Driehaus Emerging Markets Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 93.39% | ||
FAR EAST — 73.86% | ||
China — 41.27% | ||
Agora, Inc. - ADR 1,* | 136,879 | $5,883,059 |
AIA Group Ltd. | 1,223,770 | 11,984,973 |
Airtac International Group | 703,001 | 15,801,866 |
Alibaba Group Holding Ltd. * | 563,450 | 20,036,880 |
Alibaba Group Holding Ltd. - SP ADR 1,* | 440,051 | 129,366,193 |
Alibaba Health Information Technology Ltd. * | 4,770,313 | 11,621,023 |
BeiGene Ltd. - ADR 1,* | 60,877 | 17,437,608 |
By-health Co. Ltd. - A | 1,653,785 | 5,101,757 |
China Feihe Ltd. 2 | 10,494,905 | 24,348,023 |
China Mengniu Dairy Co. Ltd. * | 3,905,908 | 18,294,651 |
China Merchants Bank Co. Ltd. - H | 1,894,387 | 8,934,116 |
China Resources Cement Holdings Ltd. | 10,228,788 | 13,963,855 |
China Tourism Group Duty Free Corp. Ltd. - A | 527,443 | 17,265,460 |
CIFI Holdings Group Co. Ltd. | 6,277,828 | 4,617,211 |
Country Garden Services Holdings Co. Ltd. | 2,924,158 | 18,808,818 |
East Money Information Co. Ltd. - A | 3,182,100 | 11,208,789 |
Foshan Haitian Flavouring & Food Co. Ltd. - A | 1,037,371 | 24,690,606 |
Galaxy Entertainment Group Ltd. | 1,937,475 | 12,987,249 |
Hong Kong Exchanges & Clearing Ltd. | 400,472 | 18,695,463 |
Hundsun Technologies, Inc - A | 675,309 | 9,775,749 |
Innovent Biologics, Inc. 2,* | 1,293,500 | 9,580,183 |
JD.com, Inc. - ADR 1,* | 347,927 | 27,002,614 |
Kweichow Moutai Co. Ltd. - A | 85,503 | 20,947,017 |
Li Ning Co. Ltd. | 4,859,480 | 22,572,923 |
Luxshare Precision Industry Co. Ltd. - A | 3,430,202 | 28,773,888 |
Meituan Dianping - B * | 536,173 | 16,728,490 |
Offcn Education Technology Co. Ltd. - A | 3,164,122 | 15,159,502 |
Ping An Healthcare and Technology Co. Ltd. 2,* | 458,513 | 5,871,887 |
Sangfor Technologies, Inc. - A | 477,491 | 14,846,488 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. - A | 387,626 | 19,806,456 |
Silergy Corp. | 211,572 | 12,455,295 |
Sun Art Retail Group Ltd. | 4,703,920 | 5,189,452 |
TAL Education Group - ADR 1,* | 158,914 | 12,083,821 |
Techtronic Industries Co. Ltd. | 1,729,393 | 22,671,638 |
Tencent Holdings Ltd. | 2,051,816 | 135,418,982 |
Shares, Principal Amount, or Number of Contracts | Value | |
Weihai Guangwei Composites Co. Ltd. - A | 980,945 | $10,273,809 |
Wuxi Biologics Cayman, Inc. 2,* | 1,016,338 | 24,732,917 |
804,938,711 | ||
India — 10.36% | ||
Apollo Hospitals Enterprise Ltd. | 586,120 | 17,064,449 |
Asian Paints Ltd. | 549,653 | 14,798,465 |
Bajaj Finance Ltd. | 342,509 | 15,220,249 |
Divi's Laboratories Ltd. | 401,925 | 16,604,057 |
HDFC Bank Ltd. - ADR 1,* | 592,100 | 29,581,316 |
Hindustan Unilever Ltd. | 552,008 | 15,474,255 |
ICICI Bank Ltd. - SP ADR 1,* | 1,880,730 | 18,487,576 |
Nestle India Ltd. | 35,974 | 7,761,690 |
Reliance Industries Ltd. | 1,055,208 | 31,955,869 |
Tata Consultancy Services Ltd. | 815,847 | 27,559,440 |
Titan Co. Ltd. | 457,192 | 7,444,397 |
201,951,763 | ||
South Korea — 9.23% | ||
Kakao Corp. | 47,230 | 14,686,339 |
KB Financial Group, Inc. | 564,684 | 18,182,821 |
Kia Motors Corp. | 292,344 | 11,723,561 |
LG Chem Ltd. | 35,445 | 19,784,330 |
LG Household & Health Care Ltd. | 13,808 | 17,039,834 |
Macquarie Korea Infrastructure Fund | 1,000,206 | 9,400,119 |
Samsung Biologics Co. Ltd. 2,* | 21,067 | 12,419,787 |
Samsung Electronics Co. Ltd. | 1,546,216 | 76,760,598 |
179,997,389 | ||
Taiwan — 9.21% | ||
Century Iron & Steel Industrial Co. Ltd. | 2,772,703 | 12,254,195 |
MediaTek, Inc. | 619,489 | 12,983,558 |
Merida Industry Co. Ltd. | 960,947 | 7,730,842 |
Taiwan Semiconductor Manufacturing Co. Ltd. - SP ADR 1 | 1,668,809 | 135,290,346 |
Unimicron Technology Corp. | 4,451,522 | 11,435,441 |
179,694,382 | ||
Singapore — 1.58% | ||
Sea Ltd. - ADR 1,* | 199,256 | 30,693,394 |
Indonesia — 1.07% | ||
Bank Central Asia Tbk PT | 11,480,708 | 20,909,085 |
Malaysia — 0.60% | ||
Dialog Group Bhd. | 12,742,877 | 11,683,398 |
Japan — 0.54% | ||
Keyence Corp. | 22,699 | 10,541,858 |
Total FAR EAST (Cost $929,185,993) | 1,440,409,980 |
Notes to Schedule of Investments are an integral part of this Schedule.
1
Driehaus Emerging Markets Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
NORTH AMERICA — 7.82% | ||
United States — 6.17% | ||
Advanced Micro Devices, Inc. * | 330,703 | $27,114,339 |
Cummins, Inc. | 45,636 | 9,636,498 |
EPAM System, Inc. * | 36,294 | 11,733,124 |
NIKE, Inc. - B | 288,958 | 36,275,788 |
NVIDIA Corp. | 38,533 | 20,854,830 |
Unity Software, Inc. * | 168,758 | 14,729,198 |
120,343,777 | ||
Mexico — 0.98% | ||
Cemex SAB de CV - SP ADR 1 | 1,986,970 | 7,550,486 |
Wal-Mart de Mexico SAB de CV | 4,835,137 | 11,569,866 |
19,120,352 | ||
Canada — 0.67% | ||
Wheaton Precious Metals Corp. | 267,880 | 13,144,872 |
Total NORTH AMERICA (Cost $127,944,555) | 152,609,001 | |
EUROPE — 7.00% | ||
Russia — 1.56% | ||
Sberbank of Russia PJSC - SP ADR 1,* | 1,343,527 | 15,699,113 |
Yandex NV - A * | 224,904 | 14,674,986 |
30,374,099 | ||
France — 1.19% | ||
L'Oreal SA | 71,525 | 23,279,394 |
Poland — 1.12% | ||
CD Projekt SA * | 142,273 | 15,399,965 |
Dino Polska SA 2,* | 108,427 | 6,389,939 |
21,789,904 | ||
Sweden — 0.80% | ||
Spotify Technology SA * | 64,232 | 15,580,756 |
United Kingdom — 0.75% | ||
Rio Tinto PLC - SP ADR 1 | 242,929 | 14,670,482 |
Hungary — 0.63% | ||
OTP Bank NYRT * | 405,546 | 12,218,186 |
Germany — 0.49% | ||
Infineon Technologies AG | 338,240 | 9,563,274 |
Netherlands — 0.46% | ||
ASML Holding NV | 24,340 | 8,980,731 |
Total EUROPE (Cost $114,762,640) | 136,456,826 | |
SOUTH AMERICA — 4.14% | ||
Brazil — 3.65% | ||
B3 SA - Brasil Bolsa Balcao | 3,355,262 | 32,931,862 |
Pagseguro Digital Ltd. - A * | 283,643 | 10,696,177 |
Raia Drogasil SA | 3,287,210 | 13,790,607 |
XP, Inc. - A * | 330,960 | 13,797,722 |
71,216,368 |
Shares, Principal Amount, or Number of Contracts | Value | ||
Argentina — 0.49% | |||
MercadoLibre, Inc. * | 8,869 | $9,600,515 | |
Total SOUTH AMERICA (Cost $72,522,248) | 80,816,883 | ||
AFRICA — 0.57% | |||
Egypt — 0.57% | |||
Commercial International Bank Egypt SAE | 2,639,116 | 11,142,376 | |
Total AFRICA (Cost $9,784,611) | 11,142,376 | ||
Total COMMON STOCKS (Cost $1,254,200,047) | 1,821,435,066 | ||
PREFERRED STOCKS — 0.75% | |||
SOUTH AMERICA — 0.75% | |||
Chile — 0.39% | |||
Sociedad Quimica y Minera de Chile SA - SP ADR, 2.19%1,3 | 233,554 | 7,571,821 | |
Brazil — 0.36% | |||
Azul SA * | 1,591,700 | 6,938,303 | |
Total SOUTH AMERICA (Cost $14,008,234) | 14,510,124 | ||
Total PREFERRED STOCKS (Cost $14,008,234) | 14,510,124 | ||
SHORT TERM INVESTMENTS — 4.93% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.03% | 96,214,543 | 96,214,543 | |
TOTAL INVESTMENTS (Cost $1,364,422,824) | 99.07% | $1,932,159,733 | |
Other Assets In Excess of Liabilities | 0.93% | 18,121,927 | |
Net Assets | 100.00% | $1,950,281,660 |
ADR | American Depositary Receipt |
PJSC | Public Joint Stock Company |
PLC | Public Limited Company |
SP ADR | Sponsored American Depositary Receipt |
1 | Foreign security denominated in U.S. dollars and traded in the U.S. |
2 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by Driehaus Mutual Funds’ Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of these securities is $83,342,736, which represents 4% of Net Assets. |
Notes to Schedule of Investments are an integral part of this Schedule.
2
Driehaus Emerging Markets Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
3 | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
* | Non-income producing security. |
Percentages are stated as a percent of net assets.
Notes to Schedule of Investments are an integral part of this Schedule.
3
Driehaus Emerging Markets Small Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 91.71% | ||
FAR EAST — 79.60% | ||
China — 35.70% | ||
Agora, Inc. - ADR 1,* | 16,031 | $689,012 |
Airtac International Group | 22,000 | 494,510 |
Amoy Diagnostics Co. Ltd. - A | 56,450 | 634,157 |
Bilibili, Inc. - SP ADR 1,* | 7,800 | 324,480 |
C&S Paper Co. Ltd. - A | 90,075 | 283,559 |
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. - A | 28,200 | 619,973 |
China Education Group Holdings Ltd. | 255,000 | 467,223 |
China Lesso Group Holdings Ltd. | 312,000 | 560,389 |
China Meidong Auto Holdings Ltd. | 190,000 | 728,124 |
China Resources Cement Holdings Ltd. | 348,794 | 476,157 |
Ever Sunshine Lifestyle Services Group Ltd. | 180,000 | 354,424 |
Fu Shou Yuan International Group Ltd. | 621,000 | 604,169 |
GDS Holdings Ltd. - ADR 1,* | 9,545 | 781,067 |
Hangzhou Tigermed Consulting Co. Ltd. - A | 21,232 | 320,946 |
Hefei Meiya Optoelectronic Technology, Inc. - A | 43,374 | 305,374 |
Hygeia Healthcare Holdings Co. Ltd. 2,* | 123,200 | 738,400 |
Innovent Biologics, Inc. 2,* | 96,500 | 714,718 |
Jiangsu Hengli Hydraulic Co. Ltd. - A | 100,521 | 1,053,828 |
Kingdee International Software Group Co. Ltd. * | 141,000 | 363,869 |
Laobaixing Pharmacy Chain JSC - A | 76,558 | 932,779 |
Lee & Man Paper Manufacturing Ltd. | 658,000 | 475,455 |
Li Ning Co. Ltd. | 260,471 | 1,209,922 |
Minth Group Ltd. | 174,000 | 755,492 |
Nine Dragons Paper Holdings Ltd. | 591,000 | 741,224 |
Niu Technologies - SP ADR 1,* | 47,004 | 902,477 |
Pharmaron Beijing Co. Ltd. - H 2 | 40,200 | 500,033 |
Ping An Healthcare and Technology Co. Ltd. 2,* | 23,120 | 296,083 |
Proya Cosmetics Co. Ltd. - A | 37,500 | 793,102 |
Sangfor Technologies, Inc. - A | 11,400 | 354,457 |
Shanghai Putailai New Energy Technology Co. Ltd. - A | 40,421 | 644,483 |
Shenzhen SC New Energy Technology Corp. - A | 53,644 | 827,667 |
Shares, Principal Amount, or Number of Contracts | Value | |
Silergy Corp. | 5,000 | $294,351 |
Tongcheng-Elong Holdings Ltd. * | 348,000 | 633,131 |
Weihai Guangwei Composites Co. Ltd. - A | 59,700 | 625,261 |
Weimob, Inc. 2,* | 207,000 | 276,176 |
Yihai International Holding Ltd. * | 27,157 | 423,647 |
Zhejiang Dingli Machinery Co. Ltd. - A | 75,457 | 1,098,517 |
Zhou Hei Ya International Holdings Co. Ltd. 2,* | 624,000 | 650,566 |
Zoomlion Heavy Industry Science and Technology Co. Ltd. - H | 807,400 | 775,099 |
23,724,301 | ||
India — 17.73% | ||
Aarti Industries Ltd. | 23,590 | 324,514 |
Amber Enterprises India Ltd. | 35,320 | 975,824 |
Apollo Hospitals Enterprise Ltd. | 33,316 | 969,971 |
Ashok Leyland Ltd. | 315,632 | 318,284 |
AU Small Finance Bank Ltd. 2,* | 52,146 | 462,479 |
Dabur India Ltd. | 47,210 | 326,688 |
Dixon Technologies India Ltd. | 7,919 | 940,454 |
Dr Lal PathLabs Ltd. 2 | 41,949 | 1,068,767 |
Gujarat Gas Ltd. | 192,531 | 804,779 |
Indraprastha Gas Ltd. | 60,708 | 318,269 |
Info Edge India Ltd. | 20,120 | 991,192 |
Ipca Laboratories Ltd. | 33,528 | 984,504 |
Jubilant Foodworks Ltd. | 12,648 | 401,889 |
Mindtree Ltd. | 40,415 | 733,200 |
Navin Fluorine International Ltd. | 22,952 | 685,122 |
PI Industries Ltd. | 30,970 | 827,560 |
Syngene International Ltd. 2,* | 86,153 | 645,680 |
11,779,176 | ||
Taiwan — 11.86% | ||
ASPEED Technology, Inc. | 15,000 | 587,839 |
Century Iron & Steel Industrial Co. Ltd. | 187,000 | 826,462 |
Kindom Development Co. Ltd. | 516,000 | 696,623 |
Makalot Industrial Co. Ltd. | 109,000 | 643,567 |
Nien Made Enterprise Co. Ltd. | 54,000 | 640,460 |
Parade Technologies Ltd. | 27,455 | 995,365 |
Sinbon Electronics Co. Ltd. | 133,000 | 822,008 |
Sporton International, Inc. | 57,000 | 479,231 |
Sunonwealth Electric Machine Industry Co. Ltd. | 148,000 | 317,340 |
Unimicron Technology Corp. | 442,000 | 1,135,447 |
Voltronic Power Technology Corp. | 11,550 | 392,019 |
Notes to Schedule of Investments are an integral part of this Schedule.
