M* article of 12/2015 predicted this find might close soon.

https://www.sec.gov/Archives/edgar/data/1016073/000119312517278810/d456584d497.htm
497 1 d456584d497.htm 497
Driehaus Mutual Funds
Driehaus Micro Cap Growth Fund *DMCRX
(the “Fund”)
Supplement dated September 7, 2017 to
Prospectus for the Fund dated April 30, 2017 and
Summary Prospectus for the Fund dated April 30, 2017
The Board of Trustees of the Driehaus Mutual Funds has approved the closure of the Driehaus Micro Cap Growth Fund (the “Fund”) to new investors, except as described below. The closure will be effective immediately after 4:00 pm Eastern Time on September 29, 2017.
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 Driehaus Capital Management LLC (the “Adviser”) or its affiliates or a Trustee of 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 Driehaus Securities LLC, the Fund’s distributor, 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.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
For more information, please call Driehaus Mutual Funds at (800) 560-6111.

I think LB makes a good case for holding cash or high quality bonds along with equities.
But, holding short equity positions is inherently hazardous. (Theoretically, a stock can continue to rise forever.) It boils down to the skill of the manager to effectively implement a short selling strategy - and avoid losing his shirt in the process. Not to say using short positions to hedge equity risk is a bad approach - just that John Hussman hasn't demonstrated the capacity to execute the approach effectively. And, while he somewhat vehemently denies shorting equities, Hussman's HSGFX often behaves as if (effectively) short the market.
Alternatives like gold, foreign currencies, commodities, real estate, etc. constitute another form of hedging. Personally, I like to keep a small hold in funds which include those types of assets. I fully recognize that that dilutes my returns as compared to being invested only in equities. Much disagreement exists on the board re the subject - and I've no desire to become a spokesman for PRPFX or any other fund investing in such alternatives.
BTW: The brains at TRP have held for several years now that we're in the midst of a cyclical bear market in commodities. They would probably say that we're in the 5th or 6th inning. While I've disagreed a bit with that bearish outlook, I suspect they're mostly correct in the call. It's relevant here only in that commodities are often viewed as an alternative investment to equities.
Yes. Agree with LB that equity markets don't always rise. They can (and do) experience significant multi-year periods of negative performance. And I fear very much that our instant-touch media (24-hour financial reporting and internet access) have magnified the always present human herd instinct. If correct, that implies both stronger bull markets and worse bear markets ahead than have occurred historically.

Sure, because Morgan Creek was so successful at this kind of alternative investing in the past:
https://sec.gov/Archives/edgar/data/1559098/000139834417003043/fp0024439_497.htm

"Here’s another beauty, also at the Journal, about a fund manager who is currently in a 52% drawdown from the peak and still has the chutzpah to be lecturing others ... "
Grandma stashing her savings in a cookie jar over the past decade would be ahead of this renowned investor.
Rule# 1: "Don't lose money." (Perhaps not applicable in the world of sophisticated investing?)

FYI: Like many active managers, Mark Yusko of Morgan Creek Capital Management LLC has some serious gripes about the rise of exchange-traded funds and the ascendancy of passive investing.
And like many of those managers, he’s also starting his own ETF to cash in on their popularity -- but with a twist.
Regards,
Ted
http://www.fa-mag.com/news/big-critic-of-etfs-planning-to-launch-one-of-his-own-34517.html?print

@bee - we've had exchanges on these things before. If these particular strategies work for you, more power to you. They do seem to carry some assumptions that may not apply to some other people, so they're worth pointing out.

I have a few personal strategy for dealing with RMDs. Consider strategically spending down these taxable IRA dollars first rather than raiding taxable accounts, Roth accounts or Health Savings Accounts, especially between the years of 59.5 and 70.5.

I'm guessing you're doing this to keep RMDs manageable, i.e. not growing so large that they kick you into a higher tax bracket.
Say you need $20k/year. You seem to be suggesting that you withdraw approx $23.5K (so that after paying 15% tax, you've got your $20K for expenses). If your taxable account is generating no income (just cap gains when you sell), that works fine for you, since you'd be paying no cap gains tax in that tax bracket.
An alternative for some would be to tap the taxable account for the $20K in expenses, withdraw the same $23.5K from the IRA (pay the same $3.5K taxes on that), and put the rest ($20K) into a Roth as a conversion.
Comparing the two strategies - either way, you get $20K to spend, and you've reduced your traditional IRA by $23.5. The difference is that the first way left you with $20K in the taxable account (you spent the IRA distribution), the second way let you move $20K into a Roth (you spent money from a taxable account).

