UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-07655
Driehaus Mutual Funds
(Exact name of registrant as specified in charter)
25 East Erie Street
Chicago, IL 60611
(Address of principal executive offices) (Zip code)
Janet L. McWilliams
Driehaus Capital Management LLC
25 East Erie Street
Chicago, IL 60611
(Name and address of agent for service)
Registrant's telephone number, including area code:
312-587-3800
Date of fiscal year end:
December 31
Date of reporting period:
June 30, 2024
Item 1. Reports to Stockholders.
(a) The Report to Shareholders is attached herewith
(b) Not Applicable
Driehaus Emerging Markets Growth Fund
Institutional Class/DIEMX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Driehaus Emerging Markets Growth Fund's Institutional Class (“Fund”) for the period of January 01, 2024, to June 30, 2024. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 Investment | Costs paid as a percentage of a $10,000 investment |
| Driehaus Emerging Markets Growth Fund (Institutional Class/DIEMX) | $52 | 0.99% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund returned 11.72% for the six-month period ended June 30, 2024. The Fund outperformed its performance benchmark, the MSCI Emerging Markets Index (“Benchmark”), which returned 7.49% during the same period. It also outperformed the MSCI Emerging Markets Growth Index, which returned 8.45%.
During the first half of 2024, the Fund’s outperformance was driven by strong stock selection. From a country perspective, China was the biggest positive driver of returns despite the Fund being underweight its Benchmark in an outperforming market.
TOP PERFORMANCE CONTRIBUTORS
Holdings | The top two contributors for the Fund by company were:
Taiwan Semiconductors Manufacturing Co. Ltd. Sponsored ADR, a Taiwanese multinational semiconductor contract manufacturing and design company; and
Tencent Holdings Ltd., a Chinese multinational technology conglomerate and holding company.
Sectors | The top contributors for the Fund by sector were the information technology and communication services sectors.
Countries | India, Taiwan, and China were the top contributors by country for the Fund.
TOP PERFORMANCE DETRACTORS
Holdings | The top two detractors for the Fund by company were:
Fibra Uno Administracion SA de CV Series 11, which is a real estate investment trust (REIT) engaging in the acquisition, development and operation of various types of real estate projects; and
Grupo Financiero Banorte SAB de CV is a Mexican banking and financial services holding company.
Sectors | Top detractors by sector for the Fund were the real estate and consumer staples sectors.
Countries | Top detractors for the Fund by country were Brazil and Mexico.
Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Institutional Class compared with a broad measure of market performance and an additional index with characteristics relevant to the Fund.
GROWTH OF $500,000
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Year | 10 Year |
| Driehaus Emerging Markets Growth Fund (Institutional Class/DIEMX) | 16.96% | 5.75% | 4.59% |
| MSCI Emerging Markets Index - Net | 12.55% | 3.10% | 2.79% |
| MSCI Emerging Markets Growth Index - Net | 11.08% | 3.18% | 3.51% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit www.driehaus.com/fund-resources for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $3,106,022,559% |
| Total number of portfolio holdings | $122% |
| Portfolio turnover rate as of the end of the reporting period (not annualized) | $63% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net asset of the Fund.
TOP TEN HOLDINGS
| Taiwan Semiconductor Manufacturing Co. Ltd. - SP ADR | 8.5% |
| Tencent Holdings Ltd. | 6.6% |
| Northern Institutional U.S. Government Select Portfolio (Shares Class), 5.19% | 6.5% |
| Samsung Electronics Co. Ltd. | 5.7% |
| ICICI Bank Ltd. - SP ADR | 2.5% |
| SK Hynix, Inc. | 1.8% |
| Reliance Industries Ltd. | 1.7% |
| Tencent Music Entertainment Group - ADR | 1.5% |
| Shell PLC | 1.4% |
| PetroChina Co. Ltd. - H | 1.4% |
INDUSTRY SECTOR ALLOCATION
GEOGRAPHIC ALLOCATION
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-560-6111 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Distributed by: Foreside Financial Services, LLC
For additional information, please scan the QR code at left to navigate to additional hosted material at www.driehaus.com/fund-resources.
Driehaus Emerging Markets Growth Fund
Investor Class/DREGX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Driehaus Emerging Markets Growth Fund's Investor Class (“Fund”) for the period of January 01, 2024, to June 30, 2024. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 Investment | Costs paid as a percentage of a $10,000 investment |
| Driehaus Emerging Markets Growth Fund (Investor Class/DREGX) | $65 | 1.23% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund returned 11.56% for the six-month period ended June 30, 2024. The Fund outperformed its performance benchmark, the MSCI Emerging Markets Index (“Benchmark”), which returned 7.49% during the same period. It also outperformed the MSCI Emerging Markets Growth Index, which returned 8.45%.
During the first half of 2024, the Fund’s outperformance was driven by strong stock selection. From a country perspective, China was the biggest positive driver of returns despite the Fund being underweight its Benchmark in an outperforming market.
TOP PERFORMANCE CONTRIBUTORS
Holdings | The top two contributors for the Fund by company were:
Taiwan Semiconductors Manufacturing Co. Ltd. (Sponsored ADR), a Taiwanese multinational semiconductor contract manufacturing and design company; and
Tencent Holdings Ltd., a Chinese multinational technology conglomerate and holding company.
Sectors | The top contributors for the Fund by sector were the information technology and communication services sectors.
Countries | India, Taiwan, and China were the top contributors by country for the Fund.
TOP PERFORMANCE DETRACTORS
Holdings | The top two detractors for the Fund by company were:
Fibra Uno Administracion SA de CV Series 11, which is a real estate investment trust (REIT) engaging in the acquisition, development and operation of various types of real estate projects; and
Grupo Financiero Banorte SAB de CV is a Mexican banking and financial services holding company.
Sectors | Top detractors by sector for the Fund were the real estate and consumer staples sectors.
Countries | Top detractors for the Fund by country were Brazil and Mexico.
Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class compared with a broad measure of market performance and an additional index with characteristics relevant to the Fund.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Year | 10 Year |
| Driehaus Emerging Markets Growth Fund (Investor Class/DREGX) | 16.69% | 5.51% | 4.43% |
| MSCI Emerging Markets Index - Net | 12.55% | 3.10% | 2.79% |
| MSCI Emerging Markets Growth Index - Net | 11.08% | 3.18% | 3.51% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit www.driehaus.com/fund-resources for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $3,106,022,559% |
| Total number of portfolio holdings | $122% |
| Portfolio turnover rate as of the end of the reporting period (not annualized) | $63% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net asset of the Fund.
TOP TEN HOLDINGS
| Taiwan Semiconductor Manufacturing Co. Ltd. - SP ADR | 8.5% |
| Tencent Holdings Ltd. | 6.6% |
| Northern Institutional U.S. Government Select Portfolio (Shares Class), 5.19% | 6.5% |
| Samsung Electronics Co. Ltd. | 5.7% |
| ICICI Bank Ltd. - SP ADR | 2.5% |
| SK Hynix, Inc. | 1.8% |
| Reliance Industries Ltd. | 1.7% |
| Tencent Music Entertainment Group - ADR | 1.5% |
| Shell PLC | 1.4% |
| PetroChina Co. Ltd. - H | 1.4% |
INDUSTRY SECTOR ALLOCATION
GEOGRAPHIC ALLOCATION
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-560-6111 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Distributed by: Foreside Financial Services, LLC
For additional information, please scan the QR code at left to navigate to additional hosted material at www.driehaus.com/fund-resources.
Driehaus Emerging Markets Small Cap Growth Fund
DRESX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Driehaus Emerging Markets Small Cap Growth Fund (“Fund”) for the period of January 01, 2024, to June 30, 2024. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Fund | Cost of a $10,000 Investment | Costs paid as a percentage of a $10,000 investment |
| Driehaus Emerging Markets Small Cap Growth Fund (DRESX) | $67 | 1.24% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund returned 17.31% for the six-month period ended June 30, 2024. The Fund outperformed its performance benchmark, the MSCI Emerging Markets Small Cap Index , which returned 7.04% during the same period. It also outperformed the MSCI Emerging Markets Small Cap Growth Index, which returned 6.25%.
The first half of 2024 was characterized by rising geopolitical uncertainty, marked by increasing tensions in the Middle East and volatility associated with the heavy global election calendar. Outperformance was driven by stock selection in India and South Korea.
TOP PERFORMANCE CONTRIBUTORS
Holdings | The top two contributors for the Fund by company were:
HD Hyundai Electric Co., Ltd. engages in the manufacture of electrical equipment; and
Asia Vital Components Co., Ltd., a Taiwan listed company, which provides thermal solution services and engages in the manufacture and sale of electronics equipment.
Sectors | The top contributors for the Fund by sector were the industrials and information technology sectors.
Countries | India and South Korea were the top contributors by country for the Fund.
TOP PERFORMANCE DETRACTORS
Holdings | The top two detractors for the Fund by company were:
Azul S.A., is a Brazilian holding company, which, together with its subsidiaries,provides air transportation services in Brazil and internationally; and
GCC SAB de CV engages in the production, distribution, and sale of cement, ready-mixed concrete, aggregate, and other products used in the construction industry.
Sectors | No sectors detracted from performance in the first half of 2024.
Countries | Top detractors for the Fund by country were Brazil and Mexico.
Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund compared with a broad measure of market performance and an additional index with characteristics relevant to the Fund.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Year | 10 Year |
| Driehaus Emerging Markets Small Cap Growth Fund (DRESX) | 21.04% | 11.95% | 5.38% |
| MSCI Emerging Markets Index - Net | 12.55% | 3.10% | 2.79% |
| MSCI Emerging Markets Small Cap Index - Net | 20.04% | 9.99% | 5.15% |
| MSCI Emerging Markets Small Cap Growth Index - Net | 16.82% | 10.07% | 4.22% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit www.driehaus.com/fund-resources for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $118,135,190% |
| Total number of portfolio holdings | $84% |
| Portfolio turnover rate as of the end of the reporting period (not annualized) | $50% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net asset of the Fund.
TOP TEN HOLDINGS
| Northern Institutional U.S. Government Select Portfolio (Shares Class), 5.19% | 5.9% |
| FPT Corp. | 3.8% |
| HD Hyundai Electric Co. Ltd. | 3.7% |
| Vista Energy SAB de CV - ADR | 2.4% |
| Titagarh Rail System Ltd. | 2.2% |
| ASPEED Technology, Inc. | 2.1% |
| Hanwha Aerospace Co. Ltd. | 2.1% |
| GMR Airports Infrastructure Ltd. | 1.8% |
| Cury Construtora e Incorporadora SA | 1.8% |
| LIG Nex1 Co. Ltd. | 1.7% |
INDUSTRY SECTOR ALLOCATION
GEOGRAPHIC ALLOCATION
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-560-6111 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Distributed by: Foreside Financial Services, LLC
For additional information, please scan the QR code at left to navigate to additional hosted material at www.driehaus.com/fund-resources.
Driehaus Global Fund
DMAGX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Driehaus Global Fund (“Fund”) for the period of January 01, 2024, to June 30, 2024. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.
This report describes a planned change to the Fund that will occur subsequent to the reporting period.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Fund | Cost of a $10,000 Investment | Costs paid as a percentage of a $10,000 investment |
| Driehaus Global Fund (DMAGX) | $41 | 0.75% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund returned 17.32% for the six-month period ended June 30, 2024. The Fund outperformed its performance benchmark, the MSCI AC World Index (the “Benchmark”) which returned 11.30% during the same period.
Outperformance for the Fund during the first half of 2024 was driven primarily by security selection. On a relative basis, all sectors outperformed the Benchmark.
TOP PERFORMANCE CONTRIBUTORS
Holdings | The top two contributors for the Fund by company were:
NVIDIA Corp., an American multinational technology company that engages in the design and manufacture of computer graphics processors, chipsets, and related multimedia software; and
Super Micro Computer, Inc., an American information technology company which engages in the distribution and manufacture of information technology solutions and other computer products.
Sectors | The top contributors for the Fund by sector were the information technology and communication services sectors.
Countries | The top contributors for the Fund by country were the United States and the United Kingdom.
TOP PERFORMANCE DETRACTORS
Holdings | The top two detractors for the Fund by company were:
Grifols S.A., a Spanish multinational pharmaceutical and chemical manufacturer, which engages in the production of plasma derivatives; and
Adyen N.V., a Dutch payment platform business. Products include online payments, point of sale, marketplaces, and unified commerce.
Sectors | The only detractor for the Fund by sector was the real estate sector.
Countries | The top detractors for the Fund by country were Spain and Germany.
Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed periods of the Fund since inception on April 10, 2017 compared with a broad measure of market performance with characteristics relevant to the Fund.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Year | Since Inception |
| Driehaus Global Fund (DMAGX) | 25.03% | 9.46% | 9.14% |
| MSCI ACWI Index - Net | 19.37% | 10.76% | 10.38% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit www.driehaus.com/fund-resources for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $59,249,777% |
| Total number of portfolio holdings | $84% |
| Portfolio turnover rate as of the end of the reporting period (not annualized) | $58% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net asset of the Fund.
TOP TEN HOLDINGS
| Apple, Inc. | 4.9% |
| Northern Institutional U.S. Government Select Portfolio (Shares Class), 5.19% | 4.8% |
| Microsoft Corp. | 4.5% |
| NVIDIA Corp. | 4.2% |
| Alphabet, Inc. - A | 3.6% |
| Amazon.com, Inc. | 2.9% |
| Exxon Mobil Corp. | 2.5% |
| Shell PLC | 2.2% |
| Tencent Holdings Ltd. | 2.2% |
| Rolls-Royce Holdings PLC | 2.1% |
INDUSTRY SECTOR ALLOCATION
GEOGRAPHIC ALLOCATION
Material Fund Changes
As of August 5, 2024, the Driehaus Global Fund modified its principal investment strategy to acknowledge its growth-style of investment and modified its principal risk disclosure to acknowledge growth stock risk.
This is a summary of a planned change to the Fund. For more complete information, you may review the Fund’s prospectus supplement, filed August 5, 2024, available at www.driehaus.com/fund-resources or upon request by calling 1-800-560-6111.
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-560-6111 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Distributed by: Foreside Financial Services, LLC
For additional information, please scan the QR code at left to navigate to additional hosted material at www.driehaus.com/fund-resources.
Driehaus International Small Cap Growth Fund
DRIOX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Driehaus International Small Cap Growth Fund (“Fund”) for the period of January 01, 2024, to June 30, 2024. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Fund | Cost of a $10,000 Investment | Costs paid as a percentage of a $10,000 investment |
| Driehaus International Small Cap Growth Fund (DRIOX) | $58 | 1.14% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund returned 5.95% for the six-month period ended June 30, 2024. The Fund outperformed its performance benchmark, the MSCI AC World ex USA Small Cap Growth Index which returned 2.51% during the same period.
The first half of 2024 produced mixed returns globally for ex-US markets, with interest rate volatility and in many cases election results creating dispersion at the country level. Outperformance for the Fund came from strong stock selection from both a country and sector perspective.
TOP PERFORMANCE CONTRIBUTORS
Holdings | The top two contributors for the Fund by company were:
Celestica, Inc., a multinational design, manufacturing, hardware platform and supply chain electronics manufacturing services company headquartered in Toronto, Ontario; and
Asics Corp., a Japanese multinational corporation that engages in the manufacture and sale of sporting goods.
Sectors | The top contributors for the Fund by sector were the information technology and industrials sectors.
Countries | The top contributors for the Fund by country were Italy and Canada.
TOP PERFORMANCE DETRACTORS
Holdings | The top two detractors for the Fund by company were:
Jins Holdings, Inc., a Japanese company which engages in the planning, manufacture, import and export sales of eyewear and fashion accessories; and
Grifols S.A., a Spanish multinational pharmaceutical and chemical manufacturer, which engages in the production of plasma derivatives.
Sectors | The top detractors for the Fund by sector were the materials and health care sectors.
Countries | The top detractors for the Fund by country were France and Mexico.
Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund compared with a broad measure of market performance and an additional index with characteristics relevant to the Fund.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Year | 10 Year |
| Driehaus International Small Cap Growth Fund (DRIOX) | 12.90% | 7.89% | 6.75% |
| MSCI All Country World ex USA Index - Net | 11.62% | 5.55% | 3.84% |
| MSCI All Country World ex USA Small Cap Growth Index - Net | 8.75% | 5.52% | 4.52% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit www.driehaus.com/fund-resources for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $234,459,899% |
| Total number of portfolio holdings | $110% |
| Portfolio turnover rate as of the end of the reporting period (not annualized) | $44% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net asset of the Fund.
TOP TEN HOLDINGS
| Northern Institutional U.S. Government Select Portfolio (Shares Class), 5.19% | 2.5% |
| Saipem SpA | 2.0% |
| Indra Sistemas SA | 1.7% |
| Asics Corp. | 1.7% |
| DO & CO AG | 1.7% |
| Glanbia PLC | 1.7% |
| DOF Group ASA | 1.6% |
| SUESS MicroTec SE | 1.6% |
| Comet Holding AG | 1.6% |
| Intermediate Capital Group PLC | 1.5% |
INDUSTRY SECTOR ALLOCATION
GEOGRAPHIC ALLOCATION
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-560-6111 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Distributed by: Foreside Financial Services, LLC
For additional information, please scan the QR code at left to navigate to additional hosted material at www.driehaus.com/fund-resources.
Driehaus International Developed Equity Fund
DIDEX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Driehaus International Developed Equity Fund (“Fund”) for the period of April 30, 2024 (Commencement of Operations) to June 30, 2024. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.
Fund Expenses for the Period April 30, 2024 (Commencement of Operations) to June 30, 2024
(Based on a hypothetical $10,000 investment)
| Fund | Cost of a $10,000 Investment | Costs paid as a percentage of a $10,000 investment |
| Driehaus International Developed Equity Fund (DIDEX) | $13 | 0.80% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund returned 1.20% for the two-month period ended June 30, 2024. The Fund underperformed its performance benchmark, the MSCI AC World ex USA Small Cap Growth Index, which returned 3.11% during the same period.
TOP PERFORMANCE CONTRIBUTORS
Holdings | The top two contributors for the Fund by company were:
Novo Nordisk A/S is a Danish global healthcare company, which engages in the discovery, development, manufacturing and marketing of pharmaceutical products in the diabetes, obesity care and rare disease segments; and
ASML Holding NV is a Dutch company that engages in the development, production, marketing, sales, upgrading and servicing of advanced semiconductor equipment systems, including lithography, metrology and inspection systems.
Sectors | The top contributors for the Fund by sector were the healthcare and financials.
Countries | Japan, Denmark, and the United Kingdom were the top contributors by country for the Fund.
TOP PERFORMANCE DETRACTORS
Holdings | The top two detractors for the Fund by company were:
NICE Ltd. ADR is an Israeli company that engages in the provision of enterprise software solutions and services for the consumer engagement, financial crime and compliance solution segments; and
Banco Bilbao Vizcaya Argentaria, S.A. is headquartered in Spain and engages in the traditional banking businesses of retail banking, asset management, private banking, and wholesale banking.
Sectors | Top detractors by sector for the Fund were materials and real estate.
Countries | Top detractors for the Fund by country were Israel and France.
Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed periods of the Fund since inception on April 30, 2024 compared with a broad measure of market performance and an additional index with characteristics relevant to the Fund.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURNS | Since Inception |
| Driehaus International Developed Equity Fund (DIDEX) | 1.20% |
| MSCI World ex USA Index - Net | 2.10% |
| MSCI World ex USA Growth Index - Net | 3.11% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit www.driehaus.com/fund-resources for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $1,128,966% |
| Total number of portfolio holdings | $49% |
| Portfolio turnover rate as of the end of the reporting period (not annualized) | $17% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net asset of the Fund.
TOP TEN HOLDINGS
| ASML Holding NV | 5.3% |
| Northern Institutional U.S. Government Select Portfolio (Shares Class), 5.19% | 4.4% |
| Novo Nordisk A/S - B | 4.3% |
| Industria de Diseno Textil SA | 3.2% |
| Siemens Energy AG | 2.9% |
| Nestle SA | 2.8% |
| Cameco Corp. | 2.6% |
| Lonza Group AG | 2.6% |
| Alcon, Inc. | 2.6% |
| Rolls-Royce Holdings PLC | 2.6% |
INDUSTRY SECTOR ALLOCATION
GEOGRAPHIC ALLOCATION
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-560-6111 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Distributed by: Foreside Financial Services, LLC
For additional information, please scan the QR code at left to navigate to additional hosted material at www.driehaus.com/fund-resources.
Driehaus Micro Cap Growth Fund
DMCRX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Driehaus Micro Cap Growth Fund (“Fund”) for the period of January 01, 2024, to June 30, 2024. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Fund | Cost of a $10,000 Investment | Costs paid as a percentage of a $10,000 investment |
| Driehaus Micro Cap Growth Fund (DMCRX) | $73 | 1.37% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund returned 14.23% for the six-month period ended June 30, 2024. The Fund outperformed its performance benchmark, the Russell Microcap® Growth Index (the “Benchmark”) which returned 0.67% during the same time period.
The U.S. equity market experienced a mixed first half of 2024. Large cap companies experienced positive gains driven by strength in the mega cap tech stocks. Large cap stocks outperformed small caps and mid caps overall. Outperformance for the Fund against the Benchmark was driven by stock selection in the health care and industrials sectors.
TOP PERFORMANCE CONTRIBUTORS
Holdings | The top two contributors for the Fund by company were:
FTAI Aviation Ltd., which manufactures, sells, and leases aerospace products; and
Modine Manufacturing Co. engages in the provision of thermal management products and solutions.
Sectors | The top contributors for the Fund by sector were the health care and industrials sectors.
TOP PERFORMANCE DETRACTORS
Holdings | The top two detractors for the Fund by company were:
Applied Optoelectronics, Inc., which engages in the design and manufacture of optical communications products; and
Kura Sushi USA, Inc., which engages in the operation of technology-enabled Japanese restaurants.
Sectors | The top detractors for the Fund by sector were the financials and communication services sectors.
Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund compared with a broad measure of market performance and an additional index with characteristics relevant to the Fund.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Year | 10 Year |
| Driehaus Micro Cap Growth Fund (DMCRX) | 14.44% | 15.40% | 15.84% |
| Russell 3000® Index | 23.13% | 14.14% | 12.15% |
| Russell Microcap® Growth Index | 2.49% | 2.92% | 3.61% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit www.driehaus.com/fund-resources for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $266,782,685% |
| Total number of portfolio holdings | $113% |
| Portfolio turnover rate as of the end of the reporting period (not annualized) | $52% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net asset of the Fund.
TOP TEN HOLDINGS
| Crinetics Pharmaceuticals, Inc. | 2.8% |
| Modine Manufacturing Co. | 2.8% |
| TransMedics Group, Inc. | 2.6% |
| Camtek Ltd. | 1.9% |
| FTAI Aviation Ltd. | 1.9% |
| Veeco Instruments, Inc. | 1.9% |
| Credo Technology Group Holding Ltd. | 1.9% |
| Xenon Pharmaceuticals, Inc. | 1.7% |
| Sterling Infrastructure, Inc. | 1.7% |
| Arlo Technologies, Inc. | 1.7% |
INDUSTRY SECTOR ALLOCATION
GEOGRAPHIC ALLOCATION
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-560-6111 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Distributed by: Foreside Financial Services, LLC
For additional information, please scan the QR code at left to navigate to additional hosted material at www.driehaus.com/fund-resources.
Driehaus Small Cap Growth Fund
Institutional Class/DNSMX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Driehaus Small Cap Growth Fund's Institutional Class (“Fund”) for the period of January 01, 2024, to June 30, 2024. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 Investment | Costs paid as a percentage of a $10,000 investment |
| Driehaus Small Cap Growth Fund (Institutional Class/DNSMX) | $38 | 0.70% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund returned 19.21% for the six-month period ended June 30, 2024. The Fund outperformed its performance benchmark, the Russell 2000® Growth Index (the “Benchmark”) which returned 4.44% during the same period.
The U.S. equity market experienced a mixed first half of 2024. Large cap companies experienced positive gains driven by strength in the mega cap tech stocks. Large cap stocks outperformed small caps and mid caps overall. Outperformance for the Fund compared to its Benchmark was driven by stock selection in the industrials, health care and information technology sectors.
TOP PERFORMANCE CONTRIBUTORS
Holdings | The top two contributors for the Fund by company were:
Super Micro Computer, Inc., which engages in the distribution and manufacture of server solutions and computer products; and
FTAI Aviation Ltd., which manufactures, sells, and leases aerospace products.
Sectors | The top contributors for the Fund by sector were the information technology and industrials sectors.
TOP PERFORMANCE DETRACTORS
Holdings | The top two detractors for the Fund by company were:
Applied Optoelectronics, Inc., which engages in the design and manufacture of optical communications products; and
SentinelOne, Inc., which engages in the provision of endpoint security software that detects, models, and predicts threat behavior to block attacks on any computing device.
Sectors | The top detractors for the Fund by sector were the materials and communication services sectors.
Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund compared with a broad measure of market performance and an additional index with characteristics relevant to the fund.
GROWTH OF $500,000
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Year | 10 Year |
| Driehaus Small Cap Growth Fund (Institutional Class/DNSMX) | 24.84% | 14.44% | 15.33% |
| Russell 3000® Index | 23.13% | 14.14% | 12.15% |
| Russell 2000® Growth Index | 9.14% | 6.17% | 7.39% |
The Fund commenced operations on August 21, 2017 after succeeding to substantially all of the assets of Driehaus Institutional Small Cap, L.P. (the "Predecessor Partnership"), Driehaus Small Cap Investors, L.P., Driehaus Institutional Small Cap Recovery Fund, L.P. and Driehaus Small Cap Recovery Fund, L.P., which were managed by the same investment team with substantially the same investment objective, policies and philosophies as are followed by the Fund. The "since inception" date reflected in the graph and table above is that of the Predecessor Partnership.
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit www.driehaus.com/fund-resources for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $784,729,182% |
| Total number of portfolio holdings | $110% |
| Portfolio turnover rate as of the end of the reporting period (not annualized) | $58% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net asset of the Fund.
TOP TEN HOLDINGS
| TransMedics Group, Inc. | 2.9% |
| FTAI Aviation Ltd. | 2.3% |
| Crinetics Pharmaceuticals, Inc. | 2.2% |
| Cameco Corp. | 2.1% |
| Vaxcyte, Inc. | 2.0% |
| Natera, Inc. | 2.0% |
| BellRing Brands, Inc. | 1.9% |
| Camtek Ltd. | 1.9% |
| Axon Enterprise, Inc. | 1.9% |
| Onto Innovation, Inc. | 1.8% |
INDUSTRY SECTOR ALLOCATION
GEOGRAPHIC ALLOCATION
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-560-6111 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Distributed by: Foreside Financial Services, LLC
For additional information, please scan the QR code at left to navigate to additional hosted material at www.driehaus.com/fund-resources.
Driehaus Small Cap Growth Fund
Investor Class/DVSMX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Driehaus Small Cap Growth Fund's Investor Class (“Fund”) for the period of January 01, 2024, to June 30, 2024. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Cost of a $10,000 Investment | Costs paid as a percentage of a $10,000 investment |
| Driehaus Small Cap Growth Fund (Investor Class/DVSMX) | $50 | 0.91% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund returned 19.10% for the six-month period ended June 30, 2024. The Fund outperformed its performance benchmark, the Russell 2000® Growth Index (the “Benchmark”) which returned 4.44% during the same period.
The U.S. equity market experienced a mixed first half of 2024. Large cap companies experienced positive gains driven by strength in the mega cap tech stocks. Large cap stocks outperformed small caps and mid caps overall. Outperformance for the Fund compared to its Benchmark was driven by stock selection in the industrials, health care and information technology sectors.
TOP PERFORMANCE CONTRIBUTORS
Holdings | The top two contributors for the Fund by company were:
Super Micro Computer, Inc., which engages in the distribution and manufacture of server solutions and computer products; and
FTAI Aviation Ltd., which manufactures, sells, and leases aerospace products.
Sectors | The top contributors for the Fund by sector were the information technology and industrials sectors.
TOP PERFORMANCE DETRACTORS
Holdings | The top two detractors for the Fund by company were:
Applied Optoelectronics, Inc., which engages in the design and manufacture of optical communications products; and
SentinelOne, Inc., which engages in the provision of endpoint security software that detects, models, and predicts threat behavior to block attacks on any computing device.
Sectors | The top detractors for the Fund by sector were the materials and communication services sectors.
Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund compared with a broad measure of market performance and an additional index with characteristics relevant to the fund.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Year | 10 Year |
| Driehaus Small Cap Growth Fund (Investor Class/DVSMX) | 24.57% | 14.13% | 15.12% |
| Russell 3000® Index | 23.13% | 14.14% | 12.15% |
| Russell 2000® Growth Index | 9.14% | 6.17% | 7.39% |
The Fund commenced operations on August 21, 2017 after succeeding to substantially all of the assets of Driehaus Institutional Small Cap, L.P. (the "Predecessor Partnership"), Driehaus Small Cap Investors, L.P., Driehaus Institutional Small Cap Recovery Fund, L.P. and Driehaus Small Cap Recovery Fund, L.P., which were managed by the same investment team with substantially the same investment objective, policies and philosophies as are followed by the Fund. The "since inception" date reflected in the graph and table above is that of the Predecessor Partnership.
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit www.driehaus.com/fund-resources for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $784,729,182% |
| Total number of portfolio holdings | $110% |
| Portfolio turnover rate as of the end of the reporting period (not annualized) | $58% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net asset of the Fund.
TOP TEN HOLDINGS
| TransMedics Group, Inc. | 2.9% |
| FTAI Aviation Ltd. | 2.3% |
| Crinetics Pharmaceuticals, Inc. | 2.2% |
| Cameco Corp. | 2.1% |
| Vaxcyte, Inc. | 2.0% |
| Natera, Inc. | 2.0% |
| BellRing Brands, Inc. | 1.9% |
| Camtek Ltd. | 1.9% |
| Axon Enterprise, Inc. | 1.9% |
| Onto Innovation, Inc. | 1.8% |
INDUSTRY SECTOR ALLOCATION
GEOGRAPHIC ALLOCATION
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-560-6111 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Distributed by: Foreside Financial Services, LLC
For additional information, please scan the QR code at left to navigate to additional hosted material at www.driehaus.com/fund-resources.
Driehaus Small/Mid Cap Growth Fund
DSMDX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Driehaus Small/Mid Cap Growth Fund (“Fund”) for the period of January 01, 2024, to June 30, 2024. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Fund | Cost of a $10,000 Investment | Costs paid as a percentage of a $10,000 investment |
| Driehaus Small/Mid Cap Growth Fund (DSMDX) | $43 | 0.80% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund returned 18.68% for the six-month period ended June 30, 2024. The Fund outperformed its performance benchmark, the Russell 2500® Growth Index (the “Benchmark”) which returned 3.93% during the same period.
The U.S. equity market experienced a mixed first half of 2024. Large cap companies experienced positive gains driven by strength in the mega cap tech stocks. Large cap stocks outperformed small caps and mid caps overall. Outperformance for the Fund against the Benchmark was driven by stock selection in the information technology and industrials sectors.
TOP PERFORMANCE CONTRIBUTORS
Holdings | The top two contributors for the Fund by company were:
Super Micro Computer, Inc., which engages in the distribution and manufacture of server solutions and computer products; and
Camtek Ltd., which engages in the business of developing and manufacturing high-end inspection and metrology equipment for the semiconductor industry.
Sectors | The top contributors for the Fund by sector were the information technology and industrials sectors.
TOP PERFORMANCE DETRACTORS
Holdings | The top two detractors for the Fund by company were:
Gitlab, Inc., which provides code hosting and collaboration platform services; and
SentinelOne, Inc., which engages in the provision of endpoint security software that detects, models, and predicts threat behavior to block attacks on any computing device.
Sectors | The top detractors for the Fund by sector were the materials and communication services sectors.
Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed periods of the Fund since inception on May 01, 2020 compared with a broad measure of market performance and an additional index with characteristics relevant to the Fund.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | Since Inception |
| Driehaus Small/Mid Cap Growth Fund (DSMDX) | 24.15% | 18.47% |
| Russell 3000® Index | 23.13% | 18.37% |
| Russell 2500® Growth Index - Net | 9.02% | 11.24% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit www.driehaus.com/fund-resources for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $54,451,615% |
| Total number of portfolio holdings | $102% |
| Portfolio turnover rate as of the end of the reporting period (not annualized) | $62% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net asset of the Fund.
TOP TEN HOLDINGS
| Axon Enterprise, Inc. | 2.6% |
| Cameco Corp. | 2.4% |
| Natera, Inc. | 2.2% |
| Crinetics Pharmaceuticals, Inc. | 2.1% |
| Onto Innovation, Inc. | 2.1% |
| TransMedics Group, Inc. | 2.1% |
| HEICO Corp. | 2.0% |
| Camtek Ltd. | 2.0% |
| BellRing Brands, Inc. | 2.0% |
| Monday.com Ltd. | 1.9% |
INDUSTRY SECTOR ALLOCATION
GEOGRAPHIC ALLOCATION
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-560-6111 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Distributed by: Foreside Financial Services, LLC
For additional information, please scan the QR code at left to navigate to additional hosted material at www.driehaus.com/fund-resources.
Driehaus Event Driven Fund
DEVDX
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2024
This semi-annual shareholder report contains important information about the Driehaus Event Driven Fund (“Fund”) for the period of January 01, 2024, to June 30, 2024. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.
Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)
| Fund | Cost of a $10,000 Investment | Costs paid as a percentage of a $10,000 investment |
| Driehaus Event Driven Fund (DEVDX) | $72 | 1.45% |
Management’s Discussion of Fund Performance
SUMMARY OF RESULTS
The Fund returned (0.57)% for the six-month period ended June 30, 2024. The S&P 500® Index returned 15.29% during the same period.
TOP PERFORMANCE CONTRIBUTORS
Investment Strategy |
Bond catalyst driven - Event-driven trades that are expressed predominately through bond positions.
Portfolio hedges - A hedge to an unwanted factor exposure, such as equity, volatility, credit or interest rate risk.
TOP PERFORMANCE DETRACTORS
Investment Strategy |
Equity catalyst driven - Event-driven trades that are expressed predominately through equity positions.
Risk Arbitrage - Trades that attempt to capture a valuation discrepancy between similar securities.
Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund compared with a broad measure of market performance and an additional index with characteristics relevant to the Fund.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Year | 10 Year |
| Driehaus Event Driven Fund (DEVDX) | 5.80% | 5.97% | 4.14% |
| S&P 500® Index | 24.56% | 15.05% | 12.86% |
| Morningstar Event Driven Category | 5.13% | 3.61% | 3.14% |
Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future.
Visit www.driehaus.com/fund-resources for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.
| Fund net assets | $207,407,695% |
| Total number of portfolio holdings | $62% |
| Portfolio turnover rate as of the end of the reporting period (not annualized) | $55% |
Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total exposure of the Fund.
Asset Type Allocation
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-560-6111 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
Distributed by: Foreside Financial Services, LLC
For additional information, please scan the QR code at left to navigate to additional hosted material at www.driehaus.com/fund-resources.
Item 2. Code of Ethics.
Not applicable to this reporting period.
Item 3. Audit Committee Financial Expert.
Not applicable to this reporting period.
Item 4. Principal Accountant Fees and Services.
Not applicable to this reporting period.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) The Financial Statements are attached herewith.
(b) The Financial Highlights are attached herewith.
Driehaus Mutual Funds
Trustees & Officers
Theodore J. Beck
Chairman of the Board
Christopher J. Towle
Trustee
Dawn M. Vroegop
Trustee
Stephen T. Weber
President & Trustee
Robert M. Kurinsky
Vice President & Treasurer
Janet L. McWilliams
Chief Legal Officer &
Assistant Vice President
Anne Kochevar
Chief Compliance Officer &
Anti-Money Laundering
Compliance Officer
Tanya S. Tancheff
Secretary
Christina E. Algozine
Assistant Secretary
Malinda M. Sanborn
Assistant Treasurer
Investment Adviser
Driehaus Capital Management LLC
25 East Erie Street
Chicago, IL 60611
Distributor
Foreside Financial Services, LLC
Three Canal Plaza
Portland, ME 04101
Administrator, Custodian & Transfer Agent
The Northern Trust Company
50 South LaSalle Street
Chicago, IL 60603
Financial Report
June 30, 2024
®
MUTUAL FUNDS
Driehaus Emerging Markets Growth Fund
Driehaus Emerging Markets Small Cap Growth Fund
Driehaus Global Fund
Driehaus International Small Cap Growth Fund
Driehaus International Developed Equity Fund
Driehaus Micro Cap Growth Fund
Driehaus Small Cap Growth Fund
Driehaus Small/Mid Cap Growth Fund
Driehaus Event Driven Fund
Distributed by:
Foreside Financial Services, LLC
This report has been prepared for the shareholders of the Funds and is not an offer to sell or buy any Fund securities. Such offer is only made by the Funds’ prospectus.
