- 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, Driehaus Select Credit Fund and the Driehaus International Credit Opportunities 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 Mid Cap Growth Fund | 05/16/2012 | -5.61% | -6.01% | 6.15% | $13.30 | ($0.04) |
| Driehaus Large Cap Growth Fund | 05/16/2012 | -5.41% | -5.88% | 6.07% | $13.28 | ($0.1) |
| Driehaus Global Growth Fund | 05/16/2012 | -7.77% | -7.65% | 8.21% | $7.12 | ($0.07) |
| Driehaus International Small Cap Growth Fund | 05/16/2012 | -9.04% | -8.25% | -.71% | $8.45 | ($0.17) |
| Driehaus International Discovery Fund | 05/16/2012 | -10.12% | -10.18% | 3.58% | $25.14 | ($0.41) |
| Driehaus Emerging Markets Growth Fund | 05/16/2012 | -8.67% | -8.73% | 2.88% | $26.45 | ($0.56) |
| Driehaus Emerging Markets Small Cap Growth Fund | 05/16/2012 | -7.30% | -6.37% | 6.70% | $9.40 | ($0.2) |
| Driehaus Active Income Fund | 05/16/2012 | .19% | -.57% | 5.98% | $10.53 | ($0.01) |
| Driehaus Select Credit Fund | 05/16/2012 | -.59% | -.79% | 6.25% | $10.05 | ($0.03) |
| Driehaus International Credit Opportunities Fund | 05/16/2012 | .90% | .00% | .00% | $10.05 | $0.01 |
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 contains this and other important information about the Funds. To obtain a copy of the prospectus and/or summary prospectus, please call us at (800) 560-6111. To obtain a copy of the Driehaus Active Income Fund, Driehaus Select Credit Fund and/or the Driehaus International Credit Opportunities Fund prospectus/summary prospectus, please call us at (877) 779-0079. 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, Driehaus Select Credit Fund and the Driehaus International Credit Opportunities 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 April 30, 2012
| Fund/Index | April | YTD | 1 Year | 3 Year† | 5 Year† | 10 Year† | Since Inception†* | Driehaus Mid Cap Growth Fund** | -0.43% | 12.45% | -3.20% | 20.51% | 5.71% | 8.53% | 8.67% |
|---|---|---|---|---|---|---|---|
| Russell Midcap® Growth Index1 | 0.00% | 14.52% | 0.78% | 23.57% | 3.55% | 7.50% | 5.50% |
| Driehaus Large Cap Growth Fund** | -0.50% | 12.14% | 7.09% | 17.92% | n/a | n/a | 18.32% |
| Russell 1000® Growth Index2 | -0.15% | 14.51% | 7.26% | 21.44% | n/a | n/a | 3.46% | Driehaus Global Growth Fund | 0.13% | 17.33% | -6.96% | 16.61% | n/a | n/a | -3.49% |
| MSCI AC World Growth Index3 | -0.41% | 12.89% | -2.78% | 17.90% | n/a | n/a | -0.06% |
| Driehaus International Small Cap Growth Fund** | 0.87% | 9.17% | -12.58% | 22.64% | 2.80% | n/a | 18.64% |
| MSCI AC World ex USA Small Cap Growth Index4 | 0.12% | 13.06% | -12.66% | 20.85% | -1.54% | n/a | 11.42% |
| MSCI AC World ex USA Small Cap Index5 | -0.47% | 13.19% | -11.87% | 19.76% | -2.58% | n/a | 11.32% | Driehaus International Discovery Fund | -0.07% | 15.25% | -12.87% | 14.63% | -3.54% | 8.21% | 14.22% |
| MSCI AC World ex USA Growth Index6 | -0.54% | 11.24% | -11.12% | 15.20% | -1.48% | 6.94% | 3.33% |
| MSCI AC World ex USA Index7 | -1.49% | 9.69% | -12.48% | 14.05% | -2.30% | 7.50% | 4.87% |
| Driehaus Emerging Markets Growth Fund | -0.07% | 12.64% | -9.69% | 21.76% | 3.87% | 15.64% | 14.41% |
| MSCI Emerging Markets Growth Index8 | 0.00% | 13.84% | -12.10% | 18.51% | 1.99% | 12.45% | 8.17% |
| MSCI Emerging Markets Index9 | -1.18% | 12.79% | -12.34% | 18.67% | 3.78% | 14.26% | 9.30% |
| Driehaus Emerging Markets Small Cap Growth Fund** | 1.00% | 15.10% | -7.95% | 21.46% | n/a | n/a | 24.07% |
| MSCI Emerging Markets Index9 | -1.18% | 12.79% | -12.34% | 18.67% | n/a | n/a | 24.66% |
