Driehaus Emerging Markets Growth Fund
Schedule of Investments
March 31, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 96.02% | ||
FAR EAST — 71.74% | ||
China — 32.11% | ||
AIA Group Ltd. | 1,668,761 | $20,242,107 |
Aier Eye Hospital Group Co. Ltd. - A | 1,293,000 | 11,687,300 |
Airtac International Group | 433,992 | 15,286,229 |
Alibaba Group Holding Ltd. * | 1,072,793 | 30,359,072 |
Alibaba Group Holding Ltd. - SP ADR 1,* | 259,486 | 58,833,261 |
Baidu, Inc. - SP ADR 1,* | 147,869 | 32,168,901 |
BeiGene Ltd. - ADR 1,* | 34,107 | 11,871,965 |
China Mengniu Dairy Co. Ltd. * | 3,150,474 | 18,033,739 |
China Tourism Group Duty Free Corp. Ltd. - A | 437,341 | 20,421,256 |
Contemporary Amperex Technology Co. Ltd. - A | 463,695 | 22,790,026 |
Country Garden Services Holdings Co. Ltd. | 2,334,901 | 23,667,074 |
East Money Information Co. Ltd. - A | 4,399,525 | 18,296,118 |
Galaxy Entertainment Group Ltd. * | 2,011,001 | 18,107,571 |
GDS Holdings Ltd. - ADR 1,* | 152,207 | 12,342,466 |
Haidilao International Holding Ltd. 2 | 1,298,916 | 8,880,434 |
Hong Kong Exchanges & Clearing Ltd. | 193,016 | 11,356,365 |
Huazhu Group Ltd. - ADR 1,* | 340,925 | 18,716,782 |
KE Holdings, Inc. 1,* | 240,625 | 13,710,812 |
Kweichow Moutai Co. Ltd. - A | 132,132 | 40,496,291 |
Li Ning Co. Ltd. | 2,327,086 | 15,116,585 |
Meituan - B * | 737,364 | 28,283,910 |
NetEase, Inc. | 903,658 | 18,389,099 |
Ping An Insurance Group Co. of China Ltd. - H | 1,740,001 | 20,714,564 |
Shenzhen Inovance Technology Co. Ltd. - A | 1,630,836 | 21,274,262 |
Silergy Corp. | 91,321 | 7,377,244 |
Techtronic Industries Co. Ltd. | 1,620,924 | 27,730,913 |
Tencent Holdings Ltd. | 2,178,674 | 170,951,125 |
Tencent Music Entertainment Group - ADR 1,* | 345,494 | 7,079,172 |
Wuxi Biologics Cayman, Inc. * | 1,746,095 | 21,865,212 |
Zai Lab Ltd. - ADR 1,* | 80,467 | 10,736,712 |
756,786,567 | ||
India — 14.09% | ||
Apollo Hospitals Enterprise Ltd. | 727,753 | 28,892,134 |
Asian Paints Ltd. | 671,638 | 23,309,080 |
Azure Power Global Ltd. 1,* | 259,899 | 7,066,654 |
HDFC Bank Ltd. - ADR 1,* | 592,882 | 46,061,002 |
HDFC Life Insurance Co. Ltd. * | 1,936,736 | 18,441,888 |
Shares, Principal Amount, or Number of Contracts | Value | |
Hindustan Unilever Ltd. | 424,630 | $14,121,664 |
Housing Development Finance Corp. Ltd. | 709,499 | 24,241,671 |
ICICI Bank Ltd. - SP ADR 1,* | 2,282,332 | 36,585,782 |
IndiaMart InterMesh Ltd. 2 | 113,103 | 11,970,188 |
Indraprastha Gas Ltd. | 2,119,382 | 14,851,726 |
Reliance Industries Ltd. | 1,399,455 | 38,340,918 |
SBI Cards & Payment Services Ltd. | 1,485,263 | 18,856,855 |
Tata Consultancy Services Ltd. | 747,970 | 32,510,116 |
Titan Co. Ltd. | 788,877 | 16,810,926 |
332,060,604 | ||
South Korea — 11.37% | ||
Kakao Corp. | 47,813 | 21,038,988 |
KB Financial Group, Inc. | 608,978 | 30,240,392 |
Kia Motors Corp. | 175,824 | 12,879,001 |
LG Chem Ltd. | 21,846 | 15,538,794 |
LG Household & Health Care Ltd. | 8,799 | 12,206,256 |
Macquarie Korea Infrastructure Fund | 1,000,206 | 10,295,913 |
NAVER Corp. | 56,340 | 18,767,555 |
Samsung Electronics Co. Ltd. | 1,936,146 | 139,255,387 |
Shinsegae, Inc. | 31,460 | 7,811,142 |
268,033,428 | ||
Taiwan — 10.56% | ||
Chailease Holding Co. Ltd. | 1,883,000 | 13,000,771 |
Delta Electronics, Inc. | 2,439,608 | 24,624,368 |
Hon Hai Precision Industry Co. Ltd. | 4,274,964 | 18,578,332 |
MediaTek, Inc. | 734,178 | 24,933,182 |
Merida Industry Co. Ltd. | 580,807 | 7,104,113 |
Taiwan Semiconductor Manufacturing Co. Ltd. - SP ADR 1 | 1,226,092 | 145,022,162 |
TXC Corp. | 4,344,443 | 15,606,680 |
248,869,608 | ||
Indonesia — 1.19% | ||
Bank Central Asia Tbk PT | 13,080,460 | 27,984,530 |
Japan — 1.02% | ||
FANUC Corp. | 101,884 | 24,094,220 |
Malaysia — 0.77% | ||
Lynas Rare Earths Ltd. * | 3,905,487 | 18,302,766 |
Singapore — 0.63% | ||
Sea Ltd. - ADR 1,* | 66,296 | 14,799,256 |
Total FAR EAST (Cost $1,122,221,157) | 1,690,930,979 | |
EUROPE — 8.94% | ||
Russia — 2.91% | ||
LUKOIL PJSC - SP ADR 1 | 311,238 | 25,166,705 |
Notes to Schedule of Investments are an integral part of this Schedule.
