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<PAGE> PAGE 2
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<PAGE> PAGE 11
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<PAGE> PAGE 13
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SIGNATURE DEREK PETERSEN
TITLE FINANCIAL ANALYST
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<OTHER-ITEMS-LIABILITIES> 1,307
<TOTAL-LIABILITIES> 14,118
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<PAID-IN-CAPITAL-COMMON> 579,674
<SHARES-COMMON-STOCK> 42,269
<SHARES-COMMON-PRIOR> 22,833
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<DIVIDEND-INCOME> 3,368
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<EXPENSES-NET> (7,241)
<NET-INVESTMENT-INCOME> (2,348)
<REALIZED-GAINS-CURRENT> 19,029
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<NET-CHANGE-FROM-OPS> 127,084
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<NUMBER-OF-SHARES-SOLD> 32,231
<NUMBER-OF-SHARES-REDEEMED> 12,795
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<NET-CHANGE-IN-ASSETS> 424,971
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (15,087)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,570
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,291
<AVERAGE-NET-ASSETS> 508,320
<PER-SHARE-NAV-BEGIN> 11.54
<PER-SHARE-NII> (0.06)
<PER-SHARE-GAIN-APPREC> 4.81
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.29
<EXPENSE-RATIO> 1.43
[AVG-DEBT-OUTSTANDING] 0
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</TABLE>
THE MARSICO INVESTMENT FUND
FORM N-SAR
Report for the Period Ending September 30, 1999
Item 77B - Accountant's Report on Internal Control
To the Board of Trustees and Shareholders of
The Marsico Investment Fund
In planning and performing our audits of the financial
statements of The Marsico Investment Fund for the year ended
September 30, 1999, we considered its internal control,
including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of The Marsico Investment Fund is responsible
for establishing and maintaining internal control. In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are
fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness
is a condition in which the design or operation of one or more
of the internal control components does not reduce to a
relatively low level the risk that misstatements caused by
error or fraud in amounts that would be material in relation to
the financial statements being audited may occur and not be
detected within a timely period by employees in the normal
course of performing their assigned functions. However, we
noted no matters involving internal control and its operation,
including controls for safeguarding securities, that we
consider to be material weaknesses as defined above as of
September 30, 1999.
This report is intended solely for the information and use of
management and the Board of Trustees of the The Marsico
Investment Fund and the Securities and Exchange Commission and
is not intended to be and should not be used by anyone other
than these specified parties.
PricewaterhouseCoopers LLP
Denver, Colorado
November 3, 1999
Exhibit to Accompany
Item 77J
FORM N-SAR
THE MARSICO INVESTMENT FUND
(the "Funds")
In accordance with the provisions of Statement of Position 93-2,
"Determination, Disclosure and Financial Statement Presentation
of Income, Capital Gain and Return of Capital Distributions by
Investment Companies," the Funds are required to report the
accumulated net investment income (loss) and accumulated net
capital gain (loss) accounts to approximate amounts available for
future distributions on a tax basis (or to offset future realized
capital gains). Accordingly, reclassifications were recorded to
decrease undistributed net investment loss by $7,310,753 and
$2,347,753, decrease accumulated net realized gain on investments
by $7,294,172 and $2,331,175, and decrease paid-in capital by
$16,581 and $16,578 in the Focus and Growth & Income Funds,
respectively.
These reclassifications have no impact on the net asset values of
the Funds and are designed to present the Funds' capital accounts
on a tax basis.
