Funds

Driehaus Small Cap Growth Fund

The Fund generally invests in companies that are within the same market capitalization range at the time of investment as those included in the Russell 2000® Growth Index.


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Month-End Performance as of Feb 29, 2024

DVSMX
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DVSMX

"Since Inception" is calculated to include performance from the Fund's predecessor limited partnership (Performance Inception Date: 1/1/2007).

The 3 year, 5 year, 10 year and Since Inception returns represent average annual total returns.

The average annual total returns of the Driehaus Small Cap Growth Fund include the performance of one of the Fund’s predecessor limited partnerships, which is calculated from January 1, 2007, before it commenced operations as a series of the Driehaus Mutual Funds on August 21, 2017 and succeeded to the assets of the Driehaus Institutional Small Cap, L.P. (the “Predecessor Partnership”), Driehaus Small Cap Investors, L.P., Driehaus Institutional Small Cap Recovery Fund, L.P. and Driehaus Small Cap Recovery Fund, L.P., (together, the “Limited Partnerships”). The Limited Partnerships were managed by the same investment team with substantially the same investment objective, policies and philosophies as the Fund. The investment portfolios of the Limited Partnerships were identical and therefore had similar performance. The performance of the Predecessor Partnership is shown here because it has been in operation the longest. The Predecessor Partnership was not registered under the Investment Company Act of 1940, as amended (“1940 Act”), and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the Predecessor Partnership had been registered under the 1940 Act, its performance may have been adversely affected. Accordingly, future Fund performance may be different than the Predecessor Partnership’s past performance. After-tax performance returns are not included for the Predecessor Partnership. The Predecessor Partnership was not a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and therefore did not distribute current or accumulated earnings and profits and was not subject to the diversification and source of income requirements applicable to regulated investment companies.

Sources: Driehaus Capital Management LLC, Russell Investments, SS&C Inc.

MTH
11.25%
YTD
15.41%
1 Year
29.24%
3 Year
-1.10%
5 Year
15.35%
10 Year
13.88%
Since Inception
12.90%

Russell 2000 Growth Index
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Russell 2000 Growth Index

"Since Inception" is calculated to include performance from the Fund's predecessor limited partnership (Performance Inception Date: 1/1/2007).

The 3 year, 5 year, 10 year and Since Inception returns represent average annual total returns.

The average annual total returns of the Driehaus Small Cap Growth Fund include the performance of one of the Fund’s predecessor limited partnerships, which is calculated from January 1, 2007, before it commenced operations as a series of the Driehaus Mutual Funds on August 21, 2017 and succeeded to the assets of the Driehaus Institutional Small Cap, L.P. (the “Predecessor Partnership”), Driehaus Small Cap Investors, L.P., Driehaus Institutional Small Cap Recovery Fund, L.P. and Driehaus Small Cap Recovery Fund, L.P., (together, the “Limited Partnerships”). The Limited Partnerships were managed by the same investment team with substantially the same investment objective, policies and philosophies as the Fund. The investment portfolios of the Limited Partnerships were identical and therefore had similar performance. The performance of the Predecessor Partnership is shown here because it has been in operation the longest. The Predecessor Partnership was not registered under the Investment Company Act of 1940, as amended (“1940 Act”), and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the Predecessor Partnership had been registered under the 1940 Act, its performance may have been adversely affected. Accordingly, future Fund performance may be different than the Predecessor Partnership’s past performance. After-tax performance returns are not included for the Predecessor Partnership. The Predecessor Partnership was not a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and therefore did not distribute current or accumulated earnings and profits and was not subject to the diversification and source of income requirements applicable to regulated investment companies.

Sources: Driehaus Capital Management LLC, Russell Investments, SS&C Inc.

MTH
8.12%
YTD
4.66%
1 Year
14.18%
3 Year
-4.59%
5 Year
6.50%
10 Year
7.33%
Since Inception
8.10%

DNSMX
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DNSMX

"Since Inception" is calculated to include performance from the Fund's predecessor limited partnership (Performance Inception Date: 1/1/2007) .

The 3 year, 5 year, 10 year and Since Inception returns represent average annual total returns.

