About the Driehaus Mutual Funds

Driehaus Emerging Markets Growth Fund, Driehaus International Discovery Fund, Driehaus International Equity Yield Fund and Driehaus International Small Cap Growth 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 Funds' minimum investment 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

Each of the 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. So please review all the disclosure information carefully.

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 be indicative of future earnings. 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.

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.  Please read the prospectus carefully before investing.