International Small Cap Growth

Investment Objective: Maximize capital appreciation by primarily investing in international small-capitalization equities displaying exceptional earnings per share and strong sales growth.

Investment Strategy: The International Small Cap Growth Strategy invests in non-U.S. based companies with market capitalizations generally less than $2.5 billion. The strategy typically maintains a portfolio consisting of 40 to 70 stocks and generally limits individual positions to less than 5% at cost.

* The index was added as of March 31, 2008 because it includes both developed and emerging markets and is a growth index, making it a good benchmark for the Strategy.

For the most current month-end summary sheet for the Driehaus International Small Cap Growth 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 small cap growth 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, the 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 World ex USA Small Cap Index (MSCI World ex USA Small Cap Index) is composed of stocks which are categorized as small capitalization stocks.

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Driehaus International Small Cap Growth

First Quarter 2008