0001145549-20-071366.txt : 20201125 0001145549-20-071366.hdr.sgml : 20201125 20201125152250 ACCESSION NUMBER: 0001145549-20-071366 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20200930 FILED AS OF DATE: 20201125 PERIOD START: 20201231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DRIEHAUS MUTUAL FUNDS CENTRAL INDEX KEY: 0001016073 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-07655 FILM NUMBER: 201350074 BUSINESS ADDRESS: STREET 1: 25 EAST ERIE ST STREET 2: 25 EAST ERIE STREET CITY: CHICAGO STATE: IL ZIP: 60611 BUSINESS PHONE: 3125873800 0001016073 S000018408 Driehaus International Small Cap Growth Fund C000050883 Driehaus International Small Cap Growth Fund DRIOX NPORT-P 1 primary_doc.xml NPORT-P false 0001016073 XXXXXXXX S000018408 C000050883 Driehaus Mutual Funds 811-07655 0001016073 25490065PZVMACERQ816 25 EAST ERIE STREET CHICAGO 60611 312 587 3800 Driehaus International Small Cap Growth Fund S000018408 254900LZAHTSMHKELS55 2020-12-31 2020-09-30 N 253937507.980000000000 7360402.250000000000 246577105.730000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.040000000000 N Kingfisher plc 213800KBMEV7I92FY281 Kingfisher plc ORD GBP0.157142857 G5256E441 777414 NS 2976305.1 1.2070484367 Long EC CORP GB N 1 N N N Bellway Plc 213800CY4L3HST4FGZ98 Bellway Plc GBP0.125 G09744155 31138 NS 944606.41 0.3830876379 Long EC CORP GB N 1 N N N Asos Plc 213800H8DBB8JSKDW630 Asos Plc ORD GBP0.035 G0536Q108 37738 NS 2507804.36 1.0170467175 Long EC CORP GB N 1 N N N Halfords Group 54930086FKBWWJIOBI79 Halfords Group ORD GBP0.01 G4280E105 496000 NS 1160984.72 0.4708404361 Long EC CORP GB N 1 N N N CRANSWICK PLC 549300LDZLPU51XOSK43 CRANSWICK PLC ORD GBP0.10 G2504J108 45016 NS 2106212.79 0.8541801899 Long EC CORP GB N 1 N N N Electrocomponents 549300KVXDURRKVW7R37 Electrocomponents ORD GBP0.10 G29848101 333300 NS 3064274.92 1.2427248308 Long EC CORP GB N 1 N N N Provident Financial PLC 213800U93SZC44VXN635 Provident Financial PLC ORD GBP0.207272 G72783171 443300 NS 1109703.63 0.4500432539 Long EC CORP GB N 1 N N N Serco Group 549300PT2CIHYN5GWJ21 Serco Group GBP0.02 G80400107 1155168 NS 1896006.43 0.7689304424 Long EC CORP GB N 1 N N N Weir Group 549300KDR56WHY9I3D10 Weir Group ORD GBP0.125 G95248137 241310 NS 3899964 1.5816407563 Long EC CORP GB N 1 N N N NEXTDC Limited 529900RTERU3X7G3D672 NEXTDC Limited NPV Q6750Y106 529337 NS 4655810.25 1.8881762101 Long EC CORP AU N 1 N N N Hankook Tire & Technology Co Ltd 9884001BIEVM09M7AH02 Hankook Tire & Technology Co Ltd KRW500 Y3R57J108 100700 NS 2713543.8 1.1004848937 Long EC CORP KR N 2 N N N Fevertree Drinks Plc 2138007AJRLHRVQZLD07 Fevertree Drinks Plc ORD GBP0.0025 G33929103 91189 NS 2725138.33 1.1051870862 Long EC CORP GB N 1 N N N Technopro Holdings Inc 3538001DJ8I5PJQNHU53 Technopro Holdings Inc NPV J82251109 28387 NS 1754925.71 0.7117147818 Long EC CORP JP N 1 N N N Maisons Du Monde Sa 9695009DV2698O4ZBU71 Maisons Du Monde Sa EUR3.24 F59463103 83100 NS 1251008.89 0.5073499773 Long EC CORP FR N 1 N N N Masmovil Ibercom S.A. 959800YH56PYMFN7VV80 Masmovil Ibercom S.A. EUR0.02 (POST CONS) E7386C164 91149 NS 2404522.12 0.9751603308 Long EC CORP ES N 1 N N N Oisix Ra Daichi Incorporation N/A Oisix Ra Daichi Incorporation NPV J60236106 84200 NS 2710463.19 1.0992355442 Long EC CORP JP N 1 N N N B&M European Value Retail SA 213800UK7ZRLY2K1X530 B&M European Value Retail SA ORD GBP0.1 (DI) L1175H106 519035 NS 3313188.15 1.3436722522 Long EC CORP LU N 1 N N N Coface SA 96950025N07LTJYFSN57 Coface SA EUR2.00 F22736106 304148 NS 2128892.08 0.8633778362 Long EC CORP FR N 1 N N N Comet Holdings 506700PGOL747J76WC96 Comet Holdings CHF1 (REGD) H15586151 12394 NS 1902732.32 0.7716581450 Long EC CORP CH N 1 N N N Rumo SA N/A Rumo SA COM NPV P8S114104 327893 NS 1114015.29 0.4517918591 Long EC CORP BR N 1 N N N Bawag Group Ag 529900S9YO2JHTIIDG38 Bawag Group Ag NPV A0997C107 49743 NS 1796292.43 0.7284911649 Long EC CORP AT N 1 N N N Befesa Sa 222100VXGA8L6J4ZWG61 Befesa Sa NPV L0R30V103 58686 NS 2353179 0.9543379922 Long EC CORP LU N 1 N N N Bhg Group Ab 549300ZLCWL2QTO3HR86 Bhg Group Ab NPV W1590P103 118237 NS 1666118.73 0.6756988752 Long EC CORP SE N 1 N N N Netcompany Group A/S 5299006DEGAWX1Z1X779 Netcompany Group A/S DKK1 K7020C102 27742 NS 2300219.37 0.9328600736 Long EC CORP DK N 1 N N N Endava Plc 213800JJ6CRPCWCQVZ25 Endava Plc SPON ADS EACH REP 1 ORD SHS CL A 29260V105 40312 NS USD 2545702.8 1.0324165305 Long EC CORP GB N 1 N N N Alfen Nv 724500HDW6IWR9J5YT90 Alfen Nv EUR0.10 N0227W101 39398 NS 2508235.76 1.0172216729 Long EC CORP NL N 1 N N N Freee K K N/A Freee K K NPV J1513Q100 21300 NS 1605603.75 0.6511568644 Long EC CORP JP N 1 N N N Netent AB 549300KMAL1H1YLMWP02 Netent AB SER'B'NPV W5938J406 199515 NS 1704237.73 0.6911581369 Long EC CORP SE N 1 N N N Empire Ltd 549300TX0ZUSTEF7C719 Empire Ltd CL A 291843407 58990 NS 1712262.78 0.6944127172 Long EC CORP CA N 1 N N N Ritchie Bros Auctioneers Inc 5493002H8U24DJXQ4886 Ritchie Bros Auctioneers Inc COM 767744105 26834 NS 1591439.29 0.6454124300 Long EC CORP CA N 1 N N N Nice Limited 254900YTY4EF5Z4W0A51 Nice Limited ADR-EACH CNV INTO 1 ORD ILS1 653656108 4598 NS USD 1043883.94 0.4233499038 Long EC CORP IL N 1 N N N Methanex Corporation 549300TSJHRXT9QXRD13 Methanex Corporation COM 59151K108 54151 NS 1320478.37 0.5355235094 Long EC CORP CA N 1 N N N Monotaro CoLtd N/A Monotaro CoLtd NPV J46583100 25120 NS 1243316.74 0.5042304055 Long EC CORP JP N 1 N N N Xebec Adsorption Inc 549300Q17BK8NU6M1E92 Xebec Adsorption Inc COM 983891102 418665 NS 1314272.61 0.5330067470 Long EC CORP CA N 1 N N N Altus Group Ltd 54930041VO1EIY4IV355 Altus Group Ltd COM 02215R107 34100 NS 1416959.93 0.5746518623 Long EC CORP CA N 1 N N N Temple & Webster Group Ltd 549300BZZ48T6HQ11E08 Temple & Webster Group Ltd NPV Q8948V101 181878 NS 1606230.62 0.6514110932 Long EC CORP AU N 1 N N N Cafe24 Corporation N/A Cafe24 Corporation KRW500 Y7T37J102 31700 NS 1617513.55 0.6559869154 Long EC CORP KR N 2 N N N BE Semiconductor Industries NV 7245007A1YFLI2GNYX06 BE Semiconductor Industries NV EUR0.01 N13107144 39392 NS 1689914.73 0.6853494062 Long EC CORP NL N 1 N N N Boardwalk Real Estate Investment Trust 549300KXE6YWGWBI0U31 Boardwalk Real Estate Investment Trust TR UNIT 096631106 47770 NS 984782.02 0.3993809632 Long EC CORP CA N 1 N N N NHN KCP Corp N/A NHN KCP Corp KRW500 000000000 42600 NS 2490292.57 1.0099447646 Long EC CORP KR N 2 N N N OCI Nv 549300NCMRGIBJYUOE57 OCI Nv EUR0.02 N6667A111 136031 NS 1749600.39 0.7095550841 Long EC CORP NL N 1 N N N Huhtamaki Oyj 5493007050SJVMXN6L29 Huhtamaki Oyj SER'I'NPV X33752100 42207 NS 2087302.58 0.8465111040 Long EC CORP FI N 1 N N N Trigano 969500KLZPNMO8TUM811 Trigano EUR4.25678 F93488108 25906 NS 4003226.11 1.6235189792 Long EC CORP FR N 1 N N N Belimo Holding Ag 506700339DLX749VEM23 Belimo Holding Ag CHF1 (REGD) H07171103 163 NS 1231724.66 0.4995292066 Long EC CORP CH N 1 N N N Hiwin Tech Corp N/A Hiwin Tech Corp TWD10 000000000 118868.18 NS 1169720.02 0.4743830602 Long EC CORP TW N 1 N N N Northern Inst Fds 549300Y178DO5JBR1S04 Northern Inst Fds GOVT SELECT PT 665278701 5031921.94 NS USD 5031921.94 2.0407093047 Long STIV RF US N 1 N N N Autocanada Inc N/A Autocanada Inc COM 05277B209 247980 NS 3376424.02 1.3693177272 Long EC CORP CA N 1 N N N bpost SA 5493008AAX0BESN9WN06 bpost SA NPV B1306V108 263600 NS 2322569.62 0.9419242768 Long EC CORP BE N 1 N N N Stock Spirits Group Plc 213800O218GITCJG5984 Stock Spirits Group Plc ORD GBP0.10 G8505K101 529050 NS 1471131.64 0.5966213431 Long EC CORP GB N 1 N N N OneSavings Bank Plc 213800WTQKOQI8ELD692 OneSavings Bank Plc ORD GBP0.01 G6769K106 498600 NS 1794998.22 0.7279662946 Long EC CORP GB N 1 N N N Flatex Ag 529900IRBZTADXJB6757 Flatex Ag NPV (REG) D3763G127 46234 NS 2311930.92 0.9376097238 Long EC CORP DE N 1 N N N Bigtincan Holdings Limited N/A Bigtincan Holdings Limited NPV Q1498V100 1562100 NS 1499264.59 0.6080307357 Long EC CORP AU N 1 N N N Konecranes Oyj 549300EF0CDEQZBMA096 Konecranes Oyj NPV X4550J108 72497 NS 2274576.22 0.9224604260 Long EC CORP FI N 1 N N N Puma Se 529900GRZ2BQY5ZM9N49 Puma Se NPV D62318148 27956 NS 2519241.27 1.0216849867 Long EC CORP DE N 1 N N N Duerr AG 5299003APZ54EDTSRO20 Duerr AG NPV D23279108 80124 NS 2466900.84 1.0004581864 Long EC CORP DE N 1 N N N Jungheinrich 529900PHZORTU6FSXE73 Jungheinrich PREF SHS VTG RTS D37552102 47364 NS 1634859.85 0.6630217534 Long EP CORP DE N 1 N N N Elekta AB 54930044O54BK617EP80 Elekta AB SER'B'NPV W2479G107 192500 NS 2429934.07 0.9854662146 Long EC CORP SE N 1 N N N TAG Immobilien AG 529900TAE68USJNXLR59 TAG Immobilien AG NPV D8283Q174 84133 NS 2539038.39 1.0297137613 Long EC CORP DE N 1 N N N Vesuvius PLC 213800ORZ521W585SY02 Vesuvius PLC ORD GBP0.10 G9339E105 446401 NS 2277557.59 0.9236695285 Long EC CORP GB N 1 N N N Finecobank Spa 549300L7YCATGO57ZE10 Finecobank Spa EUR0.33 T4R999104 95396 NS 1314762.01 0.5332052244 Long EC CORP IT N 1 N N N Elmo Software Ltd N/A Elmo Software Ltd NPV Q3463W105 257008 NS 971952.9 0.3941780796 Long EC CORP AU N 1 N N N Dws Group Se 529900VM3464806ERS69 Dws Group Se NPV D23390103 64781 NS 2232623.35 0.9054463282 Long EC CORP DE N 1 N N N Codemasters Group Holdings Plc 213800NOITSDQVNP5W91 Codemasters Group Holdings Plc ORD GBP0.01 G2252A101 349000 NS 1643712.41 0.6666119327 Long EC CORP GB N 1 N N N Softwareone Holding Ag 529900GBI88JKWXLGI05 Softwareone Holding Ag CHF0.01 000000000 127995 NS 3578384.72 1.4512234254 Long EC CORP CH N 1 N N N Giant Mfg Co 549300M7TYVF50B2GY12 Giant Mfg Co TWD10 Y2708Z106 317589 NS 2988156.98 1.2118549981 Long EC CORP TW N 1 N N N Sugi Holdings 529900N86BFWB1FADG87 Sugi Holdings NPV J7687M106 32978 NS 2326424.12 0.9434874796 Long EC CORP JP N 1 N N N Askul Corp N/A Askul Corp NPV J03325107 93725 NS 3808008.58 1.5443479916 Long EC CORP JP N 1 N N N James Hardie Industries Plc 635400NSGXKTVOO7JU45 James Hardie Industries Plc CDI(CHESS DEPOSITARY INTERESTS) G4253H119 180130 NS 4275660.43 1.7340054412 Long EC CORP IE N 1 N N N Hanssem Co N/A Hanssem Co KRW1000 Y30642105 25000 NS 2284981.34 0.9266802501 Long EC CORP KR N 2 N N N Nabtesco Corporation 529900DVHQXYRTGW7739 Nabtesco Corporation NPV J4707Q100 80727 NS 2920148.91 1.1842741447 Long EC CORP JP N 1 N N N Takeuchi Mfg Co N/A Takeuchi Mfg Co NPV J8135G105 69400 NS 1370035.56 0.5556215594 Long EC CORP JP N 1 N N N Harmonic Drive Systems 353800XFIX2EUARGOE85 Harmonic Drive Systems NPV J1886F103 29677 NS 1896581.61 0.7691637082 Long EC CORP JP N 1 N N N CKD Corp N/A CKD Corp NPV J08022113 118449 NS 1925013.85 0.7806944786 Long EC CORP JP N 1 N N N Douzone Bizon Co Ltd N/A Douzone Bizon Co Ltd KRW500 000000000 20068 NS 1788299.57 0.7252496393 Long EC CORP KR N 2 N N N Capcom Co Ltd 529900JJWQKXS3TC8744 Capcom Co Ltd NPV J05187109 26500 NS 1472431.61 0.5971485494 Long EC CORP JP N 1 N N N Square- Enix Holdings Co Ltd 529900KCRNRDF8DIA489 Square- Enix Holdings Co Ltd NPV J7659R109 52777 NS 3482936.71 1.4125142315 Long EC CORP JP N 1 N N N Fujitec Co Ltd 353800YTI2P5MIZAV086 Fujitec Co Ltd NPV J15414113 103250 NS 2197850 0.8913439038 Long EC CORP JP N 1 N N N Ibiden Co Ltd 52990051DBFIQEY37C91 Ibiden Co Ltd NPV J23059116 80900 NS 2723130.9 1.1043729676 Long EC CORP JP N 1 N N N Lasertec Corp N/A Lasertec Corp NPV J38702106 15206 NS 1241394.4 0.5034507954 Long EC CORP JP N 1 N N N Metso Outotec Corporation 549300R0VN9C371W0E07 Metso Outotec Corporation NPV X5404W104 728352 NS 5119468.25 2.0762139432 Long EC CORP FI N 1 N N N Grupo Cementos de Chihuahua S.A.B. de C.V. 254900WY9XL8033CKX68 Grupo Cementos de Chihuahua S.A.B. de C.V. COM MXN0.4 144A/REG S P4948S124 190586 NS 884600.37 0.3587520291 Long EC CORP MX N 1 N N N NICHIAS Corporation N/A NICHIAS Corporation NPV J49205107 77530 NS 1824581.24 0.7399637670 Long EC CORP JP N 1 N N N Minebea MIitsumi Inc 353800CCB0CZ75YZ4010 Minebea MIitsumi Inc NPV J42884130 106254 NS 2004887.5 0.8130874495 Long EC CORP JP N 1 N N N Mekonomen Ab 529900R809HC1RFRQA91 Mekonomen Ab NPV W5615X116 180606 NS 1880503.75 0.7626432894 Long EC CORP SE N 1 N N N SCSK CORP 529900SNGFXMSUBB7864 SCSK CORP NPV J70081104 31405 NS 1747948.13 0.7088850057 Long EC CORP JP N 1 N N N THK Co Ltd N/A THK Co Ltd NPV J83345108 79423 NS 1979832.81 0.8029264534 Long EC CORP JP N 1 N N N Tokyo Tatemono Co Ltd 529900RQA4JTW1869J86 Tokyo Tatemono Co Ltd NPV J88333133 163355 NS 1987241.88 0.8059312214 Long EC CORP JP N 1 N N N Tokyotokeiba Co N/A Tokyotokeiba Co NPV 000000000 54500 NS 2754326.08 1.1170242557 Long EC CORP JP N 1 N N N Pets At Home Group Plc 2138003Y9ULD24PD3J93 Pets At Home Group Plc ORD GBP0.01 G7041J107 314400 NS 1715240.65 0.6956204003 Long EC CORP GB N 1 N N N Ascendis Pharma A/S 549300B66JN3W3J8GH73 Ascendis Pharma A/S SPON ADR EACH REP 1 ORD SHS 04351P101 9343 NS USD 1441811.76 0.5847305879 Long EC CORP DK N 1 N N N Royal Unibrew A/S 529900D69KFL8IAP8Q63 Royal Unibrew A/S DKK2 K8390X122 24202 NS 2498752.93 1.0133758861 Long EC CORP DK N 1 N N N Megaport Limited N/A Megaport Limited NPV Q5941Y108 110754 NS 1276380.37 0.5176394484 Long EC CORP AU N 1 N N N K92 Mng Inc 254900EA8H0X9FEVZU11 K92 Mng Inc COM 499113108 217900 NS 1135688.48 0.4605814788 Long EC CORP CA N 1 N N N JD Sports Fashion 213800HROV6Y9MUU8375 JD Sports Fashion ORD GBP0.0025 G5144Y112 212265 NS 2216915.47 0.8990759557 Long EC CORP GB N 1 N N N Pexip Holding Asa 549300S79JFZK79XBI07 Pexip Holding Asa NOK0.015 R66399107 9000 NS 80423.48 0.0326159559 Long EC CORP NO N 1 N N N Parkland Corporation 549300Q72GWZCL8MQC95 Parkland Corporation COM 70137W108 134282 NS 3550801.11 1.4400368191 Long EC CORP CA N 1 N N N Bachem Holding Ag 506700S81111XI7TG884 Bachem Holding Ag CHF0.05 (REGD) CLS'B' H04002129 5054 NS 2148244.94 0.8712264400 Long EC CORP CH N 1 N N N Virbac 969500QQ1X5XHG649644 Virbac EUR1.25 F97900116 14406 NS 3337526.33 1.3535426657 Long EC CORP FR N 1 N N N Tecan Group Ag 529900CSN9R3BLETSL26 Tecan Group Ag CHF0.10 (REGD) H84774167 1865 NS 929412.08 0.3769255370 Long EC CORP CH N 1 N N N LI Ning Co Ltd 529900T77L2FV3FZ3U81 LI Ning Co Ltd HKD0.1 G5496K124 779814 NS 3622338.44 1.4690489733 Long EC CORP KY N 1 N N N Hornbach Holding KGaA 529900EGQZ79V21LBL44 Hornbach Holding KGaA NPV D33875119 35894 NS 4191558.64 1.6998977369 Long EC CORP DE N 1 N N N Tele2 AB (publ) 213800EKD193RVI9HL76 Tele2 AB (publ) SER'B'NPV W95878166 197629 NS 2798099.25 1.1347765810 Long EC CORP SE N 1 N N N Spirax-Sarco Eng 213800WFVZQMHOZP2W17 Spirax-Sarco Eng ORD GBP0.269230769 G83561129 15146 NS 2162503.98 0.8770092315 Long EC CORP GB N 1 N N N Argenx SE 7245009C5FZE6G9ODQ71 Argenx SE EUR0.10 N0610Q109 9923 NS 2617699.92 1.0616151537 Long EC CORP NL N 1 N N N Tokmanni Group Oyj 743700ESBB8DW9XIL515 Tokmanni Group Oyj NPV X9078R102 153567 NS 2711547.53 1.0996753011 Long EC CORP FI N 1 N N N Convatec Group Plc 213800LS272L4FIDOH92 Convatec Group Plc ORD GBP0.1 G23969101 1043373 NS 2407213.73 0.9762519204 Long EC CORP GB N 1 N N N PostNL N.V. 724500Q41FHN0P1GPC53 PostNL N.V. EUR0.48 N7203C108 1454790 NS 4448383.73 1.8040538341 Long EC CORP NL N 1 N N N Kornit Digital Limited 5299006DPCQWP3VTFK34 Kornit Digital Limited ORD ILS0.01 M6372Q113 29704 NS USD 1926898.48 0.7814587953 Long EC CORP IL N 1 N N N Scout24 AG 5493007EIKM2ENQS7U66 Scout24 AG NPV D345XT105 29125 NS 2543996.77 1.0317246455 Long EC CORP DE N 1 N N N Covestro AG 3912005AWHKLQ1CPLV11 Covestro AG NPV D15349109 49500 NS 2457836.35 0.9967820584 Long EC CORP DE N 1 N N N Canada Goose Hldgs Inc 529900891XBE6RV8JR07 Canada Goose Hldgs Inc SHS SUB VTG 135086106 39100 NS USD 1257847 0.5101231910 Long EC CORP CA N 1 N N N Boozt Ab 549300HOEUKTVLRKQQ57 Boozt Ab NPV W2198L106 145666 NS 2029859.45 0.8232148901 Long EC CORP SE N 1 N N N 2020-10-29 Driehaus Mutual Funds Robert M. Kurinsky Robert M. Kurinsky Vice President and Treasurer XXXX NPORT-EX 2 edgar.htm
Driehaus Emerging Markets Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
COMMON STOCKS — 93.39%
FAR EAST — 73.86%
China — 41.27%
Agora, Inc. - ADR 1,* 136,879 $5,883,059
AIA Group Ltd. 1,223,770 11,984,973
Airtac International Group 703,001 15,801,866
Alibaba Group Holding Ltd. * 563,450 20,036,880
Alibaba Group Holding Ltd. - SP ADR 1,* 440,051 129,366,193
Alibaba Health Information Technology Ltd. * 4,770,313 11,621,023
BeiGene Ltd. - ADR 1,* 60,877 17,437,608
By-health Co. Ltd. - A 1,653,785 5,101,757
China Feihe Ltd. 2 10,494,905 24,348,023
China Mengniu Dairy Co. Ltd. * 3,905,908 18,294,651
China Merchants Bank Co. Ltd. - H 1,894,387 8,934,116
China Resources Cement Holdings Ltd. 10,228,788 13,963,855
China Tourism Group Duty Free Corp. Ltd. - A 527,443 17,265,460
CIFI Holdings Group Co. Ltd. 6,277,828 4,617,211
Country Garden Services Holdings Co. Ltd. 2,924,158 18,808,818
East Money Information Co. Ltd. - A 3,182,100 11,208,789
Foshan Haitian Flavouring & Food Co. Ltd. - A 1,037,371 24,690,606
Galaxy Entertainment Group Ltd. 1,937,475 12,987,249
Hong Kong Exchanges & Clearing Ltd. 400,472 18,695,463
Hundsun Technologies, Inc - A 675,309 9,775,749
Innovent Biologics, Inc. 2,* 1,293,500 9,580,183
JD.com, Inc. - ADR 1,* 347,927 27,002,614
Kweichow Moutai Co. Ltd. - A 85,503 20,947,017
Li Ning Co. Ltd. 4,859,480 22,572,923
Luxshare Precision Industry Co. Ltd. - A 3,430,202 28,773,888
Meituan Dianping - B * 536,173 16,728,490
Offcn Education Technology Co. Ltd. - A 3,164,122 15,159,502
Ping An Healthcare and Technology Co. Ltd. 2,* 458,513 5,871,887
Sangfor Technologies, Inc. - A 477,491 14,846,488
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. - A 387,626 19,806,456
Silergy Corp. 211,572 12,455,295
Sun Art Retail Group Ltd. 4,703,920 5,189,452
TAL Education Group - ADR 1,* 158,914 12,083,821
Techtronic Industries Co. Ltd. 1,729,393 22,671,638
Tencent Holdings Ltd. 2,051,816 135,418,982
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Weihai Guangwei Composites Co. Ltd. - A 980,945 $10,273,809
Wuxi Biologics Cayman, Inc. 2,* 1,016,338 24,732,917
    804,938,711
India — 10.36%
Apollo Hospitals Enterprise Ltd. 586,120 17,064,449
Asian Paints Ltd. 549,653 14,798,465
Bajaj Finance Ltd. 342,509 15,220,249
Divi's Laboratories Ltd. 401,925 16,604,057
HDFC Bank Ltd. - ADR 1,* 592,100 29,581,316
Hindustan Unilever Ltd. 552,008 15,474,255
ICICI Bank Ltd. - SP ADR 1,* 1,880,730 18,487,576
Nestle India Ltd. 35,974 7,761,690
Reliance Industries Ltd. 1,055,208 31,955,869
Tata Consultancy Services Ltd. 815,847 27,559,440
Titan Co. Ltd. 457,192 7,444,397
    201,951,763
South Korea — 9.23%
Kakao Corp. 47,230 14,686,339
KB Financial Group, Inc. 564,684 18,182,821
Kia Motors Corp. 292,344 11,723,561
LG Chem Ltd. 35,445 19,784,330
LG Household & Health Care Ltd. 13,808 17,039,834
Macquarie Korea Infrastructure Fund 1,000,206 9,400,119
Samsung Biologics Co. Ltd. 2,* 21,067 12,419,787
Samsung Electronics Co. Ltd. 1,546,216 76,760,598
    179,997,389
Taiwan — 9.21%
Century Iron & Steel Industrial Co. Ltd. 2,772,703 12,254,195
MediaTek, Inc. 619,489 12,983,558
Merida Industry Co. Ltd. 960,947 7,730,842
Taiwan Semiconductor Manufacturing Co. Ltd. - SP ADR 1 1,668,809 135,290,346
Unimicron Technology Corp. 4,451,522 11,435,441
    179,694,382
Singapore — 1.58%
Sea Ltd. - ADR 1,* 199,256 30,693,394
Indonesia — 1.07%
Bank Central Asia Tbk PT 11,480,708 20,909,085
Malaysia — 0.60%
Dialog Group Bhd. 12,742,877 11,683,398
Japan — 0.54%
Keyence Corp. 22,699 10,541,858
Total FAR EAST
(Cost $929,185,993) 		  1,440,409,980
 
