0001752724-19-180329.txt : 20191127 0001752724-19-180329.hdr.sgml : 20191127 20191126201106 ACCESSION NUMBER: 0001752724-19-180329 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191127 PERIOD START: 20191231 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: 191252795 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 2019-12-31 2019-09-30 N 247272410.69 1661803.42 245610607.27 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 13977317.67000000 N Koh Young Technology Inc N/A Koh Young Technology Inc 000000000 7063.00000000 NS 524934.75000000 0.213726416719 Long EC CORP KR N 1 N N N Douzone Bizon Co Ltd N/A Douzone Bizon Co Ltd 000000000 28518.00000000 NS 1559233.54000000 0.634839658323 Long EC CORP KR N 1 N N N Weir Group PLC/The 549300KDR56WHY9I3D10 Weir Group PLC/The 000000000 162079.00000000 NS 2840781.68000000 1.156620111637 Long EC CORP GB N 1 N N N Parkland Fuel Corp 549300Q72GWZCL8MQC95 Parkland Fuel Corp 70137T105 141264.00000000 NS 4530556.18000000 1.844609331151 Long EC CORP CA N 1 N N N Cellnex Telecom SA 5493008T4YG3AQUI7P67 Cellnex Telecom SA 000000000 127979.00000000 NS 5286716.84000000 2.152479039387 Long EC CORP ES N 1 N N N Lasertec Corp N/A Lasertec Corp 000000000 21453.00000000 NS 1341246.52000000 0.546086561532 Long EC CORP JP N 1 N N N Royal Unibrew A/S 529900D69KFL8IAP8Q63 Royal Unibrew A/S 000000000 30233.00000000 NS 2492806.28000000 1.014942435796 Long EC CORP DK N 1 N N N Shimadzu Corp N/A Shimadzu Corp 000000000 104023.00000000 NS 2624506.30000000 1.068563906572 Long EC CORP JP N 1 N N N Globaltrans Investment PLC 213800D6EVVEJJW3MD09 Globaltrans Investment PLC 37949E204 126368.00000000 NS USD 1086764.80000000 0.442474700942 Long EC CORP RU N 1 N N N NEXTDC Ltd 529900RTERU3X7G3D672 NEXTDC Ltd 000000000 458757.00000000 NS 1907371.89000000 0.776583679019 Long EC CORP AU N 1 N N N Clinigen Group Plc 213800OBIKGI2JYYS227 Clinigen Group Plc 000000000 213199.00000000 NS 2264867.47000000 0.922137482242 Long EC CORP GB N 1 N N N Migros Ticaret AS 5493002IOWNT1QZMAA74 Migros Ticaret AS 000000000 270163.00000000 NS 993197.07000000 0.404378736341 Long EC CORP TR N 1 N N N M&A Capital Partners Co Ltd N/A M&A Capital Partners Co Ltd 000000000 37482.00000000 NS 2246320.09000000 0.914585943566 Long EC CORP JP N 1 N N N Elekta AB 54930044O54BK617EP80 Elekta AB 000000000 181784.00000000 NS 2395089.91000000 0.975157358479 Long EC CORP SE N 1 N N N Copa Holdings SA 529900BB9UQJV6QQHA59 Copa Holdings SA 000000000 24171.00000000 NS USD 2386886.25000000 0.971817250293 Long EC CORP PA N 1 N N N Befesa SA 222100VXGA8L6J4ZWG61 Befesa SA 000000000 41287.00000000 NS 1476030.39000000 0.600963617331 Long EC CORP LU N 1 N N N Argenx SE 7245009C5FZE6G9ODQ71 Argenx SE 000000000 21145.00000000 NS 2399200.52000000 0.976830987337 Long EC CORP NL N 1 N N N SCSK Corp 529900SNGFXMSUBB7864 SCSK Corp 000000000 48585.00000000 NS 2278159.08000000 0.927549141839 Long EC CORP JP N 1 N N N Sul America SA N/A Sul America SA 000000000 274035.00000000 NS 3147977.85000000 1.281694583548 Long EC CORP