Table of Contents
Driehaus Emerging Markets Growth Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Shares, Principal Amount, or Number of Contracts | Value | |
| COMMON STOCKS — 94.98% | ||
| FAR EAST — 67.38% | ||
| China — 17.93% | ||
| China Merchants Bank Co. Ltd. - H | 7,100,000 | $32,263,421 |
| Contemporary Amperex Technology Co. Ltd. - A | 352,181 | 8,724,041 |
| Fuyao Glass Industry Group Co. Ltd. - A | 2,103,700 | 13,868,227 |
| Haier Smart Home Co. Ltd. - A | 6,178,474 | 24,064,300 |
| Industrial & Commercial Bank of China Ltd. - H | 54,203,000 | 32,217,154 |
| Luxshare Precision Industry Co. Ltd. - A | 5,946,894 | 32,077,513 |
| Meituan - B 1,* | 1,837,000 | 26,111,650 |
| NARI Technology Co. Ltd. - A | 3,909,204 | 13,400,138 |
| New Oriental Education & Technology Group, Inc. - SP ADR 2,* | 375,644 | 29,198,808 |
| PDD Holdings, Inc. 2,* | 78,610 | 10,451,200 |
| PetroChina Co. Ltd. - H | 43,412,000 | 43,835,505 |
| Shenzhou International Group Holdings Ltd. | 909,000 | 8,879,463 |
| Tencent Holdings Ltd. | 4,321,045 | 204,991,792 |
| Tencent Music Entertainment Group - ADR 2 | 3,278,988 | 46,069,781 |
| Trip.com Group Ltd. - ADR 2,* | 651,237 | 30,608,139 |
| Zhongji Innolight Co. Ltd. - A | 0 | 11 |
| 556,761,143 | ||
| India — 17.46% | ||
| Adani Ports & Special Economic Zone Ltd. | 1,664,185 | 29,459,050 |
| Ambuja Cements Ltd. | 2,432,635 | 19,509,181 |
| Axis Bank Ltd. | 1,311,134 | 19,869,998 |
| Bajaj Auto Ltd. | 153,748 | 17,515,332 |
| Bharti Airtel Ltd. | 1,432,784 | 24,789,223 |
| Cipla Ltd. | 437,577 | 7,755,966 |
| Colgate-Palmolive India Ltd. | 339,914 | 11,575,662 |
| DLF Ltd. | 1,074,050 | 10,603,157 |
| GMR Airports Infrastructure Ltd. * | 9,350,330 | 10,796,268 |
| Godrej Consumer Products Ltd. | 1,156,057 | 19,041,381 |
| HDFC Bank Ltd. | 788,879 | 15,930,788 |
| Hindustan Aeronautics Ltd. | 516,393 | 32,569,581 |
| ICICI Bank Ltd. - SP ADR 2 | 2,761,581 | 79,561,149 |
| ICICI Lombard General Insurance Co. Ltd. 1 | 1,322,029 | 28,310,385 |
| Indian Hotels Co. Ltd. | 1,129,191 | 8,447,593 |
| Indian Railway Catering & Tourism Corp. Ltd. | 509,774 | 6,037,534 |
| IRB Infrastructure Developers Ltd. | 11,169,609 | 8,661,249 |
| JSW Energy Ltd. | 2,987,839 | 26,281,572 |
| KEI Industries Ltd. | 43,023 | 2,278,864 |
| Mahindra & Mahindra Ltd. | 518,680 | 17,805,026 |
| Max Healthcare Institute Ltd. | 1,203,727 | 13,556,792 |
| Shares, Principal Amount, or Number of Contracts | Value | |
| Mazagon Dock Shipbuilders Ltd. | 9,694 | $496,879 |
| NTPC Ltd. | 3,831,572 | 17,375,348 |
| Power Finance Corp. Ltd. | 4,351,076 | 25,263,644 |
| Reliance Industries Ltd. | 1,402,301 | 52,567,537 |
| Sun Pharmaceutical Industries Ltd. | 706,270 | 12,860,953 |
| Supreme Industries Ltd. | 101,312 | 7,220,361 |
| UltraTech Cement Ltd. | 116,386 | 16,261,070 |
| 542,401,543 | ||
| Taiwan — 13.94% | ||
| ASPEED Technology, Inc. | 156,000 | 23,148,961 |
| Chunghwa Telecom Co. Ltd. | 3,396,000 | 13,159,122 |
| King Yuan Electronics Co. Ltd. | 2,437,176 | 8,904,434 |
| Lotes Co. Ltd. | 271,000 | 13,583,968 |
| MediaTek, Inc. | 803,000 | 34,583,929 |
| Quanta Computer, Inc. | 1,720,000 | 16,442,596 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 737,000 | 21,835,559 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - SP ADR 2 | 1,513,818 | 263,116,706 |
| Wiwynn Corp. | 248,000 | 20,084,888 |
| Yageo Corp. | 800,000 | 17,969,717 |
| 432,829,880 | ||
| South Korea — 12.76% | ||
| Amorepacific Corp. | 39,568 | 4,789,744 |
| Hanwha Aerospace Co. Ltd. | 95,718 | 17,262,580 |
| HD Hyundai Electric Co. Ltd. | 110,554 | 24,705,431 |
| KB Financial Group, Inc. | 417,703 | 23,759,004 |
| Kia Corp. | 402,384 | 37,651,626 |
| LEENO Industrial, Inc. | 22,137 | 3,741,840 |
| Macquarie Korea Infrastructure Fund | 1,718,565 | 15,424,498 |
| Samsung Electronics Co. Ltd. | 2,989,982 | 175,971,854 |
| Samsung Heavy Industries Co. Ltd. * | 2,040,327 | 13,838,367 |
| Samsung Life Insurance Co. Ltd. | 378,413 | 24,203,532 |
| SK Hynix, Inc. | 324,453 | 55,062,471 |
| 396,410,947 | ||
| Indonesia — 1.93% | ||
| Bank Central Asia Tbk PT | 41,225,075 | 24,944,921 |
| Bank Mandiri Persero Tbk PT | 93,623,400 | 35,025,805 |
| 59,970,726 | ||
| Hong Kong — 1.79% | ||
| ASMPT Ltd. | 1,038,900 | 14,387,077 |
| Hong Kong Exchanges & Clearing Ltd. | 1,288,800 | 41,245,664 |
| 55,632,741 | ||
| Philippines — 0.86% | ||
| BDO Unibank, Inc. | 6,283,920 | 13,745,304 |
| International Container Terminal Services, Inc. | 2,179,077 | 13,008,219 |
| 26,753,523 | ||
Notes to Financial Statements are an integral part of this Schedule.
1
Driehaus Emerging Markets Growth Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Shares, Principal Amount, or Number of Contracts | Value | |
| Malaysia — 0.71% | ||
| YTL Corp. Bhd. | 30,211,700 | $22,033,725 |
| Total FAR EAST (Cost $1,478,344,017) | 2,092,794,228 | |
| NORTH AMERICA — 8.67% | ||
| Mexico — 3.92% | ||
| Arca Continental SAB de CV | 2,149,509 | 21,136,741 |
| BBB Foods, Inc. - A 2,* | 342,892 | 8,181,403 |
| Corp. Inmobiliaria Vesta SAB de CV | 5,281,707 | 15,832,130 |
| Fibra Uno Administracion SA de CV | 18,498,020 | 22,830,571 |
| Gruma SAB de CV - B | 464,010 | 8,499,283 |
| Grupo Financiero Banorte SAB de CV - O | 2,606,908 | 20,288,142 |
| Vista Energy SAB de CV - ADR 2,* | 549,821 | 25,005,859 |
| 121,774,129 | ||
| United States — 3.50% | ||
| Analog Devices, Inc. | 52,114 | 11,895,541 |
| Cognizant Technology Solutions Corp. - A | 200,880 | 13,659,840 |
| MercadoLibre, Inc. * | 14,490 | 23,812,866 |
| Samsonite International SA 1 | 2,057,000 | 6,131,279 |
| Southern Copper Corp. | 313,970 | 33,827,128 |
| Teradyne, Inc. | 130,954 | 19,419,169 |
| 108,745,823 | ||
| Canada — 1.25% | ||
| Alamos Gold, Inc. - A 2 | 679,704 | 10,657,758 |
| Cameco Corp. 2 | 572,380 | 28,161,096 |
| 38,818,854 | ||
| Total NORTH AMERICA (Cost $225,143,416) | 269,338,806 | |
| EUROPE — 8.49% | ||
| Turkey — 2.42% | ||
| BIM Birlesik Magazalar AS | 1,885,347 | 31,489,756 |
| Ford Otomotiv Sanayi A/S | 188,292 | 6,481,146 |
| Haci Omer Sabamci Holdings AS * | 1,655,986 | 4,893,703 |
| Yapi ve Kredi Bankasi AS | 31,273,419 | 32,366,815 |
| 75,231,420 | ||
| United Kingdom — 1.69% | ||
| Antofagasta PLC | 300,737 | 7,992,398 |
| Shell PLC | 1,239,466 | 44,665,813 |
| 52,658,211 | ||
| Greece — 1.66% | ||
| National Bank of Greece SA * | 4,781,183 | 39,723,830 |
| OPAP SA | 754,696 | 11,832,658 |
| 51,556,488 | ||
| Poland — 1.29% | ||
| Powszechny Zaklad Ubezpieczen SA | 3,141,873 | 40,112,919 |
| Shares, Principal Amount, or Number of Contracts | Value | |
| Austria — 0.62% | ||
| Erste Group Bank AG | 405,157 | $19,178,167 |
| Portugal — 0.51% | ||
| Galp Energia SGPS SA | 748,360 | 15,806,026 |
| France — 0.30% | ||
| Hermes International SCA | 3,992 | 9,220,022 |
| Russia — 0.00% | ||
| Polyus PJSC 2,*,^ | 63,751 | — |
| Total EUROPE (Cost $233,965,964) | 263,763,253 | |
| SOUTH AMERICA — 4.94% | ||
| Brazil — 3.67% | ||
| Banco do Brasil SA | 7,580,500 | 36,111,825 |
| Direcional Engenharia SA | 2,407,084 | 11,449,592 |
| Iguatemi SA | 3,137,100 | 11,549,260 |
| NU Holdings Ltd. - A 2,* | 1,356,687 | 17,487,696 |
| Santos Brasil Participacoes SA | 5,658,156 | 13,836,424 |
| Telefonica Brasil SA * | 1,775,600 | 14,487,239 |
| Telefonica Brasil SA - ADR 2,* | 1,120,402 | 9,198,500 |
| 114,120,536 | ||
| Peru — 0.84% | ||
| Credicorp Ltd. 2 | 161,441 | 26,045,276 |
| Argentina — 0.43% | ||
| Grupo Financiero Galicia SA - ADR 2,* | 251,431 | 7,683,732 |
| YPF SA - SP ADR 2,* | 285,052 | 5,735,246 |
| 13,418,978 | ||
| Total SOUTH AMERICA (Cost $147,993,679) | 153,584,790 | |
| MIDDLE EAST — 3.73% | ||
| United Arab Emirates — 1.88% | ||
| Abu Dhabi Ports Co. PJSC * | 5,054,516 | 7,018,250 |
| Aldar Properties PJSC | 10,689,594 | 18,218,584 |
| Dubai Electricity & Water Authority PJSC | 21,657,243 | 12,971,939 |
| Emaar Properties PJSC | 9,040,504 | 20,182,993 |
| 58,391,766 | ||
| Saudi Arabia — 1.50% | ||
| Dr Sulaiman Al Habib Medical Services Group Co. | 180,208 | 13,825,214 |
| Saudi Arabian Oil Co. 1 | 1,737,521 | 12,804,160 |
| The Saudi National Bank | 2,014,744 | 19,873,944 |
| 46,503,318 | ||
| Israel — 0.35% | ||
| Teva Pharmaceutical Industries Ltd. - SP ADR 2,* | 675,524 | 10,977,265 |
| Total MIDDLE EAST (Cost $114,004,959) | 115,872,349 | |
| AFRICA — 1.77% | ||
| South Africa — 1.77% | ||
| FirstRand Ltd. | 7,133,821 | 30,256,078 |
Notes to Financial Statements are an integral part of this Schedule.
2
Driehaus Emerging Markets Growth Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Shares, Principal Amount, or Number of Contracts | Value | ||
| Naspers Ltd. - N | 125,146 | $24,577,717 | |
| 54,833,795 | |||
| Total AFRICA (Cost $54,878,514) | 54,833,795 | ||
| Total COMMON STOCKS (Cost $2,254,330,549) | 2,950,187,221 | ||
| PREFERRED STOCKS — 0.64% | |||
| SOUTH AMERICA — 0.64% | |||
| Brazil — 0.64% | |||
| Itau Unibanco Holding SA - SP ADR, 3.85% 2,3 | 3,377,874 | 19,726,784 | |
| Total SOUTH AMERICA (Cost $22,472,435) | 19,726,784 | ||
| Total PREFERRED STOCKS (Cost $22,472,435) | 19,726,784 | ||
| SHORT TERM INVESTMENTS — 6.48% | |||
| Northern Institutional U.S. Government Select Portfolio (Shares Class), 5.19% 4 (Cost $201,293,199) | 201,293,199 | 201,293,199 | |
| TOTAL INVESTMENTS (Cost $2,478,096,183) | 102.10% | $3,171,207,204 | |
| Liabilities in Excess of Other Assets | (2.10)% | (65,184,645) | |
| Net Assets | 100.00% | $3,106,022,559 | |
| ADR | American Depositary Receipt |
| PJSC | Public Joint Stock Company |
| PLC | Public Limited Company |
| SP ADR | Sponsored American Depositary Receipt |
| 1 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $73,357,474, which represents 2% of Net Assets (see Note F in the Notes to Financial Statements). |
| 2 | Foreign security denominated and/or traded in U.S. dollars. |
| 3 | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
| 4 | 7 day current yield as of June 30, 2024 is disclosed. |
| ^ | Security valued at fair value as determined in good faith by the Adviser, in accordance with procedures established by, and under the general supervision of, the Trust’s Board of Trustee. The security is valued using significant unobservable inputs. |
| * | Non-income producing security. |
Percentages are stated as a percent of net assets.
| Security Type | Percent of Net Assets | |
| Common Stocks | 94.98% | |
| Preferred Stocks | 0.64% | |
| Short Term Investments | 6.48% | |
| Total Investments | 102.10% | |
| Liabilities In Excess of Other Assets | (2.10)% | |
| Net Assets | 100.00% |
| Regional Weightings | Percent of Net Assets | |
| Far East | 67.38% | |
| North America | 15.15% | |
| Europe | 8.49% | |
| South America | 5.58% | |
| Middle East | 3.73% | |
| Africa | 1.77% |
Notes to Financial Statements are an integral part of this Schedule.
3
Driehaus Emerging Markets Growth Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Industry | Percent of Net Assets | |
| Aerospace & Defense | 1.63% | |
| Automobile Components | 0.45% | |
| Automobiles | 2.55% | |
| Banks | 16.76% | |
| Beverages | 0.68% | |
| Broadline Retail | 1.90% | |
| Capital Markets | 1.83% | |
| Chemicals | 0.23% | |
| Commercial Services & Supplies | 0.20% | |
| Communications Equipment | 0.00% | |
| Construction & Engineering | 0.28% | |
| Construction Materials | 1.15% | |
| Consumer Staples Distribution & Retail | 1.27% | |
| Diversified Consumer Services | 0.94% | |
| Diversified Real Estate Investment Trusts | 0.74% | |
| Diversified Telecommunication Services | 1.19% | |
| Electrical Equipment | 1.57% | |
| Electronic Equipment, Instruments & Components | 2.05% | |
| Entertainment | 1.48% | |
| Financial Services | 1.79% | |
| Food Products | 0.27% | |
| Health Care Providers & Services | 0.89% | |
| Hotels, Restaurants & Leisure | 2.48% |
| Industry | Percent of Net Assets | |
| Household Durables | 1.14% | |
| Independent Power and Renewable Electricity Producers | 1.41% | |
| Insurance | 2.98% | |
| Interactive Media & Services | 6.60% | |
| IT Services | 0.44% | |
| Machinery | 0.45% | |
| Metals & Mining | 1.68% | |
| Money Market Fund | 6.48% | |
| Multi-Utilities | 1.13% | |
| Oil, Gas & Consumable Fuels | 7.36% | |
| Personal Care Products | 1.13% | |
| Pharmaceuticals | 1.02% | |
| Real Estate Management & Development | 2.46% | |
| Semiconductors & Semiconductor Equipment | 14.67% | |
| Technology Hardware, Storage & Peripherals | 6.85% | |
| Textiles, Apparel & Luxury Goods | 0.79% | |
| Transportation Infrastructure | 2.38% | |
| Wireless Telecommunication Services | 0.80% | |
| Liabilities In Excess of Other Assets | (2.10)% | |
| TOTAL | 100.00% |
Notes to Financial Statements are an integral part of this Schedule.
4
Driehaus Emerging Markets Small Cap Growth Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Shares, Principal Amount, or Number of Contracts | Value | |
| COMMON STOCKS — 94.01% | ||
| FAR EAST — 66.72% | ||
| India — 31.01% | ||
| ACC Ltd. | 49,154 | $1,541,611 |
| AU Small Finance Bank Ltd. 1 | 145,853 | 1,174,548 |
| Azad Engineering Ltd. * | 50,459 | 1,142,881 |
| Bharti Hexacom Ltd. * | 104,594 | 1,400,879 |
| BLS International Services Ltd. | 317,634 | 1,332,851 |
| Brigade Enterprises Ltd. | 67,744 | 1,093,560 |
| Century Textiles & Industries Ltd. | 66,892 | 1,854,381 |
| GMR Airports Infrastructure Ltd. * | 1,796,518 | 2,074,332 |
| Indian Hotels Co. Ltd. | 83,149 | 622,046 |
| IRB Infrastructure Developers Ltd. | 1,582,119 | 1,226,823 |
| JSW Infrastructure Ltd. * | 386,896 | 1,519,074 |
| Jyoti CNC Automation Ltd. * | 70,242 | 1,135,461 |
| Kalyan Jewellers India Ltd. | 218,334 | 1,309,901 |
| Kaynes Technology India Ltd. * | 36,521 | 1,686,176 |
| Kfin Technologies Ltd. * | 153,672 | 1,286,954 |
| Max Healthcare Institute Ltd. | 124,889 | 1,406,543 |
| Mazagon Dock Shipbuilders Ltd. | 27,825 | 1,426,207 |
| NHPC Ltd. | 1,011,852 | 1,219,773 |
| Nuvama Wealth Management Ltd. * | 19,355 | 1,146,267 |
| Poonawalla Fincorp Ltd. | 233,917 | 1,144,788 |
| Rainbow Children's Medicare Ltd. | 57,429 | 857,099 |
| Sobha Ltd. | 58,508 | 1,369,161 |
| Swan Energy Ltd. | 72,334 | 508,238 |
| Techno Electric & Engineering Co. Ltd. | 55,252 | 1,027,919 |
| Titagarh Rail System Ltd. | 114,188 | 2,543,906 |
| Transformers & Rectifiers India Ltd. | 120,626 | 1,042,538 |
| United Breweries Ltd. | 60,062 | 1,429,002 |
| Venus Pipes & Tubes Ltd. 1 | 45,060 | 1,108,835 |
| 36,631,754 | ||
| Taiwan — 11.00% | ||
| AP Memory Technology Corp. | 48,000 | 569,655 |
| Asia Vital Components Co. Ltd. | 39,000 | 913,228 |
| ASMedia Technology, Inc. | 23,000 | 1,580,604 |
| ASPEED Technology, Inc. | 17,000 | 2,522,643 |
| Eclat Textile Co. Ltd. | 64,000 | 1,042,712 |
| eMemory Technology, Inc. | 11,000 | 864,075 |
| Faraday Technology Corp. | 108,000 | 1,113,740 |
| Gloria Material Technology Corp. | 319,000 | 475,331 |
| King Slide Works Co. Ltd. | 31,000 | 1,178,811 |
| Kinik Co. | 118,000 | 1,190,752 |
| Makalot Industrial Co. Ltd. | 119,000 | 1,541,985 |
| 12,993,536 | ||
| Shares, Principal Amount, or Number of Contracts | Value | |
| South Korea — 10.04% | ||
| Hanwha Aerospace Co. Ltd. | 13,941 | $2,514,236 |
| HD Hyundai Electric Co. Ltd. | 19,647 | 4,390,502 |
| HPSP Co. Ltd. | 28,252 | 794,468 |
| Korea Aerospace Industries Ltd. | 30,241 | 1,160,792 |
| LEENO Industrial, Inc. | 5,599 | 946,404 |
| LIG Nex1 Co. Ltd. | 12,887 | 2,057,209 |
| 11,863,611 | ||
| China — 6.36% | ||
| Akeso, Inc. 1,* | 263,000 | 1,267,831 |
| Henan Pinggao Electric Co. Ltd. - A | 631,000 | 1,690,235 |
| Pacific Basin Shipping Ltd. | 3,577,000 | 1,127,412 |
| Proya Cosmetics Co. Ltd. - A | 39,348 | 599,706 |
| Silergy Corp. | 90,000 | 1,276,589 |
| SITC International Holdings Co. Ltd. | 303,000 | 821,611 |
| Xinyi Glass Holdings Ltd. | 664,000 | 727,161 |
| 7,510,545 | ||
| Vietnam — 3.78% | ||
| FPT Corp. | 873,749 | 4,471,953 |
| Kazakhstan — 1.66% | ||
| Kaspi.KZ JSC 2,3 | 15,190 | 1,959,662 |
| Australia — 1.44% | ||
| Paladin Energy Ltd. * | 205,550 | 1,696,811 |
| Malaysia — 1.43% | ||
| YTL Power International Bhd. | 1,662,500 | 1,692,805 |
| Total FAR EAST (Cost $56,139,036) | 78,820,677 | |
| NORTH AMERICA — 10.19% | ||
| Mexico — 8.15% | ||
| Alsea SAB de CV | 427,400 | 1,485,796 |
| BBB Foods, Inc. - A 2,* | 66,370 | 1,583,588 |
| FIBRA Macquarie Mexico 1 | 412,015 | 699,491 |
| GCC SAB de CV | 147,900 | 1,394,197 |
| Prologis Property Mexico SA de CV | 225,583 | 735,380 |
| TF Administradora Industrial S de RL de CV | 417,300 | 889,799 |
| Vista Energy SAB de CV - ADR 2,* | 62,424 | 2,839,043 |
| 9,627,294 | ||
| Canada — 1.21% | ||
| Filo Corp. * | 77,700 | 1,424,448 |
| United States — 0.83% | ||
| Copa Holdings SA - A | 10,320 | 982,258 |
| Total NORTH AMERICA (Cost $10,241,743) | 12,034,000 | |
| SOUTH AMERICA — 8.94% | ||
| Brazil — 6.43% | ||
| Cury Construtora e Incorporadora SA | 558,504 | 2,058,135 |
| Inter & Co., Inc. - BDR | 266,678 | 1,626,754 |
Notes to Financial Statements are an integral part of this Schedule.
5
Driehaus Emerging Markets Small Cap Growth Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Shares, Principal Amount, or Number of Contracts | Value | |
| Orizon Valorizacao de Residuos SA * | 208,100 | $1,440,667 |
| PRIO SA | 142,100 | 1,114,664 |
| Santos Brasil Participacoes SA | 554,200 | 1,355,238 |
| 7,595,458 | ||
| Argentina — 2.51% | ||
| Grupo Financiero Galicia SA - ADR 2,* | 40,618 | 1,241,286 |
| Pampa Energia SA - SP ADR 2,* | 23,308 | 1,031,612 |
| YPF SA - SP ADR 2,* | 34,429 | 692,712 |
| 2,965,610 | ||
| Total SOUTH AMERICA (Cost $8,657,738) | 10,561,068 | |
| MIDDLE EAST — 4.12% | ||
| Saudi Arabia — 1.62% | ||
| Catrion Catering Holding Co. | 18,724 | 626,424 |
| Saudia Dairy & Foodstuff Co. | 13,769 | 1,287,906 |
| 1,914,330 | ||
| United Arab Emirates — 1.46% | ||
| Abu Dhabi Ports Co. PJSC * | 807,845 | 1,121,701 |
| Emirates Central Cooling Systems Corp. | 1,516,302 | 602,723 |
| 1,724,424 | ||
| Qatar — 1.04% | ||
| Qatar Gas Transport Co. Ltd. | 948,814 | 1,226,857 |
| Total MIDDLE EAST (Cost $4,653,087) | 4,865,611 | |
| EUROPE — 2.64% | ||
| Turkey — 1.54% | ||
| Pegasus Hava Tasimaciligi A/S * | 80,407 | 560,995 |
| Turkiye Sinai Kalkinma Bankasi A/S * | 3,510,771 | 1,260,038 |
| 1,821,033 | ||
| Norway — 1.10% | ||
| Seadrill Ltd. 2,* | 25,182 | 1,296,873 |
| Total EUROPE (Cost $2,853,832) | 3,117,906 | |
| AFRICA — 1.40% | ||
| South Africa — 1.40% | ||
| Truworths International Ltd. | 321,972 | 1,656,193 |
| Total AFRICA (Cost $1,387,411) | 1,656,193 | |
| Total COMMON STOCKS (Cost $83,932,847) | 111,055,455 | |
| Shares, Principal Amount, or Number of Contracts | Value | ||
| RIGHTS — 0.02% | |||
| FAR EAST — 0.02% | |||
| India — 0.02% | |||
| Sobha Ltd. * | 7,469 | $26,361 | |
| Total FAR EAST (Cost $0) | 26,361 | ||
| Total RIGHTS (Cost $0) | 26,361 | ||
| SHORT TERM INVESTMENTS — 5.91% | |||
| Northern Institutional U.S. Government Select Portfolio (Shares Class), 5.19% 4 (Cost $6,983,740) | 6,983,740 | 6,983,740 | |
| TOTAL INVESTMENTS (Cost $90,916,587) | 99.94% | $118,065,556 | |
| Other Assets In Excess of Liabilities | 0.06% | 69,634 | |
| Net Assets | 100.00% | $118,135,190 | |
| ADR | American Depositary Receipt |
| JSC | Joint Stock Company |
| PJSC | Public Joint Stock Company |
| SP ADR | Sponsored American Depositary Receipt |
| 1 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $4,250,705, which represents 4% of Net Assets (see Note F in the Notes to Financial Statements). |
| 2 | Foreign security denominated and/or traded in U.S. dollars. |
| 3 | Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by Driehaus Capital Management LLC (the “Adviser”), investment adviser to the Fund. |
| 4 | 7 day current yield as of June 30, 2024 is disclosed. |
| * | Non-income producing security. |
Percentages are stated as a percent of net assets.
Notes to Financial Statements are an integral part of this Schedule.
6
Driehaus Emerging Markets Small Cap Growth Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Security Type | Percent of Net Assets | |
| Rights | 0.02% | |
| Common Stocks | 94.01% | |
| Short Term Investments | 5.91% | |
| Total Investments | 99.94% | |
| Other Assets In Excess of Liabilities | 0.06% | |
| Net Assets | 100.00% |
| Regional Weightings | Percent of Net Assets | |
| Far East | 66.74% | |
| North America | 16.10% | |
| South America | 8.94% | |
| Middle East | 4.12% | |
| Europe | 2.64% | |
| Africa | 1.40% |
Notes to Financial Statements are an integral part of this Schedule.
7
Driehaus Emerging Markets Small Cap Growth Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Industry | Percent of Net Assets | |
| Aerospace & Defense | 6.06% | |
| Banks | 3.42% | |
| Beverages | 1.21% | |
| Biotechnology | 1.07% | |
| Building Products | 0.62% | |
| Capital Markets | 2.06% | |
| Commercial Services & Supplies | 1.75% | |
| Construction & Engineering | 1.91% | |
| Construction Materials | 2.48% | |
| Consumer Finance | 2.63% | |
| Consumer Staples Distribution & Retail | 1.34% | |
| Electric Utilities | 0.87% | |
| Electrical Equipment | 6.03% | |
| Electronic Equipment, Instruments & Components | 1.43% | |
| Energy Equipment & Services | 1.10% | |
| Financial Services | 1.07% | |
| Food Products | 1.09% | |
| Health Care Providers & Services | 1.91% | |
| Hotels, Restaurants & Leisure | 1.79% | |
| Household Durables | 1.74% | |
| Independent Power and Renewable Electricity Producers | 1.03% | |
| Industrial Real Estate Investment Trusts | 1.96% |
| Industry | Percent of Net Assets | |
| IT Services | 3.78% | |
| Machinery | 5.09% | |
| Marine | 1.65% | |
| Metals & Mining | 2.55% | |
| Money Market Fund | 5.91% | |
| Multi-Utilities | 1.43% | |
| Oil, Gas & Consumable Fuels | 6.42% | |
| Paper & Forest Products | 1.57% | |
| Passenger Airlines | 1.30% | |
| Personal Care Products | 0.51% | |
| Professional Services | 1.13% | |
| Real Estate Management & Development | 2.10% | |
| Semiconductors & Semiconductor Equipment | 8.18% | |
| Specialty Retail | 1.40% | |
| Technology Hardware, Storage & Peripherals | 1.77% | |
| Textiles, Apparel & Luxury Goods | 3.73% | |
| Transportation Infrastructure | 5.15% | |
| Water Utilities | 0.51% | |
| Wireless Telecommunication Services | 1.19% | |
| Other Assets In Excess of Liabilities | 0.06% | |
| TOTAL | 100.00% |
Notes to Financial Statements are an integral part of this Schedule.
8
Driehaus Global Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Shares, Principal Amount, or Number of Contracts | Value | |
| COMMON STOCKS — 94.95% | ||
| NORTH AMERICA — 64.22% | ||
| United States — 61.67% | ||
| Alphabet, Inc. - A | 11,795 | $2,148,459 |
| Amazon.com, Inc. * | 8,869 | 1,713,934 |
| Amphenol Corp. - A | 4,354 | 293,329 |
| Apple, Inc. | 13,738 | 2,893,498 |
| Ball Corp. | 5,203 | 312,284 |
| Bank of America Corp. | 17,572 | 698,838 |
| Broadcom, Inc. | 529 | 849,325 |
| CACI International, Inc. - A * | 840 | 361,309 |
| Chipotle Mexican Grill, Inc. * | 9,050 | 566,983 |
| Cloudflare, Inc. - A * | 5,039 | 417,380 |
| Colgate-Palmolive Co. | 7,502 | 727,994 |
| Dell Technologies, Inc. - C | 2,533 | 349,326 |
| Domino's Pizza, Inc. | 814 | 420,293 |
| DraftKings, Inc. - A * | 8,608 | 328,567 |
| elf Beauty, Inc. * | 2,684 | 565,572 |
| Eli Lilly & Co. | 1,307 | 1,183,332 |
| Exxon Mobil Corp. | 13,064 | 1,503,928 |
| Gitlab, Inc. - A * | 8,754 | 435,249 |
| Huntington Bancshares, Inc. | 23,474 | 309,387 |
| JPMorgan Chase & Co. | 4,697 | 950,015 |
| KKR & Co., Inc. | 9,737 | 1,024,722 |
| McKesson Corp. | 963 | 562,431 |
| Medpace Holdings, Inc. * | 1,716 | 706,735 |
| Meta Platforms, Inc. - A | 2,139 | 1,078,527 |
| Microsoft Corp. | 5,909 | 2,641,028 |
| Mondelez International, Inc. - A | 4,308 | 281,916 |
| Motorola Solutions, Inc. | 2,129 | 821,900 |
| NVIDIA Corp. | 20,154 | 2,489,825 |
| Pinterest, Inc. - A * | 14,666 | 646,331 |
| Quanta Services, Inc. | 2,261 | 574,497 |
| Roper Technologies, Inc. | 996 | 561,405 |
| ServiceNow, Inc. * | 694 | 545,949 |
| Southern Copper Corp. | 2,507 | 270,104 |
| Spotify Technology SA * | 2,904 | 911,246 |
| Stryker Corp. | 980 | 333,445 |
| Synopsys, Inc. * | 626 | 372,508 |
| Teradyne, Inc. | 2,838 | 420,847 |
| The Charles Schwab Corp. | 6,901 | 508,535 |
| The Southern Co. | 4,820 | 373,887 |
| The Trade Desk, Inc. - A * | 9,700 | 947,399 |
| Thermo Fisher Scientific, Inc. | 978 | 540,834 |
| Truist Financial Corp. | 9,842 | 382,362 |
| Uber Technologies, Inc. * | 11,178 | 812,417 |
| United Airlines Holdings, Inc. * | 11,006 | 535,552 |
| Vertex Pharmaceuticals, Inc. * | 934 | 437,784 |
| Walmart, Inc. | 10,755 | 728,221 |
| 36,539,409 | ||
| Canada — 2.55% | ||
| Cameco Corp. 1 | 12,114 | 596,009 |
| Shopify, Inc. - A 1,* | 5,674 | 374,768 |
| Shares, Principal Amount, or Number of Contracts | Value | |
| Suncor Energy, Inc. | 14,100 | $537,491 |
| 1,508,268 | ||
| Total NORTH AMERICA (Cost $28,516,870) | 38,047,677 | |
| EUROPE — 21.49% | ||
| United Kingdom — 9.00% | ||
| AstraZeneca PLC - SP ADR 1 | 10,514 | 819,987 |
| London Stock Exchange Group PLC | 5,770 | 684,197 |
| RELX PLC | 20,050 | 918,669 |
| Rolls-Royce Holdings PLC * | 217,379 | 1,248,460 |
| Shell PLC | 36,611 | 1,319,327 |
| Unilever PLC | 6,285 | 344,967 |
| 5,335,607 | ||
| Switzerland — 3.59% | ||
| Alcon, Inc. | 5,217 | 463,749 |
| Lonza Group AG | 960 | 522,629 |
| Novartis AG | 3,315 | 352,953 |
| On Holding AG - A 1,* | 12,257 | 475,572 |
| Roche Holding AG | 1,126 | 311,968 |
| 2,126,871 | ||
| Germany — 2.18% | ||
| BASF SE | 6,957 | 336,319 |
| Deutsche Telekom AG | 18,862 | 474,106 |
| Vonovia SE | 16,914 | 481,346 |
| 1,291,771 | ||
| Netherlands — 1.65% | ||
| Adyen NV 2,* | 270 | 320,673 |
| ASM International NV | 860 | 657,363 |
| 978,036 | ||
| Ireland — 1.62% | ||
| Linde PLC 1 | 1,687 | 740,272 |
| Weatherford International PLC 1,* | 1,773 | 217,104 |
| 957,376 | ||
| Spain — 1.21% | ||
| Industria de Diseno Textil SA | 14,451 | 717,107 |
| France — 0.78% | ||
| Accor SA | 11,238 | 459,848 |
| Italy — 0.53% | ||
| UniCredit SpA | 8,514 | 315,069 |
| Greece — 0.47% | ||
| National Bank of Greece SA * | 33,485 | 278,206 |
| Poland — 0.46% | ||
| Powszechny Zaklad Ubezpieczen SA | 21,616 | 275,976 |
| Total EUROPE (Cost $10,879,852) | 12,735,867 | |
| FAR EAST — 9.24% | ||
| Japan — 2.92% | ||
| Kokusai Electric Corp. | 9,700 | 285,211 |
Notes to Financial Statements are an integral part of this Schedule.
9
Driehaus Global Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Shares, Principal Amount, or Number of Contracts | Value | ||
| Mitsubishi UFJ Financial Group, Inc. | 55,700 | $601,116 | |
| Nintendo Co. Ltd. | 6,700 | 357,791 | |
| Renesas Electronics Corp. | 25,700 | 487,391 | |
| 1,731,509 | |||
| China — 2.18% | |||
| Tencent Holdings Ltd. | 27,253 | 1,292,891 | |
| India — 1.82% | |||
| ICICI Bank Ltd. - SP ADR 1 | 30,212 | 870,408 | |
| Titan Co. Ltd. | 5,065 | 206,411 | |
| 1,076,819 | |||
| South Korea — 0.73% | |||
| Samsung Electronics Co. Ltd. | 7,383 | 434,518 | |
| Philippines — 0.58% | |||
| BDO Unibank, Inc. | 156,000 | 341,231 | |
| Taiwan — 0.54% | |||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 10,668 | 316,068 | |
| Indonesia — 0.47% | |||
| Bank Central Asia Tbk PT | 462,045 | 279,579 | |
| Total FAR EAST (Cost $3,921,258) | 5,472,615 | ||
| Total COMMON STOCKS (Cost $43,317,980) | 56,256,159 | ||
| SHORT TERM INVESTMENTS — 4.79% | |||
| Northern Institutional U.S. Government Select Portfolio (Shares Class), 5.19% 3 (Cost $2,840,737) | 2,840,737 | 2,840,737 | |
| TOTAL INVESTMENTS (Cost $46,158,717) | 99.74% | $59,096,896 | |
| Other Assets In Excess of Liabilities | 0.26% | 152,881 | |
| Net Assets | 100.00% | $59,249,777 | |
| PLC | Public Limited Company |
| SP ADR | Sponsored American Depositary Receipt |
| 1 | Foreign security denominated and/or traded in U.S. dollars. |
| 2 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $320,673, which represents 1% of Net Assets (see Note F in the Notes to Financial Statements). |
| 3 | 7 day current yield as of June 30, 2024 is disclosed. |
| * | Non-income producing security. |
Percentages are stated as a percent of net assets.
| Security Type | Percent of Net Assets | |
| Common Stocks | 94.95% | |
| Short Term Investments | 4.79% | |
| Total Investments | 99.74% | |
| Other Assets In Excess of Liabilities | 0.26% | |
| Net Assets | 100.00% |
| Regional Weightings | Percent of Net Assets | |
| North America | 69.01% | |
| Europe | 21.50% | |
| Far East | 9.23% |
Notes to Financial Statements are an integral part of this Schedule.
10
Driehaus Global Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Industry | Percent of Net Assets | |
| Aerospace & Defense | 2.11% | |
| Banks | 8.49% | |
| Biotechnology | 0.74% | |
| Broadline Retail | 2.89% | |
| Capital Markets | 3.74% | |
| Chemicals | 1.82% | |
| Communications Equipment | 1.39% | |
| Construction & Engineering | 0.97% | |
| Consumer Staples Distribution & Retail | 1.23% | |
| Containers & Packaging | 0.53% | |
| Diversified Telecommunication Services | 0.80% | |
| Electric Utilities | 0.63% | |
| Electronic Equipment, Instruments & Components | 0.50% | |
| Energy Equipment & Services | 0.37% | |
| Entertainment | 2.14% | |
| Financial Services | 0.54% | |
| Food Products | 0.48% | |
| Ground Transportation | 1.37% | |
| Health Care Equipment & Supplies | 1.34% | |
| Health Care Providers & Services | 0.95% | |
| Hotels, Restaurants & Leisure | 3.00% | |
| Household Products | 1.23% |
| Industry | Percent of Net Assets | |
| Insurance | 0.47% | |
| Interactive Media & Services | 8.72% | |
| IT Services | 1.33% | |
| Life Sciences Tools & Services | 2.98% | |
| Media | 1.60% | |
| Metals & Mining | 0.46% | |
| Money Market Fund | 4.79% | |
| Oil, Gas & Consumable Fuels | 6.69% | |
| Passenger Airlines | 0.90% | |
| Personal Care Products | 1.53% | |
| Pharmaceuticals | 4.51% | |
| Professional Services | 2.16% | |
| Real Estate Management & Development | 0.81% | |
| Semiconductors & Semiconductor Equipment | 9.28% | |
| Software | 7.69% | |
| Specialty Retail | 1.21% | |
| Technology Hardware, Storage & Peripherals | 6.20% | |
| Textiles, Apparel & Luxury Goods | 1.15% | |
| Other Assets In Excess of Liabilities | 0.26% | |
| TOTAL | 100.00% |
Notes to Financial Statements are an integral part of this Schedule.
