp;Professional fees | 346 | 153 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 344<sup>(1)</sup> | 148<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Fund administration fees: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 157 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 37 | 20 |
| &nbsp;&nbsp;&nbsp;Custody and fund accounting fees | 166 | 112 |
| &nbsp;&nbsp;&nbsp;Reporting, printing, and postage expenses | 92 | 50 |
| &nbsp;&nbsp;&nbsp;Federal and state registration fees | 79 | 73 |
| &nbsp;&nbsp;&nbsp;Other expenses | 90 | 47 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | **11890** | **5504** |
| &nbsp;&nbsp;&nbsp;Less waiver of expenses (Note 3) and expenses paid indirectly (Note 2(b)) | (1) |  |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | **11889** | **5504** |
| &nbsp;&nbsp;&nbsp;**NET INVESTMENT LOSS** | **(6683)** | **(3319)** |
| **REALIZED AND UNREALIZED GAIN** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 162434 | 55784 |
| &nbsp;&nbsp;&nbsp;Net realized gain on foreign currency transactions |  | 483 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation on investments, foreign currency translations, and non-interested trustees' deferred compensation | 22913 | 17244 |
| &nbsp;&nbsp;&nbsp;**Net Gain on Investments** | **185347** | **73511** |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**178664** | $**70192** |

---

<sup>(1)</sup> Amounts include Trustees' fees and expenses and the mark to market unrealized appreciation during the period for shares held in the Non-Interested Trustees' Deferred Fee Plan, as more fully described in Note 2(g) in the Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
|  | Trustees'<br>Fees and<br>Expenses\* | Unrealized<br> Appreciation\* |
| Focus Fund | $185588 | $158017 |
| Growth Fund | 81440 | 66745 |
| Midcap Growth Focus Fund | 70632 | 57989 |
| International Opportunities Fund | 13351 | 9249 |
| Global Fund | 72086 | 39420 |

---

\* Not in thousands. <br>See notes to financial statements.

**14**

**FINANCIAL STATEMENTS**

---

| | | |
|:---|:---|:---|
| **MARSICO<br>MIDCAP GROWTH<br>FOCUS FUND** | **MARSICO<br>INTERNATIONAL<br>OPPORTUNITIES<br>FUND** | **MARSICO<br>GLOBAL FUND** |
| $2595 | $917 | $2787 |
| **2595** | **917** | **2787** |
| 3348 | 721 | 3128 |
| 889 | 174 | 538 |
| 427 | 100 | 293 |
| 86 | 36 | 206 |
| 136 | 27 | 149 |
| 129<sup>(1)</sup> | 23<sup>(1)</sup> | 112<sup>(1)</sup> |
| 119 | 65 | 89 |
| 28 | 22 | 80 |
| 127 | 78 | 153 |
| 50 | 25 | 52 |
| 67 | 39 | 39 |
| 39 | 11 | 30 |
| **5445** | **1321** | **4869** |
|  | (20) |  |
| **5445** | **1301** | **4869** |
| **(2850)** | **(384)** | **(2082)** |
| 57689 | 5664 | 36890 |
| 949 | 343 | 1185 |
| 78577 | 25625 | 81297 |
| **137215** | **31632** | **119372** |
| $**134365** | $**31248** | $**117290** |

---

**15**

**FINANCIAL STATEMENTS**

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MARSICO<br>FOCUS FUND** | **MARSICO<br>FOCUS FUND** | **MARSICO<br>GROWTH FUND** | **MARSICO<br>GROWTH FUND** |
| (Amounts in thousands) | Year<br>Ended<br>9/30/25 | Year<br>Ended<br>9/30/24 | Year<br>Ended<br>9/30/25 | Year<br>Ended<br>9/30/24 |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(6683) | $(4678) | $(3319) | $(2317) |
| &nbsp;&nbsp;&nbsp;Net realized gain on investments | 162434 | 61826 | 55784 | 40265 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on foreign currency transactions |  |  | 483 |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation on investments, foreign currency translations, and non-interested trustees' deferred compensation | 22913 | 295398 | 17244 | 114904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from operations** | **178664** | **352546** | **70192** | **152852** |
| **DISTRIBUTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (49427) | (13561) | (32757) | (5168) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (10763) | (2475) | (3978) | (567) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions** | **(60190)** | **(16036)** | **(36735)** | **(5735)** |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 49052 | 134007 | 24777 | 68731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions | 47754 | 13132 | 31744 | 4984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption of shares | (140142) | (145878) | (134567) | (55745) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) from Investor Class capital share transactions** | **(43336)** | **1261** | **(78046)** | **17970** |
| &nbsp;&nbsp;&nbsp;Institutional Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales of shares | 28660 | 56080 | 9216 | 10841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions | 9488 | 2332 | 3391 | 529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption of shares | (47518) | (34009) | (15647) | (4707) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) from Institutional Class capital share transactions** | **(9370)** | **24403** | **(3040)** | **6663** |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | **65768** | **362174** | **(47629)** | **171750** |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 1033050 | 670876 | 459363 | 287613 |
| &nbsp;&nbsp;&nbsp;**End of Period** | $**1098818** | $**1033050** | $**411734** | $**459363** |
| **TRANSACTIONS IN SHARES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1640 | 5097 | 917 | 3173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 1594 | 600 | 1206 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (4708) | (5555) | (5234) | (2455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) from Investor Class share transactions** | **(1474)** | **142** | **(3111)** | **965** |
| &nbsp;&nbsp;&nbsp;Institutional Class: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 929 | 2095 | 343 | 479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 314 | 106 | 128 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1605) | (1252) | (593) | (202) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) from Institutional Class share transactions** | **(362)** | **949** | **(122)** | **303** |

---

See notes to financial statements.

**16**

**FINANCIAL STATEMENTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **MARSICO<br>MIDCAP GROWTH<br>FOCUS FUND** | **MARSICO<br>MIDCAP GROWTH<br>FOCUS FUND** | **MARSICO<br>INTERNATIONAL<br>OPPORTUNITIES FUND** | **MARSICO<br>INTERNATIONAL<br>OPPORTUNITIES FUND** | **MARSICO<br>GLOBAL FUND** | **MARSICO<br>GLOBAL FUND** |
| Year<br>Ended<br>9/30/25 | Year<br>Ended<br>9/30/24 | Year<br>Ended<br>9/30/25 | Year<br>Ended<br>9/30/24 | Year<br>Ended<br>9/30/25 | Year<br>Ended<br>9/30/24 |
| $(2850) | $(2148) | $(384) | $(205) | $(2082) | $(1414) |
| 57689 | 19303 | 5664 | 2725 | 36890 | 5989 |
| 949 | 7 | 343 | (785) | 1185 | 331 |
| 78577 | 82321 | 25625 | 15552 | 81297 | 85208 |
| **134365** | **99483** | **31248** | **17287** | **117290** | **90114** |
| (13728) | (2897) | (1249) | (140) | (3213) | (3007) |
| (2404) | (302) | (154) | (18) | (2844) | (437) |
| **(16132)** | **(3199)** | **(1403)** | **(158)** | **(6057)** | **(3444)** |
| 120577 | 7999 | 57462 | 9416 | 62968 | 13858 |
| 13338 | 2817 | 1181 | 133 | 3071 | 2902 |
| (49714) | (33224) | (25187) | (8407) | (42589) | (34029) |
| **84201** | **(22408)** | **33456** | **1142** | **23450** | **(17269)** |
| 118957 | 12256 | 46410 | 1587 | 77709 | 150558 |
| 2097 | 300 | 100 | 18 | 2635 | 434 |
| (33832) | (2652) | (4806) | (303) | (113230) | (19875) |
| **87222** | **9904** | **41704** | **1302** | **(32886)** | **131117** |
| **289656** | **83780** | **105005** | **19573** | **101797** | **200518** |
| 318714 | 234934 | 56417 | 36844 | 360791 | 160273 |
| $**608370** | $**318714** | $**161422** | $**56417** | $**462588** | $**360791** |
| 2151 | 182 | 2051 | 408 | 2163 | 602 |
| 263 | 74 | 48 | 7 | 118 | 156 |
| (912) | (845) | (908) | (394) | (1519) | (1640) |
| **1502** | **(589)** | **1191** | **21** | **762** | **(882)** |
| 2104 | 317 | 1656 | 71 | 2702 | 6490 |
| 41 | 8 | 4 | 1 | 100 | 23 |
| (656) | (61) | (176) | (16) | (3899) | (861) |
| **1489** | **264** | **1484** | **56** | **(1097)** | **5652** |

