Performance

Month-End Performance as of Feb 29, 2024

DMCRX
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Driehaus Micro Cap Growth Fund**

"Since Inception" is calculated to include performance from the Fund's predecessor limited partnership (Performance Inception Date: 1/1/2003). The 3 year, 5 year, 10 year and Since Inception returns represent average annual total returns. The average annual total returns of the Driehaus Micro Cap Growth Fund include the performance of one of the Fund's predecessor limited partnerships, which is calculated from January 1, 2003, before the Fund commenced operations and succeeded to the assets of its predecessors on November 18, 2013. The Fund's predecessors are the Driehaus Micro Cap Fund, L.P. (1996 inception) and the Driehaus Institutional Micro Cap Fund, L.P. (2011 inception). The performance of the Driehaus Micro Cap Fund, L.P., which was selected because it has the longer track record of the two predecessor partnerships, has been restated to reflect estimated expenses of the Fund. The predecessor limited partnerships were not registered under the Investment Company Act of 1940, as amended ("1940 Act") and thus were not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the predecessors had been registered under the 1940 Act, their performance may have been adversely affected. After-tax performance returns are not included for the Driehaus Micro Cap Fund, L.P. The predecessors were not regulated investment companies and therefore did not distribute current or accumulated earnings. Sources: Driehaus Capital Management LLC, Russell Investments, SS&C Inc.

MTH
8.68%
YTD
9.46%
1 Year
15.00%
3 Year
-5.01%
5 Year
15.94%
10 Year
14.15%
Since Inception
17.25%

Russell Microcap Growth Index*
Has Footnotes

MTH
8.82%
YTD
5.28%
1 Year
7.32%
3 Year
-12.29%
5 Year
3.62%
10 Year
3.41%
Since Inception
7.82%

DVSMX
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Driehaus Small Cap Growth Fund - Investor

"Since Inception" is calculated to include performance from the Fund's predecessor limited partnership (Performance Inception Date: 1/1/2007). The 3 year, 5 year, 10 year and Since Inception returns represent average annual total returns. The average annual total returns of the Driehaus Small Cap Growth Fund include the performance of one of the Fund’s predecessor limited partnerships, which is calculated from January 1, 2007, before it commenced operations as a series of the Driehaus Mutual Funds on August 21, 2017 and succeeded to the assets of the Driehaus Institutional Small Cap, L.P. (the “Predecessor Partnership”), Driehaus Small Cap Investors, L.P., Driehaus Institutional Small Cap Recovery Fund, L.P. and Driehaus Small Cap Recovery Fund, L.P., (together, the “Limited Partnerships”). The Limited Partnerships were managed by the same investment team with substantially the same investment objective, policies and philosophies as the Fund. The investment portfolios of the Limited Partnerships were identical and therefore had similar performance. The performance of the Predecessor Partnership is shown here because it has been in operation the longest. The Predecessor Partnership was not registered under the Investment Company Act of 1940, as amended (“1940 Act”), and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the Predecessor Partnership had been registered under the 1940 Act, its performance may have been adversely affected. Accordingly, future Fund performance may be different than the Predecessor Partnership’s past performance. After-tax performance returns are not included for the Predecessor Partnership. The Predecessor Partnership was not a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and therefore did not distribute current or accumulated earnings and profits and was not subject to the diversification and source of income requirements applicable to regulated investment companies. Sources: Driehaus Capital Management LLC, Russell Investments, SS&C Inc.