The average annual total returns of the Driehaus Small Cap Growth Fund include the performance of one of the Fund’s predecessor limited partnerships, which is calculated from January 1, 2007, before it commenced operations as a series of the Driehaus Mutual Funds on August 21, 2017 and succeeded to the assets of the Driehaus Institutional Small Cap, L.P. (the “Predecessor Partnership”), Driehaus Small Cap Investors, L.P., Driehaus Institutional Small Cap Recovery Fund, L.P. and Driehaus Small Cap Recovery Fund, L.P., (together, the “Limited Partnerships”). The Limited Partnerships were managed by the same investment team with substantially the same investment objective, policies and philosophies as the Fund. The investment portfolios of the Limited Partnerships were identical and therefore had similar performance. The performance of the Predecessor Partnership is shown here because it has been in operation the longest. The Predecessor Partnership was not registered under the Investment Company Act of 1940, as amended (“1940 Act”), and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the Predecessor Partnership had been registered under the 1940 Act, its performance may have been adversely affected. Accordingly, future Fund performance may be different than the Predecessor Partnership’s past performance. After-tax performance returns are not included for the Predecessor Partnership. The Predecessor Partnership was not a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and therefore did not distribute current or accumulated earnings and profits and was not subject to the diversification and source of income requirements applicable to regulated investment companies.

Sources: Driehaus Capital Management LLC, Russell Investments, SS&C Inc.

MTH
11.23%
YTD
15.50%
1 Year
29.55%
3 Year
-0.83%
5 Year
15.67%
10 Year
14.08%
Since Inception
13.01%

Russell 2000 Growth Index
Has Footnotes

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Russell 2000 Growth Index

"Since Inception" is calculated to include performance from the Fund's predecessor limited partnership (Performance Inception Date: 1/1/2007) .

The 3 year, 5 year, 10 year and Since Inception returns represent average annual total returns.

The average annual total returns of the Driehaus Small Cap Growth Fund include the performance of one of the Fund’s predecessor limited partnerships, which is calculated from January 1, 2007, before it commenced operations as a series of the Driehaus Mutual Funds on August 21, 2017 and succeeded to the assets of the Driehaus Institutional Small Cap, L.P. (the “Predecessor Partnership”), Driehaus Small Cap Investors, L.P., Driehaus Institutional Small Cap Recovery Fund, L.P. and Driehaus Small Cap Recovery Fund, L.P., (together, the “Limited Partnerships”). The Limited Partnerships were managed by the same investment team with substantially the same investment objective, policies and philosophies as the Fund. The investment portfolios of the Limited Partnerships were identical and therefore had similar performance. The performance of the Predecessor Partnership is shown here because it has been in operation the longest. The Predecessor Partnership was not registered under the Investment Company Act of 1940, as amended (“1940 Act”), and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the Predecessor Partnership had been registered under the 1940 Act, its performance may have been adversely affected. Accordingly, future Fund performance may be different than the Predecessor Partnership’s past performance. After-tax performance returns are not included for the Predecessor Partnership. The Predecessor Partnership was not a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and therefore did not distribute current or accumulated earnings and profits and was not subject to the diversification and source of income requirements applicable to regulated investment companies.

Sources: Driehaus Capital Management LLC, Russell Investments, SS&C Inc.

MTH
8.12%
YTD
4.66%
1 Year
14.18%
3 Year
-4.59%
5 Year
6.50%
10 Year
7.33%
Since Inception
8.10%
Has FootnotesFund/BenchmarkMTHYTD1 Year3 Year5 Year10 YearSince Inception
DVSMX11.25%15.41%29.24%-1.10%15.35%13.88%12.90%

"Since Inception" is calculated to include performance from the Fund's predecessor limited partnership (Performance Inception Date: 1/1/2007).

The 3 year, 5 year, 10 year and Since Inception returns represent average annual total returns.

The average annual total returns of the Driehaus Small Cap Growth Fund include the performance of one of the Fund’s predecessor limited partnerships, which is calculated from January 1, 2007, before it commenced operations as a series of the Driehaus Mutual Funds on August 21, 2017 and succeeded to the assets of the Driehaus Institutional Small Cap, L.P. (the “Predecessor Partnership”), Driehaus Small Cap Investors, L.P., Driehaus Institutional Small Cap Recovery Fund, L.P. and Driehaus Small Cap Recovery Fund, L.P., (together, the “Limited Partnerships”). The Limited Partnerships were managed by the same investment team with substantially the same investment objective, policies and philosophies as the Fund. The investment portfolios of the Limited Partnerships were identical and therefore had similar performance. The performance of the Predecessor Partnership is shown here because it has been in operation the longest. The Predecessor Partnership was not registered under the Investment Company Act of 1940, as amended (“1940 Act”), and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the Predecessor Partnership had been registered under the 1940 Act, its performance may have been adversely affected. Accordingly, future Fund performance may be different than the Predecessor Partnership’s past performance. After-tax performance returns are not included for the Predecessor Partnership. The Predecessor Partnership was not a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and therefore did not distribute current or accumulated earnings and profits and was not subject to the diversification and source of income requirements applicable to regulated investment companies.