11
Driehaus International Small Cap Growth Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Shares, Principal Amount, or Number of Contracts | Value | |
| COMMON STOCKS — 96.04% | ||
| EUROPE — 47.11% | ||
| United Kingdom — 7.78% | ||
| Babcock International Group PLC | 394,600 | $2,607,068 |
| ConvaTec Group PLC 1 | 627,072 | 1,857,838 |
| Cranswick PLC | 44,859 | 2,525,655 |
| Intermediate Capital Group PLC | 125,626 | 3,445,206 |
| Marks & Spencer Group PLC | 630,336 | 2,279,129 |
| Renishaw PLC | 37,067 | 1,724,394 |
| RS GROUP PLC | 129,901 | 1,147,988 |
| Serco Group PLC | 1,175,125 | 2,661,694 |
| 18,248,972 | ||
| Germany — 7.59% | ||
| Bilfinger SE | 45,401 | 2,387,569 |
| CTS Eventim AG & Co. KGaA | 35,336 | 2,941,700 |
| KION Group AG | 28,202 | 1,178,093 |
| LEG Immobilien SE | 21,120 | 1,725,422 |
| Nordex SE * | 246,525 | 3,013,758 |
| Scout24 SE 1 | 37,257 | 2,846,575 |
| SUESS MicroTec SE | 56,305 | 3,708,931 |
| 17,802,048 | ||
| Switzerland — 5.85% | ||
| Comet Holding AG | 9,238 | 3,703,383 |
| Flughafen Zurich AG | 15,008 | 3,322,167 |
| PolyPeptide Group AG 1,* | 42,603 | 1,355,947 |
| Siegfried Holding AG * | 2,683 | 2,782,680 |
| Tecan Group AG | 7,593 | 2,542,267 |
| 13,706,444 | ||
| Italy — 5.36% | ||
| Banco BPM SpA | 374,237 | 2,408,515 |
| Buzzi SpA | 61,237 | 2,465,889 |
| Leonardo SpA | 127,993 | 2,965,446 |
| Saipem SpA * | 1,841,425 | 4,721,947 |
| 12,561,797 | ||
| Spain — 3.17% | ||
| Fluidra SA | 104,692 | 2,182,697 |
| Indra Sistemas SA | 197,655 | 4,058,810 |
| Tecnicas Reunidas SA * | 87,738 | 1,187,946 |
| 7,429,453 | ||
| Norway — 3.03% | ||
| DOF Group ASA * | 425,642 | 3,849,228 |
| Seadrill Ltd. 2,* | 63,284 | 3,259,126 |
| 7,108,354 | ||
| Netherlands — 2.48% | ||
| Fugro NV | 116,619 | 2,812,311 |
| Iveco Group NV | 78,939 | 883,949 |
| Merus NV 2,* | 35,973 | 2,128,522 |
| 5,824,782 | ||
| Ireland — 2.39% | ||
| Glanbia PLC | 198,012 | 3,859,509 |
| Shares, Principal Amount, or Number of Contracts | Value | |
| Greencore Group PLC * | 831,955 | $1,749,505 |
| 5,609,014 | ||
| France — 2.04% | ||
| Coface SA | 76,407 | 1,063,714 |
| Eramet SA | 19,523 | 1,976,777 |
| Sopra Steria Group | 8,979 | 1,746,077 |
| 4,786,568 | ||
| Sweden — 1.94% | ||
| Hemnet Group AB | 58,860 | 1,773,173 |
| Mycronic AB | 49,854 | 1,931,769 |
| The Thule Group AB 1 | 32,428 | 846,955 |
| 4,551,897 | ||
| Austria — 1.70% | ||
| DO & CO AG | 22,387 | 3,985,201 |
| Belgium — 1.35% | ||
| Lotus Bakeries NV | 219 | 2,258,601 |
| Shurgard Self Storage Ltd. | 23,318 | 901,279 |
| 3,159,880 | ||
| Finland — 1.22% | ||
| Metso OYJ | 269,021 | 2,859,259 |
| Denmark — 1.21% | ||
| ALK-Abello A/S * | 81,664 | 1,784,151 |
| GN Store Nord AS * | 37,445 | 1,043,172 |
| 2,827,323 | ||
| Total EUROPE (Cost $91,295,552) | 110,460,992 | |
| FAR EAST — 35.48% | ||
| Japan — 20.94% | ||
| ABC-Mart, Inc. | 131,000 | 2,299,056 |
| Asics Corp. | 262,800 | 4,051,896 |
| Azbil Corp. | 109,200 | 3,050,208 |
| CKD Corp. | 148,600 | 2,948,667 |
| Fujitec Co. Ltd. | 109,150 | 2,930,069 |
| Fukuoka Financial Group, Inc. | 38,700 | 1,042,157 |
| Harmonic Drive Systems, Inc. | 62,500 | 1,768,237 |
| Hoshizaki Corp. | 68,800 | 2,188,370 |
| Isetan Mitsukoshi Holdings Ltd. | 68,400 | 1,285,702 |
| Jeol Ltd. | 73,800 | 3,351,449 |
| Kewpie Corp. | 57,000 | 1,133,339 |
| Kyoritsu Maintenance Co. Ltd. | 80,900 | 1,515,433 |
| Life Corp. | 44,100 | 1,080,875 |
| Mizuno Corp. | 19,100 | 940,605 |
| Modec, Inc. | 94,200 | 1,702,987 |
| Morinaga Milk Industry Co. Ltd. | 88,400 | 1,860,084 |
| Nichias Corp. | 53,630 | 1,576,964 |
| NOF Corp. | 105,600 | 1,448,317 |
| OBIC Business Co.nsultants Co. Ltd. | 52,300 | 2,203,799 |
| Resonac Holdings Corp. | 72,900 | 1,610,631 |
| Ryohin Keikaku Co. Ltd. | 126,000 | 2,096,886 |
| Seria Co. Ltd. | 150,000 | 2,718,138 |
| Skylark Holdings Co. Ltd. * | 82,800 | 1,102,983 |
| Tazmo Co. Ltd. | 68,400 | 1,521,371 |
Notes to Financial Statements are an integral part of this Schedule.
12
Driehaus International Small Cap Growth Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Shares, Principal Amount, or Number of Contracts | Value | |
| Yokogawa Electric Corp. | 68,600 | $1,666,025 |
| 49,094,248 | ||
| India — 5.69% | ||
| APL Apollo Tubes Ltd. | 93,169 | 1,735,135 |
| EIH Ltd. | 231,894 | 1,192,197 |
| ICICI Lombard General Insurance Co. Ltd. 1 | 86,199 | 1,845,895 |
| Indian Hotels Co. Ltd. | 369,767 | 2,766,265 |
| KPIT Technologies Ltd. | 90,873 | 1,776,942 |
| Max Healthcare Institute Ltd. | 226,102 | 2,546,440 |
| United Breweries Ltd. | 62,759 | 1,493,169 |
| 13,356,043 | ||
| Taiwan — 2.82% | ||
| King Slide Works Co. Ltd. | 27,000 | 1,026,706 |
| Lotes Co. Ltd. | 58,000 | 2,907,270 |
| Wiwynn Corp. | 33,000 | 2,672,586 |
| 6,606,562 | ||
| South Korea — 2.65% | ||
| Eugene Technology Co. Ltd. | 29,482 | 1,052,739 |
| KT Corp. | 79,772 | 2,161,919 |
| LEENO Industrial, Inc. | 6,538 | 1,105,125 |
| TechWing, Inc. | 41,350 | 1,893,080 |
| 6,212,863 | ||
| Australia — 1.35% | ||
| AUB Group Ltd. | 103,575 | 2,178,382 |
| Paladin Energy Ltd. * | 119,495 | 986,430 |
| 3,164,812 | ||
| Indonesia — 1.09% | ||
| Indosat Tbk PT | 1,959,700 | 1,280,537 |
| Sumber Alfaria Trijaya Tbk PT | 7,562,400 | 1,270,021 |
| 2,550,558 | ||
| Thailand — 0.49% | ||
| Fabrinet 2,* | 4,680 | 1,145,617 |
| Malaysia — 0.45% | ||
| YTL Corp. Bhd. | 1,460,800 | 1,065,377 |
| Total FAR EAST (Cost $73,396,607) | 83,196,080 | |
| NORTH AMERICA — 9.58% | ||
| Canada — 7.73% | ||
| Aritzia, Inc. * | 93,000 | 2,632,184 |
| Boardwalk REIT | 50,974 | 2,626,108 |
| Capstone Copper Corp. * | 313,700 | 2,224,254 |
| Celestica, Inc. * | 44,000 | 2,519,616 |
| Element Fleet Management Corp. | 179,700 | 3,269,422 |
| Kinaxis, Inc. * | 15,111 | 1,742,562 |
| NexGen Energy Ltd. * | 148,800 | 1,037,646 |
| NFI Group, Inc. * | 118,700 | 1,374,371 |
| Xenon Pharmaceuticals, Inc. 2,* | 17,491 | 681,974 |
| 18,108,137 | ||
| Mexico — 1.85% | ||
| Alsea SAB de CV | 291,300 | 1,012,663 |
| GCC SAB de CV | 180,686 | 1,703,258 |
| Shares, Principal Amount, or Number of Contracts | Value | |
| Gruma SAB de CV - B | 88,910 | $1,628,567 |
| 4,344,488 | ||
| Total NORTH AMERICA (Cost $19,354,089) | 22,452,625 | |
| SOUTH AMERICA — 1.76% | ||
| Brazil — 1.76% | ||
| Direcional Engenharia SA | 479,012 | 2,278,480 |
| Embraer SA - SP ADR 2,* | 71,217 | 1,837,398 |
| 4,115,878 | ||
| Total SOUTH AMERICA (Cost $2,918,946) | 4,115,878 | |
| MIDDLE EAST — 1.31% | ||
| Israel — 1.31% | ||
| Camtek Ltd. 2 | 12,446 | 1,558,737 |
| Nice Ltd. - SP ADR 2,* | 8,749 | 1,504,566 |
| 3,063,303 | ||
| Total MIDDLE EAST (Cost $2,336,910) | 3,063,303 | |
| AFRICA — 0.80% | ||
| South Africa — 0.80% | ||
| Mr Price Group Ltd. | 166,034 | 1,878,967 |
| Total AFRICA (Cost $1,502,082) | 1,878,967 | |
| Total COMMON STOCKS (Cost $190,804,186) | 225,167,845 | |
| PREFERRED STOCKS — 1.07% | ||
| EUROPE — 1.07% | ||
| Germany — 1.07% | ||
| FUCHS SE, 2.61% 3 | 55,124 | 2,519,929 |
| Total EUROPE (Cost $2,013,550) | 2,519,929 | |
| Total PREFERRED STOCKS (Cost $2,013,550) | 2,519,929 | |
Notes to Financial Statements are an integral part of this Schedule.
13
Driehaus International Small Cap Growth Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Shares, Principal Amount, or Number of Contracts | Value | ||
| SHORT TERM INVESTMENTS — 2.46% | |||
| Northern Institutional U.S. Government Select Portfolio (Shares Class), 5.19% 4 (Cost $5,772,060) | 5,772,060 | $5,772,060 | |
| TOTAL INVESTMENTS (Cost $198,589,796) | 99.57% | $233,459,834 | |
| Other Assets In Excess of Liabilities | 0.43% | 1,000,065 | |
| Net Assets | 100.00% | $234,459,899 | |
| PLC | Public Limited Company |
| REIT | Real Estate Investment Trust |
| SP ADR | Sponsored American Depositary Receipt |
| 1 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $8,753,210, which represents 4% of Net Assets (see Note F in the Notes to Financial Statements). |
| 2 | Foreign security denominated and/or traded in U.S. dollars. |
| 3 | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
| 4 | 7 day current yield as of June 30, 2024 is disclosed. |
| * | Non-income producing security. |
Percentages are stated as a percent of net assets.
| Security Type | Percent of Net Assets | |
| Common Stocks | 96.04% | |
| Preferred Stocks | 1.07% | |
| Short Term Investments | 2.46% | |
| Total Investments | 99.57% | |
| Other Assets In Excess of Liabilities | 0.43% | |
| Net Assets | 100.00% |
| Regional Weightings | Percent of Net Assets | |
| Europe | 48.18% | |
| Far East | 35.48% | |
| North America | 12.04% | |
| South America | 1.76% | |
| Middle East | 1.31% | |
| Africa | 0.80% |
Notes to Financial Statements are an integral part of this Schedule.
14
Driehaus International Small Cap Growth Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Industry | Percent of Net Assets | |
| Aerospace & Defense | 3.17% | |
| Banks | 1.48% | |
| Beverages | 0.63% | |
| Biotechnology | 1.20% | |
| Broadline Retail | 2.60% | |
| Building Products | 0.67% | |
| Capital Markets | 1.47% | |
| Chemicals | 2.38% | |
| Commercial Services & Supplies | 5.25% | |
| Construction & Engineering | 1.20% | |
| Construction Materials | 1.78% | |
| Consumer Staples Distribution & Retail | 1.97% | |
| Diversified Telecommunication Services | 0.92% | |
| Electrical Equipment | 1.29% | |
| Electronic Equipment, Instruments & Components | 9.39% | |
| Energy Equipment & Services | 6.28% | |
| Entertainment | 1.25% | |
| Food Products | 6.39% | |
| Health Care Equipment & Supplies | 0.79% | |
| Health Care Providers & Services | 1.08% | |
| Hotels, Restaurants & Leisure | 3.24% | |
| Household Durables | 1.42% | |
| Insurance | 2.17% | |
| Interactive Media & Services | 1.97% |
| Industry | Percent of Net Assets | |
| IT Services | 2.48% | |
| Leisure Products | 0.76% | |
| Life Sciences Tools & Services | 2.85% | |
| Machinery | 7.80% | |
| Metals & Mining | 2.53% | |
| Money Market Fund | 2.46% | |
| Multi-Utilities | 0.45% | |
| Oil, Gas & Consumable Fuels | 0.86% | |
| Pharmaceuticals | 0.76% | |
| Real Estate Management & Development | 0.74% | |
| Residential Real Estate Investment Trusts (REITs) | 1.12% | |
| Semiconductors & Semiconductor Equipment | 4.63% | |
| Software | 3.08% | |
| Specialized Real Estate Investment Trusts | 0.39% | |
| Specialty Retail | 2.90% | |
| Technology Hardware, Storage & Peripherals | 1.58% | |
| Textiles, Apparel & Luxury Goods | 1.73% | |
| Trading Companies & Distributors | 0.49% | |
| Transportation Infrastructure | 1.42% | |
| Wireless Telecommunication Services | 0.55% | |
| Other Assets In Excess of Liabilities | 0.43% | |
| TOTAL | 100.00% |
Notes to Financial Statements are an integral part of this Schedule.
15
Driehaus International Developed Equity Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Shares, Principal Amount, or Number of Contracts | Value | |
| COMMON STOCKS — 94.41% | ||
| EUROPE — 75.24% | ||
| United Kingdom — 14.82% | ||
| AstraZeneca PLC | 175 | $27,236 |
| Compass Group PLC | 831 | 22,639 |
| Halma PLC | 425 | 14,486 |
| London Stock Exchange Group PLC | 200 | 23,716 |
| RELX PLC | 509 | 23,322 |
| Rolls-Royce Holdings PLC * | 5,008 | 28,762 |
| Unilever PLC | 494 | 27,114 |
| 167,275 | ||
| Germany — 14.41% | ||
| BASF SE | 521 | 25,187 |
| Deutsche Telekom AG | 959 | 24,105 |
| Infineon Technologies AG | 421 | 15,451 |
| KION Group AG | 200 | 8,355 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 37 | 18,498 |
| SAP SE | 141 | 28,323 |
| Siemens Energy AG * | 1,248 | 32,541 |
| Vonovia SE | 360 | 10,245 |
| 162,705 | ||
| France — 9.46% | ||
| Accor SA | 304 | 12,439 |
| AXA SA | 489 | 16,025 |
| EssilorLuxottica SA | 105 | 22,563 |
| Hermes International SCA | 9 | 20,787 |
| Safran SA | 62 | 13,067 |
| Sodexo SA | 243 | 21,890 |
| 106,771 | ||
| Switzerland — 8.01% | ||
| Alcon, Inc. | 330 | 29,334 |
| Lonza Group AG | 54 | 29,398 |
| Nestle SA | 311 | 31,745 |
| 90,477 | ||
| Netherlands — 7.67% | ||
| Akzo Nobel NV | 245 | 14,933 |
| ASML Holding NV | 59 | 60,131 |
| STMicroelectronics NV | 293 | 11,476 |
| 86,540 | ||
| Italy — 5.64% | ||
| Leonardo SpA | 834 | 19,323 |
| Saipem SpA * | 9,175 | 23,527 |
| UniCredit SpA | 562 | 20,797 |
| 63,647 | ||
| Denmark — 4.30% | ||
| Novo Nordisk A/S - B | 339 | 48,506 |
| Ireland — 4.11% | ||
| CRH PLC | 343 | 25,418 |
| ICON PLC 1,* | 67 | 21,002 |
| 46,420 | ||
| Shares, Principal Amount, or Number of Contracts | Value | ||
| Spain — 3.99% | |||
| Banco Bilbao Vizcaya Argentaria SA | 888 | $8,914 | |
| Industria de Diseno Textil SA | 729 | 36,176 | |
| 45,090 | |||
| Finland — 1.50% | |||
| Kone OYJ - B | 341 | 16,907 | |
| Sweden — 1.33% | |||
| Atlas Copco AB - A | 800 | 15,021 | |
| Total EUROPE (Cost $842,475) | 849,359 | ||
| FAR EAST — 11.80% | |||
| Japan — 11.80% | |||
| Hitachi Ltd. | 1,000 | 22,517 | |
| Mitsubishi UFJ Financial Group, Inc. | 1,400 | 15,109 | |
| Nintendo Co. Ltd. | 200 | 10,680 | |
| Nippon Sanso Holdings Corp. | 700 | 20,788 | |
| Renesas Electronics Corp. | 900 | 17,068 | |
| Seven & i Holdings Co. Ltd. | 1,700 | 20,774 | |
| Tokio Marine Holdings, Inc. | 700 | 26,306 | |
| 133,242 | |||
| Total FAR EAST (Cost $122,361) | 133,242 | ||
| NORTH AMERICA — 7.37% | |||
| Canada — 7.37% | |||
| Cameco Corp. 1 | 600 | 29,521 | |
| Canadian Natural Resources Ltd. | 400 | 14,248 | |
| Capstone Copper Corp. * | 1,700 | 12,054 | |
| Dollarama, Inc. | 300 | 27,391 | |
| 83,214 | |||
| Total NORTH AMERICA (Cost $81,733) | 83,214 | ||
| Total COMMON STOCKS (Cost $1,046,569) | 1,065,815 | ||
| SHORT TERM INVESTMENTS — 4.39% | |||
| Northern Institutional U.S. Government Select Portfolio (Shares Class), 5.19% 2 (Cost $49,584) | 49,584 | 49,584 | |
| TOTAL INVESTMENTS (Cost $1,096,153) | 98.80% | $1,115,399 | |
| Other Assets In Excess of Liabilities | 1.20% | 13,567 | |
| Net Assets | 100.00% | $1,128,966 | |
| PLC | Public Limited Company |
| 1 | Foreign security denominated and/or traded in U.S. dollars. |
Notes to Financial Statements are an integral part of this Schedule.
16
Driehaus International Developed Equity Fund
Schedule of Investments
June 30, 2024 (unaudited)
| 2 | 7 day current yield as of June 30, 2024 is disclosed. |
| * | Non-income producing security. |
Percentages are stated as a percent of net assets.
| Security Type | Percent of Net Assets | |
| Common Stocks | 94.41% | |
| Short Term Investments | 4.39% | |
| Total Investments | 98.80% | |
| Other Assets In Excess of Liabilities | 1.20% | |
| Net Assets | 100.00% |
| Regional Weightings | Percent of Net Assets | |
| Europe | 75.24% | |
| Far East | 11.80% | |
| North America | 11.76% |
Notes to Financial Statements are an integral part of this Schedule.
17
Driehaus International Developed Equity Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Industry | Percent of Net Assets | |
| Aerospace & Defense | 5.42% | |
| Banks | 3.97% | |
| Broadline Retail | 2.43% | |
| Capital Markets | 2.10% | |
| Chemicals | 5.39% | |
| Construction Materials | 2.25% | |
| Consumer Staples Distribution & Retail | 1.84% | |
| Diversified Telecommunication Services | 2.13% | |
| Electrical Equipment | 2.88% | |
| Electronic Equipment, Instruments & Components | 1.28% | |
| Energy Equipment & Services | 2.09% | |
| Entertainment | 0.95% | |
| Food Products | 2.81% | |
| Health Care Equipment & Supplies | 4.60% | |
| Hotels, Restaurants & Leisure | 5.05% | |
| Industrial Conglomerates | 1.99% | |
| Insurance | 5.39% |
| Industry | Percent of Net Assets | |
| Life Sciences Tools & Services | 4.46% | |
| Machinery | 3.57% | |
| Metals & Mining | 1.07% | |
| Money Market Fund | 4.39% | |
| Oil, Gas & Consumable Fuels | 3.87% | |
| Personal Care Products | 2.40% | |
| Pharmaceuticals | 6.71% | |
| Professional Services | 2.07% | |
| Real Estate Management & Development | 0.91% | |
| Semiconductors & Semiconductor Equipment | 9.23% | |
| Software | 2.51% | |
| Specialty Retail | 3.20% | |
| Textiles, Apparel & Luxury Goods | 1.84% | |
| Other Assets In Excess of Liabilities | 1.20% | |
| TOTAL | 100.00% |
Notes to Financial Statements are an integral part of this Schedule.
18
Driehaus Micro Cap Growth Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Shares, Principal Amount, or Number of Contracts | Value | |
| COMMON STOCKS — 99.25% | ||
| HEALTH CARE — 31.50% | ||
| Biotechnology — 20.30% | ||
| ADMA Biologics, Inc. * | 384,837 | $4,302,478 |
| Apogee Therapeutics, Inc. * | 75,242 | 2,960,773 |
| Astria Therapeutics, Inc. * | 192,960 | 1,755,936 |
| Autolus Therapeutics PLC - ADR 1,* | 89,234 | 310,534 |
| Biohaven Ltd. * | 26,212 | 909,818 |
| Centessa Pharmaceuticals PLC - ADR 1,* | 156,523 | 1,413,403 |
| CG oncology, Inc. * | 14,340 | 452,714 |
| Crinetics Pharmaceuticals, Inc. * | 167,039 | 7,481,677 |
| Day One Biopharmaceuticals, Inc. * | 95,361 | 1,314,075 |
| Ideaya Biosciences, Inc. * | 58,605 | 2,057,621 |
| KalVista Pharmaceuticals, Inc. * | 71,790 | 845,686 |
| Kiniksa Pharmaceuticals International PLC 1,* | 82,548 | 1,541,171 |
| Larimar Therapeutics, Inc. * | 123,420 | 894,795 |
| Merus NV 1,* | 56,147 | 3,322,218 |
| Nurix Therapeutics, Inc. * | 118,385 | 2,470,695 |
| Nuvalent, Inc. - A * | 30,788 | 2,335,578 |
| Praxis Precision Medicines, Inc. * | 22,197 | 918,068 |
| Protagonist Therapeutics, Inc. * | 45,721 | 1,584,233 |
| Rhythm Pharmaceuticals, Inc. * | 107,635 | 4,419,493 |
| Soleno Therapeutics, Inc. * | 19,456 | 793,805 |
| Twist Bioscience Corp. * | 52,109 | 2,567,931 |
| Vaxcyte, Inc. * | 52,790 | 3,986,173 |
| Vera Therapeutics, Inc. * | 26,277 | 950,702 |
| Xenon Pharmaceuticals, Inc. 1,* | 117,481 | 4,580,584 |
| 54,170,161 | ||
| Health Care Equipment & Supplies — 7.29% | ||
| Alphatec Holdings, Inc. * | 61,263 | 640,198 |
| LeMaitre Vascular, Inc. | 35,430 | 2,915,181 |
| PROCEPT BioRobotics Corp. * | 46,846 | 2,861,822 |
| RxSight, Inc. * | 58,155 | 3,499,186 |
| Tandem Diabetes Care, Inc. * | 63,047 | 2,540,164 |
| TransMedics Group, Inc. * | 46,366 | 6,983,647 |
| 19,440,198 | ||
| Pharmaceuticals — 3.34% | ||
| Avadel Pharmaceuticals PLC 1,* | 63,057 | 886,581 |
| Edgewise Therapeutics, Inc. * | 91,880 | 1,654,759 |
| Longboard Pharmaceuticals, Inc. * | 39,812 | 1,076,118 |
| Mind Medicine MindMed, Inc. 1,* | 135,499 | 976,948 |
| Structure Therapeutics, Inc. - ADR * | 76,041 | 2,986,130 |
| Shares, Principal Amount, or Number of Contracts | Value | |
| Tarsus Pharmaceuticals, Inc. * | 48,871 | $1,328,314 |
| 8,908,850 | ||
| Health Care Providers & Services — 0.57% | ||
| GeneDx Holdings Corp. * | 58,143 | 1,519,858 |
| Total HEALTH CARE (Cost $54,635,588) | 84,039,067 | |
| INDUSTRIALS — 20.84% | ||
| Machinery — 4.70% | ||
| Blue Bird Corp. * | 67,474 | 3,633,475 |
| Federal Signal Corp. | 36,005 | 3,012,538 |
| Mueller Water Products, Inc. - A | 97,510 | 1,747,379 |
| REV Group, Inc. | 114,645 | 2,853,514 |
| The Greenbrier Cos., Inc. | 26,212 | 1,298,805 |
| 12,545,711 | ||
| Construction & Engineering — 4.13% | ||
| Bowman Consulting Group Ltd. * | 37,218 | 1,183,160 |
| Construction Partners, Inc. - A * | 49,575 | 2,737,036 |
| MYR Group, Inc. * | 18,976 | 2,575,233 |
| Sterling Infrastructure, Inc. * | 38,320 | 4,534,789 |
| 11,030,218 | ||
| Commercial Services & Supplies — 4.02% | ||
| ACV Auctions, Inc. - A * | 165,239 | 3,015,612 |
| BrightView Holdings, Inc. * | 131,928 | 1,754,642 |
| CECO Environmental Corp. * | 78,746 | 2,271,822 |
| Montrose Environmental Group, Inc. * | 82,341 | 3,669,115 |
| 10,711,191 | ||
| Aerospace & Defense — 2.81% | ||
| AeroVironment, Inc. * | 10,762 | 1,960,406 |
| Cadre Holdings, Inc. | 54,389 | 1,825,295 |
| Kratos Defense & Security Solutions, Inc. * | 169,016 | 3,382,010 |
| Loar Holdings, Inc. * | 6,106 | 326,121 |
| 7,493,832 | ||
| Electrical Equipment — 2.75% | ||
| American Superconductor Corp. * | 123,527 | 2,889,297 |
| Enovix Corp. * | 186,201 | 2,878,667 |
| Powell Industries, Inc. | 10,900 | 1,563,060 |
| 7,331,024 | ||
| Trading Companies & Distributors — 1.91% | ||
| FTAI Aviation Ltd. | 49,413 | 5,100,904 |
| Ground Transportation — 0.52% | ||
| RXO, Inc. * | 53,056 | 1,387,415 |
| Total INDUSTRIALS (Cost $38,724,532) | 55,600,295 | |
Notes to Financial Statements are an integral part of this Schedule.
19
Driehaus Micro Cap Growth Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Shares, Principal Amount, or Number of Contracts | Value | |
| INFORMATION TECHNOLOGY — 15.36% | ||
| Semiconductors & Semiconductor Equipment — 7.70% | ||
| Camtek Ltd. 1 | 41,481 | $5,195,081 |
| Credo Technology Group Holding Ltd. * | 154,617 | 4,938,467 |
| Semtech Corp. * | 82,306 | 2,459,303 |
| SiTime Corp. * | 18,181 | 2,261,353 |
| SkyWater Technology, Inc. * | 93,828 | 717,784 |
| Veeco Instruments, Inc. * | 106,569 | 4,977,838 |
| 20,549,826 | ||
| Software — 4.98% | ||
| Agilysys, Inc. * | 29,273 | 3,048,490 |
| Alkami Technology, Inc. * | 146,322 | 4,167,251 |
| AvePoint, Inc. * | 222,683 | 2,320,357 |
| PROS Holdings, Inc. * | 37,130 | 1,063,774 |
| QXO, Inc. 2,*,^ | 148,673 | 1,358,871 |
| Terawulf, Inc. * | 300,668 | 1,337,973 |
| 13,296,716 | ||
| Electronic Equipment, Instruments & Components — 1.92% | ||
| Arlo Technologies, Inc. * | 347,654 | 4,533,408 |
| Gauzy Ltd. 1,* | 47,810 | 574,676 |
| 5,108,084 | ||
| IT Services — 0.41% | ||
| Couchbase, Inc. * | 59,428 | 1,085,155 |
| Communications Equipment — 0.35% | ||
| Applied Optoelectronics, Inc. * | 112,893 | 935,883 |
| Total INFORMATION TECHNOLOGY (Cost $31,304,803) | 40,975,664 | |
| CONSUMER DISCRETIONARY — 10.72% | ||
| Diversified Consumer Services — 2.88% | ||
| OneSpaWorld Holdings Ltd. 1,* | 249,978 | 3,842,162 |
| Stride, Inc. * | 54,490 | 3,841,545 |
| 7,683,707 | ||
| Automobile Components — 2.77% | ||
| Modine Manufacturing Co. * | 73,821 | 7,396,126 |
| Specialty Retail — 2.60% | ||
| Abercrombie & Fitch Co. - A * | 14,998 | 2,667,244 |
| Arhaus, Inc. | 149,561 | 2,533,563 |
| Warby Parker, Inc. - A * | 108,150 | 1,736,889 |
| 6,937,696 | ||
| Hotels, Restaurants & Leisure — 2.18% | ||
| Kura Sushi USA, Inc. - A * | 16,096 | 1,015,497 |
| Rush Street Interactive, Inc. * | 148,996 | 1,428,871 |
| Sweetgreen, Inc. - A * | 111,934 | 3,373,691 |
| 5,818,059 | ||
| Shares, Principal Amount, or Number of Contracts | Value | |
| Distributors — 0.29% | ||
| A-Mark Precious Metals, Inc. | 23,624 | $764,709 |
| Total CONSUMER DISCRETIONARY (Cost $17,480,763) | 28,600,297 | |
| FINANCIALS — 7.50% | ||
| Insurance — 5.83% | ||
| Bowhead Specialty Holdings, Inc. * | 41,629 | 1,054,879 |
| HCI Group, Inc. | 37,177 | 3,426,604 |
| Heritage Insurance Holdings, Inc. * | 169,082 | 1,197,101 |
| Mercury General Corp. | 54,837 | 2,914,038 |
| Palomar Holdings, Inc. * | 40,250 | 3,266,288 |
| Root, Inc. - A * | 23,784 | 1,227,492 |
| Skyward Specialty Insurance Group, Inc. * | 68,445 | 2,476,340 |
| 15,562,742 | ||
| Banks — 0.85% | ||
| Customers Bancorp, Inc. * | 29,545 | 1,417,569 |
| Triumph Financial, Inc. * | 10,456 | 854,778 |
| 2,272,347 | ||
| Consumer Finance — 0.82% | ||
| Moneylion, Inc. * | 29,699 | 2,184,064 |
| Total FINANCIALS (Cost $17,560,783) | 20,019,153 | |
| ENERGY — 4.27% | ||
| Oil, Gas & Consumable Fuels — 2.41% | ||
| Golar LNG Ltd. 1 | 45,283 | 1,419,622 |
| Gulfport Energy Corp. * | 15,495 | 2,339,745 |
| Uranium Energy Corp. * | 444,852 | 2,673,561 |
| 6,432,928 | ||
| Energy Equipment & Services — 1.86% | ||
| Atlas Energy Solutions, Inc. | 86,705 | 1,728,030 |
| Bristow Group, Inc. * | 18,483 | 619,735 |
| Tidewater, Inc. * | 27,490 | 2,617,323 |
| 4,965,088 | ||
| Total ENERGY (Cost $9,399,536) | 11,398,016 | |
| COMMUNICATION SERVICES — 3.24% | ||
| Interactive Media & Services — 2.74% | ||
| EverQuote, Inc. - A * | 170,615 | 3,559,029 |
| MediaAlpha, Inc. - A * | 129,323 | 1,703,184 |
| QuinStreet, Inc. * | 123,124 | 2,042,627 |
| 7,304,840 | ||
Notes to Financial Statements are an integral part of this Schedule.
20
Driehaus Micro Cap Growth Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Shares, Principal Amount, or Number of Contracts | Value | ||
| Media — 0.50% | |||
| Magnite, Inc. * | 100,394 | $1,334,236 | |
| Total COMMUNICATION SERVICES (Cost $7,288,557) | 8,639,076 | ||
| MATERIALS — 3.13% | |||
| Chemicals — 1.32% | |||
| Aspen Aerogels, Inc. * | 147,417 | 3,515,896 | |
| Construction Materials — 0.81% | |||
| Knife River Corp. * | 30,741 | 2,156,174 | |
| Metals & Mining — 0.74% | |||
| Hudbay Minerals, Inc. 1 | 218,047 | 1,973,325 | |
| Containers & Packaging — 0.26% | |||
| Ranpak Holdings Corp. * | 107,854 | 693,501 | |
| Total MATERIALS (Cost $5,787,990) | 8,338,896 | ||
| CONSUMER STAPLES — 2.69% | |||
| Food Products — 1.60% | |||
| Vital Farms, Inc. * | 91,335 | 4,271,738 | |
| Personal Care Products — 0.59% | |||
| elf Beauty, Inc. * | 7,519 | 1,584,404 | |
| Beverages — 0.50% | |||
| The Vita Coco Co., Inc. * | 47,614 | 1,326,050 | |
| Total CONSUMER STAPLES (Cost $3,261,089) | 7,182,192 | ||
| Total COMMON STOCKS (Cost $185,443,641) | 264,792,656 | ||
| SHORT TERM INVESTMENTS — 0.88% | |||
| Northern Institutional U.S. Government Select Portfolio (Shares Class), 5.19% 3 (Cost $2,333,727) | 2,333,727 | 2,333,727 | |
| TOTAL INVESTMENTS (Cost $187,777,368) | 100.13% | $267,126,383 | |
| Liabilities In Excess of Other Assets | (0.13)% | (343,698) | |
| Net Assets | 100.00% | $266,782,685 | |
| ADR | American Depositary Receipt |
| PLC | Public Limited Company |
| 1 | Foreign security denominated and/or traded in U.S. dollars. |
| 2 | Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by Driehaus Capital Management LLC (the “Adviser”), investment adviser to the Fund. |
| 3 | 7 day current yield as of June 30, 2024 is disclosed. |
| ^ | Security valued at fair value as determined in good faith by the Adviser, in accordance with procedures established by, and under the general supervision of, the Trust’s Board of Trustee. The security is valued using significant unobservable inputs. |
| * | Non-income producing security. |
Percentages are stated as a percent of net assets.
| Security Type | Percent of Net Assets | |
| Common Stocks | 99.25% | |
| Short Term Investments | 0.88% | |
| Total Investments | 100.13% | |
| Liabilities In Excess of Other Assets | (0.13)% | |
| Net Assets | 100.00% |
Notes to Financial Statements are an integral part of this Schedule.
21
Driehaus Micro Cap Growth Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Industry | Percent of Net Assets | |
| Aerospace & Defense | 2.81% | |
| Automobile Components | 2.77% | |
| Banks | 0.85% | |
| Beverages | 0.50% | |
| Biotechnology | 20.30% | |
| Chemicals | 1.32% | |
| Commercial Services & Supplies | 4.02% | |
| Communications Equipment | 0.35% | |
| Construction & Engineering | 4.13% | |
| Construction Materials | 0.81% | |
| Consumer Finance | 0.82% | |
| Containers & Packaging | 0.26% | |
| Distributors | 0.29% | |
| Diversified Consumer Services | 2.88% | |
| Electrical Equipment | 2.75% | |
| Electronic Equipment, Instruments & Components | 1.92% | |
| Energy Equipment & Services | 1.86% | |
| Food Products | 1.60% | |
| Ground Transportation | 0.52% | |
| Health Care Equipment & Supplies | 7.29% |
| Industry | Percent of Net Assets | |
| Health Care Providers & Services | 0.57% | |
| Hotels, Restaurants & Leisure | 2.18% | |
| Insurance | 5.83% | |
| Interactive Media & Services | 2.74% | |
| IT Services | 0.41% | |
| Machinery | 4.70% | |
| Media | 0.50% | |
| Metals & Mining | 0.74% | |
| Money Market Fund | 0.88% | |
| Oil, Gas & Consumable Fuels | 2.41% | |
| Personal Care Products | 0.59% | |
| Pharmaceuticals | 3.34% | |
| Semiconductors & Semiconductor Equipment | 7.70% | |
| Software | 4.98% | |
| Specialty Retail | 2.60% | |
| Trading Companies & Distributors | 1.91% | |
| Liabilities In Excess of Other Assets | (0.13)% | |
| TOTAL | 100.00% |
Notes to Financial Statements are an integral part of this Schedule.
