# EDGAR Filing Document

**Accession Number:** 0001016073
**File Stem:** 0001398344-26-007583
**Filing Date:** 2026-4
**Character Count:** 821464
**Document Hash:** 83a7868d58729f5398e35ae5d4da2b8c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-007583.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001398344-26-007583

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 48

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DRIEHAUS MUTUAL FUNDS
- **CENTRAL INDEX KEY:** 0001016073

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07655
- **FILM NUMBER:** 26912193

**BUSINESS ADDRESS:**
- **STREET 1:** 25 EAST ERIE ST
- **STREET 2:** 25 EAST ERIE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60611
- **BUSINESS PHONE:** 3125873800

**MAIL ADDRESS:**
- **STREET 1:** 25 E. ERIE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60611
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DRIEHAUS MUTUAL FUNDS
- **CENTRAL INDEX KEY:** 0001016073

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-05265
- **FILM NUMBER:** 26912192

**BUSINESS ADDRESS:**
- **STREET 1:** 25 EAST ERIE ST
- **STREET 2:** 25 EAST ERIE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60611
- **BUSINESS PHONE:** 3125873800

**MAIL ADDRESS:**
- **STREET 1:** 25 E. ERIE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60611

## Series and Classes Contracts Data

### DRIEHAUS EMERGING MARKETS GROWTH FUND (Series ID: S000001909)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000005025 | Investor Share Class      | DREGX           |
| C000190956 | Institutional Share Class | DIEMX           |

### Driehaus International Small Cap Growth Fund (Series ID: S000018408)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000050883 | Driehaus International Small Cap Growth Fund | DRIOX           |

### Driehaus Emerging Markets Small Cap Growth Fund (Series ID: S000032990)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000101771 | Driehaus Emerging Markets Small Cap Growth Fund | DRESX           |

### Driehaus Micro Cap Growth Fund (Series ID: S000042829)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000132648 | Driehaus Micro Cap Growth Fund | DMCRX           |

### Driehaus Global Fund (Series ID: S000056073)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000176647 | Driehaus Global Fund | DMAGX           |

### Driehaus Small Cap Growth Fund (Series ID: S000058261)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000190998 | Investor Share Class      | DVSMX           |
| C000190999 | Institutional Share Class | DNSMX           |

### Driehaus Small/Mid Cap Growth Fund (Series ID: S000068519)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000219126 | Driehaus Small/Mid Cap Growth Fund | DSMDX           |

### Driehaus International Developed Equity Fund (Series ID: S000084840)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000249377 | Driehaus International Developed Equity Fund | DIDEX           |

?xml version='1.0' encoding='ASCII'?

As filed with the Securities and Exchange Commission on April 29, 2026

**Registration No. 333-05265 and 811-07655**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM N-1A**

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

Pre-Effective Amendment No.

Post-Effective Amendment No.149 [X]

**and/or**

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

Amendment No.152 [X]

**DRIEHAUS MUTUAL FUNDS**

(Exact Name of Registrant as Specified in Charter)

**25 East Erie Street**

**Chicago, Illinois 60611**

(Address of Principal Executive Offices, including Zip Code)

**(312) 587-3800**

(Registrant's Telephone Number, including Area Code)

**Janet L. McWilliams, Esq.**

**Driehaus Capital Management LLC**

**25 East Erie Steet**

**Chicago, Illinois 60611**

(Name and Address of Agent for Service)

**Copy to:**

**Renee M. Hardt, Esq.**

**Vedder Price P.C.**

**222 North LaSalle Street**

**Chicago, Illinois 60601**

**It is proposed that this filing will become effective (check appropriate box):**

[ ] immediately upon filing pursuant to paragraph (b)

[X] on April 30, 2026 pursuant to paragraph (b)

[ ] 60 days after filing pursuant to paragraph (a)

[ ] on (date) pursuant to paragraph (a)

[ ] 75 days after filing pursuant to paragraph (a)(2) on (date) pursuant to paragraph (a)(2) of rule 485

**If appropriate, check the following box:**

[ ] This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

![](fp0098070-2_i.jpg)

**Table of Contents**<br>

---

| | | |
|:---|:---|:---|
| Fund Summaries | Fund Summaries |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Driehaus Emerging Markets Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Driehaus Emerging Markets Growth Fund | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Driehaus Emerging Markets Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Driehaus Emerging Markets Small Cap Growth Fund | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Driehaus Global Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Driehaus Global Fund | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Driehaus International Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Driehaus International Small Cap Growth Fund | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Driehaus International Developed Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Driehaus International Developed Equity Fund | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Driehaus Micro Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Driehaus Micro Cap Growth Fund | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Driehaus Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Driehaus Small Cap Growth Fund | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Driehaus Small/Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Driehaus Small/Mid Cap Growth Fund | 35 |
| Additional Information About the Funds | Additional Information About the Funds | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund Distributions | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Objectives and Principal Investment Strategies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Objectives and Principal Investment Strategies | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Risks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Risks | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment Strategies and Risks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment Strategies and Risks | 51 |
| Management of the Funds | Management of the Funds | 53 |
| Shareholder Information | Shareholder Information | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Asset Value | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Available Share Classes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Available Share Classes | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opening an Account | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opening an Account | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How to Purchase Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How to Purchase Shares | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Intermediaries and Shareholder Servicing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Intermediaries and Shareholder Servicing | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Purchase Information | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Purchase Information | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How to Redeem Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;How to Redeem Shares | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Redemption Information | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Redemption Information | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policies and Procedures Regarding Frequent Purchases and Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policies and Procedures Regarding Frequent Purchases and Redemptions | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Services and Policies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Services and Policies | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Policies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Policies | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions and Taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions and Taxes | 67 |
| Financial Highlights | Financial Highlights | 70 |
| For More Information | Back Cover | Back Cover |

---

**Driehaus Emerging Markets Growth Fund** <br>Investor Shares: DREGX Institutional Shares: DIEMX<br>

**Investment Objective** 

Driehaus Emerging Markets Growth Fund seeks to maximize capital appreciation.

**Fees and Expenses of the Fund** 

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

---

| | | |
|:---|:---|:---|
|  | **Investor<br> Shares** | **Institutional<br> Shares** |
| **Shareholder Fees** (fees paid directly from your investment)  |  |  |
| Maximum Sales Charge Imposed on Purchases  | None | None |
| Maximum Deferred Sales Charge  | None | None |
| Maximum Sales Charge Imposed on Reinvested Dividends  | None | None |
| Redemption Fee  | None | None |
| Exchange Fee  | None | None |

---

---

| | | |
|:---|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |  |  |
| Management Fee  | 0.80% | 0.80% |
| Other Expenses  | 0.34% | 0.10% |
| Acquired Fund Fees and Expenses  | 0.01% | 0.01% |
| Total Annual Fund Operating Expenses\*  | 1.15% | 0.91% |

---

\* Total Annual Fund Operating Expenses in the table above do not correlate to the ratio of expenses to average net assets shown in the "Financial Highlights" section of the Fund's prospectus, which does not include Acquired Fund Fees and Expenses. 

**Expense Example:** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| Investor Shares  | $117 | $365 | $633 | $1398 |
| Institutional Shares  | $93 | $290 | $504 | $1120 |

---

**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 137% of the average value of its portfolio.

**Principal Investment Strategy** 

The Fund uses a growth style of investment in equity securities, including common stocks and other equity securities of issuers, and under normal market conditions, invests substantially all (no less than 80%) of its net assets (plus the amount of borrowings for investment purposes) in emerging markets companies. Emerging market companies are (i) companies organized under the laws of an emerging market country or having securities which are traded principally on an exchange or over-the-counter in an emerging market country; or (ii) companies which, regardless of where organized or traded, have a significant amount of assets located in and/or derive a significant amount of their revenues from goods purchased or sold, investments made or services performed in or with emerging market countries. There are no specific limitations on the

percentage of assets that may be invested in securities of issuers located in any one country at a given time; the Fund may invest significant assets in any single emerging market country. The Fund generally defines an "emerging market" as including, but not limited to, any of the countries or markets represented in the MSCI Emerging Markets Index, or any other country or market with similar emerging characteristics. The Fund may invest in companies with limited or no operating histories. The Fund frequently and actively trades its portfolio securities.

Investment decisions for the Fund's growth style of investing, for those companies with operating histories, are based on the determination that a company's revenue and earnings growth can materially exceed market expectations and that a company possesses the ability to undergo an incrementally positive change in growth and earnings trajectories. These decisions involve evaluating fundamental factors, including the company's business model, the competitive landscape, upcoming product introductions and recent and projected financial metrics. The evaluation of behavioral and macro factors represents significant aspects of the investment adviser's philosophy and are integrated into the investment adviser's bottom-up analysis on individual securities. The decision is also informed by the evaluation of technical or market factors, including price and volume trends, relative strength and institutional interest. To a lesser extent, the Fund's investment adviser also utilizes macroeconomic or country-specific analyses to evaluate the sustainability of a company's growth rate. The Fund sells holdings for a variety of reasons, including the deterioration of the earnings profile, the violation of specific technical thresholds, to shift into securities with more compelling risk/reward characteristics or to alter sector or country exposure.

**Principal Risks** 

All investments, including those in mutual funds, have risks. No investment is suitable for all investors. The Fund is intended for long-term investors who can accept the risks involved in investing in foreign securities. Of course, there can be no assurance that the Fund will achieve its objective. You may lose money by investing in the Fund. Below are the main risks of investing in the Fund:

***Market Risk.*** The Fund is subject to market risk, which is the possibility that stock prices overall will decline over short or long periods. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. These fluctuations are expected to have a substantial influence on the value of the Fund's shares. Due to the uncertainty caused by war, acts of terrorism, geopolitical conflict, public health issues, recessions, economic cycles, monetary, fiscal and trade policies, company earnings, global pandemics and other risks, global markets may experience increased volatility which could adversely affect the performance of the Fund's investments.

***Growth Stock Risk.*** Growth stocks are typically priced higher than other stocks, in relation to earnings and other measures, because investors believe they have more growth potential. This potential may or may not be realized and, if it is not realized, may result in a loss to the Fund. Growth stock prices also tend to be more volatile than the overall market.

***Foreign Securities and Currencies Risk.*** The following risks may be associated with investments in foreign securities: less liquidity; greater volatility; political instability; restrictions on foreign investment and repatriation of capital; less complete and reliable information about foreign companies; reduced government supervision of some foreign securities markets; U.S. and foreign government actions, such as the imposition of tariffs, economic and trade sanctions or embargoes; lower responsiveness of foreign management to shareholder concerns; economic issues or developments in foreign countries; fluctuation in exchange rates of foreign currencies and risks of devaluation; imposition of foreign withholding and other taxes; dependence of emerging market companies upon commodities which may be subject to economic cycles; and emerging markets risk such as limited trading volume, expropriation, devaluation or other adverse political or social developments. To the extent portfolio securities are issued by foreign issuers or denominated in foreign currencies, the Fund's investment performance is affected by the strength or weakness of the U.S. dollar against these currencies. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing the Fund's overall net asset value. Currency rates in foreign countries may fluctuate significantly over short or long periods of time for a number of reasons, including changes in interest rates, imposition of currency controls and economic or political developments in the U.S. or abroad.

***Emerging Markets Risk.*** The Fund invests primarily in emerging markets and therefore, the risks described above for foreign securities are typically increased. Investments in securities of issuers located in such countries are speculative and subject to certain special risks. The small size, limited trading volume and relative inexperience of the securities markets in these countries may make the Fund's investments in such countries illiquid and more volatile than investments in more developed countries, and the Fund may be required to establish special custodial or other arrangements before making investments in these countries. There may be little financial or accounting information available with respect to issuers located in these countries, and it may be difficult as a result to assess the value or prospects of an investment in such issuers.

***Small- and Medium-Sized Company Risk.*** The Fund invests in companies that are smaller, less established, with limited operating histories and less liquid markets for their stock, and therefore may be riskier investments. While small- and medium-sized companies generally have the potential for rapid growth, the securities of these companies often involve greater risks than investments in larger, more established companies because small- and medium-sized companies may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. In addition, in many instances the securities of small- and medium-sized companies are traded only over-the-counter or on a regional securities exchange, and the frequency and volume of their trading is substantially less than is typical of larger companies. The value of securities of smaller, less well-known issuers can be more volatile than that of larger issuers.

***Allocation Risk.*** The Fund's overall risk level will depend on the companies, countries, regions, markets, market sectors, industries and asset classes in which the Fund is invested. Because the Fund may have significant weightings in a particular company, country, region, asset class, industry, market or market sector, the value of the Fund's shares may be affected by events that adversely affect that company, country, region, market, industry, asset class, or market sector and may fluctuate more than that of a less focused fund.

The Fund has or is expected to have significant exposure to China as well as the far east region in general. Many countries in this region are subject to political risk, including corruption and regional conflict with neighboring countries. In addition, many far east countries are subject to social and labor risks associated with demands for improved political, economic, and social conditions. The far east region, and particularly China, Taiwan and South Korea, may be adversely affected by political, military, economic and other factors related to regional geopolitical tensions. Expropriation, nationalization, confiscatory taxation, political, economic or social instability, environmental issues or other developments could adversely affect and significantly diminish the value of the Chinese companies in which the Fund invests. Any such disruptions may lead to substantial declines in the value of some or all of the Fund's investments.

The Fund has or is expected to have significant exposure to the financials sector. Financial services companies are subject to extensive government regulation and, as a result, their profitability may be affected by new regulations or regulatory interpretations. Changes in interest rates can have a disproportionate effect on the financials sector, and financial services companies whose securities the Fund may purchase may themselves have concentrated portfolios, which makes them vulnerable to economic conditions that affect that sector. Financial services companies have also been affected by increased competition, which could adversely affect the profitability or viability of such companies. The Fund is also expected to have significant exposure to the information technology sector. Technology companies may be subject to abrupt market movements, short product cycles, changing consumer preferences, aggressive pricing of products and services, a limited qualified workforce, new market entrants and intellectual property disputes.

***Equity Securities Risk.*** In a company liquidation, the claims of secured and unsecured creditors and owners of bonds and preferred stocks take precedence over the claims of common stock shareholders.

***Depositary Receipts Risk.*** The Fund may invest in foreign securities in the form of depositary receipts which include American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs") (collectively "Depositary Receipts"). Investment in Depositary Receipts does not eliminate the risks inherent in investing in the securities of foreign issuers, which include market, political, tax, currency and regulatory risk. To the extent a Fund acquires Depositary Receipts through banks which do not have a contractual relationship with the foreign issuer of the security underlying the Depositary Receipts to issue and service such unsponsored Depositary Receipts, there may be an increased possibility that the Fund would not become aware of and be able to respond to corporate actions such as stock splits or rights offerings involving the foreign issuer in a timely manner. In addition, the lack of information may result in inefficiencies in the valuation of such instruments. In the case of an unsponsored Depositary Receipt, the Fund may bear higher expenses and encounter greater difficulty in receiving shareholder communications than it would have with a sponsored Depositary Receipt. The market value of Depositary Receipts is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the Depositary Receipts and the underlying securities are quoted.

***Manager Risk.*** How the Fund's investment adviser manages the Fund will impact the Fund's performance. The Fund may lose money if the investment adviser's investment strategy does not achieve the Fund's objective or the investment adviser does not implement the strategy successfully.

***High Rates of Turnover.*** It is anticipated that the Fund will experience high rates of portfolio turnover, which may result in payment by the Fund of above-average transaction costs and could result in the payment by shareholders of taxes on above-average amounts of recognized investment gains, including net short-term capital gains, which are taxed as ordinary income for federal income tax purposes when distributed to shareholders.

***IPO Risk.*** The Fund may purchase securities in Initial Public Offerings (IPOs). These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.

**Performance** 

The information in the bar chart and table that follows provides some indication of the risks of investing in the Fund. The following bar chart shows how the performance of the Fund's Investor Shares has varied over time. Of course, the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. *Updated performance information is available by visiting* <u>*www.driehaus.com/performance*</u> *or by calling 1-800-560-6111.* 

***Annual Returns for the years ended December 31***

![](fp0098070-2_4.jpg)

**Highest/Lowest Quarter Returns (%)** 

During the periods shown in the bar chart, the highest return for a quarter was 22.42% (quarter ended 6/30/20) and the lowest return for a quarter was -21.15% (quarter ended 3/31/20).

**Average Annual Total Returns** 

The following table shows the average annual returns of the Fund on a before-tax and after-tax basis over various periods, as indicated below, compared with a broad measure of market performance as well as an additional index with characteristics relevant to the Fund. After-tax returns are calculated using the highest historic marginal individual federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown in the table. After-tax returns shown are not relevant to investors who hold their shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

After-tax returns are shown only for Investor Shares and after-tax returns for Institutional Shares will vary from Investor Shares. For periods prior to the inception of the Institutional Share class on July 17, 2017, the performance shown for the Institutional Shares is based on the historical performance of the Fund's Investor Shares. Institutional Shares would have substantially similar annual returns because the shares are invested in the same portfolio and would differ only to the extent that the shares do not have the same expenses.

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2025** | **1 Year**  | **5 Years**  | **10 Years**  |
| Driehaus Emerging Markets Growth Fund – Investor Shares  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes  | 29.92% | 3.35% | 9.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions  | 29.28% | 2.21% | 8.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares  | 17.96% | 2.29% | 7.19% |
| Driehaus Emerging Markets Growth Fund – Institutional Shares  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes  | 30.22% | 3.59% | 9.25% |
| MSCI Emerging Markets Index – Net (reflects no deduction for fees, expenses or taxes)  | 33.57% | 4.20% | 8.42% |
| MSCI Emerging Markets Growth Index – Net\* (reflects no deduction for fees, expenses or taxes)  | 34.30% | 1.77% | 8.76% |

---

\* The additional index shows how the Fund's performance compares with the returns of an index with a growth bias.

**Portfolio Management** 

**Investment Adviser** 

Driehaus Capital Management LLC ("DCM")

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| Howard Schwab,<br> Portfolio Manager of DCM<br> Co-Lead Portfolio Manager of the Fund since 11/25<br> (Lead Portfolio Manager of the Fund from 8/07-11/25) | Richard Thies,<br> Portfolio Manager of DCM<br> Co-Lead Portfolio Manager of the Fund<br> since 11/25<br> (Portfolio Manager of the Fund from 5/16-11/25 and Assistant Portfolio<br> Manager of the Fund from 5/14-4/16) | Chad Cleaver,<br> Portfolio Manager of DCM<br> Portfolio Manager of the Fund<br> since 5/12<br> (Assistant Portfolio<br> Manager of the Fund from 5/08-4/12)<br>|

---

**Purchase and Sale of Fund Shares** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Minimum <br> Initial <br> Investment** | **Minimum <br> Subsequent <br> Investment** | **Minimum <br> Initial IRA <br> Investment** | **Minimum <br> Subsequent <br> IRA <br> Investment** | **Minimum <br> Automatic <br> Investment <br> Plan <br> (Monthly)** | **Minimum <br> Automatic <br> Investment <br> Plan <br> (Quarterly)** |
| Investor Shares  | $10000 | $2000 | $2000 | $500 | $100 | $300 |
| Institutional Shares  | $500000 |  | $500000 |  | N/A | N/A |

---

In general, you can buy or sell shares of the Fund by regular mail addressed to Driehaus Mutual Funds, P.O. Box 4766, Chicago, IL 60680-4766, or by overnight delivery addressed to Driehaus Mutual Funds, c/o Northern Trust, 333 South Wabash Avenue, W-38, Chicago, IL 60604, or by phone at 1-800-560-6111 on any business day. You may also buy and sell shares through a financial professional.

**Tax Information** 

The Fund's distributions may be taxable as ordinary income or capital gains (or a combination of both), unless you are a tax-exempt entity or are investing through a tax-advantaged arrangement, such as a 401(k) or an IRA. If you are investing through a tax-advantaged arrangement, assets held through such arrangement may be taxable upon withdrawal from such arrangement.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the intermediary for the sale of Fund shares and/or related services, including recordkeeping, administrative and other sub-transfer agency services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**Driehaus Emerging Markets Small Cap Growth Fund** <br>Ticker: DRESX<br>

**Investment Objective** 

Driehaus Emerging Markets Small Cap Growth Fund seeks to maximize capital appreciation.

**Fees and Expenses of the Fund** 

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** 

---

| |
|:---|
| **Shareholder Fees** (fees paid directly from your investment) |
| Maximum Sales Charge Imposed on Purchases  |
| Maximum Deferred Sales Charge  |
| Maximum Sales Charge Imposed on Reinvested Dividends  |
| Redemption Fee (as a % of amount redeemed within 60 days of purchase)  |
| Exchange Fee  |

---

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |  |
| Management Fee  | 1.10% |
| Other Expenses  | 0.20% |
| Acquired Fund Fees and Expenses  | 0.01% |
| Total Annual Fund Operating Expenses  | 1.31% |
| Expense Reimbursement\*  | (0.06)% |
| Total Annual Fund Operating Expenses After Expense Reimbursement\*\*  | 1.25% |

---

\* The Fund's investment adviser has contractually agreed to cap the Fund's ordinary annual operating expenses (excluding 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) at 1.24% 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 April 30, 2027. 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 or 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. Because of this agreement, the Fund may pay the investment adviser less than the contractual management fee. 

\*\* Total Annual Fund Operating Expenses in the table above do not correlate to the ratio of expenses to average net assets shown in the "Financial Highlights" section of the Fund's prospectus, which does not include Acquired Fund Fees and Expenses. 

**Expense Example:** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Expense Reimbursement shown in the Annual Fund Operating Expenses table is reflected for the first year in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $127 | $409 | $712 | $1574 |

---

**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 82% of the average value of its portfolio.

**Principal Investment Strategy** 

The Fund uses a growth style of investment in equity securities, including common stocks and other equity securities of issuers. Under normal market conditions, the Fund invests substantially all (no less than 80%) of its net assets (plus the amount of borrowings for investment purposes) in small capitalization emerging markets companies. For purposes of the Fund, the investment adviser considers a company to be a small capitalization company if it is within the same market capitalization range at the time of investment as those included in the MSCI Emerging Markets Small Cap Index. For the avoidance of doubt, while the reference index is "float-adjusted," meaning it excludes closely held and other shares unavailable to investors, the investment adviser does not consider a float-adjustment when determining the market capitalization of a company. As of March 31, 2026, approximately 95% of the MSCI Emerging Markets Small Cap Index consisted of companies with a market capitalization of less than $8 billion. The market capitalizations of companies included in the MSCI Emerging Markets Small Cap Index will change with market conditions.

Emerging markets companies are (i) companies organized under the laws of an emerging market country or having securities which are traded principally on an exchange or over-the-counter in an emerging market country; or (ii) companies which, regardless of where organized or traded, have a significant amount of assets located in and/or derive a significant amount of their revenues from goods purchased or sold, investments made or services performed in or with emerging market countries. The Fund generally defines an "emerging market" as including, but not limited to, any of the countries or markets represented in the MSCI Emerging Markets Index, or any other country or market with similar emerging characteristics. There are also no specific limitations on the percentage of assets that may be invested in securities of issuers located in any one country at a given time; the Fund may invest significant assets in any single emerging market country. The Fund may invest in companies with limited or no operating histories. The Fund frequently and actively trades its portfolio securities.

Investment decisions for the Fund's growth style of investing, for those companies with operating histories, are based on the determination that a company's revenue and earnings growth can materially exceed market expectations and that a company possesses the ability to undergo an incrementally positive change in growth and earnings trajectories. These decisions involve evaluating fundamental factors, including the company's business model, the competitive landscape, upcoming product introductions and recent and projected financial metrics. The evaluation of behavioral and macro factors represents significant aspects of the investment adviser's philosophy and are integrated into the investment adviser's bottom-up analysis on individual securities. The decision is also informed by the evaluation of technical or market factors, including price and volume trends, relative strength and institutional interest. To a lesser extent, the Fund's investment adviser also utilizes macroeconomic or country-specific analyses to evaluate the sustainability of a company's growth rate. The Fund sells holdings for a variety of reasons, including the deterioration of the earnings profile, the violation of specific technical thresholds, to shift into securities with more compelling risk/reward characteristics or to alter sector or country exposure.

**Principal Risks** 

All investments, including those in mutual funds, have risks. No investment is suitable for all investors. The Fund is intended for long-term investors who can accept the risks involved in investing in foreign securities. Of course, there can be no assurance that the Fund will achieve its objective. You may lose money by investing in the Fund. Below are the main risks of investing in the Fund:

***Market Risk.*** The Fund is subject to market risk, which is the possibility that stock prices overall will decline over short or long periods. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. These fluctuations are expected to have a substantial influence on the value of the Fund's shares. Due to the uncertainty caused by war, acts of terrorism, geopolitical conflict, public health issues, recessions, economic cycles, monetary, fiscal and trade policies, company earnings, global pandemics and other risks, global markets may experience increased volatility which could adversely affect the performance of the Fund's investments.

***Growth Stock Risk.*** Growth stocks are typically priced higher than other stocks, in relation to earnings and other measures, because investors believe they have more growth potential. This potential may or may not be realized and, if it is not realized, may result in a loss to the Fund. Growth stock prices also tend to be more volatile than the overall market.

***Foreign Securities and Currencies Risk.*** The following risks may be associated with investments in foreign securities: less liquidity; greater volatility; political instability; restrictions on foreign investment and repatriation of capital; less complete and reliable information about foreign companies; reduced government supervision of some foreign securities markets; U.S. and foreign government actions, such as the imposition of tariffs, economic and trade sanctions or embargoes; lower responsiveness of foreign management to shareholder concerns; economic issues or developments in foreign countries; fluctuation in exchange rates of foreign currencies and risks of devaluation; imposition of foreign

withholding and other taxes; dependence of emerging market companies upon commodities which may be subject to economic cycles; and emerging markets risk such as limited trading volume, illiquidity, expropriation, devaluation or other adverse political or social developments. To the extent portfolio securities are issued by foreign issuers or denominated in foreign currencies, the Fund's investment performance is affected by the strength or weakness of the U.S. dollar against these currencies. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing the Fund's overall net asset value. Currency rates in foreign countries may fluctuate significantly over short or long periods of time for a number of reasons, including changes in interest rates, imposition of currency controls and economic or political developments in the U.S. or abroad.

***Emerging Markets Risk.*** The Fund invests primarily in emerging markets and therefore, the risks described above for foreign securities are typically increased. Investments in securities of issuers located in such countries are speculative and subject to certain special risks. The small size, limited trading volume and relative inexperience of the securities markets in these countries may make the Fund's investments in such countries illiquid and more volatile than investments in more developed countries, and the Fund may be required to establish special custodial or other arrangements before making investments in these countries. There may be little financial or accounting information available with respect to issuers located in these countries, and it may be difficult as a result to assess the value or prospects of an investment in such issuers.

***Small- and Medium-Sized Company Risk.*** The Fund invests in companies that are smaller, less established, with limited operating histories and less liquid markets for their stock, and therefore may be riskier investments. While small- and medium-sized companies generally have the potential for rapid growth, the securities of these companies often involve greater risks than investments in larger, more established companies because small- and medium-sized companies may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. In addition, in many instances the securities of small- and medium-sized companies are traded only over-the-counter or on a regional securities exchange, and the frequency and volume of their trading is substantially less than is typical of larger companies. The value of securities of smaller, less well-known issuers can be more volatile than that of larger issuers.

***Allocation Risk.*** The Fund's overall risk level will depend on the companies, countries, regions, markets, market sectors, industries and asset classes in which the Fund is invested. Because the Fund may have significant weightings in a particular company, country, region, asset class, industry, market or market sector, the value of the Fund's shares may be affected by events that adversely affect that company, country, region, market, industry, asset class, or market sector and may fluctuate more than that of a less focused fund.

The Fund has or is expected to have significant exposure to India as well as the far east region in general. Many countries in this region are subject to political risk, including corruption and regional conflict with neighboring countries. In addition, many far east countries are subject to social and labor risks associated with demands for improved political, economic, and social conditions. The far east region may be adversely affected by political, military, economic and other factors related to regional geopolitical tensions. Expropriation, nationalization, confiscatory taxation, political, economic or social instability, environmental issues or other developments could adversely affect and significantly diminish the value of the companies in which the Fund invests. The potential for loss and unequal treatment of investors in Indian companies is increased due to many Indian companies being founder and/or family-controlled, which can result in less transparency and weaker corporate governance. Issues with bureaucratic obstacles, inconsistent economic and tax reform and corruption within the Indian government may adversely affect market conditions in the country.

***Equity Securities Risk.*** In a company liquidation, the claims of secured and unsecured creditors and owners of bonds and preferred stocks take precedence over the claims of common stock shareholders.

***Depositary Receipts Risk.*** The Fund may invest in foreign securities in the form of depositary receipts which include American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs") (collectively "Depositary Receipts"). Investment in Depositary Receipts does not eliminate the risks inherent in investing in the securities of foreign issuers, which include market, political, tax, currency and regulatory risk. To the extent a Fund acquires Depositary Receipts through banks which do not have a contractual relationship with the foreign issuer of the security underlying the Depositary Receipts to issue and service such unsponsored Depositary Receipts, there may be an increased possibility that the Fund would not become aware of and be able to respond to corporate actions such as stock splits or rights offerings involving the foreign issuer in a timely manner. In addition, the lack of information may result in inefficiencies in the valuation of such instruments. In the case of an unsponsored Depositary Receipt, the Fund may bear higher expenses and encounter greater difficulty in receiving shareholder communications than it would have with a sponsored Depositary Receipt. The market value of Depositary Receipts is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the Depositary Receipts and the underlying securities are quoted.

***Manager Risk.*** How the Fund's investment adviser manages the Fund will impact the Fund's performance. The Fund may lose money if the investment adviser's investment strategy does not achieve the Fund's objective or the investment adviser does not implement the strategy successfully.

***High Rates of Turnover.*** It is anticipated that the Fund will experience high rates of portfolio turnover, which may result in payment by the Fund of above-average transaction costs and could result in the payment by shareholders of taxes on above-average amounts of recognized investment gains, including net short-term capital gains, which are taxed as ordinary income for federal income tax purposes when distributed to shareholders.

***IPO Risk.*** The Fund may purchase securities in Initial Public Offerings (IPOs). These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.

**Performance** 

The information in the bar chart and table that follows provides some indication of the risks of investing in the Fund. The following bar chart shows how the performance of the Fund has varied over time. Of course, the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. *Updated performance information is available by visiting* <u>*www.driehaus.com/performance*</u> *or by calling 1-800-560-6111.* 

***Annual Returns for the years ended December 31***

![](fp0098070-2_9.jpg)

**Highest/Lowest Quarter Returns (%)** 

During the periods shown in the bar chart, the highest return for a quarter was 32.14% (quarter ended 6/30/20) and the lowest return for a quarter was -22.32% (quarter ended 3/31/20).

**Average Annual Total Returns** 

The following table shows the average annual returns of the Fund on a before-tax and after-tax basis over various periods, as indicated below, compared with a broad measure of market performance as well as additional indices with characteristics relevant to the Fund. After-tax returns are calculated using the highest historic marginal individual federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown in the table. After-tax returns shown are not relevant to investors who hold their shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2025** | **1 Year**  | **5 Years**  | **10 Years**  |
| Driehaus Emerging Markets Small Cap Growth Fund  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes  | 24.06% | 7.51% | 8.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions  | 23.06% | 7.22% | 8.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares  | 14.37% | 5.80% | 7.21% |
| MSCI Emerging Markets Index Net (reflects no deduction for fees, expenses or taxes)  | 33.57% | 4.20% | 8.42% |
| MSCI Emerging Markets Small Cap Index – Net\* (reflects no deduction for fees, expenses or taxes)  | 18.58% | 8.43% | 8.31% |
| MSCI Emerging Markets Small Cap Growth Index – Net\*\* (reflects no deduction for fees, expenses or taxes)  | 18.28% | 7.15% | 7.15% |

---

\* The additional index shows how the Fund's performance compares with the returns of an index with characteristics relevant to the Fund.

\*\* The additional index shows how the Fund's performance compares with the returns of an index with a growth bias.

**Portfolio Management** 

**Investment Adviser** 

Driehaus Capital Management LLC ("DCM")

**Portfolio Managers** 

Chad Cleaver, Portfolio Manager of DCM Lead Portfolio Manager of the Fund since 8/11 Howard Schwab, Portfolio Manager of DCM Portfolio Manager of the Fund since 8/11 Richard Thies, Portfolio Manager of DCM Portfolio Manager of the Fund since 5/16

**Purchase and Sale of Fund Shares** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Minimum Initial <br> Investment** | **Minimum <br> Subsequent <br> Investment** | **Minimum Initial <br> IRA Investment** | **Minimum <br> Subsequent IRA <br> Investment** | **Minimum <br> Automatic <br> Investment Plan <br> (Monthly)** | **Minimum <br> Automatic <br> Investment Plan <br> (Quarterly)** |
| $10000  | $2000  | $2000  | $500  | $100  | $300  |

---

In general, you can buy or sell shares of the Fund by regular mail addressed to Driehaus Mutual Funds, P.O. Box 4766, Chicago, IL 60680-4766, or by overnight delivery addressed to Driehaus Mutual Funds, c/o Northern Trust, 333 South Wabash Avenue, W-38, Chicago, IL 60604, or by phone at 1-800-560-6111 on any business day. You may also buy and sell shares through a financial professional.

**Tax Information** 

The Fund's distributions may be taxable as ordinary income or capital gains (or a combination of both), unless you are a tax-exempt entity or are investing through a tax-advantaged arrangement, such as a 401(k) or an IRA. If you are investing through a tax-advantaged arrangement, assets held through such arrangement may be taxable upon withdrawal from such arrangement.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund's related companies may pay the intermediary for the sale of Fund shares and/or related services, including recordkeeping, administrative and other sub-transfer agency services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**Driehaus Global Fund** <br>Ticker: DMAGX<br>

**Investment Objective** 

Driehaus Global Fund (the "Fund") seeks to maximize capital appreciation.

**Fees and Expenses of the Fund** 

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** 

---

| |
|:---|
| **Shareholder Fees** (fees paid directly from your investment) |
| Maximum Sales Charge Imposed on Purchases  |
| Maximum Deferred Sales Charge  |
| Maximum Sales Charge Imposed on Reinvested Dividends  |
| Redemption Fee (as a % of amount redeemed within 60 days of purchase)  |
| Exchange Fee  |

---

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |  |
| Management Fee  | 0.65% |
| Other Expenses  | 0.19% |
| Acquired Fund Fees and Expenses  | 0.01% |
| Total Annual Fund Operating Expenses  | 0.85% |
| Expense Reimbursement\*  | (0.09)% |
| Total Annual Fund Operating Expenses After Expense Reimbursement\*\*  | 0.76% |

---

\* The Fund's investment adviser has contractually agreed to cap the Fund's ordinary annual operating expenses (excluding interest, taxes, brokerage commissions, dividends and interest on short sales, other investment-related expenses, 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) at 0.75% 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 April 30, 2027. 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 or reimbursement is 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 / expense reimbursement as well as the current operating expense cap. Because of this agreement, the Fund may pay the investment adviser less than the contractual management fee. 

\*\* Total Annual Fund Operating Expenses in the table above do not correlate to the ratio of expenses to average net assets shown in the "Financial Highlights" section of the Fund's prospectus, which does not include Acquired Fund Fees and Expenses. 

**Expense Example:** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The expense reimbursement shown in the Annual Fund Operating Expenses table is reflected for the first year in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $78 | $262 | $463 | $1041 |

---

**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 119% of the average value of its portfolio.

**Principal Investment Strategy** 

The Fund, using a growth style of investment, opportunistically invests in equity securities, including common stocks and sponsored or unsponsored American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs") or Global Depositary Receipts ("GDRs") of issuers located throughout the world, including the United States (U.S.), and in both developed and emerging markets.

The Fund is not constrained based on the country, region, or market capitalization and its assets may at times be concentrated in a particular country, segment of the economy, region or issuer. The composition and asset allocation of the Fund's investment portfolio will vary over time. The Fund may invest in issuers across all market capitalizations as well as in issuers with limited or no operating histories. Notwithstanding the above, under normal circumstances, the Fund will have exposure to issuers organized, domiciled, or headquartered in at least three different countries (other than its exposure to U.S. issuers). The Fund's sector and geographic diversification will also vary based on the investment adviser's evaluation of current economic, political and market factors.

Investment decisions for the Fund's growth style of investing are based on the determination that a company's revenue and earnings growth can materially exceed market expectations and that a company possesses the ability to undergo an incrementally positive change in growth and earnings trajectories. In managing the Fund, the investment adviser uses an investment approach that integrates a top-down (focusing on the economy and market trends) analysis of the overall economy and a bottom-up (focusing on individual stocks) analysis of individual securities. From a top-down perspective, the investment adviser looks at the relative value of securities to identify assets to include in the Fund's portfolio. Bottom-up analysis involves evaluating fundamental factors, including the company's business model, the competitive landscape, upcoming product introductions and recent and projected financial metrics in order to identify companies with more attractive earnings growth on a prospective basis. The investment adviser's decision to buy or sell a security is also based on the evaluation of technical or market factors, including price and volume trends, relative strength and institutional interest. The Fund sells holdings for a variety of reasons, including the deterioration of the earnings profile, the violation of specific technical thresholds, to shift into securities with more compelling risk/reward characteristics or to alter sector or country exposure.

**Principal Risks** 

All investments, including those in mutual funds, have risks. No investment is suitable for all investors. The Fund is intended for investors who can accept the risks involved in equity investing. Of course, there can be no assurance that the Fund will achieve its objective. You may lose money by investing in the Fund. Below are the main risks of investing in the Fund:

***Market Risk.*** The Fund is subject to market risk, which is the possibility that stock prices overall will decline over short or long periods. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. These fluctuations are expected to have a substantial influence on the value of the Fund's shares. Due to the uncertainty caused by war, acts of terrorism, geopolitical conflict, public health issues, recessions, economic cycles, monetary, fiscal and trade policies, company earnings, global pandemics and other risks, global markets may experience increased volatility which could adversely affect the performance of the Fund's investments.

***Growth Stock Risk.*** Growth Stocks are typically priced higher than other stocks, in relation to earnings and other measures, because investors believe they have more growth potential. This potential may or may not be realized and, if it is not realized, may result in a loss to the Fund. Growth stock prices also tend to be more volatile than the overall market.

***Large Capitalization Company Risk.*** Large capitalization companies may fall out of favor with investors based on market and economic conditions. In addition, larger companies may not be able to attain the high growth rates of successful smaller companies and may be less capable of responding quickly to competitive challenges and industry changes. As a result, the Fund's value may not rise as much as, or may fall more than, the value of funds that focus on companies with smaller market capitalizations.

***Foreign Securities and Currencies Risk.*** The following risks may be associated with investments in foreign securities: less liquidity; greater volatility; political instability; restrictions on foreign investment and repatriation of capital; less complete and reliable information about foreign companies; reduced government supervision of some foreign securities markets; U.S. and foreign government actions, such as imposition of tariffs, economic and trade sanctions or embargoes; lower responsiveness of foreign management to shareholder concerns; economic issues or developments in foreign countries; fluctuation in exchange rates of foreign currencies and risks of devaluation; imposition of foreign withholding and other taxes; dependence of emerging market companies upon commodities which may be subject to economic cycles; and emerging markets risk such as limited trading volume, illiquidity, expropriation, devaluation or other adverse political or social developments. To the extent portfolio securities are issued by foreign issuers or denominated in foreign currencies, the Fund's investment performance is affected by the strength or weakness of the U.S. dollar against these currencies. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing the Fund's overall net asset value. Currency rates in foreign countries may fluctuate significantly over short or long periods of time for a number of reasons, including changes in interest rates, imposition of currency controls and economic or political developments in the U.S. or abroad.

***Emerging Markets Risk.*** The Fund invests in and is otherwise exposed to emerging markets and therefore the risks described above for foreign securities are typically increased. Investments in securities of issuers located in such countries are speculative and subject to certain special risks. The small size, limited trading volume and relative inexperience of the securities markets in these countries may make the Fund's investments in such countries illiquid and more volatile than investments in more developed countries, and the Fund may be required to establish special custodial or other arrangements before making investments in these countries. There may be little financial or accounting information available with respect to issuers located in these countries, and it may be difficult as a result to assess the value or prospects of an investment in such issuers.

***Allocation Risk.*** The Fund's overall risk level will depend on the companies, countries, regions, markets, market sectors, industries and asset classes in which the Fund is invested. Because the Fund may have significant weightings in a particular company, country, region, asset class, industry, market or market sector, the value of the Fund's shares may be affected by events that adversely affect that company, country, region, market, industry, asset class, or market sector and may fluctuate more than that of a less focused fund.

The Fund has significant exposure to North America as well as to Europe and may be vulnerable to risks specific to those regions. Adverse economic, political or social developments in Europe, or in a particular European country, could have a negative effect on the value of the Fund's portfolio. Many European countries are members of the European Union and, as members, such countries share a common currency and certain fiscal policies. A decrease in imports or exports, changes in trade regulations or an economic recession in any North American country can have a significant economic effect on the entire North American region and on some or all of the North American countries in which the Fund invests. The U.S. is Canada's and Mexico's largest trading and investment partner. The Canadian and Mexican economies are significantly affected by developments in the U.S. economy. Since the implementation of the North American Free Trade Agreement ("NAFTA") in 1994 among Canada, the U.S. and Mexico, total merchandise trade among the three countries has increased. However, political developments including the implementation of tariffs by the U.S., and the renegotiation of NAFTA in the form of the United States-Mexico-Canada Agreement ("USMCA"), which replaced NAFTA on July 1, 2020, could negatively affect North America's economic outlook and, as a result, the value of securities held by the Fund. Policy and legislative changes in one country may have a significant effect on North American markets generally, as well as on the value of certain securities held by the Fund.

***High Rates of Turnover.*** It is anticipated that the Fund will experience high rates of portfolio turnover, which may result in payment by the Fund of above-average transaction costs and could result in the payment by shareholders of taxes on above-average amounts of recognized investment gains, including net short-term capital gains, which are taxed as ordinary income for federal income tax purposes when distributed to shareholders.

***Manager Risk.*** How the investment adviser manages the Fund will impact the Fund's performance. The Fund may lose money if the investment adviser's investment strategy does not achieve the Fund's objective or the investment adviser does not implement the strategy successfully.

***Equity Securities Risk.*** In a company liquidation, the claims of secured and unsecured creditors and owners of bonds and preferred stocks take precedence over the claims of common stock shareholders.

***Depositary Receipts Risk.*** The Fund may invest in foreign securities in the form of depositary receipts which include American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs") (collectively "Depositary Receipts"). Investment in Depositary Receipts does not eliminate the risks inherent in investing in the securities of foreign issuers, which include market, political, tax, currency and regulatory risk. To the extent a Fund acquires Depositary Receipts through banks which do not have a contractual relationship with the foreign issuer of the security underlying the Depositary Receipts to issue and service such unsponsored Depositary Receipts, there may be an increased possibility that the Fund would not become aware of and be able to respond to corporate actions such as stock splits or rights offerings involving the foreign issuer in a timely manner. In addition, the lack of information may result in inefficiencies in the valuation of such instruments. In the case of an unsponsored Depositary Receipt, the Fund may bear higher expenses and encounter greater difficulty in receiving shareholder communications than it would have with a sponsored Depositary Receipt. The market value of Depositary Receipts is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the Depositary Receipts and the underlying securities are quoted.

***IPO Risk.*** The Fund may purchase securities in Initial Public Offerings (IPOs). These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.

***Shareholder Concentration Risk.*** A relatively large percentage of the Fund's shares may be held by related shareholders. A large redemption by one or more such shareholders may have adverse effects on the Fund's performance if the Fund were required to sell securities or invest cash at times when it otherwise would not do so. This activity could also accelerate the recognition of capital gains and increase the Fund's transaction costs.

***Small- and Medium-Sized Company Risk.*** The Fund may invest in companies that are smaller, less established, with limited operating histories and less liquid markets for their stock, and therefore may be riskier investments. While small- and medium-sized companies generally have the potential for rapid growth, the securities of these companies often involve greater risks than investments in larger, more established companies because small- and medium-sized companies may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. In addition, in many instances the securities of small- and medium-sized companies are traded only over-the-counter or on a regional securities exchange, and the frequency and volume of their trading is substantially less than is typical of larger companies. The value of securities of smaller, less well-known issuers can be more volatile than that of larger issuers.

**Performance** 

The information in the bar chart and table that follows provides some indication of the risks of investing in the Fund. Performance information prior to April 30, 2023, reflects time periods when the Fund (i) had an investment policy to invest at least 80% of its net assets in emerging markets securities and (ii) had an investment objective of maximizing total return. The Fund's investment policies and strategies changed on April 30, 2023. The following bar chart shows how the performance of the Fund has varied over time. Of course, the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. *Updated performance information is available by visiting* <u>*www.driehaus.com/performance*</u> *or by calling 1-800-560-6111.* 

***Annual Returns for the years ended December 31***

![](fp0098070-2_14.jpg)

**Highest/Lowest Quarter Returns (%)** 

During the periods shown in the bar chart, the highest return for a quarter was 23.93% (quarter ended 6/30/20) and the lowest return for a quarter was -18.09% (quarter ended 3/31/20).

**Average Annual Total Returns** 

The following table shows the average annual returns of the Fund on a before-tax and after-tax basis over various periods, as indicated below, compared with a broad measure of market performance. After-tax returns are calculated using the highest historic marginal individual federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown in the table. After-tax returns shown are not relevant to investors who hold their shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2025** | **1 Year**  | **5 Year** | **Since Inception <br> April 10, 2017-<br> December 31, 2025)** |
| Driehaus Global Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes  | 22.59% | 8.36% | 11.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions  | 18.19% | 6.51% | 9.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares  | 15.13% | 6.04% | 8.49% |
| MSCI ACWI Index Net (reflects no deduction for fees, expenses or taxes)  | 22.34% | 11.19% | 11.74% |

---

**Portfolio Management** 

***Investment Adviser***

Driehaus Capital Management LLC ("DCM")

***Portfolio Managers***

Richard Thies Portfolio Manager of DCM Lead Portfolio Manager of the Fund since 4/17 Howard Schwab Portfolio Manager of DCM Portfolio Manager of the Fund since 4/17 Thomas Ansen-Wilson Assistant Portfolio Manager of DCM Assistant Portfolio Manager of the Fund since 4/23

**Purchase and Sale of Fund Shares** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Minimum Initial <br> Investment** | **Minimum <br> Subsequent <br> Investment** | **Minimum Initial <br> IRA Investment** | **Minimum <br> Subsequent IRA <br> Investment** | **Minimum <br> Automatic <br> Investment Plan <br> (Monthly)** | **Minimum <br> Automatic <br> Investment Plan <br> (Quarterly)** |
| $10000 | $2000 | $2000 | $500 | $100 | $300 |

---

In general, you can buy or sell shares of the Fund by regular mail addressed to Driehaus Mutual Funds, P.O. Box 4766, Chicago, IL 60680-4766, or by overnight delivery addressed to Driehaus Mutual Funds, c/o Northern Trust, 333 South Wabash Avenue, W-38, Chicago, IL 60604, or by phone at 1-800-560-6111 on any business day. You may also buy and sell shares through a financial professional.

**Tax Information** 

The Fund's distributions may be taxable as ordinary income or capital gains (or a combination of both), unless you are a tax-exempt entity or are investing through a tax-advantaged arrangement, such as a 401(k) or an IRA. If you are investing through a tax-advantaged arrangement, assets held through such arrangement may be taxable upon withdrawal from such arrangement.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the intermediary for the sale of Fund shares and/or related services, including recordkeeping, administrative and other sub-transfer agency services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**Driehaus International Small Cap Growth Fund** <br>Ticker: DRIOX<br>

**Investment Objective** 

Driehaus International Small Cap Growth Fund seeks to maximize capital appreciation.

**Fees and Expenses of the Fund** 

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** 

---

| |
|:---|
| **Shareholder Fees** (fees paid directly from your investment) |
| Maximum Sales Charge Imposed on Purchases  |
| Maximum Deferred Sales Charge  |
| Maximum Sales Charge Imposed on Reinvested Dividends  |
| Redemption Fee (as a % of amount redeemed within 60 days of purchase)  |
| Exchange Fee  |

---

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |  |
| Management Fee  | 1.00% |
| Other Expenses  | 0.13% |
| Acquired Fund Fees and Expenses  | 0.01% |
| Total Annual Fund Operating Expenses\*  | 1.14% |

---

\* Total Annual Fund Operating Expenses in the table above do not correlate to the ratio of expenses to average net assets shown in the "Financial Highlights" section of the Fund's prospectus, which does not include Acquired Fund Fees and Expenses. 

**Expense Example:** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $116 | $362 | $628 | $1386 |

---

**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 100% of the average value of its portfolio.

**Principal Investment Strategy** 

The Fund uses a growth style of investment in equity securities, including common stocks and other equity securities of issuers, and under normal market conditions, invests at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the equity securities of non-U.S. small capitalization companies. The investment adviser considers non-U.S. small capitalization companies to be companies located in the same countries and within the same market capitalization range at the time of investment as those included in the MSCI All Country World ex USA Small Cap Growth Index. For the avoidance of doubt, while the reference index is "float-adjusted," meaning it excludes closely held and other shares unavailable to investors, the investment adviser does not consider a float-adjustment when determining the market capitalization of a company. As of March 31, 2026, approximately 92% of the MSCI All Country World ex USA Small Cap Growth Index consisted of companies with a market capitalization of less than $9 billion. The market capitalizations of companies included in the MSCI All Country World ex USA Small Cap Growth Index will change with market conditions. The

Fund seeks to be opportunistic in pursuing companies that meet its criteria regardless of geographic location and, therefore, at certain times, the Fund could have sizeable positions in either developed countries or emerging markets. In addition, while the Fund will invest primarily in the equity securities of non-U.S. companies, the Fund may also from time to time invest up to a maximum of 20% of its assets in the equity securities of U.S. companies. The Fund may invest in companies with limited or no operating histories. The Fund may frequently and actively trade its portfolio securities.

The Fund generally defines an "emerging market" as including, but not limited to, any of the countries or markets represented in the MSCI Emerging Markets Index, or any other country or market with similar emerging characteristics. The amount of the Fund's assets invested in emerging markets will vary over time and could be substantial. The Fund is not limited to a specific percentage of assets that may be invested in a single emerging market country, although at all times the Fund must be invested in at least three countries (not limited to emerging markets countries).

Investment decisions for the Fund's growth style of investing, for those companies with operating histories, are based on the determination that a company's revenue and earnings growth can materially exceed market expectations and that the security is at an attractive entry point. These decisions involve evaluating fundamental factors, including the company's business model, the competitive landscape, upcoming product introductions and recent and projected financial metrics. The decision is also informed by the evaluation of technical or market factors, including price and volume trends, relative strength and institutional interest. To a lesser extent, the Fund's investment adviser also utilizes macroeconomic or country-specific analyses to evaluate the sustainability of a company's growth rate. The Fund sells holdings for a variety of reasons, including the deterioration of the earnings profile, the violation of specific technical thresholds, to shift into securities with more compelling risk/reward characteristics or to alter sector or country exposure.

**Principal Risks** 

All investments, including those in mutual funds, have risks. No investment is suitable for all investors. The Fund is intended for long-term investors who can accept the risks involved in investing in foreign securities. Of course, there can be no assurance that the Fund will achieve its objective. You may lose money by investing in the Fund. Below are the main risks of investing in the Fund:

***Market Risk.*** The Fund is subject to market risk, which is the possibility that stock prices overall will decline over short or long periods. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. These fluctuations are expected to have a substantial influence on the value of the Fund's shares. Due to the uncertainty caused by war, acts of terrorism, geopolitical conflict, public health issues, recessions, economic cycles, monetary, fiscal and trade policies, company earnings, global pandemics and other risks, global markets may experience increased volatility which could adversely affect the performance of the Fund's investments.

***Growth Stock Risk.*** Growth stocks are typically priced higher than other stocks, in relation to earnings and other measures, because investors believe they have more growth potential. This potential may or may not be realized and, if it is not realized, may result in a loss to the Fund. Growth stock prices also tend to be more volatile than the overall market.

***Foreign Securities and Currencies Risk.*** The following risks may be associated with investments in foreign securities: less liquidity; greater volatility; political instability; restrictions on foreign investment and repatriation of capital; less complete and reliable information about foreign companies; reduced government supervision of some foreign securities markets, U.S. and foreign government actions, such as the imposition of tariffs, economic and trade sanctions or embargoes; lower responsiveness of foreign management to shareholder concerns; economic issues or developments in foreign countries; fluctuation in exchange rates of foreign currencies and risks of devaluation; imposition of foreign withholding and other taxes; dependence of emerging market companies upon commodities which may be subject to economic cycles; and emerging markets risk such as limited trading volume, expropriation, devaluation or other adverse political or social developments. To the extent portfolio securities are issued by foreign issuers or denominated in foreign currencies, the Fund's investment performance is affected by the strength or weakness of the U.S. dollar against these currencies. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing the Fund's overall net asset value. Currency rates in foreign countries may fluctuate significantly over short or long periods of time for a number of reasons, including changes in interest rates, imposition of currency controls and economic or political developments in the U.S. or abroad.

***Small-Sized Company Risk.*** The Fund invests in companies that are smaller, less established, with limited operating histories and less liquid markets for their stock, and therefore may be riskier investments. While small-sized companies generally have the potential for rapid growth, the securities of these companies often involve greater risks than investments in larger, more established companies because small-sized companies may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. In addition, in many instances the securities of small-sized

companies are traded only over-the-counter or on a regional securities exchange, and the frequency and volume of their trading is substantially less than is typical of larger companies. The value of securities of smaller, less well-known issuers can be more volatile than that of larger issuers.

***Emerging Markets Risk.*** The Fund invests in emerging markets and therefore, the risks described above for foreign securities are typically increased. Investments in securities of issuers located in such countries are speculative and subject to certain special risks. The small size, limited trading volume and relative inexperience of the securities markets in these countries may make the Fund's investments in such countries illiquid and more volatile than investments in more developed countries, and the Fund may be required to establish special custodial or other arrangements before making investments in these countries. There may be little financial or accounting information available with respect to issuers located in these countries, and it may be difficult as a result to assess the value or prospects of an investment in such issuers.

***Allocation Risk.*** The Fund's overall risk level will depend on the companies, countries, regions, markets, market sectors, industries and asset classes in which the Fund is invested. Because the Fund may have significant weightings in a particular company, country, region, asset class, industry, market or market sector, the value of the Fund's shares may be affected by events that adversely affect that company, country, region, market, industry, asset class, or market sector and may fluctuate more than that of a less focused fund.

The Fund has significant exposure to the far east region as well as to Europe and may be vulnerable to risks specific to those regions. Many countries in the far east region are subject to political risk, including corruption and regional conflict with neighboring countries. In addition, many far east countries are subject to social and labor risks associated with demands for improved political, economic, and social conditions. The far east region may be adversely affected by political, military, economic and other factors related to regional geopolitical tensions. Expropriation, nationalization, confiscatory taxation, political, economic or social instability, environmental issues or other developments could also adversely affect and significantly diminish the value of such companies in which the Fund invests. Adverse economic, political or social developments in Europe, or in a particular European country, could have a negative effect on the value of the Fund's portfolio. Many European countries are members of the European Union and, as members, such countries share a common currency and certain fiscal policies.

***Equity Securities Risk.*** In a company liquidation, the claims of secured and unsecured creditors and owners of bonds and preferred stocks take precedence over the claims of common stock shareholders.

***Manager Risk.*** How the Fund's investment adviser manages the Fund will impact the Fund's performance. The Fund may lose money if the investment adviser's investment strategy does not achieve the Fund's objective or the investment adviser does not implement the strategy successfully.

***Depositary Receipts Risk.*** The Fund may invest in foreign securities in the form of depositary receipts which include American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs") (collectively "Depositary Receipts"). Investment in Depositary Receipts does not eliminate the risks inherent in investing in the securities of foreign issuers, which include market, political, tax, currency and regulatory risk. To the extent a Fund acquires Depositary Receipts through banks which do not have a contractual relationship with the foreign issuer of the security underlying the Depositary Receipts to issue and service such unsponsored Depositary Receipts, there may be an increased possibility that the Fund would not become aware of and be able to respond to corporate actions such as stock splits or rights offerings involving the foreign issuer in a timely manner. In addition, the lack of information may result in inefficiencies in the valuation of such instruments. In the case of an unsponsored Depositary Receipt, the Fund may bear higher expenses and encounter greater difficulty in receiving shareholder communications than it would have with a sponsored Depositary Receipt. The market value of Depositary Receipts is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the Depositary Receipts and the underlying securities are quoted.

***High Rates of Turnover.*** It is anticipated that the Fund will experience high rates of portfolio turnover, which may result in payment by the Fund of above-average transaction costs and could result in the payment by shareholders of taxes on above-average amounts of recognized investment gains, including net short-term capital gains, which are taxed as ordinary income for federal income tax purposes when distributed to shareholders.

***IPO Risk.*** The Fund may purchase securities in Initial Public Offerings (IPOs). These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.

**Performance** 

The information in the bar chart and table that follows provides some indication of the risks of investing in the Fund. The following bar chart shows how the performance of the Fund has varied over time. Of course, the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. *Updated performance information is available by visiting* <u>*www.driehaus.com/performance*</u> *or by calling 1-800-560-6111.* 

***Annual Returns for the years ended December 31***

![](fp0098070-2_19.jpg)

**Highest/Lowest Quarter Returns (%)** 

During the periods shown in the bar chart, the highest return for a quarter was 27.52% (quarter ended 6/30/20) and the lowest return for a quarter was -25.38% (quarter ended 3/31/20).

**Average Annual Total Returns** 

The following table shows the average annual returns of the Fund on a before-tax and after-tax basis over various periods, as indicated below, compared with a broad measure of market performance as well as an additional index with characteristics relevant to the Fund. After-tax returns are calculated using the highest historic marginal individual federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown in the table. After-tax returns shown are not relevant to investors who hold their shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2025** | **1 Year**  | **5 Years**  | **10 Years**  |
| Driehaus International Small Cap Growth Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes  | 28.92% | 4.83% | 8.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions  | 28.59% | 2.87% | 6.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares  | 17.35% | 3.13% | 6.52% |
| MSCI All Country World ex USA Index – Net (reflects no deduction for fees, expenses or taxes)  | 32.38% | 7.91% | 8.41% |
| MSCI All Country World ex USA Small Cap Growth Index – Net\* (reflects no deduction for fees, expenses or taxes)  | 26.16% | 4.12% | 7.46% |

---

\* The additional index shows how the Fund's performance compares with the returns of an index with characteristics relevant to the Fund.

**Portfolio Management** 

**Investment Adviser** 

Driehaus Capital Management LLC ("DCM")

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| Daniel Burr, <br>Portfolio Manager of DCM <br>Portfolio Manager of the Fund <br>since 5/14 | David Mouser, <br>Portfolio Manager of DCM <br>Portfolio Manager of the Fund <br>since 9/07, until 7/26\* | Andrew Srichandra, <br>Assistant Portfolio Manager of DCM <br>Assistant Portfolio Manager of the Fund since 1/23 |
| Arthur Bidwill, <br>Assistant Portfolio Manager of DCM <br>Assistant Portfolio Manager of the Fund <br>since 4/26\* |  |  |

---

\* Effective April 30, 2026, Arthur Bidwill is named as an assistant portfolio manager of the Fund. Effective July 1, 2026, David Mouser will retire from his position as portfolio manager of the Fund. Mr. Mouser will remain employed by Driehaus Capital Management LLC, the Fund's investment adviser, in the capacity of International Small Cap Growth Strategic Advisor to the Fund until March 31, 2027. 

**Purchase and Sale of Fund Shares** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Minimum Initial <br> Investment** | **Minimum <br> Subsequent <br> Investment** | **Minimum Initial <br> IRA Investment** | **Minimum <br> Subsequent IRA <br> Investment** | **Minimum <br> Automatic <br> Investment Plan <br> (Monthly)** | **Minimum <br> Automatic <br> Investment Plan <br> (Quarterly)** |
| $10000  | $2000  | $2000  | $500  | $100  | $300  |

---

In general, you can buy or sell shares of the Fund by regular mail addressed to Driehaus Mutual Funds, P.O. Box 4766, Chicago, IL 60680-4766, or by overnight delivery addressed to Driehaus Mutual Funds, c/o Northern Trust, 333 South Wabash Avenue, W-38, Chicago, IL 60604, or by phone at 1-800-560-6111 on any business day. You may also buy and sell shares through a financial professional.

**Tax Information** 

The Fund's distributions may be taxable as ordinary income or capital gains (or a combination of both), unless you are a tax-exempt entity or are investing through a tax-advantaged arrangement, such as a 401(k) or an IRA. If you are investing through a tax-advantaged arrangement, assets held through such arrangement may be taxable upon withdrawal from such arrangement.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund's related companies may pay the intermediary for the sale of Fund shares and/or related services, including recordkeeping, administrative and other sub-transfer agency services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**Driehaus International Developed Equity Fund** <br>Ticker: DIDEX<br>

**Investment Objective** 

Driehaus International Developed Equity Fund seeks to maximize capital appreciation.

**Fees and Expenses of the Fund** 

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

---

| |
|:---|
| **Shareholder Fees (fees paid directly from your investment)** |
| Maximum Sales Charge Imposed on Purchases  |
| Maximum Deferred Sales Charge  |
| Maximum Sales Charge Imposed on Reinvested Dividends  |
| Redemption Fee (as a % of amount redeemed within 60 days of purchase)  |
| Exchange Fee  |

---

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |  |
| Management Fee  | 0.70% |
| Other Expenses  | 3.15% |
| Acquired Fund Fees and Expenses  | 0.01% |
| Total Annual Fund Operating Expenses  | 3.86% |
| Expense Reimbursement\*  | (3.05)% |
| Total Annual Fund Operating Expenses After Expense Reimbursement\*\*  | 0.81% |

---

\* The Fund's investment adviser has entered into a contractually agreed to cap the Fund's ordinary annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related expenses, 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) at 0.80% of average daily net assets until the earlier of the termination of the investment advisory agreement, by the Board of the Trustees of the Fund's shareholders, or April 30, 2027. Pursuant to the agreement, and so long as the investment advisory agreement is in place, for a period of three years from the date on which the waiver or reimbursement was made, 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 that was in place at the time of the wavier/expense reimbursement as well as the current operating expense cap. Because of this agreement, the Fund may pay the Adviser less than the contractual management fee. 

\*\* The Annual Fund Operating Expenses in the table above do not correlate to the ration of expenses to average net assets shown in the "Financial Highlights" section of the Fund's prospectus, which does not include Acquired Fund Fees and Expenses.

**Expense Example:** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $83 | $896 | $1728 | $3893 |

---

**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, Fund's portfolio turnover rate was 94% of the average value of its portfolio.

**Principal Investment Strategy** 

Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of borrowings for investment purposes) in equity securities issued by non-U.S. developed market companies of all market-capitalizations.

The Fund will invest in equity securities, including common stock and depositary receipts, of companies located in non-U.S. developed market countries. The Fund's investment adviser considers a company to be a developed market company if such company is organized under the laws of, if its principal offices are in, its securities are principally traded in, or if the company derives at least 50% of its revenues or net profits from, or has at least 50% of its assets in, a developed market country defined by the MSCI World ex USA Growth Index. From time to time, the Fund may invest a significant portion of its assets in the securities of companies domiciled in one or a few countries or regions. The Fund may invest in companies of any size, but its focus will typically be in large-capitalization companies. The Fund may participate in initial public offerings ("IPOs") and in securities offerings that are not registered in the United States. While the Fund will invest primarily in the equity securities of non-U.S. developed market countries, the Fund may also from time to time invest up to a maximum of 20% of its assets in the equity securities of U.S. companies and/or non-developed market securities.

In managing the Fund, the investment adviser uses an investment approach that integrates top-down (focusing on the economy and market trends) analysis of the overall economy and bottom-up (focusing on individual stocks) analysis of individual securities. From a top-down perspective, the investment adviser looks at the relative value of securities to identify assets to include in the Fund's portfolio. Bottom-up analysis involves evaluating fundamental factors, including a company's business model, the competitive landscape, upcoming product introductions and recent and projected financial metrics in order to identify companies with more attractive earnings growth on a prospective basis. The investment adviser's decision to buy or sell a security is also based on the evaluation of technical or market factors, including price and volume trends, relative strength and institutional interest.

**Principal Risks** 

All investments, including those in mutual funds, have risks. No investment is suitable for all investors. The Fund is intended for long-term investors who can accept the risks involved in investing in foreign securities. Of course, there can be no assurance that the Fund will achieve its objective. You may lose money by investing in the Fund. Below are the main risks of investing in the Fund:

***Market Risk.*** The Fund is subject to market risk, which is the possibility that stock prices overall will decline over short or long periods. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. These fluctuations are expected to have a substantial influence on the value of the Fund's shares. Due to the uncertainty caused by war, acts of terrorism, geopolitical conflict, public health issues, recessions, economic cycles, monetary, fiscal and trade policies, company earnings, global pandemics and other risks, global markets may experience increased volatility which could adversely affect the performance of the Fund's investments.

***Foreign Securities and Currencies Risk.*** The following risks may be associated with investments in foreign securities: less liquidity; greater volatility; political instability; restrictions on foreign investment and repatriation of capital; less complete and reliable information about foreign companies; reduced government supervision of some foreign securities markets, U.S. and foreign government actions, such as the imposition of tariffs, economic and trade sanctions or embargoes; lower responsiveness of foreign management to shareholder concerns; economic issues or developments in foreign countries; fluctuation in exchange rates of foreign currencies and risks of devaluation; and imposition of foreign withholding and other taxes. To the extent portfolio securities are issued by foreign issuers or denominated in foreign currencies, the Fund's investment performance is affected by the strength or weakness of the U.S. dollar against these currencies. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing the Fund's overall net asset value. Currency rates in foreign countries may fluctuate significantly over short or long periods of time for a number of reasons, including changes in interest rates, imposition of currency controls and economic or political developments in the U.S. or abroad.

***Allocation Risk.*** The Fund's overall risk level will depend on the companies, countries, regions, markets, market sectors, industries and asset classes in which the Fund is invested. Because the Fund may have significant weightings in a particular company, country, region, asset class, industry, market or market sector, the value of the Fund's shares may be affected by events that adversely affect that company, country, region, market, industry, asset class, or market sector and may fluctuate more than that of a less focused fund.

The Fund has significant exposure to the far east region as well as to Europe and may be vulnerable to risks specific to those regions. Many countries in the far east region are subject to political risk, including corruption and regional conflict with neighboring countries. In addition, many far east countries are subject to social and labor risks associated with demands for improved political, economic, and social conditions. The far east region may be adversely affected by political, military, economic and other factors related to regional geopolitical tensions. Expropriation, nationalization, confiscatory taxation, political, economic or social instability, environmental issues or other developments could also adversely affect and significantly diminish the value of the such companies in which the Fund invests. Adverse economic, political or social

developments in Europe, or in a particular European country, could have a negative effect on the value of the Fund's portfolio. Many European countries are members of the European Union and, as members, such countries share a common currency and certain fiscal policies.

***Equity Securities Risk.*** In a company liquidation, the claims of secured and unsecured creditors and owners of bonds and preferred stocks take precedence over the claims of common stock shareholders.

***Manager Risk.*** How the Fund's investment adviser manages the Fund will impact the Fund's performance. The Fund may lose money if the investment adviser's investment strategy does not achieve the Fund's objective or the investment adviser does not implement the strategy successfully.

***Growth Stock Risk.*** Growth stocks are typically priced higher than other stocks, in relation to earnings and other measures, because investors believe they have more growth potential. This potential may or may not be realized and, if it is not realized, may result in a loss to the Fund. Growth stock prices also tend to be more volatile than the overall market.

***Depositary Receipts Risk.*** The Fund may invest in foreign securities in the form of depositary receipts which include American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs") (collectively "Depositary Receipts"). Investment in Depositary Receipts does not eliminate the risks inherent in investing in the securities of foreign issuers, which include market, political, tax, currency and regulatory risk. To the extent a Fund acquires Depositary Receipts through banks which do not have a contractual relationship with the foreign issuer of the security underlying the Depositary Receipts to issue and service such unsponsored Depositary Receipts, there may be an increased possibility that the Fund would not become aware of and be able to respond to corporate actions such as stock splits or rights offerings involving the foreign issuer in a timely manner. In addition, the lack of information may result in inefficiencies in the valuation of such instruments. In the case of an unsponsored Depositary Receipt, the Fund may bear higher expenses and encounter greater difficulty in receiving shareholder communications than it would have with a sponsored Depositary Receipt. The market value of Depositary Receipts is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the Depositary Receipts and the underlying securities are quoted.

***Large Capitalization Company Risk.*** Large capitalization companies may fall out of favor with investors based on market and economic conditions. In addition, larger companies may not be able to attain the high growth rates of successful smaller companies and may be less capable of responding quickly to competitive challenges and industry changes. As a result, the Fund's value may not rise as much as, or may fall more than, the value of funds that focus on companies with smaller market capitalizations.

***Small- and Medium-Sized Company Risk.*** The Fund may invest in companies that are smaller, less established, with limited operating histories and less liquid markets for their stock, and therefore may be riskier investments. While small- and medium-sized companies generally have the potential for rapid growth, the securities of these companies often involve greater risks than investments in larger, more established companies because small- and medium-sized companies may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. In addition, in many instances the securities of small- and medium-sized companies are traded only over-the-counter or on a regional securities exchange, and the frequency and volume of their trading is substantially less than is typical of larger companies. The value of securities of smaller, less well-known issuers can be more volatile than that of larger issuers.

***IPO Risk.*** The Fund may purchase securities in Initial Public Offerings (IPOs). These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.

***Shareholder Concentration Risk.*** A relatively large percentage of the Fund's shares may be held by related shareholders. A large redemption by one or more such shareholders may have adverse effects on the Fund's performance if the Fund were required to sell securities or invest cash at times when it otherwise would not do so. This activity could also accelerate the recognition of capital gains and increase the Fund's transaction costs.

***High Rates of Turnover.*** It is anticipated that the Fund will experience high rates of portfolio turnover, which may result in payment by the Fund of above-average transaction costs and could result in the payment by shareholders of taxes on above-average amounts of recognized investment gains, including net short-term capital gains, which are taxed as ordinary income for federal income tax purposes when distributed to shareholders.

**Performance** 

The information in the bar chart and table that follows provides some indication of the risks of investing in the Fund. Of course, the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. *Updated performance information is available by visiting* <u>*www.driehaus.com/performance*</u> *or by calling 1-800-560-6111.* 

***Annual Returns for the years ended December 31***

![](fp0098070-2_24.jpg)

**Highest/Lowest Quarter Returns (%)** 

During the periods shown in the bar chart, the highest return for a quarter was 16.27% (quarter ended 6/30/25) and the lowest return for a quarter was 1.15% (quarter ended 9/30/25).

**Average Annual Total Returns** 

The following table shows the average annual returns of the Fund on a before-tax and after-tax basis over various periods, as indicated below, compared with a broad measure of market performance as well as an additional index with characteristics relevant to the Fund. After-tax returns are calculated using the highest historic marginal individual federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown in the table. After-tax returns shown are not relevant to investors who hold their shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2025** | **1 Year**  | **Since Inception <br> (April 30, 2024 - <br> December 31, 2025)** |
| Driehaus International Developed Equity Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes  | 25.60% | 14.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions  | 25.10% | 13.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares  | 15.50% | 10.97% |
| MSCI World ex USA Index - Net (reflects no deduction for fees, expenses or taxes)  | 31.85% | 19.30% |
| MSCI World ex USA Growth Index – Net\* (reflects no deduction for fees, expenses or taxes)  | 21.94% | 12.67% |

---

\* The additional index shows how the Fund's performance compares with the returns of an index with characteristics relevant to the Fund.

**Portfolio Management** 

***Investment Adviser***

Driehaus Capital Management LLC ("DCM")

***Portfolio Managers***

Daniel Burr, Portfolio Manager of DCM Portfolio Manager of the Fund since 4/24 Arthur Bidwill, Assistant Portfolio Manager of DCM Assistant Portfolio Manager of the Fund since 4/24

**Purchase and Sale of Fund Shares** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Minimum Initial <br> Investment** | **Minimum <br> Subsequent <br> Investment** | **Minimum Initial <br> IRA Investment** | **Minimum <br> Subsequent IRA <br> Investment** | **Minimum <br> Automatic <br> Investment Plan <br> (Monthly)** | **Minimum<br> Automatic<br> Investment Plan<br> (Quarterly)** |
| $10000 | $2000 | $2000 | $500 | $100 | $300 |

---

In general, you can buy or sell shares of the Fund by regular mail addressed to Driehaus Mutual Funds, P.O. Box 4766, Chicago, IL 60680-4766, or by overnight delivery addressed to Driehaus Mutual Funds, c/o Northern Trust, 333 South Wabash Avenue, W-38, Chicago, IL 60604, or by phone at 1-800-560-6111 on any business day. You may also buy and sell shares through a financial professional.