| MSCI Emerging Markets Small Cap Index10 | -1.87% | 14.49% | -17.79% | 21.90% | n/a | n/a | 31.94% | Driehaus Active Income Fund | -0.76% | 5.78% | -2.59% | 5.92% | 5.14% | n/a | 4.98% |
| Citigroup 3-Month T-Bill Index11 | 0.01% | 0.01% | 0.04% | 0.11% | 1.03% | n/a | 1.88% |
| Barclays Capital U.S. Aggregate Bond Index12 | 1.11% | 1.42% | 7.55% | 7.06% | 6.37% | n/a | 6.45% |
| Driehaus Select Credit Fund | -0.20% | 6.88% | 0.68% | n/a | n/a | n/a | 4.76% |
| Citigroup 3-Month T-Bill Index11 | 0.01% | 0.01% | 0.04% | n/a | n/a | n/a | 0.08% |
| BofA Merrill Lynch US High Yield Index13 | 1.02% | 6.22% | 5.12% | n/a | n/a | n/a | 8.81% |
| Driehaus International Credit Opportunities Fund | 0.00% | n/a | n/a | n/a | n/a | n/a | -0.40% |
| BofA Merrill Lynch Global High Yield Index14 | 0.72% | n/a | n/a | n/a | n/a | n/a | 0.92% |
| J.P. Morgan EMBI Global Diversified Index15 | 1.63% | n/a | n/a | n/a | n/a | n/a | 1.85% |
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 Emerging Markets Growth Fund (12/31/97), Driehaus International Discovery Fund (12/31/98), Driehaus International Small Cap Growth Fund (8/1/02), Driehaus Global Growth Fund (5/1/08), Driehaus Mid Cap Growth Fund (1/1/99), Driehaus Large Cap Growth Fund (1/1/08), Driehaus Active Income Fund (11/8/05), Driehaus Select Credit Fund (9/30/2010) and Driehaus International Credit Opportunities Fund (3/1/12). For the Driehaus International Small Cap Growth Fund, Driehaus Mid Cap Growth Fund, and the Driehaus Large 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 Mid Cap Growth Fund, Driehaus Large 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, 1999, January 1, 2008, August 1, 2002 and December 1, 2008 respectively, before each Fund commenced operations and succeeded to the assets of its predecessor on April 27, 2009, April 27, 2009, September 17, 2007 and August 22, 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.
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 Active Income Fund, Driehaus Select Credit Fund and Driehaus International Credit Opportunities 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 contains this and other important information about the Funds. To obtain a copy of the prospectus and/or summary prospectus, please call us at (800) 560-6111. To obtain a copy of the Driehaus Active Income Fund, Driehaus Select Credit Fund and/or the Driehaus International Credit Opportunities Fund prospectus/summary prospectus, please call us at (877) 779-0079. Please read the prospectus and summary prospectus carefully before investing.
Sources: Morgan Stanley Capital International Inc., eVestment Alliance, LLC, SS&C Inc.
1 The Russell Midcap® Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth Index. The Russell Mid Cap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 30% of the total market capitalization of the Russell 1000 Index.
2The Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The performance data includes reinvested dividends. The Russell 1000 Index measures the performance of the 1,000 largest companies in the Russell 3000 Index.
3 The Morgan Stanley Capital International All Country World Growth Index (MSCI AC World Growth Index) is a subset of the MSCI All Country World Index (MSCI ACWI) and includes only the MSCI ACWI stocks which are categorized as growth stocks. The MSCI ACWI is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. As of January 2009 the MSCI ACWI consisted of 45 country indices comprising 23 developed and 22 emerging market country indices.
