• Daily
  • Month-End
  • Quarter-End
  • Annual Operating Expenses

Performance Disclosure
The performance data shown below represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Principal value and investment returns will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. The funds will charge a redemption fee of 2.00% on shares held less than 60 days, except for the Driehaus Active Income Fund and the Driehaus Event Driven Fund which do not have a redemption fee. Performance data represents the rate that an investor would have earned (or lost) on an investment in the funds (assuming reinvestment of all dividends and distributions). Average annual total return reflects annualized change.

 

Daily Performance

Fund Date MTD QTD YTD NAV Daily Change
Driehaus Micro Cap Growth Fund 08/22/2017 -1.44% -.51% 8.54% $13.73 $0.18
Driehaus Frontier Emerging Markets Fund 08/22/2017 -.47% .00% 10.88% $10.60 ($0.03)
Driehaus International Small Cap Growth Fund 08/22/2017 .08% 3.86% 27.01% $11.85 $0.03
Driehaus Emerging Markets Growth Fund - Investor 08/22/2017 1.58% 7.72% 28.70% $36.01 $0.27
Driehaus Emerging Markets Small Cap Growth Fund 08/22/2017 .23% 5.80% 21.58% $12.96 ($0.05)
Driehaus Small Cap Growth Fund - Institutional 08/22/2017 NaN% NaN% NaN% $10.16 $0.16
Driehaus Small Cap Growth Fund - Investor 08/22/2017 NaN% NaN% NaN% $10.16 $0.16
Driehaus Active Income Fund 08/23/2017 -1.61% -2.29% -1.61% $9.80 ($0.01)
Driehaus Multi-Asset Growth Economies Fund 08/23/2017 2.07% 6.69% 13.30% $11.33 $0.06
Driehaus Event Driven Fund 08/23/2017 -2.64% -4.71% -.29% $10.31 ($0.02)

 

The Driehaus Multi-Asset Growth Economies Fund launched on 4/10/17.


To view the risks associated with these funds, please click here.

Please consider the investment objectives, risks, fees and expenses of the funds carefully prior to investing. The prospectus and summary prospectus contain this and other important information about the Funds. To obtain a copy of the Driehaus Multi-Asset Growth Economies Fund, Driehaus Active Income Fund and/or the Driehaus Event Driven Fund prospectus/summary prospectus, please call us at (877) 779-0079. For all other funds, please call (800) 560-6111. Please read the prospectus and summary prospectus carefully before investing.

 

Driehaus Securities LLC, Distributor

 

 

 

 

Performance Disclosure
The performance data shown below represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Principal value and investment returns will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. The funds will charge a redemption fee of 2.00% on shares held less than 60 days, except for the Driehaus Active Income Fund and the Driehaus Event Driven Fund which do not have a redemption fee. Performance data represents the rate that an investor would have earned (or lost) on an investment in the funds (assuming reinvestment of all dividends and distributions). Average annual total return reflects annualized change.

 