4
Driehaus Emerging Markets Small Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Win Semiconductors Corp. | 35,000 | $346,230 |
7,882,591 | ||
South Korea — 8.23% | ||
Douzone Bizon Co. Ltd. | 5,615 | 500,364 |
Eugene Technology Co. Ltd. | 12,200 | 292,431 |
Koh Young Technology, Inc. | 6,688 | 511,739 |
LEENO Industrial, Inc. | 15,129 | 1,593,379 |
NHN KCP Corp. | 11,274 | 659,051 |
NICE Information Service Co. Ltd. | 42,137 | 709,655 |
Tesna, Inc. | 21,784 | 844,767 |
Tokai Carbon Korea Co. Ltd. | 4,400 | 358,056 |
5,469,442 | ||
Vietnam — 2.97% | ||
FPT Corp. | 478,754 | 1,239,118 |
Military Commercial Joint Stock Bank * | 805,374 | 734,172 |
1,973,290 | ||
Thailand — 1.60% | ||
Sri Trang Gloves Thailand PCL - NVDR * | 315,400 | 763,928 |
TQM Corp PCL - NVDR | 73,900 | 299,681 |
1,063,609 | ||
Malaysia — 1.03% | ||
Dialog Group Bhd. | 742,906 | 681,139 |
Indonesia — 0.48% | ||
Bank BTPN Syariah Tbk PT | 1,432,300 | 315,722 |
Total FAR EAST (Cost $41,626,611) | 52,889,270 | |
EUROPE — 5.54% | ||
Russia — 2.68% | ||
Detsky Mir PJSC | 655,422 | 994,435 |
RusHydro PJSC * | 80,019,326 | 783,887 |
1,778,322 | ||
Poland — 1.88% | ||
CD Projekt SA * | 4,279 | 463,169 |
Dino Polska SA 2,* | 13,383 | 788,702 |
1,251,871 | ||
Jersey — 0.98% | ||
Centamin PLC | 249,798 | 652,712 |
Total EUROPE (Cost $2,768,459) | 3,682,905 | |
NORTH AMERICA — 4.23% | ||
Canada — 1.81% | ||
B2Gold Corp. | 96,184 | 626,274 |
Centerra Gold, Inc. | 49,815 | 579,501 |
1,205,775 |
Shares, Principal Amount, or Number of Contracts | Value | |
Mexico — 1.47% | ||
Grupo Aeroportuario del Centro Norte SAB de CV - ADR 1,* | 17,759 | $652,821 |
Qualitas Controladora SAB de CV | 84,900 | 320,648 |
973,469 | ||
United States — 0.95% | ||
Copa Holdings SA - A | 12,557 | 632,119 |
Total NORTH AMERICA (Cost $2,308,210) | 2,811,363 | |
SOUTH AMERICA — 1.90% | ||
Brazil — 1.40% | ||
LOG Commercial Properties e Participacoes SA | 55,300 | 295,017 |
Via Varejo SA * | 205,000 | 634,066 |
929,083 | ||
Argentina — 0.50% | ||
Globant SA * | 1,870 | 335,141 |
Total SOUTH AMERICA (Cost $1,116,420) | 1,264,224 | |
AFRICA — 0.44% | ||
South Africa — 0.44% | ||
Sibanye Stillwater Ltd. | 104,448 | 288,838 |
Total AFRICA (Cost $232,939) | 288,838 | |
Total COMMON STOCKS (Cost $48,052,639) | 60,936,600 | |
PREFERRED STOCKS — 2.92% | ||
SOUTH AMERICA — 2.92% | ||
Brazil — 2.92% | ||
Bradespar SA * | 78,100 | 626,786 |
Metalurgica Gerdau SA, 0.86%3 | 404,400 | 676,172 |
Randon SA Implementos e Participacoes * | 293,500 | 636,033 |
1,938,991 | ||
Total SOUTH AMERICA (Cost $1,525,727) | 1,938,991 | |
Total PREFERRED STOCKS (Cost $1,525,727) | 1,938,991 |
Notes to Schedule of Investments are an integral part of this Schedule.
5
Driehaus Emerging Markets Small Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | ||
SHORT TERM INVESTMENTS — 2.56% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.03% | 1,700,900 | $1,700,900 | |
TOTAL INVESTMENTS (Cost $51,279,266) | 97.19% | $64,576,491 | |
Other Assets In Excess of Liabilities | 2.81% | 1,868,988 | |
Net Assets | 100.00% | $66,445,479 |
ADR | American Depositary Receipt |
NVDR | Non-Voting Depositary Receipt |
PCL | Public Company Limited |
PJSC | Public Joint Stock Company |
PLC | Public Limited Company |
SP ADR | Sponsored American Depositary Receipt |
1 | Foreign security denominated in U.S. dollars and traded in the U.S. |
2 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by Driehaus Mutual Funds’ Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of these securities is $6,141,604, which represents 9% of Net Assets. |
3 | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
* | Non-income producing security. |
Percentages are stated as a percent of net assets.
Notes to Schedule of Investments are an integral part of this Schedule.
6
Driehaus Emerging Markets Opportunities Fund
Schedule of Investments
September 30, 2020 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
SOVEREIGN BONDS — 15.54% | ||
Brazil — 2.04% | ||
Brazilian Government International Bond 4.62%, 1/13/281 | $500,000 | $542,005 |
Brazilian Government International Bond 4.50%, 5/30/291 | 200,000 | 213,390 |
755,395 | ||
China — 2.84% | ||
China Government Bond 3.20%, 3/16/242 | 1,200,0002 | 177,663 |
China Government Bond 3.54%, 8/16/282 | 2,500,0002 | 378,825 |
China Government Bond 2.68%, 5/21/302 | 3,500,0002 | 494,292 |
1,050,780 | ||
Egypt — 2.17% | ||
Egypt Government Bond 17.00%, 4/3/222 | 6,500,0002 | 428,218 |
Egypt Government International Bond 8.70%, 3/1/491 | 380,000 | 371,621 |
799,839 | ||
Indonesia — 1.79% | ||
Indonesia Treasury Bond 8.37%, 9/15/262 | 3,400,000,0002 | 254,931 |
Indonesia Treasury Bond 7.00%, 9/15/302 | 6,000,000,0002 | 405,948 |
660,879 | ||
Malaysia — 1.00% | ||
Malaysia Government Bond 3.89%, 8/15/292 | 1,400,0002 | 369,181 |
Mexico — 3.42% | ||
Mexican Bonos 8.50%, 11/18/382 | 14,800,0002 | 785,170 |
Mexico Government International Bond 4.50%, 4/22/291 | 260,000 | 291,593 |
Petroleos Mexicanos 6.50%, 3/13/271 | 200,000 | 187,406 |
1,264,169 | ||
South Africa — 1.51% | ||
Republic of South Africa Government Bond 8.50%, 1/31/372 | 11,900,0002 | 558,005 |
Ukraine — 0.77% | ||
Ukraine Government International Bond 7.38%, 9/25/321 | 300,000 | 282,664 |
Total SOVEREIGN BONDS (Cost $5,655,279) | 5,740,912 |
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 75.89% | ||
Brazil — 2.05% | ||
LOG Commercial Properties e Participacoes SA | 43,976 | $234,605 |
Magazine Luiza SA | 16,870 | 269,006 |
Pagseguro Digital Ltd. - A*,1,3 | 6,724 | 253,562 |
757,173 | ||
China — 32.72% | ||
Agora, Inc. - ADR*,1,3 | 7,860 | 337,823 |
AIA Group Ltd. | 23,856 | 233,633 |
Alibaba Group Holding Ltd.* | 33,200 | 1,180,627 |
Alibaba Group Holding Ltd. - SP ADR*,1,3 | 3,611 | 1,061,562 |
Alibaba Health Information Technology Ltd.* | 58,000 | 141,295 |
Bilibili, Inc. - SP ADR*,1,3 | 4,180 | 173,888 |
China Feihe Ltd.4 | 121,492 | 281,860 |
China Merchants Bank Co. Ltd. - H | 62,000 | 292,398 |
China Resources Beer Holdings Co. Ltd. | 30,723 | 187,905 |
China Tourism Group Duty Free Corp. Ltd. - A | 9,061 | 296,605 |
CIFI Holdings Group Co. Ltd. | 172,503 | 126,872 |
Contemporary Amperex Technology Co. Ltd. - A | 6,001 | 184,332 |
East Money Information Co. Ltd. - A | 47,500 | 167,316 |
Galaxy Entertainment Group Ltd. | 25,233 | 169,142 |
Hong Kong Exchanges & Clearing Ltd. | 8,002 | 373,562 |
Hundsun Technologies, Inc - A | 24,586 | 355,906 |
Innovent Biologics, Inc.*,4 | 33,162 | 245,611 |
JD.com, Inc. - ADR*,1,3 | 5,787 | 449,129 |
Jinxin Fertility Group Ltd.4 | 204,000 | 256,907 |
Li Ning Co. Ltd. | 66,684 | 309,756 |
Luxshare Precision Industry Co. Ltd. - A | 41,258 | 346,088 |
Meituan Dianping - B* | 10,735 | 334,930 |
Ping An Healthcare and Technology Co. Ltd.*,4 | 20,590 | 263,683 |
Ping An Insurance Group Co. of China Ltd. - H | 29,959 | 307,319 |
Sany Heavy Industry Co. Ltd. - A | 123,600 | 451,708 |
Silergy Corp. | 2,643 | 155,594 |
Sun Art Retail Group Ltd. | 185,340 | 204,471 |
TAL Education Group - ADR*,1,3 | 2,410 | 183,256 |
Tencent Holdings Ltd. | 29,822 | 1,968,239 |
Wuxi Biologics Cayman, Inc.*,4 | 17,129 | 416,840 |
Notes to Schedule of Investments are an integral part of this Schedule.
7
Driehaus Emerging Markets Opportunities Fund
Schedule of Investments
September 30, 2020 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. - A | 10,629 | $379,739 |
Zhou Hei Ya International Holdings Co. Ltd.*,4 | 237,423 | 247,531 |
12,085,527 | ||
France — 1.21% | ||
L'Oreal SA | 1,372 | 446,548 |
India — 6.83% | ||
Divi's Laboratories Ltd. | 7,061 | 291,699 |
HDFC Bank Ltd. - ADR*,1,3 | 7,673 | 383,343 |
Hindustan Unilever Ltd. | 17,763 | 497,944 |
ICICI Bank Ltd. - SP ADR*,1,3 | 45,220 | 444,513 |
Reliance Industries Ltd. | 19,031 | 576,334 |
Tech Mahindra Ltd. | 30,614 | 328,526 |
2,522,359 | ||
Indonesia — 0.82% | ||
Bank Central Asia Tbk PT | 167,449 | 304,964 |
Jersey — 0.90% | ||
Centamin PLC | 127,122 | 332,165 |
Mexico — 1.03% | ||
Grupo Aeroportuario del Sureste SAB de CV - ADR*,1,3 | 1,953 | 226,606 |
Wal-Mart de Mexico SAB de CV | 64,835 | 155,142 |
381,748 | ||
Netherlands — 0.65% | ||
ASML Holding NV | 648 | 239,093 |
Poland — 1.62% | ||
CD Projekt SA* | 2,494 | 269,956 |
Dino Polska SA*,4 | 5,559 | 327,609 |
597,565 | ||
Russia — 3.33% | ||
LUKOIL PJSC - SP ADR1 | 3,184 | 184,290 |
Sberbank of Russia PJSC - SP ADR*,1 | 29,970 | 350,200 |
X5 Retail Group NV - GDR1 | 4,909 | 181,633 |
Yandex NV - A*,1,3 | 7,873 | 513,713 |
1,229,836 | ||
Singapore — 1.17% | ||
Sea Ltd. - ADR*,1,3 | 2,804 | 431,928 |
South Africa — 1.13% | ||
Anglo American Platinum Ltd. | 3,427 | 237,956 |
Kumba Iron Ore Ltd. | 6,115 | 180,946 |
418,902 | ||
South Korea — 8.89% | ||
Hankook Tire & Technology Co. Ltd. | 8,945 | 241,039 |
KB Financial Group, Inc. | 6,445 | 207,529 |
Kia Motors Corp. | 6,498 | 260,582 |
Macquarie Korea Infrastructure Fund | 44,563 | 418,811 |
Shares, Principal Amount, or Number of Contracts | Value | ||
NAVER Corp. | 1,168 | $296,814 | |
NICE Information Service Co. Ltd. | 15,539 | 261,702 | |
Samsung Electronics Co. Ltd. | 26,619 | 1,321,478 | |
SK Hynix, Inc. | 3,828 | 274,402 | |
3,282,357 | |||
Sweden — 1.07% | |||
Spotify Technology SA*,1,3 | 1,635 | 396,602 | |
Taiwan — 9.63% | |||
Accton Technology Corp. | 39,705 | 305,033 | |
Century Iron & Steel Industrial Co. Ltd. | 40,000 | 176,783 | |
Kindom Development Co. Ltd. | 285,000 | 384,763 | |
MediaTek, Inc. | 14,839 | 311,003 | |
Parade Technologies Ltd. | 11,000 | 398,798 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 132,445 | 1,980,136 | |
3,556,516 | |||
United States — 2.84% | |||
Advanced Micro Devices, Inc.*,1,3 | 4,518 | 370,431 | |
Facebook, Inc. - A*,1,3 | 1,105 | 289,399 | |
NVIDIA Corp.1,3 | 717 | 388,055 | |
1,047,885 | |||
Total COMMON STOCKS (Cost $19,601,980) | 28,031,168 | ||
PREFERRED STOCKS — 1.40% | |||
Brazil — 0.80% | |||
Gerdau SA - SP ADR 0.68%1,3,5 | 79,977 | 295,915 | |
Chile — 0.60% | |||
Sociedad Quimica y Minera de Chile SA - SP ADR 2.19%1,3,5 | 6,757 | 219,062 | |
Total PREFERRED STOCKS (Cost $389,837) | 514,977 | ||
SHORT TERM INVESTMENTS — 5.56% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.03% | 2,052,764 | 2,052,764 | |
TOTAL INVESTMENTS (Cost $27,699,860) | 98.39% | $36,339,821 | |
Other Assets In Excess of Liabilities | 1.61% | 595,832 | |
Net Assets | 100.00% | $36,935,653 |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
Notes to Schedule of Investments are an integral part of this Schedule.
