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.

Daily Performance and NAV as of July 3, 2008
Fund	Quarter-To-Date Performance	Year-To-Date Performance	NAV	Daily Change
Driehaus International Discovery Fund	-5.55%	-10.25%	$37.29	-0.62
Driehaus Emerging Markets Growth Fund	-5.30%	-18.60%	$35.37	-0.47
Driehaus International Equity Yield Fund	-5.62%	-10.23%	$7.72	-0.13
Driehaus International Small Cap Growth Fund	-4.28%	-13.64%	$9.62	-0.16
Driehaus Global Growth Fund	-4.95%		$9.03	-0.09

Note: The Driehaus Global Growth Fund has an Inception Date of 5/1/08

Month-end Performance as of May 31, 2008

*Inception dates: Driehaus Emerging Markets Growth Fund (12/31/97), Driehaus International Discovery Fund (12/31/98), Driehaus International Equity Yield Fund (4/2/07), Driehaus International Small Cap Growth Fund (9/17/07) and Driehaus Global Growth Fund (5/1/08)

Calendar Quarter-end Performance as of March 31, 2008

*Inception dates: Driehaus Emerging Markets Growth Fund (12/31/97), Driehaus International Discovery Fund (12/31/98), Driehaus International Equity Yield Fund (4/2/07) and Driehaus International Small Cap Growth Fund (9/17/07)

**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 Fund.

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

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.

Annual Fund Operating Expenses

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

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

Inception date: Driehaus International Equity Yield Fund (4/2/07)

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

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

***Represents the Annual Fund Operating Expenses for the year ended December 31, 2007 as disclosed in the current prospectus dated May 1, 2008.  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, 2007, these rebates were used to pay certain Fund expenses, which ultimately reduced the Fund's "Total Annual Fund Operating Expenses" as follows: to 1.69% for Driehaus Emerging Markets Growth Fund and to 1.59% for Driehaus International Discovery Fund.

****Represents the Annual Fund Operating Expenses for the year ended December 31, 2007 as disclosed in the current prospectus dated May 1, 2008.  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, 2007, these rebates were used to pay certain Fund expenses, which ultimately reduced the Fund's "Total Annual Fund Operating Expenses" to 1.83%. Driehaus Capital Management LLC (the "Adviser") has entered into an agreement to cap the Fund's operating expenses at 1.75% of average daily net assets until March 31, 2010. For a period of three years subsequent to the Fund's commencement of operations, 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. The Adviser's expense reimbursement level, which affects the net expense ratio, changed from 2.00% to 1.75% on August 1, 2007.

*****Represents the Annual Fund Operating Expenses for the year ended December 31, 2007 as disclosed in the current prospectus dated May 1, 2008. 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, 2007, these rebates were used to pay certain Fund expenses, which ultimately reduced the Fund's "Total Annual Fund Operating Expenses" to 1.90%. Driehaus Capital Management LLC (the "Adviser") has entered into an agreement to cap the Fund's 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, 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.

****** The Annual Fund Operating Expenses are estimated for the current fiscal year because the Fund did not commence operations until May 1, 2008. Driehaus Capital Management LLC (the "Adviser") has entered into a written agreement to cap the Fund’s 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, 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.

The Funds invest in foreign securities, including small and mid cap stocks, which may be subject to greater volatility than other investments. During certain periods, the Funds have benefited from unusually strong market conditions. 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 the Fund may not experience similar performance results as its assets grow.

Investments in overseas markets can pose more risks than U.S. investments, and the Funds' share prices are expected to be more volatile than that of a U.S.-only fund. In addition, the Funds' returns will fluctuate with changes in stock market conditions, currency values, interest rates, foreign government regulations, and economic and political conditions in countries in which the Funds invest. These risks are generally greater when investing in emerging markets. These and other risk considerations are discussed in the Funds' prospectus.

Since Fund performance is subject to change after the month-end, please call (800) 560-6111 for the most current month-end performance information.

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.

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. The MSCI Emerging Markets Index is a market capitalization-weighted index designed to measure equity market performance in 25 global emerging markets. 

²  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 the MSCI AC World ex USA Index stocks which are categorized as growth stocks. The MSCI AC World ex USA Index is a market capitalization-weighted index designed to measure equity market performance in 47 global developed and emerging markets, excluding the U.S.

³ 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 47 global developed markets and emerging markets, excluding the U.S and is composed of stocks which are categorized as small capitalization stocks.

⁴ 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. The MSCI World ex USA Index is a market capitalization-weighted index designed to measure equity performance in 22 global developed markets, excluding the U.S.

⁵ 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 fl oat-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. As of June 2007 the MSCI ACWI consisted of 48 country indices comprising 23 developed and 25 emerging market country indices.

Copyright MSCI 2007. All Rights Reserved. Without prior written permission of MSCI, this information and any other MSCI intellectual property may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an “as is” basis, and the user of this information assumes the entire risk of any use made of this information. Neither MSCI, each of its affiliates nor any third party involved in or related to the computing, compiling or creating of any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages relating to any use of this information.