HTML
Driehaus Emerging Markets Growth Fund
Schedule of Investments
September 30, 2019 (unaudited)
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|
Number
of Shares |
|
Value
(Note A) |
| EQUITY SECURITIES — 94.3% |
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| FAR EAST — 61.1% |
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| China — 28.1% |
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| AIA Group, Ltd. |
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2,724,295 |
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|
$ |
25,738,934 |
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| Aier Eye Hospital Group Co., Ltd. — A |
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2,577,255 |
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12,806,124 |
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| Alibaba Group Holding, Ltd. — SP
ADR** |
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373,632 |
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62,482,479 |
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| China International Capital Corp.,
Ltd. —
H1 |
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4,093,214 |
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7,938,152 |
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| China Mengniu Dairy Co., Ltd. |
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3,399,565 |
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12,730,423 |
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| China Resources Cement Holdings, Ltd. |
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8,454,865 |
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8,478,921 |
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| Country Garden Services Holdings Co., Ltd. |
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3,759,827 |
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10,841,457 |
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| CSPC Pharmaceutical Group, Ltd. |
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5,328,438 |
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10,700,794 |
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| Foshan Haitian Flavouring & Food Co., Ltd. — A |
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730,954 |
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11,254,504 |
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| HUYA, Inc. — ADR** |
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183,921 |
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4,347,892 |
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| Industrial & Commercial Bank of China, Ltd. — H |
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24,150,323 |
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16,176,837 |
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| Li Ning Co., Ltd. |
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3,761,007 |
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10,796,874 |
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| LONGi Green Energy Technology Co.,
Ltd. — A |
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2,740,081 |
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10,068,408 |
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| Meituan Dianping — B** |
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1,731,081 |
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17,691,362 |
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| New Oriental Education & Technology Group, Inc. — SP ADR** |
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110,527 |
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12,241,971 |
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| Ping An Insurance Group Co. of China, Ltd. — H |
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3,154,879 |
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36,247,477 |
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| Sany Heavy Industry Co., Ltd. — A |
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6,226,779 |
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12,456,349 |
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| Shenzhen Mindray Bio-Medical Electronics Co., Ltd. — A |
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409,676 |
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10,586,243 |
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| Shenzhou International Group Holdings, Ltd. |
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1,783,777 |
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23,305,149 |
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| Techtronic Industries Co., Ltd. |
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2,526,933 |
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17,587,327 |
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| Tencent Holdings, Ltd. |
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1,341,823 |
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56,530,609 |
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| Wuliangye Yibin Co., Ltd. — A |
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2,078,573 |
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37,795,413 |
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| Wuxi Biologics Cayman, Inc.1** |
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1,430,788 |
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14,604,162 |
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| Yum China Holdings, Inc. |
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128,153 |
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5,821,991 |
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| ZTO Express Cayman, Inc. — ADR |
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549,093 |
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11,712,154 |
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460,942,006 |
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| India — 10.3% |
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| Apollo Hospitals Enterprise, Ltd. |
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437,944 |
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8,623,694 |
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| Asian Paints, Ltd. |
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385,246 |
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9,579,127 |
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| HDFC Bank, Ltd. — ADR |
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505,416 |
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28,833,983 |
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| Housing Development Finance Corp., Ltd. |
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514,348 |
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14,348,934 |
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| ICICI Bank, Ltd. — SP ADR |
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2,919,466 |
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35,559,096 |
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| ICICI Lombard General Insurance Co.,
Ltd.1 |
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641,975 |
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10,959,597 |
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|
Number
of Shares |
|
Value
(Note A) |
| Infosys, Ltd. — SP ADR |
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705,778 |
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$ |
8,024,696 |
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| Kotak Mahindra Bank, Ltd. |
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948,557 |
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22,010,455 |
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| Nestle India, Ltd. |
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49,122 |
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9,627,472 |
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| Reliance Industries, Ltd. |
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714,115 |
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13,424,521 |
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| Tata Consultancy Services, Ltd. |
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275,237 |
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8,153,165 |
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169,144,740 |
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| Taiwan — 7.5% |
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| Airtac International Group |
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583,038 |
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6,943,949 |
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| Delta Electronics, Inc. |
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2,892,176 |
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12,351,958 |
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| Giant Manufacturing Co., Ltd. |
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1,771,918 |
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12,050,950 |
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| Taiwan Semiconductor Manufacturing Co., Ltd. — SP ADR |
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1,549,605 |
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72,025,640 |
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| Win Semiconductors Corp. |
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2,287,115 |
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20,530,920 |
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123,903,417 |
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| South Korea — 6.4% |
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| LG Household & Health Care, Ltd. |
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12,854 |
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14,045,210 |
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| Macquarie Korea Infrastructure Fund |
