About the Driehaus Mutual Funds

Driehaus Emerging Markets Growth Fund, Driehaus International Discovery Fund, Driehaus International Small Cap Growth Fund, Driehaus Global Growth Fund, Driehaus Mid Cap Growth Fund, Driehaus Large Cap Growth Fund and the Driehaus Active Income Fund make up the Driehaus Mutual Funds, a family of no-load mutual funds and registered open-end management investment company (the "Funds").

Driehaus Capital Management LLC is the Funds' investment adviser. The minimum investment for the Driehaus Active Income Fund is $25,000. The minimum investment for the other Funds is $10,000.

The Funds are offered only to residents of states and other jurisdictions in which shares are available for purchase. The information on this Web site is intended only for such persons. Nothing on the Web site should be considered a solicitation to buy or offer to sell shares of any of the Funds in any jurisdiction where the solicitation or offer would be unlawful under the securities laws of such jurisdiction.

Goal of the Equity Funds

Each of the equity Funds strive to increase the value of your investment (capital appreciation). In other words, each Fund tries to buy stocks with a potential to appreciate in price. Each Fund has its own strategy for achieving this goal with a related risk/return profile but employs common growth techniques. Because stock markets in general, and the individual securities purchased by the Funds, go down in price as well as up, there is no assurance that the Funds will meet their objectives and you may lose money investing in these Funds. The Funds are specialized investment vehicles and should be used as part of your overall investment strategy to diversify your holdings. Please review all the disclosure information carefully.

Goal of the Credit Fund

The Driehaus Active Income Fund (the “Fund”) seeks to provide current income and capital appreciation. Because markets in general, and the individual securities purchased by the Fund, go down in price as well as up, you may lose money by investing in the Fund. The Fund is a specialized investment vehicle and should be used as part of your overall investment strategy to diversify your holdings. Please review all the disclosure information carefully.

Equity Investment Philosophy

The Adviser, Driehaus Capital Management LLC, believes that, over time, revenue and earnings growth are the primary determinants of equity valuations. Accordingly, the Adviser concentrates its investments in companies which have demonstrated the ability to rapidly increase sales and earnings, as well as the potential for continued growth in the future. The Adviser evaluates the earnings quality of such companies to determine whether current earnings might indicate future results. In addition, the Adviser may analyze a foreign firm's value in relation to a domestic firm's value.

Factors such as strong company earnings reports, increased order backlogs, new product introductions, and industry developments alert the Adviser to potential investments. The Adviser combines this information with its own technical analyses to reach an overall determination about the attractiveness of specific securities. To a lesser extent, the Adviser also uses macroeconomics or country-specific analyses.

While the Adviser seeks companies that have demonstrated superior earnings growth, the Adviser may also purchase the stock of companies based on the expectation of capital appreciation where there is no demonstrable record of earnings growth or increasing sales. This investment philosophy results in high portfolio turnover. High portfolio turnover in any year may result in payment by a Fund of above-average amounts of transaction costs and could result in the payment by shareholders of above-average amounts of taxes on realized investment gains.

Credit Investment Philosophy

The Adviser employs a bottom-up investment philosophy that focuses on purchasing and selling individual securities that the Adviser believes the market has undervalued/overvalued due to a security’s various attributes and risk factors, including, but not limited to: headline, credit, call, put, volatility and structure risks, and/or other idiosyncratic risks associated with a security. The Adviser utilizes  fundamental analyses to reach an overall determination about the attractiveness of specific securities. In addition, the Adviser expects to employ opportunistic trading techniques in achieving returns for the Fund. This investment philosophy may result in high portfolio turnover. High portfolio turnover in any year may result in payment by the Fund of above-average amounts of transaction costs and could result in the payment by shareholders of taxes on above-average amounts of realized investment gains, including net short-term capital gains, which are taxed as ordinary income for federal income tax purposes.

Investments in overseas markets can pose more risks than U.S. investments, and the Fund's share price is expected to be more volatile than that of a U.S.-only fund. In addition, the Fund's returns will fluctuate with changes in stock market conditions, currency values, interest rates, foreign government regulations, and economic and political conditions in countries in which the Fund invests. These risks are generally greater when investing in emerging markets.

Stocks of medium-sized companies tend to be more volatile in price than those of larger companies and may have underperformed the stocks of small and large companies during some periods.  In addition, investments in medium-sized companies may be more susceptible to particular economic events or competitive factors than are larger, more broadly diversified companies. Growth stocks may involve special risks and their prices may be more volatile than the overall market.

The Driehaus Active Income Fund (the "Fund"), in addition to investing in unrated and investment grade bonds, may also invest in junk bonds, which involve greater credit risk, including the risk of default. The prices of high yield bonds are more sensitive to changing economic conditions and can fall dramatically in response to negative news about the issuer or its industry, or the economy in general. The use of derivatives involves risks different from, and possibly greater than, the risks associated with investing directly in the underlying assets. Derivatives can be highly volatile, illiquid and difficult to value, and there is a risk that changes in the value of a derivative held by the Fund will not correlate with the Fund’s other investments. Further, the Fund may invest in derivatives for speculative purposes. Gains or losses from speculative positions in a derivative may be much greater than the derivative’s original cost and potential losses may be substantial.  The Fund may make short sales. Short sales expose the Fund to the risk of loss. It is anticipated that the Fund will experience high rates of portfolio turnover, which may result in payment by the Fund of above-average transaction costs. This is a nondiversified fund; compared to other funds, the Fund may invest a greater percentage of assets in a particular issuer or a small number of issuers. As a consequence, the Fund may be subject to greater risks and larger losses than diversified funds.

Please consider the investment objectives, risks, fees and expenses of the Funds carefully prior to investing. The prospectus contains this and other important information about the Funds. To obtain a copy of the prospectus, please call  us at (800) 560-6111.  To obtain a copy of the Driehaus Active Income Fund prospectus, please call us at (877) 779-0079. Please read the prospectus carefully before investing.