---

**17**

**FINANCIAL STATEMENTS**

**FINANCIAL HIGHLIGHTS**

For a Fund Share Outstanding Throughout the Period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **MARSICO** | **MARSICO** | **MARSICO** | **MARSICO** | **MARSICO** |
|  | **FOCUS FUND** | **FOCUS FUND** | **FOCUS FUND** | **FOCUS FUND** | **FOCUS FUND** |
|  | Year | Year | Year | Year | Year |
|  | Ended | Ended | Ended | Ended | Ended |
| **<u>Investor Class:</u>** | 9/30/25 | 9/30/24 | 9/30/23 | 9/30/22 | 9/30/21 |
| **Net Asset Value, Beginning of Period** | $**29.60** | $**19.86** | $**18.41** | $**28.84** | $**25.92** |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | (0.24) | (0.15) | (0.11) | (0.09) | (0.22) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 5.62 | 10.37 | 4.37 | (7.13) | 5.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total from investment operations** | **5.38** | **10.22** | **4.26** | **(7.22)** | **5.52** |
| **Distributions & Other:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.76) | (0.48) | (2.81) | (3.21) | (2.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions and other** | **(1.76)** | **(0.48)** | **(2.81)** | **(3.21)** | **(2.60)** |
| **Net Asset Value, End of Period** | $**33.22** | $**29.60** | $**19.86** | $**18.41** | $**28.84** |
| **Total Return** | **18.82%** | **52.32%** | **27.04%** | **(28.30)%** | **22.52%** |
| **Supplemental Data and Ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $904180 | $849445 | $567000 | $500599 | $895641 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses (before expenses paid indirectly) to average net assets<sup>(6)</sup> | 1.19% | 1.28% | 1.45% | 1.02% | 1.26% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets<sup>(7)</sup> | (0.69)% | (0.57)% | (0.66)% | (0.25)% | (0.79)% |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses to average net assets<sup>(8)</sup> | 1.19% | 1.28% | 1.50% | 1.02% | 1.26% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss (before waivers, and expenses paid indirectly) to average net assets<sup>(9)</sup> | (0.69)% | (0.57)% | (0.71)% | (0.25)% | (0.79)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 64% | 47% | 76% | 102% | 28% |
|  | Year | Year | Year | Period |  |
|  | Ended | Ended | Ended | Ended |  |
| **<u>Institutional Class:</u>** | 9/30/25 | 9/30/24 | 9/30/23 | 9/30/22<sup>(1)</sup> |  |
| **Net Asset Value, Beginning of Period** | $**29.85** | $**19.96** | $**18.45** | $**26.98** |  |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.13) | (0.08) | (0.08) | 0.04 |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 5.66 | 10.45 | 4.40 | (8.57) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total from investment operations** | **5.53** | **10.37** | **4.32** | **(8.53)** |  |
| **Distributions & Other:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.76) | (0.48) | (2.81) | —<sup>(4)</sup> |  |
| &nbsp;&nbsp;&nbsp;Increase from payment by service provider |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions and other** | **(1.76)** | **(0.48)** | **(2.81)** | **—** |  |
| **Net Asset Value, End of Period** | $**33.62** | $**29.85** | $**19.96** | $**18.45** |  |
| **Total Return** | **19.18%** | **52.82%** | **27.34%** | **(31.62** **)%<sup>(2)</sup>** |  |
| **Supplemental Data and Ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $194638 | $183605 | $103876 | $85283 |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses (before expenses paid indirectly) to average net assets<sup>(6)</sup> | 0.93% | 1.00% | 1.20% | 0.65%<sup>(3)</sup> |  |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(7)</sup> | (0.43)% | (0.30)% | (0.41)% | 0.24%<sup>(3)</sup> |  |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses to average net assets<sup>(8)</sup> | 0.93% | 1.00% | 1.23% | 0.65%<sup>(3)</sup> |  |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (before waivers, and expenses paid indirectly) to average net assets<sup>(9)</sup> | (0.43)% | (0.30)% | (0.44)% | 0.24%<sup>(3)</sup> |  |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 64% | 47% | 76% | 102%<sup>(2)</sup> |  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Institutional Class shares commenced operations on December 6, 2021. |
| <sup>(2)</sup> | Not Annualized. |
| <sup>(3)</sup> | Annualized. |
| <sup>(4)</sup> | Distributions occurred prior to the commencement of operations of the Institutional Class shares. |
| <sup>(5)</sup> | The Fund's transfer agent reimbursed the Institutional Class $6 (in thousands) for losses incurred. The reimbursement increased the total return by 0.03%. |
| <sup>(6)</sup> | Ratio of expenses to average net assets, less waivers and before expenses paid indirectly. |
| <sup>(7)</sup> | Ratio of net investment income (loss) to average net assets, net of waivers and expenses paid indirectly. |
| <sup>(8)</sup> | Ratio of expenses to average net assets, before waivers and expenses paid indirectly. |
| <sup>(9)</sup> | Ratio of net investment income (loss) to average net assets, before waivers and expenses paid indirectly. |
|  | See notes to financial statements. |

---

**18**

**FINANCIAL STATEMENTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **MARSICO** | **MARSICO** | **MARSICO** | **MARSICO** | **MARSICO** | **MARSICO** | **MARSICO** | **MARSICO** | **MARSICO** | **MARSICO** |
| **GROWTH FUND** | **GROWTH FUND** | **GROWTH FUND** | **GROWTH FUND** | **GROWTH FUND** | **MIDCAP GROWTH FOCUS FUND** | **MIDCAP GROWTH FOCUS FUND** | **MIDCAP GROWTH FOCUS FUND** | **MIDCAP GROWTH FOCUS FUND** | **MIDCAP GROWTH FOCUS FUND** |
| Year | Year | Year | Year | Year | Year | Year | Year | Year | Year |
| Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended |
| 9/30/25 | 9/30/24 | 9/30/23 | 9/30/22 | 9/30/21 | 9/30/25 | 9/30/24 | 9/30/23 | 9/30/22 | 9/30/21 |
| $**26.59** | $**17.97** | $**14.05** | $**29.78** | $**25.66** | $**48.21** | $**33.89** | $**29.61** | $**52.48** | $**39.52** |
| (0.29) | (0.13) | (0.13) | (0.15) | (0.35) | (0.30) | (0.37) | (0.21) | (0.44) | (0.47) |
| <br> 5.14 | 9.11 | 4.05 | (7.25) | 6.85 | 17.62 | 15.16 | 4.49 | (15.83) | 14.77 |
| **4.85** | **8.98** | **3.92** | **(7.40)** | **6.50** | **17.32** | **14.79** | **4.28** | **(16.27)** | **14.30** |
| (2.13) | (0.36) |  | (8.33) | (2.38) | (2.28) | (0.47) |  | (6.60) | (1.34) |
| **(2.13)** | **(0.36)** | **—** | **(8.33)** | **(2.38)** | **(2.28)** | **(0.47)** | **—** | **(6.60)** | **(1.34)** |
| $**29.31** | $**26.59** | $**17.97** | $**14.05** | $**29.78** | $**63.25** | $**48.21** | $**33.89** | $**29.61** | $**52.48** |
| **19.13%** | **50.61%** | **27.90%** | **(34.81)%** | **26.51%** | **37.09%** | **44.01%** | **14.45%** | **(35.52)%** | **36.56%** |
| $361811 | $410945 | $260436 | $222871 | $423855 | $468121 | $284394 | $219855 | $203593 | $379039 |
| <br> 1.29% | 1.34% | 1.45% | 1.19% | 1.37% | 1.31% | 1.40% | 1.44% | 1.34% | 1.33% |
| (0.79)% | (0.62)% | (0.65)% | (0.84)% | (1.07)% | (0.71)% | (0.81)% | (0.54)% | (1.05)% | (0.91)% |
| 1.29% | 1.34% | 1.48% | 1.19% | 1.37% | 1.31% | 1.40% | 1.45% | 1.34% | 1.33% |
| <br> (0.79)% | (0.62)% | (0.68)% | (0.84)% | (1.07)% | (0.71)% | (0.81)% | (0.55)% | (1.05)% | (0.91)% |
| 117% | 62% | 89% | 117% | 58% | 106% | 50% | 56% | 55% | 20% |
| Year | Year | Year | Period |  | Year | Year | Year | Period |  |
| Ended | Ended | Ended | Ended |  | Ended | Ended | Ended | Ended |  |
| 9/30/25 | 9/30/24 | 9/30/23 | 9/30/22<sup>(1)</sup> |  | 9/30/25 | 9/30/24 | 9/30/23 | 9/30/22<sup>(1)</sup> |  |
| $**26.78** | $**18.06** | $**14.08** | $**21.57** |  | $**48.55** | $**34.04** | $**29.68** | $**44.83** |  |
| (0.14) | (0.09) | (0.07) | (0.07) |  | (0.37) | (0.25) | (0.17) | (0.22) |  |
| <br> 5.10 | 9.17 | 4.05 | (7.42) |  | 17.98 | 15.23 | 4.52 | (14.93) |  |
| **4.96** | **9.08** | **3.98** | **(7.49)** |  | **17.61** | **14.98** | **4.35** | **(15.15)** |  |
| (2.13) | (0.36) |  | —<sup>(4)</sup> |  | (2.28) | (0.47) |  | —<sup>(4)</sup> |  |
|  |  |  |  |  |  |  | 0.01 |  |  |
| **(2.13)** | **(0.36)** | **—** | **—** |  | **(2.28)** | **(0.47)** | **0.01** | **—** |  |
| $**29.61** | $**26.78** | $**18.06** | $**14.08** |  | $**63.88** | $**48.55** | $**34.04** | $**29.68** |  |
| **19.43%** | **50.91%** | **28.27%** | **(34.72** **)%<sup>(2)</sup>** |  | **37.44%** | **44.38%** | **14.69** **%<sup>(5)</sup>** | **(33.79** **)%<sup>(2)</sup>** |  |
| $49923 | $48418 | $27177 | $21519 |  | $140249 | $34320 | $15079 | $17012 |  |
| <br> 1.03% | 1.10% | 1.20% | 0.92%<sup>(3)</sup> |  | 1.06% | 1.16% | 1.20% | 1.11%<sup>(3)</sup> |  |
| <br> (0.53)% | (0.37)% | (0.40)% | (0.51)%<sup>(3)</sup> |  | (0.46)% | (0.57)% | (0.32)% | (0.75)%<sup>(3)</sup> |  |
| 1.03% | 1.10% | 1.24% | 0.92%<sup>(3)</sup> |  | 1.06% | 1.16% | 1.21% | 1.11%<sup>(3)</sup> |  |
| <br>(0.53)% | (0.37)% | (0.44)% | (0.51)%<sup>(3)</sup> |  | (0.46)% | (0.57)% | (0.33)% | (0.75)%<sup>(3)</sup> |  |
| 117% | 62% | 89% | 117%<sup>(2)</sup> |  | 106% | 50% | 56% | 55%<sup>(2)</sup> |  |

