Driehaus Emerging Markets Growth Fund
Schedule of Investments
March 31, 2020 (unaudited)
Driehaus Emerging Markets Growth Fund
Schedule of Investments
March 31, 2020 (unaudited)
Driehaus Emerging Markets Small Cap Growth Fund
Schedule of Investments
March 31, 2020 (unaudited)
Driehaus Emerging Markets Small Cap Growth Fund
Schedule of Investments
March 31, 2020 (unaudited)
Driehaus International Small Cap Growth Fund
Schedule of Investments
March 31, 2020 (unaudited)
Driehaus International Small Cap Growth Fund
Schedule of Investments
March 31, 2020 (unaudited)
Driehaus Micro Cap Growth Fund
Schedule of Investments
March 31, 2020 (unaudited)
Driehaus Micro Cap Growth Fund
Schedule of Investments
March 31, 2020 (unaudited)
Driehaus Micro Cap Growth Fund
Schedule of Investments
March 31, 2020 (unaudited)
Driehaus Small Cap Growth Fund
Schedule of Investments
March 31, 2020 (unaudited)
Driehaus Small Cap Growth Fund
Schedule of Investments
March 31, 2020 (unaudited)
Driehaus Small Cap Growth Fund
Schedule of Investments
March 31, 2020 (unaudited)
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 or Level 3 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 March 31, 2020 is as follows:
| Fund |
Total Value at March 31, 2020 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
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| Driehaus Emerging Markets Growth Fund |
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| Equity Securities: |
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| Africa |
$ | 23,248,574 | $ | — | $ | 23,248,574 | $ | — | ||||||||
| Europe |
139,755,578 | 27,345,547 | 112,410,031 | — | ||||||||||||
| Far East |
1,005,024,440 | 306,670,017 | 698,354,423 | — | ||||||||||||
| Middle East |
6,238,799 | — | 6,238,799 | — | ||||||||||||
| North America |
76,811,429 | 76,811,429 | — | — | ||||||||||||
| South America |
93,776,527 | 93,776,527 | — | — | ||||||||||||
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| Total Investments |
$ | 1,344,855,347 | $ | 504,603,520 | $ | 840,251,827 | $ | — | ||||||||
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| Driehaus Emerging Markets Small Cap Growth Fund |
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| Equity Securities: |
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| Africa |
$ | 935,731 | $ | 259,844 | $ | 675,887 | $ | — | ||||||||
| Europe |
3,506,735 | 299,462 | 3,207,273 | — | ||||||||||||
| Far East |
33,084,288 | 2,940,732 | 30,143,556 | 0 | ||||||||||||
| Middle East |
499,879 | — | 499,879 | — | ||||||||||||
| North America |
889,947 | 889,947 | — | — | ||||||||||||
| South America |
4,034,799 | 4,034,799 | — | — | ||||||||||||
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| Total Investments |
$ | 42,951,379 | $ | 8,424,784 | $ | 34,526,595 | $ | 0 | ||||||||
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Driehaus Mutual Funds
Notes to Schedules of Investments (unaudited)
| Driehaus International Small Cap Growth Fund |
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| Equity Securities: |
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| Africa |
$ | 1,808,895 | $ | — | $ | 1,808,895 | $ | — | ||||||||
| Europe |
108,442,296 | 4,160,078 | 104,282,218 | — | ||||||||||||
| Far East |
51,945,309 | — | 51,945,309 | — | ||||||||||||
| Middle East |
4,019,661 | 2,203,933 | 1,815,728 | — | ||||||||||||
| North America |
9,603,868 | 9,603,868 | — | — | ||||||||||||
| South America |
2,100,322 | 2,100,322 | — | — | ||||||||||||
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| Total Investments |
$ | 177,920,351 | $ | 18,068,201 | $ | 159,852,150 | $ | — | ||||||||
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| Driehaus Micro Cap Growth Fund |
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| Investments in Securities* |
$ | 174,431,040 | $ | 174,431,040 | $ | — | $ | — | ||||||||
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| Driehaus Small Cap Growth Fund |
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| Investments in Securities* |
$ | 141,774,512 | $ | 141,774,512 | $ | — | $ | — | ||||||||
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| * | See Schedule of Investments for industry breakout. |
At March 31, 2020, the Driehaus Emerging Markets Small Cap Growth Fund held a Level 3 investment in Aarti Surfactants, Ltd. The shares were received as part of a spin-off in mid-September, 2019, but were not trading as of March 31, 2020 and were valued at $0.
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 March 31, 2020, 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 March 31, 2020, the Funds had no outstanding equity certificates.