1
Driehaus Emerging Markets Growth Fund
Schedule of Investments
March 31, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Polyus PJSC 1 | 50,735 | $9,395,065 |
Sberbank of Russia PJSC - SP ADR 1 | 2,215,514 | 34,129,993 |
68,691,763 | ||
Netherlands — 1.73% | ||
ASML Holding NV | 67,087 | 40,673,903 |
Germany — 1.40% | ||
Infineon Technologies AG | 778,344 | 33,000,983 |
France — 1.16% | ||
L'Oreal SA | 71,525 | 27,411,124 |
Hungary — 0.99% | ||
OTP Bank NYRT * | 545,387 | 23,311,869 |
Switzerland — 0.75% | ||
Dufry AG * | 260,542 | 17,741,610 |
Total EUROPE (Cost $178,351,833) | 210,831,252 | |
NORTH AMERICA — 8.70% | ||
United States — 6.33% | ||
EPAM System, Inc. * | 97,598 | 38,716,151 |
Micron Technology, Inc. * | 359,455 | 31,707,525 |
NIKE, Inc. - B | 155,741 | 20,696,421 |
Ozon Holdings PLC - ADR * | 377,540 | 21,168,668 |
Visa, Inc. - A | 174,238 | 36,891,412 |
149,180,177 | ||
Mexico — 1.43% | ||
Cemex SAB de CV - SP ADR 1,* | 980,194 | 6,831,952 |
Grupo Financiero Banorte SAB de CV - O * | 4,787,565 | 26,995,126 |
33,827,078 | ||
Canada — 0.94% | ||
Pan American Silver Corp. 1 | 734,710 | 22,063,341 |
Total NORTH AMERICA (Cost $189,693,634) | 205,070,596 | |
SOUTH AMERICA — 5.38% | ||
Brazil — 4.50% | ||
Banco BTG Pactual SA * | 990,606 | 17,036,174 |
Hapvida Participacoes e Investimentos SA 2 | 3,379,900 | 8,917,150 |
Pagseguro Digital Ltd. - A 1,* | 337,481 | 15,625,370 |
Petro Rio SA * | 735,595 | 11,964,454 |
Raia Drogasil SA | 3,374,042 | 15,081,928 |
Vale SA - SP ADR 1 | 1,558,357 | 27,084,245 |
WEG SA | 777,963 | 10,350,910 |
106,060,231 | ||
Argentina — 0.61% | ||
MercadoLibre, Inc. 1,* | 9,736 | 14,332,755 |
Shares, Principal Amount, or Number of Contracts | Value | ||
Uruguay — 0.27% | |||
Globant SA 1,* | 31,559 | $6,551,964 | |
Total SOUTH AMERICA (Cost $118,631,896) | 126,944,950 | ||
AFRICA — 1.26% | |||
South Africa — 0.85% | |||
Capitec Bank Holdings Ltd. * | 82,931 | 7,977,558 | |
Impala Platinum Holdings Ltd. | 645,394 | 11,969,085 | |
19,946,643 | |||
Egypt — 0.41% | |||
Commercial International Bank Egypt SAE | 2,639,116 | 9,701,805 | |
Total AFRICA (Cost $26,438,491) | 29,648,448 | ||
Total COMMON STOCKS (Cost $1,635,337,011) | 2,263,426,225 | ||
SHORT TERM INVESTMENTS — 4.75% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.03%3 (Cost $111,890,645) | 111,890,645 | 111,890,645 | |
TOTAL INVESTMENTS (Cost $1,747,227,656) | 100.77% | $2,375,316,870 | |
Liabilities in Excess of Other Assets | (0.77)% | (18,218,894) | |
Net Assets | 100.00% | $2,357,097,976 |
ADR | American Depositary Receipt |
PJSC | Public Joint Stock Company |
PLC | Public Limited Company |
SP ADR | Sponsored American Depositary Receipt |
1 | Foreign security denominated and traded in U.S. dollars. |
2 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $29,767,772, which represents 1% of Net Assets. |
3 | 7 day current yield as of March 31, 2021, is disclosed. |
* | 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.