Month-end Performance as of July 31, 2017

Fund/Index MTH YTD 1 Year 3 Year 5 Year 10 Year Since Inception*
Driehaus Micro Cap Growth Fund** 0.94% 10.12% 22.30% 15.94% 20.15% 9.31% 16.98%
Russell Microcap® Growth Index1 -0.55% 7.47% 15.76% 7.60% 12.88% 6.15% 9.49%
Driehaus International Small Cap Growth Fund** 3.77% 26.90% 17.15% 7.94% 12.67% 5.47% 15.75%
MSCI AC World ex USA Small Cap Growth Index (ND)2 3.25% 20.37% 15.38% 5.63% 10.24% 2.76% 10.08%
MSCI AC World ex USA Small Cap Growth Index (GD)2 3.27% 20.61% 15.69% 5.89% 10.51% 3.02% 10.37%
Driehaus Frontier Emerging Markets Fund 0.47% 11.40% 10.88% n/a n/a n/a 3.11%
MSCI Frontier Markets Index (ND)3 2.11% 18.01% 20.24% n/a n/a n/a 1.33%
MSCI Frontier Markets Index (GD)3 2.13% 18.35% 20.72% n/a n/a n/a 1.78%
Driehaus Emerging Markets Growth Fund (Investor Class: DREGX) 6.04% 26.70% 21.18% 2.91% 6.74% 3.20% 11.86%
MSCI Emerging Markets Index (ND)4 5.96% 25.49% 24.84% 2.39% 4.76% 1.98% ***
MSCI Emerging Markets Index (GD)4 6.04% 25.77% 25.30% 2.76% 5.14% 2.31% 7.77%
MSCI Emerging Markets Growth Index (ND)5 6.60% 31.60% 28.27% 5.27% 7.02% 2.37% ***
Driehaus Emerging Markets Small Cap Growth Fund** 5.55% 21.30% 7.92% -1.28% 6.06% n/a 12.22%
MSCI Emerging Markets Small Cap Index (ND)6 3.57% 20.13% 16.23% 1.75% 5.93% n/a 14.31%
MSCI Emerging Markets Small Cap Index (GD)6 3.65% 20.34% 16.56% 2.04% 6.24% n/a 14.64%
MSCI Emerging Markets Index (ND)4 5.96% 25.49% 24.85% 2.39% 4.76% n/a 11.12%
Driehaus Multi-Asset Growth Economies Fund 4.52% 11.00%* n/a n/a n/a n/a 11.00%*
Equally weighted MSCI Emerging Markets Index (ND) / JPMorgan GBI Emerging Markets Global Diversified10 4.01% 9.12% n/a n/a n/a n/a 9.12%
MSCI Emerging Markets Index (ND)4 5.96% 12.18% n/a n/a n/a n/a 12.18%
Driehaus Active Income Fund -0.70% 0.00% 3.27% 0.95% 2.01% 3.56% 3.58%
Citigroup 3-Month T-Bill Index7 0.08% 0.38% 0.51% 0.23% 0.16% 0.48% 1.10%
Bloomberg Barclays Aggregate Index8 0.43% 2.71% -0.51% 2.71% 2.02% 4.44% 4.46%
Driehaus Event Driven Fund -2.13% 2.42% 8.16% 0.36% n/a n/a 2.74%
S&P 500 Index9 2.06% 11.59% 16.04% 10.87% n/a n/a 12.91%
Citigroup 3-Month T-Bill Index7 0.08% 0.38% 0.51% 0.23% n/a n/a 0.19%


Note: The Driehaus Active Income Fund commenced operations on June 1, 2009 following the receipt of the assets and liabilities of the Lotsoff Capital Management Active Income Fund (the “Predecessor Fund”) through a reorganization into the Driehaus Active Income Fund. Lotsoff Capital Management was the investment adviser from inception (11/8/05) through April 2, 2009. Driehaus Capital Management LLC became the interim investment adviser to the Predecessor Fund on April 3, 2009.

Average Annual Total Return

*Inception dates: Driehaus Micro Cap Growth Fund (1/1/2003), Driehaus International Small Cap Growth Fund (8/1/02), Driehaus Frontier Emerging Markets Fund (5/4/15), Driehaus Emerging Markets Growth Fund - Investor Class DREGX - (12/31/97), Driehaus Emerging Markets Small Cap Growth Fund (12/1/08), Driehaus Multi-Asset Growth Economies Fund (4/10/17), Driehaus Multi-Asset Growth Economies Fund (4/10/17), Driehaus Active Income Fund (11/8/05), and the Driehaus Event Driven Fund (8/26/13). For the Driehaus Micro Cap Growth Fund, Driehaus International Small Cap Growth Fund and the Driehaus Emerging Markets Small Cap Growth Fund, “since inception” is calculated to include performance from the Fund’s predecessor limited partnership.