**Tax Information** 

The Fund's distributions may be taxable as ordinary income or capital gains (or a combination of both), unless you are a tax-exempt entity or are investing through a tax-advantaged arrangement, such as a 401(k) or an IRA. If you are investing through a tax-advantaged arrangement, assets held through such arrangement may be taxable upon withdrawal from such arrangement.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund's related companies may pay the intermediary for the sale of Fund shares and/or related services, including recordkeeping, administrative and other sub-transfer agency services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**Driehaus Micro Cap Growth Fund** <br>Ticker: DMCRX<br>

**Investment Objective** 

Driehaus Micro Cap Growth Fund seeks to maximize capital appreciation.

**Fees and Expenses of the Fund** 

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** 

---

| | |
|:---|:---|
| **Shareholder Fees** (fees paid directly from your investment) |  |
| Maximum Sales Charge Imposed on Purchases  |  |
| Maximum Deferred Sales Charge  |  |
| Maximum Sales Charge Imposed on Reinvested Dividends  |  |
| Redemption Fee (as a % of amount redeemed within 60 days of purchase)  | 2.00% |
| Exchange Fee  |  |

---

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |  |
| Management Fee  | 1.25% |
| Other Expenses  | 0.09% |
| Total Annual Fund Operating Expenses  | 1.34% |

---

**Expense Example:** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $136 | $425 | $734 | $1613 |

---

**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 142% of the average value of its portfolio.

**Principal Investment Strategy** 

The Fund uses a growth style of investment in equity securities, including common stocks and other equity securities of issuers. Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the equity securities of U.S. micro-capitalization ("micro-cap") companies. For purposes of the Fund, the investment adviser considers a company to be a micro-cap company if it is within the same market capitalization range at the time of investment as those included in the Russell Microcap<sup>®</sup> Growth Index. For the avoidance of doubt, while the reference index is "float-adjusted," meaning it excludes closely held and other shares unavailable to investors, the investment adviser does not consider a float-adjustment when determining the market capitalization of a company. As of March 31, 2026, approximately 87% of the Russell Microcap<sup>®</sup> Growth Index consisted of companies with a market capitalization of less than $4 billion. The market capitalizations of companies included in the Russell Microcap<sup>®</sup> Growth Index will change with market conditions. Securities of companies whose market capitalization no longer meets this definition after purchase may continue to be held by the Fund. In addition, while the Fund will invest primarily in the equity securities of U.S. micro-cap companies, the Fund may also from time to time invest up to a maximum of 20% of its assets in the equity securities of non-U.S. companies that trade in the U.S. (such as American Depositary Receipts ("ADRs") or substantially similar instruments that

are based on foreign securities) or in securities of companies above the capitalization range of the Russell Microcap<sup>®</sup> Growth Index. The Fund may invest in companies with limited or no operating histories. The Fund frequently and actively trades its portfolio securities.

Investment decisions for the Fund's growth style of investing are based on the belief that fundamentally strong companies are more likely to generate superior earnings growth on a sustained basis and are more likely to experience positive earnings revisions. These decisions involve evaluating a company's competitive position, evaluating industry dynamics, identifying potential growth catalysts and assessing the financial position of the company. The decision is also informed by the evaluation of relative valuation, macroeconomic and behavioral factors affecting the company and its stock price. The Fund sells holdings for a variety of reasons, including to take profits, changes to the fundamental investment thesis, changes in the risk/reward assessment of the holding, an assessment that the holding is efficiently priced, to make room for more attractive ideas or for other portfolio or risk management considerations.

**Principal Risks** 

All investments, including those in mutual funds, have risks. No investment is suitable for all investors. The Fund is intended for long-term investors who can accept the risks involved in equity investing. Of course, there can be no assurance that the Fund will achieve its objective. You may lose money by investing in the Fund. Below are the main risks of investing in the Fund:

***Market Risk.*** The Fund is subject to market risk, which is the possibility that stock prices overall will decline over short or long periods. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. These fluctuations are expected to have a substantial influence on the value of the Fund's shares. Due to the uncertainty caused by war, acts of terrorism, geopolitical conflict, public health issues, recessions, economic cycles, monetary, fiscal and trade policies, company earnings, global pandemics and other risks, global markets may experience increased volatility which could adversely affect the performance of the Fund's investments.

***Growth Stock Risk.*** Growth stocks are typically priced higher than other stocks, in relation to earnings and other measures, because investors believe they have more growth potential. This potential may or may not be realized and, if it is not realized, may result in a loss to the Fund. Growth stock prices also tend to be more volatile than the overall market.

***Small-Sized Company Risk.*** The Fund invests in companies that are smaller, less established, with limited operating histories and less liquid markets for their stock, and therefore may be riskier investments. While small-sized companies generally have the potential for rapid growth, the securities of these companies often involve greater risks than investments in larger, more established companies because small-sized companies may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. In addition, in some instances the securities of small-sized companies are traded only over-the-counter or on a regional securities exchange, and the frequency and volume of their trading is substantially less than is typical of larger companies. The value of securities of smaller, less well-known issuers can be more volatile than that of larger issuers.

***Micro-Cap Company Risk.*** The securities of micro-cap companies may be more volatile in price, have wider spreads between their bid and ask prices, and have significantly lower trading volumes than the securities of larger capitalization companies. As a result, the purchase or sale of more than a limited number of shares of the securities of a smaller company may affect its market price. The Fund may need a considerable amount of time to purchase or sell its positions in these securities. Some U.S. micro-cap companies are followed by few, if any, securities analysts, and there tends to be less publicly available information about such companies. Their securities generally have even more limited trading volumes and are subject to even more abrupt or erratic market price movements than are small-cap and mid-cap securities, and the Fund may be able to deal with only a few market-makers when purchasing and selling micro-cap securities. Such companies also may have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. These conditions, which create greater opportunities to find securities trading well below the investment adviser's estimate of the company's current worth, also involve increased risk.

***Allocation Risk.*** The Fund's overall risk level will depend on the companies, market sectors, industries and asset classes in which the Fund is invested. Because the Fund may have significant weightings in a particular company, asset class, industry or market sector, the value of the Fund's shares may be affected by events that adversely affect that company, industry, asset class, or market sector and may fluctuate more than that of a less focused fund.

The Fund has significant exposure to the health care sector. Health care companies may be negatively impacted by scientific or technological developments, research and development costs, increased competition, rapid product obsolescence and patent expirations. The Fund also has significant exposure to the industrial sector. Industrial companies may be adversely impacted by negative or abrupt changes in economic growth, changes in end market or sub-industry conditions, product

cycles, inventories, pricing, and earnings. The Fund is also expected to have significant exposure to the information technology sector. Technology companies may be subject to abrupt market movements, short product cycles, changing consumer preferences, aggressive pricing of products and services, a limited qualified workforce, new market entrants and intellectual property disputes.

***Equity Securities Risk.*** In a company liquidation, the claims of secured and unsecured creditors and owners of bonds and preferred stocks take precedence over the claims of common stock shareholders.

***Depositary Receipts Risk.*** American Depositary Receipts ("ADRs") represent ownership of securities in foreign companies and are held in banks and trust companies. ADRs are traded on U.S. exchanges and are U.S. dollar denominated. ADRs are subject to the risks inherent in investing in issuers of foreign securities, which included market, political, currency and regulatory risks.

***High Rates of Turnover.*** It is anticipated that the Fund will experience high rates of portfolio turnover, which may result in payment by the Fund of above-average transaction costs and could result in the payment by shareholders of taxes on above-average amounts of recognized investment gains, including net short-term capital gains, which are taxed as ordinary income for federal income tax purposes when distributed to shareholders.

***Manager Risk.*** How the Fund's investment adviser manages the Fund will impact the Fund's performance. The Fund may lose money if the investment adviser's investment strategy does not achieve the Fund's objective or the investment adviser does not implement the strategy successfully.

***IPO Risk.*** The Fund may purchase securities in Initial Public Offerings (IPOs). These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.

**Performance** 

The information in the bar chart and table that follows provides some indication of the risks of investing in the Fund. The following bar chart shows how the performance of the Fund has varied over time. Of course, the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. *Updated performance information is available by visiting* <u>*www.driehaus.com/performance*</u> *or by calling 1-800-560-6111.*

***Annual Returns for the years ended December 31***

![](fp0098070-2_28.jpg)

**Highest/Lowest Quarter Returns (%)** 

During the periods shown in the bar chart, the highest return for a quarter was 54.83% (quarter ended 6/30/20) and the lowest return for a quarter was -24.09% (quarter ended 3/31/20).

**Average Annual Total Returns** 

The following table shows the average annual returns of the Fund on a before-tax and after-tax basis over various periods, as indicated below, compared with a broad measure of market performance, as well as an additional index with characteristics relevant to the Fund. After-tax returns are calculated using the highest historic marginal individual federal income tax rates

and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown in the table. After-tax returns shown are not relevant to investors who hold their shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2025** | **1 Year**  | **5 Years**  | **10 Years**  |
| Driehaus Micro Cap Growth Fund  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes  | 30.88% | 9.57% | 19.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions  | 26.93% | 5.81% | 15.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares  | 20.78% | 6.33% | 14.92% |
| Russell 3000<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes)  | 17.15% | 13.15% | 14.29% |
| Russell Microcap<sup>®</sup> Growth Index\* (reflects no deduction for fees, expenses or taxes)  | 21.84% | 2.81% | 7.82% |

---

\* The additional index shows how the Fund's performance compares with the returns of an index with characteristics relevant to the Fund.

**Portfolio Management** 

**Investment Adviser** 

Driehaus Capital Management LLC ("DCM")

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| Jeffrey James, <br>Portfolio Manager of DCM <br>Lead Portfolio Manager of the Fund <br>since 1/20 (Portfolio Manager <br>of the Fund from 11/13 – 1/20) | Michael Buck, <br>Portfolio Manager of DCM <br>Portfolio Manager of the Fund <br>since 1/20 (Assistant Portfolio Manager <br>of the Fund from 11/13 – 1/20) | Prakash Vijayan, <br>Assistant Portfolio Manager of DCM <br>Assistant Portfolio Manager of the Fund <br>since 1/20 |

---

**Purchase and Sale of Fund Shares** 

The Fund is generally closed to new investors. For additional information, please see "**Shareholder Information — General Purchase Information**." The following is applicable to eligible investors:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Minimum Initial <br> Investment** | **Minimum <br> Subsequent <br> Investment** | **Minimum Initial <br> IRA Investment** | **Minimum <br> Subsequent IRA <br> Investment** | **Minimum <br> Automatic <br> Investment Plan <br> (Monthly)** | **Minimum <br> Automatic <br> Investment Plan <br> (Quarterly)** |
| $10000  | $2000  | $2000  | $500  | $100  | $300  |

---

In general, you can buy or sell shares of the Fund by regular mail addressed to Driehaus Mutual Funds, P.O. Box 4766, Chicago, IL 60680-4766, or by overnight delivery addressed to Driehaus Mutual Funds, c/o Northern Trust, 333 South Wabash Avenue, W-38, Chicago, IL 60604, or by phone at 1-800-560-6111 on any business day. You may also buy and sell shares through a financial professional.

**Tax Information** 

The Fund's distributions may be taxable as ordinary income or capital gains (or a combination of both), unless you are a tax-exempt entity or are investing through a tax-advantaged arrangement, such as a 401(k) or an IRA. If you are investing through a tax-advantaged arrangement, assets held through such arrangement may be taxable upon withdrawal from such arrangement.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund's related companies may pay the intermediary for the sale of Fund shares and/or related services, including recordkeeping, administrative and other sub-transfer agency services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**Driehaus Small Cap Growth Fund** <br>Investor Shares: DVSMX Institutional Shares: DNSMX <br>

**Investment Objective** 

Driehaus Small Cap Growth Fund seeks to maximize capital appreciation.

**Fees and Expenses of the Fund** 

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** 

---

| | | |
|:---|:---|:---|
|  | **Investor<br> Shares** | **Institutional<br> Shares** |
| **Shareholder Fees** (fees paid directly from your investment) |  |  |
| Maximum Sales Charge Imposed on Purchases  |  |  |
| Maximum Deferred Sales Charge  |  |  |
| Maximum Sales Charge Imposed on Reinvested Dividends  |  |  |
| Redemption Fee (as a % of amount redeemed within 60 days of purchase)  |  |  |
| Exchange Fee  |  |  |

---

---

| | | |
|:---|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)  |  |  |
| Management Fee  | 0.60% | 0.60% |
| Other Expenses  | 0.33% | 0.09% |
| Total Annual Fund Operating Expenses  | 0.93% | 0.69% |

---

**Expense Example:** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year**  | **3 Years**  | **5 Years**  | **10 Years**  |
| Investor Shares  | $95 | $296 | $515 | $1143 |
| Institutional Shares  | $70 | $221 | $384 | $859 |

---

**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 152% of the average value of its portfolio.

**Principal Investment Strategy** 

The Fund uses a growth style of investment in equity securities, including common stocks and other equity securities of issuers. Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the equity securities of U.S. small-capitalization ("small-cap") companies. For purposes of the Fund, the investment adviser considers a company to be a small cap company if it is within the same market capitalization range at the time of investment as those included in the Russell 2000<sup>®</sup> Growth Index. For the avoidance of doubt, while the reference index is "float-adjusted," meaning it excludes closely held and other shares unavailable to investors, the investment adviser does not consider a float-adjustment when determining the market capitalization of a company. As of March 31, 2026, approximately 86% of the Russell 2000<sup>®</sup> Growth Index consisted of companies with a market capitalization of less than $10 billion. The market capitalizations of companies included in the Russell 2000<sup>®</sup> Growth Index will change with market conditions. Securities of companies whose market capitalization no longer meets this definition after purchase may continue to be held by the Fund. In addition, while the Fund will invest primarily in the equity securities of U.S. small-cap companies,

the Fund may also from time to time invest up to a maximum of 20% of its assets in the equity securities of non-U.S. companies that trade in the U.S. (such as American Depositary Receipts ("ADRs") or substantially similar instruments that are based on foreign securities) or in securities of companies above the capitalization range of the Russell 2000<sup>®</sup> Growth Index. The Fund may invest in companies with limited or no operating histories. The Fund frequently and actively trades its portfolio securities.

Investment decisions for the Fund's growth style of investing are based on the belief that fundamentally strong companies are more likely to generate superior earnings growth on a sustained basis and are more likely to experience positive earnings revisions. These decisions involve evaluating a company's competitive position, evaluating industry dynamics, identifying potential growth catalysts and assessing the financial position of the company. The decision is also informed by the evaluation of relative valuation, macroeconomic and behavioral factors affecting the company and its stock price. The Fund sells holdings for a variety of reasons, including to take profits, changes to the fundamental investment thesis, changes in the risk/reward assessment of the holding, an assessment that the holding is efficiently priced, to make room for more attractive ideas or for other portfolio or risk management considerations.

**Principal Risks** 

All investments, including those in mutual funds, have risks. No investment is suitable for all investors. The Fund is intended for long-term investors who can accept the risks involved in investing in equity securities. Of course, there can be no assurance that the Fund will achieve its objective. You may lose money by investing in the Fund. Below are the main risks of investing in the Fund:

***Market Risk.*** The Fund is subject to market risk, which is the possibility that stock prices overall will decline over short or long periods. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. These fluctuations are expected to have a substantial influence on the value of the Fund's shares. Due to the uncertainty caused by war, acts of terrorism, geopolitical conflict, public health issues, recessions, economic cycles, monetary, fiscal and trade policies, company earnings, global pandemics and other risks, global markets may experience increased volatility which could adversely affect the performance of the Fund's investments.

***Growth Stock Risk.*** Growth stocks are typically priced higher than other stocks, in relation to earnings and other measures, because investors believe they have more growth potential. This potential may or may not be realized and, if it is not realized, may result in a loss to the Fund. Growth stock prices also tend to be more volatile than the overall market.

***Small- and Medium-Sized Company Risk.*** The Fund invests in companies that are smaller, less established, with limited operating histories and less liquid markets for their stock, and therefore may be riskier investments. While small- and medium-sized companies generally have the potential for rapid growth, the securities of these companies often involve greater risks than investments in larger, more established companies because small- and medium-sized companies may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. In addition, the frequency and volume of their trading is substantially less than is typical of larger companies. The value of securities of smaller, less well-known issuers can be more volatile than that of larger issuers.

***Allocation Risk.*** The Fund's overall risk level will depend on the companies, market sectors, industries and asset classes in which the Fund is invested. Because the Fund may have significant weightings in a particular company, asset class, industry or market sector, the value of the Fund's shares may be affected by events that adversely affect that company, industry, asset class, or market sector and may fluctuate more than that of a less focused fund.

The Fund has significant exposure to the health care sector. Health care companies may be negatively impacted by scientific or technological developments, research and development costs, increased competition, rapid product obsolescence and patent expirations. The Fund is also expected to have significant exposure to the information technology sector. Technology companies may be subject to abrupt market movements, short product cycles, changing consumer preferences, aggressive pricing of products and services, a limited qualified workforce, new market entrants and intellectual property disputes. The Fund also has significant exposure to the industrials sector. Industrial companies may be adversely impacted by negative or abrupt changes in economic growth, changes in end market or sub-industry conditions, product cycles, inventories, pricing, and earnings.

***Equity Securities Risk.*** In a company liquidation, the claims of secured and unsecured creditors and owners of bonds and preferred stocks take precedence over the claims of common stock shareholders.

***Depositary Receipts Risk.*** American Depositary Receipts ("ADRs") represent ownership of securities in foreign companies and are held in banks and trust companies. ADRs are traded on U.S. exchanges and are U.S. dollar denominated. ADRs are subject to the risks inherent in investing in issuers of foreign securities, which included market, political, currency and regulatory risks.

***Manager Risk.*** How the Fund's investment adviser manages the Fund will impact the Fund's performance. The Fund may lose money if the investment adviser's investment strategy does not achieve the Fund's objective or the investment adviser does not implement the strategy successfully.

***High Rates of Turnover.*** It is anticipated that the Fund will experience high rates of portfolio turnover, which may result in payment by the Fund of above-average transaction costs and could result in the payment by shareholders of taxes on above-average amounts of recognized investment gains, including net short-term capital gains, which are taxed as ordinary income for federal income tax purposes when distributed to shareholders.

***IPO Risk.*** The Fund may purchase securities in Initial Public Offerings (IPOs). These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.

**Performance** 

The information in the bar chart and table that follows provides some indication of the risks of investing in the Fund. The following bar chart shows how the performance of the Fund's Investor Shares has varied over time. Of course, the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. *Updated performance information is available by visiting* <u>*www.driehaus.com/performance*</u> *or by calling 1-800-560-6111.* 

The Fund's performance shown includes the performance of Driehaus Institutional Small Cap, L.P. (the "Predecessor Partnership"), the Fund's predecessor, for the periods before the Fund's registration statement became effective. The Fund succeeded to the assets of 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"), which 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 Fund succeeded to the Limited Partnerships' assets on August 21, 2017. 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. The Predecessor Partnership's performance has not been restated to reflect estimated expenses applicable to each class of shares of the Fund. 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.

***Annual Returns for the years ended December 31***

![](fp0098070-2_32.jpg)

**Highest/Lowest Quarter Returns (%)** 

During the periods shown in the bar chart, the highest return for a quarter was 43.51% (quarter ended 6/30/20) and the lowest return for a quarter was -23.62% (quarter ended 12/31/18).

**Average Annual Total Returns** 

The following table shows the average annual returns of the Fund on a before-tax and after-tax basis over various periods, as indicated below, compared with a broad measure of market performance as well as an additional index with characteristics relevant to the Fund. After tax returns are shown only for Investor Shares and after tax returns for Institutional Shares will vary from Investor Shares. After-tax returns are calculated using the highest historic marginal individual federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown in the table. After-tax returns shown are not relevant to investors who hold their shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2025** | **1 Year**  | **5 Years**  | **10 Years**  |
| Driehaus Small Cap Growth Fund – Investor Shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes  | 16.66% | 7.13% | 17.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions  | 16.57% | 5.73% | 15.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares  | 9.88% | 5.09% | 14.01% |
| Driehaus Small Cap Growth Fund – Institutional Shares  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes  | 16.95% | 7.39% | 17.35% |
| Russell 3000<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes)  | 17.15% | 13.15% | 14.29% |
| Russell 2000<sup>®</sup> Growth Index\* (reflects no deduction for fees, expenses or taxes)  | 13.01% | 3.18% | 9.57% |

---

\* The additional index shows how the Fund's performance compares with the returns of an index with characteristics relevant to the Fund.

**Portfolio Management** 

**Investment Adviser** 

Driehaus Capital Management LLC ("DCM")

**Portfolio Managers** 

---

| | | |
|:---|:---|:---|
| Jeffrey James, <br>Portfolio Manager of DCM <br>Lead Portfolio Manager of the Fund <br>since 1/20 (Portfolio Manager of the Fund from 8/17 – 1/20) | Michael Buck, <br>Portfolio Manager of DCM <br>Portfolio Manager of the Fund <br>since 1/20 (Portfolio Manager of <br> the Fund from 8/17 – 1/20) | Prakash Vijayan, <br>Assistant Portfolio Manager of DCM <br>Assistant Portfolio Manager of the Fund <br>since 1/20 |

---

**Purchase and Sale of Fund Shares** 

The Fund is generally closed to new investors. For additional information, please see "**Shareholder Information — General Purchase Information.**" The following is applicable to eligible investors:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Minimum <br> Initial <br> Investment** | **Minimum <br> Subsequent <br> Investment** | **Minimum <br> Initial IRA <br> Investment** | **Minimum <br> Subsequent <br> IRA <br> Investment** | **Minimum <br> Automatic <br> Investment <br> Plan <br> (Monthly)** | **Minimum <br> Automatic <br> Investment <br> Plan <br> (Quarterly)** |
| Investor Shares  | $10000 | $2000 | $2000 | $500 | $100 | $300 |
| Institutional Shares  | $500000 |  | $500000 |  | N/A | N/A |

---

In general, you can buy or sell shares of the Fund by regular mail addressed to Driehaus Mutual Funds, P.O. Box 4766, Chicago, IL 60680-4766, or by overnight delivery addressed to Driehaus Mutual Funds, c/o Northern Trust, 333 South Wabash Avenue, W-38, Chicago, IL 60604, or by phone at 1-800-560-6111 on any business day. You may also buy and sell shares through a financial professional.

**Tax Information** 

The Fund's distributions may be taxable as ordinary income or capital gains (or a combination of both), unless you are a tax-exempt entity or are investing through a tax-advantaged arrangement, such as a 401(k) or an IRA. If you are investing through a tax-advantaged arrangement, assets held through such arrangement may be taxable upon withdrawal from such arrangement.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the intermediary for the sale of Fund shares and/or related services, including recordkeeping, administrative and other sub-transfer agency services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**Driehaus Small/Mid Cap Growth Fund** <br>Ticker: DSMDX<br>

**Investment Objective** 

Driehaus Small/Mid Cap Growth Fund seeks to maximize capital appreciation.

**Fees and Expenses of the Fund** 

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** 

---

| |
|:---|
| **Shareholder Fees** (fees paid directly from your investment) |
| Maximum Sales Charge Imposed on Purchases  |
| Maximum Deferred Sales Charge  |
| Maximum Sales Charge Imposed on Reinvested Dividends  |
| Redemption Fee (as a % of amount redeemed within 60 days of purchase)  |
| Exchange Fee  |

---

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |  |
| Management Fee  | 0.60% |
| Other Expenses  | 0.19% |
| Total Annual Fund Operating Expenses  | 0.79% |
| Expense Recoupment\*  | 0.01% |
| Total Annual Fund Operating Expenses After Expense Reimbursement  | 0.80% |

---

\* The Fund's investment adviser, has contractually agreed to cap the Fund's ordinary annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related expenses, 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) at 0.80% 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 April 30, 2027. Pursuant to the agreement, and so long as the investment advisory agreement is in place, for a period of three years from the date on which the waiver or reimbursement is 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/expense reimbursement as well as the current operating expense cap. Because of this agreement, the Fund may pay the investment adviser less than the contractual management fee. 

**Expense Example:** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The expense reimbursement shown in the Annual Fund Operating Expenses table is reflected for the first year in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $82 | $253 | $440 | $979 |

---

**Portfolio Turnover** 

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 152% of the average value of its portfolio.

**Principal Investment Strategy** 

The Fund uses a growth style of investment in equity securities, including common stocks and other equity securities of issuers. Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the equity securities of U.S. small-capitalized ("small-cap") and U.S. medium-capitalized ("mid-cap") companies (together, "Small/Mid cap" companies). For purposes of the Fund, the investment adviser defines Small/Mid cap

companies as companies whose market capitalizations at the time of investment fall within the range of the Russell 2000<sup>®</sup> Growth Index and the Russell MidCap<sup>®</sup> Growth Index (as of March 31, 2026, companies with capitalizations of approximately $4 million and $96 billion). The market capitalization of the companies included in the Russell 2000<sup>®</sup> Growth Index and the Russell Midcap<sup>®</sup> Growth Index will change with market conditions. For the avoidance of doubt, while the reference indexes are "float-adjusted," meaning they exclude closely held and other shares unavailable to investors, the investment adviser does not consider a float-adjustment when determining the market capitalization of a company. Securities of companies whose market capitalization no longer meets this definition after purchase may continue to be held by the Fund. In addition, while the Fund will invest primarily in the equity securities of U.S. Small/Mid cap companies, the Fund may also from time to time invest up to a maximum of 20% of its assets in the equity securities of non-U.S. companies that trade in the U.S. (such as American Depositary Receipts ("ADRs") or substantially similar instruments that are based on foreign securities) or in securities of companies either below the capitalization range of the Russell 2000<sup>®</sup> Growth Index or above the capitalization range of the Russell MidCap<sup>®</sup> Growth Index. The Fund may also invest in companies with limited or no operating histories. The Fund does not employ any industry or sector focus but may from time to time have greater exposure to the securities of issuers within the same industry or sector. The Fund frequently and actively trades its portfolio securities.

Investment decisions for the Fund's growth style of investing are based on the belief that fundamentally strong companies are more likely to generate superior earnings growth on a sustained basis and are more likely to experience positive earnings revisions. These decisions involve evaluating a company's competitive position, evaluating industry dynamics, identifying potential growth catalysts and assessing the financial position of the company. The investment decision is also based on the evaluation of relative valuation, macroeconomic and behavioral factors affecting the company and its stock price. The Fund sells holdings for a variety of reasons, including to take profits, changes to the fundamental investment thesis, changes in the risk/reward assessment of the holding, an assessment that the holding is efficiently priced, to make room for more attractive ideas or for other portfolio or risk management considerations.

**Principal Risks** 

All investments, including those in mutual funds, have risks. No investment is suitable for all investors. The Fund is intended for long-term investors who can accept the risks involved in investing in Small/Mid cap equity securities. Of course, there can be no assurance that the Fund will achieve its objective. You may lose money by investing in the Fund. Below are the main risks of investing in the Fund:

***Market Risk.*** The Fund is subject to market risk, which is the possibility that stock prices overall will decline over short or long periods. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. These fluctuations are expected to have a substantial influence on the value of the Fund's shares. Due to the uncertainty caused by war, acts of terrorism, geopolitical conflict, public health issues, recessions, economic cycles, monetary, fiscal and trade policies, company earnings, global pandemics and other risks, global markets may experience increased volatility which could adversely affect the performance of the Fund's investments.

***Growth Stock Risk.*** Growth stocks are typically priced higher than other stocks, in relation to earnings and other measures, because investors believe they have more growth potential. This potential may or may not be realized and, if it is not realized, may result in a loss to the Fund. Growth stock prices also tend to be more volatile than the overall market.

***Small- and Medium-Sized Company Risk.*** The Fund invests in companies that are smaller, less established, with limited operating histories and less liquid markets for their stock, and therefore may be riskier investments. While small- and medium-sized companies generally have the potential for rapid growth, the securities of these companies often involve greater risks than investments in larger, more established companies because small- and medium-sized companies may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. In addition, the frequency and volume of their trading is substantially less than is typical of larger companies. The value of securities of smaller, less well-known issuers can be more volatile than that of larger issuers.

***Allocation Risk.*** The Fund's overall risk level will depend on the companies, market sectors, industries and asset classes in which the Fund is invested. Because the Fund may have significant weightings in a particular company, asset class, industry or market sector, the value of the Fund's shares may be affected by events that adversely affect that company, industry, asset class, or market sector and may fluctuate more than that of a less focused fund.

The Fund has significant exposure to the health care sector. Health care companies may be negatively impacted by scientific or technological developments, research and development costs, increased competition, rapid product obsolescence and patent expirations. The Fund is also expected to have significant exposure to the information technology sector. Technology companies may be subject to abrupt market movements, short product cycles, changing consumer preferences, aggressive pricing of products and services, a limited qualified workforce, new market entrants and intellectual property disputes. The

Fund also has significant exposure to the industrials sector. Industrial companies may be adversely impacted by negative or abrupt changes in economic growth, changes in end market or sub-industry conditions, product cycles, inventories, pricing, and earnings.

***Equity Securities Risk.*** In a company liquidation, the claims of secured and unsecured creditors and owners of bonds and preferred stocks take precedence over the claims of common stock shareholders.

***Depositary Receipts Risk.*** American Depositary Receipts ("ADRs") represent ownership of securities in foreign companies and are held in banks and trust companies. ADRs are traded on U.S. exchanges and are U.S. dollar denominated. ADRs are subject to the risks inherent in investing in issuers of foreign securities, which included market, political, currency and regulatory risks.

***Manager Risk.*** How the Fund's investment adviser manages the Fund will impact the Fund's performance. The Fund may lose money if the investment adviser's investment strategy does not achieve the Fund's objective or the investment adviser does not implement the strategy successfully.

***High Rates of Turnover.*** It is anticipated that the Fund will experience high rates of portfolio turnover, which may result in payment by the Fund of above-average transaction costs and could result in the payment by shareholders of taxes on above-average amounts of recognized investment gains, including net short-term capital gains, which are taxed as ordinary income for federal income tax purposes when distributed to shareholders.

***IPO Risk.*** The Fund may purchase securities in Initial Public Offerings (IPOs). These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.

**Performance** 

The information in the bar chart and table that follows provides some indication of the risks of investing in the Fund. The following bar chart shows how the performance of the Fund has varied over time. Of course, the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. *Updated performance information is available by visiting* <u>*www.driehaus.com/performance*</u> *or by calling 1-800-560-6111.* 

***Annual Returns for the years ended December 31***

![](fp0098070-2_37.jpg)

**Highest/Lowest Quarter Returns (%)** 

During the periods shown in the bar chart, the highest return for a quarter was 18.02% (quarter ended 3/31/24) and the lowest return for a quarter was -19.72% (quarter ended 6/30/22).

**Average Annual Total Returns** 

The following table shows the average annual returns of the Fund on a before-tax and after-tax basis over various periods, as indicated below, as compared with a broad measure of market performance as well as an additional index with characteristics relevant to the Fund. After-tax returns are calculated using the highest historic marginal individual federal income tax rates

and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown in the table. After-tax returns shown are not relevant to investors who hold their shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns as of December 31, 2025** | **1 Year**  | **5 Year** | **Since Inception <br> (May 1, 2020 – <br> December 31, 2025)** |
| Driehaus Small/Mid Cap Growth Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return Before Taxes  | 9.83% | 6.34% | 16.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions  | 9.67% | 5.52% | 15.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares  | 5.84% | 4.64% | 13.04% |
| Russell 3000<sup>®</sup> Index (reflects no deduction for fees, expenses or taxes)  | 17.15% | 13.15% | 18.19% |
| Russell 2500<sup>®</sup> Growth Index – Net\* (reflects no deduction for fees, expenses or taxes)  | 10.31% | 2.98% | 11.82% |

---

\* The additional index shows how the Fund's performance compares with the returns of an index with characteristics relevant to the Fund.

**Portfolio Management** 

**Investment Adviser** 

Driehaus Capital Management LLC ("DCM")

**Portfolio Managers** 

Jeffrey James, Portfolio Manager of DCM Lead Portfolio Manager of the Fund since 5/20 Michael Buck, Portfolio Manager of DCM Portfolio Manager of the Fund since 5/20 Prakash Vijayan, Assistant Portfolio Manager of DCM Assistant Portfolio Manager of the Fund since 5/20

**Purchase and Sale of Fund Shares** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Minimum Initial <br> Investment** | **Minimum <br> Subsequent <br> Investment** | **Minimum Initial <br> IRA Investment** | **Minimum <br> Subsequent IRA <br> Investment** | **Minimum <br> Automatic <br> Investment Plan <br> (Monthly)** | **Minimum <br> Automatic <br> Investment Plan <br> (Quarterly)** |
| $10000  | $2000  | $2000  | $500  | $100  | $300  |

---

In general, you can buy or sell shares of the Fund by regular mail addressed to Driehaus Mutual Funds, P.O. Box 4766, Chicago, IL 60680-4766, or by overnight delivery addressed to Driehaus Mutual Funds, c/o Northern Trust, 333 South Wabash Avenue, W-38, Chicago, IL 60604, or by phone at 1-800-560-6111 on any business day. You may also buy and sell shares through a financial professional.

**Tax Information** 

The Fund's distributions may be taxable as ordinary income or capital gains (or a combination of both), unless you are a tax-exempt entity or are investing through a tax-advantaged arrangement, such as a 401(k) or an IRA. If you are investing through a tax-advantaged arrangement, assets held through such arrangement may be taxable upon withdrawal from such arrangement.

**Payments to Broker-Dealers and Other Financial Intermediaries** 

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related companies may pay the intermediary for the sale of Fund shares and/or related services, including recordkeeping, administrative and other sub-transfer agency services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**Additional Information About the Funds**<br>

**Investment Adviser** 

Each Fund is managed by Driehaus Capital Management LLC (the "Adviser"), a registered investment adviser founded in 1982. As of March 31, 2026, the Adviser managed approximately $25 billion in assets.

**Fund Distributions** 

The Funds intend to pay dividends, if any, at least annually. Such distributions can consist of both ordinary income and any realized capital gains. The amount of distributions will vary, and there is no guarantee the Funds will pay either income dividends or a capital gain distribution. Unless you are a tax-exempt entity or are purchasing Fund shares through a tax-advantaged account (such as a 401(k) or an IRA), buying Fund shares at a time when the Fund has undistributed income or gains can cost you money in taxes. Contact the Funds for information concerning when distributions will be paid. On a continuing basis, due to high portfolio turnover of the Funds, a greater percentage of capital gains may be paid each year by a Fund with a significant percentage of those capital gains constituting short-term capital gains, which are taxed at ordinary income tax rates for federal income tax purposes when distributed. You should consult your tax advisor regarding your tax situation.

**Investment Objectives and Principal Investment Strategies** 

***Driehaus Emerging Markets Growth Fund.*** The investment objective of the Driehaus Emerging Markets Growth Fund is to maximize capital appreciation. This investment objective is fundamental and cannot be changed without the approval of shareholders. The Fund pursues its objective by investing primarily in the equity securities of emerging market companies. Emerging market companies are (i) companies organized under the laws of an emerging market country or having securities which are traded principally on an exchange or over-the-counter in an emerging market country; or (ii) companies which, regardless of where organized or traded, have a significant amount of assets located in and/or derive a significant amount of their revenues from goods purchased or sold, investments made or services performed in or with emerging market countries. Under normal market conditions, at least 80% of the Fund's net assets (plus the amount of borrowings for investment purposes) will be invested in the equity securities of emerging markets companies. The Fund will provide shareholders 60 days' prior written notice of a change in the Fund's non-fundamental policy of investing at least 80% of its net assets in emerging markets companies. There are also no specific limitations on the percentage of assets that may be invested in securities of issuers located in any one country at a given time; the Fund may invest significant assets in any single emerging market country. The Fund generally defines an "emerging market" as including, but not limited to, any of the countries or markets represented in the MSCI Emerging Markets Index, or any country or market with similar emerging characteristics. Current dividend income is not an investment consideration and dividend income is incidental to the Fund's overall investment objective. The Fund may also invest in securities of issuers that have limited or no operating histories.

Equity securities include common and preferred stocks, American Depositary Receipts ("ADR"), Global Depositary Receipts ("GDR"), equity-convertible securities such as warrants, rights, or options, and other classes of stock that may exist. The Fund may purchase foreign securities in the form of sponsored or unsponsored depositary receipts or other securities representing underlying shares of foreign issuers. The Fund may purchase depositary receipts, rather than invest directly in the underlying shares of a foreign issuer, for liquidity, timing or transaction cost reasons. The Fund may also invest in domestic and foreign investment companies which, in turn, invest primarily in securities which the Fund could hold directly.

Investment decisions for the Fund's growth style of investing, for those companies with operating histories, are based on the determination that a company's revenue and earnings growth can materially exceed market expectations and that a company possesses the ability to undergo an incrementally positive change in growth and earnings trajectories. These decisions involve evaluating fundamental factors, including the company's business model, the competitive landscape, upcoming product introductions and recent and projected financial metrics. The evaluation of behavioral and macro factors represents significant aspects of the Adviser's philosophy and are integrated into the Adviser's bottom-up analysis on individual securities. The decision is also informed by the evaluation of technical or market factors, including price and volume trends, relative strength and institutional interest. To a lesser extent, the Fund's Adviser also utilizes macroeconomic or country-specific analyses to evaluate the sustainability of a company's growth rate. The Adviser incorporates the consideration of material environmental, social and governance ("ESG") factors when evaluating investment opportunities by reviewing ESG research and ratings information from one or more third-party ratings organizations. Through its quantitative and qualitative analysis of ESG factors, the Adviser seeks to identify and understand ESG-related risks. The Adviser does not exclude investment opportunities based on ESG factors and an investment could be made in an issuer that scores poorly on ESG

factors if such investment performs strongly on other factors considered. The Fund sells holdings for a variety of reasons, including the deterioration of the earnings profile, the violation of specific technical thresholds, to shift into securities with more compelling risk/reward characteristics or to alter sector or country exposure.

The Adviser generally intends to remain fully invested. However, the Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund's principal investment strategy in attempting to respond to adverse market, economic, political or other conditions. As a temporary defensive measure, the Fund may hold some or all of its assets in cash or cash equivalents in domestic and foreign currencies, invest in domestic and foreign money market securities (including repurchase agreements), purchase short-term debt securities of U.S. or foreign government or corporate issuers, or invest in money market funds which purchase one or more of the foregoing. The Fund may also purchase such securities if the Adviser believes they may be necessary to meet the Fund's liquidity needs. During periods of time when the Fund is not fully invested, the Fund may not achieve its investment objective.

***Driehaus Emerging Markets Small Cap Growth Fund.*** The investment objective of the Fund is to maximize capital appreciation. This investment objective is fundamental and cannot be changed without the approval of shareholders. The Fund pursues its objective by investing primarily in the equity securities of small capitalization emerging markets companies. Under normal market conditions, the Fund invests substantially all (no less than 80%) of its net assets (plus the amount of borrowings for investment purposes) in small capitalization emerging markets companies. For purposes of the Fund, the Adviser currently considers a company to be a small capitalization emerging markets company if it is within the same market capitalization range at the time of investment as those included in the MSCI Emerging Markets Small Cap Index (net). For the avoidance of doubt, while the reference index is "float-adjusted," meaning it excludes closely held and other shares unavailable to investors, the Adviser does not consider a float-adjustment when determining the market capitalization of a company. As of March 31, 2026, approximately 95% of the MSCI Emerging Markets Small Cap Index consisted of companies with a market capitalization of less than $8 billion. The market capitalizations of companies included in the MSCI Emerging Markets Small Cap Index will change with market conditions.

The Fund will provide shareholders 60 days' prior written notice of a change in the Fund's non-fundamental policy of investing at least 80% of its net assets in small capitalization emerging markets companies. Securities of companies whose market capitalization no longer meet this definition after purchase may continue to be held by the Fund. The Fund may invest in companies with higher market capitalizations if market conditions suggest doing so will help the Fund achieve its objective. Emerging markets companies are (i) companies organized under the laws of an emerging market country or having securities which are traded principally on an exchange or over-the-counter in an emerging market country; or (ii) companies which, regardless of where organized or traded, have a significant amount of assets located in and/or derive a significant amount of their revenues from goods purchased or sold, investments made or services performed in or with emerging market countries. There are also no specific limitations on the percentage of assets that may be invested in securities of issuers located in any one country at a given time; the Fund may invest significant assets in any single emerging market country. The Fund generally defines an "emerging market" as including, but not limited to, any of the countries or markets represented in the MSCI Emerging Markets Index, or any country or market with similar emerging characteristics. Current dividend income is not an investment consideration and dividend income is incidental to the Fund's overall investment objective. The Fund may also invest in securities of issuers that have limited or no operating histories.

Equity securities include common and preferred stocks, American Depositary Receipts ("ADR"), Global Depositary Receipts ("GDR"), equity-convertible securities such as warrants, rights, or options, and other classes of stock that may exist. The Fund may purchase foreign securities in the form of sponsored or unsponsored depositary receipts or other securities representing underlying shares of foreign issuers. The Fund may purchase ADRs or GDRs, rather than invest directly in the underlying shares of a foreign issuer, for liquidity, timing or transaction cost reasons.

Investment decisions for the Fund's growth style of investing, for those companies with operating histories, are based on the determination that a company's revenue and earnings growth can materially exceed market expectations and that a company possesses the ability to undergo an incrementally positive change in growth and earnings trajectories. These decisions involve evaluating fundamental factors, including the company's business model, the competitive landscape, upcoming product introductions and recent and projected financial metrics. The evaluation of behavioral and macro factors represents significant aspects of the Adviser's philosophy and are integrated into the Adviser's bottom-up analysis on individual securities. The decision is also informed by the evaluation of technical or market factors, including price and volume trends, relative strength and institutional interest. To a lesser extent, the Fund's Adviser also utilizes macroeconomic or country-specific analyses to evaluate the sustainability of a company's growth rate. The Adviser incorporates the consideration of material environmental, social and governance ("ESG") factors when evaluating investment opportunities by reviewing ESG research and ratings information from one or more third-party ratings organizations. Through its quantitative and qualitative analysis of ESG factors, the Adviser seeks to identify and understand ESG-related risks. The Adviser does not exclude

investment opportunities based on ESG factors and an investment could be made in an issuer that scores poorly on ESG factors if such investment performs strongly on other factors considered. The Fund sells holdings for a variety of reasons, including the deterioration of the earnings profile, the violation of specific technical thresholds, to shift into securities with more compelling risk/reward characteristics or to alter sector or country exposure.

The Adviser generally intends to remain fully invested. However, the Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund's principal investment strategy in attempting to respond to adverse market, economic, political or other conditions. As a temporary defensive measure, the Fund may hold some or all of its assets in cash or cash equivalents in domestic and foreign currencies, invest in domestic and foreign money market securities (including repurchase agreements), purchase short-term debt securities of U.S. or foreign government or corporate issuers, or invest in money market funds which purchase one or more of the foregoing. The Fund may also purchase such securities if the Adviser believes they may be necessary to meet the Fund's liquidity needs. During periods of time when the Fund is not fully invested, the Fund may not achieve its investment objective.

***Driehaus Global Fund.*** The Driehaus Global Fund seeks to maximize capital appreciation. This investment objective is fundamental and cannot be changed without the approval of shareholders. The Fund, using a growth style of investment, opportunistically invests in equity securities, including common stocks and sponsored or unsponsored American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs") or Global Depositary Receipts ("GDRs"), of issuers located throughout the world, including the United States (U.S.), and in both developed and emerging markets. Equity securities include common and preferred stocks, ADRs, GDRs, EDRs, equity-convertible securities such as warrants, rights, or options, and other classes of stock that may exist.

The Fund is not constrained based on the country, region, or market capitalization and its assets may at times be concentrated in a particular country, segment of the economy, region or issuer. The composition and asset allocation of the Fund's investment portfolio will vary over time. The Fund may invest in issuers across all market capitalizations as well as in issuers with limited or no operating histories. Notwithstanding the above, under normal circumstances, the Fund will have exposure to issuers organized, domiciled, or headquartered in at least three different countries (other than its exposure to U.S. issuers).

The Fund's sector and geographic diversification will also vary based on the investment adviser's evaluation of current economic, political and market factors. Investment decisions for the Fund's growth style of investing are based on the determination that a company's revenue and earnings growth can materially exceed market expectations and that a company possesses the ability to undergo an incrementally positive change in growth and earnings trajectories.

In managing the Fund, the Adviser uses an investment approach that integrates a top-down (focusing on the economy and market trends) analysis of the overall economy and a bottom-up (focusing on individual stocks) analysis of individual securities. From a top-down perspective, the Adviser looks at the relative value of securities to identify assets to include in the Fund's portfolio. Bottom-up analysis involves evaluating fundamental factors, including the company's business model, the competitive landscape, upcoming product introductions and recent and projected financial metrics in order to identify companies with more attractive earnings growth on a prospective basis. The Adviser's decision to buy or sell a security is also based on the evaluation of technical or market factors, including price and volume trends, relative strength and institutional interest. The Adviser incorporates the consideration of material environmental, social and governance ("ESG") factors when evaluating investment opportunities by reviewing ESG research and ratings information from one or more third-party ratings organizations. Through its quantitative and qualitative analysis of ESG factors, the Adviser seeks to identify and understand ESG-related risks. The Adviser does not exclude investment opportunities based on ESG factors and an investment could be made in an issuer that scores poorly on ESG factors if such investment performs strongly on other factors considered.

The Fund expects to frequently and actively trade its portfolio as part of its principal investment strategies. The Fund sells holdings for a variety of reasons, including when the Adviser believes the security has become fully valued due to either its price appreciation or changes in the issuer's fundamentals, to shift into securities with more compelling risk/reward characteristics or to alter sector or country exposure.

The Adviser generally intends to remain fully invested. However, the Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund's principal investment strategy in attempting to respond to adverse market, economic, political or other conditions. As a temporary defensive measure, the Fund may hold some or all of its assets in cash or cash equivalents in domestic and foreign currencies, invest in domestic and foreign money market securities (including repurchase agreements), purchase short-term debt securities of U.S. or foreign government or corporate issuers, or invest in money market funds which purchase one or more of the foregoing. The Fund may also purchase such securities if the Adviser believes they may be necessary to meet the Fund's liquidity needs. During periods of time when the Fund is not fully invested, the Fund may not achieve its investment objective.

***Driehaus International Small Cap Growth Fund.*** The investment objective of the Driehaus International Small Cap Growth Fund is to maximize capital appreciation. This investment objective is fundamental and cannot be changed without the approval of shareholders. The Fund invests primarily in equity securities of smaller capitalization non-U.S. companies exhibiting strong growth characteristics. Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the equity securities of non-U.S. small capitalization companies. The Adviser currently considers non-U.S. small capitalization companies to be companies located in the same countries and within the same market capitalization range at the time of investment as those included in the MSCI All Country World ex USA Small Cap Growth Index. For the avoidance of doubt, while the reference index is "float-adjusted," meaning it excludes closely held and other shares unavailable to investors, the Adviser does not consider a float-adjustment when determining the market capitalization of a company. As of March 31, 2026, approximately 92% of the MSCI All Country World ex USA Small Cap Growth Index consisted of companies with a market capitalization of less than $9 billion. The market capitalizations of companies included in the MSCI All Country World ex USA Small Cap Growth Index will change with market conditions. The Fund will provide shareholders 60 days' prior written notice of a change in the Fund's non-fundamental policy of investing at least 80% of its net assets in the equity securities of non-U.S. small cap companies. In some countries, a small company by U.S. standards might rank among the largest in that country in terms of capitalization. The capitalization parameter is subject to change as the relative market capitalization of small cap issuers change over time. There is no maximum limit on the number of companies in which the Adviser can invest at a given time. There is no specific limitation on the percentages of assets that may be invested in securities of issuers located in any one country at any given time. At certain times, the Fund could have sizeable positions in either developed countries or emerging markets. In addition, while the Fund will invest primarily in the equity securities of non-U.S. companies, the Fund may also from time to time invest up to a maximum of 20% of its assets in the equity securities of U.S. companies. Many, but not all, of these companies will be U.S. companies that have a significant amount of assets located in and/or derive a significant amount of their revenue from goods purchased or sold, investments made, or services performed in or with non-U.S. countries. Current dividend income is not an investment consideration and dividend income is incidental to the Fund's overall investment objective. The Fund may also invest in securities of issuers with limited or no operating histories.

The securities markets of many developing economies are sometimes referred to as "emerging markets." The amount of the Fund's assets invested in emerging markets will vary over time and could be substantial. The Fund generally defines an "emerging market" as including, but not limited to, any of the countries or markets represented in the MSCI Emerging Markets Index, or any country or market with similar emerging characteristics. The Fund is not limited to a specific percentage of assets that may be invested in a single emerging market country, although at all times the Fund must be invested in at least three countries (not limited to emerging markets countries).

Equity securities include common and preferred stocks, American Depositary Receipts ("ADR"), Global Depositary Receipts ("GDR"), equity-convertible securities such as warrants, rights, or options, and other classes of stock that may exist. The Fund may purchase foreign securities in the form of sponsored or un-sponsored depositary receipts or other securities representing underlying shares of foreign issuers. The Fund may purchase depositary receipts, rather than invest directly in the underlying shares of a foreign issuer, for liquidity, timing or transaction cost reasons. The Fund may also invest in domestic and foreign investment companies which, in turn, invest primarily in securities which the Fund could hold directly.

Investment decisions for the Fund's growth style of investing, for those companies with operating histories, are based on the determination that a company's revenue and earnings growth can materially exceed market expectations and that the security is at an attractive entry point. These decisions involve evaluating fundamental factors, including the company's business model, the competitive landscape, upcoming product introductions and recent and projected financial metrics. The decision is also informed by the evaluation of technical or market factors, including price and volume trends, relative strength and institutional interest. To a lesser extent, the Fund's Adviser also utilizes macroeconomic or country-specific analyses to evaluate the sustainability of a company's growth rate. The Adviser incorporates the consideration of material environmental, social and governance ("ESG") factors when evaluating investment opportunities by reviewing ESG research and ratings information from one or more third-party ratings organizations. Through its quantitative and qualitative analysis of ESG factors, the Adviser seeks to identify and understand ESG-related risks. The Adviser does not exclude investment opportunities based on ESG factors and an investment could be made in an issuer that scores poorly on ESG factors if such investment performs strongly on other factors considered. The Fund sells holdings for a variety of reasons, including the deterioration of the earnings profile, the violation of specific technical thresholds, to shift into securities with more compelling risk/reward characteristics or to alter sector or country exposure.

The Adviser generally intends to remain fully invested. However, the Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund's principal investment strategy in attempting to respond to adverse market, economic, political or other conditions. As a temporary defensive measure, the Fund may hold some or all of its assets in cash or cash equivalents in domestic and foreign currencies, invest in domestic and foreign money market securities (including

repurchase agreements), purchase short-term debt securities of U.S. or foreign government or corporate issuers, or invest in money market funds which purchase one or more of the foregoing. The Fund may also purchase such securities if the Adviser believes they may be necessary to meet the Fund's liquidity needs. During periods of time when the Fund is invested defensively, the Fund may not achieve its investment objective.

***Driehaus International Developed Equity Fund.*** Driehaus International Developed Equity Fund seeks to maximize capital appreciation. This investment objective is fundamental and cannot be changed without the approval of shareholders. Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of borrowings for investment purposes) in equity securities issued by non-U.S. developed market companies of all market-capitalizations. The Fund will provide shareholders 60 days' prior written notice of a change in the Fund's non-fundamental policy of investing at least 80% of its net assets in the equity securities of non-U.S. developed market companies of all market-capitalizations.

The Fund will invest in equity securities, including common stock and depositary receipts, of companies located in non-U.S. developed market countries. The Fund's investment adviser considers a company to be a developed market company if such company is organized under the laws of, if its principal offices are in, its securities are principally traded in, or if the company derives at least 50% of its revenues or net profits from, or has at least 50% of its assets in, a developed market country as defined by the MSCI World ex USA Growth Index. From time to time, the Fund may invest a significant portion of its assets in the securities of companies domiciled in one or a few countries or regions. The Fund may invest in companies of any size, but its focus will typically be in large-capitalization companies. The Fund may participate in initial public offerings ("IPOs") and in securities offerings that are not registered in the United States. While the Fund will invest primarily in the equity securities of non-U.S. developed market countries, the Fund may also from time to time invest up to a maximum of 20% of its assets in the equity securities of U.S. companies and/or non-developed market securities.

In managing the Fund, the investment adviser uses an investment approach that integrates top-down (focusing on the economy and market trends) analysis of the overall economy and bottom-up (focusing on individual stocks) analysis of individual securities. From a top-down perspective, the investment adviser looks at the relative value of securities to identify assets to include in the Fund's portfolio. Bottom-up analysis involves evaluating fundamental factors, including a company's business model, the competitive landscape, upcoming product introductions and recent and projected financial metrics in order to identify companies with more attractive earnings growth on a prospective basis. The investment adviser's decision to buy or sell a security is also based on the evaluation of technical or market factors, including price and volume trends, relative strength and institutional interest.

Equity securities include common and preferred stocks, American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs") or Global Depositary Receipts ("GDRs"), equity-convertible securities such as warrants, rights, or options, and other classes of stock that may exist. The Fund may purchase foreign securities in the form of sponsored or un-sponsored depositary receipts or other securities representing underlying shares of foreign issuers. The Fund may purchase depositary receipts, rather than invest directly in the underlying shares of a foreign issuer, for liquidity, timing or transaction cost reasons. The Fund may also invest in domestic and foreign investment companies which, in turn, invest primarily in securities which the Fund could hold directly.

Investment decisions for the Fund's growth style of investing, for those companies with operating histories, are based on the determination that a company's revenue and earnings growth can materially exceed market expectations and that the security is at an attractive entry point. These decisions involve evaluating fundamental factors, including the company's business model, the competitive landscape, upcoming product introductions and recent and projected financial metrics. The decision is also informed by the evaluation of technical or market factors, including price and volume trends, relative strength and institutional interest. To a lesser extent, the Fund's Adviser also utilizes macroeconomic or country-specific analyses to evaluate the sustainability of a company's growth rate. The Adviser incorporates the consideration of material environmental, social and governance ("ESG") factors when evaluating investment opportunities by reviewing ESG research and ratings information from one or more third-party ratings organizations. Through its quantitative and qualitative analysis of ESG factors, the Adviser seeks to identify and understand ESG-related risks. The Adviser does not exclude investment opportunities based on ESG factors and an investment could be made in an issuer that scores poorly on ESG factors if such investment performs strongly on other factors considered. The Fund sells holdings for a variety of reasons, including the deterioration of the earnings profile, the violation of specific technical thresholds, to shift into securities with more compelling risk/reward characteristics or to alter sector or country exposure.

The Adviser generally intends to remain fully invested. However, the Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund's principal investment strategy in attempting to respond to adverse market, economic, political or other conditions. As a temporary defensive measure, the Fund may hold some or all of its assets in cash or cash equivalents in domestic and foreign currencies, invest in domestic and foreign money market securities (including repurchase agreements), purchase short-term debt securities of U.S. or foreign government or corporate issuers, or invest

in money market funds which purchase one or more of the foregoing. The Fund may also purchase such securities if the Adviser believes they may be necessary to meet the Fund's liquidity needs. During periods of time when the Fund is invested defensively, the Fund may not achieve its investment objective.

***Driehaus Micro Cap Growth Fund.*** The Driehaus Micro Cap Growth Fund seeks to maximize capital appreciation. This investment objective is fundamental and cannot be changed without the approval of shareholders. The Fund invests primarily in equity securities of micro-cap U.S. companies exhibiting strong growth characteristics. Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the equity securities of U.S. micro-cap companies. The Fund will provide shareholders 60 days' prior written notice of a change in the Fund's non-fundamental policy of investing at least 80% of its net assets in the equity securities of U.S. micro-cap companies. For purposes of the Fund, the Adviser currently considers a company to be a micro-cap company if it is within the same market capitalization range at the time of investment as those included in the Russell Microcap<sup>®</sup> Growth Index. For the avoidance of doubt, while the reference index is "float-adjusted," meaning it excludes closely held and other shares unavailable to investors, the Adviser does not consider a float-adjustment when determining the market capitalization of a company. As of March 31, 2026, approximately 87% of the Russell Microcap<sup>®</sup> Growth Index consisted of companies with a market capitalization of less than $4 billion. The market capitalizations of companies included in the Russell Microcap<sup>®</sup> Growth Index will change with market conditions. Securities of companies whose market capitalization no longer meets this definition after purchase may continue to be held by the Fund. Current dividend income is not an investment consideration, and dividend income is incidental to the Fund's overall investment objective. The Fund may also invest in securities of issuers with limited or no operating histories.

Equity securities include common and preferred stocks, bearer and registered shares, warrants or rights or options that are convertible into common stock, depositary receipts for those securities, and other classes of stock that may exist. The Fund may invest in cash, money market mutual funds or similar cash equivalents. While the Fund will invest primarily in the securities of U.S. companies, the Fund may also from time to time invest up to a maximum of 20% of its assets (measured at the time of investment) in the equity securities of non-U.S. companies that trade in the U.S. (such as American Depositary Receipts ("ADRs") or substantially similar instruments that are based on foreign securities).

Investment decisions for the Fund's growth style of investing, for those companies with operating histories, are based on the determination that a company's revenue and earnings growth can materially exceed market expectations and that the security is at an attractive entry point. These decisions involve evaluating fundamental factors, including the company's business model, the competitive landscape, upcoming product introductions and recent and projected financial metrics. The decision is also informed by the evaluation of technical or market factors, including price and volume trends, relative strength and institutional interest. To a lesser extent, the Fund's Adviser also utilizes macroeconomic or country-specific analyses to evaluate the sustainability of a company's growth rate. The Adviser incorporates the consideration of material environmental, social and governance ("ESG") factors when evaluating investment opportunities by reviewing ESG research and ratings information from one or more third-party ratings organizations. Through its quantitative and qualitative analysis of ESG factors, the Adviser seeks to identify and understand ESG-related risks. The Adviser does not exclude investment opportunities based on ESG factors and an investment could be made in an issuer that scores poorly on ESG factors if such investment performs strongly on other factors considered. The Fund sells holdings for a variety of reasons, including the deterioration of the earnings profile, the violation of specific technical thresholds, to shift into securities with more compelling risk/reward characteristics or to alter sector or country exposure.

The Adviser generally intends to remain fully invested. However, the Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund's principal investment strategy in attempting to respond to adverse market, economic, political or other conditions. As a temporary defensive measure, the Fund may hold some or all of its assets in cash or cash equivalents in domestic currencies, invest in domestic money market mutual securities (including repurchase agreements), purchase short-term debt securities of U.S. or corporate issuers, or invest in money market funds which purchase one or more of the foregoing. The Fund may also purchase such securities if the Adviser believes they may be necessary to meet the Fund's liquidity needs. During periods of time when the Fund is not fully invested, the Fund may not achieve its investment objective.

***Driehaus Small Cap Growth Fund.*** The investment objective of the Driehaus Small Cap Growth Fund is to maximize capital appreciation. This investment objective is fundamental and cannot be changed without the approval of shareholders. The Fund invests primarily in equity securities of small cap U.S. companies exhibiting strong growth characteristics. Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the equity securities of U.S. small cap companies. The Fund will provide shareholders 60 days' prior written notice of a change in the Fund's non-fundamental policy of investing at least 80% of its net assets in the equity securities of U.S. small cap companies. For purposes of the Fund, the Adviser currently considers a company to be a small cap company if it is within

the same market capitalization range at the time of investment as those included in the Russell 2000<sup>®</sup> Growth Index. For the avoidance of doubt, while the reference index is "float-adjusted," meaning it excludes closely held and other shares unavailable to investors, the Adviser does not consider a float-adjustment when determining the market capitalization of a company. As of March 31, 2026, approximately 86% of the Russell 2000<sup>®</sup> Growth Index consisted of companies with a market capitalization of less than $10 billion. The market capitalizations of companies included in the Russell 2000<sup>®</sup> Growth Index will change with market conditions. Securities of companies whose market capitalization no longer meets this definition after purchase may continue to be held by the Fund. Current dividend income is not an investment consideration, and dividend income is incidental to the Fund's overall investment objective. The Fund may also invest in securities of issuers with limited or no operating histories.

Equity securities include common and preferred stocks, bearer and registered shares, warrants or rights or options that are convertible into common stock, depositary receipts for those securities, and other classes of stock that may exist. The Fund may invest in cash, money market mutual funds or similar cash equivalents. While the Fund will invest primarily in the securities of U.S. companies, the Fund may also from time to time invest up to a maximum of 20% of its assets (measured at the time of investment) in the equity securities of non-U.S. companies that trade in the U.S. (such as American Depositary Receipts ("ADRs") or substantially similar instruments that are based on foreign securities).

Investment decisions for the Fund's growth style of investing, for those companies with operating histories, are based on the determination that a company's revenue and earnings growth can materially exceed market expectations and that the security is at an attractive entry point. These decisions involve evaluating fundamental factors, including the company's business model, the competitive landscape, upcoming product introductions and recent and projected financial metrics. The decision is also informed by the evaluation of technical or market factors, including price and volume trends, relative strength and institutional interest. To a lesser extent, the Fund's Adviser also utilizes macroeconomic or country-specific analyses to evaluate the sustainability of a company's growth rate. The Adviser incorporates the consideration of material environmental, social and governance ("ESG") factors when evaluating investment opportunities by reviewing ESG research and ratings information from one or more third-party ratings organizations. Through its quantitative and qualitative analysis of ESG factors, the Adviser seeks to identify and understand ESG-related risks. The Adviser does not exclude investment opportunities based on ESG factors and an investment could be made in an issuer that scores poorly on ESG factors if such investment performs strongly on other factors considered. The Fund sells holdings for a variety of reasons, including the deterioration of the earnings profile, the violation of specific technical thresholds, to shift into securities with more compelling risk/reward characteristics or to alter sector or country exposure.

The Adviser generally intends to remain fully invested. However, the Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund's principal investment strategy in attempting to respond to adverse market, economic, political or other conditions. As a temporary defensive measure, the Fund may hold some or all of its assets in cash or cash equivalents in domestic currencies, invest in domestic money market mutual securities (including repurchase agreements), purchase short-term debt securities of U.S. or corporate issuers, or invest in money market funds which purchase one or more of the foregoing. The Fund may also purchase such securities if the Adviser believes they may be necessary to meet the Fund's liquidity needs. During periods of time when the Fund is not fully invested, the Fund may not achieve its investment objective.

***Driehaus Small/Mid Cap Growth Fund.*** The investment objective of the Driehaus Small/Mid Cap Growth Fund is to maximize capital appreciation. This investment objective is fundamental and cannot be changed without the approval of shareholders. The Fund invests primarily in equity securities of Small/Mid cap U.S. companies exhibiting strong growth characteristics. Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the equity securities of U.S. Small/Mid cap companies. The Fund will provide shareholders 60 days' prior written notice of a change in the Fund's non-fundamental policy of investing at least 80% of its net assets in the equity securities of U.S. Small/Mid cap companies. For purposes of the Fund, the investment adviser defines Small/Mid cap companies as companies whose market capitalizations at the time of investment fall within the range of the Russell 2000<sup>®</sup> Growth Index and the Russell MidCap<sup>®</sup> Growth Index (as of March 31, 2026, companies with capitalizations between approximately $4 million and $96 billion). The market capitalization of the companies included in the Russell 2000<sup>®</sup> Growth Index and the Russell MidCap<sup>®</sup> Growth Index will change with market conditions. For the avoidance of doubt, while the reference indexes are "float-adjusted," meaning they exclude closely held and other shares unavailable to investors, the Adviser does not consider a float-adjustment when determining the market capitalization of a company. Securities of companies whose market capitalization no longer meets this definition after purchase may continue to be held by the Fund. Current dividend income is not an investment consideration, and dividend income is incidental to the Fund's overall investment objective. The Fund may also invest in securities of issuers with limited or no operating histories.

Equity securities include common and preferred stocks, bearer and registered shares, warrants or rights or options that are convertible into common stock, depositary receipts for those securities, and other classes of stock that may exist. The Fund may invest in cash, money market mutual funds or similar cash equivalents. While the Fund will invest primarily in the securities of U.S. companies, the Fund may also from time to time invest up to a maximum of 20% of its assets (measured at the time of investment) in the equity securities of non-U.S. companies that trade in the U.S. (such as American Depositary Receipts ("ADRs") or substantially similar instruments that are based on foreign securities) or in securities of companies either below the capitalization range of the Russell 2000<sup>®</sup> Growth Index or above the capitalization range of the Russell MidCap<sup>®</sup> Growth Index.

Investment decisions for the Fund's growth style of investing, for those companies with operating histories, are based on the determination that a company's revenue and earnings growth can materially exceed market expectations and that the security is at an attractive entry point. These decisions involve evaluating fundamental factors, including the company's business model, the competitive landscape, upcoming product introductions and recent and projected financial metrics. The investment decision is also based on the evaluation of technical or market factors, including price and volume trends, relative strength and institutional interest. To a lesser extent, the Adviser also utilizes macroeconomic or country-specific analyses to evaluate the sustainability of a company's growth rate. The Adviser incorporates the consideration of material environmental, social and governance ("ESG") factors when evaluating investment opportunities by reviewing ESG research and ratings information from one or more third-party ratings organizations. Through its quantitative and qualitative analysis of ESG factors, the Adviser seeks to identify and understand ESG-related risks. The Adviser does not exclude investment opportunities based on ESG factors and an investment could be made in an issuer that scores poorly on ESG factors if such investment performs strongly on other factors considered. The Fund sells holdings for a variety of reasons, including the deterioration of the earnings profile, the violation of specific technical thresholds, to shift into securities with more compelling risk/reward characteristics or to alter sector exposure.

The Adviser generally intends to remain fully invested. However, the Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund's principal investment strategy in attempting to respond to adverse market, economic, political or other conditions. As a temporary defensive measure, the Fund may hold some or all of its assets in cash or cash equivalents in domestic currencies, invest in domestic money market mutual securities (including repurchase agreements), purchase short-term debt securities of U.S. or corporate issuers, or invest in money market funds which purchase one or more of the foregoing. The Fund may also purchase such securities if the Adviser believes they may be necessary to meet the Fund's liquidity needs. During periods of time when the Fund is not fully invested, the Fund may not achieve its investment objective.

**Principal Risks** 

This section contains greater detail on the risks an investor would face as a shareholder in the Funds based on the Funds' investment objectives and strategies.

***Market Risk (All Funds).*** Each Fund is subject to market risk, which is the possibility that stock prices overall will decline over short or long periods. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. These fluctuations are expected to have a substantial influence on the value of each Fund's shares. Due to the uncertainty caused by war, acts of terrorism, geopolitical conflict, public health issues, recessions, economic cycles, monetary, fiscal and trade policies, company earnings, global pandemics, rapid technological developments, and other risks, global markets may experience increased volatility which could adversely affect the performance of the Fund's investments.

***Growth Stock Risk (All Funds).*** Growth stocks are typically priced higher than other stocks, in relation to earnings and other measures, because investors believe they have more growth potential. This potential may or may not be realized and, if it is not realized, may result in a loss to a Fund. Growth stock prices also tend to be more volatile than the overall market.

***Foreign Securities and Currencies Risk (Driehaus Emerging Markets Growth Fund, Driehaus Emerging Markets Small Cap Growth Fund, Driehaus International Small Cap Growth Fund, Driehaus Global Fund and Driehaus International Developed Equity Fund only).*** Investing outside the U.S. involves different risks than domestic investments. The Adviser believes that it may be possible to obtain significant returns from a Fund's portfolio of foreign investments and to achieve increased diversification in comparison to a personal investment portfolio invested solely in U.S. securities. An investor may gain increased diversification by adding securities from various foreign countries (i) which offer different investment opportunities, (ii) that generally are affected by different economic trends, and (iii) whose stock markets do not generally move in a manner parallel to U.S. markets. At the same time, these opportunities and trends involve risks that may not be encountered in U.S. investments.

Investors should understand and consider carefully the greater risks involved in foreign investing. Investing in foreign securities – positions which are generally denominated in foreign currencies – and utilization of forward foreign currency exchange contracts involve certain considerations comprising both risks and opportunities not typically associated with investing in U.S. securities. These considerations include: fluctuations in exchange rates of foreign currencies; possible imposition of exchange control regulations or currency restrictions that would prevent cash from being brought back to the U.S.; less public information with respect to issuers of securities; less government supervision of stock exchanges, securities brokers, and issuers of securities; lack of uniform accounting, auditing and financial reporting standards; lack of uniform settlement periods and trading practices; less liquidity and frequently greater price volatility in foreign markets than in the U.S.; possible imposition of foreign taxes; possible investment in the securities of companies in developing as well as developed countries; the possibility of expropriation or confiscatory taxation, seizure or nationalization of foreign bank deposits or other assets, establishment of exchange controls, the adoption of foreign government restrictions and other adverse political, social or diplomatic developments that could affect investment in these nations; U.S. and foreign government actions, such as the imposition of tariffs, economic trade sanctions or embargoes; sometimes less advantageous legal, operational and financial protections applicable to foreign subcustodial arrangements; and the historical lower level of responsiveness of foreign management to shareholder concerns (such as dividends and return on investment).

To the extent portfolio securities are issued by foreign issuers or denominated in foreign currencies, the Funds' investment performance is affected by the strength or weakness of the U.S. dollar against these currencies. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing a Fund's overall net asset value. Currency rates in foreign countries may fluctuate significantly over short or long periods of time for a number of reasons, including changes in interest rates, imposition of currency controls and economic or political developments in the U.S. or abroad.

***Emerging Markets Risk (Driehaus Emerging Markets Growth Fund, Driehaus Emerging Markets Small Cap Growth Fund, Driehaus Global Fund and Driehaus International Small Cap Growth Fund only).*** The risks described above for foreign securities, including the risks of nationalization and expropriation of assets, are typically increased to the extent that a Fund invests in issuers located in less developed and developing nations. These securities markets are sometimes referred to as "emerging markets." Investments in securities of issuers located in such countries are speculative and subject to certain special risks. The political and economic structures in many of these countries may be in their infancy and developing rapidly, and such countries may lack the social, political and economic characteristics of more developed countries. Certain of these countries have in the past failed to recognize private property rights and have at times nationalized and expropriated the assets of private companies. Some countries have inhibited the conversion of their currency to another. The currencies of certain emerging market countries have experienced devaluation relative to the U.S. dollar, and future devaluations may adversely affect the value of a Fund's assets denominated in such currencies. There is some risk of currency contagion; the devaluation of one currency leading to the devaluation of another. As one country's currency experiences "stress," there is concern that the "stress" may spread to another currency. Many emerging markets have experienced substantial, and in some periods extremely high, rates of inflation for many years. Continued inflation may adversely affect the economies and securities markets of such countries. In addition, unanticipated political or social developments may affect the value of a Fund's investments in these countries and the availability to the Fund of additional investments in these countries. The small size, limited trading volume and relative inexperience of the securities markets in these countries may make a Fund's investments in such countries illiquid and more volatile than investments in more developed countries, and the Fund may be required to establish special custodial or other arrangements before making investments in these countries. There may be little financial or accounting information available with respect to issuers located in these countries, and it may be difficult as a result to assess the value or prospects of an investment in such issuers. Based upon the apparent correlation between commodity cycles and a country's securities markets, additional risk may exist.

***Micro-Cap Company Risk (Driehaus Micro Cap Growth Fund only).*** The securities of micro-cap companies may be more volatile in price, have wider spreads between their bid and ask prices, and have significantly lower trading volumes than the securities of larger capitalization companies. As a result, the purchase or sale of more than a limited number of shares of the securities of a smaller company may affect its market price. The Fund may need a considerable amount of time to purchase or sell positions in these securities. Some micro-cap companies are followed by few, if any, securities analysts, and there tends to be less publicly available information about such companies. Their securities generally have even more limited trading volumes and are subject to even more abrupt or erratic market price movements than are small-cap and mid-cap securities, and the Fund may be able to deal with only a few market-makers when purchasing and selling micro-cap securities. Such companies also may have limited markets, financial resources or product lines, may lack management depth, and may be more vulnerable to adverse business or market developments. These conditions, which create greater opportunities to find securities trading well below the Adviser's estimate of the company's current worth, also involve increased risk.

***Small- and Medium-Sized Company Risk (All Funds).*** Each Fund may invest in companies that are smaller, less established, with limited operating histories and less liquid markets for their stock, and therefore may be riskier investments. While small- and medium-sized companies generally have the potential for rapid growth, the securities of these companies often involve greater risks than investments in larger, more established companies because small- and medium-sized companies may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. In addition, in many instances the securities of small- and medium-sized companies are traded only over-the-counter or on a regional securities exchange, and the frequency and volume of their trading is substantially less than is typical of larger companies. The value of securities of smaller, less well-known issuers can be more volatile than that of larger issuers.

***Large Capitalization Company Risk. (Driehaus International Developed Equity Fund and Driehaus Global Fund only).*** The Fund may invest in large capitalization companies. Large companies may fall out of favor with investors based on market and economic conditions. In addition, larger companies may not be able to attain the high growth rates of successful smaller companies and may be less capable of responding quickly to competitive challenges and industry changes. As a result, the Fund's value may not rise as much as, or may fall more than, the value of funds that focus on companies with smaller market capitalizations.