Sources: Driehaus Capital Management LLC, Russell Investments, SS&C Inc.

Russell 2000 Growth Index*8.12%4.66%14.18%-4.59%6.50%7.33%8.10%

"Since Inception" is calculated to include performance from the Fund's predecessor limited partnership (Performance Inception Date: 1/1/2007).

The 3 year, 5 year, 10 year and Since Inception returns represent average annual total returns.

The average annual total returns of the Driehaus Small Cap Growth Fund include the performance of one of the Fund’s predecessor limited partnerships, which is calculated from January 1, 2007, before it commenced operations as a series of the Driehaus Mutual Funds on August 21, 2017 and succeeded to the assets of the Driehaus Institutional Small Cap, L.P. (the “Predecessor Partnership”), Driehaus Small Cap Investors, L.P., Driehaus Institutional Small Cap Recovery Fund, L.P. and Driehaus Small Cap Recovery Fund, L.P., (together, the “Limited Partnerships”). The Limited Partnerships were managed by the same investment team with substantially the same investment objective, policies and philosophies as the Fund. The investment portfolios of the Limited Partnerships were identical and therefore had similar performance. The performance of the Predecessor Partnership is shown here because it has been in operation the longest. The Predecessor Partnership was not registered under the Investment Company Act of 1940, as amended (“1940 Act”), and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the Predecessor Partnership had been registered under the 1940 Act, its performance may have been adversely affected. Accordingly, future Fund performance may be different than the Predecessor Partnership’s past performance. After-tax performance returns are not included for the Predecessor Partnership. The Predecessor Partnership was not a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and therefore did not distribute current or accumulated earnings and profits and was not subject to the diversification and source of income requirements applicable to regulated investment companies.

Sources: Driehaus Capital Management LLC, Russell Investments, SS&C Inc.

DNSMX11.23%15.50%29.55%-0.83%15.67%14.08%13.01%

"Since Inception" is calculated to include performance from the Fund's predecessor limited partnership (Performance Inception Date: 1/1/2007) .

The 3 year, 5 year, 10 year and Since Inception returns represent average annual total returns.

The average annual total returns of the Driehaus Small Cap Growth Fund include the performance of one of the Fund’s predecessor limited partnerships, which is calculated from January 1, 2007, before it commenced operations as a series of the Driehaus Mutual Funds on August 21, 2017 and succeeded to the assets of the Driehaus Institutional Small Cap, L.P. (the “Predecessor Partnership”), Driehaus Small Cap Investors, L.P., Driehaus Institutional Small Cap Recovery Fund, L.P. and Driehaus Small Cap Recovery Fund, L.P., (together, the “Limited Partnerships”). The Limited Partnerships were managed by the same investment team with substantially the same investment objective, policies and philosophies as the Fund. The investment portfolios of the Limited Partnerships were identical and therefore had similar performance. The performance of the Predecessor Partnership is shown here because it has been in operation the longest. The Predecessor Partnership was not registered under the Investment Company Act of 1940, as amended (“1940 Act”), and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the Predecessor Partnership had been registered under the 1940 Act, its performance may have been adversely affected. Accordingly, future Fund performance may be different than the Predecessor Partnership’s past performance. After-tax performance returns are not included for the Predecessor Partnership. The Predecessor Partnership was not a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and therefore did not distribute current or accumulated earnings and profits and was not subject to the diversification and source of income requirements applicable to regulated investment companies.

Sources: Driehaus Capital Management LLC, Russell Investments, SS&C Inc.

Russell 2000 Growth Index*8.12%4.66%14.18%-4.59%6.50%7.33%8.10%

"Since Inception" is calculated to include performance from the Fund's predecessor limited partnership (Performance Inception Date: 1/1/2007) .

The 3 year, 5 year, 10 year and Since Inception returns represent average annual total returns.

