Unassociated Document

Commitment to long-term investing can create a

solid foundation for generations to come.

OCTOBER 2009

DEAR SHAREHOLDER:

Enclosed is your annual report for The Marsico Investment Fund, encompassing the one-year fiscal period from October 1, 2008 to September 30, 2009.

The purpose of this report is to provide a retrospective for the Marsico Funds’ one-year investment results by discussing what we believe were the main areas that impacted performance – including the macroeconomic environment, sector and industry positioning, and individual stock selection – as compared to the Funds’ performance benchmark indexes. For updated information regarding the market environment and the Funds’ overall investment postures and performance, please refer to the Funds’ most recent monthly fact sheets and quarterly investment updates, which are available under the name of each Fund on the Funds’ website at www.marsicofunds.com.

TABLE OF CONTENTS

KEY FUND STATISTICS	4
MARKET ENVIRONMENT	7

MARSICO FOCUS FUND
Investment Review	9
Fund Overview	12
Schedule of Investments	13

MARSICO GROWTH FUND
Investment Review	9
Fund Overview	14
Schedule of Investments	15

MARSICO 21ST CENTURY FUND
Investment Review	16
Fund Overview	18
Schedule of Investments	19

MARSICO INTERNATIONAL OPPORTUNITIES FUND
Investment Review	21
Fund Overview	23
Schedule of Investments	24

MARSICO FLEXIBLE CAPITAL FUND
Investment Review	26
Fund Overview	28
Schedule of Investments	29

MARSICO GLOBAL FUND
Investment Review	31
Fund Overview	33
Schedule of Investments	34

FINANCIAL STATEMENTS	36
NOTES TO FINANCIAL STATEMENTS	46
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	54
EXPENSE EXAMPLE	55
OTHER INFORMATION	56
TRUSTEE AND OFFICER INFORMATION	57

KEY FUND STATISTICS (UNAUDITED)

Marsico Focus Fund MFOCX	Marsico Growth Fund MGRIX	Marsico 21st Century Fund MXXIX
For additional disclosures, please see page 12.	For additional disclosures, please see page 14.	For additional disclosures, please see page 18.
PERFORMANCE COMPARISON(1)	PERFORMANCE COMPARISON(1)	PERFORMANCE COMPARISON(1)


TOTAL ANNUAL OPERATING EXPENSES* 1.22%	TOTAL ANNUAL OPERATING EXPENSES* 1.25%	TOTAL ANNUAL OPERATING EXPENSES* 1.31%
SECTOR ALLOCATION(2)	SECTOR ALLOCATION(2)	SECTOR ALLOCATION(2)


TOP FIVE HOLDINGS	TOP FIVE HOLDINGS	TOP FIVE HOLDINGS

TRANSOCEAN LTD.	6.11%	JPMORGAN CHASE & CO.	5.19%	JPMORGAN CHASE & CO.	6.38%
GOOGLE, INC. – CL. A	5.98%	TRANSOCEAN LTD.	5.11%	WELLS FARGO & COMPANY	5.53%
THE GOLDMAN SACHS GROUP, INC.	5.69%	APPLE, INC.	4.88%	CROWN CASTLE INTERNATIONAL CORP.	4.33%
APPLE, INC.	5.64%	THE GOLDMAN SACHS GROUP, INC.	4.60%	APPLE, INC.	3.65%
JPMORGAN CHASE & CO.	5.56%	GOOGLE, INC. – CL. A	4.58%	THE WALT DISNEY COMPANY	3.42%

For additional disclosures about the Marsico Funds, please see page 6. The performance data quoted here represent past performance, and past performance is not a guarantee of future results. 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.

KEY FUND STATISTICS (UNAUDITED)

Marsico International Opportunities Fund MIOFX	Marsico Flexible Capital Fund MFCFX	Marsico Global Fund MGLBX
For additional disclosures, please see page 23.	For additional disclosures, please see page 28.	For additional disclosures, please see page 33.
PERFORMANCE COMPARISON(1)	PERFORMANCE COMPARISON(1)	PERFORMANCE COMPARISON(1)


TOTAL ANNUAL OPERATING EXPENSES* 1.36%	TOTAL ANNUAL OPERATING EXPENSES* 1.73% NET EXPENSES*† 0.77%	TOTAL ANNUAL OPERATING EXPENSES* 1.52% NET EXPENSES*† 1.63%
SECTOR ALLOCATION(2)	SECTOR ALLOCATION(2)	SECTOR ALLOCATION(2)


TOP FIVE HOLDINGS	TOP FIVE HOLDINGS	TOP FIVE HOLDINGS

VESTAS WIND SYSTEMS A/S	4.04%	OGX PETRÓLEO E GÁS PARTICIPAÇÕES S.A.	5.13%	JPMORGAN CHASE & CO.	5.25%
TRANSOCEAN LTD.	3.95%	HYPERMARCAS S.A.	3.45%	WELLS FARGO & COMPANY	3.98%
CREDIT SUISSE GROUP AG	3.79%	COUNTRYWIDE CAPITAL V, CAPITAL SECURITIES, 7.000%	3.43%	STANDARD CHARTERED PLC	3.95%
DAIMLER A.G.	3.30%	JPMORGAN CHASE & CO.	3.34%	ITAÚ UNIBANCO HOLDING S.A. ADR	3.49%
HSBC HOLDINGS PLC	3.18%	CROWN CASTLE INTERNATIONAL CORP.	3.19%	ICICI BANK LTD. SPON. ADR	3.13%

Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 888-860-8686 or visit www.marsicofunds.com. A redemption fee may be imposed on redemptions or exchanges of Fund shares held for 30 days or less.

KEY FUND STATISTICS (UNAUDITED)

*	The Total Annual Operating Expenses and Net Expenses are reflective of the information disclosed in the Funds’ Prospectus dated January 30, 2009. The information may differ from the expense ratios disclosed in this report.

†

Marsico Capital Management, LLC (the “Adviser”) has entered into a written expense limitation agreement under which it has agreed to limit the total expenses (excluding interest, taxes, acquired fund fees and expenses, litigation, brokerage and extraordinary expenses) to an annual rate of 0.75% of the Flexible Capital Fund’s average net assets and 1.60% of the Global Fund’s average net assets until December 31, 2009. This fee waiver may be terminated at any time after December 31, 2009. Prior to January 1, 2009, the Adviser’s expense limitation agreement relating to the Global Fund limited total expenses to an annual rate of 0.75% of average net assets. The Net Expenses for the Global Fund reflect the current expense limitation agreement that became effective January 1, 2009. The Adviser may recoup any waived amount from a Fund pursuant to this arrangement if such reimbursement does not cause the Fund to exceed existing expense limitations and the reimbursement is made within three years after the year in which the Adviser incurred the expense.

(1)

The performance data quoted here represent past performance, and past performance is not a guarantee of future results. 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. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 888-860-8686 or visit www.marsicofunds.com. A redemption fee may be imposed on redemptions or exchanges of Fund shares held for 30 days or less.

The performance included in the chart does not reflect the deduction of taxes on Fund distributions or the redemption of Fund shares.

All indices are unmanaged and investors cannot invest directly in an index.

The performance returns for the 21st Century Fund (for the period prior to March 31, 2004), the International Opportunities Fund (for the period prior to September 30, 2004), the Flexible Capital Fund (for the periods ended September 30, 2009), and the Global Fund (for the period prior to December 31, 2008 and from April through May 2009) reflect a fee waiver in effect; in the absence of such a waiver, the returns would be reduced. The performance returns for the 21st Century Fund (for the period beginning April 2004 through January 2005), the International Opportunities Fund (for the period beginning October 2004 through December 2005) and the Global Fund (for the one-month period June 2009) would have been higher but for the reimbursement of fees waived previously.

(2)	Sector weightings represent the percentage of the respective Fund’s investments (excluding cash equivalents) in certain general sectors. These sectors may include more than one industry. The Fund’s portfolio composition is subject to change at any time.

MARKET ENVIRONMENT

MARKET ENVIRONMENT: OCTOBER 2008 – SEPTEMBER 2009 (UNAUDITED)

The one-year fiscal period ended September 30, 2009 was an extremely difficult period overall for equities during the first half of the period, although the investment landscape brightened considerably during the second half of the period. Broad-market US equity indices posted losses for the 12-month period, while broad international equity indices managed to produce generally positive returns, buoyed by a powerful rally between March and September.

Index Name(1)	Universe of Equities Represented	12-Month Total Return
US
S&P 500	US large-capitalization equities	-6.91%
Russell 3000	US publicly-traded equities of all sizes	-6.42%
Russell 2000	US small-capitalization equities	-9.55%
Russell Mid-Cap	US medium-capitalization equities	-3.55%

Index Name(1)	Universe of Equities Represented	12-Month Total Return
INTERNATIONAL
MSCI EAFE (US$)	Equities in developed international equity markets, including Japan, Western Europe, and Australasia	+3.23%
MSCI Emerging Markets (US$)	Equities in developing international equity markets, including China, India, Eastern Europe, and Latin America	+19.07%
MSCI ACWI (US$)	Equities in the global developed and emerging markets	-0.11%

The 12-month returns above may mask the magnitude of the turmoil experienced during the early part of the reporting period. In our opinion, the fiscal year was characterized by two different periods for equity markets – the first half of the period, which was characterized by sharp and widespread declines, and the latter portion, which was marked by a substantial recovery in stock prices. During approximately the first six months of the fiscal period, from October 2008 through early March of 2009, major indices such as the S&P 500 Index and MSCI EAFE Index plummeted more than -30%, saddled by a rapidly-escalating global financial crisis and a globally-synchronized economic downturn. US equity performance generally began to improve in March 2009 as unprecedented fiscal and monetary policy responses to the financial and economic crises helped quell market fears, credit markets began to heal, and economic data became “less bad” in nature. The global equity market recovery between March and September of 2009 went a long way towards undoing the damage done earlier in the period, as illustrated below:

	October 1, 2008 to	April 1, 2009 to
	March 31, 2009	September 30, 2009
Index Name(1)	(Total Return)	(Total Return)
US
S&P 500	-30.54%	+34.02%
Russell 3000	-31.12%	+35.87%
Russell 2000	-37.17%	+43.95%
Russell Mid-Cap	-33.80%	+45.71%

	October 1, 2008 to	April 1, 2009 to
	March 31, 2009	September 30, 2009
Index Name(1)	(Total Return)	(Total Return)
INTERNATIONAL
MSCI EAFE (US$)	-31.11%	+49.85%
MSCI Emerging Markets (US$)	-26.91%	+62.90%
MSCI ACWI (US$)	-30.68%	+44.10%

MARKET ENVIRONMENT

US LARGE-CAPITALIZATION EQUITIES

US large-cap stocks overall had weak returns for the 12-month period. Eight of the 10 S&P 500 Index economic sectors, as defined under the Global Industry Classification Standard (“GICS”)(2), were in negative territory. Financials (-24%), Energy (-14%), Industrials (-13%), and Utilities (-7%) were the weakest-performing sectors. Consumer Staples (-5%), Materials (-4%), and Health Care (-4%) also struggled. Telecommunication Services and Consumer Discretionary sectors were essentially “flat,” experiencing returns of -0.01% and +0.02%, respectively. Information Technology was the strongest-performing sector with a return of +8%.

At an industry level, Financials-related industries were among the poorest-performing groups, including Real Estate (-33%), Banks (-26%), Diversified Financials (-22%), and Insurance (-19%). Many other industry groups posted losses of -14% to -4%. Pharmaceuticals, Biotechnology & Life Sciences (-0.5%), Telecommunication Services (-0.01%), and Food, Beverage & Tobacco (+0.7%) had relatively unchanged results. Information Technology and Consumer Discretionary industries led performance. Technology Hardware and Equipment (+13%) was the best-performing industry group. Semiconductors & Semiconductor Equipment (+9%), Retailing (+6%), and Consumer Services (+5%) each posted solid gains.

US ALL-CAPITALIZATION EQUITIES

Performance of the broad US equity market, as measured by the Russell 3000 Index which encompasses publicly-traded companies of all sizes, was lackluster for the fiscal year period. Weakness in the Financials (-22%), Energy (-15%), and Industrials (-12%) sectors dampened overall market performance results. Information Technology (+9%) and Consumer Discretionary (+0.8%) were the only sectors with positive performance. The small-capitalization area of the US equity market was comparatively weaker than large-capitalization equities. Small-capitalization equities are generally thought to not perform as well as large-capitalization equities during times of weakening economic conditions.

INTERNATIONAL EQUITIES

In contrast to their US counterparts, international equities managed to post solid performance for the 12-month period, aided by a variety of data points suggesting that non-US markets could spark a recovery in economic growth and lead the world out of recession.

At a sector level, the MSCI EAFE Index was led by Telecommunication Services (+11%) and Materials (+10%). Energy, Industrials, Consumer Discretionary, and Consumer Staples also had solid performance results; each returned approximately +6% to +7%. Utilities (-4%) and Financials (-2%) were the only two sectors to finish the period in negative territory.

The MSCI EAFE Index’s largest country-level constituents had anemic results for the period. The United Kingdom and Japan, which together comprise approximately 42% of the Index, posted returns of -1% and -0.4%, respectively. While developed markets treaded water, emerging markets surged. As noted above, the MSCI Emerging Markets Index posted a 12-month return of +19.07%. There was significant volatility in currency movements versus the US dollar during the period. Currency translation for US-based international equity investors had a positive effect; the MSCI EAFE Index’s return measured in local currency terms was -1.68% versus the +3.23% return in US dollar terms. The 4.9% difference between the two measures attested to the degree of dollar weakness, which fell in value compared to a number of other major currencies such as the euro and the yen.

THE MARSICO INVESTMENT TEAM

(1)	All indices are unmanaged and investors cannot invest directly in an index.

(2)

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and service mark of MSCI, Inc. (“MSCI”) and Standard & Poor’s (“S&P”) and is licensed for use by Marsico Capital Management, LLC (“MCM”). Neither MSCI, S&P, nor MCM or any third party involved in compiling GICS makes any express or implied warranties or representations with respect to such standard or classification (or the results from use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. MSCI, S&P, MCM, and any of their affiliates or third parties involved in compiling GICS shall not have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

FOCUS FUND & GROWTH FUND

INVESTMENT REVIEW BY TOM MARSICO (UNAUDITED)

The Marsico Focus Fund and the Marsico Growth Fund posted returns of -5.98% and - -7.74%, respectively, for the one-year fiscal period ended September 30, 2009. For comparative purposes, the S&P 500 Index, which we consider to be the Funds’ primary benchmark, had a total return of - -6.91%. Please see the Funds’ Overviews for more detailed information about each Fund’s longer-term performance for various time periods ended September 30, 2009.

The performance data for the Funds quoted here represent past performance, and past performance is not a guarantee of future results. 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. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 888-860-8686 or visit www.marsicofunds.com.(1)

This review highlights Fund performance over a one-year fiscal period. Shareholders should keep in mind that the Funds are intended for long-term investors who hold their shares for substantially longer periods of time. You should also keep in mind that our views on all investments discussed in this report are subject to change at any time. References to specific securities, industries, and sectors discussed in this report are not recommendations to buy or sell such securities or related investments, and the Funds may not necessarily hold these securities or investments today. Please see the accompanying Schedules of Investments for the percentage of each Fund’s portfolio represented by the securities mentioned in this report as of the end of the reporting period.

The Focus Fund and the Growth Fund often invest in similar growth companies. Their performance may differ at times, however, because of a variety of factors. Among other factors, the Focus Fund is a non-diversified mutual fund that may invest in a more concentrated portfolio and may hold the securities of fewer issuers than the Growth Fund. As a result, the Focus Fund may hold some securities that are different from those held by the Growth Fund, and may be more exposed to individual stock volatility than the Growth Fund or other mutual funds that invest in a larger number of securities.

FOCUS FUND

The 12-month performance of the Focus Fund, although negative, was modestly better than the S&P 500 Index. The Fund’s performance was positively impacted by stock selection in several sectors, most notably Financials, Information Technology, Health Care, and Materials.

Information Technology was the best-performing sector of the S&P 500 Index. The Fund benefitted from having a greater percentage of its net assets invested in technology companies than its benchmark index. Further, a number of the Fund’s positions in the sector posted significant gains, including Apple, Inc. (+63%), Google, Inc. – Cl. A (+37%), International Business Machines Corporation (+25%), and financial transactions processor Visa, Inc. – Cl. A (+15%).

The Fund’s Health Care positions were led by biotechnology company Genentech, Inc., which posted a return of +7% prior to the company’s being purchased by Roche Holding AG. In the Materials sector, The Dow Chemical Company (+77%), a global conglomerate including plastics and chemical manufacturing, and natural resource exploration and mining company BHP Billiton PLC ADR (+60%), each had a positive impact on the Fund’s performance results. On average, the Fund had more exposure to the strong-performing Materials sector than the benchmark index. This investment posture aided the Fund’s return.

FOCUS FUND & GROWTH FUND

There were several primary areas of performance weakness for the Focus Fund. Several of the Fund’s Consumer Discretionary positions posted disappointing stock price returns. In particular, Hotel/Casino operator holdings Las Vegas Sands Corp. and home improvement retailer Lowe’s Companies, Inc. dropped -87% and -40%, respectively, prior to being sold from the Fund. The stock prices for both companies were pressured, in part, by a rapidly-deteriorating outlook for consumer discretionary spending. Credit-related concerns also impacted Las Vegas Sands, and ongoing problems in the homebuilding industry had an adverse effect on Lowe’s sales growth.

The Fund’s stock selection in Financials was relatively strong. The Fund’s holdings in this area generated a collective return of +6% (compared with the S&P 500 Index’s Financials sector-level return of -24%), owing primarily to a position in The Goldman Sachs Group, Inc. which rose +44%. However, a few of the Fund’s Financials positions had a material, negative effect on performance. Specifically, Wells Fargo & Company (-57%) and U.S. Bancorp (-38%) were among the Fund’s weakest-performing holdings. Performance was further dampened by the Fund’s overweighted allocation to the poor-performing Banks industry.