***Allocation Risk (All Funds).*** A Fund's overall risk level will depend on the companies, countries, regions, markets, market sectors, industries and asset classes in which the Fund is invested. Because each Fund may have significant weightings in a particular company, country, region, asset class, industry, market or market sector, the value of such Fund's shares may be affected by events that adversely affect that company, country, region, market, industry, asset class, or market sector and may fluctuate more than that of a less focused fund.

***Risks of Investment in the Far East Region (Driehaus Emerging Markets Growth Fund, Driehaus Emerging Markets Small Cap Growth Fund, Driehaus International Small Cap Growth Fund and Driehaus International Developed Equity Fund only).*** The Funds have or are expected to have a significant allocation to the far east geographical region, therefore they may be vulnerable to risks specific to that region. Certain economies in this region have experienced high inflation, high unemployment, currency devaluations and restrictions, and overextension of credit. Many far east economies have experienced rapid growth and industrialization, and there is no assurance that this growth rate will be maintained. Economic events in any one country may have a significant economic effect on the entire region, as well as on major trading partners outside of the far east region. Any adverse event in the far east markets may have a significant adverse effect on some or all of the economies of the countries in which the Fund invests. Many far east countries are subject to political risk, including corruption and regional conflict with neighboring countries. In addition, many far east countries are subject to social and labor risks associated with demands for improved political, economic, and social conditions. The far east region, and particularly China, Taiwan and South Korea, may be adversely affected by political, military, economic, and other factors related to regional geopolitical tensions.

***Risk of Investing in China (Driehaus Emerging Markets Growth Fund only).*** The Fund has or is expected to have a significant allocation to Chinese companies, therefore it may be vulnerable to risks specific to that country. The Chinese economy may be negatively impacted by trade or political disputes with China's major trading partners, including the U.S., a decrease in the global demand for Chinese exports or a reduction in spending by Chinese consumers on domestic products. The central government in China has historically exercised significant control over China's economy through state ownership and administrative regulation. Government action could have a substantial adverse effect on economic conditions in China, the economic prospects for and the market prices and liquidity of the securities of Chinese companies and the payment of dividends and interest by Chinese companies. In addition, expropriation, including nationalization; confiscatory taxation, omissions and/or misrepresentations of Chinese companies' financial auditing information, China being designated as a "foreign adversary" for certain purposes under U.S. law, political, economic or social instability, environmental issues, potential conflicts with Taiwan or other developments could adversely affect and significantly diminish the value of the Chinese companies in which the Funds invest. Continued hostility and the potential for future political or economic disturbances between China and the U.S. may have an adverse impact on the values of investments in China, the U.S. and/or other countries.

***Risks of Investment in India (Driehaus Emerging Markets Small Cap Growth Fund only).*** The Fund has a significant allocation to India and may be vulnerable to risks specific to that country. The potential for loss and unequal treatment of investors in Indian companies is increased due to many Indian companies being founder and/or family-controlled, which can result in less transparency and weaker corporate governance. Issues with bureaucratic obstacles, inconsistent economic and tax reform and corruption within the Indian government may adversely affect market conditions in the country.

***Risks of Investment in Europe (Driehaus International Small Cap Growth Fund, Driehaus Global Fund and Driehaus International Developed Equity Fund only).*** Each Fund has or is expected to have a significant allocation to Europe and may be vulnerable to risks specific to the European region. Adverse economic, political or social developments in Europe, or in a particular European country, could have a negative effect on the value of the Fund's portfolio. Many European countries

are members of the Economic and Monetary Union of the European Union ("EU") and, as members, such countries share a common currency and certain fiscal policies. The EU requires compliance with restrictions on inflation rates, deficits, interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Decreasing imports or exports, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro, the default or threat of default by an EU member country on its sovereign debt, and recessions in an EU member country may have a significant adverse effect on the economies of EU member countries. Separately, the EU faces issues involving its membership, structure, procedures and policies. The exit of one or more member states from the EU, such as the departure of the United Kingdom ("UK") (known as "Brexit"), would place its currency and banking system in jeopardy. The exit by other member states may result in increased volatility, illiquidity and potentially lower economic growth in the affected markets, which could adversely affect a Fund's investments.

***Risk of Investment in North America (Driehaus Global Fund only).*** A decrease in imports or exports, changes in trade regulations or an economic recession in any North American country can have a significant economic effect on the entire North American region and on some or all of the North American countries in which the Fund invests. The U.S. is currently Canada's and Mexico's largest trading and investment partner. The Canadian and Mexican economies are significantly affected by developments in the U.S. economy. Since the implementation of the North American Free Trade Agreement ("NAFTA") in 1994 among Canada, the U.S. and Mexico, total merchandise trade among the three countries has increased. However, political developments including the implementation of tariffs by the U.S., and the renegotiation of NAFTA in the form of the United States-Mexico-Canada Agreement ("USMCA"), which replaced NAFTA on July 1, 2020, could negatively affect North America's economic outlook and, as a result, the value of securities held by the Fund. Policy and legislative changes in one country may have a significant effect on North American markets generally, as well as on the value of certain securities held by the Fund.

***Health Care Securities Risk (Driehaus Micro Cap Growth Fund, Driehaus Small Cap Growth Fund and Driehaus Small/Mid Cap Growth Fund only).*** Because the Funds have or are expected to have a significant allocation to the health care sector, they may be vulnerable to setbacks in the industries in that sector. Health care companies may be negatively affected by scientific or technological developments, research and development costs, increased competition within the health care sector, rapid product obsolescence and patent expirations. The price of securities of health care companies may fluctuate widely due to changes in legislation or other government regulations, including uncertainty regarding health care reform and its long-term impact, reductions in government funding and the unpredictability of winning government approvals.

***Information Technology Securities Risk (Driehaus Emerging Markets Growth Fund, Driehaus Micro Cap Growth Fund, Driehaus Small Cap Growth Fund and Driehaus Small/Mid Cap Growth Fund only).*** Because the Funds have or are expected to have a significant allocation to the information technology sector, they may be vulnerable to setbacks in the industries in that sector. Generally, the companies in this sector develop, produce or distribute products or services related to computer hardware, software, semi-conductors and electronics. Technology companies may be vulnerable to market saturation and rapid product obsolescence, or widespread adoption of emerging technologies (such as artificial intelligence). Many technology companies operate in a constantly changing environment and have limited business lines and limited financial resources, making them highly vulnerable to business and economic risks. In addition, technology company securities may be subject to abrupt or erratic market movements, management that is dependent on a limited number of people, short product cycles, changing consumer preferences, aggressive pricing of products and services, new market entrants and dependency on patent protection.

***Industrial Securities Risk (Driehaus Micro Cap Growth Fund, Driehaus Small Cap Growth Fund and Driehaus Small/Mid Cap Growth Fund only).*** Because the Funds have or are expected to have a significant allocation to the industrials sector, they may be vulnerable to setbacks in the industries in that sector. Industrial companies are vulnerable to negative or abrupt changes in economic growth, changes in end market or sub-industry conditions, product cycles, inventories, pricing and earnings.

***Financials Sector Risk (Driehaus Emerging Markets Growth Fund only).*** Financials Sector Risk. The Fund may be susceptible to adverse economic or regulatory occurrences affecting the financials sector. Financial services companies are subject to extensive government regulation and, as a result, their profitability may be affected by new regulations or regulatory interpretations. Changes in interest rates can have a disproportionate effect on the financials sector, and financial services companies whose securities the Fund may purchase may themselves have concentrated portfolios, which makes them vulnerable to economic conditions that affect that sector. Financial services companies have also been affected by increased competition, which could adversely affect the profitability or viability of such companies.

***Depositary Receipts Risk (All Funds).*** The Funds may invest in foreign securities in the form of depositary receipts and/or securities traded directly on U.S. exchanges. Depositary receipts represent ownership of securities in foreign companies and are held in banks and trust companies. They include American Depositary Receipts ("ADRs"), which are traded on U.S. exchanges and are U.S. dollar-denominated. Although ADRs do not eliminate the risks inherent in investing in the securities of foreign issuers, which include market, political, currency and regulatory risk, by investing in ADRs rather than directly

in securities of foreign issuers, The Funds may avoid currency risks during the settlement period for purchases or sales. In general, there is a large, liquid market in the United States for many ADRs. The information available for ADRs is subject to the accounting, auditing and financial reporting standards of the domestic market exchange on which they are traded, in which standards are more uniform and more exacting than those to which many foreign issuers may be subject. The Funds may invest in ADRs sponsored or unsponsored by the issuer of the underlying security. In the case of an unsponsored ADR, the Funds may bear higher expenses and encounter greater difficulty in receiving shareholder communications than they would have with a sponsored ADR.

The Driehaus Emerging Markets Growth Fund, Driehaus Emerging Markets Small Cap Growth Fund, Driehaus Global Fund, Driehaus International Small Cap Growth Fund, and Driehaus International Developed Equity Fund may invest in other forms of depositary receipts including European Depositary Receipts and Global Depositary Receipts, which may be issued in bearer form and denominated in other currencies and are generally designed for use in securities markets outside the U.S. The underlying shares are held in trust by a custodian bank or similar financial institution in the issuer's home country. The depositary bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. Depositary receipts may be less liquid or may trade at a lower price than the underlying securities of the issuer. An issuer may delist or, the issuer or its depositary bank may terminate a depositary receipts program, which could lead to the assessment of fees by depositary banks, operational challenges in the conversion process, and a reduction in the liquidity of the shares.

***High Rates of Turnover (All Funds).*** A Fund's annual turnover rate indicates changes in its portfolio investments. The Adviser will not consider portfolio turnover rate a limiting factor in making investment decisions consistent with the Fund's investment objective and policies. It is anticipated that the Funds will each experience high rates of portfolio turnover. High portfolio turnover in any year will result in payment by a Fund of above-average amounts of transaction costs and could result in the payment by shareholders of taxes on above-average amounts of recognized investment gains, including net short-term capital gains, which are taxed as ordinary income for federal income tax purposes when distributed to shareholders. Under normal market conditions, only securities that increase in value shortly after purchase and that generally continue to increase in value (although they may experience temporary stagnant or declining periods) will be retained by the Funds.

Securities sold by a Fund may be purchased again at a later date if the Adviser perceives that the securities are again "timely." In addition, portfolio adjustments will be made when conditions affecting relevant markets, particular industries or individual issues warrant such action. In light of these factors and the historical volatility of foreign and domestic growth stocks, The Funds are likely to experience high portfolio turnover rates, but portfolio turnover rates may vary significantly from year to year as noted in the Funds' Financial Highlights. Portfolio turnover may also be affected by sales of portfolio securities necessary to meet cash requirements for redemptions of shares.

***Manager Risk (All Funds).*** How the Adviser manages each Fund will impact the Fund's performance. A Fund may lose money if the Adviser's investment strategy does not achieve the Fund's objective or the Adviser does not implement the strategy successfully. In making security selections (including ESG factors relevant to a security), the Adviser relies on data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of a particular investment.

***IPO Risk (All Funds).*** The Funds may purchase securities in Initial Public Offerings (IPOs). These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.

***Equity Securities Risk (All Funds).*** The risks that could affect the value of each Fund's shares and the total return on an investment in the Fund include the possibility that the equity securities held by the Fund (such as common stocks, preferred stocks, convertible securities, rights and warrants) will experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect the securities markets generally, such as adverse changes in economic conditions, the general outlook for corporate earnings, interest rates or investor sentiment. Equity securities may also lose value because of factors affecting an entire industry or sector, or factors directly related to a specific company. In a company liquidation, the claims of secured and unsecured creditors and owners of bonds and preferred stocks take precedence over the claims of common stock shareholders.

***Shareholder Concentration Risk (Driehaus Global Fund and Driehaus International Developed Equity Fund only).*** The Funds may (i) be an investment option for unaffiliated mutual funds and other investors with substantial investments in the Fund or (ii) have a relatively large percentage of their shares held by related shareholders. As a result, the Funds may have large inflows and outflows of cash from time to time. This could have adverse effects on the Funds' performance if any of the Funds were required to sell securities or invest cash at times when it otherwise would not do so. This activity could also accelerate the recognition of capital gains and increase the Funds' transaction costs.

**Other Investment Strategies and Risks** 

All investments, including those in mutual funds, have risks. No investment is suitable for all investors. Each Fund is intended for long term investors. Of course, there can be no assurance that a Fund will achieve its investment objective. There are specific restrictions on each Fund's investments. Such restrictions are detailed in the Statement of Additional Information ("SAI"). Some investment practices described below may not be permissible for a Fund. In addition to the principal risks described above, the Funds' investments involve additional potential risks which are summarized below. The SAI also contains more detailed or additional information about certain of these practices, the potential risks and/or the limitations adopted by each Fund to help manage such risks. Each Fund may not use all of these techniques or strategies or might only use them from time-to-time.

***Recent Market Events Risk.*** The domestic and foreign equity and debt capital markets have experienced unprecedented volatility in the past decades. This has caused a significant decline in the value and liquidity of many securities and may create a higher degree of volatility in the net asset values of many mutual funds, including the Funds. Because these events are unprecedented, it is difficult to predict their magnitude or duration. Global markets may continue to experience increased volatility which could, directly or indirectly, adversely affect the performance of the Funds' investments. Changes in market conditions will not have the same impact on all types of securities and the value of certain types of securities may decline in value in the event certain issuer's financial condition becomes significantly impaired.

Certain changes in the U.S. economy in particular, such as when the U.S. economy weakens or when its financial markets decline, may have a material adverse effect on global financial markets as a whole, and on the securities to which a Fund has exposure. Increasingly strained relations between the U.S. and foreign countries, including as a result of economic sanctions and tariffs, may also adversely affect U.S. issuers, as well as non-U.S. issuers. Additionally, continued uncertainty of Federal Reserve or other U.S. or non-U.S. governmental or central bank support, including interest rate movements, could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which a Fund invests.

Policy and legislative changes in the U.S. and other countries and other events affecting global markets are affecting many aspects of financial regulation and in some circumstances contribute to decreased liquidity and increased volatility in financial markets. Such policy and legislative changes include the imposition of tariffs, economic and trade sanctions or embargoes. The impact of these changes may not be known for some time.

***Risks of Debt Securities.*** Each Fund may invest up to 20% of their total assets in nonconvertible debt securities. Investments in such debt securities are limited to those that are rated within the four highest grades (generally referred to as "investment grade") assigned by a nationally or internationally recognized statistical rating organization. Investments in unrated debt securities are limited to those deemed to be of comparable quality as analyzed by the Adviser under its own procedures. Securities in the fourth-highest grade may possess speculative characteristics. If the rating of a security held by a Fund is lost or reduced below investment grade, the Fund is not required to dispose of the security. The Adviser will, however, consider that fact in determining whether a Fund should continue to hold the security. The risks inherent in a debt security depend primarily on its term and quality, as well as on market conditions. A decline in the prevailing levels of interest rates generally increases the value of debt securities. Conversely, an increase in rates usually reduces the value of debt securities.

Debt securities may be subject to credit risk, interest rate risk, prepayment and extension risk as well as call risk. Credit risk is the failure of an issuer or borrower to make timely interest or principal payments, or a decline or perception of a decline in the credit quality of a bond or creditworthiness of a borrower, which can cause the security's price to fall, potentially lowering a Fund's share price. Prices of bonds tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect bond prices and, accordingly, a Fund's share price. The longer a debt security's effective maturity and duration, the more its price is likely to react to interest rates. Interest rate changes normally have different effects on variable or floating rate securities than they do on securities with fixed interest rates. When interest rates fall, debt securities may be repaid more quickly than expected and a Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." When interest rates rise, debt securities may be repaid more slowly than expected and the value of a Fund's holdings may fall sharply. This is referred to as "extension risk." If an issuer "calls" its bond before its maturity date during a time of declining interest rates, a Fund might have to reinvest the proceeds in an investment offering a lower yield.

***Investment Companies.*** Each Fund may invest in investment companies. For Funds able to invest in foreign investment companies, some countries may not permit direct investment by outside investors. Investments in such countries may only be permitted through foreign government-approved or government-authorized investment vehicles, which may include other investment companies. In addition, it may be less expensive and more expedient for a Fund to invest in a foreign investment company in a country that permits direct foreign investment; similarly, a Fund may invest in a money market fund in order to receive a higher rate of return or to be more productively invested than would be possible through direct investment in

money market instruments. Investing through such vehicles may involve layered fees or expenses. The Funds do not intend to invest in such investment companies unless, in the judgment of the Adviser, the potential benefits of such investments justify the payment of any associated fees or expenses.

***Preferred Stock Risk.*** Preferred stock is an equity security but possesses certain attributes of debt securities. Holders of preferred stock normally have the right to receive dividends at a fixed rate when and as declared by the issuer's board of directors, but do not otherwise participate in amounts available for distribution by the issuing corporation. Preferred stock present certain additional risks, including credit risk, interest rate risk, subordination to bonds and other debt securities in a company's capital structure, liquidity risk, and the risk of limited or no voting rights. Additionally, during periods of declining interest rates, there is a risk that an issuer may redeem its outstanding preferred stock. If this happens, the Fund may be forced to reinvest in lower yielding securities. An issuer of preferred stock may have special redemption rights that, when exercised, may negatively impact the return of the preferred stock held by the Funds.

***Liquidity Risk.*** Not readily marketable, illiquid securities include restricted securities and repurchase obligations maturing in more than seven days. When there is little or no active trading market for specific types of securities or an unusually high volume of redemptions or other similar conditions, it can become more difficult to sell the securities at or near their perceived value or the Fund may sell certain investments at a price or time that is not advantageous in order to meet redemption requests or other cash needs. In such a market, the value of such securities and a Fund's share price may fall dramatically, and in extreme conditions, a Fund could have difficulty meeting redemption requests. No active trading market may exist for some equities and certain of these investments may be subject to restrictions on resale. The inability to dispose of equity securities in a timely fashion could result in losses to a Fund. Investments in many, but not all, foreign securities tend to have greater exposure to liquidity risk than domestic securities. Certain restricted securities that may be resold to institutional investors under Rule 144A and Section 4(a)(2) under the Securities Act of 1933 commercial paper may be deemed liquid under the Trust's Liquidity Risk Management Program approved by the Board of Trustees. The absence of a trading market can make it difficult to ascertain a market value for illiquid or restricted securities. Fund's investments in illiquid investments that are assets are limited to 15% of net assets; such limit applies at the time of purchase and continues thereafter.

***Risks of Holding Cash or Similar Instruments.*** In response to adverse market, economic, political or other conditions, each Fund may take temporary defensive positions that are inconsistent with such Fund's principal investment strategies. In such circumstances, each Fund may invest in money market instruments, including corporate or government money market mutual funds, or may hold cash with a bank. The Funds may also invest in U.S. Treasury Bills, commercial paper or repurchase agreements for these purposes. For longer periods of time, a Fund may hold a substantial position in cash and money market instruments. During such periods, the Fund will earn less income than it would if it invested in higher yielding securities. Taking a temporary defensive position or holding a large cash position for an extended period of time may result in the Fund not achieving its investment objective. To the extent that a Fund invests in money market mutual funds for its cash position, such Fund will indirectly bear its pro rata portion of such funds' management fees and operational expenses. These expenses are in addition to the expenses a Fund bears directly in connection with its own operations.

***Disclosure of Portfolio Holdings.*** A description of the Funds' policies and procedures with respect to the disclosure of the Funds' portfolio securities is available in the SAI. The Funds' portfolio holdings information is available at <u>*www.driehaus.com/fund-resources*</u>.

**Management of the Funds**<br>

**Trustees and Adviser.** The Board of Trustees of the Trust has overall management responsibility. See the SAI for the names of and additional information about the Trustees and officers. The Adviser, Driehaus Capital Management LLC, 25 East Erie Street, Chicago, Illinois 60611, is responsible for providing investment advisory and management services to the Funds, subject to the direction of the Board of Trustees. The Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser was organized in 1982 and as of March 31, 2026, managed approximately $25 billion in assets.

Each Fund paid the Adviser an annual investment management fee on a monthly basis as follows for the fiscal year ended December 31, 2025.

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| | |
|:---|:---|
| **Fund** | **As a percentage<br> of average <br> daily net assets** |
| Driehaus Emerging Markets Growth Fund  | 0.80% |
| Driehaus Emerging Markets Small Cap Growth Fund  | 1.10%<sup>1</sup> |
| Driehaus Global Fund  | 0.65%<sup>2</sup> |
| Driehaus International Small Cap Growth Fund  | 1.00% |
| Driehaus International Developed Equity Fund  | 0.70%<sup>3</sup> |
| Driehaus Micro Cap Growth Fund  | 1.25% |
| Driehaus Small Cap Growth Fund  | 0.60% |
| Driehaus Small/Mid Cap Growth Fund  | 0.60%<sup>4</sup> |

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&nbsp;&nbsp;&nbsp;&nbsp;1. The Adviser has contractually agreed to cap the Driehaus Emerging Markets Small Cap Growth Fund's ordinary annual operating expenses (excluding 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) at 1.24% of average daily net assets until the earlier of the termination of the investment advisory agreement by the Board of Trustees of the Driehaus Mutual Funds or the Fund's shareholders, or April 30, 2027. 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 or reimbursement was made, 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 in place at the time of the waiver or expense reimbursement and below the current operating expense cap.

&nbsp;&nbsp;&nbsp;&nbsp;2. The Adviser has contractually agreed to cap the Driehaus Global Fund's ordinary annual operating expenses (excluding interest, taxes, brokerage commissions, dividends and interest on short sales, acquired fund fees and expenses, other investment-related expenses and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund's business) at 0.75% 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 April 30, 2027. 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 or reimbursement was made, 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 that was in place at the time of waiver/expense reimbursement as well as the current operating expense cap. Because of this agreement, the Fund may pay the Adviser less than the contractual management fee.

&nbsp;&nbsp;&nbsp;&nbsp;3. The Adviser has contractually agreed to cap the Driehaus International Developed Equity Fund's ordinary annual operating expenses (excluding 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) at 0.80% of average daily net assets until the earlier of the termination of the investment advisory agreement by the Board of Trustees of the Driehaus Mutual Funds or the Fund's shareholders, or April 30, 2027. Pursuant to the agreement and so long as the investment advisory agreement is in place, for a period not to exceed three years subsequent to the Fund's commencement of operations on April 30, 2024, 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 in place at the time of the waiver. Because of this agreement, the Fund may pay the Adviser less than the contractual management fee.

&nbsp;&nbsp;&nbsp;&nbsp;4. The Adviser has contractually agreed to cap the Driehaus Small/Mid Cap Growth Fund's ordinary annual operating expenses (excluding interest, taxes, brokerage commissions, other investment-related expenses, 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) at 0.80% 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 April 30, 2027. Pursuant to the agreement, so long as the investment advisory agreement is in place, for a period of three years from the date on which the waiver or reimbursement is made, the investment manager 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/ expense reimbursement as well as the current operating expense cap. Because of this agreement, the Fund may pay the investment adviser less than the contractual management fee.

Disclosure relating to the material factors and the conclusions with respect to those factors that formed the basis for the Board of Trustees' approval of the investment advisory agreement for each Fund may be reviewed in the Funds' Form N-CSR for the period ended December 31, 2025. Shareholder reports may be obtained by calling 1-800-560-6111, or by visiting <u>*www.driehaus.com/fund*</u>-resources or the SEC's website at <u>*www.sec.gov*</u>.

The Funds enter into contractual arrangements with various parties, including, among others, the Funds' Adviser, who provide services to the Funds. Shareholders are not parties to, nor intended (or "third-party") beneficiaries of, those contractual arrangements.

The Prospectus and the SAI provide information concerning the Funds that you should consider in determining whether to purchase shares of the Funds. The Funds may make changes to this information from time to time. Neither this Prospectus nor the SAI is intended to give rise to any contract rights in any shareholder, other than any rights conferred explicitly by federal or state securities laws that may not be waived.

***Driehaus Emerging Markets Growth Fund***

The following individuals are responsible for the day-to-day management of the Fund.

**Co-Lead Portfolio Manager.** Howard Schwab has been a portfolio manager of the Driehaus Emerging Markets Growth Fund since August 2007 and a lead portfolio manager from May 1, 2012 to November 2, 2025. Mr. Schwab became a co-lead portfolio manager for the Fund alongside Mr. Richard Thies on November 3, 2025. Mr. Schwab shares responsibility for making investment decisions on behalf of the Fund with Mr. Thies as well as with Mr. Chad Cleaver.

Mr. Schwab joined the Adviser in 2001 upon completion of his B.A. degree in Economics from Denison University. Mr. Schwab is also a portfolio manager for the Driehaus Emerging Markets Small Cap Growth Fund and Driehaus Global Fund. Prior to assuming portfolio manager responsibilities for certain of the Adviser's international strategies, Mr. Schwab was an international equity analyst for the Adviser.

**Co-Lead Portfolio Manager.** Richard Thies has been a portfolio manager of the Driehaus Emerging Markets Growth Fund since May 1, 2016 and became a co-lead portfolio manager for the Fund on November 3, 2025. Mr. Thies previously served as an assistant portfolio manager of the Fund from May 1, 2014 to April 30, 2016. He has responsibility for making investment decisions on behalf of the Fund with Mr. Schwab and Mr. Cleaver.

Mr. Thies is also a portfolio manager of Driehaus Emerging Markets Small Cap Growth Fund and lead portfolio manager of the Driehaus Global Fund. Mr. Thies received his B.A. in international studies from Emory University and his M.A. focused in international political economy from the University of Chicago Booth School of Business. Mr. Thies began his career at the International Finance Corporation of the World Bank Group in 2005. In 2008, Mr. Thies worked for Opportunity International as a proposal writer. He then worked as an associate international economist for The Northern Trust in 2009. Mr. Thies joined the Adviser as a macro analyst in 2011.

**Portfolio Manager.** Chad Cleaver has been a portfolio manager of the Driehaus Emerging Markets Growth Fund since May 1, 2012. Mr. Cleaver served as the assistant portfolio manager of the Fund from May 1, 2008 to May 1, 2012. Mr. Cleaver has responsibility for making investment decisions on behalf of the Fund along with the Funds' co-lead portfolio managers, Mr. Schwab and Mr. Thies.

Mr. Cleaver is also the lead portfolio manager of the Driehaus Emerging Markets Small Cap Growth Fund. Mr. Cleaver received his A.B. in Economics in 2000 from Wabash College. He earned his M.B.A. degree in 2004 from the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill. Mr. Cleaver is a CFA<sup>®</sup> charterholder. He began his career with the Board of Governors of the Federal Reserve System. He joined the Adviser in 2004 as an investment analyst to the Fund prior to assuming assistant portfolio management responsibilities on May 1, 2008.

***Driehaus Emerging Markets Small Cap Growth Fund***

The following individuals are responsible for the day-to-day management of the Fund.

**Lead Portfolio Manager.** Chad Cleaver has managed the Driehaus Emerging Markets Small Cap Growth Fund since its inception in August 2011 and became the lead portfolio manager on May 1, 2012. Mr. Cleaver was the assistant portfolio manager for the Driehaus Emerging Markets Small Cap Growth Fund, L.P., the predecessor limited partnership to the Driehaus Emerging Markets Small Cap Growth Fund, since it commenced operations on December 1, 2008. Mr. Cleaver has responsibility for making investment decisions on behalf of the Fund. Mr. Cleaver's background is described under "Driehaus Emerging Markets Growth Fund – Portfolio Manager."

**Portfolio Manager.** Howard Schwab has managed the Driehaus Emerging Markets Small Cap Growth Fund since its inception in August 2011. Mr. Schwab was the portfolio manager for the Driehaus Emerging Markets Small Cap Growth Fund, L.P., the predecessor limited partnership to the Driehaus Emerging Markets Small Cap Growth Fund, since it commenced operations on December 1, 2008. Mr. Schwab has responsibility for making investment decisions on behalf of the Fund. Mr. Schwab's background is described under "Driehaus Emerging Markets Growth Fund – Co-Lead Portfolio Manager."

**Portfolio Manager.** Richard Thies has been a portfolio manager of the Driehaus Emerging Markets Small Cap Growth Fund since May 1, 2016. Mr. Thies has responsibility for making investment decisions on behalf of the Fund. Mr. Thies' background is described under "Driehaus Emerging Markets Growth Fund – Co-Lead Portfolio Manager."

***Driehaus Global Fund***

The following individuals are responsible for the day-to-day management of the Fund.

**Lead Portfolio Manager.** Richard Thies has been a portfolio manager of the Driehaus Global Fund since inception and, together with Mr. Schwab, is responsible for making investment decisions on behalf of the Fund. Mr. Thies' background is described under "Driehaus Emerging Markets Growth Fund – Co-Lead Portfolio Manager."

**Portfolio Manager.** Howard Schwab has been a portfolio manager of the Driehaus Global Fund since inception and, together with Mr. Thies, is responsible for making investment decisions on behalf of the Fund. Mr. Schwab's background is described under "Driehaus Emerging Markets Growth Fund – Co-Lead Portfolio Manager."

**Assistant Portfolio Manager.** Thomas Ansen-Wilson has been an assistant portfolio manager for the Driehaus Global Fund since April 30, 2023. He has investment decision-making responsibilities for the Fund, subject to the approval of Mr. Schwab or Mr. Thies.

Mr. Ansen-Wilson received his Bachelors of Business Administration degree from the College of William and Mary in 2009. Prior to joining the Adviser in 2014 as an analyst, he worked as a research analyst and trade support specialist at Altrinsic Global Advisors. Prior to that, he worked at GE Asset Management as a trade operations specialist. Mr. Ansen-Wilson is a CFA charterholder.

***Driehaus International Small Cap Growth Fund***

The following individuals are responsible for the day-to-day management of the Fund.

**Portfolio Manager.** Daniel Burr has been a portfolio manager for the Driehaus International Small Cap Growth Fund since May 1, 2014. He has responsibility for making investment decisions on behalf of the Fund. He is also a portfolio manager of the Driehaus International Developed Equity Fund. Mr. Burr received his B.S. in applied economics and business management from Cornell University 2000 and completed his M.B.A. in 2006 with concentrations in finance and accounting from the University of Chicago Booth School of Business. Mr. Burr is a CFA<sup>®</sup> charterholder. He began his career at First Manhattan Consulting Group as an analyst from 2000 to 2001. Prior to joining Driehaus in 2013, Mr. Burr worked at Oberweis Asset Management, leaving with the title of senior international equity analyst. He joined the Adviser in 2013.

**Portfolio Manager.** David Mouser has assisted in the management of Driehaus International Small Cap Growth Fund since its inception on September 17, 2007 and became a portfolio manager for the Fund on May 1, 2008. Mr. Mouser is responsible for making investment decisions on behalf of the Fund. Since September 2005, Mr. Mouser was the assistant portfolio manager for the Driehaus International Opportunities Fund, L.P., the predecessor limited partnership to the Fund.

Mr. Mouser joined the Adviser in 1999 upon completion of his B.S. degree in Finance from the University of Dayton. Prior to assuming portfolio management responsibilities, Mr. Mouser was an investment analyst with the Adviser.

**Assistant Portfolio Manager.** Andrew Srichandra has been an assistant portfolio manager of the Driehaus International Small Cap Growth Fund since January 3, 2023. He has investment decision-making responsibilities for the Fund, subject to the approval of Mr. Mouser or Mr. Burr.

Mr. Srichandra received his Bachelors of Commerce degree in finance from the University of Manitoba, Canada in 1997. Prior to joining the Adviser in 2007 as a senior analyst, he worked as a research analyst for Engemann Asset Management. He began his career at Mentor Capital as an analyst covering communications, media, natural resources and consumer products sectors. Additionally, he worked at IG Investment Management as an analyst focusing on the information technology sector and as a senior investment analyst at AIC Group of Funds. Mr. Srichandra is a CFA charterholder.

**Assistant Portfolio Manager.** Arthur Bidwill has been an assistant portfolio manager for the Driehaus International Small Cap Growth Fund since April 30, 2026. He has investment decision-making responsibilities for the Fund, subject to the approval of Mr. Mouser or Mr. Burr. Mr. Bidwill joined Driehaus in 2015 as an associate analyst. He received his B.A. in mathematical economics from Colorado College in 2012. He is a CFA<sup>®</sup> charterholder.

***Driehaus International Developed Equity Fund***

The following individuals are responsible for the day-to-day management of the Fund.

**Portfolio Manager.** Daniel Burr has been a portfolio manager for the Driehaus International Developed Equity Fund since April 30, 2024. He holds investment decision-making responsibilities for the Fund. Mr. Burr's background is described under "Driehaus International Small Cap Growth Fund – Portfolio Manager."

**Assistant Portfolio Manager.** Arthur Bidwill has been an assistant portfolio manager for the Driehaus International Developed Equity Fund since April 30, 2024. He has investment decision-making responsibilities for the Fund, subject to Mr. Burr's approval. Mr. Bidwill's background is described under "Driehaus International Small Cap Growth Fund – Assistant Portfolio Manager."

***Driehaus Micro Cap Growth Fund, Driehaus Small Cap Growth Fund and Driehaus Small/Mid Cap Growth Fund***

The following individuals are responsible for the day-to-day management of the Funds.

**Lead Portfolio Manager.** Jeffrey James has been the portfolio manager for the Driehaus Micro Cap Growth Fund, the Driehaus Small Cap Growth Fund and the Driehaus Small/Mid Cap Growth Fund since each Fund's inception, and was designated the lead portfolio manager of each Fund on January 15, 2020. Mr. James is responsible for making investment decisions on behalf of the Funds. Mr. James was the portfolio manager for the Driehaus Micro Cap Fund, L.P. since 1998 and the portfolio manager for the Driehaus Institutional Micro Cap Fund, L.P. since its inception. These are the predecessor limited partnerships to the Driehaus Micro Cap Growth Fund. Mr. James was the portfolio manager for the Driehaus Institutional Small Cap, L.P., Driehaus Small Cap Investors, L.P., Driehaus Institutional Small Cap Recovery Fund, L.P. and Driehaus Small Cap Recovery Fund, L.P. These are the predecessor limited partnerships to the Driehaus Small Cap Growth Fund.

Mr. James received his B.S. in Finance from Indiana University in 1990 and an M.B.A. from DePaul University in 1995. He began his career with Lehman Brothers in 1990. From 1991 through 1997, Mr. James worked at the Federal Reserve Bank of Chicago as an analyst. In 1997, Mr. James joined the Adviser as a sector analyst covering the information technology and energy sectors. In 1998, he assumed portfolio management duties for the Adviser's Micro Cap Growth Strategy and in 2006 for the Adviser's Small Cap Growth Strategy. In 2012, he assumed portfolio management for the Adviser's Small/Mid Cap Growth Strategy.

**Portfolio Manager.** Michael Buck has been a portfolio manager of the Driehaus Micro Cap Growth Fund and the Driehaus Small Cap Growth Fund since January 15, 2020, and of the Driehaus Small/Mid Cap Growth Fund since its inception. Prior to becoming portfolio manager, Mr. Buck served as the assistant portfolio manager of the Driehaus Micro Cap Growth Fund and the Driehaus Small Cap Growth Fund since each Fund's inception. Mr. Buck has investment decision-making responsibilities for the Funds, subject to Mr. James's approval. Mr. Buck was the assistant portfolio manager of the Driehaus Micro Cap Fund, L.P. since January 1, 2009 and the Driehaus Institutional Micro Cap Fund, L.P. since its inception. These are the predecessor limited partnerships to the Driehaus Micro Cap Growth Fund. Mr. Buck was the assistant portfolio manager for the Driehaus Institutional Small Cap, L.P., Driehaus Small Cap Investors, L.P., Driehaus Institutional Small Cap Recovery Fund, L.P. and Driehaus Small Cap Recovery Fund, L.P. These are the predecessor limited partnerships to the Driehaus Small Cap Growth Fund.

Mr. Buck received a B.A. in Economics and Cello Performance from Northwestern University in 2000. Mr. Buck began his career in 2001 with Deloitte Consulting. In 2002, he joined the Adviser, where he also serves as a senior research analyst focusing on U.S. micro-cap and small-cap stocks within the consumer discretionary, consumer staples and financials sectors. Mr. Buck is a portfolio manager for the Adviser's Micro Cap Growth Strategy, Small Cap Growth Strategy and for the Adviser's Small/Mid Cap Growth Strategy.

**Assistant Portfolio Manager.** Prakash Vijayan has been an assistant portfolio manager of the Driehaus Micro Cap Growth Fund and the Driehaus Small Cap Growth Fund since January 15, 2020, and of the Driehaus Small/Mid Cap Growth Fund since the Fund's inception. Mr. Vijayan has certain responsibilities for investment decision-making, subject to the approval of Mr. Buck or Mr. James.

Mr. Vijayan began his career as an equity research analyst for Beekman Capital Management in 2005 covering the technology, media and telecommunications sectors prior to joining Driehaus Capital Management in 2010. He received his Bachelors of Technology degree in mechanical engineering from Indian Institute of Technology in 2003 and a Masters of Science in mechanical engineering from Arizona State University in 2005. Mr. Vijayan is a CFA charterholder.

**Distributor.** Foreside Financial Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC, d/b/a ACA Global ("ACA Foreside"), acts as the distributor of the Trust's shares pursuant to a Distribution Agreement, without any sales concessions or charges to the Fund or to its shareholders.

**Administrator.** The Northern Trust Company ("Northern Trust") is the administrator for the Trust. In such capacity, Northern Trust assists the Trust in aspects of the Funds' administration and operation, including certain accounting services.

**Transfer Agent.** Northern Trust is the agent of the Funds for the transfer of shares, disbursement of dividends and maintenance of shareholder account records.

**Custodian.** Northern Trust (the "Custodian") is the custodian for the Funds. Foreign securities are maintained in the custody of foreign banks and trust companies that are members of the Custodian's global custody network or foreign depositories used by such members.

**Shareholder Information**<br>

**Net Asset Value** 

Each Fund's net asset value is determined as of the close of the New York Stock Exchange ("NYSE") (normally 3:00 p.m., Central time) on each day the NYSE is open for trading. Purchases and redemptions are made at a Fund's net asset value per share next calculated after receipt of your purchase or redemption order in good form. Net asset value per share of each class is determined by dividing the value of a Fund's assets attributable to that class, less its liabilities attributable to that class, by the number of outstanding shares of that class of the Fund. The Funds' holdings are typically valued using readily available market quotations and portfolio currency positions are based on exchange rates provided by an independent pricing service. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Funds' "valuation designee" to perform all fair valuations of the Funds' portfolio holdings, subject to the Board's oversight. The Funds' valuation designee has established procedures for its fair valuation of the Funds' portfolio holdings, which address, among other things when: (i) securities cannot be priced through a readily available market quotation provided by a pricing service and no broker-dealer quotations are available or are determined not to be reasonable, or (ii) an event occurs that affects the value of a portfolio security between the time its price is determined in its local market or exchange and the close of the NYSE where the event would materially affect net asset value.

For the Driehaus Emerging Markets Growth Fund, Driehaus Emerging Markets Small Cap Growth Fund, Driehaus Global Fund, Driehaus International Small Cap Growth Fund, and Driehaus International Developed Equity Fund, the valuation designee uses an independent pricing service to provide fair value estimates for relevant foreign equity securities when a minimum confidence level is met. This pricing service uses correlations between the movement of prices of foreign equity securities and indices of U.S. traded securities and other indicators, such as closing prices of American Depositary Receipts and futures contracts, to determine the fair value of relevant foreign equity securities. In such cases, a Fund's value for a security is likely to be different from the last quoted market price. In addition, due to the subjective and variable nature of fair value pricing, it is possible that the value determined for a particular security may be materially different from the value realized upon the security's sale. Because foreign securities markets may operate on days that are not business days in the U.S., the value of a Fund's holdings may change on days when you will not be able to purchase or redeem the Funds' shares.

**Forum for Adjudication of Disputes** 

The Trust's Amended and Restated By-Laws (the "By-Laws"), provide that, unless the Trust consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Trust, (ii) any action asserting a claim of breach of a fiduciary duty owed by any Trustee, officer or other employee of the Trust to the Trust or the Trust's shareholders, (iii) any action asserting a claim arising pursuant to any provision of the Delaware Statutory Trust Act (the "Delaware Act") or the Declaration of Trust or these By-Laws, (iv) any action to interpret, apply, enforce or determine the validity of the Declaration of Trust or these By-Laws or (v) any action asserting a claim governed by the internal affairs doctrine shall be either (a) the U.S. District Court for the District of Delaware or the Court of Chancery of the State of Delaware, or, if the Court of Chancery of the State of Delaware does not have jurisdiction, the Superior Court of the State of Delaware; or (b) the U.S. District Court for the District of Illinois or the Circuit Court of the State of Illinois (each, a "Covered Action"). The By-Laws further provide that if any Covered Action is filed in a court other than either (a) the U.S. District Court for the District of Delaware or the Court of Chancery of the State of Delaware or the Superior Court of the State of Delaware; or (b) the U.S. District Court for the District of Illinois or the Circuit Court of the State of Illinois (a "Foreign Action") in the name of any shareholder, such shareholder shall be deemed to have consented to (i) the personal jurisdiction of the U.S. District Court for the District of Delaware or the Court of Chancery of the State of Delaware and the Superior Court of the State of Delaware or (ii) the U.S. District Court for the District of Illinois or the Circuit Court of the State of Illinois in connection with any action brought in any such courts to enforce the preceding sentence (an "Enforcement Action") and (ii) having service of process made upon such shareholder in any such Enforcement Action by service upon such shareholder's counsel in the Foreign Action as agent for such shareholder.

The By-Laws provide that any person purchasing or otherwise acquiring or holding any interest in shares of beneficial interest of the Trust shall be (i) deemed to have notice of and consented to the provisions of the foregoing paragraph and (ii) deemed to have waived any argument relating to the inconvenience of the forums referenced above in connection with any action or proceeding described in the foregoing paragraph.

This forum selection provision may limit a shareholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with Trustees, officers or other agents of the Trust and its service providers, which may discourage such lawsuits with respect to such claims. If a court were to find the forum selection provision contained in the By-Laws to be inapplicable or unenforceable in an action, the Trust may incur additional costs associated with resolving such action in other jurisdictions.

**Available Share Classes – Driehaus Emerging Markets Growth Fund and Driehaus Small Cap Growth Fund** 

***Investor Shares***

The Investor class:

● is designed for individuals, trusts, estates, corporations, endowments, foundations and other investors who purchase shares directly from the Fund or through a financial intermediary.

● does not impose sales charges and does not make any 12b-1 fee payments to financial intermediaries.

● may make shareholder services fee payments at an annual rate not to exceed 0.25% of the Fund's Investor class average daily net assets.

● generally requires a $10,000 initial minimum investment, although the minimum may be waived at the discretion of the Adviser.

***Institutional Shares***

The Institutional class:

● is designed to be sold to corporations, endowments and foundations, charitable trusts, retirement plans, wrap fee plans and other programs charging asset-based fees, brokers, registered investment advisors, banks and bank trust programs, investment companies and other pooled investment vehicles and certain individuals meeting the investment minimum or other specific criteria.

● may be purchased directly from the Fund or through a financial intermediary.

● does not impose sales charges and does not make any shareholder services fee payments or 12b-1 fee payments to financial intermediaries.

● generally requires a $500,000 initial minimum investment, although the minimum may be waived at the discretion of the Adviser.

All other Funds have a single share class.

**Opening an Account** 

1) Read this Prospectus carefully.

2) The Driehaus Emerging Markets Small Cap Growth Fund, Driehaus International Small Cap Growth Fund, Driehaus Micro Cap Growth Fund, Driehaus Small/Mid Cap Growth Fund, Driehaus Global Fund, and Driehaus International Developed Equity Fund have the following minimum investments, which may be waived at the discretion of the Adviser: 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Minimum <br> Initial <br> Investment** | **Minimum <br> Subsequent <br> Investment** | **Minimum <br> Initial IRA <br> Investment** | **Minimum <br> Subsequent <br> IRA <br> Investment** | **Minimum <br> Automatic <br> Investment <br> Plan <br> (Monthly)** | **Minimum <br> Automatic <br> Investment <br> Plan <br> (Quarterly)** |
| $10000 | $2000 | $2000 | $500 | $100 | $300 |

---

The Driehaus Emerging Markets Growth Fund and Driehaus Small Cap Growth Fund have the following minimum investments, which may be waived at the discretion of the Adviser:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Minimum <br> Initial <br> Investment** | **Minimum <br> Subsequent <br> Investment** | **Minimum <br> Initial IRA <br> Investment** | **Minimum <br> Subsequent <br> IRA <br> Investment** | **Minimum <br> Automatic <br> Investment <br> Plan <br> (Monthly)** | **Minimum <br> Automatic <br> Investment <br> Plan <br> (Quarterly)** |
| Investor Shares  | $10000 | $2000 | $2000 | $500 | $100 | $300 |
| Institutional Shares  | $500000 |  | $500000 |  | N/A | N/A |

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3) Complete the appropriate sections of the New Account Application, carefully following the instructions. If you have questions, please contact Shareholder Services at 1-800-560-6111. Complete the appropriate sections of the application which apply to account privileges. You will automatically have telephonic redemption and exchange privileges unless you indicate on the application that you do not want these privileges. By confirming your privileges on the New Account Application, you can avoid the delay of having to submit an additional application to change your privileges. 

The Funds seek to obtain identification information for new accounts so that the identity of Fund investors can be verified consistent with regulatory requirements. The Funds may limit account activity until investor identification information can be verified. If the Funds are unable to obtain sufficient investor identification information such that the Funds may form a reasonable belief as to the true identity of an investor, the Funds may take further action including closing the account.

4) Include your purchase check or call Shareholder Services at 1-800-560-6111 to initiate a wire purchase.

5) To open an Individual Retirement Account (IRA), complete the appropriate Traditional or Roth IRA Application which may be obtained by visiting <u>*www.driehaus.com/fund-resources*</u> or by calling Shareholder Services at 1-800-560-6111. IRA investors should also read the IRA Disclosure Statement and Custodial Account Agreement for further details on eligibility, service fees, and federal tax considerations. For IRA accounts, the procedures for purchasing and redeeming shares of the Funds, and the account features, policies and fees may differ from those discussed in this Prospectus. Please contact Shareholder Services at 1-800-560-6111 for additional information. 

**How to Purchase Shares** 

1) **By Mail.** Make your check payable to Driehaus Mutual Funds. The Funds accept: 

● Your personal check, preprinted with your name and address

● Certified personal checks

for Fund share purchases under $100,000. For purchases of $100,000 or more, the Funds accept *only* wire transfers.

Driehaus Mutual Funds will *not* accept the following forms of payment for Fund shares:

● Cash

● Credit cards

● Cashier's/Official checks

● Bank drafts

● Third party checks

● "Starter" checks that do not have a printed name and address on them

● Travelers checks

● Credit card checks

● Money orders

Any expense incurred as a result of a returned check will be borne by the shareholder. The Fund will charge a $20 fee against your account, in addition to any loss sustained by the Fund, for any check returned for insufficient funds. If you are adding to your existing account, fill out the detachable investment slip from an account statement or indicate your Fund account number and the name(s) in which the account is registered directly on the check. Send to:

---

| | |
|:---|:---|
| **Regular Mail:** <br>**Driehaus Mutual Funds** <br>**P.O. Box 4766** <br>**Chicago, IL 60680-4766** | **Overnight Delivery:** <br>**Driehaus Mutual Funds** <br>**c/o Northern Trust** <br>**333 South Wabash Avenue, W-38** <br>**Chicago, IL 60604**  |

---

2) **By Wire Transfer.** Call Shareholder Services at 1-800-560-6111 to initiate your purchase and obtain your account number. Then wire your investment to: 

**The Northern Trust Co** <br>**333 South Wabash Avenue, W-38** <br>**Chicago, IL 60604** <br>**ABA #071000152** <br>**Account #: 5201683100** <br>**Shareholder Name:** <br>**Shareholder Account #DRH1083FFFAAAAAAA** <br>**\*FFF is your Fund Number and AAAAAAA is your account number**<br>

3) **Through Automatic Investment Plan.** Additional investments in shares of the Funds may be made automatically by authorizing the Transfer Agent to withdraw funds via Automated Clearing House Network Transfer ("ACH") from your pre-designated bank account through the Automatic Investment Plan. This plan is not available for Institutional Shares. 

4) **Through ACH.** Additional investments in shares of the Funds may also be made at any time by authorizing the Transfer Agent to withdraw funds via ACH from your pre-designated bank account. The Funds do not accept initial investments through ACH. Instructions to purchase shares of the Funds by ACH which are received prior to close of the NYSE receive the net asset value calculated on the next business day. Instructions to purchase shares of the Funds by ACH received after the close of the NYSE receive the net asset value calculated on the second business day after receipt. 

5) **Through Financial Institutions.** Investors may purchase (or redeem) shares through investment dealers or other financial institutions. The institutions may charge for their services or place limitations on the extent to which investors may use the services offered by the Funds. There are no charges or limitations imposed by the Funds, other than those described in this Prospectus, if shares are purchased (or redeemed) directly from the Funds. However, unless waived, the Driehaus Micro Cap Growth Fund will deduct 2.00% from the redemption amount if you sell your shares within 60 days after purchase. 

New investors who would like to participate in the Automatic Investment Plan (not available for the Institutional Shares) or make additional investments in shares of the Funds by ACH should complete the appropriate section of the account application and mail it to Driehaus Mutual Funds at the address included in the "**By Mail**" section above. Current investors should complete the Optional Account Services Form to add either or both privileges to their account(s). To obtain either form, call Shareholder Services at 1-800-560-6111 or visit <u>*www.driehaus.com/fund-resources*</u>.

**Financial Intermediaries and Shareholder Servicing** 

Financial institutions that enter into a sales agreement with the Adviser, ACA Foreside or the Trust ("Intermediaries") may accept purchase and redemption orders on behalf of the Funds. If communicated in accordance with the terms of the sales agreement, a purchase or redemption order will be deemed to have been received by the Funds when the Intermediary receives the order. In certain instances, an Intermediary may designate other third-party financial institutions ("Sub-Designees") to receive orders from their customers on the Funds' behalf. The Intermediary is liable to the Funds for its compliance with the terms of the sales agreement and the compliance of each Sub-Designee. All orders will be priced at the applicable Fund's net asset value next computed after they are received by the Intermediary or Sub-Designee, provided that such orders are communicated in accordance with the terms of the applicable sales agreement.

Certain Intermediaries may enter purchase orders on behalf of their customers by telephone, with payments to follow within several days as specified in their sales agreement. Such purchase orders will be effected at the net asset value next determined after receipt of the telephone purchase order. It is the responsibility of the Intermediary to place the order on a timely basis. If payment is not received within the time specified in the agreement, the Intermediary could be held liable for any fees or losses resulting from the cancellation of the order.

An investor transacting in Fund shares may be required to pay their Intermediary a commission for executing such transactions.

Some Intermediaries charge a fee for shareholder administrative and/or sub-transfer agency services ("shareholder services") that they provide to Fund shareholders on a Fund's behalf. These shareholder services may include transfer agent and sub-transfer agent services, aggregating and processing purchase and redemption orders, providing periodic statements, receiving and transmitting funds, processing dividend payments, providing sub-accounting services, forwarding shareholder

communications, receiving, tabulating and transmitting proxies, responding to inquiries and performing such other related services as a Fund may request. The fee may be based on the number of accounts or may be a percentage, currently up to 0.40% annually, of the average value of accounts for which the Intermediary provides services.

The Driehaus Emerging Markets Growth Fund's Investor Shares and the Driehaus Small Cap Growth Fund's Investor Shares have each adopted a Shareholder Services Plan that authorizes each Fund to make payments to Intermediaries or to reimburse the Adviser for payments to Intermediaries for shareholder services provided on behalf of the Fund. Each Shareholder Services Plan allows for annual payments not to exceed 0.25% of the Investor class. These shareholder services fees paid by the Funds are reflected in the "Other Expenses" line that appears in the Funds' fee table in the Fund Summary section.

The Adviser makes payments to Intermediaries for providing shareholder servicing or distribution related activities. As discussed above, the Driehaus Emerging Markets Growth Fund's and the Driehaus Small Cap Growth Fund's Investor Shares reimburse the Adviser for payments it makes to Intermediaries for shareholder services at a rate not to exceed 0.25% of each Fund's Investor class average daily net assets. The Adviser makes payments that are in excess of the amounts reimbursed by the Driehaus Emerging Markets Growth Fund and Driehaus Small Cap Growth Fund. No payments are made by the Funds for distribution related activities of the Funds.

The Driehaus Emerging Markets Growth Fund's and Driehaus Small Cap Growth Fund's Institutional Shares and the Driehaus Emerging Markets Small Cap Growth Fund, Driehaus Global Fund, Driehaus International Small Cap Growth Fund, Driehaus Micro Cap Growth Fund, Driehaus Small/Mid Cap Growth Fund, and Driehaus International Developed Equity Fund do not pay fees to Intermediaries or reimburse the Adviser for payments it makes to Intermediaries in connection with shareholder administrative and/or sub-transfer agency services or any other services that an Intermediary may provide to its clients.

**General Purchase Information** 

Shares of each Fund are offered only to residents of states and other jurisdictions in which the shares are available for purchase. The Funds do not generally sell shares to persons or entities, including foreign financial institutions, foreign shell banks and private banking accounts, residing outside the U.S., its territories and possessions, even if they are U.S. citizens or lawful permanent residents, except to persons with U.S. military APO or FPO addresses. However, under limited circumstances, the Funds reserve the right to sell shares to such persons or entities residing outside of the U.S., its territories and possessions. The Funds reserve the right not to accept any purchase order. The Funds also reserve the right to change their investment minimums without notice. For all purchases, confirmations are sent to the investor in writing except purchases made by reinvestment of dividends, which will be confirmed quarterly.

***"Buying a Dividend."*** Unless you are a tax-exempt entity or are purchasing Fund shares through a tax-advantaged account (such as a 401(k) or an IRA), buying Fund shares at a time when a Fund has undistributed income or gains can cost you money in taxes. See "**Distributions and Taxes – Buying a Distribution**" below. Contact the Fund for information concerning when distributions will be paid.

Shares purchased by check are subject to a 10 business day escrow period to ensure payment to the relevant Fund. Shares purchased by ACH are subject to a 5 business day escrow period to ensure payment to the relevant Fund. The proceeds of shares redeemed during the escrow period will be released after expiration of the escrow period.

***Driehaus Small Cap Growth Fund.*** The Driehaus Small Cap Growth Fund is closed to most new investors and certain existing investors. You may purchase Fund shares and reinvest dividends and capital gains you receive on your holdings of Fund shares in additional shares of the Fund if you are:

● A current Fund Shareholder;

● A participant in a qualified retirement plan that offers the Fund as an investment option or that has the same or a related plan sponsor as another qualified retirement plan that offers the Fund as an investment option; or

● A financial advisor or registered investment adviser whose clients have Fund accounts.

You may open a new account in the Fund if you:

● Are an employee of the Adviser or its affiliates or a Trustee of the Driehaus Mutual Funds;

● Hold Shares of the Fund in another account, provided your new account and your existing account are registered under the same address of record, the same primary Social Security Number or Taxpayer Identification Number, the same name(s), and the same beneficial owner(s); or

● Are a financial advisor or registered investment adviser whose clients have Fund accounts.

These restrictions apply to investments made directly through the Fund, as well as investments made through intermediaries. Intermediaries that maintain omnibus accounts are not allowed to open new sub-accounts for new investors, unless the investor meets the criteria listed above. Once an account is closed, additional investments will not be accepted unless you meet the criteria listed above. Investors may be required to demonstrate eligibility to purchase shares of the Fund before an investment is accepted. The Fund reserves the right to (i) eliminate any of the exceptions listed above and impose additional restrictions on purchases of Fund shares; and (ii) make additional exceptions that, in the Adviser's judgment, do not adversely affect its ability to manage the Fund.

***Driehaus Micro Cap Growth Fund.*** Driehaus Micro Cap Growth Fund is closed to most new investors and certain existing investors. You may purchase Fund shares and reinvest dividends and capital gains you receive on your holdings of Fund shares in additional shares of the Fund if you are:

● A current Fund Shareholder;

● A participant in a qualified retirement plan that offers the Fund as an investment option or that has the same or a related plan sponsor as another qualified retirement plan that offers the Fund as an investment option; or

● A financial advisor or registered investment adviser whose clients have Fund accounts.

You may open a new account in the Fund if you:

● Are an employee of the Adviser or its affiliates or a Trustee of the Driehaus Mutual Funds;

● Hold Shares of the Fund in another account, provided your new account and your existing account are registered under the same address of record, the same primary Social Security Number or Taxpayer Identification Number, the same name(s), and the same beneficial owner(s); or

● Are a financial advisor or registered investment adviser whose clients have Fund accounts.

These restrictions apply to investments made directly through the Fund, as well as investments made through intermediaries. Intermediaries that maintain omnibus accounts are not allowed to open new sub-accounts for new investors, unless the investor meets the criteria listed above. Once an account is closed, additional investments will not be accepted unless you meet the criteria listed above. Investors may be required to demonstrate eligibility to purchase shares of the Fund before an investment is accepted. The Fund reserves the right to (i) eliminate any of the exceptions listed above and impose additional restrictions on purchases of Fund shares; and (ii) make additional exceptions that, in the Adviser's judgment, do not adversely affect its ability to manage the Fund.

**How to Redeem Shares** 

1) **By Mail.** Shareholders may sell shares by writing the Funds at the following address: 

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| | |
|:---|:---|
| **Regular Mail:** <br>**Driehaus Mutual Funds** <br>**P.O. Box 4766** <br>**Chicago, IL 60680-4766** | **Overnight Delivery:** <br>**Driehaus Mutual Funds** <br>**c/o Northern Trust** <br>**333 South Wabash Avenue, W-38** <br>**Chicago, IL 60604** |

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Certain requests for redemption must be signed by the shareholder with a signature guarantee. See "**Shareholder Services and Policies — Medallion Signature Guarantees**" below. Redemption proceeds will be net of any applicable redemption fees.

2) **By Telephone.** You will automatically have the telephone redemption by check privileges when you open your account unless you indicate on the application that you do not want this privilege. You may also have redemption proceeds sent directly to your bank account by wire or ACH if you mark the appropriate box(es) and provide your bank information on your application. If you are a current shareholder, you should complete the Optional Account Services Form to add these additional redemption options to your account. You may make a telephone redemption request for up to $100,000 by calling Shareholder Services at 1-800-560-6111 and providing your account number, the exact name of your account and your social security or taxpayer identification number. See "**General Redemption Information**" below for specific information on payment of redemption proceeds under each payment option. The Funds reserve the right to suspend or terminate the telephone redemption privilege at any time. 

**Telephone Transactions.** For your protection, telephone requests may be recorded in order to verify their accuracy. Also for your protection, telephone transactions are not permitted on accounts whose address has changed within the past 30 days. Proceeds from telephone transactions can only be mailed to the address of record or wired or electronically transferred to a bank account previously designated by you in writing.

3) **By Wire Transfer.** If you have chosen the wire redemption privilege, you may request the Funds to transmit your proceeds by Federal Funds wire to a bank account previously designated by you in writing and not changed within the past 30 days. See "**General Redemption Information — Execution of Requests**" below. 

4) **Through ACH.** Your redemption proceeds less any applicable redemption fee, can be electronically transferred to your pre-designated bank account on or about the date of your redemption. There is no fee associated with this redemption payment method. 

5) **Through Financial Institutions.** If you bought your shares through a financial institution and these shares are held in the name of the financial institution, you must redeem your shares through the financial institution. Please contact the financial institution for this service. 

**General Redemption Information** 

***Institutional and Fiduciary Account Holders.*** Institutional and fiduciary account holders, such as corporations, custodians, executors, administrators, trustees or guardians, must submit, with each request, a completed certificate of authorization in a form of resolution acceptable to the Funds. The request must include other supporting legal documents as required from organizations, executors, administrators, trustees or others acting on accounts not registered in their names. For more information, please contact Shareholder Services at 1-800-560-6111.

***Cancellation.*** A shareholder may not cancel or revoke a redemption order once instructions have been received and accepted. The Funds cannot accept a redemption request that specifies a particular date or price for redemption or any special conditions.

***Redemptions by the Funds.*** The Funds reserve the right to redeem shares in any account and send the proceeds to the owner if, immediately after a redemption, the shares in the account do not have the Minimum Account Value as shown below:

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| | | |
|:---|:---|:---|
| **Fund** | **Minimum <br> Account Value** | **Minimum IRA Account Value** |
| Driehaus Emerging Markets Growth Fund – Investor Shares  | $5000 | $1500 |
| Driehaus Emerging Markets Growth Fund – Institutional Shares  | $250000 | $250000 |
| Driehaus Emerging Markets Small Cap Growth Fund  | $5000 | $1500 |
| Driehaus Global Fund  | $5000 | $1500 |
| Driehaus International Small Cap Growth Fund  | $5000 | $1500 |
| Driehaus International Developed Equity Fund  | $5000 | $1500 |
| Driehaus Micro Cap Growth Fund  | $5000 | $1500 |
| Driehaus Small Cap Growth Fund – Investor Shares  | $5000 | $1500 |
| Driehaus Small Cap Growth Fund – Institutional Shares  | $250000 | $250000 |
| Driehaus Small/Mid Cap Growth Fund  | $5000 | $1500 |

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A shareholder would be notified that the account is below the minimum and would have 30 days to increase the account before the account is redeemed. For Institutional Shares purchased directly from the Driehaus Emerging Markets Growth Fund and the Driehaus Small Cap Growth Fund, the Funds reserve the right to automatically convert Institutional Shares in your account to Investor Shares rather than redeem those shares if your account falls below $250,000. The Funds would notify you if they intend to convert your shares and you would have 30 days to increase the account before the shares are converted. If your shares are converted, the conversion will have no effect on the value of your investment in Institutional Shares of the Funds at the time of conversion. However, the number of shares you own after the conversion may be greater or lower than the number of shares you owned before the conversion, depending on the net asset value of the Investor Shares compared to the Institutional Shares. Shareholders of the Driehaus Emerging Markets Growth Fund and the Driehaus Small Cap Growth Fund generally will not recognize gain or loss for federal income tax purposes on the conversion of their Institutional Shares to Investor Shares of the Funds.

***In-Kind Redemptions.*** The Funds generally intend to pay all redemptions in cash. However, the Funds may pay you for shares you sell by "redeeming in kind," that is, by giving you marketable securities, if your requests over a 90-day period total more than $250,000 or 1.00% of the net assets of the relevant Fund, whichever is less, during normal and stressed market conditions. An in-kind redemption is taxable for federal income tax purposes in the same manner as a redemption for cash.

***Execution of Requests.*** If an order is placed prior to the close of regular trading on the NYSE (normally 3:00 p.m., Central time) on any business day, the purchase of shares is executed at the net asset value determined as of the closing time that day. If the order is placed after that time, it will be effected on the next business day.

A redemption order will be executed at the price which is the net asset value determined after proper redemption instructions are received, minus the redemption fee, if applicable. The redemption price received depends upon the Fund's net asset value per share at the time of redemption and any applicable redemption fee. Therefore, it may be more or less than the price originally paid for the shares and may result in a recognized capital gain or loss for federal income tax purposes.

The Driehaus Micro Cap Growth Fund will deduct a redemption fee of 2.00% from the redemption amount for shareholders who sell their shares within 60 days of purchase. This fee is paid to the Fund and is designed to offset the commission costs, market impact costs, tax consequences to the Fund, and other costs associated with fluctuations in Fund asset levels and cash flow caused by short-term shareholder trading. Redemption fees may be waived in certain circumstances, see **"Policies and Procedures Regarding Frequent Purchases and Redemptions"** below. For shareholders who purchased shares on different days, the shares held the longest will be redeemed first for purposes of determining whether the redemption fee applies. The redemption fee does not apply to shares that were acquired through reinvestment of distributions.

The Funds typically expect to pay redemption proceeds, less any applicable fees (including redemption fees), as follows:

1) PAYMENT BY CHECK – Normally mailed within seven days of redemption to the address of record.

2) PAYMENT BY WIRE – Normally sent via the Federal Wire System on the next business day after redemption ($15 wire fee applies) to your pre-designated bank account. 

3) PAYMENT BY ACH – Normally sent by ACH on or about the date of your redemption to your pre-designated bank account. Please consult your financial institution for additional information.

If it is in the best interest of the Funds to do so, the Funds may take up to seven days to pay proceeds from shares redeemed. The redemption price will be determined as of the time proper redemption instructions are received, in the manner described above, even if a Fund delays payment of the proceeds. For payments sent by wire or ACH, the Funds are not responsible for the efficiency of the federal wire or ACH systems or the shareholder's financial services firm or bank. The shareholder is responsible for any charges imposed by the shareholder's financial services firm or bank. Payment for shares redeemed within 10 business days after purchase by personal check or 5 business days after purchase by ACH will be delayed until the applicable escrow period has expired. Shares purchased by certified check or wire are not subject to the escrow period.

The Funds typically expect to effect sales of portfolio assets and use cash or cash equivalents to meet their redemption requests. In normal and stressed market conditions, the Funds may also access amounts available to them under their line of credit to meet redemption requests, if necessary, and the Funds may effect an "in-kind redemption" under the circumstances described above. The Funds may use redemption fees to help mitigate dilution and address transaction costs associated with shareholder activity.

**Policies and Procedures Regarding Frequent Purchases and Redemptions** 

Frequent and short-term trading in shares of the Funds, known as "market timing," can harm long-term Fund shareholders. Such short-term trading activity can result in increased costs to the Funds for buying and selling portfolio securities and also can disrupt portfolio management strategies when the Funds need to maintain cash or liquidate portfolio holdings to meet redemptions. The Funds, except the Driehaus Small Cap Growth Fund, Driehaus Micro Cap Growth Fund, and Driehaus Small/Mid Cap Growth Fund may be particularly susceptible to risks of short-term trading because they invest in foreign securities. Time zone differences among international stock markets may motivate investors to attempt to exploit the use of prices based on closing prices of foreign securities exchanges ("time zone arbitrage"). The Funds' valuation procedures seek to minimize investors' ability to engage in time zone arbitrage in the Funds. See "**Net Asset Value**" above.

The Trust's Board of Trustees has adopted policies and procedures in an effort to discourage and prevent market timing, which do not accommodate frequent purchases and redemptions of shares. The Trust imposes a 2.00% redemption fee on redemptions (including exchanges) of shares of the Driehaus Micro Cap Growth Fund made within 60 days of their purchase. This redemption fee was imposed to reduce the impact of costs resulting from short-term trading and to deter market timing activity. The Driehaus Micro Cap Growth Fund will waive the redemption fee in certain circumstances, including for certain

retirement plan investors, for certain omnibus accounts when the Intermediary collects the fee at the sub-account level and remits it to the Fund, for investors in certain wrap programs and otherwise, at the Fund's discretion. The Fund reserves the right to modify or terminate the waiver at any time.

The Funds' Adviser or its designee receives trading activity information from the Transfer Agent and monitors Fund inflows and outflows for suspected market timing activity using certain activity thresholds. The Adviser or its designee monitors the trading activity of direct shareholders and trading activity through Intermediaries, as well as instances in which the Funds receive a redemption fee from a direct shareholder or Intermediary account. The Adviser may rely on one or more service providers to perform the obligations described above. This monitoring may result in the Funds' rejection or cancellation of future purchase or exchange transactions in that shareholder's account(s) without prior notice to the shareholder. Under current procedures, such rejection or cancellation would occur within one business day after the Adviser identifies the suspected market timing activity. The Funds also may limit the number of exchanges a shareholder can make between the Funds.

Shares of the Funds may be purchased directly from the Funds (through the Transfer Agent) or through omnibus arrangements with broker-dealers or other Intermediaries that aggregate shareholder transactions. The Funds do not know the identity of the beneficial owners of many of the accounts opened through Intermediaries and consequently rely on the Intermediaries to comply with the Funds' policies and procedures on frequent purchases and redemptions. In some instances, the Funds allow an Intermediary to impose frequent trading restrictions that differ from those of the Funds. Investors who purchase shares through an Intermediary should review any disclosures provided by the Intermediary with which they have an account to determine what frequent trading restrictions may apply to their account. The Funds may direct any Intermediary to block any shareholder account from future trading in the Funds if market timing is suspected or discovered.

Shareholders seeking to engage in market timing activities may use a variety of strategies to avoid detection and, despite the efforts of the Funds to prevent such trading, there is no guarantee that the Funds or Intermediaries will be able to identify these shareholders or curtail their market timing activity.

**Shareholder Services and Policies** 

***Exchanging Shares.*** Any shares of a Fund that you have held for the applicable escrow period may be exchanged for shares of any other Driehaus Mutual Fund in an identically registered account, provided the Fund(s) is (are) available to you for purchase, the Fund(s) to be acquired is (are) registered for sale in your state of residence and you have met the minimum initial investment requirements. Procedures applicable to the purchase and redemption of a Fund's shares are also applicable to exchanging shares, including the prices that you receive and pay for the shares you exchange. You will automatically have the ability to exchange shares of any Driehaus Mutual Fund, subject to the qualifications noted above, by telephone unless you indicate on your application that you do not want this privilege. The Funds reserve the right to limit the number of exchanges between Funds and to reject any exchange order. The Funds reserve the right to modify or discontinue the exchange privilege at any time upon 60 days' written notice. For federal income tax purposes, an exchange is treated the same as a sale and you may recognize a capital gain or loss upon an exchange, depending upon the cost or other basis of the shares exchanged. With respect to the Driehaus Micro Cap Growth Fund, the 2.00% redemption fee also applies to shareholders who exchange their shares for any other Driehaus Mutual Fund shares within 60 days of purchase.

You may also exchange shares of one class of the Driehaus Emerging Markets Growth Fund or the Driehaus Small Cap Growth Fund for a different class of shares offered by the same Fund, provided that you meet the eligibility requirements for that class, including the minimum investment requirements. For federal income tax purposes, an exchange of shares of a Fund directly for shares of a different class of the same Fund generally will not result in recognition of a gain or loss by the exchanging shareholder.

***Medallion Signature Guarantees.*** A medallion signature guarantee assures that a signature is genuine and protects shareholders from unauthorized account activity. In addition to certain signature requirements, a medallion signature guarantee is required, unless such requirement is waived by the Adviser, in any of the following circumstances:

● A redemption request is over $100,000.

● A redemption check is to be made payable to anyone other than the shareholder(s) of record or the name has been changed within 30 days of the request.

● A redemption check is to be mailed to an address other than the address of record or the address has been changed within 30 days of the request.

● A redemption amount is to be wired to a bank other than one previously authorized.

● To add or change bank information for wire or ACH transactions on an existing account.

At the Funds' discretion, medallion signature guarantees also may be required for other transactions or changes to your account. A medallion signature guarantee may be obtained from a domestic bank or trust company, broker, dealer, clearing agency or savings association who is a participant in a medallion program recognized by the Securities Transfer Association. The three recognized medallion programs are the Securities Transfer Agents Medallion Program (STAMP), the Stock Exchanges Medallion Program (SEMP), and the New York Stock Exchange, Inc. Medallion Signature Program (MSP). Signature guarantees which are not part of these programs will not be accepted.

***Telephone Transactions.*** Shareholders will automatically have telephone redemption by check and exchange privileges unless they indicate on their account application that they do not want these privileges. Shareholders may initially purchase shares by telephone via bank wire. Shareholders engaging in telephone transactions should be aware of the risks associated with these types of transactions as compared to written requests. Although the Funds employ reasonable procedures to confirm that instructions received by telephone are genuine, a shareholder authorizing a transaction by telephone bears the risk of any resulting losses, unless the Funds or their service providers fail to employ these measures. In such cases, the Funds or their service providers may be liable for losses arising from unauthorized or fraudulent instructions. In addition, the Funds reserve the right to record all telephone conversations. Confirmation statements for telephone transactions should be reviewed for accuracy immediately upon receipt by the shareholder.

***Delivery of Written Requests.*** Neither the U.S. Postal Service nor other independent delivery services are agents of the Funds. Therefore, deposits in the mail or with such services or receipt at the Funds' post office box of purchase orders and redemption requests do not constitute receipt by the Transfer Agent.

***Unusual Circumstances.*** During times of unusual economic or market changes, telephone redemption and exchange privileges may be difficult to implement. In addition, in unusual circumstances, a Fund may temporarily suspend the processing of redemption requests or may postpone payment of proceeds for up to seven days or longer as allowed by federal securities laws. In the event that you are unable to reach the Funds by telephone, requests may be mailed to the Funds at the address listed in "**How to Redeem Shares.**"

***A Note on Mailing Procedures.*** In order to provide greater convenience to our shareholders and cost savings to the Funds by reducing the number of duplicate shareholder mailings, only one copy of most proxy statements, financial reports, notices and prospectuses will be mailed to households, even if more than one person in a household holds shares of a Fund. Separate shareholder statements will continue to be mailed for each Fund account. If you want additional copies or do not want your mailings to be "householded," please call Shareholder Services at 1-800-560-6111 or write to Driehaus Mutual Funds, P.O. Box 4766, Chicago, IL 60680-4766.

**Dividend Policies** 

***Reinvestment of Distributions.*** Dividends and distributions payable by a Fund are automatically reinvested in additional shares of such Fund unless the investor indicates otherwise on the application or subsequently notifies the Fund, in writing, of the desire to not have dividends automatically reinvested. Reinvested dividends and distributions are treated the same for federal income tax purposes as dividends and distributions received in cash. If the U.S. Postal Service cannot deliver your check or if your check remains uncashed for six months, the Funds reserve the right to reinvest your distribution check in your account at the net asset value on the day of the reinvestment and to reinvest all subsequent distributions in shares of the applicable Fund. Interest will not accrue on amounts represented by uncashed distribution or redemption checks.