---

**19**

**FINANCIAL STATEMENTS**

**FINANCIAL HIGHLIGHTS**

For a Fund Share Outstanding Throughout the Period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **MARSICO** | **MARSICO** | **MARSICO** | **MARSICO** | **MARSICO** |
|  | **INTERNATIONAL OPPORTUNITIES FUND** | **INTERNATIONAL OPPORTUNITIES FUND** | **INTERNATIONAL OPPORTUNITIES FUND** | **INTERNATIONAL OPPORTUNITIES FUND** | **INTERNATIONAL OPPORTUNITIES FUND** |
|  | Year | Year | Year | Year | Year |
|  | Ended | Ended | Ended | Ended | Ended |
| **<u>Investor Class:</u>** | 9/30/25 | 9/30/24 | 9/30/23 | 9/30/22 | 9/30/21 |
| **Net Asset Value, Beginning of Period** | $**24.78** | $**16.75** | $**13.84** | $**23.79** | $**20.57** |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.03) | (0.09) | 0.06 | (0.01) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 8.37 | 8.19 | 2.88 | (7.14) | 3.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total from investment operations** | **8.34** | **8.10** | **2.94** | **(7.15)** | **3.77** |
| **Distributions & Other:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.07) | (0.03) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.60) |  |  | (2.80) | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions and other** | **(0.60)** | **(0.07)** | **(0.03)** | **(2.80)** | **(0.55)** |
| **Net Asset Value, End of Period** | $**32.52** | $**24.78** | $**16.75** | $**13.84** | $**23.79** |
| **Total Return** | **34.45%** | **48.51%** | **21.23%** | **(34.08)%** | **18.48%** |
| **Supplemental Data and Ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $105970 | $51229 | $34278 | $30503 | $60274 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses (before expenses paid indirectly) to average net assets<sup>(6)</sup> | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(7)</sup> | (0.48)% | (0.46)% | 0.44% | 0.07% | (0.11)% |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses to average net assets<sup>(8)</sup> | 1.51% | 1.74% | 1.86% | 1.71% | 1.68% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (before waivers, and expenses paid indirectly) to average net assets<sup>(9)</sup> | (0.49)% | (0.70)% | 0.08% | (0.14)% | (0.29)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 54% | 45% | 52% | 18% | 50% |
|  | Year | Year | Year | Period |  |
|  | Ended | Ended | Ended | Ended |  |
| **<u>Institutional Class:</u>** | 9/30/25 | 9/30/24 | 9/30/23 | 9/30/22<sup>(1)</sup> |  |
| **Net Asset Value, Beginning of Period** | $**24.91** | $**16.83** | $**13.86** | $**20.20** |  |
| **Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.08) | (0.05) | 0.13 | 0.03 |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments | 8.55 | 8.24 | 2.85 | (6.37) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total from investment operations** | **8.47** | **8.19** | **2.98** | **(6.34)** |  |
| **Distributions & Other:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.11) | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.60) |  |  | —<sup>(5)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions and other** | **(0.60)** | **(0.11)** | **(0.01)** | **—** |  |
| **Net Asset Value, End of Period** | $**32.78** | $**24.91** | $**16.83** | $**13.86** |  |
| **Total Return** | **34.80%** | **48.92%** | **21.54%** | **(31.39** **)%<sup>(2)</sup>** |  |
| **Supplemental Data and Ratios:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000s) | $55452 | $5188 | $2566 | $4365 |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses (before expenses paid indirectly) to average net assets<sup>(6)</sup> | 1.25% | 1.25% | 1.25% | 1.25%<sup>(3)</sup> |  |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets<sup>(7)</sup> | (0.25)% | (0.21)% | 0.53% | 0.31%<sup>(3)</sup> |  |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses to average net assets<sup>(8)</sup> | 1.30% | 1.76% | 1.98% | 1.81%<sup>(3)</sup> |  |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss (before waivers, and expenses paid indirectly) to average net assets<sup>(9)</sup> | (0.30)% | (0.72)% | (0.20)% | (0.25)%<sup>(3)</sup> |  |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 54% | 45% | 52% | 18%<sup>(2)</sup> |  |

---

<sup>(1)</sup> Institutional Class shares commenced operations on December 6, 2021.

<sup>(2)</sup> Not Annualized.

<sup>(3)</sup> Annualized.

<sup>(4)</sup> Less than $0.01.

<sup>(5)</sup> Distributions occurred prior to the commencement of operations of the Institutional Class shares.

<sup>(6)</sup> Ratio of expenses to average net assets, less waivers and before expenses paid indirectly.

<sup>(7)</sup> Ratio of net investment income (loss) to average net assets, net of waivers and expenses paid indirectly.

<sup>(8)</sup> Ratio of expenses to average net assets, before waivers and expenses paid indirectly.

<sup>(9)</sup> Ratio of net investment income (loss) to average net assets, before waivers and expenses paid indirectly.

See notes to financial statements.

**20**

**FINANCIAL STATEMENTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **MARSICO** | **MARSICO** | **MARSICO** | **MARSICO** | **MARSICO** |
| **GLOBAL FUND** | **GLOBAL FUND** | **GLOBAL FUND** | **GLOBAL FUND** | **GLOBAL FUND** |
| Year | Year | Year | Year | Year |
| Ended | Ended | Ended | Ended | Ended |
| 9/30/25 | 9/30/24 | 9/30/23 | 9/30/22 | 9/30/21 |
| $**25.19** | $**16.88** | $**14.12** | $**25.93** | $**22.83** |
| (0.12) | (0.19) | (0.12) | (0.17) | (0.28) |
| <br> 8.43 | 8.87 | 3.50 | (7.58) | 3.97 |
| **8.31** | **8.68** | **3.38** | **(7.75)** | **3.69** |
| **—** | **—** | **—** | **—** | **—** |
| (0.44) | (0.37) | (0.62) | (4.06) | (0.59) |
| **(0.44)** | **(0.37)** | **(0.62)** | **(4.06)** | **(0.59)** |
| $**33.06** | $**25.19** | $**16.88** | $**14.12** | $**25.93** |
| **33.45%** | **52.21%** | **24.72%** | **(35.55)%** | **16.33%** |
| $275504 | $190745 | $142683 | $137752 | $309493 |
| <br>1.34% | 1.48% | 1.50% | 1.45% | 1.45% |
| <br> (0.64)% | (0.66)% | (0.46)% | (0.56)% | (1.03)% |
| 1.34% | 1.48% | 1.55% | 1.45% | 1.45% |
| <br>(0.64)% | (0.66)% | (0.51)% | (0.56)% | (1.03)% |
| 68% | 44% | 82% | 100% | 65% |
| Year | Year | Year | Period |  |
| Ended | Ended | Ended | Ended |  |
| 9/30/25 | 9/30/24 | 9/30/23 | 9/30/22<sup>(1)</sup> |  |
| $**25.43** | $**16.99** | $**14.17** | $**22.30** |  |
| (0.12) | (0.14) | (0.05) | —<sup>(4)</sup> |  |
| <br> 8.60 | 8.95 | 3.49 | (8.13) |  |
| **8.48** | **8.81** | **3.44** | **(8.13)** |  |
| **—** | **—** | **—** | **—** |  |
| (0.44) | (0.37) | (0.62) | —<sup>(5)</sup> |  |
| **(0.44)** | **(0.37)** | **(0.62)** | **—** |  |
| $**33.47** | $**25.43** | $**16.99** | $**14.17** |  |
| **33.81%** | **52.65%** | **25.07%** | **(36.46** **)%<sup>(2)</sup>** |  |
| $187084 | $170046 | $17590 | $12960 |  |
| <br> 1.07% | 1.15% | 1.25% | 1.06%<sup>(3)</sup> |  |
| <br> (0.38)% | (0.37)% | (0.23)% | (0.02)%<sup>(3)</sup> |  |
| 1.07% | 1.15% | 1.29% | 1.06%<sup>(3)</sup> |  |
| <br>(0.38)% | (0.37)% | (0.27)% | (0.02)%<sup>(3)</sup> |  |
| 68% | 44% | 82% | 100%<sup>(2)</sup> |  |