BR N 1 N N N Morneau Shepell Inc N/A Morneau Shepell Inc 61767W104 132588.00000000 NS 3298562.46000000 1.343004887559 Long EC CORP CA N 1 N N N PALTAC CORPORATION N/A PALTAC CORPORATION 000000000 20346.00000000 NS 993543.40000000 0.404519744095 Long EC CORP JP N 1 N N N Piaggio & C SpA 8156000256C2431C2E92 Piaggio & C SpA 000000000 900258.00000000 NS 2663084.58000000 1.084270996925 Long EC CORP IT N 1 N N N Serco Group PLC 549300PT2CIHYN5GWJ21 Serco Group PLC 000000000 1640536.00000000 NS 3009528.61000000 1.225325177707 Long EC CORP GB N 1 N N N Croda International PLC 2138004WCNBFJEEOXV26 Croda International PLC 000000000 21715.00000000 NS 1297597.47000000 0.528314914580 Long EC CORP GB N 1 N N N TAG Immobilien AG 529900TAE68USJNXLR59 TAG Immobilien AG 000000000 107288.00000000 NS 2448702.10000000 0.996985483329 Long EC CORP DE N 1 N N N Stock Spirits Group PLC 213800O218GITCJG5984 Stock Spirits Group PLC 000000000 461810.00000000 NS 1323010.05000000 0.538661609409 Long EC CORP GB N 1 N N N Tokmanni Group Corp 743700VMG6KWF0FW1560 Tokmanni Group Corp 000000000 111410.00000000 NS 1238603.99000000 0.504295805367 Long EC CORP FI N 1 N N N ASM International NV 7245001I22ND6ZFHX623 ASM International NV 000000000 31308.00000000 NS 2882818.88000000 1.173735496216 Long EC CORP NL N 1 N N N Constellium SE 724500KRJEMC79KAAU28 Constellium SE 000000000 284637.00000000 NS USD 3617736.27000000 1.472956038101 Long EC CORP FR N 1 N N N Rumo SA N/A Rumo SA 000000000 355272.00000000 NS 2100020.53000000 0.855020291404 Long EC CORP BR N 1 N N N TechnoPro Holdings Inc 3538001DJ8I5PJQNHU53 TechnoPro Holdings Inc 000000000 32850.00000000 NS 1944416.18000000 0.791666207584 Long EC CORP JP N 1 N N N Grupo Cementos de Chihuahua SA 254900WY9XL8033CKX68 Grupo Cementos de Chihuahua SAB de CV 000000000 206486.00000000 NS 1108080.85000000 0.451153499564 Long EC CORP MX N 1 N N N Square Enix Holdings Co Ltd 529900KCRNRDF8DIA489 Square Enix Holdings Co Ltd 000000000 75102.00000000 NS 3646571.10000000 1.484696097018 Long EC CORP JP N 1 N N N Leonardo SpA 529900X4EEX1U9LN3U39 Leonardo SpA 000000000 367380.00000000 NS 4320610.16000000 1.759130115765 Long EC CORP IT N 1 N N N Barco NV 549300N17QCD827TII61 Barco NV 000000000 12726.00000000 NS 2513380.49000000 1.023319195346 Long EC CORP BE N 1 N N N BK Brasil Operacao e Assessori N/A BK Brasil Operacao e Assessoria a Restaurantes SA 000000000 242135.00000000 NS 1197577.41000000 0.487591893245 Long EC CORP BR N 1 N N N AVEVA Group PLC 213800XHATUM2LFMKG16 AVEVA Group PLC 000000000 55304.00000000 NS 2515950.87000000 1.024365721808 Long EC CORP GB N 1 N N N Subsea 7 SA 222100AIF0CBCY80AH62 Subsea 7 SA 000000000 171442.00000000 NS 1771019.90000000 0.721068165453 Long EC CORP GB N 1 N N N Amplifon SpA ZYXJDNVM2JI3VBM8G556 Amplifon SpA 000000000 101278.00000000 NS 2483737.89000000 1.011250254053 Long EC CORP IT N 1 N N N Harmonic Drive Systems Inc 353800XFIX2EUARGOE85 Harmonic Drive Systems Inc 000000000 40410.00000000 NS 1756550.29000000 0.715176884876 Long EC CORP JP N 1 N N N CIMC