**Distributions and Taxes** 

***Payment of Dividends and Other Distributions.*** Each Fund is treated as a separate corporation under the Internal Revenue Code of 1986, as amended, (the "Code"), and intends to qualify each year as a regulated investment company ("RIC") under Subchapter M of the Code. As a RIC, a Fund pays no federal income tax on the income and gains from investments it distributes to you in a timely manner in the form of dividends. You will generally be subject to federal income tax on such distributions unless you qualify for special tax treatment. Each Fund pays its shareholders dividends from its investment company taxable income (determined without regard to the deduction for dividends paid), and distributions from any recognized net capital gains (i.e., the excess of net long-term capital gains over the sum of net short-term capital losses and capital loss carryforwards available from prior years). Dividends and distributions are generally paid once a year. Each Fund intends to distribute at least 98% of any ordinary income for the calendar year (not taking into account any capital gains or losses), plus 98.2% of capital gain net income recognized during the 12-month period generally ending October 31 in that year (or November 30 or December 31 of that year if the Fund is permitted to elect and so elects), if any. Each Fund intends to distribute any undistributed ordinary income and capital gain net income retained from a previous calendar year that was not distributed during such calendar year in the following calendar year.

Because the Driehaus Small Cap Growth Fund, Driehaus Emerging Markets Small Cap Growth Fund, Driehaus Micro Cap Growth Fund and Driehaus Global Fund succeeded to the tax basis of the assets of its predecessor limited partnership(s), shareholders should be aware that, as portfolio securities that were received from the limited partnership(s) are sold, any capital gain that existed at the time the Fund acquired the securities from the limited partnership(s), along with any appreciation that occurred while the Fund held the securities, may be recognized by the Fund, and such recognized gain, if any, will be distributed to Fund shareholders as dividends or distributions and will be taxable to them for federal income tax purposes.

***Federal Income Tax Status of Dividends and Other Distributions.*** Distributions by a Fund of investment company taxable income (determined without regard to the deduction for dividends paid) to U.S. shareholders are generally subject to federal income tax at ordinary income tax rates. However, a portion of such distributions that were derived from certain corporate dividends may qualify for either the 50% dividends received deduction available to corporate U.S. shareholders under the Code, or the reduced rates of federal income taxation for "qualified dividend income" currently available to U.S. shareholders that are individuals and other noncorporate U.S. shareholders under the Code, provided in both cases such U.S. shareholders meet certain holding periods and other requirements are satisfied in respect of the Fund's shares and the Fund also meets the same holding period and other requirements. However, dividends received by a Fund from foreign corporations are not expected to qualify for the dividends received deduction and dividends received from certain foreign corporations may not qualify for treatment as qualified dividend income. Distributions of net capital gains, if any, are generally taxable to U.S. shareholders as long-term capital gains for federal income tax purposes regardless of how long a U.S. shareholder has held shares of a Fund. Long-term capital gains are taxable to U.S. shareholders that are individuals and other noncorporate U.S. shareholders at a maximum federal income tax rate of 20%. The U.S. federal income tax status of all distributions will be designated by a Fund and reported to its shareholders annually. Distributions are taxable in the year they are paid, whether they are taken in cash or reinvested in additional shares, except that certain distributions declared to shareholders of record in the last three months of the calendar year and paid in the following January are taxable as if paid on December 31 of the year declared.

In addition, an additional 3.8% Medicare contribution tax is imposed on certain net investment income (including dividends and capital gain distributions received from a Fund and net gains from redemptions or other taxable dispositions of Fund shares) of certain U.S. shareholders that are individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds certain threshold amounts.

Investment income received by a Fund from sources within foreign countries may be subject to foreign income taxes withheld at the source. The U.S. has entered into income tax treaties with many foreign countries that generally entitle each Fund to a reduced rate of tax or exemption from tax on such income. It is impossible to determine the effective rate of foreign tax in advance since the amount of a Fund's assets to be invested within various countries will fluctuate and the extent to which foreign tax will be reduced and refunds will be recovered is uncertain. Each Fund intends to operate so as to qualify for treaty-reduced tax rates where applicable.

To the extent that a Fund is liable for foreign income taxes, the Fund may make an election under the Code to "pass through" to the Fund's shareholders foreign income taxes paid if the Fund meets certain requirements,, but there can be no assurance that the Fund will qualify to make, or will make if eligible, such election. It is not expected that the Driehaus Micro Cap Growth Fund, the Driehaus Small Cap Growth Fund, nor the Driehaus Small/Mid Cap Growth Fund will qualify to make such election. If this election is made, shareholders will generally be able to claim a credit or deduction (subject to certain limitations) on their federal income tax returns for, and will be required to treat as part of the amounts distributed to them, their pro rata portion of the income taxes paid by the Fund to foreign countries (which taxes relate primarily to investment income). Under the Code, no deduction for foreign taxes may be claimed by individual shareholders who do not elect to itemize deductions on their federal income tax returns, although such a shareholder may be able to claim a credit for foreign taxes paid and, in any event, will be treated as having taxable income in the amount of the shareholder's pro rata share of foreign taxes paid by the Fund. If a Fund is not eligible or is eligible and chooses to not make such an election, the foreign taxes paid by the Fund will reduce the Fund's net investment income. In such a case, shareholders of such Fund will not be able to claim either a credit or a deduction for their pro rata portion of such foreign taxes paid by the Fund, nor will shareholders be required to treat as part of the amounts distributed to them their pro rata portion of such foreign taxes paid.

***Buying a Distribution.*** If you buy shares of a Fund just before the Fund makes a distribution from its net asset value, you will pay the full price for the shares and then receive a portion of the price back in the form of a distribution, which may be subject to federal income tax as described above. In addition, a Fund's share price may, at any time, reflect undistributed capital gains or income and unrealized appreciation, which may result in future taxable distributions. Such distributions can occur even in a year when a Fund has a negative return.

***Redemption of Fund Shares.*** Unless a shareholder is a tax-exempt investor or investing through a tax-advantaged account, a redemption or exchange of Fund shares is generally considered a taxable event for U.S. federal income tax purposes. Depending on the purchase price and the sale price of the shares redeemed or exchanged, a U.S. shareholder may have a gain or loss on the transaction. The gain or loss will generally be treated as a long-term capital gain or loss if the U.S. shareholder held the shares for more than one year. If the U.S. shareholder held the shares for one year or less, the gain or loss will generally be treated as a short-term capital gain or loss. Short-term capital gain is taxable at ordinary income tax rates for U.S. federal income tax purposes. Shareholders may be limited in their ability to utilize capital losses. Any loss recognized on sales or exchanges of Fund shares held six months or less will be treated as a long-term, rather than short term, capital loss to the extent of any long-term capital gain distributions received (or deemed received) by the U.S. shareholder with respect to such shares. For U.S. federal income tax purposes, an exchange of shares of a Fund directly for shares of a different class of the same Fund generally will not result in recognition of a gain or loss by the exchanging U.S. shareholder.

***Backup Withholding.*** A Fund may be required to withhold federal income tax ("backup withholding") at a flat 24% rate from dividends, distributions, sales proceeds redemption proceeds, and any other payments paid to certain shareholders. Backup withholding may be required if:

● An investor fails to furnish the Fund with the investor's properly certified social security or other taxpayer identification number;

● An investor fails to properly certify that the investor's taxpayer identification number is correct or that the investor is not subject to backup withholding due to the underreporting of certain income; or

● The Internal Revenue Service ("IRS") informs the Fund that the investor's taxpayer identification number is incorrect or that the investor is subject to backup withholding.

***Cost Basis Reporting.*** The Funds are required to report to the IRS, and to furnish to Fund shareholders, detailed cost basis and holding period information for Fund shares acquired on or after January 1, 2012 ("covered shares"), that are redeemed on or after that date. These requirements do not apply to investments through a tax-advantaged arrangement, such as a 401(k) or an IRA. If you redeem covered shares during any year, the Funds will report the following information to the IRS and to you on Form 1099-B: (i) the cost basis of such shares, (ii) the gross proceeds you received on the redemption, and (iii) the holding period for the redeemed shares. The Funds' default method for calculating the cost basis of covered shares is the average cost basis. You should contact your tax or other advisor about the application of the cost basis reporting rules to you, particularly whether you should elect a cost basis calculation method other than the default average cost basis. If you wish to change your cost basis methodology, please see the Cost Basis Election Form at <u>*www.driehaus.com/fund-resources*</u> or call 1-800-560-6111. If you hold your Fund shares through a financial intermediary, please contact your representative regarding the reporting of cost basis and available elections for your account.

***Taxation of Non-U.S. Shareholders.*** Non-U.S. shareholders, including shareholders who, with respect to the U.S., are nonresident aliens, may be subject to U.S. withholding tax on certain distributions at a rate of 30% or such lower rates as may be prescribed by an applicable income tax treaty. To avoid or reduce withholding, a non-US shareholder will be required to provide an applicable IRS Form W-8 or other applicable form.

Certifications of federal income tax status are contained in the account application that should be completed and returned when opening an account. Each Fund must promptly pay to the IRS all amounts withheld. Therefore, it is usually not possible for a Fund to reimburse a non-U.S. shareholder for amounts withheld. A non-U.S. shareholder may, however, claim the amount withheld as a credit on such shareholder's federal income tax return, provided certain information is timely provided to the IRS.

**As with any investment, you should consider how your investment in shares of a Fund will be taxed. The foregoing discussion summarizes certain U.S. federal income tax consequences solely for shareholders (i) who are beneficial owners of the shares of a Fund, (ii) hold such shares as capital assets and (iii) are United States persons (as such term is defined in the Code) other than partnerships and other than investors that are subject to special tax treatment (such as financial institutions, real estate investment trusts, RICs and retirement plans), except as otherwise specifically provided herein. The foregoing discussion is only a general summary as of April 30, 2026 of some of the important federal income tax considerations affecting you as a shareholder. It is not intended to be a full discussion of all federal income tax laws and their effect on shareholders. Shareholders should consult their tax advisors as to the federal, state, local and foreign tax consequences of ownership of any Fund shares before making an investment in a Fund.** 

**Financial Highlights — Driehaus Emerging Markets Growth Fund – Investor Shares**<br>

The financial highlights table is intended to help you understand the Fund's Investor Shares financial performance for the past five years. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). The information below has been derived from the financial statements which have been audited by Ernst & Young LLP, whose report, along with the Fund's financial statements, are included in the Fund's Form N-CSR filed with the SEC, which is available, without charge, upon request.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period  | $36.84 | $34.58 | $31.69 | $41.20 | $49.09 |
| &nbsp;&nbsp;&nbsp;INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup>  | 0.55 | 0.44 | 0.45 | 0.28 | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments  | 10.45 | 2.15 | 3.07 | (9.56) | (0.93) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations  | 11.00 | 2.59 | 3.52 | (9.28) | (1.00) |
| &nbsp;&nbsp;&nbsp;LESS DISTRIBUTIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | (0.80) | (0.33) | (0.63) | (0.20) |  |
| &nbsp;&nbsp;&nbsp;Net realized gain  |  |  |  | (0.03) | (6.89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions  | (0.80) | (0.33) | (0.63) | (0.23) | (6.89) |
| Redemption fees added to paid-in capital  |  |  | 0.00<sup>2</sup> | 0.00<sup>2</sup> | 0.00<sup>2</sup> |
| Net asset value, end of period  | $47.04 | $36.84 | $34.58 | $31.69 | $41.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return  | 29.92% | 7.47% | 11.14% | (22.54)% | (1.90)% |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000's)  | $601677 | $562555 | $570927 | $572323 | $844522 |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets  | 1.14% | 1.21% | 1.30% | 1.35% | 1.29% |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>3</sup>  | 1.13% | 1.20% | 1.29% | 1.34% | 1.28% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>3</sup>  | 1.35% | 1.17% | 1.37% | 0.81% | (0.13)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover  | 137% | 118% | 126% | 160% | 169% |

---

1 Net investment income (loss) per share has been calculated using the average shares method.

---

| | |
|:---|:---|
| 2  | Amount represents less than $0.01 per share.  |

---

---

| | |
|:---|:---|
| 3  | Such ratios are net of fees paid indirectly. The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.01% for the years 2021, 2022, 2023, 2024 and 2025.  |

---

**Financial Highlights — Driehaus Emerging Markets Growth Fund – Institutional Shares**<br>

The financial highlights table is intended to help you understand the Fund's Institutional Shares financial performance for the past five years. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). The information below has been derived from the financial statements which have been audited by Ernst & Young LLP, whose report, along with the Fund's financial statements, are included in the Fund's Form N-CSR filed with the SEC, which is available, without charge, upon request.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period  | $37.07 | $34.80 | $31.88 | $41.36 | $49.14 |
| &nbsp;&nbsp;&nbsp;INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup>  | 0.66 | 0.53 | 0.54 | 0.37 | 0.05 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments  | 10.51 | 2.16 | 3.09 | (9.61) | (0.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations  | 11.17 | 2.69 | 3.63 | (9.24) | (0.89) |
| &nbsp;&nbsp;&nbsp;LESS DISTRIBUTIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | (0.90) | (0.42) | (0.71) | (0.21) |  |
| &nbsp;&nbsp;&nbsp;Net realized gain  |  |  |  | (0.03) | (6.89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions  | (0.90) | (0.42) | (0.71) | (0.24) | (6.89) |
| Redemption fees added to paid-in capital  |  |  | 0.00<sup>2</sup> | 0.00<sup>2</sup> | 0.00<sup>2</sup> |
| Net asset value, end of period  | $47.34 | $37.07 | $34.80 | $31.88 | $41.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return  | 30.22% | 7.72% | 11.42% | (22.36)% | (1.67)% |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000's)  | $3503121 | $2582554 | $2008578 | $1484392 | $1482582 |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets  | 0.90% | 0.97% | 1.08% | 1.12% | 1.07% |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>3</sup>  | 0.89% | 0.96% | 1.07% | 1.11% | 1.06% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>3</sup>  | 1.59% | 1.40% | 1.61% | 1.07% | 0.10% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover  | 137% | 118% | 126% | 160% | 169% |

---

1 Net investment income (loss) per share has been calculated using the average shares method.

---

| | |
|:---|:---|
| 2  | Amount represents less than $0.01 per share.  |

---

---

| | |
|:---|:---|
| 3  | Such ratios are net of fees paid indirectly. The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.01% for the years 2021, 2022, 2023, 2024 and 2025.  |

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**Financial Highlights — Driehaus Emerging Markets Small Cap Growth Fund**<br>

The financial highlights table is intended to help you understand the Fund's financial performance for the past five years. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). The information below has been derived from the financial statements which have been audited by Ernst & Young LLP, whose report, along with the Fund's financial statements, are included in the Fund's Form N-CSR filed with the SEC, which is available, without charge, upon request.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period  | $21.69 | $19.00 | $17.43 | $22.11 | $19.08 |
| &nbsp;&nbsp;&nbsp;INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)  | 0.12 | 0.14 | 0.16 | 0.09 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments  | 5.08 | 2.70 | 1.62 | (4.77) | 2.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations  | 5.20 | 2.84 | 1.78 | (4.68) | 3.04 |
| &nbsp;&nbsp;&nbsp;LESS DISTRIBUTIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | (0.59) | (0.15) | (0.21) |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions  | (0.59) | (0.15) | (0.21) |  | (0.01) |
| Redemption fees added to paid-in capital  |  |  | 0.00<sup>1</sup> | 0.00<sup>1</sup> | 0.00<sup>1</sup> |
| Net asset value, end of period  | $26.30 | $21.69 | $19.00 | $17.43 | $22.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return  | 24.06% | 14.94% | 10.23% | (21.17)% | 15.93% |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000's)  | $138984 | $124883 | $107814 | $102629 | $116644 |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets  | 1.30% | 1.32% | 1.36% | 1.44% | 1.37% |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>2,3</sup>  | 1.24% | 1.24% | 1.24% | 1.24% | 1.24% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>3</sup>  | 0.51% | 0.69% | 0.78% | 0.53% | 0.28% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover  | 82% | 95% | 161% | 149% | 178% |

---

---

| | |
|:---|:---|
| 1  | Amount represents less than $0.01 per share.  |

---

---

| | |
|:---|:---|
| 2  | Such ratios are net of fees paid indirectly. The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.01%, 0.00%, 0.00%, 0.00% and 0.01% for the years 2021, 2022, 2023, 2024 and 2025.  |

---

---

| | |
|:---|:---|
| 3  | Effective December 31, 2020, the Adviser contractually agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual Fund operating expenses (other than interest, taxes, brokerage commissions, dividends and interest on short sales, other investment-related expenses, 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) would not exceed the Fund's operating expense cap of 1.24% of average daily net assets until April 30, 2026.  |

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**Financial Highlights — Driehaus Global Fund**<br>

The financial highlights table is intended to help you understand the Fund's financial performance for the past five years. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). The information below has been derived from the financial statements which have been audited by Ernst & Young LLP, whose report, along with the Fund's financial statements, are included in the Fund's Form N-CSR filed with the SEC, which is available, without charge, upon request.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period  | $15.57 | $13.34 | $11.33 | $14.25 | $15.17 |
| &nbsp;&nbsp;&nbsp;INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)  | 0.13 | 0.09 | 0.17 | 0.22 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments  | 3.35 | 3.44 | 2.03 | (2.90) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations  | 3.48 | 3.53 | 2.20 | (2.68) | (0.09) |
| &nbsp;&nbsp;&nbsp;LESS DISTRIBUTIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | (0.14) | (0.09) | (0.19) | (0.24) | (0.22) |
| &nbsp;&nbsp;&nbsp;Net realized gain  | (2.20) | (1.21) |  |  | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions  | (2.34) | (1.30) | (0.19) | (0.24) | (0.83) |
| Redemption fees added to paid-in capital  |  |  | 0.00<sup>1</sup> | 0.00<sup>1</sup> |  |
| Net asset value, end of period  | $16.71 | $15.57 | $13.34 | $11.33 | $14.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return  | 22.59% | 26.48% | 19.46% | (18.86)% | (0.53)% |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000's)  | $69376 | $60376 | $52492 | $46642 | $57728 |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets  | 0.84% | 0.91% | 1.13% | 1.36% | 1.31% |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>2,3</sup>  | 0.75% | 0.75% | 0.83% | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>3</sup>  | 0.77% | 0.55% | 1.32% | 1.90% | 0.92% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover  | 119% | 109% | 179% | 92% | 101% |

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---

| | |
|:---|:---|
| 1  | Amount represents less than $0.01 per share.  |

---

---

| | |
|:---|:---|
| 2  | Effective April 30, 2023, the Adviser contractually agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual Fund operating expenses (other than interest, taxes, brokerage commissions, dividends and interest on short sales, other investment-related expenses, 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) would not exceed the Fund's operating expense cap of 0.75% of average daily net assets until April 30, 2026. From May 1, 2019 to April 29, 2023, the annual operating expense limitation was 0.99%.  |

---

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| | |
|:---|:---|
| 3  | Such ratios are net of fees paid indirectly. The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.01% for the years 2021, 2022, 2023, 2024 and 2025.  |

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**Financial Highlights — Driehaus International Small Cap Growth Fund**<br>

The financial highlights table is intended to help you understand the Fund's financial performance for the past five years. Certain information reflects financial results for a single Fund share. The total return in the table represents the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). The information below has been derived from the financial statements which have been audited by Ernst & Young LLP, whose report, along with the Fund's financial statements, are included in the Fund's Form N-CSR filed with the SEC, which is available, without charge, upon request.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period  | $8.97 | $8.74 | $7.90 | $11.06 | $12.59 |
| &nbsp;&nbsp;&nbsp;INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)  | 0.07 | 0.06 | 0.05 | 0.06 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments  | 2.52 | 0.22 | 0.89 | (2.75) | 1.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations  | 2.59 | 0.28 | 0.94 | (2.69) | 1.46 |
| &nbsp;&nbsp;&nbsp;LESS DISTRIBUTIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | (0.12) | (0.05) | (0.10) |  | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized gain  |  |  |  | (0.47) | (2.95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions  | (0.12) | (0.05) | (0.10) | (0.47) | (2.99) |
| Redemption fees added to paid-in capital  |  |  | 0.00<sup>1</sup> | 0.00<sup>1</sup> | 0.00<sup>1</sup> |
| Net asset value, end of period  | $11.44 | $8.97 | $8.74 | $7.90 | $11.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return  | 28.92% | 3.15% | 11.95% | (24.40)% | 12.49% |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000's)  | $341926 | $236165 | $221040 | $216814 | $332312 |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets  | 1.13% | 1.14% | 1.17% | 1.16% | 1.15% |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>2</sup>  | 1.12% | 1.13% | 1.16% | 1.16% | 1.14% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>2</sup>  | 0.76% | 0.63% | 0.49% | 0.72% | 0.32% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover  | 100% | 87% | 80% | 75% | 93% |

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---

| | |
|:---|:---|
| 1  | Amount represents less than $0.01 per share.  |

---

---

| | |
|:---|:---|
| 2  | Such ratios are net of fees paid indirectly. The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.01% for the years 2021, 2022, 2023, 2024 and 2025.  |

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**Financial Highlights — Driehaus International Developed Equity Fund**<br>

The financial highlights table is intended to help you understand the Fund's financial performance for the period of the Fund's operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by Ernst & Young LLP, whose report, along with the Fund's financial statements, are included in the Fund's Form N-CSR filed with the SEC, which is available, without charge, upon request.

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| | | |
|:---|:---|:---|
|  | **For the <br> year ended <br> December 31,** | **For the Period <br> April 30, <br> 2024\* through <br> December 31,** |
|  | **2025** | **2024** |
| Net asset value, beginning of period  | $9.92 | $10.00 |
| &nbsp;&nbsp;&nbsp;INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)  | 0.09 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments  | 2.45 | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations  | 2.54 | (0.05) |
| &nbsp;&nbsp;&nbsp;LESS DISTRIBUTIONS: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | (0.09) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net realized gain  | (0.12) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions  | (0.21) | (0.03) |
| Net asset value, end of period  | $12.25 | $9.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return  | 25.60% | (0.51)%<sup>1</sup> |
| RATIOS/SUPPLEMENTAL DATA: |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000's)  | $3507 | $1806 |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets  | 3.85% | 11.05%<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>3,4</sup>  | 0.80% | 0.80%<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>3,4</sup>  | 0.89% | 0.68%<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover  | 94% | 62%<sup>1</sup> |

---

\* Fund commenced operations on April 30, 2024.

1 Not annualized.

2 Annualized.

---

| | |
|:---|:---|
| 3  | The Adviser contractually agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual Fund operating expenses (other than interest, taxes, brokerage commissions and other portfolio transaction expenses, capital expenditures, and extraordinary expenses) would not exceed the Fund's operating expense cap of 0.80% of average daily net assets until April 30, 2027.  |

---

---

| | |
|:---|:---|
| 4  | Such ratios are net of fees paid indirectly. The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.07% and 0.01% for the years 2024 and 2025.  |

---

**Financial Highlights — Driehaus Micro Cap Growth Fund**<br>

The financial highlights table is intended to help you understand the Fund's financial performance for the past five years. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). The information below has been derived from the financial statements which have been audited by Ernst & Young LLP, whose report, along with the Fund's financial statements, are included in the Fund's Form N-CSR filed with the SEC, which is available, without charge, upon request.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period  | $13.96 | $11.10 | $10.05 | $16.33 | $19.99 |
| &nbsp;&nbsp;&nbsp;INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)  | (0.10) | (0.11) | (0.11) | (0.11) | (0.22) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments  | 4.36 | 3.51 | 1.26 | (5.35) | 4.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations  | 4.26 | 3.40 | 1.15 | (5.46) | 4.22 |
| &nbsp;&nbsp;&nbsp;LESS DISTRIBUTIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | (0.05) | (0.30) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain  | (2.15) | (0.24) |  | (0.82) | (7.88) |
| &nbsp;&nbsp;&nbsp;Tax return of capital  |  |  | (0.10) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions  | (2.20) | (0.54) | (0.10) | (0.82) | (7.88) |
| Redemption fees added to paid-in capital  | 0.01 |  | 0.00<sup>1</sup> | 0.00<sup>1</sup> |  |
| Net asset value, end of period  | $16.03 | $13.96 | $11.10 | $10.05 | $16.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return  | 30.88% | 30.58% | 11.44% | (33.53)% | 24.73% |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000's)  | $443844 | $298232 | $222428 | $176208 | $341269 |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets  | 1.34% | 1.37% | 1.41% | 1.42% | 1.38% |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>2</sup>  | 1.30% | 1.33% | 1.36% | 1.37% | 1.35% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets  | (1.12)% | (0.98)% | (1.10)% | (0.87)% | (1.26)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover  | 142% | 116% | 128% | 108% | 109% |

---

---

| | |
|:---|:---|
| 1  | Amount represents less than $0.01 per share.  |

---

---

| | |
|:---|:---|
| 2  | Such ratios are net of fees paid indirectly. The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.03%, 0.05%, 0.05%, 0.04%, and 0.04%, for the years 2021, 2022, 2023, 2024 and 2025.  |

---

**Financial Highlights — Driehaus Small Cap Growth Fund – Investor Shares**<br>

The financial highlights table is intended to help you understand the Fund's Investor Shares financial performance for the past five years. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). The information below has been derived from the financial statements which have been audited by Ernst & Young LLP, whose report, along with the Fund's financial statements, are included in the Fund's Form N-CSR filed with the SEC, which is available, without charge, upon request.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period  | $22.91 | $18.17 | $15.34 | $23.76 | $23.62 |
| &nbsp;&nbsp;&nbsp;INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)  | (0.15)<sup>1</sup> | (0.12)<sup>1</sup> | (0.09)<sup>1</sup> | (0.09)<sup>1</sup> | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments  | 3.97 | 5.11 | 2.99 | (8.01) | 4.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations  | 3.82 | 4.99 | 2.90 | (8.10) | 4.66 |
| &nbsp;&nbsp;&nbsp;LESS DISTRIBUTIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | (0.06) | (0.25) | (0.06) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain  |  |  |  | (0.33) | (4.52) |
| &nbsp;&nbsp;&nbsp;Tax return of capital  |  |  | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions  | (0.06) | (0.25) | (0.07) | (0.33) | (4.52) |
| Redemption fees added to paid-in capital  |  |  | 0.002 | 0.01 |  |
| Net asset value, end of period  | $26.67 | $22.91 | $18.17 | $15.34 | $23.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return  | 16.66% | 27.44% | 18.92% | (34.11)% | 21.12% |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000's)  | $100617 | $129482 | $91508 | $67143 | $96371 |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets  | 0.93% | 0.90% | 0.97% | 1.00% | 0.99% |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>3</sup>  | 0.91% | 0.88% | 0.94%<sup>4</sup> | 0.96%<sup>4</sup> | 1.11%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>3</sup>  | (0.66)% | (0.53)% | (0.52)%<sup>4</sup> | (0.54)%<sup>4</sup> | (0.97)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover  | 152% | 112% | 154% | 169% | 149% |

---

1 Net investment income (loss) per share has been calculated using the average shares method.

---

| | |
|:---|:---|
| 2  | Amount represents less than $0.01 per share.  |

---

---

| | |
|:---|:---|
| 3  | Such ratios are net of fees paid indirectly. The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.02%, 0.04%, 0.03%, 0.02% and 0.02% for the years 2021, 2022, 2023, 2024 and 2025.  |

---

---

| | |
|:---|:---|
| 4  | The Adviser contractually agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual operating expenses for the Investor Class (other than interest, taxes, brokerage commissions and other portfolio transaction expenses, capital expenditures, and extraordinary expenses) would not exceed the Investor Class's operating expense cap of 1.20% of average daily net assets until April 30, 2023.  |

---

**Financial Highlights — Driehaus Small Cap Growth Fund – Institutional Shares**<br>

The financial highlights table is intended to help you understand the Fund's Institutional Shares financial performance for the past five years. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). The information below has been derived from the financial statements which have been audited by Ernst & Young LLP, whose report, along with the Fund's financial statements, are included in the Fund's Form N-CSR filed with the SEC, which is available, without charge, upon request.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period  | $23.37 | $18.53 | $15.64 | $24.15 | $23.88 |
| &nbsp;&nbsp;&nbsp;INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)  | (0.10)<sup>1</sup> | (0.07)<sup>1</sup> | (0.05)<sup>1</sup> | (0.05)<sup>1</sup> | (0.11) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments  | 4.07 | 5.20 | 3.05 | (8.14) | 4.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations  | 3.97 | 5.13 | 3.00 | (8.19) | 4.79 |
| &nbsp;&nbsp;&nbsp;LESS DISTRIBUTIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | (0.12) | (0.29) | (0.10) |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain  |  |  |  | (0.33) | (4.52) |
| &nbsp;&nbsp;&nbsp;Tax return of capital  |  |  | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions  | (0.12) | (0.29) | (0.11) | (0.33) | (4.52) |
| Redemption fees added to paid-in capital  |  |  | 0.00<sup>2</sup> | 0.01 |  |
| Net asset value, end of period  | $27.22 | $23.37 | $18.53 | $15.64 | $24.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return  | 16.99% | 27.67% | 19.19% | (33.93)% | 21.44% |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000's)  | $1052521 | $872982 | $470082 | $386295 | $512941 |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets  | 0.69% | 0.70% | 0.73% | 0.75% | 0.73% |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>3</sup>  | 0.67% | 0.68% | 0.70%<sup>4</sup> | 0.71%<sup>4</sup> | 0.71%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>3</sup>  | (0.42)% | (0.33)% | (0.29)%<sup>4</sup> | (0.28)%<sup>4</sup> | (0.58)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover  | 152% | 112% | 154% | 169% | 149% |

---

1 Net investment income (loss) per share has been calculated using the average shares method.

---

| | |
|:---|:---|
| 2  | Amount represents less than $0.01 per share.  |

---

---

| | |
|:---|:---|
| 3  | Such ratios are net of fees paid indirectly. The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.02%, 0.04%, 0.03%, 0.02% and 0.02% for the years 2021, 2022, 2023, 2024 and 2025.  |

---

---

| | |
|:---|:---|
| 4  | The Adviser contractually agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual operating expenses for the Institutional Class (other than interest, taxes, brokerage commissions and other portfolio transaction expenses, capital expenditures, and extraordinary expenses) would not exceed the Institutional Class's operating expense cap of 0.95% of average daily net assets until April 30, 2023.  |

---

**Financial Highlights — Driehaus Small/Mid Cap Growth Fund**<br>

The financial highlights table is intended to help you understand the Fund's financial performance for the for the past five years. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by Ernst & Young LLP, whose report, along with the Fund's financial statements, are included in the Fund's Form N-CSR filed with the SEC, which is available, without charge, upon request.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net asset value, beginning of period  | $18.88 | $14.99 | $12.41 | $18.75 | $17.19 |
| &nbsp;&nbsp;&nbsp;INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)  | (0.05) | (0.05) | (0.07) | (0.07) | (0.12) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments  | 1.91 | 4.00 | 2.65 | (5.81) | 3.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations  | 1.86 | 3.95 | 2.58 | (5.88) | 3.05 |
| &nbsp;&nbsp;&nbsp;LESS DISTRIBUTIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | (0.09) | (0.06) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain  |  |  |  | (0.46) | (1.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions  | (0.09) | (0.06) |  | (0.46) | (1.49) |
| Redemption fees added to paid-in capital  |  |  | 0.00<sup>1</sup> | 0.00<sup>1</sup> |  |
| Net asset value, end of period  | $20.65 | $18.88 | $14.99 | $12.41 | $18.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Return  | 9.83% | 26.37% | 20.79% | (31.45)% | 18.32% |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000's)  | $88453 | $60916 | $14575 | $12933 | $23174 |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets  | 0.79% | 0.84% | 1.32% | 1.54% | 1.31% |
| &nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>2,3</sup>  | 0.80% | 0.80% | 0.90% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>2,3</sup>  | (0.56)% | (0.39)% | (0.49)% | (0.48)% | (0.70)% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover  | 152% | 129% | 148% | 188% | 191% |

---

---

| | |
|:---|:---|
| 1  | Amount represents less than $0.01 per share.  |

---

---

| | |
|:---|:---|
| 2  | Such ratios are after administrative and transfer agent waivers and adviser expense reimbursements, when applicable. BNY Mellon Investment Servicing (US) Inc., the prior administrative agent and transfer agent, and The Northern Trust Company, the current administrative agent and transfer agent, waived a portion of their fees beginning with the Fund's commencement of operations, May 1, 2020 through July 31, 2020. Effective September 7, 2023, the Adviser contractually agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual Fund operating expenses (other than interest, taxes, brokerage commissions and other portfolio transaction expenses, capital expenditures, and extraordinary expenses) would not exceed the Fund's operating expense cap of 0.80% of average daily net assets until April 30, 2026. Prior to September 7, 2023, the annual expense limitation was 0.95%.  |

---

---

| | |
|:---|:---|
| 3  | Such ratios are net of fees paid indirectly. The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.01%, 0.04%, 0.01%, 0.02% and 0.01% for the years 2021, 2022, 2023, 2024 and 2025.  |

---

**For More Information**<br>

More information on these Funds is available without charge, upon request, including the following:

**Annual/Semi-Annual Reports** 

Additional information about the Funds' investments is available in the Funds' annual and semi-annual reports to shareholders and in Form N-CSR. In the Funds' annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Funds' performance during their last fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements.

**Statement of Additional Information (SAI)** 

The SAI provides more details about each Fund and its policies. The current SAI is on file with the SEC and is incorporated by reference.

**To Obtain Information:** 

**By Telephone** 

Call: 1-800-560-6111

**By Mail** 

Write to:

Driehaus Mutual Funds

P.O. Box 4766

Chicago, IL 60680-4766

**On the Internet** 

Text-only versions of Fund documents, including the SAI, annual and semi-annual reports can be viewed online or downloaded without charge from: <u>*www.driehaus.com/fund-resources*</u> or the SEC at <u>*http://www.sec.gov*</u>.

You can also obtain copies by sending your request by email to publicinfo@sec.gov (a duplicating fee is charged).

<sup>©</sup> 2026, Driehaus Mutual Funds

1940 Act File No. 811-07655

*Statement of Additional Information Dated April 30, 2026*

**DRIEHAUS MUTUAL FUNDS**

25 East Erie Street

Chicago, Illinois 60611

1-800-560-6111

**DRIEHAUS EMERGING MARKETS GROWTH FUND** 

**Investor Shares DREGX**

**Institutional Shares DIEMX**

**DRIEHAUS EMERGING MARKETS SMALL CAP GROWTH FUND DRESX**

**DRIEHAUS GLOBAL FUND DMAGX**

**DRIEHAUS INTERNATIONAL SMALL CAP GROWTH FUND DRIOX**

**DRIEHAUS INTERNATIONAL DEVELOPED EQUITY FUND DIDEX**

**DRIEHAUS MICRO CAP GROWTH FUND DMCRX**

**DRIEHAUS SMALL CAP GROWTH FUND** 

**Investor Shares DVSMX**

**Institutional Shares DNSMX**

**DRIEHAUS SMALL/MID CAP GROWTH FUND DSMDX**

**(each, a "Fund" and collectively, the "Funds")**

This Statement of Additional Information ("SAI") is not a prospectus, but provides additional information that should be read in conjunction with the Funds' prospectus dated April 30, 2026 and any supplements thereto (the "Prospectus"). The Prospectus may be obtained at no charge by calling 1-800-560-6111. The audited financial statements appearing in the Funds' Form N-CSR for the fiscal year ended December 31, 2025 (the "Annual Report") have been audited by Ernst & Young LLP, an independent registered public accounting firm, and are incorporated herein by reference. The [Annual Report](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001016073/000206657826000860/8de7aed561cba19.htm) is available without charge, upon request by calling 1-800-560-6111.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| GENERAL INFORMATION AND HISTORY | 1 |
| PORTFOLIO INVESTMENTS AND RISK CONSIDERATIONS | 2 |
| INVESTMENT RESTRICTIONS | 17 |
| DISCLOSURE OF THE FUNDS' PORTFOLIO HOLDINGS | 20 |
| PURCHASES AND REDEMPTIONS | 21 |
| NET ASSET VALUE | 22 |
| TRUSTEES AND OFFICERS | 24 |
| COMPENSATION OF TRUSTEES AND OFFICERS | 30 |
| TRUSTEES' OWNERSHIP OF TRUST SHARES | 30 |
| CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS | 31 |
| HOLDINGS IN CERTAIN AFFILIATES OF THE ADVISER | 33 |
| INVESTMENT ADVISORY SERVICES | 33 |
| DISTRIBUTOR | 42 |
| ADMINISTRATOR, FUND ACCOUNTANT, AND TRANSFER AGENT | 42 |
| CUSTODIAN | 43 |
| OTHER SHAREHOLDER SERVICES | 43 |
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 43 |
| LEGAL COUNSEL | 43 |
| PORTFOLIO TRANSACTIONS | 44 |
| ADDITIONAL U.S. FEDERAL INCOME TAX CONSIDERATIONS | 46 |

---

**GENERAL INFORMATION AND HISTORY**

Each Fund is a separate series of the Driehaus Mutual Funds (the "Trust"). The Trust is a Delaware statutory trust organized on May 31, 1996, operating under an Amended and Restated Agreement and Declaration of Trust ("Declaration of Trust") dated June 4, 2015. The Trust is an open-end management investment company that currently consists of nine separate series. Each Fund is classified as diversified. Each Fund is managed by Driehaus Capital Management LLC (the "Adviser" or "DCM").

The Driehaus Emerging Markets Growth Fund commenced operations on December 31, 1997. After succeeding to the assets of the Driehaus Emerging Markets Small Cap Growth Fund, L.P., the Driehaus Emerging Markets Small Cap Growth Fund commenced operations on August 22, 2011. The Driehaus Global Fund, commenced operations on April 10, 2017, after succeeding to the assets of Driehaus Emerging Markets Dividend Growth Fund, L.P. After succeeding to the assets of the Driehaus International Opportunities Fund, L.P., the Driehaus International Small Cap Growth Fund commenced operations on September 17, 2007. The Driehaus International Developed Equity Fund commenced operations on April 30, 2024. After succeeding to the assets of the Driehaus Micro Cap Fund, L.P. and the Driehaus Institutional Micro Cap Fund, L.P., the Driehaus Micro Cap Growth Fund commenced operations on November 18, 2013. After succeeding to the assets of the Driehaus Institutional Small Cap Fund, L.P., Driehaus Small Cap Investors, L.P., Driehaus Institutional Small Cap Recovery Fund, L.P. and Driehaus Small Cap Recovery Fund, L.P., the Driehaus Small Cap Growth Fund commenced operations on August 21, 2017. The Driehaus Small/Mid Cap Growth Fund commenced operations on May 1, 2020.

The Driehaus Emerging Markets Growth Fund and the Driehaus Small Cap Growth Fund each offer two classes of shares: Investor Shares and Institutional Shares. The classes of the Funds pay pro rata the costs of management of each Fund's portfolio, including the advisory fee. Each class of the Funds bears the cost of its own transfer agency and shareholder servicing arrangements, and any other class-specific expenses, which results in differing expenses by class. Because of the different expenses, the Institutional Shares of each Fund generally has a lower expense ratio and correspondingly higher total return than the Investor Shares.

Each share of a Fund is entitled to participate pro rata in any dividends and other distributions declared by the Board with respect to the applicable class of shares of that Fund, and all shares of a class of a Fund have equal rights to the residual assets of that class in the event of liquidation of that Fund.

As a Delaware statutory trust, the Trust is not required to hold annual shareholder meetings. However, special meetings may be called for purposes such as electing or removing Trustees, changing fundamental policies, or approving an investment advisory contract. If requested to do so by the holders of at least 10% of the Trust's outstanding shares, the Trust will call a special meeting for the purpose of voting upon the question of removal of a Trustee or Trustees and will assist in the communication with other shareholders as if the Trust were subject to Section 16(c) of the Investment Company Act of 1940, as amended (the "1940 Act"). All shares of all series of the Trust are voted together in the election of Trustees. On any other matter submitted to a vote of shareholders, shares are voted in the aggregate and not by an individual Fund, except that shares are voted by an individual Fund or an individual class of a Fund when required by the 1940 Act or other applicable law, or when the Board determines that the matter affects only the interests of one Fund or one class of a Fund, in which case shareholders of the unaffected Funds or class are not entitled to vote on such matters.

The Trust or a Fund may be terminated (i) by the affirmative vote of at least two-thirds of the outstanding shares of the Trust (or Fund) at any meeting of shareholders, or (ii) by an instrument in writing, without a meeting, signed by a majority of the Trustees and consented to by at least two-thirds of the outstanding shares, or (iii) by the Trustees by written notice to shareholders. The Trust may issue an unlimited number of shares, in one or more series or classes as its Board of Trustees (the "Board") may authorize.

**Forum for Adjudication of Disputes**. The Trust's Amended and Restated By-Laws (the "By-Laws"), provide that, unless the Trust consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Trust, (ii) any action asserting a claim of breach of a fiduciary duty owed by any Trustee, officer or other employee of the Trust to the Trust or the Trust's shareholders, (iii) any action asserting a claim arising pursuant to any provision of the Delaware Statutory Trust Act (the "Delaware Act") or the Declaration of Trust or these By-Laws, (iv) any action to interpret, apply, enforce or determine the validity of the Declaration of Trust or these By-Laws or (v) any action asserting a claim governed by the internal affairs doctrine shall be either (a) the U.S. District Court for the District of Delaware or the Court of Chancery of the State of Delaware, or, if the Court of Chancery of the State of Delaware does not have jurisdiction, the Superior Court of the State of Delaware; or (b) the U.S. District Court for the District of Illinois or the Circuit Court of the State of Illinois (each, a "Covered Action"). The By-Laws further provide that if any Covered Action is filed in a court other than either (a) the U.S. District Court for the District of Delaware or the Court of Chancery of the State of Delaware or the Superior Court of the State of Delaware; or (b) the U.S. District Court for the District of Illinois or the Circuit Court of the State of Illinois (a "Foreign Action") in the name of any shareholder, such shareholder shall be deemed to have consented to (i) the personal jurisdiction of the U.S. District Court for the District of Delaware or the Court of Chancery of the State of Delaware and the Superior Court of the State of Delaware or (ii) the U.S. District Court for the District of Illinois or the Circuit Court of the State of Illinois in connection with any action brought in any such courts to enforce the preceding sentence (an "Enforcement Action") and (ii) having service of process made upon such shareholder in any such Enforcement Action by service upon such shareholder's counsel in the Foreign Action as agent for such shareholder.

The By-Laws provide that any person purchasing or otherwise acquiring or holding any interest in shares of beneficial interest of the Trust shall be (i) deemed to have notice of and consented to the provisions of the foregoing paragraph and (ii) deemed to have waived any argument relating to the inconvenience of the forums referenced above in connection with any action or proceeding described in the foregoing paragraph.

This forum selection provision may limit a shareholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with Trustees, officers or other agents of the Trust and its service providers, which may discourage such lawsuits with respect to such claims. If a court were to find the forum selection provision contained in the By-Laws to be inapplicable or unenforceable in an action, the Trust may incur additional costs associated with resolving such action in other jurisdictions.

**PORTFOLIO INVESTMENTS AND RISK CONSIDERATIONS**

The Prospectus describes each Fund's investment objective as well as certain investment policies and investment techniques that the Fund may employ in pursuing its investment objective. To the extent consistent with its investment objective and restrictions, each Fund may invest in the following instruments and use the following techniques, subject to the following additional risks.

**General Investment Risks**

As with all investments, at any given time the value of your shares in the Fund(s) may be worth more or less than the price you paid. The value of your shares depends on the value of the individual securities owned by the Funds which will go up and down depending on factors such as the performance of the issuer of the security, general market and economic conditions, and investor confidence. In addition, the market for securities generally rises and falls over time, usually in cycles. During any particular cycle, an investment style may be in or out of favor. If the market is not favoring a Fund's particular style, the Fund's gains may not be as big as, or its losses may be larger than, those of other funds using different investment styles.

*Impact of Certain Investments.* The Funds may invest in a variety of securities, including those sold in initial public offerings. Such investments may have a magnified performance impact on a Fund depending on each Fund's size. A Fund may not experience similar performance as its assets grow or its investments change.

**Market Risk**

Due to the uncertainty caused by events such as war, acts of terrorism, geopolitical conflict, natural disasters, pandemics, public health issues, recessions, economic cycles, monetary, fiscal and trade policies, and company earnings, global markets are at risk of experiencing increased volatility. Current military conflicts in various geographic regions, including those in Europe and the Middle East, can lead to, and have led to, economic and market disruptions, which may not be limited to the geographic region in which the conflict is occurring.

**Cyber Security Risk**

The Funds and the entities with which they interact directly or indirectly, including Fund service providers and counterparties, issuers of securities held by the Funds and other market participants, are susceptible to operational and information security risks, including those related to human errors, processing errors, communication errors, system failures, cybersecurity incidents, and the use of artificial intelligence, which may impair a Fund's operations and/or result in losses for a Fund. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites. Cyber security failures or breaches of any of the Funds' third-party service providers (including, but not limited to, the Adviser, administrator, custodian and transfer agent) or the issuers of securities in which the Funds invest, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. The Funds and their shareholders could be negatively impacted as a result of a cyber incident or breach of any of the Funds or their third party service providers. Although the Funds and their service providers have business continuity plans and other safeguards in place, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified.

In addition, the development and use of artificial intelligence technologies are expanding rapidly and may be employed by service providers that support the operations of the Funds as well as by issuers of securities held by the Funds. Artificial intelligence technologies rely on complex algorithms and large data sets, which may produce incomplete, inaccurate, or biased outcomes and lead to errors in decision making, reputational damage, legal or operational challenges, and investment losses negatively affecting the Funds. Artificial intelligence technologies and their current and potential future applications, and the regulatory frameworks within which they operate, continue to evolve rapidly, and it is impossible to anticipate the full scope of future impacts such developments may have and the associated risks to the Funds.

**Foreign Securities and Depositary Receipts**

Driehaus Emerging Markets Growth Fund, Driehaus Emerging Markets Small Cap Growth Fund, Driehaus Global Fund, Driehaus International Small Cap Growth Fund, and Driehaus International Developed Equity Fund may invest in foreign securities, which may entail a greater degree of risk (including risks relating to exchange rate fluctuations, taxes or expropriation of assets) than investments in securities of domestic issuers. These Funds may also purchase foreign securities in the form of European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs") or other securities representing underlying shares of foreign issuers. Additionally, these Funds as well as the Driehaus Micro Cap Growth Fund, Driehaus Small Cap Growth Fund and Driehaus Small/Mid Cap Growth Fund may purchase foreign securities in the form of American Depositary Receipts ("ADRs"). Positions in these securities are not necessarily denominated in the same currency as the common stocks into which they may be converted. ADRs are receipts typically issued by an American bank or trust company evidencing ownership of the underlying securities. EDRs and GDRs are European receipts evidencing a similar arrangement. Generally, ADRs are designed for the U.S. securities markets and EDRs and GDRs are designed for use in European and other foreign securities markets. The Funds may invest in sponsored or unsponsored ADRs. In the case of an unsponsored ADR, each Fund is likely to bear its proportionate share of the expenses of the depositary and it may have greater difficulty in receiving shareholder communications than it would have with a sponsored ADR.

With respect to equities that are issued by foreign issuers or denominated in foreign currencies, a Fund's investment performance is affected by the strength or weakness of the U.S. dollar against these currencies. For example, if the dollar falls in value relative to the Nigerian Naira, the dollar value of a Naira-denominated stock held in a Fund will rise even though the price of the stock remains unchanged. Conversely, if the dollar rises in value relative to the Naira, the dollar value of the Naira-denominated stock will fall. (See discussion of transaction hedging and portfolio hedging under "Foreign Currency Exchange Transactions.")

Investors should understand and consider carefully the risks involved in foreign investing. Investing in foreign securities and positions which are generally denominated in foreign currencies, and utilization of forward currency contracts, involve certain considerations comprising both risks and opportunities not typically associated with investing in U.S. securities. These considerations include: fluctuations in exchange rates of foreign currencies; possible imposition of exchange control regulation or currency restrictions that would prevent cash from being brought back to the United States; less public information with respect to issuers of securities; less governmental supervision of stock exchanges, securities brokers and issuers of securities; lack of uniform accounting, auditing and financial reporting standards; lack of uniform settlement periods and trading practices; less liquidity and frequently greater price volatility in foreign markets than in the U.S.; possible imposition of foreign taxes; investment in securities of companies in developing as well as developed countries; and sometimes less advantageous legal, operational and financial protections applicable to foreign sub-custodial arrangements.

Although the Funds will try to invest in companies and governments of countries having stable political environments, there is the possibility of expropriation or confiscatory taxation, seizure or nationalization of foreign bank deposits or other assets, establishment of exchange controls, the adoption of foreign government restrictions, or other adverse political, social or diplomatic developments that could affect investment in these nations. The foreign countries in which a Fund invests may become subject to economic and trade sanctions or embargoes imposed by the U.S. or foreign governments or the United Nations. Such sanctions or other actions could result in the devaluation of a country's currency or a decline in the value and liquidity of securities of issuers in that country. In addition, such sanctions could result in a freeze on an issuer's securities which would prevent a Fund from buying into an issuer's securities or selling the securities it holds. The value of the securities issued by companies that operate in, or have dealings with these countries may be negatively impacted by any such sanction or embargo and may reduce a Fund's returns. The risks related to sanctions or embargoes are greater in emerging and frontier market countries.

 

*Risk of Investing in China.* Certain Funds may invest in the securities of Chinese issuers. Investments in the Greater China (China, Hong Kong, Macau and Taiwan) region involve certain risks and considerations not typically associated with investing in securities of US issuers, including, among others, (i) more frequent (and potentially widespread) trading suspensions and government interventions with respect to Chinese issuers, resulting in lack of liquidity and in price volatility, (ii) currency revaluations and other currency exchange rate fluctuations or blockage, (iii) the nature and extent of intervention by the Chinese government in the Chinese securities markets (including both direct and indirect market stabilization efforts, which may affect valuations of Chinese issuers), whether such intervention will continue and the impact of such intervention or its discontinuation, (iv) the risk of nationalization or expropriation of assets, (v) the risk that the Chinese government may decide not to continue to support economic reform programs, (vi) limitations on the use of brokers (or action by the Chinese government that discourages brokers from serving international clients), (vii) higher rates of inflation, (viii) greater political, economic and social uncertainty, (ix) higher market volatility caused by any potential regional territorial conflicts or natural disasters, (x) the risk of increased trade tariffs, embargoes and other trade or regulatory limitations, (xi) restrictions on foreign ownership, which require US investors to invest in offshore special purpose companies to obtain indirect exposure to Chinese issuers, (xii) custody risks associated with investing through Stock Connect or other programs to access the Chinese securities markets, (xiii) market regulations which may affect the ability of certain stockholders to sell Chinese securities when it would otherwise be advisable, (xiv) different and less stringent financial reporting standards, and (xv) increased political pressure from the US and other countries to restrict the ability of investors outside China to invest in Chinese issuers.

The willingness of the Chinese government to support the Chinese and Hong Kong economies and markets is uncertain and changes in government policy could significantly affect the markets in both the People's Republic of China ("China" or the "PRC") and Hong Kong. In addition, investments in Taiwan may be adversely affected by its political and economic relationship with China. Taiwan's geographic proximity and history of political contention with China have resulted in ongoing tensions between the two countries and those tensions have increased in recent years. Increased tensions or conflict (whether actual or threatened) between Taiwan and China, including if China were to attempt unification of Taiwan by force, may significantly disrupt global markets and economies around the world, including the global semiconductor market given Taiwan's pivotal role in that market, and could have an adverse effect on an investment in the Greater China region.

Changes to political and economic relationships, including recent trade and policy disputes and strained international relations, between China and other countries could have an adverse effect on an investment in the Greater China region. Increasing tensions between China and its trading partners, including the US, have resulted in tariffs and other limitations, and may in the future result in additional measures or actions. US investment restrictions could preclude a fund from investing in certain Chinese issuers or cause a fund to sell investments at a disadvantageous time. For example, the PRC is currently designated as a "foreign adversary" for certain purposes under US law and, as a result, certain restrictions may apply to transactions involving Chinese information communications technology and services. Continued hostility and the potential for future political or economic disturbances between China and the US may have an adverse impact on the values of investments in the Greater China region, the US and/or other countries. If the political climate between the US and China does not improve or continues to deteriorate or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of a fund's assets may go down.

Political changes, social instability and adverse diplomatic developments in the PRC could result in the imposition of additional government restrictions including expropriation of assets, confiscatory taxes or nationalization of some or all of the property held by Chinese issuers. The laws, regulations, including the investment regulations, government policies and political and economic climate in China may change with little or no advance notice. Any such change could adversely affect market conditions and the performance of the Chinese economy and, thus, the value of securities in a fund's portfolio. The Chinese government continues to be an active participant in many economic sectors through ownership positions and regulations. The allocation of resources in China is subject to a high level of government control. The Chinese government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. Through its policies, the government may provide preferential treatment to particular industries or companies. Recently, the Chinese government has become more aggressive about regulating the operations of particular companies or sectors, including large companies which are indirectly listed in the US. These regulations may substantially limit or prohibit the operations of such companies and cause investors to lose some or all of the value of their investment. The policies set by the government could have a substantial effect on the Chinese economy and a fund's investments.

The securities markets in China have a limited operating history and are not as developed as those in the US. The markets tend to be smaller in size, have less liquidity and historically have had greater volatility than markets in the US and some other countries. In addition, under normal market conditions, there is less regulation and monitoring of Chinese securities markets and the activities of investors, brokers and other participants than in the US. Accordingly, issuers of securities in China are not subject to the same degree of regulation as are US issuers with respect to such matters as insider trading rules, tender offer regulation, stockholder proxy requirements and the requirements mandating timely disclosure of information. During periods of significant market volatility, the Chinese government has, from time to time, intervened in its domestic securities markets to a greater degree than would be typical in more developed markets, including both direct and indirect market stabilization efforts, which may affect valuations of Chinese issuers. Stock markets in China are in the process of change and further development. This may lead to trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying the relevant regulations.

The accounting, auditing and financial reporting standards and practices applicable to Chinese companies, including those listed on US exchanges, may be less rigorous, and there may be significant differences between financial statements prepared in accordance with Chinese accounting standards and practice and those prepared in accordance with international accounting standards. There is also substantially less publicly available information about Chinese issuers than there is about US issuers. Therefore, disclosure of certain material information may not be made, and less information may be available to a fund and other investors.

Due to restrictions on foreign ownership of Chinese companies imposed under Chinese law, Chinese companies that are listed in the US typically do not offer common stock in the company itself to US investors. Rather, Chinese companies typically offer shares of an offshore shell company (typically referred to as a "variable interest entity" or "VIE") that has entered into service and other contracts with the Chinese company. Accordingly, US investors in Chinese companies listed on a US stock exchange do not actually own shares of the Chinese company itself. The US-listed shell company does not control the Chinese company and must rely on the Chinese company to perform its contractual obligations. Moreover, the Chinese government may at any time invalidate or limit the contracts between a Chinese company and the offshore shell company which is offering shares in the US, which may result in the partial or total loss of the value of a US investor's shares in the offshore shell company even if a direct investment in the Chinese company would retain value.

*Risk of Investing in Taiwan.* Certain Funds may invest in the securities of Taiwanese issuers. Taiwanese companies make a majority of the world's semiconductors and a large majority of the most advanced semiconductors, with most of those being made by one company (Taiwan Semiconductor Manufacturing Corporation). Investments in Taiwan may be adversely affected by its political and economic relationship with the People's Republic of China ("China"). Taiwan's geographic proximity and history of political contention with China have resulted in ongoing tensions between the two countries (including China staging frequent military drills off the coast of Taiwan), and those tensions have increased in recent years. Increased tensions or conflict (whether actual or threatened) between Taiwan and China may significantly disrupt the Taiwanese semiconductor industry and the global semiconductor market. Any such disruptions may lead to substantial declines in the value of some or all of the fund's investments in semiconductor companies as well as the potential illiquidity of such investments and shares of the fund itself. In addition, any disruption to semiconductor markets arising from threatened or actual conflict between China and Taiwan may have substantial negative effects on global markets and economies around the world.

*Europe — Recent Events.* A number of countries in Europe have experienced severe economic and financial difficulties. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts; many other issuers have faced difficulties obtaining credit or refinancing existing obligations; financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within and outside of Europe. Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition to the United Kingdom, other countries may seek to withdraw from the European Union and/or abandon the euro, the common currency of the European Union. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Ukraine has experienced ongoing military conflict; this conflict may expand and military attacks could occur elsewhere in Europe. Europe has also been struggling with mass migration from the Middle East and Africa. The ultimate effects of these events and other socio-political or geopolitical issues are not known but could profoundly affect global economies and markets. Whether or not a Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of a Fund's investments.

The Japanese economic growth rate could be impacted by Bank of Japan monetary policies, rising interest rates, tax increases, budget deficits, consumer confidence and volatility in the Japanese yen. The Japanese yen has fluctuated widely during recent periods. A weak yen is disadvantageous to U.S. shareholders investing in yen-denominated securities. A strong yen, however, could be an impediment to strong continued exports and economic recovery, because it makes Japanese goods sold in other countries more expensive and reduces the value of foreign earnings repatriated to Japan. Because the Japanese economy is so dependent on exports, any fall-off in exports may be seen as a sign of economic weakness, which may adversely affect the market. At times, the Japanese economy has been adversely impacted by government intervention and protectionism, changes in its labor market, and an unstable financial services sector.

*Foreign Currency Exchange Transactions*. Currency exchange transactions may be conducted either through forward currency contracts ("forward currency contracts") or on a spot (i.e., cash) basis at the spot rate for purchasing currency prevailing in the foreign exchange market. Forward currency contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) and price set at the time of the contract. Forward currency contracts are usually entered into with banks and broker-dealers, are not exchange traded and are usually for less than one year but may be renewed.

Forward currency transactions may involve currencies of the different countries in which a Fund may invest and serve as hedges against possible variations in the exchange rate between these currencies. Each Fund's currency transactions are limited to transaction hedging and portfolio hedging involving either specific transactions or portfolio positions, except to the extent described under "Synthetic Foreign Money Market Positions." Transaction hedging is the purchase or sale of forward currency contracts with respect to specific receivables or payables of each Fund accruing in connection with settlement of the purchase and sale of its portfolio securities. Portfolio hedging is the use of forward currency contracts with respect to portfolio security positions denominated or quoted in a particular currency. Portfolio hedging allows the Adviser to limit or reduce exposure in a foreign currency by entering into a forward contract to sell such foreign currency (or another foreign currency that acts as a proxy for that currency) so that the U.S. dollar value of certain underlying foreign portfolio securities can be approximately matched by an equivalent U.S. dollar liability. The Funds' may not engage in portfolio hedging with respect to the currency of a particular country to an extent greater than the aggregate market value (at the time of making such sale) of the securities held in its portfolio denominated or quoted in that particular currency, except that each Fund may hedge all or part of its foreign currency exposure through the use of a basket of currencies or a proxy currency where such currency or currencies act as an effective proxy for other currencies. In such a case, each Fund may enter into a forward contract where the amount of the foreign currency to be sold exceeds the value of the securities denominated in such currency. The use of this basket hedging technique may be more efficient and economical than entering into separate forward currency contracts for each currency held in each Fund. The Funds may not engage in "speculative" currency exchange transactions.

At the maturity of a forward contract to deliver a particular currency, each Fund may either sell the portfolio security related to such contract and make delivery of the currency, or retain the security and either acquire the currency on the spot market or terminate its contractual obligation to deliver the currency by purchasing an offsetting contract with the same currency trader obligating it to purchase on the same maturity date the same amount of the currency.

It is impossible to forecast with absolute precision the market value of portfolio securities at the expiration of a forward contract. Accordingly, it may be necessary for a Fund to purchase additional currency on the spot market (and bear the expense of such purchase) if the market value of the security is less than the amount of currency the Fund is obligated to deliver and if a decision is made to sell the security and make delivery of the currency. Conversely, it may be necessary to sell on the spot market some of the currency received upon the sale of the portfolio security if its market value exceeds the amount of currency a Fund is obligated to deliver.

If a Fund retains the portfolio security and engages in an offsetting transaction, the Fund will incur a gain or a loss to the extent that there has been movement in forward contract prices. If a Fund engages in an offsetting transaction, it may subsequently enter into a new forward contract to sell the currency. Should forward prices decline during the period between the Fund's entering into a forward contract for the sale of a currency and the date it enters into an offsetting contract for the purchase of the currency, the Fund will realize a gain to the extent the price of the currency it has agreed to sell exceeds the price of the currency it has agreed to purchase. Should forward prices increase, the Fund will suffer a loss to the extent the price of the currency it has agreed to purchase exceeds the price of the currency it has agreed to sell. A default on the contract would deprive the Fund of unrealized profits or force the Fund to cover its commitments for purchase or sale of currency, if any, at the current market price.

Hedging against a decline in the value of a currency does not eliminate fluctuations in the prices of portfolio securities or prevent losses if the prices of such securities decline. Such transactions also preclude the opportunity for gain if the value of the hedged currency should rise. Moreover, it may not be possible for a Fund to hedge against a devaluation that is so generally anticipated that the Fund is not able to contract to sell the currency at a price above the devaluation level it anticipates. The cost to a Fund of engaging in currency exchange transactions varies with such factors as the currency involved, the length of the contract period and prevailing market conditions. Since currency exchange transactions are usually conducted on a principal basis, no fees or commissions are involved.

A Fund may purchase and sell currency futures and purchase and write currency options to increase or decrease its exposure to different foreign currencies. The uses and risks of currency options and futures are similar to options and futures relating to securities or indices, as discussed above. Currency futures contracts are similar to forward foreign currency contracts, except that they are traded on exchanges (and have margin requirements) and are standardized as to contract size and delivery date. Most currency futures contracts call for payment or delivery in U.S. dollars. The underlying instrument of a currency option may be a foreign currency, which generally is purchased or delivered in exchange for U.S. dollars, or may be a futures contract. The purchaser of a currency call obtains the right to purchase the underlying currency, and the purchaser of a currency put obtains the right to sell the underlying currency.

Currency futures and options values can be expected to correlate with exchange rates, but may not reflect other factors that affect the value of a Fund's investments. A currency hedge, for example, should protect a Yen-denominated security from a decline in the Yen, but will not protect a Fund against a price decline resulting from deterioration in the issuer's creditworthiness. In hedging transactions, the value of a Fund's foreign-denominated investments may change in response to many factors other than exchange rates, in which case it may not be possible to match the amount of currency options and futures to the value of the Fund's investments exactly over time.

*Currency Hedging.* To the extent a Fund invests in foreign securities, the value of a Fund in U.S. dollars is subject to fluctuations in the exchange rate between foreign currencies and the U.S. dollar. When, in the opinion of the Adviser, it is desirable to limit or reduce exposure in a foreign currency, a Fund may enter into a forward currency exchange contract to sell such foreign currency (or another foreign currency that acts as a proxy for that currency) ("forward currency contract"). Through the contract, the U.S. dollar value of certain underlying foreign portfolio securities can be approximately matched by an equivalent U.S. dollar liability. This technique is known as "currency hedging." By locking in a rate of exchange, currency hedging is intended to moderate or reduce the risk of change in the U.S. dollar value of a Fund during the period of the forward contract. A default on a contract would deprive the Fund of unrealized profits or force the Fund to cover its commitments for purchase or sale of currency, if any, at the current market price.

The use of forward currency contracts (for transaction or portfolio hedging) will not eliminate fluctuations in the prices of portfolio securities or prevent loss if the price of such securities should decline. In addition, such forward currency contracts will diminish the benefit of the appreciation in the U.S. dollar value of that foreign currency.

*Synthetic Foreign Money Market Positions*. A Fund may invest in money market instruments denominated in foreign currencies. In addition to, or in lieu of, such direct investment, a Fund may construct a synthetic foreign money market position by (a) purchasing a money market instrument denominated in one currency, generally U.S. dollars, and (b) concurrently entering into a forward contract to deliver a corresponding amount of that currency in exchange for a different currency on a future date and at a specified rate of exchange. For example, a synthetic money market position in Japanese yen could be constructed by purchasing a U.S. dollar money market instrument and entering concurrently into a forward contract to deliver a corresponding amount of U.S. dollars in exchange for Japanese yen on a specified date and at a specified rate of exchange. Because of the availability of a variety of highly liquid short-term U.S. dollar money market instruments, a synthetic money market position utilizing such U.S. dollar instruments may offer greater liquidity than direct investment in foreign currency money market instruments. The result of a direct investment in a foreign currency and a concurrent construction of a synthetic position in such foreign currency, in terms of both income yield and gain or loss from changes in currency exchange rates, should, in general, be similar, but would not be identical because the components of the alternative investments would not be identical.

Except to the extent a synthetic foreign money market position consists of a money market instrument denominated in a foreign currency, a synthetic foreign money market position shall not be deemed a "foreign security" for purposes of the policy that, under normal market conditions, the Driehaus Emerging Markets Growth Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in emerging markets companies; for the purposes of the policy that, under normal market conditions, the Driehaus Emerging Markets Small Cap Growth Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in small capitalization emerging markets companies; for purposes of the policy that, under normal market conditions, the Driehaus International Small Cap Growth Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in non-U.S. small capitalization companies; or for the purposes of the policy that, under normal market conditions, the Driehaus International Developed Equity Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in equity securities issued by non-U.S. developed market companies of all market capitalizations.

**Lending of Portfolio Securities**

Subject to restriction (3) under "Investment Restrictions" in this SAI, each Fund may lend its portfolio securities to broker-dealers and banks. Any such loan must be continuously secured by collateral in cash or cash equivalents maintained on a current basis in an amount at least equal to the market value of the securities loaned by that Fund. Each Fund would continue to receive the equivalent of the interest or dividends paid by the issuer on the securities loaned, and would also receive an additional return that may be in the form of a fixed fee or a percentage of the collateral. Each Fund would have the right to call the loan and obtain the securities loaned at any time on notice of not more than five business days. Each Fund would not have the right to vote the securities during the existence of the loan, but would call the loan to permit voting of the securities if, in the Adviser's judgment, a material event requiring a shareholder vote would otherwise occur before the loan was repaid. In the event of bankruptcy or other default of the borrower, each Fund could experience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while each Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights.

**Repurchase Agreements**

Each Fund may invest in repurchase agreements, provided that it will not invest more than 15% of net assets in repurchase agreements maturing in more than seven days as well as any other illiquid securities. A repurchase agreement is a sale of securities to a Fund, with the concurrent agreement of the seller to repurchase the securities at the same price plus an amount representing interest at an agreed-upon interest rate within a specified period of time, usually less than one week, but, on occasion, at a later time. Repurchase agreements entered into by a Fund will be fully collateralized and will be marked-to-market daily. In the event of a bankruptcy or other default of a seller of a repurchase agreement, a Fund could experience both delays in liquidating the underlying securities and losses, including: (a) possible decline in the value of the collateral during the period while the Fund seeks to enforce its rights thereto; (b) possible subnormal levels of income and lack of access to income during this period; and (c) expenses of enforcing its rights.

**Warrants**

The Funds may purchase warrants, which are instruments that give holders the right, but not the obligation, to buy shares of a company at a given price during a specified period. Warrants are generally sold by companies intending to issue stock in the future, or by those seeking to raise cash by selling shares held in reserve.

**Rule 144A Securities**

The Funds may purchase securities that have been privately placed but are eligible for purchase and sale under Rule 144A under the Securities Act of 1933, as amended (the "1933 Act"). Rule 144A permits certain qualified institutional buyers, such as the Funds, to trade in privately placed securities that have not been registered for sale under the 1933 Act. The Adviser, under the supervision of the Board, will consider whether securities purchased under Rule 144A are illiquid and thus subject to each Fund's restriction of investing no more than 15% of its net assets in illiquid securities. In determining whether a Rule 144A security is liquid or not, the Adviser will consider the trading markets for the specific security, taking into account the unregistered nature of a Rule 144A security. In addition, the Adviser will consider the (1) frequency of trades and quotes, (2) number of dealers and potential purchasers, (3) dealer undertakings to make a market, and (4) nature of the security and of marketplace trades (e.g., the time needed to dispose of the security, the method of soliciting offers, and the mechanics of transfer). The liquidity of Rule 144A securities will be monitored. Investing in Rule 144A securities could have the effect of increasing the amount of a Fund's assets invested in illiquid securities if qualified institutional buyers are unwilling to purchase such securities.

**Line of Credit**

Subject to restriction (4) under "Investment Restrictions" in this SAI, the Trust has established a line of credit with a major bank in order to permit borrowing on a temporary basis to meet share redemption requests in circumstances in which temporary borrowing may be preferable to liquidation of portfolio securities. Currently the line of credit is available to each Fund.

**Portfolio Turnover**

Portfolio turnover rate is measured by dividing the lesser of a particular Fund's total purchases or sales for the period under consideration by the average portfolio value (i.e., the cumulative total investment in the account at the end of each month, divided by the number of months under consideration).

Each Fund's portfolio turnover during the fiscal years ended December 31, was as follows:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Driehaus Emerging Markets Growth Fund | 137% | 118% |
| Driehaus Emerging Markets Small Cap Growth Fund | 82% | 95% |
| Driehaus Global Fund | 119% | 109% |
| Driehaus International Small Cap Growth Fund | 100% | 87% |
| Driehaus International Developed Equity Fund<sup>\*</sup> | 94% | 62% |
| Driehaus Micro Cap Growth Fund | 142% | 116% |
| Driehaus Small Cap Growth Fund | 152% | 112% |
| Driehaus Small/Mid Cap Growth Fund | 152% | 129% |

---

**<sup>\*</sup>** Fund commenced operations on April 30, 2024.

**Derivatives**

The Funds do not currently use derivatives, A fund that limits its use of derivatives instruments is not subject to the full requirements of Rule 18f-4 and instead qualifies as a "limited derivatives user." A fund must comply with Rule 18f-4 as one of three types: funds that are not derivatives users, funds that are "limited derivatives users" and funds that are derivatives users that must adopt a derivatives risk management program in compliance with Rule 18f-4. Rule 18f-4 also governs a fund's use of certain other transactions that create future payment and/or delivery obligations by a fund, such as short sale borrowings and reverse repurchase agreements or similar financing transactions, and certain transactions entered into on a when-issued, delayed-delivery or forward-commitment basis. The requirements of Rule 18f-4 may limit a fund's ability to engage in derivatives transactions and certain other transactions noted above as part of its investment strategies. These requirements may also increase the cost of doing business, which could adversely affect the performance of each fund.

A notice of eligibility for exclusion from the definition of the term "commodity pool operator" under Commodity Futures Trading Commission ("CFTC") Rule 4.5 has been filed with the National Futures Association ("NFA") with respect to all the Funds. Each of the Funds, relying on Rule 4.5, intend to limit their use of futures and options on futures or commodities or engage in swap transactions so as to remain eligible for the exclusion. If a Fund were no longer able to claim the exclusion, the Adviser would be required to register as a "commodity pool operator," and the Adviser would be subject to regulation under the Commodity Exchange Act ("CEA") as a registrant.

*Participation Notes and Participatory Notes*. The Driehaus Emerging Markets Growth Fund and Driehaus Emerging Markets Small Cap Growth Fund may invest in participation notes or participatory notes ("P-Notes") in circumstances where the Funds cannot obtain direct access to a foreign stock market. P-Notes are participation interest notes that are issued by banks or broker-dealers and are designed to offer a return linked to a particular underlying equity, debt, currency or market. If the P-Note were held to maturity, the issuer would pay to, or receive from, the purchaser the difference between the nominal value of the underlying instrument at the time of purchase and that instrument's value at maturity. The holder of a P-Note that is linked to a particular underlying security or instrument may be entitled to receive any dividends paid in connection with that underlying security or instrument, but typically does not receive voting rights as it would if it directly owned the underlying security or instrument. P-Notes involve transaction costs. Investments in P-Notes involve the same risks associated with a direct investment in the underlying securities, instruments or markets that they seek to replicate. In addition, there can be no assurance that there will be a trading market for a P-Note or that the trading price of a P-Note will equal the underlying value of the security, instrument or market that it seeks to replicate. Due to liquidity and transfer restrictions, the secondary markets on which a P-Note is traded may be less liquid than the market for other securities, or may be completely illiquid, which may also affect the ability of the Funds to accurately value a P-Note. P-Notes typically constitute general unsecured contractual obligations of the banks or broker-dealers that issue them, which subject the Funds that hold them to counterparty risk and this risk may be amplified if the Funds purchase P-Notes from only a small number of issuers.