2
Driehaus Emerging Markets Small Cap Growth Fund
Schedule of Investments
March 31, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 93.02% | ||
FAR EAST — 74.44% | ||
China — 24.24% | ||
Airtac International Group | 33,000 | $1,162,338 |
Akeso, Inc. * | 71,000 | 448,425 |
Aluminum Corp. of China Ltd. - H * | 1,822,000 | 749,977 |
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. - A | 16,800 | 484,394 |
Daqo New Energy Corp. - ADR 1,* | 9,329 | 704,339 |
Estun Automation Co. Ltd. - A * | 293,252 | 1,158,245 |
GDS Holdings Ltd. - ADR 1,* | 8,802 | 713,754 |
Gotion High-tech Co. Ltd. - A * | 188,400 | 1,035,553 |
Hygeia Healthcare Holdings Co. Ltd. 2,* | 153,200 | 1,112,430 |
Innovent Biologics, Inc. 2,* | 102,500 | 1,039,622 |
Jiangsu Hengli Hydraulic Co. Ltd. - A | 53,421 | 728,987 |
Jiumaojiu International Holdings Ltd. 2,* | 313,000 | 1,252,145 |
Kingdee International Software Group Co. Ltd. * | 371,000 | 1,150,114 |
KWG Living Group Holdings Ltd. * | 660,000 | 670,689 |
Lee & Man Paper Manufacturing Ltd. | 499,000 | 458,941 |
Li Ning Co. Ltd. | 86,549 | 562,216 |
Ming Yang Smart Energy Group Ltd. - A | 182,906 | 486,912 |
Niu Technologies - SP ADR 1,* | 19,531 | 715,811 |
Pharmaron Beijing Co. Ltd. - H 2 | 64,600 | 1,220,687 |
Proya Cosmetics Co. Ltd. - A | 26,300 | 639,345 |
Silergy Corp. | 16,000 | 1,292,538 |
Sunac Services Holdings Ltd. 2,* | 349,000 | 1,099,870 |
XD, Inc. * | 122,600 | 741,205 |
Xiabuxiabu Catering Management China Holdings Co. Ltd. 2,* | 344,000 | 696,487 |
Xinyi Energy Holdings Ltd. | 1,858,000 | 903,415 |
Yantai Jereh Oilfield Services Group Co. Ltd. - A | 75,900 | 404,684 |
Zhou Hei Ya International Holdings Co. Ltd. * | 773,000 | 809,382 |
Zoomlion Heavy Industry Science and Technology Co. Ltd. - H | 471,800 | 673,645 |
23,116,150 | ||
India — 18.62% | ||
Affle India Ltd. * | 5,868 | 438,035 |
Amber Enterprises India Ltd. | 28,459 | 1,290,671 |
Apollo Hospitals Enterprise Ltd. | 11,781 | 467,711 |
Shares, Principal Amount, or Number of Contracts | Value | |
Ashok Leyland Ltd. | 641,387 | $995,674 |
AU Small Finance Bank Ltd. 2,* | 73,028 | 1,226,410 |
Azure Power Global Ltd. 1,* | 24,803 | 674,394 |
Burger King India Ltd. * | 256,553 | 451,076 |
Crompton Greaves Consumer Electricals Ltd. | 185,593 | 996,328 |
Dixon Technologies India Ltd. * | 23,975 | 1,204,148 |
Dr Lal PathLabs Ltd. 2 | 13,591 | 503,209 |
Godrej Properties Ltd. * | 50,168 | 965,261 |
Gujarat Gas Ltd. | 62,853 | 472,340 |
IndiaMart InterMesh Ltd. 2 | 4,340 | 459,321 |
Indigo Paints Ltd. * | 14,562 | 477,179 |
Indraprastha Gas Ltd. | 188,586 | 1,321,530 |
Info Edge India Ltd. * | 14,310 | 837,800 |
JK Cement Ltd. * | 33,532 | 1,328,760 |
Jubilant Foodworks Ltd. | 12,648 | 503,567 |
Max Healthcare Institute Ltd. * | 296,241 | 833,654 |
Mindtree Ltd. | 19,850 | 565,768 |
SRF Ltd. | 6,681 | 494,429 |
Supreme Industries Ltd. | 28,044 | 783,512 |
Syngene International Ltd. 2,* | 62,704 | 466,075 |
17,756,852 | ||
Taiwan — 13.86% | ||
Accton Technology Corp. | 85,000 | 822,206 |
Advanced Ceramic X Corp. | 29,000 | 580,346 |
Alchip Technologies Ltd. | 45,000 | 1,419,409 |
Andes Technology Corp. | 33,000 | 668,489 |
ASPEED Technology, Inc. | 7,000 | 423,194 |
Chroma ATE, Inc. | 131,000 | 865,437 |
Eclat Textile Co. Ltd. | 71,000 | 1,194,407 |
Macronix International | 340,643 | 529,475 |
Makalot Industrial Co. Ltd. | 134,000 | 1,157,642 |
Nien Made Enterprise Co. Ltd. | 72,000 | 1,004,311 |
Realtek Semiconductor Corp. | 53,000 | 917,604 |
Sinbon Electronics Co. Ltd. | 154,000 | 1,424,876 |
Voltronic Power Technology Corp. | 25,550 | 989,477 |
Win Semiconductors Corp. | 89,000 | 1,219,605 |
13,216,478 | ||
South Korea — 7.79% | ||
Doosan Fuel Cell Co. Ltd. * | 16,841 | 763,369 |
LEENO Industrial, Inc. | 7,588 | 1,049,280 |
NHN KCP Corp. * | 11,774 | 521,215 |
NICE Information Service Co. Ltd. | 25,098 | 562,169 |
Park Systems Corp. | 8,657 | 1,024,995 |
Tesna, Inc. | 10,777 | 449,934 |
Tokai Carbon Korea Co. Ltd. | 8,128 | 1,346,587 |
WONIK IPS Co. Ltd. | 37,389 | 1,707,984 |
7,425,533 |
Notes to Schedule of Investments are an integral part of this Schedule.