8
Driehaus Emerging Markets Opportunities Fund
Schedule of Investments
September 30, 2020 (unaudited)
PJSC | Public Joint Stock Company |
PLC | Public Limited Company |
SP ADR | Sponsored American Depositary Receipt |
* | Non-income producing security. |
1 | Foreign security denominated in U.S. dollars and traded in the U.S. |
2 | Foreign security, par value shown in local currency. |
3 | All or a portion of this security is pledged as collateral for short sales or derivatives transactions. |
4 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by Driehaus Mutual Funds’ Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of these securities is $2,040,041, which represents 6% of Net Assets. |
5 | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
Percentages are stated as a percent of net assets.
INTEREST RATE SWAPS | |||||||
CENTRALLY CLEARED SWAP CONTRACTS | |||||||
Clearing Exchange | Notional Amount | Fixed Rate | Floating Rate Index | Payment Frequency | Expiration Date | Value/ Unrealized Appreciation/ (Depreciation) | |
London Clearing House | USD | 5,000,000 | 0.69%1 | 3-Month LIBOR1 | Semi-Annual | 9/18/2030 | $8,215 |
CENTRALLY CLEARED SWAP CONTRACTS | $8,215 | ||||||
INTEREST RATE SWAPS | $8,215 |
1 | Fund Pays the fixed rate and receives the floating rate. |
USD — United States Dollar |
LIBOR — London Interbank Offered Rate |
Notes to Schedule of Investments are an integral part of this Schedule.
9
Driehaus International Small Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 98.36% | ||
EUROPE — 58.50% | ||
United Kingdom — 17.82% | ||
ASOS PLC * | 37,738 | $2,507,804 |
B&M European Value Retail SA | 519,035 | 3,313,188 |
Bellway PLC | 31,138 | 944,606 |
Codemasters Group Holdings PLC * | 349,000 | 1,643,712 |
ConvaTec Group PLC 1 | 1,043,373 | 2,407,214 |
Cranswick PLC | 45,016 | 2,106,213 |
Electrocomponents PLC | 333,300 | 3,064,275 |
Endava PLC - SP ADR 2,* | 40,312 | 2,545,703 |
Fevertree Drinks PLC | 91,189 | 2,725,138 |
Halfords Group PLC | 496,000 | 1,160,985 |
JD Sports Fashion PLC | 212,265 | 2,216,915 |
Kingfisher PLC | 777,414 | 2,976,305 |
OneSavings Bank PLC * | 498,600 | 1,794,998 |
Pets at Home Group PLC | 314,400 | 1,715,241 |
Provident Financial PLC * | 443,300 | 1,109,704 |
Serco Group PLC * | 1,155,168 | 1,896,006 |
Spirax-Sarco Engineering PLC | 15,146 | 2,162,504 |
Stock Spirits Group PLC | 529,050 | 1,471,132 |
The Weir Group PLC | 241,310 | 3,899,964 |
Vesuvius PLC * | 446,401 | 2,277,558 |
43,939,165 | ||
Germany — 9.58% | ||
Befesa SA 1 | 58,686 | 2,353,179 |
Covestro AG 1 | 49,500 | 2,457,836 |
Duerr AG | 80,124 | 2,466,901 |
DWS Group GmbH & Co. KGaA 1,* | 64,781 | 2,232,623 |
Flatex AG * | 46,234 | 2,311,931 |
Hornbach Holding AG & Co. KGaA | 35,894 | 4,191,559 |
Puma SE * | 27,956 | 2,519,241 |
Scout24 AG 1 | 29,125 | 2,543,997 |
TAG Immobilien AG * | 84,133 | 2,539,039 |
23,616,306 | ||
Netherlands — 5.28% | ||
Alfen Beheer BV 1,* | 39,398 | 2,508,236 |
Argenx SE * | 9,923 | 2,617,700 |
BE Semiconductor Industries NV | 39,392 | 1,689,915 |
OCI NV * | 136,031 | 1,749,600 |
PostNL NV * | 1,454,790 | 4,448,384 |
13,013,835 | ||
Sweden — 5.07% | ||
BHG Group AB * | 118,237 | 1,666,119 |
Boozt AB 1,* | 145,666 | 2,029,859 |
Elekta AB - B | 192,500 | 2,429,934 |
Shares, Principal Amount, or Number of Contracts | Value | |
Mekonomen AB * | 180,606 | $1,880,504 |
NetEnt AB * | 199,515 | 1,704,238 |
Tele2 AB - B | 197,629 | 2,798,099 |
12,508,753 | ||
Finland — 4.95% | ||
Huhtamaki OYJ | 42,207 | 2,087,303 |
Konecranes OYJ | 72,497 | 2,274,576 |
Metso Outotec OYJ | 728,352 | 5,119,468 |
Tokmanni Group Corp. | 153,567 | 2,711,548 |
12,192,895 | ||
France — 4.35% | ||
Coface SA * | 304,148 | 2,128,892 |
Maisons du Monde SA 1,* | 83,100 | 1,251,009 |
Trigano SA | 25,906 | 4,003,226 |
Virbac SA * | 14,406 | 3,337,526 |
10,720,653 | ||
Switzerland — 3.97% | ||
Bachem Holding AG | 5,054 | 2,148,245 |
Belimo Holding AG | 163 | 1,231,725 |
Comet Holding AG | 12,394 | 1,902,732 |
Softwareone Holding AG * | 127,995 | 3,578,385 |
Tecan Group AG | 1,865 | 929,412 |
9,790,499 | ||
Denmark — 2.53% | ||
Ascendis Pharma A/S - ADR 2,* | 9,343 | 1,441,812 |
Netcompany Group A/S 1,* | 27,742 | 2,300,219 |
Royal Unibrew A/S | 24,202 | 2,498,753 |
6,240,784 | ||
Ireland — 1.74% | ||
James Hardie Industries PLC | 180,130 | 4,275,660 |
Spain — 0.98% | ||
Masmovil Ibercom SA * | 91,149 | 2,404,522 |
Belgium — 0.94% | ||
bpost SA | 263,600 | 2,322,570 |
Austria — 0.73% | ||
BAWAG Group AG 1,* | 49,743 | 1,796,292 |
Italy — 0.53% | ||
FinecoBank Banca Fineco SpA * | 95,396 | 1,314,762 |
Norway — 0.03% | ||
Pexip Holding ASA * | 9,000 | 80,423 |
Total EUROPE (Cost $118,169,073) | 144,217,119 | |
FAR EAST — 29.88% | ||
Japan — 18.24% | ||
ASKUL Corp. | 93,725 | 3,808,008 |
Capcom Co. Ltd. | 26,500 | 1,472,432 |
CKD Corp. | 118,449 | 1,925,014 |
Notes to Schedule of Investments are an integral part of this Schedule.
10
Driehaus International Small Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Freee KK * | 21,300 | $1,605,604 |
Fujitec Co. Ltd. | 103,250 | 2,197,850 |
Harmonic Drive Systems, Inc. | 29,677 | 1,896,582 |
Ibiden Co. Ltd. | 80,900 | 2,723,131 |
Lasertec Corp. | 15,206 | 1,241,394 |
MINEBEA MITSUMI, Inc. | 106,254 | 2,004,887 |
MonotaRO Co. Ltd. | 25,120 | 1,243,317 |
Nabtesco Corp. | 80,727 | 2,920,149 |
Nichias Corp. | 77,530 | 1,824,581 |
Oisix ra daichi, Inc. * | 84,200 | 2,710,463 |
SCSK Corp. | 31,405 | 1,747,948 |
Square Enix Holdings Co. Ltd. | 52,777 | 3,482,937 |
Sugi Holdings Co. Ltd. | 32,978 | 2,326,424 |
Takeuchi Manufacturing Co. Ltd. | 69,400 | 1,370,035 |
TechnoPro Holdings, Inc. | 28,387 | 1,754,926 |
THK Co. Ltd. | 79,423 | 1,979,833 |
Tokyo Tatemono Co. Ltd. | 163,355 | 1,987,242 |
Tokyotokeiba Co. Ltd. | 54,500 | 2,754,326 |
44,977,083 | ||
South Korea — 4.42% | ||
Cafe24 Corp. * | 31,700 | 1,617,513 |
Douzone Bizon Co. Ltd. | 20,068 | 1,788,300 |
Hankook Tire & Technology Co. Ltd. | 100,700 | 2,713,544 |
Hanssem Co. Ltd. | 25,000 | 2,284,981 |
NHN KCP Corp. | 42,600 | 2,490,293 |
10,894,631 | ||
Australia — 4.06% | ||
Bigtincan Holdings Ltd. * | 1,562,100 | 1,499,265 |
Elmo Software Ltd. * | 257,008 | 971,953 |
Megaport Ltd. * | 110,754 | 1,276,380 |
NEXTDC Ltd. * | 529,337 | 4,655,810 |
Temple & Webster Group Ltd. * | 181,878 | 1,606,231 |
10,009,639 | ||
Taiwan — 1.69% | ||
Giant Manufacturing Co. Ltd. | 317,589 | 2,988,157 |
Hiwin Technologies Corp. | 118,868 | 1,169,720 |
4,157,877 | ||
China — 1.47% | ||
Li Ning Co. Ltd. | 779,814 | 3,622,338 |
Total FAR EAST (Cost $53,967,649) | 73,661,568 | |
NORTH AMERICA — 8.33% | ||
Canada — 7.97% | ||
Altus Group Ltd. | 34,100 | 1,416,960 |
AutoCanada, Inc. | 269,000 | 3,662,626 |
Boardwalk REIT | 47,770 | 984,782 |
Shares, Principal Amount, or Number of Contracts | Value | |
Canada Goose Holdings, Inc. 2,* | 82,500 | $2,654,025 |
Empire Co. Ltd. - A | 58,990 | 1,712,263 |
K92 Mining, Inc. * | 217,900 | 1,135,689 |
Methanex Corp. | 54,151 | 1,320,478 |
Parkland Corp. | 134,282 | 3,550,801 |
Ritchie Bros Auctioneers, Inc. | 32,100 | 1,903,749 |
Xebec Adsorption, Inc. * | 418,665 | 1,314,273 |
19,655,646 | ||
Mexico — 0.36% | ||
Grupo Cementos de Chihuahua SAB de CV | 190,586 | 884,600 |
Total NORTH AMERICA (Cost $20,065,559) | 20,540,246 | |
MIDDLE EAST — 1.20% | ||
Israel — 1.20% | ||
Kornit Digital Ltd. 2,* | 29,704 | 1,926,899 |
Nice Ltd. - SP ADR 2,* | 4,598 | 1,043,884 |
2,970,783 | ||
Total MIDDLE EAST (Cost $2,012,071) | 2,970,783 | |
SOUTH AMERICA — 0.45% | ||
Brazil — 0.45% | ||
Rumo SA * | 327,893 | 1,114,015 |
Total SOUTH AMERICA (Cost $1,352,895) | 1,114,015 | |
Total COMMON STOCKS (Cost $195,567,247) | 242,503,731 | |
PREFERRED STOCKS — 0.67% | ||
EUROPE — 0.67% | ||
Germany — 0.67% | ||
Jungheinrich AG, 1.51%3 | 47,364 | 1,634,860 |
Total EUROPE (Cost $815,300) | 1,634,860 | |
Total PREFERRED STOCKS (Cost $815,300) | 1,634,860 |
Notes to Schedule of Investments are an integral part of this Schedule.
11
Driehaus International Small Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | ||
SHORT TERM INVESTMENTS — 2.04% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.03% | 5,031,922 | $5,031,922 | |
TOTAL INVESTMENTS (Cost $201,414,469) | 101.07% | $249,170,513 | |
Other Liabilities in Excess of Assets | (1.07)% | (2,630,872) | |
Net Assets | 100.00% | $246,539,641 |
ADR | American Depositary Receipt |
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. Unless otherwise indicated, this security has been determined to be liquid under procedures established by Driehaus Mutual Funds’ Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of these securities is $21,880,464, which represents 9% of Net Assets. |
2 | Foreign security denominated in U.S. dollars and traded in the U.S. |
3 | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
* | Non-income producing security. |
Percentages are stated as a percent of net assets.
Notes to Schedule of Investments are an integral part of this Schedule.