MTH
11.25%
YTD
15.41%
1 Year
29.24%
3 Year
-1.10%
5 Year
15.35%
10 Year
13.88%
Since Inception
12.90%

Russell 2000 Growth Index*
Has Footnotes

MTH
8.12%
YTD
4.66%
1 Year
14.18%
3 Year
-4.59%
5 Year
6.50%
10 Year
7.33%
Since Inception
8.10%

DNSMX
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Driehaus Small Cap Growth Fund - Institutional

"Since Inception" is calculated to include performance from the Fund's predecessor limited partnership (Performance Inception Date: 1/1/2007) . The 3 year, 5 year, 10 year and Since Inception returns represent average annual total returns. The average annual total returns of the Driehaus Small Cap Growth Fund include the performance of one of the Fund’s predecessor limited partnerships, which is calculated from January 1, 2007, before it commenced operations as a series of the Driehaus Mutual Funds on August 21, 2017 and succeeded to the assets of the Driehaus Institutional Small Cap, L.P. (the “Predecessor Partnership”), Driehaus Small Cap Investors, L.P., Driehaus Institutional Small Cap Recovery Fund, L.P. and Driehaus Small Cap Recovery Fund, L.P., (together, the “Limited Partnerships”). The Limited Partnerships were managed by the same investment team with substantially the same investment objective, policies and philosophies as the Fund. The investment portfolios of the Limited Partnerships were identical and therefore had similar performance. The performance of the Predecessor Partnership is shown here because it has been in operation the longest. The Predecessor Partnership was not registered under the Investment Company Act of 1940, as amended (“1940 Act”), and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the Predecessor Partnership had been registered under the 1940 Act, its performance may have been adversely affected. Accordingly, future Fund performance may be different than the Predecessor Partnership’s past performance. After-tax performance returns are not included for the Predecessor Partnership. The Predecessor Partnership was not a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and therefore did not distribute current or accumulated earnings and profits and was not subject to the diversification and source of income requirements applicable to regulated investment companies. Sources: Driehaus Capital Management LLC, Russell Investments, SS&C Inc.

MTH
11.23%
YTD
15.50%
1 Year
29.55%
3 Year
-0.83%
5 Year
15.67%
10 Year
14.08%
Since Inception
13.01%

Russell 2000 Growth Index*
Has Footnotes

MTH
8.12%
YTD
4.66%
1 Year
14.18%
3 Year
-4.59%
5 Year
6.50%
10 Year
7.33%
Since Inception
8.10%

DSMDX
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Driehaus Small/Mid Cap Growth Fund

Inception Date: 5/1/2020 The YTD and QTR performance is since the inception of the fund (5/1/2020). Sources: Driehaus Capital Management LLC, Russell Investments, SS&C Inc.

MTH
11.47%
YTD
14.82%
1 Year
32.61%
3 Year
0.53%
5 Year
n/a
10 Year
n/a
Since Inception
19.17%

Russell 2500 Growth Index*
Has Footnotes

MTH
8.10%
YTD
5.66%
1 Year
16.06%
3 Year
-2.79%
5 Year
n/a
10 Year
n/a
Since Inception
11.84%

DRIOX
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Driehaus International Small Cap Growth Fund

“Since Inception” is calculated to include performance from the Fund’s predecessor limited partnership. (Inception Date: 8/1/2002) The 3 year, 5 year, 10 year and Since Inception returns represent average annual total returns. The average annual total returns of the Driehaus International Small Cap Growth Fund include the performance of the Fund's predecessor limited partnership, which is calculated from August 1, 2002 before the Fund commenced operations and succeeded to the assets of its predecessor on September 17, 2007. The predecessor limited partnership was not registered under the Investment Company Act of 1940, as amended ("1940 Act") and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the predecessor had been registered under the 1940 Act, the performance may have been adversely affected. The Fund's predecessor performance has been restated to reflect estimated expenses of the Fund. After-tax performance returns are not included for the predecessor limited partnership. The predecessor was not regulated investment companies and therefore did not distribute current or accumulated earnings. Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

MTH
4.95%
YTD
4.23%
1 Year
13.53%
3 Year
-0.93%
5 Year
8.42%
10 Year
6.76%
Since Inception
12.99%