4 The Morgan Stanley Capital International All Country World ex USA Small Cap Growth Index (MSCI AC World ex USA Small Cap Growth Index) is a market capitalization-weighted index designed to measure equity performance in 44 global developed markets and emerging markets, excluding the U.S., and is composed of stocks which are categorized as small capitalization stocks.
5 The Morgan Stanley Capital International World ex USA Small Cap Index (MSCI World ex USA Small Cap Index) is a market capitalization weighted index designed to measure the equity performance in 22 global developed markets, excluding the U.S., and is composed of stocks which are categorized as small capitalization stocks.
6 The Morgan Stanley Capital International All Country World ex USA Growth Index (MSCI AC World ex USA Growth Index) is a subset of the MSCI AC World ex USA Index and is composed only of those MSCI AC World ex USA Index stocks which are categorized as growth stocks.
7 The Morgan Stanley Capital International All Country World ex USA Index (MSCI AC World ex USA Index) is a market capitalization-weighted index designed to measure equity market performance in 44 global developed and emerging markets, excluding the U.S.
8 The 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.
9 The Morgan Stanley Capital International Emerging Markets Index (MSCI Emerging Markets Index) is a market capitalization-weighted index designed to measure equity market performance in 22 global emerging markets.
10 The 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 22 global emerging markets.
11 The 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.
12 The Barclays Capital U.S. Aggregate Bond 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.
13 BofA Merrill Lynch US High Yield Index is an unmanaged index that tracks the performance of below-investment-grade, U.S.-dollar-denominated corporate bonds publicly issued in the U.S. domestic market.
14 The Bank of America Merrill Lynch Global High Yield Index tracks the performance of the below and border-line investment grade global debt markets denominated in the major developed market currencies. Qualifying high yield corporate securities must have a below investment grade rating (based on an average of Moody's, S&P and Fitch). Qualifying sovereign issuers must have a BBB1 or lower foreign currency long-term sovereign debt rating (based on an average of Moody's, S&P and Fitch). Qualifying emerging market corporate and quasi-government securities must have a country of risk rated BBB1 or lower (based on an average of Moody's, S&P and Fitch foreign currency long term sovereign debt ratings).
15 The J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified is an unmanaged market capitalization weighted index of U.S. dollar-denominated Brady bonds, Eurobonds, traded loans, and local market debt instruments issued by emerging markets' sovereign and quasi-sovereign entities.
The Russell Indices are a trademark/service mark of the Frank Russell Company. Russell is a trademark of the Frank Russell® Company.
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, Driehaus Select Credit Fund and the Driehaus International Credit Opportunities 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 March 31, 2012
| Fund/Index | 1st QTR | YTD | 1 Year | 3 Year† | 5 Year† | 10 Year† | Since Inception* |
|---|---|---|---|---|---|---|---|
| Driehaus Mid Cap Growth Fund** | 12.93% | 12.93% | 0.18% | 23.08% | 6.29% | 8.44% | 8.76% |