The average annual total returns of the Driehaus Small Cap Growth Fund include the performance of one of the Fund’s predecessor limited partnerships, which is calculated from January 1, 2007, before it commenced operations as a series of the Driehaus Mutual Funds on August 21, 2017 and succeeded to the assets of the Driehaus Institutional Small Cap, L.P. (the “Predecessor Partnership”), Driehaus Small Cap Investors, L.P., Driehaus Institutional Small Cap Recovery Fund, L.P. and Driehaus Small Cap Recovery Fund, L.P., (together, the “Limited Partnerships”). The Limited Partnerships were managed by the same investment team with substantially the same investment objective, policies and philosophies as the Fund. The investment portfolios of the Limited Partnerships were identical and therefore had similar performance. The performance of the Predecessor Partnership is shown here because it has been in operation the longest. The Predecessor Partnership was not registered under the Investment Company Act of 1940, as amended (“1940 Act”), and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the Predecessor Partnership had been registered under the 1940 Act, its performance may have been adversely affected. Accordingly, future Fund performance may be different than the Predecessor Partnership’s past performance. After-tax performance returns are not included for the Predecessor Partnership. The Predecessor Partnership was not a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and therefore did not distribute current or accumulated earnings and profits and was not subject to the diversification and source of income requirements applicable to regulated investment companies.

Sources: Driehaus Capital Management LLC, Russell Investments, SS&C Inc.

Calendar Quarter-End Performance as of Dec 31, 2023

DVSMX
Has Footnotes

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Driehaus Small Cap Growth Fund - Investor

"Since Inception" is calculated to include performance from the Fund's predecessor limited partnership (Performance Inception Date: 1/1/2007).

The 3 year, 5 year, 10 year and Since Inception returns represent average annual total returns.

The average annual total returns of the Driehaus Small Cap Growth Fund include the performance of one of the Fund’s predecessor limited partnerships, which is calculated from January 1, 2007, before it commenced operations as a series of the Driehaus Mutual Funds on August 21, 2017 and succeeded to the assets of the Driehaus Institutional Small Cap, L.P. (the “Predecessor Partnership”), Driehaus Small Cap Investors, L.P., Driehaus Institutional Small Cap Recovery Fund, L.P. and Driehaus Small Cap Recovery Fund, L.P., (together, the “Limited Partnerships”). The Limited Partnerships were managed by the same investment team with substantially the same investment objective, policies and philosophies as the Fund. The investment portfolios of the Limited Partnerships were identical and therefore had similar performance. The performance of the Predecessor Partnership is shown here because it has been in operation the longest. The Predecessor Partnership was not registered under the Investment Company Act of 1940, as amended (“1940 Act”), and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the Predecessor Partnership had been registered under the 1940 Act, its performance may have been adversely affected. Accordingly, future Fund performance may be different than the Predecessor Partnership’s past performance. After-tax performance returns are not included for the Predecessor Partnership. The Predecessor Partnership was not a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and therefore did not distribute current or accumulated earnings and profits and was not subject to the diversification and source of income requirements applicable to regulated investment companies.

Sources: Driehaus Capital Management LLC, Russell Investments, SS&C Inc.

QTR
9.17%
YTD
18.92%
1 Year
18.92%
3 Year
-1.73%
5 Year
16.86%
10 Year
12.98%
Since Inception
12.08%

Russell 2000 Growth Index
Has Footnotes

Back

Russell 2000 Growth Index

"Since Inception" is calculated to include performance from the Fund's predecessor limited partnership (Performance Inception Date: 1/1/2007).

The 3 year, 5 year, 10 year and Since Inception returns represent average annual total returns.

The average annual total returns of the Driehaus Small Cap Growth Fund include the performance of one of the Fund’s predecessor limited partnerships, which is calculated from January 1, 2007, before it commenced operations as a series of the Driehaus Mutual Funds on August 21, 2017 and succeeded to the assets of the Driehaus Institutional Small Cap, L.P. (the “Predecessor Partnership”), Driehaus Small Cap Investors, L.P., Driehaus Institutional Small Cap Recovery Fund, L.P. and Driehaus Small Cap Recovery Fund, L.P., (together, the “Limited Partnerships”). The Limited Partnerships were managed by the same investment team with substantially the same investment objective, policies and philosophies as the Fund. The investment portfolios of the Limited Partnerships were identical and therefore had similar performance. The performance of the Predecessor Partnership is shown here because it has been in operation the longest. The Predecessor Partnership was not registered under the Investment Company Act of 1940, as amended (“1940 Act”), and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the Predecessor Partnership had been registered under the 1940 Act, its performance may have been adversely affected. Accordingly, future Fund performance may be different than the Predecessor Partnership’s past performance. After-tax performance returns are not included for the Predecessor Partnership. The Predecessor Partnership was not a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and therefore did not distribute current or accumulated earnings and profits and was not subject to the diversification and source of income requirements applicable to regulated investment companies.