Another factor that negatively impacted performance was stock selection in the Industrials and Energy sectors. In particular, railroad operators Norfolk Southern Corporation (-55% prior to being sold) and Union Pacific Corporation (-16%) struggled. Aerospace/Defense holding Lockheed Martin Corporation and energy services company Schlumberger Ltd. also posted significant losses prior to being sold from the Fund.

During the period, the Fund reduced its exposure to the Consumer Discretionary, Industrials, and Consumer Staples sectors while increasing its allocations to Information Technology and Financials.

GROWTH FUND

The 12-month performance of the Growth Fund modestly underperformed the S&P 500 Index. The Growth Fund, like the Focus Fund, was aided by stock selection and overweighted postures in the relatively strong-performing Information Technology and Materials sectors. Information Technology holdings Apple, Inc. (+61%), Google, Inc. – Cl. A (+37%), Visa, Inc. – Cl. A (+14%), International Business Machines Corporation (+29%), and QUALCOMM, Inc. (+8%) each had a meaningful, positive effect on performance. Materials positions The Dow Chemical Company (+76%) and BHP Billiton PLC ADR (+60%) also aided performance results.

While the Growth Fund’s Financials holdings dipped -6%, the performance of the Fund’s holdings in this area was significantly better than the -24% decline of the S&P 500 Index Financials sector, owing primarily to a position in The Goldman Sachs Group, Inc. which rose +42%. The Fund’s Health Care positions also posted an aggregate return that modestly exceeded the benchmark sector return largely as the result of a position in Genentech, Inc. which gained +7% prior to the company’s being purchased by Roche Holding AG.

Several factors limited the Fund’s performance results. Like the Focus Fund, a few of the Growth Fund’s Consumer Discretionary and Industrials sector holdings had disappointing investment results. Las Vegas Sands Corp., Target Corporation, and Lowe’s Companies, Inc. were significant performance laggards in the Consumer Discretionary sector, and all three positions were sold from the Fund. In the Industrials sector, Transportation and Aerospace/Defense holdings were tough areas for the Fund. Three of our major positions – Lockheed Martin Corporation, General Dynamics Corporation, and Union Pacific Corporation – declined sharply. Lockheed Martin was sold prior to September 30, 2009.

FOCUS FUND & GROWTH FUND

There were a few individual holdings that also had a material negative effect on performance including banks Wells Fargo & Company and U.S. Bancorp., and Latin America wireless telecommunication services provider América Móvil S.A.B. de C.V. ADR Ser. L (América Móvil was sold from the Fund during the period.)

The Fund increased its exposure to the Information Technology, Materials, and Financials sectors during the period, while reducing exposure to Consumer Discretionary and Consumer Staples sectors.

Fiscal Period-End Investment Posture

As of September 30, 2009, the Focus Fund’s and the Growth Fund’s primary sector allocations included Information Technology, Financials, Energy, and Industrials. The Funds had little or no exposure to Utilities and Telecommunication Services.

Sincerely,

THOMAS F. MARSICO

PORTFOLIO MANAGER

(1)	Total returns are based on net change in net asset value assuming reinvestment of distributions. A redemption fee of 2% may be imposed on redemptions or exchanges of Fund shares owned for 30 days or less. Please see the Prospectus for more information.

FOCUS FUND OVERVIEW

September 30, 2009 (Unaudited)

The Focus Fund invests primarily in the common stocks of large companies, normally a core position of 20–30 common stocks that are selected for their long-term growth potential.


TOTAL ANNUAL OPERATING EXPENSES* 1.22%	NET ASSETS $2,001,040,665	NET ASSET VALUE PER SHARE $14.38


GROWTH OF $10,000(1)	PERFORMANCE COMPARISON



SECTOR ALLOCATION(2)	TOP FIVE HOLDINGS

	TRANSOCEAN LTD.	6.11%
	GOOGLE, INC. – CL. A	5.98%
	THE GOLDMAN SACHS GROUP, INC.	5.69%
	APPLE, INC.	5.64%
	JPMORGAN CHASE & CO.	5.56%

*	The Total Annual Operating Expenses are reflective of the information disclosed in the Funds’ Prospectus dated January 30, 2009 and may differ from the expense ratio disclosed in this report.

The performance included in the chart and graph does not reflect the deduction of taxes on Fund distributions or the redemption of Fund shares.

All indices are unmanaged and investors cannot invest directly in an index.

(1)	This chart assumes an initial investment of $10,000 made on September 30, 1999. Total returns are based on net change in NAV, assuming reinvestment of distributions.

(2)	Sector weightings represent the percentage of the Fund’s investments (excluding cash equivalents) in certain general sectors. These sectors may include more than one industry. The Fund’s portfolio composition is subject to change at any time.

SCHEDULE OF INVESTMENTS

MARSICO FOCUS FUND

SCHEDULE OF INVESTMENTS

September 30, 2009

	Number of Shares		Value			Percent of Net Assets
COMMON STOCKS

Aerospace & Defense
General Dynamics Corporation		1,308,844	$	84,551,322			4.23	%

Biotechnology
Gilead Sciences, Inc.*		1,139,023		53,055,691			2.65

Casinos & Gaming
Wynn Macau Ltd.*†		22,928,775		29,822,008			1.49
Wynn Resorts Ltd.*		568,244		40,282,817			2.01
				70,104,825			3.50

Communications Equipment
Juniper Networks, Inc.*		774,641		20,930,800			1.05
QUALCOMM, Inc.		1,731,500		77,882,870			3.89
				98,813,670			4.94

Computer Hardware
Apple, Inc.*		608,818		112,856,593			5.64
International Business Machines Corporation		768,705		91,944,805			4.59
				204,801,398			10.23

Consumer Finance
American Express Company		1,411,333		47,844,189			2.39

Data Processing & Outsourced Services
MasterCard, Inc. - Cl. A		238,430		48,198,625			2.41
Visa, Inc. - Cl. A		921,693		63,698,203			3.18
				111,896,828			5.59

Diversified Banks
HSBC Holdings PLC ADR		707,500		40,575,125			2.03
U.S. Bancorp		2,811,977		61,469,817			3.07
Wells Fargo & Company		2,763,889		77,886,392			3.89
				179,931,334			8.99

Diversified Chemicals
The Dow Chemical Company		2,678,459		69,827,426			3.49

Diversified Metals & Mining
BHP Billiton PLC ADR		970,700		53,485,570			2.67

Fertilizers & Agricultural Chemicals
Potash Corporation of Saskatchewan, Inc.		245,563		22,184,161			1.11

Integrated Oil & Gas
Petroleo Brasileiro S.A. ADR		1,720,868		78,987,841			3.95

Internet Software & Services
Baidu, Inc. Spon. ADR*		155,800		60,925,590			3.05
Google, Inc. - Cl. A*		241,466		119,730,916			5.98
				180,656,506			9.03

Investment Banking & Brokerage
The Goldman Sachs Group, Inc.		617,453		113,827,461			5.69

Oil & Gas Drilling
Transocean Ltd.*		1,429,039		122,225,706			6.11

Other Diversified Financial Services
Bank of America Corporation		3,499,787		59,216,396			2.96
JPMorgan Chase & Co.		2,537,089		111,175,240			5.56
				170,391,636			8.52

Pharmaceuticals
Abbott Laboratories		1,286,807		63,658,342			3.18
Merck & Co., Inc.		922,296		29,172,223			1.46
				92,830,565			4.64

Railroads
Union Pacific Corporation		1,435,612		83,767,960			4.19

Restaurants
McDonald’s Corporation		1,477,758		84,335,649			4.21

Semiconductors
Intel Corporation		1,988,110		38,907,313			1.94

TOTAL COMMON STOCKS
(Cost $1,549,899,660)				1,962,427,051			98.07

SHORT-TERM INVESTMENTS
SSgA Prime Money Market Fund, 0.221%		31,030,770		31,030,770			1.55
SSgA U.S. Government Money Market Fund, 0.000%		41,142,929		41,142,929			2.06

TOTAL SHORT-TERM INVESTMENTS
(Cost $72,173,699)				72,173,699			3.61

TOTAL INVESTMENTS
(Cost $1,622,073,359)				2,034,600,750			101.68

Liabilities, Less Cash and Other Assets				(33,560,085	)		(1.68	)

NET ASSETS			$	2,001,040,665			100.00	%

*	Non-income producing.

†	The security is valued at its fair value as determined in good faith by the Adviser to the Fund, in accordance with procedures established by, and under the general supervision of, the Fund’s Board of Trustees.

See notes to financial statements.

GROWTH FUND OVERVIEW

September 30, 2009 (Unaudited)

The Growth Fund invests primarily in the common stocks of large companies that are selected for their long-term growth potential. The Growth Fund will normally hold a core position of between 35 and 50 common stocks.


TOTAL ANNUAL OPERATING EXPENSES* 1.25%	NET ASSETS $1,193,231,325	NET ASSET VALUE PER SHARE $15.32


GROWTH OF $10,000(1)	PERFORMANCE COMPARISON



SECTOR ALLOCATION(2)	TOP FIVE HOLDINGS

	JPMORGAN CHASE & CO.	5.19%
	TRANSOCEAN LTD.	5.11%
	APPLE, INC.	4.88%
	THE GOLDMAN SACHS GROUP, INC.	4.60%
	GOOGLE, INC. – CL. A	4.58%

*	The Total Annual Operating Expenses are reflective of the information disclosed in the Funds’ Prospectus dated January 30, 2009 and may differ from the expense ratio disclosed in this report.

The performance included in the chart and graph does not reflect the deduction of taxes on Fund distributions or the redemption of Fund shares.

All indices are unmanaged and investors cannot invest directly in an index.

(1)	This chart assumes an initial investment of $10,000 made on September 30, 1999. Total returns are based on net change in NAV, assuming reinvestment of distributions.

(2)	Sector weightings represent the percentage of the Fund’s investments (excluding cash equivalents) in certain general sectors. These sectors may include more than one industry. The Fund’s portfolio composition is subject to change at any time.

SCHEDULE OF INVESTMENTS

MARSICO GROWTH FUND

SCHEDULE OF INVESTMENTS

September 30, 2009

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS

Aerospace & Defense
General Dynamics Corporation		750,759	$	48,499,031		4.06	%

Biotechnology
Gilead Sciences, Inc.*		293,263		13,660,191		1.15

Cable & Satellite
The DIRECTV Group, Inc.*		229,359		6,325,721		0.53

Casinos & Gaming
Wynn Resorts Ltd.*		334,975		23,746,378		1.99

Communications Equipment
Juniper Networks, Inc.*		461,145		12,460,138		1.05
QUALCOMM, Inc.		1,021,625		45,952,692		3.85
				58,412,830		4.90

Computer Hardware
Apple, Inc.*		314,186		58,240,659		4.88
International Business Machines Corporation		426,906		51,062,226		4.28
				109,302,885		9.16

Consumer Finance
American Express Company		252,159		8,548,190		0.72

Data Processing & Outsourced Services
MasterCard, Inc. - Cl. A		142,830		28,873,084		2.42
Visa, Inc. - Cl. A		552,134		38,157,981		3.20
				67,031,065		5.62

Diversified Banks
HSBC Holdings PLC ADR		415,500		23,828,925		2.00
U.S. Bancorp		896,597		19,599,610		1.64
Wells Fargo & Company		1,632,171		45,994,579		3.85
				89,423,114		7.49

Diversified Chemicals
PPG Industries, Inc.		313,045		18,222,350		1.53
The Dow Chemical Company		1,564,690		40,791,468		3.42
				59,013,818		4.95

Diversified Metals & Mining
BHP Billiton PLC ADR		496,900		27,379,190		2.29

Fertilizers & Agricultural Chemicals
Monsanto Company		147,981		11,453,729		0.96
Potash Corporation of Saskatchewan, Inc.		147,050		13,284,497		1.11
				24,738,226		2.07

Footwear
NIKE, Inc. - Cl. B		532,474		34,451,068		2.89

Independent Power Producers & Energy Traders
NRG Energy, Inc.*		220,554		6,217,417		0.52

Industrial Gases
Praxair, Inc.		377,912		30,871,631		2.59
Yingde Gases Group Company*†		768,500		694,125		0.06
				31,565,756		2.65

Integrated Oil & Gas
Petroleo Brasileiro S.A. ADR		819,684		37,623,496		3.15

Internet Retail
Amazon.com, Inc.*		65,142		6,081,657		0.51

Internet Software & Services
Baidu, Inc. Spon. ADR*		35,618		13,928,419		1.17
Google, Inc. - Cl. A*		110,241		54,663,000		4.58
Yahoo!, Inc.*		636,910		11,343,367		0.95
				79,934,786		6.70

Investment Banking & Brokerage
The Goldman Sachs Group, Inc.		297,748		54,889,844		4.60

Oil & Gas Drilling
Transocean Ltd.*		713,555		61,030,359		5.11

Other Diversified Financial Services
Bank of America Corporation		1,372,923		23,229,857		1.95
JPMorgan Chase & Co.		1,414,574		61,986,633		5.19
				85,216,490		7.14

Pharmaceuticals
Abbott Laboratories		738,040		36,510,839		3.06
Merck & Co., Inc.		375,195		11,867,418		0.99
				48,378,257		4.05

Railroads
Norfolk Southern Corporation		300,942		12,973,610		1.09
Union Pacific Corporation		779,330		45,473,905		3.81
				58,447,515		4.90

Restaurants
McDonald’s Corporation		872,443		49,790,322		4.17
YUM! Brands, Inc.		705,227		23,808,464		2.00
				73,598,786		6.17

Semiconductors
Intel Corporation		1,035,258		20,259,999		1.70

Wireless Telecommunication Services
American Tower Corporation - Cl. A*		288,168		10,489,315		0.88

TOTAL COMMON STOCKS
(Cost $896,373,831)				1,144,265,384		95.90

PREFERRED STOCKS
Diversified Banks
Wells Fargo & Company, Series J Pref., 8.000%		337,000		8,394,670		0.70

TOTAL PREFERRED STOCKS
(Cost $5,954,707)				8,394,670		0.70

SHORT-TERM INVESTMENTS
SSgA U.S. Government Money Market Fund, 0.000%		28,862,848		28,862,848		2.42

TOTAL SHORT-TERM INVESTMENTS
(Cost $28,862,848)				28,862,848		2.42

TOTAL INVESTMENTS
(Cost $931,191,386)				1,181,522,902		99.02

Cash and Other Assets, Less Liabilities				11,708,423		0.98

NET ASSETS			$	1,193,231,325		100.00	%

*	Non-income producing.

†	The security is valued at its fair value as determined in good faith by the Adviser to the Fund, in accordance with procedures established by, and under the general supervision of, the Fund’s Board of Trustees.

See notes to financial statements.

21ST CENTURY FUND

INVESTMENT REVIEW BY CORY GILCHRIST (UNAUDITED)

The 21st Century Fund posted a return of -9.79% for the one-year fiscal period ended September 30, 2009. The Fund’s return underperformed the S&P 500 Index, which we consider to be the Fund’s primary benchmark index and which had a total return of -6.91% over the same time period. For comparative purposes, the Russell 3000 Index, a proxy for the performance of all publicly-traded US equity securities including smaller capitalization companies (which may be a useful representation of the Fund’s ability to invest across the entire market capitalization spectrum), had a total return of -6.42%. Please see the Fund Overview for more detailed information about the Fund’s longer-term performance for various time periods ended September 30, 2009.

The performance data for the Fund quoted here represent past performance, and past performance is not a guarantee of future results. 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. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end, please call 888-860-8686 or visit www.marsicofunds.com.(1)

This review highlights Fund performance over a one-year fiscal period. Shareholders should keep in mind that the Fund is intended for long-term investors who hold their shares for substantially longer periods of time. You should also keep in mind that our views on all investments discussed in this report are subject to change at any time. References to specific securities, industries, and sectors discussed in this report are not recommendations to buy or sell such securities or related investments, and the Fund may not necessarily hold these securities or investments today. Please see the accompanying Schedule of Investments for the percentage of the Fund’s portfolio represented by the securities mentioned in this report as of the end of the reporting period.

The Fund’s sector allocations during the reporting period (which are generally a by-product of the Fund’s stock selection process) detracted from annual performance. The Fund was unfavorably positioned from a sector weighting perspective as it had a higher allocation to weaker-performing areas of the S&P 500 Index (such as Financials and Industrials) while having less exposure to stronger-performing sectors (such as Health Care and Telecommunication Services).

Financial services companies, beset by ongoing concerns about capital adequacy, deteriorating credit markets, and mortgage lending-related losses, were unanimously under duress for much of the fiscal year (although things did improve quite substantially later in the period), and Financials was the weakest-performing sector of the S&P 500 Index with an overall return of - -24% for the 12-month period. On average, the Fund had more than twice the level of exposure to the Financials sector during the reporting period than did its benchmark index. A number of the Fund’s Financials holdings experienced severe price declines such as Wells Fargo & Company, Oaktree Capital Group, LLC – Cl. A 144a, U.S. Bancorp., and SunTrust Banks, Inc. (Oaktree and SunTrust were sold from the Fund during the period.)

Additional areas of weakness for the Fund included stock selection in the Consumer Discretionary, Consumer Staples, and Health Care sectors. Consumer Discretionary holdings Las Vegas Sands Corp. and Saks, Inc. skidded -91% and - -84%, respectively, prior to being sold from the Fund. In Consumer Staples, Heineken Holding N.V. and Costco Wholesale Corporation posted negative returns prior to being sold. Several of the Fund’s biotechnology holdings posted disappointing returns, including Genzyme Corporation, Amylin Pharmaceuticals, Inc., and Celgene Corporation. (Genzyme and Amylin Pharmaceuticals were sold prior to September 30, 2009.)

