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Driehaus Emerging Markets Growth Fund

Schedule of Investments

September 30, 2019 (unaudited)

 

 

 

     

Number

of

Shares

   

Value

(Note A)

EQUITY SECURITIES — 94.3%

 

         

FAR EAST — 61.1%

      

China — 28.1%

      

AIA Group, Ltd.

      2,724,295      $      25,738,934  

Aier Eye Hospital Group Co., Ltd. — A

      2,577,255        12,806,124  

Alibaba Group Holding, Ltd. — SP ADR**

      373,632        62,482,479  

China International Capital Corp.,
Ltd. — H1

      4,093,214        7,938,152  

China Mengniu Dairy Co., Ltd.

      3,399,565        12,730,423  

China Resources Cement Holdings, Ltd.

      8,454,865        8,478,921  

Country Garden Services Holdings Co., Ltd.

      3,759,827        10,841,457  

CSPC Pharmaceutical Group, Ltd.

      5,328,438        10,700,794  

Foshan Haitian Flavouring & Food Co., Ltd. — A

      730,954        11,254,504  

HUYA, Inc. — ADR**

      183,921        4,347,892  

Industrial & Commercial Bank of China, Ltd. — H

        24,150,323        16,176,837  

Li Ning Co., Ltd.

      3,761,007        10,796,874  

LONGi Green Energy Technology Co.,
Ltd. — A

      2,740,081        10,068,408  

Meituan Dianping — B**

      1,731,081        17,691,362  

New Oriental Education & Technology Group, Inc. — SP ADR**

      110,527        12,241,971  

Ping An Insurance Group Co. of China, Ltd. — H

      3,154,879        36,247,477  

Sany Heavy Industry Co., Ltd. — A

      6,226,779        12,456,349  

Shenzhen Mindray Bio-Medical Electronics Co., Ltd. — A

      409,676        10,586,243  

Shenzhou International Group Holdings, Ltd.

      1,783,777        23,305,149  

Techtronic Industries Co., Ltd.

      2,526,933        17,587,327  

Tencent Holdings, Ltd.

      1,341,823        56,530,609  

Wuliangye Yibin Co., Ltd. — A

      2,078,573        37,795,413  

Wuxi Biologics Cayman, Inc.1**

      1,430,788        14,604,162  

Yum China Holdings, Inc.

      128,153        5,821,991  

ZTO Express Cayman, Inc. — ADR

      549,093        11,712,154  
     

 

 

 

        460,942,006  
     

 

 

 

India — 10.3%

      

Apollo Hospitals Enterprise, Ltd.

      437,944        8,623,694  

Asian Paints, Ltd.

      385,246        9,579,127  

HDFC Bank, Ltd. — ADR

      505,416        28,833,983  

Housing Development Finance Corp., Ltd.

      514,348        14,348,934  

ICICI Bank, Ltd. — SP ADR

      2,919,466        35,559,096  

ICICI Lombard General Insurance Co., Ltd.1

      641,975        10,959,597  
     

Number

of

Shares

   

Value

(Note A)

Infosys, Ltd. — SP ADR

      705,778      $ 8,024,696  

Kotak Mahindra Bank, Ltd.

      948,557        22,010,455  

Nestle India, Ltd.

      49,122        9,627,472  

Reliance Industries, Ltd.

      714,115        13,424,521  

Tata Consultancy Services, Ltd.

      275,237        8,153,165  
     

 

 

 

        169,144,740  
     

 

 

 

Taiwan — 7.5%

      

Airtac International Group

      583,038        6,943,949  

Delta Electronics, Inc.

      2,892,176        12,351,958  

Giant Manufacturing Co., Ltd.

      1,771,918        12,050,950  

Taiwan Semiconductor Manufacturing Co., Ltd. — SP ADR

      1,549,605        72,025,640  

Win Semiconductors Corp.

      2,287,115        20,530,920  
     

 

 

 

        123,903,417  
     

 

 

 

South Korea — 6.4%

      

LG Household & Health Care, Ltd.

      12,854        14,045,210  

Macquarie Korea Infrastructure Fund

      1,268,647        12,462,151  

Mando Corp.

      209,552        6,341,832  

POSCO

      31,582        5,993,491  

Samsung Electronics Co., Ltd.

      1,633,479        66,983,359  
     

 

 

 

        105,826,043  
     

 

 

 

Indonesia — 2.8%

      

PT Bank Central Asia Tbk

      14,495,428        30,992,338  

PT Telekomunikasi Indonesia Persero Tbk

      48,053,480        14,590,384  
     

 

 

 

        45,582,722  
     

 

 

 

Thailand — 2.6%

      

CP ALL PCL — NVDR

      7,225,108        19,193,723  

Thai Beverage PCL

      15,451,671        9,893,810  

WHA Corp PCL — NVDR

        85,810,737        13,354,883  
     

 

 

 

        42,442,416  
     

 

 

 

Philippines — 1.1%

      

BDO Unibank, Inc.

      6,730,957        18,570,844  

Japan — 0.8%

      

Keyence Corp.

      20,272        12,542,861  

Malaysia — 0.8%

      

Dialog Group BHD

      15,434,040        12,533,016  

Singapore — 0.7%

      

Sea, Ltd. — ADR**

      382,679        11,843,915  
     

 

 

 

Total FAR EAST

         1,003,331,980  
     

 

 

 

EUROPE — 13.0%

      

Russia — 5.1%

      

Aeroflot PJSC

      1,706,153        2,713,226  

Gazprom PJSC — SP ADR

      1,542,090        10,646,589  

Lukoil PJSC — SP ADR

      320,557        26,522,886  

Novatek PJSC — SP GDR

      96,659        19,602,445  

Sberbank of Russia PJSC — SP ADR

      1,180,766        16,737,358  

Yandex NV — A**

      220,381        7,715,539  
     

 

 

 

        83,938,043  
     

 

 

 

Hungary — 1.5%

      

OTP Bank PLC

      592,960        24,687,188  
 

 

Driehaus Emerging Markets Growth Fund

Schedule of Investments

September 30, 2019 (unaudited)

 

 

 

     

Number

of

Shares

   

Value

(Note A)

Poland — 1.2%

      

CD Projekt SA

      181,148      $ 10,995,093  

Powszechna Kasa Oszczednosci Bank Polski SA

      840,024        8,236,638  
     

 

 

 

             19,231,731  
     

 

 

 

United Kingdom — 0.9%

      

Diageo PLC

      365,314        14,970,818  

Netherlands — 0.9%

      

ASML Holding NV

      35,211        8,721,484  

VEON, Ltd.

          2,428,893        5,829,343  
     

 

 

 

        14,550,827  
     

 

 

 

Turkey — 0.8%

      

Akbank T.A.S**

      6,219,838        8,943,702  

Pegasus Hava Tasimaciligi AS**

      335,929        3,610,924  
     

 

 

 

        12,554,626  
     

 

 

 

Switzerland — 0.7%

      

Roche Holding AG

      42,242        12,293,161  

Greece — 0.7%

      

Hellenic Telecommunications Organization SA

      827,323        11,398,043  

Norway — 0.7%

      

Yara International ASA

      258,505        11,132,794  

France — 0.5%

      

LVMH Moet Hennessy Louis Vuitton SE

      20,529        8,159,286  
     

 

 

 

Total EUROPE

         212,916,517  
     

 

 

 

SOUTH AMERICA — 10.6%

      

Brazil — 7.8%

      

Afya, Ltd. — A**

      205,666        5,273,276  

B3 SA - Brasil Bolsa Balcao

      700,233        7,384,977  

BRF SA**

      1,483,590        13,661,332  

Itau Unibanco Holding SA — SP PREF ADR

      1,958,539        16,471,313  

Lojas Renner SA

      1,481,495        17,960,000  

Notre Dame Intermedica Participacoes SA

      1,481,529        19,433,045  

Pagseguro Digital, Ltd. — A**

      160,477        7,431,690  

Petroleo Brasileiro SA — SP ADR

      844,592        12,221,246  

Raia Drogasil SA

      761,863        17,577,152  

Rumo SA**

      1,436,959        8,493,896  

Transmissora Alianca de Energia Eletrica SA

      387,649        2,677,656  
     

 

 

 

        128,585,583  
     

 

 

 

Argentina — 1.0%

      

Globant SA**

      94,730        8,675,373  

MercadoLibre, Inc.**

      15,368        8,471,303  
     

 

 

 

        17,146,676  
     

 

 

 

Peru — 0.8%

      

Credicorp, Ltd.