Enric Holdings Ltd N/A CIMC Enric Holdings Ltd 000000000 2211632.00000000 NS 1272625.94000000 0.518147792615 Long EC CORP HK N 1 N N N Autogrill SpA 5299003D9N2698I3C257 Autogrill SpA 000000000 193019.00000000 NS 1869242.39000000 0.761059308788 Long EC CORP IT N 1 N N N Tokyo Tatemono Co Ltd 529900RQA4JTW1869J86 Tokyo Tatemono Co Ltd 000000000 255641.00000000 NS 3589022.32000000 1.461265195299 Long EC CORP JP N 1 N N N Ashmore Group PLC 549300U3L59WB4YI2X12 Ashmore Group PLC 000000000 328969.00000000 NS 2046677.33000000 0.833301685439 Long EC CORP GB N 1 N N N Boardwalk Real Estate Investme N/A Boardwalk Real Estate Investment Trust 096631106 72389.00000000 NS 2426535.45000000 0.987960364159 Long EC CORP CA N 1 N N N Scout24 AG 5493007EIKM2ENQS7U66 Scout24 AG 000000000 74906.00000000 NS 4269985.72000000 1.738518448963 Long EC CORP DE N 1 N N N Masmovil Ibercom SA 959800YH56PYMFN7VV80 Masmovil Ibercom SA 000000000 124653.00000000 NS 2532542.67000000 1.031121048943 Long EC CORP ES N 1 N N N Virbac SA 969500QQ1X5XHG649644 Virbac SA 000000000 9052.00000000 NS 2071915.16000000 0.843577231060 Long EC CORP FR N 1 N N N Endava PLC 213800JJ6CRPCWCQVZ25 Endava PLC 29260V105 46815.00000000 NS USD 1771947.75000000 0.721445938225 Long EC CORP GB N 1 N N N CAE Inc 549300FFM2BEH2GF1E44 CAE Inc 124765108 117343.00000000 NS 2981292.51000000 1.213828890835 Long EC CORP CA N 1 N N N Hiwin Technologies Corp N/A Hiwin Technologies Corp 000000000 148132.00000000 NS 1291550.42000000 0.525852867005 Long EC CORP TW N 1 N N N JCDecaux SA 9695009KV7AFPDEI5S30 JCDecaux SA 000000000 45373.00000000 NS 1228449.24000000 0.500161313737 Long EC CORP FR N 1 N N N DiaSorin SpA 8156002878BDF0EE4348 DiaSorin SpA 000000000 18907.00000000 NS 2198847.81000000 0.895257674104 Long EC CORP IT N 1 N N N Davide Campari-Milano SpA 213800ED5AN2J56N6Z02 Davide Campari-Milano SpA 000000000 116437.00000000 NS 1052091.87000000 0.428357668137 Long EC CORP IT N 1 N N N Entertainment One Ltd 549300PPR3DPKV153240 Entertainment One Ltd 29382B102 252162.00000000 NS 1754849.84000000 0.714484549142 Long EC CORP CA N 1 N N N Network International Holdings 213800XVRNKWENNLKK60 Network International Holdings PLC 000000000 313879.00000000 NS 2064714.13000000 0.840645342214 Long EC CORP AE N 1 N N N Empire Co Ltd 549300TX0ZUSTEF7C719 Empire Co Ltd 291843407 70112.00000000 NS 1898265.80000000 0.772876147776 Long EC CORP CA N 1 N N N X5 Retail Group NV 213800J17UJJJDGUVF56 X5 Retail Group NV 98387E205 67799.00000000 NS USD 2371609.02000000 0.965597148413 Long EC CORP RU N 1 N N N Tecan Group AG 529900CSN9R3BLETSL26 Tecan Group AG 000000000 13127.00000000 NS 3135591.20000000 1.276651377093 Long EC CORP CH N 1 N N N Galenica AG 506700W4772BD8016Z20 Galenica AG 000000000 49699.00000000 NS 2853316.67000000 1.161723714506 Long EC CORP CH N 1 N N N Balfour Beatty PLC CT4UIJ3TUKGYYHMENQ17 Balfour Beatty PLC 000000000 828562.00000000 NS 2261631.65000000 0.920820022855 Long EC CORP GB N 1 N N N Huhtamaki Oyj 5493007050SJVMXN6L29 Huhtamaki Oyj 000000000 80882.00000000 NS 