Fund an H.S.A:
-Between the age of 59.5 and 65 (when you become medicare eligible) distribute a portion of your tax deferred IRA yearly equal to your maximum H.S.A contribution. This will provide a funding source for my H.S.A as well as make these IRA distributions tax free since there tax liability will be offset by the H.S.A contribution (income tax credit) for that same year.

You're get an income reduction for the HSA contribution regardless of what's generating the income. That taxable income could be coming from taxable investments or from IRA distributions, or even from a Roth conversion. What matters is that you've got a fixed size "deduction" (the HSA contribution). So the IRA distribution is tax-free (due to the HSA) only to the extent that you have no other ordinary (taxable) income.
For example, if you contribute $4K to your HSA, and have $1K in taxable income, then only the first $3K of IRA distributions will be tax-free. If you withdraw $4K, then your total taxable income is $5k, and $1k of that is taxable after subtracting off the $4K HSA contribution.

Fund Itemize Medical Expenses:
- Between ages (65 -70.5) track medical expenses that are eligible as an itemized tax deduction. Do not use your H.S.A dollars during this time frame to pay for these medical costs. Instead, pay all of these medical expenses with yearly IRA distributions. Using IRA distributions as the funding source for medical related expenses may potentially lowering your taxes on these taxable distributions.

You can use medical expenses as itemized deductions (subject to a floor of 7.5% or 10% of AGI). To do that, you're right, you can't pay them out of an HSA. This works for some people, but only if they've got really high expenses (relative to their AGI), and if they've got enough other itemized deductions to get them above the standardized deduction. At least I think that's what you're writing about here.
Each person's situation is different. This strategy seems to work fine for yours.

From a recent read:
Roth IRAs (as well as H.S.A.) aren’t subject to the required minimum distributions (RMDs) that apply to most retirement accounts starting at age 70½, so you can let any Roth (and H.S.A) assets continue to benefit from potential tax-free growth for the rest of your life. (T Rowe Price quote).
FYI:
-Roth IRAs are inherited tax free.
-H.S.A are taxable when received as a non-spousal inheritance.
-Interestingly, Roth 401K account do have RMDs.
I have a few personal strategy for dealing with RMDs. Consider strategically spending down these taxable IRA dollars first rather than raiding taxable accounts, Roth accounts or Health Savings Accounts, especially between the years of 59.5 and 70.5.
Fund an H.S.A:
-Between the age of 59.5 and 65 (when you become medicare eligible) distribute a portion of your tax deferred IRA yearly equal to your maximum H.S.A contribution. This will provide a funding source for my H.S.A as well as make these IRA distributions tax free since there tax liability will be offset by the H.S.A contribution (income tax credit) for that same year.
Fund Itemize Medical Expenses:
- Between ages (65 -70.5) track medical expenses that are eligible as an itemized tax deduction. Do not use your H.S.A dollars during this time frame to pay for these medical costs. Instead, pay all of these medical expenses with yearly IRA distributions. Using IRA distributions as the funding source for medical related expenses may potentially lowering your taxes on these taxable distributions.
Here's a debatable strategy:
Defer 25% of your IRA well beyond 70.5 by purchasing a QLAC:
why-a-qlac-in-an-ira-is-a-terrible-way-to-defer-the-required-minimum-distribution-rmd-obligation/

Hi Guys,
"The future is uncertain, so investors should always think in terms of probabilities, never guarantees. What this data tells me is that the longer your time horizon, the higher your probability of seeing a gain in the stock market."
That's not me writing. It's a quote from an article by Ben Carlson. Here is the Link to that article that summarizes market returns winning statistics:
http://awealthofcommonsense.com/2015/11/playing-the-probabilities/
Not much has changed statistically since this article was published. It's a simple matter of just playing the odds. That's always a good strategy.
The equity marketplace is up 54% of the time on a daily basis. It is up 74% of the time annually. As the investment timeframe expands, the winning statistics keep increasing. In the investment world, time is your ally. Once again simplicity trumps complexity.
Best Wishes

VintageFreak
You mention the possibility of the fund liquidating, however the fund webpage is indicating about $1.5 billion in assets, do you see any indication that liquidation is being considered.
Thanks