**The average annual total returns of the Driehaus Micro Cap Growth Fund, Driehaus International Small Cap Growth Fund and Driehaus Emerging Markets Small Cap Growth Fund include the performance of each fund's predecessor limited partnership, which is calculated from January 1, 2003, August 1, 2002 and December 1, 2008 respectively, before each fund commenced operations and succeeded to the assets of its predecessor on November 18, 2013, September 17, 2007 and August 20, 2011 respectively. The predecessor limited partnerships were not registered under the Investment Company Act of 1940, as amended ("1940 Act") and thus were not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the predecessors had been registered under the 1940 Act, their performance may have been adversely affected. Each fund's predecessor's performance has been restated to reflect estimated expenses of the fund. After-tax performance returns are not included for the predecessor limited partnerships. The predecessors were not regulated investment companies and therefore did not distribute current or accumulated earnings.

***The inception of the fund predates the inception of the index.


To view the risks associated with these funds, please click here.

Since Fund performance is subject to change after the month-end, please call (877) 779-0079 for the most current month-end performance information for the Driehaus Multi-Asset Growth Economies Fund, Driehaus Active Income Fund, and/or Driehaus Event Driven Fund. For all other Funds, please call (800) 560-6111.

Please consider the investment objectives, risks, fees and expenses of the funds carefully prior to investing. The prospectus and summary prospectus contain this and other important information about the Funds. To obtain a copy of the Driehaus Multi-Asset Growth Economies Fund, Driehaus Active Income Fund, and/or the Driehaus Event Driven Fund prospectus/summary prospectus, please call us at (877) 779-0079. For all other funds, please call (800) 560-6111. Please read the prospectus and summary prospectus carefully before investing.

Sources:  Morgan Stanley Capital International Inc., eVestment Alliance, LLC, SS&C Inc.

1The Russell Microcap® Growth Index is constructed to provide a comprehensive and unbiased barometer of the microcap growth market. Based on ongoing empirical research of investment manager behavior, the methodology used to determine growth probability approximates the aggregate microcap growth manager’s opportunity set. The index has an inception date of July 2000.

2The Morgan Stanley Capital International (MSCI) AC World ex USA Small Cap Growth Index is a market capitalization-weighted index designed to measure equity performance in global developed markets and emerging markets, excluding the U.S and is composed of stocks which are categorized as small capitalization stocks. Data is in US Dollars. The net dividend (ND) index is calculated with net dividend reinvestment. The gross dividend (GD) index is calculated with gross dividend reinvestment. The benchmark has changed from the MSCI AC World ex USA Small Cap Growth Index (GD) to the MSCI AC World ex USA Small Cap Growth Index (ND) because the net index is more commonly used industry wide and is a more representative comparison versus the fund because it is presented net of foreign withholding taxes.

3The Morgan Stanley Capital International Frontier Markets Index provides broad representation of the equity opportunity set while taking investability requirements into consideration within each market MSCI classifies as a frontier market. Data is in US Dollars. The net dividend (ND) index is calculated with net dividend reinvestment. The gross dividend (GD) index is calculated with gross dividend reinvestment. The benchmark has changed from the MSCI Frontier Markets Index (GD) to the MSCI Frontier Markets Index (ND) because the net index is more commonly used industry wide and is a more representative comparison versus the fund because it is presented net of foreign withholding taxes.

4The Morgan Stanley Capital International Emerging Markets Index (MSCI Emerging Markets Index) is a market capitalization-weighted index designed to measure equity market performance in global emerging markets. Data is in US Dollars. The net dividend (ND) index is calculated with net dividend reinvestment. The gross dividend (GD) index is calculated with gross dividend reinvestment. The benchmark has changed from the MSCI Emerging Markets Index (GD) to the MSCI Emerging Markets Index (ND) because the net index is more commonly used industry wide and is a more representative comparison versus the fund because it is presented net of foreign withholding taxes.

5The Morgan Stanley Capital International Emerging Markets Growth Index (MSCI Emerging Markets Growth Index) is a subset of the MSCI Emerging Markets Index and includes only the MSCI Emerging Markets Index stocks which are categorized as growth stocks. Data is in US Dollars. The net dividend (ND) index is calculated with net dividend reinvestment.