---

**21**

**NOTES TO FINANCIAL STATEMENTS**

**NOTES TO FINANCIAL STATEMENTS** September 30, 2025

**1.** **Organization** 

The Marsico Investment Fund (the "Trust") was organized on October 1, 1997, as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Focus Fund, Growth Fund, Midcap Growth Focus Fund, International Opportunities Fund, and Global Fund (collectively, the "Funds" and each, a "Fund") are separate investment portfolios of the Trust. The Focus Fund is a non-diversified fund and the Growth Fund, Midcap Growth Focus Fund, International Opportunities Fund, and Global Fund are diversified funds. The Focus Fund and Growth Fund commenced operations on December 31, 1997, the Midcap Growth Focus Fund commenced operations on February 1, 2000, the International Opportunities Fund commenced operations on June 30, 2000, and the Global Fund commenced operations on June 29, 2007. Prior to September 1, 2021, the Midcap Growth Focus Fund was known as the 21ST Century Fund.

On November 17, 2021, the Funds' Board of Trustees (the "Board") approved a Multi-Class Plan ("Multi-Class Plan") pursuant to Rule 18f-3 under the 1940 Act (i) to divide the shares of each Fund into two classes, (ii) to authorize and designate a new Institutional Class of shares for each of the Funds and (iii) to redesignate the existing shares of each of the Funds as Investor Class shares. Effective December 6, 2021, the Institutional Class shares for each of the Funds commenced operations and the existing shares of each of the Funds were redesignated as Investor Class shares. Shares of each class of the Funds represent an equal pro rata interest in such Fund and generally have identical voting, distribution, liquidation and other rights/privileges except that each class shall (a) have a different designation; (b) bear any class expenses; (c) have exclusive voting rights on any matter submitted to shareholders that relates solely to its administration or distribution arrangement; (d) have separate voting rights on any matter submitted to shareholders in which the interests of one class differ from the interests of any other class; and (e) have different shareholder investment minimum requirements.

Trustees and officers of the Trust and employees of Marsico Capital Management, LLC (the "Adviser") own approximately 15%, 26%, 7%, 7%, and 9% of the outstanding Institutional Class shares of the Focus Fund, Growth Fund, Midcap Growth Focus Fund, International Opportunities Fund, and Global Fund, respectively, as of September 30, 2025. Percentage ownership of certain Funds is significant as the Institutional Class of shares for each Fund were initially funded by conversions of Investor Class shares in certain accounts attributed to Trustees and executive officers of the Trust.

**2.** **Significant Accounting Policies** 

The Funds qualify as investment companies under Accounting Standards Update No. 2013-08, Accounting Standard Codification Topic 946, "Financial Services — Investment Companies" ("ASC 946"). The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with Generally Accepted Accounting Principles ("GAAP") in the United States of America for investment companies and follow the accounting guidance provided in ASC 946. The presentation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures of assets and liabilities at the date of the financial statements and the reported amounts and disclosures of income and expenses during the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 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.

**22**

**NOTES TO FINANCIAL STATEMENTS**

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 September 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 September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Expenses
 — The Funds are charged for those expenses that are directly attributable to each Fund,
 such as advisory and custodial fees. Expenses that are not directly attributable to a Fund
 are typically allocated among the Funds in proportion to their respective net assets and
 are in some cases allocated based on other factors. Each class of shares bears a portion
 of their respective Fund expenses, which are allocated daily to each class of shares in proportion
 to their respective net assets of the Fund. Expenses directly attributable to a specific
 class of shares, such as distribution fees for the Investor Class, are charged directly to
 that class of shares. The Funds' expenses may be reduced by expense limitation and fee waiver
 amounts, brokerage credits and uninvested cash balances earning interest or credits. Such
 credits are included in "Less waiver of expenses and expenses paid indirectly" on the Statements
 of Operations.

Brokerage commissions may be paid to certain brokers which reduce transfer agent fees and expenses. For the year ended September 30, 2025, the Funds received no such brokerage commission credits. The Funds received earnings credits on certain cash account balances which reduced transfer agent fees and expenses by $1 (in thousands) for the Focus Fund and less than $1 (in thousands) for each of the Growth Fund, Midcap Growth Focus Fund, International Opportunities Fund, and Global Fund for the year ended September 30, 2025. Brokerage commission credits and earnings credits (if any) are included in "Less waiver of expenses and expenses paid indirectly" on the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Federal
 Income Taxes — Each Fund intends to comply with the requirements of the Internal Revenue
 Code of 1986, as amended (the "Internal Revenue Code"), necessary to continue to qualify
 as a regulated investment company and to make the requisite distributions of income to its
 shareholders which will be sufficient to relieve it from all or substantially all federal
 and state income taxes. Certain Funds may utilize earnings and profits ("E&P") on redemption
 of shares as part of the dividends paid deduction.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Distributions
 to Shareholders — Dividends from net investment income and net realized capital gains,
 if any, will be declared and paid at least annually. Distributions to shareholders are recorded
 on the ex-dividend date. Each Fund may periodically make reclassifications among certain
 of its capital accounts as a result of the timing and characterization of certain income
 and capital gains distributions determined in accordance with federal tax regulations, which
 may differ from GAAP. These reclassifications are due to differing treatment for items such
 as foreign currency transactions and net investment losses.

The Funds at times may invest in real estate investment trusts ("REITs"). REITs generally pay dividends to their investors based upon cash available from their operations and this amount may differ significantly from the REITs' actual E&P determined for income tax purposes. It is common for these dividends to exceed the REITs' taxable E&P, resulting in the excess portion of such dividends eventually being designated as a return of capital. Determination of the tax character of dividends made by REITs is typically performed by the REIT several months subsequent to the payment of the dividend. Therefore, due to timing issues, the Funds may be in a position of being required to calculate and pay required distribution amounts to their shareholders based on the best information available from the REITs, which may be prior to the final determination of the REITs' taxable E&P, and it is possible that a portion of the Funds' distribution amounts could include a return of capital to shareholders for federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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.

**23**

**NOTES TO FINANCIAL STATEMENTS**

**NOTES TO FINANCIAL STATEMENTS** September 30, 2025 (continued)

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.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Derivative
 Instruments — "Disclosure about Derivative Instruments and Hedging Activities" (the
 "Derivatives Statement") requires enhanced disclosures about the Funds' derivative and hedging
 activities, including how such activities are accounted for and their effects on the Funds'
 financial position, performance and cash flows.