12
Driehaus Micro Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 99.28% | ||
HEALTH CARE — 32.10% | ||
Biotechnology — 15.76% | ||
Aeglea BioTherapeutics, Inc.* | 36,513 | $258,877 |
Albireo Pharma, Inc.* | 14,676 | 489,738 |
Apellis Pharmaceuticals, Inc.* | 42,818 | 1,291,819 |
Applied Therapeutics, Inc.* | 58,500 | 1,214,460 |
Black Diamond Therapeutics, Inc.* | 41,820 | 1,264,219 |
Castle Biosciences, Inc.* | 59,675 | 3,070,279 |
Celldex Therapeutics, Inc.* | 51,780 | 767,897 |
Crinetics Pharmaceuticals, Inc.* | 66,889 | 1,048,151 |
Cytokinetics, Inc.* | 217,144 | 4,701,168 |
Gamida Cell Ltd.* | 105,486 | 437,767 |
Immunovant, Inc.* | 74,536 | 2,622,922 |
Merus NV* | 84,170 | 1,010,040 |
Mirati Therapeutics, Inc.* | 10,384 | 1,724,263 |
Natera, Inc.* | 68,381 | 4,939,843 |
Relay Therapeutics, Inc.* | 65,688 | 2,797,652 |
SpringWorks Therapeutics, Inc.* | 72,346 | 3,448,734 |
Trillium Therapeutics, Inc.* | 38,526 | 547,454 |
Turning Point Therapeutics, Inc.* | 28,477 | 2,487,751 |
Twist Bioscience Corp.* | 54,853 | 4,167,182 |
Xenon Pharmaceuticals, Inc.* | 50,765 | 561,968 |
Y-mAbs Therapeutics, Inc.* | 41,343 | 1,587,158 |
40,439,342 | ||
Health Care Equipment & Supplies — 6.91% | ||
Alphatec Holdings, Inc.* | 222,080 | 1,474,611 |
Axonics Modulation Technologies, Inc.* | 47,021 | 2,399,952 |
CryoPort, Inc.* | 19,788 | 937,951 |
GenMark Diagnostics, Inc.* | 103,049 | 1,463,296 |
Inari Medical, Inc.* | 15,435 | 1,065,324 |
OrthoPediatrics Corp.* | 62,862 | 2,886,623 |
SeaSpine Holdings Corp.* | 107,437 | 1,536,349 |
SI-BONE, Inc.* | 92,002 | 2,182,287 |
Tandem Diabetes Care, Inc.* | 33,193 | 3,767,406 |
17,713,799 | ||
Pharmaceuticals — 3.77% | ||
MyoKardia, Inc.* | 38,279 | 5,218,576 |
Odonate Therapeutics, Inc.* | 85,406 | 1,147,003 |
PMV Pharmaceuticals, Inc.* | 34,968 | 1,241,364 |
Revance Therapeutics, Inc.* | 65,369 | 1,643,377 |
scPharmaceuticals, Inc.* | 57,061 | 425,104 |
9,675,424 | ||
Health Care Technology — 2.63% | ||
Inspire Medical Systems, Inc.* | 33,934 | 4,379,183 |
Phreesia, Inc.* | 45,952 | 1,476,438 |
Shares, Principal Amount, or Number of Contracts | Value | |
Schrodinger, Inc.* | 18,649 | $886,014 |
6,741,635 | ||
Life Sciences Tools & Services — 1.67% | ||
NeoGenomics, Inc.* | 56,646 | 2,089,671 |
Quanterix Corp.* | 65,361 | 2,205,280 |
4,294,951 | ||
Health Care Providers & Services — 1.36% | ||
AdaptHealth Corp.* | 62,112 | 1,354,663 |
Fulgent Genetics, Inc.* | 22,641 | 906,545 |
Owens & Minor, Inc. | 48,955 | 1,229,260 |
3,490,468 | ||
Total HEALTH CARE (Cost $45,913,447) | 82,355,619 | |
CONSUMER DISCRETIONARY — 22.57% | ||
Specialty Retail — 6.39% | ||
At Home Group, Inc.* | 142,696 | 2,120,463 |
Camping World Holdings, Inc. - A | 57,582 | 1,713,064 |
GameStop Corp. - A* | 143,667 | 1,465,403 |
GrowGeneration Corp.* | 214,344 | 3,425,217 |
MarineMax, Inc.* | 39,003 | 1,001,207 |
OneWater Marine, Inc. - A* | 55,922 | 1,145,842 |
Sonic Automotive, Inc. - A | 86,660 | 3,480,266 |
Sportsman's Warehouse Holdings, Inc.* | 143,782 | 2,057,520 |
16,408,982 | ||
Household Durables — 5.89% | ||
Century Communities, Inc.* | 84,867 | 3,592,420 |
Installed Building Products, Inc.* | 30,535 | 3,106,936 |
LGI Homes, Inc.* | 24,327 | 2,826,068 |
Purple Innovation, Inc.* | 106,660 | 2,651,568 |
Skyline Champion Corp.* | 40,584 | 1,086,434 |
The Lovesac Co.* | 66,527 | 1,843,463 |
15,106,889 | ||
Leisure Products — 3.30% | ||
Malibu Boats, Inc. - A* | 48,460 | 2,401,677 |
Nautilus, Inc.* | 178,467 | 3,062,494 |
Vista Outdoor, Inc.* | 148,365 | 2,994,006 |
8,458,177 | ||
Internet & Catalog Retail — 2.08% | ||
CarParts.com, Inc.* | 228,543 | 2,470,550 |
Fiverr International Ltd.* | 12,927 | 1,796,595 |
Overstock.com, Inc.* | 14,596 | 1,060,399 |
5,327,544 | ||
Hotels, Restaurants & Leisure — 1.54% | ||
El Pollo Loco Holdings, Inc.* | 82,448 | 1,335,658 |
GAN Ltd.* | 56,840 | 960,596 |
Notes to Schedule of Investments are an integral part of this Schedule.
13
Driehaus Micro Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Twin River Worldwide Holdings, Inc. | 63,127 | $1,658,346 |
3,954,600 | ||
Auto Components — 1.50% | ||
Fox Factory Holding Corp.* | 36,116 | 2,684,502 |
XPEL, Inc.* | 44,319 | 1,155,840 |
3,840,342 | ||
Textiles, Apparel & Luxury Goods — 1.00% | ||
Crocs, Inc.* | 60,284 | 2,575,935 |
Diversified Consumer Services — 0.46% | ||
Aspen Group, Inc.* | 105,724 | 1,180,937 |
Automobiles — 0.41% | ||
Winnebago Industries, Inc. | 20,345 | 1,051,226 |
Total CONSUMER DISCRETIONARY (Cost $35,524,402) | 57,904,632 | |
INFORMATION TECHNOLOGY — 16.74% | ||
Software — 6.09% | ||
Avaya Holdings Corp.* | 84,416 | 1,283,123 |
ChannelAdvisor Corp.* | 256,145 | 3,706,418 |
Digital Turbine, Inc.* | 75,313 | 2,465,747 |
Domo, Inc. - B* | 61,811 | 2,369,216 |
Everbridge, Inc.* | 10,005 | 1,257,929 |
Five9, Inc.* | 12,963 | 1,681,042 |
Model N, Inc.* | 36,619 | 1,291,918 |
SVMK, Inc.* | 71,242 | 1,575,161 |
15,630,554 | ||
Semiconductors & Semiconductor Equipment — 5.54% | ||
FormFactor, Inc.* | 49,635 | 1,237,401 |
Inphi Corp.* | 21,872 | 2,455,132 |
SiTime Corp.* | 88,770 | 7,459,343 |
Ultra Clean Holdings, Inc.* | 142,740 | 3,063,200 |
14,215,076 | ||
IT Services — 3.76% | ||
Endava PLC - SP ADR1,* | 50,368 | 3,180,739 |
Grid Dynamics Holdings, Inc.* | 131,393 | 1,015,668 |
I3 Verticals, Inc. - A* | 50,103 | 1,265,101 |
Limelight Networks, Inc.* | 535,234 | 3,082,948 |
Repay Holdings Corp.* | 47,339 | 1,112,466 |
9,656,922 | ||
Electronic Equipment, Instruments & Components — 0.86% | ||
nLight, Inc.* | 94,086 | 2,209,139 |
Communications Equipment — 0.49% | ||
Calix, Inc.* | 69,962 | 1,243,925 |
Total INFORMATION TECHNOLOGY (Cost $27,550,535) | 42,955,616 |
Shares, Principal Amount, or Number of Contracts | Value | |
INDUSTRIALS — 10.04% | ||
Electrical Equipment — 3.39% | ||
Bloom Energy Corp. - A* | 124,912 | $2,244,669 |
Plug Power, Inc.* | 132,903 | 1,782,229 |
TPI Composites, Inc.* | 69,105 | 2,001,281 |
Vicor Corp.* | 34,226 | 2,660,387 |
8,688,566 | ||
Building Products — 1.70% | ||
Griffon Corp. | 51,392 | 1,004,200 |
Masonite International Corp.* | 20,036 | 1,971,542 |
PGT Innovations, Inc.* | 79,701 | 1,396,362 |
4,372,104 | ||
Machinery — 1.31% | ||
Chart Industries, Inc.* | 22,738 | 1,597,799 |
The Shyft Group, Inc. | 93,706 | 1,769,169 |
3,366,968 | ||
Professional Services — 0.90% | ||
Upwork, Inc.* | 133,098 | 2,321,229 |
Trading Companies & Distributors — 0.75% | ||
BMC Stock Holdings, Inc.* | 44,813 | 1,919,341 |
Commercial Services & Supplies — 0.70% | ||
Montrose Environmental Group, Inc.* | 75,436 | 1,796,885 |
Construction & Engineering — 0.50% | ||
Ameresco, Inc. - A* | 38,473 | 1,284,998 |
Road & Rail — 0.43% | ||
ArcBest Corp. | 35,118 | 1,090,765 |
Air Freight & Logistics — 0.36% | ||
Echo Global Logistics, Inc.* | 35,391 | 912,026 |
Total INDUSTRIALS (Cost $18,131,447) | 25,752,882 | |
FINANCIALS — 9.45% | ||
Insurance — 5.85% | ||
BRP Group, Inc. - A* | 133,168 | 3,317,215 |
Goosehead Insurance, Inc. - A | 28,619 | 2,478,119 |
James River Group Holdings Ltd. | 51,930 | 2,312,443 |
Kinsale Capital Group, Inc. | 9,466 | 1,800,244 |
Palomar Holdings, Inc.* | 38,138 | 3,975,505 |
Trean Insurance Group, Inc.* | 73,732 | 1,124,413 |
15,007,939 | ||
Banks — 1.53% | ||
Live Oak Bancshares, Inc. | 92,673 | 2,347,407 |
Triumph Bancorp, Inc.* | 50,562 | 1,574,501 |
3,921,908 | ||
Capital Markets — 1.27% | ||
Open Lending Corp. - A* | 75,039 | 1,913,495 |
StepStone Group, Inc. - A* | 50,376 | 1,340,505 |
3,254,000 |
Notes to Schedule of Investments are an integral part of this Schedule.
14
Driehaus Micro Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Thrifts & Mortgage Finance — 0.80% | ||
NMI Holdings, Inc. - A* | 115,570 | $2,057,146 |
Total FINANCIALS (Cost $13,942,510) | 24,240,993 | |
CONSUMER STAPLES — 3.39% | ||
Food Products — 1.32% | ||
Freshpet, Inc.* | 17,978 | 2,007,244 |
Laird Superfood, Inc.* | 30,049 | 1,378,347 |
3,385,591 | ||
Beverages — 1.10% | ||
Celsius Holdings, Inc.* | 124,698 | 2,831,892 |
Tobacco — 0.68% | ||
Turning Point Brands, Inc. | 62,356 | 1,739,733 |
Personal Products — 0.29% | ||
elf Beauty, Inc.* | 40,663 | 746,979 |
Total CONSUMER STAPLES (Cost $4,987,377) | 8,704,195 | |
COMMUNICATION SERVICES — 2.75% | ||
Diversified Telecommunication Services — 2.22% | ||
Bandwidth, Inc. - A* | 32,592 | 5,689,585 |
Media — 0.53% | ||
Cardlytics, Inc.* | 19,268 | 1,359,743 |
Total COMMUNICATION SERVICES (Cost $3,155,533) | 7,049,328 | |
UTILITIES — 1.47% | ||
Independent Power & Renewable Electricity Producers — 1.47% | ||
Sunnova Energy International, Inc.* | 124,135 | 3,774,946 |
Total UTILITIES (Cost $1,708,864) | 3,774,946 |
Shares, Principal Amount, or Number of Contracts | Value | ||
MATERIALS — 0.77% | |||
Construction Materials — 0.47% | |||
Forterra, Inc.* | 102,068 | $1,206,444 | |
Metals & Mining — 0.30% | |||
Arconic Corp.* | 39,515 | 752,760 | |
Total MATERIALS (Cost $2,232,633) | 1,959,204 | ||
Total COMMON STOCKS (Cost $153,146,748) | 254,697,415 | ||
TOTAL INVESTMENTS (Cost $153,146,748) | 99.28% | $254,697,415 | |
Other Assets In Excess of Liabilities | 0.72% | 1,858,495 | |
Net Assets | 100.00% | $256,555,910 |
PLC | Public Limited Company |
SP ADR | Sponsored American Depositary Receipt |
1 | Foreign security denominated in U.S. dollars and traded in the U.S. |
* | Non-income producing security. |
Percentages are stated as a percent of net assets.
Notes to Schedule of Investments are an integral part of this Schedule.
15
Driehaus Small Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 99.14% | ||
HEALTH CARE — 31.50% | ||
Biotechnology — 17.45% | ||
Apellis Pharmaceuticals, Inc.* | 37,333 | $1,126,337 |
Applied Therapeutics, Inc.* | 57,298 | 1,189,506 |
Argenx SE - ADR1,* | 5,759 | 1,511,853 |
Ascendis Pharma A/S - ADR1,* | 17,211 | 2,656,002 |
Black Diamond Therapeutics, Inc.* | 46,322 | 1,400,314 |
Blueprint Medicines Corp.* | 29,575 | 2,741,602 |
Cytokinetics, Inc.* | 158,058 | 3,421,956 |
Emergent BioSolutions, Inc.* | 9,039 | 934,000 |
Halozyme Therapeutics, Inc.* | 90,819 | 2,386,723 |
Immunovant, Inc.* | 67,742 | 2,383,841 |
Invitae Corp.* | 126,031 | 5,463,444 |
Mirati Therapeutics, Inc.* | 11,776 | 1,955,405 |
Natera, Inc.* | 75,455 | 5,450,869 |
Relay Therapeutics, Inc.* | 72,394 | 3,083,260 |
SpringWorks Therapeutics, Inc.* | 93,036 | 4,435,026 |
Trillium Therapeutics, Inc.1,* | 77,364 | 1,099,342 |
Turning Point Therapeutics, Inc.* | 31,691 | 2,768,526 |
Twist Bioscience Corp.* | 29,077 | 2,208,980 |
46,216,986 | ||
Health Care Equipment & Supplies — 4.20% | ||
AtriCure, Inc.* | 29,156 | 1,163,324 |
Inari Medical, Inc.* | 16,724 | 1,154,291 |
OrthoPediatrics Corp.* | 33,225 | 1,525,692 |
SI-BONE, Inc.* | 91,883 | 2,179,465 |
Tandem Diabetes Care, Inc.* | 44,928 | 5,099,328 |
11,122,100 | ||
Pharmaceuticals — 3.69% | ||
Intra-Cellular Therapies, Inc.* | 37,154 | 953,372 |
MyoKardia, Inc.* | 36,768 | 5,012,581 |
Pacira BioSciences, Inc.* | 41,956 | 2,522,395 |
Revance Therapeutics, Inc.* | 51,695 | 1,299,612 |
9,787,960 | ||
Health Care Technology — 2.39% | ||
Inspire Medical Systems, Inc.* | 31,842 | 4,109,210 |
Teladoc Health, Inc.* | 10,159 | 2,227,259 |
6,336,469 | ||
Life Sciences Tools & Services — 2.33% | ||
10X Genomics, Inc. - A* | 18,997 | 2,368,546 |
NeoGenomics, Inc.* | 62,543 | 2,307,211 |
Repligen Corp.* | 10,120 | 1,493,105 |
6,168,862 | ||
Health Care Providers & Services — 1.44% | ||
AdaptHealth Corp.* | 81,411 | 1,775,574 |
Shares, Principal Amount, or Number of Contracts | Value | |
Guardant Health, Inc.* | 18,212 | $2,035,737 |
3,811,311 | ||
Total HEALTH CARE (Cost $51,658,714) | 83,443,688 | |
INFORMATION TECHNOLOGY — 18.91% | ||
Software — 8.77% | ||
2U, Inc.* | 28,232 | 955,935 |
Avaya Holdings Corp.* | 87,304 | 1,327,021 |
ChannelAdvisor Corp.* | 118,822 | 1,719,354 |
Coupa Software, Inc.* | 5,474 | 1,501,190 |
Elastic NV* | 16,763 | 1,808,560 |
Everbridge, Inc.* | 10,153 | 1,276,537 |
Five9, Inc.* | 32,990 | 4,278,143 |
LivePerson, Inc.* | 27,583 | 1,434,040 |
Q2 Holdings, Inc.* | 19,400 | 1,770,444 |
RingCentral, Inc. - A* | 9,739 | 2,674,427 |
Unity Software, Inc.* | 17,670 | 1,542,238 |
Zscaler, Inc.* | 20,866 | 2,935,638 |
23,223,527 | ||
Semiconductors & Semiconductor Equipment — 6.00% | ||
Inphi Corp.* | 25,741 | 2,889,427 |
Lattice Semiconductor Corp.* | 89,437 | 2,590,096 |
SiTime Corp.* | 59,582 | 5,006,675 |
Synaptics, Inc.* | 51,029 | 4,103,752 |
Ultra Clean Holdings, Inc.* | 60,824 | 1,305,283 |
15,895,233 | ||
IT Services — 3.60% | ||
Endava PLC - SP ADR1,* | 62,621 | 3,954,516 |
EPAM System, Inc.* | 4,293 | 1,387,841 |
Fastly, Inc. - A* | 30,661 | 2,872,323 |
Repay Holdings Corp.* | 56,212 | 1,320,982 |
9,535,662 | ||
Electronic Equipment, Instruments & Components — 0.54% | ||
nLight, Inc.* | 61,205 | 1,437,093 |
Total INFORMATION TECHNOLOGY (Cost $31,792,134) | 50,091,515 | |
CONSUMER DISCRETIONARY — 17.42% | ||
Household Durables — 3.65% | ||
LGI Homes, Inc.* | 31,372 | 3,644,485 |
Purple Innovation, Inc.* | 74,265 | 1,846,228 |
TopBuild Corp.* | 24,499 | 4,181,735 |
9,672,448 | ||
Hotels, Restaurants & Leisure — 3.02% | ||
Brinker International, Inc. | 29,290 | 1,251,269 |
Caesars Entertainment, Inc.* | 59,582 | 3,340,167 |
Churchill Downs, Inc. | 9,767 | 1,600,030 |
Notes to Schedule of Investments are an integral part of this Schedule.