      61,131        12,742,146  

Chile — 0.5%

      

Banco Santander Chile — ADR

      288,876        8,088,528  

Colombia — 0.5%

      

Bancolombia SA — SP ADR

      152,155        7,524,065  
     

Number

of

Shares

   

Value

(Note A)

     

 

 

 

Total SOUTH AMERICA

       $    174,086,998  
     

 

 

 

AFRICA — 4.2%

      

South Africa — 3.2%

      

Capitec Bank Holdings, Ltd.

      174,682        14,849,296  

Clicks Group, Ltd.

      932,880        13,242,646  

MTN Group, Ltd.

          1,015,906        6,459,673  

Naspers, Ltd. — N

      122,610        18,580,131  
     

 

 

 

        53,131,746  
     

 

 

 

Egypt — 1.0%

      

Commercial International Bank Egypt SAE

      3,338,100        15,903,135  
     

 

 

 

Total AFRICA

         69,034,881  
     

 

 

 

NORTH AMERICA — 3.4%

      

Mexico — 1.6%

      

Wal-Mart de Mexico SAB de CV

      8,676,917        25,717,689  

United States — 1.4%

      

Liberty Media Corp-Liberty Formula
One — C**

      352,702        14,668,876  

Micron Technology, Inc.**

      185,921        7,966,715  
     

 

 

 

        22,635,591  
     

 

 

 

Canada — 0.4%

      

Wheaton Precious Metals Corp.

      290,333        7,618,338  
     

 

 

 

Total NORTH AMERICA

         55,971,618  
     

 

 

 

MIDDLE EAST — 1.3%

      

United Arab Emirates — 0.9%

      

Abu Dhabi Commercial Bank PJSC

      3,481,802        7,450,543  

Network International Holdings PLC1**

      1,184,503        7,791,729  
     

 

 

 

        15,242,272  
     

 

 

 

Israel — 0.4%

      

Nice, Ltd. — SP ADR**

      44,154        6,349,345  
     

 

 

 

Total MIDDLE EAST

         21,591,617  
     

 

 

 

CENTRAL AMERICA — 0.7%

      

Panama — 0.7%

      

Copa Holdings SA — A

      122,376        12,084,630  
     

 

 

 

Total CENTRAL AMERICA

         12,084,630  
     

 

 

 

Total EQUITY SECURITIES
(Cost $1,262,156,963)

         1,549,018,241  
     

 

 

 

   

TOTAL INVESTMENTS
(COST $1,262,156,963)

      94.3%      $ 1,549,018,241  

Other Assets In Excess Of Liabilities

      5.7%        93,362,066  
  

 

 

 

   

 

 

 

Net Assets

      100.0%      $ 1,642,380,307  
   

 

1 

144A — This security was purchased pursuant to Rule 144A of the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. At September 30, 2019, these securities amounted to $41,293,640 or 2.5% of net assets. These 144A securities have not been deemed illiquid.

** 

Non-income producing security

ADR — American Depository Receipt

NVDR — Non-Voting Depository Receipt

 

 

Driehaus Emerging Markets Growth Fund

Schedule of Investments

September 30, 2019 (unaudited)

 

 

 

SP ADR — Sponsored American Depository Receipt

SP GDR — Sponsored Global Depository Receipt

SP PREF ADR — Sponsored Preferred American Depository Receipt

See accompanying Notes to Schedule of Investments.

 

 

Driehaus Emerging Markets Small Cap Growth Fund

Schedule of Investments

September 30, 2019 (unaudited)

 

 

 

     

Number

of

Shares

   

Value

(Note A)

EQUITY SECURITIES — 93.4%

 

         

FAR EAST — 61.2%

      

China — 15.0%

      

A-Living Services Co., Ltd. — H1

      269,750      $ 622,259  

Baozun, Inc. — SP ADR**

      6,509        277,934  

China Conch Venture Holdings, Ltd.

      85,500        316,356  

China Resources Cement Holdings, Ltd.

      324,914        325,838  

China Tian Lun Gas Holdings, Ltd.

      281,824        268,602  

Fu Shou Yuan International Group, Ltd.

      589,000        520,787  

GDS Holdings, Ltd. — ADR**

      26,665        1,068,733  

Hangzhou Tigermed Consulting Co.,
Ltd. — A

      79,548        691,465  

Jiangsu Hengli Hydraulic Co., Ltd. — A

      109,620        591,221  

Li Ning Co., Ltd.

      238,310        684,126  

Ping An Healthcare and Technology Co., Ltd.1**

      89,700        524,739  

Toly Bread Co., Ltd. — A

      62,980        428,783  

Yantai Jereh Oilfield Services Group Co.,
Ltd. — A

      109,000        412,430  

Yihai International Holding, Ltd.

      47,157        280,378  

Zhejiang Dingli Machinery Co., Ltd. — A

      96,098        810,420  

Zoomlion Heavy Industry Science and Technology Co., Ltd. — H

      903,400        612,049  
     

 

 

 

               8,436,120  
     

 

 

 

India — 13.6%

      

Aarti Industries, Ltd.

      25,394        286,910  

Aarti Surfactants, Ltd.2**

      2,704        0  

Aavas Financiers, Ltd.**

      26,052        586,741  

Berger Paints India, Ltd.

      54,981        337,324  

Cholamandalam Investment and Finance Co., Ltd.

      173,509        753,591  

Colgate-Palmolive India, Ltd.

      42,403        899,860  

Godrej Properties, Ltd.**

      22,614        331,446  

ICICI Lombard General Insurance Co., Ltd.1

      51,336        876,392  

Indraprastha Gas, Ltd.

      141,154        696,520  

Ipca Laboratories, Ltd.

      42,585        542,612  

PI Industries, Ltd.

      31,299        577,255  

Trent, Ltd.

      91,675        625,967  

Voltas, Ltd.

      120,784        1,158,179  
     

 

 

 

        7,672,797  
     

 

 

 

Taiwan — 12.1%

      

Accton Technology Corp.

      79,000        416,332  

Chailease Holding Co., Ltd.

      71,070        286,346  

Eclat Textile Co., Ltd.

      32,000        429,080  

Feng TAY Enterprise Co., Ltd.

      60,000        430,305  

Nanya Technology Corp.

             265,000        687,602  

Parade Technologies, Ltd.

      64,584        1,124,123  
     

Number

of

Shares

   

Value

(Note A)

Realtek Semiconductor Corp.

      38,000      $ 281,713  

Rexon Industrial Corp., Ltd.

      189,000        542,184  

Sunny Friend Environmental Technology Co., Ltd.

      44,000        385,051  

Vanguard International Semiconductor Corp.

      333,000        672,987  

Voltronic Power Technology Corp.

      21,000        433,206  

Win Semiconductors Corp.

      78,000        700,189  

Wiwynn Corp.

      31,000        441,151  
     

 

 

 

               6,830,269  
     

 

 

 

Vietnam — 6.0%

      

Bank for Foreign Trade of Vietnam JSC

      248,530        879,458  

FPT Corp.

      416,308        1,164,760  

Military Commercial Joint Stock Bank

      683,954        772,953  

Nam Long Investment Corp.