Notes to Schedule of Investments are an integral part of this Schedule.
1
Driehaus Emerging Markets Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
NORTH AMERICA — 7.82%
United States — 6.17%
Advanced Micro Devices, Inc. * 330,703 $27,114,339
Cummins, Inc. 45,636 9,636,498
EPAM System, Inc. * 36,294 11,733,124
NIKE, Inc. - B 288,958 36,275,788
NVIDIA Corp. 38,533 20,854,830
Unity Software, Inc. * 168,758 14,729,198
    120,343,777
Mexico — 0.98%
Cemex SAB de CV - SP ADR 1 1,986,970 7,550,486
Wal-Mart de Mexico SAB de CV 4,835,137 11,569,866
    19,120,352
Canada — 0.67%
Wheaton Precious Metals Corp. 267,880 13,144,872
Total NORTH AMERICA
(Cost $127,944,555) 		  152,609,001
EUROPE — 7.00%
Russia — 1.56%
Sberbank of Russia PJSC - SP ADR 1,* 1,343,527 15,699,113
Yandex NV - A * 224,904 14,674,986
    30,374,099
France — 1.19%
L'Oreal SA 71,525 23,279,394
Poland — 1.12%
CD Projekt SA * 142,273 15,399,965
Dino Polska SA 2,* 108,427 6,389,939
    21,789,904
Sweden — 0.80%
Spotify Technology SA * 64,232 15,580,756
United Kingdom — 0.75%
Rio Tinto PLC - SP ADR 1 242,929 14,670,482
Hungary — 0.63%
OTP Bank NYRT * 405,546 12,218,186
Germany — 0.49%
Infineon Technologies AG 338,240 9,563,274
Netherlands — 0.46%
ASML Holding NV 24,340 8,980,731
Total EUROPE
(Cost $114,762,640) 		  136,456,826
SOUTH AMERICA — 4.14%
Brazil — 3.65%
B3 SA - Brasil Bolsa Balcao 3,355,262 32,931,862
Pagseguro Digital Ltd. - A * 283,643 10,696,177
Raia Drogasil SA 3,287,210 13,790,607
XP, Inc. - A * 330,960 13,797,722
    71,216,368
  Shares,
Principal
Amount, or
Number of
Contracts 		  Value
Argentina — 0.49%
MercadoLibre, Inc. * 8,869   $9,600,515
Total SOUTH AMERICA
(Cost $72,522,248) 		    80,816,883
AFRICA — 0.57%
Egypt — 0.57%
Commercial International Bank Egypt SAE 2,639,116   11,142,376
Total AFRICA
(Cost $9,784,611) 		    11,142,376
Total COMMON STOCKS
(Cost $1,254,200,047) 		    1,821,435,066
PREFERRED STOCKS — 0.75%
SOUTH AMERICA — 0.75%
Chile — 0.39%
Sociedad Quimica y Minera de Chile SA - SP ADR, 2.19%1,3 233,554   7,571,821
Brazil — 0.36%
Azul SA * 1,591,700   6,938,303
Total SOUTH AMERICA
(Cost $14,008,234) 		    14,510,124
Total PREFERRED STOCKS
(Cost $14,008,234) 		    14,510,124
SHORT TERM INVESTMENTS — 4.93%
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.03% 96,214,543   96,214,543
TOTAL INVESTMENTS
(Cost $1,364,422,824) 		99.07%   $1,932,159,733
Other Assets In Excess of Liabilities 0.93%   18,121,927
Net Assets 100.00%   $1,950,281,660
    
ADR American Depositary Receipt
PJSC Public Joint Stock Company
PLC Public Limited Company
SP ADR Sponsored American Depositary Receipt
    
1 Foreign security denominated in U.S. dollars and traded in the U.S.
2 Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by Driehaus Mutual Funds’ Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of these securities is $83,342,736, which represents 4% of Net Assets.
 