MSCI AC World ex USA Small Cap Growth Index (ND)*
Has Footnotes

MTH
1.95%
YTD
-0.38%
1 Year
8.95%
3 Year
-2.93%
5 Year
5.42%
10 Year
4.55%
Since Inception
8.26%

DREGX
Has Footnotes

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Driehaus Emerging Markets Growth Fund - Investor

Inception date: 12/31/1997 The 3 year, 5 year, 10 year and Since Inception returns represent average annual total returns. The inception of the Fund predates the inception of the index. Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

MTH
4.48%
YTD
3.79%
1 Year
14.51%
3 Year
-5.29%
5 Year
5.22%
10 Year
4.16%
Since Inception
9.91%

MSCI Emerging Markets Index (ND)*
Has Footnotes

MTH
4.76%
YTD
-0.11%
1 Year
8.73%
3 Year
-6.30%
5 Year
1.89%
10 Year
3.01%
Since Inception
n/a

MSCI Emerging Markets Growth Index (ND)*
Has Footnotes

MTH
5.46%
YTD
-0.45%
1 Year
4.93%
3 Year
-11.02%
5 Year
1.79%
10 Year
3.46%
Since Inception
n/a

DIEMX
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Driehaus Emerging Markets Growth Fund - Institutional

Performance Inception Date: 12/31/1997 Institutional Class performance is that of the Investor Class from December 31, 1997 through the inception of the Institutional Class on July 17, 2017, and actual Institutional Class performance thereafter. Performance has not been adjusted to reflect the expenses of the Institutional Class for the period prior to the Class’s inception, and Institutional Class performance results would differ if such expenses were reflected. The 3 year, 5 year, 10 year and Since Inception returns represent average annual total returns. The inception of the Fund predates the inception of the index. Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

MTH
4.51%
YTD
3.85%
1 Year
14.77%
3 Year
-5.07%
5 Year
5.46%
10 Year
4.31%
Since Inception
9.97%

MSCI Emerging Markets Index (ND)*
Has Footnotes

MTH
4.76%
YTD
-0.11%
1 Year
8.73%
3 Year
-6.30%
5 Year
1.89%
10 Year
3.01%
Since Inception
n/a

MSCI Emerging Markets Growth Index (ND)*
Has Footnotes

MTH
5.46%
YTD
-0.45%
1 Year
4.93%
3 Year
-11.02%
5 Year
1.79%
10 Year
3.46%
Since Inception
n/a

DRESX
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Driehaus Emerging Markets Small Cap Growth Fund

“Since Inception” is calculated to include performance from the Fund’s predecessor limited partnership. (Inception Date: 12/1/2008) The 3 year, 5 year and Since Inception returns represent average annual total returns. The average annual total returns of the Driehaus Emerging Markets Small Cap Growth Fund include the performance of the Fund's predecessor limited partnership, which is calculated from December 1, 2008 before the Fund commenced operations and succeeded to the assets of its predecessor on August 22, 2011. The predecessor limited partnership was not registered under the Investment Company Act of 1940, as amended ("1940 Act") and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the predecessor had been registered under the 1940 Act, its performance may have been adversely affected. The Fund's predecessor performance has been restated to reflect estimated expenses of the Fund. After-tax performance returns are not included for the predecessor limited partnership. The predecessor was not a regulated investment company and therefore did not distribute current or accumulated earnings. Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

MTH
3.53%
YTD
4.79%
1 Year
11.66%
3 Year
0.19%
5 Year
11.73%
10 Year
4.43%
Since Inception
10.01%

MSCI Emerging Markets Small Cap Index (ND)*
Has Footnotes

MTH
2.75%
YTD
0.97%
1 Year
21.59%
3 Year
4.73%
5 Year
8.70%
10 Year
5.30%
Since Inception
10.66%

MSCI Emerging Markets Small Cap Growth Index (ND)*
Has Footnotes

MTH
3.44%
YTD
0.58%
1 Year
19.14%
3 Year
2.50%
5 Year
8.73%
10 Year
4.34%
Since Inception
9.83%

