Marsico Capital
Management, LLC, the investment adviser to the Marsico Funds, may reduce or
sell a Fund's investments in portfolio securities if, in the opinion of the
investment adviser, a security's fundamentals change substantially, the security reaches the
investment adviser's price target or its price appreciation leads to
overvaluation in relation to the investment adviser's estimates of future
earnings and cash flow growth, there is a significant adverse change in the underlying rationale for
owning a stock or the company appears unlikely to realize its growth potential
or current income potential, more attractive investment opportunities appear
elsewhere, a significant adverse macro-economic development occurs, or for other reasons.