Notes to Schedule of Investments are an integral part of this Schedule.
2
Driehaus Emerging Markets Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
3 Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
* Non-income producing security.
Percentages are stated as a percent of net assets.
Notes to Schedule of Investments are an integral part of this Schedule.
3
Driehaus Emerging Markets Small Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
COMMON STOCKS — 91.71%
FAR EAST — 79.60%
China — 35.70%
Agora, Inc. - ADR 1,* 16,031 $689,012
Airtac International Group 22,000 494,510
Amoy Diagnostics Co. Ltd. - A 56,450 634,157
Bilibili, Inc. - SP ADR 1,* 7,800 324,480
C&S Paper Co. Ltd. - A 90,075 283,559
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. - A 28,200 619,973
China Education Group Holdings Ltd. 255,000 467,223
China Lesso Group Holdings Ltd. 312,000 560,389
China Meidong Auto Holdings Ltd. 190,000 728,124
China Resources Cement Holdings Ltd. 348,794 476,157
Ever Sunshine Lifestyle Services Group Ltd. 180,000 354,424
Fu Shou Yuan International Group Ltd. 621,000 604,169
GDS Holdings Ltd. - ADR 1,* 9,545 781,067
Hangzhou Tigermed Consulting Co. Ltd. - A 21,232 320,946
Hefei Meiya Optoelectronic Technology, Inc. - A 43,374 305,374
Hygeia Healthcare Holdings Co. Ltd. 2,* 123,200 738,400
Innovent Biologics, Inc. 2,* 96,500 714,718
Jiangsu Hengli Hydraulic Co. Ltd. - A 100,521 1,053,828
Kingdee International Software Group Co. Ltd. * 141,000 363,869
Laobaixing Pharmacy Chain JSC - A 76,558 932,779
Lee & Man Paper Manufacturing Ltd. 658,000 475,455
Li Ning Co. Ltd. 260,471 1,209,922
Minth Group Ltd. 174,000 755,492
Nine Dragons Paper Holdings Ltd. 591,000 741,224
Niu Technologies - SP ADR 1,* 47,004 902,477
Pharmaron Beijing Co. Ltd. - H 2 40,200 500,033
Ping An Healthcare and Technology Co. Ltd. 2,* 23,120 296,083
Proya Cosmetics Co. Ltd. - A 37,500 793,102
Sangfor Technologies, Inc. - A 11,400 354,457
Shanghai Putailai New Energy Technology Co. Ltd. - A 40,421 644,483
Shenzhen SC New Energy Technology Corp. - A 53,644 827,667
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Silergy Corp. 5,000 $294,351
Tongcheng-Elong Holdings Ltd. * 348,000 633,131
Weihai Guangwei Composites Co. Ltd. - A 59,700 625,261
Weimob, Inc. 2,* 207,000 276,176
Yihai International Holding Ltd. * 27,157 423,647
Zhejiang Dingli Machinery Co. Ltd. - A 75,457 1,098,517
Zhou Hei Ya International Holdings Co. Ltd. 2,* 624,000 650,566
Zoomlion Heavy Industry Science and Technology Co. Ltd. - H 807,400 775,099
    23,724,301
India — 17.73%
Aarti Industries Ltd. 23,590 324,514
Amber Enterprises India Ltd. 35,320 975,824
Apollo Hospitals Enterprise Ltd. 33,316 969,971
Ashok Leyland Ltd. 315,632 318,284
AU Small Finance Bank Ltd. 2,* 52,146 462,479
Dabur India Ltd. 47,210 326,688
Dixon Technologies India Ltd. 7,919 940,454
Dr Lal PathLabs Ltd. 2 41,949 1,068,767
Gujarat Gas Ltd. 192,531 804,779
Indraprastha Gas Ltd. 60,708 318,269
Info Edge India Ltd. 20,120 991,192
Ipca Laboratories Ltd. 33,528 984,504
Jubilant Foodworks Ltd. 12,648 401,889
Mindtree Ltd. 40,415 733,200
Navin Fluorine International Ltd. 22,952 685,122
PI Industries Ltd. 30,970 827,560
Syngene International Ltd. 2,* 86,153 645,680
    11,779,176
Taiwan — 11.86%
ASPEED Technology, Inc. 15,000 587,839
Century Iron & Steel Industrial Co. Ltd. 187,000 826,462
Kindom Development Co. Ltd. 516,000 696,623
Makalot Industrial Co. Ltd. 109,000 643,567
Nien Made Enterprise Co. Ltd. 54,000 640,460
Parade Technologies Ltd. 27,455 995,365
Sinbon Electronics Co. Ltd. 133,000 822,008
Sporton International, Inc. 57,000 479,231
Sunonwealth Electric Machine Industry Co. Ltd. 148,000 317,340
Unimicron Technology Corp. 442,000 1,135,447
Voltronic Power Technology Corp. 11,550 392,019
 
Notes to Schedule of Investments are an integral part of this Schedule.
4
Driehaus Emerging Markets Small Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Win Semiconductors Corp. 35,000 $346,230
    7,882,591
South Korea — 8.23%
Douzone Bizon Co. Ltd. 5,615 500,364
Eugene Technology Co. Ltd. 12,200 292,431
Koh Young Technology, Inc. 6,688 511,739
LEENO Industrial, Inc. 15,129 1,593,379
NHN KCP Corp. 11,274 659,051
NICE Information Service Co. Ltd. 42,137 709,655
Tesna, Inc. 21,784 844,767
Tokai Carbon Korea Co. Ltd. 4,400 358,056
    5,469,442
Vietnam — 2.97%
FPT Corp. 478,754 1,239,118
Military Commercial Joint Stock Bank * 805,374 734,172
    1,973,290
Thailand — 1.60%
Sri Trang Gloves Thailand PCL - NVDR * 315,400 763,928
TQM Corp PCL - NVDR 73,900 299,681
    1,063,609
Malaysia — 1.03%
Dialog Group Bhd. 742,906 681,139
Indonesia — 0.48%
Bank BTPN Syariah Tbk PT 1,432,300 315,722
Total FAR EAST
(Cost $41,626,611) 		  52,889,270
EUROPE — 5.54%
Russia — 2.68%
Detsky Mir PJSC 655,422 994,435
RusHydro PJSC * 80,019,326 783,887
    1,778,322
Poland — 1.88%
CD Projekt SA * 4,279 463,169
Dino Polska SA 2,* 13,383 788,702
    1,251,871
Jersey — 0.98%
Centamin PLC 249,798 652,712
Total EUROPE
(Cost $2,768,459) 		  3,682,905
NORTH AMERICA — 4.23%
Canada — 1.81%
B2Gold Corp. 96,184 626,274
Centerra Gold, Inc. 49,815 579,501
    1,205,775
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Mexico — 1.47%
Grupo Aeroportuario del Centro Norte SAB de CV - ADR 1,* 17,759 $652,821
Qualitas Controladora SAB de CV 84,900 320,648
    973,469
United States — 0.95%
Copa Holdings SA - A 12,557 632,119
Total NORTH AMERICA
(Cost $2,308,210) 		  2,811,363
SOUTH AMERICA — 1.90%
Brazil — 1.40%
LOG Commercial Properties e Participacoes SA 55,300 295,017
Via Varejo SA * 205,000 634,066
    929,083
Argentina — 0.50%
Globant SA * 1,870 335,141
Total SOUTH AMERICA
(Cost $1,116,420) 		  1,264,224
AFRICA — 0.44%
South Africa — 0.44%
Sibanye Stillwater Ltd. 104,448 288,838
Total AFRICA
(Cost $232,939) 		  288,838
Total COMMON STOCKS
(Cost $48,052,639) 		  60,936,600
PREFERRED STOCKS — 2.92%
SOUTH AMERICA — 2.92%
Brazil — 2.92%
Bradespar SA * 78,100 626,786
Metalurgica Gerdau SA, 0.86%3 404,400 676,172
Randon SA Implementos e Participacoes * 293,500 636,033
    1,938,991
Total SOUTH AMERICA
(Cost $1,525,727) 		  1,938,991
Total PREFERRED STOCKS
(Cost $1,525,727) 		  1,938,991
 
Notes to Schedule of Investments are an integral part of this Schedule.
5
Driehaus Emerging Markets Small Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		  Value
SHORT TERM INVESTMENTS — 2.56%
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.03% 1,700,900   $1,700,900
TOTAL INVESTMENTS
(Cost $51,279,266) 		97.19%   $64,576,491
Other Assets In Excess of Liabilities 2.81%   1,868,988
Net Assets 100.00%   $66,445,479
    
ADR American Depositary Receipt
NVDR Non-Voting Depositary Receipt
PCL Public Company Limited
PJSC Public Joint Stock Company
PLC Public Limited Company
SP ADR Sponsored American Depositary Receipt
    
1 Foreign security denominated in U.S. dollars and traded in the U.S.
2 Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by Driehaus Mutual Funds’ Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of these securities is $6,141,604, which represents 9% of Net Assets.
3 Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
* Non-income producing security.
Percentages are stated as a percent of net assets.
 
Notes to Schedule of Investments are an integral part of this Schedule.
6
Driehaus Emerging Markets Opportunities Fund
Schedule of Investments
September 30, 2020 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
SOVEREIGN BONDS — 15.54%
Brazil — 2.04%
Brazilian Government International Bond
4.62%, 1/13/281 		$500,000 $542,005
Brazilian Government International Bond
4.50%, 5/30/291 		200,000 213,390
    755,395
China — 2.84%
China Government Bond
3.20%, 3/16/242 		1,200,0002 177,663
China Government Bond
3.54%, 8/16/282 		2,500,0002 378,825
China Government Bond
2.68%, 5/21/302 		3,500,0002 494,292
    1,050,780
Egypt — 2.17%
Egypt Government Bond
17.00%, 4/3/222 		6,500,0002 428,218
Egypt Government International Bond
8.70%, 3/1/491 		380,000 371,621
    799,839
Indonesia — 1.79%
Indonesia Treasury Bond
8.37%, 9/15/262 		3,400,000,0002 254,931
Indonesia Treasury Bond
7.00%, 9/15/302 		6,000,000,0002 405,948
    660,879
Malaysia — 1.00%
Malaysia Government Bond
3.89%, 8/15/292 		1,400,0002 369,181
Mexico — 3.42%
Mexican Bonos
8.50%, 11/18/382 		14,800,0002 785,170
Mexico Government International Bond
4.50%, 4/22/291 		260,000 291,593
Petroleos Mexicanos
6.50%, 3/13/271 		200,000 187,406
    1,264,169
South Africa — 1.51%
Republic of South Africa Government Bond
8.50%, 1/31/372 		11,900,0002 558,005
Ukraine — 0.77%
Ukraine Government International Bond
7.38%, 9/25/321 		300,000 282,664
Total SOVEREIGN BONDS
(Cost $5,655,279) 		  5,740,912
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
COMMON STOCKS — 75.89%
Brazil — 2.05%
LOG Commercial Properties e Participacoes SA 43,976 $234,605
Magazine Luiza SA 16,870 269,006
Pagseguro Digital Ltd. - A*,1,3 6,724 253,562
    757,173
China — 32.72%
Agora, Inc. - ADR*,1,3 7,860 337,823
AIA Group Ltd. 23,856 233,633
Alibaba Group Holding Ltd.* 33,200 1,180,627
Alibaba Group Holding Ltd. - SP ADR*,1,3 3,611 1,061,562
Alibaba Health Information Technology Ltd.* 58,000 141,295
Bilibili, Inc. - SP ADR*,1,3 4,180 173,888
China Feihe Ltd.4 121,492 281,860
China Merchants Bank Co. Ltd. - H 62,000 292,398
China Resources Beer Holdings Co. Ltd. 30,723 187,905
China Tourism Group Duty Free Corp. Ltd. - A 9,061 296,605
CIFI Holdings Group Co. Ltd. 172,503 126,872
Contemporary Amperex Technology Co. Ltd. - A 6,001 184,332
East Money Information Co. Ltd. - A 47,500 167,316
Galaxy Entertainment Group Ltd. 25,233 169,142
Hong Kong Exchanges & Clearing Ltd. 8,002 373,562
Hundsun Technologies, Inc - A 24,586 355,906
Innovent Biologics, Inc.*,4 33,162 245,611
JD.com, Inc. - ADR*,1,3 5,787 449,129
Jinxin Fertility Group Ltd.4 204,000 256,907
Li Ning Co. Ltd. 66,684 309,756
Luxshare Precision Industry Co. Ltd. - A 41,258 346,088
Meituan Dianping - B* 10,735 334,930
Ping An Healthcare and Technology Co. Ltd.*,4 20,590 263,683
Ping An Insurance Group Co. of China Ltd. - H 29,959 307,319
Sany Heavy Industry Co. Ltd. - A 123,600 451,708
Silergy Corp. 2,643 155,594
Sun Art Retail Group Ltd. 185,340 204,471
TAL Education Group - ADR*,1,3 2,410 183,256
Tencent Holdings Ltd. 29,822 1,968,239
Wuxi Biologics Cayman, Inc.*,4 17,129 416,840
 
Notes to Schedule of Investments are an integral part of this Schedule.
7
Driehaus Emerging Markets Opportunities Fund
Schedule of Investments
September 30, 2020 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. - A 10,629 $379,739
Zhou Hei Ya International Holdings Co. Ltd.*,4 237,423 247,531
    12,085,527
France — 1.21%
L'Oreal SA 1,372 446,548
India — 6.83%
Divi's Laboratories Ltd. 7,061 291,699
HDFC Bank Ltd. - ADR*,1,3 7,673 383,343
Hindustan Unilever Ltd. 17,763 497,944
ICICI Bank Ltd. - SP ADR*,1,3 45,220 444,513
Reliance Industries Ltd. 19,031 576,334
Tech Mahindra Ltd. 30,614 328,526
    2,522,359
Indonesia — 0.82%
Bank Central Asia Tbk PT 167,449 304,964
Jersey — 0.90%
Centamin PLC 127,122 332,165
Mexico — 1.03%
Grupo Aeroportuario del Sureste SAB de CV - ADR*,1,3 1,953 226,606
Wal-Mart de Mexico SAB de CV 64,835 155,142
    381,748
Netherlands — 0.65%
ASML Holding NV 648 239,093
Poland — 1.62%
CD Projekt SA* 2,494 269,956
Dino Polska SA*,4 5,559 327,609
    597,565
Russia — 3.33%
LUKOIL PJSC - SP ADR1 3,184 184,290
Sberbank of Russia PJSC - SP ADR*,1 29,970 350,200
X5 Retail Group NV - GDR1 4,909 181,633
Yandex NV - A*,1,3 7,873 513,713
    1,229,836
Singapore — 1.17%
Sea Ltd. - ADR*,1,3 2,804 431,928
South Africa — 1.13%
Anglo American Platinum Ltd. 3,427 237,956
Kumba Iron Ore Ltd. 6,115 180,946
    418,902
South Korea — 8.89%
Hankook Tire & Technology Co. Ltd. 8,945 241,039
KB Financial Group, Inc. 6,445 207,529
Kia Motors Corp. 6,498 260,582
Macquarie Korea Infrastructure Fund 44,563 418,811
  Shares,
Principal
Amount, or
Number of
Contracts 		  Value
NAVER Corp. 1,168   $296,814
NICE Information Service Co. Ltd. 15,539   261,702
Samsung Electronics Co. Ltd. 26,619   1,321,478
SK Hynix, Inc. 3,828   274,402
      3,282,357
Sweden — 1.07%
Spotify Technology SA*,1,3 1,635   396,602
Taiwan — 9.63%
Accton Technology Corp. 39,705   305,033
Century Iron & Steel Industrial Co. Ltd. 40,000   176,783
Kindom Development Co. Ltd. 285,000   384,763
MediaTek, Inc. 14,839   311,003
Parade Technologies Ltd. 11,000   398,798
Taiwan Semiconductor Manufacturing Co. Ltd. 132,445   1,980,136
      3,556,516
United States — 2.84%
Advanced Micro Devices, Inc.*,1,3 4,518   370,431
Facebook, Inc. - A*,1,3 1,105   289,399
NVIDIA Corp.1,3 717   388,055
      1,047,885
Total COMMON STOCKS
(Cost $19,601,980) 		    28,031,168
PREFERRED STOCKS — 1.40%
Brazil — 0.80%
Gerdau SA - SP ADR
0.68%1,3,5 		79,977   295,915
Chile — 0.60%
Sociedad Quimica y Minera de Chile SA - SP ADR
2.19%1,3,5 		6,757   219,062
Total PREFERRED STOCKS
(Cost $389,837) 		    514,977
SHORT TERM INVESTMENTS — 5.56%
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.03% 2,052,764   2,052,764
TOTAL INVESTMENTS
(Cost $27,699,860) 		98.39%   $36,339,821
Other Assets In Excess of Liabilities 1.61%   595,832
Net Assets 100.00%   $36,935,653
    
ADR American Depositary Receipt
GDR Global Depositary Receipt
 
Notes to Schedule of Investments are an integral part of this Schedule.
8
Driehaus Emerging Markets Opportunities Fund
Schedule of Investments
September 30, 2020 (unaudited)
PJSC Public Joint Stock Company
PLC Public Limited Company
SP ADR Sponsored American Depositary Receipt
    
* Non-income producing security.
1 Foreign security denominated in U.S. dollars and traded in the U.S.
2 Foreign security, par value shown in local currency.
3 All or a portion of this security is pledged as collateral for short sales or derivatives transactions.
4 Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by Driehaus Mutual Funds’ Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of these securities is $2,040,041, which represents 6% of Net Assets.
5 Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
Percentages are stated as a percent of net assets.
 