The Funds are not intended as vehicles for investing substantially in derivative instruments, and may hold derivative instruments only infrequently. The Funds enter into derivative instruments in order to increase exposure to certain investments, asset classes, or markets, or for hedging purposes to hedge against adverse movements in securities prices, currency rates or interest rates. The Funds can hold various types of derivative instruments such as futures contracts and options on securities, financial indexes, and foreign currencies, options on futures, forward foreign currency contracts, interest rate swaps, credit default swaps, and swap-related products. The use of derivative instruments may involve risks such as the possibility of illiquid markets or imperfect correlation between the value of the derivative instruments and the underlying securities, or that the counterparty will fail to perform its obligations. There were no outstanding derivative instruments held by the Funds as of September 30, 2025, nor did the Funds utilize derivative instruments during the year ended September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-Interested
 Trustees' Deferred Fee Plan — Effective February 1, 2000, the Board adopted the Marsico
 Investment Fund Deferred Fee Plan (the "Deferred Fee Plan"), amended and restated as of December
 30, 2005, which allows the Trustees who are not "interested persons" of the Funds, as defined
 in the 1940 Act ("non-interested Trustees"), to defer the receipt of all or a portion of
 their compensation received from the Funds and may be invested as directed by each non-interested
 Trustee. The Deferred Fee Plan was further amended and restated as of November 10, 2020 to
 allow for any deferred fees credited to accounts established on behalf of the non-interested
 Trustees to be invested into the Funds and other investment options allowed under the Deferred
 Fee Plan, such as a non-affiliated US government money market fund, among other clarifying
 changes. The amounts credited to these accounts increase or decrease in accordance with the
 performance of the investments selected by the non-interested Trustees. The market value
 of the deferred account balances as of September 30, 2025 is shown on the Statements of Assets
 and Liabilities as part of an asset account, "Prepaid expenses and other assets," and a liability
 account, "Accrued trustees' fees." Additionally, the fluctuation of the account balances
 due to the performance of the investments is recorded by the Funds as unrealized appreciation
 (depreciation), which is shown as part of "Total distributable earnings" on the Statements
 of Assets and Liabilities, and as compensation expense, which is shown as part of the expense
 account "Trustees' fees and expenses" on the Statements of Operations. Fees earned and deferred
 by the non-interested Trustees for the year ended September 30, 2025 are also included in
 "Trustees' fees and expenses" on the Statements of Operations. Amounts contributed to the
 Deferred Fee Plan will be deferred until distributed in accordance with the Deferred Fee
 Plan. Unrealized appreciation (depreciation) of the investments held in the Deferred Fee
 Plan is subject to the Funds' expense reimbursement agreement with the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Investment
 Transactions and Investment Income — Investment transactions are accounted for on a
 trade date basis. Each Fund determines the gain or loss realized from the investment transactions
 by comparing the original cost of the security lot sold with the net sale proceeds.

Dividend income is recognized on the ex-dividend date. Dividends from foreign securities may be subject to withholding taxes in foreign jurisdictions. Withholding taxes are accrued at the time the associated dividends are recorded. The Funds seek to file withholding tax reclaims in certain jurisdictions to recover a portion of the tax amounts previously withheld. The Funds record reclaim receivable amounts based on, among other things, a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. There is no guarantee that the Funds will receive reclaim amounts applied for in a timely manner or at all. Certain dividends from foreign securities are recorded when the Funds are informed of the dividend if such information is obtained subsequent to the ex-dividend date. Interest income, if any, is recognized on an accrual basis and includes amortization of premiums and accretion of discounts.

Income, as well as gains and losses, both realized and unrealized, are allocated daily to each class of shares in proportion to their respective net assets of each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Segment
 Reporting — The Funds adopted Accounting Standards Update 2023-07, Segment Reporting
 (Topic 280): "Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). Adoption of
 the new standard impacted the Funds' financial statement note disclosures only and did not
 affect the Funds' financial positions or the results of their operations.

Each Fund represents a single operating segment. Subject to oversight by the Board, officers of the Trust act as the chief operating decision makers ("CODM"), as it relates to ASU 2023-07. The CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. Each Fund's portfolio composition, income, expenses, changes in net assets, and performance are regularly monitored and assessed by the CODM. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds' financial statements.

**24**

**NOTES TO FINANCIAL STATEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;(j) Indemnifications
 — In the normal course of business, the Funds enter into contracts that contain provisions
 indemnifying other parties against specified potential liabilities. Each Fund's maximum exposure
 under these arrangements is unknown as this would involve future claims that may be made
 against the Fund that have not yet occurred. However, based on experience, the Funds expect
 the risk of loss in connection with these potential indemnification obligations to be remote.
 There can be no assurance that material liabilities related to such obligations will not
 arise in the future, which may adversely impact a Fund.

**3.** **Investment Advisory Agreement and Transactions with Affiliates** 

Each Fund has an agreement with the Adviser to furnish investment advisory services to the Funds. Each Fund calculates and accrues the investment advisory fee daily based on the following rates (expressed as annual rates) and pays the Adviser monthly:

---

| | |
|:---|:---|
| **Annual Rate of Average Daily Net Assets** | **Asset Threshold** |
| 0.80% | First $250 million |
| 0.75% | Next $250 million |
| 0.70% | Next $250 million |
| 0.65% | In excess of $750 million |

---

The Adviser has entered into a written expense limitation and fee waiver agreement under which it has agreed (i) to limit the total expenses of the Investor Class of each Fund (excluding taxes, interest, acquired fund fees and expenses, litigation, extraordinary expenses, and brokerage and other transaction expenses relating to the purchase or sale of portfolio investments) to an annual rate of 1.50% of the average net assets attributable to Investor Class shares of the International Opportunities Fund and Global Fund, and 1.45% of the average net assets attributable to Investor Class shares of the Focus Fund, Growth Fund and Midcap Growth Focus Fund, and (ii) to limit the total expenses of the Institutional Class of each Fund (excluding taxes, interest, acquired fund fees and expenses, litigation, extraordinary expenses, and brokerage and other transaction expenses relating to the purchase or sale of portfolio investments) to an annual rate of 1.25% of the average net assets attributable to Institutional Class shares of the International Opportunities Fund and Global Fund, and 1.20% of the average net assets attributable to Institutional Class shares of the Focus Fund, Growth Fund and Midcap Growth Focus Fund, until January 31, 2026. This expense limitation and fee waiver agreement may be terminated by the Adviser at any time after January 31, 2026, upon 15 days prior notice to the Fund and its administrator. Amounts waived/reimbursed by the Adviser in accordance with this agreement are included in "Less waiver of expenses and expenses paid indirectly" on the Statements of Operations.

During the year ended September 30, 2025, the Adviser waived or reimbursed the following amounts.

---

| | |
|:---|:---|
| (Amounts in thousands) | Fees Waived/Reimbursed<br> by the Adviser |
| International Opportunities Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | $10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | $10 |

---

The Adviser may recoup from a Fund (or share class as applicable) any fees previously waived and/or expenses previously reimbursed by the Adviser with respect to that Fund or share class, as applicable, including any applicable waivers which may apply to a specific share class, pursuant to this agreement (including waivers or reimbursements under previous expense limitations), if (1) such recoupment by the Adviser does not cause the Fund's share class, at the time of recoupment, to exceed the lesser of (a) the expense limitation in effect at the time the relevant amount was waived and/or reimbursed, or (b) the expense limitation in effect at the time of the proposed recoupment, (2) the recoupment is made within three years after the fiscal year end date as of which the amount to be waived or reimbursed was determined and the waiver or reimbursement occurred, and (3) the Adviser has not agreed to forego recoupment. As of September 30, 2025, recoupment amounts (in thousands) that may potentially be made to the Adviser are as follows:

---

| | | |
|:---|:---|:---|
|  | International<br>Opportunities Fund | International<br>Opportunities Fund |
| Year of Expiration | Investor Class | Institutional Class |
| 2026 | $126 | $23 |
| 2027 | 100 | 19 |
| 2028 | 10 | 10 |
|  | $236 | $52 |

---

Certain officers of the Trust are also officers of the Adviser. The Funds pay a portion of the Chief Compliance Officer's total compensation costs which is shown as part of the expense account "Professional fees" on the Statements of Operations. No other officers of the Trust received compensation from the Funds during the year ended September 30, 2025.

**25**

**NOTES TO FINANCIAL STATEMENTS**

**NOTES TO FINANCIAL STATEMENTS** September 30, 2025 (continued)

**4.** **Distribution and Service Plan** 

The Funds have adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act, and effective November 17, 2021, the Board approved a Third Amended and Restated Distribution and Service Plan (as amended, the "Plan"). The Plan authorizes payments by the Funds in connection with the distribution of their Investor Class shares at an annual rate, as determined from time to time by the Board, of up to 0.25% of a Fund's average daily net assets attributable to Investor Class shares. Institutional Class shares of the Funds are not subject to a 12b-1 fee. The Plan clarifies that while the maximum 12b-1 Fee rate remains limited to 0.25% per annum of each Fund's average daily net assets attributable to Investor Class shares, one or more Funds may be charged a lower rate from time to time upon approval by the Board, and the rate may vary by Fund. Each Fund currently accrues 12b-1 Fees for its Investor Class shares at a rate of 0.25% per annum of the average daily net assets attributable to Investor Class shares of the Fund until such time as the Board authorizes a different rate. The Plan also clarifies that previously accrued amounts of the 12b-1 Fee for each Fund may be used by that Fund to pay any current or previously accrued expenses of the Fund authorized by the Plan, including non-distribution expenses, authorized by the Plan.