FYI: Any additional comment here might be superfluous because the stories I’m about to share speak for themselves.
Convincing yourself that you need a perfect answer for market outcomes with a probability of under 5% of occurring is a recipe for sloppy portfolios and big losses. Take a look for yourself…
Regards,
Ted
http://thereformedbroker.com/2017/09/05/when-the-hedge-is-worse-than-the-thing-being-hedged/
Black Swan Article For Free:
https://www.morningstar.com/news/dow-jones/TDJNDN_201709051978/a-decade-after-crisis-investors-have-stopped-hunting-for-black-swans.html

FYI: EVERY YEAR, MANY SENIORS needlessly incur hefty penalties or overpay their taxes. The reason: They don’t understand the strict rules that govern removing money from their tax-deferred retirement accounts.
Regards,
Ted
http://www.humbledollar.com/2017/09/late-thatll-cost-50/

Re "Wonder where the new technology came from so quickly? "
I was tempted to remark cynically: "They looked it up on the internet." But really haven't a clue.
More likely @Maurice has it right when he says: "When you don't feed your people, there is more money for developing weapons of mass destruction."
I say that because I recall how impoverished the Russian people were back in the 50s and 60s while their government was developing the heavy-lift rockets that eventually gave them an early lead in the space race. The huge rockets were initially developed for lifting their (overly heavy) nukes - designed to annihilate us. The use of these rockets to launch space missions (essentially part of their propaganda front) was secondary and grew out of their inordinate spending on weapons.

FYI:
Regards,
Ted
Bloomberg:
https://www.bloomberg.com/news/articles/2017-09-04/safe-havens-maintain-gains-as-korea-threats-linger-markets-wrap
Reuters:
http://www.reuters.com/article/us-usa-stocks/wall-street-falls-more-than-1-percent-on-rising-north-korea-worries-idUSKCN1BG1LB
MarketWatch:
http://www.marketwatch.com/story/wall-street-stocks-set-for-downbeat-open-as-north-korea-standoff-intensifies-2017-09-05/print
IBD:
http://www.investors.com/market-trend/stock-market-today/stocks-down-but-nasdaq-shows-a-bullish-trait-3-reasons-why-apple-is-fine/
CNBC:
https://www.cnbc.com/2017/09/05/us-stocks-north-korea-economy.html
AP:
http://hosted.ap.org/dynamic/stories/F/FINANCIAL_MARKETS_ASOL-?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT
Bloomberg Evening Briefing:
https://www.bloomberg.com//news/articles/2017-09-05/your-evening-briefing-pay-gaps-daca-and-irma
WSJ: Markets At A Glance:
http://markets.wsj.com/us
SPDR's Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker
SPDR's Bloomberg Sector Performance Pie Chart:
https://www.bloomberg.com/markets/sectors
Current Futures: Negative
https://finviz.com/futures.ashx

Hi Guys,
KISS (keep it simple, stupid) wins again! Simplicity has many advantages over complexity, especially in the investment world. Many of the 36 investment golden rules summarized in Ted's recent reference to a Ben Carlson article hint that simple wins over complex without explicitly saying so. For your convenience, here is the Link to the article that Ted posted:
http://awealthofcommonsense.com/2017/09/36-obvious-investment-truths/
Once again Ted, thank you for this useful reminder. I try, sometimes with success, but not always, to apply these terrific guidelines. Great stuff!
There are scores of articles and papers that advocate the KISS approach. Here is a Link to just one from many dozen choices:
http://www.marketwatch.com/story/when-it-comes-to-investing-it-pays-to-keep-it-simple-2015-11-11
Enjoy and prosper by limiting your effort. That's typically not a winning strategy in many other business adventures.
Best Wishes

https://www.sec.gov/Archives/edgar/data/890540/000113542817000918/champlainmc-497.txt
DOCUMENT>
497
1
champlainmc-497.txt
THE ADVISORS' INNER CIRCLE FUND II
CHAMPLAIN MID CAP FUND (THE "FUND")
ADVISOR SHARES (CIPMX)
INSTITUTIONAL SHARES (CIPIX)
SUPPLEMENT DATED SEPTEMBER 5, 2017
TO THE SUMMARY PROSPECTUS, PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION (THE "SAI") DATED NOVEMBER 28, 2016
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED
IN THE SUMMARY PROSPECTUS, PROSPECTUS AND SAI, AND SHOULD BE READ IN
CONJUNCTION WITH THE SUMMARY PROPSECTUS, PROSPECTUS AND SAI.
Effective October 1, 2017, the Fund will be closed to new investors. As of
October 1, 2017, shares of the Fund may be purchased only by existing fund
shareholders, qualified retirement plans and fee-based advisory programs with
centralized investment discretion that have selected the Fund as an investment
option prior to October 1, 2017. The Fund reserves the right to permit
additional investments on a case-by-case basis as deemed appropriate by and in
the sole discretion of Champlain Investment Partners, LLC, the Fund's adviser
(the "Adviser").
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
CSC-SK-013-0100