6The Morgan Stanley Capital International Emerging Markets Small Cap Index (MSCI Emerging Markets Small Cap Index) is a market capitalization-weighted index designed to measure equity market performance of small cap stocks in global emerging markets. Data is in US Dollars. The net dividend (ND) index is calculated with net dividend reinvestment. The gross dividend (GD) index is calculated with gross dividend reinvestment. The benchmark has changed from the MSCI Emerging Markets Small Cap Index (GD) to the MSCI Emerging Markets Small Cap Index (ND) because the net index is more commonly used industry wide and is a more representative comparison versus the fund because it is presented net of foreign withholding taxes.

7The Citigroup 3-Month T-Bill Index is designed to mirror the performance of the 3-Month U.S. Treasury Bill. The Citigroup 3-Month T-Bill Index is unmanaged and its returns reflect reinvestment of all distributions and changes in market prices.

8The Bloomberg Barclays Aggregate Index, an unmanaged index, represents securities that are SEC-registered, taxable and dollar denominated.  This index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities and asset-backed securities.  These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.

9The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group. It is a market-weighted index (stock price times number of shares outstanding), with each stock's weight in the index proportionate to its market value.

10The equally weighted benchmark consists of 50 percent of the MSCI Emerging Market Index (ND) and 50 percent of the JPMorgan GBI Emerging Markets Global Diversified. JPMorgan Global Bond Index Emerging Markets Global Diversified tracks debt instruments in the emerging markets (includes a broader array of countries than the EMBI Plus).

Important MSCI disclosures

Important Russell disclosures

Driehaus Securities LLC, Distributor

 

Performance Disclosure
The performance data shown below represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Principal value and investment returns will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. The funds will charge a redemption fee of 2.00% on shares held less than 60 days, except for the Driehaus Active Income Fund and the Driehaus Event Driven Fund which do not have a redemption fee. Performance data represents the rate that an investor would have earned (or lost) on an investment in the funds (assuming reinvestment of all dividends and distributions). Average annual total return reflects annualized change.

 

Calendar Quarter-end Performance as of June 30, 2017

Fund/Index QTR YTD 1 Year 3 Year 5 Year 10 Year Since Inception*
Driehaus Micro Cap Growth Fund** 8.41% 9.09% 32.95% 11.90% 19.80% 9.04% 17.02%
Russell Microcap® Growth Index1 5.29% 8.07% 22.71% 4.61% 12.76% 5.57% 9.59%
Driehaus International Small Cap Growth Fund** 12.75% 22.29% 17.36% 5.42% 12.15% 5.35% 15.56%
MSCI AC World ex USA Small Cap Growth Index (ND)2 6.95% 16.58% 17.17% 3.78% 9.77% 2.56% 9.91%
MSCI AC World ex USA Small Cap Growth Index (GD)2 7.07% 16.79% 17.48% 4.04% 10.04% 2.81% 10.20%
Driehaus Frontier Emerging Markets Fund 4.23% 10.88% 14.51% n/a n/a n/a 3.01%
MSCI Frontier Markets Index (ND)3 6.13% 15.57% 19.22% n/a n/a n/a 0.41%
MSCI Frontier Markets Index (GD)3 6.27% 15.89% 19.70% n/a n/a n/a 0.86%
Driehaus Emerging Markets Growth Fund (Investor Class: DREGX) 7.81% 19.48% 19.23% 0.87% 5.85% 3.17% 11.58%
MSCI Emerging Markets Index (ND)4 6.27% 18.43% 23.75% 1.07% 3.96% 1.91% ***
MSCI Emerging Markets Index (GD)4 6.38% 18.60% 24.17% 1.44% 4.33% 2.25% 7.61%
MSCI Emerging Markets Growth Index (ND)5 9.44% 23.45% 25.99% 3.42% 6.18% 2.22% ***
Driehaus Emerging Markets Small Cap Growth Fund** 4.26% 14.92% 6.23% -3.21% 5.62% n/a 11.65%
MSCI Emerging Markets Small Cap Index (ND)6 2.63% 15.99% 17.03% 0.81% 5.15% n/a 14.00%
MSCI Emerging Markets Small Cap Index (GD)6 2.69% 16.10% 17.34% 1.10% 5.46% n/a 14.31%
MSCI Emerging Markets Index (ND)4 6.27% 18.43% 23.75% 1.07% 3.96% n/a 10.49%
Driehaus Multi-Asset Growth Economies Fund 6.20%* 6.20%* n/a n/a n/a n/a 6.20%*
Equally weighted MSCI Emerging Markets (ND) / JP Morgan GBI Emerging Markets Global Diversified10 4.91% 4.91% n/a n/a n/a n/a 4.91%
MSCI Emerging Markets Index (ND)4 5.87% 5.87% n/a n/a n/a n/a 5.87%
Driehaus Active Income Fund 0.59% 0.70% 5.37% 1.15% 2.17% 3.56% 3.67%
Citigroup 3-Month T-Bill Index7 0.18% 0.30% 0.46% 0.20% 0.15% 0.51% 1.10%
Bloomberg Barclays Aggregate Index8 1.45% 2.27% -0.31% 2.48% 2.21% 4.48% 4.46%
Driehaus Event Driven Fund 3.54% 4.64% 11.97% 0.00% n/a n/a 3.38%
S&P 500 Index9 3.09% 9.34% 17.90% 9.61% n/a n/a 12.62%
Citigroup 3-Month T-Bill Index7 0.18% 0.30% 0.46% 0.20% n/a n/a 0.17%