3224806.87000000 1.312975406821 Long EC CORP FI N 1 N N N Kinaxis Inc 5299009VAZ14K7PFUQ15 Kinaxis Inc 49448Q109 61211.00000000 NS 3983554.68000000 1.621898469401 Long EC CORP CA N 1 N N N Vesuvius PLC 213800ORZ521W585SY02 Vesuvius PLC 000000000 280772.00000000 NS 1572138.16000000 0.640093755507 Long EC CORP GB N 1 N N N Greggs PLC 213800I71QMUFJ64IW20 Greggs PLC 000000000 93117.00000000 NS 2392870.25000000 0.974253627152 Long EC CORP GB N 1 N N N Win Semiconductors Corp 529900G3R9LZ0M2UBM97 Win Semiconductors Corp 000000000 150000.00000000 NS 1346516.46000000 0.548232209906 Long EC CORP TW N 1 N N N Clicks Group Ltd N/A Clicks Group Ltd 000000000 149014.00000000 NS 2115319.90000000 0.861249407552 Long EC CORP ZA N 1 N N N THK Co Ltd N/A THK Co Ltd 000000000 59777.00000000 NS 1566226.51000000 0.637686835845 Long EC CORP JP N 1 N N N Teleperformance 9695004GI61FHFFNRG61 Teleperformance 000000000 13240.00000000 NS 2870323.83000000 1.168648154859 Long EC CORP FR N 1 N N N Li Ning Co Ltd 529900T77L2FV3FZ3U81 Li Ning Co Ltd 000000000 1172290.00000000 NS 3365339.96000000 1.370193249145 Long EC CORP CN N 1 N N N Yokogawa Electric Corp 529900MV0U7C9WWF4L22 Yokogawa Electric Corp 000000000 157367.00000000 NS 2877360.08000000 1.171512953769 Long EC CORP JP N 1 N N N Tele2 AB 213800EKD193RVI9HL76 Tele2 AB 000000000 129951.00000000 NS 1933941.98000000 0.787401652353 Long EC CORP SE N 1 N N N CKD Corp N/A CKD Corp 000000000 134744.00000000 NS 1600104.47000000 0.651480197775 Long EC CORP JP N 1 N N N Puma SE 529900GRZ2BQY5ZM9N49 Puma SE 000000000 48409.00000000 NS 3746214.05000000 1.525265578567 Long EC CORP DE N 1 N N N Rheinmetall AG 5299001OU9CSE29O6S05 Rheinmetall AG 000000000 24620.00000000 NS 3114162.86000000 1.267926859761 Long EC CORP DE N 1 N N N United Arrows Ltd N/A United Arrows Ltd 000000000 65448.00000000 NS 1912746.17000000 0.778771809271 Long EC CORP JP N 1 N N N CCL Industries Inc 549300TD3EMSRRC0YH75 CCL Industries Inc 124900309 30227.00000000 NS 1219255.67000000 0.496418165140 Long EC CORP CA N 1 N N N Rentokil Initial PLC 549300VN4WV7Z6T14K68 Rentokil Initial PLC 000000000 280716.00000000 NS 1614623.51000000 0.657391603704 Long EC CORP GB N 1 N N N MINEBEA MITSUMI Inc 353800CCB0CZ75YZ4010 MINEBEA MITSUMI Inc 000000000 115054.00000000 NS 1820646.42000000 0.741273530584 Long EC CORP JP N 1 N N N SG Holdings Co Ltd N/A SG Holdings Co Ltd 000000000 56623.00000000 NS 1385136.05000000 0.563956119565 Long EC CORP JP N 1 N N N Dino Polska SA 259400H4L81SMPRTW956 Dino Polska SA 000000000 53142.00000000 NS 2080570.06000000 0.847101060954 Long EC CORP PL N 1 N N N GN Store Nord A/S 5493008U3H3W0NKPFL10 GN Store Nord A/S 000000000 28986.00000000 NS 1176797.87000000 0.479131533886 Long EC CORP DK N 1 N N N Intermediate Capital Group PLC 549300OGASR5WRKJ8R68 Intermediate Capital Group PLC 000000000 114763.00000000 NS 2053093.72000000 0.835914109256 Long EC CORP GB N 1 N N N Ascendis Pharma A/S 549300B66JN3W3J8GH73 Ascendis Pharma A/S 04351P101 10123.00000000 NS USD 975047.36000000 0.396989108425 Long