Performance

Performance Disclosure

The performance data shown below represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Principal value and investment returns will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. The Funds will charge a redemption fee of 2.00% on shares held less than 60 days, except for the Driehaus Active Income Fund which does not have a redemption fee.

Performance data represents the rate that an investor would have earned (or lost) on an investment in the Funds (assuming reinvestment of all dividends and distributions). Average annual total return reflects annualized change, while cumulative total return reflects aggregate change.

Daily Performance and NAV as of September 8, 2010
Fund	Month-To-Date Performance	Quarter-To-Date Performance	Year-To-Date Performance	NAV	Daily Change
Driehaus Emerging Markets Growth Fund	3.67%	11.84%	8.24%	$31.65	0.16
Driehaus International Discovery Fund	4.38%	9.29%	-3.53%	$26.23	0.2
Driehaus International Small Cap Growth Fund	3.84%	9.89%	6.01%	$8.11	0.05
Driehaus Global Growth Fund	6.21%	9.77%	-0.79%	$7.53	0.05
Driehaus Mid Cap Growth Fund	5.43%	6.56%	3.44%	$12.03	0.09
Driehaus Large Cap Growth Fund	5.86%	9.01%	1.34%	$12.10	0.13
Driehaus Active Income Fund	0.64%	1.57%	1.76%	$11.00	0.01

Note: The Driehaus Active Income Fund commenced operations on June 1, 2009 following the receipt of the assets and liabilities of the Lotsoff Capital Management Active Income Fund (the “Predecessor Fund”) through a reorganization into the Driehaus Active Income Fund. Lotsoff Capital Management was the investment adviser from inception (11/8/05) through April 2, 2009. Driehaus Capital Management LLC became the interim investment adviser to the Predecessor Fund on April 3, 2009.

Month-end Performance as of July 31, 2010

Note: The Driehaus Active Income Fund commenced operations on June 1, 2009 following the receipt of the assets and liabilities of the Lotsoff Capital Management Active Income Fund (the “Predecessor Fund”) through a reorganization into the Driehaus Active Income Fund. Lotsoff Capital Management was the investment adviser from inception (11/8/05) through April 2, 2009. Driehaus Capital Management LLC became the interim investment adviser to the Predecessor Fund on April 3, 2009.

*Inception dates: Driehaus Emerging Markets Growth Fund (12/31/97), Driehaus International Discovery Fund (12/31/98), Driehaus International Small Cap Growth Fund (9/17/07), Driehaus Global Growth Fund (5/1/08), Driehaus Mid Cap Growth Fund (4/27/09), Driehaus Large Cap Growth Fund (4/27/09), and Lotsoff Active Income Fund (11/8/05)

Calendar Quarter-end Performance as of June 30, 2010

Note: The Driehaus Active Income Fund commenced operations on June 1, 2009 following the receipt of the assets and liabilities of the Lotsoff Capital Management Active Income Fund (the “Predecessor Fund”) through a reorganization into the Driehaus Active Income Fund. Lotsoff Capital Management was the investment adviser from inception (11/8/05) through April 2, 2009. Driehaus Capital Management LLC became the interim investment adviser to the Predecessor Fund on April 3, 2009.

*Inception dates: Driehaus Emerging Markets Growth Fund (12/31/97), Driehaus International Discovery Fund (12/31/98), Driehaus International Small Cap Growth Fund (9/17/07), Driehaus Global Growth Fund (5/1/08), Driehaus Mid Cap Growth Fund (4/27/09), Driehaus Large Cap Growth Fund (4/27/09), and Lotsoff Active Income Fund (11/8/05)

Note: You cannot invest directly in any of these indices.

Note: The Driehaus Active Income Fund commenced operations on June 1, 2009 following the receipt of the assets and liabilities of the Lotsoff Capital Management Active Income Fund (the “Predecessor Fund”) through a reorganization into the Driehaus Active Income Fund. Lotsoff Capital Management was the investment adviser from inception (11/8/05) through April 2, 2009. Driehaus Capital Management LLC became the interim investment adviser to the Predecessor Fund on April 3, 2009.

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
 

Inception date: Driehaus Emerging Markets Growth Fund (12/31/97)

Inception date: Driehaus International Discovery Fund (12/31/98)

Inception date: Driehaus International Small Cap Growth Fund (9/17/07)

Inception date: Driehaus Global Growth Fund (5/1/08)

Inception date: Driehaus Mid Cap Growth Fund (4/27/09)

Inception date: Driehaus Large Cap Growth Fund (4/27/09)

Note: The Driehaus Active Income Fund commenced operations on June 1, 2009 following the receipt of the assets and liabilities of the Lotsoff Capital Management Active Income Fund (the “Predecessor Fund”) through a reorganization into the Driehaus Active Income Fund. Lotsoff Capital Management was the investment adviser from inception (11/8/05) through April 2, 2009. Driehaus Capital Management LLC became the interim investment adviser to the Predecessor Fund on April 3, 2009.