**Preferred Stock**

Preferred stock is an equity security, but possesses certain attributes of debt securities. Holders of preferred stock normally have the right to receive dividends at a fixed rate when and as declared by the issuer's board of directors, but do not otherwise participate in amounts available for distribution by the issuing corporation. Preferred stock present certain additional risks, including credit risk, interest rate risk, subordination to bonds and other debt securities in a company's capital structure, liquidity risk, and the risk of limited or no voting rights. Additionally, during periods of declining interest rates, there is a risk that an issuer may redeem its outstanding preferred stock. If this happens, the Fund may be forced to reinvest in lower yielding securities. An issuer of preferred stock may have special redemption rights that, when exercised, may negatively impact the return of the preferred stock held by the fund. Credit risk is the risk that a preferred stock in a Fund's portfolio will decline in price or the issuer of the preferred stock will fail to make dividend, interest, or principal payments when due because the issuer experiences a decline in its financial status. Preferred stocks are generally subordinated to bonds and other debt instruments in a company's capital structure in terms of having priority to corporate income, claims to corporate assets, and liquidation payments and, therefore, will be subject to greater credit risk than more senior debt instruments. Interest rate risk is the risk that a preferred stock will decline in value because of changes in market interest rates. When market interest rates rise, the market value of a preferred stock generally will fall. Preferred stocks with longer periods before maturity may be more sensitive to interest rate changes. Preferred stocks may have provisions that permit the issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer. In certain cases, deferring or omitting distributions may be mandatory. If a Fund owns a preferred stock that is deferring its distributions, the Fund may be required to report income for tax purposes although it has not yet received such income. During periods of declining interest rates, an issuer may be able to exercise an option to redeem its outstanding preferred stock at par earlier than scheduled, which is generally known as call risk. If this occurs, a Fund may be forced to reinvest in lower yielding securities. This is known as reinvestment risk. Preferred stocks frequently have call features that allow the issuer to repurchase the stock prior to its stated maturity. An issuer may redeem an obligation if the issuer can refinance the obligation at a lower cost due to declining interest rates or an improvement in the credit standing of the issuer, or in the event of regulatory changes affecting the capital treatment of its outstanding preferred stock. Another risk associated with a declining interest rate environment is that the income from a Fund's portfolio may decline over time when the Fund invests the proceeds from share sales at market interest rates that are below the portfolio's current earnings rate. Certain preferred stocks may be substantially less liquid than many other stocks, such as common stocks. Illiquid preferred stocks involve the risk that the stock may not be able to be sold at the time desired by a Fund or at prices approximating the value at which the Fund is carrying the stock on its books. Generally, traditional preferred stocks offer no voting rights with respect to the issuer unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred stock holders may elect a number of directors to the issuer's board. Generally, once all the arrearages have been paid, the preferred stock holders no longer have voting rights. In addition, in certain circumstances (for example, a redemption triggered by a change in U.S. federal income tax or securities laws), an issuer of preferred stock may redeem the stock prior to a specified date. As with call provisions, a redemption by the issuer may negatively impact the return of the preferred stock held by a Fund.

**Convertible Securities**

The Funds may invest in convertible securities. The Funds may also invest in common or preferred stock as a means of realizing the economic value associated with owning convertible securities. Convertible securities are bonds or preferred stocks that may be converted (exchanged) into common stock of the issuing company within a certain period of time, for a specified number of shares. By investing in convertible debt securities, the Funds seek the opportunity, through the conversion feature, to participate in the capital appreciation of the common stock into which the securities are convertible, while investing at a better price than may be available on the common stock or obtaining a higher fixed rate of return than is available on common stocks. The market value of convertible debt securities tends to vary inversely with the level of interest rates. Although under normal market conditions longer-term debt securities have greater yields than do shorter-term debt securities of similar quality, they are subject to greater price fluctuations.

**Exchange-Traded Funds**

Each Fund may purchase shares of exchange-traded funds ("ETFs"). All ETFs are investment companies whose shares are bought and sold on a securities exchange. An ETF generally represents a portfolio of securities designed to track a particular market index. The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the index is designed to track, although lack of liquidity in a particular ETF could result in it being more volatile than the underlying portfolio of securities and trading at a discount to its net asset value. ETFs also have management fees that are part of their costs, and the Fund will indirectly bear its proportionate share of these costs.

**Other Investment Companies.** A Fund may invest in other investment companies to the extent permitted by applicable law or SEC exemption. Under Section 12(d)(1) of the 1940 Act, a fund may invest up to 10% of its assets in shares of investment companies generally and up to 5% of its assets in any one investment company, as long as no investment represents more than 3% of the voting stock of an acquired investment company. The 1940 Act and related rules provide certain exemptions from these restrictions, for example, for funds that invest in other funds within the same group of investment companies. If a fund invests in other investment companies, shareholders will bear not only their proportionate share of the fund's expenses (including operating expenses and the fees of the adviser), but they also may indirectly bear similar expenses of the underlying investment companies. Certain investment companies, such as business development companies (BDCs), are more akin to operating companies and, as such, their expenses are not direct expenses paid by fund shareholders and are not used to calculate the fund's net asset value. SEC rules nevertheless require that any expenses incurred by certain investment companies be included in a fund's expense ratio as "Acquired Fund Fees and Expenses." The expense ratio of a fund that holds another investment company will thus overstate what the fund actually spends on portfolio management, administrative services, and other shareholder services by an amount equal to these Acquired Fund Fees and Expenses. The Acquired Fund Fees and Expenses are not included in a fund's financial statements, which provide a clearer picture of a fund's actual operating expenses. Shareholders would also be exposed to the risks associated not only with the investments of the fund but also with the portfolio investments of the underlying investment companies. Certain types of investment companies, such as closed-end investment companies, issue a fixed number of shares that typically trade on a stock exchange or over-the-counter at a premium or discount to their net asset value. Others are continuously offered at net asset value but also may be traded on the secondary market. A fund may be limited to purchasing a particular share class of other investment companies (underlying funds). In certain cases, an investor may be able to purchase lower-cost shares of such underlying funds separately, and therefore be able to construct, and maintain over time, a similar portfolio of investments while incurring lower overall expenses.

**Common Stock**

The Funds may invest in common stock across all market capitalizations, except with respect to the Driehaus Emerging Markets Small Cap Growth Fund, the Driehaus International Small Cap Growth Fund, the Driehaus Micro Cap Growth Fund, the Driehaus Small Cap Growth Fund and the Driehaus Small/Mid Cap Growth Fund, to the extent that those Funds have policies to stay within a certain market capitalization. Common stock represents an equity interest in a company, which generally gives the Funds the right to vote on issues affecting the company's organization and operations. The market values of common stock can fluctuate significantly, reflecting the business performance of the issuing company, investor perception and general economic or financial market movements. Despite their price volatility, common stocks have historically offered a greater potential for long-term gain on investment, compared to other classes of financial instruments, such as bonds or cash equivalents, although there can be no assurance that this will be true in the future.

**U.S. Government Securities**

All Funds may invest in a variety of U.S. Treasury obligations, including bills, notes and bonds for temporary or defensive positions. These obligations differ only in terms of their interest rates, maturities and time of issuance. The Funds may also invest in other securities issued or guaranteed by the U.S. government, its agencies and instrumentalities.

Obligations of certain agencies and instrumentalities, such as the Government National Mortgage Association ("Ginnie Mae"), are supported by the full faith and credit of the U.S. Treasury. Others, such as those of the Export-Import Bank of the U.S., are supported by the right of the issuer to borrow from the U.S. Treasury; and others, such as those of the Federal National Mortgage Association ("Fannie Mae"), are supported by the discretionary authority of the U.S. government to purchase the agency's obligations; still others, such as those of the Student Loan Marketing Association ("Sallie Mae"), are supported only by the credit of the agency or instrumentality that issues them. There is no guarantee that the U.S. government will provide financial support to its agencies or instrumentalities, now or in the future, if it is not obligated to do so by law. For a discussion of the placement of Fannie Mae into conservatorship, please see the discussion below under "Mortgage-Backed Securities and Other Asset- Backed Securities."

**Money Market Instruments**

All Funds may invest in cash and money market securities for temporary or defensive positions, or to have assets available to pay expenses, or satisfy redemption requests. The money market securities in which a Fund invests include U.S. Treasury Bills, commercial paper, commercial paper master notes and repurchase agreements. The Funds may invest in commercial paper or commercial paper master notes rated, at the time of purchase, A-l or A-2 by Standard & Poor's Corporation or Prime-l or Prime-2 by Moody's Investors Service, Inc. Commercial paper master notes are demand instruments without a fixed maturity bearing interest at rates that are fixed to known lending rates and automatically adjusted when such lending rates change.

Under a repurchase agreement, a Fund purchases a debt security and simultaneously agrees to sell the security back to the seller at a mutually agreed-upon future price and date, normally one day or a few days later. The resale price is greater than the purchase price, reflecting an agreed-upon market interest rate during the purchaser's holding period. While the maturities of the underlying securities in repurchase transactions may be more than one year, the term of each repurchase agreement will always be less than one year. The Fund will enter into repurchase agreements only with member banks of the Federal Reserve System or primary dealers of U.S. government securities. The Adviser will monitor the creditworthiness of each of the firms which is a party to a repurchase agreement with the Fund. In the event of a default or bankruptcy by the seller, the Fund will liquidate those securities (whose market value, including accrued interest, must be at least equal to 100% of the dollar amount invested by the Fund in each repurchase agreement) held under the applicable repurchase agreement, which securities constitute collateral for the seller's obligation to pay. However, liquidation could involve costs or delays and, to the extent proceeds from the sale of these securities were less than the agreed-upon repurchase price, the Fund would suffer a loss. A Fund also may experience difficulties and incur certain costs in exercising its rights to the collateral and may lose the interest the Fund expected to receive under the repurchase agreement. Repurchase agreements usually are for short periods, such as one week or less, but may be longer. It is the current policy of each Fund to treat repurchase agreements that do not mature within seven days as illiquid for the purposes of its investment policies.

The Funds may also invest in securities issued by other investment companies that invest in high quality, short-term debt securities (namely, money market instruments). In addition to the advisory fees and other expenses each Fund bears directly in connection with its own operations, as a shareholder of another investment company, a Fund would bear its pro rata portion of the other investment company's advisory fees and other expenses, and such fees and other expenses will be borne indirectly by the Fund's shareholders.

**Rights and Warrants**

The Funds may purchase rights and warrants to purchase equity securities. Investments in rights and warrants are pure speculation in that they have no voting rights, pay no dividends and have no rights with respect to the assets of the corporation issuing them. Rights and warrants basically are options to purchase equity securities at a specific price valid for a specific period of time. They do not represent ownership of the securities, but only the right to buy them. Rights and warrants differ from call options in that rights and warrants are issued by the issuer of the security which may be purchased on their exercise, whereas call options may be written or issued by anyone. The prices of rights (if traded independently) and warrants do not necessarily move parallel to the prices of the underlying securities. Rights and warrants involve the risk that a Fund could lose the purchase value of the warrant if the warrant is not exercised prior to its expiration. They also involve the risk that the effective price paid for the warrant added to the subscription price of the related security may be greater than the value of the subscribed security's market price.

**PIPEs**

The Funds may make private investments in public companies whose stock is quoted on a stock exchange or which trade in the over-the-counter securities market, a type of investment commonly referred to as a "PIPE" transaction. PIPE transactions will generally result in the Fund acquiring either restricted stock or an instrument convertible into restricted stock. As with investments in other types of restricted securities, such an investment may be illiquid. The Fund's ability to dispose of securities acquired in a PIPE transaction may depend upon the registration of such securities for resale. Any number of factors may prevent or delay a proposed registration. Even if the Fund is able to have securities acquired in a PIPE transaction registered or sell such securities through an exempt transaction, the Fund may not be able to sell some or all of the securities on short notice, and the sale of the securities could lower the market price of the securities. PIPE securities are considered illiquid securities.

**Settlement Transactions**

If a Fund trades a foreign security, it is usually required to settle the purchase transaction in the relevant foreign currency or receive the proceeds of the sale in that currency. At or near the time of the transaction, a Fund may wish to lock in the U.S. dollar value at the exchange rate or rates then prevailing between the U.S. dollar and the currency in which the security is denominated. Transaction hedging may be accomplished on a forward basis, whereby a Fund purchases or sells a specific amount of foreign currency, at a price set at the time of the contract, for receipt or delivery at either a specified date or at any time within a specified time period. Transaction hedging also may be accomplished by purchasing or selling such foreign currencies on a "spot," or cash, basis. In so doing, a Fund will attempt to insulate itself against possible losses and gains resulting from a change in the relationship between the U.S. dollar and the foreign currency during the period between the date the security is purchased or sold and the date on which payment is made or received and the transaction settled. Similar transactions may be entered into by using other currencies. A Fund may also settle certain trades in U.S. dollars. The use of currency transactions can result in a Fund incurring losses as a result of a number of factors, including the imposition of exchange controls, suspension of settlements or the inability to deliver or receive a specified currency.

**Illiquid Securities**

Each Fund may invest up to 15% of its net assets in illiquid investments that are assets. Not readily marketable, illiquid securities include restricted securities and repurchase obligations maturing in more than seven days. Certain restricted securities that may be resold to institutional investors under Rule 144A and Section 4a(2) commercial paper under the Securities Act of 1933 may be deemed liquid under the Trust's Liquidity Risk Management Program, adopted by the Board of Trustees. When there is little or no active trading market for specific types of securities, it can become more difficult to sell securities at or near their perceived value. In addition, in time periods of unusually high volume of redemptions, the Funds may sell certain investments at a price or time that is not advantageous in order to meet redemption requests or other cash needs. In these situations, the value of such securities and the Fund's share price may fall dramatically and in extreme conditions, the Funds could have difficulty meeting redemption requests. No active trading market may exist for some equity securities. Certain securities may be subject to restrictions on resale. The inability to dispose of (or convert to cash) certain securities in a timely fashion could result in losses to the Funds.

The Funds' Board has adopted a Liquidity Risk Management Program for the Funds that delegates the responsibility for determining the liquidity status of all securities and other instruments held by a Fund to the Adviser consistent with applicable guidance. The Liquidity Risk Management Program provides for active monitoring of portfolio liquidity by the Funds' Adviser with quarterly reporting to the Board.

**Below Investment Grade Convertible Securities**

While convertible securities purchased by the Funds are frequently rated investment grade, a Fund also may purchase unrated convertible securities or convertible securities rated below investment grade if the securities meet the Adviser's other investment criteria. Each Fund does not currently intend to invest more than 5% of its total assets in below investment grade convertible securities. Convertible securities rated below investment grade (a) tend to be more sensitive to interest rate and economic changes, (b) may be obligations of issuers who are less creditworthy than issuers of higher quality convertible securities, and (c) may be more thinly traded due to such securities being less well known to investors than either common stock or conventional debt securities. As a result, the Adviser's own investment research and analysis tends to be more important in the purchase of such securities than other factors.

**Reverse Repurchase Agreements**

Each Fund may enter into reverse repurchase agreements with banks and securities dealers. A reverse repurchase agreement is a repurchase agreement in which a Fund is the seller of, rather than the investor in, securities and agrees to repurchase them at an agreed-upon time and price. Use of a reverse repurchase agreement may be preferable to a regular sale and later repurchase of securities because it avoids certain market risks and transaction costs.

The use of these investment strategies, as well as borrowing under a line of credit, may increase net asset value fluctuation.

**INVESTMENT RESTRICTIONS**

Each Fund operates under the following fundamental investment restrictions, which, together with the investment objective and fundamental policies, cannot be changed without the approval of a "majority of the outstanding voting securities," which is defined in the 1940 Act to mean the lesser of (i) 67% of a Fund's shares present at a meeting where more than 50% of the outstanding shares are present in person or by proxy or (ii) more than 50% of a Fund's outstanding shares. Each Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) act as an underwriter of securities,
 except insofar as it may be deemed an underwriter for purposes of the 1933 Act on disposition of securities acquired subject to legal
 or contractual restrictions on resale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) purchase or sell real estate (although
 it may purchase securities secured by real estate or interests therein, or securities issued by companies which invest in real estate
 or interests therein), commodities or commodity contracts, except that it may enter into (a) futures and options on futures and (b) forward
 currency contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) make loans, but this restriction
 shall not prevent the Fund from (a) buying a part of an issue of bonds, debentures, or other obligations, (b) investing in repurchase
 agreements, or (c) lending portfolio securities, provided that it may not lend securities if, as a result, the aggregate value of all
 securities loaned would exceed 33 1/3% of its total assets (taken at market value at the time of such loan);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) borrow, except that it may (a) borrow
 up to 33 1/3% of its total assets, taken at market value at the time of such borrowing, as a temporary measure for extraordinary or emergency
 purposes, but not to increase portfolio income (the total of reverse repurchase agreements and such borrowings will not exceed 33 1/3%
 of its total assets, and the Fund will not purchase additional securities when its borrowings, less proceeds receivable from sales of
 portfolio securities, exceed 5% of its total assets) and (b) enter into transactions in options, futures and options on futures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) invest in a security if 25% or more
 of its net assets (taken at market value at the time of a particular purchase) would be invested in the securities of issuers in any particular
 industry,<sup>1</sup> except that this restriction does not apply to securities issued or guaranteed by the U.S. government or its agencies
 or instrumentalities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) issue any senior security except
 to the extent permitted under the 1940 Act.

<sup>1</sup> For purposes of this investment restriction, the Funds may classify and re-classify companies in a particular industry and define and re-define industries in a reasonable manner, consistent with SEC guidance. Also for purposes of this restriction, all sovereign debt of a single country will be considered investments in a single industry.

Each Fund is diversified and will seek shareholder approval if it elects to become non-diversified in the future.

All swap agreements and other derivative instruments that were not classified as commodities or commodity contracts prior to July 21, 2010 are not deemed to be commodities or commodity contracts for purposes of restriction number 2 above. The deposit or payment by a Fund of initial, maintenance or variation margin in connection with all types of short sales, options and futures contract transactions is not considered to be borrowing for purposes of restriction number 4 above or the issuance of a senior security for purposes of restriction number 6 above.

Each Fund is also subject to the following nonfundamental restrictions and policies, which may be changed by the Board without shareholder approval. Each Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) invest in companies for the purpose
 of exercising control or management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) purchase, except for securities
 acquired as part of a merger, consolidation or acquisition of assets, more than 3% of the stock of another investment company (valued
 at time of purchase);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) mortgage, pledge or hypothecate
 its assets, except as may be necessary in connection with permitted borrowings or in connection with options, futures and options on futures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) purchase
 securities on margin (except for use of short-term credits as are necessary for the clearance of transactions), or sell securities short
 unless (i) the Fund owns or has the right to obtain securities equivalent in kind and amount to those sold short at no added cost or (ii)
 the securities sold are "when issued" or "when distributed" securities which the Fund expects to receive in a
 recapitalization, reorganization or other exchange for securities the Fund contemporaneously owns or has the right to obtain and provided
 that transactions in options, futures and options on futures are not treated as short sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) invest more than 15% of its net
 assets (taken at market value at the time of a particular investment) in illiquid securities, including repurchase agreements maturing
 in more than seven days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) under normal market conditions,
 invest less than 80% of its net assets (plus the amount of borrowings for investment purposes) in the equity securities of U.S. micro
 cap companies (Driehaus Micro Cap Growth Fund only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) under normal market conditions,
 invest less than 80% of its net assets (plus the amount of borrowings for investment purposes) in emerging markets companies (Driehaus
 Emerging Markets Growth Fund only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) under normal market conditions, invest less than 80%
 of its net assets (plus the amount of borrowings for investment purposes) in equity securities of small capitalization emerging markets
 companies (Driehaus Emerging Markets Small Cap Growth Fund only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) under normal market conditions,
 invest less than 80% of its net assets (plus the amount of borrowings for investment purposes) in equity securities of non-U.S. small
 capitalization companies (Driehaus International Small Cap Growth Fund only);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) under normal market conditions, invest less than 80%
 of its net assets (plus the amount of borrowings for investment purposes) in equity securities of U.S. small cap companies (Driehaus Small
 Cap Growth Fund only);

(11) under normal market conditions,
 invest less than 80% of its net assets (plus the amount of borrowings for investment purposes) in equity securities of U.S. Small/Mid
 cap companies (Driehaus Small/Mid Cap Growth Fund only); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) under normal market conditions,
 invest less than 80% of its net assets (plus the amount of borrowings for investment purposes) in equity securities issued by non-U.S.
 developed market companies of all market capitalizations (Driehaus International Developed Equity Fund only).

Each applicable Fund will notify its shareholders at least 60 days prior to any change in the policies described in (6), (7), (8), (9), (10), (11) and (12) above.

For purposes of these investment restrictions, with the exception of the restriction on borrowing, subsequent changes in a Fund's holdings as a result of changing market conditions or changes in the amount of the Fund's total assets does not require a Fund to sell or dispose of an investment or to take any other action, except that if illiquid securities exceed 15% of a Fund's net assets after the time of purchase, the Fund will take steps to reduce in an orderly fashion its holdings of illiquid securities. An illiquid security is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days without the sale or disposition significantly changing the market value of the investment. Because illiquid securities may not be readily marketable, the portfolio managers may not be able to dispose of them in a timely manner. As a result, a Fund may be forced to hold illiquid securities while their price depreciates. Depreciation in the price of illiquid securities may cause the net asset value of a Fund to decline. With respect to the investment restriction related to borrowing, a Fund may only borrow from banks and in the event that such asset coverage shall at any time fall below 33 1/3% of its total assets, the Fund shall, within three days thereafter (not including Sundays and holidays), reduce the amount of its borrowings to an extent that the asset coverage of such borrowings shall be at least 33 1/3% of its total assets.

**DISCLOSURE OF THE FUNDS' PORTFOLIO HOLDINGS**

It is the policy of the Funds and DCM that non-public information about the Funds' portfolio holdings ("Portfolio Holdings") may not be selectively disclosed to any person, unless the disclosure (a) is made for a legitimate business purpose, (b) is made to a recipient who is subject to a duty to keep the information confidential, including a duty not to trade on the basis of the Funds' Portfolio Holdings ("Authorized Recipients"), (c) is consistent with DCM's fiduciary duties as an investment adviser or the duties owed by the Funds to their shareholders and (d) will not violate the antifraud provisions of the federal securities laws ("Disclosure Conditions"). The purpose of this policy is to prevent abusive trading in shares of the Funds, such as market timing, and not other fraudulent practices, e.g., trading on "inside information," that are addressed in the Trust's and DCM's Code of Ethics. The policy is designed to prevent sharing of portfolio information with third parties that have no legitimate business purpose for accessing the information. However, the policy may not be effective to limit access to Portfolio Holdings information in all circumstances. For example, DCM may manage accounts other than a Fund or provide model portfolios to other advisors that have investment objectives and strategies similar to those of a Fund. Because these accounts, including a Fund, or model portfolios may be similarly managed, Portfolio Holdings may be similar across the accounts or model portfolios. In that case, an investor in another account managed by DCM or a recipient of a model portfolio may be able to infer the portfolio holdings of the Fund from the Portfolio Holdings in that investor's account or in the model portfolio.

Authorized Recipients of Portfolio Holdings information are: (a) the Trust's officers and Trustees in their capacity as such; (b) officers, directors or employees of DCM who need the information to perform their duties; (c) outside counsel to the Trust or DCM and independent counsel to the Trust's Trustees who are not affiliates of the Adviser (each an "Independent Trustee" and collectively, the "Independent Trustees") in their capacity as such; (d) the independent registered public accounting firm (the "auditors") for the Funds or DCM; (e) the auditors conducting the performance verifications for DCM and/or its affiliates; (f) third-party broker-dealers in connection with the provision of brokerage, research or analytical services to the Trust or DCM; (g) third-party service providers to the Funds or DCM, such as the Funds' custodian; the Funds' administrator, transfer agent and fund accountant; the Funds' principal underwriter and distributor; DCM's proxy-voting service; regulatory filing services; the Funds' pricing service; liquidity classification provider; order management, accounting and trading system; and "best execution" analysts retained to evaluate the quality of executions obtained for the Funds, provided their contracts with the Funds and/or DCM contain appropriate provisions protecting the confidentiality, and limiting the use, of the information; (h) consultants and rating and ranking organizations that have entered into written confidentiality agreements with the Trust and/or DCM appropriately limiting their use of the information; and (i) such other Authorized Recipients as may be pre-approved from time to time by DCM's Chief Executive Officer and President or General Counsel.

Authorized Recipients do not include, for example, members of the press or other communications media, institutional investors and persons that are engaged in selling shares of the Funds to customers, such as financial planners, broker-dealers or other intermediaries unless the Disclosure Conditions are satisfied. However, the Funds and/or DCM may make disclosure of a limited number of Portfolio Holdings, provided the Funds are not disadvantaged by such disclosure and the disclosure is made for a legitimate business purpose. For example, in the normal course of business, in discussions about the Funds with current and prospective institutional shareholders and/or their advisors conducting due diligence about the Funds, the Adviser may occasionally and incidentally mention specific Portfolio Holdings that have not been previously disclosed. The Funds and the Adviser do not believe that these disclosures will disadvantage the Funds.

The Funds will post performance figures on their website within seven business days after month-end. The Funds will post Portfolio Holdings, including top five holdings, on their website 30 days after month-end. All Portfolio Holdings information is available at *<u>www.driehaus.com/fund-resources</u>*. Portfolio Holdings information is also available upon request after the website posting and on Form N-PORT or Form N-CSR. These filings are described below.

The Funds' Portfolio Holdings posted on the website and in these filings may not represent current or future portfolio composition and are subject to change without notice. Information on particular Portfolio Holdings may be withheld if it is in a Fund's best interest to do so.

DCM shall not agree to give or receive from any person or entity any compensation or consideration of any kind (including an agreement to maintain assets in any portfolio or enter into or maintain any other relationship with DCM) in connection with the release of a Fund's Portfolio Holdings.

DCM's General Counsel is responsible for reviewing the agreements between the Trust, DCM and the third-party service providers, consultants, rating and ranking organizations and any pre-approved Authorized Recipients, to seek to ensure that these agreements contain appropriate confidentiality and limitations on use provisions. DCM's Chief Compliance Officer is responsible for monitoring compliance with the Funds' pre-approval and disclosure restrictions. The Trust's Treasurer, Chief Legal Officer and Chief Compliance Officer, working with the Trust's counsel, are responsible for ensuring the accuracy and completeness of the Prospectus and SAI disclosure related to the Funds' disclosure of portfolio holdings. The Trust's Chief Compliance Officer will report to the Trust's Board at least annually on compliance by the Funds and DCM with the policies and procedures on selective disclosure of the Funds' Portfolio Holdings to enable the Board to exercise its oversight of these policies and procedures.

The Funds' Portfolio Holdings must be filed with the SEC within 60 days of quarter-end. The Portfolio Holdings are made available on the Funds' website at *<u>www.driehaus.com/fund-resources</u>* within five business days of the filing with the SEC and are available on the website for at least six months from the posting date.

**PURCHASES AND REDEMPTIONS**

How to purchase and redeem Fund shares is discussed in the Prospectus. The Prospectus discloses that you may purchase (or redeem) shares through investment dealers or other institutions. It is the responsibility of any such institution to establish procedures to ensure the prompt transmission to the Funds of any such purchase order.

Each Fund's net asset value is determined on days on which the New York Stock Exchange (the "NYSE") is open for trading. The NYSE is regularly closed on Saturdays and Sundays and on New Year's Day, Dr. Martin Luther King, Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Juneteenth National Independence Day (observed), Independence Day, Labor Day, Thanksgiving Day and Christmas Day (observed). If one of these holidays falls on a Saturday or Sunday, the NYSE will be closed on the preceding Friday or the following Monday, respectively.

The Trust intends to pay all redemptions in cash and will pay cash for all redemption orders, limited in amount with respect to each shareholder of record during any ninety-day period to the lesser of $250,000 or one percent of the net assets of the relevant Fund, as measured at the beginning of such period. However, redemptions in excess of such limit may be paid wholly or partly by a distribution in kind of exchange-traded securities. If redemptions are made in kind, the proceeds are taxable for federal income tax purposes in the same manner as a redemption for cash and the redeeming shareholder might incur transaction costs in selling the securities received in the redemption.

The Trust reserves the right to suspend or postpone redemptions of shares of a Fund, as permissible pursuant to Section 22(e) of the 1940 Act, during any period when: (a) trading on the NYSE is restricted, as determined by the SEC, or the NYSE is closed for other than customary weekend and holiday closings; (b) the SEC has by order permitted such suspension for the protection of Fund shareholders; or (c) an emergency, as determined by the SEC, exists, making disposal of portfolio securities or valuation of net assets of a Fund not reasonably practicable.

**NET ASSET VALUE**

The net asset value per share of each class of the Fund is calculated by dividing (i) the value of the securities held by the Fund (i.e., the value of its investments v attributable to such class), plus any cash or other assets attributable to such class, minus all liabilities (including accrued estimated expenses on an annual basis attributable to such class), by (ii) the total number of outstanding shares of such class of the Fund. Net asset value will not be determined on days when the NYSE is closed, unless, in the judgment of the Board, the net asset value of a Fund should be determined on any such day, in which case the determination will be made at 3:00 p.m. Central time. In the event that the NYSE adopts different trading hours on a temporary basis, a Fund's net asset value will be computed at the close of the exchange.

The Trust's Board of Trustees has appointed DCM as Valuation Designee pursuant to Rule 2a-5 under the 1940 Act. As Valuation Designee, DCM, through its pricing committee ("Pricing Committee"), is responsible for, among other things, performing fair value determinations for the Funds and assessing any material risks associated with such determinations, including material conflicts of interest, if any in accordance with policies and procedures approved by the Board. The Valuation Designee also performs an annual valuation risk assessment to identify and enumerate material valuation risks which are or may be impactful to the Funds.

The Funds use independent pricing services employed by The Northern Trust Company (the "Fund Administrator"). Equity securities, including ADRs, EDRs, GDRs, and ETFs, and futures and options that are traded on a securities exchange are valued at the last sale price as of the regular close of business on the NYSE (normally 3:00 p.m. Central time) on the day the securities are being valued, or for North and South American equity securities lacking any sales, at the closing bid price. For all other securities lacking any sales, at the mean between the closing bid and ask prices.

Long-term U.S. fixed income securities are valued at the representative quoted bid price when held long or the representative quoted ask price if sold short or, if such prices are not available, at prices for securities of comparable maturity, quality and type or as determined by an independent pricing service. Long-term non-U.S. fixed income securities are valued at the mean of the representative quoted bid and ask prices when held long or sold short or, if such prices are not available, at prices for securities of comparable maturity, quality and type or as determined by an independent pricing service. The pricing service provider may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations or other techniques. Such techniques generally consider factors such as composite security prices, yields, maturities, call features, credit ratings and developments relating to specific securities, in arriving at valuations. Short-term investments with remaining maturities of 60 days or less at the time of purchase are stated at amortized cost, which approximates fair value. If amortized cost does not approximate fair value, short-term securities are valued at fair value.

Valuations for non-exchange traded options, futures contracts and options thereon, are provided by a pricing service or in the event such pricing service does not provide such valuations, on the basis of quotes provided by broker-dealers. Swap agreements, swaptions and bank loans are valued at fair value based on the evaluation of an independent pricing service.

Trading in securities on most foreign securities exchanges and over-the-counter markets is normally completed well before the close of the NYSE except securities trading primarily on Central and South American exchanges. Such securities are valued at the last sale price as of the regular close of the relevant exchange or market. For securities that trade primarily on an exchange that closes after the NYSE, the price of the security will be determined at 3:00 p.m. Central time. In addition, foreign securities trading may not take place on all business days and may occur in various foreign markets on days which are not business days in domestic markets and on which net asset value is not calculated. The calculation of net asset value may not take place contemporaneously with the determination of the prices of portfolio securities used in such calculation. Assets or liabilities initially expressed in terms of foreign currencies are translated prior to the next determination of the net asset value into U.S. dollars at the spot exchange rates at 3:00 p.m. Central time or at such other rates as the Adviser may determine to be appropriate in computing net asset value.

Privately-traded equity securities are valued based on a monthly evaluated price provided by an independent pricing service that is adjusted on a daily basis to reflect broader market trends and any company specific information. Such evaluated prices are updated within five business days of each calendar month end and, if conditions warrant, may be updated by the Adviser's Pricing Committee intra-month. New positions of this type that are not yet being valued by the independent pricing service are generally valued at the security's purchase price until such time that the independent pricing service provides an evaluated price for such position. Daily adjustments to the evaluated price provided by the independent pricing service, if applicable, may be based on the market movements of a representative proxy index as determined by the Adviser's Pricing Committee to reflect the market fluctuations of similarly situated public companies.

Securities and assets for which market quotations are not readily available or for which the Adviser's Pricing Committee determines the valuations provided for using the foregoing methods do not accurately reflect current market value are valued at fair value determined in good faith by the Valuation Designee through the Adviser's Pricing Committee under procedures approved by the Board. Securities and situations in which such fair value pricing may be required include, but are not limited to: (i) illiquid securities, including "restricted" securities and private placements for which there is no public market; (ii) options not traded on a securities exchange; (iii) securities of an issuer that has entered into a restructuring; (iv) securities whose trading has been halted or suspended; (v) fixed income securities that have gone into default and for which there is not a current market value quotation; (vi) U.S. government securities and other fixed income securities when events have occurred subsequent to the close of trading for such securities and the close of the NYSE that would materially impact their value; and (vii) when a portfolio manager believes the market quotation does not reflect the fair value. If the Pricing Committee determines that the foregoing methods do not accurately reflect current market value, securities and assets are valued at fair value as determined in good faith pursuant to the policies and procedures approved by the Board. The Funds use an independent pricing service to provide fair value estimates for relevant foreign equity securities when a minimum confidence level is met. This pricing service uses correlations between the movement of prices of foreign equity securities and indexes of U.S. traded securities and other indicators, such as closing prices of ADRs and futures contracts, to determine the fair value of relevant foreign equity securities.

**TRUSTEES AND OFFICERS**

The officers of the Trust manage its day-to-day operations under the direction of the Trust's Board. The primary responsibility of the Board is to represent the interests of the shareholders of each series of the Trust and to provide oversight of the management of the Trust. Eighty percent of the Trust's Board members are not affiliated with the Adviser or the Distributor. Officers of the Trust are elected by the Board on an annual basis. The following table sets forth certain information with respect to the Trustees of the Trust. The Trustees oversee each series of the Trust, which as of the date of this SAI consists of eight series, including the Funds.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address <br> and Year of Birth** | **Position(s) Held with the Trust** | **Term of Office\* and Length of**<br> **Time Served** | **Principal Occupation(s) During the Past 5 Years** | **Other Directorships**<br> **Held by Trustee** |
| **INTERESTED TRUSTEE<sup>\*\*</sup>:** |  |  |  |  |
| Stephen T. Weber<br> Driehaus Capital Management LLC<br> 25 East Erie Street<br> Chicago, IL 60611<br>YOB: 1970 | Trustee and President | Since 2020 | Director of Driehaus Trust Company, LLC since March 2021; Chief Executive Officer of the Adviser since March 2021; President since February 2020. | None. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address<br> and Year of Birth** | **Position(s) Held with the Trust** | **Term of Office<sup>\*</sup> and Length of**<br> **Time Served** | **Principal Occupation(s) During the Past 5 Years** | **Other Directorships**<br> **Held by Trustee**  |
| **INDEPENDENT TRUSTEES:** |  |  |  |  |
| Theodore J. Beck<br> c/o Driehaus Capital Management LLC<br> 25 East Erie Street<br> Chicago, IL 60611<br>YOB: 1952 | Trustee<br> Chair | Since 2012<br> Since 2021 | Retired; President and Chief Executive Officer, National Endowment for Financial Education, 2005 to July 2018. | None. |
| Dawn M. Vroegop<br> c/o Driehaus Capital Management LLC<br> 25 East Erie Street<br> Chicago, IL 60611<br>YOB: 1966 | Trustee | Since 2012 | Private Investor. | Independent Trustee, Brighthouse Funds Trust I since December 2000 and Brighthouse Funds Trust II since May 2009. |
| Christopher J. Towle, CFA<br> c/o Driehaus Capital Management LLC<br> 25 East Erie Street<br> Chicago, IL 60611<br>YOB: 1957 | Trustee | Since 2016 | Retired; Portfolio Manager. | None. |
| Elizabeth M. Forget<br> c/o Driehaus Capital Management LLC<br> 25 East Erie Street<br> Chicago, IL 60611<br>YOB 1966 | Trustee | Since April 2026 | Head of Product, MassMutual since 2024\*\*\*; Managing Director, J.P. Morgan Asset Management from 2018 through 2024. | None. |

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| | |
|:---|:---|
| <sup>\*</sup> | Each Trustee will serve as a Trustee until (i) termination of the Trust, or (ii) the Trustee's retirement, resignation, or death, or (iii) as otherwise specified in the Trust's governing documents. |
| <sup>\*\*</sup> | Mr. Weber became President on February 24, 2020 and a Trustee on December 3, 2020. Mr. Weber is an "interested person" of the Trust and the Adviser, as defined in the 1940 Act, because he is an officer of the Adviser. |
| <sup>\*\*\*</sup> | The Adviser has an advisory relationship with MassMutual whereby the Adviser serves as investment manager for a MassMutual separately managed account. The MassMutual separately managed account does not receive any special treatment and, therefore, does not impact Ms. Forget's independence. Additionally, certain Driehaus Mutual Funds are available to advisory clients of MassMutual's retail broker dealer (MML Investor Services LLC) via an indirect selling arrangement. Neither the Driehaus Mutual Funds nor the Adviser is a party to a selling agreement with MML Investor Services LLC. |

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The following table sets forth certain information with respect to the officers of the Trust.

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| | | | |
|:---|:---|:---|:---|
| **Name, Address <br> and Year of<br> Birth** | **Position(s) Held with the Trust** | **Length of Time Served** | **Principal Occupation(s) During Past 5 Years** |
| Stephen T. Weber<br> 25 East Erie Street<br> Chicago, IL 60611<br>YOB: 1970 | President | Since 2020 | Director of Driehaus Trust Company, LLC since March 2021; Chief Executive Officer of the Adviser since March 2021; President of the Adviser since February 2020. |
| Robert M. Kurinsky<br> 25 East Erie Street<br> Chicago, IL 60611<br>YOB: 1972 | Vice President and Treasurer | Since 2019 | Chief Operating Officer of the Adviser since February 2020, Chief Financial Officer and Treasurer of the Adviser since January 2019. |
| Janet L. McWilliams<br> 25 East Erie Street<br> Chicago, IL 60611<br>YOB: 1970 | Assistant Vice President and Chief Legal Officer | Since 2007<br> Since 2012 | General Counsel and Secretary of the Adviser since 2012. |
| Anne S. Kochevar<br> 25 East Erie Street<br> Chicago, IL 60611<br>YOB: 1963 | Chief Compliance Officer and Anti-Money Laundering Compliance Officer | Since 2019 | Chief Compliance Officer of the Adviser since July 2019. |
| Tanya S. Tancheff<br> 333 South Wabash Ave<br> Chicago, IL 60604<br>YOB: 1973 | Secretary | Since 2022 | The Northern Trust Company, Second Vice President and Senior Consultant since 2022; ALPS Holdings, Inc., Senior Paralegal 2017 to 2022. |
| Malinda M. Sanborn<br> 25 East Erie Street<br> Chicago, IL 60611<br>YOB: 1965 | Assistant Treasurer | Since 2020 | Director of Fund Administration of the Adviser since August 2014. |
| Christina E. Algozine<br> 25 East Erie Street<br> Chicago, IL 60611<br>YOB: 1985 | Assistant Secretary | Since 2019 | Assistant Secretary of the Adviser since January 2019. |

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**Leadership Structure and Board of Trustees**

The Board has general oversight responsibility with respect to the business and affairs of the Trust. The Board is responsible for overseeing the operations of the Funds in accordance with the provisions of the 1940 Act, other applicable laws and the Trust's Declaration of Trust. The Board is composed of four Independent Trustees who are not affiliates of the Adviser (each an "Independent Trustee" and collectively, the "Independent Trustees") and one Interested Trustee. The Board has appointed an Independent Trustee to serve as Chairperson of the Board. Generally, the Board acts by majority vote of all of the Trustees, including a majority vote of the Independent Trustees if required by applicable law. The Trust's day-to-day operations are managed by the Adviser and other service providers who have been approved by the Board. The Board meets periodically throughout the year to oversee the Trust's activities, review contractual arrangements with service providers, oversee compliance with regulatory requirements, and review performance. The Board has determined that its leadership structure is appropriate given the size of the Board, the experience of each Trustee with the Trust and the number and nature of funds (including the Funds) within the Trust.

The Trustees were selected to serve and continue on the Board based upon their skills, experience, judgment, analytical ability, diligence, ability to work effectively with other Trustees and a commitment to the interests of shareholders and with respect to the Independent Trustees, a demonstrated willingness to take an independent and questioning view of management. Each Trustee also has familiarity with the Funds and the Adviser, and their operations, as well as the special regulatory requirements governing regulated investment companies and the special responsibilities of investment company directors as a result of his or her prior service as a Trustee of the Trust. In addition to those qualifications, the following is a brief summary of the specific experience, qualifications or skills that led to the conclusion, as of the date of this SAI, that each person identified below should serve as a Trustee for the Trust. References to the qualifications, attributes and skills of the Trustees are pursuant to requirements of the SEC, and do not constitute a holding out of the Board or any Trustee as having any special expertise and shall not impose any greater responsibility or liability on any such person or on the Board by reason thereof. As required by rules the SEC has adopted under the 1940 Act, the Trust's Independent Trustees select and nominate all candidates for Independent Trustee positions.

*Stephen T. Weber*. Mr. Weber has served as Trustee of the Trust since December 2020 and as President of the Trust since February 2020. He was appointed as a Director of Driehaus Trust Company, LLC in March 2021. He was appointed the Chief Executive Officer of the Adviser in March 2021. He has served as President of the Adviser since February 2020. Mr. Weber also served as Head of Distribution of the Adviser from February 2020 through October 2021. Prior to that, Mr. Weber was the Director of Sales and Relationship Management of the Adviser from 2006 through February 2020. He was President and Chief Executive Officer of Driehaus Securities LLC from 2018 through 2019. 

*Theodore J. Beck*. Mr. Beck has served as Trustee of the Trust since 2012, served as the Vice Chair of the Board from June 2020 to June 2021, became Chair of the Board in June 2021, and served as an Advisory Board member from 2011 to 2012. He served as President and Chief Executive Officer of National Endowment for Financial Education from 2005 to July 2018. From 1999 to 2005, Mr. Beck was Associate Dean for Executive Education and Corporate Relations and President for the Center for Advanced Studies in Business at the University of Wisconsin – Madison, and previously spent more than 20 years in senior management positions for Citibank/Citigroup. He also serves or has served on the Boards of the President's Advisory Council on Financial Capability for Young Americans, President's Advisory Council on Financial Capability, Federal Deposit Insurance Corporation Advisory Committee on Economic Inclusion and Jump$tart Coalition for Personal Financial Literacy. Mr. Beck previously served on the Boards of Wilshire Variable Insurance Trust and Wilshire Mutual Funds.

*Christopher J. Towle*. Mr. Towle has served as Trustee of the Trust since 2016. From 1987 to 2014, Mr. Towle was with Lord Abbett & Co., most recently as Partner, Portfolio Manager and Director of High Yield and Convertible Securities. He also served on the Boards of Brighthouse Funds Trust I and Brighthouse Funds Trust II, each from April 2018 to August 2019. He is a CFA<sup>®</sup> charterholder. The Board of the Trust has determined that Mr. Towle is qualified as an "audit committee financial expert" as defined by the SEC.

 

*Dawn M. Vroegop*. Ms. Vroegop has served as Trustee of the Trust since 2012 and served as an Advisory Board member from 2011 to 2012. From 1999 to 2003, she was a Managing Director with Dresdner RCM Global Investors. She also serves on the Boards of Brighthouse Funds Trust I (formerly, Met Investor Series Trust), Brighthouse Funds Trust II (formerly, Metropolitan Series Fund, Inc.) and City College of San Francisco Foundation.

*Elizabeth M. Forget.* Ms. Forget was appointed as Trustee of the Trust as of April 1, 2026. She works as the Head of Product at MassMutual where she is responsible for the development and management of protection, annuity and asset management solutions for retail and worksite clients. From 2018 to 2024 she served in various roles at J.P. Morgan Asset Management, including as Managing Director, Global Head of Client Experience and Chief Transformation Officer, U.S. Advisor. From 2000 through 2018 Ms. Forget worked for MetLife, Inc. in roles including Executive Vice President, Senior Vice President and Vice President. She has been working in the financial industry since 1988.

**Risk Oversight**

Risk oversight forms part of the Board's general oversight of the Funds and is addressed as part of various Board and Committee activities. As part of its regular oversight of the Funds, the Board, directly or through a Committee, interacts with and reviews reports from, among others, the Adviser, the Chief Compliance Officer and the independent registered public accounting firm, as appropriate, regarding risks faced by the Funds. The Board, with the assistance of the Adviser, reviews investment policies and risks in connection with its review of the Funds' performance. The Board has appointed a Chief Compliance Officer who oversees the implementation and testing of the Funds' compliance program and reports to the Board regarding compliance matters for the Funds and their service providers. In addition, as part of the Board's oversight of the Funds' advisory and other service provider agreements, the Board may periodically consider risk management aspects of their operations and the functions for which they are responsible. With respect to valuation, the Board has approved Pricing Procedures intended to address valuation issues.

The Board has established the following Committees and the membership of each Committee to assist in its oversight functions, including its oversight of the risks the Funds face. Committee membership is identified below. Each Committee must report its activities to the Board on a regular basis.

 

*Audit Committee*

The primary purpose of the Committee is to assist the Board in fulfilling certain of its responsibilities. The Audit Committee serves as an independent and objective party to monitor the Funds' accounting policies, financial reporting, internal control system, and fair value pricing procedures, as well as the work of the independent registered public accounting firm. The Audit Committee assists Board oversight of (1) the quality and integrity of the Funds' financial statements and the independent audit thereof; (2) the Funds' accounting and financial reporting processes and internal control over financial reporting; (3) the Funds' compliance with legal and regulatory requirements that relate to the Funds' accounting and financial reporting, internal control over financial reporting and independent audits; and (4) the qualifications, independence and performance of the Funds' independent registered public accounting firm. The Audit Committee also serves to provide an open avenue of communication among the independent registered public accounting firm, Fund management and the Board. Christopher Towle serves as the Chair of the Audit Committee and all Independent Trustees serve as members of the Committee. The Audit Committee held four meetings during the Trust's last fiscal year.

 

*Executive Committee*

The Committee's primary purpose is to exercise certain powers of the Board when the Board is not in session. When the Board is not in session, the Committee may exercise all powers of the Board subject to certain statutory exceptions. The Chair of the Board and the Chair of the Nominating and Governance Committee constitute the members of the Executive Committee. The Executive Committee held no meetings during the Trust's last fiscal year.

 

*Nominating and Governance Committee*

The Committee's primary purpose is (1) to identify and recommend individuals for membership on the Board and (2) to oversee the administration of the Board Governance Guidelines and Procedures. The Committee's responsibilities include evaluating Board membership and functions, committee membership and functions, insurance coverage, and legal and compliance matters. Dawn M. Vroegop serves as the Chair of the Nominating and Governance Committee and all Independent Trustees serve as members of the Committee. The Nominating and Governance Committee held three meetings during the Trust's last fiscal year.

The nominating functions of the Nominating and Governance Committee include selecting and nominating all candidates who are not "interested persons" of the Trust (as defined in the 1940 Act) for election to the Board. Suggestions for candidates may be submitted to the Committee by other Trustees, by shareholders or by the Adviser. Shareholders may submit suggestions for candidates by sending a resume of the candidate to the Secretary of the Trust for the attention of the Chairperson of the Nominating and Governance Committee to 25 East Erie Street, Chicago, Illinois 60611. With regard to candidates for interested Trustee positions, the Nominating and Governance Committee and the Board shall give reasonable deference to the Adviser's suggestions of candidates.

When evaluating a person as a potential nominee to serve as an independent Trustee, the Nominating and Governance Committee will generally consider, among other factors: age; education; relevant business experience; geographical factors; whether the person is "independent" and otherwise qualified under applicable laws and regulations to serve as a Trustee; and whether the person is willing to serve, and willing and able to commit the time necessary for attendance at meetings and the performance of the duties of an independent Trustee. The Nominating and Governance Committee also meets personally with the nominees and conducts a reference check. The final decision is based on a combination of factors, including the strengths and the experience an individual may bring to the Board. The Nominating and Governance Committee believes the Board generally benefits from diversity of background, experience and views among its members, and considers this a factor in evaluating the composition of the Board, but has not adopted any specific policy in this regard.

**COMPENSATION OF TRUSTEES AND OFFICERS**

Officers, except for the Chief Compliance Officer ("CCO"), serve without any compensation from the Trust. The Trust pays a portion of the CCO's compensation. Trustees who are not affiliated with the Adviser ("Independent Trustees") receive an annual retainer plus per meeting fees. The Chairperson of the Board and the chairpersons of the Audit Committee and Nominating and Governance Committee each receive an additional retainer for serving in such positions. The following table sets forth the compensation paid by the Trust during the fiscal year ended December 31, 2025, to each of the Independent Trustees and the CCO:

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| | |
|:---|:---|
| **Name of Trustee/Officer** | **Total Compensation from the Trust** |
| Theodore J. Beck (Trustee) | $220000 |
| Christopher J. Towle (Trustee) | $201000 |
| Dawn M. Vroegop (Trustee) | $195000 |
| Elizabeth M. Forget (Trustee) | None<sup>\*</sup> |
| Anne S. Kochevar (CCO) | $209712 |

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<sup>\*</sup> Ms. Forget became a Trustee on April 1, 2026.

**TRUSTEES' OWNERSHIP OF TRUST SHARES**

The following table sets forth, for each Trustee, the dollar range of equity securities owned in the Funds as of December 31, 2025. In addition, the last row shows the aggregate dollar range of equity securities owned as of December 31, 2025 in all series of the Trust.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Interested Trustee | Independent Trustees | Independent Trustees | Independent Trustees | Independent Trustees |
| Name of Fund | Stephen T. Weber | Theodore J. Beck | Christopher J. Towle | Dawn M. Vroegop | Elizabeth Forget<sup>\*</sup> |
| Driehaus Emerging Markets Growth Fund | Over $100,000 | $50001 - $100000 | $50001 - $100000 | Over $100,000 | N/A |
| Driehaus Emerging Markets Small Cap Growth Fund | Over $100,000 | $50001 - $100000 | $50001 - $100000 | Over $100,000 | N/A |
| Driehaus Global Fund |  | $50001 - $100000 | $10001 - $50000 | $10001 - $50000 | N/A |
| Driehaus International Small Cap Growth Fund |  | $10001 - $50000 | Over $100,000 | Over $100,000 | N/A |
| Driehaus International Developed Equity Fund | Over $100,000 |  | $10001 - $50000 | $10001 - $50000 | N/A |
| Driehaus Micro Cap Growth Fund |  | Over $100,000 | Over $100,000 | Over $100,000 | N/A |
| Driehaus Small Cap Growth Fund | Over $100,000 | Over $100,000 | $10001 - $50000 | Over $100,000 | N/A |
| Driehaus Small/Mid Cap Growth Fund |  | $50001 - $100000 | $10001 - $50000 | Over $100,000 | N/A |
| Aggregate Ownership | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 | N/A |

---

\* Ms. Forget became a Trustee on April 1, 2026.

As of April 1, 2026, the Trust's officers and Trustees as a group owned (or held a shared investment or voting power with respect to) shares of each Fund in the percentages shown in the following table:

---

| | |
|:---|:---|
| **Fund** | **% Owned<sup>\*</sup>** |
| Driehaus Emerging Markets Growth Fund – Institutional Shares | Less than 1% |
| Driehaus Emerging Markets Growth Fund – Investor Shares | Less than 1% |
| Driehaus Emerging Markets Small Cap Growth Fund | 2.83% |
| Driehaus Global Fund | 7.25% |
| Driehaus International Small Cap Growth Fund | Less than 1% |
| Driehaus International Developed Equity Fund | 23.84% |
| Driehaus Micro Cap Growth Fund | 1.98% |
| Driehaus Small Cap Growth Fund – Institutional Shares | Less than 1% |
| Driehaus Small Cap Growth Fund – Investor Shares | 6.24% |
| Driehaus Small/Mid Cap Growth Fund | 2.42% |

---

<sup>\*</sup> For officers, this includes hypothetical investments in the Funds through the Adviser's deferred compensation plan. Does not include shares in accounts over which Mr. Weber has shared voting authority as a trustee of Driehaus Trust Company, LLC.

**CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS** 

As of April 1, 2026, the following persons were known to the Trust to be beneficial or record owners (having sole voting and dispositive power) of 5% or more of the shares of beneficial interest of a Fund:

---

| | | |
|:---|:---|:---|
| **Name and Address** | **Fund(s)** | **% of Share Owned** |
| Capinco<br> C/O US Bank NA<br> PO Box 1787<br> Milwaukee, WI 53201 | Driehaus Emerging Markets Growth Fund – Institutional Class Beneficial | 6.26% |
|  | Driehaus International Small Cap Growth Fund Beneficial | 7.00% |
| Charles Schwab & Co. Inc. <br> 101 Montgomery Street<br> San Francisco, CA 94104-4122  | Driehaus Emerging Markets Growth Fund – Investor Class Beneficial | 41.04% |
|  | Driehaus Emerging Markets Growth Fund – Institutional Class Beneficial | 30.25% |
|  | Driehaus Global Fund Beneficial | 11.94% |
|  | Driehaus Emerging Markets Small Cap Growth Fund Beneficial | 17.88% |

---

---

| | | |
|:---|:---|:---|
| | Driehaus International Small Cap Growth Fund Beneficial | 13.57% |
| | Driehaus International Developed Equity Fund | 36.49% |
| | Driehaus Micro Cap Growth Fund Beneficial | 44.96% |
| | Driehaus Small Cap Growth Fund – Investor Class Beneficial | 46.12% |
| | Driehaus Small Cap Growth Fund – Institutional Class Beneficial | 33.95% |
| | Driehaus Small/Mid Cap Growth Fund Beneficial | 55.44% |
| Daniel J. Burr<br> 832 Greenwood Ave<br> Wilmette, IL 60091 | Driehaus International Developed Equity Fund Beneficial | 17.93% |
| Driehaus Capital Management LLC\*<br> 25 East Erie Street<br> Chicago, IL 60611 | Driehaus International Developed Equity Fund Beneficial | 14.44% |
|  | Driehaus Small Cap Growth Fund – Investor Class Beneficial | 6.04% |
| Driehaus Family Investments LLC DTC<sup>\*</sup><br> PO Box 92956<br> Chicago, IL 60611 | Driehaus Global Fund Beneficial | 5.02% |
| Driehaus Family Partnership DTC<sup>\*</sup><br> PO Box 92956<br> Chicago, IL 60611 | Driehaus Global Fund Beneficial | 6.22% |
| Driehaus Investments LLC DTC<sup>\*</sup><br> PO Box 92956<br> Chicago, IL 60611 | Driehaus Global Fund Beneficial | 6.87% |
| LPL Financial LLC<br> 4707 Executive Drive<br> San Diego, CA 92121 | Driehaus Small Cap Growth Fund – Investor Class Beneficial | 7.38% |
| Merrill Lynch Pierce Fenner & Smith Inc.<br> 4800 Deer Lake Drive East<br> Jacksonville, FL 32246 | Driehaus Emerging Markets Small Cap Growth Fund– Investor Class Beneficial | 7.20% |
| National Financial Services Corp. <br> 499 Washington Blvd, 4th Floor<br> Jersey City, NJ 07310-2010  | Driehaus Emerging Markets Growth Fund – Investor Class Beneficial | 38.44% |
|  | Driehaus Emerging Markets Growth Fund – Institutional Class Beneficial | 31.55% |
|  | Driehaus Emerging Markets Small Cap Growth Fund – Investor Class Beneficial | 43.50% |
|  | Driehaus International Small Cap Growth Fund Beneficial | 42.98% |
|  | Driehaus Micro Cap Growth Fund Beneficial | 22.95% |

---

---

| | | | |
|:---|:---|:---|:---|
| | Driehaus Small Cap Growth Fund – Investor Class | Beneficial | 30.06% |
| | Driehaus Small Cap Growth Fund – Institutional Class | Beneficial | 33.66% |
| | Driehaus Global Fund | Record | 6.05% |
| RHD Foundation DTC<sup>\*</sup><br> PO Box 92956<br> Chicago, IL 60611 | Driehaus Global Fund | Beneficial | 22.76% |
| Richard H. Driehaus Foundation<sup>\*</sup><br> PO Box 92956<br> Chicago, IL 60611 | Driehaus Small/Mid Cap Growth Fund | Record | 6.82% |
| Richard H. Driehaus Testamentary<sup>\*</sup><br> PO Box 92956<br> Chicago, IL 60611 | Driehaus Global Fund | Beneficial | 7.56% |
| SEI Private Trust Company<br> 1 Freedom Valley<br> Oaks, PA 19456 | Driehaus Small/Mid Cap Growth Fund | Beneficial | 16.44% |
| Vanguard Brokerage Services<br> 100 Vanguard Blvd.<br> Malvern, PA 19355 | Driehaus International Developed Equity Fund | Record | 17.02% |
| Wells Fargo Bank<br> PO Box 1533<br> Minneapolis, MN 55480 | Driehaus Micro Cap Growth Fund | Record | 6.45% |
| Wells Fargo Bank<br> 2801 Market Street<br> St, Louis, MO 63103 | Driehaus International Small Cap Growth Fund | Record | 5.06% |

---

<sup>\*</sup> Voting authority exercised by a common entity.

**HOLDINGS IN CERTAIN AFFILIATES OF THE ADVISER**

Eighty percent of the Board members are classified under the 1940 Act as not being "interested persons" of the Trust and are often referred to as "Independent Trustees." In addition to investing in the Funds and various other funds of the Trust, Independent Trustees may invest in limited partnerships that are managed by the Adviser and an affiliate of the Adviser. The Independent Trustees may also, from time to time, invest in other investment ventures in which affiliates and employees of the Adviser also invest. As of December 31, 2025, no Independent Trustee or his or her immediate family members held the beneficial or record ownership of the securities of any entity other than another registered investment company, controlling, controlled by or under common control with the Adviser.

**INVESTMENT ADVISORY SERVICES**

The Adviser is controlled by Driehaus Trust Company LLC ("DTC"). The general nature of DTC's business is that of a Nevada licensed family trust company. DTC serves as trustee overseeing the administration of the assets of certain ownership trust established by the Adviser's deceased founder, Mr. Richard H. Driehaus. The ownership of the Adviser is held within two such trusts, the Richard H. Driehaus Family Benefit Trust and the Driehaus Business and Real Estate Trust.

*Investment Management Agreement* 

The advisory agreement provides that neither the Adviser nor any of its directors, officers, stockholders, agents or employees shall have any liability to the Funds or any shareholder of the Funds for any error of judgment, mistake of law or any loss arising out of any investment, or for any other act or omission in the performance by the Adviser of its duties under the agreement, except for liability resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under the agreement.

The Adviser provides office space and executive and other personnel to the Trust. The Trust pays all expenses other than those paid by the Adviser, including but not limited to printing and postage charges, securities registration and custodian fees and expenses incidental to its organization.

Any expenses incurred by the Trust that are attributable solely to the organization, operation or business of a Fund shall be paid solely out of the Fund's assets. Any expenses incurred by the Trust that are not solely attributable to a particular series are apportioned in such manner as the Adviser determines is fair and appropriate, unless otherwise specified by the Board.

*Management Fees*

Each Fund pays the Adviser a management fee monthly, computed and accrued daily, at the following annual rates:

---

| | | |
|:---|:---|:---|
| FUND | ASSET LEVEL BREAKPOINTS | FEE |
| Driehaus Emerging Markets Growth Fund | Up to $1.5 billion | 1.05% |
|  | Over $1.5 billion and up to $2.5 billion | 0.75% |
|  | Over $2.5 billion | 0.50% |
| Driehaus Emerging Markets Small Cap Growth Fund |  | 1.10% |
| Driehaus Global Fund |  | 0.65% |
| Driehaus International Small Cap Growth Fund |  | 1.00% |
| Driehaus International Developed Equity Fund |  | 0.70% |
| Driehaus Micro Cap Growth Fund |  | 1.25% |
| Driehaus Small Cap Growth Fund |  | 0.60% |
| Driehaus Small/Mid Cap Growth Fund |  | 0.60% |

---

 

*Expense Limitations and Waivers*

As set out below, the Adviser has contractually agreed to bear certain expenses and waive its management fees to the extent necessary to cause the total annual fund operating expenses (excluding 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 each Funds' business) not to exceed the percentages of average daily net assets indicated below.

---

| | | |
|:---|:---|:---|
| **FUND** | **Expiration Date** | **Expense Cap** |
| Driehaus Emerging Markets Growth Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | N/A | N/A |
| Driehaus Emerging Markets Small Cap Growth Fund | April 30, 2027 | 1.24% |
| Driehaus Global Fund | April 30, 2027 | 0.75% |
| Driehaus International Small Cap Growth Fund | N/A | N/A |
| Driehaus International Developed Equity Fund | April 30, 2027 | 0.80% |
| Driehaus Micro Cap Growth Fund | N/A | N/A |
| Driehaus Small Cap Growth Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | N/A | N/A |
| Driehaus Small/Mid Cap Growth Fund | April 30, 2027 | 0.80% |

---

The following table shows the advisory fees paid by each Fund under the advisory agreement to the Adviser, fees waived or expenses reimbursed, and the amount of prior waivers recaptured by the Adviser for each Fund's last three fiscal years.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Gross Advisory Fees Paid** | **Advisory Fees Waived<br> and Other Expenses Reimbursed** | **Reimbursement of**<br> **Prior Waivers** |
| **Fiscal year ended December 31, 2025** |  |  |  |
| Driehaus Emerging Markets Growth Fund<sup>\*</sup> | $28760517 | N/A | $0 |
| Driehaus Emerging Markets Small Cap Growth Fund | $1397703 | $64071 | $0 |
| Driehaus Global Fund<sup>\*\*</sup> | $437097 | $54797 | $0 |
| Driehaus International Small Cap Growth Fund | $2938779 | N/A | N/A |
| Driehaus International Developed Equity Fund<sup>\*\*\*</sup> | $18613 | $80845 | $0 |
| Driehaus Micro Cap Growth Fund | $4568708 | N/A | N/A |
| Driehaus Small Cap Growth Fund | $6188385 | N/A | N/A |
| Driehaus Small/Mid Cap Growth Fund | $394891 | $0 | $15304 |
| **Fiscal year ended December 31, 2024** |  |  |  |
| Driehaus Emerging Markets Growth Fund<sup>\*</sup> | $25832299 | N/A | N/A |
| Driehaus Emerging Markets Small Cap Growth Fund | $1281255 | $85349 | $0 |
| Driehaus Global Fund<sup>\*\*</sup> | $384115 | $86673 | $0 |
| Driehaus International Small Cap Growth Fund | $2360815 | N/A | N/A |
| Driehaus International Developed Equity Fund<sup>\*\*\*</sup> | $6893 | $78939 | $0 |
| Driehaus Micro Cap Growth Fund | $3394412 | N/A | N/A |
| Driehaus Small Cap Growth Fund | $4860243 | N/A | N/A |
| Driehaus Small/Mid Cap Growth Fund | $308774 | $14253 | $0 |
| **Fiscal year ended December 31, 2023** |  |  |  |
| Driehaus Emerging Markets Growth Fund<sup>\*</sup> | $22388195 | N/A | N/A |
| Driehaus Emerging Markets Small Cap Growth Fund | $1176726 | $125610 | $0 |
| Driehaus Global Fund<sup>\*\*</sup> | $363910 | $145127 | $0 |
| Driehaus International Small Cap Growth Fund | $2078260 | N/A | N/A |
| Driehaus International Developed Equity Fund<sup>\*\*\*</sup> | N/A | N/A | N/A |
| Driehaus Micro Cap Growth Fund | $2385414 | N/A | N/A |
| Driehaus Small Cap Growth Fund | $2963179 | N/A | N/A |
| Driehaus Small/Mid Cap Growth Fund | $80345 | $53555 | $0 |

---

<sup>\*</sup> Effective September 7, 2023, Driehaus Emerging Markets Growth Fund added an additional fee breakpoint of 0.50% of average daily net assets over $2.5 billion.

---

| | |
|:---|:---|
| <sup>\*\*</sup> | Effective April 30, 2023, Driehaus Global Fund reduced its management fee from 0.90% to 0.65% of average daily net assets. |

---

<sup>\*\*\*</sup> Driehaus International Developed Equity Fund commenced operations on April 30, 2024.

*Code of Ethics.* The Adviser and the Trust have adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act. Access persons (as defined in the code of ethics) are permitted to make personal securities transactions, including transactions in securities that may be purchased or held by the Funds, subject to requirements and restrictions set forth in such code of ethics. The code of ethics contains provisions and requirements designed to identify and address certain conflicts of interest between personal investment activities and the interests of the Funds. The code of ethics also prohibits certain types of transactions absent prior approval, imposes time periods during which personal transactions may not be made in certain securities unless there is a permitted code exception, and requires the submission of broker confirmations and reporting of securities transactions. Exceptions to these and other provisions of the code of ethics may be granted in particular circumstances in accordance with stated criteria after review by appropriate personnel.

*Proxy Voting.* The Board has delegated to the Adviser the responsibility for determining how to vote proxies relating to the Funds' portfolio securities, and the Adviser retains the final authority and responsibility for such voting. The Adviser has provided the Funds with a copy of its written proxy voting policy, and it documents the reasons for voting, maintains records of the Funds' voting activities and monitors voting activity for potential conflicts of interest.

In order to facilitate this proxy voting process, the Adviser has retained a proxy voting service to assist the firm with in-depth proxy research, vote execution, and the necessary record keeping. The proxy voting service is an investment adviser that specializes in providing a variety of fiduciary-level services related to proxy voting. In addition to analyses, the proxy voting service delivers to the Adviser voting reports that reflect the Funds' voting activities, enabling the Funds to monitor voting activities performed by the Adviser.

The Adviser's proxy voting policy sets forth the general voting guidelines that the proxy voting service follows on various types of issues when there are no company-specific reasons for voting to the contrary. In making the proxy voting decision, there are two overriding considerations: first, the economic impact of the proposal; and second, whether it would be in the best interests of the affected Fund for the proposal to pass or not pass. The proxy voting service performs company-by-company analyses, which means that all votes are reviewed on a case-by-case basis and no issues are considered routine. Each issue is considered in the context of the company under review. The Adviser generally follows the proxy voting service's recommendations and typically does not use its discretion in the proxy voting decision. For this reason, proxies are voted in the Funds' best interests, in accordance with a predetermined policy based upon recommendations of an independent third party and are not affected by any potential or actual conflict of interest of the Adviser. In the event the Adviser deviates from the proxy voting service's recommendation, it follows a formal process to identify any actual or potential conflicts of interest.

Information regarding how the Funds voted proxies during the 12-month period ended June 30<sup>th</sup> is available without charge, upon request, by calling 1-800-560-6111. This information is also available on the Funds' website at *<u>www.driehaus.com/fundresources</u>* and on the SEC's website at *<u>www.sec.gov</u>*<u>.</u>

*Trade Allocation.* The Adviser manages not only the Funds but other investment accounts, including accounts of affiliated persons of the Adviser. Simultaneous transactions may occur when the Funds and investment accounts are managed by the same investment adviser and the same security is suitable for the investment objective of more than one Fund of the Trust or investment account. When two or more investment accounts are simultaneously engaged in the purchase or sale of the same security, including initial public offerings ("IPOs"), the prices and amounts are allocated in accordance with procedures, established by the Adviser, and believed to be appropriate and equitable for each investment account. In some cases, this process could have a detrimental effect on the price or value of the security as far as each Fund is concerned. In other cases, however, the ability of the Funds to participate in volume transactions may produce better executions and prices for the Funds.

*Portfolio Managers*

*Description of Compensation*. Each lead portfolio manager, portfolio manager and assistant portfolio manager is paid a fixed salary plus a bonus. Bonuses are determined based on the terms of a Revenue Sharing Plan for each team and include a base amount calculated as a percentage of management fees paid by the accounts managed. In addition, if the performance of a given strategy exceeds certain percentile benchmarks when compared to its peer group (primarily using Morningstar rankings) and/or certain risk adjusted return formulas, the bonus pool increases as a percentage of the management fees paid by the accounts managed within a strategy. Messrs. Ansen-Wilson, Buck, Srichandra, Vijayan, and Bidwill also receive a bonus based on a percentage of their salary, which has both subjective and objective components. If the Adviser declares a profit sharing plan contribution, the lead portfolio managers, portfolio managers and assistant portfolio managers also would receive such contribution. Each lead portfolio manager, portfolio manager and assistant portfolio manager participates in a deferred compensation plan.

*Other Accounts*. The table below discloses other accounts for which the portfolio managers are primarily responsible for the day-to-day portfolio management as of December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name of Portfolio Manager | Type of Accounts | Total <br> # of Accounts<br> Managed | Total Assets <br> (000,000s omitted) | # of Accounts Managed that Advisory Fee Based on Performance | Total Assets that Advisory <br> Fee Based on Performance<br> (000,000s omitted) |
| 1. Howard Schwab | Registered Investment Companies: | 4 | $4428.3 | 0 | $0 |
|  | Other Pooled Investment Vehicles: | 6 | $3487.6 | 1 | $16.2 |
|  | Other Accounts: | 5 | $2644.2 | 1 | $381 |
| 2. David Mouser | Registered Investment Companies: | 1 | $34.2 | 0 | $0 |
|  | Other Pooled Investment Vehicles: | 1 | $47.3 | 0 | $0 |
|  | Other Accounts: | 7 | $2133.3 | 1 | $962.1 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 3. Chad Cleaver | Registered Investment Companies: | 3 | $4359.0 | 0 | $0 |
|  | Other Pooled Investment Vehicles: | 5 | $3471.4 | 0 | $0 |
|  | Other Accounts: | 5 | $2644.2 | 1 | $381.0 |
| 4. Jeffrey James | Registered Investment Companies: | 11 | $5199.0 | 0 | $0 |
|  | Other Pooled Investment Vehicles: | 10 | $2635.0 | 5 | $1126.0 |
|  | Other Accounts: | 46 | $3822.0 | 0 | $0 |
| 5. Michael Buck | Registered Investment Companies: | 11 | $5199.0 | 0 | $0 |
|  | Other Pooled Investment Vehicles: | 10 | $2635.0 | 5 | $1126.0 |
|  | Other Accounts: | 46 | $3822.0 | 0 | $0 |
| 6. Daniel Burr | Registered Investment Companies: | 2 | $345.4 | 0 | $0 |
|  | Other Pooled Investment Vehicles: | 1 | $4.7 | 0 | $0 |
|  | Other Accounts: | 7 | $2133.3 | 1 | $962.1 |
| 7. Richard Thies | Registered Investment Companies: | 4 | $4428.3 | 0 | $0 |
|  | Other Pooled Investment Vehicles: | 6 | $3487.6 | 1 | $16.2 |
|  | Other Accounts: | 5 | $2644.2 | 1 | $381 |
| 8. Prakash Vijayan | Registered Investment Companies: | 11 | $5199.0 | 0 | $0 |
|  | Other Pooled Investment Vehicles: | 10 | $2635.0 | 5 | $1126.0 |
|  | Other Accounts: | 46 | $3822.0 | 0 | $0 |
| 9. Thomas Ansen-Wilson | Registered Investment Companies: | 1 | $69.4 | 0 | $0 |
|  | Other Pooled Investment Vehicles: | 1 | $16.2 | 1 | $16.2 |
|  | Other Accounts: | 0 | $0 | 0 | $0 |
| 10. Andrew Srichandra | Registered Investment Companies: | 1 | $34.2 | 0 | $0 |
|  | Other Pooled Investment Vehicles: | 1 | $47.3 | 0 | $0 |
|  | Other Accounts: | 7 | $2133.3 | 1 | $962.1 |
| 11. Arthur Bidwill<sup>\*</sup> | Registered Investment Companies: | 1 | $3.5 | 0 | $0 |
|  | Other Pooled Investment Vehicles: | 0 | $0 | 0 | $0 |
|  | Other Accounts: | 0 | $0 | 0 | $0 |

---

 

<sup>\*</sup> Arthur Bidwill became an assistant portfolio manager of the Driehaus International Small Cap Growth Fund on April 30, 2026.

As shown in the table above, the portfolio managers may manage the assets of more than one registered investment company (each a "Fund"), other pooled investment vehicles and/or other accounts (collectively, the "Accounts") for the Adviser. Both clients and affiliated persons of the Adviser, including the portfolio managers, may own interests in these Accounts. The same or related securities may be appropriate and desirable investments for both a Fund and the Accounts (including another fund) and they may compete in the marketplace for the same investment opportunities, which may be limited. In addition, transactions by the Accounts in securities held by a Fund or that a Fund is seeking to buy or sell (or transactions in related securities) may have an adverse impact on the prices that a Fund pays for those securities or can realize upon sale, or on the ability of the Adviser to buy or sell the desired amount of such securities for a Fund at favorable prices. This is particularly true when the Accounts' transactions occur at a point in time close to when trades in the same or related securities are affected for a Fund. This presents a conflict between the interests of the Fund and the interests of the Accounts as well as the affiliates of the Adviser who invest in the Accounts.