      453,537        543,439  
     

 

 

 

        3,360,610  
     

 

 

 

Malaysia — 3.6%

      

Carlsberg Brewery Malaysia BHD

      95,000        595,820  

Dialog Group BHD

      1,061,799        862,220  

Heineken Malaysia BHD

      95,300        546,262  
     

 

 

 

        2,004,302  
     

 

 

 

Thailand — 3.1%

      

Amata Corp PCL — NVDR

      1,065,600        871,015  

WHA Corp PCL — NVDR

      5,623,900        875,258  
     

 

 

 

        1,746,273  
     

 

 

 

Indonesia — 2.9%

      

PT Ace Hardware Indonesia Tbk

      2,275,000        283,674  

PT Bank Tabungan Pensiunan Nasional Syariah Tbk**

      2,421,300        562,895  

PT Pakuwon Jati Tbk

      6,102,900        285,906  

PT Summarecon Agung Tbk

          6,345,300        516,296  
     

 

 

 

        1,648,771  
     

 

 

 

Cambodia — 1.8%

      

NagaCorp, Ltd.

      654,403        1,023,640  

South Korea — 1.8%

      

Douzone Bizon Co., Ltd.

      5,513        301,426  

Fila Korea, Ltd.

      14,710        712,042  
     

 

 

 

        1,013,468  
     

 

 

 

Singapore — 1.3%

      

Sea, Ltd. — ADR**

      22,644        700,832  
     

 

 

 

Total FAR EAST

         34,437,082  
     

 

 

 

SOUTH AMERICA — 11.8%

      

Brazil — 10.8%

      

Afya, Ltd. — A**

      32,168        824,788  

Arco Platform, Ltd. — A**

      13,438        681,172  

Azul SA — ADR**

      16,798        601,704  

Banco Inter SA

      77,100        1,053,249  

Construtora Tenda SA

      47,185        282,432  

Energisa SA

      23,600        282,749  

Grupo SBF SA**

      114,000        623,646  

Lojas Renner SA

      23,970        290,586  
 

 

Driehaus Emerging Markets Small Cap Growth Fund

Schedule of Investments

September 30, 2019 (unaudited)

 

 

 

     

Number

of

Shares

   

Value

(Note A)

Notre Dame Intermedica Participacoes SA

      21,015      $ 275,651  

Raia Drogasil SA

      25,400        586,010  

Randon SA Implementos e Participacoes — Pref.

      121,800        282,005  

Rumo SA**

      49,400        292,004  
     

 

 

 

        6,075,996  
     

 

 

 

Argentina — 1.0%

      

Globant SA**

      6,149        563,125  
     

 

 

 

Total SOUTH AMERICA

                6,639,121  
     

 

 

 

EUROPE — 9.0%

      

Russia — 2.6%

      

Aeroflot PJSC

      337,411        536,571  

Globaltrans Investment PLC — SP GDR

      45,194        388,668  

TCS Group Holding PLC — GDR

      30,788        538,790  
     

 

 

 

        1,464,029  
     

 

 

 

Poland — 2.3%

      

CD Projekt SA

      10,981        666,511  

Dino Polska SA1**

      16,081        629,590  
     

 

 

 

        1,296,101  
     

 

 

 

Greece — 1.8%

      

Hellenic Petroleum SA

      29,316        267,128  

JUMBO SA

      40,329        765,287  
     

 

 

 

        1,032,415  
     

 

 

 

Czech Republic — 1.0%

      

Moneta Money Bank AS1

      182,433        562,407  

Turkey — 0.8%

      

Pegasus Hava Tasimaciligi AS**

      41,911        450,504  

Austria — 0.5%

      

Addiko Bank AG**

      14,866        277,076  
     

 

 

 

Total EUROPE

         5,082,532  
     

 

 

 

MIDDLE EAST — 5.2%

      

Saudi Arabia — 2.3%

      

Leejam Sports Co. JSC

      38,657        840,907  

United International Transportation Co.

      47,138        442,327  
     

 

 

 

        1,283,234  
     

 

 

 

United Arab Emirates — 1.9%

      

Network International Holdings PLC1**

      159,580        1,049,726  

Jordan — 1.0%

      

Hikma Pharmaceuticals PLC

      21,768        588,823  
     

 

 

 

Total MIDDLE EAST

         2,921,783  
     

 

 

 

NORTH AMERICA — 3.1%

      

Canada — 1.9%

      

B2Gold Corp.**

      333,970        1,086,471  

Mexico — 1.2%

      

Bolsa Mexicana de Valores SAB de CV

             216,900        409,422  
     

Number

of

Shares

   

Value

(Note A)

Qualitas Controladora SAB de CV

      78,600      $ 280,481  
     

 

 

 

        689,903  
     

 

 

 

Total NORTH AMERICA

         1,776,374  
     

 

 

 

AFRICA — 2.1%

      

Egypt — 1.3%

      

Commercial International Bank Egypt SAE — GDR

             156,744        721,806  

South Africa — 0.8%

      

Clicks Group, Ltd.

      31,432        446,191  
     

 

 

 

Total AFRICA

         1,167,997  
     

 

 

 

CENTRAL AMERICA — 1.0%

      

Panama — 1.0%

      

Copa Holdings SA — A

      5,893        581,934  
     

 

 

 

Total CENTRAL AMERICA

         581,934  
     

 

 

 

Total EQUITY SECURITIES
(Cost $47,235,872)

         52,606,823  
     

 

 

 

   

TOTAL INVESTMENTS
(COST $47,235,872)

      93.4%      $ 52,606,823  

Other Assets In Excess Of Liabilities

      6.6%        3,689,780  
  

 

 

 

   

 

 

 

Net Assets

      100.0%      $      56,296,603  
   

 

1 

144A — This security was purchased pursuant to Rule 144A of the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. At September 30, 2019, these securities amounted to $4,265,113 or 7.6% of net assets. These 144A securities have not been deemed illiquid, unless otherwise noted.

2 

Pursuant to procedures adopted by Driehaus Mutual Funds’ (the “Trust”) Board of Trustees, this security has been determined to be illiquid by Driehaus Capital Management LLC, the Fund’s investment adviser.

** 

Non-income producing security

ADR — American Depository Receipt

GDR — Global Depository Receipt

NVDR — Non-Voting Depository Receipt

SP ADR — Sponsored American Depository Receipt

SP GDR — Sponsored Global Depository Receipt

See accompanying Notes to Schedule of Investments.

 

 

Driehaus International Small Cap Growth Fund

Schedule of Investments

September 30, 2019 (unaudited)

 

 

 

     

Number

of

Shares

   

Value

(Note A)

EQUITY SECURITIES — 95.1%

 

         

EUROPE — 51.8%

      

United Kingdom — 12.9%

      

Ashmore Group PLC

      328,969      $ 2,046,677  

Aveva Group PLC

      55,304        2,515,951  

Balfour Beatty PLC

      828,562        2,261,632  

Clinigen Group PLC

      213,199        2,264,867  

Croda International PLC

      21,715        1,297,597  

Endava PLC — SP ADR**

      46,815        1,771,948  

Greggs PLC

      115,797        2,975,689  

Intermediate Capital Group PLC

      114,763        2,053,094  

Rentokil Initial PLC

      280,716        1,614,623  

Serco Group PLC**

          1,640,536        3,009,529  

Spirax-Sarco Engineering PLC

      23,961        2,311,223  

Stock Spirits Group PLC

      461,810        1,323,010  

Subsea 7 SA

      171,442        1,771,020  

The Weir Group PLC

      162,079        2,840,782  

Vesuvius PLC

      280,772        1,572,138  
     

 

 

 

             31,629,780  
     

 

 

 

Italy — 5.9%

      

Amplifon SpA

      101,278        2,483,738  

Autogrill SpA

      193,019        1,869,242  

Davide Campari-Milano SpA

      116,437        1,052,092  

DiaSorin SpA

      18,907        2,198,848  

Leonardo SpA

      367,380        4,320,610  

Piaggio & C SpA

      900,258        2,663,085  
     

 