On a brighter note, the Fund’s stock selection in the Information Technology, Energy, Industrials, and Telecommunication Services sectors was generally strong. Information Technology holdings were led by Apple, Inc. (+61%) and Google, Inc. – Cl. A (+45%). In the Energy sector, Brazil-based oil exploration and production company Petroleo Brasileiro S.A. ADR and contract drilling company Pride International, Inc. aided investment results. Precision Castparts Corp., an aerospace and defense component manufacturer, was the Fund’s strongest-performing position in the Industrials sector with a return of +87%. The Fund also benefitted from its position in cellular communications tower company Crown Castle International Corp. (+90%).

21ST CENTURY FUND

Though some of the Fund’s Financials holdings struggled, there were several positions in this area that posted strong returns. Investment banking companies Jefferies Group, Inc. (+22%) and The Charles Schwab Corporation (+21% prior to being sold) aided performance, as did Bank of America Corporation and The Goldman Sachs Group, Inc.

During the one-year fiscal period, the Fund increased its allocation to the Information Technology, Energy, Financials, and Telecommunication Services sectors while decreasing its weighting in Consumer Staples and Industrials. The Fund also reduced its cash and cash equivalents position during the period.

The 21st Century Fund has tended to have a relatively high portfolio turnover level because of its investment style. For the fiscal one-year period, the Fund’s portfolio turnover rate was 135%. A rapidly-changing macroeconomic environment (such as the environment experienced during the period covered in this report) may contribute to a higher level of turnover for the Fund. Although the Fund may hold core positions for some time, it may change its portfolio composition quickly to take advantage of new opportunities, or to address issues affecting particular holdings.

Fiscal Period-End Investment Posture

As of September 30, 2009, the Fund’s primary economic sector allocations were in the following areas: Financials, Information Technology, Consumer Discretionary, Energy, and Health Care. The Fund had no exposure to the Utilities sector.

Sincerely,

CORYDON J. GILCHRIST, CFA

PORTFOLIO MANAGER

(1)

Total returns are based on net change in net asset value assuming reinvestment of distributions. For the period prior to March 31, 2004, the performance returns for the 21st Century Fund reflect a fee waiver in effect; in the absence of such a waiver, the returns would have been reduced. For the period beginning April 2004 through January 2005, performance returns for the Fund would have been higher but for the reimbursement of fees waived previously. A redemption fee of 2% may be imposed on redemptions or exchanges of Fund shares owned for 30 days or less. Please see the Prospectus for more information.

21ST CENTURY FUND OVERVIEW

September 30, 2009 (Unaudited)

The 21st Century Fund invests primarily in common stocks that are selected for their long-term growth potential. The Fund may invest in companies of any size, and will normally hold a core position of between 35 and 50 common stocks.


TOTAL ANNUAL OPERATING EXPENSES* 1.31%	NET ASSETS $921,675,926	NET ASSET VALUE PER SHARE $11.56


GROWTH OF $10,000(1)(2)	PERFORMANCE COMPARISON



SECTOR ALLOCATION(3)	TOP FIVE HOLDINGS

	JPMORGAN CHASE & CO.	6.38%
	WELLS FARGO & COMPANY	5.53%
	CROWN CASTLE INTERNATIONAL CORP.	4.33%
	APPLE, INC.	3.65%
	THE WALT DISNEY COMPANY	3.42%

*	The Total Annual Operating Expenses are reflective of the information disclosed in the Funds’ Prospectus dated January 30, 2009 and may differ from the expense ratio disclosed in this report.

The performance included in the chart and graph does not reflect the deduction of taxes on Fund distributions or the redemption of Fund shares.

All indices are unmanaged and investors cannot invest directly in an index.

(1)

The performance returns for the 21st Century Fund (for the period prior to March 31, 2004) reflect a fee waiver in effect; in the absence of such a waiver, the returns would be reduced. For the period beginning April 2004 through January 2005, performance returns for the 21st Century Fund would be higher but for the reimbursement of fees waived previously.

(2)	This chart assumes an initial investment of $10,000 made on February 1, 2000 (inception). Total returns are based on net change in NAV, assuming reinvestment of distributions.

(3)	Sector weightings represent the percentage of the Fund’s investments (excluding cash equivalents) in certain general sectors. These sectors may include more than one industry. The Fund’s portfolio composition is subject to change at any time.

SCHEDULE OF INVESTMENTS

MARSICO 21ST CENTURY FUND

SCHEDULE OF INVESTMENTS

September 30, 2009

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS

Aerospace & Defense
Precision Castparts Corp.		244,010	$	24,857,299		2.70	%

Apparel, Accessories & Luxury Goods
Polo Ralph Lauren Corporation		253,080		19,390,989		2.10
Under Armour, Inc. - Cl. A*		184,643		5,138,615		0.56
				24,529,604		2.66

Application Software
Adobe Systems, Inc.*		700,973		23,160,148		2.51
Citrix Systems, Inc.*		490,524		19,243,257		2.09
				42,403,405		4.60

Asset Management & Custody Banks
State Street Corporation		214,100		11,261,660		1.22

Automobile Manufacturers
Ford Motor Company*		514,973		3,712,955		0.40

Automotive Retail
Penske Automotive Group, Inc.		303,683		5,824,640		0.63

Biotechnology
Celgene Corporation*		350,441		19,589,652		2.13
Gilead Sciences, Inc.*		267,281		12,449,949		1.35
				32,039,601		3.48

Brewers
Anheuser-Busch InBev N.V.		395,895		18,078,072		1.96

Broadcasting
CBS Corporation - Cl. B		1,241,943		14,965,413		1.62

Casinos & Gaming
Wynn Resorts Ltd.*		129,584		9,186,210		1.00

Communications Equipment
Juniper Networks, Inc.*		523,191		14,136,621		1.53
QUALCOMM, Inc.		581,364		26,149,753		2.84
				40,286,374		4.37

Computer Hardware
Apple, Inc.*		181,503		33,645,211		3.65

Construction & Engineering
AECOM Technology Corporation*		153,959		4,178,447		0.45

Data Processing & Outsourced Services
MasterCard, Inc. - Cl. A		84,360		17,053,374		1.85

Department Stores
Lojas Renner S.A.		414,100		7,260,073		0.79

Diversified Banks
ICICI Bank Ltd. Spon. ADR		286,454		11,045,666		1.20
Itaú Unibanco Holding S.A. ADR		638,948		12,874,802		1.40
Standard Chartered PLC		227,497		5,606,321		0.61
U.S. Bancorp		1,365,016		29,839,250		3.24
Wells Fargo & Company		1,810,711		51,025,836		5.53
				110,391,875		11.98

Diversified Metals & Mining
BHP Billiton PLC		605,970		16,540,814		1.80

Diversified Real Estate Activities
Hang Lung Properties Ltd.		1,099,500		4,064,577		0.44

Fertilizers & Agricultural Chemicals
Monsanto Company		111,234		8,609,512		0.93

Health Care Equipment
Intuitive Surgical, Inc.*		118,265		31,014,996		3.37

Health Care Technology
athenahealth, Inc.*		121,502		4,662,032		0.51

Heavy Electrical Equipment
Vestas Wind Systems A/S*		353,094		25,525,662		2.77

Home Improvement Retail
The Home Depot, Inc.		506,452		13,491,881		1.46

Homebuilding
Cyrela Brazil Realty S.A.		876,788		11,407,746		1.24
Gafisa S.A. ADR		147,783		4,486,692		0.49
				15,894,438		1.73

Integrated Oil & Gas
Petroleo Brasileiro S.A. ADR		685,038		31,443,244		3.41

Internet Software & Services
Google, Inc. - Cl. A*		58,345		28,930,368		3.14

Investment Banking & Brokerage
Jefferies Group, Inc.*		1,140,866		31,065,781		3.37
The Goldman Sachs Group, Inc.		162,677		29,989,505		3.26
				61,055,286		6.63

Leisure Facilities
Vail Resorts, Inc.*		461,328		15,472,941		1.68

Movies & Entertainment
The Walt Disney Company		1,148,460		31,536,712		3.42

Oil & Gas Drilling
Pride International, Inc.*		629,477		19,161,280		2.08

Oil & Gas Equipment & Services
National Oilwell Varco, Inc.*		419,380		18,087,859		1.96

Other Diversified Financial Services
Bank of America Corporation		1,058,902		17,916,622		1.94
JPMorgan Chase & Co.		1,341,997		58,806,308		6.38
				76,722,930		8.32

Regional Banks
City National Corporation		469,815		18,289,898		1.98
CVB Financial Corp.		590,534		4,482,153		0.49
				22,772,051		2.47

Restaurants
Chipotle Mexican Grill, Inc. - Cl. A*		49,530		4,806,887		0.52

SCHEDULE OF INVESTMENTS

MARSICO 21ST CENTURY FUND

SCHEDULE OF INVESTMENTS (continued)

September 30, 2009

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS (continued)

Retail REITs
Colony Financial, Inc.*		157,543	$	3,079,966		0.33	%
Taubman Centers, Inc.		191,078		6,894,094		0.75
				9,974,060		1.08

Thrifts & Mortgage Finance
First Niagara Financial Group, Inc.		612,280		7,549,412		0.82

Wireless Telecommunication Services
Crown Castle International Corp.*		1,271,775		39,882,864		4.33

TOTAL COMMON STOCKS
(Cost $650,557,194)				886,874,019		96.23

PREFERRED STOCKS
Automobile Manufacturers
Volkswagen A.G. Pref.		41,726		4,859,741		0.53

TOTAL PREFERRED STOCKS
(Cost $2,283,554)				4,859,741		0.53

SHORT-TERM INVESTMENT
SSgA U.S. Government Money Market Fund, 0.000%		22,257,965		22,257,965		2.41

TOTAL SHORT-TERM INVESTMENTS
(Cost $22,257,965)				22,257,965		2.41

TOTAL INVESTMENTS
(Cost $675,098,713)				913,991,725		99.17

Cash and Other Assets, Less Liabilities				7,684,201		0.83

NET ASSETS			$	921,675,926		100.00	%

SUMMARY OF INVESTMENTS BY COUNTRY

Country	Market Value		Percent of Investment Securities
Belgium	$	18,078,072		1.98	%
Brazil		67,472,557		7.38
Denmark		25,525,662		2.79
Germany		4,859,741		0.53
Hong Kong		4,064,577		0.45
India		11,045,666		1.21
United Kingdom		22,147,135		2.42
United States(1)		760,798,315		83.24
	$	913,991,725		100.00	%

(1) Includes short-term securities.

*	Non-income producing.

See notes to financial statements.

INTERNATIONAL OPPORTUNITIES FUND

INVESTMENT REVIEW BY JIM GENDELMAN (UNAUDITED)

The Marsico International Opportunities Fund posted a total return of (US$) -1.68% for the one-year fiscal period ended September 30, 2009. The Fund’s return trailed the MSCI EAFE Index, which we consider to be the Fund’s primary benchmark index and which had a total return of (US$) +3.23%. Please see the Fund Overview for more detailed information about the Fund’s longer-term performance for various time periods ended September 30, 2009.

Both the Fund and its benchmark index’s overall returns for the period mask an enormous amount of tumult in the global capital markets and record-high levels of volatility. The Fund’s one-year return was heavily influenced by an exceptionally difficult fourth calendar quarter in 2008, which in many respects represented the worst period in decades for the global economy, financial system and capital markets. More recently, and encouragingly, we have seen substantial improvement in all three critical areas.

There were several factors that contributed to the Fund’s performance shortfall for the period as a whole. Stock selection in the Industrials, Telecommunication Services, Materials, and Health Care sectors did not keep pace with the performance results of their sector counterparts in the MSCI EAFE Index. In the Industrials sector, wind energy turbine manufacturers Gamesa Corporación Tecnológica S.A. and Vestas Wind Systems A/S declined -34% and -14%, respectively. Brazil-headquartered America Latina Logistica S.A., a railway operator and transportation logistics company, dropped -52% prior to being sold. Wireless telecommunication services holdings also struggled, including Mexico-based América Móvil S.A.B. de C.V. ADR Ser. L, South Africa-headquartered MTN Group Ltd., and Canadian communications and media company Rogers Communications, Inc. – Cl. B. All three positions posted negative returns prior to being sold from the Fund. Construction materials company Linde AG also had disappointing stock price performance and was sold from the Fund. Investment results in the Health Care sector were hampered by positions in Alcon, Inc. (-48% prior to being sold), a medical company specializing in eye products, and drug manufacturer Lonza Group AG (-11%).

A few other individual positions had a material, negative effect on performance. Video game hardware and software company Nintendo Co. Ltd., Hotel/Casino operator Las Vegas Sands Corp., and beverage company Heineken N.V. each declined sharply prior to being sold from the Fund.

The Fund’s Financials positions posted mixed results and, in aggregate, produced an overall return of -2%. Several of the Fund’s positions in the Banks industry, particularly those headquartered in emerging markets, posted strong gains. These included India-based ICICI Bank Ltd. Spon. ADR, Brazil-headquartered Itaú Unibanco Holding S.A. ADR, and Industrial & Commercial Bank of China Ltd. – Cl. H (prior to being sold). Other Financials holdings had disappointing results. France-headquartered AXA, Japanese bank Mizuho Financial Group, Inc., Germany-based Deutsche Bank AG, and United Kingdom-headquartered HSBC Holdings PLC were among the Fund’s weakest-performing individual holdings. (AXA and Deutsche Bank were sold prior to period-end.)

INTERNATIONAL OPPORTUNITIES FUND

Although currency management is not a central facet of the Fund’s investment process, fluctuations in major world currencies can sometimes affect the Fund’s shorter-term performance results. During the one-year fiscal period, initial US dollar strength followed by a period of substantial weakness was a factor in relation to the Fund’s performance. In particular, currencies such as the Australian dollar, euro and Japanese yen appreciated substantially as compared to the US dollar. The Fund’s performance was adversely impacted by having lower relative exposure to companies whose securities were denominated in the Australian dollar, euro, and Japanese yen. The Fund also held a few US dollar-based stocks and had US dollar cash and cash equivalent positions, which – again, in the context of a relatively weak dollar – dampened performance.

There were several positive contributors to performance. Stock selection in the Information Technology sector was strong. Two of the Fund’s Taiwan-based technology holdings, Taiwan Semiconductor Manufacturing Co. Ltd. Spon. ADR and Hon Hai Precision Industry Co., Ltd., posted strong returns. ASML Holding N.V., a Dutch company that supplies systems for the semiconductor industry, soared +77%.

A second major positive contributor to the Fund’s performance was its Energy holdings. Offshore oil and gas drilling services company Transocean Ltd. and oil exploration and production company Petroleo Brasileiro S.A. ADR gained +56% and +9%, respectively.

Belgium-based alcoholic beverage company Anheuser-Busch InBev N.V. (+86%) and Spanish telecommunications company Telefonica, SA (+43%) were among the Fund’s top performing individual holdings.

The Fund also benefitted from abstaining from investment in the Utilities sector. Utilities was the weakest-performing sector of the MSCI EAFE Index with a return of -4%.

During the period, the Fund modestly increased its allocation to the Financials, Energy, Consumer Discretionary, and Industrials sectors. The Fund reduced its holdings in the Health Care and Consumer Staples sectors.

The International Opportunities Fund has tended to have a relatively high portfolio turnover level because of its investment style. For the fiscal one-year period, the Fund’s portfolio turnover rate was 108%. A rapidly-changing macroeconomic environment (such as the environment experienced during the period covered in this report) may contribute to a higher level of turnover for the Fund. Although the Fund may hold core positions for some time, it may change its portfolio composition quickly to take advantage of new opportunities, or to address issues affecting particular holdings.

Fiscal Period-End Investment Posture

As of September 30, 2009, the Fund’s primary economic sector allocations included Financials, Industrials, Information Technology, Energy, and Consumer Discretionary. The Fund had no exposure to the Utilities sector. In terms of country allocations, the Fund’s most significant weightings at period-end were the United Kingdom, Switzerland, Japan, Brazil, and Germany. The Fund held several positions domiciled in emerging markets including Brazil, Taiwan, China, Mexico, India, and Israel. Such emerging markets exposure represented approximately 23% of the Fund’s net assets as of September 30, 2009. Country-level weightings generally should be considered a residual of the Fund’s stock selection process rather than a major, proactive facet of its investment strategy.

Sincerely,

JAMES G. GENDELMAN

PORTFOLIO MANAGER

(1)

Total returns are based on net change in net asset value assuming reinvestment of distributions. For the period prior to September 30, 2004, the performance returns for the International Opportunities Fund reflect a fee waiver in effect; in the absence of such a waiver, the returns would have been reduced. For the period beginning October 2004 through December 2005, performance returns for the International Opportunities Fund would have been higher but for the reimbursement of fees waived previously. A redemption fee of 2% may be imposed on redemptions or exchanges of Fund shares owned for 30 days or less. Please see the Prospectus for more information.

INTERNATIONAL OPPORTUNITIES FUND OVERVIEW

September 30, 2009 (Unaudited)

The International Opportunities Fund invests primarily in common stocks of foreign companies that are selected for their long-term growth potential. The Fund may invest in companies of any size throughout the world. It normally invests in the securities of issuers that are economically tied to one or more foreign countries, and expects to be invested in various issuers or securities that together have ties to at least four different foreign countries. Some issuers or securities in the Fund’s portfolio may be based in or economically tied to the United States. The Fund may hold an unlimited number of common stocks.


TOTAL ANNUAL OPERATING EXPENSES* 1.36%	NET ASSETS $450,926,025	NET ASSET VALUE PER SHARE $11.86


GROWTH OF $10,000(1)(2)	PERFORMANCE COMPARISON



SECTOR ALLOCATION(3)	TOP FIVE HOLDINGS

	VESTAS WIND SYSTEMS A/S	4.04%
	TRANSOCEAN LTD.	3.95%
	CREDIT SUISSE GROUP AG	3.79%
	DAIMLER A.G.	3.30%
	HSBC HOLDINGS PLC	3.18%

*	The Total Annual Operating Expenses are reflective of the information disclosed in the Funds’ Prospectus dated January 30, 2009 and may differ from the expense ratio disclosed in this report.