16
Driehaus Small Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Wingstop, Inc. | 13,338 | $1,822,637 |
8,014,103 | ||
Leisure Products — 2.58% | ||
BRP, Inc.1 | 70,076 | 3,701,414 |
Malibu Boats, Inc. - A* | 20,441 | 1,013,056 |
YETI Holdings, Inc.* | 46,736 | 2,118,076 |
6,832,546 | ||
Specialty Retail — 2.41% | ||
Bed Bath & Beyond, Inc. | 70,776 | 1,060,224 |
Camping World Holdings, Inc. - A | 39,992 | 1,189,762 |
Lithia Motors, Inc. - A | 10,724 | 2,444,429 |
Sonic Automotive, Inc. - A | 41,816 | 1,679,331 |
6,373,746 | ||
Textiles, Apparel & Luxury Goods — 2.40% | ||
Crocs, Inc.* | 88,909 | 3,799,081 |
Deckers Outdoor Corp.* | 11,586 | 2,549,036 |
6,348,117 | ||
Auto Components — 1.29% | ||
Fox Factory Holding Corp.* | 45,874 | 3,409,814 |
Internet & Catalog Retail — 1.02% | ||
Fiverr International Ltd.1,* | 19,366 | 2,691,487 |
Diversified Consumer Services — 0.65% | ||
Chegg, Inc.* | 24,090 | 1,720,990 |
Automobiles — 0.40% | ||
Winnebago Industries, Inc. | 20,799 | 1,074,684 |
Total CONSUMER DISCRETIONARY (Cost $33,105,326) | 46,137,935 | |
INDUSTRIALS — 15.77% | ||
Building Products — 4.66% | ||
Advanced Drainage Systems, Inc. | 41,760 | 2,607,494 |
Builders FirstSource, Inc.* | 91,491 | 2,984,437 |
Masonite International Corp.* | 25,047 | 2,464,625 |
The AZEK Co., Inc.* | 70,110 | 2,440,529 |
Trex Co., Inc.* | 25,685 | 1,839,046 |
12,336,131 | ||
Machinery — 4.28% | ||
Altra Industrial Motion Corp. | 31,853 | 1,177,606 |
Chart Industries, Inc.* | 32,760 | 2,302,045 |
Colfax Corp.* | 60,001 | 1,881,631 |
Evoqua Water Technologies Corp.* | 85,905 | 1,822,904 |
Kornit Digital Ltd.1,* | 28,461 | 1,846,265 |
The Shyft Group, Inc. | 122,981 | 2,321,881 |
11,352,332 | ||
Electrical Equipment — 3.09% | ||
Generac Holdings, Inc.* | 18,918 | 3,663,282 |
Shares, Principal Amount, or Number of Contracts | Value | |
Sunrun, Inc.* | 22,617 | $1,743,092 |
Vicor Corp.* | 35,721 | 2,776,593 |
8,182,967 | ||
Aerospace & Defense — 1.31% | ||
Axon Enterprise, Inc.* | 17,060 | 1,547,342 |
Kratos Defense & Security Solutions, Inc.* | 99,481 | 1,917,994 |
3,465,336 | ||
Professional Services — 1.25% | ||
Exponent, Inc. | 17,911 | 1,290,129 |
Upwork, Inc.* | 115,324 | 2,011,251 |
3,301,380 | ||
Road & Rail — 0.76% | ||
Saia, Inc.* | 16,025 | 2,021,393 |
Trading Companies & Distributors — 0.42% | ||
SiteOne Landscape Supply, Inc.* | 9,107 | 1,110,599 |
Total INDUSTRIALS (Cost $30,978,136) | 41,770,138 | |
FINANCIALS — 6.38% | ||
Insurance — 2.69% | ||
Kinsale Capital Group, Inc. | 18,790 | 3,573,482 |
Palomar Holdings, Inc.* | 34,148 | 3,559,588 |
7,133,070 | ||
Capital Markets — 2.47% | ||
Cohen & Steers, Inc. | 19,736 | 1,100,084 |
dMY Technology Group, Inc. - A* | 162,480 | 2,073,245 |
Open Lending Corp. - A* | 58,238 | 1,485,069 |
PJT Partners, Inc. - A | 31,249 | 1,894,002 |
6,552,400 | ||
Banks — 0.68% | ||
Triumph Bancorp, Inc.* | 57,595 | 1,793,508 |
Thrifts & Mortgage Finance — 0.54% | ||
NMI Holdings, Inc. - A* | 79,435 | 1,413,943 |
Total FINANCIALS (Cost $12,588,214) | 16,892,921 | |
COMMUNICATION SERVICES — 3.59% | ||
Diversified Telecommunication Services — 2.19% | ||
Bandwidth, Inc. - A* | 33,297 | 5,812,658 |
Entertainment — 1.12% | ||
Roku, Inc.* | 15,689 | 2,962,083 |
Media — 0.28% | ||
Cardlytics, Inc.* | 10,646 | 751,288 |
Total COMMUNICATION SERVICES (Cost $7,624,335) | 9,526,029 |
Notes to Schedule of Investments are an integral part of this Schedule.
17
Driehaus Small Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
CONSUMER STAPLES — 1.71% | ||
Food Products — 0.99% | ||
Freshpet, Inc.* | 23,508 | $2,624,668 |
Beverages — 0.72% | ||
The Boston Beer Co., Inc. - A* | 2,160 | 1,908,058 |
Total CONSUMER STAPLES (Cost $2,063,056) | 4,532,726 | |
UTILITIES — 1.52% | ||
Independent Power & Renewable Electricity Producers — 1.52% | ||
Sunnova Energy International, Inc.* | 132,461 | 4,028,139 |
Total UTILITIES (Cost $2,707,513) | 4,028,139 | |
MATERIALS — 1.33% | ||
Metals & Mining — 0.89% | ||
Kirkland Lake Gold Ltd.1 | 48,415 | 2,359,263 |
Chemicals — 0.44% | ||
The Scotts Miracle-Gro Co. | 7,623 | 1,165,633 |
Total MATERIALS (Cost $2,959,793) | 3,524,896 | |
REAL ESTATE — 1.01% | ||
Real Estate Management & Development — 1.01% | ||
Redfin Corp.* | 53,537 | 2,673,102 |
Total REAL ESTATE (Cost $1,243,410) | 2,673,102 | |
Total COMMON STOCKS (Cost $176,720,631) | 262,621,089 |
Shares, Principal Amount, or Number of Contracts | Value | ||
SHORT TERM INVESTMENTS — 0.99% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.03% | 2,617,509 | $2,617,509 | |
TOTAL INVESTMENTS (Cost $179,338,140) | 100.13% | $265,238,598 | |
Other Liabilities in Excess of Assets | (0.13)% | (355,818) | |
Net Assets | 100.00% | $264,882,780 |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
SP ADR | Sponsored American Depositary Receipt |
1 | Foreign security denominated in U.S. dollars and traded in the U.S. |
* | Non-income producing security. |
Percentages are stated as a percent of net assets.
Notes to Schedule of Investments are an integral part of this Schedule.
18
Driehaus Small/Mid Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 98.81% | ||
HEALTH CARE — 27.83% | ||
Biotechnology — 12.29% | ||
Alnylam Pharmaceuticals, Inc.* | 748 | $108,909 |
Argenx SE - ADR1,* | 290 | 76,131 |
Ascendis Pharma A/S - ADR1,* | 1,081 | 166,820 |
Blueprint Medicines Corp.* | 1,456 | 134,971 |
Halozyme Therapeutics, Inc.* | 1,907 | 50,116 |
Invitae Corp.* | 5,207 | 225,723 |
Moderna, Inc.* | 787 | 55,680 |
Natera, Inc.* | 2,454 | 177,277 |
Relay Therapeutics, Inc.* | 1,419 | 60,435 |
Sarepta Therapeutics, Inc.* | 445 | 62,491 |
Seattle Genetics, Inc.* | 800 | 156,552 |
SpringWorks Therapeutics, Inc.* | 1,209 | 57,633 |
Turning Point Therapeutics, Inc.* | 674 | 58,881 |
1,391,619 | ||
Health Care Equipment & Supplies — 6.53% | ||
DexCom, Inc.* | 367 | 151,289 |
Insulet Corp.* | 509 | 120,424 |
Intuitive Surgical, Inc.* | 147 | 104,302 |
Penumbra, Inc.* | 203 | 39,459 |
Quidel Corp.* | 503 | 110,348 |
Tandem Diabetes Care, Inc.* | 1,883 | 213,721 |
739,543 | ||
Pharmaceuticals — 3.97% | ||
Horizon Therapeutics PLC* | 1,466 | 113,879 |
MyoKardia, Inc.* | 1,676 | 228,489 |
Pacira BioSciences, Inc.* | 1,778 | 106,893 |
449,261 | ||
Life Sciences Tools & Services — 2.31% | ||
10X Genomics, Inc. - A* | 864 | 107,724 |
Medpace Holdings, Inc.* | 838 | 93,646 |
Repligen Corp.* | 407 | 60,049 |
261,419 | ||
Health Care Technology — 1.92% | ||
GoodRx Holdings, Inc. - A* | 1,337 | 74,337 |
Teladoc Health, Inc.* | 649 | 142,287 |
216,624 | ||
Health Care Providers & Services — 0.81% | ||
Guardant Health, Inc.* | 823 | 91,995 |
Total HEALTH CARE (Cost $2,872,117) | 3,150,461 | |
INFORMATION TECHNOLOGY — 23.59% | ||
Software — 11.52% | ||
Coupa Software, Inc.* | 295 | 80,901 |
Datadog, Inc. - A* | 913 | 93,272 |
Shares, Principal Amount, or Number of Contracts | Value | |
DocuSign, Inc.* | 432 | $92,984 |
Elastic NV* | 713 | 76,926 |
Everbridge, Inc.* | 435 | 54,693 |
Five9, Inc.* | 1,533 | 198,799 |
LivePerson, Inc.* | 1,174 | 61,036 |
Palantir Technologies, Inc. - A* | 3,860 | 36,670 |
RingCentral, Inc. - A* | 830 | 227,926 |
Unity Software, Inc.* | 1,578 | 137,728 |
Zscaler, Inc.* | 1,729 | 243,253 |
1,304,188 | ||
Semiconductors & Semiconductor Equipment — 6.29% | ||
Enphase Energy, Inc.* | 683 | 56,409 |
Inphi Corp.* | 1,290 | 144,802 |
Lattice Semiconductor Corp.* | 2,617 | 75,788 |
MKS Instruments, Inc. | 359 | 39,214 |
Monolithic Power Systems, Inc. | 434 | 121,351 |
Qorvo, Inc.* | 543 | 70,052 |
Synaptics, Inc.* | 1,969 | 158,347 |
Teradyne, Inc. | 575 | 45,690 |
711,653 | ||
IT Services — 5.05% | ||
Endava PLC - SP ADR1,* | 1,324 | 83,611 |
EPAM System, Inc.* | 233 | 75,324 |
Fastly, Inc. - A* | 1,395 | 130,683 |
MongoDB, Inc.* | 704 | 162,983 |
Snowflake, Inc. - A* | 476 | 119,476 |
572,077 | ||
Electronic Equipment, Instruments & Components — 0.73% | ||
Trimble, Inc.* | 1,707 | 83,131 |
Total INFORMATION TECHNOLOGY (Cost $2,467,097) | 2,671,049 | |
CONSUMER DISCRETIONARY — 18.65% | ||
Textiles, Apparel & Luxury Goods — 3.38% | ||
Crocs, Inc.* | 3,092 | 132,121 |
Deckers Outdoor Corp.* | 495 | 108,905 |
Hanesbrands, Inc. | 4,074 | 64,166 |
Lululemon Athletica, Inc.* | 236 | 77,731 |
382,923 | ||
Specialty Retail — 3.17% | ||
Carvana Co.* | 629 | 140,305 |
Floor & Decor Holdings, Inc. - A* | 1,454 | 108,759 |
Lithia Motors, Inc. - A | 485 | 110,551 |
359,615 | ||
Hotels, Restaurants & Leisure — 3.15% | ||
Caesars Entertainment, Inc.* | 3,384 | 189,707 |
Chipotle Mexican Grill, Inc.* | 63 | 78,354 |
Notes to Schedule of Investments are an integral part of this Schedule.
