Driehaus Mid Cap Growth Fund. The Driehaus Mid Cap Growth Fund seeks to maximize capital appreciation. The Fund invests primarily in equity securities of mid capitalization U.S. companies exhibiting strong growth characteristics. Under normal market conditions, the Fund invests at least 80% of its net assets in the equity securities of U.S. mid cap companies. For purposes of the Fund, the Adviser currently considers a company to be a mid cap company if it is within the same market capitalization range at the time of investment as those included in the Russell Midcap Growth Index. In addition, while the Fund will invest primarily in the equity securities of U.S. mid capitalization companies, the Fund may also from time to time invest up to a maximum of 20% of its assets in the equity securities of non-U.S. companies that trade in the U.S. or in securities of companies outside the capitalization range of the Russell Midcap Growth Index.
Sector Weightings (as of 6/30/10)
Information Technology
21.5%
Consumer Discretionary
21.3%
Health Care
17.8%
Industrials
11.1%
Consumer Staples
5.9%
Energy
5.2%
Materials
4.7%
Financials
2.9%
Telecommunication Services
0.7%
Cash
8.8%
Top Ten Holdings (as of 7/31/10)
Rovi Corp
3.9%
BE Aerospace Inc.
3.7%
Coinstar Inc.
3.3%
Thoratec Corp.
2.9%
Alexion Pharmaceuticals Inc.
2.5%
Advance Auto Parts Inc.
2.2%
Deckers Outdoor Corp.
2.1%
priceline.com Inc.
2.0%
VeriFone Systems Inc.
2.0%
Hertz Global Holdings Inc.
1.9%
Sources: FactSet Research Systems Inc., Morgan Stanley Capital International and Standard & Poor's Global Industry Classification Standard methodology to identify sector classifications.
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.
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.