| Russell Midcap® Growth Index1 | 14.52% | 14.52% | 4.43% | 29.16% | 4.44% | 6.91% | 5.54% |
| Driehaus Large Cap Growth Fund** | 12.70% | 12.70% | 9.77% | 20.38% | n/a | n/a | -1.36% |
| Russell 1000® Growth Index2 | 14.69% | 14.69% | 11.02% | 25.28% | n/a | n/a | 3.57% |
| Driehaus Global Growth Fund | 17.17% | 17.17% | -5.04% | 20.84% | n/a | n/a | -3.60% |
| MSCI AC World Growth Index3 | 13.35% | 13.35% | 1.85% | 21.77% | n/a | n/a | 0.04% |
| Driehaus International Small Cap Growth Fund** | 8.23% | 8.23% | -7.26% | 25.66% | 3.42% | n/a | 18.71% |
| MSCI AC World ex USA Small Cap Growth Index4 | 12.93% | 12.93% | -8.25% | 26.53% | -0.75% | n/a | 11.51% |
| MSCI AC World ex USA Small Cap Index5 | 13.72% | 13.72% | -7.02% | 25.85% | -1.74% | n/a | 11.47% |
| Driehaus International Discovery Fund | 15.33% | 15.33% | -9.04% | 18.71% | -2.90% | 8.22% | 14.32% |
| MSCI AC World ex USA Growth Index6 | 11.85% | 11.85% | -5.95% | 19.24% | -0.48% | 7.05% | 3.39% |
| MSCI AC World ex USA Index7 | 11.34% | 11.34% | -6.75% | 19.65% | -1.12% | 7.73% | 5.02% |
| Driehaus Emerging Markets Growth Fund | 12.72% | 12.72% | -6.24% | 27.12% | 4.87% | 15.50% | 14.50% |
| MSCI Emerging Markets Growth Index8 | 13.83% | 13.83% | -8.70% | 24.47% | 3.08% | 12.51% | 8.22% |
| MSCI Emerging Markets Index9 | 14.14% | 14.14% | -8.52% | 25.41% | 4.97% | 14.47% | 9.45% |
| Driehaus Emerging Markets Small Cap Growth Fund** | 13.96% | 13.96% | -4.47% | 26.81% | n/a | n/a | 24.41% |
| MSCI Emerging Markets Index9 | 14.14% | 14.14% | -8.52% | 25.41% | n/a | n/a | 25.79% |
| MSCI Emerging Markets Small Cap Index10 | 16.67% | 16.67% | -12.43% | 31.22% | n/a | n/a | 33.60% |
| Driehaus Active Income Fund | 6.59% | 6.59% | -1.49% | 7.84% | 5.34% | n/a | 5.17% |
| Citigroup 3-Month T-Bill Index11 | 0.01% | 0.01% | 0.05% | 0.11% | 1.12% | n/a | 1.90% |
| Barclays Capital U.S. Aggregate Bond Index12 | 0.31% | 0.31% | 7.72% | 6.84% | 6.25% | n/a | 6.35% |
| Driehaus Select Credit Fund | 7.10% | 7.10% | 1.74% | n/a | n/a | n/a | 5.16% |
| Citigroup 3-Month T-Bill Index11 | 0.01% | 0.01% | 0.05% | n/a | n/a | n/a | 0.08% |
| BofA Merrill Lynch US High Yield Index13 | 5.15% | 5.15% | 5.64% | n/a | n/a | n/a | 8.58% |
| Driehaus International Credit Opportunities Fund | n/a | n/a | n/a | n/a | n/a | n/a | -0.40% |
| BofA Merrill Lynch Global High Yield Index14 | n/a | n/a | n/a | n/a | n/a | n/a | 0.20% |
| J.P. Morgan EMBI Global Diversified Index15 | n/a | n/a | n/a | n/a | n/a | n/a | 0.22% |
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 Emerging Markets Growth Fund (12/31/97), Driehaus International Discovery Fund (12/31/98), Driehaus International Small Cap Growth Fund (8/1/02), Driehaus Global Growth Fund (5/1/08), Driehaus Mid Cap Growth Fund (1/1/99), Driehaus Large Cap Growth Fund (1/1/08), Driehaus Active Income Fund (11/8/05), Driehaus Select Credit Fund (9/30/2010) and Driehaus International Credit Opportunities Fund (3/1/12). For the Driehaus International Small Cap Growth Fund, Driehaus Mid Cap Growth Fund, and the Driehaus Large 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 Mid Cap Growth Fund, Driehaus Large Cap Growth Fund and Driehaus International Small Cap Growth Fund include the performance of each Fund's predecessor limited partnership, which is calculated from January 1, 1999, January 1, 2008 and August 1, 2002 respectively, before each Fund commenced operations and succeeded to the assets of its predecessor on April 27, 2009, April 27, 2009, and September 17, 2007 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.