22
Driehaus Small Cap Growth Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Shares, Principal Amount, or Number of Contracts | Value | |
| COMMON STOCKS — 99.41% | ||
| INDUSTRIALS — 23.34% | ||
| Aerospace & Defense — 5.78% | ||
| AeroVironment, Inc. * | 22,831 | $4,158,895 |
| Axon Enterprise, Inc. * | 50,234 | 14,780,852 |
| Curtiss-Wright Corp. | 29,667 | 8,039,164 |
| Embraer SA - SP ADR 1,* | 227,575 | 5,871,435 |
| Leonardo DRS, Inc. * | 311,299 | 7,941,238 |
| Moog, Inc. - A | 27,197 | 4,550,058 |
| 45,341,642 | ||
| Trading Companies & Distributors — 3.95% | ||
| Applied Industrial Technologies, Inc. | 20,817 | 4,038,498 |
| Beacon Roofing Supply, Inc. * | 38,944 | 3,524,432 |
| Core & Main, Inc. - A * | 105,996 | 5,187,444 |
| FTAI Aviation Ltd. | 176,680 | 18,238,677 |
| 30,989,051 | ||
| Machinery — 3.88% | ||
| Chart Industries, Inc. * | 23,992 | 3,463,005 |
| Crane Co. | 55,688 | 8,073,646 |
| Federal Signal Corp. | 111,288 | 9,311,467 |
| SPX Technologies, Inc. * | 67,420 | 9,583,079 |
| 30,431,197 | ||
| Construction & Engineering — 3.28% | ||
| API Group Corp. * | 228,604 | 8,602,368 |
| Comfort Systems USA, Inc. | 23,698 | 7,207,036 |
| EMCOR Group, Inc. | 11,085 | 4,046,912 |
| Sterling Infrastructure, Inc. * | 49,676 | 5,878,658 |
| 25,734,974 | ||
| Commercial Services & Supplies — 2.45% | ||
| Montrose Environmental Group, Inc. * | 107,260 | 4,779,505 |
| MSA Safety, Inc. | 25,213 | 4,732,228 |
| Tetra Tech, Inc. | 47,485 | 9,709,733 |
| 19,221,466 | ||
| Professional Services — 1.25% | ||
| Korn Ferry | 59,217 | 3,975,829 |
| Parsons Corp. * | 71,037 | 5,811,537 |
| 9,787,366 | ||
| Ground Transportation — 1.07% | ||
| RXO, Inc. * | 73,859 | 1,931,413 |
| Saia, Inc. * | 13,746 | 6,519,590 |
| 8,451,003 | ||
| Building Products — 0.86% | ||
| AAON, Inc. | 77,167 | 6,732,049 |
| Electrical Equipment — 0.82% | ||
| Enovix Corp. * | 416,927 | 6,445,692 |
| Total INDUSTRIALS (Cost $126,009,675) | 183,134,440 | |
| Shares, Principal Amount, or Number of Contracts | Value | |
| INFORMATION TECHNOLOGY — 21.62% | ||
| Semiconductors & Semiconductor Equipment — 7.86% | ||
| Amkor Technology, Inc. | 186,740 | $7,473,335 |
| Camtek Ltd. 1 | 119,756 | 14,998,241 |
| Credo Technology Group Holding Ltd. * | 360,986 | 11,529,893 |
| FormFactor, Inc. * | 32,023 | 1,938,352 |
| Onto Innovation, Inc. * | 66,259 | 14,547,826 |
| Semtech Corp. * | 168,123 | 5,023,515 |
| Veeco Instruments, Inc. * | 133,046 | 6,214,579 |
| 61,725,741 | ||
| Software — 6.85% | ||
| Appfolio, Inc. - A * | 28,432 | 6,953,614 |
| CyberArk Software Ltd. 1,* | 40,134 | 10,973,438 |
| Elastic NV 1,* | 59,863 | 6,818,994 |
| Monday.com Ltd. 1,* | 44,265 | 10,657,242 |
| Nutanix, Inc. - A * | 176,635 | 10,041,700 |
| QXO, Inc. 2,*,^ | 422,317 | 3,859,977 |
| Vertex, Inc. - A * | 123,314 | 4,445,470 |
| 53,750,435 | ||
| Electronic Equipment, Instruments & Components — 5.05% | ||
| Badger Meter, Inc. | 25,786 | 4,805,221 |
| Celestica, Inc. 1,* | 166,683 | 9,555,936 |
| Coherent Corp. * | 170,093 | 12,324,939 |
| Fabrinet 1,* | 37,459 | 9,169,589 |
| Itron, Inc. * | 38,003 | 3,760,777 |
| 39,616,462 | ||
| Technology Hardware, Storage & Peripherals — 1.51% | ||
| Super Micro Computer, Inc. * | 14,451 | 11,840,427 |
| IT Services — 0.35% | ||
| Wix.com Ltd. 1,* | 17,200 | 2,736,004 |
| Total INFORMATION TECHNOLOGY (Cost $127,236,746) | 169,669,069 | |
| HEALTH CARE — 21.16% | ||
| Biotechnology — 12.87% | ||
| Apogee Therapeutics, Inc. * | 170,196 | 6,697,213 |
| Blueprint Medicines Corp. * | 71,816 | 7,740,328 |
| Crinetics Pharmaceuticals, Inc. * | 391,921 | 17,554,142 |
| Insmed, Inc. * | 13,501 | 904,567 |
| Krystal Biotech, Inc. * | 23,801 | 4,370,816 |
| Kymera Therapeutics, Inc. * | 32,856 | 980,752 |
| Merus NV 1,* | 146,027 | 8,640,418 |
| Natera, Inc. * | 141,588 | 15,332,564 |
| Nuvalent, Inc. - A * | 73,506 | 5,576,165 |
| Rhythm Pharmaceuticals, Inc. * | 48,249 | 1,981,104 |
| Ultragenyx Pharmaceutical, Inc. * | 105,864 | 4,351,010 |
| Vaxcyte, Inc. * | 203,598 | 15,373,685 |
Notes to Financial Statements are an integral part of this Schedule.
23
Driehaus Small Cap Growth Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Shares, Principal Amount, or Number of Contracts | Value | |
| Xenon Pharmaceuticals, Inc. 1,* | 294,495 | $11,482,360 |
| 100,985,124 | ||
| Health Care Equipment & Supplies — 7.06% | ||
| Glaukos Corp. * | 107,937 | 12,774,344 |
| Integer Holdings Corp. * | 59,555 | 6,895,873 |
| LivaNova PLC 1,* | 109,054 | 5,978,340 |
| RxSight, Inc. * | 54,615 | 3,286,185 |
| Tandem Diabetes Care, Inc. * | 97,439 | 3,925,817 |
| TransMedics Group, Inc. * | 149,453 | 22,510,611 |
| 55,371,170 | ||
| Pharmaceuticals — 1.23% | ||
| Intra-Cellular Therapies, Inc. * | 43,178 | 2,957,261 |
| Structure Therapeutics, Inc. - ADR * | 171,358 | 6,729,229 |
| 9,686,490 | ||
| Total HEALTH CARE (Cost $118,701,261) | 166,042,784 | |
| CONSUMER DISCRETIONARY — 10.74% | ||
| Hotels, Restaurants & Leisure — 5.45% | ||
| Cava Group, Inc. * | 115,390 | 10,702,423 |
| Dutch Bros, Inc. - A * | 295,671 | 12,240,779 |
| Krispy Kreme, Inc. | 238,675 | 2,568,143 |
| Sweetgreen, Inc. - A * | 263,255 | 7,934,506 |
| Wingstop, Inc. | 22,140 | 9,357,692 |
| 42,803,543 | ||
| Specialty Retail — 2.09% | ||
| Abercrombie & Fitch Co. - A * | 38,503 | 6,847,374 |
| Carvana Co. * | 73,903 | 9,512,794 |
| 16,360,168 | ||
| Diversified Consumer Services — 1.49% | ||
| Duolingo, Inc. * | 37,826 | 7,893,152 |
| Grand Canyon Education, Inc. * | 27,418 | 3,836,052 |
| 11,729,204 | ||
| Automobile Components — 1.41% | ||
| Modine Manufacturing Co. * | 110,524 | 11,073,399 |
| Household Durables — 0.30% | ||
| Skyline Champion Corp. * | 34,545 | 2,340,424 |
| Total CONSUMER DISCRETIONARY (Cost $61,179,008) | 84,306,738 | |
| CONSUMER STAPLES — 6.22% | ||
| Personal Care Products — 3.36% | ||
| BellRing Brands, Inc. * | 267,857 | 15,305,349 |
| elf Beauty, Inc. * | 52,454 | 11,053,107 |
| 26,358,456 | ||
| Food Products — 1.55% | ||
| Freshpet, Inc. * | 93,838 | 12,141,699 |
| Shares, Principal Amount, or Number of Contracts | Value | |
| Consumer Staples Distribution & Retail — 1.02% | ||
| Sprouts Farmers Market, Inc. * | 95,823 | $8,016,552 |
| Beverages — 0.29% | ||
| Celsius Holdings, Inc. * | 40,517 | 2,313,115 |
| Total CONSUMER STAPLES (Cost $25,818,286) | 48,829,822 | |
| ENERGY — 5.82% | ||
| Oil, Gas & Consumable Fuels — 3.26% | ||
| Cameco Corp. 1 | 334,865 | 16,475,358 |
| Gulfport Energy Corp. * | 13,657 | 2,062,207 |
| Uranium Energy Corp. * | 1,169,161 | 7,026,658 |
| 25,564,223 | ||
| Energy Equipment & Services — 2.56% | ||
| TechnipFMC PLC 1 | 240,880 | 6,299,012 |
| Tidewater, Inc. * | 70,595 | 6,721,350 |
| Weatherford International PLC 1,* | 57,908 | 7,090,834 |
| 20,111,196 | ||
| Total ENERGY (Cost $31,792,507) | 45,675,419 | |
| FINANCIALS — 5.58% | ||
| Insurance — 4.19% | ||
| HCI Group, Inc. | 78,358 | 7,222,257 |
| Kemper Corp. | 126,546 | 7,507,974 |
| Kinsale Capital Group, Inc. | 6,053 | 2,332,100 |
| Oscar Health, Inc. - A * | 238,091 | 3,766,600 |
| Skyward Specialty Insurance Group, Inc. * | 149,909 | 5,423,707 |
| The Baldwin Insurance Group, Inc. * | 186,823 | 6,626,612 |
| 32,879,250 | ||
| Banks — 0.72% | ||
| Customers Bancorp, Inc. * | 49,734 | 2,386,237 |
| Western Alliance Bancorp | 52,322 | 3,286,868 |
| 5,673,105 | ||
| Capital Markets — 0.67% | ||
| Evercore, Inc. - A | 25,242 | 5,261,190 |
| Total FINANCIALS (Cost $38,199,570) | 43,813,545 | |
| MATERIALS — 4.10% | ||
| Chemicals — 1.70% | ||
| Aspen Aerogels, Inc. * | 213,286 | 5,086,871 |
| Element Solutions, Inc. | 130,018 | 3,526,088 |
| Tronox Holdings PLC 1 | 301,296 | 4,727,335 |
| 13,340,294 | ||
| Metals & Mining — 1.56% | ||
| ATI, Inc. * | 82,400 | 4,569,080 |
Notes to Financial Statements are an integral part of this Schedule.
24
Driehaus Small Cap Growth Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Shares, Principal Amount, or Number of Contracts | Value | ||
| Pan American Silver Corp. 1 | 384,379 | $7,641,455 | |
| 12,210,535 | |||
| Construction Materials — 0.84% | |||
| Knife River Corp. * | 94,103 | 6,600,384 | |
| Total MATERIALS (Cost $31,932,893) | 32,151,213 | ||
| COMMUNICATION SERVICES — 0.83% | |||
| Interactive Media & Services — 0.83% | |||
| EverQuote, Inc. - A * | 153,069 | 3,193,019 | |
| MediaAlpha, Inc. - A * | 102,894 | 1,355,114 | |
| QuinStreet, Inc. * | 118,595 | 1,967,491 | |
| 6,515,624 | |||
| Total COMMUNICATION SERVICES (Cost $6,924,321) | 6,515,624 | ||
| Total COMMON STOCKS (Cost $567,794,267) | 780,138,654 | ||
| SHORT TERM INVESTMENTS — 0.59% | |||
| Northern Institutional U.S. Government Select Portfolio (Shares Class), 5.19% 3 (Cost $4,610,445) | 4,610,445 | 4,610,445 | |
| TOTAL INVESTMENTS (Cost $572,404,712) | 100.00% | $784,749,099 | |
| Liabilities In Excess of Other Assets | (0.00)% | (19,917) | |
| Net Assets | 100.00% | $784,729,182 | |
| ADR | American Depositary Receipt |
| PLC | Public Limited Company |
| SP ADR | Sponsored American Depositary Receipt |
| 1 | Foreign security denominated and/or traded in U.S. dollars. |
| 2 | Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by Driehaus Capital Management LLC (the “Adviser”), investment adviser to the Fund. |
| 3 | 7 day current yield as of June 30, 2024 is disclosed. |
| ^ | Security valued at fair value as determined in good faith by the Adviser, in accordance with procedures established by, and under the general supervision of, the Trust’s Board of Trustee. The security is valued using significant unobservable inputs. |
| * | Non-income producing security. |
Percentages are stated as a percent of net assets.
| Security Type | Percent of Net Assets | |
| Common Stocks | 99.41% | |
| Short Term Investments | 0.59% | |
| Total Investments | 100.00% | |
| Liabilities In Excess of Other Assets | (0.00)% | |
| Net Assets | 100.00% |
Notes to Financial Statements are an integral part of this Schedule.
25
Driehaus Small Cap Growth Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Industry | Percent of Net Assets | |
| Aerospace & Defense | 5.78% | |
| Automobile Components | 1.41% | |
| Banks | 0.72% | |
| Beverages | 0.29% | |
| Biotechnology | 12.87% | |
| Building Products | 0.86% | |
| Capital Markets | 0.67% | |
| Chemicals | 1.70% | |
| Commercial Services & Supplies | 2.45% | |
| Construction & Engineering | 3.28% | |
| Construction Materials | 0.84% | |
| Consumer Staples Distribution & Retail | 1.02% | |
| Diversified Consumer Services | 1.49% | |
| Electrical Equipment | 0.82% | |
| Electronic Equipment, Instruments & Components | 5.05% | |
| Energy Equipment & Services | 2.56% | |
| Food Products | 1.55% | |
| Ground Transportation | 1.07% | |
| Health Care Equipment & Supplies | 7.06% | |
| Hotels, Restaurants & Leisure | 5.45% |
| Industry | Percent of Net Assets | |
| Household Durables | 0.30% | |
| Insurance | 4.19% | |
| Interactive Media & Services | 0.83% | |
| IT Services | 0.35% | |
| Machinery | 3.88% | |
| Metals & Mining | 1.56% | |
| Money Market Fund | 0.59% | |
| Oil, Gas & Consumable Fuels | 3.26% | |
| Personal Care Products | 3.36% | |
| Pharmaceuticals | 1.23% | |
| Professional Services | 1.25% | |
| Semiconductors & Semiconductor Equipment | 7.86% | |
| Software | 6.85% | |
| Specialty Retail | 2.09% | |
| Technology Hardware, Storage & Peripherals | 1.51% | |
| Trading Companies & Distributors | 3.95% | |
| Liabilities In Excess of Other Assets | (0.00)% | |
| TOTAL | 100.00% |
Notes to Financial Statements are an integral part of this Schedule.
26
Driehaus Small/Mid Cap Growth Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Shares, Principal Amount, or Number of Contracts | Value | |
| COMMON STOCKS — 99.43% | ||
| INDUSTRIALS — 25.34% | ||
| Aerospace & Defense — 7.64% | ||
| Axon Enterprise, Inc. * | 4,738 | $1,394,109 |
| Curtiss-Wright Corp. | 2,609 | 706,987 |
| HEICO Corp. | 4,997 | 1,117,379 |
| Howmet Aerospace, Inc. | 3,237 | 251,288 |
| Leonardo DRS, Inc. * | 27,027 | 689,459 |
| 4,159,222 | ||
| Machinery — 3.63% | ||
| Chart Industries, Inc. * | 1,997 | 288,247 |
| Crane Co. | 2,692 | 390,286 |
| Oshkosh Corp. | 5,719 | 618,796 |
| Symbotic, Inc. * | 5,049 | 177,523 |
| Xylem, Inc. | 3,709 | 503,051 |
| 1,977,903 | ||
| Building Products — 2.94% | ||
| Advanced Drainage Systems, Inc. | 4,491 | 720,312 |
| Carlisle Cos., Inc. | 1,462 | 592,417 |
| Lennox International, Inc. | 536 | 286,749 |
| 1,599,478 | ||
| Commercial Services & Supplies — 2.92% | ||
| Clean Harbors, Inc. * | 3,195 | 722,549 |
| MSA Safety, Inc. | 1,806 | 338,968 |
| Tetra Tech, Inc. | 2,596 | 530,830 |
| 1,592,347 | ||
| Trading Companies & Distributors — 2.84% | ||
| Beacon Roofing Supply, Inc. * | 2,704 | 244,712 |
| Core & Main, Inc. - A * | 9,882 | 483,625 |
| FTAI Aviation Ltd. | 7,941 | 819,750 |
| 1,548,087 | ||
| Construction & Engineering — 2.73% | ||
| API Group Corp. * | 6,845 | 257,577 |
| Comfort Systems USA, Inc. | 888 | 270,059 |
| EMCOR Group, Inc. | 837 | 305,572 |
| Quanta Services, Inc. | 2,575 | 654,282 |
| 1,487,490 | ||
| Electrical Equipment — 1.38% | ||
| Enovix Corp. * | 10,928 | 168,947 |
| Vertiv Holdings Co. - A | 6,710 | 580,885 |
| 749,832 | ||
| Ground Transportation — 0.77% | ||
| Saia, Inc. * | 884 | 419,272 |
| Professional Services — 0.49% | ||
| Booz Allen Hamilton Holding Corp. | 1,729 | 266,093 |
| Total INDUSTRIALS (Cost $10,970,356) | 13,799,724 | |
| Shares, Principal Amount, or Number of Contracts | Value | |
| INFORMATION TECHNOLOGY — 23.26% | ||
| Software — 8.91% | ||
| Appfolio, Inc. - A * | 2,209 | $540,255 |
| CyberArk Software Ltd. 1,* | 3,616 | 988,687 |
| Elastic NV 1,* | 5,179 | 589,940 |
| Fair Isaac Corp. * | 289 | 430,223 |
| Guidewire Software, Inc. * | 1,252 | 172,638 |
| Monday.com Ltd. 1,* | 4,355 | 1,048,510 |
| Nutanix, Inc. - A * | 14,311 | 813,580 |
| QXO, Inc. 2,*,^ | 29,494 | 269,575 |
| 4,853,408 | ||
| Semiconductors & Semiconductor Equipment — 7.39% | ||
| Amkor Technology, Inc. | 13,706 | 548,514 |
| Camtek Ltd. 1 | 8,589 | 1,075,686 |
| Credo Technology Group Holding Ltd. * | 21,581 | 689,297 |
| First Solar, Inc. * | 1,709 | 385,311 |
| FormFactor, Inc. * | 2,665 | 161,313 |
| Onto Innovation, Inc. * | 5,290 | 1,161,473 |
| 4,021,594 | ||
| Electronic Equipment, Instruments & Components — 3.20% | ||
| Celestica, Inc. 1,* | 8,615 | 493,898 |
| Coherent Corp. * | 11,911 | 863,071 |
| Fabrinet 1,* | 1,573 | 385,055 |
| 1,742,024 | ||
| Technology Hardware, Storage & Peripherals — 2.70% | ||
| Pure Storage, Inc. - A * | 7,756 | 498,013 |
| Super Micro Computer, Inc. * | 1,187 | 972,568 |
| 1,470,581 | ||
| Communications Equipment — 1.06% | ||
| Arista Networks, Inc. * | 1,653 | 579,343 |
| Total INFORMATION TECHNOLOGY (Cost $10,261,393) | 12,666,950 | |
| HEALTH CARE — 16.36% | ||
| Biotechnology — 10.18% | ||
| Alnylam Pharmaceuticals, Inc. * | 840 | 204,120 |
| Apogee Therapeutics, Inc. * | 4,844 | 190,611 |
| Argenx SE - ADR 1,* | 732 | 314,789 |
| Ascendis Pharma A/S - ADR 1,* | 2,100 | 286,398 |
| Crinetics Pharmaceuticals, Inc. * | 26,069 | 1,167,631 |
| Incyte Corp. * | 2,894 | 175,434 |
| Insmed, Inc. * | 969 | 64,923 |
| Natera, Inc. * | 10,856 | 1,175,596 |
| Neurocrine Biosciences, Inc. * | 1,836 | 252,762 |
| Nuvalent, Inc. - A * | 2,579 | 195,643 |
| Vaxcyte, Inc. * | 11,306 | 853,716 |
| Xenon Pharmaceuticals, Inc. 1,* | 17,034 | 664,156 |
| 5,545,779 | ||
Notes to Financial Statements are an integral part of this Schedule.
27
Driehaus Small/Mid Cap Growth Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Shares, Principal Amount, or Number of Contracts | Value | |
| Health Care Equipment & Supplies — 3.88% | ||
| Glaukos Corp. * | 6,824 | $807,620 |
| Integer Holdings Corp. * | 1,440 | 166,738 |
| TransMedics Group, Inc. * | 7,576 | 1,141,097 |
| 2,115,455 | ||
| Pharmaceuticals — 1.21% | ||
| Structure Therapeutics, Inc. - ADR 1,* | 16,751 | 657,812 |
| Life Sciences Tools & Services — 1.09% | ||
| ICON PLC 1,* | 1,028 | 322,247 |
| Medpace Holdings, Inc. * | 654 | 269,350 |
| 591,597 | ||
| Total HEALTH CARE (Cost $7,571,173) | 8,910,643 | |
| CONSUMER DISCRETIONARY — 11.79% | ||
| Hotels, Restaurants & Leisure — 6.45% | ||
| Cava Group, Inc. * | 4,045 | 375,174 |
| Domino's Pizza, Inc. | 1,262 | 651,609 |
| DraftKings, Inc. - A * | 8,902 | 339,789 |
| Dutch Bros, Inc. - A * | 19,911 | 824,315 |
| Sweetgreen, Inc. - A * | 13,970 | 421,056 |
| Wingstop, Inc. | 2,133 | 901,534 |
| 3,513,477 | ||
| Specialty Retail — 2.71% | ||
| Carvana Co. * | 5,494 | 707,188 |
| Murphy USA, Inc. | 659 | 309,374 |
| The Gap, Inc. | 19,106 | 456,442 |
| 1,473,004 | ||
| Textiles, Apparel & Luxury Goods — 1.66% | ||
| Deckers Outdoor Corp. * | 931 | 901,161 |
| Diversified Consumer Services — 0.97% | ||
| Duolingo, Inc. * | 2,537 | 529,396 |
| Total CONSUMER DISCRETIONARY (Cost $4,780,338) | 6,417,038 | |
| CONSUMER STAPLES — 6.56% | ||
| Personal Care Products — 3.49% | ||
| BellRing Brands, Inc. * | 18,615 | 1,063,661 |
| elf Beauty, Inc. * | 3,969 | 836,348 |
| 1,900,009 | ||
| Food Products — 1.55% | ||
| Freshpet, Inc. * | 6,526 | 844,399 |
| Consumer Staples Distribution & Retail — 1.02% | ||
| Sprouts Farmers Market, Inc. * | 6,628 | 554,498 |
| Beverages — 0.50% | ||
| Celsius Holdings, Inc. * | 4,742 | 270,721 |
| Total CONSUMER STAPLES (Cost $2,703,827) | 3,569,627 | |
| Shares, Principal Amount, or Number of Contracts | Value | |
| FINANCIALS — 6.11% | ||
| Capital Markets — 3.37% | ||
| Evercore, Inc. - A | 1,428 | $297,638 |
| Houlihan Lokey, Inc. | 1,975 | 266,349 |
| Robinhood Markets, Inc. - A * | 20,148 | 457,561 |
| Tradeweb Markets, Inc. - A | 7,669 | 812,914 |
| 1,834,462 | ||
| Insurance — 2.31% | ||
| Kemper Corp. | 9,887 | 586,596 |
| Kinsale Capital Group, Inc. | 646 | 248,891 |
| Ryan Specialty Holdings, Inc. | 7,277 | 421,411 |
| 1,256,898 | ||
| Banks — 0.43% | ||
| Western Alliance Bancorp | 3,748 | 235,449 |
| Total FINANCIALS (Cost $3,014,683) | 3,326,809 | |
| ENERGY — 5.13% | ||
| Oil, Gas & Consumable Fuels — 4.07% | ||
| Antero Resources Corp. * | 13,684 | 446,509 |
| Cameco Corp. 1 | 26,377 | 1,297,748 |
| Diamondback Energy, Inc. | 1,096 | 219,408 |
| NexGen Energy Ltd. 1,* | 35,905 | 250,617 |
| 2,214,282 | ||
| Energy Equipment & Services — 1.06% | ||
| TechnipFMC PLC 1 | 10,988 | 287,336 |
| Weatherford International PLC 1,* | 2,370 | 290,207 |
| 577,543 | ||
| Total ENERGY (Cost $2,362,279) | 2,791,825 | |
| MATERIALS — 3.55% | ||
| Metals & Mining — 1.58% | ||
| Royal Gold, Inc. | 3,208 | 401,513 |
| Teck Resources Ltd. - B 1 | 9,615 | 460,559 |
| 862,072 | ||
| Chemicals — 1.55% | ||
| Element Solutions, Inc. | 14,087 | 382,039 |
| Tronox Holdings PLC 1 | 29,428 | 461,725 |
| 843,764 | ||
| Construction Materials — 0.42% | ||
| Eagle Materials, Inc. | 1,054 | 229,203 |
| Total MATERIALS (Cost $1,944,598) | 1,935,039 | |
Notes to Financial Statements are an integral part of this Schedule.
28
Driehaus Small/Mid Cap Growth Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Shares, Principal Amount, or Number of Contracts | Value | ||
| COMMUNICATION SERVICES — 1.33% | |||
| Interactive Media & Services — 1.33% | |||
| Pinterest, Inc. - A * | 16,453 | $725,084 | |
| Total COMMUNICATION SERVICES (Cost $567,052) | 725,084 | ||
| Total COMMON STOCKS (Cost $44,175,699) | 54,142,739 | ||
| SHORT TERM INVESTMENTS — 1.62% | |||
| Northern Institutional Government Portfolio (Shares Class), 5.14% 3 (Cost $878,395) | 878,395 | 878,395 | |
| TOTAL INVESTMENTS (Cost $45,054,094) | 101.05% | $55,021,134 | |
| Liabilities In Excess of Other Assets | (1.05)% | (569,519) | |
| Net Assets | 100.00% | $54,451,615 | |
| ADR | American Depositary Receipt |
| PLC | Public Limited Company |
| 1 | Foreign security denominated and/or traded in U.S. dollars. |
| 2 | Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by Driehaus Capital Management LLC (the “Adviser”), investment adviser to the Fund. |
| 3 | 7 day current yield as of June 30, 2024 is disclosed. |
| ^ | Security valued at fair value as determined in good faith by the Adviser, in accordance with procedures established by, and under the general supervision of, the Trust’s Board of Trustee. The security is valued using significant unobservable inputs. |
| * | Non-income producing security. |
Percentages are stated as a percent of net assets.
| Security Type | Percent of Net Assets | |
| Common Stocks | 99.43% | |
| Short Term Investments | 1.62% | |
| Total Investments | 101.05% | |
| Liabilities In Excess of Other Assets | (1.05)% | |
| Net Assets | 100.00% |
Notes to Financial Statements are an integral part of this Schedule.
29
Driehaus Small/Mid Cap Growth Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Industry | Percent of Net Assets | |
| Aerospace & Defense | 7.64% | |
| Banks | 0.43% | |
| Beverages | 0.50% | |
| Biotechnology | 10.18% | |
| Building Products | 2.94% | |
| Capital Markets | 3.37% | |
| Chemicals | 1.55% | |
| Commercial Services & Supplies | 2.92% | |
| Communications Equipment | 1.06% | |
| Construction & Engineering | 2.73% | |
| Construction Materials | 0.42% | |
| Consumer Staples Distribution & Retail | 1.02% | |
| Diversified Consumer Services | 0.97% | |
| Electrical Equipment | 1.38% | |
| Electronic Equipment, Instruments & Components | 3.20% | |
| Energy Equipment & Services | 1.06% | |
| Food Products | 1.55% | |
| Ground Transportation | 0.77% | |
| Health Care Equipment & Supplies | 3.88% | |
| Hotels, Restaurants & Leisure | 6.45% |
| Industry | Percent of Net Assets | |
| Insurance | 2.31% | |
| Interactive Media & Services | 1.33% | |
| Life Sciences Tools & Services | 1.09% | |
| Machinery | 3.63% | |
| Metals & Mining | 1.58% | |
| Money Market Fund | 1.62% | |
| Oil, Gas & Consumable Fuels | 4.07% | |
| Personal Care Products | 3.49% | |
| Pharmaceuticals | 1.21% | |
| Professional Services | 0.49% | |
| Semiconductors & Semiconductor Equipment | 7.39% | |
| Software | 8.91% | |
| Specialty Retail | 2.71% | |
| Technology Hardware, Storage & Peripherals | 2.70% | |
| Textiles, Apparel & Luxury Goods | 1.66% | |
| Trading Companies & Distributors | 2.84% | |
| Liabilities In Excess of Other Assets | (1.05)% | |
| TOTAL | 100.00% |
Notes to Financial Statements are an integral part of this Schedule.
30
Driehaus Event Driven Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Shares, Principal Amount, or Number of Contracts | Value | |
| BANK LOANS — 5.28% | ||
| Leisure Products — 3.19% | ||
| Majordrive Holdings IV, LLC Initial Term Loan 9.60%, (3-Month USD CME Term SOFR+400 basis points), 6/1/28 1 | $3,605,737 | $3,609,488 |
| Recess Holdings, Inc., Amendment No. 3 Term Loan 9.84%, (1-Month USD CME Term SOFR+450 basis points), 2/20/30 1 | 2,984,000 | 3,000,173 |
| 6,609,661 | ||
| Semiconductors — 0.65% | ||
| NCR Atleos, LLC Term B Loan 10.18%, (3-Month USD CME Term SOFR+475 basis points), 3/27/29 1 | 1,342,269 | 1,354,014 |
| Telecommunications — 1.44% | ||
| Crown Subsea Communications Holding, Inc., Initial Term 10.08%, (3-Month USD CME Term SOFR+475 basis points), 1/30/31 1 | 2,982,000 | 2,984,475 |
| Total BANK LOANS (Cost $10,909,541) | 10,948,150 | |
| CORPORATE BONDS — 30.22% | ||
| Apparel & Textile Products — 0.19% | ||
| Michael Kors USA, Inc. 4.25%, 11/1/24 2 | 386,000 | 380,926 |
| Commercial Support Services — 5.96% | ||
| Arrow Bidco LLC 10.75%, 6/15/25 2 | 7,888,000 | 7,976,992 |
| Williams Scotsman, Inc. 6.12%, 6/15/25 2 | 4,388,000 | 4,380,650 |
| 12,357,642 | ||
| Electric Utilities — 7.48% | ||
| NRG Energy, Inc. 10.25%, (U.S. Treasury Yield Curve Rate CMT 5Y + 592 basis points), 3/15/28 2,3,4 | 5,970,133 | 6,529,594 |
| Vistra Corp. 7.00%, (U.S. Treasury Yield Curve Rate CMT 5Y + 574 basis points), 12/15/26 2,3,4,5 | 9,050,000 | 8,971,366 |
| 15,500,960 | ||
| Insurance — 2.07% | ||
| Genworth Holdings, Inc. 7.59%, (ICE LIBOR USD 3M + 200 basis points), 11/15/36 4 | 5,238,000 | 4,298,588 |
| Shares, Principal Amount, or Number of Contracts | Value | |
| Leisure Facilities & Services — 3.64% | ||
| Cinemark USA, Inc. 5.87%, 3/15/26 2 | $4,449,000 | $4,400,558 |
| Six Flags Theme Parks, Inc. 7.00%, 7/1/25 2 | 3,144,000 | 3,153,881 |
| 7,554,439 | ||
| Real Estate Investment Trusts — 5.00% | ||
| Service Properties Trust 8.63%, 11/15/31 2 | 9,954,000 | 10,375,191 |
| Retail - Discretionary — 5.44% | ||
| Kohl's Corp. 4.63%, 5/1/31 | 1,666,000 | 1,393,655 |
| Macy's Retail Holdings LLC 6.12%, 3/15/32 2 | 4,061,000 | 3,878,103 |
| Macy's Retail Holdings LLC 5.12%, 1/15/42 | 7,419,000 | 6,014,407 |
| 11,286,165 | ||
| Technology Hardware — 0.44% | ||
| NCR Atleos Corp. 9.50%, 4/1/29 2 | 847,000 | 915,388 |
| Total CORPORATE BONDS (Cost $61,686,547) | 62,669,299 | |
| COMMON STOCKS — 34.39% | ||
| Asset Management — 6.23% | ||
| Ares Acquisition Corp. II * | 200,376 | 2,138,012 |
| Cannae Holdings, Inc. | 461,504 | 8,371,683 |
| Churchill Capital Corp. IX * | 22,542 | 227,900 |
| Haymaker Acquisition Corp. 4 * | 207,657 | 2,182,475 |
| 12,920,070 | ||
| Banking — 3.18% | ||
| Blue Foundry Bancorp 5,* | 727,370 | 6,597,246 |
| Biotechnology & Pharmaceuticals — 8.46% | ||
| Apogee Therapeutics, Inc. * | 28,754 | 1,131,470 |
| Calidi Biotherapeutics, Inc. * | 24,357 | 4,871 |
| Crinetics Pharmaceuticals, Inc. * | 204,439 | 9,156,823 |
| Relay Therapeutics, Inc. 5,* | 274,236 | 1,788,019 |
| Xenon Pharmaceuticals, Inc. 5,6,* | 140,314 | 5,470,843 |
| 17,552,026 | ||
| Commercial Support Services — 1.16% | ||
| GXO Logistics, Inc. * | 47,501 | 2,398,801 |
| Industrial Intermediate Products — 2.04% | ||
| Hillman Solutions Corp. 5,* | 477,958 | 4,229,928 |
| Industrial Support Services — 3.11% | ||
| WillScot Mobile Mini Holdings Corp. 5,* | 171,287 | 6,447,243 |
| Leisure Facilities & Services — 5.57% | ||
| Caesars Entertainment, Inc. * | 36,548 | 1,452,418 |
| Golden Entertainment, Inc. | 224,040 | 6,969,884 |
| Penn Entertainment, Inc. * | 105,166 | 2,035,488 |
Notes to Financial Statements are an integral part of this Schedule.
31
Driehaus Event Driven Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Shares, Principal Amount, or Number of Contracts | Value | |
| Playa Hotels & Resorts NV 6,* | 130,439 | $1,094,383 |
| 11,552,173 | ||
| Retail - Consumer Staples — 1.39% | ||
| Albertsons Cos., Inc. - A 0.48%, | 145,974 | 2,882,986 |
| Software — 3.25% | ||
| QXO, Inc. 7,*,^ | 737,244 | 6,738,410 |
| Total COMMON STOCKS (Cost $76,010,651) | 71,318,883 | |
| MASTER LIMITED PARTNERSHIPS — 0.44% | ||
| Oil & Gas Supply Chain — 0.44% | ||
| Calumet Specialty Products Partners LP * | 56,686 | 909,810 |
| Total MASTER LIMITED PARTNERSHIPS (Cost $1,093,863) | 909,810 | |
| PREFERRED STOCKS — 2.57% | ||
| Industrial Support Services — 2.57% | ||
| WESCO International, Inc. 10.63%, (U.S. Treasury Yield Curve Rate CMT 5Y + 1033 basis points), 4 | 205,943 | 5,340,102 |
| Total PREFERRED STOCKS (Cost $5,536,501) | 5,340,102 | |
| SOVEREIGN BONDS — 3.21% | ||
| Transportation & Logistics — 3.21% | ||
| Danaos Corp. 8.50%, 3/1/28 2,6 | $6,489,000 | 6,663,898 |
| Total SOVEREIGN BONDS (Cost $6,510,088) | 6,663,898 | |
| WARRANTS — 0.03% | ||
| Ares Acquisition Corp. II, Exp. 4/21/28, Strike $0.00 * | 100,188 | 12,373 |
| Bridger Aerospace Group Holdings, Inc., Exp. 12/31/27, Strike $11.50 * | 151,497 | 18,937 |
| Calidi Biotherapeutics, Inc., Exp. 9/10/26, Strike $11.50 * | 193,125 | 5,369 |
| Haymaker Acquisition Corp. 4, Exp. 5/31/28, Strike $11.50 * | 103,828 | 18,170 |
| Inspirato, Inc., Exp. 1/1/30, Strike $11.50 * | 35,733 | 354 |
| Pagaya Technologies Ltd., Exp. 5/31/27, Strike $0.00 6,* | 121,900 | 13,823 |
| REVOLUTION Medicines, Inc., Exp. 11/14/28, Strike $11.50 * | 26,680 | 1,902 |
| Shares, Principal Amount, or Number of Contracts | Value | ||
| SomaLogic, Inc.Exp. 12/31/27, Strike $11.50 * | 22,690 | $2,292 | |
| Total WARRANTS (Cost $9,328) | 73,220 | ||
| SHORT TERM INVESTMENTS — 22.48% | |||
| Northern Institutional Treasury Portfolio (Premier Class), 5.15% 8 (Cost $46,620,192) | 46,620,192 | 46,620,192 | |
| TOTAL INVESTMENTS (Cost $208,376,711) | 98.62% | $204,543,554 | |
| Other Assets In Excess of Liabilities | 1.38% | 2,864,141 | |
| Net Assets | 100.00% | $207,407,695 | |
| INVESTMENT SECURITIES SOLD SHORT — (5.90)% | |||
| CORPORATE BONDS — (2.48)% | |||
| Containers & Packaging — (1.96)% | |||
| International Paper Co. 6.00% 11/15/41 * | (4,048,000) | (4,066,766) | |
| Real Estate Investment Trusts — (0.52)% | |||
| Service Properties Trust 4.75% 10/1/26 * | (1,144,000) | (1,071,929) | |
| Total CORPORATE BONDS (Proceeds $5,064,886) | (5,138,695) | ||
| COMMON STOCKS — (0.35)% | |||
| Retail - Discretionary — (0.35)% | |||
| Macy's, Inc. | (37,990) | (729,408) | |
| Total COMMON STOCKS (Proceeds $701,987) | (729,408) | ||
| EXCHANGE-TRADED FUNDS — (3.07)% | |||
| SPDR S&P Biotech ETF | (68,707) | (6,369,826) | |
| TOTAL INVESTMENT SECURITIES SOLD SHORT (Proceeds $13,325,433) | (5.90)% | $(12,237,929) | |
| CMT | Constant Maturity |
| LIBOR | London Interbank Offered Rate |
Notes to Financial Statements are an integral part of this Schedule.