@Maurice That's nice. The problem is Clinton wasn't even a candidate in 2014, so why are you posting that data? And why do you carefully ignore the simple fact that in the 2016 election cycle $605.8 million was spent by conservative Super Pacs and $444 million spent by liberal ones, which is also on the same 2016 Open Secrets page? You said: "You know that the Democrats have taken more advantage of PAC money than Republicans." It's not true.
And by the way Super Pacs don't even include "dark money" political spending from 501c non-profit groups where the donors' names aren't disclosed. That money is overwhelmingly conservative Republican: https://opensecrets.org/outsidespending/summ.php?cycle=2016&chrt=V&disp=O&type=U
In 2016 $140.5 million came from conservative 501c's versus 41.3 million from liberal ones. Oh and in 2014, that number was $126.4 million conservative versus $37.8million liberal.
https://opensecrets.org/outsidespending/summ.php?cycle=2014&chrt=V&disp=O&type=U

FYI: U.S. stocks were poised to open lower on Tuesday, as investors returned from a long weekend and got their first chance to respond to the heightened tensions between the West and North Korea.
Regards,
Ted
U.S.: (MarketWatch)
http://www.marketwatch.com/story/wall-street-stocks-set-for-downbeat-open-as-north-korea-standoff-intensifies-2017-09-05/print
U.S.: (IBD)
http://www.investors.com/market-trend/stock-market-today/these-2-top-rated-techs-put-w-in-winning-bases-sp-500-futures/
Europe: (MarketWatch)
http://www.marketwatch.com/story/european-stocks-push-higher-as-deal-news-eclipses-north-korea-worries-2017-09-05/print
Europe: (Reuters)
http://www.reuters.com/article/europe-stocks/european-shares-up-led-by-financials-health-stocks-aveva-gains-on-schneider-deal-idUSL8N1LM10O
Europe: (CNBC)
https://www.cnbc.com/2017/09/05/europe-markets-ftse-cac-dax-north-korea-tensions-nafta.html
Europe-Asia: (Bloomberg)
https://www.bloomberg.com/news/articles/2017-09-04/safe-havens-maintain-gains-as-korea-threats-linger-markets-wrap
Asia: (MarketWtch)
http://www.marketwatch.com/story/wary-investors-weigh-on-asian-markets-after-north-korean-nuclear-test-2017-09-03/print
Asia: (Reuters)
http://www.reuters.com/article/japan-stocks-close/nikkei-falls-to-1-week-lows-as-north-korea-tensions-persist-idUSL4N1LM2FQ
Asia: (CNBC)
https://www.cnbc.com/2017/09/04/asia-markets-focus-on-north-korea-gold-yen-china-caixin-services-pmi.html
Current Futures: (Negative)
https://finviz.com/futures.ashx

Thanks OJ. Had a feeling I was overlooking something. It's becoming clearer. Somehow had the impression that fund trades executed through a third party (i.e. broker) took an extra day to go through. And that the next day's price applies. However, the article I linked below clears that up. I was mostly wrong - though some brokerages have a 2 PM cutoff.
Found your link highly interesting. Not sure why it takes 2-3 days for some trades to settle. It's a world I'm not acquainted with. Never desired to own individual stocks. Perhaps a fear that I might become "consumed" by the process and trade frequently to my detriment. I'll stick with what I know (a recurrent theme in another thread tonight).
From Investopedia: Mutual fund shares are highly liquid. They can be bought or sold (redeemed) on any day that the markets are open. Whether working through a representative (such as an advisor) or directly through the fund company, an order can be placed to buy or redeem shares and it will be executed at the next available net asset value (NAV), which is calculated after the market close each trading day. Some brokerages and fund companies require orders be placed earlier than the market close (2 p.m. Eastern Time), while others allow same day execution right up to the market close.
Settlement for mutual fund transactions varies from one to three days, depending upon the type of fund.
http://www.investopedia.com/ask/answers/110615/when-are-mutual-fund-orders-executed.asp