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 Active Income Fund, Driehaus Select Credit Fund and Driehaus International Credit Opportunities 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 contains this and other important information about the Funds. To obtain a copy of the prospectus and/or summary prospectus, please call us at (800) 560-6111. To obtain a copy of the Driehaus Active Income Fund, Driehaus Select Credit Fund and/or the Driehaus International Credit Opportunities Fund prospectus/summary prospectus, please call us at (877) 779-0079. Please read the prospectus and summary prospectus carefully before investing.
Sources: Morgan Stanley Capital International Inc., eVestment Alliance, LLC, SS&C Inc.
1 The Russell Midcap® Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth Index. The Russell Mid Cap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 30% of the total market capitalization of the Russell 1000 Index.
2The Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The performance data includes reinvested dividends. The Russell 1000 Index measures the performance of the 1,000 largest companies in the Russell 3000 Index.
3 The Morgan Stanley Capital International All Country World Growth Index (MSCI AC World Growth Index) is a subset of the MSCI All Country World Index (MSCI ACWI) and includes only the MSCI ACWI stocks which are categorized as growth stocks. The MSCI ACWI is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. As of January 2009 the MSCI ACWI consisted of 45 country indices comprising 23 developed and 22 emerging market country indices.
4 The Morgan Stanley Capital International All Country World ex USA Small Cap Growth Index (MSCI AC World ex USA Small Cap Growth Index) is a market capitalization-weighted index designed to measure equity performance in 44 global developed markets and emerging markets, excluding the U.S., and is composed of stocks which are categorized as small capitalization stocks.
5 The Morgan Stanley Capital International World ex USA Small Cap Index (MSCI World ex USA Small Cap Index) is a market capitalization weighted index designed to measure the equity performance in 22 global developed markets, excluding the U.S., and is composed of stocks which are categorized as small capitalization stocks.
6 The Morgan Stanley Capital International All Country World ex USA Growth Index (MSCI AC World ex USA Growth Index) is a subset of the MSCI AC World ex USA Index and is composed only of those MSCI AC World ex USA Index stocks which are categorized as growth stocks.
7 The Morgan Stanley Capital International All Country World ex USA Index (MSCI AC World ex USA Index) is a market capitalization-weighted index designed to measure equity market performance in 44 global developed and emerging markets, excluding the U.S.
8 The 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.
9 The Morgan Stanley Capital International Emerging Markets Index (MSCI Emerging Markets Index) is a market capitalization-weighted index designed to measure equity market performance in 22 global emerging markets.
10 The 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 22 global emerging markets.
11 The 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.
12 The Barclays Capital U.S. Aggregate Bond 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.
13 BofA Merrill Lynch US High Yield Index is an unmanaged index that tracks the performance of below-investment-grade, U.S.-dollar-denominated corporate bonds publicly issued in the U.S. domestic market.
14 The Bank of America Merrill Lynch Global High Yield Index tracks the performance of the below and border-line investment grade global debt markets denominated in the major developed market currencies. Qualifying high yield corporate securities must have a below investment grade rating (based on an average of Moody's, S&P and Fitch). Qualifying sovereign issuers must have a BBB1 or lower foreign currency long-term sovereign debt rating (based on an average of Moody's, S&P and Fitch). Qualifying emerging market corporate and quasi-government securities must have a country of risk rated BBB1 or lower (based on an average of Moody's, S&P and Fitch foreign currency long term sovereign debt ratings).
15 The J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified is an unmanaged market capitalization weighted index of U.S. dollar-denominated Brady bonds, Eurobonds, traded loans, and local market debt instruments issued by emerging markets' sovereign and quasi-sovereign entities.
The Russell Indices are a trademark/service mark of the Frank Russell Company. Russell is a trademark of the Frank Russell® Company.