Conflicts also may arise between the interests of a Fund and the interests of the Adviser and its affiliates, including the portfolio managers. These conflicts can occur as one or more of the Accounts pay advisory fees to the Adviser, including performance-based compensation, at a higher rate than the rate of fees paid by the Funds. In addition, the Adviser's affiliates, including the Funds' portfolio managers, may personally own interests in the Accounts or have other financial incentives (including that a portfolio manager's compensation is based, in part, on assets under management). For example, portfolio managers could favor an Account over a Fund when dividing their time and attention between them or when presented with limited investment opportunities that would be desirable and suitable for both a Fund and the Accounts or when making trading decisions.

The Adviser, through trade allocation and other policies and procedures, seeks to manage these conflicts of interest to reduce any adverse effects on either a Fund or the Accounts. These policies and procedures include requirements that transactions by a Fund and the Accounts in the same securities that occur on the same day are average priced per execution venue when feasible and allocated on a fair and equitable basis. In addition, the Adviser conducts periodic reviews of transactions in and holdings of the same or related securities by a Fund and the Accounts for compliance with the Adviser's policies and procedures.

*Securities Ownership*. The following table sets forth the dollar range of equity securities beneficially owned by each portfolio manager in the Funds as of December 31, 2025.

---

| | |
|:---|:---|
|  | **Dollar ($) Value of Fund Shares<br> Beneficially Owned** |
| ***Driehaus Emerging Markets Growth Fund*** |  |
| Howard Schwab | $100001-$500000 |
| Chad Cleaver | $500001 - $1000000 |
| Richard Thies | $100001-$500000 |
| ***Driehaus Emerging Markets Small Cap Growth Fund*** |  |
| Chad Cleaver | >$1,000,000 |
| Howard Schwab | $10001-$50000 |
| Richard Thies | $100001-$500000 |

---

---

| | |
|:---|:---|
| ***Driehaus Global Fund*** |  |
| Richard Thies | $500000 - $1000000 |
| Howard Schwab | $1 - $10000 |
| Thomas Ansen-Wilson | $100001-$500000 |
| ***Driehaus International Small Cap Growth Fund*** |  |
| Daniel Burr | $500001 - $1000000 |
| David Mouser | $100001-$500000 |
| Andrew Srichandra | $500001-$1000000 |
| Arthur Bidwill<sup>\*</sup> | N/A |
| ***Driehaus International Developed Equity Fund*** |  |
| Daniel Burr | $500001 - $1000000 |
| Arthur Bidwill | $500001 - $1000000 |
| ***Driehaus Micro Cap Growth Fund*** |  |
| Jeffrey James | >$1,000,000 |
| Michael Buck | >$1,000,000 |
| Prakash Vijayan | $500001-$1000000 |
| ***Driehaus Small Cap Growth Fund*** |  |
| Jeffrey James | >$1,000,000 |
| Michael Buck | >$1,000,000 |
| Prakash Vijayan | $100001-$500000 |
| ***Driehaus Small/Mid Cap Growth Fund*** |  |
| Jeffrey James | >$1,000,000 |
| Michael Buck | >$1,000,000 |
| Prakash Vijayan | $100001-$500000 |

---

<sup>\*</sup> Arthur Bidwill became an assistant portfolio manager of the Driehaus International Small Cap Growth Fund on April 30, 2026.

In addition to the amounts disclosed in the table above, the portfolio managers participate in a deferred compensation plan in which they earn an investment return based on a hypothetical investment in various funds that they elect, which may include the Funds that they manage. The following table sets forth the dollar range of each portfolio manager's deferred compensation plan account as of December 31, 2025, that is earning an investment return based on a hypothetical investment in the Funds that they manage:

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| | |
|:---|:---|
|  | **Dollar ($) Value of Fund Shares<br> Earning a Return Based on a<br> Hypothetical Investment in the Fund** |
| ***Driehaus Emerging Markets Growth Fund*** |  |
| Howard Schwab | $100001-$500000 |
| Chad Cleaver |  |
| Richard Thies | $100001-$500000 |
| ***Driehaus Emerging Markets Small Cap Growth Fund*** |  |
| Chad Cleaver | >$1,000,000 |
| Howard Schwab |  |
| Richard Thies |  |
| ***Driehaus Global Fund*** |  |
| Richard Thies | >$1,000,000 |
| Howard Schwab | >$1,000,000 |
| Thomas Ansen-Wilson | $100001-$500000 |
| ***Driehaus International Small Cap Growth Fund*** |  |
| Daniel Burr | $100001-$500000 |
| David Mouser | $10001 - $50000 |
| Andrew Srichandra | $50001-$100000 |
| Arthur Bidwill<sup>\*</sup> | N/A |
| ***Driehaus International Developed Equity Fund*** |  |
| Daniel Burr | $100001-$500000 |
| Arthur Bidwill |  |
| ***Driehaus Micro Cap Growth Fund*** |  |
| Jeffrey James |  |
| Michael Buck | $500001-$1000000 |
| Prakash Vijayan | $100001-$500000 |
| ***Driehaus Small Cap Growth Fund*** |  |
| Jeffrey James | >$1,000,000 |
| Michael Buck | $500001-$1000000 |
| Prakash Vijayan | $100001-$500000 |
| ***Driehaus Small/Mid Cap Growth Fund*** |  |
| Jeffrey James |  |
| Michael Buck |  |
| Prakash Vijayan | $100001-$500000 |

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<sup>\*</sup> Arthur Bidwill became an assistant portfolio manager of the Driehaus International Small Cap Growth Fund on April 30, 2026.

**DISTRIBUTOR**

The shares of each of the Funds are distributed by Foreside Financial Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC, d/b/a ACA Global ("ACA Foreside"), Three Canal Plaza, Suite 100, Portland, Maine 04101, under a Distribution Agreement with the Trust. The Distribution Agreement was last approved on September 9, 2025 and continues in effect thereafter from year to year, provided such continuance is approved annually (i) by a majority of the Trustees or by a majority of the outstanding voting securities of the Trust, and (ii) by a majority of the Trustees who are not parties to the agreement or interested persons of any such party. The Trust has agreed to pay all expenses in connection with registration of its shares with the SEC and auditing and filing fees in connection with registration of its shares under the various state blue sky laws and assumes the cost of preparation of prospectuses and other expenses. As agent, ACA Foreside will offer shares of the Funds on a continuous basis to investors in states where the shares are qualified for sale, at net asset value, without sales commissions or other sales load to the investor. In addition, no sales commission or "12b-1 fees" are paid by the Funds.

As principal underwriter to the Trust, ACA Foreside and/or the Adviser enter into arrangements with selected dealers or other third parties for the sale and redemption of each Fund's shares. The Adviser makes payments to such entities for distribution related activities and the Adviser and/or applicable Fund make payment to such entities for shareholder and administrative services to customers who purchase such Fund's shares, including sub-accounting and sub-transfer agency services. ACA Foreside will offer the Funds' shares only on a best-efforts basis.

**ADMINISTRATOR, FUND ACCOUNTANT, AND TRANSFER AGENT**

The Northern Trust Company ("Northern Trust"), with its principal place of business at 333 South Wabash, Chicago, Illinois 60604 USA, is the administrator and fund accountant for the Funds. Each Fund will pay an asset-based fee for administration and accounting services.

In addition, Northern Trust is reimbursed for out-of-pocket expenses.

Northern Trust is also the Funds' transfer agent, registrar, dividend-disbursing agent and shareholder servicing agent. As such, Northern Trust provides certain bookkeeping and data processing services and services pertaining to the maintenance of shareholder accounts.

The Funds paid the following administrative fees for the past three fiscal years:

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| | | | |
|:---|:---|:---|:---|
|  | 2025 | 2024 | 2023 |
| Driehaus Emerging Markets Growth Fund | $1090837 | $914465 | $809037 |
| Driehaus Emerging Markets Small Cap Growth Fund | $39826 | $34591 | $35418 |
| Driehaus Global Fund | $21022 | $17403 | $16740 |
| Driehaus International Small Cap Growth Fund | $91735 | $69583 | $69808 |
| Driehaus International Developed Equity Fund<sup>1</sup> | $4819 | $21476 | N/A |
| Driehaus Micro Cap Growth Fund | $115234 | $79133 | $65970 |
| Driehaus Small Cap Growth Fund | $337617 | $245192 | $165332 |
| Driehaus Small/Mid Cap Growth Fund | $20751 | $15023 | $4635 |

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<sup>1</sup> The Driehaus International Developed Equity Fund commenced operation on April 30, 2024.

**CUSTODIAN**

Northern Trust is the Funds' custodian (the "Custodian"). The Custodian is responsible for holding all securities and cash of the Funds, receiving and paying for securities purchased, delivering against payment securities sold, receiving and collecting income from investments and performing other administrative duties, all as directed by authorized persons. The Custodian does not exercise any supervisory function in such matters as purchase and sale of portfolio securities, payment of dividends or payment of expenses of the Funds.

Portfolio securities purchased in the U.S. are maintained in the custody of the Custodian or of other domestic banks or depositories. Portfolio securities purchased outside of the U.S. are maintained in the custody of foreign banks and trust companies that are members of the Custodian's global custody network and foreign depositories ("foreign subcustodians"). With respect to foreign subcustodians, there can be no assurance that a Fund, and the value of its shares, will not be adversely affected by acts of foreign governments, financial or operational difficulties of the foreign subcustodians, difficulties and costs of obtaining jurisdiction over, or enforcing judgments against, the foreign subcustodians, or application of foreign law to a Fund's foreign subcustodial arrangements. Accordingly, an investor should recognize that the non-investment risks involved in holding assets abroad are greater than those associated with investing in the United States.

The Funds may invest in obligations of the Custodian and may purchase or sell securities from or to the Custodian.

**OTHER SHAREHOLDER SERVICES**

The Driehaus Emerging Markets Growth Fund Investor Class and the Driehaus Small Cap Growth Fund Investor Classhave each adopted a Shareholder Services Plan for the Investor Shares that authorizes each Fund to make payments to intermediaries or to reimburse DCM for payments made to intermediaries for services provided on behalf of the Fund. Payments may be made to banks, other institutions and service professionals (including investment advisers and broker-dealers) and other entities for certain services to investors in a Fund. Such services may include but shall not be limited to: transfer agent and sub-transfer agent services; aggregating and processing purchase and redemption orders; providing periodic statements; receiving and transmitting funds; processing dividend payments; providing sub-accounting services; forwarding shareholder communications; receiving, tabulating and transmitting proxies; responding to inquiries and performing such other related services as a Fund may request. The Plans allow for annual payments not to exceed 0.25% of each Fund's Investor class, which is intended to compensate the intermediary for its provision of shareholder services of the type that would be provided by the Funds' transfer agent or other service providers if the shares were registered on the books of the Funds.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Ernst & Young LLP, 155 North Wacker Drive, Chicago, Illinois 60606, is the Funds' independent registered public accounting firm ("auditors"). The auditors audit and report on each Fund's annual financial statements, review certain regulatory reports and each Fund's federal income tax returns, and perform other professional accounting, auditing, tax and advisory services when pre-approved by the Trust's Audit Committee and engaged to do so by the Trust.

**LEGAL COUNSEL**

Vedder Price P.C., 222 North LaSalle Street, Chicago, Illinois 60601, acts as the Trust's legal counsel and as counsel to the Independent Trustees.

**PORTFOLIO TRANSACTIONS**

The Adviser's overriding objective in effecting portfolio transactions is to seek to obtain the best combination of price and execution with a view to providing each Fund the most favorable terms reasonably available under the circumstances. The best price, giving effect to brokerage commissions, if any, and other transaction costs, normally is an important factor in this decision, but a number of other judgmental factors may also enter into the decision. These factors include the Adviser's knowledge of: negotiated commission rates currently available and other current transaction costs; the nature of the security being traded; the size of the transaction; the desired timing of the trade; the activity existing and expected in the market for the particular security; confidentiality; the execution, clearance and settlement capabilities of the broker or dealer selected and others which are considered; the financial stability of the broker or dealer selected and such other brokers or dealers; and actual or apparent operational problems of any broker or dealer. Recognizing the value of these factors, the Adviser may cause a Fund to pay a brokerage commission in excess of that which another broker or dealer may have charged for effecting the same transaction, provided that the Adviser determines in good faith that the commission is reasonable in relation to the services received. Evaluations of the reasonableness of brokerage commissions, based on the foregoing factors, are made on an ongoing basis by the Adviser's staff while effecting portfolio transactions.

To the extent directed by management of the Funds, the Adviser will execute purchases and sales of portfolio securities for a Fund through brokers or dealers for the purpose of providing direct benefits to the Fund, subject to the Adviser seeking best execution. However, brokerage commissions or transaction costs in such transactions may be higher, and a Fund may receive less favorable prices than those which the Adviser could obtain from another broker or dealer, in order to obtain such benefits for a Fund.

For the fiscal year ended December 31, 2025, the Driehaus Emerging Markets Growth Fund paid brokerage commissions of $11,433,536.50; Driehaus Emerging Markets Small Cap Growth Fund paid brokerage commissions of $281,773.95; Driehaus Global Fund paid brokerage commissions of $49,422.90; Driehaus International Small Cap Growth Fund paid brokerage commissions of $472,112.89; Driehaus Micro Cap Growth Fund paid brokerage commissions of $1,500,392.41; Driehaus Small Cap Growth Fund paid brokerage commissions of $1,863,840.82; Driehaus Small/Mid Cap Growth Fund paid brokerage commissions of $92,749.84; and Driehaus International Developed Equity Fund paid brokerage commissions of $3,334.27.

For the fiscal year ended December 31, 2024, the Driehaus Emerging Markets Growth Fund paid brokerage commissions of $8,520,830.09; Driehaus Emerging Markets Small Cap Growth Fund paid brokerage commissions of $259,807.09; Driehaus Global Fund paid brokerage commissions of $40,657.80; Driehaus International Small Cap Growth Fund paid brokerage commissions of $353,051.57; Driehaus Micro Cap Growth Fund paid brokerage commissions of $729,106.57; Driehaus Small Cap Growth Fund paid brokerage commissions of $1,101,414.64; Driehaus Small/Mid Cap Growth Fund paid brokerage commissions of $60,268.14; and Driehaus International Developed Equity Fund paid brokerage commissions of $1,893.07.

For the fiscal year ended December 31, 2023, the Driehaus Emerging Markets Growth Fund paid brokerage commissions of $7,085,216.57; Driehaus Emerging Markets Small Cap Growth Fund paid brokerage commissions of $468,181.15; Driehaus Global Fund paid brokerage commissions of $88,331.04; Driehaus International Small Cap Growth Fund paid brokerage commissions of $330,596.05; Driehaus Micro Cap Growth Fund paid brokerage commissions of $537,664.41; Driehaus Small Cap Growth Fund paid brokerage commissions of $824,745.00; and Driehaus Small/Mid Cap Growth Fund paid brokerage commissions of $13,037.67. The Driehaus International Developed Equity Fund paid brokerage commissions of $0 because it did not commence operations until April 30, 2024.

With respect to issues of securities involving brokerage commissions, when more than one broker or dealer is believed to be capable of providing the best combination of price and execution with respect to a particular portfolio transaction for a Fund, the Adviser may select a broker or dealer that furnishes it with brokerage or research services such as research reports, subscriptions to financial publications and research compilations, compilations of securities prices, earnings, dividends and similar data, computer data bases, quotation equipment and services, research-oriented computer software and services, monitoring and reporting services, and services of economic and other consultants consistent with Section 28(e) of the Securities Exchange Act of 1934, as amended. As a result of such research, the Adviser may cause a Fund to pay commissions that are higher than otherwise obtainable from other brokers, provided that the Adviser determines in good faith that the commissions are reasonable in relation to the brokerage or research services provided by the broker. Selection of brokers or dealers is not made pursuant to an agreement or understanding with any of the brokers or dealers; however, the Adviser uses an internal allocation procedure to identify those brokers or dealers who provide it with research products or services and the amount of research products or services they provide, and endeavors to direct sufficient commissions generated by some of its clients' accounts in the aggregate, including the Funds, to ensure the continued receipt of research products or services the Adviser feels are useful. In certain instances, the Adviser may receive from brokers and dealers products or services that are used both as investment research and for administrative, marketing or other non-research purposes. In such instances, the Adviser will make a good faith effort to determine the relative proportions of such products or services which may be considered as investment research, and this allocation process poses a potential conflict of interest to the Adviser. The portion of the costs of such products or services attributable to research usage may be defrayed by the Adviser (without prior agreement or understanding, as noted above) through brokerage commissions generated by transactions by some of its clients (including the Funds), while the portions of the costs attributable to non-research usage of such products or services is paid by the Adviser in cash. Research products or services furnished by brokers and dealers may be used in servicing any or all of the clients of the Adviser, and not all such research products or services are used in connection with the management of the Funds. Information received from brokers by the Adviser will be in addition to, and not in lieu of, the services required to be performed under the advisory agreement. Any advisory or other fees paid to the Adviser are not reduced as a result of the receipt of research services.

*Directed Brokerage.* During the year ended December 31, 2025, certain Funds allocated a portion of their brokerage transactions to firms based upon research services and brokerage services provided. The table below shows the amount of brokerage transactions allocated and related commissions paid by the Funds during the fiscal year ended December 31, 2025 for research services other than proprietary research provided by the executing broker. All research services and information provided by the executing broker are not included in amounts below and are instead included in the total fiscal year commission amounts previously disclosed.

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| | | |
|:---|:---|:---|
| **Fund Name** | **Amount of Brokerage Transactions** | **Brokerage Commissions Paid** |
| Driehaus Emerging Markets Growth Fund | $5440989365 | $6609697 |
| Driehaus Emerging Markets Small Cap Growth Fund | $117428058 | $142924 |
| Driehaus Global Fund | $25558837 | $10373 |
| Driehaus International Small Cap Growth Fund | $221205299 | $178529 |
| Driehaus International Developed Equity Fund | $3059816 | $1561 |
| Driehaus Micro Cap Growth Fund | $176711025 | $194244 |
| Driehaus Small Cap Growth Fund | $552218162 | $262959 |
| Driehaus Small/Mid Cap Growth Fund | $22081744 | $13039 |

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*Regular Broker-Dealers.* The following information is provided with respect to the Funds' "regular broker-dealers." The term "regular broker-dealers" means, any of the ten brokers or dealers who, for the fiscal year ended December 31, 2025: 1) received the greatest dollar amount of brokerage commissions from the Funds; 2) engaged as principal in the largest dollar amount of portfolio transactions for the Funds; or 3) sold the largest dollar amount of securities of the Funds.

The chart below identifies the Funds' "regular broker-dealers," the securities of which were held by the Funds as of December 31, 2025 and the dollar value of such securities:

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| | |
|:---|:---|
| **Regular Broker-Dealer or Parent (Issuer)** | **Value as of December 31, 2025** |
| **Driehaus Global Fund (DMAGX)** | |
| Bank of America/Merrill Lynch | $856570 |
| JPMorgan Chase & Co. | $1593056 |
| UBS Group AG | $759618 |
| **Driehaus International Developed Equity Fund (DIDEX)** |  |
| UBS Group AG | $100938 |

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**ADDITIONAL U.S. FEDERAL INCOME TAX CONSIDERATIONS**

The following is intended to be a general summary of certain U.S. federal income tax consequences of investing in a Fund. It is not intended to be a complete discussion of all such consequences, nor does it purport to deal with all categories of investors. This discussion reflects the applicable federal income tax laws of the United States as of the date of this SAI, which tax laws may change or be subject to new interpretation by the courts or the Internal Revenue Service ("IRS"), possibly with retroactive effect. This discussion assumes that each investor holds his, her or its shares in a Fund as a capital asset. Further, this discussion is limited to investors that are U.S. shareholders, unless otherwise specifically provided herein.

A "U.S. shareholder" is a beneficial owner of shares of a Funds that is for U.S. federal income tax purposes:

● a citizen or individual resident of the United States (including certain former citizens and former long-term residents);

● a corporation or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or any state thereof or the District of Columbia;

● an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

● a trust with respect to which a court within the United States is able to exercise primary supervision over its administration and one or more U.S. shareholders have the authority to control all of its substantial decisions or the trust has made a valid election in effect under applicable Treasury Regulations to be treated as a United States person (as such term is defined under the Internal Revenue Code of 1986, as amended (the "Code")).

A "Non-U.S. shareholder" is a beneficial owner of shares of the Funds that is an individual, corporation, trust or estate and is not a U.S. shareholder.

If a partnership (including any entity treated as a partnership for U.S. federal income tax purposes) holds shares of the Funds, the tax treatment of a partner in the partnership generally depends upon the status of the partner and the activities of the partnership. A prospective shareholder who is a partner of a partnership holding a Fund shares should consult his, her or its tax advisors with respect to the purchase, ownership and disposition of his, her or its Fund shares.

Each Fund is treated as a separate corporation for U.S. federal income tax purposes and has elected to be treated and intends to continue to comply with the provisions of Subchapter M of the Code, to permit it to be treated as a regulated investment company for federal tax purposes ("regulated investment company"). Such provisions relieve a Fund of U.S. federal income tax to the extent its "investment company taxable income" (as that term is defined in the Code determined without regard to the deduction for dividends paid by the Fund) and net capital gains (i.e., the excess of net long-term capital gains over net short-term capital losses and taking into account capital loss carryforwards available from prior years) are timely distributed to such Fund's shareholders in the form of dividends. As of December 31, 2025, the Driehaus Emerging Markets Small Cap Growth Fund had a tax loss carryforward of $5,078,903, and the Driehaus Small/Mid Cap Growth Fund had a tax loss carryforward of $2,231,197. In order for a Fund to qualify for such special tax treatment accorded to regulated investment companies and their shareholders under Subchapter M of the Code, it must, among other things: (a) derive at least 90% of its gross income from each taxable year from (i) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gains from options, futures, or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies and (ii) net income from interests in "qualified publicly traded partnerships" (as defined below); (b) maintain a diversified portfolio, which requires that at the close of each quarter of each taxable year of the Fund (i) at least 50% of the market value of its total assets is represented by cash or cash items, U.S. government securities, securities of other regulated investment companies and securities of other issuers with such other securities limited, in respect of any one issuer, to an amount not greater in value than 5% of the value of the Fund's total assets and not more than 10% of the outstanding voting securities of such issuer; and (ii) not more than 25% of the market value of the total assets of the Fund are invested, including through corporations in which the Fund owns a 20% ore more voting stock interest, (x) in the securities (other than U.S. government securities or the securities of other regulated investment companies) of any one issuer or of two or more issuers which the Fund controls and which are determined to be engaged in the same, similar or related trades or business, or (y) in the securities of one or more "qualified publicly traded partnerships" (generally, a partnership whose interests are traded on an established securities market or readily tradeable on a secondary market or the substantial equivalent thereof and that derives less than 90% of its gross income from the qualifying income described in clause (a)(i) above); and (c) distribute with respect to each taxable year at least 90% of (i) the sum of its investment company taxable income and (ii) net tax-exempt interest income, if any, for such year. The requirements for qualification as a regulated investment company under Subchapter M of the Code may limit the extent to which a Fund may make some investments.

If for any taxable year a Fund does not qualify as a regulated investment company for U.S. federal income tax purposes, it would be treated as a regular corporation subject to tax on its taxable income at corporate rates, and distributions to its shareholders would not be deductible by the Fund in computing its taxable federal income. In addition, the Fund's distributions, to the extent derived from its current or accumulated earnings and profits, including any distributions of net tax-exempt income and net long-term capital gains, would generally be taxable as dividend income to the Fund's U.S. shareholders, which would generally be eligible for the dividends received deduction available to corporate U.S. shareholders under Section 243 of the Code, and U.S. shareholders that are individuals and other noncorporate U.S. shareholders of the Fund generally would be able to treat such distributions as "qualified dividend income" under Section 1(h)(11) of the Code, as discussed below, provided, in each case, such U.S. shareholder meets certain holding periods and other requirements are satisfied in respect of the Fund's shares and the Fund also meets the same holding period and other requirements.

Distributions of investment company taxable income, which includes net investment income, net short-term capital gain in excess of net long-term capital loss and certain net foreign exchange gains, are generally taxable to U.S. shareholders as ordinary income to the extent of the Fund's current or accumulated earnings and profits. Under Section 1(h)(11) of the Code, qualified dividend income received by U.S. shareholders that are individuals and other noncorporate U.S. shareholders is taxed for U.S. federal income tax purposes at rates equivalent to long-term capital gain tax rates, which currently reach a maximum of 20%. Certain U.S. shareholders that are individuals and other noncorporate U.S. shareholders may also be subject to additional 3.8% Medicare contribution tax discussed below. Qualified dividend income generally includes dividends from certain domestic corporations and dividends from "qualified foreign corporations." For these purposes, a qualified foreign corporation is a foreign corporation (i) that is incorporated in a possession of the United States or is eligible for benefits under a qualifying income tax treaty with the United States, or (ii) whose stock with respect to which such dividend is paid is readily tradable on an established securities market in the United States. A qualified foreign corporation does not include a foreign corporation which for the taxable year of the corporation in which the dividend was paid, or the preceding taxable year, is a "passive foreign investment company," as defined in the Code.

A Fund generally can pass the federal income tax treatment of qualified dividend income it receives through to its shareholders to the extent of the aggregate qualified dividends received by the Fund. For a Fund to receive qualified dividend income, the Fund must meet certain holding period and other requirements with respect to the stock on which the otherwise qualified dividend is paid. In addition, the Fund cannot be obligated to make payments (pursuant to a short sale or otherwise) with respect to substantially similar or related property. If a Fund lends portfolio securities, amounts received by the Fund that are the equivalent of the dividends paid by the issuer on the securities loaned will not be eligible for qualified dividend income treatment. The same provisions, including the holding period requirements, apply to each U.S. shareholder's shares of the Fund. If a Fund receives dividends from another fund that qualifies as a regulated investment company under Subchapter M of the Code and the other fund designates such dividends as qualified dividend income, then the Fund may in turn designate that portion of its distributions derived from those dividends as qualified dividend income as well, provided the Fund meets the holding period and other requirements with respect to its shares of the other fund. Distributions of net capital gain, if any, are taxable as long-term capital gains for U.S. federal income tax purposes without regard to the length of time the U.S. shareholder has held shares of the Fund. A distribution of an amount in excess of a Fund's current and accumulated earnings and profits, if any, will be first treated by a U.S. shareholder as a tax-free return of capital which is applied against and reduces the U.S. shareholder's basis in his, her or its shares in such Fund. To the extent that the amount of any such distribution exceeds the U.S. shareholder's basis in his, her or its shares, the excess will be treated by the U.S. shareholder as capital gain from the sale or exchange of shares. Because a return of capital distribution is not taxable but reduces the basis of a U.S. shareholder's shares, a return of capital distribution may result in a higher capital gain or a lower capital loss when shares held in taxable account are sold. The U.S. federal income tax status of all distributions will be designated by a Fund and reported to shareholders annually.

Dividends and other distributions are generally taxable for U.S. federal income tax purposes to U.S. shareholders at the time the dividend is received. However, any dividends or distribution declared in October, November or December and payable to U.S. shareholders of record as of a date in such month and paid during the following January are treated for U.S. federal income tax purposes as if received by such U.S. shareholder on December 31 of the calendar year declared.

Because dividend and capital gain distributions reduce net asset value, a U.S. shareholder who purchases shares shortly before a Fund pays a dividend or distribution will, in effect, receive a return of a portion of his, her or its investment in such dividend or distribution. The dividend or distribution would nonetheless be taxable to the U.S. shareholder (if shares are held in a taxable account), even if the net asset value of shares was reduced below such U.S. shareholder's cost. However, for U.S. federal income tax purposes, the U.S. shareholder's original cost would continue as his, her or its tax basis, except as set forth above with respect to returns of capital.

To the extent a Fund invests in foreign securities, income from such investments may be subject to foreign taxes, including withholding and other taxes imposed by foreign countries. Income tax treaties between certain countries and the United States may reduce or eliminate such taxes. Because the amount of a Fund's investments in various countries will change from time to time, it is not possible to determine the effective rate of such foreign taxes in advance. U.S. shareholders may be entitled to claim U.S. foreign tax credits or a deduction with respect to such taxes on their federal income tax return, subject to certain provisions and limitations contained in the Code. Specifically, if a Fund is liable for foreign taxes and if more than 50% of the value of a Fund's total assets at the close of any taxable year consists of stock or securities in foreign corporations, and such Fund distributes at least 90% of its investment company taxable income (determined without regard to the deduction for dividends paid) and net tax exempt interest, if any, and certain holding period requirements are met, the Fund may file an election with the IRS pursuant to which certain foreign taxes paid by the Fund will be treated as having been paid directly by shareholders of such Fund. Pursuant to such election, U.S. shareholders of the Fund will be required to (i) include in gross income (in addition to taxable dividends actually received) their pro rata shares of foreign income taxes paid by the Fund even though not actually received by the U.S. shareholders, (ii) treat such respective pro rata shares as foreign income taxes paid by them, and (iii) deduct such pro rata shares in computing their U.S. federal taxable income, or, alternatively, use them as foreign tax credits against their U.S. federal income tax liability, subject in both cases to applicable limitations. U.S. shareholders who do not itemize deductions for federal income tax purposes will not, however, be able to deduct their pro rata portion of foreign taxes paid by such Fund, although such U.S. shareholders may be able to claim a credit for foreign taxes paid and, in any event, will be required to include their share of such taxes in gross income. Shareholders who are not subject to U.S. federal income tax, tax-exempt U.S. shareholders and U.S. shareholders investing through tax-advantaged accounts will not ordinarily benefit from this election relating to foreign taxes. Each year, the Funds will notify their respective shareholders of the amount of each shareholder's pro rata share of foreign income taxes paid by such Fund, if the Fund qualifies to pass, and elects to pass, along such taxes. If a Fund does not make such an election, the net investment income of that particular Fund will be reduced by the foreign taxes paid by the Fund and its shareholders will not be required to include in their gross income and will not be able to claim a credit or deduction for their pro rata share of foreign taxes paid by the Fund.

Each Fund may engage in certain options, forwards, foreign currency and other transactions. These transactions may be subject to special provisions under the Code that may accelerate or defer recognition of certain gains or losses, change the character of certain gains or losses or alter the holding periods of certain of the Fund's portfolio securities. These rules could therefore affect the character, amount and timing of distributions made to U.S. shareholders.

For U.S. federal income tax purposes, each Fund generally is required to recognize as income for each taxable year its net unrealized capital gains and losses as of the end of the year on certain non-equity options positions and certain foreign currency contracts ("year-end mark-to-market"). Generally, any gain or loss recognized with respect to such positions is considered to be 60% long-term capital gain or loss and 40% short-term capital gain or loss, without regard to the holding periods of the positions. However, in the case of positions classified as part of a "mixed straddle," in which an election is properly made, the recognition of losses on certain positions (including options, futures and futures options positions, the related securities and certain successor positions thereto) may be deferred to a later taxable year. Sale of futures contracts or writing of call options (or futures call options) or buying put options (or futures put options) that are intended to hedge against a change in the value of securities held by a Fund: (i) will generally affect the holding period of the hedged securities; and (ii) may cause unrealized gain or loss on such securities to be recognized upon entry into the hedge.

Foreign exchange gains and losses realized by a Fund in connection with certain transactions involving foreign currency-denominated debt securities (if any), certain options and futures contracts relating to foreign currency, foreign currency forward contracts, foreign currencies, or payables or receivables denominated in a foreign currency are subject to Section 988 of the Code, which generally causes such gain and loss to be treated as ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned and may affect the amount, timing and character of distributions to shareholders.

The application of certain requirements for qualification as a regulated investment company under Subchapter M of the Code and the application of certain other federal income tax rules may be unclear in some respects in connection with investments in certain derivatives and other investments. As a result, a Fund may be required to limit the extent to which it invests in such investments and it is also possible that the IRS may not agree with a Fund's treatment of such investments. In addition, the tax treatment of derivatives and certain other investments may be affected by future legislation, Treasury Regulations and guidance issued by the IRS (which could apply retroactively) that could affect the timing, character and amount of a Fund's income and gains and distributions to shareholders, affect whether a Fund has made sufficient distributions and otherwise satisfied the requirements to maintain its qualification as a regulated investment company under Subchapter M of the Code and avoid federal income and excise taxes or limit the extent to which a Fund may invest in certain derivatives and other investments in the future.

If a Fund invests in certain pay-in-kind securities, zero coupon securities, deferred interest securities or, in general, any other securities with original issue discount (or with market discount if the Fund elects to include market discount in income currently), the Fund must accrue income on such investments for each taxable year, which generally will be prior to the receipt of the corresponding cash payments. However, the Fund must distribute to shareholders, at least annually, all or substantially all of its investment company taxable income (determined without regard to the deduction for dividends paid), including such accrued income, to maintain its qualification as a regulated investment company under Subchapter M of the Code and avoid U.S. federal income and excise taxes. Therefore, the Fund may have to dispose of its portfolio securities under disadvantageous circumstances to generate cash, or may have to leverage itself by borrowing the cash, to satisfy these distribution requirements.

Generally, the character of the income or capital gains that a Fund receives from another investment company will pass through to the Fund's shareholders as long as the Fund and the other investment company each qualify as regulated investment companies under Subchapter M of the Code. However, to the extent that another investment company that qualifies as a regulated investment company under Subchapter M of the Code realizes net losses on its investments for a given taxable year, the Fund will not be able to recognize its share of those losses until (i) such investment company realizes gains that can be offset by those losses or (ii) the Fund disposes of its shares of such investment company (so as to offset income or gains from other investments). Moreover, even when the Fund does make such a disposition, a portion of its loss may be recognized as a long-term capital loss. As a result of the foregoing rules, and certain other special rules, it is possible that the amounts of net investment income and net capital gains that the Fund will be required to distribute to shareholders will be greater than such amounts would have been had the Fund invested directly in the securities held by the investment companies in which it invests, rather than investing in shares of the investment companies. For similar reasons, the character of distributions from the Fund (e.g., long-term capital gain, qualified dividend income, etc.) will not necessarily be the same as it would have been had the Fund invested directly in the securities held by the investment companies in which it invests.

Each Fund anticipates distributing to shareholders annually all net capital gains, if any that have been recognized for federal income tax purposes including year-end mark-to-market gains. Shareholders will be advised of the nature of these payments.

Certain distributions reported by a Fund as Section 163(j) interest dividends may be treated as interest income by shareholders for purposes of the interest expense limitations under Code Section 163(j). Such treatment by a shareholder is generally subject to holding period requirements and other potential limitations, although the holding period requirements are generally not applicable to dividends declared by money market funds and certain other funds that declare dividends daily and pay such dividends on a monthly or more frequent basis. The amount that a Fund is eligible to report as a Section 163(j) dividend for a taxable year is generally limited to the excess of the Fund's business interest income over the sum of the Fund's (i) business interest expense and (ii) other deductions properly allocable to the Fund's business interest income. A Fund may choose not to designate Section 163(j) interest dividends.

Each Fund is subject to a nondeductible 4% federal excise tax on the excess of the required distribution for a calendar year over the distributed amount for such calendar year. The required distribution is at least an amount equal to the sum of 98% of the Fund's ordinary income for the calendar year plus 98.2% of its capital gain net income for the one-year period ending October 31, of such year (or the last day of the Fund's taxable year if a Fund's taxable year ends in November or December and the Fund makes an election to use such later date), plus all ordinary income and capital gain net income retained from the previous calendar years that were not distributed during such calendar years. For purposes of calculating the required distribution, foreign currency gains or losses, and certain other ordinary gains and losses from the sale, exchange or other taxable disposition of property, occurring after October 31 (or later if the Fund is permitted to elect and does so elect) are taken into account in the following calendar year. The Funds intend to declare or distribute dividends during the appropriate periods of an amount sufficient to prevent imposition of this 4% excise tax.

A U.S. shareholder who redeems or exchanges shares of a Fund will generally recognize capital gain or loss for U.S. federal income tax purposes measured by the difference between the value of the shares redeemed or exchanged and the basis of such shares. If a U.S. shareholder held such shares for more than one year, the gain, if any, will generally be a long-term capital gain. Long-term capital gain is taxable to U.S. shareholders that are individuals and other non-corporate U.S. shareholders at a maximum federal income tax rate of 20%. The gain or loss on shares held for one year or less will generally be treated as short-term capital gain or loss. If a U.S. shareholder realizes a loss on the redemption of a Fund's shares and reinvests in substantially identical shares of the Fund (including through dividend reinvestment) or other substantially identical stock or securities within 30 days before or after the redemption, the transactions may be subject to the "wash sale" rules resulting in a deferred recognition of such loss for U.S. federal income tax purposes. In such a case, the basis of the shares acquired will be adjusted to reflect the disallowed loss. Any loss realized on the redemption of Fund shares held for six months or less will be treated as long-term, rather than short-term, capital loss to the extent of any long-term capital gain distributions received (or deemed to be received) by the U.S. shareholder with respect to such shares. Capital losses may be subject to limitations on their use by a U.S. shareholder under the Code.

An additional 3.8% Medicare contribution tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from a Fund and net gains from redemptions or other taxable dispositions of Fund shares) of certain U.S. shareholders that are U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds certain threshold amounts.

*Passive Foreign Investment Companies*. Each Fund may purchase the securities of certain foreign investment funds or trusts called passive foreign investment companies ("PFICs"). Gains on the sale of PFIC holdings will be deemed to be ordinary income regardless of how long the Fund holds its investment. In addition, each Fund may be subject to corporate income tax and an interest charge on certain dividends and capital gains earned (or deemed earned) from PFICs, regardless of whether such income and gains are distributed to shareholders.

Each Fund intends to make a mark-to-market election, where applicable and possible, to treat its PFIC securities as sold (and, solely for purposes of this mark-to-market election, repurchased) on the last day of the Fund's taxable year and recognize any gains for federal income tax purposes at that time. Such gains will be considered ordinary income which the Fund will be required to distribute even though it has not sold the security and received cash to pay such distributions. In addition, under certain circumstances a Fund may be eligible to make an alternative election that would require the Fund to include its share of the PFIC's income and net capital gain annually in income, regardless of whether distributions are received from the PFIC in a given year. The Fund, however, cannot deduct its share of any losses incurred by the PFIC for the year or use such losses to reduce an inclusion in a later year as result of the election. Making either of these elections may require a Fund to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirement to qualify as a regulated investment company under Subchapter M of the Code, which also may accelerate the recognition of gain and affect a Fund's total return.

*Withholding.* A U.S. shareholder may be subject to federal backup withholding at a flat 24% rate on distributions, sales proceeds, redemption proceeds, and any other payments payable by a Fund to a U.S. shareholder who fails to provide the Fund with his, her or its correct taxpayer identification number or social security number, who has under-reported certain income, who fails to make required certifications, or if the Fund or a U.S. shareholder has been notified by the IRS that the U.S. shareholder is subject to backup withholding. In certain circumstances, the IRS may also require a Fund to backup withhold even when an appropriate taxpayer number or social security number has been provided or certified. Certain corporate and other U.S. shareholders specified in the Code and the Treasury Regulations thereunder are exempt from backup withholding. Backup withholding is not an additional tax. Any amounts withheld may be credited against the U.S. shareholder's U.S. federal income tax liability on such U.S. shareholder's federal income tax return.

*Non-U.S. shareholders*. Non-U.S. shareholders, including shareholders who, with respect to the U.S., are nonresident alien individuals, may be subject to U.S. federal withholding tax on certain distributions (whether received in cash or shares) at a rate of 30% or such lower rate as prescribed by an applicable income tax treaty. However, a Fund will generally not be required to withhold tax on any amounts paid to a Non-U.S. shareholder with respect to dividends attributed to qualified short-term gain (i.e., the excess of net short-term capital gain over net long-term capital loss) designated as such by the Fund and dividends attributed to certain U.S. source interest income that would not be subject to U.S. federal withholding tax if earned directly by a Non-U.S. shareholder, provided such amounts are properly designated by the Fund. A Fund may choose not to designate such amounts.

Sections 1471-1474 of the Code and the U.S. Treasury and IRS guidance issued thereunder (collectively, "FATCA") generally require a Fund to obtain information sufficient to identify the status of each of its shareholders. If a shareholder fails to provide this information or otherwise fails to comply with FATCA, a Fund may be required to withhold under FATCA at a rate of 30% with respect to that shareholder on Fund dividends and distributions and on the proceeds of the sale, redemption, or exchange of Fund shares. Proposed Treasury Regulations, however, generally eliminate withholding under FATCA on gross proceeds, which include certain capital gains distributions and gross proceeds from a sale or disposition of Fund shares. The U.S. Treasury has indicated that taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations are finalized and issued. A Fund may disclose the information that it receives from (or concerning) its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA, related intergovernmental agreements or other applicable law or regulation. Each investor is urged to consult its tax advisor regarding the applicability of FATCA and any other reporting requirements with respect to the investor's own situation, including investments through an intermediary.

*Cost Basis Information*. The Funds are required to report to you and the IRS annually on Form 1099-B the cost basis of shares purchased or acquired on or after January 1, 2012 (referred to as "covered shares") and which are disposed of after that date. However, cost basis reporting is not required for certain shareholders, including shareholders investing in the Funds through a tax-advantaged arrangement, such as a 401(k) or an IRA.

When required to report cost basis, the Funds will calculate it using the Funds' default method, which is the average cost basis, unless you instruct the Funds to use a different calculation method. For additional information regarding the Funds' available cost basis reporting methods, including the default method, please contact the Funds. If you hold your Fund shares through a financial intermediary, please contact that intermediary with respect to reporting of cost basis and available elections for your account**.** 

The IRS permits the use of several methods to determine the cost basis of Fund shares. The method used will determine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing share prices**,** and the entire position is not sold at one time. The Funds do not recommend any particular method of determining cost basis, and the use of other methods may result in more favorable tax consequences for some shareholders. It is important that you consult with your tax advisor to determine which method is best for you and then notify the Funds if you intend to utilize a method other than the Funds' default method for covered shares.

The Funds will compute and report the cost basis of your Fund shares sold or exchanged by taking into account all of the applicable adjustments to cost basis and holding periods as required by the Code and Treasury Regulations for purposes of reporting these amounts to you and the IRS. However, the Funds are not required to, and in many cases the Funds do not possess the information to, take all possible basis, holding period or other adjustments into account in reporting cost basis information to you. Therefore, shareholders should carefully review the cost basis information provided by the Funds.

Investors are advised to consult their own tax advisors with respect to the application to their own circumstances of the above-described general federal income taxation rules and with respect to other federal, state, local and foreign tax consequences to them before investing in a Fund's share.

**DRIEHAUS MUTUAL FUNDS FORM N-lA PART C: OTHER INFORMATION**

**ITEM 28. EXHIBITS**

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| (a)(i) | [Registrant's Amended and Restated Declaration of Trust dated June 6, 2013 is incorporated herein by reference to Exhibit (a)(i) of Post-Effective Amendment No. 70 to Registrant's Registration Statement on Form N-1A filed with the SEC on August 1, 2013.](http://www.sec.gov/Archives/edgar/data/1016073/000119312513314365/d574414dex9928ai.htm) |
| (a)(ii) | [Written Instrument Amending the Amended and Restated Declaration of Trust dated June 4, 2015 is incorporated herein by reference to Exhibit (a)(ii) of Post-Effective Amendment No. 85 to Registrant's Registration Statement on Form N-1A filed with the SEC on August 19, 2015.](http://www.sec.gov/Archives/edgar/data/1016073/000119312515295618/d18765dex9928aii.htm) |
| (a)(iii) | [Written Instrument Amending the Amended and Restated Declaration of Trust dated April 29, 2021 is incorporated herein by reference to Exhibit (a)(iii) of Post-Effective Amendment No. 143 to Registrant's Registration Statement on Form N-1A filed with the SEC on April 28, 2022.](https://www.sec.gov/Archives/edgar/data/1016073/000139834422008081/fp0075144_ex9928aiii.htm) |
| (a)(iv) | [Written Instrument Setting the Number of Trustees Pursuant to the Amended and Restated Declaration of Trust dated April 1, 2026 is filed herewith as Exhibit (a)(iv).](fp0098070-1_ex9928aiv.htm) |
| (a)(v) | [Written Instrument Establishing and Designating Driehaus International Small Cap Growth Fund dated February 26, 2007 is incorporated herein by reference to Exhibit (a)(iv) of Post-Effective Amendment No. 29 to Registrant's Registration Statement on Form N-1A filed with the SEC on May 9, 2007.](http://www.sec.gov/Archives/edgar/data/1016073/000095013707007069/c14710apexv99wxayxivy.htm) |
| (a)(vi) | [Written Instrument Establishing and Designating Driehaus Emerging Markets Small Cap Growth Fund dated February 22, 2011 is incorporated herein by reference to Exhibit (a)(vix) of Post-Effective Amendment No. 50 to Registrant's Registration Statement on Form N-1A filed with the SEC on March 30, 2011.](http://www.sec.gov/Archives/edgar/data/1016073/000095012311030519/c63704apexv99w28wawvix.htm) |
| (a)(vii) | [Written Instrument Establishing and Designating Driehaus Micro Cap Growth Fund dated June 6, 2013 is incorporated herein by reference to Exhibit (a)(ix) of Post-Effective Amendment No. 71 to Registrant's Registration Statement on Form N-1A filed with the SEC on August 22, 2013.](http://www.sec.gov/Archives/edgar/data/1016073/000119312513343366/d587816dex9928aix.htm) |
| (a)(viii) | [Written Instrument Establishing and Designating Driehaus Global Fund (formerly, Driehaus Multi-Asset Growth Economies Fund) dated September 14, 2016 is incorporated herein by reference to Exhibit (a)(xi) of Post-Effective Amendment No. 103 to Registrant's Registration Statement on Form N-1A filed with the SEC on October 28, 2016.](http://www.sec.gov/Archives/edgar/data/1016073/000119312516751719/d262590dex9928axi.htm) |
| (a)(ix) | [Written Instrument Changing the Name of The Driehaus Multi-Asset Growth Economies Fund (thereafter known as the Driehaus Emerging Markets Opportunities Fund) dated November 14, 2019, is incorporated herein by reference to Exhibit (a)(ix) of Post-Effective Amendment No. 140 to Registrant's Registration Statement on Form N-1A filed with the SEC on April 29, 2020.](http://www.sec.gov/Archives/edgar/data/1016073/000139834420008774/fp0053129_ex9928aix.htm) |

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| (a)(x) | [Written Instrument Changing the Name of the Driehaus Emerging Markets Opportunities Fund (thereafter known as the Driehaus Global Fund) dated December 8, 2022 incorporated herein by reference to Exhibit (a)(iv) of Post-Effective Amendment No. 144 to Registrant's Registration Statement on Form N-1A filed with the SEC on February 14, 2023.](https://www.sec.gov/Archives/edgar/data/1016073/000139834423003362/fp0082122-1_ex9928aiv.htm) |

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| (a)(xi) | [Written Instrument Establishing and Designating Driehaus Small Cap Growth Fund dated November 29, 2016 is incorporated herein by reference to Exhibit (a)(xii) of Post-Effective Amendment No. 119 to Registrant's Registration Statement on Form N-1A filed with the SEC on May 17, 2017.](http://www.sec.gov/Archives/edgar/data/1016073/000119312517173054/d394206dex9928axii.htm) |

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|:---|:---|
| (a)(xii) | [Written Instrument Establishing and Designating Classes of Driehaus Emerging Markets Growth Fund and Driehaus Small Cap Growth Fund dated June 8, 2017 is incorporated herein by reference to Exhibit (a)(xiii) of Post-Effective Amendment No. 122 to Registrant's Registration Statement on Form N-1A filed with the SEC on July 14, 2017.](http://www.sec.gov/Archives/edgar/data/1016073/000119312517228227/d394344dex9928axiii.htm) |
| (a)(xiii) | [Written Instrument Establishing and Designating Driehaus Small/Mid Cap Growth Fund dated November 14, 2019 is incorporated herein by reference to Exhibit (a)(xi) of Post-Effective Amendment No. 139 to Registrant's Registration Statement on Form N-1A filed with the SEC on February 14, 2020.](http://www.sec.gov/Archives/edgar/data/1016073/000119312520036948/d889393dex9928axi.htm) |
| (a)(xiv) | [Written Instrument Establishing and Designating Driehaus International Developed Equity Fund dated January 29, 2024 is incorporated herein by reference to Exhibit (a)(xv) of Post-Effective Amendment No. 146 to Registrant's Registration Statement on Form N-1A filed with the SEC on February 15, 2024.](https://www.sec.gov/Archives/edgar/data/1016073/000139834424003235/fp0087000-1_ex9928axv.htm) |
| (b) | [Registrant's Amended and Restated By-Laws are incorporated herein by reference to Exhibit (b) of Post-Effective Amendment No. 143 to Registrant's Registration Statement on Form N-1A filed with the SEC on April 28, 2022.](https://www.sec.gov/Archives/edgar/data/1016073/000139834422008081/fp0075144_ex9928b.htm) |
| (c) | Not Applicable. |
| (d)(i) | [Investment Advisory Agreement dated July 1, 2021 between the Registrant and Driehaus Capital Management LLC (the "Adviser") is incorporated herein by reference as Exhibit (d)(i) of Post-Effective Amendment No. 143 to Registrant's Registration Statement on Form N-1A filed with the SEC on April 28, 2022.](https://www.sec.gov/Archives/edgar/data/1016073/000139834422008081/fp0075144_ex9928di.htm) |

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| (d)(ii) | [Amendment to Appendix A of the Investment Advisory Agreement dated March 27, 2026 between the Registrant and the Adviser is filed herewith as Exhibit(d)(ii).](https://www.sec.gov/Archives/edgar/data/0001016073/000139834423007753/fp0083035-1_ex9928dii.htm) |

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| (e)(i) | [Distribution Agreement effective September 30, 2021 between the Registrant and Foreside Financial Services, LLC is incorporated herein by reference to Exhibit (e)(iii) of Post-Effective Amendment No. 143 to Registrant's Registration Statement on Form N-1A filed with the SEC on April 28, 2022.](https://www.sec.gov/Archives/edgar/data/1016073/000139834422008081/fp0075144_ex9928eiii.htm) |

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| (e)(ii) | [Second Amendment to the Distribution Agreement between the Registrant and Foreside Financial Services, LLC is filed herewith as Exhibit (e)(ii).](fp0098070-1_ex9928eii.htm) |
| (f) | Not Applicable. |
| (g)(i) | [Amended and Restated Custody Agreement dated October 1, 2025 between the Registrant and The Northern Trust Company is filed herewith as Exhibit (g)(i)](fp0098070-1_ex9928gi.htm) |
| (g)(ii) | [Amendment to Schedule B of the Custody Agreement dated March 27, 2026 between the Registrant and The Northern Trust Company is filed herewith as Exhibit(g)(ii).](fp0098070-1_ex9928gii.htm) |
| (h)(i) | [Transfer Agency and Service Agreement dated June 1, 2020, between the Registrant and The Northern Trust Company, is incorporated herein by reference to Exhibit (h)(i) of Post-Effective Amendment No. 142 to Registrant's Registration Statement on Form N-1A filed with the SEC on April 27, 2021.](http://www.sec.gov/Archives/edgar/data/1016073/000139834421008651/fp0063932_ex9928hi.htm) |

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| (h)(ii) | [Fund Administration and Accounting Services Agreement dated June 1, 2020, between the Registrant and The Northern Trust Company, is incorporated herein by reference to Exhibit (h)(ii) of Post-Effective Amendment No. 142 to Registrant's Registration Statement on Form N-1A filed with the SEC on April 27, 2021](http://www.sec.gov/Archives/edgar/data/1016073/000139834421008651/fp0063932_ex9928hii.htm). |
| (h)(iii) | [Amendment to Transfer Agency and Service Agreement and Fund Administration and Accounting Services Agreement dated August 1, 2020, between the Registrant and The Northern Trust Company, on behalf of Driehaus Emerging Markets Growth Fund, Driehaus International Small Cap Growth Fund, Driehaus Emerging Markets Small Cap Growth Fund, Driehaus Micro Cap Growth Fund, Driehaus Small Cap Growth Fund, and Driehaus Small/Mid Cap Growth Fund, is incorporated herein by reference to Exhibit (h)(iii) of Post-Effective Amendment No. 142 to Registrant's Registration Statement on Form N-1A filed with the SEC on April 27, 2021.](http://www.sec.gov/Archives/edgar/data/1016073/000139834421008651/fp0063932_ex9928hiii.htm) |
| (h)(iv) | [Amendment to Schedule A of the Transfer Agency and Service Agreement dated March 27, 2026 is filed herewith as Exhibit(h)(iv).](fp0098070-1_ex9928hiv.htm) |
| (h)(v) | [Amendment to Schedule A of the Fund Administration and Accounting Services Agreement dated March 27, 2026 is filed herewith as Exhibit(h)(v).](fp0098070-1_ex9928hv.htm) |
| (h)(vi) | [Expense Limitation Agreement with Respect to the Driehaus Small/Mid Cap Growth Fund effective as of April 30, 2026, is filed herewith as Exhibit (h)(vi).](fp0098070-1_ex9928hvi.htm) |

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| (h)(vii) | [Expense Limitation Agreement with Respect to the Driehaus Emerging Markets Small Cap Growth Fund effective as of April 30, 2026, is filed herewith as Exhibit (h)(vii).](fp0098070-1_ex9928hvii.htm) |
| (h)(viii) | [Expense Limitation Agreement with Respect to the Driehaus Global Fund effective as of April 30, 2026, is filed herewith as Exhibit (h)(viii).](fp0098070-1_ex9928hviii.htm) |
| (h)(ix) | [Expense Limitation Agreement with Respect to the Driehaus International Developed Equity Fund effective as of April 30, 2024, is incorporated herein by reference to Exhibit(h)(xii) is incorporated herein by reference to Exhibit(h)(viii) of Post-Effective Amendment No. 147 to Registrant's Registration Statement on Form N-1A filed with the SEC on April 26, 2024.](https://www.sec.gov/Archives/edgar/data/1016073/000139834424007982/fp0087964-1_ex9928hxii.htm) |
| (h)(x) | [Agreement and Plan of Exchange for Driehaus International Small Cap Growth Fund is incorporated herein by reference to Exhibit (h)(xvi) of Post-Effective Amendment No. 32 to Registrant's Registration Statement on Form N-1A filed with the SEC on September 7, 2007.](http://www.sec.gov/Archives/edgar/data/1016073/000095013707013899/c14710bpexv99wxhyxxviy.htm) |
| (h)(xi) | [Agreement and Plan of Exchange for Driehaus Emerging Markets Small Cap Growth Fund is incorporated herein by reference to Exhibit (h)(xxv) of Post-Effective Amendment No. 56 to Registrant's Registration Statement on Form N-1A filed with the SEC on August 10, 2011.](http://www.sec.gov/Archives/edgar/data/1016073/000095012311075442/c63704bpexv99w28whwxxv.htm) |

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| (h)(xii) | [Agreement and Plan of Exchange for Driehaus Micro Cap Growth Fund is incorporated herein by reference to Exhibit (h)(xxv) of Post-Effective Amendment No. 73 to Registrant's Registration Statement on Form N-1A filed with the SEC on November 5, 2013.](http://www.sec.gov/Archives/edgar/data/1016073/000119312513427117/d619699dex9928hxxv.htm) |
| (h)(xiii) | [Agreement and Plan of Exchange for Driehaus Global Fund (formerly, Driehaus Multi-Asset Growth Economies Fund) is incorporated herein by reference as Exhibit (h)(xxvi) of Post-Effective Amendment No. 111 to Registrant's Registration Statement on Form N-1A filed with the SEC on March 15, 2017.](http://www.sec.gov/Archives/edgar/data/1016073/000119312517083024/d281232dex9928hxxvi.htm) |

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|:---|:---|
| (h)(xiv) | [Agreement and Plan of Exchange for Driehaus Small Cap Growth Fund is incorporated herein by reference as Exhibit (h)(xxvii) of Post-Effective Amendment No. 124 to Registrant's Registration Statement on Form N-1A filed with the SEC on July 31, 2017.](http://www.sec.gov/Archives/edgar/data/1016073/000119312517241652/d431342dex9928hxxvii.htm) |
| (h)(xv) | [Shareholder Services Plan with respect to Driehaus Emerging Markets Growth Fund is incorporated herein by reference to Exhibit (h)(xxx) of Post-Effective Amendment No. 122 to Registrant's Registration Statement on Form N-1A filed with the SEC on July 14, 2017.](http://www.sec.gov/Archives/edgar/data/1016073/000119312517228227/d394344dex9928hxxx.htm) |

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| (h)(xvi) | [Shareholder Services Plan with respect to Driehaus Small Cap Growth Fund is incorporated herein by reference to Exhibit (h)(xxxii) of Post-Effective Amendment No. 124 to Registrant's Registration Statement on Form N-1A filed with the SEC on July 31, 2017.](http://www.sec.gov/Archives/edgar/data/1016073/000119312517241652/d431342dex9928hxxxii.htm) |

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| (h)(xvii) | [Letter Agreement between the Registrant and the Adviser with respect to CFTC Rule 4.5 Compliance and Filing Services is incorporated herein by reference to Exhibit (h)(xviii) of Post-Effective Amendment No. 142 to Registrant's Registration Statement on Form N-1A filed with the SEC on April 27, 2021.](http://www.sec.gov/Archives/edgar/data/1016073/000139834421008651/fp0063932_ex9928hxviii.htm) |
| (h)(xviii) | [Rule 12d1-4 Fund of Funds Investment Agreement between Schwab Capital Trust and Schwab Annuity Portfolios and Driehaus Mutual Funds on behalf of the Driehaus Small Cap Growth Fund is incorporated herein by reference to Exhibit (h)(xxv) of Post-Effective Amendment No. 151 to Registrant's Registration Statement on Form N-1A filed with the SEC on April 28, 2025](https://www.sec.gov/Archives/edgar/data/1016073/000139834425007943/fp0093028-1_ex9928hxxv.htm). |
| (h)(xix) | [Amendment dated February 1, 2026 to Rule 12d1-4 Fund of Funds Investment Agreement between Schwab Capital Trust and Schwab Annuity Portfolios and Driehaus Mutual Funds on behalf of the Driehaus Small Cap Growth Fund is filed herewith as Exhibit (h)(xxv)](fp0098070-1_ex9928hxix.htm). |

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(i) [Opinion and Consent of Vedder Price P.C. is filed herewith as Exhibit (i)](fp0098070-1_ex9928i.htm) .

(j) [Consent of Ernst & Young LLP is filed herewith as Exhibit (j).](fp0098070-1_ex9928j.htm)

(k) Not Applicable.

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|:---|:---|
| (l)(i) | [Subscription Agreement for Driehaus Emerging Markets Small Cap Growth Fund is incorporated herein by reference to Exhibit (l)(v) of Post-Effective Amendment No. 56 to Registrant's Registration Statement on Form N-1A filed with the SEC on August 10, 2011.](http://www.sec.gov/Archives/edgar/data/1016073/000095012311075442/c63704bpexv99w28wlwi.htm) |
| (l)(ii) | [Subscription Agreement for Driehaus Micro Cap Growth Fund is incorporated herein by reference to Exhibit (l)(vi) of Post-Effective Amendment No. 73 to Registrant's Registration Statement on Form N-1A filed with the SEC on November 5, 2013.](http://www.sec.gov/Archives/edgar/data/1016073/000119312513427117/d619699dex9928lvi.htm) |
| (l)(iii) | [Subscription Agreement for Driehaus Global Fund (formerly, Driehaus Multi-Asset Growth Economies Fund) is incorporated herein by reference to Exhibit (l)(vii) of Post-Effective Amendment No. 115 to Registrant's Registration Statement on Form N-1A filed with the SEC on April 25, 2017.](http://www.sec.gov/Archives/edgar/data/1016073/000119312517136279/d525283dex9928lvii.htm) |

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|:---|:---|
| (l)(iv) | [Subscription Agreement for Driehaus Small Cap Growth Fund is incorporated herein by reference to Exhibit (l)(vii) of Post-Effective Amendment No. 135 to Registrant's Registration Statement on Form N-1A filed with the SEC on April 27, 2018.](http://www.sec.gov/Archives/edgar/data/1016073/000119312518137961/d522594dex9928lvii.htm) |
| (l)(v) | [Subscription Agreement for Driehaus Small/Mid Cap Growth Fund is incorporated herein by reference to Exhibit (l)(vii) of Post-Effective Amendment No. 140 to Registrant's Registration Statement on Form N-1A filed with the SEC on April 29, 2020.](http://www.sec.gov/Archives/edgar/data/1016073/000139834420008774/fp0053129_ex9928lvii.htm) |
| (l)(vi) | [Subscription Agreement for Driehaus International Developed Equity Fund is incorporated herein by reference to Exhibit (l)(vii) of Post-Effective Amendment No. 147 to Registrant's Registration Statement on Form N-1A filed with the SEC on April 26, 2024.](https://www.sec.gov/Archives/edgar/data/1016073/000139834424007982/fp0087964-1_ex9928lvii.htm) |
| (m) | Not Applicable. |
| (n) | [Multiple Class Plan Pursuant to Rule 18f-3 dated as of June 8, 2017 for Driehaus Emerging Markets Growth Fund and Driehaus Small Cap Growth Fund is incorporated herein by reference to Exhibit (n) of Post-Effective Amendment No. 122 to Registrant's Registration Statement on Form N-1A filed with the SEC on July 14, 2017.](http://www.sec.gov/Archives/edgar/data/1016073/000119312517228227/d394344dex9928n.htm) |
| (p) | [Code of Ethics and Business Conduct effective as of November 14, 2025 is filed herewith as Exhibit (p).](fp0098070-1_ex9928p.htm) |
| (q) | [Powers of Attorney of Theodore J. Beck, Christopher J. Towle, Dawn M. Vroegop and Elizabeth M. Forget dated April 1, 2026 filed herewith as Exhibit (q).](fp0098070-1_ex9928q.htm) |

---

**ITEM 29. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT.**

Not applicable.

**ITEM 30. INDEMNIFICATION.**

Pursuant to Article V of the Amended and Restated Declaration of Trust (the "Declaration of Trust"), Trustees are not personally liable to any person other than the Registrant and the shareholders for any act, omission or obligation of the Registrant or another Trustee. Pursuant to the Declaration of Trust, no person who is or has been a Trustee shall be subject to any personal liability to the Registrant or shareholders except for liability arising from failure to perform his or her duties in conformance with the Declaration of Trust or from his or her own bad faith, willful misfeasance, gross negligence or reckless disregard of his or her duties. The Registrant generally indemnifies Trustees against all liabilities and expenses incurred by reason of being a Trustee, except subject to applicable law.

Registrant has obtained from a major insurance carrier a trustees' and officers' liability policy covering certain types of errors and omissions.

**ITEM 31. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER.**

---

| | | |
|:---|:---|:---|
| **Name** | **Position with Adviser** | **Other Business, Profession,**<br> **Vocation or Employment** |
| Stephen T. Weber | Chief Executive Officer and President | Director of Driehaus Trust Company LLC ("DTC"), President of Driehaus Capital Management (USVI) LLC ("DCM USVI"), President of Driehaus Capital Holdings LLLP ("DCH") |
| Janet L. McWilliams | General Counsel and Secretary | Senior Vice President and Secretary of DCM USVI, DCH and RHD Holdings LLC ("RHD") |
| Robert M. Kurinsky | Chief Financial Officer, Chief Operating Officer, and Treasurer | Vice President, Treasurer and Chief Financial Officer of DCM USVI, DCH, and RHD |
| Thomas M. Seftenberg | Head of Global Distribution | N/A |
| Christina E. Algozine | Assistant Secretary | Assistant Secretary of DCM USVI |
| Anne S. Kochevar | Assistant Vice President and Chief Compliance Officer | N/A |
| Maximilian Heitner | Assistant Vice President | N/A |

---

The principal business address: (i) of DTC is 4785 Caughlin Parkway Reno, NV 89519; (ii) of DCM USVI is 25 East Erie Street, Chicago, Illinois 60611 (iii) DCH is 25 East Erie Street, Chicago, Illinois 60611; and (iv) RHD is 25 East Erie Street, Chicago, Illinois 6611.

**Item 32.** **Foreside Financial Services, LLC**

---

| | |
|:---|:---|
| Item 32(a) | Foreside Fund Services, LLC (the "Distributor") serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended: |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. 13D Activist Fund, Series of Northern Lights Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;2. 2<sup>nd</sup> Vote Funds

&nbsp;&nbsp;&nbsp;&nbsp;3. AAMA Equity Fund, Series of Asset Management Fund

&nbsp;&nbsp;&nbsp;&nbsp;4. AAMA Income Fund, Series of Asset Management Fund

&nbsp;&nbsp;&nbsp;&nbsp;5. Adams Street Private Equity Navigator Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;6. Advisers Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;7. AG Twin Brook Capital Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;8. Align Alternative Access Fund

&nbsp;&nbsp;&nbsp;&nbsp;9. AltShares Trust

&nbsp;&nbsp;&nbsp;&nbsp;10. American Beacon AHL Trend ETF, Series of American Beacon Select Funds

&nbsp;&nbsp;&nbsp;&nbsp;11. American Beacon GLG Natural Resources ETF, American Beacon Select Funds

&nbsp;&nbsp;&nbsp;&nbsp;12. American Beacon Ionic Inflation Protection ETF, American Beacon Select Funds

&nbsp;&nbsp;&nbsp;&nbsp;13. Aristotle Funds Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;14. Boston Trust Walden Funds *(f/k/a The Boston Trust & Walden Funds)* 

&nbsp;&nbsp;&nbsp;&nbsp;15. Bow River Capital Evergreen Fund

&nbsp;&nbsp;&nbsp;&nbsp;16. Connetic Venture Capital Access Fund

&nbsp;&nbsp;&nbsp;&nbsp;17. Constitution Capital Access Fund, LLC

&nbsp;&nbsp;&nbsp;&nbsp;18. Datum One Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;19. Diamond Hill Funds

&nbsp;&nbsp;&nbsp;&nbsp;20. Diamond Hill Securitized Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;21. EntrepreneurShares Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;22. FMI Funds, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;23. Impax Funds Series Trust I *(f/k/a Pax World Funds Series Trust I)* 

&nbsp;&nbsp;&nbsp;&nbsp;24. Impax Funds Series Trust III *(f/k/a Pax World Funds Series Trust III)* 

&nbsp;&nbsp;&nbsp;&nbsp;25. Inspire 100 ETF, Series of Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;26. Inspire 500 ETF, Series of Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;27. Inspire Corporate Bond ETF, Series of Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;28. Inspire Fidelis Multi Factor ETF, Series of Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;29. Inspire Global Hope ETF, Series of Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;30. Inspire International ETF, Series of Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;31. Inspire Growth ETF, Series of Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;32. Inspire Small/Mid Cap ETF, Series of Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;33. Inspire Capital Appreciation ETF, Series of the Northern Lights Fund Trust IV

&nbsp;&nbsp;&nbsp;&nbsp;34. LifeX 2035 Income Bucket ETF, Series of Stone Ridge Trust

&nbsp;&nbsp;&nbsp;&nbsp;35. LifeX 2050 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust

&nbsp;&nbsp;&nbsp;&nbsp;36. LifeX 2050 Longevity Income ETF, Series of Stone Ridge Trust

&nbsp;&nbsp;&nbsp;&nbsp;37. LifeX 2055 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust

&nbsp;&nbsp;&nbsp;&nbsp;38. LifeX 2055 Longevity Income ETF, Series of Stone Ridge Trust

&nbsp;&nbsp;&nbsp;&nbsp;39. LifeX 2060 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust

&nbsp;&nbsp;&nbsp;&nbsp;40. LifeX 2060 Longevity Income ETF, Series of Stone Ridge Trust

&nbsp;&nbsp;&nbsp;&nbsp;41. LifeX 2065 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust

&nbsp;&nbsp;&nbsp;&nbsp;42. LifeX 2065 Longevity Income ETF, Series of Stone Ridge Trust

&nbsp;&nbsp;&nbsp;&nbsp;43. LifeX Durable Income ETF, Series of Stone Ridge Trust

&nbsp;&nbsp;&nbsp;&nbsp;44. Nomura Energy Transition ETF, Series of Nomura ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;45. Nomura Focused Emerging Markets Equity ETF, Series of Nomura ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;46. Nomura Focused International Core ETF, Series of Nomura ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;47. Nomura Focused Large Growth ETF, Series of Nomura ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;48. Nomura Global Listed Infrastructure ETF, Series of Nomura ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;49. Nomura National High-Yield Municipal Bond ETF, Series of Nomura ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;50. Nomura Tax-Free USA ETF, Series of Nomura ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;51. Nomura Tax-Free USA Short Term ETF, Series of Nomura ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;52. Nomura Transformational Technologies ETF, Series of Nomura ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;53. Man ETF Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;54. Meketa Infrastructure Fund

&nbsp;&nbsp;&nbsp;&nbsp;55. Nomura Alternative Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;56. Praxis Mutual Funds

&nbsp;&nbsp;&nbsp;&nbsp;57. Primark Meketa Private Equity Investments Fund

&nbsp;&nbsp;&nbsp;&nbsp;58. SA Funds – Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;59. Sequoia Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;60. Simplify Exchange Traded Funds

&nbsp;&nbsp;&nbsp;&nbsp;61. Siren ETF Trust

&nbsp;&nbsp;&nbsp;&nbsp;62. Stone Ridge Alternative Lending Risk Premium Fund, Series of Stone Ridge Trust V

&nbsp;&nbsp;&nbsp;&nbsp;63. Stone Ridge Art Risk Premium Fund, Series of Stone Ridge Trust VIII

&nbsp;&nbsp;&nbsp;&nbsp;64. Stone Ridge Reinsurance Risk Premium Interval Fund, Series of Stone Ridge Trust II

&nbsp;&nbsp;&nbsp;&nbsp;65. Tactical Dividend and Momentum Fund, Series of Two Roads Shared Trust

&nbsp;&nbsp;&nbsp;&nbsp;66. TCG Strategic Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;67. TCW ETF Trust

---

| | |
|:---|:---|
| Item 32(b) | The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is 190 Middle Street, Suite 301, Portland, Maine 04101. |

---

---

| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with Underwriter | Position with Registrant |
| Teresa Cowan | 190 Middle Street, Suite 301, Portland, ME 04101 | President/Manager |  |
| Chris Lanza | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President |  |
| Kate Macchia | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President |  |
| Jennifer A. Brunner | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President and Chief Compliance Officer |  |
| Gabriel E. Edelman | 190 Middle Street, Suite 301, Portland, ME 04101 | Secretary |  |
| Susan L. LaFond | 190 Middle Street, Suite 301, Portland, ME 04101 | Treasurer |  |
| Weston Sommers | 190 Middle Street, Suite 301, Portland, ME 04101 | Financial and Operations Principal and Chief Financial Officer |  |

---

---

| | |
|:---|:---|
| Item 32(c) | Not applicable. |

---

**ITEM 33. LOCATION OF ACCOUNTS AND RECORDS.**

All accounts, books and other documents are maintained:

At the offices of the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;I. At the offices of Registrant's
 investment adviser, Driehaus Capital Management LLC, 25 East Erie Street, Chicago, Illinois 60611 and 17 East Erie, Chicago, Illinois
 60611; or

&nbsp;&nbsp;&nbsp;&nbsp;II. At the offices of Registrant's
 custodian, transfer agent, and administrator, The Northern Trust Company, 50 South LaSalle Street, Chicago, Illinois 60603, and 333 South
 Wabash Avenue, Chicago, Illinois 60604

**ITEM 34. MANAGEMENT SERVICES.**

Not applicable.

**ITEM 35. UNDERTAKINGS.**

Not applicable.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended (the "1933 Act"), and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Post-Effective Amendment No. 149 to the registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Chicago, State of Illinois on the 29<sup>th</sup> day of April, 2026.

---

| | |
|:---|:---|
| DRIEHAUS MUTUAL FUNDS | DRIEHAUS MUTUAL FUNDS |
| By: | /s/Stephen T. Weber |
|  | Stephen T. Weber, President |

---

Pursuant to the requirements of the 1933 Act, this Amendment to the registration statement has been signed below by the following persons in the capacities indicated on the 29<sup>th</sup> day of April, 2026.