3
Driehaus Emerging Markets Small Cap Growth Fund
Schedule of Investments
March 31, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Vietnam — 4.58% | ||
Asia Commercial Bank JSC * | 955,000 | $1,419,525 |
FPT Corp. | 478,754 | 1,805,551 |
Military Commercial Joint Stock Bank * | 934,735 | 1,140,316 |
4,365,392 | ||
Kazakhstan — 2.70% | ||
Kaspi.KZ JSC 1,2 | 14,595 | 1,036,975 |
NAC Kazatomprom JSC - GDR 1 | 62,697 | 1,542,346 |
2,579,321 | ||
Thailand — 1.46% | ||
Chularat Hospital PCL - NVDR | 7,618,000 | 711,826 |
Sri Trang Gloves Thailand PCL - NVDR | 520,600 | 683,027 |
1,394,853 | ||
Malaysia — 0.67% | ||
Lynas Rare Earths Ltd. * | 136,297 | 638,745 |
Indonesia — 0.52% | ||
Merdeka Copper Gold Tbk PT * | 3,356,400 | 496,817 |
Total FAR EAST (Cost $55,980,191) | 70,990,141 | |
SOUTH AMERICA — 7.12% | ||
Brazil — 6.60% | ||
Banco Inter SA * | 24,900 | 691,528 |
Enjoei.com.br Atividades de Internet SA * | 363,400 | 677,906 |
Locaweb Servicos de Internet SA 2,* | 274,800 | 1,118,016 |
LOG Commercial Properties e Participacoes SA | 78,800 | 403,754 |
Meliuz SA * | 174,600 | 763,089 |
Orizon Valorizacao de Residuos SA * | 248,500 | 932,871 |
Pet Center Comercio e Participacoes SA * | 135,300 | 475,707 |
TOTVS SA | 136,900 | 705,338 |
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA * | 84,400 | 524,815 |
6,293,024 | ||
Uruguay — 0.52% | ||
Globant SA 1,* | 2,377 | 493,489 |
Total SOUTH AMERICA (Cost $6,392,582) | 6,786,513 | |
EUROPE — 6.71% | ||
United Kingdom — 2.63% | ||
Ceres Power Holdings PLC * | 69,277 | 1,199,547 |
Shares, Principal Amount, or Number of Contracts | Value | |
TCS Group Holding PLC - GDR REG S 1 | 22,617 | $1,311,786 |
2,511,333 | ||
Russia — 2.07% | ||
Detsky Mir PJSC 1 | 511,526 | 966,171 |
RusHydro PJSC 1 | 93,529,457 | 1,008,505 |
1,974,676 | ||
Switzerland — 1.32% | ||
Ferrexpo PLC | 243,018 | 1,255,002 |
Poland — 0.69% | ||
Dino Polska SA 2,* | 10,032 | 661,540 |
Total EUROPE (Cost $4,806,516) | 6,402,551 | |
NORTH AMERICA — 4.24% | ||
Mexico — 1.81% | ||
Grupo Aeroportuario del Sureste SAB de CV - ADR 1,* | 2,968 | 527,681 |
Qualitas Controladora SAB de CV | 217,300 | 1,194,966 |
1,722,647 | ||
Canada — 1.46% | ||
Ballard Power Systems, Inc. 1,* | 39,073 | 951,037 |
MAG Silver Corp. 1,* | 29,548 | 443,515 |
1,394,552 | ||
United States — 0.97% | ||
Parade Technologies Ltd. | 21,455 | 921,122 |
Total NORTH AMERICA (Cost $3,175,896) | 4,038,321 | |
AFRICA — 0.51% | ||
South Africa — 0.51% | ||
Impala Platinum Holdings Ltd. | 26,230 | 486,446 |
Total AFRICA (Cost $302,965) | 486,446 | |
Total COMMON STOCKS (Cost $70,658,150) | 88,703,972 | |
PREFERRED STOCKS — 2.28% | ||
SOUTH AMERICA — 2.28% | ||
Brazil — 2.28% | ||
Azul SA - ADR 1,* | 23,898 | 482,501 |
Bradespar SA, 8.11%3 | 58,600 | 713,676 |
Metalurgica Gerdau SA, 0.02%3 | 409,400 | 978,286 |
2,174,463 | ||
Total SOUTH AMERICA (Cost $1,464,141) | 2,174,463 | |
Total PREFERRED STOCKS (Cost $1,464,141) | 2,174,463 |
Notes to Schedule of Investments are an integral part of this Schedule.
4
Driehaus Emerging Markets Small Cap Growth Fund
Schedule of Investments
March 31, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | ||
SHORT TERM INVESTMENTS — 4.67% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.03%4 (Cost $4,455,093) | 4,455,093 | $4,455,093 | |
TOTAL INVESTMENTS (Cost $76,577,384) | 99.97% | $95,333,528 | |
Other Assets In Excess of Liabilities | 0.03% | 26,903 | |
Net Assets | 100.00% | $95,360,431 |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
JSC | Joint Stock Company |
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 and traded in U.S. dollars. |
2 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $11,892,787, which represents 12% of Net Assets. |
3 | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
4 | 7 day current yield as of March 31, 2021, is disclosed. |
* | 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.