DMAGX
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Driehaus Global Fund***

Inception Date: 4/10/2017 The Since Inception return represents average annual total returns. Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

MTH
7.64%
YTD
9.82%
1 Year
28.92%
3 Year
0.87%
5 Year
9.29%
10 Year
n/a
Since Inception
8.56%

MSCI All Country World Index USD*
Has Footnotes

MTH
4.29%
YTD
4.90%
1 Year
23.15%
3 Year
6.79%
5 Year
10.51%
10 Year
n/a
Since Inception
9.96%

DEVDX
Has Footnotes

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Driehaus Event Driven Fund

Inception Date: 8/26/2013 The 3 year, 5 year and Since Inception returns represent average annual total returns. Sources: Driehaus Capital Management LLC, Barclays, SS&C Inc.

MTH
0.65%
YTD
0.16%
1 Year
5.62%
3 Year
1.00%
5 Year
7.22%
10 Year
4.20%
Since Inception
5.29%

S&P 500 Index*
Has Footnotes

MTH
5.34%
YTD
7.11%
1 Year
30.45%
3 Year
11.91%
5 Year
14.76%
10 Year
12.70%
Since Inception
13.35%

FTSE 3-Month T-Bill Index*
Has Footnotes

MTH
0.43%
YTD
0.90%
1 Year
5.45%
3 Year
2.55%
5 Year
2.02%
10 Year
1.35%
Since Inception
1.28%
Has FootnotesMutual FundMTHYTD1 Year3 Year5 Year10 YearSince Inception
Driehaus Micro Cap Growth Fund**8.68%9.46%15.00%-5.01%15.94%14.15%17.25%

"Since Inception" is calculated to include performance from the Fund's predecessor limited partnership (Performance Inception Date: 1/1/2003). The 3 year, 5 year, 10 year and Since Inception returns represent average annual total returns. The average annual total returns of the Driehaus Micro Cap Growth Fund include the performance of one of the Fund's predecessor limited partnerships, which is calculated from January 1, 2003, before the Fund commenced operations and succeeded to the assets of its predecessors on November 18, 2013. The Fund's predecessors are the Driehaus Micro Cap Fund, L.P. (1996 inception) and the Driehaus Institutional Micro Cap Fund, L.P. (2011 inception). The performance of the Driehaus Micro Cap Fund, L.P., which was selected because it has the longer track record of the two predecessor partnerships, has been restated to reflect estimated expenses of the Fund. The predecessor limited partnerships were not registered under the Investment Company Act of 1940, as amended ("1940 Act") and thus were not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the predecessors had been registered under the 1940 Act, their performance may have been adversely affected. After-tax performance returns are not included for the Driehaus Micro Cap Fund, L.P. The predecessors were not regulated investment companies and therefore did not distribute current or accumulated earnings. Sources: Driehaus Capital Management LLC, Russell Investments, SS&C Inc.

Russell Microcap Growth Index*8.82%5.28%7.32%-12.29%3.62%3.41%7.82%
Driehaus Small Cap Growth Fund - Investor11.25%15.41%29.24%-1.10%15.35%13.88%12.90%