 

Note: The Driehaus Active Income Fund commenced operations on June 1, 2009 following the receipt of the assets and liabilities of the Lotsoff Capital Management Active Income Fund (the “Predecessor Fund”) through a reorganization into the Driehaus Active Income Fund. Lotsoff Capital Management was the investment adviser from inception (11/8/05) through April 2, 2009. Driehaus Capital Management LLC became the interim investment adviser to the Predecessor Fund on April 3, 2009.

Average Annual Total Return

*Inception dates: Driehaus Micro Cap Growth Fund (1/1/2003), Driehaus International Small Cap Growth Fund (8/1/02), Driehaus Frontier Emerging Markets Fund (5/4/15), Driehaus Emerging Markets Growth Fund - Investor Class DREGX - (12/31/97), Driehaus Emerging Markets Small Cap Growth Fund (12/1/08), Driehaus Multi-Asset Growth Economies Fund (4/10/17), Driehaus Multi-Asset Growth Economies Fund (4/10/17), Driehaus Active Income Fund (11/8/05), and the Driehaus Event Driven Fund (8/26/13). For the Driehaus Micro Cap Growth Fund, Driehaus International Small Cap Growth Fund and the Driehaus Emerging Markets Small Cap Growth Fund, “since inception” is calculated to include performance from the Fund’s predecessor limited partnership.

**The average annual total returns of the Driehaus Micro Cap Growth Fund, Driehaus International Small Cap Growth Fund and Driehaus Emerging Markets Small Cap Growth Fund include the performance of each fund's predecessor limited partnership, which is calculated from January 1, 2003, August 1, 2002 and December 1, 2008 respectively, before each fund commenced operations and succeeded to the assets of its predecessor on November 18, 2013, September 17, 2007 and August 20, 2011 respectively. The predecessor limited partnerships were not registered under the Investment Company Act of 1940, as amended ("1940 Act") and thus were not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the predecessors had been registered under the 1940 Act, their performance may have been adversely affected. Each fund's predecessor's performance has been restated to reflect estimated expenses of the fund. After-tax performance returns are not included for the predecessor limited partnerships. The predecessors were not regulated investment companies and therefore did not distribute current or accumulated earnings.

***The inception of the fund predates the inception of the index.


To view the risks associated with these funds, please click here.

Since fund performance is subject to change after the month-end, please call (877) 779-0079 for the most current month-end performance information for the Driehaus Multi-Asset Growth Economies Fund, Driehaus Active Income Fund and/or Driehaus Event Driven Fund. For all other funds, please call (800) 560-6111.