5
Driehaus Emerging Markets Opportunities Fund
Schedule of Investments
March 31, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
SOVEREIGN BONDS — 13.29% | ||
Brazil — 1.19% | ||
Brazilian Government International Bond 4.63%, 1/13/281 | 500,000 | $528,010 |
Brazilian Government International Bond 4.50%, 5/30/291 | 200,000 | 205,510 |
733,520 | ||
China — 4.23% | ||
China Government Bond 3.20%, 3/16/242 | 1,200,000 | 184,947 |
China Government Bond 3.54%, 8/16/282 | 2,500,000 | 390,880 |
China Government Bond 2.68%, 5/21/302 | 7,000,000 | 1,020,276 |
China Government Bond 3.27%, 11/19/302 | 6,500,000 | 998,424 |
2,594,527 | ||
Egypt — 1.20% | ||
Egypt Government Bond 17.00%, 4/3/222 | 6,500,000 | 427,897 |
Egypt Government International Bond 6.59%, 2/21/281 | 300,000 | 308,481 |
736,378 | ||
Indonesia — 1.45% | ||
Indonesia Treasury Bond 8.37%, 9/15/262 | 3,400,000,000 | 259,325 |
Indonesia Treasury Bond 7.00%, 9/15/302 | 9,000,000,000 | 628,692 |
888,017 | ||
Malaysia — 0.57% | ||
Malaysia Government Bond 3.89%, 8/15/292 | 1,400,000 | 351,971 |
Mexico — 1.97% | ||
Banco Mercantil del Norte SA 8.37%, 10/14/301,3,4 | 300,000 | 349,461 |
Mexico Government International Bond 4.50%, 4/22/291 | 260,000 | 288,046 |
Petroleos Mexicanos 6.50%, 3/13/271 | 550,000 | 574,750 |
1,212,257 | ||
Nigeria — 0.50% | ||
Nigeria Government International Bond 7.14%, 2/23/301 | 300,000 | 306,797 |
Saudi Arabia — 0.65% | ||
Saudi Government International Bond 2.75%, 2/3/321 | 400,000 | 401,004 |
Shares, Principal Amount, or Number of Contracts | Value | |
South Africa — 0.70% | ||
Republic of South Africa Government Bond 8.50%, 1/31/372 | 7,900,000 | $427,214 |
Turkey — 0.44% | ||
Turkey Government International Bond 5.95%, 1/15/311 | 300,000 | 271,590 |
United Arab Emirates — 0.39% | ||
Abu Dhabi Government International Bond 1.70%, 3/2/311 | 250,000 | 237,500 |
Total SOVEREIGN BONDS (Cost $8,009,546) | 8,160,775 | |
COMMON STOCKS — 82.07% | ||
Argentina — 0.63% | ||
MercadoLibre, Inc.1,5,* | 263 | 387,173 |
Brazil — 2.89% | ||
Iguatemi Empresa de Shopping Centers SA | 63,384 | 422,961 |
LOG Commercial Properties e Participacoes SA | 108,578 | 556,330 |
Magazine Luiza SA | 40 | 143 |
Pagseguro Digital Ltd. - A1,5,* | 9,299 | 430,544 |
WEG SA | 27,308 | 363,337 |
1,773,315 | ||
Canada — 1.08% | ||
Ballard Power Systems, Inc.1,5,* | 7,599 | 184,960 |
Pan American Silver Corp.1,5 | 15,901 | 477,507 |
662,467 | ||
China — 26.82% | ||
AIA Group Ltd. | 23,856 | 289,374 |
Akeso, Inc.* | 56,047 | 353,984 |
Alibaba Group Holding Ltd.* | 22,423 | 634,551 |
Alibaba Group Holding Ltd. - SP ADR1,5,* | 3,021 | 684,951 |
Alibaba Health Information Technology Ltd.* | 58,000 | 164,135 |
Baidu, Inc. - SP ADR1,5,* | 2,246 | 488,617 |
Bilibili, Inc. - SP ADR1,5,* | 3,459 | 370,321 |
Burning Rock Biotech Ltd. - ADR1,5,* | 8,017 | 215,818 |
China Merchants Bank Co. Ltd. - H | 37,700 | 287,814 |
China Resources Beer Holdings Co. Ltd. | 75,810 | 594,361 |
CIFI Holdings Group Co. Ltd. | 344,000 | 333,641 |
Contemporary Amperex Technology Co. Ltd. - A | 6,955 | 341,829 |
East Money Information Co. Ltd. - A | 137,769 | 572,934 |
Notes to Schedule of Investments are an integral part of this Schedule.