32
Driehaus Event Driven Fund
Schedule of Investments
June 30, 2024 (unaudited)
| 1 | Bank loans in which the Fund invests pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (“LIBOR”), (ii) the prime rate offered by one or more United States banks or (iii) the certificate of deposit rate. Certain bank loans are subject to a LIBOR floor that establishes a minimum LIBOR rate. The interest rate shown reflects the rate in effect at June 30, 2024. Bank loans generally are subject to mandatory and/or optional repayment. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. |
| 2 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $57,626,547, which represents 28% of Net Assets (see Note F in the Notes to Financial Statements). |
| 3 | Perpetual security. Maturity date shown is the next call date or final legal maturity date, whichever comes first. |
| 4 | Variable rate security. Rates disclosed as of June 30, 2024. |
| 5 | All or a portion of this security is pledged as collateral for short sales or derivatives transactions. |
| 6 | Foreign security denominated and/or traded in U.S. dollars. |
| 7 | Pursuant to procedures adopted by the Trust’s Board of Trustees, this security has been determined to be illiquid by Driehaus Capital Management LLC (the “Adviser”), investment adviser to the Fund. |
| 8 | 7 day current yield as of June 30, 2024 is disclosed. |
| ^ | Security valued at fair value as determined in good faith by the Adviser, in accordance with procedures established by, and under the general supervision of, the Trust’s Board of Trustee. The security is valued using significant unobservable inputs. |
| * | Non-income producing security. |
Percentages are stated as a percent of net assets.
| Security Type | Percent of Net Assets | |
| Bank Loans | 5.28% | |
| Corporate Bonds | 30.22% | |
| Sovereign Bonds | 3.21% | |
| Common Stocks | 34.39% | |
| Master Limited Partnerships | 0.44% | |
| Preferred Stocks | 2.57% | |
| Warrants | 0.03% | |
| Short Term Investments | 22.48% | |
| Total Investments | 98.62% | |
| Other Assets In Excess of Liabilities | 1.38% | |
| Net Assets | 100.00% |
Notes to Financial Statements are an integral part of this Schedule.
33
Driehaus Event Driven Fund
Schedule of Investments
June 30, 2024 (unaudited)
TOTAL RETURN SWAPS
OTC SWAP CONTRACTS
| Pay Rate Index/Pay Rate | Receive Rate/Receive Rate Index | Maturity Date | Counterparty, | Currency | Notional Amount | Value | Upfront Premiums Paid/ (Received) | Unrealized Appreciation (Depreciation) | ||
| GSCNNED3 Basket* | Financing Index: SOFR - 0.5% (Monthly) | 2/24/2025 | GSC | USD | 7,189,649 | $27,458 | $— | $27,458 | ||
| MSHEWSC Basket** | Financing Index: 1-Day US Federal Fund Effective Rate - 0.35% (Monthly) | 4/30/2025 | MS | USD | 3,458,800 | 3,064 | — | 3,064 | ||
| Subtotal Appreciation | $30,522 | $— | $30,522 | |||||||
| GSUCDHY1 Basket*** | Financing Index: 1-Day US Federal Fund Effective Rate - 0.75% (At Maturity) | 8/1/2024 | GSC | USD | 10,315,047 | $(141,771) | $— | $(141,771) | ||
| GSCBDNYB Basket**** | Financing Index: 1-Day US Federal Fund Effective Rate - 0.6% (Monthly) | 2/10/2025 | GSC | USD | 1,849,070 | (135,416) | — | (135,416) | ||
| MSDRCASI Basket***** | Financing Index: 1-Day US Federal Fund Effective Rate - 0.35% (Monthly) | 5/13/2025 | MS | USD | 3,381,962 | (973) | — | (973) | ||
| SPDR S&P Regional Banking ETF | Financing Index: 1-Day US Federal Fund Effective Rate - 0.5% (Monthly) | 5/15/2025 | MS | USD | 4,022,805 | (230,734) | — | (230,734) | ||
| Subtotal Depreciation | $(508,894) | $— | $(508,894) | |||||||
| Net Total Return Swaps outstanding at June 30, 2024 | $(478,372) | $— | $(478,372) | |||||||
| GSC - Goldman Sachs International | |
| MS - Morgan Stanley | |
| * | GSCNNED3 Basket consists of a portfolio of: |
| Dun & Bradstreet Holdings, Inc. | 57% |
| Alight, Inc. | 30% |
| Dayforce, Inc. | 8% |
| Paysafe Ltd. | 5% |
| 100% |
Notes to Financial Statements are an integral part of this Schedule.
34
Driehaus Event Driven Fund
Schedule of Investments
June 30, 2024 (unaudited)
| ** | MSHEWSC Basket consists of a portfolio of: |
| Valmont Industries, Inc. | 4% |
| Dycom Industries, Inc. | 4% |
| Primoris Services Corp. | 4% |
| Ryder System, Inc. | 4% |
| Fluor Corp. | 4% |
| Ferguson PLC | 3% |
| API Group Corp. | 3% |
| Watsco, Inc. | 3% |
| AECOM | 3% |
| Quanta Services, Inc. | 3% |
| Herc Holdings, Inc. | 3% |
| Fastenal Co. | 3% |
| MSC Industrial Direct Co., Inc. | 3% |
| Beacon Roofing Supply, Inc. | 3% |
| AerCap Holdings NV | 3% |
| MDU Resources Group, Inc. | 3% |
| MasTec, Inc. | 3% |
| Air Lease Corp. | 3% |
| GMS, Inc. | 2% |
| Genpact Ltd. | 2% |
| United Rentals, Inc. | 2% |
| Core & Main, Inc. | 2% |
| H&E Equipment Services, Inc. | 2% |
| Construction Partners, Inc. | 2% |
| CH Robinson Worldwide, Inc. | 2% |
| SiteOne Landscape Supply, Inc. | 2% |
| GE Vernova, Inc. | 2% |
| Sensata Technologies Holding PLC | 2% |
| Granite Construction, Inc. | 2% |
| Driven Brands Holdings, Inc. | 2% |
| The Toro Co. | 2% |
| Sunrun, Inc. | 1% |
| Knight-Swift Transportation Holdings, Inc. | 1% |
| Bloom Energy Corp. | 1% |
| Jacobs Solutions, Inc. | 1% |
| Dayforce, Inc. | 1% |
| U-Haul Holding Co. | 1% |
| American Airlines Group, Inc. | 1% |
| Hexcel Corp. | 1% |
| CNH Industrial NV | 1% |
| Generac Holdings, Inc. | 1% |
| Global Industrial Co. | 1% |
| NEXTracker, Inc. | 1% |
| Array Technologies, Inc. | 1% |
| Custom Truck One Source, Inc. | 1% |
| Stanley Black & Decker, Inc. | 1% |
| 100% |
| *** | GSUCDHY1 Basket consists of a portfolio of: |
Notes to Financial Statements are an integral part of this Schedule.
35
Driehaus Event Driven Fund
Schedule of Investments
June 30, 2024 (unaudited)
| Asbury Automotive Group, Inc. | 3% |
| Ardagh Metal Packaging Finance USA LLC | 3% |
| Aramark Services, Inc. | 3% |
| Ball Corp. | 3% |
| Bath & Body Works, Inc. | 3% |
| 1011778 B.C. Unlimited Liability Co. | 3% |
| Builders Firstsource, Inc. | 3% |
| Standard Building Solutions, Inc. | 3% |
| Mauser Packaging Solutions Holding Co. | 3% |
| Carnival Corp. | 3% |
| Emerald Debt Merger Sub LLC | 3% |
| Fertitta Entertainment LLC | 3% |
| Gfl Environmental, Inc. | 3% |
| Chart Industries, Inc. | 4% |
| Hilton Domestic Operating Co., Inc. | 3% |
| Imola Merger Corp. | 3% |
| Las Vegas Sands Corp. | 3% |
| Mgm Resorts International | 3% |
| Ncl Corporation Ltd. | 4% |
| Petsmart LLC | 3% |
| Royal Caribbean Cruises Ltd. | 4% |
| Transocean, Inc. | 3% |
| Rolls-Royce PLC | 3% |
| Spirit Aerosystems, Inc. | 4% |
| Sensata Technologies BV | 3% |
| Transdigm, Inc. | 3% |
| Viking Cruises Ltd. | 4% |
| Wesco Distribution, Inc. | 4% |
| Weatherford International Ltd. | 4% |
| Wynn Las Vegas LLC | 3% |
| Yum! Brands, Inc. | 3% |
| 100% |
| **** | GSCBDNYB Basket consists of a portfolio of: |
| Valley National Bancorp | 44% |
| Dime Community Bancshares, Inc. | 14% |
| Metropolitan Bank Holding Corp. | 13% |
| Amalgamated Financial Corp. | 9% |
| Flushing Financial Corp. | 5% |
| Northfield Bancorp, Inc. | 5% |
| The First of Long Island Corp. | 5% |
| Peapack-Gladstone Financial Corp. | 4% |
| Bankwell Financial Group, Inc. | 1% |
| 100% |
| ***** | MSDRCASI Basket consists of a portfolio of: |
| Boyd Gaming Corp. | 8% |
| Mgm Resorts International | 8% |
| Red Rock Resorts, Inc. | 7% |
| Wyndham Hotels & Resorts, Inc. | 7% |
| Marriott Vacations Worldwide Corp. | 6% |
| International Game Technology PLC | 6% |
| Travel + Leisure Co. | 5% |
| Everi Holdings, Inc. | 5% |
| Vail Resorts, Inc. | 4% |
| Bloomin' Brands, Inc. | 4% |
| Marriott International, Inc. | 4% |
| Carnival Corp. | 4% |
| Norwegian Cruise Line Holdings Ltd. | 3% |
| Topgolf Callaway Brands Corp. | 3% |
| Las Vegas Sands Corp. | 3% |
| Wynn Resorts Ltd. | 3% |
| Portillo's, Inc. | 3% |
| Dine Brands Global, Inc. | 3% |
| Hyatt Hotels Corp. | 3% |
| Airbnb, Inc. | 3% |
| DraftKings, Inc. | 3% |
| Churchill Downs, Inc. | 3% |
| Monarch Casino & Resort, Inc. | 2% |
| 100% |
Notes to Financial Statements are an integral part of this Schedule.
36
Driehaus Mutual Funds
Statements of Assets and Liabilities
June 30, 2024 (unaudited)
| Driehaus Emerging Markets Growth Fund | Driehaus Emerging Markets Small Cap Growth Fund | ||
| ASSETS: | |||
| Investments, at cost | $2,276,802,984 | $83,932,847 | |
| Investments securities, at fair value | $2,969,914,005 | $111,081,816 | |
| Short-term securities, at fair value1 | 201,293,199 | 6,983,740 | |
| Warrant securities, at fair value2 | — | — | |
| Foreign currency, at fair value3 | 1,242,598 | 13,429 | |
| Unrealized appreciation on open OTC swap contracts | — | — | |
| Cash | 148,664 | — | |
| Deposit at broker for securities sold short | — | — | |
| Receivable for investment securities sold | 11,276,016 | 538,248 | |
| Receivable for fund shares sold | 2,391,148 | 20,038 | |
| Receivable for interest and dividends | 7,310,617 | 162,191 | |
| Due from broker | — | — | |
| Prepaid expenses | 185,068 | 25,662 | |
| TOTAL ASSETS | 3,193,761,315 | 118,825,124 | |
| LIABILITIES: | |||
| Payable for investment securities sold short, proceeds | — | — | |
| Payable for investment securities sold short, at fair value | — | — | |
| Cash overdraft | — | 1,641 | |
| Unrealized depreciation on open OTC swap contracts | — | — | |
| Payable for fund shares redeemed | 3,463,165 | 3,420 | |
| Payable for investment securities purchased | 70,592,484 | 283,413 | |
| Due to broker | — | — | |
| Advisory fees payable, net | 2,114,047 | 95,894 | |
| Payable for interest and dividends on securities sold short | — | — | |
| Accrued shareholder services plan fees | 115,873 | — | |
| Accrued administration and accounting fees | 265,090 | 16,855 | |
| Accrued foreign capital gains taxes | 11,025,370 | 252,547 | |
| Accrued expenses | 162,727 | 36,164 | |
| TOTAL LIABILITIES | 87,738,756 | 689,934 | |
| NET ASSETS | $3,106,022,559 | $118,135,190 | |
| NET ASSETS CONSISTED OF THE FOLLOWING AT JUNE 30, 2024: | |||
| Paid-in-capital | $2,652,989,341 | $116,875,820 | |
| Total distributable earnings (deficit) | 453,033,218 | 1,259,370 | |
| NET ASSETS | $3,106,022,559 | $118,135,190 | |
| NET ASSETS | $— | $118,135,190 | |
| SHARES OUTSTANDING (Unlimited shares authorized, no par value) | — | 5,297,220 | |
| NET ASSET VALUE | $— | $22.30 | |
| INVESTOR CLASS SHARES | |||
| NET ASSETS | $602,599,262 | $— | |
| SHARES OUTSTANDING (Unlimited shares authorized, no par value) | 15,610,404 | — | |
| NET ASSET VALUE | $38.60 | $— | |
| INSTITUTIONAL CLASS SHARES | |||
| NET ASSETS | $2,503,423,297 | $— | |
| SHARES OUTSTANDING (Unlimited shares authorized, no par value) | 64,373,438 | — | |
| NET ASSET VALUE | $38.89 | $— | |
| 1 | The cost of short-term securities was $201,293,199, $6,983,740, $2,840,737, $5,772,060, $49,584, $2,333,727, $4,610,445, $878,395 and $46,620,192, respectively. |
| 2 | The cost of warrants was $0, $0, $0, $0, $0, $0, $0, $0 and $9,328, respectively. |
| 3 | The cost of foreign currency was $1,242,598, $13,429, $15,334, $426, $11,258, $0, $0, $0 and $0, respectively. |
Notes to Financial Statements are an integral part of this Statement.
38
Driehaus Mutual Funds
Statements of Assets and Liabilities
June 30, 2024 (unaudited)
| Driehaus Global Fund | Driehaus International Small Cap Growth Fund | Driehaus International Developed Equity Fund | Driehaus Micro Cap Growth Fund | Driehaus Small Cap Growth Fund | Driehaus Small/Mid Cap Growth Fund | Driehaus Event Driven Fund | ||||||
| $43,317,980 | $192,817,736 | $1,046,569 | $185,443,641 | $567,794,267 | $44,175,699 | $161,747,191 | ||||||
| $56,256,159 | $227,687,774 | $1,065,815 | $264,792,656 | $780,138,654 | $54,142,739 | $157,850,142 | ||||||
| 2,840,737 | 5,772,060 | 49,584 | 2,333,727 | 4,610,445 | 878,395 | 46,620,192 | ||||||
| — | — | — | — | — | — | 73,220 | ||||||
| 15,336 | 393 | 11,258 | — | — | — | — | ||||||
| — | — | — | — | — | — | 30,522 | ||||||
| 182 | 330,053 | — | 811 | 2,379 | — | 895,548 | ||||||
| — | — | — | — | — | — | 19,852,315 | ||||||
| 365,579 | 1,842,267 | — | 2,310,603 | 4,475,909 | — | 4,731 | ||||||
| 1,584 | 38,081 | — | 150,923 | 3,054,220 | 49,226 | 82,374 | ||||||
| 32,359 | 445,601 | 590 | 17,647 | 34,919 | 3,856 | 1,772,506 | ||||||
| — | — | — | — | — | — | 157,780 | ||||||
| 17,802 | 12,982 | 37,389 | 71,174 | 84,002 | 18,469 | 29,539 | ||||||
| 59,529,738 | 236,129,211 | 1,164,636 | 269,677,541 | 792,400,528 | 55,092,685 | 227,368,869 | ||||||
| — | — | — | — | — | — | 13,325,433 | ||||||
| — | — | — | — | — | — | 12,237,929 | ||||||
| — | — | 11,254 | — | — | 1,226 | — | ||||||
| — | — | — | — | — | — | 508,894 | ||||||
| 1,626 | 35,090 | — | 35,954 | 1,296,454 | — | 74,639 | ||||||
| 223,318 | 1,123,408 | — | 2,532,170 | 5,873,396 | 590,877 | 6,738,410 | ||||||
| — | — | — | — | — | — | 67,067 | ||||||
| 23,917 | 193,640 | 637 | 273,321 | 380,863 | 25,746 | 170,006 | ||||||
| — | — | — | — | — | — | 50,823 | ||||||
| — | — | — | — | 23,380 | — | 49,013 | ||||||
| 3,626 | 14,766 | 14,548 | 22,634 | 49,552 | 3,313 | 13,706 | ||||||
| 1,966 | 271,175 | — | — | — | — | — | ||||||
| 25,508 | 31,233 | 9,231 | 30,777 | 47,701 | 19,908 | 50,687 | ||||||
| 279,961 | 1,669,312 | 35,670 | 2,894,856 | 7,671,346 | 641,070 | 19,961,174 | ||||||
| $59,249,777 | $234,459,899 | $1,128,966 | $266,782,685 | $784,729,182 | $54,451,615 | $207,407,695 | ||||||
| $42,651,124 | $232,408,740 | $1,120,999 | $202,690,766 | $668,332,351 | $47,695,364 | $212,031,209 | ||||||
| 16,598,653 | 2,051,159 | 7,967 | 64,091,919 | 116,396,831 | 6,756,251 | (4,623,514) | ||||||
| $59,249,777 | $234,459,899 | $1,128,966 | $266,782,685 | $784,729,182 | $54,451,615 | $207,407,695 | ||||||
| $59,249,777 | $234,459,899 | $1,128,966 | $266,782,685 | $— | $54,451,615 | $207,407,695 | ||||||
| 3,786,347 | 25,325,531 | 111,556 | 21,037,596 | — | 3,061,080 | 16,878,554 | ||||||
| $15.65 | $9.26 | $10.12 | $12.68 | $— | $17.79 | $12.29 | ||||||
| $— | $— | $— | $— | $117,902,588 | $— | $— | ||||||
| — | — | — | — | 5,448,887 | — | — | ||||||
| $— | $— | $— | $— | $21.64 | $— | $— | ||||||
| $— | $— | $— | $— | $666,826,594 | $— | $— | ||||||
| — | — | — | — | 30,188,621 | — | — | ||||||
| $— | $— | $— | $— | $22.09 | $— | $— | ||||||
Notes to Financial Statements are an integral part of this Statement.
39
Driehaus Mutual Funds
Statements of Operations
June 30, 2024 (unaudited)
| Driehaus Emerging Markets Growth Fund | Driehaus Emerging Markets Small Cap Growth Fund | ||
| INVESTMENT INCOME: | |||
| Interest income | $17,234 | $64 | |
| Dividend income1 | 37,885,019 | 1,028,250 | |
| Rebates on short sales, net of fees | — | — | |
| Total investment income | 37,902,253 | 1,028,314 | |
| Expenses: | |||
| Investment advisory fees | 12,443,580 | 602,669 | |
| Shareholder services fees | 686,001 | — | |
| Administration fees | 482,237 | 18,990 | |
| Transfer agent fees | 142,560 | 5,697 | |
| Trustees fees | 183,207 | 7,144 | |
| Custody fees | 345,833 | 26,668 | |
| Reports to shareholders | 66,694 | 3,251 | |
| Professional fees | 79,354 | 3,057 | |
| Audit and tax fees | 60,267 | 34,871 | |
| Federal and state registration fees | 38,111 | 12,617 | |
| Dividends and interest on short positions | — | — | |
| Miscellaneous | 256,742 | 12,114 | |
| Total expenses | 14,784,586 | 727,078 | |
| Investment advisory fees recoupment (reimbursement) | — | (45,574) | |
| Administration fees waived | — | — | |
| Fees paid indirectly | (128,944) | (2,130) | |
| Net expenses | 14,655,642 | 679,374 | |
| Net investment income (loss) | 23,246,611 | 348,940 | |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS: | |||
| Net realized gain (loss) on transactions from: | |||
| Investments2 | 96,080,821 | 8,898,956 | |
| Warrants | — | — | |
| Purchased options contracts | — | — | |
| Securities sold short | — | — | |
| Written options contracts | — | — | |
| Swap contracts | — | — | |
| Foreign currency | (507,991) | (2,039) | |
| Net realized gain (loss) on investment transactions | 95,572,830 | 8,896,917 | |
| Change in net unrealized appreciation (depreciation) on: | |||
| Investments3 | 202,065,263 | 8,518,885 | |
| Warrants | — | — | |
| Securities sold short | — | — | |
| Purchased options contracts | — | — | |
| Written options contracts | — | — | |
| Swap contracts | — | — | |
| Foreign currency | (58,334) | (7,973) | |
| Net change in unrealized appreciation (depreciation) on investment transactions | 202,006,929 | 8,510,912 | |
| Net realized and unrealized gain (loss) on investment transactions | 297,579,759 | 17,407,829 | |
| NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | $320,826,370 | $17,756,769 | |
| 1 | Net of $5,017,709, $99,395, $40,331, $380,146, $650, $18,495, $54,005, $3,287 and $0 of non-reclaimable foreign taxes withheld, respectively. |
| 2 | Net realized gain (loss) on transactions from investments are net of $(8,728,608), $(1,018,961), $2,015, $0, $0, $0, $0, $0 and $0 of foreign capital gains taxes, respectively. |
| 3 | Change in net unrealized appreciation (depreciation) on investments are net of $(1,476,721), $(205,643), $(3,491), $(98,374), $0, $0, $0, $0 and $0 of change in deferred foreign capital gains taxes, respectively. |
Notes to Financial Statements are an integral part of this Statement.
40
Driehaus Mutual Funds
Statements of Operations
June 30, 2024 (unaudited)
| Driehaus Global Fund | Driehaus International Small Cap Growth Fund | Driehaus International Developed Equity Fund* | Driehaus Micro Cap Growth Fund | Driehaus Small Cap Growth Fund | Driehaus Small/Mid Cap Growth Fund | Driehaus Event Driven Fund | ||||||
| $— | $— | $— | $— | $68 | $— | $3,698,630 | ||||||
| 419,386 | 2,232,066 | 2,955 | 560,742 | 1,589,627 | 119,435 | 1,634,136 | ||||||
| — | — | — | — | — | — | 433,542 | ||||||
| 419,386 | 2,232,066 | 2,955 | 560,742 | 1,589,695 | 119,435 | 5,766,308 | ||||||
| 182,962 | 1,147,572 | 1,205 | 1,535,020 | 2,094,395 | 135,111 | 1,057,250 | ||||||
| — | — | — | — | 106,244 | — | 209,069 | ||||||
| 9,602 | 39,163 | 14,050 | 41,385 | 119,669 | 7,664 | 36,436 | ||||||
| 2,870 | 11,884 | 17 | 12,362 | 35,313 | 2,219 | 10,486 | ||||||
| 3,719 | 15,066 | 44 | 16,120 | 43,809 | 2,511 | 14,775 | ||||||
| 5,965 | 19,655 | 498 | 17,195 | 20,804 | 7,903 | 5,732 | ||||||
| 1,661 | 5,423 | 52 | 5,406 | 18,300 | 1,255 | 6,427 | ||||||
| 1,904 | 6,571 | 21 | 7,005 | 19,347 | 1,183 | 6,296 | ||||||
| 28,713 | 25,464 | 9,088 | 18,300 | 18,910 | 18,299 | 26,089 | ||||||
| 11,046 | 12,351 | 5,727 | 11,732 | 27,482 | 10,467 | 13,998 | ||||||
| — | — | — | — | — | — | 132,847 | ||||||
| 6,936 | 22,177 | 33 | 21,050 | 55,092 | 3,350 | 20,853 | ||||||
| 255,378 | 1,305,326 | 30,735 | 1,685,575 | 2,559,365 | 189,962 | 1,540,258 | ||||||
| (42,666) | — | (22,372) | — | — | (7,461) | — | ||||||
| — | — | (6,986) | — | — | — | — | ||||||
| (1,602) | (7,866) | — | (52,586) | (82,250) | (2,353) | (13,260) | ||||||
| 211,110 | 1,297,460 | 1,377 | 1,632,989 | 2,477,115 | 180,148 | 1,526,998 | ||||||
| 208,276 | 934,606 | 1,578 | (1,072,247) | (887,420) | (60,713) | 4,239,310 | ||||||
| 4,649,564 | 7,433,225 | (12,112) | 9,014,506 | 38,795,921 | 470,043 | (1,114,589) | ||||||
| — | — | — | — | — | — | 83,434 | ||||||
| — | — | — | — | — | — | (340,980) | ||||||
| — | — | — | — | — | — | 598,585 | ||||||
| — | — | — | — | — | — | 224,050 | ||||||
| — | — | — | — | — | — | 2,861,132 | ||||||
| 6,819 | (49,251) | (744) | — | — | — | — | ||||||
| 4,656,383 | 7,383,974 | (12,856) | 9,014,506 | 38,795,921 | 470,043 | 2,311,632 | ||||||
| 4,084,126 | 4,669,344 | 19,246 | 23,880,172 | 75,132,072 | 6,649,323 | (6,803,380) | ||||||
| — | — | — | — | — | — | (116,725) | ||||||
| — | — | — | — | — | — | (479,133) | ||||||
| — | — | — | — | — | — | 206,624 | ||||||
| — | — | — | — | — | — | (118,282) | ||||||
| — | — | — | — | — | — | (405,737) | ||||||
| (94) | (4,627) | (1) | — | — | — | — | ||||||
| 4,084,032 | 4,664,717 | 19,245 | 23,880,172 | 75,132,072 | 6,649,323 | (7,716,633) | ||||||
| 8,740,415 | 12,048,691 | 6,389 | 32,894,678 | 113,927,993 | 7,119,366 | (5,405,001) | ||||||
| $8,948,691 | $12,983,297 | $7,967 | $31,822,431 | $113,040,573 | $7,058,653 | $(1,165,691) | ||||||
| * | For the period April 30, 2024 (Commencement of Operations) to June 30, 2024. |
Notes to Financial Statements are an integral part of this Statement.
41
Driehaus Mutual Funds
Statements of Changes in Net Assets
| Driehaus Emerging Markets Growth Fund | Driehaus Emerging Markets Small Cap Growth Fund | ||||||
| For the six months ended June 30, 2024 (unaudited) | For the year ended December 31, 2023 | For the six months ended June 30, 2024 (unaudited) | For the year ended December 31, 2023 | ||||
| INCREASE (DECREASE) IN NET ASSETS: | |||||||
| Operations: | |||||||
| Net investment income (loss) | $23,246,611 | $37,014,301 | $348,940 | $830,284 | |||
| Net realized gain (loss) on investment transactions | 95,572,830 | (103,560,668) | 8,896,917 | (2,772,457) | |||
| Net change in unrealized appreciation (depreciation) on investment transactions | 202,006,929 | 316,258,930 | 8,510,912 | 11,900,996 | |||
| Net increase (decrease) in net assets resulting from operations | 320,826,370 | 249,712,563 | 17,756,769 | 9,958,823 | |||
| Distributions from distributable earnings to shareholders: | |||||||
| Fund | — | — | — | (1,149,999) | |||
| Investor Class Shares | — | (10,376,561) | — | — | |||
| Institutional Class Shares | — | (39,623,469) | — | — | |||
| Total distributions to shareholders | — | (50,000,030) | — | (1,149,999) | |||
| Tax return of capital distributions to shareholders: | |||||||
| Fund | — | — | — | — | |||
| Investor Class Shares | — | — | — | — | |||
| Institutional Class Shares | — | — | — | — | |||
| Total tax return of capital distributions to shareholders | — | — | — | — | |||
| Capital share transactions: | |||||||
| Proceeds from shares sold: | |||||||
| Fund | — | — | 11,014,001 | 17,407,793 | |||
| Investor Class | 41,434,779 | 85,410,077 | — | — | |||
| Institutional Class | 426,519,992 | 601,018,546 | — | — | |||
| Reinvestment of distributions: | |||||||
| Fund | — | — | — | 969,895 | |||
| Investor Class | — | 9,875,397 | — | — | |||
| Institutional Class | — | 34,513,200 | — | — | |||
| Cost of shares redeemed: | |||||||
| Fund | — | — | (18,449,569) | (22,002,784) | |||
| Investor Class | (74,755,501) | (146,015,399) | — | — | |||
| Institutional Class | (187,507,951) | (261,731,122) | — | — | |||
| Redemption fees: | |||||||
| Fund | — | — | — | 1,456 | |||
| Investor Class | — | 901 | — | — | |||
| Institutional Class | — | 5,485 | — | — | |||
| Net increase (decrease) in net assets resulting from capital transactions | 205,691,319 | 323,077,085 | (7,435,568) | (3,623,640) | |||
| Total increase (decrease) in net assets | 526,517,689 | 522,789,618 | 10,321,201 | 5,185,184 | |||
| NET ASSETS: | |||||||
| Beginning of period | $2,579,504,870 | $2,056,715,252 | $107,813,989 | $102,628,805 | |||
| End of period | $3,106,022,559 | $2,579,504,870 | $118,135,190 | $107,813,989 | |||
Notes to Financial Statements are an integral part of this Statement.
42
Driehaus Mutual Funds
Statements of Changes in Net Assets
| Driehaus Global Fund | Driehaus International Small Cap Growth Fund | Driehaus International Developed Equity Fund | ||||||
| For the six months ended June 30, 2024 (unaudited) | For the year ended December 31, 2023 | For the six months ended June 30, 2024 (unaudited) | For the year ended December 31, 2023 | For the period April 30, 2024* through June 30, 2024 (unaudited) | ||||
| $208,276 | $656,195 | $934,606 | $1,023,040 | $1,578 | ||||
| 4,656,383 | 2,304,314 | 7,383,974 | 1,768,700 | (12,856) | ||||
| 4,084,032 | 5,910,864 | 4,664,717 | 20,526,591 | 19,245 | ||||
| 8,948,691 | 8,871,373 | 12,983,297 | 23,318,331 | 7,967 | ||||
| — | (760,000) | — | (2,500,006) | — | ||||
| — | — | — | — | — | ||||
| — | — | — | — | — | ||||
| — | (760,000) | — | (2,500,006) | — | ||||
| — | — | — | — | — | ||||
| — | — | — | — | — | ||||
| — | — | — | — | — | ||||
| — | — | — | — | — | ||||
| 1,838,267 | 3,867,347 | 12,273,783 | 33,168,158 | 1,121,074 | ||||
| — | — | — | — | — | ||||
| — | — | — | — | — | ||||
| — | 159,247 | — | 2,412,410 | — | ||||
| — | — | — | — | — | ||||
| — | — | — | — | — | ||||
| (4,029,150) | (6,288,521) | (11,837,351) | (52,173,501) | (75) | ||||
| — | — | — | — | — | ||||
| — | — | — | — | — | ||||
| — | 210 | — | 518 | — | ||||
| — | — | — | — | — | ||||
| — | — | — | — | — | ||||
| (2,190,883) | (2,261,717) | 436,432 | (16,592,415) | 1,120,999 | ||||
| 6,757,808 | 5,849,656 | 13,419,729 | 4,225,910 | 1,128,966 | ||||
| $52,491,969 | $46,642,313 | $221,040,170 | $216,814,260 | $— | ||||
| $59,249,777 | $52,491,969 | $234,459,899 | $221,040,170 | $1,128,966 | ||||
| * | Fund commenced operations on April 30, 2024. |
Notes to Financial Statements are an integral part of this Statement.
43
Driehaus Mutual Funds
Statements of Changes in Net Assets
| Driehaus Micro Cap Growth Fund | Driehaus Small Cap Growth Fund | ||||||
| For the six months ended June 30, 2024 (unaudited) | For the year ended December 31, 2023 | For the six months ended June 30, 2024 (unaudited) | For the year ended December 31, 2023 | ||||
| INCREASE (DECREASE) IN NET ASSETS: | |||||||
| Operations: | |||||||
| Net investment income (loss) | $(1,072,247) | $(2,095,510) | $(887,420) | $(1,593,271) | |||
| Net realized gain (loss) on investment transactions | 9,014,506 | (2,433,552) | 38,795,921 | (3,466,120) | |||
| Net change in unrealized appreciation (depreciation) on investment transactions | 23,880,172 | 25,820,193 | 75,132,072 | 93,485,843 | |||
| Net increase (decrease) in net assets resulting from operations | 31,822,431 | 21,291,131 | 113,040,573 | 88,426,452 | |||
| Distributions from distributable earnings to shareholders: | |||||||
| Fund | — | — | — | — | |||
| Investor Class Shares | — | — | — | (317,274) | |||
| Institutional Class Shares | — | — | — | (2,426,869) | |||
| Total distributions to shareholders | — | — | — | (2,744,143) | |||
| Tax return of capital distributions to shareholders: | |||||||
| Fund | — | (1,999,999) | — | — | |||
| Investor Class Shares | — | — | — | (29,581) | |||
| Institutional Class Shares | — | — | — | (226,267) | |||
| Total tax return of capital distributions to shareholders | — | (1,999,999) | — | (255,848) | |||
| Capital share transactions: | |||||||
| Proceeds from shares sold: | |||||||
| Fund | 32,903,165 | 66,742,433 | — | — | |||
| Investor Class | — | — | 24,511,024 | 34,622,739 | |||
| Institutional Class | — | — | 158,943,623 | 143,644,059 | |||
| Reinvestment of distributions: | |||||||
| Fund | — | 1,563,826 | — | — | |||
| Investor Class | — | — | — | 346,282 | |||
| Institutional Class | — | — | — | 2,450,870 | |||
| Cost of shares redeemed: | |||||||
| Fund | (20,371,310) | (41,378,205) | — | — | |||
| Investor Class | — | — | (15,757,892) | (24,107,129) | |||
| Institutional Class | — | — | (57,597,757) | (134,247,341) | |||
| Redemption fees: | |||||||
| Fund | — | 763 | — | — | |||
| Investor Class | — | — | — | 3,597 | |||
| Institutional Class | — | — | — | 11,766 | |||
| Net increase (decrease) in net assets resulting from capital transactions | 12,531,855 | 26,928,817 | 110,098,998 | 22,724,843 | |||
| Total increase (decrease) in net assets | 44,354,286 | 46,219,949 | 223,139,571 | 108,151,304 | |||
| NET ASSETS: | |||||||
| Beginning of period | $222,428,399 | $176,208,450 | $561,589,611 | $453,438,307 | |||
| End of period | $266,782,685 | $222,428,399 | $784,729,182 | $561,589,611 | |||
Notes to Financial Statements are an integral part of this Statement.
44
Driehaus Mutual Funds
Statements of Changes in Net Assets
| Driehaus Small/Mid Cap Growth Fund | Driehaus Event Driven Fund | |||||
| For the six months ended June 30, 2024 (unaudited) | For the year ended December 31, 2023 | For the six months ended June 30, 2024 (unaudited) | For the year ended December 31, 2023 | |||
| $(60,713) | $(65,390) | $4,239,310 | $7,387,548 | |||
| 470,043 | 324,014 | 2,311,632 | 9,565,134 | |||
| 6,649,323 | 2,263,076 | (7,716,633) | 2,687,344 | |||
| 7,058,653 | 2,521,700 | (1,165,691) | 19,640,026 | |||
| — | — | — | (9,649,997) | |||
| — | — | — | — | |||
| — | — | — | — | |||
| — | — | — | (9,649,997) | |||
| — | — | — | — | |||
| — | — | — | — | |||
| — | — | — | — | |||
| — | — | — | — | |||
| 35,081,306 | 1,022,052 | 26,749,784 | 68,502,217 | |||
| — | — | — | — | |||
| — | — | — | — | |||
| — | — | — | 9,514,053 | |||
| — | — | — | — | |||
| — | — | — | — | |||
| (2,263,394) | (1,902,267) | (34,882,095) | (75,589,464) | |||
| — | — | — | — | |||
| — | — | — | — | |||
| — | — | — | — | |||
| — | 122 | — | — | |||
| — | — | — | — | |||
| 32,817,912 | (880,093) | (8,132,311) | 2,426,806 | |||
| 39,876,565 | 1,641,607 | (9,298,002) | 12,416,835 | |||
| $14,575,050 | $12,933,443 | $216,705,697 | $204,288,862 | |||
| $54,451,615 | $14,575,050 | $207,407,695 | $216,705,697 | |||
Notes to Financial Statements are an integral part of this Statement.