 

 

        14,587,615  
     

 

 

 

Germany — 5.5%

      

Puma SE

      48,409        3,746,214  

Rheinmetall AG

      24,620        3,114,163  

Scout24 AG1

      74,906        4,269,986  

TAG Immobilien AG

      107,288        2,448,702  
     

 

 

 

        13,579,065  
     

 

 

 

Netherlands — 5.2%

      

Argenx SE**

      21,145        2,399,201  

ASM International NV

      31,308        2,882,819  

BE Semiconductor Industries NV

      46,360        1,451,734  

Constellium SE**

      284,637        3,617,736  

OCI NV**

      104,578        2,468,919  
     

 

 

 

        12,820,409  
     

 

 

 

France — 4.7%

      

Edenred

      53,482        2,566,637  

JCDecaux SA

      45,373        1,228,449  

Teleperformance

      13,240        2,870,324  

Ubisoft Entertainment SA**

      37,916        2,741,613  

Virbac SA**

      9,052        2,071,915  
     

 

 

 

        11,478,938  
     

 

 

 

Denmark — 3.3%

      

Ascendis Pharma AS — ADR**

      10,123        975,047  

GN Store Nord AS

      28,986        1,176,798  

Netcompany Group AS1**

      68,043        2,713,793  

Royal Unibrew AS

      37,761        3,113,514  
     

 

 

 

        7,979,152  
     

 

 

 

     

Number

of

Shares

   

Value

(Note A)

Spain — 3.2%

      

Cellnex Telecom SA1

      127,979      $ 5,286,717  

Masmovil Ibercom SA**

      124,653        2,532,543  
     

 

 

 

               7,819,260  
     

 

 

 

Switzerland — 2.4%

      

Galenica AG1

      49,699        2,853,317  

Tecan Group AG

      13,127        3,135,591  
     

 

 

 

        5,988,908  
     

 

 

 

Finland — 1.8%

      

Huhtamaki OYJ

      80,882        3,224,807  

Tokmanni Group Corp.

      111,410        1,238,604  
     

 

 

 

        4,463,411  
     

 

 

 

Sweden — 1.8%

      

Elekta AB — B

      181,784        2,395,090  

Tele2 AB — B

      129,951        1,933,942  
     

 

 

 

        4,329,032  
     

 

 

 

Russia — 1.4%

      

Globaltrans Investment PLC — SP GDR

      126,368        1,086,765  

X5 Retail Group NV — GDR

      67,799        2,371,609  
     

 

 

 

        3,458,374  
     

 

 

 

Luxembourg — 1.3%

      

B&M European Value Retail SA

      374,706        1,747,961  

Befesa SA1

      41,287        1,476,030  
     

 

 

 

        3,223,991  
     

 

 

 

Belgium — 1.0%

      

Barco NV

      12,726        2,513,380  

Poland — 0.9%

      

Dino Polska SA1**

      53,142        2,080,570  

Turkey — 0.5%

      

Migros Ticaret AS**

      345,216        1,269,114  
     

 

 

 

Total EUROPE

         127,220,999  
     

 

 

 

FAR EAST — 26.5%

      

Japan — 18.5%

      

CKD Corp.

      134,744        1,600,104  

Harmonic Drive Systems, Inc.

      40,410        1,756,550  

Hitachi High-Technologies Corp.

      48,909        2,822,586  

Kobe Bussan Co., Ltd.

      39,746        1,926,188  

Lasertec Corp.

      21,453        1,341,247  

M&A Capital Partners Co., Ltd.**

      37,482        2,246,320  

Minebea Mitsumi, Inc.

      115,054        1,820,646  

NET One Systems Co., Ltd.

      126,352        3,404,054  

Nichias Corp.

      65,530        1,158,783  

Nihon Unisys, Ltd.

      64,218        2,066,854  

PALTAC Corp.

      20,346        993,543  

SCSK Corp.

      48,585        2,278,159  

SG Holdings Co., Ltd.

      56,623        1,385,136  

Shimadzu Corp.

      104,023        2,624,506  

Square Enix Holdings Co., Ltd.

      75,102        3,646,571  

Sugi Holdings Co., Ltd.

      47,031        2,544,567  

TechnoPro Holdings, Inc.

      32,850        1,944,416  

THK Co., Ltd.

      59,777        1,566,227  

Tokyo Tatemono Co., Ltd.

             255,641        3,589,022  
 

 

Driehaus International Small Cap Growth Fund

Schedule of Investments

September 30, 2019 (unaudited)

 

 

 

     

Number

of

Shares

   

Value

(Note A)

United Arrows, Ltd.

      65,448      $ 1,912,746  

Yokogawa Electric Corp.

      157,367        2,877,360  
     

 

 

 

        45,505,585  
     

 

 

 

Taiwan — 2.8%

      

Eclat Textile Co., Ltd.

      87,445        1,172,529  

Giant Manufacturing Co., Ltd.

      435,004        2,958,496  

Hiwin Technologies Corp.

      148,132        1,291,550  

Win Semiconductors Corp.

      150,000        1,346,516  
     

 

 

 

        6,769,091  
     

 

 

 

China — 2.4%

      

Beijing Chunlizhengda Medical Instruments Co., Ltd. — H

      276,387        1,368,235  

CIMC Enric Holdings, Ltd.

          2,211,632        1,272,626  

Li Ning Co., Ltd.

      1,172,290        3,365,340  
     

 

 

 

        6,006,201  
     

 

 

 

Australia — 1.6%

      

Megaport, Ltd.**

      348,868        2,140,410  

NEXTDC, Ltd.**

      458,757        1,907,372  
     

 

 

 

        4,047,782  
     

 

 

 

South Korea — 1.2%

      

Douzone Bizon Co., Ltd.

      28,518        1,559,234  

Koh Young Technology, Inc.

      17,004        1,263,768  
     

 

 

 

        2,823,002  
     

 

 

 

Total FAR EAST

              65,151,661  
     

 

 

 

NORTH AMERICA — 10.1%

      

Canada — 9.6%

      

Aritzia, Inc.**

      119,227        1,510,980  

Boardwalk REIT

      72,389        2,426,535  

CAE, Inc.

      117,343        2,981,293  

CCL Industries, Inc. — B

      30,227        1,219,256  

Empire Co., Ltd. — A

      70,112        1,898,266  

Entertainment One, Ltd.

      252,162        1,754,850  

Kinaxis, Inc.**

      61,211        3,983,555  

Morneau Shepell, Inc.

      132,588        3,298,562  

Parkland Fuel Corp.

      141,264        4,530,556  
     

 

 

 

        23,603,853  
     

 

 

 

Mexico — 0.5%

      

Grupo Cementos de Chihuahua SAB de CV

      206,486        1,108,081  
     

 

 

 

Total NORTH AMERICA

         24,711,934  
     

 

 

 

SOUTH AMERICA — 3.1%

      

Brazil — 2.6%

      

BK Brasil Operacao e Assessoria a Restaurantes SA

      242,135        1,197,577  

Rumo SA**

      355,272        2,100,021  

Sul America SA

      274,035        3,147,978  
     

 

 

 

        6,445,576  
     

 

 

 

Uruguay — 0.5%

      

Arcos Dorados Holdings, Inc. — A

      163,253        1,097,060  
     

 

 

 

Total SOUTH AMERICA

         7,542,636  
     

 

 

 

     

Number

of

Shares

   

Value

(Note A)

MIDDLE EAST — 1.8%

      

Israel — 1.0%

      

Nice, Ltd. — SP ADR**

      16,141      $ 2,321,076  

United Arab Emirates — 0.8%

      

Network International Holdings PLC1**

      313,879        2,064,714  
     

 

 

 

Total MIDDLE EAST

         4,385,790  
     

 

 

 

CENTRAL AMERICA — 1.0%

      

Panama — 1.0%

      

Copa Holdings SA — A

      24,171        2,386,886  
     

 

 

 

Total CENTRAL AMERICA

         2,386,886  
     

 

 

 

AFRICA — 0.8%

      

South Africa — 0.8%

      

Clicks Group, Ltd.