6
Driehaus Emerging Markets Opportunities Fund
Schedule of Investments
March 31, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Galaxy Entertainment Group Ltd.* | 79,299 | $714,029 |
Hong Kong Exchanges & Clearing Ltd. | 4,841 | 284,827 |
Huazhu Group Ltd. - ADR1,5,* | 5,736 | 314,906 |
Industrial & Commercial Bank of China Ltd. - H | 977,070 | 701,310 |
JD Health International, Inc.* | 172 | 2,467 |
JD.com, Inc. - ADR1,5,* | 3,576 | 301,564 |
KE Holdings, Inc.1,5,* | 12,532 | 714,073 |
Kingdee International Software Group Co. Ltd.* | 97,359 | 301,817 |
Kweichow Moutai Co. Ltd. - A | 1,000 | 306,484 |
Li Ning Co. Ltd. | 66,684 | 433,174 |
Meituan - B* | 14,420 | 553,124 |
NIO, Inc. - ADR1,5,* | 8,782 | 342,322 |
Tencent Holdings Ltd. | 40,961 | 3,214,032 |
Tencent Music Entertainment Group - ADR1,5,* | 21,451 | 439,531 |
Will Semiconductor Co. Ltd. Shanghai - A | 14,600 | 571,794 |
Wuxi Biologics Cayman, Inc.* | 42,186 | 528,268 |
XD, Inc.* | 34,702 | 209,798 |
Xinyi Solar Holdings Ltd. | 164,189 | 269,914 |
Zai Lab Ltd. - ADR1,5,* | 1,664 | 222,028 |
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. - A | 8,047 | 352,276 |
Zhou Hei Ya International Holdings Co. Ltd.* | 337,923 | 353,828 |
16,463,896 | ||
France — 1.40% | ||
L'Oreal SA | 2,236 | 856,921 |
India — 10.03% | ||
Apollo Hospitals Enterprise Ltd. | 7,102 | 281,953 |
Asian Paints Ltd. | 8,053 | 279,478 |
Azure Power Global Ltd.1,5,* | 13,470 | 366,249 |
HDFC Bank Ltd. - ADR1,5,* | 9,704 | 753,904 |
HDFC Life Insurance Co. Ltd.* | 29,849 | 284,227 |
Hindustan Unilever Ltd. | 8,576 | 285,207 |
Housing Development Finance Corp. Ltd. | 10,109 | 345,397 |
ICICI Bank Ltd. - SP ADR1,5,* | 45,220 | 724,877 |
Indraprastha Gas Ltd. | 54,398 | 381,198 |
Power Grid Corp. of India Ltd. | 125,867 | 371,246 |
Reliance Industries Ltd. | 32,089 | 879,143 |
SBI Cards & Payment Services Ltd. | 46,590 | 591,505 |
Tech Mahindra Ltd. | 45,146 | 612,197 |
6,156,581 | ||
Indonesia — 0.58% | ||
Bank Central Asia Tbk PT | 167,449 | 358,243 |
Shares, Principal Amount, or Number of Contracts | Value | |
Japan — 1.07% | ||
FANUC Corp. | 1,518 | $358,987 |
Tokyo Electron Ltd. | 700 | 295,805 |
654,792 | ||
Kazakhstan — 1.72% | ||
Kaspi.KZ JSC1,6 | 6,419 | 456,070 |
NAC Kazatomprom JSC - GDR1 | 24,309 | 598,001 |
1,054,071 | ||
Mexico — 1.72% | ||
Cemex SAB de CV - SP ADR1,5,* | 48,075 | 335,083 |
Grupo Financiero Banorte SAB de CV - O* | 90,877 | 512,418 |
Wal-Mart de Mexico SAB de CV | 64,835 | 204,755 |
1,052,256 | ||
Netherlands — 0.87% | ||
ASML Holding NV | 876 | 531,106 |
Russia — 2.67% | ||
LUKOIL PJSC - SP ADR1 | 7,451 | 602,488 |
Sberbank of Russia PJSC - SP ADR1 | 41,924 | 645,839 |
Yandex NV - A1,5,* | 6,131 | 392,752 |
1,641,079 | ||
Saudi Arabia — 0.62% | ||
Saudi Arabian Oil Co. | 39,373 | 377,951 |
Singapore — 0.75% | ||
Sea Ltd. - ADR1,5,* | 2,072 | 462,533 |
South Africa — 1.79% | ||
Anglo American Platinum Ltd. | 3,705 | 540,225 |
Naspers Ltd. - N | 2,344 | 560,862 |
1,101,087 | ||
South Korea — 12.84% | ||
Douzone Bizon Co. Ltd. | 3,877 | 336,401 |
Hankook Tire & Technology Co. Ltd. | 8,945 | 387,676 |
Kakao Corp. | 1,438 | 632,758 |
KB Financial Group, Inc. | 11,315 | 561,876 |
Kia Motors Corp. | 6,498 | 475,974 |
LEENO Industrial, Inc. | 4,257 | 588,664 |
LG Chem Ltd. | 351 | 249,662 |
Macquarie Korea Infrastructure Fund | 44,563 | 458,722 |
NICE Information Service Co. Ltd. | 25,477 | 570,658 |
Samsung Electronics Co. Ltd. | 38,243 | 2,750,590 |
Samsung SDI Co. Ltd. | 779 | 454,288 |
SK Hynix, Inc. | 3,533 | 413,627 |
7,880,896 | ||
Sweden — 0.82% | ||
Spotify Technology SA1,5,* | 1,881 | 504,014 |
Notes to Schedule of Investments are an integral part of this Schedule.