"Since Inception" is calculated to include performance from the Fund's predecessor limited partnership (Performance Inception Date: 1/1/2007). The 3 year, 5 year, 10 year and Since Inception returns represent average annual total returns. The average annual total returns of the Driehaus Small Cap Growth Fund include the performance of one of the Fund’s predecessor limited partnerships, which is calculated from January 1, 2007, before it commenced operations as a series of the Driehaus Mutual Funds on August 21, 2017 and succeeded to the assets of the Driehaus Institutional Small Cap, L.P. (the “Predecessor Partnership”), Driehaus Small Cap Investors, L.P., Driehaus Institutional Small Cap Recovery Fund, L.P. and Driehaus Small Cap Recovery Fund, L.P., (together, the “Limited Partnerships”). The Limited Partnerships were managed by the same investment team with substantially the same investment objective, policies and philosophies as the Fund. The investment portfolios of the Limited Partnerships were identical and therefore had similar performance. The performance of the Predecessor Partnership is shown here because it has been in operation the longest. The Predecessor Partnership was not registered under the Investment Company Act of 1940, as amended (“1940 Act”), and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the Predecessor Partnership had been registered under the 1940 Act, its performance may have been adversely affected. Accordingly, future Fund performance may be different than the Predecessor Partnership’s past performance. After-tax performance returns are not included for the Predecessor Partnership. The Predecessor Partnership was not a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and therefore did not distribute current or accumulated earnings and profits and was not subject to the diversification and source of income requirements applicable to regulated investment companies. Sources: Driehaus Capital Management LLC, Russell Investments, SS&C Inc.

Russell 2000 Growth Index*8.12%4.66%14.18%-4.59%6.50%7.33%8.10%
Driehaus Small Cap Growth Fund - Institutional11.23%15.50%29.55%-0.83%15.67%14.08%13.01%

"Since Inception" is calculated to include performance from the Fund's predecessor limited partnership (Performance Inception Date: 1/1/2007) . The 3 year, 5 year, 10 year and Since Inception returns represent average annual total returns. The average annual total returns of the Driehaus Small Cap Growth Fund include the performance of one of the Fund’s predecessor limited partnerships, which is calculated from January 1, 2007, before it commenced operations as a series of the Driehaus Mutual Funds on August 21, 2017 and succeeded to the assets of the Driehaus Institutional Small Cap, L.P. (the “Predecessor Partnership”), Driehaus Small Cap Investors, L.P., Driehaus Institutional Small Cap Recovery Fund, L.P. and Driehaus Small Cap Recovery Fund, L.P., (together, the “Limited Partnerships”). The Limited Partnerships were managed by the same investment team with substantially the same investment objective, policies and philosophies as the Fund. The investment portfolios of the Limited Partnerships were identical and therefore had similar performance. The performance of the Predecessor Partnership is shown here because it has been in operation the longest. The Predecessor Partnership was not registered under the Investment Company Act of 1940, as amended (“1940 Act”), and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the Predecessor Partnership had been registered under the 1940 Act, its performance may have been adversely affected. Accordingly, future Fund performance may be different than the Predecessor Partnership’s past performance. After-tax performance returns are not included for the Predecessor Partnership. The Predecessor Partnership was not a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and therefore did not distribute current or accumulated earnings and profits and was not subject to the diversification and source of income requirements applicable to regulated investment companies. Sources: Driehaus Capital Management LLC, Russell Investments, SS&C Inc.

Russell 2000 Growth Index*8.12%4.66%14.18%-4.59%6.50%7.33%8.10%
Driehaus Small/Mid Cap Growth Fund11.47%14.82%32.61%0.53%n/an/a19.17%

Inception Date: 5/1/2020 The YTD and QTR performance is since the inception of the fund (5/1/2020). Sources: Driehaus Capital Management LLC, Russell Investments, SS&C Inc.

Russell 2500 Growth Index*8.10%5.66%16.06%-2.79%n/an/a11.84%
Driehaus International Small Cap Growth Fund4.95%4.23%13.53%-0.93%8.42%6.76%12.99%

“Since Inception” is calculated to include performance from the Fund’s predecessor limited partnership. (Inception Date: 8/1/2002) The 3 year, 5 year, 10 year and Since Inception returns represent average annual total returns. The average annual total returns of the Driehaus International Small Cap Growth Fund include the performance of the Fund's predecessor limited partnership, which is calculated from August 1, 2002 before the Fund commenced operations and succeeded to the assets of its predecessor on September 17, 2007. The predecessor limited partnership was not registered under the Investment Company Act of 1940, as amended ("1940 Act") and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the predecessor had been registered under the 1940 Act, the performance may have been adversely affected. The Fund's predecessor performance has been restated to reflect estimated expenses of the Fund. After-tax performance returns are not included for the predecessor limited partnership. The predecessor was not regulated investment companies and therefore did not distribute current or accumulated earnings. Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