             149,014        2,115,320  
     

 

 

 

Total AFRICA

         2,115,320  
     

 

 

 

Total EQUITY SECURITIES
(Cost $206,715,262)

         233,515,226  
     

 

 

 

   

TOTAL INVESTMENTS
(COST $206,715,262)

      95.1%      $    233,515,226  

Other Assets In Excess Of Liabilities

      4.9%        12,069,616  
  

 

 

 

   

 

 

 

Net Assets

      100.0%      $ 245,584,842  
   

 

1 

144A — This security was purchased pursuant to Rule 144A of the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. At September 30, 2019, these securities amounted to $20,745,127 or 8.4% of net assets. These 144A securities have not been deemed illiquid.

** 

Non-income producing security

ADR — American Depository Receipt

GDR — Global Depository Receipt

REIT — Real Estate Investment Trust

SP ADR — Sponsored American Depository Receipt

SP GDR — Sponsored Global Depository Receipt

See accompanying Notes to Schedule of Investments.

 

 

Driehaus Micro Cap Growth Fund

Schedule of Investments

September 30, 2019 (unaudited)

 

 

 

     

Number

of

Shares

   

Value

(Note A)

EQUITY SECURITIES — 97.1%

 

         

HEALTH CARE — 30.2%

      

Biotechnology — 14.1%

      

Allakos, Inc.**

      22,589      $ 1,776,173  

Argenx SE — ADR**

      31,168        3,551,905  

Castle Biosciences, Inc.**

      62,812        1,136,269  

Cytokinetics, Inc.**

             338,700        3,854,406  

Global Blood Therapeutics, Inc.**

      27,693        1,343,664  

Kura Oncology, Inc.**

      91,819        1,392,894  

Merus NV**

      61,291        1,092,206  

Mirati Therapeutics, Inc.**

      28,141        2,192,465  

Natera, Inc.**

      125,191        4,106,265  

Orchard Therapeutics PLC — ADR**

      143,406        1,703,663  

Principia Biopharma, Inc.**

      39,061        1,103,083  

Ra Pharmaceuticals, Inc.**

      62,528        1,478,787  

SpringWorks Therapeutics, Inc.**

      55,126        1,195,132  

Sutro Biopharma, Inc.**

      39,469        358,773  

Turning Point Therapeutics, Inc.**

      32,406        1,218,466  

Twist Bioscience Corp.**

      80,032        1,911,164  

Veracyte, Inc.**

      68,966        1,655,184  

Vericel Corp.**

      160,398        2,428,426  

Y-mAbs Therapeutics, Inc.**

      41,273        1,075,574  
     

 

 

 

             34,574,499  
     

 

 

 

Health Care Equipment & Supplies — 6.4%

 

Alphatec Holdings, Inc.**

      240,077        1,205,186  

BioLife Solutions, Inc.**

      102,009        1,695,900  

iRhythm Technologies, Inc.**

      12,666        938,677  

OrthoPediatrics Corp.**

      106,322        3,748,914  

SI-BONE, Inc.**

      111,586        1,971,725  

Tactile Systems Technology, Inc.**

      23,525        995,578  

Tandem Diabetes Care, Inc.**

      62,552        3,689,317  

Vapotherm, Inc.**

      58,166        550,832  

Zynex, Inc.

      86,686        824,384  
     

 

 

 

        15,620,513  
     

 

 

 

Pharmaceuticals — 4.4%

      

MyoKardia, Inc.**

      81,671        4,259,143  

Odonate Therapeutics, Inc.**

      79,025        2,057,021  

Reata Pharmaceuticals, Inc. — A**

      33,772        2,711,554  

Tricida, Inc.**

      58,252        1,798,239  
     

 

 

 

        10,825,957  
     

 

 

 

Health Care Technology — 3.2%

      

Inspire Medical Systems, Inc.**

      88,194        5,381,598  

Phreesia, Inc.**

      68,323        1,656,149  

Tabula Rasa HealthCare, Inc.**

      13,198        725,098  
     

 

 

 

        7,762,845  
     

 

 

 

Health Care Providers & Services — 1.1%

 

PetIQ, Inc.**

      65,086        1,774,244  

R1 RCM, Inc.**

      117,910        1,052,936  
     

 

 

 

        2,827,180  
     

 

 

 

     

Number

of

Shares

   

Value

(Note A)

Life Sciences Tools & Services — 1.0%

      

Fluidigm Corp.**

      252,356      $ 1,168,408  

NeoGenomics, Inc.**

      72,039        1,377,386  
     

 

 

 

        2,545,794  
     

 

 

 

Total HEALTH CARE

         74,156,788  
     

 

 

 

INFORMATION TECHNOLOGY — 17.9%

 

Software — 7.3%

      

Alteryx, Inc. — A**

      11,788        1,266,385  

Digital Turbine, Inc.**

             201,893        1,301,200  

Everbridge, Inc.**

      22,552        1,391,684  

Five9, Inc.**

      32,487        1,745,851  

Mimecast, Ltd.**

      16,727        596,652  

Ping Identity Holding Corp.**

      73,446        1,266,943  

PROS Holdings, Inc.**

      38,147        2,273,561  

Smartsheet, Inc. — A**

      9,663        348,158  

SVMK, Inc.**

      151,105        2,583,896  

Telaria, Inc.**

      388,018        2,681,204  

Tufin Software Technologies, Ltd.**

      71,697        1,180,133  

Upland Software, Inc.**

      32,985        1,149,857  
     

 

 

 

        17,785,524  
     

 

 

 

Information Technology Services — 5.8%

 

Endava PLC — SP ADR**

      121,335        4,592,530  

Fastly, Inc. — A**

      36,379        873,096  

I3 Verticals, Inc. — A**

      134,299        2,702,096  

Perficient, Inc.**

      92,852        3,582,230  

Repay Holdings Corp.**

      182,665        2,434,924  
     

 

 

 

        14,184,876  
     

 

 

 

Semiconductors & Semiconductor Equipment — 4.5%

 

Adesto Technologies Corp.**

      149,032        1,275,714  

FormFactor, Inc.**

      51,419        958,707  

Ichor Holdings, Ltd.**

      48,001        1,160,664  

Impinj, Inc.**

      52,679        1,624,094  

Inphi Corp.**

      82,102        5,012,327  

SMART Global Holdings, Inc.**

      36,394        927,319  
     

 

 

 

             10,958,825  
     

 

 

 

Electronic Equipment, Instruments & Components — 0.3%

 

FARO Technologies, Inc.**

      17,546        848,349  
     

 

 

 

Total INFORMATION TECHNOLOGY

         43,777,574  
     

 

 

 

CONSUMER DISCRETIONARY — 16.3%

 

Household Durables — 6.4%

      

Century Communities, Inc.**

      92,838        2,843,628  

Installed Building Products, Inc.**

      37,863        2,171,064  

LGI Homes, Inc.**

      49,614        4,133,838  

Skyline Champion Corp.**

      159,186        4,789,907  

The Lovesac Co.**

      102,350        1,910,875  
     

 

 

 

        15,849,312  
     

 

 

 

Specialty Retail — 3.3%

      

Boot Barn Holdings, Inc.**

      120,397        4,201,855  

Conn’s, Inc.**

      50,141        1,246,505  

Sonic Automotive, Inc. — A

      81,768        2,568,333  
     

 

 

 

        8,016,693  
     

 

 

 

Hotels, Restaurants & Leisure — 2.8%

      

Century Casinos, Inc.**

      163,474        1,263,654  
 

 

Driehaus Micro Cap Growth Fund

Schedule of Investments

September 30, 2019 (unaudited)

 

 

 

     

Number

of

Shares

   

Value

(Note A)

Lindblad Expeditions Holdings, Inc.**

             128,998      $ 2,162,006  

Papa John’s International, Inc.