---

| | |
|:---|:---|
| /s/Stephen T. Weber | President (Principal Executive Officer) and Trustee |
| Stephen T. Weber |  |
| \* | Trustee |
| Theodore J. Beck |  |
| \* | Trustee |
| Christopher J. Towle |  |
| \* | Trustee |
| Dawn M. Vroegop |  |
| \* | Trustee |
| Elizabeth M. Forget |  |
| /s/ Robert M. Kurinsky | Treasurer (Principal Financial Officer) |
| Robert M. Kurinsky |  |

---

---

| | |
|:---|:---|
| By: | /s/ Robert M. Kurinsky |
|  | Attorney-In-Fact (pursuant to Power of Attorney) |

---

\* Signed by Robert M. Kurinsky pursuant to Powers of Attorney filed herewith as Exhibit (q)

**EXHIBIT INDEX DRIEHAUS MUTUAL FUNDS FORM N-1A REGISTRATION STATEMENT**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [EX-99.28(a)(iv)](fp0098070-1_ex9928aiv.htm) | [Written Instrument Setting the Number of Trustees Pursuant to the Amended and Restated Declaration of Trust dated April 1, 2026](fp0098070-1_ex9928aiv.htm) |
| [EX-99.28(d)(ii)](fp0098070-1_ex9928dii.htm) | [Amendment to Appendix A of the Investment Advisory Agreement dated March 27, 2026](fp0098070-1_ex9928dii.htm) |
| [EX-99.28(e)(ii)](fp0098070-1_ex9928eii.htm) | [Second Amendment to the Distribution Agreement between the Registrant and Foreside Financial Services, LLC dated March 27, 2026](fp0098070-1_ex9928eii.htm) |
| [EX-99.28(g)(i)](fp0098070-1_ex9928gi.htm) | [Amended and Restated Custody Agreement dated October 1, 2025](fp0098070-1_ex9928gi.htm) |
| [EX-99.28(g)(ii)](fp0098070-1_ex9928gii.htm) | [Amendment to Schedule B of the Custody Agreement dated March 27, 2026](fp0098070-1_ex9928gii.htm) |
| [EX-99.28(h)(iv)](fp0098070-1_ex9928hiv.htm) | [Amendment to Schedule A of the Transfer Agency dated March 27, 2026](fp0098070-1_ex9928hiv.htm) |
| [EX-99.28(h)(v)](fp0098070-1_ex9928hv.htm) | [Amendment to Schedule A of the Fund Administration and Accounting Services Agreement dated March 27, 2026](fp0098070-1_ex9928hv.htm) |
| [EX-99.28(h)(vi)](fp0098070-1_ex9928hvi.htm) | [Expense Limitation Agreement with respect to the Driehaus Small/Mid Cap Growth Fund dated April 30, 2026](fp0098070-1_ex9928hvi.htm) |
| [EX-99.28(h)(vii)](fp0098070-1_ex9928hvii.htm) | [Expense Limitation Agreement with respect to the Driehaus Emerging Markets Small Cap Growth Fund dated April 30, 2026](fp0098070-1_ex9928hvii.htm) |
| [EX-99.28(h)(viii)](fp0098070-1_ex9928hviii.htm) | [Expense Limitation Agreement with Respect to the Driehaus Global Fund dated April 30, 2026](fp0098070-1_ex9928hviii.htm) |
| [EX-99.28(h)(xix)](fp0098070-1_ex9928hxix.htm) | [Amendment dated February 1, 2026 to the Fund of Funds Investment Agreement between Schwab Capital Trust and Schwab Annuity Portfolios and Driehaus Mutual Funds on behalf of the Driehaus Small Cap Growth Fund](fp0098070-1_ex9928hxix.htm) |
| [EX-99.28(i)](fp0098070-1_ex9928i.htm) | [Opinion and Consent of Vedder Price P.C.](fp0098070-1_ex9928i.htm) |
| [EX-99.28(j)](fp0098070-1_ex9928j.htm) | [Consent of Ernst & Young LLP](fp0098070-1_ex9928j.htm) |
| [EX-99.28(p)](fp0098070-1_ex9928p.htm) | [Code of Ethics and Business Conduct effective as of November 14, 2025](fp0098070-1_ex9928p.htm) |
| [EX-99.28(q)](fp0098070-1_ex9928q.htm) | [Powers of Attorney of Theodore J. Beck, Christopher J. Towle, Dawn M. Vroegop and Elizabeth M. Forget dated April 1, 2026](fp0098070-1_ex9928q.htm) |
| 101.INS | XBRL Instance |
| 101.SCH | XBRL Taxonomy Extension Schema |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase |
| 101.LAB | XBRL Taxonomy Extension Labels Linkbase |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase |

---

## Exhibit 99.28

Exhibit(a)(iv)

**DRIEHAUS MUTUAL FUNDS**

Written Instrument Pursuant to Section 2.1

of Article II of the Declaration of Trust

SETTING THE NUMBER OF TRUSTEES

The undersigned, being all of the members of the Board of Trustees of Driehaus Mutual Funds (the "Trust"), a statutory trust organized pursuant to an Amended and Restated Declaration of Trust dated June 6, 2013 (the "Declaration of Trust"), pursuant to Section 2.1 of Article II of the Declaration of Trust, do hereby adopt the following resolutions:

WHEREAS, in accordance with Section 2.1 of Article II of the Declaration of Trust, the Trustees have determined to set the number of Trustees of the Trust at five (5).

THEREFORE, BE IT RESOLVED, that the number of Trustees of the Trust is set at five (5).

Effective Date: April 1, 2026.

---

| | |
|:---|:---|
| /s/Dawn M. Vroegop | /s/Christopher J. Towle |
| Dawn M. Vroegop | Christopher J. Towle |
| /s/Theodore J. Beck | /s/Stephen T. Weber |
| Theodore J. Beck | Stephen T. Weber |

---

## Exhibit 99.28

Exhibit(d)(ii)

AMENDMENT TO THE INVESTMENT ADVISORY AGREEMENT DATED AS OF JULY 1, 2021

This amendment, dated as of March 27, 2026 (the "Amendment"), between Driehaus Mutual Funds, a Delaware statutory trust (the "Trust"), and Driehaus Capital Management LLC, a Delaware limited liability company (the "Adviser").

WHEREAS, the parties have previously entered into that certain Investment Advisory Agreement dated July 1, 2021 (the "Agreement");

WHEREAS, the parties wish to modify certain provisions of the Agreement;

NOW, THEREFORE, in consideration of the mutual agreements contained therein, and intending to be legally bound hereby, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Amendment.

Pursuant to Section 9(b) of the Agreement, Exhibit A is hereby deleted in its entirety and replaced with Exhibit A attached hereto, for the purpose of removing the Driehaus Event Driven Fund as a Portfolio following its termination and liquidation by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Representations.

Each party represents to the other party in respect of the Agreement, as amended pursuant to this Amendment, that all the representations made by it pursuant to the Agreement, are true and accurate as of the date of this Amendment and that such representations are deemed to be given or repeated by each party, as the case may be, on the date of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Miscellaneous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Definitions. Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings specified for such
terms in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Entire Agreement. This Amendment constitutes the entire agreement and understanding of the parties with respect to the subject matter
and supersedes all oral communications and prior writings (except as otherwise provided herein) with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Survival. Except as specifically and explicitly amended hereby in this Amendment, the Agreement shall continue in full force and effect
in accordance with the provisions hereof on the date hereof and nothing herein contained shall be construed as a waiver or modification
of existing rights under the Agreement, except as such rights are expressly modified hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Headings. The headings used in this Amendment are for convenience of reference only and not to affect the construction of or to be
taken into consideration in interpreting this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Governing Law. This Amendment will be governed by, and construed and enforced in accordance with applicable federal law and the laws
of the State of Illinois (without regard to principals of conflicts of law).

Exhibit(d)(ii)

---

| | | | |
|:---|:---|:---|:---|
| | | DRIEHAUS MUTUAL FUNDS | DRIEHAUS MUTUAL FUNDS |
| | | By: | /s/Stephen Weber |
| | | Name and Title: Stephen Weber, President | Name and Title: Stephen Weber, President |
| ATTEST: | ATTEST: |  |  |
| By: | /s/Christina Algozine |  |  |
| Name and Title: Christina Algozine, Assistant Secretary | Name and Title: Christina Algozine, Assistant Secretary |  |  |
|  |  | DRIEHAUS CAPITAL MANAGEMENT LLC | DRIEHAUS CAPITAL MANAGEMENT LLC |
|  |  | By: | /s/Stephen Weber |
|  |  | Name and Title: Stephen Weber, President and Chief Executive Officer | Name and Title: Stephen Weber, President and Chief Executive Officer |
| ATTEST: | ATTEST: |  |  |
| By: | /s/Janet McWilliams |  |  |
| Name and Title: Janet McWilliams, Secretary | Name and Title: Janet McWilliams, Secretary |  |  |

---

Exhibit(d)(ii)

**Exhibit A**

---

| | |
|:---|:---|
| **Portfolio** | **Annual Management Fee (as a % of average daily net assets)** |
| Driehaus Emerging Markets Growth Fund | 1.05% up to $1.5 billion;<br> 0.75 over $1.5 billion and up to $2.5 billion;<br> 0.50% over $2.5 billion |
| Driehaus Emerging Markets Small Cap Growth Fund | 1.10% |
| Driehaus International Small Cap Growth Fund | 1.00% |
| Driehaus Micro Cap Growth Fund | 1.25% |
| Driehaus Small Cap Growth Fund | 0.60% |
| Driehaus Global Fund | 0.65% |
| Driehaus Small/Mid Cap Growth Fund | 0.60% |
| Driehaus International Developed Equity Fund | 0.70% |

---

## Exhibit 99.28

Exhibit(e)(ii)

**SECOND AMENDMENT TO**

**NOVATED DISTRIBUTION AGREEMENT**

This second amendment ("Amendment") to the novated Distribution Agreement (the "Agreement") dated as of September 30, 2021, by and between Driehaus Mutual Funds (the "Client") and Foreside Financial Services, LLC ("Distributor") is entered into as of March 27, 2026 (the "Effective Date").

**WHEREAS,** Client and Distributor ("Parties") desire to amend Exhibit A of the Agreement to reflect an updated Funds list; and

**WHEREAS,** Section 18 of the Agreement requires that all amendments and modifications to the Agreement be in writing and executed by the Parties.

**NOW THEREFORE,** for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Capitalized terms not otherwise defined herein shall have the
meanings set forth in Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Exhibit A of the Agreement is hereby deleted in its entirety and replaced by Exhibit A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except as expressly amended hereby, all of the provisions of the Agreement shall remain unamended and
in full force and effect to the same extent as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Amendment shall be governed by, and the provisions of this Amendment shall be construed and interpreted under and in accordance
with, the laws of the State of Delaware.

**IN WITNESS WHEREOF,** the Parties hereto have caused this Amendment to be executed in their names and on their behalf by and through their duly authorized officers, as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **DRIEHAUS MUTUAL FUNDS** | **DRIEHAUS MUTUAL FUNDS** | **FORESIDE FINANCIAL SERVICES, LLC** | **FORESIDE FINANCIAL SERVICES, LLC** |
| By: | /s/ Janet McWilliams | By: | /s/ Teresa Cowan |
|  | Janet McWilliams, Chief Legal Officer |  | Teresa Cowan, President |

---

Exhibit(e)(ii)

EXHIBIT A

<u>Fund Names</u>

Driehaus Global Fund

Driehaus Emerging Markets Growth Fund

Driehaus Emerging Markets Small Cap Growth Fund

Driehaus International Small Cap Growth Fund

Driehaus Micro Cap Growth Fund

Driehaus Small Cap Growth Fund

Driehaus Small/Mid Cap Growth Fund

Driehaus International Developed Equity Fund

## Exhibit 99.28

Exhibit(g)(iii)

**AMENDED AND RESTATED CUSTODY AGREEMENT**

This AMENDED AND RESTATED CUSTODY AGREEMENT is dated as of October 1, 2025, 2025, effective as of September 10<sup>th</sup>, 2025, between DRIEHAUS MUTUAL FUNDS, a statutory trust organized under the laws of the State of Delaware, having its principal office and place of business at 25 East Erie Street, Chicago, Illinois 60611 (the "<u>Fund</u>"), and THE NORTHERN TRUST COMPANY (the "<u>Custodian</u>"), an Illinois company with its principal place of business at 50 South LaSalle Street, Chicago, Illinois 60603 (the "<u>Agreement</u>") and constitutes an amendment and restatement of the prior Custody Agreement, as amended, restated or otherwise modified from time to time prior to the date hereof, between the Fund and the Custodian dated as of August 12, 2009 and effective as of October 15, 2009.

W I T N E S S E T H:

That for and in consideration of the mutual promises hereinafter set forth, the Fund and the Custodian agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions.</u> 

Whenever used in this Agreement or in any Schedules to this Agreement, the following words and phrases, unless the context otherwise requires, shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) " <u>Assets</u> " shall mean moneys and Securities delivered to the Custodian by or on behalf
of the Fund from time to time pursuant to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) " <u>Authorized Person</u> " shall be deemed to include the Chairman of the Board of Directors,
the President, and any Vice President, the Secretary, the Treasurer or any other person, whether or not any such person is an officer
or employee of the Fund, duly authorized by the Board of Directors to give Instructions on behalf of the Fund and listed in the certification
annexed hereto as <u>Schedule A</u> or such other certification as may be received by the Custodian from time to time pursuant to <u>Section 23(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) " <u>Board of Directors</u> " shall mean the Board of Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) " <u>Book-Entry System</u> " shall mean the Federal Reserve/Treasury book-entry system for United
States and federal agency securities, its successor or successors and its nominee or nominees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) " <u>Confidential Information</u> " means and includes all non-public information concerning
the Fund or Portfolios which the Custodian receives in the course of providing services under this Agreement. Nevertheless, the term Confidential
Information shall not include information which (i) is or becomes available to the general public by means other than the Custodian's
breach of the terms of this Agreement, (ii) the Custodian obtains on a non-confidential basis from a person who is not known to be subject
to any obligation of confidence to any person with respect to that information, or (iii) was within the Custodian's possession prior
to its being furnished pursuant hereto or becomes available on a non-confidential basis from a source other than the Fund, a Portfolio
or any of its representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) " <u>Declaration of Trust</u> " shall mean the Declaration of Trust of the Fund, including all
amendments thereto.

Exhibit(g)(iii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) " <u>Delegate of the Fund</u> " shall mean and include any entity to whom the Board of Directors
of the Fund has delegated responsibility under Rule 17f-5 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) " <u>Depository</u> " shall mean The Depository Trust Company, a clearing agency registered
with the Securities and Exchange Commission under Section 17(a) of the Securities Exchange Act of 1934, as amended, its successor or successors
and its nominee or nominees, the use of which is hereby specifically authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) " <u>Eligible Securities Depository</u> " shall have the same meaning as set forth in Rule 17f-7(b)(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) " <u>Instruction</u> " shall mean written (including telecopied, telexed, or electronically
transmitted in a form that can be converted to print) or oral instructions actually received by the Custodian which the Custodian reasonably
believes were given by an Authorized Person. An Instruction shall also include any instrument in writing actually received by the Custodian
which the Custodian reasonably believes to be genuine and to be signed by any two officers of the Fund, whether or not such officers are
Authorized Persons. Except as otherwise provided in this Agreement, "Instructions" may include instructions given on a standing
basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) " <u>1940 Act</u> " shall mean the Investment Company Act of 1940, and the Rules and Regulations
thereunder, all as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) " <u>Off-Book Cash Account</u> " means a segregated cash account opened on the books of a Sub-Custodian
directly in the name of the Fund, recording all cash in an Off-Book Currency received or paid by the Sub-Custodian from or on account
of the Fund. A Separate Account may link to an Off-Book Cash Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) " <u>Off-Book Currency</u> " means a currency which is not held on the Custodian's balance
sheet but rather is held directly by the Fund with a Sub-Custodian in an Off-Book Cash Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) " <u>On-Book Currency</u> " means a currency held by the Custodian on its balance sheet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) " <u>Portfolio</u> " refers to each of the separate and distinct investment portfolios or Series
of the Fund which the Fund and the Custodian shall have agreed in writing shall be subject to this Agreement, as identified in <u>Schedule B</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) " <u>Prospectus</u> " shall include each current prospectus and statement of additional information
of the Fund with respect to a Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) " <u>Rule 17f-5</u> " shall mean Rule 17f-5 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) " <u>Rule 17f-7</u> " shall mean Rule 17f-7 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) " <u>Shares</u> " refers to the shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) " <u>Security</u> " or " <u>Securities</u> " shall be deemed to include bonds, debentures,
notes, stocks, shares, evidences of indebtedness, and other securities, commodity interests and investments from time to time owned by
a Portfolio and held in the Portfolio's account.

Exhibit(g)(iii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) " <u>Sub-Custodian</u> " shall mean and include (i) any branch of the Custodian, and (ii) any
"eligible foreign custodian," as that term is defined in Rule 17f-5 under the 1940 Act, approved by the Fund or a Delegate
of the Fund in the manner required by Rule 17f-5. For the avoidance of doubt, the term " <u>Sub-Custodian</u> " shall not include
any central securities depository or clearing agency or other Settlement System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) " <u>Transfer Agent</u> " shall mean the person which performs as the transfer agent, dividend
disbursing agent and shareholder servicing agent for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Appointment of Custodian.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund hereby constitutes and appoints the Custodian as custodian of all the Securities and moneys owned
by or in the possession of a Portfolio during the period of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Custodian shall provide tax reclaim services to the extent the Fund has provided the necessary documentation
in order for Custodian to provide such service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Custodian hereby accepts appointment as such custodian and agrees to perform the duties thereof as
hereinafter set forth and in accordance with applicable law including the 1940 Act and the rules promulgated thereunder that are applicable
to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Fund has more than one Portfolio, the Custodian will segregate the Assets of each Portfolio to
which this Agreement relates into a separate account for each such Portfolio (each, a " <u>Separate Account</u> ") containing
the Assets of such Portfolio (and all investment earnings thereon). Unless the context otherwise requires, any reference in this Agreement
to any actions to be taken by the Fund shall be deemed to refer to the Fund acting on behalf of one or more of its Portfolios, any reference
in this Agreement to any assets of the Fund, including, without limitation, any portfolio securities and cash and earnings thereon, shall
be deemed to refer only to assets of the applicable Portfolio, any duty or obligation of the Custodian hereunder to the Fund shall be
deemed to refer to duties and obligations with respect to such individual Portfolio and any obligation or liability of the Fund hereunder
shall be binding only with respect to such individual Portfolio, and shall be discharged only out of the assets of such Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Appointment and Removal of Sub-Custodians.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian may appoint one or more Sub-Custodians to act as sub-custodian or sub-custodians of Securities
and moneys at any time held in any Portfolio, upon the terms and conditions specified in this Agreement. The Custodian shall oversee the
maintenance by any Sub-Custodian of any Securities or moneys of any Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agreement between the Custodian and each Sub-Custodian described in <u>clause (ii)</u> of <u>Section 1(u)</u> and acting hereunder shall contain any provisions necessary to comply with Rule 17f-5 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to the Custodian's use of any Sub-Custodian described in <u>clause (ii)</u> of <u>Section 1(u)</u>, the Fund or a Delegate of the Fund must approve such Sub-Custodian in the manner required by Rule 17f-5 and to the extent the
Custodian is not acting as the Delegate, the Fund or the Delegate must provide the Custodian with satisfactory evidence of such approval.

Exhibit(g)(iii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Custodian shall promptly take such steps as may be required to remove any Sub-Custodian that has ceased
to be an "eligible foreign custodian" or has otherwise ceased to meet the requirements under Rule 17f-5. If the Custodian
intends to remove any Sub-Custodian previously approved by the Fund or a Delegate of the Fund pursuant to <u>Section 3(c)</u>, and the
Custodian proposes to replace such Sub-Custodian, the Custodian will so notify the Fund or a Delegate of the Fund and provide it with
information reasonably necessary to determine such proposed Sub-Custodian's eligibility under Rule 17f-5, including a copy of the
proposed agreement with such Sub-Custodian. The Fund shall at the meeting of the Board of Directors next following receipt of such notice
and information, or a Delegate of the Fund shall promptly after receipt of such notice and information, determine whether to approve the
proposed Sub-Custodian and will promptly thereafter give written notice of the approval or disapproval of the proposed action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Custodian hereby represents to the Fund that in its opinion, after due inquiry, the established procedures
to be followed by each Sub-Custodian in connection with the safekeeping of property of a Portfolio pursuant to this Agreement afford reasonable
care for the safekeeping of such property based on the standards applicable in the relevant market.

3A. <u>Delegation of Foreign Custody Management.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund hereby delegates to Custodian the responsibilities set forth in <u>subparagraph (b)</u> below
of this <u>Section 3A</u>, in accordance with Rule 17f-5 with respect to foreign custody arrangements for the Fund's existing and
future investment portfolios, except that the Custodian shall not have such responsibility with respect to central depositories and clearing
agencies or with respect to custody arrangements in the countries listed on <u>Schedule D</u>, attached hereto, as that <u>Schedule</u> may be amended from time to time by notice to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to each arrangement with any Sub-custodian regarding the Assets of any investment portfolio
of the Fund for which Custodian has responsibility under this <u>Section 3A</u> (a " <u>Foreign Custodian</u> "), Custodian
shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) determine that the Fund's Assets will be subject to reasonable care, based on the standards applicable
to custodians in the relevant market, if maintained with the Foreign Custodian, after considering all factors relevant to the safekeeping
of such Assets, including without limitation, the factors set forth in Rule 17f-5(c)(l);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) determine that the written contract with such Foreign Custodian governing the foreign custody arrangements
complies with the requirements of Rule 17f-5 and will provide reasonable care for the Fund's Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) establish a system to monitor the appropriateness of maintaining the Fund's Assets pursuant to Rule
17f-5 with such Foreign Custodian and the contract governing the Fund's foreign custody arrangements, and performing such monitoring;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) provide to the Fund's Board of Directors, at least annually, written reports notifying the Board
of the placement of the Fund's Assets with a particular Foreign Custodian and periodic reports of any material changes to the Fund's
foreign custodian arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) withdraw the Fund's Assets from any Foreign Custodian as soon as reasonably practicable, if the
foreign custody arrangement no longer meets the requirements of Rule 17f-5.

Exhibit(g)(iii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Use of Sub-Custodians and Securities Depositories.</u> 

With respect to property of a Portfolio which is maintained by the Custodian in the custody of a Sub-Custodian pursuant to <u>Section 3</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian will identify on its books as belonging to the particular Portfolio any property held by
such Sub-Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that a Sub-Custodian permits any of the Securities placed in its care to be held in an Eligible
Securities Depository, such Sub-Custodian will be required by its agreement with the Custodian to identify on its books such Securities
as being held for the account of the Custodian as a custodian for its customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Securities held by a Sub-Custodian will be subject only to the instructions of the Custodian or its
agents; and any Securities held in a Securities Depository for the account of a Sub-Custodian will be subject only to the instructions
of such Sub-Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Custodian will only deposit Assets of a Portfolio in an account with a Sub-Custodian which includes
exclusively the assets held by the Custodian for its customers, and will cause such account to be designated by such Sub-Custodian as
a special custody account for the exclusive benefit of customers of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Before any Securities are placed in an Eligible Securities Depository, the Custodian shall provide the
Fund's Board of Directors with an analysis of the custody risks associated with maintaining assets with the Eligible Securities
Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Custodian or its agent shall continue to monitor the custody risks associated with maintaining the
Securities with a each Eligible Securities Depository and shall promptly notify the Fund's Board of Directors of any material changes
in said risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Compensation.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund will compensate the Custodian for its services rendered under this Agreement in accordance with
the fees set forth in the Fee Schedule annexed hereto as <u>Schedule C</u> (the " <u>Fee Schedule</u> ") and incorporated herein.
Such Fee Schedule does not include reasonable out-of-pocket disbursements of the Custodian for which the Custodian shall be entitled to
bill separately; <u>provided</u> that out-of-pocket disbursements may include only the items specified in <u>Schedule C</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Fund requests that the Custodian act as Custodian for any Portfolio hereafter established, at the
time the Custodian commences serving as such for said Portfolio, the compensation for such services shall be reflected in a fee schedule
for that Portfolio, dated and signed by an officer of each party hereto, which shall be attached to or otherwise reflected in <u>Schedule C</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any compensation agreed to hereunder may be adjusted from time to time by attaching to <u>Schedule C</u>,
or replacing <u>Schedule C</u> with, a revised Fee Schedule, dated and signed by an officer of each party hereto.

Exhibit(g)(iii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Custodian will bill the Fund for its services to each Portfolio hereunder as soon as practicable after
the end of each calendar quarter, and said billings will be detailed in accordance with the Fee Schedule for the Fund. The Fund will promptly
pay to the Custodian the amount of such billing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Custodian (not the Fund) will be responsible for the payment of the compensation of each Sub-Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Custody of Cash and Securities.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Receipt and Holding of Assets</u>. The Fund will deliver or cause to be delivered to the Custodian
and any Sub-Custodians all Securities and moneys of any Portfolio at any time during the period of this Agreement and shall specify the
Portfolio to which the Securities and moneys are to be specifically allocated. The Custodian will not be responsible for such Securities
and moneys until actually received by it or by a Sub-Custodian. The Fund may, from time to time in its sole discretion, provide the Custodian
with Instructions as to the manner in which, and in what amounts, Securities and moneys of a Portfolio are to be held on behalf of such
Portfolio in the Book-Entry System or a Depository. Securities and moneys of a Portfolio held in the Book-Entry System or a Depository
will be held in accounts which include only assets of Custodian that are held for its customers. After consultation with the Fund, the
Custodian may decline to accept delivery or custody of any assets it deems in good faith to carry onerous contingent or operational liabilities.
The Custodian will notify the Trust in the event it declines to accept delivery or custody of assets for reasons set forth in this Section
6(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Accounts and Disbursements</u>. The Custodian shall establish and maintain Separate Accounts for each
Portfolio and shall credit to the Separate Account all moneys received by it or a Sub-Custodian for the account of such Portfolio and
shall disburse, or cause a Sub-Custodian to disburse (including instructing cash movements to or from any Off-Book Cash Accounts), the
same only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In payment for Securities purchased for the Portfolio, as provided in <u>Section 7</u> hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In payment of dividends or distributions with respect to the Shares of such Portfolio, as provided in <u>Section 13</u> hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. In payment of original issue or other taxes with respect to the Shares of such Portfolio, as provided
in <u>Section 14(c)</u> hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In payment for Shares which have been redeemed by such Portfolio, as provided in <u>Section 14</u> hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. In payment of fees and in reimbursement of the reasonable expenses and liabilities of the Custodian attributable
to the Fund, as provided in <u>Sections 5</u> and <u>19(h)</u> hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Pursuant to Instructions setting forth the name of the Portfolio and the name and address of the person
to whom the payment is to be made, the amount to be paid and the purpose for which payment is to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Fail Float</u>. In the event that any payment made for a Portfolio under this <u>Section 6</u> exceeds
the funds available in that Portfolio's Separate Account, the Custodian or relevant Sub-Custodian, as the case may be, may, in its
discretion, advance the Fund on behalf of that Portfolio an amount equal to such excess and such advance shall be deemed an overdraft
from the Custodian or such Sub-Custodian to that Portfolio payable on demand, bearing interest at the rate of interest customarily charged
by the Custodian or such Sub-Custodian on similar overdrafts.

Exhibit(g)(iii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Confirmation and Statements</u>. At least monthly, the Custodian shall furnish the Fund with a detailed
statement of the Securities and moneys held by it and all Sub-Custodians for each Portfolio. Further, such statements of account will
include details of all receipts and disbursements of any Off-Book Cash Account, which shall be a reflection of information received from
the relevant Sub-Custodian by the Custodian. Such statements comprise the accounting book of record for the assets of each Fund for which
the Custodian acts as custodian. Where securities purchased for a Portfolio are in a fungible bulk of securities registered in the name
of the Custodian (or its nominee) or shown on the Custodian's account on the books of a Depository, the Book-Entry System or a Sub-Custodian,
the Custodian shall maintain such records as are necessary to enable it to identify the quantity of those securities held for such Portfolio.
In the absence of the filing in writing with the Custodian by the Fund of exceptions or objections to any such statement within 60 days
after the date that a material defect is reasonably discoverable, the Fund shall be deemed to have approved such statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Registration of Securities and Physical Separation</u>. All Securities held for a Portfolio which are
issued or issuable only in bearer form, except such Securities as are held in the Book-Entry System, shall be held by the Custodian or
a Sub-Custodian in that form; all other Securities held for a Portfolio may be registered in the name of that Portfolio, in the name of
any duly appointed registered nominee of the Custodian or a Sub-Custodian as the Custodian or such Sub-Custodian may from time to time
determine, or in the name of the Book-Entry System or a Depository or their successor or successors, or their nominee or nominees. The
Fund reserves the right to instruct the Custodian as to the method of registration and safekeeping of the Securities. The Fund agrees
to furnish to the Custodian appropriate instruments to enable the Custodian or any Sub-Custodian to hold or deliver in proper form for
transfer, or to register in the name of its registered nominee or in the name of the Book-Entry System or a Depository, any Securities
which the Custodian or a Sub-Custodian may hold for the account of a Portfolio and which may from time to time be registered in the name
of a Portfolio. The Custodian shall hold all such Securities specifically allocated to a Portfolio which are not held in the Book-Entry
System or a Depository in a Separate Account for such Portfolio in the name of such Portfolio physically segregated at all times from
those of any other person or persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Segregated Accounts</u>. Upon receipt of an Instruction, the Custodian will establish segregated accounts
on behalf of a Portfolio to hold liquid or other Assets as it shall be directed by such Instruction and shall increase or decrease the
Assets in such segregated accounts only as it shall be directed by subsequent Instruction. The Custodian shall also ensure that each Sub-Custodian,
to the extent permitted by applicable law, identifies on its books all liquid and other assets of a Portfolio as belonging to clients
of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Collection of Income and Other Matters Affecting Securities</u>. Except as otherwise provided in an
Instruction, the Custodian, by itself or through the use of the Book-Entry System or a Depository with respect to Securities therein maintained,
shall, or shall instruct the relevant Sub-Custodian to:

Exhibit(g)(iii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Collect all income due or payable with respect to Securities in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Present for payment and collect the amount payable upon all Securities which may mature or be called,
redeemed or retired, or otherwise become payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Surrender Securities in temporary form for derivative Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Execute any necessary declarations or certificates of ownership under the federal income tax laws or the
laws or regulations of any other taxing authority now or hereafter in effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Hold directly, or through the Book-Entry System or a Depository with respect to Securities therein deposited,
for the account of each Portfolio all rights and similar Securities issued with respect to any Securities held by the Custodian or relevant
Sub-Custodian for each Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Use reasonable efforts to contact appropriate parties to collect unpaid interest, dividends or redemption
proceeds and notify the Fund, via its normal reporting, of the late payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Delivery of Securities and Evidence of Authority</u>. Upon receipt of an Instruction, the Custodian,
directly or through the use of the Book-Entry System or a Depository, shall, or shall promptly instruct the relevant Sub-Custodian to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Execute and deliver or cause to be executed and delivered to such persons as may be designated in such
Instructions, proxies, consents, authorizations, and any other instruments whereby the authority of the Fund as owner of any Securities
may be exercised; <u>provided</u> that the Custodian will have no responsibility to provide the Fund with a voting service in respect
of upcoming shareholder and noteholder meetings in relation to Securities owned by the Fund or a Portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Deliver or cause to be delivered any Securities held for a Portfolio in exchange for other Securities
or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation or recapitalization of any
corporation, or the exercise of any conversion privilege;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Deliver or cause to be delivered any Securities held for a Portfolio to any protective committee, reorganization
committee or other person in connection with the reorganization, refinancing, merger, consolidation or recapitalization or sale of assets
of any corporation, and receive and hold under the terms of this Agreement in the Separate Account for each such Portfolio certificates
of deposit, interim receipts or other instruments or documents as may be issued to it to evidence such delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Make or cause to be made such transfers or exchanges of the Assets specifically allocated to the Separate
Account of a Portfolio and take such other steps as shall be stated in Written Instructions to be for the purpose of effectuating any
duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund;

Exhibit(g)(iii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Deliver Securities upon sale of such Securities for the account of a Portfolio pursuant to <u>Section 7</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Deliver Securities upon the receipt of payment in connection with any repurchase agreement related to
such Securities entered into on behalf of a Portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Deliver Securities of a Portfolio to the issuer thereof or its agent when such Securities are called,
redeemed, retired or otherwise become payable; <u>provided</u>, <u>however</u>, that in any such case the cash or other consideration
is to be delivered to the Custodian or Sub-Custodian, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Deliver Securities in connection with any loans of securities made by a Portfolio, but only against receipt
of adequate collateral as agreed upon from time to time by the Custodian and the Fund, which may be in the form of cash or obligations
issued by the United States Government, its agencies or instrumentalities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Deliver Securities as security in connection with any borrowings by a Portfolio requiring a pledge of
Portfolio Assets, but only against receipt of the amounts borrowed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Deliver Securities to the Transfer Agent or its designee or to the holders of Shares in connection with
distributions in kind, in satisfaction of requests by holders of Shares for repurchase or redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Deliver Securities for any other proper business purpose, but only upon receipt of, in addition to written
Instructions, a copy of a resolution or other authorization of the Fund certified by the Secretary of the Fund, specifying the Securities
to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper business purpose,
and naming the person or persons to whom delivery of such Securities shall be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Endorsement and Collection of Checks, Etc</u>. The Custodian is hereby authorized to endorse and collect
all checks, drafts or other orders for the payment of money received by the Custodian for the account of a Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Execution of Required Documents</u>. The Custodian is hereby authorized to execute any and all applications
or other documents required by a regulatory agency or similar entity as a condition of making investments in the foreign market under
such entity's jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Purchase and Sale of Securities.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Promptly after the purchase of Securities, the Fund or its designee shall deliver to the Custodian an
Instruction specifying with respect to each such purchase: (1) the name of the Portfolio to which such Securities are to be specifically
allocated; (2) the name of the issuer and the title of the Securities; (3) the number of shares or the principal amount purchased and
accrued interest, if any; (4) the date of purchase and settlement; (5) the purchase price per unit; (6) the total amount payable upon
such purchase; and (7) the name of the person from whom or the broker through whom the purchase was made, if any. The Custodian or specified
Sub-Custodian shall receive the Securities purchased by or for a Portfolio and upon receipt thereof (or upon receipt of advice from a
Depository or the Book-Entry System that the Securities have been transferred to the Custodian's account or upon receipt of instructions
relating to an Off-Book Cash Account) shall pay to the broker or other person specified by the Fund or its designee out of the moneys
held for the account of such Portfolio the total amount payable upon such purchase, <u>provided</u> that the same conforms to the total
amount payable as set forth in such Instruction.

Exhibit(g)(iii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly after the sale of Securities, the Fund or its designee shall deliver to the Custodian an Instruction
specifying with respect to each such sale: (1) the name of the Portfolio to which the Securities sold were specifically allocated; (2)
the name of the issuer and the title of the Securities; (3) the number of shares or principal amount sold, and accrued interest, if any;
(4) the date of sale; (5) the sale price per unit; (6) the total amount payable to the Portfolio upon such sale; and (7) the name of the
broker through whom or the person to whom the sale was made. The Custodian or relevant Sub-Custodian shall deliver or cause to be delivered
the Securities to the broker or other person designated by the Fund upon receipt (or upon confirmation of receipt in an Off-Book Cash
Account) of the total amount payable to such Portfolio upon such sale; <u>provided</u> that the same conforms to the total amount payable
to such Portfolio as set forth in such Instruction. Subject to the foregoing, the Custodian or relevant Sub-Custodian may accept payment
in such form as shall be satisfactory to it, and may deliver Securities and arrange for payment in accordance with the customs prevailing
among dealers in Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding (a) and (b) above, cash in any of the Portfolios may be invested by the Custodian for
short term purposes pursuant to standing Instructions from the Fund. For the avoidance of doubt, this <u>Section 7(c)</u> shall apply
to On-Book Currency only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Lending of Securities.</u> 

If the Fund and the Custodian enter into a separate written agreement authorizing the Custodian to lend Securities, the Custodian may lend Securities pursuant to such agreement. Such agreement must be approved by the Fund in the manner required by any applicable law, regulation or administrative pronouncement, and may provide for the payment of additional reasonable compensation to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Investment in Derivatives.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event the assets of any Portfolio are invested in financial futures or options on futures, the
Custodian shall, pursuant to Instructions (which may be standing Instructions): (i) transfer initial margin to a futures commission merchant
or third party safekeeping bank pursuant to Instructions and (ii) pay or demand variation margin in accordance with industry practice
to or from the designated futures commission merchant based on daily marking to market calculations. The Custodian shall have no investment
or custodial responsibility with respect to assets transferred to a futures commission merchant or safekeeping bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with any type of options transaction in a Portfolio, including, but not limited to, put
and call options, the Custodian is authorized to pledge assets of the Portfolio as collateral for such transaction pursuant to Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with any short sale transactions with respect to any Portfolio, the Custodian's responsibilities
shall be limited to putting the short positions on record, and accepting or transferring assets to or from the Portfolio pursuant to Instructions.
The Custodian shall have no responsibility to calculate realized gains or losses, nor shall the Custodian have any investment or custodial
responsibility with respect to cash or securities held by brokers or others, in connection with such transactions.

Exhibit(g)(iii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Pursuant to Instructions, and subject to the Custodian's consent, the Custodian shall (i) enter
into such additional procedural, safekeeping, custody, or other agreements with brokers, futures commission merchants, safekeeping banks
or others as the Fund or its designee may deem necessary to effectuate any futures, options on futures, options or short sale transactions
undertaken with respect to any Portfolio, and (ii) establish collateral accounts (which may be subaccounts of a Portfolio). The Fund or
its designee shall approve the form and content of any such additional agreements, and the provisions of such agreements shall control
in the event of a conflict with this Agreement. The Custodian shall have no investment or custodial responsibility hereunder for any assets
held pursuant to any such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Foreign Exchange Transactions.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To facilitate the administration of Fund's trading and investment activity, when instructed by specific
or standing Instruction, the Custodian is authorized to enter into spot or forward foreign exchange contracts with the Fund, or an Authorized
Person for the Fund, and may also provide foreign exchange contracts or facilities through its subsidiaries, affiliates or Sub-Custodians.
Instructions may be issued with respect to such contracts but the Custodian may establish rules or limitations concerning any foreign
exchange facility made available. In all cases where the Custodian, its subsidiaries, affiliates or Sub-Custodians enter into a separate
master foreign exchange contract with the Fund that covers foreign exchange transactions for the Portfolios, the terms and conditions
of that foreign exchange contract, and to the extent not inconsistent, this Agreement, shall apply to such transactions. The Fund understands
and accepts that the Custodian will be acting as principal in such transactions and shall provide such service at rates established in
its discretion having regard to rates available in the foreign exchange market on the global trading day and may retain any profit derived
from such service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event the Custodian determines that the assets of a Separate Account or Off-Book Cash Account are
insufficient to provide coverage in connection with any outstanding foreign exchange transactions executed on behalf of a Separate Account
or Off-Book Cash Account, the Fund agrees upon written notice from the Custodian, it shall deliver to the Separate Account or Off-Book
Cash Account immediately available funds or other assets acceptable to the Custodian in such amounts as the Custodian deems reasonably
necessary to provide such coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Provisional Credits and Debits.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian is authorized, but shall not be obligated, to credit the Separate Account of a Portfolio
with cash provisionally on payable date with respect to interest, dividends, distributions, redemptions or other amounts due. Otherwise,
such cash will be credited to the Portfolio on the date such cash is actually received and reconciled to the Portfolio. In cases where
the Custodian has credited a Portfolio with such cash prior to actual collection and reconciliation, the Fund acknowledges that the Custodian
shall be entitled to recover any such credit on demand from the Fund and further agrees that the Custodian may reverse such credit if
and to the extent that Custodian does not receive such amounts in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Separate Account is maintained as a global custody account it shall participate in the Custodian's
contractual settlement date processing service (" <u>CSDP</u> ") unless the Custodian directs the Fund, or the Fund informs
the Custodian, otherwise. Pursuant to CSDP the Custodian shall be authorized, but not obligated, to automatically credit or debit the
Separate Account provisionally on contractual settlement date with cash in connection with any sale, exchange or purchase of securities.
Otherwise, such cash shall be credited to the Separate Account on the day such cash is actually received by the Custodian and reconciled
to the Separate Account. In cases where the Custodian credits or debits the Separate Account with cash prior to actual receipt and reconciliation,
the Custodian may reverse such credit or debit as of contractual settlement date if and to the extent that any securities delivered by
the Custodian are returned by the recipient, or if the related transaction fails to settle (or fails, due to market change or other reasons,
to settle on terms which provide the Custodian full reimbursement of any provisional credit the Custodian has granted) within a reasonable
period of time under the circumstances. The Fund agrees that it will not make any claim or pursue any legal action against the Custodian
for loss or other detriment allegedly arising or resulting from the Custodian's good faith determination to effect, not effect or
reverse any provisional credit or debit to the Portfolio, except when Custodian has not satisfied its standard of care as set forth in <u>Section 19</u>.

Exhibit(g)(iii)

The Fund acknowledges and agrees that funds debited from the Separate Account on contractual settlement date including, without limitation, funds provided for the purchase of any securities under circumstances where settlement is delayed or otherwise does not take place in a timely manner for any reason, shall be held pending actual settlement of the related purchase transaction in a non-interest bearing deposit at the Custodian's London Branch; that such funds shall be available for use in the Custodian's general operations; and that the Custodian's maintenance and use of such funds in such circumstances are, without limitation, in consideration of the Custodian's providing CSDP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund recognizes that any decision to effect a provisional credit or an advancement of the Custodian's
own funds under this Agreement will be an accommodation granted entirely at the Custodian's option and in light of the particular
circumstances, which circumstances may involve conditions in different countries, markets and classes of assets at different times. The
Fund shall make the Custodian whole for any loss which it may incur from granting such accommodations and acknowledges that the Custodian
shall be entitled to recover any relevant amounts from the Fund on demand. All amounts thus due to the Custodian shall be paid by the
Fund from the account of the relevant Portfolio unless otherwise paid on a timely basis, and until such amounts are paid, any credit to
the relevant Separate Account in the same currency and in the normal and operational course of settlement of a transaction (including
income payments) shall be automatically applied to repayment of such amounts owed to the Custodian. Furthermore, the Fund grants to the
Custodian a continuing security interest and lien on all Assets of such Portfolio to secure such payments and agrees that the Custodian
may apply or set off against such amounts any amounts credited by or due from the Custodian to the Fund. If funds in the Portfolio are
insufficient to make any such payment, the Fund shall promptly deliver to the Custodian the amount of such deficiency in immediately available
funds when and as specified by the Custodian's written notification to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Cash.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with the Custodian's custody service, intra-day United States dollar cash receipts,
holdings and disbursements of the Fund will be held by the Custodian on its balance sheet in Chicago. Intra-day cash receipts, holdings
and disbursements of the Fund denominated in currencies other than United States dollars that are in any On-Book Currency will be held
by the Custodian on the balance sheet of its London Branch. All cash held on the balance sheet of the Custodian's Chicago office
or any of its foreign branches will be held by the Custodian as depository bank. Such cash may be commingled with the Custodian's
own cash and the cash of its other clients. The Custodian's liability to the Fund and the Portfolios in respect of cash of any Portfolio
maintained on the balance sheet of the Custodian's Chicago office or foreign branch shall be that of debtor.

Exhibit(g)(iii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund may direct (by standing instruction or otherwise) that United States dollars projected to be
remaining in the Fund at the end of each business day be invested in an off-balance sheet investment vehicle offered by the Custodian
for such purpose or invested in interest-bearing deposit obligations of one of the Custodian's foreign branches, provided that the
availability of any such off-balance sheet investment option will be in the Custodian's discretion. The Custodian reserves the right
to amend the interest rate applicable to United States dollar deposits in respect of which it pays interest. United States dollar cash
that is not invested in an off-balance sheet, short-term investment vehicle or in an interest-bearing deposit obligation of the Custodian's
foreign branch described above will remain uninvested on the balance sheet of the Custodian's Chicago office. Further, with respect
to On-Book Currency consisting of non-United States dollars that remain in the Fund at the end of each business day, the Fund hereby directs
that such currency shall be invested in an interest-bearing deposit account at the Custodian's London Branch unless the Custodian
receives other written instructions from the Fund. The Fund acknowledges that: (i) the availability of such on-balance sheet investment
option will be available for eligible currencies only and will be in the Custodian's discretion and (ii) the Custodian reserves
the right to amend the interest rate applicable to any currency in respect of which the Custodian pays interest.

In connection with the foregoing and to the extent the Fund maintains cash deposits, intra-day or otherwise, of a global separate account at the Custodian's London Branch, the Fund acknowledges and agrees that deposit accounts maintained at foreign branches of United States banks (including, if applicable, accounts in which customer funds for the purchase of securities are held on and after contractual settlement date), are not payable at any office of The Northern Trust Company in the United States; are not insured by the U.S. Federal Deposit Insurance Corporation; may not be guaranteed by any local or foreign governmental authority; are unsecured general credit liabilities; and in the event of the Custodian's insolvency, may be subordinated in priority of payment to deposits payable in the United States. Therefore, beneficial owners of such foreign branch deposits may be unsecured creditors of The Northern Trust Company. Deposit account balances that are owned by United States residents are expected to be maintained in an aggregate amount of at least $100,000 or the equivalent in other currencies. For the avoidance of doubt, this Section 12(b) shall apply to On-Book Currency only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund further acknowledges and agrees that cash deposits maintained at any of the Custodian's
foreign branches are payable only in the currency in which an applicable deposit is denominated, are payable only on the Fund's
demand at the branch where the deposit is maintained, and are not payable at any of the Custodian's offices in the United States.
The Custodian does not promise or guarantee in any manner any such payment in the United States.

The Fund further acknowledges and agrees that such foreign branch deposits are subject to cross-border risk. The Custodian will have no obligation to make payment of foreign branch deposits if and for so long as the Custodian is: (a) prevented from doing so by reason of applicable law or regulation or any Sovereign Risk event affecting the foreign branch or the currency in which the applicable deposit is denominated or (b) unable to do so because it does not receive cash payments that were otherwise due to it (and that it would otherwise require to make payment of cash deposits to the Fund or a Portfolio) from a settlement system, clearing agency, central depository, federal entry account system or similar system (each a "<u>Settlement System</u>") because the Settlement System's access to its account with the relevant national central bank or a local correspondent bank is prohibited, denied or suspended, or the Settlement System is in its view otherwise prevented from accessing its account, in either case due to: (i) the Settlement System's rules and operating procedures; (ii) insolvency proceedings; (iii) legislative actions; (iv) sanctions; or (v) order of any government or governmental body or international regulatory authority (including any court or tribunal). "<u>Sovereign Risk</u>" for purposes of this paragraph means nationalization, expropriation, devaluation, revaluation, confiscation, seizure, cancellation, destruction or similar action by any governmental authority, de facto or de jure; or enactment, promulgation, imposition or enforcement by any such governmental authority of currency restrictions, exchange controls, taxes, levies or other charges affecting the property rights of persons who are not residents of the affected jurisdiction; or acts of war, terrorism, insurrection or revolution; or any other act or event beyond the Custodian's reasonable control. For the avoidance of doubt, this <u>Section 12(c)</u> shall apply to On-Book Currency only.

Exhibit(g)(iii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With notice to the Fund in accordance with Section 12(f) below, in certain global markets, the Custodian,
as the Delegate of the Fund, may make a determination to move currency off its balance sheet. In those markets, Off-Book Currency will
be held in an Off-Book Cash Account with a Sub-Custodian which is operated by the Custodian on behalf of the Fund. For the avoidance of
doubt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Off-Book Currency shall represent a debt due by the relevant Sub-Custodian to the Fund, and the Fund
will have a debtor-creditor relationship with such Sub-Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the Custodian shall provide consolidated reporting with respect to such Off-Book Cash Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the Custodian, on behalf of the Fund, shall enforce any and all rights of the Fund and remedies against
such Sub-Custodian regarding any Off-Book Cash Account held through such Sub-Custodian and the Fund shall provide reasonable cooperation
and coordination to the Custodian in connection therewith as reasonably necessary or required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the standard of care set forth in Section 19(b) shall apply to the Custodian and such Sub-Custodian with
respect to any Off-Book Cash Account held through such Sub-Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund acknowledges and agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. an Off-Book Cash Account is established to support custody activity on behalf of the Fund and, in order
to coordinate the settlement in an Off-Book Currency and securities, the Custodian is authorized to open, close, access and operate, as
applicable, any Off-Book Cash Account(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the Fund shall issue instructions in connection with any Off-Book Cash Account to the Custodian and the
Custodian will instruct the relevant Sub-Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the Fund is responsible for the fees or charges on the Off-Book Cash Account and the Custodian is authorized
to pay any such fees or expenses from the Off-Book Cash Account or a Separate Account as directed by the Fund; and

Exhibit(g)(iii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. in order to operate the Off-Book Cash Account, the Custodian may be required to execute further documents
to evidence the Custodian's authority to open, close and operate, as applicable, the Off-Book Cash Accounts, including powers of
attorney.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Custodian shall notify the Fund from time to time via Atlas bulletins or similar notices that may
be issued to the Fund through Northern Trust Passport® of markets requiring Off-Book Cash Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Payment of Dividends or Distributions.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that the Board of Directors of the Fund (or a committee thereof) authorizes the declaration
of dividends or distributions with respect to a Portfolio, an Authorized Person shall provide the Custodian with Instructions specifying
the record date, the date of payment of such distribution and the total amount payable to the Transfer Agent or its designee on such payment
date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the payment date specified in such Instructions, the Custodian shall pay the total amount payable
to the Transfer Agent or its designee out of the moneys specifically allocated to and held for the account of the appropriate Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Sale and Redemption of Shares.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever the Fund shall sell any Shares, the Fund shall deliver or cause to be delivered to the Custodian
an Instruction specifying the name of the Portfolio whose Shares were sold and the amount to be received by the Custodian for the sale
of such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon receipt of such amount from the Transfer Agent or its designee, the Custodian shall credit such money
to the Separate Account of the Portfolio specified in the Instruction described in <u>paragraph (a)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon issuance of any Shares in accordance with the foregoing provisions of this <u>Section 14</u>, the
Custodian shall pay all original issue or other taxes required to be paid in connection with such issuance upon the receipt of an Instruction
specifying the amount to be paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as provided hereafter, whenever any Shares are redeemed, the Fund shall deliver or cause to be
delivered to the Custodian an Instruction specifying the name of the Portfolio whose Shares were redeemed and the total amount to be paid
for the Shares redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon receipt of an Instruction described in <u>paragraph (d)</u> above, the Custodian shall pay to the
Transfer Agent (or such other person as the Transfer Agent directs) the total amount specified in such Instruction. Such payment shall
be made from the Separate Account of the Portfolio specified in such Instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Corporate Action.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian will monitor publicly-available information in the applicable market about impending income
payments on a Portfolio's assets. Whenever the Custodian or any Sub-Custodian receives information concerning Securities held for
a Portfolio which requires discretionary action by the beneficial owner of the Securities (other than a proxy), such as subscription rights,
bond issues, stock repurchase plans and rights offerings, or legal notices or other material intended to be transmitted to Securities
holders (" <u>Corporate Actions</u> "), the Custodian will promptly give the Fund or its designee notice of such Corporate Actions
to the extent that the Custodian's central corporate actions department has actual knowledge of a Corporate Action in time to notify
the Fund, with periodic follow-up reminders, if reasonably possible, prior to the election deadline.

Exhibit(g)(iii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) When a rights entitlement or a fractional interest resulting from a rights issue, stock dividend, stock
split or similar Corporate Action which bears an expiration date is received, the Custodian will endeavor to obtain an Instruction relating
to such Corporate Action from an Authorized Person, but if such Instruction is not received in time for the Custodian to take timely action,
or actual notice of such Corporate Action was received too late to seek such an Instruction, the Custodian shall consult with the Fund
and shall not be required to take any action except as otherwise agreed in writing between the Custodian and the Portfolio (including
pursuant to a standing Instruction) or as a may be set forth by the Custodian as a default action in its notice to the Fund pursuant to
Section 15(a) hereof with respect to the corporate action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Custodian shall act on voluntary Corporate Actions solely as directed by the Fund or its designee,
and in the absence of any such direction, will take such action described as the default action in the initial Corporate Actions notice
to the Fund or its designee. If the Fund receives a distribution of rights, the Custodian shall hold to expiration, sell or exercise such
rights solely as directed by the Fund or its designee. If a corporation whose common stock shares are held in the Fund declares a dividend
in such stock, and payment of such dividend results in a fractional share, the Custodian shall promptly sell such fraction in any global
market where such fractional share is not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Custodian will promptly deliver proxies to the Fund or its designated agent pursuant to special arrangements
which may have been agreed to in writing between the parties hereto. Such proxies shall be executed in the appropriate nominee name relating
to Securities registered in the name of such nominee but without indicating the manner in which such proxies are to be voted; and where
bearer Securities are involved, proxies will be delivered in accordance with an applicable Instruction, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event that the Custodian receives notice of a settled securities class action litigation, the Custodian
shall notify the Fund of any notices that require actions by the Fund. In the event that the Fund was an affected owner of the relevant
Securities, the Custodian will promptly notify the Fund accordingly and file a claim in relation to that class action unless otherwise
directed by the Fund. The Fund acknowledges that the Custodian provides class action support in specific markets only and details of such
markets will be provided to the Fund Board on a quarterly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Tax Obligations</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund authorizes the Custodian (or its Foreign Custodian) to deduct from a Separate Account (or withhold
from any transaction or payment) any income or other taxes, levies, penalties or interest required by any revenue or governmental authority
for whatever reason in respect of such Separate Account, save where such penalties or interest is the direct result of the fraud, willful
misconduct or negligence of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund shall promptly deliver to the Custodian such documents, attestations, affidavits or certificates
as the Custodian may reasonably require in connection with the Fund's tax residency and status (" <u>Tax Documents</u> ").
The Fund represents and warrants that such Tax Documents are true, accurate and not misleading in every respect and reflect the Fund's
full understanding of its tax status including its eligibility for tax relief or exemption from tax where applicable; and undertakes to
notify the Custodian as soon as reasonably practicable if any information contained therein requires updating or correcting. The Fund
acknowledges that it is ultimately responsible on an ongoing basis for determining its tax status in each jurisdiction, including its
eligibility to claim any applicable reliefs pursuant to the relevant tax treaties in force from time to time. Upon request from the relevant
tax authority, or where it forms part of an established market process or reporting requirement, the Custodian (or its Foreign Custodian)
may share such Tax Documents with any relevant tax authority.

Exhibit(g)(iii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Custodian shall have no obligation to carry out any investigation with respect to the information
provided in the Tax Documents, and the Fund will hold the Custodian harmless from any liability resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Fund's provision of, or failure to provide, complete and accurate information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the withholding of material information by the Fund or any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund acknowledges that in the event that it does not, on a timely basis, deliver to the Custodian
any Tax Documents requested under <u>Section 16</u> (b) above, that the Fund may become liable for, and the Custodian may deduct Cash from
the applicable Separate Account, additional tax in respect of the securities held by the Custodian (or any Foreign Custodian) pursuant
to this agreement. The Fund further acknowledges that the Custodian may also be restricted in its ability to provide other components
of the services provided hereunder in the event it does not deliver to the Custodian such Tax Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Custodian may assume, unless instructed in writing otherwise, that the Fund or the relevant Portfolio,
as applicable, is the beneficial owner of all assets held in the applicable Separate Account and the cash in an Off-Book Cash Account,
from time to time, and all resultant income. The Fund shall notify the Custodian promptly of any change in its status or residence. The
Fund shall be liable for any consequences resulting from its failure to fulfill its obligations under this <u>Section 16</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Tax Services</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise agreed between the Custodian and the Fund, the Custodian shall provide a tax relief
service, as more specifically set forth in this <u>Section 17</u>, with respect to taxation or levies imposed by the revenue authorities
of those countries in which it is customary for a global custodian to apply for and obtain tax relief on behalf of its client, subject
to the eligibility of the Fund for such services and the practicality of obtaining such tax relief, as determined by the Custodian in
its discretion. Details of those jurisdictions in which the Custodian will provide such service from time to time are available from the
Custodian upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The tax relief service comprises:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. a relief at source service, pursuant to which the Custodian will obtain a reduction of withholding tax
in the applicable market in respect of payments received or income derived in connection with the assets of a Separate Account or an Off-Book
Cash Account to which the Custodian reasonably believes, subject to the Fund's responsibilities outlined in <u>Section 16(b)</u>,
are available to the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. subject to the Fund's responsibilities outlined in Section 16(b), a tax reclaim service, pursuant
to which the Custodian will apply to the relevant revenue authority for recovery of tax withheld on assets of a Separate Account or an
Off-Book Cash Account eligible for such service.

Exhibit(g)(iii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Custodian shall provide such other tax or reporting services including, but not limited to, transfer
taxes, local income or capital gains taxes, where it is customary for the Custodian, acting in accordance with the standard of care set
forth in <u>Section 19(b)</u>, to have a servicing responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The provision of the tax relief service is conditional upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the timely receipt by the Custodian from the Fund of such documentation or other information as the Custodian
may reasonably request from time to time including documentation relating to the Fund's tax residency and status for the purposes
of establishing the Fund's eligibility for any applicable tax relief; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. de minimus provisions of the Custodian, its Foreign Custodian or any Settlement System relating to the
recovery of tax notified to the Fund from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Persons Having Access to the Portfolios.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither the Fund nor any officer, director, employee or agent of the Fund, the Fund's investment
adviser, or any sub-investment adviser, shall have physical access to the assets of any Portfolio held by the Custodian or any Sub-Custodian
or be authorized or permitted to withdraw any investments of a Portfolio, nor shall the Custodian or any Sub-Custodian deliver any assets
of a Portfolio to any such person. No officer, director, employee or agent of the Custodian who holds any similar position with the Fund's
investment adviser, with any sub-investment adviser of the Fund or with the Fund shall have access to the assets of any Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nothing in this <u>Section 18</u> shall prohibit any Authorized Person from giving Instructions to the
Custodian so long as such Instructions do not result in delivery of or access to assets of a Portfolio prohibited by <u>paragraph (a)</u> of this <u>Section 18</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Custodian represents that it maintains systems and policies and procedures that are reasonably designed
to prevent unauthorized persons from having access to the assets that it holds (by any means) for its customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Concerning the Custodian.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Scope of Services</u>. The Custodian shall be obligated to perform only such services as are set forth
in this Agreement or expressly contained in an Instruction given to the Custodian which is not contrary to the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Standard of Care</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Custodian will use reasonable care, prudence and diligence with respect to its obligations under this
Agreement and the safekeeping of property of the Portfolios. The Custodian shall be liable to, and shall indemnify and hold harmless,
the Fund from and against any loss which shall occur as the result of the failure of the Custodian or a Sub-Custodian to exercise reasonable
care, prudence and diligence with respect to their respective obligations under this Agreement and the safekeeping of such property. The
determination of whether the Custodian or Sub-Custodian has exercised reasonable care, prudence and diligence in connection with their
obligations under this Agreement shall be made in light of prevailing standards applicable to professional custodians in the jurisdiction
in which such custodial services are performed. In the event of any loss to the Fund by reason of the failure of the Custodian or a Sub-Custodian
to exercise reasonable care, prudence and diligence, the Custodian shall be liable to the Fund only to the extent of the Fund's
direct damages and expenses, which damages, for purposes of property only, shall be determined based on the market value of the property
which is the subject of the loss at the date of discovery of such loss and without reference to any special condition or circumstances.

Exhibit(g)(iii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Custodian will not be responsible for any act, omission or default of, or for the solvency of, any
Settlement System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Custodian will not be responsible for any act, omission or default of, or for the solvency of, any
broker or agent (not referred to in <u>paragraph (b)(2)</u> above) which it or a Sub-Custodian appoints and uses unless such appointment
and use is made or done negligently or in bad faith. In the event such an appointment and use is made or done negligently or in bad faith,
the Custodian shall be liable to the Fund only for direct damages and expenses (determined in the manner described in <u>paragraph (b)(1)</u> above) resulting from such appointment and use and, in the case of any loss due to an act, omission or default of such agent or broker,
only to the extent that such loss occurs as a result of the failure of the agent or broker to exercise reasonable care (" <u>reasonable care</u> " for this purpose to be determined in light of the prevailing standards applicable to agents or brokers, as appropriate,
in the jurisdiction where the services are performed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Custodian shall be entitled to rely, and may act, upon the advice of counsel experienced in the matters
that are subject of this Agreement (who may be counsel for the Fund) and shall be without liability for any action reasonably taken or
omitted in good faith and without negligence pursuant to such advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Custodian shall be entitled to rely upon (x) any Instruction it receives pursuant to the applicable
Sections of this Agreement that it reasonably believes to be genuine and to be from an Authorized Person and (y) information it receives
from a Sub-Custodian in relation to Off-Book Cash Accounts, excluding information that the Custodian knows or reasonably should know is
incorrect. In the event that the Custodian receives oral Instructions, the Fund or its designee shall cause to be delivered to the Custodian,
by the close of business on the same day that such oral Instructions were given to the Custodian, written Instructions confirming such
oral Instructions, whether by hand delivery, telex or otherwise. The Fund agrees that the fact that no such confirming written Instructions
are received by the Custodian shall in no way affect the validity of the transactions or enforceability of the transactions hereby authorized
by the Fund. The Fund agrees that the Custodian shall incur no liability to the Fund in connection with (i) acting upon oral Instructions
given to the Custodian hereunder, <u>provided</u> such instructions reasonably appear to have been received from an Authorized Person
or (ii) deciding not to act solely upon oral Instructions, <u>provided</u> that the Custodian first contacts the giver of such oral Instructions
and requests written confirmation immediately following any such decision not to act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Custodian shall supply the Fund or its designee with such daily information regarding the cash and
Securities positions and activity of each Portfolio as the Custodian and the Fund or its designee shall from time to time agree and details
of all receipts and disbursements of any Off-Book Cash Account, which shall be a reflection of information received from the relevant
Sub-Custodian by the Custodian. It is understood that such information will not be audited by the Custodian and the Custodian represents
that such information will be the best information then available to the Custodian. The Custodian shall have no responsibility whatsoever
for the pricing of Securities, pricing of Off-Book Cash Accounts, accruing for income, valuing the effect of Corporate Actions, or for
the failure of the Fund or its designee to reconcile differences between the information supplied by the Custodian and information obtained
by the Fund or its designee from other sources, including but not limited to pricing vendors and the Fund's investment adviser.
Subject to the foregoing, to the extent that any miscalculation by the Fund or its designee of a Portfolio's net asset value is
attributable to the willful misfeasance, bad faith or negligence of the Custodian (including any Sub-Custodian) in supplying or omitting
to supply the Fund or its designee with information as aforesaid, the Custodian shall be liable to the Fund for any resulting loss (subject
to such de minimis rule of change in value as the Board of Directors may from time to time adopt).

Exhibit(g)(iii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. In connection with the transfer of assets from a third party to the Custodian, the Fund may direct the
Custodian to include in such accounts details of assets held by such third party on its system in anticipation of receipt of such assets.
In such event, the Custodian shall have no custodial responsibility for such assets until they are actually received by the Custodian,
the Custodian may conclusively rely on information received from the Fund, a Sub-Custodian in relation to Off-Book Cash Accounts, or a
third party with regard to transitional assets or assets held outside of the Custodian's custody.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. In the event of an error or omission in the processing or settlement of any transaction provided for hereunder,
the Custodian, as soon as reasonably practicable in light of the circumstances surrounding such error or omission and its correction,
shall take such action as it considers appropriate to place the Fund in the same or equivalent position as if the error or omission had
not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Limit of Duties</u>. Without limiting the generality of the foregoing, the Custodian shall be under
no duty or obligation to inquire into, and shall not be liable for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The validity of the issue of any Securities purchased by any Portfolio, the legality of the purchase thereof,
or the propriety of the amount specified by the Fund or its designee for payment therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The legality of the sale of any Securities by any Portfolio or the propriety of the amount of consideration
for which the same are sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The legality of the issue or sale of any Shares, or the sufficiency of the amount to be received therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The legality of the redemption of any Shares, or the propriety of the amount to be paid therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The legality of the declaration or payment of any dividend or distribution by the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The legality of any borrowing.

Exhibit(g)(iii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Blanket Bond</u>. The Custodian need not maintain any insurance for the exclusive benefit of the Fund,
but hereby warrants that as of the date of this Agreement it is maintaining a bankers Blanket Bond and hereby agrees to notify the Fund
in the event that such bond is canceled or otherwise lapses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Further Limitation of Duties</u>. Consistent with and without limiting the language contained in <u>Section 19(b)</u>, it is specifically acknowledged that the Custodian shall have no duty or responsibility to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Question any Instruction or make any suggestions to the Fund or an Authorized Person regarding any Instruction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Supervise or make recommendations with respect to investments or the retention of Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Subject to <u>Section 19(b)(3)</u> hereof, evaluate or report to the Fund or an Authorized Person regarding
the financial condition of any broker, agent or other party to which Securities are delivered or payments are made pursuant to this Agreement;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Review or reconcile trade confirmations received from brokers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Amounts Due from or to Transfer Agent</u>. The Custodian shall not be under any duty or obligation
to take action to effect collection of any amount due to any Portfolio from the Transfer Agent or its designee nor to take any action
to effect payment or distribution by the Transfer Agent or its designee of any amount paid by the Custodian to the Transfer Agent in accordance
with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>No Duty to Ascertain Authority</u>. The Custodian shall not be under any duty or obligation to ascertain
whether any Securities at any time delivered to or held by it for the Fund and specifically allocated to a Portfolio are such as may properly
be held by the Fund under the provisions of the Declaration of Trust and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Indemnification</u>. The Fund agrees to indemnify and hold the Custodian harmless from all loss, cost,
taxes, charges, assessments, claims, and liabilities (including, without limitation, liabilities arising under the Securities Act of 1933,
the Securities Exchange Act of 1934 and the 1940 Act and state or foreign securities laws) and reasonable expenses (including reasonable
attorneys' fees and disbursements) arising directly or indirectly from any action taken or omitted by the Custodian (i) at the request
or on the direction of or in reliance on the advice of the Fund or in reasonable reliance upon the Prospectus or (ii) upon an Instruction; <u>provided</u>, that the foregoing indemnity shall not apply to any loss, cost, tax, charge, assessment, claim, liability or expense
to the extent the same is attributable to the Custodian's or any Sub-Custodian's negligence, willful misconduct, bad faith
or reckless disregard of duties and obligations under this Agreement or any other agreement relating to the custody of Fund property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Taxes</u>. The Fund agrees to hold the Custodian harmless from any liability or loss resulting from
the imposition or assessment of any taxes or other governmental charges on a Portfolio.

Exhibit(g)(iii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Custodian Not Liable for Certain Losses</u>. Without limiting the foregoing, the Custodian shall not
be liable for any loss which results from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the general risk of investing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. subject to <u>Section 19(b)</u> hereof, investing or holding property in a particular country including,
but not limited to, losses resulting from nationalization, expropriation or other governmental actions or Sovereign Risk; regulation of
the banking or securities industry; currency restrictions, devaluations or fluctuations; and market conditions which prevent the orderly
execution of securities transactions or affect the value of property held pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. consequential, special or punitive damages for any act or failure to act under any provision of this Agreement,
even if advised of the possibility thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the mispricing of Fund Assets or the value of an Off-Book Cash Account by any broker, pricing service
or Sub-Custodian in relation to Off-Book Cash Accounts, or other person upon whose valuation the Custodian relies in good faith; provided
that if the Custodian selected such broker, pricing service or Sub-Custodian, the Custodian shall have exercised reasonable care in selecting
the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. any attempt by the Custodian to perform the applicable services hereunder to the extent the Custodian
receives late any instruction, direction, document or other information reasonably requested by the Custodian and upon which the delivery
of the relevant services hereunder is contingent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. the Custodian effecting any free payment against an expectation of receipt by the Fund of securities or
other assets where such settlement procedures are in accordance with prevailing market practice or as directed by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Force Majeure</u>. No party shall be liable to the other for any delay in performance, or non-performance,
of any obligation hereunder to the extent that the same is due to forces beyond its reasonable control, including but not limited to delays,
errors or interruptions caused by the other party or third parties (including the Fund's counterparties and such counterparty's
depository, custodian or financial institution or other intermediary or agent), any Sovereign Risk, the act of any other competent authority
or any investment exchange or clearing house, storm, tempest, pandemic, accident, fire, computer error or failure, delay, lock-out or
the breakdown, failure or malfunction in communications systems, market infrastructure or electronic transmission systems, unavailability
of market prices or suspension of dealing on relevant exchanges, any industrial, juridical, governmental, civil or military action, acts
of terrorism, insurrection or revolution, nuclear fusion, fission or radiation, failure or fluctuation in electrical power, heat, light,
air conditioning or telecommunications equipment, or acts of God; provided that with regard to the Custodian, the Custodian has implemented
and maintains a business continuity plan that complies with applicable laws, rules and regulations and reasonable industry standards.
The Custodian shall promptly notify the Fund upon the occurrence of any such event and use commercially reasonable efforts to minimize
the effect of any such events.

In the event that the Fund reasonably believes that the occurrence of any such event will substantially prevent, hinder or delay performance of the services contemplated by this Agreement for more than three (3) consecutive business days, the Fund may take commercially reasonable actions to mitigate the impact of such services not being provided, including, but not limited to, at the Fund's expense, contracting with another service provider to provide such services during such period; provided, that the Fund shall consult with the Custodian in good faith in connection with any such mitigation and the Custodian shall provide the Fund reasonable assistance in good faith in connection therewith; provided, further, that the Custodian shall resume providing, and the Fund shall pay for, such services when the Custodian resumes providing them, unless the Fund has terminated this Agreement pursuant to the terms of Section 21. Notwithstanding anything set forth in this Section 19(k), (i) in no event shall the Fund be obligated to pay any fees under this Agreement to the Custodian with respect to any services not actually provided during any event described in this Section 19(k), and (ii) the Fund shall have no responsibility to pay the Custodian for services temporarily performed by a third party service provider.

Exhibit(g)(iii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Inspection of Books and Records</u>. The Custodian shall create and maintain all records relating to
its activities and obligations under this Agreement in such manner as will meet the obligations of the Fund under the 1940 Act, with particular
attention to Section 31 thereof and Rules 31a-1 and 31a-2 thereunder, and under applicable federal and state laws. All such records shall
be the property of the Fund and shall at all times during regular business hours of the Custodian be open for inspection by duly authorized
officers, employees and agents of the Fund and by the appropriate employees of the Securities and Exchange Commission. Subject to confidentiality
concerns of other of Custodian's clients, the Custodian shall allow the Fund's independent public accountant reasonable access
to the records of the Custodian relating to Securities and Portfolios as required in connection with their examination of books and records
pertaining to the Custodian's affairs. Subject to restrictions under applicable law, the Custodian shall also seek to obtain an
undertaking or other agreement to permit the Fund's independent public accountant reasonable access to the records of any Sub-Custodian
which has physical possession of any Securities and Portfolios as may be required in connection with the examination of the Fund's
books and records. The Custodian shall, at the Fund's request, supply the Fund with a tabulation of Securities and shall, when requested
to do so by the Fund and for such compensation as shall be agreed upon between the Fund and the Custodian, include certificate numbers
in such tabulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Accounting Control Report</u>. The Custodian shall provide, promptly, upon request of the Fund, such
reports as are available concerning the internal accounting controls and financial strength of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Anti-Money Laundering</u>. The Fund acknowledges that the Custodian's provision of services under
this Agreement is subject to sanctions and anti-money laundering laws in its country of domicile and certain other countries (money laundering
includes any dealing with the proceeds of or assets used in connection with criminal activity, whenever committed) and that any dealing
with funds or assets of any person or entity involved or suspected of involvement in terrorism, any terrorist act or terrorism financing
or sanctioned activity may prohibit the Custodian from entering or concluding transactions involving those persons or entities. The Fund
and the Portfolios agree that the Custodian may delay, block or refuse to make any payment, receive any money or deal with any asset if
the Custodian believes on reasonable grounds making or receiving the payment or dealing with such asset in connection with the provision
of services described hereunder may breach any law applicable relating to sanctions, anti-money laundering or criminal or terrorist or
terrorism financing activities and that the Custodian will incur no liability to the Fund or the Portfolios if acting (or failing to act)
on reasonable grounds pursuant to the foregoing. To the extent permitted by law, the Custodian will promptly provide the Fund with notice,
which, if practicable, will be prior notice, if it is unable to act as a result of this <u>Section 19(n)</u>. The Fund will, in a timely
manner, provide all information and documents to the Custodian that the Custodian reasonably requires to comply with laws applicable to
it in connection with anti-money laundering or criminal or terrorist or sanctioned activities as they affect the provision of services
described hereunder and the Fund and the Portfolios agree, in accordance with this <u>Section 19(n)</u>, the Custodian may disclose such
information where required by applicable law. The Fund and the Portfolios acknowledge that the Custodian is subject to anti-bribery legislation
in its country of domicile and certain other countries and is required to put in place adequate procedures designed to prevent persons
associated with the Custodian from undertaking conduct involving or suspected of involving bribery.