Sources: Driehaus Capital Management LLC, Russell Investments, SS&C Inc.

QTR
12.75%
YTD
18.66%
1 Year
18.66%
3 Year
-3.50%
5 Year
9.22%
10 Year
7.16%
Since Inception
7.89%

DNSMX
Has Footnotes

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Driehaus Small Cap Growth Fund - Institutional

"Since Inception" is calculated to include performance from the Fund's predecessor limited partnership (Performance Inception Date: 1/1/2007) .

The 3 year, 5 year, 10 year and Since Inception returns represent average annual total returns.

The average annual total returns of the Driehaus Small Cap Growth Fund include the performance of one of the Fund’s predecessor limited partnerships, which is calculated from January 1, 2007, before it commenced operations as a series of the Driehaus Mutual Funds on August 21, 2017 and succeeded to the assets of the Driehaus Institutional Small Cap, L.P. (the “Predecessor Partnership”), Driehaus Small Cap Investors, L.P., Driehaus Institutional Small Cap Recovery Fund, L.P. and Driehaus Small Cap Recovery Fund, L.P., (together, the “Limited Partnerships”). The Limited Partnerships were managed by the same investment team with substantially the same investment objective, policies and philosophies as the Fund. The investment portfolios of the Limited Partnerships were identical and therefore had similar performance. The performance of the Predecessor Partnership is shown here because it has been in operation the longest. The Predecessor Partnership was not registered under the Investment Company Act of 1940, as amended (“1940 Act”), and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the Predecessor Partnership had been registered under the 1940 Act, its performance may have been adversely affected. Accordingly, future Fund performance may be different than the Predecessor Partnership’s past performance. After-tax performance returns are not included for the Predecessor Partnership. The Predecessor Partnership was not a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and therefore did not distribute current or accumulated earnings and profits and was not subject to the diversification and source of income requirements applicable to regulated investment companies.

Sources: Driehaus Capital Management LLC, Russell Investments, SS&C Inc.

QTR
9.21%
YTD
19.12%
1 Year
19.12%
3 Year
-1.50%
5 Year
17.18%
10 Year
13.17%
Since Inception
12.19%

Russell 2000 Growth Index
Has Footnotes

Back

Russell 2000 Growth Index

"Since Inception" is calculated to include performance from the Fund's predecessor limited partnership (Performance Inception Date: 1/1/2007) .

The 3 year, 5 year, 10 year and Since Inception returns represent average annual total returns.

The average annual total returns of the Driehaus Small Cap Growth Fund include the performance of one of the Fund’s predecessor limited partnerships, which is calculated from January 1, 2007, before it commenced operations as a series of the Driehaus Mutual Funds on August 21, 2017 and succeeded to the assets of the Driehaus Institutional Small Cap, L.P. (the “Predecessor Partnership”), Driehaus Small Cap Investors, L.P., Driehaus Institutional Small Cap Recovery Fund, L.P. and Driehaus Small Cap Recovery Fund, L.P., (together, the “Limited Partnerships”). The Limited Partnerships were managed by the same investment team with substantially the same investment objective, policies and philosophies as the Fund. The investment portfolios of the Limited Partnerships were identical and therefore had similar performance. The performance of the Predecessor Partnership is shown here because it has been in operation the longest. The Predecessor Partnership was not registered under the Investment Company Act of 1940, as amended (“1940 Act”), and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the Predecessor Partnership had been registered under the 1940 Act, its performance may have been adversely affected. Accordingly, future Fund performance may be different than the Predecessor Partnership’s past performance. After-tax performance returns are not included for the Predecessor Partnership. The Predecessor Partnership was not a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and therefore did not distribute current or accumulated earnings and profits and was not subject to the diversification and source of income requirements applicable to regulated investment companies.

Sources: Driehaus Capital Management LLC, Russell Investments, SS&C Inc.