The performance included in the chart and graph does not reflect the deduction of taxes on Fund distributions or the redemption of Fund shares.

All indices are unmanaged and investors cannot invest directly in an index.

(1)

The performance returns for the International Opportunities Fund (for the period prior to September 30, 2004) reflect a fee waiver in effect; in the absence of such a waiver, the returns would be reduced. For the period beginning October 2004 through December 2005, performance returns for the International Opportunities Fund would be higher but for the reimbursement of fees waived previously.

(2)	This chart assumes an initial investment of $10,000 made on June 30, 2000 (inception). Total returns are based on net change in NAV, assuming reinvestment of distributions.

(3)	Sector weightings represent the percentage of the Fund’s investments (excluding cash equivalents) in certain general sectors. These sectors may include more than one industry. The Fund’s portfolio composition is subject to change at any time.

The Morgan Stanley Capital International (MSCI) EAFE Index tracks the stocks of about 1,000 companies in Europe, Australasia, and the Far East (EAFE).

SCHEDULE OF INVESTMENTS

MARSICO INTERNATIONAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

September 30, 2009

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS

Airlines
Singapore Airlines Ltd.		248,000	$	2,426,039		0.54	%

Apparel Retail
Esprit Holdings, Ltd.		886,500		5,948,091		1.32

Application Software
Autonomy Corporation PLC*		182,633		4,754,646		1.05
Longtop Financial Technologies Ltd. ADR*		81,600		2,322,336		0.52
				7,076,982		1.57

Asset Management & Custody Banks
Julius Baer Holding Ltd.*		94,954		4,741,744		1.05

Automobile Manufacturers
Daimler A.G.		295,387		14,871,708		3.30
Honda Motor Co., Ltd.		127,600		3,930,418		0.87
				18,802,126		4.17

Biotechnology
Actelion Ltd.*		72,571		4,506,363		1.00
CSL Ltd.		329,525		9,727,053		2.16
				14,233,416		3.16

Brewers
Anheuser-Busch InBev N.V.		199,382		9,104,541		2.02

Building Products
Daikin Industries, Ltd.		126,173		4,540,063		1.01

Construction & Engineering
Hochtief A.G.		44,830		3,415,237		0.76

Construction Materials
CEMEX, S.A.B. de C.V. Spon. ADR*		963,300		12,445,836		2.76
CRH PLC		82,327		2,277,545		0.50
				14,723,381		3.26

Diversified Banks
Banco Bilbao Vizcaya Argentaria S.A.		540,388		9,592,116		2.13
BNP Paribas		86,172		6,885,044		1.53
HSBC Holdings PLC		1,255,214		14,363,116		3.18
ICICI Bank Ltd. Spon. ADR		232,333		8,958,760		1.99
Itaú Unibanco Holding S.A. ADR		376,118		7,578,778		1.68
Mizuho Financial Group, Inc.		5,892,300		11,684,169		2.59
Standard Chartered PLC		191,900		4,729,086		1.05
				63,791,069		14.15

Diversified Capital Markets
Credit Suisse Group AG		308,346		17,108,844		3.79

Diversified Chemicals
BASF S.E.		62,661		3,320,273		0.74

Diversified Metals & Mining
Vale SA Spon. ADR		344,900		7,977,537		1.77

Diversified Real Estate Activities
CapitaLand Ltd.		3,043,000		8,036,034		1.78
Hang Lung Properties Ltd.		490,000		1,811,408		0.40
Sun Hung Kai Properties Ltd.		119,000		1,756,582		0.39
				11,604,024		2.57

Electrical Components & Equipment
Schneider Electric S.A.		21,354		2,164,261		0.48

Electronic Manufacturing Services
Hon Hai Precision Industry Co., Ltd.		2,448,982		9,827,009		2.18

Food Retail
FamilyMart Co., Ltd.		72,700		2,340,590		0.52
Tesco PLC		713,007		4,553,414		1.01
				6,894,004		1.53

Heavy Electrical Equipment
ABB Ltd. - Spon. ADR		220,840		4,432,570		0.98
ALSTOM S.A.		102,290		7,464,839		1.66
Gamesa Corporación Tecnológica S.A.		369,204		8,271,599		1.83
Vestas Wind Systems A/S*		251,711		18,196,542		4.04
				38,365,550		8.51

Homebuilding
Cyrela Brazil Realty S.A.		209,800		2,729,674		0.60
Gafisa S.A.		368,081		5,543,238		1.23
				8,272,912		1.83

Hotels, Resorts & Cruise Lines
Accor S.A.		40,722		2,266,822		0.50
Ctrip.com International Ltd. ADR*		53,700		3,157,023		0.70
				5,423,845		1.20

Household Products
Reckitt Benckiser Group PLC		93,264		4,557,948		1.01

Hypermarkets & Super Centers
Metro AG		83,199		4,705,605		1.04

Integrated Oil & Gas
BP PLC		753,723		6,661,235		1.48
Petroleo Brasileiro S.A. ADR		260,974		11,978,707		2.66
Suncor Energy, Inc.		358		12,506		0.00
				18,652,448		4.14

Integrated Telecommunication Services
Telefonica, SA		332,746		9,180,943		2.04

Internet Software & Services
Baidu, Inc. Spon. ADR*		8,681		3,394,705		0.75
Tencent Holdings Ltd.		138,300		2,235,984		0.50
				5,630,689		1.25

Investment Banking & Brokerage
Daiwa Securities Group, Inc.		1,540,000		7,943,185		1.76

*	Non-income producing.

See notes to financial statements.

SCHEDULE OF INVESTMENTS

	Number of Shares		Value			Percent of Net Assets
COMMON STOCKS (continued)

Life Sciences Tools & Services
Lonza Group AG*		104,593	$	11,405,007			2.53	%

Oil & Gas Drilling
Transocean Ltd.*		208,314		17,817,096			3.95

Oil & Gas Exploration & Production
CNOOC Ltd.		3,206,800		4,319,842			0.96
OGX Petróleo e Gás Participações S.A.		4,700		3,594,747			0.79
				7,914,589			1.75

Oil & Gas Refining & Marketing
Reliance Industries Ltd. -Spon. GDR, 144A		29,300		2,698,530			0.60

Packaged Foods & Meats
Nestlé S.A.		133,353		5,682,590			1.26

Pharmaceuticals
Teva Pharmaceutical Industries Ltd. Spon. ADR		125,312		6,335,775			1.40

Real Estate Development
Cheung Kong (Holdings) Ltd.		706,000		8,963,865			1.99

Semiconductor Equipment
ASML Holding N.V.		221,039		6,501,490			1.44
SUMCO CORPORATION		119,100		2,706,667			0.60
				9,208,157			2.04

Semiconductors
Infineon Technologies AG*		823,302		4,644,420			1.03
Taiwan Semiconductor Manufacturing Co., Ltd. Spon. ADR		1,027,303		11,259,241			2.50
				15,903,661			3.53

Specialty Chemicals
Novozymes A/S - Cl. B		24,024		2,260,935			0.50

Steel
ThyssenKrupp AG		139,216		4,793,569			1.06

Trading Companies & Distributors
Marubeni Corporation		1,995,000		10,067,788			2.23
Noble Group Ltd.		1,469,000		2,554,964			0.57
				12,622,752			2.80

Wireless Telecommunication Services
NII Holdings, Inc.*		187,164		5,611,177			1.25
Vodafone Group PLC		3,968,802		8,892,530			1.97
				14,503,707			3.22

TOTAL COMMON STOCKS
(Cost $344,575,019)				430,541,999			95.48

RIGHTS

Diversified Banks
BNP Paribas - Expire 10/13/2009*		86,172		186,627			0.04

TOTAL RIGHTS
(Cost $0)				186,627			0.04

SHORT-TERM INVESTMENTS
SSgA Prime Money Market Fund, 0.221%		3,124,195		3,124,195			0.69
SSgA U.S. Government Money Market Fund, 0.000%		20,241,468		20,241,468			4.49

TOTAL SHORT-TERM INVESTMENTS
(Cost $23,365,663)				23,365,663			5.18

TOTAL INVESTMENTS
(Cost $367,940,682)				454,094,289			100.70

Liabilities, Less Cash and Other Assets				(3,168,264	)		(0.70	)

NET ASSETS			$	450,926,025			100.00	%

*	Non-income producing.

See notes to financial statements.

SUMMARY OF INVESTMENTS BY COUNTRY

Country	Market Value		Percent of Investment Securities
Australia	$	9,727,053		2.14	%
Belgium		9,104,541		2.01
Brazil		39,402,681		8.68
Canada		12,506		0.00
China		11,110,048		2.45
Denmark		20,457,477		4.51
France		18,967,593		4.18
Germany		35,750,812		7.87
Hong Kong		25,354,752		5.58
India		11,657,290		2.57
Ireland		2,277,545		0.50
Israel		6,335,775		1.40
Japan		43,212,880		9.52
Mexico		12,445,836		2.74
Netherlands		6,501,490		1.43
Singapore		10,462,073		2.30
Spain		27,044,658		5.96
Switzerland		47,877,118		10.54
Taiwan		21,086,250		4.64
United Kingdom		48,511,975		10.68
United States(1)		46,793,936		10.30
	$	454,094,289		100.00	%

(1)	Includes short-term securities.

*	Non-income producing.

See notes to financial statements.

FLEXIBLE CAPITAL FUND

INVESTMENT REVIEW BY DOUG RAO (UNAUDITED)

The Flexible Capital Fund posted a total return of +11.68% for the one-year fiscal period ended September 30, 2009. That result significantly surpassed the return of the S&P 500 Index, which we consider to be the Fund’s primary benchmark index and which had a total return of - -6.91%. Please see the Fund Overview for more detailed information about the Fund’s performance for various time periods ended September 30, 2009.

The Flexible Capital Fund was able to navigate through some very challenging circumstances during the reporting period. The Fund was aided by able stock selection in several sectors and a variety of geographic regions within those sectors (including emerging markets), which had a substantial, positive effect on overall performance.

The Fund’s Financials holdings posted an aggregate return of +10%, while the S&P 500 Index Financials sector declined -24%. Several holdings stood out as having exceptionally-strong performance of +48% or more. These positions included Countrywide Capital V, Capital Securities, 7.000%, Singapore-based real estate investment trust company CapitaRetail China Trust, and The Goldman Sachs Group, Inc. These holdings tended to be purchased during a period in which the environment appeared to be the bleakest for financial stocks. As a result, the Fund was able to participate in a powerful rally by the sector during the second half of the reporting period.

A number of the Fund’s energy-related holdings also posted notable investment results. Brazil-headquartered oil and natural gas exploration and production company OGX Petróleo e Gás Participações S.A. soared more than +300%. Pride International, Inc., a US-based offshore drilling contractor, gained +73%.

Consumer-related positions also had a material, positive impact on performance results. Sports apparel companies Li Ning Company Ltd. and lululemon athletica, inc. produced returns for the Fund of +85% and +61%, respectively. Brazilian household and personal products company Hypermarcas S.A. (+76%) and supermarket company Whole Foods Market, Inc. (+115% prior to being sold) also augmented the Fund’s return. Online jewelry retailer Blue Nile, Inc. and cable/satellite entertainment company Liberty Media LLC – Cl. A were also leading consumer positions. (Blue Nile was sold from the Fund prior to September 30, 2009.)

The Fund’s stock selection in the Materials and Health Care sectors were further areas of strength. Materials holdings were led by iron ore producer Fortescue Metals Group Ltd., which appreciated sharply prior to being sold from the Fund. A position in Schering-Plough Corporation Convertible Pref., 6.000% aided performance results in the Health Care sector.

FLEXIBLE CAPITAL FUND

The Fund’s cash position was elevated early in the reporting period when equity markets in general were selling off sharply. This posture helped the Fund’s performance, providing a measure of capital protection in a challenging equity market. The Fund’s cash and cash equivalents position was reduced during the period and, as of September 30, 2009, represented approximately 3% of the Fund’s net assets.

Though the Fund’s overall performance was strong, there were a few areas of investment that struggled. Although a number of the Fund’s Financials positions performed well, several Financials positions had a material, negative effect on performance results for the Fund. For example, U.S. Bancorp, Oaktree Capital Group, LLC – Cl. A 144a, and Wells Fargo & Company posted double-digit negative returns. (U.S. Bancorp and Oaktree were sold from the Fund during the period.)

Other individual positions posting sub-par returns included railroad operator Norfolk Southern Corporation. (-53% prior to being sold), media and entertainment company Live Nation, Inc. (-59%), and wind energy turbine manufacturer Vestas Wind Systems A/S (-60%). All three positions were sold from the Fund prior to September 30, 2009.

The Flexible Capital Fund has tended to have a relatively high portfolio turnover level. For the fiscal one-year period, the Fund’s portfolio turnover rate was 259%. This is attributable in part to the Fund’s investment style and its relatively small base of assets under management. A rapidly-changing macroeconomic environment (such as the environment experienced during the period covered in this report) also may contribute to a higher level of turnover for the Fund. Although the Fund may hold core positions for some time, it may change its portfolio composition quickly to take advantage of new opportunities, or to address issues affecting particular holdings.

Fiscal Period-End Investment Posture

As of September 30, 2009, the Fund’s primary economic sector allocations included Financials, Consumer Discretionary, Energy, and Information Technology.

Sincerely,

A. DOUGLAS RAO

PORTFOLIO MANAGER

(1)

Total returns are based on net change in net asset value assuming reinvestment of distributions. The performance returns for the Flexible Capital Fund reflect a fee waiver in effect; in the absence of such a waiver, the returns would have been reduced. A redemption fee of 2% may be imposed on redemptions or exchanges of Fund shares owned for 30 days or less. Please see the Prospectus for more information.

FLEXIBLE CAPITAL FUND OVERVIEW

September 30, 2009 (Unaudited)

The Flexible Capital Fund invests primarily in equity securities and other investments that are selected primarily for their long-term growth potential. The Fund may invest in issuers of any size throughout the world, and will normally hold a core position of between 20 and 50 securities or other investments.


TOTAL ANNUAL OPERATING EXPENSES* NET EXPENSES*†	1.73% 0.77%	NET ASSETS $31,330,965	NET ASSET VALUE PER SHARE $9.65


GROWTH OF $10,000(1)(2)	PERFORMANCE COMPARISON



SECTOR ALLOCATION(3)	TOP FIVE HOLDINGS

	OGX PETRÓLEO E GÁS PARTICIPAÇÕES S.A.	5.13%
	HYPERMARCAS S.A.	3.45%
	COUNTRYWIDE CAPITAL V, CAPITAL SECURITIES, 7.000%	3.43%
	JPMORGAN CHASE & CO.	3.34%
	CROWN CASTLE INTERNATIONAL CORP.	3.19%

*	The Total Annual Operating Expenses and Net Expenses are reflective of the information disclosed in the Funds’ Prospectus dated January 30, 2009 and may differ from the expense ratios disclosed in this report.

†

The Adviser has entered into a written expense limitation agreement under which it has agreed to limit the total expenses of the Fund (excluding interest, taxes, acquired fund fees and expenses, litigation, brokerage and extraordinary expenses) to an annual rate of 0.75% of the Flexible Capital Fund’s average net assets until December 31, 2009. This fee waiver may be terminated at any time after December 31, 2009. The Adviser may recoup any waived amount from the Fund pursuant to this arrangement if such reimbursement does not cause the Fund to exceed existing expense limitations and the reimbursement is made within three years after the year in which the Adviser incurred the expense.

The performance included in the chart and graph does not reflect the deduction of taxes on Fund distributions or the redemption of Fund shares.

All indices are unmanaged and investors cannot invest directly in an index.

(1)	The performance returns for the Flexible Capital Fund reflect a fee waiver in effect; in the absence of such a waiver, the returns would be reduced.

(2)	This chart assumes an initial investment of $10,000 made on December 29, 2006 (inception). Total returns are based on change in NAV, assuming reinvestment of distributions.

(3)	Sector weightings represent the percentage of the Fund’s investments (excluding cash equivalents) in certain general sectors. These sectors may include more than one industry. The Fund’s portfolio composition is subject to change at any time.