Please consider the investment objectives, risks, fees and expenses of the funds carefully prior to investing. The prospectus and summary prospectus contain this and other important information about the Funds. To obtain a copy of the Driehaus Multi-Asset Growth Economies Fund, Driehaus Active Income Fund, and/or the Driehaus Event Driven Fund prospectus/summary prospectus, please call us at (877) 779-0079. For all other funds, please call (800) 560-6111. Please read the prospectus and summary prospectus carefully before investing.

Sources:  Morgan Stanley Capital International Inc., eVestment Alliance, LLC, SS&C Inc.

1The Russell Microcap® Growth Index is constructed to provide a comprehensive and unbiased barometer of the microcap growth market. Based on ongoing empirical research of investment manager behavior, the methodology used to determine growth probability approximates the aggregate microcap growth manager’s opportunity set. The index has an inception date of July 2000.

2The Morgan Stanley Capital International (MSCI) AC World ex USA Small Cap Growth Index is a market capitalization-weighted index designed to measure equity performance in global developed markets and emerging markets, excluding the U.S and is composed of stocks which are categorized as small capitalization stocks. Data is in US Dollars. The net dividend (ND) index is calculated with net dividend reinvestment. The gross dividend (GD) index is calculated with gross dividend reinvestment. The benchmark has changed from the MSCI AC World ex USA Small Cap Growth Index (GD) to the MSCI AC World ex USA Small Cap Growth Index (ND) because the net index is more commonly used industry wide and is a more representative comparison versus the fund because it is presented net of foreign withholding taxes.

3The Morgan Stanley Capital International Frontier Markets Index provides broad representation of the equity opportunity set while taking investability requirements into consideration within each market MSCI classifies as a frontier market. Data is in US Dollars. The net dividend (ND) index is calculated with net dividend reinvestment. The gross dividend (GD) index is calculated with gross dividend reinvestment. The benchmark has changed from the MSCI Frontier Markets Index (GD) to the MSCI Frontier Markets Index (ND) because the net index is more commonly used industry wide and is a more representative comparison versus the fund because it is presented net of foreign withholding taxes.

4The Morgan Stanley Capital International Emerging Markets Index (MSCI Emerging Markets Index) is a market capitalization-weighted index designed to measure equity market performance in global emerging markets. Data is in US Dollars. The net dividend (ND) index is calculated with net dividend reinvestment. The gross dividend (GD) index is calculated with gross dividend reinvestment. The benchmark has changed from the MSCI Emerging Markets Index (GD) to the MSCI Emerging Markets Index (ND) because the net index is more commonly used industry wide and is a more representative comparison versus the fund because it is presented net of foreign withholding taxes.

5The Morgan Stanley Capital International Emerging Markets Growth Index (MSCI Emerging Markets Growth Index) is a subset of the MSCI Emerging Markets Index and includes only the MSCI Emerging Markets Index stocks which are categorized as growth stocks. Data is in US Dollars. The net dividend (ND) index is calculated with net dividend reinvestment.

6The Morgan Stanley Capital International Emerging Markets Small Cap Index (MSCI Emerging Markets Small Cap Index) is a market capitalization-weighted index designed to measure equity market performance of small cap stocks in global emerging markets. Data is in US Dollars. The net dividend (ND) index is calculated with net dividend reinvestment. The gross dividend (GD) index is calculated with gross dividend reinvestment. The benchmark has changed from the MSCI Emerging Markets Small Cap Index (GD) to the MSCI Emerging Markets Small Cap Index (ND) because the net index is more commonly used industry wide and is a more representative comparison versus the fund because it is presented net of foreign withholding taxes.

7The Citigroup 3-Month T-Bill Index is designed to mirror the performance of the 3-Month U.S. Treasury Bill. The Citigroup 3-Month T-Bill Index is unmanaged and its returns reflect reinvestment of all distributions and changes in market prices.

8The Bloomberg Barclays Aggregate Index, an unmanaged index, represents securities that are SEC-registered, taxable and dollar denominated.  This index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities and asset-backed securities.  These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.

