Cory Gilchrist, CFA, Tom Marsico, and Jim Gendelman, Portfolio Managers

July through September 2008

The Marsico Global Fund produced a total return of -14.60% during the third calendar quarter of 2008. That result, although steeply in negative territory, topped the Fund's primary global equity benchmark index, the MSCI All Country World Index ("MSCI ACWI"), which had a total quarterly return of -16.61%.1 Pursuant to a fee waiver agreement with Marsico Capital Management, LLC, the total annual operating expenses for the Global Fund are capped at 0.75%.2 This fee waiver may be terminated at any time after December 31, 2008. The table below provides the Global Fund's longer-term investment results through September 30, 2008, as compared to the MSCI ACWI:

 Average Annual Returns 
 One YearSince Inception
(6/29/2007)3		Total Annual
Operating Expenses
 (Gross)(Net)
Global Fund-20.96%-7.59%4.50%2 40.77%2 4
MSCI All Country World Index-26.87%-19.97% 

The performance data quoted 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 above. To obtain performance information current to the most recent month end, please call 888-860-8686 or click here.5

This commentary highlights Fund performance over a single calendar quarter, and the Fund had only 15 months of operating history as of September 30, 2008. 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 securities and investments discussed in this commentary are subject to change at any time. References to specific securities, sectors, and industries discussed in this commentary are not recommendations to buy or sell the securities or investments, and the Fund may not necessarily hold these securities or investments today.6

In an exceedingly tumultuous global equity investing environment, the Marsico Global Fund managed to outperform its benchmark index during the third calendar quarter of 2008. That was attributable to several main factors (references to sectors and industries reflect Global Industry Classification Standard ("GICS") classifications):

Areas of investment that adversely impacted the Fund's quarterly performance included holdings in the Information Technology (MasterCard Inc.-Class A, Apple Inc., Visa Inc., and Research In Motion Ltd. (Research In Motion was sold during the quarter), Industrials (Vestas Wind Systems A/S, The Shaw Group Inc., All America Latina Logistica SA, and ABB Ltd.), and Consumer Staples sectors (Cosan S/A Industria e Comercio (sold during the quarter)) and Heineken Holding N.V.), as did our decision to underweight Health Care – an area that held up relatively well. Two Consumer Discretionary positions – Starwood Hotels & Resorts Worldwide, Inc. (-33% prior to being sold) and Li & Fung Ltd. (-21%), a global trading company focused on managing the supply chain for consumer goods, also materially hampered performance.

At the close of the third calendar quarter of 2008, the Fund's primary economic sector allocations were in Financials, Industrials, Consumer Staples, Information Technology, and Consumer Discretionary. Cash positions were allowed to increase as the quarter progressed. During the quarter, we increased the Fund's holdings in the Financials and Consumer Staples sectors. Positions in Industrials and Information Technology were substantially reduced. Not a great deal changed in terms of the Fund's country allocations. Overall, we continued to have a substantial overweight (as compared to the benchmark index) to the United States, primarily based on the premise that the US is farther along than many other parts of the world in terms of addressing the financial crisis and may emerge sooner than other countries from an economic growth slowdown. The Fund generally invested less than 40% of its net assets in foreign securities during the quarter (as may occur when we deem foreign market conditions not to be favorable), and dipped below a 30% weighting in foreign securities by quarter end.

The Fund also had an overweighted posture in Denmark, which was entirely attributable to its substantial position in Vestas Wind Systems. The Fund was relatively underweighted in countries such as the United Kingdom, Japan, France, and Germany. As of quarter-end, the Fund's largest country-level allocations (excluding cash equivalents held in dollars) were in the United States and Switzerland. As a reminder, the Global Fund's country allocations generally will be a residual of its "bottom-up" stock selection process.

Thank you for being an investor in the Fund.

Sincerely,

Corydon J. Gilchrist, CFA, Thomas F. Marsico, and James G. Gendelman
Portfolio Managers

1The MSCI All Country World Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets. You cannot invest directly in an index. Foreign investments may present additional risks due to currency fluctuations, economic and political factors, lower liquidity, government regulations, differences in securities regulations and accounting standards, possible changes in taxation, limited public information, and other factors. These risks are magnified in countries with emerging markets, since certain of these countries may have relatively unstable governments and less established markets and economies.

2The written expense limitation agreement relating to the Global Fund limits 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 Fund's average net assets. This agreement may be terminated at any time after December 31, 2008. Please see the Fund's February 1, 2008 prospectus for more information.

3The Global Fund may invest in initial public offerings ("IPOs") of common stock or other equity or debt securities issued by a corporate issuer. A significant portion of the Fund's since-inception return may be attributable to its investments in IPOs. There can be no assurance that similar contributions to the Fund's performance from IPOs will continue in the future.

4The total annual operating expenses are reflective of the information disclosed in the Fund's prospectus dated February 1, 2008. Please see the prospectus for more information.

5Total returns are based on net change in NAV assuming reinvestment of distributions. The performance returns for the Global Fund reflect a fee waiver in effect; in the absence of such a waiver, the returns would be 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 February 1, 2008 prospectus for more information.

6On September 30, 2008, the following securities comprised these percentages of the net assets of the Marsico Global Fund: Wells Fargo & Co. (6.74%); JPMorgan Chase & Co. (5.74%); U.S. Bancorp (2.29%); Deutsche Bank AG (0.00%); MasterCard Inc. - Class A (2.80%); Apple Inc. (2.78%); Visa Inc. (2.67%); Research In Motion Ltd. (0.00%); Vestas Wind Systems A/S (4.24%); The Shaw Group Inc. (1.94%); All America Latina Logistica SA (1.20%); ABB Ltd. (1.43%); Cosan S/A Industria e Comercio (0.00%); Heineken Holding N.V. (3.52%); Starwood Hotels & Resorts Worldwide, Inc. (0.00%); and Li & Fung Ltd. (1.62%).

Not authorized for distribution unless preceded or accompanied by a current Marsico Funds prospectus.
The distributor of the Marsico Funds is UMB Distribution Services, LLC.