SCHEDULE OF INVESTMENTS

MARSICO FLEXIBLE CAPITAL FUND

SCHEDULE OF INVESTMENTS

September 30, 2009

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS

Apparel, Accessories & Luxury Goods
Fuqi International, Inc.*		26,500	$	775,920		2.47	%
Li Ning Company Ltd.		133,000		410,152		1.31
lululemon athletica, inc.*		25,437		578,692		1.85
				1,764,764		5.63

Application Software
Adobe Systems, Inc.*		15,830		523,023		1.67
Kingdee International Software Group Company Ltd.		2,794,000		472,273		1.51
				995,296		3.18

Asset Management & Custody Banks
GP Investments Ltd.*		89,800		496,749		1.58

Automobile Manufacturers
Zenn Motor Company, Inc.*		38,560		185,120		0.59

Automotive Retail
Advance Auto Parts, Inc.		23,039		904,972		2.89
AutoNation, Inc.*		41,622		752,526		2.40
				1,657,498		5.29

Broadcasting
CBS Corporation - Cl. B		37,203		448,296		1.43

Cable & Satellite
Liberty Media LLC - Cl. A*		21,069		655,456		2.09

Communications Equipment
Juniper Networks, Inc.*		18,211		492,061		1.57
QUALCOMM, Inc.		9,530		428,660		1.37
				920,721		2.94

Computer Storage & Peripherals
Compellent Technologies, Inc.*		41,080		741,494		2.37

Consumer Finance
American Express Company		13,197		447,378		1.43

Data Processing & Outsourced Services
MasterCard, Inc. - Cl. A		1,545		312,322		1.00

Diversified Banks
China Merchants Holdings (International) Co., Ltd.		198,500		442,588		1.41
Dah Sing Banking Group Ltd.*		504,400		650,835		2.08
HSBC Holdings PLC ADR		4,800		275,280		0.88
Wells Fargo & Company		32,617		919,147		2.93
				2,287,850		7.30

Diversified Chemicals
PPG Industries, Inc.		5,017		292,039		0.93

Drug Retail
CVS Caremark Corporation		16,763		599,110		1.91

Electronic Components
Byd Company Ltd. - Cl. H*		22,000		181,250		0.58

Health Care Equipment
Baxter International, Inc.		10,691		609,494		1.94

Homebuilding
Construtora Tenda S.A.*		194,400		587,062		1.87

Hotels, Resorts & Cruise Lines
Home Inns & Hotels Management, Inc. ADR*		11,100		331,335		1.06

Household Products
Hypermarcas S.A.*		55,200		1,080,880		3.45

Hypermarkets & Super Centers
BJ’s Wholesale Club, Inc.*		15,371		556,738		1.78

Independent Power Producers & Energy Traders
NRG Energy, Inc.*		12,542		353,559		1.13

Internet Software & Services
Google, Inc. - Cl. A*		516		255,859		0.82

Investment Banking & Brokerage
The Goldman Sachs Group, Inc.		5,130		945,715		3.02

Office REITs
Ascendas India Trust		843,000		520,647		1.66

Oil & Gas Drilling
Pride International, Inc.*		25,587		778,868		2.49

Oil & Gas Equipment & Services
National Oilwell Varco, Inc.*		20,089		866,439		2.76
Oceaneering International, Inc.*		15,507		880,022		2.81
				1,746,461		5.57

Oil & Gas Exploration & Production
OGX Petróleo e Gás Participações S.A.		2,100		1,606,163		5.13

Other Diversified Financial Services
Bank of America Corporation		20,051		339,263		1.08
JPMorgan Chase & Co.		23,894		1,047,035		3.34
				1,386,298		4.42

Pharmaceuticals
Abbott Laboratories		12,280		607,492		1.94

Real Estate Operating Companies
BR Malls Participacoes S.A.*		82,900		977,992		3.12

Regional Banks
CVB Financial Corp.		67,357		511,240		1.63

Retail REITs
CapitaRetail China Trust		751,000		650,424		2.08

Specialty Chemicals
Novozymes A/S - Cl. B		3,326		313,015		1.00

Wireless Telecommunication Services
Crown Castle International Corp.*		31,910		1,000,698		3.19

TOTAL COMMON STOCKS
(Cost $21,521,433)			$	26,805,283		85.55

*	Non-income producing.

See notes to financial statements.

SCHEDULE OF INVESTMENTS

MARSICO FLEXIBLE CAPITAL FUND

SCHEDULE OF INVESTMENTS

September 30, 2009

	Number of Shares/ Par Value		Value			Percent of Net Assets
CORPORATE BONDS

Electric Utilities
Energy Future Holdings Corporation, 10.875%, 11/01/17		300,000	$	226,500			0.72	%

Investment Banking & Brokerage
Schwab Capital Trust I, 7.500%, 11/15/37		954,000		863,570			2.76

Wireless Telecommunication Services
Crown Castle International Corp., 9.000%, 01/15/15		200,000		209,500			0.67

TOTAL CORPORATE BONDS
(Cost $1,172,035)				1,299,570			4.15

PREFERRED STOCKS

Building Products
Duratex S.A. Pref.		17,900		283,413			0.91

Other Diversified Financial Services
Countrywide Capital V, Capital Securities, 7.000%		52,300		1,075,811			3.43

Pharmaceuticals
Schering-Plough Corporation, Convertible Pref., 6.000%		3,508		851,392			2.72

TOTAL PREFERRED STOCKS
(Cost $1,804,026)				2,210,616			7.06

SHORT-TERM INVESTMENTS

SSgA U.S. Government Money Market Fund, 0.000%		1,047,952		1,047,952			3.34

TOTAL SHORT-TERM INVESTMENTS
(Cost $1,047,952)				1,047,952			3.34

TOTAL INVESTMENTS
(Cost $25,545,446)				31,363,421			100.10

Liabilities, Less Cash and Other Assets				(32,456	)		(0.10	)

NET ASSETS			$	31,330,965			100.00	%

SUMMARY OF INVESTMENTS BY COUNTRY

Country	Market Value		Percent of Investment Securities
Brazil	$	5,032,259		16.04	%
Canada		763,812		2.44
China		2,613,518		8.33
Denmark		313,015		1.00
Hong Kong		650,835		2.08
Singapore		1,171,071		3.73
United Kingdom		275,280		0.88
United States(1)		20,543,631		65.50
	$	31,363,421		100.00	%

(1) Includes short-term securities.

See notes to financial statements.

GLOBAL FUND

INVESTMENT REVIEW BY CORY GILCHRIST, TOM MARSICO AND JIM GENDELMAN (UNAUDITED)

The Marsico Global Fund posted a total return of -1.93% for the one-year fiscal period ended September 30, 2009. The Fund’s return modestly underperformed the MSCI All Country World Index (MSCI ACWI Index), which we consider to be the Fund’s primary benchmark index and which had a total return of -0.11%. The MSCI ACWI Index measures equity market performance in the global developed and emerging markets. Please see the Fund Overview for more detailed information about the Fund’s performance for various time periods ended September 30, 2009.

There were several factors that contributed to the Global Fund’s modest underperformance for the one-year period ended September 30, 2009 (as compared with the MSCI ACWI Index).

The most significant detractor from performance results was stock selection in the Financials sector. In aggregate, the Fund’s Financials holdings skidded -25%, while the MSCI ACWI Index Financials sector fell -6%. A few of the Fund’s Financials holdings experienced sizable declines and had a material, adverse impact on performance, including U.S. Bancorp (-73% prior to being sold), Wells Fargo & Compnay (-62%), and Credit Suisse Group AG (-62% prior to being sold). Financials was the weakest-performing sector of the benchmark index by a considerable degree. The Fund’s investment results were further impaired as a result of our decision to have a substantially overweighted allocation, on average, to the Financials sector.

The Fund’s positioning in the Health Care sector was off the mark in two respects. First, the Fund had relatively little exposure to the sector during the period. This presented an opportunity cost for the Fund, as the Health Care sector (often considered to be a “defensive” area of investment in times of general economic and equity market turmoil) fared better than many other sectors of the benchmark index during the market’s decline. Second, the Fund’s stock selection within the sector was disappointing. Pharmaceuticals, Biotechnology & Life Sciences holdings Genzyme Corporation, Roche Holding AG, and Perrigo Company each declined more than -20% prior to being sold from the Fund. Lonza Group AG, which represented a core position in the Fund, dipped - -11%.

Several individual holdings also had a material, negative effect on the Fund’s fiscal year results. Consumer Staples companies Heineken Holding N.V. and Costco Wholesale Corporation posted disappointing returns and were sold from the Fund. Industrials positions Lockheed Martin Corporation and Energy Conversion Devices, Inc., a solar renewable energy company, also declined sharply prior to being sold.

On the positive side of the ledger, the Fund’s Information Technology positions – led by Apple, Inc. (+61%), QUALCOMM, Inc. (+54%), and Citrix Systems, Inc. (+114%) – buoyed the Fund’s performance. On average, the Fund had an overweighted allocation to the Information Technology sector. This aided performance results, as Information Technology was one of the strongest-performing sectors of the benchmark index.

GLOBAL FUND

A number of holdings in the Consumer Discretionary and Energy sectors also featured relatively strong stock price gains. Consumer Discretionary positions were led by Brazilian homebuilder Gafisa S.A. ADR (+99%), German auto manufacturer Volkswagen A.G. – Pref. (+138%), and athletic apparel company lululemon athletica inc. (+60%). Strong-performing Energy holdings included Brazil-based Petroleo Brasileiro S.A. ADR and contract drilling company Pride International, Inc.

Other Fund holdings posting sizeable gains included beverage company Anheuser-Busch InBev N.V. (+86%), banking positions Standard Chartered PLC (+83%) and India-headquartered ICICI Bank Ltd. Spon. ADR (+113%), and metals/mining company BHP Billiton PLC (+65%).

On average, the Fund had more exposure to securities economically tied to the US than did the MSCI ACWI Index during the one-year period. This positioning generally hurt the Fund as the US dollar initially rallied but subsequently declined relative to most other world currencies such as the Japanese yen and Australian dollar.

The Global Fund over its relatively short history has tended to have a fairly high portfolio turnover level. For the fiscal one-year period ended September 30, 2009, the Fund’s portfolio turnover rate was 185%. A rapidly-changing macroeconomic environment (such as the environment experienced during the period covered in this report) may contribute to a higher level of turnover for the Fund. Although the Fund may hold core positions for some time, it may change its portfolio composition quickly to take advantage of new opportunities, or to address issues affecting particular holdings.

Fiscal Period-End Investment Posture

As of September 30, 2009, the Fund’s primary economic sector allocations were in the following areas: Financials, Information Technology, Consumer Discretionary, and Industrials. The Fund’s most significant country allocations were the US, Brazil, Switzerland, and the United Kingdom. As of period-end, the Fund had approximately 26% of its net assets invested in companies domiciled in emerging markets including Brazil, China, and India. Country-level weightings generally should be considered a residual of the Fund’s stock selection process rather than a major, proactive facet of its investment strategy.

Sincerely,

CORYDON J. GILCHRIST, CFA

THOMAS F. MARSICO

JAMES G. GENDELMAN

PORTFOLIO MANAGERS

(1)

Total returns are based on net change in net asset value assuming reinvestment of distributions. For the period prior to December 31, 2008 and from April through May 2009, the performance returns for the Global Fund reflect a fee waiver in effect; in the absence of such a waiver, the returns would have been reduced. For the one-month period June 2009, performance returns for the Global Fund would have been higher but for reimbursement of fees waived previously. A redemption fee of 2% may be imposed on redemptions or exchanges of Fund shares owned for 30 days or less. Please see the Prospectus for more information.

GLOBAL FUND OVERVIEW

September 30, 2009 (Unaudited)

The Global Fund invests primarily in common stocks that are selected for their long-term growth potential. The Fund invests in the securities of companies of any size that are economically tied to any countries or markets throughout the world, including the securities of companies economically tied to emerging markets. Under normal market conditions, the Fund will invest significantly (generally, at least 40% of its net assets) in the securities of issuers organized or located outside the U.S. or doing business outside the U.S. (unless market conditions are not deemed favorable by the Adviser, in which case the Fund generally will invest at least 30% of its assets in such foreign securities). The Fund will invest its assets in various regions and countries, including the U.S., that encompass not less than three different countries overall. The Fund may hold an unlimited number of common stocks.


TOTAL ANNUAL OPERATING EXPENSES* NET EXPENSES*†	1.52% 1.63%	NET ASSETS $109,148,720	NET ASSET VALUE PER SHARE $8.59


GROWTH OF $10,000(1)(2)	PERFORMANCE COMPARISON



SECTOR ALLOCATION(3)	TOP FIVE HOLDINGS

	JPMORGAN CHASE & CO.	5.25%
	WELLS FARGO & COMPANY	3.98%
	STANDARD CHARTERED PLC	3.95%
	ITAÚ UNIBANCO HOLDING S.A. ADR	3.49%
	ICICI BANK LTD. SPON. ADR	3.13%

*	The Total Annual Operating Expenses and Net Expenses are reflective of the information disclosed in the Funds’ Prospectus dated January 30, 2009 and may differ from the expense ratios disclosed in this report.

†

The Adviser has entered into a written expense limitation agreement under which it has agreed to limit the total expenses of the Fund (excluding interest, taxes, acquired fund fees and expenses, litigation, brokerage and extraordinary expenses) to an annual rate of 1.60% of the Global Fund’s average net assets until December 31, 2009. Prior to January 1, 2009, the Adviser’s expense limitation agreement relating to the Global Fund limited total expenses to 0.75% of average net assets. The Net Expenses for the Global Fund reflect the current expense limitation agreement that became effective January 1, 2009. This fee waiver may be terminated at any time after December 31, 2009. The Adviser may recoup any waived amount from the Fund pursuant to this arrangement if such reimbursement does not cause the Fund to exceed existing expense limitations and the reimbursement is made within three years after the year in which the Adviser incurred the expense.

The performance included in the chart and graph does not reflect the deduction of taxes on Fund distributions or the redemption of Fund shares.

All indices are unmanaged and investors cannot invest directly in an index.

(1)

The performance returns for the Global Fund (for the period prior to December 31, 2008 and from April through May 2009) reflect a fee waiver in effect; in absence of such a waiver, the returns would be reduced. For the one-month period June 2009, performance returns for the Global Fund would have been higher but for reimbursement of fees waived previously.

(2)	This chart assumes an initial investment of $10,000 made on June 29, 2007 (inception). Total returns are based on change in NAV, assuming reinvestment of distributions.

(3)	Sector weightings represent the percentage of the Fund’s equity investments in certain general sectors. These sectors may include more than one industry. The Fund’s portfolio composition is subject to change at any time.

The MSCI ACWI (All Country World Index) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets.

SCHEDULE OF INVESTMENTS

MARSICO GLOBAL FUND

SCHEDULE OF INVESTMENTS

September 30, 2009

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS

Aerospace & Defense
Precision Castparts Corp.		15,885	$	1,618,205		1.48	%

Apparel, Accessories & Luxury Goods
lululemon athletica, inc.*		53,363		1,214,008		1.11
Polo Ralph Lauren Corporation		23,281		1,783,790		1.64
				2,997,798		2.75

Application Software
Adobe Systems, Inc.*		72,769		2,404,288		2.20
Citrix Systems, Inc.*		39,564		1,552,096		1.42
SolarWinds, Inc.*		24,539		540,594		0.50
				4,496,978		4.12

Biotechnology
Celgene Corporation*		24,213		1,353,507		1.24
Gilead Sciences, Inc.*		13,851		645,179		0.59
				1,998,686		1.83

Brewers
Anheuser-Busch InBev N.V.		46,128		2,106,380		1.93

Communications Equipment
Juniper Networks, Inc.*		40,704		1,099,822		1.01
QUALCOMM, Inc.		57,975		2,607,716		2.39
				3,707,538		3.40

Computer Hardware
Apple, Inc.*		16,337		3,028,390		2.77

Computer Storage & Peripherals
Compellent Technologies, Inc.*		27,677		499,570		0.46

Construction & Engineering
AECOM Technology Corporation*		14,996		406,991		0.37

Construction Materials
China Resources Cement Holdings Ltd.*†		1,126,000		566,629		0.52

Data Processing & Outsourced Services
MasterCard, Inc. - Cl. A		9,451		1,910,520		1.75

Department Stores
Lojas Renner S.A.		79,627		1,396,034		1.28

Distributors
Li & Fung Ltd.		498,000		2,043,393		1.87

Diversified Banks
ICICI Bank Ltd. Spon. ADR		88,698		3,420,195		3.13
Industrial and Commercial Bank of China Ltd. - Cl. H		3,473,000		2,612,575		2.40
Itaú Unibanco Holding S.A. ADR		189,220		3,812,783		3.49
Standard Chartered PLC		175,300		4,313,483		3.95
Wells Fargo & Company		154,121		4,343,130		3.98
				18,502,166		16.95

Diversified Metals & Mining
BHP Billiton PLC		100,308		2,738,050		2.51

Diversified Real Estate Activities
Hang Lung Properties Ltd.		593,000		2,192,173		2.01

Diversified Support Services
Ritchie Bros. Auctioneers, Inc.		25,644		629,304		0.58

Fertilizers & Agricultural Chemicals
Monsanto Company		11,666		902,948		0.83

Health Care Equipment
Intuitive Surgical, Inc.*		11,530		3,023,743		2.77

Heavy Electrical Equipment
ABB Ltd.		144,527		2,900,860		2.66
Vestas Wind Systems A/S*		37,949		2,743,387		2.51
				5,644,247		5.17

Homebuilding
Construtora Tenda S.A.*		567,300		1,713,172		1.57
Cyrela Brazil Realty S.A.		163,969		2,133,374		1.95
Gafisa S.A. ADR		76,110		2,310,699		2.12
				6,157,245		5.64

Household Products
Hypermarcas S.A.*		32,400		634,430		0.58

Industrial Gases
Praxair, Inc.		15,315		1,251,082		1.14
Yingde Gases Group Company*†		69,500		62,774		0.06
				1,313,856		1.20

Integrated Oil & Gas
Petroleo Brasileiro S.A. ADR		72,551		3,330,091		3.05

Internet Software & Services
Baidu, Inc. Spon. ADR*		5,601		2,190,271		2.01
Google, Inc. - Cl. A*		4,098		2,031,993		1.86
OpenTable, Inc.*		2,317		63,857		0.06
				4,286,121		3.93

Investment Banking & Brokerage
The Goldman Sachs Group, Inc.		11,932		2,199,664		2.02

Life Sciences Tools & Services
Lonza Group AG*		18,484		2,015,528		1.85

Marine
Kuehne + Nagel International AG		8,163		709,329		0.65

Marine Ports & Services
China Merchants Holdings (International) Co., Ltd.		208,000		692,434		0.63

Movies & Entertainment
The Walt Disney Company		83,195		2,284,535		2.09

*	Non-income producing.

†	The security is valued at its fair value as determined in good faith by the Adviser to the Fund, in accordance with procedures established by, and under the general supervision of, the Fund’s Board of Trustees.

See notes to financial statements.