INTEREST RATE SWAPS
CENTRALLY CLEARED SWAP CONTRACTS
Clearing Exchange Notional
Amount 		Fixed Rate Floating
Rate Index 		Payment
Frequency 		Expiration
Date 		Value/
Unrealized
Appreciation/
(Depreciation)
London Clearing House USD 5,000,000 0.69%1 3-Month LIBOR1 Semi-Annual 9/18/2030 $8,215
CENTRALLY CLEARED SWAP CONTRACTS $8,215
INTEREST RATE SWAPS $8,215
    
1 Fund Pays the fixed rate and receives the floating rate.
    
USD — United States Dollar
    
LIBOR — London Interbank Offered Rate
Notes to Schedule of Investments are an integral part of this Schedule.
9
Driehaus International Small Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
COMMON STOCKS — 98.36%
EUROPE — 58.50%
United Kingdom — 17.82%
ASOS PLC * 37,738 $2,507,804
B&M European Value Retail SA 519,035 3,313,188
Bellway PLC 31,138 944,606
Codemasters Group Holdings PLC * 349,000 1,643,712
ConvaTec Group PLC 1 1,043,373 2,407,214
Cranswick PLC 45,016 2,106,213
Electrocomponents PLC 333,300 3,064,275
Endava PLC - SP ADR 2,* 40,312 2,545,703
Fevertree Drinks PLC 91,189 2,725,138
Halfords Group PLC 496,000 1,160,985
JD Sports Fashion PLC 212,265 2,216,915
Kingfisher PLC 777,414 2,976,305
OneSavings Bank PLC * 498,600 1,794,998
Pets at Home Group PLC 314,400 1,715,241
Provident Financial PLC * 443,300 1,109,704
Serco Group PLC * 1,155,168 1,896,006
Spirax-Sarco Engineering PLC 15,146 2,162,504
Stock Spirits Group PLC 529,050 1,471,132
The Weir Group PLC 241,310 3,899,964
Vesuvius PLC * 446,401 2,277,558
    43,939,165
Germany — 9.58%
Befesa SA 1 58,686 2,353,179
Covestro AG 1 49,500 2,457,836
Duerr AG 80,124 2,466,901
DWS Group GmbH & Co. KGaA 1,* 64,781 2,232,623
Flatex AG * 46,234 2,311,931
Hornbach Holding AG & Co. KGaA 35,894 4,191,559
Puma SE * 27,956 2,519,241
Scout24 AG 1 29,125 2,543,997
TAG Immobilien AG * 84,133 2,539,039
    23,616,306
Netherlands — 5.28%
Alfen Beheer BV 1,* 39,398 2,508,236
Argenx SE * 9,923 2,617,700
BE Semiconductor Industries NV 39,392 1,689,915
OCI NV * 136,031 1,749,600
PostNL NV * 1,454,790 4,448,384
    13,013,835
Sweden — 5.07%
BHG Group AB * 118,237 1,666,119
Boozt AB 1,* 145,666 2,029,859
Elekta AB - B 192,500 2,429,934
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Mekonomen AB * 180,606 $1,880,504
NetEnt AB * 199,515 1,704,238
Tele2 AB - B 197,629 2,798,099
    12,508,753
Finland — 4.95%
Huhtamaki OYJ 42,207 2,087,303
Konecranes OYJ 72,497 2,274,576
Metso Outotec OYJ 728,352 5,119,468
Tokmanni Group Corp. 153,567 2,711,548
    12,192,895
France — 4.35%
Coface SA * 304,148 2,128,892
Maisons du Monde SA 1,* 83,100 1,251,009
Trigano SA 25,906 4,003,226
Virbac SA * 14,406 3,337,526
    10,720,653
Switzerland — 3.97%
Bachem Holding AG 5,054 2,148,245
Belimo Holding AG 163 1,231,725
Comet Holding AG 12,394 1,902,732
Softwareone Holding AG * 127,995 3,578,385
Tecan Group AG 1,865 929,412
    9,790,499
Denmark — 2.53%
Ascendis Pharma A/S - ADR 2,* 9,343 1,441,812
Netcompany Group A/S 1,* 27,742 2,300,219
Royal Unibrew A/S 24,202 2,498,753
    6,240,784
Ireland — 1.74%
James Hardie Industries PLC 180,130 4,275,660
Spain — 0.98%
Masmovil Ibercom SA * 91,149 2,404,522
Belgium — 0.94%
bpost SA 263,600 2,322,570
Austria — 0.73%
BAWAG Group AG 1,* 49,743 1,796,292
Italy — 0.53%
FinecoBank Banca Fineco SpA * 95,396 1,314,762
Norway — 0.03%
Pexip Holding ASA * 9,000 80,423
Total EUROPE
(Cost $118,169,073) 		  144,217,119
FAR EAST — 29.88%
Japan — 18.24%
ASKUL Corp. 93,725 3,808,008
Capcom Co. Ltd. 26,500 1,472,432
CKD Corp. 118,449 1,925,014
 
Notes to Schedule of Investments are an integral part of this Schedule.
10
Driehaus International Small Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Freee KK * 21,300 $1,605,604
Fujitec Co. Ltd. 103,250 2,197,850
Harmonic Drive Systems, Inc. 29,677 1,896,582
Ibiden Co. Ltd. 80,900 2,723,131
Lasertec Corp. 15,206 1,241,394
MINEBEA MITSUMI, Inc. 106,254 2,004,887
MonotaRO Co. Ltd. 25,120 1,243,317
Nabtesco Corp. 80,727 2,920,149
Nichias Corp. 77,530 1,824,581
Oisix ra daichi, Inc. * 84,200 2,710,463
SCSK Corp. 31,405 1,747,948
Square Enix Holdings Co. Ltd. 52,777 3,482,937
Sugi Holdings Co. Ltd. 32,978 2,326,424
Takeuchi Manufacturing Co. Ltd. 69,400 1,370,035
TechnoPro Holdings, Inc. 28,387 1,754,926
THK Co. Ltd. 79,423 1,979,833
Tokyo Tatemono Co. Ltd. 163,355 1,987,242
Tokyotokeiba Co. Ltd. 54,500 2,754,326
    44,977,083
South Korea — 4.42%
Cafe24 Corp. * 31,700 1,617,513
Douzone Bizon Co. Ltd. 20,068 1,788,300
Hankook Tire & Technology Co. Ltd. 100,700 2,713,544
Hanssem Co. Ltd. 25,000 2,284,981
NHN KCP Corp. 42,600 2,490,293
    10,894,631
Australia — 4.06%
Bigtincan Holdings Ltd. * 1,562,100 1,499,265
Elmo Software Ltd. * 257,008 971,953
Megaport Ltd. * 110,754 1,276,380
NEXTDC Ltd. * 529,337 4,655,810
Temple & Webster Group Ltd. * 181,878 1,606,231
    10,009,639
Taiwan — 1.69%
Giant Manufacturing Co. Ltd. 317,589 2,988,157
Hiwin Technologies Corp. 118,868 1,169,720
    4,157,877
China — 1.47%
Li Ning Co. Ltd. 779,814 3,622,338
Total FAR EAST
(Cost $53,967,649) 		  73,661,568
NORTH AMERICA — 8.33%
Canada — 7.97%
Altus Group Ltd. 34,100 1,416,960
AutoCanada, Inc. 269,000 3,662,626
Boardwalk REIT 47,770 984,782
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Canada Goose Holdings,
Inc. 2,* 		82,500 $2,654,025
Empire Co. Ltd. - A 58,990 1,712,263
K92 Mining, Inc. * 217,900 1,135,689
Methanex Corp. 54,151 1,320,478
Parkland Corp. 134,282 3,550,801
Ritchie Bros Auctioneers, Inc. 32,100 1,903,749
Xebec Adsorption, Inc. * 418,665 1,314,273
    19,655,646
Mexico — 0.36%
Grupo Cementos de Chihuahua SAB de CV 190,586 884,600
Total NORTH AMERICA
(Cost $20,065,559) 		  20,540,246
MIDDLE EAST — 1.20%
Israel — 1.20%
Kornit Digital Ltd. 2,* 29,704 1,926,899
Nice Ltd. - SP ADR 2,* 4,598 1,043,884
    2,970,783
Total MIDDLE EAST
(Cost $2,012,071) 		  2,970,783
SOUTH AMERICA — 0.45%
Brazil — 0.45%
Rumo SA * 327,893 1,114,015
Total SOUTH AMERICA
(Cost $1,352,895) 		  1,114,015
Total COMMON STOCKS
(Cost $195,567,247) 		  242,503,731
PREFERRED STOCKS — 0.67%
EUROPE — 0.67%
Germany — 0.67%
Jungheinrich AG, 1.51%3 47,364 1,634,860
Total EUROPE
(Cost $815,300) 		  1,634,860
Total PREFERRED STOCKS
(Cost $815,300) 		  1,634,860
 
Notes to Schedule of Investments are an integral part of this Schedule.
11
Driehaus International Small Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		  Value
SHORT TERM INVESTMENTS — 2.04%
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.03% 5,031,922   $5,031,922
TOTAL INVESTMENTS
(Cost $201,414,469) 		101.07%   $249,170,513
Other Liabilities in Excess of Assets (1.07)%   (2,630,872)
Net Assets 100.00%   $246,539,641
    
ADR American Depositary Receipt
PLC Public Limited Company
REIT Real Estate Investment Trust
SP ADR Sponsored American Depositary Receipt
    
1 Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by Driehaus Mutual Funds’ Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of these securities is $21,880,464, which represents 9% of Net Assets.
2 Foreign security denominated in U.S. dollars and traded in the U.S.
3 Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
* Non-income producing security.
Percentages are stated as a percent of net assets.
 
Notes to Schedule of Investments are an integral part of this Schedule.
12
Driehaus Micro Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
COMMON STOCKS — 99.28%
HEALTH CARE — 32.10%
Biotechnology — 15.76%
Aeglea BioTherapeutics, Inc.* 36,513 $258,877
Albireo Pharma, Inc.* 14,676 489,738
Apellis Pharmaceuticals, Inc.* 42,818 1,291,819
Applied Therapeutics, Inc.* 58,500 1,214,460
Black Diamond Therapeutics, Inc.* 41,820 1,264,219
Castle Biosciences, Inc.* 59,675 3,070,279
Celldex Therapeutics, Inc.* 51,780 767,897
Crinetics Pharmaceuticals, Inc.* 66,889 1,048,151
Cytokinetics, Inc.* 217,144 4,701,168
Gamida Cell Ltd.* 105,486 437,767
Immunovant, Inc.* 74,536 2,622,922
Merus NV* 84,170 1,010,040
Mirati Therapeutics, Inc.* 10,384 1,724,263
Natera, Inc.* 68,381 4,939,843
Relay Therapeutics, Inc.* 65,688 2,797,652
SpringWorks Therapeutics, Inc.* 72,346 3,448,734
Trillium Therapeutics, Inc.* 38,526 547,454
Turning Point Therapeutics, Inc.* 28,477 2,487,751
Twist Bioscience Corp.* 54,853 4,167,182
Xenon Pharmaceuticals, Inc.* 50,765 561,968
Y-mAbs Therapeutics, Inc.* 41,343 1,587,158
    40,439,342
Health Care Equipment & Supplies — 6.91%
Alphatec Holdings, Inc.* 222,080 1,474,611
Axonics Modulation Technologies, Inc.* 47,021 2,399,952
CryoPort, Inc.* 19,788 937,951
GenMark Diagnostics, Inc.* 103,049 1,463,296
Inari Medical, Inc.* 15,435 1,065,324
OrthoPediatrics Corp.* 62,862 2,886,623
SeaSpine Holdings Corp.* 107,437 1,536,349
SI-BONE, Inc.* 92,002 2,182,287
Tandem Diabetes Care, Inc.* 33,193 3,767,406
    17,713,799
Pharmaceuticals — 3.77%
MyoKardia, Inc.* 38,279 5,218,576
Odonate Therapeutics, Inc.* 85,406 1,147,003
PMV Pharmaceuticals, Inc.* 34,968 1,241,364
Revance Therapeutics, Inc.* 65,369 1,643,377
scPharmaceuticals, Inc.* 57,061 425,104
    9,675,424
Health Care Technology — 2.63%
Inspire Medical Systems, Inc.* 33,934 4,379,183
Phreesia, Inc.* 45,952 1,476,438
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Schrodinger, Inc.* 18,649 $886,014
    6,741,635
Life Sciences Tools & Services — 1.67%
NeoGenomics, Inc.* 56,646 2,089,671
Quanterix Corp.* 65,361 2,205,280
    4,294,951
Health Care Providers & Services — 1.36%
AdaptHealth Corp.* 62,112 1,354,663
Fulgent Genetics, Inc.* 22,641 906,545
Owens & Minor, Inc. 48,955 1,229,260
    3,490,468
Total HEALTH CARE
(Cost $45,913,447) 		  82,355,619
CONSUMER DISCRETIONARY — 22.57%
Specialty Retail — 6.39%
At Home Group, Inc.* 142,696 2,120,463
Camping World Holdings, Inc. - A 57,582 1,713,064
GameStop Corp. - A* 143,667 1,465,403
GrowGeneration Corp.* 214,344 3,425,217
MarineMax, Inc.* 39,003 1,001,207
OneWater Marine, Inc. - A* 55,922 1,145,842
Sonic Automotive, Inc. - A 86,660 3,480,266
Sportsman's Warehouse Holdings, Inc.* 143,782 2,057,520
    16,408,982
Household Durables — 5.89%
Century Communities, Inc.* 84,867 3,592,420
Installed Building Products, Inc.* 30,535 3,106,936
LGI Homes, Inc.* 24,327 2,826,068
Purple Innovation, Inc.* 106,660 2,651,568
Skyline Champion Corp.* 40,584 1,086,434
The Lovesac Co.* 66,527 1,843,463
    15,106,889
Leisure Products — 3.30%
Malibu Boats, Inc. - A* 48,460 2,401,677
Nautilus, Inc.* 178,467 3,062,494
Vista Outdoor, Inc.* 148,365 2,994,006
    8,458,177
Internet & Catalog Retail — 2.08%
CarParts.com, Inc.* 228,543 2,470,550
Fiverr International Ltd.* 12,927 1,796,595
Overstock.com, Inc.* 14,596 1,060,399
    5,327,544
Hotels, Restaurants & Leisure — 1.54%
El Pollo Loco Holdings, Inc.* 82,448 1,335,658
GAN Ltd.* 56,840 960,596
 
Notes to Schedule of Investments are an integral part of this Schedule.
13
Driehaus Micro Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Twin River Worldwide Holdings, Inc. 63,127 $1,658,346
    3,954,600
Auto Components — 1.50%
Fox Factory Holding Corp.* 36,116 2,684,502
XPEL, Inc.* 44,319 1,155,840
    3,840,342
Textiles, Apparel & Luxury Goods — 1.00%
Crocs, Inc.* 60,284 2,575,935
Diversified Consumer Services — 0.46%
Aspen Group, Inc.* 105,724 1,180,937
Automobiles — 0.41%
Winnebago Industries, Inc. 20,345 1,051,226
Total CONSUMER DISCRETIONARY
(Cost $35,524,402) 		  57,904,632
INFORMATION TECHNOLOGY — 16.74%
Software — 6.09%
Avaya Holdings Corp.* 84,416 1,283,123
ChannelAdvisor Corp.* 256,145 3,706,418
Digital Turbine, Inc.* 75,313 2,465,747
Domo, Inc. - B* 61,811 2,369,216
Everbridge, Inc.* 10,005 1,257,929
Five9, Inc.* 12,963 1,681,042
Model N, Inc.* 36,619 1,291,918
SVMK, Inc.* 71,242 1,575,161
    15,630,554
Semiconductors & Semiconductor Equipment — 5.54%
FormFactor, Inc.* 49,635 1,237,401
Inphi Corp.* 21,872 2,455,132
SiTime Corp.* 88,770 7,459,343
Ultra Clean Holdings, Inc.* 142,740 3,063,200
    14,215,076
IT Services — 3.76%
Endava PLC - SP ADR1,* 50,368 3,180,739
Grid Dynamics Holdings, Inc.* 131,393 1,015,668
I3 Verticals, Inc. - A* 50,103 1,265,101
Limelight Networks, Inc.* 535,234 3,082,948
Repay Holdings Corp.* 47,339 1,112,466
    9,656,922
Electronic Equipment, Instruments & Components — 0.86%
nLight, Inc.* 94,086 2,209,139
Communications Equipment — 0.49%
Calix, Inc.* 69,962 1,243,925
Total INFORMATION TECHNOLOGY
(Cost $27,550,535) 		  42,955,616
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
INDUSTRIALS — 10.04%
Electrical Equipment — 3.39%
Bloom Energy Corp. - A* 124,912 $2,244,669
Plug Power, Inc.* 132,903 1,782,229
TPI Composites, Inc.* 69,105 2,001,281
Vicor Corp.* 34,226 2,660,387
    8,688,566
Building Products — 1.70%
Griffon Corp. 51,392 1,004,200
Masonite International Corp.* 20,036 1,971,542
PGT Innovations, Inc.* 79,701 1,396,362
    4,372,104
Machinery — 1.31%
Chart Industries, Inc.* 22,738 1,597,799
The Shyft Group, Inc. 93,706 1,769,169
    3,366,968
Professional Services — 0.90%
Upwork, Inc.* 133,098 2,321,229
Trading Companies & Distributors — 0.75%
BMC Stock Holdings, Inc.* 44,813 1,919,341
Commercial Services & Supplies — 0.70%
Montrose Environmental Group, Inc.* 75,436 1,796,885
Construction & Engineering — 0.50%
Ameresco, Inc. - A* 38,473 1,284,998
Road & Rail — 0.43%
ArcBest Corp. 35,118 1,090,765
Air Freight & Logistics — 0.36%
Echo Global Logistics, Inc.* 35,391 912,026
Total INDUSTRIALS
(Cost $18,131,447) 		  25,752,882
FINANCIALS — 9.45%
Insurance — 5.85%
BRP Group, Inc. - A* 133,168 3,317,215
Goosehead Insurance, Inc. - A 28,619 2,478,119
James River Group Holdings Ltd. 51,930 2,312,443
Kinsale Capital Group, Inc. 9,466 1,800,244
Palomar Holdings, Inc.* 38,138 3,975,505
Trean Insurance Group, Inc.* 73,732 1,124,413
    15,007,939
Banks — 1.53%
Live Oak Bancshares, Inc. 92,673 2,347,407
Triumph Bancorp, Inc.* 50,562 1,574,501
    3,921,908
Capital Markets — 1.27%
Open Lending Corp. - A* 75,039 1,913,495
StepStone Group, Inc. - A* 50,376 1,340,505
    3,254,000
 