      36,120        1,890,882  

Wingstop, Inc.

      17,214        1,502,438  
     

 

 

 

               6,818,980  
     

 

 

 

Internet & Catalog Retail — 1.2%

      

The Rubicon Project, Inc.**

      341,005        2,970,154  

Distributors — 1.0%

      

Funko, Inc. — A**

      117,901        2,425,813  

Diversified Consumer Services — 1.0%

      

OneSpaWorld Holdings, Ltd.**

      156,035        2,423,224  

Auto Components — 0.6%

      

Stoneridge, Inc.**

      45,302        1,403,003  
     

 

 

 

Total CONSUMER DISCRETIONARY

         39,907,179  
     

 

 

 

INDUSTRIALS — 13.8%

      

Aerospace & Defense — 2.5%

      

Kratos Defense & Security Solutions, Inc.**

      95,272        1,771,583  

Mercury Systems, Inc.**

      40,927        3,322,045  

Vectrus, Inc.**

      24,455        994,096  
     

 

 

 

        6,087,724  
     

 

 

 

Machinery — 2.3%

      

Columbus McKinnon Corp.

      39,148        1,426,162  

Douglas Dynamics, Inc.

      31,800        1,417,326  

Federal Signal Corp.

      45,895        1,502,602  

Kornit Digital, Ltd.**

      44,284        1,363,062  
     

 

 

 

        5,709,152  
     

 

 

 

Commercial Services & Supplies — 2.0%

 

Casella Waste Systems, Inc. — A**

      35,119        1,508,010  

Knoll, Inc.

      133,879        3,393,833  
     

 

 

 

        4,901,843  
     

 

 

 

Road & Rail — 1.6%

      

Heartland Express, Inc.

      57,132        1,228,909  

Saia, Inc.**

      28,483        2,668,857  
     

 

 

 

        3,897,766  
     

 

 

 

Trading Companies & Distributors — 1.5%

 

GMS, Inc.**

      74,094        2,127,980  

Herc Holdings, Inc.**

      33,095        1,539,248  
     

 

 

 

        3,667,228  
     

 

 

 

Professional Services — 1.3%

      

ICF International, Inc.

      15,731        1,328,798  

Willdan Group, Inc.**

      53,309        1,870,080  
     

 

 

 

        3,198,878  
     

 

 

 

Construction & Engineering — 1.0%

      

Arcosa, Inc.

      72,129        2,467,533  

Building Products — 0.6%

      

PGT Innovations, Inc.**

      86,477        1,493,458  

Electrical Equipment — 0.5%

      

Sunrun, Inc.**

      75,268        1,257,352  
     

Number

of

Shares

   

Value

(Note A)

Airlines — 0.5%

      

Controladora Vuela Cia de Aviacion SAB de CV — ADR**

             111,833      $ 1,119,448  
     

 

 

 

Total INDUSTRIALS

              33,800,382  
     

 

 

 

FINANCIALS — 8.9%

      

Insurance — 6.7%

      

eHealth, Inc.**

      45,327        3,027,390  

Goosehead Insurance, Inc. — A

      62,454        3,082,105  

James River Group Holdings, Ltd.

      41,351        2,118,825  

Kinsale Capital Group, Inc.

      41,768        4,315,052  

Palomar Holdings, Inc.**

      98,585        3,886,221  
     

 

 

 

        16,429,593  
     

 

 

 

Thrifts & Mortgage Finance — 1.2%

      

Meta Financial Group, Inc.

      90,344        2,946,118  

Commercial Banks — 1.0%

      

OFG Bancorp

      107,814        2,361,127  
     

 

 

 

Total FINANCIALS

         21,736,838  
     

 

 

 

COMMUNICATION SERVICES — 3.0%

 

Diversified Telecommunication Services — 1.2%

 

   

Bandwidth, Inc. — A**

      46,018        2,996,232  

Media — 1.1%

      

Cardlytics, Inc.**

      82,386        2,761,579  

Interactive Media & Services — 0.7%

      

EverQuote, Inc. — A**

      79,224        1,690,640  
     

 

 

 

Total COMMUNICATION SERVICES

         7,448,451  
     

 

 

 

MATERIALS — 2.5%

      

Metals & Mining — 2.0%

      

Constellium SE**

      189,190        2,404,605  

Mayville Engineering Co., Inc.**

      70,696        932,480  

SSR Mining, Inc.**

      115,652        1,679,267  
     

 

 

 

        5,016,352  
     

 

 

 

Construction Materials — 0.5%

      

US Concrete, Inc.**

      22,036        1,218,150  
     

 

 

 

Total MATERIALS

         6,234,502  
     

 

 

 

CONSUMER STAPLES — 2.5%

      

Personal Products — 1.8%

      

elf Beauty, Inc.**

      255,363        4,471,406  

Food Products — 0.7%

      

Freshpet, Inc.**

      34,415        1,712,835  
     

 

 

 

Total CONSUMER STAPLES

         6,184,241  
     

 

 

 

REAL ESTATE — 1.2%

      

Real Estate Investment Trust — 0.8%

      

NexPoint Residential Trust, Inc.

      41,931        1,960,694  

Real Estate Management & Development — 0.4%

 

   

Redfin Corp.**

      61,935        1,042,985  
     

 

 

 

Total REAL ESTATE

         3,003,679  
     

 

 

 

ENERGY — 0.8%

      

Energy Equipment & Services — 0.5%

      

DMC Global, Inc.

      7,736        340,229  
 

 

Driehaus Micro Cap Growth Fund

Schedule of Investments

September 30, 2019 (unaudited)

 

 

 

     

Number

of

Shares

   

Value

(Note A)

Dril-Quip, Inc.**

      19,833      $ 995,220  
     

 

 

 

        1,335,449  
     

 

 

 

Oil, Gas & Consumable Fuels — 0.3%

      

Whiting Petroleum Corp.**

               75,503        606,289  
     

 

 

 

Total ENERGY

         1,941,738  
     

 

 

 

Total EQUITY SECURITIES
(Cost $192,155,272)

         238,191,372  
     

 

 

 

   

TOTAL INVESTMENTS
(COST $192,155,272)

      97.1%      $ 238,191,372  

Other Assets In Excess Of Liabilities

      2.9%        7,065,192  
  

 

 

 

   

 

 

 

Net Assets

          100.0%      $    245,256,564  
   

 

** 

Non-income producing security

ADR — American Depository Receipt

SP ADR — Sponsored American Depository Receipt

See accompanying Notes to Schedule of Investments.

 

 

Driehaus Small Cap Growth Fund

Schedule of Investments

September 30, 2019 (unaudited)

 

 

 

     

Number

of

Shares

   

Value

(Note A)

EQUITY SECURITIES — 95.3%

 

         

INDUSTRIALS — 21.2%

      

Commercial Services & Supplies — 4.4%

      

Clean Harbors, Inc.**

               21,147      $ 1,632,548  

Herman Miller, Inc.

      33,156        1,528,160  

Knoll, Inc.

      29,596        750,259  

McGrath RentCorp

      17,825        1,240,442  

Tetra Tech, Inc.

      17,008        1,475,614  
     

 

 

 

               6,627,023  
     

 

 

 

Building Products — 3.9%

      

Armstrong World Industries, Inc.

      12,605        1,218,903  

Gibraltar Industries, Inc.**

      18,425        846,445  

Trex Co., Inc.**

      28,710        2,610,600  

Universal Forest Products, Inc.

      28,858        1,150,857  
     

 

 

 

        5,826,805  
     

 

 

 

Professional Services — 3.2%

      

Exponent, Inc.

