Funds

Driehaus Frontier Emerging Markets Fund

The Fund seeks to maximize capital appreciation. It invests in varied market capitalizations while giving exposure to earnings growth, medium-term momentum, and a less correlated segment of the equity asset class.

Month-End Performance as of Dec 31, 2018

DRFRX
Has Footnotes

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DRFRX

Inception date: 5/4/2015

The 3 Year and Since Inception returns represent average annual total returns.

Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

MTH
-2.47%
YTD
-21.96%
1 Year
-21.96%
3 Year
0.78%
5 Year
n/a
10 Year
n/a
Since Inception
-2.81%

MSCI Frontier Markets Index (ND)
Has Footnotes

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MSCI Frontier Markets Index (ND)

Inception date: 5/4/2015

The 3 Year and Since Inception returns represent average annual total returns.

Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

MTH
-2.93%
YTD
-16.41%
1 Year
-16.41%
3 Year
4.21%
5 Year
n/a
10 Year
n/a
Since Inception
-1.05%
Has FootnotesFund/BenchmarkMTHYTD1 Year3 Year5 Year10 YearSince Inception
DRFRX-2.47%-21.96%-21.96%0.78%n/an/a-2.81%

Inception date: 5/4/2015

The 3 Year and Since Inception returns represent average annual total returns.

Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

MSCI Frontier Markets Index (ND)*-2.93%-16.41%-16.41%4.21%n/an/a-1.05%

Inception date: 5/4/2015

The 3 Year and Since Inception returns represent average annual total returns.

Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

Calendar Quarter-End Performance as of Dec 31, 2018

DRFRX
Has Footnotes

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Driehaus Frontier Emerging Markets Fund

Inception date: 5/4/2015

The 3 Year and Since Inception returns represent average annual total returns.

Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

QTR
-9.74%
YTD
-21.96%
1 Year
-21.96%
3 Year
0.78%
5 Year
n/a
10 Year
n/a
Since Inception
-2.81%

MSCI Frontier Markets Index (ND)
Has Footnotes

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MSCI Frontier Markets Index (ND)

Inception date: 5/4/2015

The 3 Year and Since Inception returns represent average annual total returns.

Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

QTR
-4.33%
YTD
-16.41%
1 Year
-16.41%
3 Year
4.21%
5 Year
n/a
10 Year
n/a
Since Inception
-1.05%
Has FootnotesFund/BenchmarkQTRYTD1 Year3 Year5 Year10 YearSince Inception
DRFRX-9.74%-21.96%-21.96%0.78%n/an/a-2.81%

Inception date: 5/4/2015

The 3 Year and Since Inception returns represent average annual total returns.

Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

MSCI Frontier Markets Index (ND)*-4.33%-16.41%-16.41%4.21%n/an/a-1.05%

Inception date: 5/4/2015

The 3 Year and Since Inception returns represent average annual total returns.

Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

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Disclosures

The performance data shown 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 Fund will charge a redemption fee of 2.00% on shares held less than 60 days. Performance data represents the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). Average annual total return reflects annualized change. Since Fund performance is subject to change after the month-end, please call (800) 560-6111 or view our daily NAVs for more current performance information.

Please consider the investment objectives, risks, fees and expenses of the Fund carefully prior to investing. The prospectus and summary prospectus contain this and other important information about the Fund. To obtain a copy of the prospectus/summary prospectus, please call (800) 560-6111. Please read the prospectus and summary prospectus carefully before investing.

Driehaus Securities LLC, Distributor

Represents the Annual Fund Operating Expenses as disclosed in the current prospectus dated April 30, 2018. 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. A shareholder may be required to pay a commission to their financial intermediary. Driehaus Capital Management LLC, the Fund’s investment adviser, has entered into a contractual agreement to cap the Fund’s ordinary annual operating expenses at 2.00% of average daily net assets until the earlier of the termination of the investment advisory agreement, by the Board of Trustees or the Fund’s shareholders, or May 3, 2021. The expense cap excludes interest, taxes, brokerage commissions, dividends and interest on short sales and other investment-related costs, acquired fund fees and expenses and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business, resulting in the current net expense ratio of 2.01%. Pursuant to the agreement, and so long as the investment advisory agreement is in place, for a period not to exceed three years from the date on which the waiver and reimbursement was made, the investment 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 that was in place at the time of the waiver as well as the existing operating expense cap.

* To view the Index definitions, see the Index Definitions.

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Daily Nav
$7.30
As of Jan 16, 2019
Ticker
DRFRX

Facts

Inception Date
May 4, 2015
Fund Assets as of 12/31/18
$14M
Minimum Initial Investment
$250,000
Minimum Subsequent Investment
$50,000
Minimum IRA Investment
$100,000
Minimum Subsequent Investment
$10,000
Dividends & Distributions
Annually
Gross Expense Ratio
2.34%
Net Expense Ratio
2.01%
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Top 5 Holdings As of 11/30/18
Holdings Subject to Change

Airports Corporation of Vietnam
10.15%
National Bank of Kuwait K.S.C.
7.57%
NagaCorp Ltd.
4.41%
Meezan Bank Limited.
4.19%
S.C. Fondul Proprietatea SA
3.80%

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