SCHEDULE OF INVESTMENTS

	Number of Shares		Value		Percent of Net Assets
COMMON STOCKS (continued)

Oil & Gas Drilling
Pride International, Inc.*		55,007	$	1,674,413		1.53	%

Oil & Gas Equipment & Services
National Oilwell Varco, Inc.*		32,470		1,400,431		1.28

Oil & Gas Exploration & Production
OGX Petróleo e Gás Participações S.A.		2,200		1,682,647		1.54

Other Diversified Financial Services
Bank of America Corporation		92,281		1,561,394		1.43
JPMorgan Chase & Co.		130,658		5,725,434		5.25
				7,286,828		6.68

Packaged Foods & Meats
Nestlé S.A.		46,698		1,989,949		1.82

Real Estate Operating Companies
BR Malls Participacoes S.A.*		138,500		1,633,919		1.50

Restaurants
Chipotle Mexican Grill, Inc. - Cl. A*		4,117		399,555		0.37

Retail REITs
Colony Financial, Inc.*		18,412		359,955		0.33

Wireless Telecommunication Services
Crown Castle International Corp.*		47,214		1,480,631		1.36
NII Holdings, Inc.*		59,333		1,778,803		1.63
				3,259,434		2.99

TOTAL COMMON STOCKS
(Cost $75,609,116)			$	103,720,107		95.03

PREFERRED STOCKS

Automobile Manufacturers
Volkswagen A.G. Pref.		9,718	$	1,131,835		1.04	%

General Merchandise Stores
Lojas Americans S.A. Pref.		127,900		863,448		0.79

TOTAL PREFERRED STOCKS
(Cost $1,296,182)				1,995,283		1.83

SHORT-TERM INVESTMENT
SSgA U.S. Government Money Market Fund, 0.000%		3,355,259		3,355,259		3.07	%

TOTAL SHORT-TERM INVESTMENTS
(Cost $3,355,259)				3,355,259		3.07

TOTAL INVESTMENTS
(Cost $80,260,557)				109,070,649		99.93

Cash and Other Assets, Less Liabilities				78,071		0.07

NET ASSETS			$	109,148,720		100.00	%

SUMMARY OF INVESTMENTS BY COUNTRY

Country	Market Value		Percent of Investment Securities
Belgium	$	2,106,380		1.93	%
Brazil		19,510,597		17.89
Canada		1,843,312		1.69
China		4,865,620		4.46
Denmark		2,743,387		2.51
Germany		1,131,835		1.04
Hong Kong		5,494,629		5.04
India		3,420,195		3.14
Switzerland		7,615,666		6.98
United Kingdom		7,051,533		6.46
United States(1)		53,287,495		48.86
	$	109,070,649		100.00	%

(1) Includes short-term securities.

*	Non-income producing.

See notes to financial statements.

FINANCIAL STATEMENTS

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2009

	MARSICO FOCUS FUND			MARSICO GROWTH FUND

(Amounts in thousands)

ASSETS
Investments, at value (cost $1,622,073, $931,191, $675,099, $367,941, $25,545 and $80,261, respectively)	$	2,034,601		$	1,181,523
Foreign currency (cost $0, $0, $0, $80, $24, and, $0, respectively)		—			—
Receivable for investments sold		30,410			24,320
Receivable for capital stock sold		1,395			531
Interest and dividends receivable		1,829			953
Due from adviser		—			—
Prepaid expenses and other assets		732			389
Total Assets		2,068,967			1,207,716

LIABILITIES
Payable for investments purchased		30,123			10,824
Payable for capital stock redeemed		34,675			1,802
Accrued investment advisory fee		1,408			829
Accrued transfer agent fees and expenses		244			178
Accrued trustees’ fees		635			332
Accrued printing expenses		219			127
Accrued distribution fee		196			295
Accrued expenses and other liabilities		426			98
Total Liabilities		67,926			14,485

NET ASSETS	$	2,001,041		$	1,193,231

NET ASSETS CONSIST OF
Paid-in-capital	$	2,145,724		$	1,331,644
Accumulated net investment income (loss)		2,892			4,597
Accumulated net realized loss on investments, written option contracts and foreign currency transactions		(560,087	)		(393,342	)
Net unrealized appreciation on investments and foreign currency translations		412,512			250,332
NET ASSETS	$	2,001,041		$	1,193,231

SHARES OUTSTANDING, $0.001 par value
(Unlimited shares authorized)		139,168			77,884

NET ASSET VALUE, REDEMPTION PRICE, AND OFFERING PRICE PER SHARE (NET ASSETS/SHARES OUTSTANDING)*	$	14.38		$	15.32

*	Not in thousands, based on unrounded net assets and shares outstanding.

See notes to financial statements.

FINANCIAL STATEMENTS

MARSICO 21st CENTURY FUND			MARSICO INTERNATIONAL OPPORTUNITIES FUND			MARSICO FLEXIBLE CAPITAL FUND			MARSICO GLOBAL FUND



$	913,992		$	454,094		$	31,363		$	109,071
	—			80			24			—
	9,072			6,610			—			667
	168			235			—			59
	1,263			1,401			60			184
	—			—			28			—
	425			316			338			210
	924,920			462,736			31,813			110,191


	—			10,273			125			636
	1,695			645			—			42
	635			311			—			72
	144			73			3			8
	380			292			332			196
	102			38			2			10
	197			100			9			50
	91			78			11			28
	3,244			11,810			482			1,042

$	921,676		$	450,926		$	31,331		$	109,149


$	1,579,785		$	599,951		$	30,424		$	127,426
	(520	)		1,392			242			323
	(896,487	)		(236,563	)		(5,173	)		(47,429	)
	238,898			86,146			5,838			28,829
$	921,676		$	450,926		$	31,331		$	109,149


	79,755			38,009			3,245			12,708

$	11.56		$	11.86		$	9.65		$	8.59

FINANCIAL STATEMENTS

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED September 30, 2009

(Amounts in thousands)	MARSICO FOCUS FUND			MARSICO GROWTH FUND

INVESTMENT INCOME
Interest	$	839		$	223
Dividends (net of $20, $97, $246, $738, $2, and $90 of non-reclaimable foreign withholding taxes)		33,995			20,938
Miscellaneous income		—			—

Total Investment Income		34,834			21,161

EXPENSES
Investment advisory fees		18,727			10,468
Distribution fees		5,508			3,079
Transfer agent fees and expenses		2,776			1,479
Printing and postage expenses		695			240
Custody and fund accounting fees		270			200
Fund administration fees		257			209
Trustees’ fees and expenses		203	(1)		103	(1)
Miscellaneous		174			107
Professional fees		158			99
Federal and state registration fees		118			68
Total Expenses		28,886			16,052

Recovery of previously waived expenses		—			—
Less waiver of expenses and expenses paid indirectly		(3	)		(3	)

Net Expenses		28,883			16,049

NET INVESTMENT INCOME		5,951			5,112

REALIZED AND UNREALIZED GAIN/LOSS
Net realized loss on investments		(494,446	)		(232,123	)
Net realized loss on written option contracts		(573	)		(333	)
Net realized gain (loss) on foreign currency transactions		265			(3,386	)
Change in unrealized appreciation/depreciation on investments and foreign currency translations		52,697			(60,958	)

Net Gain (Loss) on Investments		(442,057	)		(296,800	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(436,106	)	$	(291,688	)

(1)	Amounts include trustees’ fees and expenses and the mark to market unrealized appreciation/depreciation during the period for shares held in the Trustees’ Deferred Plan, as more fully described in Note 2(g) in the Notes to Financial Statements.

	Trustees’ Fees and Expenses*		Unrealized Appreciation (Depreciation)*
Focus Fund	$	202,617	$	87
Growth Fund		106,475		(3,657	)
21st Century Fund		93,545		8,221
International Opportunities Fund		33,092		22,366
Flexible Capital Fund		997		60,415
Global Fund		7,412		32,398

* Not in thousands.

See notes to financial statements.

FINANCIAL STATEMENTS

MARSICO 21st CENTURY FUND			MARSICO INTERNATIONAL OPPORTUNITIES FUND			MARSICO FLEXIBLE CAPITAL FUND			MARSICO GLOBAL FUND


$	344		$	76		$	84		$	18
	14,179			7,774			222			1,635
	31			26			—			—

	14,554			7,876			306			1,653


	8,658			3,290			119			733
	2,547			968			35			216
	1,579			608			30			84
	300			110			2			24
	247			421			80			120
	198			174			49			90
	102	(1)		55	(1)		61	(1)		40	(1)
	123			38			3			11
	90			29			2			10
	79			54			15			31
	13,923			5,747			396			1,359

	—			—			—			8
	(1	)		—			(291	)		(161	)

	13,922			5,747			105			1,206

	632			2,129			201			447


	(631,997	)		(145,120	)		(2,351	)		(29,833	)
	—			—			—			—
	(6,258	)		(28,332	)		(87	)		(2,001	)
	291,278			124,337			5,768			34,202

	(346,977	)		(49,115	)		3,330			2,368

$	(346,345	)	$	(46,986	)	$	3,531		$	2,815

FINANCIAL STATEMENTS

STATEMENTS OF CHANGES IN NET ASSETS

	MARSICO FOCUS FUND						MARSICO GROWTH FUND

(Amounts in thousands)	Year Ended 9/30/09			Year Ended 9/30/08			Year Ended 9/30/09			Year Ended 9/30/08

OPERATIONS:
Net investment income	$	5,951		$	18,084		$	5,112		$	9,333
Net realized gain (loss) on investments		(494,446	)		42,492			(232,123	)		(150,107	)
Net realized loss on written option contracts		(573	)		—			(333	)		—
Net realized gain (loss) on foreign currency transactions		265			1,701			(3,386	)		(1,278	)
Change in unrealized appreciation/depreciation on investments and foreign currency translations		52,697			(1,147,336	)		(60,958	)		(616,090	)

Net increase (decrease) in net assets resulting from operations		(436,106	)		(1,085,059	)		(291,688	)		(758,142	)

DISTRIBUTIONS:
Net investment income		(18,239	)		—			(9,299	)		—
Tax return of capital		—			—			—			—
Net realized gains		(2,822	)		(416,043	)		(634	)		(97,785	)

Total distributions		(21,061	)		(416,043	)		(9,933	)		(97,785	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares		588,756			1,108,792			283,460			694,634
Proceeds from reinvestment of distributions		20,657			407,742			9,571			92,101
Redemption fees		41			51			111			125
Redemption of shares		(1,582,059	)		(1,636,332	)		(895,861	)		(921,266	)

Net increase (decrease) from capital share transactions		(972,605	)		(119,747	)		(602,719	)		(134,406	)

TOTAL INCREASE (DECREASE) IN NET ASSETS		(1,429,772	)		(1,620,849	)		(904,340	)		(990,333	)

NET ASSETS:
Beginning of period		3,430,813			5,051,662			2,097,571			3,087,904

End of period	$	2,001,041		$	3,430,813		$	1,193,231		$	2,097,571

Accumulated net investment income (loss)	$	2,892		$	15,432		$	4,597		$	8,790

TRANSACTIONS IN SHARES:
Shares sold		49,096			59,309			22,391			33,382
Shares issued in reinvestment of distributions		1,808			20,326			782			4,123
Shares redeemed		(134,063	)		(89,520	)		(70,685	)		(45,970	)

NET INCREASE (DECREASE)		(83,159	)		(9,885	)		(47,512	)		(8,465	)

See notes to financial statements.

FINANCIAL STATEMENTS

MARSICO 21st CENTURY FUND						MARSICO INTERNATIONAL OPPORTUNITIES FUND						MARSICO FLEXIBLE CAPITAL FUND						MARSICO GLOBAL FUND

Year Ended 9/30/09			Year Ended 9/30/08			Year Ended 9/30/09			Year Ended 9/30/08			Year Ended 9/30/09			Year Ended 9/30/08			Year Ended 9/30/09			Year Ended 9/30/08


$	632		$	1,830		$	2,129		$	7,982		$	201		$	226		$	447		$	701
	(631,997	)		(260,968	)		(145,120	)		(82,082	)		(2,351	)		(2,633	)		(29,833	)		(15,861	)
	—			—			—			—			—			—			—			—
	(6,258	)		13,996			(28,332	)		28,951			(87	)		477			(2,001	)		686
	291,278			(465,584	)		124,337			(230,787	)		5,768			(1,764	)		34,202			(8,458	)

	(346,345	)		(710,726	)		(46,986	)		(275,936	)		3,531			(3,694	)		2,815			(22,932	)


	(2,148	)		—			(6,419	)		(7,301	)		(116	)		(633	)		(734	)		(236	)
	(2,082	)		—			—			—			—			—			—			—
	—			(109,030	)		—			(88,835	)		—			(805	)		—			(763	)

	(4,230	)		(109,030	)		(6,419	)		(96,136	)		(116	)		(1,438	)		(734	)		(999	)


	192,918			1,038,877			120,047			357,381			16,961			6,769			82,507			115,046
	4,133			105,830			6,241			92,902			114			1,420			728			987
	86			172			43			96			—			5			7			33
	(778,321	)		(938,814	)		(219,603	)		(302,777	)		(3,620	)		(13,342	)		(58,717	)		(41,069	)

	(581,184	)		206,065			(93,272	)		147,602			13,455			(5,148	)		24,525			74,997

	(931,759	)		(613,691	)		(146,677	)		(224,470	)		16,870			(10,280	)		26,606			51,066


	1,853,435			2,467,126			597,603			822,073			14,461			24,741			82,543			31,477

$	921,676		$	1,853,435		$	450,926		$	597,603		$	31,331		$	14,461		$	109,149		$	82,543

$	(520	)	$	570		$	1,392		$	5,708		$	242		$	129		$	323		$	584


	20,568			63,308			13,281			21,256			2,102			633			12,114			10,358
	455			6,051			754			5,225			17			133			114			84
	(85,404	)		(61,724	)		(24,733	)		(18,683	)		(528	)		(1,297	)		(8,822	)		(3,888	)

	(64,381	)		7,635			(10,698	)		7,798			1,591			(531	)		3,406			6,554

FINANCIAL STATEMENTS

FINANCIAL HIGHLIGHTS

	MARSICO FOCUS FUND

For a Fund Share Outstanding Throughout the Period	Year Ended 9/30/09			Year Ended 9/30/08			Year Ended 9/30/07			Year Ended 9/30/06			Year Ended 9/30/05

Net Asset Value, Beginning of Period	$	15.43		$	21.75		$	18.19		$	17.45		$	14.83

Income from Investment Operations:
Net investment income (loss)		0.04			0.08			(0.04	)		(0.02	)		(0.03	)
Net realized and unrealized gains (losses) on investments		(0.99	)		(4.60	)		4.09			0.76			2.65

Total from investment operations		(0.95	)		(4.52	)		4.05			0.74			2.62

Distributions & Other:
Net investment income		(0.09	)		—			(0.02	)		—			—
Tax return of capital		—			—			—			—			—
Net realized gains		(0.01	)		(1.80	)		(0.47	)		—			—
Redemption fees [See Note 2(h)]		—	(1)		—	(1)		—	(1)		—	(1)		—	(1)

Total distributions and other		(0.10	)		(1.80	)		(0.49	)		—			—

Net Asset Value, End of Period	$	14.38		$	15.43		$	21.75		$	18.19		$	17.45

Total Return		(5.98	)%		(22.69	)%		22.65	%		4.24	%		17.67	%

Supplemental Data and Ratios:

Net assets, end of Period (000s)	$	2,001,041		$	3,430,813		$	5,051,662		$	4,616,455		$	3,740,191

Ratio of expenses to average net assets, less waivers and before expenses paid indirectly, plus reimbursements of previously waived expenses		1.31	%		1.21	%		1.23	%		1.24	%		1.25	%

Ratio of net investment income (loss) to average net assets, net of waivers, reimbursements of previously waived expenses and expenses paid indirectly		0.27	%		0.41	%		(0.20	)%		(0.13	)%		(0.18	)%

Ratio of expenses to average net assets, before waivers, reimbursements of previously waived expenses and expenses paid indirectly		1.31	%		1.21	%		1.23	%		1.24	%		1.25	%

Ratio of net investment income (loss) to average net assets, before waivers, reimbursements of previously waived expenses and expenses paid indirectly		0.27	%		0.41	%		(0.21	)%		(0.15	)%		(0.21	)%

Portfolio turnover rate		90	%		78	%		69	%		80	%		84	%

(1)	Less than $0.01.

(2)	Portfolio turnover is greater than most funds due to the investment style of the Fund.

See notes to financial statements.