      19,117        1,336,278  

FTI Consulting, Inc.**

      25,163        2,667,026  

TriNet Group, Inc.**

      12,601        783,656  
     

 

 

 

        4,786,960  
     

 

 

 

Machinery — 2.3%

      

Albany International, Corp. — A

      10,083        909,083  

RBC Bearings, Inc.**

      4,769        791,225  

SPX Corp.**

      18,568        742,906  

Welbilt, Inc.**

      56,911        959,519  
     

 

 

 

        3,402,733  
     

 

 

 

Aerospace & Defense — 2.0%

      

Kratos Defense & Security

      

Solutions, Inc.**

      62,085        1,154,471  

Mercury Systems, Inc.**

      22,771        1,848,322  
     

 

 

 

        3,002,793  
     

 

 

 

Construction & Engineering — 1.6%

      

Arcosa, Inc.

      46,887        1,604,004  

WillScot Corp.**

      45,868        714,623  
     

 

 

 

        2,318,627  
     

 

 

 

Road & Rail — 1.5%

      

Saia, Inc.**

      16,798        1,573,973  

Schneider National, Inc. — B

      33,444        726,404  
     

 

 

 

        2,300,377  
     

 

 

 

Trading Companies & Distributors — 1.4%

 

   

Herc Holdings, Inc.**

      19,946        927,688  

SiteOne Landscape Supply, Inc.**

      16,428        1,216,001  
     

 

 

 

        2,143,689  
     

 

 

 

Electrical Equipment — 0.9%

      

Generac Holdings, Inc.**

      17,162        1,344,471  
     

 

 

 

Total INDUSTRIALS

         31,753,478  
     

 

 

 

HEALTH CARE — 20.4%

      

Biotechnology — 10.4%

      

Allakos, Inc.**

      17,758        1,396,311  

Apellis Pharmaceuticals, Inc.**

      39,592        953,771  

Argenx SE — ADR**

      19,546        2,227,462  
     

Number

of

Shares

   

Value

(Note A)

Ascendis Pharma AS — ADR**

               14,284      $ 1,375,835  

Blueprint Medicines Corp.**

      13,538        994,637  

Cytokinetics, Inc.**

      85,533        973,366  

G1 Therapeutics, Inc.**

      20,786        473,505  

Global Blood Therapeutics, Inc.**

      15,923        772,584  

Mirati Therapeutics, Inc.**

      14,675        1,143,329  

Orchard Therapeutics PLC — ADR**

      73,858        877,433  

Repligen Corp.**

      15,633        1,198,895  

SpringWorks Therapeutics, Inc.**

      33,117        717,977  

The Medicines Co.**

      13,837        691,850  

Turning Point Therapeutics, Inc.**

      19,404        729,590  

Vericel Corp.**

      65,516        991,912  
     

 

 

 

             15,518,457  
     

 

 

 

Health Care Technology — 3.3%

      

HMS Holdings Corp.**

      33,513        1,155,026  

Inspire Medical Systems, Inc.**

      47,196        2,879,900  

Teladoc Health, Inc.**

      14,252        965,145  
     

 

 

 

        5,000,071  
     

 

 

 

Health Care Equipment & Supplies — 3.0%

 

Glaukos Corp.**

      19,696        1,231,197  

SI-BONE, Inc.**

      72,665        1,283,991  

Tactile Systems Technology, Inc.**

      13,831        585,328  

Tandem Diabetes Care, Inc.**

      22,763        1,342,562  
     

 

 

 

        4,443,078  
     

 

 

 

Pharmaceuticals — 2.7%

      

MyoKardia, Inc.**

      51,714        2,696,885  

Reata Pharmaceuticals, Inc. — A**

      15,754        1,264,889  
     

 

 

 

        3,961,774  
     

 

 

 

Life Sciences Tools & Services — 0.6%

      

10X Genomics, Inc. — A**

      3,538        178,315  

NeoGenomics, Inc.**

      38,222        730,805  
     

 

 

 

        909,120  
     

 

 

 

Health Care Providers & Services — 0.4%

 

Guardant Health, Inc.**

      10,332        659,492  
     

 

 

 

Total HEALTH CARE

         30,491,992  
     

 

 

 

CONSUMER DISCRETIONARY — 19.0%

 

Household Durables — 7.0%

      

LGI Homes, Inc.**

      30,548        2,545,259  

MDC Holdings, Inc.

      34,387        1,482,080  

Roku, Inc.**

      5,248        534,036  

Skyline Champion Corp.**

      77,069        2,319,006  

Tempur-Sealy International, Inc.**

      20,178        1,557,742  

TopBuild Corp.**

      21,112        2,035,830  
     

 

 

 

        10,473,953  
     

 

 

 

Specialty Retail — 4.7%

      

Boot Barn Holdings, Inc.**

      56,178        1,960,612  

Carvana Co.**

      16,486        1,088,076  

Floor & Decor Holdings, Inc. — A**

      22,897        1,171,182  
 

 

Driehaus Small Cap Growth Fund

Schedule of Investments

September 30, 2019 (unaudited)

 

 

 

     

Number

of

Shares

   

Value

(Note A)

Lithia Motors, Inc. — A

               15,213      $ 2,013,897  

Urban Outfitters, Inc.**

      26,796        752,700  
     

 

 

 

               6,986,467  
     

 

 

 

Leisure Equipment & Products — 1.8%

 

Callaway Golf Co.

      72,597        1,409,108  

YETI Holdings, Inc.**

      45,385        1,270,780  
     

 

 

 

        2,679,888  
     

 

 

 

Hotels, Restaurants & Leisure — 1.5%

 

Papa John’s International, Inc.

      27,572        1,443,394  

Wingstop, Inc.

      9,617        839,372  
     

 

 

 

        2,282,766  
     

 

 

 

Textiles, Apparel & Luxury Goods — 1.3%

 

Crocs, Inc.**

      69,252        1,922,435  

Auto Components — 1.1%

      

Visteon Corp.**

      19,998        1,650,635  

Diversified Consumer Services — 0.8%

 

WW International, Inc.**

      32,183        1,217,161  

Distributors — 0.8%

      

Pool Corp.

      5,815        1,172,885  
     

 

 

 

Total CONSUMER DISCRETIONARY

         28,386,190  
     

 

 

 

INFORMATION TECHNOLOGY — 18.0%

 

Information Technology Services — 5.6%

 

Endava PLC — SP ADR**

      59,469        2,250,902  

EPAM Systems, Inc.**

      5,169        942,412  

EVERTEC, Inc.

      49,420        1,542,892  

Evo Payments, Inc. — A**

      24,641        692,905  

KBR, Inc.

      65,339        1,603,419  

Perficient, Inc.**

      36,336        1,401,843  
     

 

 

 

        8,434,373  
     

 

 

 

Software — 5.5%

      

Alteryx, Inc. — A**

      8,568        920,460  

Coupa Software, Inc.**

      6,958        901,548  

Elastic NV**

      10,611        873,710  

Five9, Inc.**

      17,111        919,545  

Globant SA**

      10,719        981,646  

Paylocity Holding Corp.**

      8,958        874,122  

Ping Identity Holding Corp.**

      44,941        775,232  

Q2 Holdings, Inc.**

      13,742        1,083,832  

RingCentral, Inc. — A**

      6,918        869,316  
     

 

 

 

        8,199,411  
     

 

 

 

Semiconductors & Semiconductor Equipment — 5.2%

 

Advanced Energy Industries, Inc.**

      21,008        1,206,069  

Enphase Energy, Inc.**

      20,735        460,939  

Inphi Corp.**

      46,644        2,847,616  

Power Integrations, Inc.