Notes to Schedule of Investments are an integral part of this Schedule.
14
Driehaus Micro Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Thrifts & Mortgage Finance — 0.80%
NMI Holdings, Inc. - A* 115,570 $2,057,146
Total FINANCIALS
(Cost $13,942,510) 		  24,240,993
CONSUMER STAPLES — 3.39%
Food Products — 1.32%
Freshpet, Inc.* 17,978 2,007,244
Laird Superfood, Inc.* 30,049 1,378,347
    3,385,591
Beverages — 1.10%
Celsius Holdings, Inc.* 124,698 2,831,892
Tobacco — 0.68%
Turning Point Brands, Inc. 62,356 1,739,733
Personal Products — 0.29%
elf Beauty, Inc.* 40,663 746,979
Total CONSUMER STAPLES
(Cost $4,987,377) 		  8,704,195
COMMUNICATION SERVICES — 2.75%
Diversified Telecommunication Services — 2.22%
Bandwidth, Inc. - A* 32,592 5,689,585
Media — 0.53%
Cardlytics, Inc.* 19,268 1,359,743
Total COMMUNICATION SERVICES
(Cost $3,155,533) 		  7,049,328
UTILITIES — 1.47%
Independent Power & Renewable Electricity Producers — 1.47%
Sunnova Energy International, Inc.* 124,135 3,774,946
Total UTILITIES
(Cost $1,708,864) 		  3,774,946
  Shares,
Principal
Amount, or
Number of
Contracts 		  Value
MATERIALS — 0.77%
Construction Materials — 0.47%
Forterra, Inc.* 102,068   $1,206,444
Metals & Mining — 0.30%
Arconic Corp.* 39,515   752,760
Total MATERIALS
(Cost $2,232,633) 		    1,959,204
Total COMMON STOCKS
(Cost $153,146,748) 		    254,697,415
TOTAL INVESTMENTS
(Cost $153,146,748) 		99.28%   $254,697,415
Other Assets In Excess of Liabilities 0.72%   1,858,495
Net Assets 100.00%   $256,555,910
    
PLC Public Limited Company
SP ADR Sponsored American Depositary Receipt
    
1 Foreign security denominated in U.S. dollars and traded in the U.S.
* Non-income producing security.
Percentages are stated as a percent of net assets.
 
Notes to Schedule of Investments are an integral part of this Schedule.
15
Driehaus Small Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
COMMON STOCKS — 99.14%
HEALTH CARE — 31.50%
Biotechnology — 17.45%
Apellis Pharmaceuticals, Inc.* 37,333 $1,126,337
Applied Therapeutics, Inc.* 57,298 1,189,506
Argenx SE - ADR1,* 5,759 1,511,853
Ascendis Pharma A/S - ADR1,* 17,211 2,656,002
Black Diamond Therapeutics, Inc.* 46,322 1,400,314
Blueprint Medicines Corp.* 29,575 2,741,602
Cytokinetics, Inc.* 158,058 3,421,956
Emergent BioSolutions, Inc.* 9,039 934,000
Halozyme Therapeutics, Inc.* 90,819 2,386,723
Immunovant, Inc.* 67,742 2,383,841
Invitae Corp.* 126,031 5,463,444
Mirati Therapeutics, Inc.* 11,776 1,955,405
Natera, Inc.* 75,455 5,450,869
Relay Therapeutics, Inc.* 72,394 3,083,260
SpringWorks Therapeutics, Inc.* 93,036 4,435,026
Trillium Therapeutics, Inc.1,* 77,364 1,099,342
Turning Point Therapeutics, Inc.* 31,691 2,768,526
Twist Bioscience Corp.* 29,077 2,208,980
    46,216,986
Health Care Equipment & Supplies — 4.20%
AtriCure, Inc.* 29,156 1,163,324
Inari Medical, Inc.* 16,724 1,154,291
OrthoPediatrics Corp.* 33,225 1,525,692
SI-BONE, Inc.* 91,883 2,179,465
Tandem Diabetes Care, Inc.* 44,928 5,099,328
    11,122,100
Pharmaceuticals — 3.69%
Intra-Cellular Therapies, Inc.* 37,154 953,372
MyoKardia, Inc.* 36,768 5,012,581
Pacira BioSciences, Inc.* 41,956 2,522,395
Revance Therapeutics, Inc.* 51,695 1,299,612
    9,787,960
Health Care Technology — 2.39%
Inspire Medical Systems, Inc.* 31,842 4,109,210
Teladoc Health, Inc.* 10,159 2,227,259
    6,336,469
Life Sciences Tools & Services — 2.33%
10X Genomics, Inc. - A* 18,997 2,368,546
NeoGenomics, Inc.* 62,543 2,307,211
Repligen Corp.* 10,120 1,493,105
    6,168,862
Health Care Providers & Services — 1.44%
AdaptHealth Corp.* 81,411 1,775,574
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Guardant Health, Inc.* 18,212 $2,035,737
    3,811,311
Total HEALTH CARE
(Cost $51,658,714) 		  83,443,688
INFORMATION TECHNOLOGY — 18.91%
Software — 8.77%
2U, Inc.* 28,232 955,935
Avaya Holdings Corp.* 87,304 1,327,021
ChannelAdvisor Corp.* 118,822 1,719,354
Coupa Software, Inc.* 5,474 1,501,190
Elastic NV* 16,763 1,808,560
Everbridge, Inc.* 10,153 1,276,537
Five9, Inc.* 32,990 4,278,143
LivePerson, Inc.* 27,583 1,434,040
Q2 Holdings, Inc.* 19,400 1,770,444
RingCentral, Inc. - A* 9,739 2,674,427
Unity Software, Inc.* 17,670 1,542,238
Zscaler, Inc.* 20,866 2,935,638
    23,223,527
Semiconductors & Semiconductor Equipment — 6.00%
Inphi Corp.* 25,741 2,889,427
Lattice Semiconductor Corp.* 89,437 2,590,096
SiTime Corp.* 59,582 5,006,675
Synaptics, Inc.* 51,029 4,103,752
Ultra Clean Holdings, Inc.* 60,824 1,305,283
    15,895,233
IT Services — 3.60%
Endava PLC - SP ADR1,* 62,621 3,954,516
EPAM System, Inc.* 4,293 1,387,841
Fastly, Inc. - A* 30,661 2,872,323
Repay Holdings Corp.* 56,212 1,320,982
    9,535,662
Electronic Equipment, Instruments & Components — 0.54%
nLight, Inc.* 61,205 1,437,093
Total INFORMATION TECHNOLOGY
(Cost $31,792,134) 		  50,091,515
CONSUMER DISCRETIONARY — 17.42%
Household Durables — 3.65%
LGI Homes, Inc.* 31,372 3,644,485
Purple Innovation, Inc.* 74,265 1,846,228
TopBuild Corp.* 24,499 4,181,735
    9,672,448
Hotels, Restaurants & Leisure — 3.02%
Brinker International, Inc. 29,290 1,251,269
Caesars Entertainment, Inc.* 59,582 3,340,167
Churchill Downs, Inc. 9,767 1,600,030
 
Notes to Schedule of Investments are an integral part of this Schedule.
16
Driehaus Small Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Wingstop, Inc. 13,338 $1,822,637
    8,014,103
Leisure Products — 2.58%
BRP, Inc.1 70,076 3,701,414
Malibu Boats, Inc. - A* 20,441 1,013,056
YETI Holdings, Inc.* 46,736 2,118,076
    6,832,546
Specialty Retail — 2.41%
Bed Bath & Beyond, Inc. 70,776 1,060,224
Camping World Holdings, Inc. - A 39,992 1,189,762
Lithia Motors, Inc. - A 10,724 2,444,429
Sonic Automotive, Inc. - A 41,816 1,679,331
    6,373,746
Textiles, Apparel & Luxury Goods — 2.40%
Crocs, Inc.* 88,909 3,799,081
Deckers Outdoor Corp.* 11,586 2,549,036
    6,348,117
Auto Components — 1.29%
Fox Factory Holding Corp.* 45,874 3,409,814
Internet & Catalog Retail — 1.02%
Fiverr International Ltd.1,* 19,366 2,691,487
Diversified Consumer Services — 0.65%
Chegg, Inc.* 24,090 1,720,990
Automobiles — 0.40%
Winnebago Industries, Inc. 20,799 1,074,684
Total CONSUMER DISCRETIONARY
(Cost $33,105,326) 		  46,137,935
INDUSTRIALS — 15.77%
Building Products — 4.66%
Advanced Drainage Systems, Inc. 41,760 2,607,494
Builders FirstSource, Inc.* 91,491 2,984,437
Masonite International Corp.* 25,047 2,464,625
The AZEK Co., Inc.* 70,110 2,440,529
Trex Co., Inc.* 25,685 1,839,046
    12,336,131
Machinery — 4.28%
Altra Industrial Motion Corp. 31,853 1,177,606
Chart Industries, Inc.* 32,760 2,302,045
Colfax Corp.* 60,001 1,881,631
Evoqua Water Technologies Corp.* 85,905 1,822,904
Kornit Digital Ltd.1,* 28,461 1,846,265
The Shyft Group, Inc. 122,981 2,321,881
    11,352,332
Electrical Equipment — 3.09%
Generac Holdings, Inc.* 18,918 3,663,282
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Sunrun, Inc.* 22,617 $1,743,092
Vicor Corp.* 35,721 2,776,593
    8,182,967
Aerospace & Defense — 1.31%
Axon Enterprise, Inc.* 17,060 1,547,342
Kratos Defense & Security Solutions, Inc.* 99,481 1,917,994
    3,465,336
Professional Services — 1.25%
Exponent, Inc. 17,911 1,290,129
Upwork, Inc.* 115,324 2,011,251
    3,301,380
Road & Rail — 0.76%
Saia, Inc.* 16,025 2,021,393
Trading Companies & Distributors — 0.42%
SiteOne Landscape Supply, Inc.* 9,107 1,110,599
Total INDUSTRIALS
(Cost $30,978,136) 		  41,770,138
FINANCIALS — 6.38%
Insurance — 2.69%
Kinsale Capital Group, Inc. 18,790 3,573,482
Palomar Holdings, Inc.* 34,148 3,559,588
    7,133,070
Capital Markets — 2.47%
Cohen & Steers, Inc. 19,736 1,100,084
dMY Technology Group, Inc. - A* 162,480 2,073,245
Open Lending Corp. - A* 58,238 1,485,069
PJT Partners, Inc. - A 31,249 1,894,002
    6,552,400
Banks — 0.68%
Triumph Bancorp, Inc.* 57,595 1,793,508
Thrifts & Mortgage Finance — 0.54%
NMI Holdings, Inc. - A* 79,435 1,413,943
Total FINANCIALS
(Cost $12,588,214) 		  16,892,921
COMMUNICATION SERVICES — 3.59%
Diversified Telecommunication Services — 2.19%
Bandwidth, Inc. - A* 33,297 5,812,658
Entertainment — 1.12%
Roku, Inc.* 15,689 2,962,083
Media — 0.28%
Cardlytics, Inc.* 10,646 751,288
Total COMMUNICATION SERVICES
(Cost $7,624,335) 		  9,526,029
 
Notes to Schedule of Investments are an integral part of this Schedule.
17
Driehaus Small Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
CONSUMER STAPLES — 1.71%
Food Products — 0.99%
Freshpet, Inc.* 23,508 $2,624,668
Beverages — 0.72%
The Boston Beer Co., Inc. - A* 2,160 1,908,058
Total CONSUMER STAPLES
(Cost $2,063,056) 		  4,532,726
UTILITIES — 1.52%
Independent Power & Renewable Electricity Producers — 1.52%
Sunnova Energy International, Inc.* 132,461 4,028,139
Total UTILITIES
(Cost $2,707,513) 		  4,028,139
MATERIALS — 1.33%
Metals & Mining — 0.89%
Kirkland Lake Gold Ltd.1 48,415 2,359,263
Chemicals — 0.44%
The Scotts Miracle-Gro Co. 7,623 1,165,633
Total MATERIALS
(Cost $2,959,793) 		  3,524,896
REAL ESTATE — 1.01%
Real Estate Management & Development — 1.01%
Redfin Corp.* 53,537 2,673,102
Total REAL ESTATE
(Cost $1,243,410) 		  2,673,102
Total COMMON STOCKS
(Cost $176,720,631) 		  262,621,089
  Shares,
Principal
Amount, or
Number of
Contracts 		  Value
SHORT TERM INVESTMENTS — 0.99%
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.03% 2,617,509   $2,617,509
TOTAL INVESTMENTS
(Cost $179,338,140) 		100.13%   $265,238,598
Other Liabilities in Excess of Assets (0.13)%   (355,818)
Net Assets 100.00%   $264,882,780
    
ADR American Depositary Receipt
PLC Public Limited Company
SP ADR Sponsored American Depositary Receipt
    
1 Foreign security denominated in U.S. dollars and traded in the U.S.
* Non-income producing security.
Percentages are stated as a percent of net assets.
 
Notes to Schedule of Investments are an integral part of this Schedule.
18
Driehaus Small/Mid Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
COMMON STOCKS — 98.81%
HEALTH CARE — 27.83%
Biotechnology — 12.29%
Alnylam Pharmaceuticals, Inc.* 748 $108,909
Argenx SE - ADR1,* 290 76,131
Ascendis Pharma A/S - ADR1,* 1,081 166,820
Blueprint Medicines Corp.* 1,456 134,971
Halozyme Therapeutics, Inc.* 1,907 50,116
Invitae Corp.* 5,207 225,723
Moderna, Inc.* 787 55,680
Natera, Inc.* 2,454 177,277
Relay Therapeutics, Inc.* 1,419 60,435
Sarepta Therapeutics, Inc.* 445 62,491
Seattle Genetics, Inc.* 800 156,552
SpringWorks Therapeutics, Inc.* 1,209 57,633
Turning Point Therapeutics, Inc.* 674 58,881
    1,391,619
Health Care Equipment & Supplies — 6.53%
DexCom, Inc.* 367 151,289
Insulet Corp.* 509 120,424
Intuitive Surgical, Inc.* 147 104,302
Penumbra, Inc.* 203 39,459
Quidel Corp.* 503 110,348
Tandem Diabetes Care, Inc.* 1,883 213,721
    739,543
Pharmaceuticals — 3.97%
Horizon Therapeutics PLC* 1,466 113,879
MyoKardia, Inc.* 1,676 228,489
Pacira BioSciences, Inc.* 1,778 106,893
    449,261
Life Sciences Tools & Services — 2.31%
10X Genomics, Inc. - A* 864 107,724
Medpace Holdings, Inc.* 838 93,646
Repligen Corp.* 407 60,049
    261,419
Health Care Technology — 1.92%
GoodRx Holdings, Inc. - A* 1,337 74,337
Teladoc Health, Inc.* 649 142,287
    216,624
Health Care Providers & Services — 0.81%
Guardant Health, Inc.* 823 91,995
Total HEALTH CARE
(Cost $2,872,117) 		  3,150,461
INFORMATION TECHNOLOGY — 23.59%
Software — 11.52%
Coupa Software, Inc.* 295 80,901
Datadog, Inc. - A* 913 93,272
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
DocuSign, Inc.* 432 $92,984
Elastic NV* 713 76,926
Everbridge, Inc.* 435 54,693
Five9, Inc.* 1,533 198,799
LivePerson, Inc.* 1,174 61,036
Palantir Technologies, Inc. - A* 3,860 36,670
RingCentral, Inc. - A* 830 227,926
Unity Software, Inc.* 1,578 137,728
Zscaler, Inc.* 1,729 243,253
    1,304,188
Semiconductors & Semiconductor Equipment — 6.29%
Enphase Energy, Inc.* 683 56,409
Inphi Corp.* 1,290 144,802
Lattice Semiconductor Corp.* 2,617 75,788
MKS Instruments, Inc. 359 39,214
Monolithic Power Systems, Inc. 434 121,351
Qorvo, Inc.* 543 70,052
Synaptics, Inc.* 1,969 158,347
Teradyne, Inc. 575 45,690
    711,653
IT Services — 5.05%
Endava PLC - SP ADR1,* 1,324 83,611
EPAM System, Inc.* 233 75,324
Fastly, Inc. - A* 1,395 130,683
MongoDB, Inc.* 704 162,983
Snowflake, Inc. - A* 476 119,476
    572,077
Electronic Equipment, Instruments & Components — 0.73%
Trimble, Inc.* 1,707 83,131
Total INFORMATION TECHNOLOGY
(Cost $2,467,097) 		  2,671,049
CONSUMER DISCRETIONARY — 18.65%
Textiles, Apparel & Luxury Goods — 3.38%
Crocs, Inc.* 3,092 132,121
Deckers Outdoor Corp.* 495 108,905
Hanesbrands, Inc. 4,074 64,166
Lululemon Athletica, Inc.* 236 77,731
    382,923
Specialty Retail — 3.17%
Carvana Co.* 629 140,305
Floor & Decor Holdings, Inc. - A* 1,454 108,759
Lithia Motors, Inc. - A 485 110,551
    359,615
Hotels, Restaurants & Leisure — 3.15%
Caesars Entertainment, Inc.* 3,384 189,707
Chipotle Mexican Grill, Inc.* 63 78,354
 