7
Driehaus Emerging Markets Opportunities Fund
Schedule of Investments
March 31, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | ||
Taiwan — 9.69% | |||
Accton Technology Corp. | 54,705 | $529,162 | |
Alchip Technologies Ltd. | 10,474 | 330,375 | |
Chailease Holding Co. Ltd. | 94,286 | 650,978 | |
Hon Hai Precision Industry Co. Ltd. | 121,103 | 526,295 | |
MediaTek, Inc. | 14,648 | 497,456 | |
Sinbon Electronics Co. Ltd. | 40,136 | 371,356 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 147,954 | 3,043,809 | |
5,949,431 | |||
United States — 3.48% | |||
Freeport-McMoRan, Inc.5,* | 15,323 | 504,586 | |
NVIDIA Corp.5 | 1,524 | 813,709 | |
SiTime Corp.5,* | 3,584 | 353,383 | |
Visa, Inc. - A5 | 2,188 | 463,265 | |
2,134,943 | |||
Uruguay — 0.60% | |||
Globant SA1,5,* | 1,777 | 368,923 | |
Total COMMON STOCKS (Cost $39,275,861) | 50,371,678 | ||
PREFERRED STOCKS — 0.93% | |||
Brazil — 0.93% | |||
Gerdau SA - SP ADR 1.74%1,5,7 | 106,943 | 571,075 | |
Total PREFERRED STOCKS (Cost $375,778) | 571,075 | ||
SHORT TERM INVESTMENTS — 2.68% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.03%8 (Cost $1,643,429) | 1,643,429 | 1,643,429 | |
TOTAL INVESTMENTS (Cost $49,304,614) | 98.97% | $60,746,957 | |
Other Assets in Excess of Liabilities | 1.03% | 632,567 | |
Net Assets | 100.00% | $61,379,524 |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
JSC | Joint Stock Company |
PJSC | Public Joint Stock Company |
SP ADR | Sponsored American Depositary Receipt |
1 | Foreign security denominated and traded in U.S. dollars. |
2 | Foreign security, par value shown in local currency. |
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 March 31, 2021. |
5 | All or a portion of this security is pledged as collateral for short sales or derivatives transactions. |
6 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $456,070, which represents 1% of Net Assets. |
7 | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
8 | 7 day current yield as of March 31, 2021, is disclosed. |
* | 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.
8
Driehaus International Small Cap Growth Fund
Schedule of Investments
March 31, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 97.22% | ||
EUROPE — 65.50% | ||
United Kingdom — 21.40% | ||
888 Holdings PLC | 651,100 | $3,545,546 |
ASOS PLC * | 33,238 | 2,535,785 |
Aston Martin Lagonda Global Holdings PLC 1,* | 66,295 | 1,826,972 |
B&M European Value Retail SA | 310,235 | 2,257,348 |
Bellway PLC | 51,438 | 2,413,150 |
Conduit Holdings Ltd. * | 371,526 | 2,637,757 |
ConvaTec Group PLC 1 | 1,043,373 | 2,820,691 |
Cranswick PLC | 32,216 | 1,614,856 |
easyJet PLC * | 110,700 | 1,492,841 |
Electrocomponents PLC | 300,600 | 4,115,063 |
Endava PLC - SP ADR 2,* | 32,412 | 2,744,972 |
Fevertree Drinks PLC | 82,089 | 2,421,793 |
Halfords Group PLC * | 810,800 | 4,247,522 |
LivaNova PLC 2,* | 42,952 | 3,166,851 |
OSB Group PLC * | 490,000 | 2,879,041 |
Pets at Home Group PLC | 262,200 | 1,492,867 |
Serco Group PLC * | 957,668 | 1,816,652 |
Spirax-Sarco Engineering PLC | 12,746 | 2,003,167 |
Stock Spirits Group PLC | 529,050 | 2,042,175 |
Synthomer PLC | 347,400 | 2,222,215 |
The Restaurant Group PLC * | 1,357,478 | 2,292,489 |
The Weir Group PLC * | 181,510 | 4,446,582 |
Vesuvius PLC | 389,201 | 2,892,018 |
Watches of Switzerland Group PLC 1,* | 253,665 | 2,311,534 |
62,239,887 | ||
Germany — 12.36% | ||
Duerr AG | 51,124 | 2,128,336 |
DWS Group GmbH & Co. KGaA 1 | 57,181 | 2,472,696 |
flatexDEGIRO AG * | 28,434 | 2,634,220 |
Hornbach Holding AG & Co. KGaA | 13,894 | 1,355,619 |
Ibu-Tec Advanced Materials AG * | 26,006 | 1,354,077 |
Nordex SE * | 73,800 | 2,369,609 |
Scout24 AG 1 | 25,225 | 1,913,914 |
SGL Carbon SE * | 207,700 | 1,471,162 |
SMA Solar Technology AG * | 56,100 | 3,296,002 |
SUESS MicroTec SE * | 114,655 | 3,583,250 |
TAG Immobilien AG * | 84,133 | 2,401,452 |
VERBIO Vereinigte BioEnergie AG | 78,000 | 3,356,971 |
zooplus AG * | 26,600 | 7,595,695 |
35,933,003 |
Shares, Principal Amount, or Number of Contracts | Value | |
Sweden — 5.13% | ||
BHG Group AB * | 129,188 | $2,150,803 |
Boozt AB 1,* | 90,307 | 1,884,013 |
Elekta AB - B | 244,600 | 3,171,822 |
Kindred Group PLC * | 243,500 | 4,285,357 |
Mekonomen AB * | 231,106 | 3,416,266 |
14,908,261 | ||
Finland — 4.98% | ||
Konecranes OYJ | 63,597 | 2,834,048 |
Metso Outotec OYJ | 745,552 | 8,310,306 |
Tokmanni Group Corp. | 142,567 | 3,343,766 |
14,488,120 | ||
Netherlands — 4.48% | ||
Accell Group NV * | 35,329 | 1,630,283 |
Corbion NV | 38,100 | 2,122,294 |
Meltwater Holding BV * | 214,200 | 1,227,127 |
Merus NV 2,* | 92,400 | 1,930,236 |
OCI NV * | 283,731 | 6,132,239 |
13,042,179 | ||
France — 4.14% | ||
Coface SA * | 410,648 | 4,545,992 |
Maisons du Monde SA 1,* | 97,400 | 2,156,492 |
McPhy Energy SA * | 40,569 | 1,550,954 |
Virbac SA * | 14,706 | 3,785,437 |
12,038,875 | ||
Switzerland — 2.64% | ||
Bachem Holding AG | 4,354 | 1,865,704 |
Comet Holding AG | 6,194 | 1,422,100 |
Flughafen Zurich AG * | 11,600 | 1,906,026 |
Tecan Group AG | 3,165 | 1,404,434 |
Zur Rose Group AG * | 2,900 | 1,089,245 |
7,687,509 | ||
Austria — 2.41% | ||
AT&S Austria Technologie & Systemtechnik AG | 87,100 | 3,125,551 |
BAWAG Group AG 1,* | 74,943 | 3,870,484 |
6,996,035 | ||
Denmark — 1.89% | ||
Netcompany Group A/S 1 | 25,542 | 2,432,092 |
Royal Unibrew A/S | 29,402 | 3,074,967 |
5,507,059 | ||
Luxembourg — 1.54% | ||
Befesa SA 1 | 67,086 | 4,492,157 |
Ireland — 1.28% | ||
James Hardie Industries PLC | 122,930 | 3,719,920 |
Belgium — 1.21% | ||
Bekaert SA | 84,300 | 3,527,275 |
Notes to Schedule of Investments are an integral part of this Schedule.