FINANCIAL STATEMENTS

MARSICO GROWTH FUND															MARSICO 21st CENTURY FUND

Year Ended 9/30/09			Year Ended 9/30/08			Year Ended 9/30/07			Year Ended 9/30/06			Year Ended 9/30/05			Year Ended 9/30/09			Year Ended 9/30/08			Year Ended 9/30/07			Year Ended 9/30/06			Year Ended 9/30/05

$	16.73		$	23.07		$	18.61		$	18.09		$	15.95		$	12.86		$	18.07		$	13.89		$	12.07		$	10.20


	0.07			0.07			(0.05	)		(0.04	)		(0.02	)		—	(1)		0.01			0.05			0.02			(0.01	)
	(1.38	)		(5.69	)		4.51			0.56			2.16			(1.27	)		(4.48	)		4.26			1.80			1.88

	(1.31	)		(5.62	)		4.46			0.52			2.14			(1.27	)		(4.47	)		4.31			1.82			1.87


	(0.09	)		—			—			—			—			(0.01	)		—			(0.13	)		—	(1)		—
	—			—			—			—			—			(0.02	)		—			—			—			—
	(0.01	)		(0.72	)		—			—			—			—			(0.74	)		—	(1)		—			—
	—	(1)		—	(1)		—	(1)		—	(1)		—	(1)		—	(1)		—	(1)		—	(1)		—	(1)		—	(1)

	(0.10	)		(0.72	)		—			—			—			(0.03	)		(0.74	)		(0.13	)		—			—

$	15.32		$	16.73		$	23.07		$	18.61		$	18.09		$	11.56		$	12.86		$	18.07		$	13.89		$	12.07

	(7.74	)%		(25.14	)%		23.97	%		2.87	%		13.42	%		(9.79	)%		(25.83	)%		31.25	%		15.10	%		18.33	%


$	1,193,231		$	2,097,571		$	3,087,904		$	2,550,641		$	2,125,668		$	921,676		$	1,853,435		$	2,467,126		$	871,459		$	379,328

	1.30	%		1.24	%		1.24	%		1.26	%		1.26	%		1.37	%		1.29	%		1.31	%		1.33	%		1.39	%

	0.42	%		0.33	%		(0.25	)%		(0.26	)%		(0.14	)%		0.06	%		0.07	%		0.43	%		0.20	%		(0.19	)%

	1.30	%		1.24	%		1.24	%		1.26	%		1.26	%		1.37	%		1.29	%		1.31	%		1.33	%		1.36	%

	0.41	%		0.33	%		(0.25	)%		(0.27	)%		(0.16	)%		0.06	%		0.07	%		0.43	%		0.20	%		(0.22	)%

	77	%		72	%		53	%		59	%		73	%		135	%(2)		143	%(2)		105	%(2)		136	%(2)		175	%(2)

FINANCIAL STATEMENTS

FINANCIAL HIGHLIGHTS

	MARSICO INTERNATIONAL OPPORTUNITIES FUND

For a Fund Share Outstanding Throughout the Period	Year Ended 9/30/09			Year Ended 9/30/08			Year Ended 9/30/07			Year Ended 9/30/06			Year Ended 9/30/05

Net Asset Value, Beginning of Period	$	12.27		$	20.10		$	15.81		$	13.00		$	10.63

Income from Investment Operations:
Net investment income (loss)		0.06			0.16			0.16			0.04			0.12
Net realized and unrealized gains (losses) on investments		(0.33	)		(5.66	)		4.81			2.87			2.25

Total from investment operations		(0.27	)		(5.50	)		4.97			2.91			2.37

Distributions & Other:
Net investment income		(0.14	)		(0.18	)		(0.03	)		(0.10	)		—
Net realized gains		—			(2.15	)		(0.65	)		—			—
Redemption fees [See Note 2(h)]		—	(1)		—	(1)		—	(1)		—	(1)		—	(1)

Total distributions and other		(0.14	)		(2.33	)		(0.68	)		(0.10	)		—

Net Asset Value, End of Period	$	11.86		$	12.27		$	20.10		$	15.81		$	13.00

Total Return		(1.68	)%		(30.95	)%		32.42	%		22.46	%		22.30	%

Supplemental Data and Ratios:

Net assets, end of Period (000s)	$	450,926		$	597,603		$	822,073		$	571,684		$	262,522

Ratio of expenses to average net assets, less waivers and before expenses paid indirectly, plus reimbursements of previously waived expenses		1.48	%		1.35	%		1.37	%		1.44	%		1.60	%

Ratio of net investment income (loss) to average net assets, net of waivers, reimbursements of previously waived expenses and expenses paid indirectly		0.54	%		1.00	%		0.92	%		0.33	%		1.19	%

Ratio of expenses to average net assets, before waivers, reimbursements of previously waived expenses and expenses paid indirectly		1.48	%		1.35	%		1.37	%		1.41	%		1.49	%

Ratio of net investment income (loss) to average net assets, before waivers, reimbursements of previously waived expenses and expenses paid indirectly		0.54	%		1.00	%		0.92	%		0.36	%		1.30	%

Portfolio turnover rate		108	%(4)		115	%(4)		125	%(4)		101	%(4)		156	%(4)

* Commencement of operations.

(1) Less than $0.01.

(2) Not annualized.

(3) Annualized.

(4) Portfolio turnover is greater than most funds due to the investment style of the Fund.

See notes to financial statements.

FINANCIAL STATEMENTS

MARSICO FLEXIBLE CAPITAL FUND									MARSICO GLOBAL FUND

Year Ended 9/30/09			Year Ended 9/30/08			12/29/2006* to 9/30/07			Year Ended 9/30/09			Year Ended 9/30/08			6/29/2007* to 9/30/07

$	8.74		$	11.32		$	10.00		$	8.87		$	11.46		$	10.00


	0.06			0.14			0.22			0.04			0.08			0.02
	0.93			(1.93	)		1.10			(0.24	)		(2.46	)		1.44

	0.99			(1.79	)		1.32			(0.20	)		(2.38	)		1.46


	(0.08	)		(0.35	)		—			(0.08	)		(0.05	)		—
	—			(0.44	)		—			—			(0.17	)		—
	—	(1)		—	(1)		—	(1)		—	(1)		0.01			—	(1)

	(0.08	)		(0.79	)		—			(0.08	)		(0.21	)		—

$	9.65		$	8.74		$	11.32		$	8.59		$	8.87		$	11.46

	11.68	%		(17.10	)%		13.20	%(2)		(1.93	)%		(21.13	)%		14.60	%(2)



$	31,331		$	14,461		$	24,741		$	109,149		$	82,543		$	31,477

	0.75	%		0.75	%		1.22	%(3)		1.40	%		0.75	%		0.75	%(3)

	1.44	%		1.15	%		2.62	%(3)		0.52	%		0.88	%		1.06	%(3)

	2.84	%		1.71	%		2.47	%(3)		1.58	%		1.49	%		4.48	%(3)

	(0.65	)%		0.19	%		1.37	%(3)		0.34	%		0.14	%		(2.67	)%(3)

	259	%(4)		207	%(4)		237	%(2)(4)		185	%(4)		201	%(4)		56	%(2)(4)

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS September 30, 2009

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 (the “1940 Act”) as an open-end management investment company. The Focus Fund, Growth Fund, 21st Century Fund, International Opportunities Fund, Flexible Capital Fund, and Global Fund (collectively, the “Funds”) are separate investment portfolios of the Trust. The Focus Fund and the Flexible Capital Fund are non-diversified funds and the Growth Fund, the 21st Century Fund, the International Opportunities Fund, and the Global Fund are diversified funds. The Focus and Growth Funds commenced operations on December 31, 1997, the 21st Century Fund commenced operations on February 1, 2000, the International Opportunities Fund commenced operations on June 30, 2000, the Flexible Capital Fund commenced operations on December 29, 2006, and the Global Fund commenced operations on June 29, 2007. Affiliates of Marsico Capital Management, LLC (the “Adviser”) hold approximately 66% of the Flexible Capital Fund’s outstanding shares as of September 30, 2009.

2.	Significant Accounting Policies

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”) for investment companies. The presentation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

(a)

Investment Valuation—A security traded on a recognized stock exchange is 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. 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 approved by the Funds’ Board of Trustees and subject to review and determination of the appropriate price by the Adviser. Debt securities that will mature in 60 days or less are valued at amortized cost, if it approximates market value. Any securities for which market quotations are not readily available are valued at their fair value as determined in good faith by the Adviser in accordance with procedures established by, and under the general supervision of, the Funds’ Board of Trustees. The Funds may use pricing services to assist in determining market value. The Board of Trustees has authorized 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 U.S.- traded securities, as represented by, for example, the S&P 500 Index.

In September 2006, the Financial Accounting Standards Board (“FASB”) issued “Fair Value Measurements and Disclosures” (the “Fair Value Statement”) effective for fiscal years beginning after November 15, 2007. The Fair Value Statement defines fair value, establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. The Trust adopted the Fair Value Statement as of the beginning of its fiscal year on October 1, 2008. Under the Fair Value Statement, various inputs are used in determining the value of the Funds’ investments.

These inputs are summarized into three broad levels and described below:

•

Level 1 – quoted prices in active markets for identical investments

•

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, and evaluated quotations obtained from pricing services)

•

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

NOTES TO FINANCIAL STATEMENTS

The inputs or methodology used for valuing investments are not an indication of the risk associated with investing in those investments. The following is a summary of the fair values of the Funds’ investments in each category and economic sector as of September 30, 2009:

Fund Investments by Major Security Type	Level 1		Level 2		Level 3		Total
Marsico Focus Fund
Common Stocks
Consumer Discretionary	$	124,618,466	$	29,822,008	$	—	$	154,440,474
Energy		201,213,547		—		—		201,213,547
Financials		511,994,620		—		—		511,994,620
Health Care		145,886,256		—		—		145,886,256
Industrials		168,319,282		—		—		168,319,282
Information Technology		635,075,715		—		—		635,075,715
Materials		145,497,157		—		—		145,497,157
Short-Term Investments		72,173,699		—		—		72,173,699
							$	2,034,600,750

Marsico Growth Fund
Common Stocks
Consumer Discretionary		144,203,610		—		—		144,203,610
Energy		98,653,855		—		—		98,653,855
Financials		238,077,638		—		—		238,077,638
Health Care		62,038,448		—		—		62,038,448
Industrials		106,946,546		—		—		106,946,546
Information Technology		334,941,565		—		—		334,941,565
Materials		142,002,865		694,125		—		142,696,990
Telecommunication Services		10,489,315		—		—		10,489,315
Utilities		6,217,417		—		—		6,217,417
Preferred Stocks		8,394,670		—		—		8,394,670
Short-Term Investments		28,862,848		—		—		28,862,848
							$	1,181,522,902

Marsico 21st Century Fund
Common Stocks
Consumer Discretionary		146,681,754		—		—		146,681,754
Consumer Staples		18,078,072		—		—		18,078,072
Energy		68,692,383		—		—		68,692,383
Financials		303,791,851		—		—		303,791,851
Health Care		67,716,629		—		—		67,716,629
Industrials		54,561,408		—		—		54,561,408
Information Technology		162,318,732		—		—		162,318,732
Materials		25,150,326		—		—		25,150,326
Telecommunication Services		39,882,864		—		—		39,882,864
Preferred Stocks		4,859,741		—		—		4,859,741
Short-Term Investments		22,257,965		—		—		22,257,965
							$	913,991,725

Marsico International Opportunities Fund
Common Stocks
Consumer Discretionary		38,446,974		—		—		38,446,974
Consumer Staples		30,944,688		—		—		30,944,688
Energy		47,082,663		—		—		47,082,663
Financials		114,152,731		—		—		114,152,731
Health Care		31,974,198		—		—		31,974,198
Industrials		63,533,902		—		—		63,533,902
Information Technology		47,646,498		—		—		47,646,498
Materials		33,075,695		—		—		33,075,695
Telecommunication Services		23,684,650		—		—		23,684,650
Rights		186,627		—		—		186,627
Short-Term Investments		23,365,663		—		—		23,365,663
							$	454,094,289

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS September 30, 2009 (continued)

Fund Investments by Major Security Type	Level 1		Level 2		Level 3		Total
Marsico Flexible Capital Fund
Common Stocks
Consumer Discretionary	$	5,629,531	$	—	$	—	$	5,629,531
Consumer Staples		2,236,728		—		—		2,236,728
Energy		4,131,492		—		—		4,131,492
Financials		8,224,293		—		—		8,224,293
Health Care		1,216,986		—		—		1,216,986
Information Technology		3,406,942		—		—		3,406,942
Materials		605,054		—		—		605,054
Telecommunication Services		1,000,698		—		—		1,000,698
Utilities		353,559		—		—		353,559
Corporate Bonds		—		1,299,570		—		1,299,570
Preferred Stocks		2,210,616		—		—		2,210,616
Short-Term Investments		1,047,952		—		—		1,047,952
							$	31,363,421

Marsico Global Fund
Common Stocks
Consumer Discretionary		15,278,560		—		—		15,278,560
Consumer Staples		4,730,759		—		—		4,730,759
Energy		8,087,582		—		—		8,087,582
Financials		32,174,705		—		—		32,174,705
Health Care		7,037,957		—		—		7,037,957
Industrials		9,700,510		—		—		9,700,510
Information Technology		17,929,117		—		—		17,929,117
Materials		4,892,080		629,403		—		5,521,483
Telecommunication Services		3,259,434		—		—		3,259,434
Preferred Stocks		1,995,283		—		—		1,995,283
Short-Term Investments		3,355,259		—		—		3,355,259
							$	109,070,649

(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 in some cases allocated based on other factors. The Funds’ expenses may be reduced by voluntary advisory fee waivers, 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 were paid to certain brokers which reduced certain transfer agent fees and expenses in the amount of $1,039 and $1,889 for the Focus Fund and Growth Fund, respectively, for the year ended September 30, 2009. The Funds also received earnings credits on certain cash account balances which reduced transfer agent fees and expenses in the amount of $2,261, $1,264, $1,045, $397, $14, and $88 for the Focus Fund, Growth Fund, 21st Century Fund, International Opportunities Fund, Flexible Capital Fund and Global Fund, respectively, for the year ended September 30, 2009. Brokerage commission credits and earnings credits are included in “Less waiver of expenses and expenses paid indirectly” on the Statements of Operations.

(c)

Federal Income Taxes—Each Fund intends to comply with the requirements of the Internal Revenue Code necessary 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 on redemption of shares as part of the dividends paid deduction.

(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, net investment losses and investments in partnerships and REITs.

NOTES TO FINANCIAL STATEMENTS

(e)

Foreign Currency Translation—The accounting records of the Funds are maintained in U.S. dollars. Values of securities denominated in foreign currencies are translated into U.S. dollars at 4:00 p.m. ET. 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 on foreign currency transactions arise from sales of portfolio securities, forward currency contracts, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books, and the U.S. dollar equivalent of the amounts actually received or paid.

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

(f)

Derivative Instruments — In March 2008, the FASB issued “Disclosure about Derivative Instruments and Hedging Activities” (the “Derivatives Statement”). The Derivatives Statement is effective for interim and annual periods beginning after November 15, 2008. 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 adopted the Derivatives Statement in the current reporting period.

The Funds may enter into futures contracts and options on securities, financial indexes and foreign currencies, options on futures, forward contracts, interest rate swaps, credit default swaps and swap-related products. The Funds intend to use such derivative instruments primarily to hedge or protect from adverse movements in securities prices, currency rates or interest rates. The use of futures contracts and options may involve risks such as the possibility of illiquid markets or imperfect correlation between the value of the contracts and the underlying securities, or that the counterparty will fail to perform its obligations. The Funds do not hold any derivative or hedging positions as of September 30, 2009 and the limited use of derivatives by the Funds during the fiscal year was related to written equity put options. The effect of the use of derivative instruments on the Statement of Operations for the fiscal year ended September 30, 2009 was a net realized loss of $573,200 and $333,082 for the Focus Fund and Growth Fund, respectively.

Forward Currency Contracts — The Funds may enter into forward currency contracts to reduce their exposure to changes in foreign currency exchange rates on their foreign holdings and to lock in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in foreign currencies. A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing of such contract is included in net realized gain or loss from foreign currency transactions.

Forward currency contracts held by the Funds are fully collateralized by other securities. If held by the Funds, such collateral would be in the possession of the Funds’ custodian. The collateral would be evaluated daily to ensure its market value equals or exceeds the current market value of the corresponding forward currency contracts.

Foreign-denominated assets and forward currency contracts may involve more risks than domestic transactions, including currency risk, political and economic risk, regulatory risk and market risk. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar.

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS September 30, 2009 (continued)

Futures Contracts — Futures contracts are marked to market daily and the resultant variation margin is recorded as an unrealized gain or loss. When a contract is closed, a realized gain or loss is recorded equal to the difference between the opening and closing value of the contract. Generally, open forward and futures contracts are marked to market (i.e., treated as realized and subject to distribution) for federal income tax purposes at fiscal year-end.

Options Contracts — The Funds may purchase and write (sell) put and call options on foreign and domestic stock indices, foreign currencies, and U.S. and foreign securities that are traded on a securities exchange or an over-the-counter market. These transactions are for hedging purposes or for the purpose of earning additional income. In addition, the Funds may enter into such transactions for cross-hedging purposes.

The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of premium and change in market value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

When the Fund writes an option, the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from writing options that expire are recorded by the Fund on the expiration date as realized gains from option transactions. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the security or currency purchased by the Fund. In writing an option, the Fund bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Fund could result in the Fund selling or buying a security or currency at a price different from the current market value. Transactions in written option contracts for the year ended September 30, 2009 were as follows:

	Focus Fund						Growth Fund
Put Options	Number of Equity Contracts			Premium Amount			Number of Equity Contracts			Premium Amount
Options outstanding at September 30, 2008		—		$	—			—		$	—
Options written		3,770			2,264,136			2,230			1,339,264
Options closed		(3,770	)		(2,264,136	)		(2,230	)		(1,339,264	)

Options outstanding at September 30, 2009		—		$	—			—		$	—

(g)

Trustees’ Deferred Fee Plan— Effective February 1, 2000, the Board of Trustees adopted the Marsico Investment Fund Deferred Fee Plan (the “Deferred Fee Plan”), amended and restated as of December 30, 2005, which allows the Trustees to defer the receipt of all or a portion of their compensation received from the Funds. Any deferred fees are credited to accounts established on behalf of the Trustees into the Funds as directed by each Trustee. The amounts credited to these accounts increase or decrease in accordance with the performance of the Funds selected by the Trustees. The market value of the deferred account balances as of September 30, 2009 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 Funds’ performance is recorded by the Funds as unrealized appreciation/(depreciation) which is shown as part of “Net unrealized appreciation on investments and foreign currency translations” 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 Trustees for the year ended September 30, 2009 are also included in “Trustees’ fees and expenses” on the Statements of Operations. Amounts credited to the Deferred Fee Plan will be deferred until distributed in accordance with the Deferred Fee Plan. Unrealized appreciation/depreciation of Fund shares held in the Deferred Fee Plan is subject to the Funds’ expense reimbursement agreement with the Adviser.

NOTES TO FINANCIAL STATEMENTS

(h)

Redemption Fee—A 2.00% redemption fee is retained by the Funds to offset transaction costs and other expenses associated with short-term investing. The fee is imposed on certain redemptions or exchanges of shares held 30 days or less from their purchase date. Redemption fees are recorded by the Funds as a reduction of shares redeemed and as a credit to paid-in-capital. For the year ended September 30, 2009, the Focus Fund, Growth Fund, 21st Century Fund, International Opportunities Fund, Flexible Capital Fund, and Global Fund received $41,473, $111,190, $86,223, $43,170, $328, and $6,569, respectively, in redemption fees.

(i)

Other—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. Certain dividends from foreign securities will be recorded as soon as the Trust is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Interest income is recognized on an accrual basis.

(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 to be remote.