19
Driehaus Small/Mid Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Churchill Downs, Inc. | 539 | $88,299 |
356,360 | ||
Leisure Products — 3.07% | ||
BRP, Inc. | 3,116 | 164,587 |
Peloton Interactive, Inc. - A* | 1,346 | 133,577 |
YETI Holdings, Inc.* | 1,096 | 49,671 |
347,835 | ||
Household Durables — 2.09% | ||
D.R. Horton, Inc. | 2,240 | 169,411 |
TopBuild Corp.* | 395 | 67,423 |
236,834 | ||
Auto Components — 1.14% | ||
Fox Factory Holding Corp.* | 1,731 | 128,665 |
Internet & Catalog Retail — 1.09% | ||
Chewy, Inc - A* | 1,052 | 57,681 |
Wayfair, Inc. - A* | 225 | 65,477 |
123,158 | ||
Distributors — 0.81% | ||
Pool Corp. | 273 | 91,329 |
Diversified Consumer Services — 0.75% | ||
Chegg, Inc.* | 1,186 | 84,728 |
Total CONSUMER DISCRETIONARY (Cost $1,876,641) | 2,111,447 | |
INDUSTRIALS — 15.10% | ||
Building Products — 3.77% | ||
Builders FirstSource, Inc.* | 1,701 | 55,487 |
Carrier Global Corp. | 2,533 | 77,358 |
Fortune Brands Home & Security, Inc. | 1,323 | 114,466 |
The AZEK Co., Inc.* | 2,993 | 104,186 |
Trex Co., Inc.* | 1,056 | 75,609 |
427,106 | ||
Professional Services — 2.97% | ||
Clarivate PLC* | 7,300 | 226,227 |
CoStar Group, Inc.* | 69 | 58,547 |
Dun & Bradstreet Holdings, Inc.* | 2,021 | 51,859 |
336,633 | ||
Machinery — 2.46% | ||
Colfax Corp.* | 1,404 | 44,030 |
Graco, Inc. | 1,521 | 93,313 |
Nordson Corp. | 273 | 52,367 |
The Toro Co. | 1,054 | 88,483 |
278,193 | ||
Electrical Equipment — 2.01% | ||
Generac Holdings, Inc.* | 665 | 128,771 |
Sunrun, Inc.* | 535 | 41,232 |
Shares, Principal Amount, or Number of Contracts | Value | |
Vicor Corp.* | 733 | $56,976 |
226,979 | ||
Road & Rail — 1.52% | ||
Kansas City Southern | 397 | 71,789 |
Old Dominion Freight Line, Inc. | 553 | 100,049 |
171,838 | ||
Trading Companies & Distributors — 0.90% | ||
United Rentals, Inc.* | 583 | 101,734 |
Aerospace & Defense — 0.57% | ||
Axon Enterprise, Inc.* | 711 | 64,488 |
Commercial Services & Supplies — 0.47% | ||
Ritchie Bros Auctioneers, Inc. | 904 | 53,562 |
Air Freight & Logistics — 0.43% | ||
XPO Logistics, Inc.* | 574 | 48,595 |
Total INDUSTRIALS (Cost $1,551,323) | 1,709,128 | |
COMMUNICATION SERVICES — 6.57% | ||
Entertainment — 2.42% | ||
Roku, Inc.* | 1,452 | 274,138 |
Interactive Media & Services — 2.26% | ||
Pinterest, Inc. - A* | 1,080 | 44,831 |
Snap, Inc. - A* | 4,184 | 109,244 |
Zillow Group, Inc. - A* | 997 | 101,235 |
255,310 | ||
Diversified Telecommunication Services — 1.89% | ||
Bandwidth, Inc. - A* | 1,227 | 214,197 |
Total COMMUNICATION SERVICES (Cost $664,699) | 743,645 | |
FINANCIALS — 2.92% | ||
Insurance — 1.58% | ||
Kinsale Capital Group, Inc. | 942 | 179,150 |
Capital Markets — 1.34% | ||
MarketAxess Holdings, Inc. | 110 | 52,975 |
MSCI, Inc. | 276 | 98,471 |
151,446 | ||
Total FINANCIALS (Cost $316,576) | 330,596 | |
MATERIALS — 2.46% | ||
Chemicals — 1.59% | ||
FMC Corp. | 1,003 | 106,228 |
The Scotts Miracle-Gro Co. | 480 | 73,397 |
179,625 | ||
Metals & Mining — 0.87% | ||
Kirkland Lake Gold Ltd. | 2,033 | 99,068 |
Total MATERIALS (Cost $266,332) | 278,693 |
Notes to Schedule of Investments are an integral part of this Schedule.
20
Driehaus Small/Mid Cap Growth Fund
Schedule of Investments
September 30, 2020 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | ||
CONSUMER STAPLES — 1.07% | |||
Food Products — 0.63% | |||
Beyond Meat, Inc.* | 432 | $71,738 | |
Beverages — 0.44% | |||
The Boston Beer Co., Inc. - A* | 56 | 49,468 | |
Total CONSUMER STAPLES (Cost $116,825) | 121,206 | ||
UTILITIES — 0.62% | |||
Independent Power & Renewable Electricity Producers — 0.62% | |||
Sunnova Energy International, Inc.* | 2,324 | 70,673 | |
Total UTILITIES (Cost $69,361) | 70,673 | ||
Total COMMON STOCKS (Cost $10,200,971) | 11,186,898 | ||
SHORT TERM INVESTMENTS — 44.23% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.03% | 5,007,869 | 5,007,869 | |
TOTAL INVESTMENTS (Cost $15,208,840) | 143.04% | $16,194,767 | |
Other Liabilities in Excess of Assets | (43.04)% | (4,872,608) | |
Net Assets | 100.00% | $11,322,159 |
ADR | American Depositary Receipt |
MSCI | Morgan Stanley Capital International |
PLC | Public Limited Company |
SP ADR | Sponsored American Depositary Receipt |
1 | Foreign security denominated in U.S. dollars and traded in the U.S. |
* | Non-income producing security. |
Percentages are stated as a percent of net assets.
Notes to Schedule of Investments are an integral part of this Schedule.
21
Driehaus Event Driven Fund
Schedule of Investments
September 30, 2020 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
CONVERTIBLE CORPORATE BONDS — 0.65% | ||
Pharmaceuticals — 0.65% | ||
Cytokinetics, Inc. 4.00%, 11/15/261 | $350,000 | $775,028 |
Total CONVERTIBLE CORPORATE BONDS (Cost $350,000) | 775,028 | |
CORPORATE BONDS — 17.33% | ||
Banks — 4.70% | ||
JPMorgan Chase & Co. 3.74%, (3-Month USD Libor + 347 basis points), 1/30/211,2,3 | 3,773,000 | 3,617,806 |
USB Realty Corp. 1.42%, (3-Month USD Libor + 115 basis points), 1/15/221,2,3,4 | 2,428,000 | 1,966,680 |
5,584,486 | ||
Diversified Financial Services — 0.94% | ||
ILFC E-Capital Trust I 2.98%, 12/21/651,3,4,5 | 2,189,000 | 1,116,390 |
Insurance — 1.98% | ||
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/251,4 | 2,092,000 | 2,345,655 |
Lodging — 1.39% | ||
Arrow Bidco LLC 9.50%, 3/15/241,4 | 1,985,000 | 1,647,550 |
Oil & Gas — 0.99% | ||
Transocean Pontus Ltd. 6.13%, 8/1/254 | 1,314,300 | 1,175,247 |
Telecommunications — 6.61% | ||
Cincinnati Bell, Inc. 7.00%, 7/15/244 | 1,674,000 | 1,723,199 |
Consolidated Communications, Inc. 6.50%, 10/1/221 | 1,436,000 | 1,435,210 |
Consolidated Communications, Inc. 6.50%, 10/1/284 | 3,450,000 | 3,519,000 |
HC2 Holdings, Inc. 11.50%, 12/1/214 | 1,229,500 | 1,171,099 |
7,848,508 | ||
Trucking & Leasing — 0.72% | ||
Fortress Transportation and Infrastructure Investors LLC 9.75%, 8/1/274 | 800,000 | 856,500 |
Total CORPORATE BONDS (Cost $20,588,992) | 20,574,336 | |
COMMON STOCKS — 47.25% | ||
Auto Parts & Equipment — 1.57% | ||
Velodyne Lidar, Inc.* | 100,000 | 1,869,000 |
Shares, Principal Amount, or Number of Contracts | Value | |
Banks — 1.31% | ||
HarborOne Bancorp, Inc. | $192,787 | $1,555,791 |
Biotechnology — 12.67% | ||
Argenx SE - ADR*,1,6 | 4,335 | 1,138,024 |
Ascendis Pharma A/S - ADR*,1,6 | 9,653 | 1,489,651 |
Black Diamond Therapeutics, Inc.* | 28,947 | 875,068 |
Crinetics Pharmaceuticals, Inc.* | 60,631 | 950,088 |
Gamida Cell Ltd.*,6 | 205,628 | 853,356 |
Immunomedics, Inc.* | 47,000 | 3,996,410 |
Orchard Therapeutics PLC*,6 | 100,065 | 411,267 |
Relay Therapeutics, Inc.* | 86,576 | 3,687,272 |
SpringWorks Therapeutics, Inc.* | 16,668 | 794,563 |
Sutro Biopharma, Inc.* | 8,054 | 80,943 |
Trillium Therapeutics, Inc.*,6 | 53,433 | 759,283 |
15,035,925 | ||
Electric — 1.74% | ||
Vistra Corp. | 109,432 | 2,063,888 |
Healthcare - Services — 1.25% | ||
SI-BONE, Inc.*,1 | 62,555 | 1,483,805 |
Healthcare-Products — 2.94% | ||
Alphatec Holdings, Inc.* | 57,772 | 383,606 |
SeaSpine Holdings Corp.* | 91,750 | 1,312,025 |
Wright Medical Group NV*,6 | 58,695 | 1,792,545 |
3,488,176 | ||
Holding Companies-Diversified — 6.83% | ||
BCTG Acquisition Corp.* | 69,240 | 750,561 |
Churchill Capital Corp. IV* | 89,800 | 899,796 |
Flying Eagle Acquisition Corp. - A*,1 | 184,048 | 2,238,024 |
Landcadia Holdings II, Inc. - A* | 79,200 | 1,138,104 |
Longview Acquisition Corp.* | 88,800 | 901,320 |
Panacea Acquisition Corp.* | 56,500 | 678,000 |
RedBall Acquisition Corp.* | 45,600 | 481,992 |
Sustainable Opportunities Acquisition Corp. - A* | 100,200 | 1,022,040 |
8,109,837 | ||
Internet — 1.48% | ||
IAC/InterActiveCorp* | 14,667 | 1,756,813 |
Pharmaceuticals — 10.00% | ||
AdaptHealth Corp.*,1 | 142,400 | 3,105,744 |
Cytokinetics, Inc.*,1 | 154,274 | 3,340,032 |
Merus NV*,6 | 19,476 | 233,712 |
MyoKardia, Inc.*,1 | 24,482 | 3,337,631 |
Odonate Therapeutics, Inc.*,1 | 104,911 | 1,408,955 |
scPharmaceuticals, Inc.* | 59,940 | 446,553 |
11,872,627 | ||
Real Estate Investment Trusts — 3.61% | ||
Equity Commonwealth | 39,646 | 1,055,773 |
Notes to Schedule of Investments are an integral part of this Schedule.
22
Driehaus Event Driven Fund
Schedule of Investments
September 30, 2020 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
MGM Growth Properties LLC - A | $81,306 | $2,274,942 |
Taubman Centers, Inc. | 28,556 | 950,629 |
4,281,344 | ||
Retail — 0.95% | ||
Tiffany & Co. | 9,682 | 1,121,660 |
Savings&Loans — 1.99% | ||
Waterstone Financial, Inc. | 152,797 | 2,366,826 |
Telecommunications — 0.91% | ||
Consolidated Communications Holdings, Inc.*,1 | 152,183 | 865,921 |
HC2 Holdings, Inc.*,1 | 90,338 | 218,618 |
1,084,539 | ||
Total COMMON STOCKS (Cost $48,079,952) | 56,090,231 | |
PRIVATE INVESTMENT IN PUBLIC EQUITY (PIPES) — 3.25% | ||
Healthcare - Services — 3.25% | ||
Invitae Corp. *,^,7 | 3,863,503 | |
Total PRIVATE INVESTMENT IN PUBLIC EQUITY (PIPES) (Cost $2,500,000) | 3,863,503 | |
CONVERTIBLE PREFERRED STOCKS — 0.00% | ||
Auto Manufacturers — 0.00% | ||
General Motors Corp. Senior Convertible Preferred Escrow - B*,^ | 25,000 | 0 |
General Motors Corp. Senior Convertible Preferred Escrow - C*,^ | 162,750 | 0 |
Total CONVERTIBLE PREFERRED STOCKS (Cost $1,877) | 0 | |
MASTER LIMITED PARTNERSHIPS — 0.52% | ||
Trucking & Leasing — 0.52% | ||
Fortress Transportation and Infrastructure Investors LLC | 35,650 | 610,685 |
Total MASTER LIMITED PARTNERSHIPS (Cost $598,284) | 610,685 | |
PREFERRED STOCKS — 1.08% | ||
Banks — 1.08% | ||
GMAC Capital Trust I 6.07%, (3-Month USD Libor + 579 basis points), 2/15/403 | 51,360 | 1,283,486 |
Total PREFERRED STOCKS (Cost $1,048,546) | 1,283,486 |
Shares, Principal Amount, or Number of Contracts | Value | ||
PRIVATE PREFERRED STOCKS — 1.31% | |||
Biotechnology — 1.31% | |||
Elevation Oncology, Inc.*,^ | $1,550,000 | $1,550,000 | |
Total PRIVATE PREFERRED STOCKS (Cost $1,550,000) | 1,550,000 | ||
WARRANTS — 0.19% | |||
Flying Eagle Acquisition Corp. - A, Exp. 2/26/27, Strike $11.50*,1 | 30,352 | 98,947 | |
Gores Holdings IV, Inc. - A, Exp. 1/24/25, Strike $11.50*,1 | 25,000 | 41,500 | |
Sustainable Opportunities Acquisition Corp., Exp. 6/26/25, Strike $11.50* | 50,100 | 90,180 | |
X4 Pharmaceuticals, Inc., Exp. 4/12/24, Strike $13.20* | 5,547 | 14 | |
Total WARRANTS (Cost $0) | 230,641 | ||
SHORT TERM INVESTMENTS — 25.94% | |||
Northern Institutional Treasury Portfolio (Premier Class), 0.00% | 30,800,805 | 30,800,805 | |
TOTAL INVESTMENTS (Cost $105,518,456) | 97.52% | $115,778,715 | |
Other Assets In Excess of Liabilities | 2.48% | 2,942,419 | |
Net Assets | 100.00% | $118,721,134 | |
INVESTMENT SECURITIES SOLD SHORT — (16.13)% | |||
CORPORATE BONDS — (1.04)% | |||
Advertising — (0.86)% | |||
Outfront Media Capital LLC / Outfront Media Capital Corp. 5.00%, 8/15/274 | (1,056,000) | (1,029,600) | |
Real Estate Investment Trusts — (0.18)% | |||
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. 4.63%, 6/15/254 | (210,000) | (214,200) | |
Total CORPORATE BONDS (Proceeds $1,212,037) | (1,243,800) | ||
COMMON STOCKS — (0.76)% | |||
Diversified Financial Services — (0.05)% | |||
AerCap Holdings NV*,6 | (2,277) | (57,358) | |
Internet — (0.67)% | |||
ANGI Homeservices, Inc. - A* | (71,872) | (797,420) |
Notes to Schedule of Investments are an integral part of this Schedule.