QTR
12.75%
YTD
18.66%
1 Year
18.66%
3 Year
-3.50%
5 Year
9.22%
10 Year
7.16%
Since Inception
7.89%
Has FootnotesFund/BenchmarkQTRYTD1 Year3 Year5 Year10 YearSince Inception
DVSMX9.17%18.92%18.92%-1.73%16.86%12.98%12.08%

"Since Inception" is calculated to include performance from the Fund's predecessor limited partnership (Performance Inception Date: 1/1/2007).

The 3 year, 5 year, 10 year and Since Inception returns represent average annual total returns.

The average annual total returns of the Driehaus Small Cap Growth Fund include the performance of one of the Fund’s predecessor limited partnerships, which is calculated from January 1, 2007, before it commenced operations as a series of the Driehaus Mutual Funds on August 21, 2017 and succeeded to the assets of the Driehaus Institutional Small Cap, L.P. (the “Predecessor Partnership”), Driehaus Small Cap Investors, L.P., Driehaus Institutional Small Cap Recovery Fund, L.P. and Driehaus Small Cap Recovery Fund, L.P., (together, the “Limited Partnerships”). The Limited Partnerships were managed by the same investment team with substantially the same investment objective, policies and philosophies as the Fund. The investment portfolios of the Limited Partnerships were identical and therefore had similar performance. The performance of the Predecessor Partnership is shown here because it has been in operation the longest. The Predecessor Partnership was not registered under the Investment Company Act of 1940, as amended (“1940 Act”), and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the Predecessor Partnership had been registered under the 1940 Act, its performance may have been adversely affected. Accordingly, future Fund performance may be different than the Predecessor Partnership’s past performance. After-tax performance returns are not included for the Predecessor Partnership. The Predecessor Partnership was not a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and therefore did not distribute current or accumulated earnings and profits and was not subject to the diversification and source of income requirements applicable to regulated investment companies.

Sources: Driehaus Capital Management LLC, Russell Investments, SS&C Inc.

Russell 2000 Growth Index*12.75%18.66%18.66%-3.50%9.22%7.16%7.89%

"Since Inception" is calculated to include performance from the Fund's predecessor limited partnership (Performance Inception Date: 1/1/2007).

The 3 year, 5 year, 10 year and Since Inception returns represent average annual total returns.

The average annual total returns of the Driehaus Small Cap Growth Fund include the performance of one of the Fund’s predecessor limited partnerships, which is calculated from January 1, 2007, before it commenced operations as a series of the Driehaus Mutual Funds on August 21, 2017 and succeeded to the assets of the Driehaus Institutional Small Cap, L.P. (the “Predecessor Partnership”), Driehaus Small Cap Investors, L.P., Driehaus Institutional Small Cap Recovery Fund, L.P. and Driehaus Small Cap Recovery Fund, L.P., (together, the “Limited Partnerships”). The Limited Partnerships were managed by the same investment team with substantially the same investment objective, policies and philosophies as the Fund. The investment portfolios of the Limited Partnerships were identical and therefore had similar performance. The performance of the Predecessor Partnership is shown here because it has been in operation the longest. The Predecessor Partnership was not registered under the Investment Company Act of 1940, as amended (“1940 Act”), and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the Predecessor Partnership had been registered under the 1940 Act, its performance may have been adversely affected. Accordingly, future Fund performance may be different than the Predecessor Partnership’s past performance. After-tax performance returns are not included for the Predecessor Partnership. The Predecessor Partnership was not a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and therefore did not distribute current or accumulated earnings and profits and was not subject to the diversification and source of income requirements applicable to regulated investment companies.

Sources: Driehaus Capital Management LLC, Russell Investments, SS&C Inc.

DNSMX9.21%19.12%19.12%-1.50%17.18%13.17%12.19%

"Since Inception" is calculated to include performance from the Fund's predecessor limited partnership (Performance Inception Date: 1/1/2007) .

The 3 year, 5 year, 10 year and Since Inception returns represent average annual total returns.