45
Driehaus Emerging Markets Growth Fund — Investor Class
Financial Highlights
| For the six month period January 1, 2024 through June 30, 2024 (unaudited) | For the year ended December 31, 2023 | For the year ended December 31, 2022 | For the year ended December 31, 2021 | For the year ended December 31, 2020 | For the year ended December 31, 2019 | ||||||
| Net asset value, beginning of period | $ 34.58 | $ 31.69 | $ 41.20 | $ 49.09 | $ 39.53 | $ 31.80 | |||||
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||||||||
| Net investment income (loss) | 0.26 | 0.451 | 0.281 | (0.07)1 | (0.09)1 | 0.301 | |||||
| Net realized and unrealized gain (loss) on investments | 3.76 | 3.07 | (9.56) | (0.93) | 10.87 | 7.76 | |||||
| Total income (loss) from investment operations | 4.02 | 3.52 | (9.28) | (1.00) | 10.78 | 8.06 | |||||
| LESS DISTRIBUTIONS: | |||||||||||
| Net investment income | — | (0.63) | (0.20) | — | — | (0.33) | |||||
| Net realized gain | — | — | (0.03) | (6.89) | (1.22) | — | |||||
| Total distributions | — | (0.63) | (0.23) | (6.89) | (1.22) | (0.33) | |||||
| Redemption fees added to paid-in capital | — | 0.002 | 0.002 | 0.002 | 0.002 | 0.002 | |||||
| Net asset value, end of period | $ 38.60 | $ 34.58 | $ 31.69 | $ 41.20 | $ 49.09 | $ 39.53 | |||||
| Total Return | 11.56%3 | 11.14% | (22.54)% | (1.90)% | 27.31% | 25.34% | |||||
| RATIOS/SUPPLEMENTAL DATA: | |||||||||||
| Net assets, end of period (000’s) | $ 602,599 | $ 570,927 | $ 572,323 | $ 844,522 | $ 951,998 | $ 863,535 | |||||
| Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | 1.23%4 | 1.30% | 1.35% | 1.29% | 1.39% | 1.41% | |||||
| Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets5 | 1.22%4 | 1.29% | 1.34% | 1.28% | 1.38% | 1.40% | |||||
| Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets5 | 1.42%4 | 1.37% | 0.81% | (0.13)% | (0.24)% | 0.85% | |||||
| Portfolio turnover | 63%3 | 126% | 160% | 169% | 203% | 167% |
| 1 | Net investment income (loss) per share has been calculated using the average shares method. |
| 2 | Amount represents less than $0.01 per share. |
| 3 | Not annualized. |
| 4 | Annualized. |
| 5 | Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.01% for the years 2019, 2020, 2021, 2022, 2023 and for the six month period June 30, 2024. |
Notes to Financial Statements are an integral part of this Schedule.
46
Driehaus Emerging Markets Growth Fund — Institutional Class
Financial Highlights
| For the six month period January 1, 2024 through June 30, 2024 (unaudited) | For the year ended December 31, 2023 | For the year ended December 31, 2022 | For the year ended December 31, 2021 | For the year ended December 31, 2020 | For the year ended December 31, 2019 | ||||||
| Net asset value, beginning of period | $ 34.80 | $ 31.88 | $ 41.36 | $ 49.14 | $ 39.48 | $ 31.76 | |||||
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||||||||
| Net investment income (loss) | 0.31 | 0.541 | 0.371 | 0.051 | (0.01)1 | 0.381 | |||||
| Net realized and unrealized gain (loss) on investments | 3.78 | 3.09 | (9.61) | (0.94) | 10.89 | 7.75 | |||||
| Total income (loss) from investment operations | 4.09 | 3.63 | (9.24) | (0.89) | 10.88 | 8.13 | |||||
| LESS DISTRIBUTIONS: | |||||||||||
| Net investment income | — | (0.71) | (0.21) | — | — | (0.41) | |||||
| Net realized gain | — | — | (0.03) | (6.89) | (1.22) | — | |||||
| Total distributions | — | (0.71) | (0.24) | (6.89) | (1.22) | (0.41) | |||||
| Redemption fees added to paid-in capital | — | 0.002 | 0.002 | 0.002 | 0.002 | 0.002 | |||||
| Net asset value, end of period | $ 38.89 | $ 34.80 | $ 31.88 | $ 41.36 | $ 49.14 | $ 39.48 | |||||
| Total Return | 11.72%3 | 11.42% | (22.36)% | (1.67)% | 27.60% | 25.60% | |||||
| RATIOS/SUPPLEMENTAL DATA: | |||||||||||
| Net assets, end of period (000’s) | $ 2,503,424 | $ 2,008,578 | $ 1,484,392 | $ 1,482,582 | $ 1,331,263 | $ 928,230 | |||||
| Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | 0.99%4 | 1.08% | 1.12% | 1.07% | 1.17% | 1.20% | |||||
| Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets5 | 0.98%4 | 1.07% | 1.11% | 1.06% | 1.16% | 1.19% | |||||
| Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets5 | 1.70%4 | 1.61% | 1.07% | 0.10% | (0.02)% | 1.07% | |||||
| Portfolio turnover | 63%3 | 126% | 160% | 169% | 203% | 167% |
| 1 | Net investment income (loss) per share has been calculated using the average shares method. |
| 2 | Amount represents less than $0.01 per share. |
| 3 | Not annualized. |
| 4 | Annualized. |
| 5 | Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.01% for the years 2019, 2020, 2021, 2022, 2023 and for the six month period June 30, 2024. |
Notes to Financial Statements are an integral part of this Schedule.
47
Driehaus Emerging Markets Small Cap Growth Fund
Financial Highlights
| For the six month period January 1, 2024 through June 30, 2024 (unaudited) | For the year ended December 31, 2023 | For the year ended December 31, 2022 | For the year ended December 31, 2021 | For the year ended December 31, 2020 | For the year ended December 31, 2019 | ||||||
| Net asset value, beginning of period | $ 19.00 | $ 17.43 | $ 22.11 | $ 19.08 | $ 14.38 | $ 10.80 | |||||
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||||||||
| Net investment income (loss) | 0.07 | 0.16 | 0.09 | 0.06 | 0.02 | 0.06 | |||||
| Net realized and unrealized gain (loss) on investments | 3.23 | 1.62 | (4.77) | 2.98 | 4.80 | 3.58 | |||||
| Total income (loss) from investment operations | 3.30 | 1.78 | (4.68) | 3.04 | 4.82 | 3.64 | |||||
| LESS DISTRIBUTIONS: | |||||||||||
| Net investment income | — | (0.21) | — | (0.01) | (0.12) | (0.06) | |||||
| Total distributions | — | (0.21) | — | (0.01) | (0.12) | (0.06) | |||||
| Redemption fees added to paid-in capital | — | 0.001 | 0.001 | 0.001 | — | 0.001 | |||||
| Net asset value, end of period | $ 22.30 | $ 19.00 | $ 17.43 | $ 22.11 | $ 19.08 | $ 14.38 | |||||
| Total Return | 17.31%2 | 10.23% | (21.17)% | 15.93% | 33.56% | 33.71% | |||||
| RATIOS/SUPPLEMENTAL DATA: | |||||||||||
| Net assets, end of period (000’s) | $ 118,135 | $ 107,814 | $ 102,629 | $ 116,644 | $ 89,729 | $ 62,407 | |||||
| Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | 1.33%3 | 1.36% | 1.44% | 1.37% | 1.72% | 1.80%4 | |||||
| Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets5,6 | 1.24%3 | 1.24% | 1.24%7 | 1.24%7 | 1.45%7 | 1.45%4,7 | |||||
| Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets5,6 | 0.64%3 | 0.78% | 0.53%7 | 0.28%7 | 0.12%7 | 0.52%7 | |||||
| Portfolio turnover | 50%2 | 161% | 149% | 178% | 248% | 220% |
| 1 | Amount represents less than $0.01 per share. |
| 2 | Not annualized. |
| 3 | Annualized. |
| 4 | Ratio of expenses to average net assets includes interest expense of 0.01% for the year ended December 31, 2019. The interest expense is from utilizing the line of credit (see Note G in the Notes to Financial Statements). |
| 5 | Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.01%, 0.00%, 0.01%, 0.00%, 0.00% and 0.00% for the years 2019, 2020, 2021, 2022, 2023 and for the six month period June 30, 2024. |
| 6 | Effective December 31, 2020, the Adviser has contractually agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual Fund operating expenses (other than interest, taxes, brokerage commissions, dividends and interest on short sales, other investment-related expenses, acquired fund fees and expenses, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund’s business) would not exceed the Fund’s operating expense cap of 1.24% of average daily net assets until April 30, 2025. From November 1, 2018, to December 31, 2020, the annual operating expense limitation was 1.45%. |
| 7 | Such ratios are after administrative and transfer agent waivers and adviser expense reimbursements and recoupments, when applicable. BNY Mellon Investment Servicing (US) Inc., the prior administrative agent and transfer agent, waived a portion of its fees beginning with the Fund’s commencement of operations, August 22, 2011 through July 31, 2020. |
Notes to Financial Statements are an integral part of this Schedule.
48
Driehaus Global Fund
Financial Highlights
| For the six month period January 1, 2024 through June 30, 2024 (unaudited) | For the year ended December 31, 2023 | For the year ended December 31, 2022 | For the year ended December 31, 2021 | For the year ended December 31, 2020 | For the year ended December 31, 2019 | ||||||
| Net asset value, beginning of period | $ 13.34 | $ 11.33 | $ 14.25 | $ 15.17 | $ 11.94 | $ 9.93 | |||||
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||||||||
| Net investment income (loss) | 0.05 | 0.17 | 0.22 | 0.12 | 0.16 | 0.29 | |||||
| Net realized and unrealized gain (loss) on investments | 2.26 | 2.03 | (2.90) | (0.21) | 3.43 | 1.86 | |||||
| Total income (loss) from investment operations | 2.31 | 2.20 | (2.68) | (0.09) | 3.59 | 2.15 | |||||
| LESS DISTRIBUTIONS: | |||||||||||
| Net investment income | — | (0.19) | (0.24) | (0.22) | (0.11) | (0.14) | |||||
| Net realized gain | — | — | — | (0.61) | (0.25) | — | |||||
| Total distributions | — | (0.19) | (0.24) | (0.83) | (0.36) | (0.14) | |||||
| Redemption fees added to paid-in capital | — | 0.001 | 0.001 | — | — | — | |||||
| Net asset value, end of period | $ 15.65 | $ 13.34 | $ 11.33 | $ 14.25 | $ 15.17 | $ 11.94 | |||||
| Total Return | 17.32%2 | 19.46% | (18.86)% | (0.53)% | 30.09% | 21.64% | |||||
| RATIOS/SUPPLEMENTAL DATA: | |||||||||||
| Net assets, end of period (000’s) | $ 59,250 | $ 52,492 | $ 46,642 | $ 57,728 | $ 53,221 | $ 39,043 | |||||
| Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | 0.91%3 | 1.13% | 1.36% | 1.31% | 1.62% | 1.89% | |||||
| Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets4,5 | 0.75%3 | 0.83% | 0.99% | 0.99% | 0.99% | 1.23% | |||||
| Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets5 | 0.74%3 | 1.32% | 1.90% | 0.92% | 1.47% | 2.67% | |||||
| Portfolio turnover | 58%2 | 179% | 92% | 101% | 135% | 155% |
| 1 | Amount represents less than $0.01 per share. |
| 2 | Not annualized. |
| 3 | Annualized. |
| 4 | Effective April 30, 2023, the Adviser has contractually agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual Fund operating expenses (other than interest, taxes, brokerage commissions, dividends and interest on short sales, other investment-related expenses, acquired fund fees and expenses, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund’s business) would not exceed the Fund’s operating expense cap of 0.75% of average daily net assets until April 30, 2025. From May 1, 2019 to April 29, 2023, the annual operating expense limitation was 0.99%, and prior to May 1, 2019 the annual operating expense limitation was 1.75%. |
| 5 | Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.00%, 0.00%, 0.01%, 0.01%, 0.01% and 0.01% for the years 2019, 2020, 2021, 2022, 2023 and for the six month period June 30, 2024. |
Notes to Financial Statements are an integral part of this Schedule.
49
Driehaus International Small Cap Growth Fund
Financial Highlights
| For the six month period January 1, 2024 through June 30, 2024 (unaudited) | For the year ended December 31, 2023 | For the year ended December 31, 2022 | For the year ended December 31, 2021 | For the year ended December 31, 2020 | For the year ended December 31, 2019 | ||||||
| Net asset value, beginning of period | $ 8.74 | $ 7.90 | $ 11.06 | $ 12.59 | $ 10.52 | $ 8.13 | |||||
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||||||||
| Net investment income (loss) | 0.04 | 0.05 | 0.06 | 0.04 | 0.01 | 0.06 | |||||
| Net realized and unrealized gain (loss) on investments | 0.48 | 0.89 | (2.75) | 1.42 | 3.10 | 2.41 | |||||
| Total income (loss) from investment operations | 0.52 | 0.94 | (2.69) | 1.46 | 3.11 | 2.47 | |||||
| LESS DISTRIBUTIONS: | |||||||||||
| Net investment income | — | (0.10) | — | (0.04) | (0.08) | (0.01) | |||||
| Net realized gain | — | — | (0.47) | (2.95) | (0.96) | (0.07) | |||||
| Total distributions | — | (0.10) | (0.47) | (2.99) | (1.04) | (0.08) | |||||
| Redemption fees added to paid-in capital | — | 0.001 | 0.001 | 0.001 | 0.001 | 0.001 | |||||
| Net asset value, end of period | $ 9.26 | $ 8.74 | $ 7.90 | $ 11.06 | $ 12.59 | $ 10.52 | |||||
| Total Return | 5.95%2 | 11.95% | (24.40)% | 12.49% | 29.71% | 30.41% | |||||
| RATIOS/SUPPLEMENTAL DATA: | |||||||||||
| Net assets, end of period (000’s) | $ 234,460 | $ 221,040 | $ 216,814 | $ 332,312 | $ 288,855 | $ 268,229 | |||||
| Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | 1.14%3 | 1.17% | 1.16% | 1.15% | 1.23% | 1.24% | |||||
| Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets4 | 1.13%3 | 1.16% | 1.16% | 1.14% | 1.23% | 1.24% | |||||
| Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets4 | 0.81%3 | 0.49% | 0.72% | 0.32% | 0.02% | 0.65% | |||||
| Portfolio turnover | 44%2 | 80% | 75% | 93% | 104% | 96% |
| 1 | Amount represents less than $0.01 per share. |
| 2 | Not annualized. |
| 3 | Annualized. |
| 4 | Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.00%, 0.00%, 0.01%, 0.01%, 0.01% and 0.01% for the years 2019, 2020, 2021, 2022, 2023 and for the six month period June 30, 2024. |
Notes to Financial Statements are an integral part of this Schedule.
50
Driehaus International Developed Equity Fund
Financial Highlights
| For the period April 30, 2024* through Jun 30. 2024 (unaudited) | |
| Net asset value, beginning of period | $ 10.00 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |
| Net investment income (loss) | 0.01 |
| Net realized and unrealized gain (loss) on investments | 0.11 |
| Total income (loss) from investment operations | 0.12 |
| LESS DISTRIBUTIONS: | |
| Net investment income | — |
| Total distributions | — |
| Redemption fees added to paid-in capital | — |
| Net asset value, end of period | $ 10.12 |
| Total Return | 1.20%1 |
| RATIOS/SUPPLEMENTAL DATA: | |
| Net assets, end of period (000’s) | $ 1,129 |
| Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | 17.86%2 |
| Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets3 | 0.80%2 |
| Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets3 | 0.92%2 |
| Portfolio turnover | 17%1 |
| * | Fund commenced operations on April 30, 2024. |
| 1 | Not annualized. |
| 2 | Annualized. |
| 3 | The Adviser has contractually agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual Fund operating expenses (other than interest, taxes, brokerage commissions and other portfolio transaction expenses, capital expenditures, and extraordinary expenses) would not exceed the Fund’s operating expense cap of 0.80% of average daily net assets until April 30, 2027. |
Notes to Financial Statements are an integral part of this Schedule.
51
Driehaus Micro Cap Growth Fund
Financial Highlights
| For the six month period January 1, 2024 through June 30, 2024 (unaudited) | For the year ended December 31, 2023 | For the year ended December 31, 2022 | For the year ended December 31, 2021 | For the year ended December 31, 2020 | For the year ended December 31, 2019 | ||||||
| Net asset value, beginning of period | $ 11.10 | $ 10.05 | $ 16.33 | $ 19.99 | $ 12.95 | $ 11.11 | |||||
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||||||||
| Net investment income (loss) | (0.04) | (0.11) | (0.11) | (0.22) | (0.20) | (0.16) | |||||
| Net realized and unrealized gain (loss) on investments | 1.62 | 1.26 | (5.35) | 4.44 | 11.20 | 3.90 | |||||
| Total income (loss) from investment operations | 1.58 | 1.15 | (5.46) | 4.22 | 11.00 | 3.74 | |||||
| LESS DISTRIBUTIONS: | |||||||||||
| Net investment income | — | — | — | — | — | (0.02) | |||||
| Net realized gain | — | — | (0.82) | (7.88) | (3.96) | (1.88) | |||||
| Tax return of capital | — | (0.10) | — | — | — | — | |||||
| Total distributions | — | (0.10) | (0.82) | (7.88) | (3.96) | (1.90) | |||||
| Redemption fees added to paid-in capital | — | 0.001 | 0.001 | — | 0.001 | 0.001 | |||||
| Net asset value, end of period | $ 12.68 | $ 11.10 | $ 10.05 | $ 16.33 | $ 19.99 | $ 12.95 | |||||
| Total Return | 14.23%2 | 11.44% | (33.53)% | 24.73% | 85.60% | 33.89% | |||||
| RATIOS/SUPPLEMENTAL DATA: | |||||||||||
| Net assets, end of period (000’s) | $ 266,783 | $ 222,428 | $ 176,208 | $ 341,269 | $ 334,391 | $ 269,120 | |||||
| Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | 1.37%3 | 1.41% | 1.42% | 1.38% | 1.46% | 1.48% | |||||
| Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets4 | 1.33%3 | 1.36% | 1.37% | 1.35% | 1.43% | 1.43% | |||||
| Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets4 | (0.87)%3 | (1.10)% | (0.87)% | (1.26)% | (1.33)% | (1.32)% | |||||
| Portfolio turnover | 52%2 | 128% | 108% | 109% | 141% | 165% |
| 1 | Amount represents less than $0.01 per share. |
| 2 | Not annualized. |
| 3 | Annualized. |
| 4 | Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.05%, 0.03%, 0.03%, 0.05%, 0.05% and 0.04% for the years 2019, 2020, 2021, 2022, 2023 and for the six month period June 30, 2024. |
Notes to Financial Statements are an integral part of this Schedule.
52
Driehaus Small Cap Growth Fund — Investor Class
Financial Highlights
| For the six month period January 1, 2024 through June 30, 2024 (unaudited) | For the year ended December 31, 2023 | For the year ended December 31, 2022 | For the year ended December 31, 2021 | For the year ended December 31, 2020 | For the year ended December 31, 2019 | ||||||
| Net asset value, beginning of period | $ 18.17 | $ 15.34 | $ 23.76 | $ 23.62 | $ 15.37 | $ 11.66 | |||||
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||||||||
| Net investment income (loss) | (0.04)1 | (0.09)1 | (0.09)1 | (0.14) | (0.18)1 | (0.13) | |||||
| Net realized and unrealized gain (loss) on investments | 3.51 | 2.99 | (8.01) | 4.80 | 9.98 | 4.81 | |||||
| Total income (loss) from investment operations | 3.47 | 2.90 | (8.10) | 4.66 | 9.80 | 4.68 | |||||
| LESS DISTRIBUTIONS: | |||||||||||
| Net investment income | — | (0.06) | — | — | — | — | |||||
| Net realized gain | — | — | (0.33) | (4.52) | (1.55) | (0.97) | |||||
| Tax return of capital | — | (0.01) | — | — | — | — | |||||
| Total distributions | — | (0.07) | (0.33) | (4.52) | (1.55) | (0.97) | |||||
| Redemption fees added to paid-in capital | — | 0.002 | 0.01 | — | — | 0.002 | |||||
| Net asset value, end of period | $ 21.64 | $ 18.17 | $ 15.34 | $ 23.76 | $ 23.62 | $ 15.37 | |||||
| Total Return | 19.10%3 | 18.92% | (34.11)% | 21.12% | 63.77% | 40.25% | |||||
| RATIOS/SUPPLEMENTAL DATA: | |||||||||||
| Net assets, end of period (000’s) | $ 117,903 | $ 91,508 | $ 67,143 | $ 96,371 | $ 28,088 | $ 10,899 | |||||
| Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | 0.91%4 | 0.97% | 1.00% | 0.99% | 1.35% | 1.59% | |||||
| Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets5 | 0.89%4 | 0.94%6 | 0.96%6,7 | 1.11%6,7 | 1.20%6,7 | 1.17%6,7 | |||||
| Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets5 | (0.44)%4 | (0.52)%6 | (0.54)%6,7 | (0.97)%6,7 | (1.04)%6,7 | (0.95)%6,7 | |||||
| Portfolio turnover | 58%3 | 154% | 169% | 149% | 164% | 206% |
| 1 | Net investment income (loss) per share has been calculated using the average shares method. |
| 2 | Amount represents less than $0.01 per share. |
| 3 | Not annualized. |
| 4 | Annualized. |
| 5 | Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.03%, 0.02%, 0.02%, 0.04%, 0.03% and 0.02% for the years 2019, 2020, 2021, 2022, 2023 and for the six month period June 30, 2024. |
| 6 | The Adviser had contractually agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual operating expenses for the Investor Class (other than interest, taxes, brokerage commissions and other portfolio transaction expenses, capital expenditures, and extraordinary expenses) would not exceed the Investor Class’s operating expense cap of 1.20% of average daily net assets until April 30, 2023. |
| 7 | Such ratios are after administrative and transfer agent waivers and adviser expense reimbursements and recoupments, when applicable. BNY Mellon Investment Servicing (US) Inc., the prior administrative agent and transfer agent, waived a portion of its fees beginning with the Fund’s commencement of operations, August 21, 2017 through July 31, 2020. |
Notes to Financial Statements are an integral part of this Schedule.
53
Driehaus Small Cap Growth Fund — Institutional Class
Financial Highlights
| For the six month period January 1, 2024 through June 30, 2024 (unaudited) | For the year ended December 31, 2023 | For the year ended December 31, 2022 | For the year ended December 31, 2021 | For the year ended December 31, 2020 | For the year ended December 31, 2019 | ||||||
| Net asset value, beginning of period | $ 18.53 | $ 15.64 | $ 24.15 | $ 23.88 | $ 15.47 | $ 11.70 | |||||
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||||||||
| Net investment income (loss) | (0.02)1 | (0.05)1 | (0.05)1 | (0.11) | (0.11)1 | (0.10) | |||||
| Net realized and unrealized gain (loss) on investments | 3.58 | 3.05 | (8.14) | 4.90 | 10.07 | 4.84 | |||||
| Total income (loss) from investment operations | 3.56 | 3.00 | (8.19) | 4.79 | 9.96 | 4.74 | |||||
| LESS DISTRIBUTIONS: | |||||||||||
| Net investment income | — | (0.10) | — | — | — | — | |||||
| Net realized gain | — | — | (0.33) | (4.52) | (1.55) | (0.97) | |||||
| Tax return of capital | — | (0.01) | — | — | — | — | |||||
| Total distributions | — | (0.11) | (0.33) | (4.52) | (1.55) | (0.97) | |||||
| Redemption fees added to paid-in capital | — | 0.002 | 0.01 | — | — | 0.002 | |||||
| Net asset value, end of period | $ 22.09 | $ 18.53 | $ 15.64 | $ 24.15 | $ 23.88 | $ 15.47 | |||||
| Total Return | 19.21%3 | 19.19% | (33.93)% | 21.44% | 64.39% | 40.62% | |||||
| RATIOS/SUPPLEMENTAL DATA: | |||||||||||
| Net assets, end of period (000’s) | $ 666,826 | $ 470,082 | $ 386,295 | $ 512,941 | $ 327,155 | $ 161,821 | |||||
| Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | 0.70%4 | 0.73% | 0.75% | 0.73% | 0.80% | 0.89% | |||||
| Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets5 | 0.68%4 | 0.70%6 | 0.71%6,7 | 0.71%6,7 | 0.81%6,7 | 0.92%6,7 | |||||
| Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets5 | (0.22)%4 | (0.29)%6 | (0.28)%6,7 | (0.58)%6,7 | (0.64)%6,7 | (0.70)%6,7 | |||||
| Portfolio turnover | 58%3 | 154% | 169% | 149% | 164% | 206% |
| 1 | Net investment income (loss) per share has been calculated using the average shares method. |
| 2 | Amount represents less than $0.01 per share. |
| 3 | Not annualized. |
| 4 | Annualized. |
| 5 | Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.03%, 0.01%, 0.02%, 0.04%, 0.03% and 0.02% for the years 2019, 2020, 2021, 2022, 2023 and for the six month period June 30, 2024. |
| 6 | The Adviser had contractually agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual operating expenses for the Institutional Class (other than interest, taxes, brokerage commissions and other portfolio transaction expenses, capital expenditures, and extraordinary expenses) would not exceed the Institutional Class’s operating expense cap of 1.20% of average daily net assets until April 30, 2023. |
| 7 | Such ratios are after administrative and transfer agent waivers and adviser expense reimbursements and recoupments, when applicable. BNY Mellon Investment Servicing (US) Inc., the prior administrative agent and transfer agent, waived a portion of its fees beginning with the Fund’s commencement of operations, August 21, 2017 through July 31, 2020. |
Notes to Financial Statements are an integral part of this Schedule.
54
Driehaus Small/Mid Cap Growth Fund
Financial Highlights
| For the six month period January 1, 2024 through June 30, 2024 (unaudited) | For the year ended December 31, 2023 | For the year ended December 31, 2022 | For the year ended December 31, 2021 | For the period May 1, 2020* through December 31, 2020 | |||||
| Net asset value, beginning of period | $ 14.99 | $ 12.41 | $ 18.75 | $ 17.19 | $ 10.00 | ||||
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||||||
| Net investment income (loss) | 0.03 | (0.07) | (0.07) | (0.12) | (0.04) | ||||
| Net realized and unrealized gain (loss) on investments | 2.77 | 2.65 | (5.81) | 3.17 | 7.47 | ||||
| Total income (loss) from investment operations | 2.80 | 2.58 | (5.88) | 3.05 | 7.43 | ||||
| LESS DISTRIBUTIONS: | |||||||||
| Net investment income | — | — | — | — | — | ||||
| Net realized gain | — | — | (0.46) | (1.49) | (0.24) | ||||
| Total distributions | — | — | (0.46) | (1.49) | (0.24) | ||||
| Redemption fees added to paid-in capital | — | 0.001 | 0.001 | — | — | ||||
| Net asset value, end of period | $ 17.79 | $ 14.99 | $ 12.41 | $ 18.75 | $ 17.19 | ||||
| Total Return | 18.68%2 | 20.79% | (31.45)% | 18.32% | 74.23%2 | ||||
| RATIOS/SUPPLEMENTAL DATA: | |||||||||
| Net assets, end of period (000’s) | $ 54,452 | $ 14,575 | $ 12,933 | $ 23,174 | $ 14,845 | ||||
| Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | 0.84%3 | 1.32% | 1.54% | 1.31% | 2.58%3 | ||||
| Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets4,5 | 0.80%3 | 0.90% | 0.95%6 | 0.95%6 | 0.95%3,6 | ||||
| Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets4,5 | (0.27)%3 | (0.49)% | (0.48)%6 | (0.70)%6 | (0.73)%3,6 | ||||
| Portfolio turnover | 62%2 | 148% | 188% | 191% | 96%2 |
| * | Fund commenced operations on May 1, 2020. |
| 1 | Amount represents less than $0.01 per share. |
| 2 | Not annualized. |
| 3 | Annualized. |
| 4 | Such ratios are after administrative and transfer agent waivers and adviser expense reimbursements, when applicable. BNY Mellon Investment Servicing (US) Inc., the prior administrative agent and transfer agent, and The Northern Trust Company, the current administrative agent and transfer agent, waived a portion of its fees beginning with the Fund’s commencement of operations, May 1, 2020 through July 31, 2020. Effective September 7, 2023, the Adviser contractually agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual Fund operating expenses (other than interest, taxes, brokerage commissions and other portfolio transaction expenses, capital expenditures, and extraordinary expenses) would not exceed the Fund’s operating expense cap of 0.80% of average daily net assets until April 30, 2025. Prior to September 7, 2023, the annual expense limitation was 0.95%. |
| 5 | Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.00%, 0.01%, 0.04%, 0.01% and 0.01% for the years 2020, 2021, 2022, 2023 and for the six month period June 30, 2024. |
| 6 | Such ratios are after administrative and transfer agent waivers and adviser expense reimbursements and recoupments, when applicable. BNY Mellon Investment Servicing (US) Inc., the prior administrative agent and transfer agent, waived a portion of its fees beginning with the Fund’s commencement of operations, May 1, 2020 through July 31, 2020. |
Notes to Financial Statements are an integral part of this Schedule.
55
Driehaus Event Driven Fund
Financial Highlights
| For the six month period January 1, 2024 through June 30, 2024 (unaudited) | For the year ended December 31, 2023 | For the year ended December 31, 2022 | For the year ended December 31, 2021 | For the year ended December 31, 2020 | For the year ended December 31, 2019 | ||||||
| Net asset value, beginning of period | $ 12.36 | $ 11.79 | $ 13.29 | $ 13.93 | $ 11.55 | $ 9.99 | |||||
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||||||||
| Net investment income (loss) | 0.25 | 0.42 | 0.16 | 0.04 | 0.12 | 0.26 | |||||
| Net realized and unrealized gain (loss) on investments | (0.32) | 0.70 | (1.49) | 0.93 | 2.74 | 1.69 | |||||
| Total income (loss) from investment operations | (0.07) | 1.12 | (1.33) | 0.97 | 2.86 | 1.95 | |||||
| LESS DISTRIBUTIONS: | |||||||||||
| Net investment income | — | (0.55) | (0.02) | (0.15) | (0.17) | (0.39) | |||||
| Net realized gain | — | — | (0.15) | (1.46) | (0.31) | — | |||||
| Total distributions | — | (0.55) | (0.17) | (1.61) | (0.48) | (0.39) | |||||
| Net asset value, end of period | $ 12.29 | $ 12.36 | $ 11.79 | $ 13.29 | $ 13.93 | $ 11.55 | |||||
| Total Return | (0.57)%1 | 9.56% | (9.98)% | 7.21% | 24.84% | 19.53% | |||||
| RATIOS/SUPPLEMENTAL DATA: | |||||||||||
| Net assets, end of period (000’s) | $ 207,408 | $ 216,706 | $ 204,289 | $ 203,635 | $ 142,064 | $ 69,455 | |||||
| Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | 1.45%2 | 1.56% | 1.69% | 1.49% | 1.59% | 1.93% | |||||
| Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets3,4 | 1.44%2 | 1.55% | 1.66% | 1.42% | 1.57% | 1.90% | |||||
| Ratio of net investment income (loss) (including dividends and interest on short positions and interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets3,4 | 4.01%2 | 3.52% | 1.43% | 0.10% | 0.67% | 2.63% | |||||
| Portfolio turnover | 55%1 | 105% | 81% | 109% | 136% | 111% |
| 1 | Not annualized. |
| 2 | Annualized. |
| 3 | The ratio for the fund includes the effect of dividends and interest on short positions, and interest expense which increased the expense ratios by 0.30%, 0.13%, 0.10%, 0.30%, 0.21% and 0.13% for the years 2019, 2020, 2021, 2022, 2023 and for the six month period June 30, 2024. |
| 4 | Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the fund includes the effect of fees paid indirectly which impacted the expense ratios by 0.03%, 0.02%, 0.07%, 0.03%, 0.01% and 0.01% for the years 2019, 2020, 2021, 2022, 2023 and for the six month period June 30, 2024. |
Notes to Financial Statements are an integral part of this Schedule.
56
Driehaus Mutual Funds
Notes to Financial Statements (unaudited)
A. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization
The Driehaus Mutual Funds (the “Trust”) is an open-end registered management investment company under the Investment Company Act of 1940 (the "1940 Act"), as amended, organized as a Delaware statutory trust, with eight separate series currently in operation. The Trust was organized under an Agreement and Declaration of Trust dated May 31, 1996, as subsequently amended and restated as of June 6, 2013, and as further amended to date, and may issue an unlimited number of full and fractional units of beneficial interest (shares) without par value. The nine series (each a “Fund”, and collectively, the “Funds”) included in this report are as follows:
| Fund | Commencement of Operations |
| Emerging Markets Growth Fund | 12/31/97 |
| Emerging Markets Small Cap Growth Fund | 08/22/11 |
| Global Fund | 04/10/17 |
| International Small Cap Growth Fund | 09/17/07 |
| International Developed Equity Fund | 04/30/24 |
| Micro Cap Growth Fund | 11/18/13 |
| Small Cap Growth Fund | 08/21/17 |
| Small/Mid Cap Growth Fund | 05/01/20 |
| Event Driven Fund | 08/26/13 |
The Emerging Markets Growth Fund and Small Cap Growth Fund each offer two classes of shares, designated as Institutional Class and Investor Class. Each class of shares represents an interest in the same portfolio of investments of the respective Fund and voting privileges with respect to the Fund in general. Each class of shares has exclusive voting rights with respect to any matters involving only that class. The classes of each Fund pay pro rata the costs of management of that Fund’s portfolio, including the investment advisory fee. Each class of a Fund bears the cost of its own transfer agency and shareholder servicing arrangements, and any other class-specific expenses, which will result in differing expenses by class.
The Emerging Markets Growth Fund seeks to maximize capital appreciation by investing primarily in equity securities of emerging markets companies.
The Emerging Markets Small Cap Growth Fund seeks to maximize capital appreciation by investing primarily in equity securities of small capitalization emerging markets companies.
The Global Fund seeks to maximize capital appreciation by investing primarily in common stocks and sponsored or unsponsored American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) or Global Depositary Receipts (“GDRs”).
The International Small Cap Growth Fund seeks to maximize capital appreciation by investing primarily in equity securities of smaller capitalization non-U.S. companies.
The International Developed Equity Fund seeks to maximize capital appreciation by investing primarily in equity securities of companies located in non-U.S. developed market countries.
The Micro Cap Growth Fund seeks to maximize capital appreciation by investing primarily in equity securities of micro capitalization U.S. companies.
The Small Cap Growth Fund seeks to maximize capital appreciation by investing primarily in equity securities of small capitalization U.S. companies.
The Small/Mid Cap Growth Fund seeks to maximize capital appreciation by investing primarily in equity securities of small/medium capitalization U.S. companies.
The Event Driven Fund seeks to provide positive returns over full-market cycles by investing primarily in a broad range of asset classes and securities, including derivatives.
57
Driehaus Mutual Funds
Notes to Financial Statements (unaudited) — (Continued)
The presentation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses. Actual results may differ from those estimates. The Funds, which are investment companies within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Update ("ASU") 2013-08, follow accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, Financial Services-Investment Companies.
Securities Valuation
Investments in securities traded on a national securities exchange, including exchange-traded futures and options (including warrants), are valued at the last reported sales or settlement price on the day of valuation and are generally classified as level 1. North and South American exchange-traded securities for which no sale was reported are valued at the most recent closing bid price from the exchange the security is primarily traded on and are generally classified as level 1. All other exchange-traded securities for which no sale was reported are valued at the mean between closing bid and ask prices from the exchange the security is primarily traded on and are also generally classified as level 1. Equity certificates are valued at the last sale price of the underlying security as of the close of the primary exchange. Long-term U.S. fixed income securities are valued at the representative quoted bid price when held long or the representative quoted ask price if sold short or, if such prices are not available, at prices for securities of comparable maturity, quality and type or as determined by an independent pricing service. Long-term non-U.S. fixed income securities are valued at the mean of the representative quoted bid and ask prices when held long or sold short or, if such prices are not available, at prices for securities of comparable maturity, quality and type or as determined by an independent pricing service. The pricing service provider may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations or other techniques. Such techniques generally consider factors such as composite security prices, yields, maturities, call features, credit ratings and developments relating to specific securities, in arriving at valuations. Fixed income securities are generally classified as level 2. The fair value analysis includes an analysis of the value of any unfunded commitments.
Short-term investments with remaining maturities of 60 days or less at the time of purchase are stated at amortized cost, which approximates fair value. If amortized cost does not approximate fair value, short-term securities are reported at fair value. These securities are generally classified as level 2. Swaps, forward foreign currency contracts and other financial derivatives are valued daily, primarily by an independent pricing service using pricing models and are generally classified as level 2. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, dividends and exchange rates. If valuations are not available from the independent pricing service or values received are deemed not representative of fair value, values will be obtained from a third-party broker-dealer or counterparty.
Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from an independent pricing service. In addition, for the Emerging Markets Growth Fund, Emerging Markets Small Cap Growth, Global Fund, International Small Cap Growth Fund, and International Developed Equity Fund, if quotations are not readily available or if the values have been materially affected by events occurring after the closing of a foreign market assets may be valued at fair value as determined in good faith by the investment adviser of the Funds. 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. These funds also use an independent pricing service to provide fair value estimates for relevant foreign equity securities. This pricing service uses correlations between the movement of prices of foreign equity securities and indexes of U.S. traded securities and other indicators, such as closing prices of ADRs and futures contracts, to determine the fair value of relevant foreign equity securities. To the extent utilized, securities would be classified as level 2 in the hierarchy described below.
Securities for which market quotations are not readily available are valued at fair value as determined in good faith in accordance with procedures adopted by the "valuation designee" appointed by the Trust’s Board of Trustees and are generally classified as level 3. Under these procedures, the Funds primarily employ a market-based approach, which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. In addition, level 3 investments in certain early stage companies may be valued based upon initial transaction prices with management conducting ongoing assessments to determine whether new information is available to support a fair value adjustment. The information
58
Driehaus Mutual Funds
Notes to Financial Statements (unaudited) — (Continued)
management may consider in its ongoing assessments may include, but are not limited to, actual or upcoming financing or third-party sale transactions, current or forecasted performance, or regulatory approval status updates. It is possible that estimated values may differ significantly from the values that would have been used had a ready market existed for the investments, and such differences could be material.