Exhibit(g)(iii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Data Protection</u>. The Custodian will take commercially reasonable steps to comply with state and
federal laws and regulations regarding confidentiality, privacy, and security applicable to the Custodian in its provision of services
hereunder and to comply with its internal data protection guidelines in place from time to time. Upon written request, the Custodian will
provide documentation to the Fund summarizing the Custodian's policies with respect to data protection and cybersecurity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Representations and Warranties.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund hereby represents and warrants to Custodian that: (1) it has full authority and power to deposit
and control the Securities and moneys deposited in the Portfolios; (2) it has all necessary authority to use Custodian as its custodian;
(3) this Agreement constitutes its legal, valid and binding obligation, enforceable in accordance with its terms; and (4) it shall have
full authority and power to borrow moneys and enter into foreign exchange transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Custodian hereby represents and warrants to the Fund that: (1) it has the full power and authority
to perform its obligations hereunder; (2) this Agreement constitutes its legal, valid and binding obligation, enforceable in accordance
with its terms; and (3) that it has taken all necessary action to authorize the execution and delivery hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Term and Termination.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective on the date first set forth above (the " <u>Effective Date</u> ")
and shall continue in effect thereafter until terminated in accordance with <u>Section 21(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Either of the parties hereto may terminate this Agreement with respect to any Portfolio by giving to the
other party a notice in writing specifying the date of such termination, which, in case the Fund is the terminating party, shall be not
less than 60 days after the date of Custodian receives such notice or, in case the Custodian is the terminating party, shall be not less
than 90 days after the date the Fund receives such notice.

In the event such notice is given by the Custodian, the Fund shall, on or before the termination date, deliver a notice in writing designating a successor custodian or custodians. In the absence of such designation by the Fund, the Custodian may designate a successor custodian, which shall be a person qualified to so act under the 1940 Act. If the Fund fails to designate a successor custodian with respect to any Portfolio, the Fund shall upon the date specified in the notice of termination of this Agreement and upon the delivery by the Custodian of all Securities (other than Securities held in the Book-Entry System which cannot be delivered to the Fund) and moneys of such Portfolio, be deemed to be its own custodian and the Custodian shall thereby be relieved of all duties and responsibilities pursuant to this Agreement, other than the duty with respect to Securities held in the Book Entry System which cannot be delivered to the Fund.

Exhibit(g)(iii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the date set forth in such notice under <u>paragraph (b)</u> of this <u>Section 21</u>, this Agreement
shall terminate to the extent specified in such notice, and the Custodian shall upon receipt of a notice of acceptance by the successor
custodian on a date to be mutually agreed between the Fund and the Custodian, the Custodian shall deliver directly to the successor custodian
all Securities and moneys then held by the Custodian and specifically allocated to the Portfolio or Portfolios specified, after deducting
all fees, expenses and other amounts for the payment or reimbursement of which it shall then be entitled with respect to such Portfolio
or Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Confidentiality.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 22(b)</u> the Custodian will hold all Confidential Information in confidence and
will not disclose any Confidential Information except as may be required by applicable law, a regulator with jurisdiction over the Custodian's
business or with the consent of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund authorizes the Custodian to disclose Confidential Information to: (i) any Sub-Custodian, subcontractor,
agent, securities depository, securities exchange, broker, third party agent, proxy solicitor, issuer, regulator, Settlement System or
any other person if the Custodian believes it is reasonably required in connection with the Custodian's provision of relevant services
under this Agreement; (ii) its professional advisors, auditors or public accountants; (iii) its affiliates, and (iv) any revenue authority
or any governmental entity in relation to the processing of any tax relief claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Miscellaneous.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Authorized Persons</u>. Annexed hereto as <u>Schedule A</u> is a certification signed by any present
officer of the Fund setting forth the names of the present Authorized Persons. The Fund agrees to furnish to the Custodian a new certification
in similar form in the event that any such present Authorized Person ceases to be such an Authorized Person or in the event that other
or additional Authorized Persons are elected or appointed. Until such new certification is received by the Custodian, the Custodian shall
be fully protected in acting under the provisions of this Agreement upon Instructions which Custodian reasonably believes were given by
an Authorized Person, as identified in the last delivered certification. Unless such certification specifically limits the authority of
an Authorized Person to specific matters or requires that the approval of another Authorized Person is required, Custodian shall be under
no duty to inquire into the right of such person, acting alone, to give any instructions whatsoever under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notices to the Custodian</u>. Any notice or other instrument in writing, authorized or required by
this Agreement to be given to the Custodian, shall be sufficiently given if addressed to the Custodian and mailed or delivered to it at
its offices at its address stated on the first page hereof or at such other place as the Custodian may from time to time designate in
writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notices to the Fund</u>. Any notice or other instrument in writing, authorized or required by this
Agreement to be given to the Fund, shall be sufficiently given if addressed to the Fund and mailed or delivered to it at its offices at
its address shown on the first page hereof or at such other place as the Fund may from time to time designate in writing.

Exhibit(g)(iii)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Amendments</u>. Except as expressly provided herein, Agreement may not be amended or modified in any
manner except by a written agreement executed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Assignments. This Agreement shall extend to and shall be binding upon the parties hereto, and their respective
successors and assigns; provided, however, that this Agreement shall not be assignable by the Fund without the written consent of the
Custodian, or by the Custodian without the written consent of the Fund, and any attempted assignment without such written consent shall
be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Governing Law</u>. This Agreement shall be construed in accordance with the laws of the State of Illinois.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Headings</u>. The captions of the Agreement are included for convenience of reference only and in no
way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Severability</u>. If any provision of this Agreement is determined to be invalid or unenforceable,
the balance of the Agreement shall remain in effect, and if any provision is inapplicable to any person or circumstance it shall nevertheless
remain applicable to all other persons and circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Waiver</u>. No failure or delay of either party to exercise any right, power or privilege under this
Agreement shall operate as a waiver thereof nor shall any single or partial exercise of any right, power or privilege preclude any other
or further exercise thereof or the exercise of any other right, power or privilege as herein provided. Any waiver must be in writing signed
by the waiving party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which shall
be deemed to be an original, but such counterparts shall, together, constitute only one instrument. Any such counterpart, to the extent
delivered by means of a facsimile machine or by .pdf, .tif, .gif, .jpg or similar attachment to electronic mail or by means of DocuSign®
or other electronic signature, shall be treated in all manner and respects as an original executed counterpart. Each DocuSign® or
other electronic, faxed, scanned or photocopied manual signature shall for all purposes have the same validity, legal effect and admissibility
in evidence as an original manual signature and the parties hereby waive any objection to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Entire Agreement</u>. This Agreement constitutes the entire agreement of the parties and supersedes
all prior agreements and understanding between the parties relating to the subject matter hereof. For the avoidance of doubt, the parties
hereto acknowledge and agree that as of the date hereof this Agreement amends and restates in its entirety the terms and provisions of
the Custody Agreement, dated as of August 12, 2009, between the Fund and the Custodian, as amended, restated or otherwise modified from
time to time prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Personal Liability</u>. The Fund and the Custodian agree that the obligations of the Fund under this
Agreement shall not be binding upon any member of the Board of Directors or any shareholder, nominee, officer, employee or agent, whether
past, present or future, of the Fund individually, but are binding only upon the assets and property of the Fund or of the appropriate
Portfolio(s) thereof. The execution and delivery of this Agreement have been duly authorized by the Fund and signed by an authorized officer
of the Fund, acting as such, but neither such authorization by the Fund nor such execution and delivery by such officer shall be deemed
to have been made by any member of the Board of Directors or by any officer or shareholder of the Fund individually or to impose any liability
on any of them personally, but shall bind only the assets and property of the Fund or of the appropriate Portfolio(s) thereof.

Exhibit(g)(iii)

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed by their respective representatives duly authorized as of the day and year first above written.

---

| | |
|:---|:---|
| DRIEHAUS MUTUAL FUNDS | DRIEHAUS MUTUAL FUNDS |
| By: | /s/ Robert Kurinsky |
| Name: | Robert Kurinsky |
| Title: | Vice President and Treasurer |

---

The undersigned, Christina E. Algozine does hereby certify that he/she is the duly elected, qualified and acting Assistant Secretary of Driehaus Mutual Funds (the "<u>Fund</u>") and further certifies that the person whose signature appears above is a duly elected, qualified and acting officer of the Fund with full power and authority to execute this Custody Agreement on behalf of the Fund and to take such other actions and execute such other documents as may be necessary to effectuate this Agreement.

---

| |
|:---|
| /s/Christina E. Algozine |
| Assistant Secretary |
| Driehaus Mutual Funds |

---

---

| | |
|:---|:---|
| THE NORTHERN TRUST COMPANY | THE NORTHERN TRUST COMPANY |
| By: | /s/ Chad Hecht |
| Name: | Chad Hecht |
| Title: | Vice President |

---

Exhibit(g)(iii)

**SCHEDULE A**<br>**CERTIFICATION OF AUTHORIZED PERSONS**

Pursuant to Sections 1(b) and 23(a) of the Agreement, the undersigned officers of Driehaus Mutual Funds hereby certify that the person(s) whose name(s) appear(s) below have been duly authorized by the Board of Directors to give Instructions on behalf of the Fund.

The following persons are designated as Authorized Persons for purposes of giving instructions, either written or oral, to Northern Trust, in its capacity as custodian for the Funds:

Stephen Weber

Janet McWilliams

Christina Algozine

Cheryl Myhre

Robert Kurinsky

Anne Kochevar

Damian Gaj

Adam Poor

James Hurley

Malinda Sanborn

Matt Tutaj

Erin Mosher

Christian Pontarelli

Charise Washington

Amy Leuzzi

Angela LoCicero

and from Independent Contractor Pavlina Halikova

The following persons are designated as Authorized Persons for purposes of giving instructions, either written or oral, to Northern Trust in its capacity as Transfer Agent for the Funds:

Stephen Weber

Janet McWilliams

Christina Algozine

Sarah Greene

Malinda Sanborn

Robert Kurinsky

Anne Kochevar

Amy Leuzzi

Tom Seftenberg

Matt Tutaj

The following persons are designated as Authorized Persons for purposes of giving instructions, either written or oral, to Northern Trust in its capacity as Administrator and Fund Accountant for the Funds:

Stephen Weber

Janet McWilliams

Christina Algozine

Damian Gaj

Exhibit(g)(iii)

James Hurley

Matt Tutaj

Amy Leuzzi

Angela LoCicero

Robert Kurinsky

Anne Kochevar

Cheryl Myhre

Christian Pontarelli

Adam Poor

Malinda Sanborn

Erin Mosher

Charise Washington

For the purposes of providing authorization or approval to Northern Trust for the payment or reimbursement of expenses by the Funds to a third party, the Authorized Persons shall be limited to only those persons who are Officers of the Trust.

Northern Trust is authorized to rely upon these resolutions until Northern Trust receives written declaration to the contrary by an officer of the Trust.

Certified as of the 10th day of September, 2025:

---

| | |
|:---|:---|
| OFFICER: | OFFICER: |
| /s/Janet McWilliams | /s/Christina E. Algozine |
| Janet McWilliams | Christina E. Algozine |
| Chief Legal Officer | Assistant Secretary |

---

Exhibit(g)(iii)

**SCHEDULE B**<br>**LIST OF FUNDS**

Driehaus Emerging Markets Growth Fund

Driehaus International Small Cap Growth Fund

Driehaus Emerging Markets Small Cap Growth Fund

Driehaus Event Driven Fund

Driehaus Micro Cap Growth Fund

Driehaus Small Cap Growth Fund

Driehaus Global Fund

Driehaus Small/Mid Cap Growth Fund

Driehaus International Developed Equity Fund

Acceptance of Schedule as of September 10, 2025

DRIEHAUS MUTUAL FUNDS

---

| | |
|:---|:---|
| By: | /s/ Robert Kurinsky |
| Name: | Robert Kurinsky |
| Title: | Vice President and Treasurer Driehaus Mutual Funds |

---

The undersigned, Janet McWilliams, does hereby certify that he/she is the duly elected, qualified and acting Chief Legal Officer of Driehaus Mutual Funds (the "<u>Fund</u>") and further certifies that the person whose signature appears above is a duly elected, qualified and acting officer of the Fund with full power and authority to execute this Custody Agreement on behalf of the Fund and to take such other actions and execute such other documents as may be necessary to effectuate this Agreement.

---

| |
|:---|
| /s/ Janet McWilliams |
| Chief Legal Officer |
| Driehaus Mutual Funds |

---

Exhibit(g)(iii)

**SCHEDULE C**

**FEE SCHEDULE**

[Insert]

Exhibit(g)(iii)

**SCHEDULE D**

**(Countries for which Custodian shall not have responsibility under**<br> **Section 3A for managing foreign custody arrangements)**

As identified as part of the Global Networks of Markets & Subcustodians available on Atlas Market Interactive

## Exhibit 99.28

Exhibit(g)(ii)

**AMENDED SCHEDULE B** 

**LIST OF FUNDS**

Driehaus Emerging Markets Growth Fund

Driehaus International Small Cap Growth Fund

Driehaus Emerging Markets Small Cap Growth Fund

Driehaus Micro Cap Growth Fund

Driehaus Small Cap Growth Fund

Driehaus Global Fund

Driehaus Small/Mid Cap Growth Fund

Driehaus International Developed Equity Fund

**Acceptance of Schedule as of March 27, 2026.**

DRIEHAUS MUTUAL FUNDS

---

| | |
|:---|:---|
| By: | /s/ Bob Kurinsky |
| Name: Bob Kurinsky | Name: Bob Kurinsky |
| Title: Vice President & Treasurer | Title: Vice President & Treasurer |

---

The undersigned, Janet McWilliams, does hereby certify that he/she is the duly elected, qualified and acting Chief Legal Officer of Driehaus Mutual Funds (the "Fund") and further certifies that the person whose signature appears above is a duly elected, qualified and acting officer of the Fund with full power and authority to execute this Custody Agreement on behalf of the Fund and to take such other actions and execute such other documents as may be necessary to effectuate this Agreement.

---

| |
|:---|
| /s/Janet McWilliams |
| Chief Legal Officer |
| Driehaus Mutual Funds |

---

---

| | |
|:---|:---|
| THE NORTHERN TRUST COMPANY | THE NORTHERN TRUST COMPANY |
| By: | /s/Chad Hecht |
| Name: Chad Hecht | Name: Chad Hecht |
| Title: Vice President | Title: Vice President |

---

## Exhibit 99.28

Exhibit(h)(iv)

**SCHEDULE A**

**FUND LIST**

Driehaus Emerging Markets Growth Fund

Driehaus International Small Cap Growth Fund

Driehaus Emerging Markets Small Cap Growth Fund

Driehaus Micro Cap Growth Fund

Driehaus Small Cap Growth Fund

Driehaus Global Fund

Driehaus Small/Mid Cap Growth Fund

Driehaus International Developed Equity Fund

**Acceptance of Schedule as of March 27, 2026.**

---

| | | | |
|:---|:---|:---|:---|
| THE NORTHERN TRUST COMPANY | THE NORTHERN TRUST COMPANY | DRIEHAUS MUTUAL FUNDS | DRIEHAUS MUTUAL FUNDS |
| By: | /s/Chad Hecht | By: | /s/ Janet McWilliams |
| Name: Chad Hecht | Name: Chad Hecht | Name: Janet McWilliams | Name: Janet McWilliams |
| Title: Vice President | Title: Vice President | Title: Chief Legal Officer | Title: Chief Legal Officer |

---

## Exhibit 99.28

Exhibit(h)(v)

**SCHEDULE A** 

**FEES AND EXPENSES; LIST OF FUNDS**

**Fund Administration, and Accounting**

&nbsp;&nbsp;&nbsp;&nbsp;A. For the services rendered under this Agreement, the Trust shall cause to be paid to Northern out of the assets of the Trust the fees
as agreed between the Trust and Northern from time to time. The initial fees are set forth in the attached Exhibit to this Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;B. Actual out-of-pocket expenses, including but not limited to those in Section 5(d), will be computed and billed by Northern and payable
quarterly by or on behalf of the Fund, provided such expenses are identified in reasonable detail.

&nbsp;&nbsp;&nbsp;&nbsp;C. List of Funds for which services are to be provided:

Driehaus Emerging Markets Growth Fund

Driehaus International Small Cap Growth Fund

Driehaus Emerging Markets Small Cap Growth Fund

Driehaus Micro Cap Growth Fund

Driehaus Small Cap Growth Fund

Driehaus Global Fund

Driehaus Small/Mid Cap Growth Fund

Driehaus International Developed Equity Fund

**Acceptance of Schedule as of March 27, 2026.**

---

| | | | |
|:---|:---|:---|:---|
| THE NORTHERN TRUST COMPANY | THE NORTHERN TRUST COMPANY | DRIEHAUS MUTUAL FUNDS | DRIEHAUS MUTUAL FUNDS |
| By: | /s/Chad Hecht | By: | /s/ Janet McWilliams |
| Name: Chad Hecht | Name: Chad Hecht | Name: Janet McWilliams | Name: Janet McWilliams |
| Title: Vice President | Title: Vice President | Title: Chief Legal Officer | Title: Chief Legal Officer |

---

## Exhibit 99.28

Exhibit(h)(vi)

**AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT**

This AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT (the "Agreement"), effective as of April 30, 2026, by and between Driehaus Capital Management LLC, a Delaware limited liability company (the "Adviser"), and Driehaus Mutual Funds (the "Trust"), on behalf of the Driehaus Small/Mid Cap Growth Fund series of the Trust (the "Fund").

WHEREAS, the Trust is a Delaware statutory trust, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company of the series type, and the Fund is a series of the Trust;

WHEREAS, the Trust and the Adviser have entered into an Investment Advisory Agreement dated July 1, 2021, as amended ("Advisory Agreement") as amended, pursuant to which the Adviser provides investment management services to the Fund for compensation based on the value of the average daily net assets of the Fund; and

WHEREAS, the Trust and the Adviser have determined that it is appropriate and in the best interests of the Fund and its shareholders to maintain the expenses of the Fund at a level below the level to which the Fund may otherwise be subject;

NOW THEREFORE, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>EXPENSE LIMITATION.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Applicable Expense Limit</u>. To the extent that the ordinary operating expenses incurred by the Fund for the period beginning on April 30, 2026 and through April 30, 2027 (the "Expense Limit Period"), including but not limited to investment advisory fees of the Adviser, but excluding interest, taxes, brokerage commissions, dividends and interest on short sales, 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 ("Fund Operating Expenses"), exceed the Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the "Excess Amount") shall be the liability of the Adviser to the extent set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Operating Expense Limit</u>. The Operating Expense Limit with respect to the Fund shall be 0.80% (annualized) of the average daily net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Duration of Operating Expense Limit</u>. The Operating Expense Limit with respect to the Fund shall remain in effect during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>Method of Computation</u>. To determine the Adviser's obligation with respect to the Excess Amount, each day the Fund Operating Expenses for the Fund shall be annualized. If the annualized Fund Operating Expenses for any day of the Fund exceed the Operating Expense Limit of the Fund, the Adviser shall waive or reduce its investment advisory fee or absorb the other Fund expenses in an amount sufficient to pay that day's Excess Amount. The Trust may offset amounts owed to the Fund pursuant to this Agreement against the advisory fee payable to the Adviser. Furthermore, to the extent that the Excess Amount exceeds such waived or reduced investment advisory fees, the Adviser may voluntarily reimburse the Fund for any operating expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>REIMBURSEMENT OF FEE WAIVERS AND EXPENSE REIMBURSEMENTS.</u>

If on any day during which the Advisory Agreement is in effect, the estimated annualized Fund Operating Expenses for that day are less than the Operating Expense Limit, the Adviser shall be entitled to reimbursement by the Fund of the investment advisory fees waived or reduced, and any other expense reimbursements or similar payments remitted by the Adviser to the Fund pursuant to Section 1 hereof (the "Reimbursement Amount") during the Expense Limit Period to the extent that the Fund's annualized Operating Expenses plus the amount so reimbursed equals, for such day, the Operating Expense Limit, provided that such amount paid to the Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>TERM AND TERMINATION OF AGREEMENT.</u>

This Agreement shall terminate upon the earlier of termination of the Advisory Agreement or on expiration of the Expense Limit Period. The obligation of the Adviser under Section 1 of this Agreement and of the Fund under Section 2 of this Agreement shall survive the termination of the Agreement solely as to expenses and obligations incurred prior to the date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>MISCELLANEOUS.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Captions</u>. The captions in this Agreement are included for convenience of reference only and in no other way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Interpretation</u>. Nothing herein contained shall be deemed to require the Trust or the Fund to take any action contrary to the Trust's Amended and Restated Declaration of Trust or Amended and Restated By-Laws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Trust's Board of Trustees of its responsibility for and control of the conduct of the affairs of the Trust or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Definitions</u>. Any question of interpretation of any term or provision of this Agreement, including but not limited to the investment advisory fee, the computations of net asset values, and the allocation of expenses, having a counterpart in or otherwise derived from the terms and provisions of the Advisory Agreement or the 1940 Act, shall have the same meaning as and be resolved by reference to such Advisory Agreement or the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Amendments</u>. This Agreement may be amended only by a written agreement signed by each of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>Limitation of Liability</u>. This Agreement is executed by or on behalf of the Trust, and the Adviser is hereby expressly put on notice of the limitation of shareholder liability as set forth in the Amended and Restated Declaration of Trust of the Trust and agrees that the obligations assumed by the Trust pursuant to this Agreement shall be limited in all cases to the Trust and its assets, and Adviser shall not seek satisfaction of any such obligations from the trustees, officers or shareholders of the Trust.

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized and their respective corporate seals to be hereunto affixed, as of March 17, 2026.

---

| | |
|:---|:---|
| DRIEHAUS MUTUAL FUNDS | DRIEHAUS MUTUAL FUNDS |
| On behalf of Driehaus Small/Mid Cap Growth Fund | On behalf of Driehaus Small/Mid Cap Growth Fund |
| By: | /s/Robert Kurinsky |
| Name: | Robert Kurinsky |
| Title: | Vice President and Treasurer |
| DRIEHAUS CAPITAL MANAGEMENT LLC | DRIEHAUS CAPITAL MANAGEMENT LLC |
| By: | /s/ Stephen Weber |
| Name: | Stephen Weber |
| Title: | President and Chief Executive Officer |

---

## Exhibit 99.28

Exhibit(h)(vii)

**AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT**

AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT (the "Agreement"), effective as of April 30, 2026, by and between Driehaus Capital Management LLC, a Delaware limited liability company (the "Adviser"), and Driehaus Mutual Funds (the "Trust"), on behalf of the Driehaus Emerging Markets Small Cap Growth Fund series of the Trust (the "Fund").

WHEREAS, the Trust is a Delaware statutory trust, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company of the series type, and the Fund is a series of the Trust;

WHEREAS, the Trust and the Adviser have entered into an Investment Advisory Agreement dated July 1, 2021, as amended ("Advisory Agreement") pursuant to which the Adviser provides investment management services to the Fund for compensation based on the value of the average daily net assets of the Fund; and

WHEREAS, the Trust and the Adviser have determined that it is appropriate and in the best interests of the Fund and its shareholders to maintain the expenses of the Fund at a level below the level to which the Fund may otherwise be subject;

NOW THEREFORE, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>EXPENSE LIMITATION.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Applicable Expense Limit</u>. To the extent that the ordinary operating expenses incurred by the Fund for the period beginning on April 30, 2026 and through April 30, 2027 (the "Expense Limit Period"), including but not limited to investment advisory fees of the Adviser, but excluding interest, taxes, brokerage commissions, dividends and interest on short sales, 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 ("Fund Operating Expenses"), exceed the Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the "Excess Amount") shall be the liability of the Adviser to the extent set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Operating Expense Limit</u>. The Operating Expense Limit with respect to the Fund shall be 1.24% (annualized) of the average daily net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Duration of Operating Expense Limit</u>. The Operating Expense Limit with respect to the Fund shall remain in effect during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>Method of Computation</u>. To determine the Adviser's obligation with respect to the Excess Amount, each day the Fund Operating Expenses for the Fund shall be annualized. If the annualized Fund Operating Expenses for any day of the Fund exceed the Operating Expense Limit of the Fund, the Adviser shall waive or reduce its investment advisory fee or absorb the other Fund expenses in an amount sufficient to pay that day's Excess Amount. The Trust may offset amounts owed to the Fund pursuant to this Agreement against the advisory fee payable to the Adviser. Furthermore, to the extent that the Excess Amount exceeds such waived or reduced investment advisory fees, the Adviser may voluntarily reimburse the Fund for any operating expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>REIMBURSEMENT OF FEE WAIVERS AND EXPENSE REIMBURSEMENTS.</u>

If on any day during which the Advisory Agreement is in effect, the estimated annualized Fund Operating Expenses for that day are less than the Operating Expense Limit, the Adviser shall be entitled to reimbursement by the Fund of the investment advisory fees waived or reduced, and any other expense reimbursements or similar payments remitted by the Adviser to the Fund pursuant to Section 1 hereof (the "Reimbursement Amount") during the Expense Limit Period to the extent that the Fund's annualized Operating Expenses plus the amount so reimbursed equals, for such day, the Operating Expense Limit, provided that such amount paid to the Adviser will in no event exceed the total Reimbursement Amount for the three year period prior to the date the Reimbursement Amount is calculated and will not include any amounts previously reimbursed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>TERM AND TERMINATION OF AGREEMENT.</u>

This Agreement shall terminate upon the earlier of termination of the Advisory Agreement or on expiration of the Expense Limit Period. The obligation of the Adviser under Section 1 of this Agreement and of the Fund under Section 2 of this Agreement shall survive the termination of the Agreement solely as to expenses and obligations incurred prior to the date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>MISCELLANEOUS.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Captions</u>. The captions in this Agreement are included for convenience of reference only and in no other way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Interpretation</u>. Nothing herein contained shall be deemed to require the Trust or the Fund to take any action contrary to the Trust's Amended and Restated Declaration of Trust or Amended and Restated By-Laws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Trust's Board of Trustees of its responsibility for and control of the conduct of the affairs of the Trust or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Definitions</u>. Any question of interpretation of any term or provision of this Agreement, including but not limited to the investment advisory fee, the computations of net asset values, and the allocation of expenses, having a counterpart in or otherwise derived from the terms and provisions of the Advisory Agreement or the 1940 Act, shall have the same meaning as and be resolved by reference to such Advisory Agreement or the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Amendments</u>. This Agreement may be amended only by a written agreement signed by each of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>Limitation of Liability</u>. This Agreement is executed by or on behalf of the Trust, and the Adviser is hereby expressly put on notice of the limitation of shareholder liability as set forth in the Amended and Restated Declaration of Trust of the Trust and agrees that the obligations assumed by the Trust pursuant to this Agreement shall be limited in all cases to the Trust and its assets, and Adviser shall not seek satisfaction of any such obligations from the trustees, officers or shareholders of the Trust.

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized and their respective corporate seals to be hereunto affixed, as of March 17, 2026.

---

| | |
|:---|:---|
| DRIEHAUS MUTUAL FUNDS <br> On behalf of Driehaus Emerging Markets Small Cap Growth Fund | DRIEHAUS MUTUAL FUNDS <br> On behalf of Driehaus Emerging Markets Small Cap Growth Fund |
| By: | /s/Robert Kurinsky |
| Name: | Robert Kurinsky |
| Title: | Vice President and Treasurer |

---

---

| | |
|:---|:---|
| DRIEHAUS CAPITAL MANAGEMENT LLC | DRIEHAUS CAPITAL MANAGEMENT LLC |
| By: | /s/ Stephen Weber |
| Name: | Stephen Weber |
| Title: | President and Chief Executive Officer |

---

## Exhibit 99.28

Exhibit(h)(viii)

**AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT**

This AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT (the "Agreement") is effective as of April 30, 2026, by and between Driehaus Capital Management LLC, a Delaware limited liability company (the "Adviser"), and Driehaus Mutual Funds (the "Trust"), on behalf of the Driehaus Global Fund series of the Trust (the "Fund").

WHEREAS, the Trust is a Delaware statutory trust, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company of the series type, and the Fund is a series of the Trust;

WHEREAS, the Trust and the Adviser have entered into an Investment Advisory Agreement dated July 1, 2021, as amended ("Advisory Agreement"), pursuant to which the Adviser provides investment management services to the Fund for compensation based on the value of the average daily net assets of the Fund;

WHEREAS, the Trust and the Adviser have determined that it is appropriate and in the best interests of the Fund and its shareholders to maintain the expenses of the Fund at a level below the level to which the Fund may otherwise be subject; and

WHEREAS, the Trust and the Adviser have determined that it is appropriate and in the best interests of the Fund and its shareholders to maintain the expenses of the Fund at a level below that which the Fund may otherwise be subject.

NOW THEREFORE, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>EXPENSE LIMITATION.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Applicable Expense Limit</u>. To the extent that the ordinary operating expenses incurred by the Fund for the period beginning on April 30, 2026 and through April 30, 2027 (the "Expense Limit Period"), including but not limited to investment advisory fees of the Adviser, but excluding interest, taxes, brokerage commissions, dividends and interest on short sales, 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 ("Fund Operating Expenses"), exceed the Operating Expense Limit, as defined in Section 1.2 below, such excess amount (the "Excess Amount") shall be the liability of the Adviser to the extent set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Operating Expense Limit</u>. The Operating Expense Limit with respect to the Fund shall be 0.75% (annualized) of the average daily net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Duration of Operating Expense Limit</u>. The Operating Expense Limit with respect to the Fund shall remain in effect during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>Method of Computation</u>. To determine the Adviser's obligation with respect to the Excess Amount, each day the Fund Operating Expenses for the Fund shall be annualized. If the annualized Fund Operating Expenses for any day of the Fund exceed the Operating Expense Limit of the Fund, the Adviser shall waive or reduce its investment advisory fee or absorb the other Fund expenses in an amount sufficient to pay that day's Excess Amount. The Trust may offset amounts owed to the Fund pursuant to this Agreement against the advisory fee payable to the Adviser. Furthermore, to the extent that the Excess Amount exceeds such waived or reduced investment advisory fees, the Adviser may voluntarily reimburse the Fund for any operating expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>REIMBURSEMENT OF FEE WAIVERS AND EXPENSE REIMBURSEMENTS.</u>

If on any day during which the Advisory Agreement is in effect, the estimated annualized Fund Operating Expenses for that day are less than the Operating Expense Limit, the Adviser shall be entitled to reimbursement by the Fund of the investment advisory fees waived or reduced, and any other expense reimbursements or similar payments remitted by the Adviser to the Fund pursuant to Section 1 hereof (the "Reimbursement Amount") during the Expense Limit Period to the extent that the Fund's annualized Operating Expenses plus the amount so reimbursed equals, for such day, the Operating Expense Limit, provided that such amount paid to the Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>TERM AND TERMINATION OF AGREEMENT.</u>

This Agreement shall terminate upon the earlier of termination of the Advisory Agreement or on expiration of the Expense Limit Period. The obligation of the Adviser under Section 1 of this Agreement and of the Trust under Section 2 of this Agreement shall survive the termination of the Agreement solely as to expenses and obligations incurred prior to the date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>MISCELLANEOUS.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Captions</u>. The captions in this Agreement are included for convenience of reference only and in no other way define or delineate any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Interpretation</u>. Nothing herein contained shall be deemed to require the Trust or the Fund to take any action contrary to the Trust's Amended and Restated Declaration of Trust or Amended and Restated By-Laws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Trust's Board of Trustees of its responsibility for and control of the conduct of the affairs of the Trust or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Definitions</u>. Any question of interpretation of any term or provision of this Agreement, including but not limited to the investment advisory fee, the computations of net asset values, and the allocation of expenses, having a counterpart in or otherwise derived from the terms and provisions of the Advisory Agreement or the 1940 Act, shall have the same meaning as and be resolved by reference to such Advisory Agreement or the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Amendments</u>. This Agreement may be amended only by a written agreement signed by each of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>Limitation of Liability</u>. This Agreement is executed by or on behalf of the Trust, and the Adviser is hereby expressly put on notice of the limitation of shareholder liability as set forth in the Amended and Restated Declaration of Trust of the Trust and agrees that the obligations assumed by the Trust pursuant to this Agreement shall be limited in all cases to the Trust and its assets, and Adviser shall not seek satisfaction of any such obligations from the trustees, officers or shareholders of the Trust.

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized and their respective corporate seals to be hereunto affixed, as of March 17, 2026.

---

| | |
|:---|:---|
| DRIEHAUS MUTUAL FUNDS | DRIEHAUS MUTUAL FUNDS |
| On behalf of Driehaus Global Fund | On behalf of Driehaus Global Fund |
| By: | /s/Robert Kurinsky |
| Name: | Robert Kurinsky |
| Title: | Vice President and Treasurer |
| DRIEHAUS CAPITAL MANAGEMENT LLC | DRIEHAUS CAPITAL MANAGEMENT LLC |
| By: | /s/ Stephen Weber |
| Name: | Stephen Weber |
| Title: | President and Chief Executive Officer |

---

## Exhibit 99.28

Exhibit(h)(xix)

**AMENDMENT TO FUND OF FUNDS INVESTMENT AGREEMENT**

This Amendment (the "Amendment") is made as of February 1, 2026 **Schwab Capital Trust and Schwab Annuity Portfolios** (collectively, the "**Schwab Trust**"), each on behalf of its series identified on Schedule A of the Agreement, severally and not jointly (each, an "**Acquiring Fund**"), and **Driehaus Mutual Funds**, the ("**Acquired Trust**"), on behalf of its itself and its series listed on Schedule B of the Agreement (the "**Acquired Fund**"), and amends that certain Fund of Funds Investment Agreement between the parties dated January 19, 2022, as amended from time to time (the "Agreement"). All capitalized terms used in the Amendment and not defined herein shall have the meaning ascribed to them in the Agreement.

**WHEREAS**, the parties desire and agree to amend Schedule A of the Agreement to add new series as Acquiring Funds under the Agreement;

**NOW, THEREFORE**, in consideration of the foregoing and the mutual promises set forth below, the parties agree as follows:

1. Schedule A of the Agreement is deleted in its entirety and replaced with the Schedule A attached hereto.

2. Except as specifically set forth herein, all other provisions of the Agreement shall remain in full force
and effect.

**IN WITNESS WHEREOF**, this Amendment has been executed by a duly authorized representative of the parties hereto as of the date set forth above.

---

| | |
|:---|:---|
| **SCHWAB CAPITAL TRUST**<br> **SCHWAB ANNUITY PORTFOLIOS** | **DRIEHAUS MUTUAL FUNDS** |
| By: /s/Dana Smith | By: /s/Janet McWilliams |
| Name: Dana Smith | Name: Janet McWilliams |
| Title: CFO | Title: Assistant Vice President & Chief Legal Officer |

---

**SCHEDULE A**

**Acquiring Funds**

**<u>Schwab Capital Trust</u>**

Schwab Balanced Fund

Schwab MarketTrack All Equity Portfolio

Schwab MarketTrack Balanced Portfolio

Schwab MarketTrack Conservative Portfolio

Schwab MarketTrack Growth Portfolio

Schwab Monthly Income Fund - Flexible Payout

Schwab Monthly Income Fund - Income Payout

Schwab Monthly Income Fund - Target Payout

Schwab Target 2010 Fund

Schwab Target 2015 Fund

Schwab Target 2020 Fund

Schwab Target 2025 Fund

Schwab Target 2030 Fund

Schwab Target 2035 Fund

Schwab Target 2040 Fund

Schwab Target 2045 Fund

Schwab Target 2050 Fund

Schwab Target 2055 Fund

Schwab Target 2060 Fund

Schwab Target 2065 Fund

Schwab Target 2070 Fund

Schwab Target 2010 Index Fund

Schwab Target 2015 Index Fund

Schwab Target 2020 Index Fund

Schwab Target 2025 Index Fund

Schwab Target 2030 Index Fund

Schwab Target 2035 Index Fund

Schwab Target 2040 Index Fund

Schwab Target 2045 Index Fund

Schwab Target 2050 Index Fund

Schwab Target 2055 Index Fund

Schwab Target 2060 Index Fund

Schwab Target 2065 Index Fund

Schwab Target 2070 Index Fund

**<u>Schwab Annuity Portfolios</u>**

Schwab VIT Balanced Portfolio

Schwab VIT Balanced with Growth Portfolio

Schwab VIT Growth Portfolio

## Exhibit 99.28

---

| | | |
|:---|:---|:---|
| Vedder Price | T: +1 312 609 7500 | Exhibit(i) |
| 222 North LaSalle Street<br> Chicago, Illinois 6060 | F: +1 312 609 5005<br> vedder.com | ![](fp0098070-2_1.jpg) |

---

April 29, 2026

Driehaus Mutual Funds<br> 25 East Erie Street<br> Chicago, Illinois 60611

Ladies and Gentlemen:

We have acted as counsel to Driehaus Mutual Funds, a Delaware statutory trust (the "Trust"), in connection with the filing with the Securities and Exchange Commission ("SEC") of Post-Effective Amendment No. 149 under the Securities Act of 1933, as amended (the "1933 Act"), to the Trust's Registration Statement on Form N-1A (the "Post-Effective Amendment") registering an indefinite number of units of beneficial interest ("Shares") in the Driehaus Emerging Markets Growth Fund, Driehaus Emerging Markets Small Cap Growth Fund, Driehaus Global Fund, Driehaus International Developed Equity Fund, Driehaus International Small Cap Growth Fund, Driehaus Micro Cap Growth Fund, Driehaus Small Cap Growth Fund and Driehaus Small/Mid Cap Growth Fund, each a series of the Trust (the "Portfolios"), of which the Shares of Driehaus Emerging Markets Growth Fund and Driehaus Small Cap Growth Fund have been classified and designated as Investor Shares and Institutional Shares.

You have requested our opinion as to the matters set forth below in connection with the filing of the Post-Effective Amendment. In connection with rendering this opinion, we have examined the Post-Effective Amendment, the Certificate of Trust of the Trust, the Trust's Amended and Restated Declaration of Trust, as amended, the Trust's Amended and Restated By-Laws, as amended, the actions of the Trustees of the Trust that authorized the approval of the foregoing documents, securities matters and the issuance of the Shares, and such other documents as we, in our professional opinion, have deemed necessary or appropriate as a basis for the opinion set forth below. In examining the documents referred to above, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the authenticity of documents purporting to be originals and the conformity to originals of all documents submitted to us as copies. As to questions of fact material to our opinion, we have relied (without investigation or independent confirmation) upon the representations contained in the above-described documents and on certificates and other communications from public officials, and officers and Trustees of the Trust.

Our opinion, as set forth herein, is based on the facts in existence on the date hereof, and is limited to the Delaware Statutory Trust Act as in effect on the date hereof. We express no opinion with respect to any other laws or regulations.

Based upon and subject to the foregoing and the qualifications set forth below, we are of the opinion that (a) the Shares to be issued pursuant to the Post-Effective Amendment have been duly authorized for issuance by the Trust; and (b) when issued and paid for upon the terms provided in the Post-Effective Amendment, such Shares will be validly issued, fully paid and non-assessable.

Vedder Price P.C. is affiliated with Vedder Price LLP, which operates in England and Wales, Vedder Price (CA), LLP, which operates in California, <br> Vedder Price Pte. Ltd., which operates in Singapore, and Vedder Price (FL) LLP, which operates in Florida.

Chicago \| Dallas \| London \| Los Angeles \| Miami \| New York \| San Francisco \| Singapore \| Washington, DC

Driehaus Mutual Funds

April 29, 2026

This opinion is rendered for your use in connection with the filing of the Post-Effective Amendment and supersedes any previous opinions of this firm in connection with the issuance of the Shares. We hereby consent to the filing of this opinion with the SEC in connection with the Post-Effective Amendment. In giving our consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the 1933 Act or the rules and regulations of the SEC thereunder. Except as specifically authorized above in this paragraph, this opinion is not to be quoted in whole or in part or otherwise referred to, nor is it to be filed with any government agency or any other person, without, in each case, our prior written consent. This opinion is given to you as of the date hereof, and we assume no obligation to advise you of any change that may hereafter be brought to our attention. The opinions expressed herein are matters of professional judgment and are not a guarantee of result.

Very truly yours,

/s/ Vedder Price P.C.

Vedder Price P.C.

## Exhibit 99.28

Exhibit(j)

**Consent of Independent Registered Public Accounting Firm**

We consent to the references to our firm under the caption "Financial Highlights" in the Prospectus and the cover page and caption "Independent Registered Public Accounting Firm" in the Statement of Additional Information, each dated April 30, 2026, and each included in this Post-Effective Amendment No. 149 to the Registration Statement (Form N-1A, File No. 333-05265) of Driehaus Mutual Funds (the "Registration Statement").

We also consent to the incorporation by reference of our report dated February 25, 2026, with respect to the financial statements and financial highlights of Driehaus Mutual Funds (comprising Driehaus Emerging Markets Growth Fund, Driehaus Emerging Markets Small Cap Growth Fund, Driehaus Global Fund, Driehaus International Small Cap Growth Fund, Driehaus Micro Cap Growth Fund, Driehaus Small Cap Growth Fund, Driehaus Small/Mid Cap Growth Fund, Driehaus Event Driven Fund and Driehaus International Developed Equity Fund) included in the Annual Report to Shareholders (Form N-CSR) for the year ended December 31, 2025, into this Registration Statement, filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP

Chicago, Illinois

April 29, 2026

## Exhibit 99.28

Exhibit(p)

**Driehaus Capital Management LLC**

**Driehaus Mutual Funds**

**Driehaus Capital Management (USVI) LLC**

**<u>CODE OF ETHICS AND BUSINESS CONDUCT</u>**

**<u>Statement of General Policy and Business Principles</u>**

This Code of Ethics and Business Conduct ("Code") has been adopted under Rule 17j-1 of the Investment Company Act of 1940 ("Rule 17j-1") and Rule 204A-1 of the Investment Advisers Act of 1940 ("Rule 204A-1"). Rule 17j-1 is applicable because Driehaus Capital Management LLC (the "Adviser") is the investment adviser to the Driehaus Mutual Funds (each a "Fund" and collectively the "Funds"), a registered investment company. The Code also applies to any registered investment company for which the Adviser may serve as an investment adviser or sub-adviser. The Code covers all Employees of the Adviser and Driehaus Capital Management (USVI) LLC (collectively the "Firm," "we" or "us"); the Funds' Disinterested Trustees and Advisory Board Members; and others as may be designated from time to time by the Firm (each such individual an "Access Person" and collectively "Access Persons").<sup>1</sup> Our Employees are also subject to the Firm's policies and procedures, including the compliance manuals and employee handbooks that are readily accessible on our Firm's intranet, which may impose additional restrictions on their conduct, including personal securities transactions.

The Code is specifically and reasonably designed for how we conduct our activities and addresses the particular types of conflicts of interest that we may encounter. A long-standing core business principle of our Firm is our commitment to maintaining the highest legal and ethical standards in the conduct of our business consistent with our fiduciary duty to place the interest of our Clients first at all times. We have built our reputation for excellence on Client trust and confidence in our professional abilities and integrity. The Code seeks to prevent Employee misuse of material non-public information regarding current and prospective investments we make for our Clients, investment research we perform for our Clients and actual and proposed trading on behalf of our Clients. Together with this Code, we have adopted and implemented various internal policies and procedures to detect and prevent the misuse of material non-public information. Compliance with this Code as well as additional policies and procedures is monitored and enforced by our legal and compliance professionals, who are supported by our strong "culture of compliance." Failure to comply with this Code of Ethics may result in disciplinary action, including termination of employment.

<sup>1</sup> Capitalized terms used in the Code are defined when first used or in Section 1 of the Code.

Integral to our investment management process is "real time" internal sharing of information by the Adviser's portfolio managers and research analysts ("Investment Personnel"). Investment Personnel are required to systematically enter research information about long-only equity securities held by or under consideration for purchase or sale for a Client, in our Internal Research Notes database ("IRN") before placing any orders in our Order Management System ("OMS") for execution. The data in the IRN is accessible to, among others, Employees and Investment Personnel responsible for the Firm's investment and trading activities on behalf of our Clients. Investment Personnel are not required to use the IRN for other types of securities, such as bonds, options and swaps, as they cannot be entered into this system. However, information sharing occurs on a regular and continuous basis among the portfolio management teams. The Adviser believes that no strategy is disadvantaged despite this limitation because of the marked differences between the portfolio holdings of the equity-only strategies and those that utilize other types of securities, such as bonds, options and swaps. Transactions are monitored by the Legal and Compliance Department for potential conflicts of interest with our Clients and the results of such monitoring are reported to the Ethics Committee.

We believe that these information sharing and trading procedures, along with comprehensive Employee education and training, personal securities transaction reporting, compliance monitoring and the imposition of sanctions, where appropriate, work collectively to ensure that, as fiduciaries, we and all Access Persons do not place our interests above our Clients' interests and comply with the applicable Federal securities laws, rules and regulations.

Any questions regarding the Code's operation should be directed to the Firm's Chief Compliance Officer ("CCO"). Throughout the Code, there are also specific references to the assistance that the CCO can provide to Access Persons. The CCO shall act in accordance with the Firm's policies and procedures, the Code, guidance from the Ethics Committee and in consultation with counsel.

**1.**  **<u>DEFINITIONS OF TERMS USED</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Access Person" means (i) any
Fund trustee, Fund officer, Advisory Board Member or Employee of the Fund or the Firm; and (ii) any natural person who is employed
by an entity which controls, is controlled by or is under common control with the Fund or the Firm who obtains or has access to information
concerning the Firm's purchase or sale of Covered Securities, those Covered Securities under consideration by the Firm for purchase
or sale, or current holdings of a Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Acknowledgment" means the initial
and annual written certification by each Access Person of receipt and compliance with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Adviser" means Driehaus Capital
Management LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Advisory Board Member" means any
individual serving as a member of an Advisory Board appointed by the Board of Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Automatic Investment Plan" means
a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with
a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Beneficial Interest" shall be interpreted
in the same manner as it would be in determining whether a person is subject to the provisions of Section 16 of the Securities Exchange
Act of 1934 (the "Exchange Act") and rules thereunder, which includes any interest in which a person, directly or indirectly,
has or shares a direct or indirect pecuniary interest. A pecuniary interest is the opportunity, directly or indirectly, to profit or share
in any profit derived from any transaction. Each Access Person will be assumed to have a pecuniary interest, and therefore, beneficial
interest or ownership, in all securities held by the Access Person, the Access Person's spouse or domestic partner, all minor children,
all dependent adult children and adults sharing the same household with the Access Person (other than mere roommates) and in all accounts
subject to their direct or indirect influence or control and/or through which they obtain the substantial equivalent of ownership, such
as trusts in which they are a trustee or beneficiary, partnerships in which they are the general partner, except where the amount invested
by the general partner is limited to an amount reasonably necessary in order to maintain the status as a general partner, corporations
in which they are a controlling shareholder, except any investment company, mutual fund trust or similar entity registered under applicable
U.S. or foreign law, or any other similar arrangement. Any questions an Access Person may have about whether an interest in a security
or an account constitutes beneficial interest or ownership should be directed to the Firm's CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "Client" means an advisory client
of the Adviser, including the Fund and any Sub-Advised Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Covered Security" shall have the
meaning set forth in Section 2(a)(36) of the Investment Company Act of 1940 (the "Company Act") and Section 202(a)(18)
of the Investment Advisers Act of 1940 (the "Advisers Act"), including stocks, warrants, units and other stock rights, options,
equity-based futures contracts, all digital assets (cryptocurrencies and cryptoassets), corporate bonds, convertible bonds, corporate
preferred stock and other corporate debt instruments, and includes any right to acquire such security, such as puts, calls, other options
or rights in such securities, and securities-based futures contracts, except that it shall not include shares issued by registered open-end
investment companies, direct obligations of the U.S. Government, bankers' acceptances, bank certificates of deposit or commercial
paper and high quality short-term debt instruments, including repurchase agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Disinterested Trustee" means any
trustee of a Fund who is not an interested person of the Firm, is not an officer of the Fund and is not otherwise an "interested
person" of the Fund as defined in the Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "Driehaus Mutual Funds" means any
investment company for which Driehaus Capital Management acts and investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "Employee" means any person employed
by the Firm, whether on a full or part-time basis, all officers, shareholders and directors of the Firm and any natural person who is
employed by an entity which controls, is controlled by or is under common control with the Fund or the Firm who obtains or has access
to information concerning the Firm's purchase or sale of Covered Securities, those Covered Securities under consideration by the
Firm for purchase or sale, or current holdings of a Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The "Ethics Committee" shall consist
of at least three but no more than five members who shall be Employees. One of the members shall be the Adviser's General Counsel.
The Ethics Committee shall be comprised of Employees with sufficient experience and knowledge of the legal obligations and regulatory
responsibilities of the Fund and the Firm. The Ethics Committee shall promptly advise the Fund's Board of Trustees of any appointment
or resignation by a member of the Ethics Committee. The Ethics Committee as a whole and each member shall act in accordance with Section
11 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "Federal Securities Laws" has the
same meaning as that term is defined in Rule 204A-1(e)(4) under the Advisers Act, and includes the Securities Act of 1933 ("Securities
Act"), the Exchange Act, the Company Act, the Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the U.S.
Securities and Exchange Commission (the "SEC") under any of these statutes, the Bank Secrecy Act as it applies to funds and
investment advisers, and any rules adopted thereunder by the SEC or the U.S. Department of the Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "Fund" means Driehaus Mutual Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "IRN" is the Adviser's Internal
Research Notes database, a proprietary software application that Employees of the Adviser's Investment Management and Research Department
are required to use to enter, update, make available and maintain research information about long-only equity securities held by or under
consideration for purchase or sale for a Client. The IRN data is available to Employees, including those with responsibility for investment
management and research, trading, and legal and regulatory compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "Limited Offering" includes private
placements and means an offering that is exempt from registration under Section 4(2) or Section 4(6) under the Securities Act
or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "Managed Account" means an account
where full discretion for all investment decisions has been given to a financial advisor not affiliated with the Adviser, the Access Person
does not have direct or indirect influence or control over investment decisions made for the account, including the ability to suggest
purchases or sales, or consult as to the particular allocation of investments to be made in the account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "Initial Public Offering" means an
offering of securities registered under the Securities Act, the issuer of which, immediately before the registration, was not required
to file reports under Sections 13 or 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "Permitted Investments" includes
open-end and closed-end funds, non-single stock ETFs, ETNs and ETCs, municipal bonds, foreign currency, U.S. Government and government
agency securities, as well as index, commodity and currency based futures contracts, bankers' acceptances, bank certificates of
deposit or commercial paper, high quality short-term debt instruments including repurchase agreements, all digital assets (cryptocurrency
and cryptoassets),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "Personal Benefit" includes any intended
benefit for oneself or any other individual, company, group or organization of any kind whatsoever except a benefit for a Client or any
entity that adopts this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "ACA ComplianceAlpha" ("ComplianceAlpha")
is the Firm's vended web-based compliance and personal trading system, which is primarily used for tracking Employees' holdings,
securities transactions, gifts and political contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "Sub-Advised Fund" means a Client
fund sub-advised by the Adviser that is an investment company registered under the Company Act.

**2.**  **<u>STANDARDS OF BUSINESS CONDUCT AND COMPLIANCE WITH LAWS</u>** 

Access Persons are required at all times to comply with the Federal Securities Laws as applicable in conducting the business of the Firm or the Fund. Accordingly, a violation of the Federal Securities Laws will be a violation of this Code and may subject an Access Person to sanctions or other appropriate remedial action under the Code.

In addition, as a SEC registered investment adviser subject to the Advisers Act, the Adviser has fiduciary obligations to its Clients. Further, the Code requires that the conduct of Access Persons comply with the fundamental principles of integrity, honesty and trust.

The Code is designed to ensure that Access Persons understand and comply with their fiduciary obligations and to protect Clients by deterring misconduct. The Code also educates Access Persons about the expectations of the Firm and the Fund regarding their behavior and the Federal Securities Laws that govern their conduct, as applicable.

The Code and related policies and procedures contain provisions reasonably necessary to prevent Access Persons from engaging in acts in violation of the Code. Access Persons are required to report any violations of the Code to the CCO. The CCO is primarily responsible for monitoring compliance with the Code and reporting material violations of the Code to the Ethics Committee to ensure the Code's enforcement.

**3.**  **<u>TRANSACTIONS WITH A FUND</u>** 

No Access Person shall sell to, or purchase from, a Fund any security or other property (except merchandise in the ordinary course of business), in which such Access Person has or would acquire a Beneficial Interest, unless such purchase or sale involves shares of that Fund.

**4.**  **<u>DISCLOSURE OF INFORMATION</u>** 

No Access Person shall discuss with or otherwise inform others of any security held or to be acquired by a Client except in the performance of employment duties or in an official capacity and then only for the benefit of the Client, and in no event for Personal Benefit or for the benefit of others.

No Access Person shall release information to dealers or brokers or others (except to those concerned with the execution and settlement of a transaction) as to any changes in a Client's investments, proposed or in process, except (i) upon the completion of such changes, or (ii) when the disclosure results from the publication of a prospectus or pursuant to the Funds' or any Sub-Advised Funds' Selective Disclosure of Fund Holdings Policy or (iii) in conjunction with a regular report to shareholders or to any governmental authority resulting in such information becoming public knowledge, or (iv) in connection with any report to which shareholders are entitled by reason of provisions of the declaration of trust, by-laws, rules and regulations, contracts or similar documents governing the operations of the Client.

**5.**  **<u>PREFERENTIAL TREATMENT, GIFTS AND BUSINESS ENTERTAINMENT</u>** 

As fiduciaries to the Firm's Clients, Employees must always place the Firm's Clients' interests first and Employees are prohibited from allowing gifts or entertainment opportunities to influence the actions they take on behalf of the Firm's Clients. Employees are prohibited from soliciting, seeking, or accepting favors, preferential treatment, gifts, entertainment opportunities, charitable or political contributions for themselves, on behalf of Clients, prospects, or others, or from receiving any other Personal Benefit arising from their association with the Firm or a Client.

*Gifts and Business Entertainment from Broker-Dealers*. Employees are prohibited from accepting from any source, including broker-dealers, any compensation, including gifts or entertainment, for the purchase or sale of any property, including securities and other portfolio holdings, to or for a Client. This includes compensation, including gifts or entertainment, from companies in which Clients may invest.

● This includes, but is not limited to, receipt of all gifts from broker-dealers (not including branded promotional items of de minimis value, i.e., less than $25), attendance at dinners hosted by broker-dealers that do not serve a valid and direct business purpose or benefit to a Client, and <u>all</u> concerts, sporting events, cocktail parties, golf outings and other similar events or performances hosted by broker-dealers.

● This prohibition does <u>not</u> include on- or off-site meetings and conferences that serve a valid and direct business purpose or benefit to a Client (e.g., road shows, meetings with investment strategists, economists, company management, etc.) that may also include incidental meals hosted by a broker-dealer as such incidental meals are not provided by the broker-dealer as compensation for the purchase or sale of any property to or for a Client.

*Gifts from all other non-broker-dealer vendors*. Employees may only accept gifts from current or prospective vendors that are not engaged in the business of purchasing or selling property to or for Clients, (i.e., vendors that are not broker-dealers). Employees may only accept gifts when the value involved clearly will not place the Employee under any real or perceived obligation to the gift-giver or raise any question of impropriety. Please refer to the section titled Driehaus Capital Management LLC Compliance Manual Preferential Treatment, Gifts and Entertainment for additional details.

● Under no circumstances may an Employee accept a gift of cash, including a cash equivalent such as a gift certificate or a security, regardless of the amount.

● If an Employee receives a gift that violates the Code, they must return the gift or consult with the CCO to determine appropriate action under the circumstances, which can include donating such gift to charity.

*Business entertainment from all other non-broker-dealer vendors*. In addition to the receipt of gifts, attendance at dinners, cocktail parties, golf outings, sporting events, theater and other similar events or performances also may create or appear to create a conflict of interest between the Firm and its Clients. Attendance at such events where the person offered the invitation and the person extending the invitation are both in attendance and discuss business benefitting a Client (e.g., the purpose of the outing is relationship building or is otherwise business-related) is considered "business entertainment."

● No Employee shall seek or accept any business entertainment from any person or entity that does business with the Firm or a Client or that is seeking to do business with the Firm or a Client other than usual and customary business entertainment that is not excessive in value.

● If an Employee is unsure as to whether something might be considered excessive in value, he or she must check with the CCO or another member of the Firm's Legal and Compliance Department prior to accepting the usual and customary business entertainment.

*Reporting*. Employees are required to promptly report all gifts and business entertainment to the CCO no later than thirty days after the calendar quarter during which the business entertainment took place. Such reporting should be made through ComplianceAlpha. The CCO shall report any exceptions to the gifts and business entertainment policy to the Ethics Committee for appropriate action consistent with enforcement of the Code.

**6.**  **<u>CONFLICTS OF INTEREST</u>** 

The Adviser, as a fiduciary, has an affirmative duty of care, loyalty, honesty and good faith to act in the best interests of its Clients. This duty includes fully disclosing all material facts concerning any conflicts that arise with respect to any Client. If any Access Person is aware of a personal interest that is, or might be, in conflict with the interest of a Client, that Access Person should disclose the situation or transaction and the nature of the conflict to the CCO for appropriate consideration by the Ethics Committee. The Ethics Committee may consult with counsel with respect to any appropriate action that should be taken. Employees should refer to the Adviser's Conflicts of Interest Policy.

**7.**  **<u>SERVICE AS A DIRECTOR</u>** 

Employees are prohibited from serving on the boards of directors of unaffiliated for-profit or not-for-profit corporations, business trusts or similar business entities, whether or not their securities are publicly traded, absent prior written approval by the Ethics Committee, based upon a determination that the board service would not be inconsistent with the interests of the Firm and its Clients. Copies of all written approvals obtained under this paragraph must be provided to and maintained by the CCO.

**8.**  **<u>MATERIAL NON-PUBLIC INFORMATION</u>** 

Securities laws and regulations prohibit the misuse of material non-public information when trading or recommending securities.

Material non-public information obtained by any Access Person from any source must be kept strictly confidential. All material non-public information should be kept secure, and access to files and computer files containing such information should be restricted. Access Persons shall not act upon or disclose material non-public information except as may be necessary for legitimate business purposes on behalf of a Client or the Firm as appropriate. Questions and requests for assistance regarding material non-public information should be promptly directed to the CCO.

Material non-public information may include, but is not limited to, knowledge of pending orders or research recommendations, corporate finance activity, mergers or acquisitions, and other material non-public information that could reasonably be expected to affect the price of a security.

Client account information and Fund shareholder account information are also confidential and must not be discussed with any individual whose responsibilities do not require knowledge of such information.

**9.**  **<u>RESTRICTIONS ON PERSONAL SECURITY TRANSACTIONS</u>** 

No Access Person shall knowingly take unlawful advantage of his or her position with the Firm or with its Clients, for Personal Benefit, or take action inconsistent with such Access Person's obligations to the Firm, or any Client. All personal securities transactions must be consistent with this Code and must be conducted in a manner designed to avoid any actual or potential conflict of interest or any abuse of any Access Person's position of trust and responsibility. Any transaction effected with the purpose of profiting as a result of one or more transactions effected or anticipated for a Client ("scalping" or "frontrunning") is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  **<u>All Employees</u>:** 

Employees are prohibited in transacting in Covered Securities absent an exception. Employees are not required to close out existing individual equity securities positions held at the commencement of their employment. However, any Employee wishing to sell a Covered Security, other than Permitted Investments, owned prior to employment must first request and receive preclearance through the ComplianceAlpha system. Transactions receiving approval must be executed the same day preclearance is granted. No Employee shall sell a Covered Security within seven calendar days before or after a Client trade in that Covered Security. The fifteen day blackout restriction shall not apply to the following unless the Ethics Committee determines that the conduct is inconsistent with the Code or the Federal Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. "Permitted Investments" Transactions may be effected in U.S. Government and government agency securities, municipal bonds, foreign currency, index, commodity and currency based futures contracts, bankers' acceptances, bank certificates of deposit, commercial paper, high quality short-term debt instruments including repurchase agreements and shares of U.S. registered open-end investment companies, closed-end funds, non-single stock ETFs, ETNs and ETCs, all digital assets (cryptocurrency and cryptoassets).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. "Investment Companies" Transactions may be effected in U.S. registered closed-end investment companies and foreign registered open-end and closed-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. "Managed Accounts" Transactions may be effected in a Managed Account as long as the account is managed on a discretionary basis and/or that you (or, if applicable, your spouse or domestic partner) do not exercise investment discretion or otherwise have direct or indirect influence or control over investment decisions. Managed Accounts must receive pre-approval from and be reported to the Legal and Compliance Department along with written confirmation from the manager, investment adviser or trustee managing the account, who may not be affiliated with the Firm or the Fund, that it is managed on a discretionary basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  **<u>Limited Offerings and Initial Public Offerings</u>:** No Employee shall directly or indirectly acquire a Beneficial Interest in Limited Offering securities or securities in an Initial Public
Offering without the prior consent of the Ethics Committee. Consideration will be given to whether the opportunity should be reserved
for a Client. The Ethics Committee will review these proposed investments on a case-by-case basis except for those circumstances in which
advance general approval may be appropriate because it is clear that conflicts are very unlikely to arise due to the nature of the opportunity
for investing in the Initial Public Offering or Limited Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  **<u>Related Instruments</u>:** When anything
in this section 9 prohibits the purchase or sale of a security, it also prohibits the purchase or sale of any related securities, such
as puts, calls, other options or rights in such securities and securities-based futures contracts and any securities convertible into
or exchangeable for such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  **<u>Spousal and Domestic Partner Accounts:</u>** An Employee's spouse or domestic partner is not prohibited from buying or selling Covered Securities for his or her own account.
However, the Employee may **not** participate in the investment decisions of his/her spouse or domestic partner, either directly or
indirectly.  **<u>The Employee's spouse or domestic partner must provide the Adviser with trade confirmations and quarterly account statements.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)  **<u>Disinterested Trustees and Advisory Board Members</u>:** No Disinterested Trustee or Advisory Board Member of a Fund shall purchase or sell, directly or indirectly, any Covered
Security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership or interest when
the Disinterested Trustee or Advisory Board Member knows that securities of the same class are being purchased or sold or are being considered
for purchase or sale by the Fund, until such time as the Fund's transactions have been completed or consideration of such transaction
is abandoned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)  **<u>Sanction Guidelines</u>:** Unless an
exception exists, if an Access Person trades in violation of this section 9, the Ethics Committee will determine the appropriate sanction
consistent with the Sanction Guidelines of the Code, which may include disgorgement of profits to a charity selected by the Ethics Committee.
A copy of the Sanction Guidelines will be provided to the Fund's Board of Trustees annually.

**10.**  **<u>PRECLEARANCE AND REPORTING PROCEDURES</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Preclearance Requirement. All Employees must receive prior approval for all purchases and sales of shares of Driehaus Mutual Funds and Sub-Advised Funds, initial purchases of all Limited Offerings other than Firm-affiliated limited partnerships, and the sale of all Covered Securities held prior to employment with the Firm that are not Permitted Investments. All preclearance approvals shall be valid for the same day preclearance is granted.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  **<u>Reports - All Access Persons</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Brokerage confirmations and statements</u>:
Each Access Person must provide to the Firm's CCO identifying information for  **<u>all securities or commodities brokerage accounts in which that Access Person has a Beneficial Interest (including Spousal and Domestic Partner accounts) including in any Managed Accounts. This includes accounts that hold shares of the Fund or a Sub-Advised Fund, other than holding of such funds in the Driehaus 401(k) and Profit Sharing Plan.</u>** Before opening any brokerage account, including a Managed Account, each Access Person shall enter the account
information into the ComplianceAlpha system or otherwise provide the information required to the CCO of the Firm. The CCO will arrange
to receive trade confirmations and monthly/quarterly account statements from the Access Person's broker-dealer, bank and/or financial
institution directly through ComplianceAlpha. If a direct feed is not available in ComplianceAlpha, Access Persons are required to upload
paper statements into the ComplianceAlpha system.

To the extent that a security transaction in which an Access Person has any Beneficial Interest or ownership is not reported on brokerage confirmations and statements either in hard copy or through ComplianceAlpha such transaction must be reported to the Firm's CCO as part of the quarterly transactions report set forth in section 10(b)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Initial and Annual Holdings Reports and Quarterly Transactions Reports</u>: Each Access Person must provide a holdings report for Covered Securities and shares of the Fund and Sub-Advised
Funds within 10 days after becoming an Access Person (an "Initial Holdings Report") and annually thereafter (an "Annual
Holdings Report"). The Annual Holdings Report must be current within 45 days of the date of the report, and should be made through
ComplianceAlpha. Any supplemental supporting documentation should be submitted to the CCO in hard copy, if necessary. This requirement
includes Spousal and Domestic Partner Accounts, Managed Accounts and any account in which an Access Person has a Beneficial Interest,
other than the Driehaus 401(k) and Profit Sharing Plan.

Each Access Person must also provide a quarterly transaction report within 30 days after the close of a quarter for each transaction during the quarter in a Covered Security and shares of the Fund and Sub-Advised Funds other than transactions in the Driehaus 401(k) and Profit Sharing Plan, in which the Access Person had any Beneficial Interest, including Spousal and Domestic Partner Accounts and Managed Accounts, and provide information for any account established by the Access Person, Spouse or Domestic Partner during the quarter that holds Covered Securities or shares of the Fund or Sub-Advised Funds other than accounts established in the Driehaus 401(k) and Profit Sharing Plan. The quarterly transaction reports and new account disclosure should be made through ComplianceAlpha. Any supplemental supporting documentation should be submitted to the CCO in hard copy, if necessary.

Each report must state the title, number of shares and principal amount of each Covered Security in which the Access Person had any Beneficial Interest, the broker/dealer, bank and/or financial institution maintaining the account for the Access Person in which any securities were held for the benefit of the Access Person, and the date that the report is submitted by the Access Person. In addition, the quarterly transaction report must state the date of the transaction, the interest rate and maturity date of the Covered Security (if applicable), the nature of the transaction (i.e., purchase, sale or other), the purchase or sale price, and the date the account was established if established in the current reporting quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  **<u>Exceptions to Reporting</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Access Persons need not file a quarterly transaction
report if the information would duplicate information that the CCO received in a broker's confirmation or account statement or that
is contained in the records of the Firm, including within ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) An Access Person need not make a quarterly transaction
report hereunder with respect to transactions effected pursuant to an Automatic Investment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Access Persons are not required to provide initial
or annual holdings reports, or quarterly brokerage confirmations and statements on digital assets (cryptocurrency and cryptoassets).

Access Persons are not required to provide initial or annual holdings reports or quarterly confirmations and statements for the Driehaus Companies 401(k) and Profit Sharing Plan, or for Driehaus Mutual Funds held directly at Northern Trust, the Fund's Transfer Agent.

Disinterested Trustee or Advisory Board Member who would be required to make a report referenced in Section 10(b) solely by virtue of being a Trustee or Advisory Board Member is not required to make a report unless Section 10(d)(1) applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) An Access Person who is not an Employee of the
Firm may provide required reports to the CCO in hard copy in lieu of using ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)  **<u>Reports - Disinterested Trustees and Advisory Board Members</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A Disinterested Trustee or Advisory Board Member
must provide a quarterly report to the Ethics Committee of any purchase or sale of any Covered Security in which such person has, or by
virtue of such transaction acquires, any Beneficial Interest if at the time of the transaction the Disinterested Trustee or Advisory Board
Member knew, or in the ordinary course of fulfilling his or her official duties as a Trustee or Advisory Board Member of a Fund should
have known that, on the date of the transaction or within 15 days before or after the transaction, purchase or sale of that class of security
was made or considered for the Fund. The form of the report must conform to the provisions of subsection (b)(2) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This subsection (d) shall not apply to non-volitional
purchases and sales, such as dividend reinvestment programs or "calls" or redemptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)  **<u>Review of Reports</u>:** 

The CCO of the Firm or a designee of the CCO will review reports submitted by Access Persons, except no person shall be permitted to review his or her own reports. Any report required to be filed shall not be construed as an admission by the person making such report that he/she has any direct or indirect Beneficial Interest in the security to which the report relates.

**11.**  **<u>ETHICS COMMITTEE</u>** 

The Ethics Committee will take whatever action it deems necessary and appropriate, consistent with its Sanction Guidelines, with respect to any Access Person of the Firm or the Fund other than as noted below who violates any provision of this Code, and will inform the Fund's Board of Trustees as to the nature of such violation and the action taken by the Committee. However, any information received by the Ethics Committee relating to questionable practices or transactions by a Disinterested Trustee or an Advisory Board Member of a Fund shall immediately be forwarded to the Audit Committee of the Fund for that committee's consideration and such action as it, in its sole judgment, shall deem warranted.

At least once a year, each Fund, the Adviser must provide a written report prepared by the Ethics Committee to the Fund's Board of Trustees that describes any issues arising under the Code or procedures since the last report to the Board of Trustees, including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to the material violations. The report will also certify to the Board of Trustees that each Fund and the Firm each have adopted procedures reasonably necessary to prevent Access Persons from violating the Code. The Report should also address any significant conflicts of interest that arose involving the Fund and Firm's personal investment policies, even if the conflicts have not resulted in a violation of the Code.

**12.**  **<u>WAIVERS</u>** 

The Ethics Committee may, in its discretion, waive compliance with any provision of the Code after considering whether the waiver (i) is necessary or appropriate to alleviate undue hardship, or in view of unforeseen circumstances, (ii) will not be inconsistent with the purposes and policies of the Code; (iii) will not adversely affect the interests of any Client or the interests of the Firm and/or (iv) will not result in a transaction or conduct that would violate provisions of applicable laws or rules. Normally, all waiver applications must be made in advance and in writing. A written record shall be kept of all waivers granted by the Ethics Committee, including a brief summary of the reasons for the waiver.

**13.**  **<u>CODE REVISIONS</u>** 

Any material changes to this Code will be approved by the Fund's Board of Trustees prior to the effective date of such changes.

**14.**  **<u>RECORD KEEPING REQUIREMENTS</u>** 

The Firm shall maintain records, at its principal place of business, of the following: a copy of each Code in effect during the past five years; a record of any violation of the Code and any action taken as a result of the violation for at least five years after the end of the fiscal year in which the violation occurs; a copy of each report made by Access Persons as required in this Code, including any information provided in place of the reports during the past five years after the end of the fiscal year in which the report is made or the information is provided; a copy of each Fund trustee report made during the past five years; a copy of each Acknowledgment of the Code made by Access Persons during the past five years; a record of all Access Persons required to make reports currently and during the past five years; a record of all who are or were responsible for reviewing these reports during the past five years; and, for at least five years after approval, a record of any decision and the reasons supporting that decision, to approve an Access Person's purchase of a New Issue or a Limited Offering.

**15.**  **<u>CONDITION OF EMPLOYMENT OR SERVICE</u>** 

All Access Persons shall conduct themselves at all times in the best interests of Clients. Compliance with the Code is a condition of employment or continued affiliation with a Fund or the Firm. Conduct not in accordance with the Code is grounds for sanctions which may include, but are not limited to, a reprimand, a restriction on activities, disgorgement, termination of employment or removal from office. All Access Persons shall certify initially upon employment and annually thereafter to the Ethics Committee that they have read and agree to comply in all respects with this Code and that they have disclosed or reported all personal securities transactions, holdings and accounts required to be disclosed or reported by this Code.

Effective: November 14, 2025

## Exhibit 99.28

Exhibit(q)

**<u>LIMITED POWER OF ATTORNEY</u>**

KNOW ALL MEN BY THESE PRESENTS, that the undersigned hereby constitutes and appoints each of Stephen T. Weber, Janet L. McWilliams, Robert M. Kurinsky, or any of them, his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities to sign the Registration Statement of Driehaus Mutual Funds, a Delaware statutory trust, on Form N-lA under the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, and any or all amendments thereto, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully as all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all said attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof.

---

| | |
|:---|:---|
| DATED: <u>April 1, 2026</u> | /s/Theodore J. Beck |
|  | Theodore J. Beck |

---

Exhibit(q)

**<u>LIMITED POWER OF ATTORNEY</u>**

KNOW ALL MEN BY THESE PRESENTS, that the undersigned hereby constitutes and appoints each of Stephen T. Weber, Janet L. McWilliams, Robert M. Kurinsky, or any of them, his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities to sign the Registration Statement of Driehaus Mutual Funds, a Delaware statutory trust, on Form N-lA under the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, and any or all amendments thereto, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully as all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all said attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof.

---

| | |
|:---|:---|
| DATED: <u>April 1, 2026</u> | /s/Christopher J. Towle |
|  | Christopher J. Towle |

---

Exhibit(q)

**<u>LIMITED POWER OF ATTORNEY</u>**

KNOW ALL MEN BY THESE PRESENTS, that the undersigned hereby constitutes and appoints each of Stephen T. Weber, Janet L. McWilliams, Robert M. Kurinsky, or any of them, his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities to sign the Registration Statement of Driehaus Mutual Funds, a Delaware statutory trust, on Form N-lA under the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, and any or all amendments thereto, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully as all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all said attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof.

---

| | |
|:---|:---|
| DATED: <u>April 1, 2026</u> | /s/Dawn M. Vroegop |
|  | Dawn M. Vroegop |

---

Exhibit(q)

**<u>LIMITED POWER OF ATTORNEY</u>**

KNOW ALL MEN BY THESE PRESENTS, that the undersigned hereby constitutes and appoints each of Stephen T. Weber, Janet L. McWilliams, Robert M. Kurinsky, or any of them, his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities to sign the Registration Statement of Driehaus Mutual Funds, a Delaware statutory trust, on Form N-lA under the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, and any or all amendments thereto, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully as all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all said attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof.

---

| | |
|:---|:---|
| DATED: <u>April 1, 2026</u> | /s/Elizabeth M. Forget |
|  | Elizabeth M. Forget |

---