Notes to Schedule of Investments are an integral part of this Schedule.
19
Driehaus Small/Mid Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Churchill Downs, Inc. 539 $88,299
    356,360
Leisure Products — 3.07%
BRP, Inc. 3,116 164,587
Peloton Interactive, Inc. - A* 1,346 133,577
YETI Holdings, Inc.* 1,096 49,671
    347,835
Household Durables — 2.09%
D.R. Horton, Inc. 2,240 169,411
TopBuild Corp.* 395 67,423
    236,834
Auto Components — 1.14%
Fox Factory Holding Corp.* 1,731 128,665
Internet & Catalog Retail — 1.09%
Chewy, Inc - A* 1,052 57,681
Wayfair, Inc. - A* 225 65,477
    123,158
Distributors — 0.81%
Pool Corp. 273 91,329
Diversified Consumer Services — 0.75%
Chegg, Inc.* 1,186 84,728
Total CONSUMER DISCRETIONARY
(Cost $1,876,641) 		  2,111,447
INDUSTRIALS — 15.10%
Building Products — 3.77%
Builders FirstSource, Inc.* 1,701 55,487
Carrier Global Corp. 2,533 77,358
Fortune Brands Home & Security, Inc. 1,323 114,466
The AZEK Co., Inc.* 2,993 104,186
Trex Co., Inc.* 1,056 75,609
    427,106
Professional Services — 2.97%
Clarivate PLC* 7,300 226,227
CoStar Group, Inc.* 69 58,547
Dun & Bradstreet Holdings, Inc.* 2,021 51,859
    336,633
Machinery — 2.46%
Colfax Corp.* 1,404 44,030
Graco, Inc. 1,521 93,313
Nordson Corp. 273 52,367
The Toro Co. 1,054 88,483
    278,193
Electrical Equipment — 2.01%
Generac Holdings, Inc.* 665 128,771
Sunrun, Inc.* 535 41,232
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Vicor Corp.* 733 $56,976
    226,979
Road & Rail — 1.52%
Kansas City Southern 397 71,789
Old Dominion Freight Line, Inc. 553 100,049
    171,838
Trading Companies & Distributors — 0.90%
United Rentals, Inc.* 583 101,734
Aerospace & Defense — 0.57%
Axon Enterprise, Inc.* 711 64,488
Commercial Services & Supplies — 0.47%
Ritchie Bros Auctioneers, Inc. 904 53,562
Air Freight & Logistics — 0.43%
XPO Logistics, Inc.* 574 48,595
Total INDUSTRIALS
(Cost $1,551,323) 		  1,709,128
COMMUNICATION SERVICES — 6.57%
Entertainment — 2.42%
Roku, Inc.* 1,452 274,138
Interactive Media & Services — 2.26%
Pinterest, Inc. - A* 1,080 44,831
Snap, Inc. - A* 4,184 109,244
Zillow Group, Inc. - A* 997 101,235
    255,310
Diversified Telecommunication Services — 1.89%
Bandwidth, Inc. - A* 1,227 214,197
Total COMMUNICATION SERVICES
(Cost $664,699) 		  743,645
FINANCIALS — 2.92%
Insurance — 1.58%
Kinsale Capital Group, Inc. 942 179,150
Capital Markets — 1.34%
MarketAxess Holdings, Inc. 110 52,975
MSCI, Inc. 276 98,471
    151,446
Total FINANCIALS
(Cost $316,576) 		  330,596
MATERIALS — 2.46%
Chemicals — 1.59%
FMC Corp. 1,003 106,228
The Scotts Miracle-Gro Co. 480 73,397
    179,625
Metals & Mining — 0.87%
Kirkland Lake Gold Ltd. 2,033 99,068
Total MATERIALS
(Cost $266,332) 		  278,693
 
Notes to Schedule of Investments are an integral part of this Schedule.
20
Driehaus Small/Mid Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		  Value
CONSUMER STAPLES — 1.07%
Food Products — 0.63%
Beyond Meat, Inc.* 432   $71,738
Beverages — 0.44%
The Boston Beer Co., Inc. - A* 56   49,468
Total CONSUMER STAPLES
(Cost $116,825) 		    121,206
UTILITIES — 0.62%
Independent Power & Renewable Electricity Producers — 0.62%
Sunnova Energy International, Inc.* 2,324   70,673
Total UTILITIES
(Cost $69,361) 		    70,673
Total COMMON STOCKS
(Cost $10,200,971) 		    11,186,898
SHORT TERM INVESTMENTS — 44.23%
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.03% 5,007,869   5,007,869
TOTAL INVESTMENTS
(Cost $15,208,840) 		143.04%   $16,194,767
Other Liabilities in Excess of Assets (43.04)%   (4,872,608)
Net Assets 100.00%   $11,322,159
    
ADR American Depositary Receipt
MSCI Morgan Stanley Capital International
PLC Public Limited Company
SP ADR Sponsored American Depositary Receipt
    
1 Foreign security denominated in U.S. dollars and traded in the U.S.
* Non-income producing security.
Percentages are stated as a percent of net assets.
 
Notes to Schedule of Investments are an integral part of this Schedule.
21
Driehaus Event Driven Fund
Schedule of Investments
September 30, 2020 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
CONVERTIBLE CORPORATE BONDS — 0.65%
Pharmaceuticals — 0.65%
Cytokinetics, Inc. 
4.00%, 11/15/261 		$350,000 $775,028
Total CONVERTIBLE CORPORATE BONDS
(Cost $350,000) 		  775,028
CORPORATE BONDS — 17.33%
Banks — 4.70%
JPMorgan Chase & Co. 
3.74%, (3-Month USD Libor + 347 basis points), 1/30/211,2,3 		3,773,000 3,617,806
USB Realty Corp. 
1.42%, (3-Month USD Libor + 115 basis points), 1/15/221,2,3,4 		2,428,000 1,966,680
    5,584,486
Diversified Financial Services — 0.94%
ILFC E-Capital Trust I 
2.98%, 12/21/651,3,4,5 		2,189,000 1,116,390
Insurance — 1.98%
Fidelity & Guaranty Life Holdings, Inc. 
5.50%, 5/1/251,4 		2,092,000 2,345,655
Lodging — 1.39%
Arrow Bidco LLC 
9.50%, 3/15/241,4 		1,985,000 1,647,550
Oil & Gas — 0.99%
Transocean Pontus Ltd. 
6.13%, 8/1/254 		1,314,300 1,175,247
Telecommunications — 6.61%
Cincinnati Bell, Inc. 
7.00%, 7/15/244 		1,674,000 1,723,199
Consolidated Communications, Inc. 
6.50%, 10/1/221 		1,436,000 1,435,210
Consolidated Communications, Inc. 
6.50%, 10/1/284 		3,450,000 3,519,000
HC2 Holdings, Inc. 
11.50%, 12/1/214 		1,229,500 1,171,099
    7,848,508
Trucking & Leasing — 0.72%
Fortress Transportation and Infrastructure Investors LLC 
9.75%, 8/1/274 		800,000 856,500
Total CORPORATE BONDS
(Cost $20,588,992) 		  20,574,336
COMMON STOCKS — 47.25%
Auto Parts & Equipment — 1.57%
Velodyne Lidar, Inc.* 100,000 1,869,000
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Banks — 1.31%
HarborOne Bancorp, Inc. $192,787 $1,555,791
Biotechnology — 12.67%
Argenx SE - ADR*,1,6 4,335 1,138,024
Ascendis Pharma A/S - ADR*,1,6 9,653 1,489,651
Black Diamond Therapeutics, Inc.* 28,947 875,068
Crinetics Pharmaceuticals, Inc.* 60,631 950,088
Gamida Cell Ltd.*,6 205,628 853,356
Immunomedics, Inc.* 47,000 3,996,410
Orchard Therapeutics PLC*,6 100,065 411,267
Relay Therapeutics, Inc.* 86,576 3,687,272
SpringWorks Therapeutics, Inc.* 16,668 794,563
Sutro Biopharma, Inc.* 8,054 80,943
Trillium Therapeutics, Inc.*,6 53,433 759,283
    15,035,925
Electric — 1.74%
Vistra Corp. 109,432 2,063,888
Healthcare - Services — 1.25%
SI-BONE, Inc.*,1 62,555 1,483,805
Healthcare-Products — 2.94%
Alphatec Holdings, Inc.* 57,772 383,606
SeaSpine Holdings Corp.* 91,750 1,312,025
Wright Medical Group NV*,6 58,695 1,792,545
    3,488,176
Holding Companies-Diversified — 6.83%
BCTG Acquisition Corp.* 69,240 750,561
Churchill Capital Corp. IV* 89,800 899,796
Flying Eagle Acquisition Corp. - A*,1 184,048 2,238,024
Landcadia Holdings II, Inc. - A* 79,200 1,138,104
Longview Acquisition Corp.* 88,800 901,320
Panacea Acquisition Corp.* 56,500 678,000
RedBall Acquisition Corp.* 45,600 481,992
Sustainable Opportunities Acquisition Corp. - A* 100,200 1,022,040
    8,109,837
Internet — 1.48%
IAC/InterActiveCorp* 14,667 1,756,813
Pharmaceuticals — 10.00%
AdaptHealth Corp.*,1 142,400 3,105,744
Cytokinetics, Inc.*,1 154,274 3,340,032
Merus NV*,6 19,476 233,712
MyoKardia, Inc.*,1 24,482 3,337,631
Odonate Therapeutics, Inc.*,1 104,911 1,408,955
scPharmaceuticals, Inc.* 59,940 446,553
    11,872,627
Real Estate Investment Trusts — 3.61%
Equity Commonwealth 39,646 1,055,773
 
Notes to Schedule of Investments are an integral part of this Schedule.
22
Driehaus Event Driven Fund
Schedule of Investments
September 30, 2020 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
MGM Growth Properties LLC - A $81,306 $2,274,942
Taubman Centers, Inc. 28,556 950,629
    4,281,344
Retail — 0.95%
Tiffany & Co. 9,682 1,121,660
Savings&Loans — 1.99%
Waterstone Financial, Inc. 152,797 2,366,826
Telecommunications — 0.91%
Consolidated Communications Holdings, Inc.*,1 152,183 865,921
HC2 Holdings, Inc.*,1 90,338 218,618
    1,084,539
Total COMMON STOCKS
(Cost $48,079,952) 		  56,090,231
PRIVATE INVESTMENT IN PUBLIC EQUITY (PIPES) — 3.25%
Healthcare - Services — 3.25%
Invitae Corp. *,^,7   3,863,503
Total PRIVATE INVESTMENT IN PUBLIC EQUITY (PIPES)
(Cost $2,500,000) 		  3,863,503
CONVERTIBLE PREFERRED STOCKS — 0.00%
Auto Manufacturers — 0.00%
General Motors Corp. Senior Convertible Preferred Escrow - B*,^ 25,000 0
General Motors Corp. Senior Convertible Preferred Escrow - C*,^ 162,750 0
Total CONVERTIBLE PREFERRED STOCKS
(Cost $1,877) 		  0
MASTER LIMITED PARTNERSHIPS — 0.52%
Trucking & Leasing — 0.52%
Fortress Transportation and Infrastructure Investors LLC 35,650 610,685
Total MASTER LIMITED PARTNERSHIPS
(Cost $598,284) 		  610,685
PREFERRED STOCKS — 1.08%
Banks — 1.08%
GMAC Capital Trust I
6.07%, (3-Month USD Libor + 579 basis points), 2/15/403 		51,360 1,283,486
Total PREFERRED STOCKS
(Cost $1,048,546) 		  1,283,486
  Shares,
Principal
Amount, or
Number of
Contracts 		  Value
PRIVATE PREFERRED STOCKS — 1.31%
Biotechnology — 1.31%
Elevation Oncology, Inc.*,^ $1,550,000   $1,550,000
Total PRIVATE PREFERRED STOCKS
(Cost $1,550,000) 		    1,550,000
WARRANTS — 0.19%
Flying Eagle Acquisition Corp. - A, Exp. 2/26/27, Strike $11.50*,1 30,352   98,947
Gores Holdings IV, Inc. - A, Exp. 1/24/25, Strike $11.50*,1 25,000   41,500
Sustainable Opportunities Acquisition Corp., Exp. 6/26/25, Strike $11.50* 50,100   90,180
X4 Pharmaceuticals, Inc., Exp. 4/12/24, Strike $13.20* 5,547   14
Total WARRANTS
(Cost $0) 		    230,641
SHORT TERM INVESTMENTS — 25.94%
Northern Institutional Treasury Portfolio (Premier Class), 0.00% 30,800,805   30,800,805
TOTAL INVESTMENTS
(Cost $105,518,456) 		97.52%   $115,778,715
Other Assets In Excess of Liabilities 2.48%   2,942,419
Net Assets 100.00%   $118,721,134
INVESTMENT SECURITIES SOLD SHORT — (16.13)%
CORPORATE BONDS — (1.04)%
Advertising — (0.86)%
Outfront Media Capital LLC / Outfront Media Capital Corp.
5.00%, 8/15/274 		(1,056,000)   (1,029,600)
Real Estate Investment Trusts — (0.18)%
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc.
4.63%, 6/15/254 		(210,000)   (214,200)
Total CORPORATE BONDS
(Proceeds $1,212,037) 		    (1,243,800)
COMMON STOCKS — (0.76)%
Diversified Financial Services — (0.05)%
AerCap Holdings NV*,6 (2,277)   (57,358)
Internet — (0.67)%
ANGI Homeservices, Inc. - A* (71,872)   (797,420)
 
Notes to Schedule of Investments are an integral part of this Schedule.
23
Driehaus Event Driven Fund
Schedule of Investments
September 30, 2020 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Telecommunications — (0.04)%
Cincinnati Bell, Inc.* (3,000) $(45,000)
Total COMMON STOCKS
(Proceeds $1,194,713) 		  (899,778)
EXCHANGE-TRADED FUNDS — (14.33)%
iShares Nasdaq Biotechnology (28,860) (3,907,933)
SPDR S&P Biotech (99,493) (11,086,505)
SPDR S&P Regional Banking (56,536) (2,017,204)
Total EXCHANGE-TRADED FUNDS
(Proceeds $14,316,976) 		  (17,011,642)
TOTAL INVESTMENT SECURITIES SOLD SHORT
(Proceeds $16,723,726) 		(16.13)% $(19,155,220)
    
ADR American Depositary Receipt
LIBOR London Interbank Offered Rate
PLC Public Limited Company
USD LIBOR U.S. Dollar London Interbank Offered Rate.
    
* Non-income producing security.
^ Security valued at fair value as determined in good faith by the Adviser, in accordance with procedures established by, and under the general supervision of, the Trust’s Board of Trustee. The security is valued using significant unobservable inputs.
1 All or a portion of this security is pledged as collateral for short sales or derivatives transactions.
2 Perpetual security. Maturity date shown is the next call date or final legal maturity date, whichever comes first.
3 Variable rate security. Rates disclosed as of September 30, 2020.
4 Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by Driehaus Mutual Funds’ Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of these securities is $14,277,520, which represents 12% of Net Assets.
5 The coupon rate equals 155 basis points plus the highest of the LIBOR 3 Month, the Constant Maturity Treasury 10 year rate, and the Constant Maturity Treasury 30 year rate, with a maximum of 12.95%.
6 Foreign security denominated in U.S. dollars and traded in the U.S.
7 The entire commitment to purchase 148,368 shares for $2,500,001 was unfunded as of September 30, 2020.
Percentages are stated as a percent of net assets.
 