Each Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:
Level 1 – quoted prices for active markets for identical securities
Level 2 – significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The following is a summary of the inputs used to value the Emerging Markets Growth Fund’s investments as of June 30, 2024:
| Assets | Total Value at June 30, 2024 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
| Common Stocks | ||||||||
| Africa | $54,833,795 | $— | $54,833,795 | $— | ||||
| Europe | ||||||||
| Austria | 19,178,167 | — | 19,178,167 | — | ||||
| France | 9,220,022 | — | 9,220,022 | — | ||||
| Greece | 51,556,488 | 11,832,658 | 39,723,830 | — | ||||
| Poland | 40,112,919 | — | 40,112,919 | — | ||||
| Portugal | 15,806,026 | — | 15,806,026 | — | ||||
| Russia | — | — | — | —* | ||||
| Turkey | 75,231,420 | 11,374,849 | 63,856,571 | — | ||||
| United Kingdom | 52,658,211 | — | 52,658,211 | — | ||||
| Far East | ||||||||
| China | 556,761,143 | 130,196,155 | 426,564,988 | — | ||||
| Hong Kong | 55,632,741 | — | 55,632,741 | — | ||||
| India | 542,401,543 | 79,561,149 | 462,840,394 | — | ||||
| Indonesia | 59,970,726 | — | 59,970,726 | — | ||||
| Malaysia | 22,033,725 | — | 22,033,725 | — | ||||
| Philippines | 26,753,523 | 13,745,304 | 13,008,219 | — | ||||
| South Korea | 396,410,947 | — | 396,410,947 | — | ||||
| Taiwan | 432,829,880 | 263,116,706 | 169,713,174 | — | ||||
| Middle East | ||||||||
| Israel | 10,977,265 | 10,977,265 | — | — | ||||
| Saudi Arabia | 46,503,318 | — | 46,503,318 | — | ||||
| United Arab Emirates | 58,391,766 | 58,391,766 | — | — | ||||
| North America | ||||||||
| Canada | 38,818,854 | 38,818,854 | — | — | ||||
| Mexico | 121,774,129 | 121,774,129 | — | — | ||||
| United States | 108,745,823 | 102,614,544 | 6,131,279 | — | ||||
| South America | 153,584,790 | 153,584,790 | — | — | ||||
| Preferred Stocks | ||||||||
| South America | 19,726,784 | 19,726,784 | — | — |
59
Driehaus Mutual Funds
Notes to Financial Statements (unaudited) — (Continued)
| Assets | Total Value at June 30, 2024 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
| Short Term Investments | $201,293,199 | $201,293,199 | $— | $— | ||||
| Total | $3,171,207,204 | $1,217,008,152 | $1,954,199,052 | $— |
| *Level 3 security has zero value. |
The following is a summary of the inputs used to value the Emerging Markets Small Cap Growth Fund’s investments as of June 30, 2024:
| Assets | Total Value at June 30, 2024 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
| Common Stocks | ||||||||
| Africa | $1,656,193 | $— | $1,656,193 | $— | ||||
| Europe | ||||||||
| Norway | 1,296,873 | 1,296,873 | — | — | ||||
| Turkey | 1,821,033 | 1,260,038 | 560,995 | — | ||||
| Far East | ||||||||
| Australia | 1,696,811 | — | 1,696,811 | — | ||||
| China | 7,510,545 | — | 7,510,545 | — | ||||
| India | 36,631,754 | 1,400,879 | 35,230,875 | — | ||||
| Kazakhstan | 1,959,662 | — | 1,959,662 | — | ||||
| Malaysia | 1,692,805 | — | 1,692,805 | — | ||||
| South Korea | 11,863,611 | — | 11,863,611 | — | ||||
| Taiwan | 12,993,536 | — | 12,993,536 | — | ||||
| Vietnam | 4,471,953 | — | 4,471,953 | — | ||||
| Middle East | ||||||||
| Qatar | 1,226,857 | — | 1,226,857 | — | ||||
| Saudi Arabia | 1,914,330 | — | 1,914,330 | — | ||||
| United Arab Emirates | 1,724,424 | 1,724,424 | — | — | ||||
| North America | 12,034,000 | 12,034,000 | — | — | ||||
| South America | 10,561,068 | 10,561,068 | — | — | ||||
| Rights | ||||||||
| Far East | 26,361 | 26,361 | — | — | ||||
| Short Term Investments | 6,983,740 | 6,983,740 | — | — | ||||
| Total | $118,065,556 | $35,287,383 | $82,778,173 | $— |
The following is a summary of the inputs used to value the Global Fund’s investments as of June 30, 2024:
| Assets | Total Value at June 30, 2024 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
| Common Stocks | ||||||||
| Europe | ||||||||
| France | $459,848 | $— | $459,848 | $— | ||||
| Germany | 1,291,771 | — | 1,291,771 | — | ||||
| Greece | 278,206 | — | 278,206 | — | ||||
| Ireland | 957,376 | 957,376 | — | — |
60
Driehaus Mutual Funds
Notes to Financial Statements (unaudited) — (Continued)
| Assets | Total Value at June 30, 2024 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
| Italy | $315,069 | $— | $315,069 | $— | ||||
| Netherlands | 978,036 | — | 978,036 | — | ||||
| Poland | 275,976 | — | 275,976 | — | ||||
| Spain | 717,107 | — | 717,107 | — | ||||
| Switzerland | 2,126,871 | 475,572 | 1,651,299 | — | ||||
| United Kingdom | 5,335,607 | 819,987 | 4,515,620 | — | ||||
| Far East | ||||||||
| China | 1,292,891 | — | 1,292,891 | — | ||||
| India | 1,076,819 | 870,408 | 206,411 | — | ||||
| Indonesia | 279,579 | — | 279,579 | — | ||||
| Japan | 1,731,509 | — | 1,731,509 | — | ||||
| Philippines | 341,231 | 341,231 | — | — | ||||
| South Korea | 434,518 | — | 434,518 | — | ||||
| Taiwan | 316,068 | — | 316,068 | — | ||||
| North America | 38,047,677 | 38,047,677 | — | — | ||||
| Short Term Investments | 2,840,737 | 2,840,737 | — | — | ||||
| Total | $59,096,896 | $44,352,988 | $14,743,908 | $— |
The following is a summary of the inputs used to value the International Small Cap Growth Fund’s investments as of June 30, 2024:
| Assets | Total Value at June 30, 2024 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
| Common Stocks | ||||||||
| Africa | $1,878,967 | $— | $1,878,967 | $— | ||||
| Europe | ||||||||
| Austria | 3,985,201 | — | 3,985,201 | — | ||||
| Belgium | 3,159,880 | 2,258,601 | 901,279 | — | ||||
| Denmark | 2,827,323 | — | 2,827,323 | — | ||||
| Finland | 2,859,259 | — | 2,859,259 | — | ||||
| France | 4,786,568 | — | 4,786,568 | — | ||||
| Germany | 17,802,048 | — | 17,802,048 | — | ||||
| Ireland | 5,609,014 | 3,859,509 | 1,749,505 | — | ||||
| Italy | 12,561,797 | — | 12,561,797 | — | ||||
| Netherlands | 5,824,782 | 2,128,522 | 3,696,260 | — | ||||
| Norway | 7,108,354 | 3,259,126 | 3,849,228 | — | ||||
| Spain | 7,429,453 | — | 7,429,453 | — | ||||
| Sweden | 4,551,897 | — | 4,551,897 | — | ||||
| Switzerland | 13,706,444 | — | 13,706,444 | — | ||||
| United Kingdom | 18,248,972 | — | 18,248,972 | — | ||||
| Far East | ||||||||
| Australia | 3,164,812 | — | 3,164,812 | — | ||||
| India | 13,356,043 | — | 13,356,043 | — | ||||
| Indonesia | 2,550,558 | 2,550,558 | — | — | ||||
| Japan | 49,094,248 | 1,133,339 | 47,960,909 | — |
61
Driehaus Mutual Funds
Notes to Financial Statements (unaudited) — (Continued)
| Assets | Total Value at June 30, 2024 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
| Malaysia | $1,065,377 | $— | $1,065,377 | $— | ||||
| South Korea | 6,212,863 | — | 6,212,863 | — | ||||
| Taiwan | 6,606,562 | — | 6,606,562 | — | ||||
| Thailand | 1,145,617 | 1,145,617 | — | — | ||||
| Middle East | 3,063,303 | 3,063,303 | — | — | ||||
| North America | 22,452,625 | 22,452,625 | — | — | ||||
| South America | 4,115,878 | 4,115,878 | — | — | ||||
| Preferred Stocks | ||||||||
| Europe | 2,519,929 | — | 2,519,929 | — | ||||
| Short Term Investments | 5,772,060 | 5,772,060 | — | — | ||||
| Total | $233,459,834 | $51,739,138 | $181,720,696 | $— |
The following is a summary of the inputs used to value the International Developed Equity Fund’s investments as of June 30, 2024:
| Assets | Total Value at June 30, 2024 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
| Common Stocks | ||||||||
| Europe | ||||||||
| Denmark | $48,506 | $— | $48,506 | $— | ||||
| Finland | 16,907 | — | 16,907 | — | ||||
| France | 106,771 | — | 106,771 | — | ||||
| Germany | 162,705 | — | 162,705 | — | ||||
| Ireland | 46,420 | 21,002 | 25,418 | — | ||||
| Italy | 63,647 | — | 63,647 | — | ||||
| Netherlands | 86,540 | — | 86,540 | — | ||||
| Spain | 45,090 | — | 45,090 | — | ||||
| Sweden | 15,021 | — | 15,021 | — | ||||
| Switzerland | 90,477 | — | 90,477 | — | ||||
| United Kingdom | 167,275 | — | 167,275 | — | ||||
| Far East | 133,242 | — | 133,242 | — | ||||
| North America | 83,214 | 83,214 | — | — | ||||
| Short Term Investments | 49,584 | 49,584 | — | — | ||||
| Total | $1,115,399 | $153,800 | $961,599 | $— |
The following is a summary of the inputs used to value the Micro Cap Growth Fund’s investments as of June 30, 2024:
| Assets | Total Value at June 30, 2024 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
| Common Stocks | ||||||||
| Advertising & Marketing | $3,376,863 | $3,376,863 | $— | $— | ||||
| Aerospace & Defense | 5,668,537 | 5,668,537 | — | — | ||||
| Asset Management | 1,337,973 | 1,337,973 | — | — | ||||
| Banking | 2,272,347 | 2,272,347 | — | — |
62
Driehaus Mutual Funds
Notes to Financial Statements (unaudited) — (Continued)
| Assets | Total Value at June 30, 2024 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
| Beverages | $1,326,050 | $1,326,050 | $— | $— | ||||
| Biotechnology & Pharmaceuticals | 59,717,275 | 59,717,275 | — | — | ||||
| Commercial Support Services | 1,754,642 | 1,754,642 | — | — | ||||
| Construction Materials | 5,672,070 | 5,672,070 | — | — | ||||
| Consumer Services | 3,841,545 | 3,841,545 | — | — | ||||
| Containers & Packaging | 693,501 | 693,501 | — | — | ||||
| Electrical Equipment | 17,043,564 | 17,043,564 | — | — | ||||
| Engineering & Construction | 14,699,333 | 14,699,333 | — | — | ||||
| Food | 4,271,738 | 4,271,738 | — | — | ||||
| Health Care Facilities & Services | 1,519,858 | 1,519,858 | — | — | ||||
| Home & Office Products | 2,533,563 | 2,533,563 | — | — | ||||
| Home Construction | 574,676 | 574,676 | — | — | ||||
| Household Products | 1,584,404 | 1,584,404 | — | — | ||||
| Insurance | 15,562,742 | 15,562,742 | — | — | ||||
| Internet Media & Services | 5,262,213 | 5,262,213 | — | — | ||||
| Leisure Facilities & Services | 9,660,221 | 9,660,221 | — | — | ||||
| Machinery | 8,857,034 | 8,857,034 | — | — | ||||
| Medical Equipment & Devices | 22,801,934 | 22,801,934 | — | — | ||||
| Metals & Mining | 5,411,595 | 5,411,595 | — | — | ||||
| Oil & Gas Producers | 3,759,367 | 3,759,367 | — | — | ||||
| Oil, Gas Services & Equipment | 4,965,088 | 4,965,088 | — | — | ||||
| Retail - Discretionary | 4,404,133 | 4,404,133 | — | — | ||||
| Semiconductors | 10,416,278 | 10,416,278 | — | — | ||||
| Software | 16,059,510 | 14,700,639 | — | 1,358,871 | ||||
| Specialty Finance | 7,284,968 | 7,284,968 | — | — | ||||
| Technology Hardware | 13,286,425 | 13,286,425 | — | — | ||||
| Transportation & Logistics | 1,387,415 | 1,387,415 | — | — | ||||
| Transportation Equipment | 7,785,794 | 7,785,794 | — | — | ||||
| Short Term Investments | 2,333,727 | 2,333,727 | — | — | ||||
| Total | $267,126,383 | $265,767,512 | $— | $1,358,871 |
The amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the period ended June 30, 2024.
The following is a summary of the inputs used to value the Small Cap Growth Fund’s investments as of June 30, 2024:
| Assets | Total Value at June 30, 2024 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
| Common Stocks | ||||||||
| Advertising & Marketing | $1,967,491 | $1,967,491 | $— | $— | ||||
| Aerospace & Defense | 45,341,642 | 45,341,642 | — | — | ||||
| Banking | 5,673,105 | 5,673,105 | — | — | ||||
| Beverages | 2,313,115 | 2,313,115 | — | — | ||||
| Biotechnology & Pharmaceuticals | 95,339,050 | 95,339,050 | — | — | ||||
| Chemicals | 8,253,423 | 8,253,423 | — | — | ||||
| Commercial Support Services | 3,975,829 | 3,975,829 | — | — |
63
Driehaus Mutual Funds
Notes to Financial Statements (unaudited) — (Continued)
| Assets | Total Value at June 30, 2024 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
| Construction Materials | $11,687,255 | $11,687,255 | $— | $— | ||||
| Consumer Services | 3,836,052 | 3,836,052 | — | — | ||||
| Electrical Equipment | 50,952,766 | 50,952,766 | — | — | ||||
| Engineering & Construction | 31,621,844 | 31,621,844 | — | — | ||||
| Food | 17,873,492 | 17,873,492 | — | — | ||||
| Health Care Facilities & Services | 3,766,600 | 3,766,600 | — | — | ||||
| Home Construction | 2,340,424 | 2,340,424 | — | — | ||||
| Household Products | 11,053,107 | 11,053,107 | — | — | ||||
| Industrial Intermediate Products | 3,463,005 | 3,463,005 | — | — | ||||
| Industrial Support Services | 17,828,310 | 17,828,310 | — | — | ||||
| Institutional Financial Services | 5,261,190 | 5,261,190 | — | — | ||||
| Insurance | 29,112,650 | 29,112,650 | — | — | ||||
| Internet Media & Services | 4,548,133 | 4,548,133 | — | — | ||||
| Leisure Facilities & Services | 40,235,400 | 40,235,400 | — | — | ||||
| Machinery | 22,117,341 | 22,117,341 | — | — | ||||
| Medical Equipment & Devices | 70,703,734 | 70,703,734 | — | — | ||||
| Metals & Mining | 31,143,471 | 31,143,471 | — | — | ||||
| Oil & Gas Producers | 2,062,207 | 2,062,207 | — | — | ||||
| Oil, Gas Services & Equipment | 20,111,196 | 20,111,196 | — | — | ||||
| Retail - Consumer Staples | 8,016,552 | 8,016,552 | — | — | ||||
| Retail - Discretionary | 32,026,299 | 32,026,299 | — | — | ||||
| Semiconductors | 47,522,546 | 47,522,546 | — | — | ||||
| Software | 64,379,591 | 60,519,614 | — | 3,859,977 | ||||
| Specialty Finance | 18,238,677 | 18,238,677 | — | — | ||||
| Steel | 4,569,080 | 4,569,080 | — | — | ||||
| Technology Hardware | 48,541,537 | 48,541,537 | — | — | ||||
| Technology Services | 5,811,537 | 5,811,537 | — | — | ||||
| Transportation & Logistics | 8,451,003 | 8,451,003 | — | — | ||||
| Short Term Investments | 4,610,445 | 4,610,445 | — | — | ||||
| Total | $784,749,099 | $780,889,122 | $— | $3,859,977 |
The amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the period ended June 30, 2024.
The following is a summary of the inputs used to value the Small/Mid Cap Growth Fund’s investments as of June 30, 2024:
| Assets | Total Value at June 30, 2024 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
| Common Stocks | ||||||||
| Aerospace & Defense | $4,159,222 | $4,159,222 | $— | $— | ||||
| Apparel & Textile Products | 901,161 | 901,161 | — | — | ||||
| Asset Management | 457,561 | 457,561 | — | — | ||||
| Banking | 235,449 | 235,449 | — | — | ||||
| Beverages | 270,721 | 270,721 | — | — | ||||
| Biotechnology & Pharmaceuticals | 5,027,995 | 5,027,995 | — | — |
64
Driehaus Mutual Funds
Notes to Financial Statements (unaudited) — (Continued)
| Assets | Total Value at June 30, 2024 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
| Chemicals | $843,764 | $843,764 | $— | $— | ||||
| Commercial Support Services | 722,549 | 722,549 | — | — | ||||
| Construction Materials | 1,541,932 | 1,541,932 | — | — | ||||
| Electrical Equipment | 1,943,320 | 1,943,320 | — | — | ||||
| Engineering & Construction | 1,760,743 | 1,760,743 | — | — | ||||
| Food | 1,063,661 | 1,063,661 | — | — | ||||
| Health Care Facilities & Services | 591,597 | 591,597 | — | — | ||||
| Household Products | 836,348 | 836,348 | — | — | ||||
| Industrial Intermediate Products | 288,247 | 288,247 | — | — | ||||
| Industrial Support Services | 741,202 | 741,202 | — | — | ||||
| Institutional Financial Services | 1,376,901 | 1,376,901 | — | — | ||||
| Insurance | 1,256,898 | 1,256,898 | — | — | ||||
| Internet Media & Services | 725,084 | 725,084 | — | — | ||||
| Leisure Facilities & Services | 3,513,477 | 3,513,477 | — | — | ||||
| Machinery | 2,028,624 | 2,028,624 | — | — | ||||
| Medical Equipment & Devices | 3,291,051 | 3,291,051 | — | — | ||||
| Metals & Mining | 2,410,437 | 2,410,437 | — | — | ||||
| Oil & Gas Producers | 975,291 | 975,291 | — | — | ||||
| Oil, Gas Services & Equipment | 577,543 | 577,543 | — | — | ||||
| Renewable Energy | 385,311 | 385,311 | — | — | ||||
| Retail | 456,442 | 456,442 | — | — | ||||
| Retail - Consumer Staples | 554,498 | 554,498 | — | — | ||||
| Retail - Discretionary | 1,796,299 | 1,796,299 | — | — | ||||
| Semiconductors | 2,734,371 | 2,734,371 | — | — | ||||
| Software | 4,952,581 | 4,683,006 | — | 269,575 | ||||
| Specialty Finance | 819,750 | 819,750 | — | — | ||||
| Technology Hardware | 3,787,121 | 3,787,121 | — | — | ||||
| Technology Services | 696,316 | 696,316 | — | — | ||||
| Transportation & Logistics | 419,272 | 419,272 | — | — | ||||
| Short Term Investments | 878,395 | 878,395 | — | — | ||||
| Total | $55,021,134 | $54,751,559 | $— | $269,575 |
The amount of Level 3 securities compared to total net assets is not material; therefore, the reconciliation of Level 3 securities and assumptions is not shown for the period ended June 30, 2024.
The following is a summary of the inputs used to value the Event Driven Fund’s investments as of June 30, 2024:
| Assets* | Total Value at June 30, 2024 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
| Bank Loans | $10,948,150 | $— | $10,948,150 | $— | ||||
| Common Stocks | ||||||||
| Asset Management | 12,920,070 | 12,692,170 | 227,900 | — | ||||
| Banking | 6,597,246 | 6,597,246 | — | — | ||||
| Biotechnology & Pharmaceuticals | 17,552,026 | 17,552,026 | — | — | ||||
| Commercial Support Services | 2,398,801 | 2,398,801 | — | — | ||||
| Industrial Intermediate Products | 4,229,928 | 4,229,928 | — | — |
65
Driehaus Mutual Funds
Notes to Financial Statements (unaudited) — (Continued)
| Assets* | Total Value at June 30, 2024 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
| Industrial Support Services | $6,447,243 | $6,447,243 | $— | $— | ||||
| Leisure Facilities & Services | 11,552,173 | 11,552,173 | — | — | ||||
| Retail - Consumer Staples | 2,882,986 | 2,882,986 | — | — | ||||
| Software | 6,738,410 | — | — | 6,738,410 | ||||
| Corporate Bonds | 62,669,299 | — | 62,669,299 | — | ||||
| Master Limited Partnerships | 909,810 | 909,810 | — | — | ||||
| Preferred Stocks | 5,340,102 | 5,340,102 | — | — | ||||
| Short Term Investments | 46,620,192 | 46,620,192 | — | — | ||||
| Sovereign Bonds | 6,663,898 | — | 6,663,898 | — | ||||
| Warrants | 73,220 | 33,895 | 39,325 | — | ||||
| Total | $204,543,554 | $117,256,572 | $80,548,572 | $6,738,410 |
| Liabilities | ||||||||
| Common Stocks Sold Short | $(729,408) | $(729,408) | $— | $— | ||||
| Corporate Bonds Sold Short | (5,138,695) | — | (5,138,695) | — | ||||
| Exchange-Traded Funds Sold Short | (6,369,826) | (6,369,826) | — | — | ||||
| Total | $(12,237,929) | $(7,099,234) | $(5,138,695) | $— |
| Other Financial Instruments | ||||||||
| Total Return Swaps - Assets** | $30,522 | $— | $30,522 | $— | ||||
| Total Return Swaps - Liabilities** | (508,894) | — | (508,894) | — | ||||
| Total Other Financial Instruments | $(478,372) | $— | $(478,372) | $— |
| * See Schedule of Investments for industry breakout. |
| ** Swaps are reflected as the unrealized appreciation (depreciation) on the instrument. |
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value in the Event Driven Fund:
| Investments, at Value | |
| Balance as of December 31, 2023 | $— |
| Realized gain (loss) | — |
| Change in net unrealized appreciation (depreciation) | — |
| Purchases | 6,738,410 |
| Sales | — |
| Transfers in and/or out of Level 3 | — |
| Balance as of June 30, 2024 | $6,738,410 |
66
Driehaus Mutual Funds
Notes to Financial Statements (unaudited) — (Continued)
As of June 30, 2024, the Event Driven Fund held a Level 3 investment in QXO, Inc., private common stock, valued in good faith in accordance with procedures adopted by the Fund's valuation designee. The following table summarizes the quantitative inputs and assumptions used for items categorized as Level 3 of the fair value hierarchy as of June 30, 2024:
| Financial Assets | Fair Value at June 30, 2024 | Valuation Technique(s) | Unobservable Inputs | Price/Range | ||||
| Private Investment in Public Equity | $6,738,410 | Market approach | Transaction price | $9.14 |
As of June 30, 2024, none of the Funds held Level 3 investments, other than as disclosed for Emerging Markets Growth Fund, Micro Cap Growth Fund, Small Cap Growth Fund, Small/Mid Cap Growth Fund and Event Driven Fund.
Securities Sold Short
The Event Driven Fund is engaged in selling securities short, which obligates it to replace a borrowed security by purchasing it at market price at the time of replacement. The Fund incurs a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund realizes a gain if the price of the security declines between those dates. Gains are limited to the price at which the Fund sold the security short, while losses are potentially unlimited in size.
The Fund is required to establish a margin account with the broker lending the security sold short. While the short sale is outstanding, the broker retains the proceeds of the short sale and the Fund must maintain a deposit with the broker consisting of cash and securities having a value equal to a specified percentage of the value of the securities sold short. Such deposit is included in “Collateral held at custodian for the benefit of brokers” in the Statement of Assets and Liabilities. The Fund is obligated to pay any dividends or interest due on securities sold short. Such dividends and interest are recorded as an expense to the Fund in the Statement of Operations.
The Fund may also incur stock loan fees which represent the cost of borrowing securities used for short sale transactions. The Fund may also earn rebates as an element of the custodian arrangement, which are recorded as an offset to stock loan fees on short sales transactions. The stock loan fees on short sales are recognized on the Statements of Operations. In the event that rebates exceed the stock loan fees on short sales, the net rebates are recognized as a component of investment income on the Statements of Operations.
Federal Income Taxes
No provision is made for Federal income taxes since each Fund has elected to be taxed as a "regulated investment company" under Subchapter M of the Internal Revenue Code (the "Code") and has made and declared all the required distributions to its shareholders in amounts sufficient to relieve each Fund from all or substantially all Federal income and excise taxes under provisions of current Federal tax law.
Each Fund is subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. Taxable years ending 2023, 2022, 2021, and 2020 remain open to Federal and state audit. As of June 30, 2024, management has evaluated the application of these standards to each Fund, and has determined that no provision for income tax is required in each Fund's financial statements for uncertain tax provisions. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year, the Funds did not incur any interest or penalties. The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes are provided for based on the Funds' understanding of the tax rules and regulations that exist in the foreign markets in which they invest. Any deferred foreign capital gains tax is accrued based upon net unrealized gains, and is payable upon sale of such investment.
The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP.
67
Driehaus Mutual Funds
Notes to Financial Statements (unaudited) — (Continued)
For the year ended December 31, 2023, reclassifications were recorded to distributable earnings (deficit) and paid-in capital for any permanent tax differences. These reclassifications relate primarily to net operating losses and non-deductible expenses. Results of operations and net assets were not affected by these reclassifications.
| Emerging Markets Growth Fund | Emerging Markets Small Cap Growth Fund | Global Fund | International Small Cap Growth Fund | ||||
| Paid-in capital | $(88,891) | $— | $(992) | $— | |||
| Total distributable earnings (deficit) | 88,891 | — | 992 | — |
| Micro Cap Growth Fund | Small Cap Growth Fund | Small/Mid Cap Growth Fund | Event Driven Fund | ||||
| Paid-in capital | $(173,961) | $— | $(53,221) | $— | |||
| Total distributable earnings (deficit) | 173,961 | — | 53,221 | — |
Accumulated capital losses represent net capital loss carryovers that may be available for an unlimited period to offset future realized capital gains and thereby reduce future capital gains distributions. Capital loss carryovers retain the character of the original loss. The following table shows the amounts of capital loss carryovers, if any, by each of the applicable Funds as of December 31, 2023:
| Not Subject to Expiration | ||||
| Fund | Short-Term | Long-Term | ||
| Emerging Markets Growth Fund | $299,336,755 | $24,694,819 | ||
| Emerging Markets Small Cap Growth Fund | 33,727,013 | — | ||
| Global Fund | 1,041,006 | — | ||
| International Small Cap Growth Fund | 38,661,035 | 1,792,333 | ||
| Micro Cap Growth Fund | 19,120,137 | — | ||
| Small Cap Growth Fund | 124,876,213 | — | ||
| Small/Mid Cap Growth Fund | 3,504,013 | — | ||
| Event Driven Fund | 4,479,596 | 2,159,344 | ||
During the year ended December 31, 2023, the Global Fund, International Small Cap Growth Fund, Small/Mid Cap Growth Fund and Event Driven Fund utilized $2,361,650, $1,232,944, $262,585 and $9,968,476, respectively, of capital loss carryforwards.
68
Driehaus Mutual Funds
Notes to Financial Statements (unaudited) — (Continued)
Pursuant to Federal income tax rules applicable to regulated investment companies, the Funds may elect to treat capital losses between November 1 and December 31 as occurring on the first day of the following tax year. For the year ended December 31, 2023, no qualified late-year losses were deferred and recognized on January 1, 2024.
Distributions to Shareholders
The tax character of distributions paid during the years ended December 31, 2023, and December 31, 2022, were as follows:
| Fund | Year | Ordinary Income | Long-Term Capital Gain | Return of Capital | Total Distributions | |||||
| Emerging Markets Growth Fund | 2023 | $50,000,030 | $— | $— | $50,000,030 | |||||
| 2022 | 12,237,699 | 2,015,660 | — | 14,253,359 | ||||||
| Emerging Markets Small Cap Growth Fund | 2023 | 1,149,999 | — | — | 1,149,999 | |||||
| 2022 | — | — | — | — | ||||||
| Global Fund | 2023 | 760,000 | — | — | 760,000 | |||||
| 2022 | 960,775 | — | — | 960,775 | ||||||
| International Small Cap Growth Fund | 2023 | 2,500,006 | — | — | 2,500,006 | |||||
| 2022 | 5,367,703 | 6,899,210 | — | 12,266,913 | ||||||
| Micro Cap Growth Fund | 2023 | — | — | 1,999,999 | 1,999,999 | |||||
| 2022 | — | 13,811,619 | — | 13,811,619 | ||||||
| Small Cap Growth Fund | 2023 | 2,744,143 | — | 255,848 | 2,999,991 | |||||
| 2022 | — | 9,211,798 | — | 9,211,798 | ||||||
| Small/Mid Cap Growth Fund | 2023 | — | — | — | — | |||||
| 2022 | — | 461,634 | — | 461,634 | ||||||
| Event Driven Fund | 2023 | 9,649,997 | — | — | 9,649,997 | |||||
| 2022 | 417,644* | 2,582,366 | — | 3,000,010 |
* The amount does not include tax equalization utilized of $21,251 in ordinary income in which the Fund designated as being distributed to shareholders on their redemption of shares.
As of December 31, 2023, the components of net assets on a tax basis were as follows:
| Emerging Markets Growth Fund | Emerging Markets Small Cap Growth Fund | Global Fund | International Small Cap Growth Fund | ||||
| Undistributed ordinary income | $6,823,955 | $349,938 | $6,580 | $1,103,252 | |||
| Undistributed long-term capital gain | — | — | — | — | |||
| Accumulated earnings | 6,823,955 | 349,938 | 6,580 | 1,103,252 | |||
| Paid-in capital | 2,447,298,022 | 124,311,388 | 44,842,007 | 231,972,308 | |||
| Accumulated capital and other losses | (324,031,574) | (33,727,013) | (1,041,006) | (40,453,368) | |||
| Unrealized appreciation (depreciation) on investments, securities sold short, warrants and swaps | 449,414,467 | 16,879,676 | 8,684,388 | 28,417,978 | |||
| Net assets | $2,579,504,870 | $107,813,989 | $52,491,969 | $221,040,170 |
69
Driehaus Mutual Funds
Notes to Financial Statements (unaudited) — (Continued)
| Micro Cap Growth Fund | Small Cap Growth Fund | Small/Mid Cap Growth Fund | Event Driven Fund | ||||
| Undistributed ordinary income | $— | $— | $— | $130,106 | |||
| Undistributed long-term capital gain | — | — | — | — | |||
| Accumulated earnings | — | — | — | 130,106 | |||
| Paid-in capital | 190,158,911 | 558,233,353 | 14,877,452 | 220,163,520 | |||
| Accumulated capital and other losses | (19,120,137) | (124,876,213) | (3,504,013) | (6,638,940) | |||
| Unrealized appreciation (depreciation) on investments, securities sold short, warrants and swaps | 51,389,625 | 128,232,471 | 3,201,611 | 3,051,011 | |||
| Net assets | $222,428,399 | $561,589,611 | $14,575,050 | $216,705,697 |
The aggregate cost of investments and the composition of unrealized appreciation and depreciation on investments and net unrealized appreciation and/or depreciation on derivatives for Federal income tax purposes as of June 30, 2024, were as follows:
| Fund | Tax Cost Basis | Gross Appreciation | Gross Depreciation | Net Appreciation/ Depreciation | ||||
| Emerging Markets Growth Fund | $2,506,294,103 | $717,910,793 | $(52,997,692) | $664,913,101 | ||||
| Emerging Markets Small Cap Growth Fund | 91,545,377 | 28,609,511 | (2,089,332) | 26,520,179 | ||||
| Global Fund | 46,248,959 | 13,284,611 | (436,674) | 12,847,937 | ||||
| International Small Cap Growth Fund | 199,974,707 | 39,791,162 | (6,306,035) | 33,485,127 | ||||
| International Developed Equity Fund | 1,097,176 | 40,489 | (22,266) | 18,223 | ||||
| Micro Cap Growth Fund | 191,164,270 | 82,325,846 | (6,363,733) | 75,962,113 | ||||
| Small Cap Growth Fund | 580,099,961 | 215,194,253 | (10,545,115) | 204,649,138 | ||||
| Small/Mid Cap Growth Fund | 45,323,228 | 10,240,187 | (542,281) | 9,697,906 | ||||
| Event Driven Fund | 197,352,569 | 8,795,809 | (14,321,125) | (5,525,316) |
The differences between book-basis and tax-basis unrealized appreciation are attributable primarily to the tax deferral of losses on wash sales and PFIC mark-to-market. The most recent fiscal year end published financial statements of each foreign corporation are used to determine PFIC status. If a PFIC determination changes after the Funds’ fiscal year end, the change will apply in the next fiscal year.
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 June 30, 2024, the Funds had foreign currency spot contracts outstanding under which they are obligated to exchange currencies at specified future dates. The net unrealized appreciation or depreciation on spot contracts is reflected as receivable for investment securities sold or payable for investment securities purchased in the Statements of Assets and Liabilities.
Foreign Currency Translation
The value of securities, currencies and other assets and liabilities not denominated in U.S. dollars are translated into U.S. dollar values based upon the current rates of exchange on the date of the Funds’ valuations.
Net realized foreign exchange gains or losses which are reported by the Funds result from currency gains and losses on transaction hedges arising from changes in exchange rates between the trade and settlement dates on forward contract transactions, and the difference between the amounts accrued for dividends, interest, and foreign taxes and the amounts
70
Driehaus Mutual Funds
Notes to Financial Statements (unaudited) — (Continued)
actually received or paid in U.S. dollars for these items. Net unrealized foreign exchange gains and losses result from changes in the U.S. dollar value of assets and liabilities (other than investments in securities), which are denominated in foreign currencies, as a result of changes in exchange rates.
Net realized gain (loss) on foreign currency contracts on portfolio hedges result from the use of forward contracts to hedge portfolio positions denominated or quoted in a particular currency in order to reduce or limit exposure in that currency.
The Funds do not isolate that portion of the results of operations which results from fluctuations in foreign exchange rates on investments. These fluctuations are included with the net realized gain (loss) on investments and the net change in unrealized appreciation (depreciation) on investments.
Indemnifications
Under the Trust’s organizational documents, the officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. A Fund’s maximum exposure under these agreements is unknown as this would involve future claims that may be made against a Fund that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Securities Transactions, Income and Commitments
The Trust records security transactions on trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis. Premiums on securities are amortized over the period remaining until first call date, if any, or if none, the remaining life of the security and discounts are accreted over the remaining life of the security for financial reporting purposes. Withholding taxes on foreign dividends and interest have been provided for in accordance with the Trust’s understanding of the applicable country’s tax rules and rates. Non-cash dividends are recognized as investment income at the fair value of the property received.
Pursuant to the terms of certain of the senior unsecured loan agreements, certain Funds may have unfunded loan commitments, which are callable on demand. Each such Fund will have available with its custodian, cash and/or liquid securities having an aggregate value at least equal to the amount of the unfunded senior loan commitments. At June 30, 2024, the Funds had no unfunded senior loan commitments.
Certain Funds may invest in early-stage companies that may require additional contributions or funding if certain performance milestones are met. Management continuously assesses whether these companies will achieve these performance milestones and considers the impact of these commitments as they become due. Additionally, in connection with certain investments a Fund may provide commitments for future investments. At June 30, 2024, the Funds had no such outstanding commitments.
B. INVESTMENTS IN DERIVATIVES
Certain Funds use derivative instruments such as swaps, futures, options, swaptions, and forward foreign currency contracts in connection with their respective investment strategies. During the period January 1, 2024, through June 30, 2024, the Event Driven Fund primarily utilized: 1) total return swaps to gain exposure to certain sectors and manage volatility; and 2) options, including warrants, to both hedge exposure and provide exposure to certain market segments or specific securities. Detail regarding each derivative type is included below.
Swap Contracts
The Event Driven Fund engages in various swap transactions, including forward rate agreements and interest rate, currency, volatility, index, and total return swaps, primarily to manage duration and yield curve risk, or as alternatives to direct investments. Swaps that are centrally cleared are exposed to the creditworthiness of the clearing organizations (and, consequentially, that of their members generally, banks and broker-dealers) involved in the transaction. Centrally cleared swaps are valued daily and unrealized gains or losses are recorded in a variation margin account. The Fund receives from or pays to the clearing organization a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss.
71
Driehaus Mutual Funds
Notes to Financial Statements (unaudited) — (Continued)
Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. A Fund may elect to pay a fixed rate and receive a floating rate or receive a fixed rate and pay a floating rate on a notional principal amount. The net interest received or paid on interest rate swap agreements is accrued daily as interest income/expense. Interest rate swaps are marked-to-market daily using fair value estimates provided by an independent pricing service. Changes in value, including accrued interest, are recorded as changes in net unrealized appreciation (depreciation) on the Statements of Operations. Unrealized appreciation is reported as an asset and unrealized depreciation is reported as a liability on the Statements of Assets and Liabilities. Gains or losses are realized upon termination of the contracts. The risk of loss under a swap contract may exceed the amount recorded as an asset or a liability.
Total return swap contracts are arrangements to exchange a market or security linked return for a periodic payment, based on a notional principal amount, in order to hedge sector exposure and to manage exposure to specific sectors or industries and/or to gain exposure to specific markets/countries and to specific sectors/industries. To the extent that the total return of the security, index, or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. Total return swap contracts are marked to market daily based upon quotations from market makers and the change, if any, is recorded as a change in net unrealized appreciation (depreciation) on the Statements of Operations. Unrealized appreciation is reported as an asset and unrealized depreciation is reported as a liability on the Statements of Assets and Liabilities. Payments received or made are recorded as realized gains or losses. Gains or losses are realized upon termination of the contracts. Each Fund’s maximum risk of loss from counterparty risk is the fair value of the contract.
