International Discovery

Investment Objective: Maximize capital appreciation by primarily investing in a portfolio of the equity securities of foreign companies.

Investment Strategy: The International Discovery Strategy invests in non-U.S. based companies. The portfolio is limited to 25% in any one industry sector at cost. Country allocation is limited to 20% of the portfolio or 1.5 times the MSCI EAFE Index at cost. The emerging markets exposure is limited to 30% of the portfolio at cost. The strategy typically maintains a portfolio consisting of 70 to 90 stocks and generally limits individual positions to less than 5% at cost.

For the most current month-end summary sheet for the Driehaus International Discovery Strategy, please click here.

Sources: eVestment Alliance, LLC, SS&C Inc., FactSet Research Systems Inc., Morgan Stanley Capital International and Standard & Poor's Global Industry Classification Standard methodology to identify sector classifications, Thomson Financial IBES, Thomson Worldscope Fundamentals to identify regional weightings

The performance numbers represent a composite of international accounts managed by Driehaus Capital Management LLC (“DCM”) (the “Composite”). These numbers are estimated for the period as all underlying accounts have not yet been reconciled. All rates of return include reinvested dividends and other earnings and are net of fees and brokerage commissions. The performance data shown above represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.

The performance results for the Composite are shown in comparison to an index. Unlike the Composite, this index is not actively managed and does not reflect the deduction of any advisory or other fees and expenses. While the securities comprising the index are not identical to those in the Composite, DCM believes this comparison may be useful in evaluating performance.

The Morgan Stanley Capital International All Country World Ex-USA Growth Index (MSCI AC World ex USA Growth Index ) is a subset of the Morgan Stanley Capital International All Country World Ex-USA Index (MSCI All Country World Ex-USA Index) and is composed only of the MSCI All Country World Ex-USA Index stocks which are categorized as growth stocks. The MSCI All Country World Ex-USA Index is a market capitalization-weighted index designed to measure equity market performance in 47 global developed and emerging markets, excluding the U.S.

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For additional disclosure on the Composite, please click here.

Driehaus International Discovery

First Quarter 2008