9The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group. It is a market-weighted index (stock price times number of shares outstanding), with each stock's weight in the index proportionate to its market value.

10The equally weighted benchmark consists of 50 percent of the MSCI Emerging Market Index (ND) and 50 percent of the JPMorgan GBI Emerging Markets Global Diversified. JPMorgan Global Bond Index Emerging Markets Global Diversified tracks debt instruments in the emerging markets (includes a broader array of countries than the EMBI Plus).

Important MSCI disclosures

Important Russell disclosures

Driehaus Securities LLC, Distributor

 


Annual Fund Operating Expenses

These are expenses that you pay each year as a percentage of the value of your investment.

 

Driehaus Micro Cap Growth Fund1

Management Fee 1.25%
Other Expenses 0.23%
Total Annual Fund Operating Expenses 1.48%

 

Driehaus International Small Cap Growth Fund2

Management Fee 1.50%
Other Expenses 0.22%
Total Annual Fund Operating Expenses 1.72%

 

Driehaus Frontier Emerging Markets Fund3

Management Fee 1.50%
Other Expenses 1.00%
Acquired Fund Fees and Expenses 0.01%
Total Annual Fund Operating Expenses 2.51%
Expense Reimbursement (0.50)%
Total Annual Fund Operating Expenses After Expense Reimbursement 2.01%4


Driehaus Emerging Markets Growth Fund5

Ticker DREGX DIEMX
Management Fee6 1.05% 1.05%
Other Expenses7 0.40% 0.15%
Acquired Fund Fees and Expenses 0.02% 0.02%
Total Annual Fund Operating Expenses 1.47% 1.22%

 

Driehaus Emerging Markets Small Cap Growth Fund8

Management Fee 1.05%
Other Expenses: 0.40%
Total Annual Fund Operating Expenses 1.75%

 

Driehaus Multi-Asset Growth Economies Fund9

Management Fee 1.00%
Other Expenses:  
Other Expenses Excluding Dividends and Interest on Short Sales10 0.81%
Dividends and Interest on Short Sales11 None
Acquired Fund Fees and Expenses10 0.02%
Total Annual Fund Operating Expenses 1.83%
Expense Reimbursement (0.06%)
Total Annual Fund Operating Expenses After Expense Reimbursement12 1.77%

 

Driehaus Active Income Fund13

Management Fee 0.55%
Other Expenses:  
Other Expenses Excluding Dividends and Interest on Short Sales 0.25%
Dividends and Interest on Short Sales 0.58%
Total Annual Fund Operating Expenses 1.38%

 

Driehaus Event Driven Fund14

Management Fee 1.00%
Other Expenses:
 
Other Expenses Excluding Dividends and Interest on Short Sales 0.44%
Dividends and Interest on Short Sales 0.59%
Total Annual Fund Operating Expenses 2.03%

 

 

 

 


Driehaus Micro Cap Growth Fund
1Represents the Annual Fund Operating Expenses as disclosed in the current prospectus dated April 30, 2017.  It is important to understand that a decline in the fund’s average net assets due to unprecedented market volatility or other factors could cause the fund’s expense ratio for the current fiscal year to be higher than the expense information presented.

Driehaus International Small Cap Growth Fund
2 Represents the Annual Fund Operating Expenses as disclosed in the current prospectus dated April 30, 2017.  It is important to understand that a decline in the fund’s average net assets due to unprecedented market volatility or other factors could cause the fund’s expense ratio for the current fiscal year to be higher than the expense information presented.

Driehaus Frontier Emerging Markets Fund
3Represents the Annual Fund Operating Expenses as disclosed in the current prospectus dated April 30, 2017. It is important to understand that a decline in the fund’s average net assets due to unprecedented market volatility or other factors could cause the fund’s expense ratio for the current fiscal year to be higher than the expense information presented. 4Driehaus Capital Management LLC, the Fund’s investment adviser, has entered into a contractual agreement to cap the Fund’s ordinary annual operating expenses at 2.00% of average daily net assets until the earlier of the termination of the investment advisory agreement, by the Board of Trustees or the Fund’s shareholders, or May 3, 2018. The expense cap excludes interest, taxes, brokerage commissions and other investment-related costs and extraordinary expenses, including the acquired fund fees and expenses, resulting in the current total annual fund operating expenses after expense reimbursement of 2.02%. Pursuant to the agreement, and so long as the investment advisory agreement is in place, for a period of three years subsequent to the Fund’s commencement of operations on May 4, 2015, the investment adviser is entitled to reimbursement for previously waived fees and reimbursed expenses to the extent that the Fund’s expense ratio remains below the operating expense cap that was in place at the time of the waiver as well as the existing operating expense cap.