The average annual total returns of the Driehaus Small Cap Growth Fund include the performance of one of the Fund’s predecessor limited partnerships, which is calculated from January 1, 2007, before it commenced operations as a series of the Driehaus Mutual Funds on August 21, 2017 and succeeded to the assets of the Driehaus Institutional Small Cap, L.P. (the “Predecessor Partnership”), Driehaus Small Cap Investors, L.P., Driehaus Institutional Small Cap Recovery Fund, L.P. and Driehaus Small Cap Recovery Fund, L.P., (together, the “Limited Partnerships”). The Limited Partnerships were managed by the same investment team with substantially the same investment objective, policies and philosophies as the Fund. The investment portfolios of the Limited Partnerships were identical and therefore had similar performance. The performance of the Predecessor Partnership is shown here because it has been in operation the longest. The Predecessor Partnership was not registered under the Investment Company Act of 1940, as amended (“1940 Act”), and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the Predecessor Partnership had been registered under the 1940 Act, its performance may have been adversely affected. Accordingly, future Fund performance may be different than the Predecessor Partnership’s past performance. After-tax performance returns are not included for the Predecessor Partnership. The Predecessor Partnership was not a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and therefore did not distribute current or accumulated earnings and profits and was not subject to the diversification and source of income requirements applicable to regulated investment companies.

Sources: Driehaus Capital Management LLC, Russell Investments, SS&C Inc.

Russell 2000 Growth Index*12.75%18.66%18.66%-3.50%9.22%7.16%7.89%

"Since Inception" is calculated to include performance from the Fund's predecessor limited partnership (Performance Inception Date: 1/1/2007) .

The 3 year, 5 year, 10 year and Since Inception returns represent average annual total returns.

The average annual total returns of the Driehaus Small Cap Growth Fund include the performance of one of the Fund’s predecessor limited partnerships, which is calculated from January 1, 2007, before it commenced operations as a series of the Driehaus Mutual Funds on August 21, 2017 and succeeded to the assets of the Driehaus Institutional Small Cap, L.P. (the “Predecessor Partnership”), Driehaus Small Cap Investors, L.P., Driehaus Institutional Small Cap Recovery Fund, L.P. and Driehaus Small Cap Recovery Fund, L.P., (together, the “Limited Partnerships”). The Limited Partnerships were managed by the same investment team with substantially the same investment objective, policies and philosophies as the Fund. The investment portfolios of the Limited Partnerships were identical and therefore had similar performance. The performance of the Predecessor Partnership is shown here because it has been in operation the longest. The Predecessor Partnership was not registered under the Investment Company Act of 1940, as amended (“1940 Act”), and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the Predecessor Partnership had been registered under the 1940 Act, its performance may have been adversely affected. Accordingly, future Fund performance may be different than the Predecessor Partnership’s past performance. After-tax performance returns are not included for the Predecessor Partnership. The Predecessor Partnership was not a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and therefore did not distribute current or accumulated earnings and profits and was not subject to the diversification and source of income requirements applicable to regulated investment companies.

Sources: Driehaus Capital Management LLC, Russell Investments, SS&C Inc.

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Disclosures

The performance data shown 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. Performance data represents the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). Average annual total return reflects annualized change. Since Fund performance is subject to change after the month-end, please call (800) 560-6111 or view our daily NAVs for more current performance information.

Please consider the investment objectives, risks, fees and expenses of the Fund carefully prior to investing. The prospectus and summary prospectus contain this and other important information about the Fund. To obtain a copy of the prospectus/summary prospectus, please call (800) 560-6111. Please read the prospectus and summary prospectus carefully before investing.

Foreside Financial Services, LLC, Distributor

Represents the Annual Fund Operating Expenses as disclosed in the current prospectus dated April 30, 2023. 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.

* To view the Index definitions, see the Index Definitions.

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Daily Nav
$21.56
As of Mar 27, 2024
Ticker
DVSMX

Facts

Class
Investor
Inception Date
Aug 21, 2017
Fund Assets as of 02/29/24
$108M
Minimum Initial Investment
$10,000
Minimum Subsequent Investment
$2,000
Minimum IRA Investment
$2,000
Minimum Subsequent Investment
$500
Dividends & Distributions
Annually
Gross Expense Ratio
1.00%
Net Expense Ratio
1.00%
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Daily Nav
$21.99
As of Mar 27, 2024
Ticker
DNSMX

Facts

Class
Institutional
Inception Date
Aug 21, 2017
Fund Assets as of 02/29/24
$593M
Minimum Initial Investment
$500,000
Minimum Subsequent Investment
None
Minimum IRA Investment
$500,000
Minimum Subsequent Investment
None
Dividends & Distributions
Annually
Gross Expense Ratio
0.75%
Net Expense Ratio
0.75%
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Top 5 Holdings As of 01/31/24

Holdings Subject to Change
Super Micro Computer, Inc.
4.66%
monday.com Ltd.
2.29%
Camtek Ltd
2.20%
BellRing Brands, Inc.
2.18%
Vaxcyte, Inc.
2.14%