**Represents the Annual Fund Operating Expenses for the year ended December 31, 2009 as disclosed in the current prospectus dated April 30, 2010. It is important to understand that a decline in the Fund’s average net assets due to unprecedented market volatility or other factors could cause the Fund’s expense ratio for the current fiscal year to be higher than the expense information presented. Due to the expense limitation agreement described below, however, the Fund’s expense ratio would be limited to 2.00%. The Fund participates in a commission recapture program by directing certain portfolio trades to brokers who have agreed to rebate to the Fund a portion of the commissions generated.  For the year ended December 31, 2009, these rebates were used to pay certain Fund expenses, which ultimately reduced the Fund's "Total Annual Fund Operating Expenses" to 1.78%. Driehaus Capital Management LLC ("the Adviser") has entered into a written agreement dated December 1, 2008 to cap the Fund’s annual operating expenses at 2.00% of average daily net assets until December 1, 2011. For a period of three years subsequent to the date of the agreement, the Adviser is entitled to reimbursement for previously waived fees and reimbursed expenses to the extent that the Fund’s expense ratio remains below the operating expense cap.

***Represents the Annual Fund Operating Expenses for the year ended December 31, 2009 as disclosed in the current prospectus dated April 30, 2010. It is important to understand that a decline in the Fund’s average net assets due to unprecedented market volatility or other factors could cause the Fund’s expense ratio for the current fiscal year to be higher than the expense information presented. The Fund pays Driehaus Capital Management LLC an annual management fee on a monthly basis as follows: 1.50% on the first $500 million of average daily net assets; 1.35% on the next $500 million; and 1.25% of average daily net assets in excess of $1 billion. The Fund participates in a commission recapture program by directing certain portfolio trades to brokers who have agreed to rebate to the Fund a portion of the commissions generated. For the year ended December 31, 2009, these rebates were used to pay certain Fund expenses, which ultimately reduced the Fund’s “Total Annual Fund Operating Expenses” to 1.75%.

****Represents the Annual Fund Operating Expenses for the year ended December 31, 2009 as disclosed in the current prospectus dated April 30, 2010. It is important to understand that a decline in the Fund’s average net assets due to unprecedented market volatility or other factors could cause the Fund’s expense ratio for the current fiscal year to be higher than the expense information presented. Due to the expense limitation agreement described below, however, the Fund’s expense ratio would be limited to 2.00%.  The Fund participates in a commission recapture program by directing certain portfolio trades to brokers who have agreed to rebate to the Fund a portion of the commissions generated. For the period ended December 31, 2009, these rebates were used to pay certain Fund expenses, which together with the expense cap, ultimately reduced the Fund’s “Total Annual Fund Operating Expenses” to 1.87%.  Driehaus Capital Management LLC ("the Adviser") has entered into a written agreement to cap the Fund’s annual operating expenses at 2.00% of average daily net assets until September 16, 2010. For a period of three years subsequent to the Fund’s commencement of operations on September 17, 2007, the Adviser is entitled to reimbursement for previously waived fees and reimbursed expenses to the extent that the Fund’s expense ratio remains below the operating expense cap.

*****Represents the Annual Fund Operating Expenses for the year ended December 31, 2009 as disclosed in the current prospectus dated April 30, 2010. It is important to understand that a decline in the Fund’s average net assets due to unprecedented market volatility or other factors could cause the Fund’s expense ratio for the current fiscal year to be higher than the expense information presented. Due to the expense limitation agreement described below, however, the Fund’s expense ratio would be limited to 2.00%. The Fund participates in a commission recapture program by directing certain portfolio trades to brokers who have agreed to rebate to the Fund a portion of the commissions generated. For the period ended December 31, 2009, these rebates were available to pay certain Fund expenses, although this had no impact on the Fund’s “Total Annual Fund Operating Expenses.”   Driehaus Capital Management LLC ("the Adviser") has entered into a written agreement to cap the Fund’s annual operating expenses at 2.00% of average daily net assets until April 30, 2011. For a period of three years subsequent to the Fund’s commencement of operations on May 1, 2008, the Adviser is entitled to reimbursement for previously waived fees and reimbursed expenses to the extent that the Fund’s expense ratio remains below the operating expense cap.

******Represents the Annual Fund Operating Expenses for the year ended December 31, 2009 as disclosed in the current prospectus dated April 30, 2010. It is important to understand that a decline in the Fund’s average net assets due to unprecedented market volatility or other factors could cause the Fund’s expense ratio for the current fiscal year to be higher than the expense information presented. Due to the expense limitation agreement described below, however, the Fund’s expense ratio would be limited to 1.75%. Driehaus Capital Management LLC ("the Adviser")  has entered into a written agreement to cap the Fund’s operating expenses at 1.75% of average daily net assets until April 26, 2012. For a period of three years subsequent to the Fund’s commencement of operations on April 27, 2010 the Adviser is entitled to reimbursement for previously waived fees and reimbursed expenses to the extent that the Fund’s expense ratio remains below the expense cap.