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1,268,647 |
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12,462,151 |
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| Mando Corp. |
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209,552 |
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6,341,832 |
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| POSCO |
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31,582 |
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5,993,491 |
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| Samsung Electronics Co., Ltd. |
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1,633,479 |
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66,983,359 |
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105,826,043 |
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| Indonesia — 2.8% |
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| PT Bank Central Asia Tbk |
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14,495,428 |
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30,992,338 |
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| PT Telekomunikasi Indonesia Persero Tbk |
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48,053,480 |
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14,590,384 |
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45,582,722 |
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| Thailand — 2.6% |
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| CP ALL PCL — NVDR |
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7,225,108 |
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19,193,723 |
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| Thai Beverage PCL |
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15,451,671 |
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9,893,810 |
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| WHA Corp PCL — NVDR |
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85,810,737 |
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13,354,883 |
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42,442,416 |
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| Philippines — 1.1% |
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| BDO Unibank, Inc. |
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6,730,957 |
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18,570,844 |
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| Japan — 0.8% |
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| Keyence Corp. |
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20,272 |
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12,542,861 |
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| Malaysia — 0.8% |
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| Dialog Group BHD |
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15,434,040 |
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12,533,016 |
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| Singapore — 0.7% |
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| Sea, Ltd. — ADR** |
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382,679 |
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11,843,915 |
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| Total FAR EAST |
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1,003,331,980 |
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| EUROPE — 13.0% |
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| Russia — 5.1% |
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| Aeroflot PJSC |
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1,706,153 |
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2,713,226 |
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| Gazprom PJSC — SP ADR |
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1,542,090 |
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10,646,589 |
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| Lukoil PJSC — SP ADR |
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320,557 |
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26,522,886 |
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| Novatek PJSC — SP GDR |
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96,659 |
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19,602,445 |
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| Sberbank of Russia PJSC — SP ADR |
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1,180,766 |
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16,737,358 |
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| Yandex NV — A** |
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220,381 |
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7,715,539 |
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83,938,043 |
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| Hungary — 1.5% |
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| OTP Bank PLC |
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592,960 |
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24,687,188 |
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Driehaus Emerging Markets Growth Fund
Schedule of Investments
September 30, 2019 (unaudited)
|
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|
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|
|
| |
|
Number
of Shares |
|
Value
(Note A) |
| Poland — 1.2% |
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| CD Projekt SA |
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181,148 |
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$ |
10,995,093 |
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| Powszechna Kasa Oszczednosci Bank Polski SA |
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840,024 |
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8,236,638 |
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19,231,731 |
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| United Kingdom — 0.9% |
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| Diageo PLC |
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365,314 |
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14,970,818 |
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| Netherlands — 0.9% |
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| ASML Holding NV |
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35,211 |
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8,721,484 |
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| VEON, Ltd. |
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2,428,893 |
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5,829,343 |
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|
14,550,827 |
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| Turkey — 0.8% |
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| Akbank T.A.S** |
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6,219,838 |
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|
8,943,702 |
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| Pegasus Hava Tasimaciligi AS** |
|
|
335,929 |
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|
3,610,924 |
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|
|
12,554,626 |
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| Switzerland — 0.7% |
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|
| Roche Holding AG |
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42,242 |
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|
12,293,161 |
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| Greece — 0.7% |
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| Hellenic Telecommunications Organization SA |
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|
827,323 |
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|
11,398,043 |
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| Norway — 0.7% |
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| Yara International ASA |
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|
258,505 |
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|
11,132,794 |
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| France — 0.5% |
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| LVMH Moet Hennessy Louis Vuitton SE |
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|
20,529 |
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|
8,159,286 |
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| Total EUROPE |
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|
212,916,517 |
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| SOUTH AMERICA — 10.6% |
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| Brazil — 7.8% |
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| Afya, Ltd. — A** |
|
|
205,666 |
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|
|
5,273,276 |
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| B3 SA - Brasil Bolsa Balcao |
|
|
700,233 |
|
|
|
7,384,977 |
|
| BRF SA** |
|
|
1,483,590 |
|
|
|
13,661,332 |
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| Itau Unibanco Holding SA — SP PREF ADR |
|
|
1,958,539 |
|
|
|
16,471,313 |
|
| Lojas Renner SA |
|
|
1,481,495 |
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|
|
17,960,000 |
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| Notre Dame Intermedica Participacoes SA |
|
|
1,481,529 |
|
|
|
19,433,045 |
|
| Pagseguro Digital, Ltd. — A** |
|
|
160,477 |
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|
|
7,431,690 |
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| Petroleo Brasileiro SA — SP ADR |
|
|
844,592 |
|
|
|
12,221,246 |
|
| Raia Drogasil SA |
|
|
761,863 |
|
|
|
17,577,152 |
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| Rumo SA** |
|
|
1,436,959 |
|
|
|
8,493,896 |
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| Transmissora Alianca de Energia Eletrica SA |
|
|
387,649 |
|
|
|
2,677,656 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
128,585,583 |
|
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|
|
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|
|
| 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 |
|