Notes to Schedule of Investments are an integral part of this Schedule.
24
Driehaus Active Income Fund
Schedule of Investments
September 30, 2020 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
CORPORATE BONDS — 42.26%
Agriculture — 1.10%
Vector Group Ltd. 
6.13%, 2/1/251,2 		$810,000 $807,975
Auto Manufacturers — 1.54%
Navistar International Corp. 
9.50%, 5/1/251 		1,000,000 1,126,770
Banks — 2.50%
JPMorgan Chase & Co. 
3.74%, (3-Month USD Libor + 347 basis points), 1/30/212,3,4 		1,915,000 1,836,231
Commercial Services — 1.11%
Nielsen Finance LLC / Nielsen Finance Co. 
5.00%, 4/15/221 		809,000 811,023
Computers — 2.10%
NCR Corp. 
8.12%, 4/15/251 		1,300,000 1,436,825
NCR Corp. 
5.00%, 10/1/281 		100,000 100,080
    1,536,905
Cosmetics/Personal Care — 1.91%
Avon International Operations, Inc. 
7.88%, 8/15/221,2 		1,386,000 1,402,334
Diversified Financial Services — 1.78%
ILFC E-Capital Trust I 
2.98%, 12/21/654,5 		1,750,000 892,500
ILFC E-Capital Trust I 
2.98%, 12/21/651,4,6 		806,000 411,060
    1,303,560
Insurance — 1.88%
Acrisure LLC / Acrisure Finance, Inc. 
8.12%, 2/15/241,2 		1,318,000 1,380,605
Internet — 4.97%
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 
5.25%, 12/1/271 		1,500,000 1,560,855
Uber Technologies, Inc. 
7.50%, 11/1/231 		2,000,000 2,083,400
    3,644,255
Investment Companies — 4.16%
Compass Group Diversified Holdings LLC 
8.00%, 5/1/261 		1,118,000 1,173,900
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 
4.75%, 9/15/24 		1,851,000 1,874,137
    3,048,037
Iron/Steel — 1.35%
AK Steel Corp. 
7.63%, 10/1/212 		1,000,000 992,000
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Oil & Gas — 2.00%
Transocean Pontus Ltd. 
6.13%, 8/1/251,2,7 		$1,638,000 $1,464,700
Oil & Gas Services — 2.34%
Archrock Partners LP / Archrock Partners Finance Corp. 
6.87%, 4/1/271,2 		1,547,000 1,481,840
Archrock Partners LP / Archrock Partners Finance Corp. 
6.25%, 4/1/281 		250,000 235,625
    1,717,465
Pharmaceuticals — 2.45%
HLF Financing Sarl LLC / Herbalife International, Inc. 
7.25%, 8/15/261,2 		1,745,000 1,792,987
Telecommunications — 6.71%
Cincinnati Bell, Inc. 
7.00%, 7/15/241,2 		2,000,000 2,058,780
Consolidated Communications, Inc. 
6.50%, 10/1/222 		2,361,000 2,359,702
Zayo Group Holdings, Inc. 
4.00%, 3/1/271 		250,000 246,056
Zayo Group Holdings, Inc. 
6.12%, 3/1/281 		250,000 258,050
    4,922,588
Transportation — 1.46%
XPO Logistics, Inc. 
6.25%, 5/1/251 		1,000,000 1,068,615
Trucking & Leasing — 2.90%
Fortress Transportation and Infrastructure Investors LLC 
6.75%, 3/15/221,2 		1,070,000 1,053,950
Fortress Transportation and Infrastructure Investors LLC 
9.75%, 8/1/271 		1,000,000 1,070,625
    2,124,575
Total CORPORATE BONDS
(Cost $31,524,234) 		  30,980,625
FOREIGN ISSUER BONDS — 2.14%
Media — 2.14%
LCPR Senior Secured Financing DAC (Ireland) 
6.75%, 10/15/271,7 		1,500,000 1,567,500
Total FOREIGN ISSUER BONDS
(Cost $1,526,240) 		  1,567,500
COMMON STOCKS — 2.75%
Holding Companies-Diversified — 2.53%
Artius Acquisition, Inc.* 62,500 649,375
 
Notes to Schedule of Investments are an integral part of this Schedule.
25
Driehaus Active Income Fund
Schedule of Investments
September 30, 2020 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		  Value
Capstar Special Purpose Acquisition Corp.* $42,857   $437,291
Churchill Capital Corp. IV* 50,000   501,000
RedBall Acquisition Corp.* 25,000   264,250
      1,851,916
Telecommunications — 0.22%
Consolidated Communications Holdings, Inc.* 28,265   160,828
Total COMMON STOCKS
(Cost $1,931,155) 		    2,012,744
CONVERTIBLE PREFERRED STOCKS — 0.00%
Auto Manufacturers — 0.00%
General Motors Corp. Senior Convertible Preferred Escrow - B*,^ 475,000   0
General Motors Corp. Senior Convertible Preferred Escrow - C*,^ 11,790,650   0
Total CONVERTIBLE PREFERRED STOCKS
(Cost $0) 		    0
PREFERRED STOCKS — 1.84%
Banks — 1.84%
GMAC Capital Trust I
6.07%, (3-Month USD Libor + 579 basis points), 2/15/402,4 		53,866   1,346,112
Total PREFERRED STOCKS
(Cost $1,406,411) 		    1,346,112
SHORT TERM INVESTMENTS — 43.76%
Northern Institutional Treasury Portfolio (Premier Class), 0.00% 32,079,442   32,079,442
TOTAL INVESTMENTS
(Cost $68,467,482) 		92.75%   $67,986,423
Other Assets In Excess of Liabilities 7.25%   5,316,450
Net Assets 100.00%   $73,302,873
INVESTMENT SECURITIES SOLD SHORT — (4.35)%
CORPORATE BONDS — (3.08)%
Advertising — (1.60)%
Outfront Media Capital LLC / Outfront Media Capital Corp.
5.00%, 8/15/271 		(1,200,000)   (1,170,000)
Packaging & Containers — (1.48)%
Owens-Brockway Glass Container, Inc.
6.63%, 5/13/271 		(1,000,000)   (1,083,125)
Total CORPORATE BONDS
(Proceeds $2,136,690) 		    (2,253,125)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
MASTER LIMITED PARTNERSHIPS — (0.26)%
Investment Companies — (0.26)%
Compass Diversified Holdings $(10,000) $(190,600)
Total MASTER LIMITED PARTNERSHIPS
(Proceeds $182,918) 		  (190,600)
COMMON STOCKS — (1.01)%
Agriculture — (0.12)%
Vector Group Ltd. (9,250) (89,632)
Computers — (0.17)%
NCR Corp.* (5,500) (121,770)
Diversified Financial Services — (0.10)%
AerCap Holdings NV*,7 (2,905) (73,177)
Iron/Steel — (0.10)%
Cleveland-Cliffs, Inc. (12,000) (77,040)
Pharmaceuticals — (0.38)%
Herbalife Nutrition Ltd.* (6,000) (279,900)
Telecommunications — (0.14)%
Cincinnati Bell, Inc.* (6,700) (100,500)
Total COMMON STOCKS
(Proceeds $726,473) 		  (742,019)
TOTAL INVESTMENT SECURITIES SOLD SHORT
(Proceeds $3,046,081) 		(4.35)% $(3,185,744)
    
LIBOR London Interbank Offered Rate
USD LIBOR U.S. Dollar London Interbank Offered Rate.
    
* Non-income producing security.
^ Security valued at fair value as determined in good faith by the Adviser, in accordance with procedures established by, and under the general supervision of, the Trust’s Board of Trustee. The security is valued using significant unobservable inputs.
1 Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by Driehaus Mutual Funds’ Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of these securities is $22,340,430, which represents 30% of Net Assets.
2 All or a portion of this security is pledged as collateral for short sales or derivatives transactions.
3 Perpetual security. Maturity date shown is the next call date or final legal maturity date, whichever comes first.
4 Variable rate security. Rates disclosed as of September 30, 2020.
5 The coupon rate equals 155 basis points plus the highest of the LIBOR 3 Month, the Constant Maturity Treasury 10 year rate, and the Constant Maturity Treasury 30 year rate, with a maximum of 14.5%.
 
Notes to Schedule of Investments are an integral part of this Schedule.
26
Driehaus Active Income Fund
Schedule of Investments
September 30, 2020 (unaudited)
6 The coupon rate equals 155 basis points plus the highest of the LIBOR 3 Month, the Constant Maturity Treasury 10 year rate, and the Constant Maturity Treasury 30 year rate, with a maximum of 12.95%.
7 Foreign security denominated in U.S. dollars and traded in the U.S.
Percentages are stated as a percent of net assets.
 
Notes to Schedule of Investments are an integral part of this Schedule.
27
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited)
A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Securities Valuation
Investments in securities traded on a national securities exchange, including exchange-traded futures and options, are valued at the last reported sales or settlement price on the day of valuation and are generally classified as level 1. Exchange-traded securities for which no sale was reported are valued at the mean of the closing bid and ask prices from the exchange the security is primarily traded on and are generally classified as level 1. Equity certificates are valued at the last sale price of the underlying security as of the close of the primary exchange. Long-term US 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-US 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.
Fixed income securities are generally classified as level 2. Our fair value analysis includes an analysis of the value of any unfunded commitments. 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 reported at fair value. These securities are generally classified as level 2. Swaps, forward foreign currency contracts and other financial derivatives are valued daily, primarily by an independent pricing service using pricing models and are generally classified as level 2. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, dividends and exchange rates. If valuations are not available from the independent pricing service or values received are deemed not representative of fair value, values will be obtained from a third-party broker-dealer or counterparty. Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from an independent pricing service. In addition, for Emerging Markets Opportunities Fund, if quotations are not readily available, if the values have been materially affected by events occurring after the closing of a foreign market, or if there has been a movement in the U.S. market that exceeds a certain threshold, assets may be valued at fair value as determined in good faith by or under the direction of the Trust’s Board of Trustees. Events that may materially affect asset values that could cause a fair value determination include, but are not limited to: corporate announcements relating to a specific security; natural and other disasters which may impact an entire market or region; and political and other events which may be global or impact a particular country or region. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. To the extent utilized, securities would be considered level 2 in the hierarchy described below.
Securities for which market quotations are not readily available are valued at fair value as determined in good faith in accordance with procedures established by or under the direction of the Trust’s Board of Trustees and are generally classified as level 3. Under these procedures, the Funds primarily employ a market-based approach, which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. In addition, level 3 investments in certain early stage companies may be valued based upon initial transaction prices with management conducting ongoing assessments to determine whether new information is available to support a fair value adjustment. The information management may consider in its ongoing assessments may include, but are not limited to, actual or upcoming financing or third-party sale transactions, current or forecasted performance, or regulatory approval status updates. It is possible that estimated values may differ significantly from the values that would have been used had a ready market existed for the investments, and such differences could be material.
Each Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:
Level 1 – quoted prices for active markets for identical securities
28
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
Level 2 – significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The following is a summary of the inputs used to value the Emerging Markets Growth Fund’s investments as of September 30, 2020:
Assets   Total
Value at
September 30, 2020 		  Level 1
Quoted
Price 		  Level 2
Significant
Observable
Inputs 		  Level 3
Significant
Unobservable
Inputs
Common Stocks                
Africa   $11,142,376   $11,142,376   $—   $—
Europe   136,456,826   136,456,826   —   —
Far East                
China   804,938,711   804,938,711   —   —
India   201,951,763   201,951,763   —   —
Indonesia   20,909,085   20,909,085   —   —
Japan   10,541,858   10,541,858   —   —
Malaysia   11,683,398   11,683,398   —   —
Singapore   30,693,394   30,693,394   —   —
South Korea   179,997,389   —   179,997,389   —
Taiwan   179,694,382   179,694,382   —   —
North America   152,609,001   152,609,001   —   —
South America   80,816,883   80,816,883   —   —
Short Term Investments   96,214,543   96,214,543   —   —
Preferred Stocks                
South America   14,510,124   14,510,124   —   —
Total   $1,932,159,733   $1,752,162,344   $179,997,389   $—
The following is a summary of the inputs used to value the Emerging Markets Small Cap Growth Fund’s investments as of September 30, 2020:
Assets   Total
Value at
September 30, 2020 		  Level 1
Quoted
Price 		  Level 2
Significant
Observable
Inputs 		  Level 3
Significant
Unobservable
Inputs
Common Stocks                
Africa   $288,838   $288,838   $—   $—
Europe                
Jersey   652,712   652,712   —   —
Poland   1,251,871   1,251,871   —   —
Russia   1,778,322   —   1,778,322   —
Far East                
China   23,724,301   23,724,301   —   —
India   11,779,176   11,779,176   —   —
Indonesia   315,722   315,722   —   —
Malaysia   681,139   681,139   —   —
South Korea   5,469,442   —   5,469,442   —
Taiwan   7,882,591   7,882,591   —   —
Thailand   1,063,609   1,063,609   —   —
Vietnam   1,973,290   —   1,973,290   —
29
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
Assets   Total
Value at
September 30, 2020 		  Level 1
Quoted
Price 		  Level 2
Significant
Observable
Inputs 		  Level 3
Significant
Unobservable
Inputs
North America   $2,811,363   $2,811,363   $—   $—
South America   1,264,224   1,264,224   —   —
Preferred Stocks                
South America   1,938,991   1,938,991   —   —
Short Term Investments   1,700,900   1,700,900   —   —
Total   $64,576,491   $55,355,437   $9,221,054   $—
The following is a summary of the inputs used to value the Emerging Markets Opportunities Fund’s investments as of September 30, 2020:
Assets   Total
Value at
September 30, 2020 		  Level 1
Quoted
Price 		  Level 2
Significant
Observable
Inputs 		  Level 3
Significant
Unobservable
Inputs
Common Stocks                
Brazil   $757,173   $757,173   $—   $—
China   12,085,527   12,085,527   —   —
France   446,548   446,548   —   —
India   2,522,359   2,522,359   —   —
Indonesia   304,964   304,964   —   —
Jersey   332,165   332,165   —   —
Mexico   381,748   381,748   —   —
Netherlands   239,093   239,093   —   —
Poland   597,565   597,565   —   —
Russia   1,229,836   1,229,836   —   —
Singapore   431,928   431,928   —   —
South Africa   418,902   418,902   —   —
South Korea   3,282,357   —   3,282,357   —
Sweden   396,602   396,602   —   —
Taiwan   3,556,516   3,556,516   —   —
United States   1,047,885   1,047,885   —   —
Preferred Stocks   514,977   514,977   —   —
Short Term Investments   2,052,764   2,052,764   —   —
Sovereign Bonds   5,740,912   —   5,740,912   —
Total   $36,339,821   $27,316,552   $9,023,269   $—
    
Other Financial Instruments                
Interest Rate Swaps - Assets   $8,215   $—   $8,215   $—
Total Other Financial Instruments   $8,215   $—   $8,215   $—
30
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
The following is a summary of the inputs used to value the International Small Cap Growth Fund’s investments as of September 30, 2020:
Assets   Total
Value at
September 30, 2020 		  Level 1
Quoted
Price 		  Level 2
Significant
Observable
Inputs 		  Level 3
Significant
Unobservable
Inputs
Common Stocks                
Europe   $144,217,119   $144,217,119   $—   $—
Far East                
Australia   10,009,639   10,009,639   —   —
China   3,622,338   3,622,338   —   —
Japan   44,977,083   44,977,083   —   —
South Korea   10,894,631   —   10,894,631   —
Taiwan   4,157,877   4,157,877   —   —
Middle East   2,970,783   2,970,783   —   —
North America   20,540,246   20,540,246   —   —
South America   1,114,015   1,114,015   —   —
Short Term Investments   5,031,922   5,031,922   —   —
Preferred Stocks                
Europe   1,634,860   1,634,860   —   —
Total   $249,170,513   $238,275,882   $10,894,631   $—
The following is a summary of the inputs used to value the Micro Cap Growth Fund’s investments as of September 30, 2020:
Assets   Total
Value at
September 30, 2020 		  Level 1
Quoted
Price 		  Level 2
Significant
Observable
Inputs 		  Level 3
Significant
Unobservable
Inputs
Investments in Securities*   $254,697,415   $254,697,415   $—   $—
Total   $254,697,415   $254,697,415   $—   $—
* See Schedule of Investments for industry breakout.
The following is a summary of the inputs used to value the Small Cap Growth Fund’s investments as of September 30, 2020:
Assets   Total
Value at
September 30, 2020 		  Level 1
Quoted
Price 		  Level 2
Significant
Observable
Inputs 		  Level 3
Significant
Unobservable
Inputs
Investments in Securities*   $265,238,598   $265,238,598   $—   $—
Total   $265,238,598   $265,238,598   $—   $—
* See Schedule of Investments for industry breakout.
31
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
The following is a summary of the inputs used to value the Small/Mid Cap Growth Fund’s investments as of September 30, 2020:
Assets   Total
Value at
September 30, 2020 		  Level 1
Quoted
Price 		  Level 2
Significant
Observable
Inputs 		  Level 3
Significant
Unobservable
Inputs
Investments in Securities*   $16,194,767   $16,194,767   $—   $—
Total   $16,194,767   $16,194,767   $—   $—
* See Schedule of Investments for industry breakout.
The following is a summary of the inputs used to value the Event Driven Fund’s investments as of September 30, 2020:
Assets   Total
Value at
September 30, 2020 		  Level 1
Quoted
Price 		  Level 2
Significant
Observable
Inputs 		  Level 3
Significant
Unobservable
Inputs
Common Stocks   $56,090,231   $56,090,231   $—   $—
Convertible Corporate Bonds   775,028   —   775,028   —
Convertible Preferred Stocks   0   —   —   0
Corporate Bonds   20,574,336   —   20,574,336   —
Master Limited Partnerships   610,685   610,685   —   —
Preferred Stocks   1,283,486   —   1,283,486   —
Private Investment In Public Equity (PIPES)   3,863,503   —   —   3,863,503
Private Preferred Stocks   1,550,000   —   —   1,550,000
Short Term Investments   30,800,805   30,800,805   —   —
Warrants   230,641   230,627   14   —
Total   $115,778,715   $87,732,348   $22,632,864   $5,413,503
    