Payments may be made by the Funds under the Plan for the purpose of financing any activity primarily intended to result in the sales of Investor Class shares of the Funds, as determined by the Board, as well as for account maintenance and personal services to Investor Class shareholders and any other non-distribution-related services. The Adviser may, out of its own resources (which may include legitimate profits from providing advisory services to the Funds or other clients) and, at its sole discretion, make certain payments on behalf of the Funds or the Plan for expenses incurred by a Fund for distribution of Fund shares and related services or for administrative or other expenses incurred by the Fund.

**5.** **Investment Transactions** 

The aggregate purchases and sales of securities, excluding short-term investments, for the Funds for the year ended September 30, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands) | Focus<br> Fund | Growth <br>Fund | Midcap <br>Growth Focus <br>Fund | International <br>Opportunities <br>Fund | Global <br>Fund |
| Purchases | $661581 | $503824 | $569768 | $111212 | $264577 |
| Sales | $815573 | $626231 | $439139 | $45908 | $278752 |

---

There were no purchases or sales of US government securities, excluding short-term investments.

**6.** **Market Developments, Events, and Risks** 

Global economies and financial markets increasingly are interconnected, and conditions and events in one country, region or financial market may adversely impact markets, issuers, or economies in different countries, regions or financial markets. These risks may be magnified if certain events or developments adversely affect the safety or health of individuals around the world or interrupt the global supply chain. In these and other circumstances, such risks might affect companies and investments worldwide. As a result, local, regional or global events such as war, acts of terrorism, political or social disruptions, natural or man-made disasters, the spread of infectious illness or other public health issues, inflation, volatile interest rates, trade tensions, the threat or actual imposition of tariffs, recessions or other events could have a significant negative impact on global economic and market conditions. Such events could adversely affect the operational and financial performance of the issuers of securities in which the Funds invest, and such uncertainty may in turn continue to impact the value of the Funds' investments.

**7.** **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 2022-2025 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 year ended September 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.

**26**

**NOTES TO FINANCIAL STATEMENTS**

At September 30, 2025, gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands) | Focus <br>Fund | Growth <br>Fund | Midcap <br>Growth Focus <br>Fund | International <br>Opportunities <br>Fund | Global <br>Fund |
| Cost of Investments | $503757 | $184900 | $443187 | $118290 | $241838 |
| Gross Unrealized Appreciation | $599269 | $229727 | $222791 | $47449 | $221062 |
| Gross Unrealized Depreciation |  | (108) | (1513) | (1107) | (877) |
| Net Unrealized Appreciation on Investments | $599269 | $229619 | $221278 | $46342 | $220185 |

---

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to wash sale loss deferrals and treatment of certain corporate action transactions.

As of September 30, 2025, the Focus Fund, Growth Fund, Midcap Growth Focus Fund, International Opportunities Fund, and Global Fund, respectively, had (in thousands) $4,734, $2,366, $1,474, $22, and $1,178 of qualified late-year losses, which are deferred until fiscal year 2026 for tax purposes. Net late-year losses that are deferred are deemed to arise on the first day of the Fund's next taxable year.

As of September 30, 2025, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands) | Focus<br> Fund | Growth <br> Fund | Midcap<br> Growth Focus<br> Fund | International<br> Opportunities<br> Fund | Global<br> Fund |
| Undistributed Trustees' Deferred Compensation | $(5488) | $(2185) | $(1043) | $(328) | $(2391) |
| Undistributed Long-Term Capital Gains | 158037 | 55869 | 58698 | 5805 | 37959 |
| Tax Accumulated Earnings | 152549 | 53684 | 57655 | 5477 | 35568 |
| Accumulated Capital and Other Losses | (4734) | (2366) | (1474) | (22) | (1178) |
| Net Unrealized Appreciation on Investments | 599269 | 229619 | 221278 | 46342 | 220185 |
| Net Unrealized Appreciation on Foreign Currency Translations |  |  |  | 5 | 7 |
| Trustees' Deferred Compensation Mark-to-Market | 320 | 135 | 118 | 19 | 80 |
| Total Accumulated Earnings | $747404 | $281072 | $277577 | $51821 | $254662 |

---

The tax character of distributions paid during the fiscal years ended September 30, 2025 and 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 |
| (Amounts in thousands) | Ordinary Income | Long-Term Capital Gains | Ordinary Income | Long-Term Capital Gains |
| Focus Fund | $— | $60190 | $— | $16036 |
| Growth Fund | 6848 | 29887 |  | 5735 |
| Midcap Growth Focus Fund | 819 | 15313 |  | 3199 |
| International Opportunities Fund |  | 1403 | 158 |  |
| Global Fund |  | 6057 |  | 3444 |

---

The tax character of dividends paid may differ from that shown in the Financial Highlights due to short-term gains being treated as ordinary income for tax purposes.

**8.** **New Accounting Pronouncements** 

The Financial Accounting Standards Board issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740), "Improvements to Income Tax Disclosures" ("ASU-2023-09"), which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction, on an annual basis, and remove information that is no longer beneficial. ASU-2023-09 is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the adoption, but does not believe there will be a material impact on the Funds' financial statements and related disclosures.

**9.** **Subsequent Events** 

Management of the Adviser has determined that there were no material subsequent events that would require disclosure in the Funds' financial statements.

**27**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of The Marsico Investment Fund and Shareholders of Marsico Focus Fund, Marsico Growth Fund, Marsico Midcap Growth Focus Fund, Marsico International Opportunities Fund, and Marsico Global Fund

**Opinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Marsico Focus Fund, Marsico Growth Fund, Marsico Midcap Growth Focus Fund, Marsico International Opportunities Fund, and Marsico Global Fund (constituting The Marsico Investment Fund, hereafter collectively referred to as the "Funds") as of September 30, 2025, the related statements of operations for the year ended September 30, 2025, the statements of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinions.

![](tm2528564d1_item7img020.jpg)

Denver, Colorado

November 19, 2025

We have served as the auditor of one or more investment companies in The Marsico Investment Fund since 1997.

**28**

**OTHER TAX INFORMATION**

**OTHER TAX INFORMATION** (Unaudited)

**Corporate Dividends Received Deduction**

For the fiscal year ended September 30, 2025, 0% of the dividends paid from net investment income qualified for the dividends received deduction available to corporate shareholders of each of the Focus Fund, Growth Fund, Midcap Growth Focus Fund, International Opportunities Fund, and Global Fund.

**Qualified Dividend Income**

Pursuant to Section 854 of the Internal Revenue Code, the Focus Fund, Growth Fund, Midcap Growth Focus Fund, International Opportunities Fund, and Global Fund each designated income dividends (in thousands) of $0 as qualified dividend income paid during the fiscal year ended September 30, 2025.

**Foreign Taxes Paid**

Pursuant to the foreign tax credit election under Section 853 of the Internal Revenue Code, the International Opportunities Fund designated (in thousands) $581 of income derived from foreign sources and $41 of foreign taxes paid, for the fiscal year ended September 30, 2025.

Of the ordinary income (including short-term capital gain) distributions made during the fiscal year ended September 30, 2025, the proportionate share of income derived from foreign sources and foreign taxes paid attributable to one share of stock are:

---

| | | |
|:---|:---|:---|
|  | Foreign Source Income | Foreign Taxes Paid |
| International Opportunities Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1174 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.0083 |

---

**Long Term Capital Gains Designation**

For the fiscal year ended September 30, 2025, the Focus Fund, Growth Fund, Midcap Growth Focus Fund, International Opportunities Fund, and Global Fund designated (in thousands) $60,190, $29,887, $15,313, $1,403, and $6,057, respectively, as a 20% rate gain distribution for the purpose of the dividends paid deduction. For income tax purposes, the Funds may utilize earnings and profits distributed to shareholders on the redemption of shares as part of the dividends paid deduction.

**29** 

**OTHER INFORMATION**

**OTHER INFORMATION** (Unaudited)

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The remuneration paid to directors, officers and others is included as part of the Financial Statements. Please refer to the Statements of Operations in the Financial Statements under Item 7 above.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable. The Board did not approve any new investment advisory contracts or investment advisory contract renewals during the most recent fiscal half year.

 **30**

**MARSICO FUNDS**

**NOTES**

 **31**

**MARSICO FUNDS**

**NOTES**

**32**![](tm2528564d1_item7img100.jpg)

![](tm2528564d1_item7img021.jpg)

(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form N-CSR.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers and Others of Open-End Management Investment Companies

The remuneration paid to directors, officers and others is included as part of the financial statements filed under Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

The registrant's statement regarding basis for approval of investment advisory contract is included as part of the financial statements filed under Item 7 of this Form N-CSR.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

### Item 15. Submission of Matters to a Vote of Security Holders
Not applicable.

Item 16. Controls and Procedures

(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation

Not applicable.