23
Driehaus Event Driven Fund
Schedule of Investments
September 30, 2020 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Telecommunications — (0.04)% | ||
Cincinnati Bell, Inc.* | (3,000) | $(45,000) |
Total COMMON STOCKS (Proceeds $1,194,713) | (899,778) | |
EXCHANGE-TRADED FUNDS — (14.33)% | ||
iShares Nasdaq Biotechnology | (28,860) | (3,907,933) |
SPDR S&P Biotech | (99,493) | (11,086,505) |
SPDR S&P Regional Banking | (56,536) | (2,017,204) |
Total EXCHANGE-TRADED FUNDS (Proceeds $14,316,976) | (17,011,642) | |
TOTAL INVESTMENT SECURITIES SOLD SHORT (Proceeds $16,723,726) | (16.13)% | $(19,155,220) |
ADR | American Depositary Receipt |
LIBOR | London Interbank Offered Rate |
PLC | Public Limited Company |
USD LIBOR | U.S. Dollar London Interbank Offered Rate. |
* | Non-income producing security. |
^ | 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. |
1 | All or a portion of this security is pledged as collateral for short sales or derivatives transactions. |
2 | Perpetual security. Maturity date shown is the next call date or final legal maturity date, whichever comes first. |
3 | Variable rate security. Rates disclosed as of September 30, 2020. |
4 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by Driehaus Mutual Funds’ Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of these securities is $14,277,520, which represents 12% of Net Assets. |
5 | The coupon rate equals 155 basis points plus the highest of the LIBOR 3 Month, the Constant Maturity Treasury 10 year rate, and the Constant Maturity Treasury 30 year rate, with a maximum of 12.95%. |
6 | Foreign security denominated in U.S. dollars and traded in the U.S. |
7 | The entire commitment to purchase 148,368 shares for $2,500,001 was unfunded as of September 30, 2020. |
Percentages are stated as a percent of net assets.
Notes to Schedule of Investments are an integral part of this Schedule.
24
Driehaus Active Income Fund
Schedule of Investments
September 30, 2020 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
CORPORATE BONDS — 42.26% | ||
Agriculture — 1.10% | ||
Vector Group Ltd. 6.13%, 2/1/251,2 | $810,000 | $807,975 |
Auto Manufacturers — 1.54% | ||
Navistar International Corp. 9.50%, 5/1/251 | 1,000,000 | 1,126,770 |
Banks — 2.50% | ||
JPMorgan Chase & Co. 3.74%, (3-Month USD Libor + 347 basis points), 1/30/212,3,4 | 1,915,000 | 1,836,231 |
Commercial Services — 1.11% | ||
Nielsen Finance LLC / Nielsen Finance Co. 5.00%, 4/15/221 | 809,000 | 811,023 |
Computers — 2.10% | ||
NCR Corp. 8.12%, 4/15/251 | 1,300,000 | 1,436,825 |
NCR Corp. 5.00%, 10/1/281 | 100,000 | 100,080 |
1,536,905 | ||
Cosmetics/Personal Care — 1.91% | ||
Avon International Operations, Inc. 7.88%, 8/15/221,2 | 1,386,000 | 1,402,334 |
Diversified Financial Services — 1.78% | ||
ILFC E-Capital Trust I 2.98%, 12/21/654,5 | 1,750,000 | 892,500 |
ILFC E-Capital Trust I 2.98%, 12/21/651,4,6 | 806,000 | 411,060 |
1,303,560 | ||
Insurance — 1.88% | ||
Acrisure LLC / Acrisure Finance, Inc. 8.12%, 2/15/241,2 | 1,318,000 | 1,380,605 |
Internet — 4.97% | ||
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 5.25%, 12/1/271 | 1,500,000 | 1,560,855 |
Uber Technologies, Inc. 7.50%, 11/1/231 | 2,000,000 | 2,083,400 |
3,644,255 | ||
Investment Companies — 4.16% | ||
Compass Group Diversified Holdings LLC 8.00%, 5/1/261 | 1,118,000 | 1,173,900 |
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 4.75%, 9/15/24 | 1,851,000 | 1,874,137 |
3,048,037 | ||
Iron/Steel — 1.35% | ||
AK Steel Corp. 7.63%, 10/1/212 | 1,000,000 | 992,000 |
Shares, Principal Amount, or Number of Contracts | Value | |
Oil & Gas — 2.00% | ||
Transocean Pontus Ltd. 6.13%, 8/1/251,2,7 | $1,638,000 | $1,464,700 |
Oil & Gas Services — 2.34% | ||
Archrock Partners LP / Archrock Partners Finance Corp. 6.87%, 4/1/271,2 | 1,547,000 | 1,481,840 |
Archrock Partners LP / Archrock Partners Finance Corp. 6.25%, 4/1/281 | 250,000 | 235,625 |
1,717,465 | ||
Pharmaceuticals — 2.45% | ||
HLF Financing Sarl LLC / Herbalife International, Inc. 7.25%, 8/15/261,2 | 1,745,000 | 1,792,987 |
Telecommunications — 6.71% | ||
Cincinnati Bell, Inc. 7.00%, 7/15/241,2 | 2,000,000 | 2,058,780 |
Consolidated Communications, Inc. 6.50%, 10/1/222 | 2,361,000 | 2,359,702 |
Zayo Group Holdings, Inc. 4.00%, 3/1/271 | 250,000 | 246,056 |
Zayo Group Holdings, Inc. 6.12%, 3/1/281 | 250,000 | 258,050 |
4,922,588 | ||
Transportation — 1.46% | ||
XPO Logistics, Inc. 6.25%, 5/1/251 | 1,000,000 | 1,068,615 |
Trucking & Leasing — 2.90% | ||
Fortress Transportation and Infrastructure Investors LLC 6.75%, 3/15/221,2 | 1,070,000 | 1,053,950 |
Fortress Transportation and Infrastructure Investors LLC 9.75%, 8/1/271 | 1,000,000 | 1,070,625 |
2,124,575 | ||
Total CORPORATE BONDS (Cost $31,524,234) | 30,980,625 | |
FOREIGN ISSUER BONDS — 2.14% | ||
Media — 2.14% | ||
LCPR Senior Secured Financing DAC (Ireland) 6.75%, 10/15/271,7 | 1,500,000 | 1,567,500 |
Total FOREIGN ISSUER BONDS (Cost $1,526,240) | 1,567,500 | |
COMMON STOCKS — 2.75% | ||
Holding Companies-Diversified — 2.53% | ||
Artius Acquisition, Inc.* | 62,500 | 649,375 |
Notes to Schedule of Investments are an integral part of this Schedule.
25
Driehaus Active Income Fund
Schedule of Investments
September 30, 2020 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | ||
Capstar Special Purpose Acquisition Corp.* | $42,857 | $437,291 | |
Churchill Capital Corp. IV* | 50,000 | 501,000 | |
RedBall Acquisition Corp.* | 25,000 | 264,250 | |
1,851,916 | |||
Telecommunications — 0.22% | |||
Consolidated Communications Holdings, Inc.* | 28,265 | 160,828 | |
Total COMMON STOCKS (Cost $1,931,155) | 2,012,744 | ||
CONVERTIBLE PREFERRED STOCKS — 0.00% | |||
Auto Manufacturers — 0.00% | |||
General Motors Corp. Senior Convertible Preferred Escrow - B*,^ | 475,000 | 0 | |
General Motors Corp. Senior Convertible Preferred Escrow - C*,^ | 11,790,650 | 0 | |
Total CONVERTIBLE PREFERRED STOCKS (Cost $0) | 0 | ||
PREFERRED STOCKS — 1.84% | |||
Banks — 1.84% | |||
GMAC Capital Trust I 6.07%, (3-Month USD Libor + 579 basis points), 2/15/402,4 | 53,866 | 1,346,112 | |
Total PREFERRED STOCKS (Cost $1,406,411) | 1,346,112 | ||
SHORT TERM INVESTMENTS — 43.76% | |||
Northern Institutional Treasury Portfolio (Premier Class), 0.00% | 32,079,442 | 32,079,442 | |
TOTAL INVESTMENTS (Cost $68,467,482) | 92.75% | $67,986,423 | |
Other Assets In Excess of Liabilities | 7.25% | 5,316,450 | |
Net Assets | 100.00% | $73,302,873 | |
INVESTMENT SECURITIES SOLD SHORT — (4.35)% | |||
CORPORATE BONDS — (3.08)% | |||
Advertising — (1.60)% | |||
Outfront Media Capital LLC / Outfront Media Capital Corp. 5.00%, 8/15/271 | (1,200,000) | (1,170,000) | |
Packaging & Containers — (1.48)% | |||
Owens-Brockway Glass Container, Inc. 6.63%, 5/13/271 | (1,000,000) | (1,083,125) | |
Total CORPORATE BONDS (Proceeds $2,136,690) | (2,253,125) |
Shares, Principal Amount, or Number of Contracts | Value | |
MASTER LIMITED PARTNERSHIPS — (0.26)% | ||
Investment Companies — (0.26)% | ||
Compass Diversified Holdings | $(10,000) | $(190,600) |
Total MASTER LIMITED PARTNERSHIPS (Proceeds $182,918) | (190,600) | |
COMMON STOCKS — (1.01)% | ||
Agriculture — (0.12)% | ||
Vector Group Ltd. | (9,250) | (89,632) |
Computers — (0.17)% | ||
NCR Corp.* | (5,500) | (121,770) |
Diversified Financial Services — (0.10)% | ||
AerCap Holdings NV*,7 | (2,905) | (73,177) |
Iron/Steel — (0.10)% | ||
Cleveland-Cliffs, Inc. | (12,000) | (77,040) |
Pharmaceuticals — (0.38)% | ||
Herbalife Nutrition Ltd.* | (6,000) | (279,900) |
Telecommunications — (0.14)% | ||
Cincinnati Bell, Inc.* | (6,700) | (100,500) |
Total COMMON STOCKS (Proceeds $726,473) | (742,019) | |
TOTAL INVESTMENT SECURITIES SOLD SHORT (Proceeds $3,046,081) | (4.35)% | $(3,185,744) |
LIBOR | London Interbank Offered Rate |
USD LIBOR | U.S. Dollar London Interbank Offered Rate. |
* | Non-income producing security. |
^ | 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. |
1 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by Driehaus Mutual Funds’ Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of these securities is $22,340,430, which represents 30% of Net Assets. |
2 | All or a portion of this security is pledged as collateral for short sales or derivatives transactions. |
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 September 30, 2020. |
5 | The coupon rate equals 155 basis points plus the highest of the LIBOR 3 Month, the Constant Maturity Treasury 10 year rate, and the Constant Maturity Treasury 30 year rate, with a maximum of 14.5%. |
Notes to Schedule of Investments are an integral part of this Schedule.
26
Driehaus Active Income Fund
Schedule of Investments
September 30, 2020 (unaudited)
6 | The coupon rate equals 155 basis points plus the highest of the LIBOR 3 Month, the Constant Maturity Treasury 10 year rate, and the Constant Maturity Treasury 30 year rate, with a maximum of 12.95%. |
7 | Foreign security denominated in U.S. dollars and traded in the U.S. |
Percentages are stated as a percent of net assets.
Notes to Schedule of Investments are an integral part of this Schedule.
27
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited)
A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Securities Valuation
Investments in securities traded on a national securities exchange, including exchange-traded futures and options, are valued at the last reported sales or settlement price on the day of valuation and are generally classified as level 1. Exchange-traded securities for which no sale was reported are valued at the mean of the closing bid and ask prices from the exchange the security is primarily traded on and are 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 US 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-US 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. Our 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 Emerging Markets Opportunities Fund, if quotations are not readily available, if the values have been materially affected by events occurring after the closing of a foreign market, or if there has been a movement in the U.S. market that exceeds a certain threshold, assets may be valued at fair value as determined in good faith by or under the direction of the Trust’s Board of Trustees. Events that may materially affect asset values that could cause a fair value determination include, but are not limited to: corporate announcements relating to a specific security; natural and other disasters which may impact an entire market or region; and political and other events which may be global or impact a particular country or region. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. To the extent utilized, securities would be considered level 2 in the hierarchy described below.