Volatility swaps are forward contracts on the future realized volatility of an underlying instrument. Volatility swaps are generally used to speculate on future volatility levels, trade the spread between realized and implied volatility or hedge volatility exposure of other positions. Changes in value are recorded as changes in net unrealized appreciation (depreciation) on the Statements of Operations. Unrealized gains are reported as an asset and unrealized losses are reported as a liability on the Statements of Assets and Liabilities. Gains or losses are realized upon termination of the contracts. The risk of loss under a volatility swap contract is dependent upon the volatility of the underlying instrument.
Under the terms of a credit default swap, one party acts as a guarantor receiving a periodic payment that is a fixed percentage applied to a notional amount. In return, the party agrees to purchase the notional amount of the underlying instrument, at par, if a credit event occurs during the term of the contract. A Fund may enter into credit default swaps in which the Fund acts as guarantor (a seller of protection), and may enter into credit default swaps in which the counterparty acts as guarantor (a buyer of protection). Premiums paid to or by the Funds are accrued daily and included in net realized gain (loss) on swap contracts. The contracts are marked-to-market daily using fair value estimates provided by an independent pricing service. Changes in value are recorded as unrealized appreciation (depreciation) on the Statements of Operations. Unrealized gains are reported as an asset and unrealized losses are reported as a liability on the Statements of Assets and Liabilities. Gains or losses are realized upon termination of the contracts. The risk of loss under a swap contract may exceed the amount recorded as an asset or a liability. The notional amount of a swap contract is the reference amount pursuant to which the counterparties make payments. For swaps in which the referenced obligation is an index, in the event of default of any debt security included in the corresponding index, the Fund pays or receives the percentage of the corresponding index that the defaulted security comprises (1) multiplied by the notional value and (2) multiplied by the ratio of one minus the ratio of the market value of the defaulted debt security to its par value.
Risks associated with swap contracts include changes in the returns of underlying instruments and/or interest rates, failure of the counterparties to perform under the contracts’ terms and the possible lack of liquidity with respect to the contracts. For centrally cleared swap contracts, counterparty risk is limited due to the role of the clearinghouse. Credit default swaps can involve greater risks than if an investor had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk, and liquidity risk. The Funds disclose swap contracts on a gross basis, with no netting of contracts held with the same counterparty.
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Notes to Financial Statements (unaudited) — (Continued)
Options Contracts
The Funds may use options contracts, which include warrants, to hedge downside risk, produce incremental earnings or protect against market changes in the value of equities or interest rates. The Funds may write covered call and put options on futures, swaps, securities, or currencies the Funds own or in which they may invest. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Schedules of Investments. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, swap, security or currency transaction to determine the realized gain or loss. A Fund, as a writer of an option, has no control over whether the underlying future, swap, security, or currency may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the future, swap, security, or currency underlying the written option. The risk exists that a Fund may not be able to enter into a closing transaction because of an illiquid market. In addition, to the extent a Fund purchases an over-the-counter (“OTC”) option, it is subject to credit risk that the counterparty to the trade does not perform under the contract’s terms. The Funds are not subject to credit risk on OTC options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.
The Funds may also purchase put and call options. Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. A Fund pays a premium, which is included in its Schedule of Investments as an investment and subsequently marked-to-market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, swap, security or currency transaction to determine the realized gain or loss. When entering into purchased option contracts, a Fund bears the risk of securities prices moving unexpectedly, in which case, a Fund may not achieve the anticipated benefits of the purchased option contracts; however, the risk of loss is limited to the premium paid.
Forward Foreign Currency Contracts
Certain Funds use forward foreign currency contracts to manage foreign currency, to produce incremental earnings or to hedge existing positions. A forward foreign currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are principally traded in the inter-bank market conducted directly between currency traders (usually large commercial banks) and their customers.
The market value of a forward foreign currency contract fluctuates with changes in currency exchange rates. Outstanding forward foreign currency contracts are valued daily at current market rates and the resulting change in market value is recorded as change in net unrealized appreciation or depreciation on the Statements of Operations. When a forward foreign currency contract is settled, the Fund records a realized gain or loss equal to the difference between the value at the time the forward foreign currency contract was opened and the value at the time it was settled. A forward foreign currency contract may involve market risk in excess of the unrealized appreciation (depreciation) reflected on the Statements of Assets and Liabilities. In addition, the Funds could be exposed to credit risk if the counterparties are unable or unwilling to meet the terms of the contracts or market risk if the value of the foreign currency changes unfavorably.
Equity Certificates
Certain 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 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.
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Driehaus Mutual Funds
Notes to Financial Statements (unaudited) — (Continued)
Derivative Investment Holdings Categorized by Risk Exposure
Each Fund is subject to the FASB’s “Disclosures about Derivative Instruments and Hedging Activities” (the “Derivatives Statement”). The Derivatives Statement amends and expands disclosures about derivative instruments and hedging activities. The Derivatives Statement is intended to improve financial reporting about derivative instrument by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Funds’ financial position and results of operations. Each Fund's derivative holdings do not qualify for hedge accounting treatment and as such are recorded at current fair value.
The following table sets forth the fair value and the location in the Statements of Assets and Liabilities of the Event Driven Fund’s derivative contracts by primary risk exposure as of June 30, 2024:
| Asset derivatives | ||||
| Risk exposure category | Statements of Assets and Liabilities location | Fair Value | ||
| Equity contracts | Warrant securities, at fair value | $73,220 | ||
| Equity contracts | Unrealized appreciation on open OTC swap contracts | 30,522 | ||
| Total | $103,742 | |||
| Liabilities derivatives | ||||
| Risk exposure category | Statements of Assets and Liabilities location | Fair Value | ||
| Equity contracts | Unrealized depreciation on open OTC swap contracts | $508,894 | ||
| Total | $508,894 | |||
The following table sets forth the Event Driven Fund’s net realized gain (loss) by primary risk exposure and by type of derivative contract for the period January 1, 2024 through June 30, 2024:
| Amount of net realized gain (loss) on derivatives | ||||
| Risk exposure category | ||||
| Derivative | Equity contracts | Total | ||
| Purchased options contracts | $(340,980) | $(340,980) | ||
| Written options contracts | 224,050 | 224,050 | ||
| Swap contracts | 2,861,132 | 2,861,132 | ||
| Warrants | 83,434 | 83,434 | ||
| Total | $2,827,636 | $2,827,636 | ||
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Driehaus Mutual Funds
Notes to Financial Statements (unaudited) — (Continued)
The following table sets forth the Event Driven Fund’s change in net unrealized appreciation (depreciation) by primary risk exposure and by type of derivative contract for the period January 1, 2024 through June 30, 2024:
| Change in net unrealized appreciation (depreciation) on derivatives | ||||
| Risk exposure category | ||||
| Derivative | Equity contracts | Total | ||
| Purchased options contracts | $206,624 | $206,624 | ||
| Written options contracts | (118,282) | (118,282) | ||
| Swap contracts | (405,737) | (405,737) | ||
| Warrants | (116,725) | (116,725) | ||
| Total | $(434,120) | $(434,120) | ||
The gross notional amount and/or the number of contracts for the Event Driven Fund as of June 30, 2024, are included on the Schedule of Investments. The quarterly average values of derivative investments for the period January 1, 2024 through June 30, 2024, is set forth in the table below:
| Quarterly Derivative Averages | ||||
| Derivative | Quarterly Average | $ Amount/ Number | ||
| Purchased options contracts | number of contracts | 768 | ||
| Written options contracts | number of contracts | (552) | ||
| Swap contracts | gross notional amount | $25,309,087 | ||
| Warrants | number of contracts | 839,510 | ||
Disclosures about Offsetting Assets and Liabilities
The Funds are party to various agreements, including International Swaps and Derivatives Association Agreements and related Credit Support Annexes (“Master Netting Agreements” or “MNA”), which govern the terms of certain transactions with select counterparties. MNAs are designed to reduce counterparty risk associated with the relevant transactions by establishing credit protection mechanisms and providing standardization as a means of improving legal certainty. As MNAs are specific to the unique operations of different asset types, they allow each Fund to close out and net its total exposure to a counterparty in the event of default with respect to all of the transactions governed under a single agreement with that counterparty. MNAs can also help reduce counterparty risk by specifying collateral posting requirements at pre-arranged exposure levels. Securities and cash pledged as collateral are reflected as assets in the Statements of Assets and Liabilities as either a component of "Investment securities at fair value" or "Deposits at broker for securities sold short".
For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to MNAs or similar arrangements on the Statements of Assets and Liabilities. The settlement of futures contracts, swap contracts and exchange-traded purchased options is guaranteed by the clearinghouse or exchange the instrument is traded on and is not subject to arrangements with particular counterparties. For that reason, these instruments are excluded from the below disclosure.
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Driehaus Mutual Funds
Notes to Financial Statements (unaudited) — (Continued)
The following table presents the Event Driven Fund’s financial and derivative assets subject to Master Netting Agreements by type, net of amounts available for offset under a MNA and net of the related collateral received by the Event Driven Fund as of June 30, 2024:
| Description | Gross Amounts Recognized in Statements of Assets | Derivatives Available for Offset | Collateral Received/ (Pledged) | Net Amount | ||||
| Unrealized appreciation on open OTC swap contracts | $30,522 | $(30,522) | $— | $— |
The following table presents the Event Driven Fund’s financial and derivative liabilities subject to Master Netting Agreements by type, net of amounts available for offset under a MNA and net of the related collateral received by the Event Driven Fund as of June 30, 2024:
| Description | Gross Amounts Recognized in Statements of Assets and Liabilities | Derivatives Available for Offset | Collateral Received/ (Pledged) | Net Amount | ||||
| Unrealized depreciation on open OTC swap contracts | $(508,894) | $30,522 | $— | $(478,372) |
C. INVESTMENT ADVISORY FEES, TRANSACTIONS WITH AFFILIATES, AND ADMINISTRATIVE FEES
Driehaus Capital Management LLC (“DCM” or the “Adviser”), a registered investment adviser, serves as the investment adviser and valuation designee to the Funds. As of June 30, 2024, the Driehaus Trust Company (“DTC”) has authority over a controlling interest in the Adviser that is owned by Driehaus Capital Holdings LLLP. As of June 30, 2024, DTC and other affiliates together had authority over a controlling interest in the Global Fund and Small/Mid Cap Growth Fund and substantial, non-controlling interests in certain other Funds.
In return for its services to the Funds, the Adviser receives monthly fees. Emerging Markets Growth Fund pays the Adviser a monthly fee computed and accrued daily at an annual rate of 1.05% on the first $1.5 billion, 0.75% over $1.5 billion and up to $2.5 billion, and 0.50% in excess of $2.5 billion of average daily net assets. Emerging Markets Small Cap Growth Fund pays the Adviser a monthly fee computed and accrued daily at the annual rate of 1.10% of average daily net assets. Global Fund pays the Adviser a management fee computed and accrued daily at the annual rate of 0.65% of average daily net assets. International Small Cap Growth Fund pays the Adviser a monthly fee computed and accrued daily at an annual rate of 1.00% of average daily net assets. International Developed Equity Fund pays the Adviser a monthly fee computed and accrued daily at the annual rate of 0.70% of average daily net assets. Micro Cap Growth Fund pays the Adviser a monthly fee computed and accrued daily at an annual rate of 1.25% of average daily net assets. Small Cap Growth Fund and Small/Mid Cap Growth pay the Adviser a monthly fee computed and accrued daily at an annual rate of 0.60% of average daily net assets. Event Driven Fund pays the Adviser a monthly fee computed and accrued daily at the annual rate of 1.00% of average daily net assets.
DCM entered into a contractual agreement to cap Emerging Markets Small Cap Growth Fund’s annual operating expenses (other than interest, taxes, brokerage commissions, dividends and interest on short sales and other portfolio transaction expenses and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund’s business) at 1.24% of average daily net assets until April 30, 2025. Prior to December 31, 2020, the cap was 1.45%. DCM is entitled to recoupment for previously waived fees and reimbursed expenses to the extent that the Fund’s expense ratio remains below the operating expense cap in place at the time of the waiver and the current operating expense cap for a period not to exceed three years from the date on which the waiver or reimbursement was made. For the period January 1, 2024 through June 30, 2024, DCM waived fees for Emerging Markets Small Cap Growth Fund totaling $45,574 under this agreement.
DCM entered into a contractual agreement to cap the Global Fund’s annual ordinary operating expenses (other than interest, taxes, brokerage commissions, dividends and interest on short sales, other investment-related costs, acquired fund fees and expenses, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund’s business) at 0.75% of average daily net assets until April 30, 2025. Prior to April 30, 2023, the cap was 0.99%. DCM is entitled to recoupment for previously waived fees and reimbursed expenses to the extent that the Fund’s
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Notes to Financial Statements (unaudited) — (Continued)
expense ratio remains below the operating expense cap in place at the time of the waiver and the current operating expense cap for a period not to exceed three years from the date on which the waiver or reimbursement was made. For the period January 1, 2024 through June 30, 2024, DCM waived fees for Global Fund totaling $42,666 under this agreement.
DCM entered into a contractual agreement to cap the International Developed Equity Fund's annual ordinary operating expenses (other than interest, taxes, brokerage commissions, dividends and interest on short sales, other investment-related costs, acquired fund fees and expenses, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund’s business) at 0.80% of average daily net assets until April 30, 2027. DCM is entitled to recoupment for previously waived fees and reimbursed expenses to the extent that the Fund’s expense ratio remains below the operating expense cap in place at the time of the waiver and the current operating expense cap for a period not to exceed three years from the date on which the waiver or reimbursement was made. For the period April 30, 2024 (Commencement of Operations) to June 30, 2024, DCM waived fees for International Developed Equity Fund totaling $22,372 under this agreement.
DCM entered into a contractual agreement to cap Small Cap Growth Fund’s annual operating expenses (other than interest, taxes, brokerage commissions, dividends and interest on short sales and other portfolio transaction expenses and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund’s business) at 1.20% of average daily net assets for the Investor Class and 0.95% of average daily net assets for the Institutional Class until April 30, 2023. DCM was entitled to recoupment for previously waived fees and reimbursed expenses to the extent that the Fund’s expense ratio remained below the operating expense cap in place at the time of the waiver and the current operating expense cap for a period not to exceed three years from the date on which the waiver or reimbursement was made. For the period January 1, 2023 through June 30, 2024, DCM did not reimburse or recoup any fees for the Investor or Institutional Class shares of the Small Cap Growth Fund under this agreement, as there were no such fees or expenses outstanding on April 30, 2023.
DCM entered into a contractual agreement to cap Small/Mid Cap Growth Fund’s annual operating expenses (other than interest, taxes, brokerage commissions, dividends and interest on short sales and other portfolio transaction expenses and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund’s business) at 0.80% of average daily net assets until April 30, 2025. Prior to September 6, 2023, the cap was 0.95%. For a period of three years subsequent to the Fund’s commencement of operations on May 1, 2020, DCM is entitled to recoupment of previously waived fees and reimbursed expenses to the extent that the expense ratio remains below the operating expense cap in place at the time of the waiver and the current operating expense cap for a period not to exceed three years from the date on which the waiver or reimbursement was made. For the period January 1, 2024 through June 30, 2024, DCM waived fees for Small/Mid Cap Growth Fund totaling $7,461 under this agreement.
The table below indicates the amount of fees available for recoupment by DCM in future periods:
| Period ended December 31 | Emerging Markets Small Cap Growth Fund | Global Fund | International Developed Equity Fund | Small/Mid Cap Growth Fund | ||||
| 2025 | $207,973 | $174,550 | $— | $87,616 | ||||
| 2026 | 125,610 | 145,128 | — | 53,555 | ||||
| 2027 | 45,574 | 42,666 | 22,372 | 7,461 | ||||
| Total | $379,157 | $362,344 | $22,372 | $148,632 |
The Emerging Markets Growth Fund incurred $12,443,580 for investment advisory fees during the six months ended June 30, 2024, of which $2,114,047 was payable to DCM at June 30, 2024. The Emerging Markets Small Cap Growth Fund incurred $602,669 for investment advisory fees during the six months ended June 30, 2024, of which $95,894 was payable to DCM at June 30, 2024. The Global Fund incurred $182,962 for investment advisory fees during the six months ended June 30, 2024, of which $23,917 was payable to DCM at June 30, 2024. The International Small Cap Growth Fund incurred $1,147,572 for investment advisory fees during the six months ended June 30, 2024, of which $193,640 was payable to DCM at June 30, 2024. The International Developed Equity Fund incurred $1,205 for investment advisory fees during the period April 30, 2024 (Commencement of Operations) to June 30, 2024, of which $637 was payable to DCM at June 30,
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Driehaus Mutual Funds
Notes to Financial Statements (unaudited) — (Continued)
2024. The Micro Cap Growth Fund incurred $1,535,020 for investment advisory fees during the six months ended June 30, 2024, of which $273,321 was payable to DCM at June 30, 2024. The Small Cap Growth Fund incurred $2,094,395 for investment advisory fees during the six months ended June 30, 2024, of which $380,863 was payable to DCM at June 30, 2024. The Small/Mid Cap Growth Fund incurred $135,111 for investment advisory fees during the six months ended June 30, 2024, of which $25,746 was payable to DCM at June 30, 2024. The Event Driven Fund incurred $1,057,250 for investment advisory fees during the six months ended June 30, 2024, of which $170,006 was payable to DCM at June 30, 2024.
The Funds direct certain portfolio trades, subject to obtaining the best price and execution, to brokers who have agreed to pay a portion of the Funds’ operating expenses using part of the commissions generated. For the period ended June 30, 2024, these arrangements reduced the expenses of Emerging Markets Growth Fund, Emerging Markets Small Cap Growth Fund, Global Fund, International Small Cap Growth Fund, International Developed Equity Fund, Micro Cap Growth Fund, Small Cap Growth Fund, Small/Mid Cap Growth Fund and Event Driven Fund by $128,944 (0.9%), $2,130 (0.3%), $1,602 (0.6%), $7,866 (0.6%), $0 (0.0%), $52,586 (3.1%), $82,250 (3.2%), $2,353 (1.2%) and $13,260 (0.9%) respectively.
The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to minimize trading costs, where permissible. For the six months ended June 30, 2024, the Funds did not engage in any purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act.
The Adviser is a party to a Fee Reimbursement Agreement (“Agreement”) with the Emerging Markets Growth Fund, the Small Cap Growth Fund, and the Event Driven Fund. Under the Agreement, the Funds reimburse the Adviser for certain fees paid to intermediaries who provide shareholder administrative and/or sub-transfer agency services to the Funds. The amount to be reimbursed will not exceed 0.25% of the average daily net assets held by such intermediaries. The amounts incurred and payable to the Adviser during the period January 1, 2024, through June 30, 2024, are as follows:
| Fund | Shareholder services plan fees | Accrued shareholder services plan fees | ||
| Emerging Markets Growth Fund | $ 686,001 | $ 115,873 | ||
| Small Cap Growth Fund | 106,244 | 23,380 | ||
| Event Driven Fund | 209,069 | 49,013 |
Certain officers of the Trust are also officers of DCM. The Funds pay a portion of the Chief Compliance Officer’s salary. No other officers received compensation from the Funds during the period January 1, 2024, through June 30, 2024. The Independent Trustees are compensated for their services to the Trust and such compensation is reflected as Trustees’ fees in the Statements of Operations.
The Northern Trust Company (“Northern”) serves as fund accounting and administration services provider and transfer agent for the Funds. Under the terms of the Fund Administration and Accounting Services Agreement, Northern is entitled to receive fees, computed daily and payable monthly, based upon the average daily net assets of each Fund. The fees, excluding out of pocket expenses, range between 0.0175% and 0.045% of average daily net assets. For its services as Transfer Agent, Northern receives a fee, computed daily and payable monthly, based upon the average daily net assets of each Fund. The fees, excluding out of pocket expenses, range between 0.002% and 0.0175% of average daily net assets of each Fund.
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Driehaus Mutual Funds
Notes to Financial Statements (unaudited) — (Continued)
D. INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding derivatives, short term securities and U.S. government obligations) for the six months ended June 30, 2024 were as follows:
| Fund | Purchases | Sales | ||
| Emerging Markets Growth Fund | 1,883,515,800 | 1,718,020,291 | ||
| Emerging Markets Small Cap Growth Fund | 53,172,849 | 64,120,714 | ||
| Global Fund | 30,942,036 | 33,073,522 | ||
| International Small Cap Growth Fund | 103,782,054 | 99,091,284 | ||
| International Developed Equity Fund* | 1,229,371 | 170,685 | ||
| Micro Cap Growth Fund | 138,966,055 | 128,181,037 | ||
| Small Cap Growth Fund | 515,383,385 | 400,571,863 | ||
| Small/Mid Cap Growth Fund | 60,512,553 | 27,857,387 | ||
| Event Driven Fund | 100,003,270 | 100,290,268 |
| * | For the period April 30, 2024 (Commencement of Operations) to June 30, 2024. |
The Funds had no purchases and sales of U.S. government obligations for the six month period January 1, 2024, through June 30, 2024.
E. CAPITAL SHARE TRANSACTIONS
For the six-month period ended June 30, 2024, and the year ended December 31, 2023, transactions in capital shares (authorized shares unlimited) were as follows:
| Emerging Markets Growth Fund | Emerging Markets Small Cap Growth Fund | Global Fund | |||||||||
| June 30, 2024 | December 31, 2023 | June 30, 2024 | December 31, 2023 | June 30, 2024 | December 31, 2023 | ||||||
| Fund | |||||||||||
| Shares issued | — | — | 529,061 | 941,612 | 122,856 | 314,720 | |||||
| Shares reinvested | — | — | — | 52,314 | — | 12,037 | |||||
| Shares redeemed | — | — | (907,643) | (1,205,698) | (271,812) | (508,899) | |||||
| Net increase (decrease) | — | — | (378,582) | (211,772) | (148,956) | (182,142) | |||||
| Investor Class | |||||||||||
| Shares issued | 1,164,233 | 2,569,796 | — | — | — | — | |||||
| Shares reinvested | — | 291,482 | — | — | — | — | |||||
| Shares redeemed | (2,061,926) | (4,415,301) | — | — | — | — | |||||
| Net increase (decrease) | (897,693) | (1,554,023) | — | — | — | — | |||||
| Institutional Class | |||||||||||
| Shares issued | 11,781,633 | 17,992,754 | — | — | — | — | |||||
| Shares reinvested | — | 1,012,414 | — | — | — | — | |||||
| Shares redeemed | (5,125,974) | (7,845,573) | — | — | — | — | |||||
| Net increase (decrease) | 6,655,659 | 11,159,595 | — | — | — | — | |||||
| Total net increase (decrease) | 5,757,966 | 9,605,572 | — | — | — | — | |||||
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Driehaus Mutual Funds
Notes to Financial Statements (unaudited) — (Continued)
| International Small Cap Growth Fund | International Developed Equity Fund* | Micro Cap Growth Fund | |||||||
| June 30, 2024 | December 31, 2023 | June 30, 2024 | June 30, 2024 | December 31, 2023 | |||||
| Fund | |||||||||
| Shares issued | 1,325,839 | 3,998,996 | 111,563 | 2,682,714 | 6,290,637 | ||||
| Shares reinvested | — | 283,147 | — | — | 145,068 | ||||
| Shares redeemed | (1,302,488) | (6,435,111) | (7) | (1,682,111) | (3,933,992) | ||||
| Net increase (decrease) | 23,351 | (2,152,968) | 111,556 | 1,000,603 | 2,501,713 | ||||
| Investor Class | |||||||||
| Shares issued | — | — | — | — | — | ||||
| Shares reinvested | — | — | — | — | — | ||||
| Shares redeemed | — | — | — | — | — | ||||
| Net increase (decrease) | — | — | — | — | — | ||||
| Institutional Class | |||||||||
| Shares issued | — | — | — | — | — | ||||
| Shares reinvested | — | — | — | — | — | ||||
| Shares redeemed | — | — | — | — | — | ||||
| Net increase (decrease) | — | — | — | — | — | ||||
| Total net increase (decrease) | — | — | — | — | — | ||||
| * | For the period April 30, 2024 (Commencement of Operations) to June 30, 2024. |
| Small Cap Growth Fund | Small/Mid Cap Growth Fund | Event Driven Fund | |||||||||
| June 30, 2024 | December 31, 2023 | June 30, 2024 | December 31, 2023 | June 30, 2024 | December 31, 2023 | ||||||
| Fund | |||||||||||
| Shares issued | — | — | 2,222,132 | 73,361 | 2,160,011 | 5,623,843 | |||||
| Shares reinvested | — | — | — | — | — | 775,391 | |||||
| Shares redeemed | — | — | (133,694) | (143,132) | (2,811,279) | (6,193,625) | |||||
| Net increase (decrease) | — | — | 2,088,438 | (69,771) | (651,268) | 205,609 | |||||
| Investor Class | |||||||||||
| Shares issued | 1,184,888 | 2,098,855 | — | — | — | — | |||||
| Shares reinvested | — | 19,822 | — | — | — | — | |||||
| Shares redeemed | (773,036) | (1,458,618) | — | — | — | — | |||||
| Net increase (decrease) | 411,852 | 660,059 | — | — | — | — | |||||
| Institutional Class | |||||||||||
| Shares issued | 7,550,643 | 8,496,069 | — | — | — | — | |||||
| Shares reinvested | — | 137,612 | — | — | — | — | |||||
| Shares redeemed | (2,736,505) | (7,962,420) | — | — | — | — | |||||
| Net increase (decrease) | 4,814,138 | 671,261 | — | — | — | — | |||||
| Total net increase (decrease) | 5,225,990 | 1,331,320 | — | — | — | — | |||||
80
Driehaus Mutual Funds
Notes to Financial Statements (unaudited) — (Continued)
F. RESTRICTED SECURITIES
Restricted securities are securities that are not registered for sale under the Securities Act of 1933, as amended, or applicable foreign law and that may be resold only in transactions exempt from applicable registration. Restricted securities include Rule 144A securities which may be sold normally to qualified institutional buyers. At June 30, 2024, the Funds held restricted securities as denoted on the Schedules of Investments.
G. LINE OF CREDIT
The Funds obtained a committed line of credit in the amount of $50,000,000. The line of credit is available primarily to meet large, unexpected shareholder redemptions subject to certain restrictions. Interest is charged at a rate per annum equal to the Federal Funds Rate in effect at the time of the borrowings plus 1.5% or 1.75%, whichever is greater. There is a commitment fee of 0.10% of the excess of the $50,000,000 committed amount over the sum of the average daily balance of any loans, which is allocated amongst the Funds based on average net assets. The Credit Agreement will expire on March 20, 2025 unless extended or renewed. The Funds did not borrow under the line of credit during the period January 1, 2024 through June 30, 2024 and thus had no outstanding balances as of that date.
H. FOREIGN INVESTMENT RISKS
To the extent a Fund invests in foreign securities, it may entail risks due to the potential for political and economic instability in the countries where the issuers of these securities are located. In addition, foreign exchange fluctuations could affect the value of positions held. These risks are generally intensified in emerging markets.
I. REDEMPTION FEES
The Driehaus Micro Cap Growth Fund will charge a redemption fee of 2.00% of the redemption amount for shares redeemed within 60 days of purchase. The Board of Trustees of the Funds eliminated the 2.00% redemption fee previously applicable to shareholders of: (i) the Driehaus Emerging Markets Growth Fund, effective February 1, 2023; and (ii) the Driehaus Emerging Markets Small Cap Growth Fund, Driehaus Global Fund, Driehaus International Small Cap Growth Fund, Driehaus Small Cap Growth Fund and the Driehaus Small/Mid Cap Growth Fund, effective October 6, 2023, who sold their shares within 60 days of purchase. Assessed redemption fees are recorded in paid-in capital and reflected in the Statements of Changes in Net Assets.
J. SUBSEQUENT EVENTS
Events or transactions that occurred after the date of this report through the date the report was issued have been evaluated for potential impact to the financial statements. There are no subsequent events that require recognition or disclosure in the financial statements.
Effective August 5, 2024, the Driehaus Global Fund changed its Principal Investment Strategy to the following:
The Fund, using a growth style of investment, opportunistically invests in equity securities, including common stocks and sponsored or unsponsored American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) or Global Depositary Receipts (“GDRs”) of issuers located throughout the world, including the United States (U.S.), and in both developed and emerging markets.
The Fund is not constrained based on the country, region, or market capitalization and its assets may at times be concentrated in a particular country, segment of the economy, region or issuer. The composition and asset allocation of the Fund’s investment portfolio will vary over time. The Fund may invest in issuers across all market capitalizations as well as in issuers with limited or no operating histories. Notwithstanding the above, under normal circumstances, the Fund will have exposure to issuers organized, domiciled, or headquartered in at least three different countries (other than its exposure to U.S. issuers). The Fund’s sector and geographic diversification will also vary based on the investment adviser’s evaluation of current economic, political and market factors.
Investment decisions for the Fund’s growth style of investing are based on the determination that a company’s revenue and earnings growth can materially exceed market expectations and that a company possesses the ability to undergo an incrementally positive change in growth and earnings trajectories. In managing the Fund, the investment adviser uses an investment approach that integrates a top-down (focusing on the economy and market trends) analysis of the overall economy and a bottom-up (focusing on individual stocks) analysis of individual securities. From a
81
Driehaus Mutual Funds
Notes to Financial Statements (unaudited) — (Continued)
top-down perspective, the investment adviser looks at the relative value of securities to identify assets to include in the Fund’s portfolio. Bottom-up analysis involves evaluating fundamental factors, including the company’s business model, the competitive landscape, upcoming product introductions and recent and projected financial metrics in order to identify companies with more attractive earnings growth on a prospective basis. The investment adviser’s decision to buy or sell a security is also based on the evaluation of technical or market factors, including price and volume trends, relative strength and institutional interest. The Fund sells holdings for a variety of reasons, including the deterioration of the earnings profile, the violation of specific technical thresholds, to shift into securities with more compelling risk/reward characteristics or to alter sector or country exposure.
82
Shareholder Information (unaudited)
TAX INFORMATION FOR THE YEAR ENDED DECEMBER 31, 2023
We are providing this information as required by the Internal Revenue Code. The amounts shown may differ from those elsewhere in this report because of differences between tax and financial reporting requirements.
The Funds designate the following amounts as a long-term capital gain distribution:
| Emerging Markets Growth Fund | Emerging Markets Small Cap Growth Fund | Global Fund | International Small Cap Growth Fund | |||
| $— | $— | $— | $— |
| Micro Cap Growth Fund | Small Cap Growth Fund | Small/Mid Cap Growth Fund | Event Driven Fund | |||
| $— | $— | $— | $— |
For taxable non-corporate shareholders, the following percentages of income represent qualified dividend income subject to the 15% rate category:
| Emerging Markets Growth Fund | Emerging Markets Small Cap Growth Fund | Global Fund | International Small Cap Growth Fund | |||
| 86.40% | 41.07% | 70.72% | 100.00% |
| Micro Cap Growth Fund | Small Cap Growth Fund | Small/Mid Cap Growth Fund | Event Driven Fund | |||
| —% | 43.88% | —% | 14.15% |
For taxable non-corporate shareholders, the following percentages of short-term capital gains represent qualified dividend income subject to the 15% rate category:
| Emerging Markets Growth Fund | Emerging Markets Small Cap Growth Fund | Global Fund | International Small Cap Growth Fund | |||
| —% | —% | —% | —% |
| Micro Cap Growth Fund | Small Cap Growth Fund | Small/Mid Cap Growth Fund | Event Driven Fund | |||
| —% | —% | —% | —% |
For corporate shareholders, the following percentages of income and short-term capital gains qualified for the dividends-received deduction:
| Emerging Markets Growth Fund | Emerging Markets Small Cap Growth Fund | Global Fund | International Small Cap Growth Fund | |||
| 1.57% | —% | 24.34% | —% |
| Micro Cap Growth Fund | Small Cap Growth Fund | Small/Mid Cap Growth Fund | Event Driven Fund | |||
| —% | 45.19% | —% | 14.15% |
83
Shareholder Information (unaudited) — (Continued)
DISTRIBUTION INFORMATION
For purposes of Section 19 of the 1940 Act, the Funds estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Driehaus Micro Cap Growth Fund and Driehaus Small Cap Growth Fund did not issue a Section 19(a) notice because at the time the Funds did not believe that such a notice was necessary. Pursuant to Rule 19a-1(e) under the 1940 Act, the information in the table below includes the sources of the Driehaus Micro Cap Growth Fund's and Driehaus Small Cap Growth Fund's distributions paid during the year ended December 31, 2023.
Please note that the information in the table below is for financial accounting purposes only. Form 1099-DIV received by shareholders for the calendar year specifies how shareholders should characterize and report distributions paid by the Funds during the year for U.S. federal income tax purposes.
The Funds' distributions during the year ended December 31, 2023, were paid from:
| Ex-Date | Ordinary Income | Return of Capital | ||||
| Driehaus Micro Cap Growth Fund | 12/13/2023 | 0.000000 | 0.097110 | |||
| Driehaus Small Cap Growth Fund Investor Class | 12/13/2023 | 0.063412 | 0.005912 | |||
| Driehaus Small Cap Growth Fund Institutional Class | 12/13/2023 | 0.097180 | 0.009060 |
84
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
85
Statement Regarding Basis for Approval of Investment Advisory Contract
BOARD CONSIDERATIONS IN CONNECTION WITH THE APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT FOR DRIEHAUS INTERNATIONAL DEVELOPED EQUITY FUND
The Board of Trustees of the Driehaus Mutual Funds (the “Trust”), including a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) (the “Independent Trustees”), approved the investment advisory agreement (the “Agreement”) with Driehaus Capital Management LLC (the “Adviser”) for the Driehaus International Developed Equity Fund (the “Fund”) on March 5, 2024. As part of its review process, the Board evaluated all information it deemed reasonably necessary to consider the Agreement. The Board reviewed comprehensive materials received from the Adviser and from independent legal counsel. The Independent Trustees held a meeting with their independent legal counsel on February 26, 2024 and, represented by independent legal counsel, met independent of Fund management on March 5, 2024, to review the materials provided and consider approval of the Agreement for the Fund. After their consideration of all the information received, the Independent Trustees presented their findings and their recommendation to approve the Agreement at the full Board meeting. In connection with the review, the Board considered the factors discussed below, among others.
Nature, Quality and Extent of Services. The Board considered the nature, extent and quality of services to be provided under the Agreement, including portfolio management services and certain administrative services. The Board considered the experience and skills of senior management and investment personnel, the resources made available to such personnel, the ability of the Adviser to attract and retain high-quality personnel, and the organizational depth of the Adviser. The Board also considered the Trust’s compliance with legal and regulatory requirements as well as the Adviser’s handling of portfolio brokerage, and noted the Adviser’s process for evaluating best execution. The Board noted the Adviser’s expected role in overseeing the Fund’s other service providers, including the Adviser’s review of expenses. The Board considered the Adviser’s risk management strategies and the process developed by the Adviser for analyzing, reviewing and assessing risk exposure for the Fund. The Board also considered the Fund’s process for fair valuation of portfolio securities. In particular, the Board considered the management team’s experience managing the Driehaus International Small Cap Growth Fund and the Driehaus Global Fund, two funds with investment strategies similar in nature to the Fund’s investment strategy.
On the basis of this evaluation and the Board’s experience with the Adviser in managing other series of the Trust, the Board concluded that the nature, quality and extent of services to be provided by the Adviser are expected to be satisfactory.
Fees. The Board considered the Fund’s proposed advisory fee rate, estimated operating expenses and total expense ratio as compared to peer expense group information based on data compiled from Morningstar, Inc., an independent provider of mutual fund data. The Board noted that the Fund’s proposed advisory fee of 0.70% would rank in the 40th percentile of the Morningstar peer group actual management fees as of December 31, 2023 (1st percentile would be the lowest advisory fee). The Board also considered that the Adviser will reimburse the Fund for annual expenses in excess of 0.80% of average daily net (excluding interest, taxes, brokerage commissions, other investment-related expenses, acquired fund fees and expenses, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business) for a three-year period, which would rank the Fund’s expense ratio in the 18th percentile (1st percentile would be the lowest expense ratio).
On the basis of the information reviewed, the Board concluded that the proposed advisory fee was reasonable and appropriate in light of the nature and quality of services expected to be provided by the Adviser.
Profitability and Economies of Scale. In considering the reasonableness of the proposed advisory fee, the Board considered the undertaking by the Adviser to assume the Fund’s organizational expenses as well as to reimburse Fund expenses exceeding a 0.80% cap (excluding interest, taxes, brokerage commissions, other investment-related expenses, acquired fund fees and expenses, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business) for a three-year period.
The Board also considered potential economies of scale with respect to the management of the Fund and whether the Fund will benefit from any economies of scale. The Board noted the Adviser’s estimation that it will not earn its full fee until net assets reach approximately $300 million.
Other Benefits to the Adviser. The Board also considered the character and amount of other incidental benefits to be received by the Adviser. The Board considered benefits to the Adviser related to soft dollar allocations. The Board concluded that the proposed advisory fee was reasonable in light of any anticipated fall-out benefits.
87
Statement Regarding Basis for Approval of Investment Advisory Contract — (Continued)
Based on all of the information considered and the conclusions reached, the Board determined that the terms of the Agreement for the Fund were fair and reasonable and that the approval of the Agreement is in the best interests of the Fund. No single factor was determinative in the Board’s analysis.
88
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
See the Statement of Operations in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 16. Controls and Procedures.
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits
(a)(1) Not applicable to this reporting period.
(a)(2) Not applicable.
(a)(4) Not applicable.
(a)(5) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Driehaus Mutual Funds |
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By (Signature and Title) | /s/ Stephen T. Weber |
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| Stephen T. Weber, President |
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| (principal executive officer) |
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Date | August 30, 2024 |
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Stephen T. Weber |
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| Stephen T. Weber, President |
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| (principal executive officer) |
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Date | August 30, 2024 |
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By (Signature and Title) | /s/ Robert M. Kurinsky |
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| Robert M. Kurinsky, Vice President and Treasurer |
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| (principal financial officer) |
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Date | August 30, 2024 |
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