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 Mid Cap Growth Fund1 |
|
|---|---|
| Management Fee | 1.00% |
| Other Expenses | 0.95% |
| Total Annual Fund Operating Expenses | 1.95% |
| Expense Reimbursement | (0.20%) |
| Total Annual Fund Operating Expenses After Expense Reimbursement | 1.75% |
Driehaus Large Cap Growth Fund1 |
|
|---|---|
| Management Fee | 0.90% |
| Other Expenses | 1.06% |
| Total Annual Fund Operating Expenses | 1.96% |
| Expense Reimbursement | (0.21%) |
| Total Annual Fund Operating Expenses After Expense Reimbursement | 1.75% |
Driehaus Global Growth Fund2 |
|
|---|---|
| Management Fee | 1.25% |
| Other Expenses | 0.63% |
| Total Annual Fund Operating Expenses | 1.88% |
Driehaus International Small Cap Growth Fund3 |
|
|---|---|
| Management Fee | 1.50% |
| Other Expenses | 0.23% |
| Total Annual Fund Operating Expenses | 1.73% |
Driehaus International Discovery Fund4 |
|
|---|---|
| Management Fee | 1.50% |
| Other Expenses | 0.22% |
| Total Annual Fund Operating Expenses | 1.72% |
Driehaus Emerging Markets Growth Fund5 |
|
|---|---|
| Management Fee | 1.50% |
| Other Expenses | 0.18% |
| Total Annual Fund Operating Expenses | 1.68% |
Driehaus Emerging Markets Small Cap Growth Fund6 |
|
|---|---|
| Management Fee | 1.50% |
| Other Expenses: | 1.24% |
| Acquired Fund Fees and Expenses | 0.01% |
| Total Annual Fund Operating Expenses | 2.75% |
| Expense Reimbursement | (0.74)% |
| Total Annual Fund Operating Expenses After Expense Reimbursement | 2.01% |
Inception Date: Driehaus Emerging Markets Small Cap Growth Fund (8/22/11)
Driehaus Active IncomeFund7 |
|
|---|---|
| Management Fee | 0.55% |
| Other Expenses: | |
| Other Expenses Excluding Dividends and Interest on Short Sales | 0.33% |
| Dividends and Interest on Short Sales | 0.13% |
| Total Annual Fund Operating Expenses | 1.01% |
Driehaus Select Credit Fund8 |
|
|---|---|
| Management Fee | 0.80% |
| Other Expenses: |
|
| Other Expenses Excluding Dividends and Interest on Short Sales | 0.63% |
| Dividends and Interest on Short Sales | 0.44% |
| Total Annual Fund Operating Expenses | 1.87% |
Inception Date: Driehaus Select Credit Fund (9/30/10)
Driehaus International Credit Opportunities Fund (Estimated)9 |
|
|---|---|
| Management Fee | 0.90% |
| Other Expenses: | |
| Other Expenses Excluding Dividends and Interest on Short Sales | 1.35% |
| Dividends and Interest on Short Sales | n/a |
| Total Annual Fund Operating Expenses | 2.25% |
| Expense Reimbursement | (0.25)% |
| Total Annual Fund Operating Expenses After Expense Reimbursement | 2.00% |
Inception Date: Driehaus International Credit Opportunities Fund (3/1/12)
Driehaus Mid Cap Growth Fund & Driehaus Large Cap Growth Fund
1 Represents the Annual Fund Operating Expenses for the year ended December 31, 2011, as disclosed in the current prospectus dated April 29, 2012. 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. The Fund participates in a commission recapture program by directing certain portfolio trades to brokers who have agreed to rebate to the Fund a portion of the commissions generated. For the period ended December 31, 2011, these rebates were used to pay certain Fund expenses, which ultimately reduced the Fund’s “Total Annual Fund Operating Expenses” to 1.75%. Driehaus Capital Management LLC ("the Adviser") has entered into a contractual agreement to cap the Fund's annual operating expenses at 1.75% of average daily net assets until the earlier of the termination of the investment advisory agreement or April 30, 2015. For a period not to exceed three years from the date on which the waiver or reimbursement was made, and so long as the investment advisory agreement is in place, 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.
Driehaus Global Growth Fund
2 Represents the Annual Fund Operating Expenses for the year ended December 31, 2011, as disclosed in the current prospectus dated April 29, 2012. 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. The Fund participates in a commission recapture program by directing certain portfolio trades to brokers who have agreed to rebate to the Fund a portion of the commissions generated. For the period ended December 31, 2011, these rebates were used to pay certain Fund expenses, which ultimately reduced the Fund’s “Total Annual Fund Operating Expenses” to 1.88%.
