Driehaus Active Income  LCMAX
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2009-10-31
Out of
Multisector Bond Funds
Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance.
Morningstar®
Style Box™
What is this?
   Avg Duration
   ---
   Avg Credit Quality
   ---
As of 2009-10-31
Day Change
$ 0.01
  
NAV (2009-11-20)
$ 12.24
  
YTD Return % (2009-11-20)
19.88%
  
Total Assets ($ mil)
1,182
View Data Definitions
  Performance    
Growth of $10,000 Fund: Driehaus Active Income
(from 2005-11-08 to 2009-10-31) Category: Multisector Bond
Index: BarCap US Agg Bond TR USD
Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20
Inception date: 2005-11-08 10yr and Inception Returns as of 2009-10-31
YTD Returns as of 2009-11-20
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Fund 19.88 23.27 6.89 --- --- 6.39
+/- Category -5.02 -3.90 2.74 --- --- ---
+/- BarCap US Agg Bond TR USD 12.97 10.78 0.44 --- --- ---
Standardized Annual Returns %   more on standardized returns
Quarter-End (as of 2009-09-30) 18.71 19.66 6.78 --- --- 6.29
Month-End (as of 2009-10-31) 19.78 21.94 6.96 --- --- 6.39
After Tax Returns % (as of 2009-09-30 )  
On Distribution --- 21.77 6.46 --- --- ---
On Distribution & Sale of Shares --- 14.24 5.66 --- --- ---
Morningstar Rating --- --- --- --- ---
# of compared funds covered (3 yrs : out of 164 funds), (5 yrs : out of funds), (10 yrs : out of funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, the maximum deferred sales fee is none, and the maximum redemption sales fee is none.
The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.
  Portfolio Profile    
Sector Breakdown %
US Government 7.63
US Treasuries 0.00
TIPS 4.59
US Agency 3.04
Mortgage 1.11
Mortgage Pass-Thru 0.12
Mortgage CMO 0.99
Mortgage ARM 0.00
Credit 47.45
US Corporate 32.30
Asset-Backed 0.82
Convertible 14.33
Municipal 0.00
Corporate Inflation-Protected 0.00
Foreign 3.62
Foreign Corp 3.62
Foreign Govt 0.00
Cash 40.19
Bond Quality % of Bonds
AAA ---
AA ---
A ---
BBB ---
BB ---
B ---
Below B ---
Not Rated ---
 
Asset Allocation
% of Net Assets
Cash 33.2
Stocks 0.2
Bonds 48.2
Other 18.5
Foreign Stocks 0.0
(as a % of Assets)
Data through 2009-10-31 Data through 2009-10-31
 
Holding Status
Total Number of Stock Holdings 1 Turnover % 387
Total Number of Bond Holdings 88 30 Day SEC Yield % 1.46
% of Assets in Top 10 Holdings 25.69 ending as of 2009-09-30
View Data Definitions
Top 10 Holdings Maturity
Date		 Amount
$000		 Value
$000		 % of Net
Assets
Money Market Fiduciary 2009-11-04 222,461 222,461 19.30
US Treasury Note 3.5% 2011-01-15 62,001 64,800 5.62
Jpmorgan Chase FRN 2049-04-29 31,313 31,587 2.74
Cds Nwl Swap Liab 06/20/14 2014-06-20 30,000 30,000 2.60
HEINZ H J FIN --- 26,839 2.33
Freeport-Mcmoran Copper & Gold Cv --- 241 25,814 2.24
Intl Game Tech 144A Cv 3.25% 2014-05-01 21,000 24,833 2.15
Arcelormittal Sa Luxembourg 7% 2039-10-15 25,625 24,304 2.11
Centaur Fdg Pfd 144A --- 23 22,877 1.99
FNMA CMO 2036-06-25 23,142 22,764 1.98
Data through 2009-10-31
  Other Information
Fund Inception: 2005-11-08
Portfolio Manager  (Start Date)
Mirsada Durakovic  (2009-04-02)
Durakovic serves as the assistant portfolio manager of the fund. In 2009, she joined the Adviser as an assistant portfolio manager focusing on the Adviser’s credit oriented strategies. In 2006, Durakovic joined Lotsoff Capital Management where she was an assistant portfolio manager of the firm’s credit-oriented strategies. In 1999, Durakovic joined JPMorgan Securities where she worked as an associate focusing on domestic loan syndications, structure finance research, and asset-backed securitization.
K.C. Nelson  (2009-04-02)
Nelson serves as the portfolio manager of the Fund. In 2009, Nelson joined the Adviser as portfolio manager focusing on the Adviser’s credit oriented strategies. In 2006, he joined Lotsoff Capital Management where he was a senior portfolio manager of the firm’s credit-oriented strategies, including the Predecessor Fund. In 2003, Nelson joined Akela Capital where he worked as an assistant portfolio manager focusing on convertible arbitrage.
Sales Charge %
(taken from prospectus dated 2009-01-30)
Front: None
Deferred: None
Expense Ratio % 0.94
based on net assets
(taken from annual report dated 2008-09-30)
Correspondence Information
25 East Erie St
25 East Erie Street
Chicago,  IL  60611
United States
Telephone:
877-779-0079
Data on this page does not include the fund's short positions (if any).
Show Data Definitions

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Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.