Item 19. Exhibits

[(a)(1)](tm2528564d1_ex99-codeeth.htm) [Code of Ethics, or amendments thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing of an exhibit - Filed as an attachment to this filing.](tm2528564d1_ex99-codeeth.htm)

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.

Not applicable.

[(a)(3)](tm2528564d1_ex99-cert.htm) [Certification for each principal executive and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). Filed as an attachment to this filing.](tm2528564d1_ex99-cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940, as amended, that was sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(a)(5) Change in the registrant's independent public accountant.

Not applicable.

[(b)](tm2528564d1_ex99-906cert.htm) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350). Filed as an attachment to this filing.](tm2528564d1_ex99-906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

The Marsico Investment Fund

---

| | |
|:---|:---|
| By: | /s/ Neil L. Gloude |
|  | Neil L. Gloude, |
|  | Executive Vice President |
|  | (Principal Executive Officer) |

---

Date: December 4, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Neil L. Gloude |
|  | Neil L. Gloude, |
|  | Executive Vice President |
|  | (Principal Executive Officer) |

---

Date: December 4, 2025

---

| | |
|:---|:---|
| By: | /s/ Lynnett E. F. Macfarlane |
|  | Lynnett E. F. Macfarlane, |
|  | Vice President, Secretary and Treasurer |
|  | (Principal Financial Officer) |

---

Date: December 4, 2025

## Ex-99.Codeeth

**Exhibit** **99.CODEETH**

**THE MARSICO INVESTMENT FUND**

**CODE OF ETHICS FOR COVERED OFFICERS**

**I. Covered Officers/Purpose of the Code**

This Code of Ethics for Covered Officers ("Code") of the portfolios of The Marsico Investment Fund (individually or collectively the "Fund" or "Funds") applies to the Fund's Principal Executive Officer and its Principal Financial Officer (the "Covered Officers" as identified in Exhibit A). The Code is intended to promote:

· Honest and ethical conduct, including the ethical handling of actual or apparent
conflicts of interest between personal and professional relationships;

· Full, fair, accurate, timely, and understandable disclosure in reports and
documents that the Fund files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications
made by the Fund;

· Compliance with applicable laws and governmental rules and regulations;

· The prompt internal reporting of violations of the Code to an appropriate
person or persons identified in the Code; and

· Accountability for adherence to the Code.

**II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest**

Each Covered Officer should adhere to a high standard of business ethics, and should be sensitive to situations that may give rise to either an actual or an apparent conflict of interest.

**Overview.** An actual "conflict of interest" occurs when a Covered Officer's private interests interfere with the interests of the Fund or the Covered Officer's service to the Fund. For example, a conflict of interest may arise if a Covered Officer, or a member of his immediate family (including any parent, spouse of a parent, child, spouse of a child, spouse, brother, or sister; including step and adoptive relationships), receives improper personal benefits as a result of his position with the Fund.

A potential conflict of interest occurs when a Covered Officer's private interest is such that it might, under certain circumstances, interfere with the interests of the Fund or the Officer's service to the Fund, but those circumstances do not now exist.

Appearances may create an apparent conflict of interest even when an actual conflict does not exist. For example, an apparent conflict may exist if a Covered Officer owns a security that the Fund is buying, even if there is no actual conflict of interest.

Though some potential or apparent conflicts are permissible, material conflicts should be addressed appropriately as discussed below, and all conflicts should be handled sensitively and ethically.

**Some Conflicts Addressed by Other Laws and Procedures.** Certain actual or potential conflicts of interest may arise from the relationships between the Covered Officers and the Fund. Many of these conflicts generally are subject to restrictions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act") and the rules adopted under those laws. For example, Covered Officers may not purchase or sell portfolio securities or other property from or to the Fund, or engage in certain joint transactions with the Fund, because of their status as "affiliated persons" of the Fund. The compliance programs and procedures of the Fund and Marsico Capital Management, LLC, the Fund's investment adviser ("adviser" or "MCM") are designed to prevent, or identify and correct, violations of those restrictions or similar restrictions. This Code is not intended to replace the procedures designed to address these conflicts, which fall outside of the parameters of this Code.

Other actual or potential conflicts may arise from the contractual relationship between the Fund and MCM, which also employs the Covered Officers. This relationship may or may not present an opportunity for improper personal benefit. In fulfilling their duties to MCM, Covered Officers must necessarily establish policies and implement decisions that may have differing effects on MCM compared to the Fund. The Covered Officers' participation in such activities is contemplated by the Investment Company Act, is inherent in the contractual relationship between the Fund and MCM, and is not inconsistent with their performance of their duties as officers of the Fund. Such activities will be deemed to have been handled ethically as long as they are in conformity with the Covered Officers' duties and obligations under the Investment Company Act, the Investment Advisers Act, the Fund's contract(s) with MCM, and any applicable compliance procedures of MCM and the Fund.

**Conflicts Addressed by the Code.** This Code is intended to cover certain other actual or apparent conflicts of interest that are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The overarching principle underlying the Code is that the personal interests of a Covered Officer should not be placed improperly before the interests of the Fund. Here are some actions that each Covered Officer should forgo in order to avoid placing the Covered Officer's interests before those of the Fund:

Among other restricted actions, each Covered Officer must not:

· Use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund so that the Covered Officer would benefit personally to the detriment of the Fund;

· Cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than for the benefit of the Fund;

· Use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally with the intent of benefiting from the market effect of such transactions;

· Retaliate against any other Covered Officer, or any employee of the Fund, MCM, other service providers, or their affiliated persons, for good faith reports of potential violations of the Code.

**Potential Conflicts to be Discussed.** A Covered Officer should discuss potential conflicts of interest with the Fund's Chief Legal Officer (if the Board has elected a Chief Legal Officer) ("CLO") or with the Fund's Chief Compliance Officer ("CCO") (if the Board has or has not elected a CLO) if the Covered Officer becomes aware of the existence of a conflict of interest that appears likely to be material. The CLO and CCO are the individuals identified as such in the currently effective Statement of Additional Information for the Funds. Covered Officers are also encouraged to discuss with the CLO or CCO any potential conflict the materiality of which is uncertain. Examples include:<sup>1</sup>

· Certain situations discussed in the separate Code of Ethics of the Fund and MCM under Rule 17j-1 under the Investment Company Act, such as service as a director of a for-profit company; or the receipt of gifts or entertainment that could raise any question of impropriety.

· Any ownership interest in, or any consulting or employment relationship with, any of the Fund's service providers other than its investment adviser, principal underwriter, administrator or any affiliated person thereof.

· A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares, other than any such interest that may be deemed to arise from the Covered Officer's employment by MCM or ownership of a related interest (such as compensation or equity ownership).

**III. Disclosure and Compliance**

Each Covered Officer should promote appropriate disclosure of accurate information about the Fund in required reports and other communications, and promote compliance with applicable laws and regulations.

<sup>1</sup> Any activity or relationship that would present a conflict if a Covered Officer engages in the activity or has such a relationship may also present a conflict if a member of the Covered Officer's immediate family engages in the activity or has such a relationship.

· Each Covered Officer must familiarize himself with the disclosure requirements generally applicable to the Fund and the Fund's Disclosure Controls and Procedures.

· Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, either within or outside the Fund, including to the Fund's trustees and auditors, and to governmental regulators and self-regulatory organizations.

· Each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Fund and MCM, and with outside professionals when he deems it necessary, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds.

· Each Covered Officer has the responsibility to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

· Upon adoption of the Code (or thereafter, upon becoming a Covered Officer), affirm in writing to the Fund's Board of Trustees (the "Board") that the Covered Officer has received, read, and understands this Code.

· Thereafter, annually affirm to the Board that the Covered Officer has complied with the requirements of this Code (see Exhibit B).

· Respond fully at least annually to questions in the Fund's Questionnaire for Directors and Officers relating to categories of affiliations or other relationships concerning possible conflicts of interest.

· Notify the CLO or CCO promptly if the Covered Officer is aware of facts and circumstances that he knows are a violation of this Code. Failure to do so is a violation of this Code.

**V. Investigation and Enforcement**

The Fund's CLO or CCO (if and when consulted by a Covered Officer) is responsible for applying this Code to specific situations in which questions are presented under it, and has the authority to interpret this Code in any situation. However, any waivers<sup>2</sup> sought by the Principal Executive Officer will be considered by the Audit Committee of the Board (the "Committee").