MSCI AC World ex USA Small Cap Growth Index (ND)*1.95%-0.38%8.95%-2.93%5.42%4.55%8.26%
Driehaus Emerging Markets Growth Fund - Investor4.48%3.79%14.51%-5.29%5.22%4.16%9.91%

Inception date: 12/31/1997 The 3 year, 5 year, 10 year and Since Inception returns represent average annual total returns. The inception of the Fund predates the inception of the index. Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

MSCI Emerging Markets Index (ND)*4.76%-0.11%8.73%-6.30%1.89%3.01%n/a
MSCI Emerging Markets Growth Index (ND)*5.46%-0.45%4.93%-11.02%1.79%3.46%n/a
Driehaus Emerging Markets Growth Fund - Institutional4.51%3.85%14.77%-5.07%5.46%4.31%9.97%

Performance Inception Date: 12/31/1997 Institutional Class performance is that of the Investor Class from December 31, 1997 through the inception of the Institutional Class on July 17, 2017, and actual Institutional Class performance thereafter. Performance has not been adjusted to reflect the expenses of the Institutional Class for the period prior to the Class’s inception, and Institutional Class performance results would differ if such expenses were reflected. The 3 year, 5 year, 10 year and Since Inception returns represent average annual total returns. The inception of the Fund predates the inception of the index. Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

MSCI Emerging Markets Index (ND)*4.76%-0.11%8.73%-6.30%1.89%3.01%n/a
MSCI Emerging Markets Growth Index (ND)*5.46%-0.45%4.93%-11.02%1.79%3.46%n/a
Driehaus Emerging Markets Small Cap Growth Fund3.53%4.79%11.66%0.19%11.73%4.43%10.01%

“Since Inception” is calculated to include performance from the Fund’s predecessor limited partnership. (Inception Date: 12/1/2008) The 3 year, 5 year and Since Inception returns represent average annual total returns. The average annual total returns of the Driehaus Emerging Markets Small Cap Growth Fund include the performance of the Fund's predecessor limited partnership, which is calculated from December 1, 2008 before the Fund commenced operations and succeeded to the assets of its predecessor on August 22, 2011. The predecessor limited partnership was not registered under the Investment Company Act of 1940, as amended ("1940 Act") and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the predecessor had been registered under the 1940 Act, its performance may have been adversely affected. The Fund's predecessor performance has been restated to reflect estimated expenses of the Fund. After-tax performance returns are not included for the predecessor limited partnership. The predecessor was not a regulated investment company and therefore did not distribute current or accumulated earnings. Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

MSCI Emerging Markets Small Cap Index (ND)*2.75%0.97%21.59%4.73%8.70%5.30%10.66%
MSCI Emerging Markets Small Cap Growth Index (ND)*3.44%0.58%19.14%2.50%8.73%4.34%9.83%
Driehaus Global Fund***7.64%9.82%28.92%0.87%9.29%n/a8.56%

Inception Date: 4/10/2017 The Since Inception return represents average annual total returns. Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

MSCI All Country World Index USD*4.29%4.90%23.15%6.79%10.51%n/a9.96%
Driehaus Event Driven Fund0.65%0.16%5.62%1.00%7.22%4.20%5.29%

Inception Date: 8/26/2013 The 3 year, 5 year and Since Inception returns represent average annual total returns. Sources: Driehaus Capital Management LLC, Barclays, SS&C Inc.

S&P 500 Index*5.34%7.11%30.45%11.91%14.76%12.70%13.35%
FTSE 3-Month T-Bill Index*0.43%0.90%5.45%2.55%2.02%1.35%1.28%

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. 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. 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. To view the risks associated with these funds, please click here.

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

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