Securities for which market quotations are not readily available are valued at fair value as determined in good faith in accordance with procedures established by or under the direction of 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 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
28
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
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 September 30, 2020:
Assets | Total Value at September 30, 2020 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Africa | $11,142,376 | $11,142,376 | $— | $— | ||||
Europe | 136,456,826 | 136,456,826 | — | — | ||||
Far East | ||||||||
China | 804,938,711 | 804,938,711 | — | — | ||||
India | 201,951,763 | 201,951,763 | — | — | ||||
Indonesia | 20,909,085 | 20,909,085 | — | — | ||||
Japan | 10,541,858 | 10,541,858 | — | — | ||||
Malaysia | 11,683,398 | 11,683,398 | — | — | ||||
Singapore | 30,693,394 | 30,693,394 | — | — | ||||
South Korea | 179,997,389 | — | 179,997,389 | — | ||||
Taiwan | 179,694,382 | 179,694,382 | — | — | ||||
North America | 152,609,001 | 152,609,001 | — | — | ||||
South America | 80,816,883 | 80,816,883 | — | — | ||||
Short Term Investments | 96,214,543 | 96,214,543 | — | — | ||||
Preferred Stocks | ||||||||
South America | 14,510,124 | 14,510,124 | — | — | ||||
Total | $1,932,159,733 | $1,752,162,344 | $179,997,389 | $— |
The following is a summary of the inputs used to value the Emerging Markets Small Cap Growth Fund’s investments as of September 30, 2020:
Assets | Total Value at September 30, 2020 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Africa | $288,838 | $288,838 | $— | $— | ||||
Europe | ||||||||
Jersey | 652,712 | 652,712 | — | — | ||||
Poland | 1,251,871 | 1,251,871 | — | — | ||||
Russia | 1,778,322 | — | 1,778,322 | — | ||||
Far East | ||||||||
China | 23,724,301 | 23,724,301 | — | — | ||||
India | 11,779,176 | 11,779,176 | — | — | ||||
Indonesia | 315,722 | 315,722 | — | — | ||||
Malaysia | 681,139 | 681,139 | — | — | ||||
South Korea | 5,469,442 | — | 5,469,442 | — | ||||
Taiwan | 7,882,591 | 7,882,591 | — | — | ||||
Thailand | 1,063,609 | 1,063,609 | — | — | ||||
Vietnam | 1,973,290 | — | 1,973,290 | — |
29
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
Assets | Total Value at September 30, 2020 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
North America | $2,811,363 | $2,811,363 | $— | $— | ||||
South America | 1,264,224 | 1,264,224 | — | — | ||||
Preferred Stocks | ||||||||
South America | 1,938,991 | 1,938,991 | — | — | ||||
Short Term Investments | 1,700,900 | 1,700,900 | — | — | ||||
Total | $64,576,491 | $55,355,437 | $9,221,054 | $— |
The following is a summary of the inputs used to value the Emerging Markets Opportunities Fund’s investments as of September 30, 2020:
Assets | Total Value at September 30, 2020 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Brazil | $757,173 | $757,173 | $— | $— | ||||
China | 12,085,527 | 12,085,527 | — | — | ||||
France | 446,548 | 446,548 | — | — | ||||
India | 2,522,359 | 2,522,359 | — | — | ||||
Indonesia | 304,964 | 304,964 | — | — | ||||
Jersey | 332,165 | 332,165 | — | — | ||||
Mexico | 381,748 | 381,748 | — | — | ||||
Netherlands | 239,093 | 239,093 | — | — | ||||
Poland | 597,565 | 597,565 | — | — | ||||
Russia | 1,229,836 | 1,229,836 | — | — | ||||
Singapore | 431,928 | 431,928 | — | — | ||||
South Africa | 418,902 | 418,902 | — | — | ||||
South Korea | 3,282,357 | — | 3,282,357 | — | ||||
Sweden | 396,602 | 396,602 | — | — | ||||
Taiwan | 3,556,516 | 3,556,516 | — | — | ||||
United States | 1,047,885 | 1,047,885 | — | — | ||||
Preferred Stocks | 514,977 | 514,977 | — | — | ||||
Short Term Investments | 2,052,764 | 2,052,764 | — | — | ||||
Sovereign Bonds | 5,740,912 | — | 5,740,912 | — | ||||
Total | $36,339,821 | $27,316,552 | $9,023,269 | $— |
Other Financial Instruments | ||||||||
Interest Rate Swaps - Assets | $8,215 | $— | $8,215 | $— | ||||
Total Other Financial Instruments | $8,215 | $— | $8,215 | $— |
30
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
The following is a summary of the inputs used to value the International Small Cap Growth Fund’s investments as of September 30, 2020:
Assets | Total Value at September 30, 2020 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Europe | $144,217,119 | $144,217,119 | $— | $— | ||||
Far East | ||||||||
Australia | 10,009,639 | 10,009,639 | — | — | ||||
China | 3,622,338 | 3,622,338 | — | — | ||||
Japan | 44,977,083 | 44,977,083 | — | — | ||||
South Korea | 10,894,631 | — | 10,894,631 | — | ||||
Taiwan | 4,157,877 | 4,157,877 | — | — | ||||
Middle East | 2,970,783 | 2,970,783 | — | — | ||||
North America | 20,540,246 | 20,540,246 | — | — | ||||
South America | 1,114,015 | 1,114,015 | — | — | ||||
Short Term Investments | 5,031,922 | 5,031,922 | — | — | ||||
Preferred Stocks | ||||||||
Europe | 1,634,860 | 1,634,860 | — | — | ||||
Total | $249,170,513 | $238,275,882 | $10,894,631 | $— |
The following is a summary of the inputs used to value the Micro Cap Growth Fund’s investments as of September 30, 2020:
Assets | Total Value at September 30, 2020 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Investments in Securities* | $254,697,415 | $254,697,415 | $— | $— | ||||
Total | $254,697,415 | $254,697,415 | $— | $— |
* | See Schedule of Investments for industry breakout. |
The following is a summary of the inputs used to value the Small Cap Growth Fund’s investments as of September 30, 2020:
Assets | Total Value at September 30, 2020 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Investments in Securities* | $265,238,598 | $265,238,598 | $— | $— | ||||
Total | $265,238,598 | $265,238,598 | $— | $— |
* | See Schedule of Investments for industry breakout. |
31
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
The following is a summary of the inputs used to value the Small/Mid Cap Growth Fund’s investments as of September 30, 2020:
Assets | Total Value at September 30, 2020 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Investments in Securities* | $16,194,767 | $16,194,767 | $— | $— | ||||
Total | $16,194,767 | $16,194,767 | $— | $— |
* | See Schedule of Investments for industry breakout. |
The following is a summary of the inputs used to value the Event Driven Fund’s investments as of September 30, 2020:
Assets | Total Value at September 30, 2020 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | $56,090,231 | $56,090,231 | $— | $— | ||||
Convertible Corporate Bonds | 775,028 | — | 775,028 | — | ||||
Convertible Preferred Stocks | 0 | — | — | 0 | ||||
Corporate Bonds | 20,574,336 | — | 20,574,336 | — | ||||
Master Limited Partnerships | 610,685 | 610,685 | — | — | ||||
Preferred Stocks | 1,283,486 | — | 1,283,486 | — | ||||
Private Investment In Public Equity (PIPES) | 3,863,503 | — | — | 3,863,503 | ||||
Private Preferred Stocks | 1,550,000 | — | — | 1,550,000 | ||||
Short Term Investments | 30,800,805 | 30,800,805 | — | — | ||||
Warrants | 230,641 | 230,627 | 14 | — | ||||
Total | $115,778,715 | $87,732,348 | $22,632,864 | $5,413,503 |
Liabilities | ||||||||
Common Stocks Sold Short | $(899,778) | $(899,778) | $— | $— | ||||
Corporate Bonds Sold Short | (1,243,800) | — | (1,243,800) | — | ||||
Exchange-Traded Funds Sold Short | (17,011,642) | (17,011,642) | — | — | ||||
Total | $(19,155,220) | $(17,911,420) | $(1,243,800) | $— |
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, 2019 | $412,500 |
Realized gain (loss) | — |
Change in net unrealized appreciation (depreciation) | 1,499,138 |
Purchases | 3,501,879 |
Sales | — |
Transfers in and/or out of Level 3 | (14) |
Balance as of September 30, 2020 | $5,413,503 |
32
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
As of September 30, 2020, the Event Driven Fund held Level 3 investments in General Motors Corp. senior convertible preferred stock, Invitae Corp. private investment in public equity (PIPE), and Elevation Oncology, Inc. (formerly 14ner Oncology, Inc.) private preferred stock, valued in good faith in accordance with procedures established by or under the direction of the Trust’s Board of Trustees. As a part of the ongoing restructuring of General Motors, any value previously ascribed to these holdings has been transferred to the General Motors Co. Motors Liquidation Co. GUC Trust common stock, which is freely and actively traded, and therefore the senior convertible preferred stock was fair valued at $0. The unfunded commitment in the Invitae Corp. PIPE has been valued at a discount to the last closing share price on September 30, 2020 of Invitae Corp. less the Fund's commitment. A discount is applied to the share price for the risk that such transaction does not close. The Elevation Oncology, Inc. private preferred stock was valued using a market approach as adjusted based upon an assessment of the probability assigned to a successful regulatory outcome. As of September 30, 2020, the Event Driven Fund's investment in X4 Pharmaceuticals, Inc. warrant contracts transferred from Level 3 to Level 2 because the security was actively trading. The following table summarizes the quantitative inputs and assumptions used for items categorized as Level 3 of the fair value hierarchy as of September 30, 2020:
Financial Assets | Fair Value at September 30, 2020 | Valuation Technique(s) | Unobservable Inputs | Price/Range | ||||
Convertible Preferred Stocks | $0 | Cash available in relation to claim | Estimated recovery | — | ||||
Private Investment in Public Equity (PIPES) | $3,863,503 | Market approach | Probability of transaction close | 98.25% | ||||
Private Preferred Stocks | $1,550,000 | Market approach | Transaction price | $1 |
The following is a summary of the inputs used to value the Active Income Fund’s investments as of September 30, 2020:
Assets | Total Value at September 30, 2020 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | $2,012,744 | $2,012,744 | $— | $— | ||||
Convertible Preferred Stocks | 0 | — | — | 0 | ||||
Corporate Bonds | 30,980,625 | — | 30,980,625 | — | ||||
Foreign Issuer Bonds | 1,567,500 | — | 1,567,500 | — | ||||
Preferred Stocks | 1,346,112 | — | 1,346,112 | — | ||||
Short Term Investments | 32,079,442 | 32,079,442 | — | — | ||||
Total | $67,986,423 | $34,092,186 | $33,894,237 | $0 |
Liabilities | ||||||||
Common Stocks Sold Short | $(742,019) | $(742,019) | $— | $— | ||||
Corporate Bonds Sold Short | (2,253,125) | — | (2,253,125) | — | ||||
Master Limited Partnerships Sold Short | (190,600) | (190,600) | — | — | ||||
Total | $(3,185,744) | $(932,619) | $(2,253,125) | $— |
33
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value in the Active Income Fund:
Investments, at Value | |
Balance as of December 31, 2019 | $1,173,600 |
Realized gain (loss) | (977,968) |
Change in net unrealized appreciation (depreciation) | (195,632) |
Purchases | — |
Sales | 0 |
Transfers in and/or out of Level 3 | — |
Balance as of September 30, 2020 | $0 |
As of September 30, 2020, the Active Income Fund held a Level 3 investment in General Motors Corp. senior convertible preferred stock valued at fair value as determined in good faith in accordance with procedures established by or under the direction of the Trust’s Board of Trustees. As a part of the ongoing restructuring of General Motors, any value previously ascribed to these holdings has been transferred to the General Motors Co. Motors Liquidation Co. GUC Trust common stock, which is freely and actively traded, and therefore the senior convertible preferred stock was fair valued at $0. There were no transfers into or out of Level 3 during the period ended September 30, 2020. The following table summarizes the quantitative inputs and assumptions used for items categorized as Level 3 of the fair value hierarchy as of September 30, 2020:
Financial Assets | Fair Value at September 30, 2020 | Valuation Technique(s) | Unobservable Inputs | Price/Range | ||||
Convertible Preferred Stocks | $0 | Cash available in relation to claim | Estimated recovery | — |
Securities Sold Short
The Funds are engaged in selling securities short, which obligates them to replace a borrowed security by purchasing it at market price at the time of replacement. Each 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. Each 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 Funds are 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. Each Fund is obligated to pay any dividends or interest due on securities sold short.
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.
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
34
Driehaus Mutual Funds
Notes to Schedule of Investments (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.
Securities Transactions, Income and Commitments
The Trust records security transactions based on trade date. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective securities using the effective yield method. 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.
Pursuant to the terms of certain of the senior unsecured loan agreements, the Funds may have unfunded loan commitments, which are callable on demand. Each 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 September 30, 2020, the Funds had no unfunded senior loan commitments.
With respect to the senior loans held in each Fund’s portfolio, the Funds may: 1) invest in assignments; 2) act as a participant in primary lending syndicates; or 3) invest in participations. If a Fund purchases a participation of a senior loan interest, the Fund would typically enter into a contractual agreement with the lender or other third party selling the participation, rather than directly with the borrower. As such, the Fund not only assumes the credit risk of the borrower, but also that of the selling participant or other persons interpositioned between the Fund and the borrower. At September 30, 2020, the Funds had no such outstanding senior loan participation commitments.
The Event Driven Fund 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 the Event Driven Fund provides commitments for future investments. The commitments and unfunded commitments of the Fund at September 30, 2020 are summarized on the Schedule of Investments.
B. INVESTMENTS IN DERIVATIVES
Each Fund uses 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, 2020, through September 30, 2020, the Active Income Fund primarily utilized: 1) futures to hedge its interest rate and/or commodity risk and manage volatility; and 2) options to hedge downside risk and manage volatility. During the period January 1, 2020, through September 30, 2020, the Event Driven Fund primarily utilized: 1) options, including warrants, to both hedge exposure and provide exposure to certain market segments or specific securities; and 2) forward foreign currency contracts to manage currency risk in portfolio holdings. During the period January 1, 2020, through September 30, 2020, the Emerging Markets Opportunities Fund primarily utilized: 1) interest rate swaps to hedge against interest rate fluctuation and enable the parties involved to exchange fixed and floating cash flows; 2) credit default swaps as alternatives to direct investments to manage exposure to specific sectors/markets/industries and/or credit events and manage volatility; 3) options to both hedge exposure and provide exposure to certain market segments or specific securities; and 4) forward foreign currency contracts to manage currency risk in portfolio holdings. During the period January 1, 2020, through September 30, 2020, the remaining Funds primarily utilized: 1) forward foreign currency contracts to manage currency risk in portfolio holdings. Detail regarding each derivative type is included below.
35
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
Swap Contracts
The Funds are subject to credit risk, volatility risk, and interest rate risk exposure in the normal course of pursuing their investment objectives. The Funds engage 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.
Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. The Funds 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). Unrealized appreciation is reported as an asset and unrealized depreciation is reported as a liability. 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 linked return for a periodic payment, both based on a notional principal amount, 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). Unrealized appreciation is reported as an asset and unrealized depreciation is reported as a liability. 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). Unrealized gains are reported as an asset and unrealized losses are reported as a liability. 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 contract, 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. Each 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). Unrealized gains are reported as an asset and unrealized losses are reported as a liability. 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
36
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
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.
Futures Contracts
The Funds may enter into futures contracts to produce incremental earnings, hedge existing positions or protect against market changes in the value of equities or interest rates. Upon entering into a futures contract with a broker, a Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a “variation margin” account. Daily, the Fund receives from or pays to the broker 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. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. With futures contracts, there is minimal counterparty credit risk to the Funds since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures contracts, guarantees the futures contract against default.
Options Contracts
The Funds may use options, 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 Schedule 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.
Swaptions
An option on a swap contract, also called a “swaption,” is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based “premium.” A call or receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate, or index swap. A put or payer swaption gives the owner the right to pay the total return of a specified asset, reference rate, or index swap. Swaptions also include options that allow an existing swap to be terminated or extended by one of the counterparties.
37
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
Forward Foreign Currency Contracts
The 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. 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). 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
The Funds may invest in equity certificates, which allow the Funds to participate in the appreciation (depreciation) of the underlying security without actually owning the underlying security. These derivative instruments are purchased pursuant to an agreement with a financial institution and are valued at a calculated market price based on the value of the underlying security in accordance with the agreement. These equity certificates are subject to the credit risk of the issuing financial institution. There is no off-balance sheet risk associated with equity certificates and the Funds’ potential loss is limited to the purchase price of the securities. The Funds are exposed to credit risk associated with the counterparty to the transaction, which is monitored by the Funds’ management on a periodic basis. A Fund’s equity certificates are not subject to any master netting agreement.
C. SUBSEQUENT EVENTS
The Driehaus Active Income Fund is in liquidation. The Fund was closed to new purchase orders as of October 13, 2020, and is expected to redeem all existing shares on or around November 6, 2020.
38