The Fund will follow these procedures in investigating and enforcing this Code:

· The CLO or CCO will take all appropriate action to investigate any potential violations reported to him;<sup>3</sup>

· If, after such investigation, the CLO or CCO in his sole discretion believes that no violation has occurred, the CLO or CCO is not required to take any further action (such as reporting to the Committee).

· Any matter that the CLO or CCO believes is a violation will be reported to the Committee.

· If the Committee concurs that a violation has occurred, it may determine whether the violation actually had any material adverse impact, and if such impact did exist will inform the Board. The Board (without the participation of the Covered Officer) will consider appropriate action, which may include review of and appropriate modifications to applicable policies and procedures, notification to appropriate personnel of MCM, or a recommendation to dismiss the Covered Officer.

· The Committee will be responsible for granting waivers, as appropriate.

· Any amendments to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

<sup>2</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics." Both waivers and "implicit waivers" must be disclosed as provided by SEC rules. Form N-CSR defines "implicit waiver" as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant.

<sup>3</sup> The CLO or CCO is authorized but not required to consult, as appropriate, with each other, the chair of the Committee, counsel to the Independent Trustees of the Fund, and counsel to the Fund, and is encouraged to do so.

**VI. Other Policies and Procedures**

This Code shall be the sole Code of Ethics for Covered Officers adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, the Fund's adviser, principal underwriter, or other service providers may govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The separate Code of Ethics of the Fund and MCM under Rule 17j-1 under the Investment Company Act contains separate requirements applying to the Covered Officers and others, and is not part of this Code.

**VII. Amendments**

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, and disclosed as required by SEC rules.

**VIII. Confidentiality**

All reports and records prepared or maintained pursuant to this Code will be considered confidential and will be maintained for six years in accordance with Rule 31a-2 under the Investment Company Act (the first 2 years in an easily accessible place) and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund, MCM, the Board (and any committee of the Board) and their counsel.

**IX. Internal Use**

The Code is intended solely for internal use by the Fund, and does not constitute an admission by any Fund as to any fact, circumstance, or legal conclusion.

**\* \* \***

The CCO will review this Code at least annually to determine whether it should be amended or updated, and will annually report to the Board on the operation of the Code, any material changes or recommendations for material changes in the Code, and any material compliance matters under the Code.

Approved by the Chief Compliance Officer of the Funds on September 20, 2004

Approved by the Board of Trustees of the Funds on September 30, 2004

Effective as of October 1, 2004

Annual approval by the Chief Compliance Officer of the Funds and Board of Trustees:

Approved by: /s/ David C. Price, Chief Compliance Officer on August 10, 2005

Ratified by the Board at the meeting on August 10, 2005 without amendment.

Approved by: /s/ David C. Price, Chief Compliance Officer on August 9, 2006

Ratified by the Board at the meeting on August 9, 2006 without amendment.

Approved by: /s/ David C. Price, Chief Compliance Officer on July 25, 2007

Ratified by the Board at the meeting on July 25, 2007 without amendment.

Amended Effective July 1, 2008

Approved by: /s/ David C. Price, Chief Compliance Officer on July 1, 2008

Ratified by the Board at the meeting on August 13, 2008 as amended.

Approved by: /s/ David C. Price, Chief Compliance Officer on August 12, 2009

Ratified by the Board at the meeting on August 12, 2009 without amendment.

Amended Effective May 17, 2010

Approved by: /s/ David C. Price, Chief Compliance Officer on May 17, 2010

Ratified by the Board at the meeting on August 11, 2010 as amended.

Approved by: /s/ David C. Price, Chief Compliance Officer on August 10, 2011

Ratified by the Board at the meeting on August 10, 2011 without amendment.

Approved by: /s/ David C. Price, Chief Compliance Officer on August 8, 2012

Ratified by the Board at the meeting on August 8, 2012 without amendment.

Approved by: /s/ David C. Price, Chief Compliance Officer on August 14, 2013

Ratified by the Board at the meeting on August 14, 2013 without amendment.

Approved by: /s/ David C. Price, Chief Compliance Officer on August 13, 2014

Ratified by the Board at the meeting on August 13, 2014 without amendment.

Approved by: /s/ David C. Price, Chief Compliance Officer on August 12, 2015

Ratified by the Board at the meeting on August 12, 2015 without amendment.

Approved by: /s/ Steven R Carlson, Chief Compliance Officer on August 10, 2016

Ratified by the Board at the meeting on August 10, 2016 without amendment.

Approved by: /s/ Steven R Carlson, Chief Compliance Officer on August 9, 2017

Ratified by the Board at the meeting on August 9, 2017 without amendment

Approved by: /s/ Steven R Carlson, Chief Compliance Officer on August 8, 2018

Ratified by the Board at the meeting on August 8, 2018 without amendment

Approved by: /s/ Steven R Carlson, Chief Compliance Officer on August 14, 2019

Ratified by the Board at the meeting on August 14, 2019 without amendment

Approved by: /s/ Steven R Carlson, Chief Compliance Officer on August 12, 2020

Ratified by the Board at the meeting on August 12, 2020 without amendment

Approved by: /s/ Steven R Carlson, Chief Compliance Officer on August 11, 2021

Ratified by the Board at the meeting on August 11, 2021 without amendment

Approved by: /s/ Christopher Girvan, Chief Compliance Officer on August 10, 2022

Ratified by the Board at the meeting on August 10, 2022 without amendment

Approved by: /s/ Christopher Girvan, Chief Compliance Officer on August 9, 2023

Ratified by the Board at the meeting on August 9, 2023 as amended

Approved by: /s/ Christopher Girvan, Chief Compliance Officer on August 21, 2024

Ratified by the Board at the meeting on August 21, 2024 without amendment

Approved by: /s/ Christopher Girvan, Chief Compliance Officer on August 20, 2025

Ratified by the Board at the meeting on August 20, 2025 without amendment

**Exhibit A**

Persons Covered by this Code of Ethics for Covered Officers:

Neil L. Gloude

Executive Vice President of The Marsico Investment Fund

Lynnett E. F. Macfarlane

Vice President, Secretary and Treasurer of The Marsico Investment Fund

**Exhibit B**

Annual Certification of Compliance

**With the Code of Ethics For Covered Officers** 

**of The Marsico Investment Fund**

I hereby acknowledge receipt of the Code of Ethics for Covered Officers of the Fund ("Code for Officers") of The Marsico Investment Fund. I hereby certify that (i) I have recently read or re-read the Code for Officers and understand its provisions; and (ii) have complied with and will continue to comply with the requirements of the Code for Officers.

    <br> Neil L. Gloude Date

Executive Vice President

The Marsico Investment Fund

    <br> Lynnett E. F. Macfarlane Date

Vice President, Secretary and Treasurer

The Marsico Investment Fund

## Ex-99.Cert

**Exhibit 99.CERT**

302 Certification

I, Neil L. Gloude, certify that:

1. I have reviewed this report on Form N-CSR of The Marsico Investment Fund (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control
over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee
of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Neil L. Gloude |
|  | Neil L. Gloude, |
|  | Executive Vice President |
|  | (Principal Executive Officer) |

---

Date: December 4, 2025

302 Certification

I, Lynnett E. F. Macfarlane, certify that:

1. I have reviewed this report on Form N-CSR of The Marsico Investment Fund (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control
over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee
of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Lynnett E. F. Macfarlane |
|  | Lynnett E. F. Macfarlane, |
|  | Vice President, Secretary and Treasurer |
|  | (Principal Financial Officer) |

---

Date: December 4, 2025

## Exhibit 99.906

**Exhibit 99.906CERT**

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

I, Neil L. Gloude, Principal Executive Officer of The Marsico Investment Fund (the "Registrant"), certify to my knowledge that:

1. The Form of the N-CSR of the Registrant (the "Report") for the period ended September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| By: | /s/ Neil L. Gloude |
|  | Neil L. Gloude, |
|  | Executive Vice President |
|  | (Principal Executive Officer) |

---

Date: December 4, 2025

A signed original of this written statement required by Section 906 has been provided to The Marsico Investment Fund and will be retained by The Marsico Investment Fund and furnished to the SEC or its staff upon request.

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

I, Lynnett E. F. Macfarlane, Principal Financial Officer of The Marsico Investment Fund (the "Registrant"), certify to my knowledge that:

1. The Form of the N-CSR of the Registrant (the "Report") for the period ended September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| By: | /s/ Lynnett E. F. Macfarlane |
|  | Lynnett E. F. Macfarlane, |
|  | Vice President, Secretary and Treasurer |
|  | (Principal Financial Officer) |

---

Date: December 4, 2025

A signed original of this written statement required by Section 906 has been provided to The Marsico Investment Fund and will be retained by The Marsico Investment Fund and furnished to the SEC or its staff upon request.