Driehaus International Small Cap Growth Fund
3 Represents the Annual Fund Operating Expenses for the year ended December 31, 2011, as disclosed in the current prospectus dated April 29, 2012. 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. The Fund participates in a commission recapture program by directing certain portfolio trades to brokers who have agreed to rebate to the Fund a portion of the commissions generated. For the year ended December 31, 2011, these rebates were used to pay certain Fund expenses, which ultimately reduced the Fund’s “Total Annual Fund Operating Expenses” to 1.73%.
Driehaus International Discovery Fund
4 Represents the Annual Fund Operating Expenses for the year ended December 31, 2011 as disclosed in the current prospectus dated April 29, 2012. 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. The Fund pays Driehaus Capital Management LLC (the “Adviser”) an annual management fee on a monthly basis as follows: 1.50% on the first $500 million of average daily net assets; 1.35% on the next $500 million; and 1.25% of average daily net assets in excess of $1 billion. The Fund participates in a commission recapture program by directing certain portfolio trades to brokers who have agreed to rebate to the Fund a portion of the commissions generated. For the year ended December 31, 2011, these rebates were used to pay certain Fund expenses, which ultimately reduced the Fund’s “Total Annual Fund Operating Expenses” to 1.72%.
Driehaus Emerging Markets Growth Fund
5 Represents the Annual Fund Operating Expenses for the year ended December 31, 2011, as disclosed in the current prospectus dated April 29, 2012. 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. The Fund participates in a commission recapture program by directing certain portfolio trades to brokers who have agreed to rebate to the Fund a portion of the commissions generated. For the year ended December 31, 2011, these rebates were used to pay certain Fund expenses, which ultimately reduced the Fund's "Total Annual Fund Operating Expenses" to 1.68%.
Driehaus Emerging Markets Small Cap Growth Fund
6 Represents the Annual Fund Operating Expenses for the year ended December 31, 2011, as disclosed in the current prospectus dated April 29, 2012. 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. The Fund participates in a commission recapture program by directing certain portfolio trades to brokers who have agreed to rebate to the Fund a portion of the commissions generated. For the period ended December 31, 2011, these rebates were used to pay certain Fund expenses, which ultimately reduced the Fund’s “Total Annual Fund Operating Expenses” to 2.01%. Driehaus Capital Management LLC (the “Adviser”) has entered into a written agreement to cap the Fund's ordinary annual operating expenses,excluding dividends and interest on short sales, at 2.00% of average daily net assets until the earlier of the termination of the investment advisory agreement or August 21, 2014. Acquired fund fees and expenses are not considered to be ordinary annual operating expenses and are not covered by the expense cap. 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 August 22, 2011, 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.
Driehaus Active Income Fund
7 Represents the Annual Fund Operating Expenses for the year ended December 31, 2011, as disclosed in the current prospectus dated April 29, 2012. 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 Select Credit Fund
8 Represents the Annual Fund Operating Expenses for the year ended December 31, 2011, as disclosed in the current prospectus dated April 29, 2012. 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 Capital Management LLC (the “Adviser”) has entered into a contractual agreement to cap the Fund's annual operating expenses, excluding dividends and interest on short sales, at 1.75% of average daily net assets until the earlier of the termination of the investment advisory agreement or September 30, 2013. 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 September 30, 2010, 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.
Driehaus International Credit Opportunities Fund
9 Represents the estimated Annual Fund Operating Expenses as disclosed in the current prospectus dated February 23, 2012. 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 Capital Management LLC, the Fund’s investment adviser, has entered into a contractual agreement to cap the Fund’s annual operating expenses, excluding dividends and interest on short sales, at 2.00% of average daily net assets until the earlier of the termination of the investment advisory agreement or February 28, 2015. 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 March 1, 2012, 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. Because dividends and interest on short positions are not included in the expenses subject to reimbursement, the net expenses of the Fund may be higher than those shown above.
Driehaus Securities LLC, Distributor