Liabilities                
Common Stocks Sold Short   $(899,778)   $(899,778)   $—   $—
Corporate Bonds Sold Short   (1,243,800)   —   (1,243,800)   —
Exchange-Traded Funds Sold Short   (17,011,642)   (17,011,642)   —   —
Total   $(19,155,220)   $(17,911,420)   $(1,243,800)   $—
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value in the Event Driven Fund:
  Investments,
at Value
Balance as of December 31, 2019  $412,500
Realized gain (loss) —
Change in net unrealized appreciation (depreciation) 1,499,138
Purchases 3,501,879
Sales —
Transfers in and/or out of Level 3 (14)
Balance as of September 30, 2020  $5,413,503
32
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
As of September 30, 2020, the Event Driven Fund held Level 3 investments in General Motors Corp. senior convertible preferred stock, Invitae Corp. private investment in public equity (PIPE), and Elevation Oncology, Inc. (formerly 14ner Oncology, Inc.) private preferred stock, valued in good faith in accordance with procedures established by or under the direction of the Trust’s Board of Trustees. As a part of the ongoing restructuring of General Motors, any value previously ascribed to these holdings has been transferred to the General Motors Co. Motors Liquidation Co. GUC Trust common stock, which is freely and actively traded, and therefore the senior convertible preferred stock was fair valued at $0. The unfunded commitment in the Invitae Corp. PIPE has been valued at a discount to the last closing share price on September 30, 2020 of Invitae Corp. less the Fund's commitment. A discount is applied to the share price for the risk that such transaction does not close. The Elevation Oncology, Inc. private preferred stock was valued using a market approach as adjusted based upon an assessment of the probability assigned to a successful regulatory outcome. As of September 30, 2020, the Event Driven Fund's investment in X4 Pharmaceuticals, Inc. warrant contracts transferred from Level 3 to Level 2 because the security was actively trading. The following table summarizes the quantitative inputs and assumptions used for items categorized as Level 3 of the fair value hierarchy as of September 30, 2020:
Financial Assets   Fair Value at
September 30, 2020 		  Valuation Technique(s)   Unobservable Inputs   Price/Range
Convertible Preferred Stocks   $0   Cash available in relation to claim   Estimated recovery   —
Private Investment in Public Equity (PIPES)   $3,863,503   Market approach   Probability of transaction close   98.25%
Private Preferred Stocks   $1,550,000   Market approach   Transaction price   $1
The following is a summary of the inputs used to value the Active Income Fund’s investments as of September 30, 2020:
Assets   Total
Value at
September 30, 2020 		  Level 1
Quoted
Price 		  Level 2
Significant
Observable
Inputs 		  Level 3
Significant
Unobservable
Inputs
Common Stocks   $2,012,744   $2,012,744   $—   $—
Convertible Preferred Stocks   0   —   —   0
Corporate Bonds   30,980,625   —   30,980,625   —
Foreign Issuer Bonds   1,567,500   —   1,567,500   —
Preferred Stocks   1,346,112   —   1,346,112   —
Short Term Investments   32,079,442   32,079,442   —   —
Total   $67,986,423   $34,092,186   $33,894,237   $0
    
Liabilities                
Common Stocks Sold Short   $(742,019)   $(742,019)   $—   $—
Corporate Bonds Sold Short   (2,253,125)   —   (2,253,125)   —
Master Limited Partnerships Sold Short   (190,600)   (190,600)   —   —
Total   $(3,185,744)   $(932,619)   $(2,253,125)   $—
33
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value in the Active Income Fund:
  Investments,
at Value
Balance as of December 31, 2019  $1,173,600
Realized gain (loss) (977,968)
Change in net unrealized appreciation (depreciation) (195,632)
Purchases —
Sales 0
Transfers in and/or out of Level 3 —
Balance as of September 30, 2020  $0
As of September 30, 2020, the Active Income Fund held a Level 3 investment in General Motors Corp. senior convertible preferred stock valued at fair value as determined in good faith in accordance with procedures established by or under the direction of the Trust’s Board of Trustees. As a part of the ongoing restructuring of General Motors, any value previously ascribed to these holdings has been transferred to the General Motors Co. Motors Liquidation Co. GUC Trust common stock, which is freely and actively traded, and therefore the senior convertible preferred stock was fair valued at $0. There were no transfers into or out of Level 3 during the period ended September 30, 2020. The following table summarizes the quantitative inputs and assumptions used for items categorized as Level 3 of the fair value hierarchy as of September 30, 2020:
Financial Assets   Fair Value at
September 30, 2020 		  Valuation Technique(s)   Unobservable Inputs   Price/Range
Convertible Preferred Stocks   $0   Cash available in relation to claim   Estimated recovery   —
Securities Sold Short
The Funds are engaged in selling securities short, which obligates them to replace a borrowed security by purchasing it at market price at the time of replacement. Each Fund incurs a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. Each Fund realizes a gain if the price of the security declines between those dates. Gains are limited to the price at which the Fund sold the security short, while losses are potentially unlimited in size.
The Funds are required to establish a margin account with the broker lending the security sold short. While the short sale is outstanding, the broker retains the proceeds of the short sale and the Fund must maintain a deposit with the broker consisting of cash and securities having a value equal to a specified percentage of the value of the securities sold short. Each Fund is obligated to pay any dividends or interest due on securities sold short.
Foreign Currency Spot Contracts
The Funds enter into foreign currency spot contracts to facilitate transactions in foreign currency denominated securities. These spot contracts are typically open for 2 to 5 days, depending on the settlement terms of the underlying security transaction.
Foreign Currency Translation
The value of securities, currencies and other assets and liabilities not denominated in U.S. dollars are translated into U.S. dollar values based upon the current rates of exchange on the date of the Funds’ valuations.
Net realized foreign exchange gains or losses which are reported by the Funds result from currency gains and losses on transaction hedges arising from changes in exchange rates between the trade and settlement dates on forward contract transactions, and the difference between the amounts accrued for dividends, interest, and foreign taxes and the amounts
34
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
actually received or paid in U.S. dollars for these items. Net unrealized foreign exchange gains and losses result from changes in the U.S. dollar value of assets and liabilities (other than investments in securities), which are denominated in foreign currencies, as a result of changes in exchange rates.
Net realized gain (loss) on foreign currency contracts on portfolio hedges result from the use of forward contracts to hedge portfolio positions denominated or quoted in a particular currency in order to reduce or limit exposure in that currency.
The Funds do not isolate that portion of the results of operations which results from fluctuations in foreign exchange rates on investments. These fluctuations are included with the net realized gain (loss) on investments and the net change in unrealized appreciation (depreciation) on investments.
Securities Transactions, Income and Commitments
The Trust records security transactions based on trade date. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective securities using the effective yield method. Withholding taxes on foreign dividends and interest have been provided for in accordance with the Trust’s understanding of the applicable country’s tax rules and rates.
Pursuant to the terms of certain of the senior unsecured loan agreements, the Funds may have unfunded loan commitments, which are callable on demand. Each Fund will have available with its custodian, cash and/or liquid securities having an aggregate value at least equal to the amount of the unfunded senior loan commitments. At September 30, 2020, the Funds had no unfunded senior loan commitments.
With respect to the senior loans held in each Fund’s portfolio, the Funds may: 1) invest in assignments; 2) act as a participant in primary lending syndicates; or 3) invest in participations. If a Fund purchases a participation of a senior loan interest, the Fund would typically enter into a contractual agreement with the lender or other third party selling the participation, rather than directly with the borrower. As such, the Fund not only assumes the credit risk of the borrower, but also that of the selling participant or other persons interpositioned between the Fund and the borrower. At September 30, 2020, the Funds had no such outstanding senior loan participation commitments.
The Event Driven Fund may invest in early-stage companies that may require additional contributions or funding if certain performance milestones are met. Management continuously assesses whether these companies will achieve these performance milestones and considers the impact of these commitments as they become due. Additionally, in connection with certain investments the Event Driven Fund provides commitments for future investments. The commitments and unfunded commitments of the Fund at September 30, 2020 are summarized on the Schedule of Investments.
B. INVESTMENTS IN DERIVATIVES
Each Fund uses derivative instruments such as swaps, futures, options, swaptions, and forward foreign currency contracts in connection with their respective investment strategies. During the period January 1, 2020, through September 30, 2020, the Active Income Fund primarily utilized: 1) futures to hedge its interest rate and/or commodity risk and manage volatility; and 2) options to hedge downside risk and manage volatility. During the period January 1, 2020, through September 30, 2020, the Event Driven Fund primarily utilized: 1) options, including warrants, to both hedge exposure and provide exposure to certain market segments or specific securities; and 2) forward foreign currency contracts to manage currency risk in portfolio holdings. During the period January 1, 2020, through September 30, 2020, the Emerging Markets Opportunities Fund primarily utilized: 1) interest rate swaps to hedge against interest rate fluctuation and enable the parties involved to exchange fixed and floating cash flows; 2) credit default swaps as alternatives to direct investments to manage exposure to specific sectors/markets/industries and/or credit events and manage volatility; 3) options to both hedge exposure and provide exposure to certain market segments or specific securities; and 4) forward foreign currency contracts to manage currency risk in portfolio holdings. During the period January 1, 2020, through September 30, 2020, the remaining Funds primarily utilized: 1) forward foreign currency contracts to manage currency risk in portfolio holdings. Detail regarding each derivative type is included below.
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Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
Swap Contracts
The Funds are subject to credit risk, volatility risk, and interest rate risk exposure in the normal course of pursuing their investment objectives. The Funds engage in various swap transactions, including forward rate agreements and interest rate, currency, volatility, index, and total return swaps, primarily to manage duration and yield curve risk, or as alternatives to direct investments. Swaps that are centrally cleared are exposed to the creditworthiness of the clearing organizations (and, consequentially, that of their members generally, banks and broker-dealers) involved in the transaction. Centrally cleared swaps are valued daily and unrealized gains or losses are recorded in a “variation margin” account. The Fund receives from or pays to the clearing organization a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss.
Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. The Funds may elect to pay a fixed rate and receive a floating rate or receive a fixed rate and pay a floating rate on a notional principal amount. The net interest received or paid on interest rate swap agreements is accrued daily as interest income/expense. Interest rate swaps are marked-to-market daily using fair value estimates provided by an independent pricing service. Changes in value, including accrued interest, are recorded as changes in net unrealized appreciation (depreciation). Unrealized appreciation is reported as an asset and unrealized depreciation is reported as a liability. Gains or losses are realized upon termination of the contracts. The risk of loss under a swap contract may exceed the amount recorded as an asset or a liability.
Total return swap contracts are arrangements to exchange a market linked return for a periodic payment, both based on a notional principal amount, to hedge sector exposure and to manage exposure to specific sectors or industries and/or to gain exposure to specific markets/countries and to specific sectors/industries. To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. Total return swap contracts are marked to market daily based upon quotations from market makers and the change, if any, is recorded as a change in net unrealized appreciation (depreciation). Unrealized appreciation is reported as an asset and unrealized depreciation is reported as a liability. Payments received or made are recorded as realized gains or losses. Gains or losses are realized upon termination of the contracts. Each Fund’s maximum risk of loss from counterparty risk is the fair value of the contract.
Volatility swaps are forward contracts on the future realized volatility of an underlying instrument. Volatility swaps are generally used to speculate on future volatility levels, trade the spread between realized and implied volatility or hedge volatility exposure of other positions. Changes in value are recorded as changes in net unrealized appreciation (depreciation). Unrealized gains are reported as an asset and unrealized losses are reported as a liability. Gains or losses are realized upon termination of the contracts. The risk of loss under a volatility swap contract is dependent upon the volatility of the underlying instrument.
Under the terms of a credit default swap contract, one party acts as a guarantor receiving a periodic payment that is a fixed percentage applied to a notional amount. In return, the party agrees to purchase the notional amount of the underlying instrument, at par, if a credit event occurs during the term of the contract. Each Fund may enter into credit default swaps in which the Fund acts as guarantor (a seller of protection), and may enter into credit default swaps in which the counterparty acts as guarantor (a buyer of protection). Premiums paid to or by the Funds are accrued daily and included in net realized gain (loss) on swap contracts. The contracts are marked-to-market daily using fair value estimates provided by an independent pricing service. Changes in value are recorded as unrealized appreciation (depreciation). Unrealized gains are reported as an asset and unrealized losses are reported as a liability. Gains or losses are realized upon termination of the contracts. The risk of loss under a swap contract may exceed the amount recorded as an asset or a liability. The notional amount of a swap contract is the reference amount pursuant to which the counterparties make payments. For swaps in which the referenced obligation is an index, in the event of default of any debt security included in the corresponding index, the Fund pays or receives the percentage of the corresponding index that the defaulted security comprises (1) multiplied by the notional value and (2) multiplied by the ratio of one minus the ratio of the market value of the defaulted debt security to its par value.
Risks associated with swap contracts include changes in the returns of underlying instruments and/or interest rates, failure of the counterparties to perform under the contracts’ terms and the possible lack of liquidity with respect to the contracts. For centrally cleared swap contracts, counterparty risk is limited due to the role of the clearinghouse. Credit default swaps can involve greater risks than if an investor had invested in the reference obligation directly since, in
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Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk, and liquidity risk. The Funds disclose swap contracts on a gross basis, with no netting of contracts held with the same counterparty.
Futures Contracts
The Funds may enter into futures contracts to produce incremental earnings, hedge existing positions or protect against market changes in the value of equities or interest rates. Upon entering into a futures contract with a broker, a Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a “variation margin” account. Daily, the Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. With futures contracts, there is minimal counterparty credit risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures contracts, guarantees the futures contract against default.
Options Contracts
The Funds may use options, which include warrants, to hedge downside risk, produce incremental earnings or protect against market changes in the value of equities or interest rates. The Funds may write covered call and put options on futures, swaps, securities or currencies the Funds own or in which they may invest. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Schedule of Investments. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, swap, security or currency transaction to determine the realized gain or loss. A Fund, as a writer of an option, has no control over whether the underlying future, swap, security or currency may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the future, swap, security or currency underlying the written option. The risk exists that a Fund may not be able to enter into a closing transaction because of an illiquid market. In addition, to the extent a Fund purchases an over-the-counter (“OTC”) option, it is subject to credit risk that the counterparty to the trade does not perform under the contract’s terms. The Funds are not subject to credit risk on OTC options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.
The Funds may also purchase put and call options. Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. A Fund pays a premium, which is included in its Schedule of Investments as an investment and subsequently marked-to-market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, swap, security or currency transaction to determine the realized gain or loss. When entering into purchased option contracts, a Fund bears the risk of securities prices moving unexpectedly, in which case, a Fund may not achieve the anticipated benefits of the purchased option contracts; however, the risk of loss is limited to the premium paid.
Swaptions
An option on a swap contract, also called a “swaption,” is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based “premium.” A call or receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate, or index swap. A put or payer swaption gives the owner the right to pay the total return of a specified asset, reference rate, or index swap. Swaptions also include options that allow an existing swap to be terminated or extended by one of the counterparties.
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Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
Forward Foreign Currency Contracts
The Funds use forward foreign currency contracts to manage foreign currency, to produce incremental earnings or to hedge existing positions. A forward foreign currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are principally traded in the inter-bank market conducted directly between currency traders (usually large commercial banks) and their customers.
The market value of a forward foreign currency contract fluctuates with changes in currency exchange rates. Outstanding forward foreign currency contracts are valued daily at current market rates and the resulting change in market value is recorded as change in net unrealized appreciation or depreciation. When a forward foreign currency contract is settled, the Fund records a realized gain or loss equal to the difference between the value at the time the forward foreign currency contract was opened and the value at the time it was settled. A forward foreign currency contract may involve market risk in excess of the unrealized appreciation (depreciation). In addition, the Funds could be exposed to credit risk if the counterparties are unable or unwilling to meet the terms of the contracts or market risk if the value of the foreign currency changes unfavorably.
Equity Certificates
The Funds may invest in equity certificates, which allow the Funds to participate in the appreciation (depreciation) of the underlying security without actually owning the underlying security. These derivative instruments are purchased pursuant to an agreement with a financial institution and are valued at a calculated market price based on the value of the underlying security in accordance with the agreement. These equity certificates are subject to the credit risk of the issuing financial institution. There is no off-balance sheet risk associated with equity certificates and the Funds’ potential loss is limited to the purchase price of the securities. The Funds are exposed to credit risk associated with the counterparty to the transaction, which is monitored by the Funds’ management on a periodic basis. A Fund’s equity certificates are not subject to any master netting agreement.
C. SUBSEQUENT EVENTS
The Driehaus Active Income Fund is in liquidation. The Fund was closed to new purchase orders as of October 13, 2020, and is expected to redeem all existing shares on or around November 6, 2020.
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