International Realty

*Please contact the Firm to discuss additional investment options, with lower minimums, for this Strategy.

Investment Objective: Maximize capital appreciation by primarily investing in a diversified portfolio of non-U.S. REIT and realty related growth stocks.

Investment Strategy: The International Realty Strategy primarily invests in non-U.S. companies with various market capitalizations. The strategy typically maintains a portfolio consisting of 40 to 60 stocks and generally limits individual positions to less than 5% at cost.

For the most current month-end summary sheet for the Driehaus International Realty 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 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, this 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 S&P/Citigroup BMI World Property Ex-US Index is an unmanaged portfolio of approximately 262 constituents from 19 countries, measuring the investable universe of publicly traded real estate investment trusts in developed and emerging markets.

Copyright 2007, Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. Standard & Poor’s including its subsidiary corporations (“S&P”) is a division of The McGraw-Hill Companies, Inc. S&P and/or its third party licensors have exclusive proprietary rights in the S&P/Citigroup BMI World Property Ex-US Index (the “Index”). The Index may only be used internally for business purposes and shall not be used for any unlawful or unauthorized purposes. Dissemination, distribution of reproduction of the Index in any form is strictly prohibited except with the prior written permission of S&P. Because of the possibility of human or mechanical error by S&P’s sources, S&P or others, S&P does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. S&P GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MECHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P be liable for any direct, indirect, special or consequential damages in connection with subscriber’s or others’ use of the Index. Access to the Index or the contents/output thereof is subject to termination in the event any agreement with a third-party provider of information or software is terminated. 2007.

For additional disclosure on the Composite, please click here.

Driehaus International Realty

First Quarter 2008