The NAV drops in direct relationship to the dividend paid, plus or minus market movement. For example, if a fund has a $10.00 NAV and pays a $0.25 dividend, the stated NAV will be $9.75 if there is no market movement. The day's market movement will be added or subtracted to the $9.75 NAV. The Shareholder will either receive more shares of the fund if dividend reinvestment is selected or take the distribution in cash.

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

**The Driehaus Micro Cap Growth Fund will charge a redemption fee of 2.00% on shares held less than 60 days.

***Effective April 30, 2023, the Fund changed its investment strategy from an emerging markets opportunities long-short strategy to a global core equity strategy. In connection with the change in investment strategy, the Fund changed its name from Driehaus Emerging Markets Opportunities Fund to Driehaus Global Fund. Performance information for the period prior to April 30, 2023 reflects different investment strategies than the current investment strategy. Also effective April 30, 2023, the MSCI ACWI Index-Net replaced the MSCI Emerging Market Index-Net as the Fund’s primary benchmark in connection with the change in the Fund’s investment strategy.

Foreside Financial Services, LLC, Distributor