EC CORP DK N 1 N N N Giant Manufacturing Co Ltd 549300M7TYVF50B2GY12 Giant Manufacturing Co Ltd 000000000 435004.00000000 NS 2958495.51000000 1.204547125583 Long EC CORP TW N 1 N N N Edenred 9695006LOD5B2D7Y0N70 Edenred 000000000 53482.00000000 NS 2566637.01000000 1.045002509675 Long EC CORP FR N 1 N N N NET One Systems Co Ltd N/A NET One Systems Co Ltd 000000000 126352.00000000 NS 3404054.34000000 1.385955752415 Long EC CORP JP N 1 N N N CHUNLI MEDICAL N/A Beijing Chunlizhengda Medical Instruments Co Ltd 000000000 276387.00000000 NS 1368235.02000000 0.557074889886 Long EC CORP CN N 1 N N N Netcompany Group A/S 5299006DEGAWX1Z1X779 Netcompany Group A/S 000000000 68043.00000000 NS 2713793.18000000 1.104916929347 Long EC CORP DK N 1 N N N Nichias Corp N/A Nichias Corp 000000000 65530.00000000 NS 1158782.52000000 0.471796610447 Long EC CORP JP N 1 N N N Kobe Bussan Co Ltd N/A Kobe Bussan Co Ltd 000000000 39746.00000000 NS 1926187.65000000 0.784244488220 Long EC CORP JP N 1 N N N Nihon Unisys Ltd N/A Nihon Unisys Ltd 000000000 64218.00000000 NS 2066854.47000000 0.841516778519 Long EC CORP JP N 1 N N N Megaport Ltd N/A Megaport Ltd 000000000 348868.00000000 NS 2140410.05000000 0.871464825477 Long EC CORP AU N 1 N N N B&M European Value Retail SA 213800UK7ZRLY2K1X530 B&M European Value Retail SA 000000000 374706.00000000 NS 1747961.50000000 0.711679971573 Long EC CORP GB N 1 N N N Eclat Textile Co Ltd N/A Eclat Textile Co Ltd 000000000 87445.00000000 NS 1172528.81000000 0.477393392342 Long EC CORP TW N 1 N N N Spirax-Sarco Engineering PLC 213800WFVZQMHOZP2W17 Spirax-Sarco Engineering PLC 000000000 23961.00000000 NS 2311222.60000000 0.941010905713 Long EC CORP GB N 1 N N N Hitachi High-Technologies Corp 353800W8CVM6G32NTH93 Hitachi High-Technologies Corp 000000000 48909.00000000 NS 2822586.45000000 1.149211950319 Long EC CORP JP N 1 N N N Nice Ltd 254900YTY4EF5Z4W0A51 Nice Ltd 653656108 16141.00000000 NS USD 2321075.80000000 0.945022621701 Long EC CORP IL N 1 N N N Ubisoft Entertainment SA 969500I7C8V1LBIMSM05 Ubisoft Entertainment SA 000000000 37916.00000000 NS 2741612.74000000 1.116243622567 Long EC CORP FR N 1 N N N Arcos Dorados Holdings Inc 54930023P2MIZN13DQ85 Arcos Dorados Holdings Inc 000000000 163253.00000000 NS USD 1097060.16000000 0.446666441728 Long EC CORP UY N 1 N N N Sugi Holdings Co Ltd 529900N86BFWB1FADG87 Sugi Holdings Co Ltd 000000000 47031.00000000 NS 2544567.40000000 1.036016900199 Long EC CORP JP N 1 N N N Aritzia Inc 549300U83HKFRL1EX527 Aritzia Inc 04045U102 119227.00000000 NS 1510979.61000000 0.615193141206 Long EC CORP CA N 1 N N N OCI NV 549300NCMRGIBJYUOE57 OCI NV 000000000 104578.00000000 NS 2468919.40000000 1.005216927494 Long EC CORP NL N 1 N N N BE Semiconductor Industries NV 7245007A1YFLI2GNYX06 BE Semiconductor Industries NV 000000000 46360.00000000 NS 1451734.44000000 0.591071556776 Long EC CORP NL N 1 N N N 2019-11-13 Driehaus Mutual Funds Robert Kurinsky Robert Kurinsky Treasurer XXXX NPORT-EX 2 2335.htm HTML

 

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