Jim Gendelman, Portfolio Manager

July through September 2008

The International Opportunities Fund had a total return of (US$) -21.27% in the third calendar quarter of 2008. The Fund modestly underperformed its primary benchmark index, the MSCI EAFE Index ("EAFE Index"), which had a total quarterly return of (US$) -20.56%.

The table below provides the Fund's longer-term investment results through September 30, 2008, as compared to the EAFE Index:

 Average Annual Returns 
 One YearFive YearsSince Inception
(6/30/2000)		Total Annual
Operating Expenses1
International Opportunities Fund-30.84%10.65%5.12%1.38%
MSCI EAFE Index-30.50%9.69%1.28% 

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.2

This commentary highlights Fund performance over a single calendar quarter. 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. 3

International equities, even more than their US large capitalization counterparts, were under severe selling pressure during the third calendar quarter of 2008, particularly in emerging countries. Even as the EAFE Index fell -21%, the MSCI Emerging Markets Index, a proxy for the stock market performance of developing countries, plummeted -27%. The "BRIC" countries – encompassing Brazil, Russia, India, and China – nosedived -33% collectively during the quarter.

International markets were confronted by rapidly-mounting concerns that a significant global economic growth slowdown could be unfolding, with prospects of elevated inflation, potential central bank tightening, and escalating credit market problems serving as additional complicating factors in many regions. Currency translation for US-based international equity investors had a substantial negative impact on returns, as the dollar confounded many investors and staged a powerful rally compared with many other world currencies during the third calendar quarter; the EAFE Index in "local" currency terms had a total quarterly return of -13.02% - nearly 8 percentage points better than the Index's return in dollars.

Using the EAFE Index as a reference point, and identifying economic sectors and industries based on Global Industry Classification Standard ("GICS") classifications, in terms of economic sector-level performance, the picture was unabashedly downcast last quarter. All ten sectors were in negative territory, many deeply so. The steepest decliners included Materials (-39%), Energy (-30%), Industrials (-25%), and Information Technology (-21%). Four other sectors – Financials, Telecommunication Services, Utilities, and Consumer Discretionary – fell between -16% and -17%. Somewhat remarkably, the best performing sector during the quarter was Health Care, which slipped -8%. At an industry level, the news was similarly dismal. No group achieved a positive absolute return during the quarter. Only three areas avoided declines of less than -10%. Losses of -20% or more were common, including Capital Goods (-28%), Diversified Financials (-25%), Technology Hardware & Equipment (-24%), Semiconductors & Semiconductor Equipment (-23%), Consumer Durables & Apparel (-22%), and Real Estate (-20%).

The Fund's performance plusses and minuses more or less offset each other, as evidenced by the high degree of similarity between its return and that of the benchmark index. The major performance contributors were as follows:

Meanwhile, there were a number of factors that adversely affected the Fund's performance, particularly the following:

During the quarter, the Fund's holdings on balance shifted somewhat more towards "defensive growth" companies, i.e., those that we believe have the ability to grow their revenues and earnings at a healthy pace in a slower-growth economic environment. The biggest changes we made to the Fund in terms of its sector allocations during the quarter were to increase weightings in Financials, Health Care, and Consumer Staples. We trimmed Consumer Discretionary, Telecommunication Services, and Utilities positions. The Fund's major sector overweights, as compared to the EAFE Index at quarter-end, were in Information Technology and Health Care, while its most prolific underweights were in Utilities, Financials and Consumer Discretionary. The Fund's largest country-level allocations (excluding cash positions, which were held in dollars) as of quarter-end were in: Switzerland, the United Kingdom, France, Japan, Brazil, and Canada. The Fund's aggregate weighting in emerging market countries did not change materially during the quarter (you may recall we reduced those holdings earlier in the calendar year). As a reminder, the Fund's country weightings are primarily a function of its "bottom-up" stock selection process.

Thank you for being an investor in the Fund.

Sincerely,

James G. Gendelman
Portfolio Manager

1The 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.

2Total returns are based on net change in NAV 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 1, 2004 through December 31, 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.

The MSCI EAFE Index tracks the stocks of about 1,000 companies in Europe, Australasia, and the Far East (together referred to as "EAFE"). 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.

3On September 30, 2008, the following securities comprised these percentages of the net assets of the Marsico International Opportunities Fund: CSL Ltd. (2.81%); Teva Pharmaceutical Industries Ltd. (4.55%); Alcon, Inc. (1.03%); Vestas Wind Systems A/S (3.76%); Alstom S.A. (2.14%); Marubeni Corp. (1.49%); ABB Ltd. (2.04%); GEA Group AG (0.00%); Gamesa Corporacion Tecnologica S.A. (1.63%); Daikin Industries, Ltd. (1.18%); All America Latina Logistica SA (0.51%); Research In Motion Ltd. (1.57%); Nintendo Co., Ltd. (3.80%); Veolia Environnement (0.00%); Julius Baer Holding AG (2.00%); Deutsche Bank AG (1.50%); Man Group PLC (0.00%); Esprit Holdings Ltd. (0.95%); Las Vegas Sands Corp. (1.12%); Shangri-La Asia Ltd. (0.00%); and, Heineken N.V. (2.13%).

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.