*******Represents the Annual Fund Operating Expenses for the year ended December 31, 2009 as disclosed in the current prospectus dated April 30, 2010. It is important to understand that a decline in the Fund’s average net assets due to unprecedented market volatility or other factors could cause the Fund’s expense ratio for the current fiscal year to be higher than the expense information presented. As disclosed in the current prospectus, the information in the table has been restated to reflect a change in the shareholder services fee (from 0.15% to 0.25%) for the Fund, which is effective June 1, 2010.

Investments in overseas markets can pose more risks than U.S. investments, and share prices are expected to be more volatile than that of a U.S.-only fund.  The Driehaus Emerging Markets Growth Fund, Driehaus International Discovery Fund, Driehaus International Small Cap Growth Fund and Driehaus Global Growth Fund invest in foreign securities, including small and mid cap stocks, which may be subject to greater volatility than other investments.  During certain periods, these Funds have benefited from unusually strong market conditions in the overseas markets.  In addition, returns of these Funds will fluctuate with changes in stock market conditions, currency values, interest rates, foreign government regulations, and economic and political conditions in countries in which these Funds invest. These risks are generally greater when investing in emerging markets. These and other risk considerations are discussed in the prospectus for these Funds.

At times, a significant portion of a Fund's return may be attributable to investments in initial public offerings (IPOs) or concentrations in certain strong performing sectors, such as technology. Returns from IPOs or sector concentrations may not be repeated or consistently achieved in the future. In addition, participating in IPOs and other investments during favorable market conditions may enhance the performance of a Fund with a smaller asset base, and this Fund may not experience similar performance results as its assets grow.

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. No investment strategy, including an absolute return strategy, can ensure a profit or protect against loss. Additionally, investing in an absolute return strategy may lead to underperforming results during an upward moving market.

Since Fund performance is subject to change after the month-end, please call (877) 779-0079 for the most current month-end performance information for the Driehaus Active Income Fund. For all other Funds, please call (800) 560-6111.

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.

Sources:  Morgan Stanley Capital International Inc., eVestment Alliance, LLC, SS&C Inc.

¹  The Morgan Stanley Capital International Emerging Markets Growth Index (MSCI Emerging Markets Growth Index) is a subset of the MSCI Emerging Markets Index and includes only the MSCI Emerging Markets Index stocks which are categorized as growth stocks.

²  The Morgan Stanley Capital International Emerging Markets Index (MSCI Emerging Markets Index ) is a market capitalization-weighted index designed to measure equity market performance in 22 global emerging markets. 

³  The Morgan Stanley Capital International All Country World ex USA Growth Index (MSCI AC World ex USA Growth Index) is a subset of the MSCI AC World ex USA Index and is composed only of those MSCI AC World ex USA Index stocks which are categorized as growth stocks. 

⁴ The Morgan Stanley Capital International All Country World ex USA Index (MSCI AC World ex USA Index) is a market capitalization-weighted index designed to measure equity market performance in 44 global developed and emerging markets, excluding the U.S.

⁵ The Morgan Stanley Capital International All Country World ex USA Small Cap Growth Index (MSCI AC World ex USA Small Cap Growth Index) is a market capitalization-weighted index designed to measure equity performance in 44 global developed markets and emerging markets, excluding the U.S., and is composed of stocks which are categorized as small capitalization stocks.

⁶  The Morgan Stanley Capital International World ex USA Small Cap Index (MSCI World ex USA Small Cap Index)  is a market capitalization weighted index designed to measure the equity performance in 22 global developed markets, excluding the U.S., and is composed of stocks which are categorized as small capitalization stocks.

⁷ The Morgan Stanley Capital International All Country World Growth Index (MSCI AC World Growth Index) is a subset of the MSCI All Country World Index (MSCI  ACWI) and includes only the MSCI ACWI stocks which are categorized as growth stocks. The MSCI ACWI is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. As of January 2009 the MSCI ACWI consisted of 45 country indices comprising 23 developed and 22 emerging market country indices.

⁸ The Russell Midcap Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index.

⁹ The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Index measure the performance of the 1000 largest companies in the Russell 3000 Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index.

¹⁰ The Citigroup 3-Month T-Bill Index is designed to mirror the performance of the 3-Month U.S. Treasury Bill. The Citigroup 3-Month T-Bill Index is unmanaged and its returns reflect reinvestment of all distributions and changes in market prices.

¹¹ The Barclays Capital U.S. Aggregate Bond Index, an unmanaged index, represents securities that are SEC-registered, taxable and dollar denominated.  This index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities and asset-backed securities.  These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.

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