Driehaus Mutual Funds News

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(June 1, 2009)  Driehaus Mutual Funds launched the Driehaus Active Income Fund. The Fund is an income fund seeking to provide current income and capital appreciation. The Fund invests primarily in U.S. fixed income and floating rate securities, of both investment and non-investment grade credit quality, and by engaging in a variety of short-term trading strategies (involving both fixed income and equity securities).

(April 27, 2009)  Driehaus Mutual Funds launched the Driehaus Mid Cap Growth Fund. The Fund seeks to maximize capital appreciation. The Fund invests primarily in equity securities of mid capitalization U.S. companies exhibiting strong growth characteristics.

(April 27, 2009) Driehaus Mutual Funds launched the Driehaus Large Cap Growth Fund. The Fund seeks to maximize capital appreciation. The Fund invests primarily in equity securities of large capitalization U.S. companies exhibiting strong growth characteristics.

 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.

Individual securities selected for investment may go down in price and, therefore, it is possible to lose money by investing in the Funds. There are risks associated with the types of securities in which the Funds invests.

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.