      17,990        1,626,836  

SolarEdge Technologies, Inc.**

      18,642        1,560,708  
     

 

 

 

        7,702,168  
     

 

 

 

Electronic Equipment, Instruments & Components — 1.7%

 

Itron, Inc.**

      23,810        1,760,988  
     

Number

of

Shares

   

Value

(Note A)

Knowles Corp.**

      36,879      $ 750,119  
     

 

 

 

        2,511,107  
     

 

 

 

Total INFORMATION TECHNOLOGY

         26,847,059  
     

 

 

 

FINANCIALS — 5.1%

      

Insurance — 2.6%

      

eHealth, Inc.**

      21,469        1,433,914  

Kinsale Capital Group, Inc.

      24,128        2,492,664  
     

 

 

 

        3,926,578  
     

 

 

 

Commercial Banks — 1.4%

      

First BanCorp

             104,445        1,042,361  

Triumph Bancorp, Inc.**

      33,412        1,065,509  
     

 

 

 

        2,107,870  
     

 

 

 

Capital Markets — 1.1%

      

Hamilton Lane, Inc. — A

      28,653        1,632,075  
     

 

 

 

Total FINANCIALS

         7,666,523  
     

 

 

 

REAL ESTATE — 4.7%

      

Real Estate Investment Trust — 4.7%

      

Americold Realty Trust

      54,075        2,004,560  

National Storage Affiliates Trust

      43,786        1,461,139  

Rexford Industrial Realty, Inc.

      41,163        1,811,995  

Ryman Hospitality Properties, Inc.

      20,292        1,660,088  
     

 

 

 

Total REAL ESTATE

                6,937,782  
     

 

 

 

CONSUMER STAPLES — 3.8%

      

Food Products — 2.0%

      

Freshpet, Inc.**

      31,485        1,567,008  

The Simply Good Foods Co.**

      50,338        1,459,299  
     

 

 

 

        3,026,307  
     

 

 

 

Personal Products — 1.2%

      

elf Beauty, Inc.**

      104,266        1,825,698  

Food & Staples Retailing — 0.6%

      

Grocery Outlet Holding, Corp.**

      26,453        917,390  
     

 

 

 

Total CONSUMER STAPLES

         5,769,395  
     

 

 

 

MATERIALS — 1.6%

      

Metals & Mining — 1.6%

      

Constellium SE**

      82,413        1,047,469  

Gold Fields, Ltd. — ADR

      271,750        1,337,010  
     

 

 

 

Total MATERIALS

         2,384,479  
     

 

 

 

ENERGY — 0.8%

      

Oil, Gas & Consumable Fuels — 0.8%

      

Parsley Energy, Inc. — A

      33,721        566,513  

WPX Energy, Inc.**

      56,817        601,692  
     

 

 

 

Total ENERGY

         1,168,205  
     

 

 

 

COMMUNICATION SERVICES — 0.7%

 

   

Diversified Telecommunication Services — 0.7%

 

   

Bandwidth, Inc. — A**

      16,943        1,103,159  
     

 

 

 

Total COMMUNICATION SERVICES

         1,103,159  
     

 

 

 

Total EQUITY SECURITIES
(Cost $124,511,125)

         142,508,262  
     

 

 

 

   
 

 

Driehaus Small Cap Growth Fund

Schedule of Investments

September 30, 2019 (unaudited)

 

 

 

     

Number

of

Shares

   

Value

(Note A)

TOTAL INVESTMENTS
(COST $124,511,125)

                   95.3%      $ 142,508,262  

Other Assets In Excess Of Liabilities

      4.7%        6,975,503  
  

 

 

 

   

 

 

 

Net Assets

      100.0%      $    149,483,765  
   

 

** 

Non-income producing security

ADR — American Depository Receipt

SP ADR — Sponsored American Depository Receipt

See accompanying Notes to Schedule of Investments.

 

 

Driehaus Mutual Funds

Notes to Schedules of Investments (unaudited)

    

 

 

 

A. Portfolio Valuation:

Equity securities and exchange-traded options are valued at the last sale price as of the close of the primary exchange or other designated time. Equity certificates are valued at the last sale price of the underlying security as of the close of the primary exchange. 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, 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.

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 in active markets for identical securities

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 Funds’ own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The summary of the Funds’ investments that are measured at fair value by level within the fair value hierarchy as of September 30, 2019 is as follows:

 

                                                                                                           
     Total       Level 2   Level 3
     Value at   Level 1   Significant   Significant
         September 30,       Quoted       Observable         Unobservable  

Fund

    2019               Price                Inputs   Inputs

Driehaus Emerging Markets Growth Fund

 

      

Equity Securities:

         

Africa

        $ 69,034,881         $ 69,034,881           $ —               $ —  

Central America

      12,084,630       12,084,630       —       —  

Europe

      212,916,517       210,203,291       2,713,226       —  

Far East

      1,003,331,980       1,003,331,980       —       —  

Middle East

      21,591,617       21,591,617       —       —  

North America

      55,971,618       55,971,618       —       —  

South America

      174,086,998       174,086,998       —       —  
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Total Assets

        $   1,549,018,241          $   1,546,305,015            $       2,713,226                $                 —   
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Driehaus Emerging Markets Small Cap Growth Fund

 

      

Equity Securities:

         

Africa

        $ 1,167,997         $ 1,167,997           $ —               $ —  

Central America

      581,934       581,934       —       —  

Europe

      5,082,532       4,545,961       536,571       —  

Far East

      34,437,082       32,499,369       1,937,713       —  

Middle East

      2,921,783       2,921,783       —       —  

North America

      1,776,374       1,776,374       —       —  

South America

      6,639,121       6,639,121       —       —  
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Total Assets

        $ 52,606,823         $ 50,132,539           $ 2,474,284               $ —  
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Driehaus International Small Cap Growth Fund

 

      

Investments in Securities*

        $ 233,515,226         $ 233,515,226           $ —               $ —  
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 

Driehaus Mutual Funds

Notes to Schedules of Investments (unaudited)

    

 

 

 

                                                                                                           

Driehaus Micro Cap Growth Fund

 

         

Investments in Securities*

        $ 238,191,372            $ 238,191,372            $                 —                $                 —  
  

 

 

 

   

 

 

 

   

 

 

 

   

 

 

 

Driehaus Small Cap Growth Fund

 

         

Investments in Securities*

        $ 142,508,262            $ 142,508,262            $ —                $ —  
  

 

 

 

   

 

 

 

   

 

 

 

   

 

 

 

 

*

See Schedule of Investments for industry and/or country breakout.

The Funds used observable inputs in their valuation methodologies whenever they were available and deemed reliable.

When fair value pricing is employed, the prices of securities used by a Fund to calculate its net asset value may differ from closing prices for the same securities, which means that a Fund may value those securities higher or lower than another fund that does not employ fair value. In addition, the fair value price may differ materially from the value a Fund may ultimately realize.

For additional information regarding the Funds’ policy for valuation of investments or other significant accounting policies, please refer to the Funds’ most recent Semi-Annual or Annual Report.

B. 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. On September 30, 2019, the Funds had foreign currency spot contracts outstanding under which they are obligated to exchange currencies at specified future dates.

C. 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. As of September 30, 2019, the Funds had no outstanding equity certificates.

D. Federal Income Taxes

At September 30, 2019, the federal income tax basis and unrealized appreciation (depreciation) for all investments were as follows:

 

            Gross      Gross    

Net

Appreciation/

  Fund    Basis        Appreciation          Depreciation           (Depreciation)    

  Driehaus Emerging Markets Growth Fund

      $1,278,831,191        $  315,539,324        $  (45,352,274 )      $  270,187,050    

  Driehaus Emerging Markets Small Cap Growth Fund

      48,101,745        6,068,348        (1,563,270 )      4,505,078    

  Driehaus International Small Cap Growth Fund

      207,174,901        35,468,468        (9,128,143 )      26,340,325    

  Driehaus Micro Cap Growth Fund

      195,827,747        51,443,262        (9,079,637 )      42,363,625    

  Driehaus Small Cap Growth Fund

      126,089,231        20,703,676        (4,284,645 )      16,419,031