Driehaus Emerging Markets Growth Fund
5Represents the Annual Fund Operating Expenses as disclosed in the current prospectus dated July 17, 2017. It is important to understand that a decline in the Fund’s average net assets due to unprecedented market volatility or other factors could cause the Fund’s expense ratio for the current fiscal year to be higher than the expense information presented. A shareholder may be required to pay a commission to their financial intermediary.

6Effective July 17, 2017, the Driehaus Emerging Markets Growth Fund pays the Adviser an annual management fee on a monthly basis as follows: 1.05% of average daily net assets up to $1.5 billion and 0.75% of average daily net assets in excess of $1.5 billion.

7“Other Expenses” for the Investor Shares have been restated to reflect the addition of a shareholder services fee arrangement.

Driehaus Emerging Markets Small Cap Growth Fund
8 Represents the Annual Fund Operating Expenses as disclosed in the current prospectus dated April 30, 2017. It is important to understand that a decline in the fund’s average net assets due to unprecedented market volatility or other factors could cause the fund’s expense ratio for the current fiscal year to be higher than the expense information presented.

Driehaus Multi-Asset Growth Economies Fund
9 Represents the Annual Fund Operating Expenses as disclosed in the current prospectus dated March 17, 2017, as supplemented on May 2, 2017. It is important to understand that a decline in the fund’s average net assets due to unprecedented market volatility or other factors could cause the fund’s expense ratio for the current fiscal year to be higher than the expense information presented. 10 “Other Expenses Excluding Dividends and Interest on Short Sales” and “Acquired Fund Fees and Expenses” are estimated for the current year. 11 “Dividends and Interest on Short Sales” cannot be estimated and therefore, actual Fund expenses may be higher than those shown. 12 Driehaus Capital Management LLC, the Fund’s investment adviser, has entered into a contractual agreement to cap the Fund’s ordinary annual operating expenses at 1.75% of average daily net assets until the earlier of the termination of the investment advisory agreement, by the Board of Trustees or the Fund’s shareholders, or April 9, 2020. The expense cap excludes interest, taxes, brokerage commissions, and other investment-related costs and extraordinary expenses, including the acquired fund fees and expenses and dividends and interest on short sales, resulting in the current total annual fund operating expenses after expense reimbursement of 1.77%. Pursuant to the agreement, and so long as the investment advisory agreement is in place, for a period of three years subsequent to the Fund’s commencement of operations on April 10, 2017, the investment adviser is entitled to reimbursement for previously waived fees and reimbursed expenses to the extent that the Fund’s expense ratio remains below the operating expense cap that was in place at the time of the waiver/expense reimbursement as well as the existing operating expense cap. Because dividends and interest on short sales are not included in the expenses subject to reimbursement, the net expenses of the Fund may be higher than those shown above.

Driehaus Active Income Fund
13 Represents the Annual Fund Operating Expenses as disclosed in the current prospectus dated April 30, 2017.  It is important to understand that a decline in the fund’s average net assets due to unprecedented market volatility or other factors could cause the fund’s expense ratio for the current fiscal year to be higher than the expense information presented.

Driehaus Event Driven Fund
14 Represents the Annual Fund Operating Expenses as disclosed in the current prospectus dated April 30, 2017. It is important to understand that a decline in the fund’s average net assets due to unprecedented market volatility or other factors could cause the fund’s expense ratio for the current fiscal year to be higher than the expense information presented.

Driehaus Securities LLC, Distributor