3.	Investment Advisory Agreement and Transactions With Affiliates

Each Fund has an agreement with the Adviser to furnish investment advisory services to the Funds. Under the terms of these agreements, the Adviser is compensated for managing the Focus Fund and the Growth Fund at the rate of 0.85% per year of average daily net assets up to $3 billion in each Fund, and 0.75% per year of average daily net assets exceeding $3 billion in each Fund; and at a rate of 0.85% of the average daily net assets of the 21st Century Fund, the International Opportunities Fund, the Flexible Capital Fund, and the Global Fund. The Adviser has voluntarily agreed to limit the total expenses of each Fund (excluding interest, taxes, acquired fund fees and expenses, litigation, brokerage and extraordinary expenses) to an annual rate of 1.60% of the average net assets of the Focus Fund, the International Opportunities Fund and the Global Fund, 1.50% of the average net assets of the Growth Fund and the 21st Century Fund, and 0.75% of the average net assets of the Flexible Capital Fund until December 31, 2009. This expense limitation and fee waiver agreement is voluntary and may be terminated at any time after December 31, 2009. Prior to January 1, 2009, the Adviser’s voluntary expense limitation agreement relating to the Global Fund limited total expenses of the Global Fund (excluding interest, taxes, acquired fund fees and expenses, litigation, brokerage and extraordinary expenses) to an annual rate of 0.75% of the Global Fund’s average net assets.

The Adviser is entitled to reimbursement from a Fund of any fees waived pursuant to this arrangement if such reimbursements do not cause a Fund to exceed current expense limitations and the reimbursement is made within three years after the year in which the Adviser incurred the expense. As of September 30, 2009, reimbursements that may potentially be made by the Flexible Capital Fund to the Adviser are $707,126, which expire between 2010 and 2012.

The Adviser waived fees and reimbursed the Global Fund in the total amount of $944,636 for Fund expenses attributable to the period from the Fund’s inception on June 29, 2007 through December 31, 2008. During that period, Global Fund expenses were limited to an annual rate of 0.75% of average net assets. The Adviser has elected not to seek recoupment from the Global Fund in the future for fees waived or expenses reimbursed during that period. The Adviser has returned to the Global Fund $31,527 representing all recoupments received from the Fund for any fee waivers or expense reimbursements made by the Adviser before January 1, 2009.

For the period from January 1, 2009 through September 30, 2009, during which Global Fund expenses were limited to an annual rate of 1.60% of average net assets, $7,586 in fees was waived by the Adviser and subsequently recouped. As of September 30, 2009, there are $0 in recoupments remaining that the Adviser may receive from the Global Fund for any waivers of fees or reimbursement of Fund expenses by the Adviser during this period.

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS September 30, 2009 (continued)

4.	Service and Distribution Plan

The Funds have adopted a Service and Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. The Plan authorizes payments by the Funds in connection with the distribution of their shares at an annual rate, as determined from time to time by the Board of Trustees, of up to 0.25% of a Fund’s average daily net assets. The Adviser may, out of its own resources and at its sole discretion, make certain payments on behalf of the Plan for expenses incurred by a Fund for distribution of Fund shares and related services.

5.	Investment Transactions

The aggregate purchases and sales of securities, excluding short-term investments, for the Funds for the year ended September 30, 2009, were as follows:

(Amounts in thousands)	Focus Fund		Growth Fund		21st Century Fund		International Opportunities Fund		Flexible Capital Fund		Global Fund
Purchases	$	1,897,202	$	936,820	$	1,330,259	$	399,618	$	49,935	$	187,253
Sales	$	2,441,251	$	1,413,659	$	1,648,872	$	462,907	$	34,405	$	151,713

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

6.	Federal Income Tax Information

The Focus Fund, Growth Fund, 21st Century Fund and International Opportunities Fund adopted the provisions of Accounting for Uncertainty in Income Taxes (the “Income Tax Statement”) on October 1, 2007. The Flexible Capital Fund and Global Fund adopted the Income Tax Statement at their respective inception dates. 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, fiscal years 2006-2008 as defined by 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, 2009, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

At September 30, 2009 gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes were as follows:

(Amounts in thousands)	Focus Fund			Growth Fund			21st Century Fund			International Opportunities Fund			Flexible Capital Fund			Global Fund
Cost of investments	$	1,711,379		$	965,053		$	740,118		$	391,975		$	26,404		$	86,096
Gross unrealized appreciation	$	391,228		$	245,542		$	210,992		$	91,448		$	4,979		$	24,303
Gross unrealized depreciation		(68,006	)		(29,072	)		(37,118	)		(29,329	)		(20	)		(1,328	)
Net unrealized appreciation (depreciation) on investments	$	323,222		$	216,470		$	173,874		$	62,119		$	4,959		$	22,975

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to wash sale loss deferrals and passive foreign investment companies (“PFICs”).

The 21st Century Fund, International Opportunities Fund, and Flexible Capital Fund had realized currency losses (in thousands) from transactions between November 1, 2008 and September 30, 2009 of $203, $5 and $9, respectively. Post-October currency losses are treated as arising in the Fund’s next fiscal year.

NOTES TO FINANCIAL STATEMENTS

The Focus Fund, Growth Fund, 21st Century Fund, International Opportunities Fund, Flexible Capital Fund, and Global Fund had realized capital losses (in thousands) from transactions between November 1, 2008 and September 30, 2009 of $378,389, $109,462, $543,621, $113,544, $1,722 and $24,572, respectively. Post-October capital losses are treated as arising in the Fund’s next fiscal year.

At September 30, 2009, the Focus Fund, Growth Fund, 21st Century Fund, International Opportunities Fund, Flexible Capital Fund and Global Fund had accumulated capital loss carryforwards (in thousands) of $92,393, $250,019, $287,847, $99,570, $3,310, and $17,393 expiring in 2017, respectively. To the extent that a fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforward. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

As of September 30, 2009, the components of accumulated earnings (deficit) on a tax basis were as follows:

(Amounts in thousands)	Focus Fund			Growth Fund			21st Century Fund			International Opportunities Fund			Flexible Capital Fund			Global Fund
Undistributed ordinary income (deficit)	$	2,877		$	4,598		$	(312	)	$	1,975		$	989		$	713
Undistributed long-term capital gains		—			—			—			—			—			—
Tax accumulated earnings		2,877			4,598			(312	)		1,975			989			713
Accumulated Capital and Other Losses		(470,782	)		(359,481	)		(831,671	)		(213,119	)		(5,041	)		(41,965	)
Unrealized appreciation (depreciation) on investments		323,222			216,470			173,874			62,119			4,959			22,975
Total accumulated earnings (deficit)	$	(144,683	)	$	(138,413	)	$	(658,109	)	$	(149,025	)	$	907		$	(18,277	)

Undistributed ordinary income (deficit) consists of net investment income, short-term capital gains and timing differences related to post-October currency losses, deferred Trustees’ compensation and PFICs.

The tax character of distributions paid during the fiscal years ended September 30, 2009 and 2008 were as follows:

(Amounts in thousands)	2009						2008
	Ordinary		Tax Return		Long-Term		Ordinary		Long-Term
Fund	Income		of Capital		Capital Gains		Income		Capital Gains
Focus Fund	$	20,688	$	—	$	373	$	43,537	$	372,506
Growth Fund		9,933		—		—		—		97,785
21st Century Fund		2,148		2,082		—		85,691		23,339
International Opportunities Fund		6,419		—		—		42,800		53,336
Flexible Capital Fund		116		—		—		1,395		43
Global Fund		734		—		—		998		1

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

7.	Subsequent Events

In May 2009, the FASB issued “Subsequent Events” (the “Subsequent Events Statement”), a statement outlining disclosure requirements related to certain events occurring after the date of financial statements. The Subsequent Events Statement is effective for interim and annual periods after June 15, 2009. The Funds adopted the Subsequent Events Statement in the current reporting period. Events and transactions from October 1, 2009 through November 11, 2009 have been evaluated by management for subsequent events. Management has determined that there were no material events that would require disclosure in the Funds’ financial statements through this date.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of The Marsico Investment Fund

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Marsico Focus Fund, the Marsico Growth Fund, the Marsico 21st Century Fund, the Marsico International Opportunities Fund, the Marsico Flexible Capital Fund and the Marsico Global Fund (constituting The Marsico Investment Fund, hereafter referred to as the “Trust”) at September 30, 2009, the results of each of their operations for the year then ended, and the changes in each of their net assets for each of the two years in the period then ended and their financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Trust’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2009 by correspondence with the custodian and brokers and the application of alternative procedures where securities purchased had not been received, provide a reasonable basis for the opinion expressed above.

PricewaterhouseCoopers LLP

Denver, Colorado

November 11, 2009

EXPENSE EXAMPLE

EXPENSE EXAMPLE For the year ended September 30, 2009 (Unaudited)

As a shareholder of the Marsico Funds (the “Funds”), you incur two types of costs: (1) transaction costs, including redemption fees on certain redemptions; and (2) ongoing costs, including management fees, distribution (12b-1) fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2009 to September 30, 2009 (the “period”).

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 equals 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses paid for the six-month period ended September 30, 2009” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the actual return of any of the Funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the table is useful in comparing the ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs could have been higher.

Expenses Paid During the Period FOCUS FUND	Beginning account value April 1, 2009	Ending account value September 30, 2009	Expenses paid for the six-month period ended September 30, 2009(1)
Actual Example	$1,000.00	$1,350.20	$7.64
Hypothetical Example, assuming a 5% return before expenses	$1,000.00	$1,018.50	$6.56
GROWTH FUND
Actual Example	$1,000.00	$1,345.00	$7.47
Hypothetical Example, assuming a 5% return before expenses	$1,000.00	$1,018.63	$6.43
21ST CENTURY FUND
Actual Example	$1,000.00	$1,452.30	$8.43
Hypothetical Example, assuming a 5% return before expenses	$1,000.00	$1,018.12	$6.94
INTERNATIONAL OPPORTUNITIES FUND
Actual Example	$1,000.00	$1,478.80	$9.27
Hypothetical Example, assuming a 5% return before expenses	$1,000.00	$1,017.52	$7.55
FLEXIBLE CAPITAL FUND
Actual Example	$1,000.00	$1,529.30	$4.76
Hypothetical Example, assuming a 5% return before expenses	$1,000.00	$1,021.24	$3.80
GLOBAL FUND
Actual Example	$1,000.00	$1,483.60	$9.59
Hypothetical Example, assuming a 5% return before expenses	$1,000.00	$1,017.28	$7.79

(1)

Expenses are equal to the Funds’ annualized expense ratios (1.297% for the Focus Fund, 1.271% for the Growth Fund, 1.371% for the 21st Century Fund, 1.492% for the International Opportunities Fund, 0.750% for the Flexible Capital Fund, and 1.541% for the Global Fund), multiplied by the average account value over the period, multiplied by 183/365 (to reflect the six-month period).

OTHER INFORMATION

OTHER INFORMATION (Unaudited)

Proxy Voting Guidelines

The Funds exercise the voting rights associated with the securities held by the Funds under the proxy voting policy of the Funds. A description of those policies and procedures of the Funds and a record of the Funds’ proxy votes for the one-year period ended June 30, 2009 are available without charge, upon request, by calling 888-860-8686. It is also available on the Securities and Exchange Commission’s website at www.sec.gov.

Quarterly Filing of Portfolio Holdings

The Funds will file their complete schedule of investments with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q will be available (i) on the SEC’s Website at www.sec.gov; (ii) at the SEC’s Public Reference Room; and (iii) by calling 800-SEC-0330.

Other Tax Information

Corporate Dividends Received Deduction

For the fiscal year ended September 30, 2009, 88%, 65%, 100%, 0%, 100% and 68% of the dividends paid from net investment income qualifies for the dividends received deduction available to corporate shareholders of the Marsico Focus, Growth, 21st Century, International Opportunities, Flexible Capital and Global Funds, respectively.

Qualified Dividend Income

Pursuant to Section 854 of the Internal Revenue Code of 1986, the Focus, Growth, 21st Century, International Opportunities, Flexible Capital and Global Funds designate income dividends (in thousands) of $20,688, $9,933, $4,230, $6,419, $116 and $734, respectively, as qualified dividend income paid during the fiscal year ended September 30, 2009.

Foreign Taxes Paid

Pursuant to the foreign tax credit election under Section 853 of the Internal Revenue Code of 1986, the International Opportunities Fund designates (in thousands) $8,513 of income derived from foreign sources and $739 of foreign taxes paid, for the year ended September 30, 2009.

Of the ordinary income (including short-term capital gain) distributions made by the International Opportunities Fund during the year ended September 30, 2009, the proportionate share of income derived from foreign sources and foreign taxes paid attributable to one share of stock are $0.2240 and $0.0195, respectively.

Long-Term Capital Gains Designation

Pursuant to Section 852(b)(3) of the Internal Revenue Code, the Focus Fund hereby designates (in thousands) $451 as long-term capital gains distributed during the year ended September 30, 2009, or if subsequently determined to be different maximum amounts allowable or the net capital gain of such year.

TRUSTEE AND OFFICER INFORMATION

TRUSTEE AND OFFICER INFORMATION INDEPENDENT TRUSTEES

Name, Address and Age	Position(s) Held with the Trust	Term of Office(1) and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Jay S. Goodgold 1200 17th Street Suite 1600 Denver, CO 80202 DOB: 1954	Trustee	Since February 2006	Private investor (July 2003 - present); Managing Director, Goldman, Sachs & Co. (August 1978 - June 2003).	6	None

Elizabeth Hoffman 1200 17th Street Suite 1600 Denver, CO 80202 DOB: 1946	Trustee	Since February 2006	Executive Vice President and Provost, Iowa State University (January 2007 – present); President Emerita and Professor of Economics and Public Affairs, University of Colorado (August 2005 – December 2006); President, University of Colorado (September 2000 – July 2005).	6	None

Walter A. Koelbel, Jr. 1200 17th Street Suite 1600 Denver, CO 80202 DOB: 1952	Trustee	Since December 1997	President, and other positions, Koelbel and Company (full service real estate, development, investment, and management company) (more than five years).	6	None

Christopher E. Kubasik 1200 17th Street Suite 1600 Denver, CO 80202 DOB: 1961	Trustee	Since February 2006	Executive Vice President, Electronic Systems Business Area, Lockheed Martin Corp. (September 2007 – present); Chief Financial Officer, Lockheed Martin Corp. (February 2001 – September 2007).	6	None

Michael D. Rierson 1200 17th Street Suite 1600 Denver, CO 80202 DOB: 1952	Trustee	Since November 1998	Vice President and Vice Chancellor for University Advancement at the University of Houston and UH System, respectively (November 2005 - present); President and Vice President, University of South Florida Foundation and University of South Florida (May 2001 - September 2005).	6	None

Joseph T. Willett 1200 17th Street Suite 1600 Denver, CO 80202 DOB: 1951	Trustee	Since November 2002	Private investor (2002 - present); Chief Operating Officer, Merrill Lynch Europe (1998 - 2002).	6	None

(1)	Each Trustee serves an indefinite term until the election of a successor. Each Officer serves an indefinite term, renewed annually, until the election of a successor.

The Statement of Additional Information includes additional information about the Trustees and is available upon request, without charge, by calling 888-860-8686 or visit www.marsicofunds.com.

TRUSTEE AND OFFICER INFORMATION

TRUSTEE AND OFFICER INFORMATION INTERESTED TRUSTEES AND OFFICERS

Name, Address and Age	Position(s) Held with the Trust	Term of Office(1) and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Thomas F. Marsico(2) 1200 17th Street Suite 1600 Denver, CO 80202 DOB: 1955	Trustee, President and Chief Executive Officer	Since December 1997	Chief Executive Officer, Marsico Capital Management, LLC (more than five years).	6	None

Christopher J. Marsico(2) 1200 17th Street Suite 1600 Denver, CO 80202 DOB: 1961	Trustee, Vice President and Treasurer	Trustee (since August 2007); Vice President and Treasurer (since September 2002)	President, Marsico Capital Management, LLC (more than five years).	6	None

Neil L. Gloude, CPA 1200 17th Street Suite 1600 Denver, CO 80202 DOB: 1961	Vice President and Secretary	Since May 2008	Executive Vice President and Chief Financial Officer, Marsico Capital Management, LLC (September 2007 - present); Partner, PricewaterhouseCoopers LLP (public accounting firm) (January 1999 - August 2007).	N/A	N/A

David C. Price, CPA 1200 17th Street Suite 1600 Denver, CO 80202 DOB: 1969	Chief Compliance Officer	Since August 2004	Chief Compliance Officer, The Marsico Investment Fund, and Director of Compliance, Marsico Capital Management, LLC (August 2004 present); Senior Compliance Officer, INVESCO Institutional, N.A. (October 2003 - July 2004).	N/A	N/A

Sander M. Bieber 1775 I Street, N.W. Washington, D.C. 20006 DOB: 1950	Assistant Secretary	Since December 1997	Partner, Dechert, LLP (law firm) (more than five years).	N/A	N/A

(1)	Each Trustee serves an indefinite term until the election of a successor. Each Officer serves an indefinite term, renewed annually, until the election of a successor.

(2)	Mr. Thomas Marsico and Mr. Christopher Marsico are considered Interested Trustees of the Trust, within the meaning of the 1940 Act, because of their affiliation with Marsico Capital Management, LLC, the investment adviser to the Funds. Mr. Thomas Marsico and Mr. Christopher Marsico are brothers.

The Statement of Additional Information includes additional information about the Trustees and is available upon request, without charge, by calling 888-860-8686 or visit www.marsicofunds.com.

MARSICO FUNDS

NOTES

MARSICO FUNDS

NOTES

The Marsico Investment Fund

UMB Distribution Services, LLC, Distributor

P.O. Box 3210, Milwaukee, WI 53201-3210

www.marsicofunds.com • 888.860.8686

Not authorized for distribution unless preceded or accompanied by an effective Marsico Funds prospectus.

The ticker symbols on page one are fictitious and do not refer to existing securities.