9
Driehaus International Small Cap Growth Fund
Schedule of Investments
March 31, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Spain — 0.80% | ||
Almirall SA | 153,700 | $2,330,555 |
Norway — 0.70% | ||
Nordic Semiconductor ASA * | 113,100 | 2,027,116 |
Italy — 0.54% | ||
FinecoBank Banca Fineco SpA * | 95,396 | 1,561,158 |
Total EUROPE (Cost $143,719,064) | 190,499,109 | |
FAR EAST — 20.56% | ||
Japan — 16.56% | ||
ASKUL Corp. | 102,825 | 3,928,198 |
Capcom Co. Ltd. | 46,000 | 1,493,520 |
Fujitec Co. Ltd. | 118,650 | 2,526,771 |
Hennge KK * | 43,800 | 2,923,296 |
Ibiden Co. Ltd. | 74,500 | 3,424,746 |
Iwatani Corp. | 23,700 | 1,461,919 |
Lasertec Corp. | 15,206 | 1,994,049 |
MINEBEA MITSUMI, Inc. | 82,354 | 2,104,127 |
MISUMI Group, Inc. | 109,900 | 3,191,045 |
Nichias Corp. | 68,430 | 1,736,630 |
NSK Ltd. | 231,300 | 2,370,969 |
Raccoon Holdings, Inc. | 113,900 | 2,781,536 |
Sugi Holdings Co. Ltd. | 23,278 | 1,843,740 |
Takeuchi Manufacturing Co. Ltd. | 100,500 | 2,809,189 |
TechnoPro Holdings, Inc. | 19,687 | 1,639,324 |
THK Co. Ltd. | 114,523 | 3,961,374 |
Tokai Carbon Co. Ltd. | 174,400 | 2,814,656 |
Tokyo Tatemono Co. Ltd. | 163,355 | 2,480,016 |
ZOZO, Inc. | 90,900 | 2,684,516 |
48,169,621 | ||
Taiwan — 1.69% | ||
Giant Manufacturing Co. Ltd. | 317,589 | 3,828,921 |
Hiwin Technologies Corp. | 76,046 | 1,072,741 |
4,901,662 | ||
Australia — 1.15% | ||
Bigtincan Holdings Ltd. * | 1,981,505 | 1,301,870 |
NEXTDC Ltd. * | 257,437 | 2,037,488 |
3,339,358 | ||
China — 0.62% | ||
Burning Rock Biotech Ltd. - ADR 2,* | 57,300 | 1,542,516 |
Genetron Holdings Ltd. 2,* | 11,753 | 252,220 |
1,794,736 | ||
South Korea — 0.54% | ||
Douzone Bizon Co. Ltd. | 16,668 | 1,446,254 |
Shares, Principal Amount, or Number of Contracts | Value | |
NHN KCP Corp. * | 2,982 | $132,006 |
1,578,260 | ||
Total FAR EAST (Cost $45,349,657) | 59,783,637 | |
NORTH AMERICA — 8.33% | ||
Canada — 7.63% | ||
Altus Group Ltd. | 47,900 | 2,303,713 |
AutoCanada, Inc. * | 103,100 | 2,510,432 |
Boardwalk REIT | 71,870 | 2,076,549 |
Canada Goose Holdings, Inc. 2,* | 40,700 | 1,597,475 |
Docebo, Inc. * | 47,600 | 2,045,357 |
Intertape Polymer Group, Inc. | 182,600 | 4,068,433 |
K92 Mining, Inc. * | 276,200 | 1,395,616 |
Methanex Corp. | 63,151 | 2,330,160 |
Parkland Corp. | 46,682 | 1,402,652 |
Sleep Country Canada Holdings, Inc. 1 | 96,600 | 2,441,327 |
22,171,714 | ||
Mexico — 0.45% | ||
Grupo Cementos de Chihuahua SAB de CV | 190,586 | 1,315,206 |
United States — 0.25% | ||
MaxCyte, Inc. * | 60,500 | 733,967 |
Total NORTH AMERICA (Cost $20,183,084) | 24,220,887 | |
SOUTH AMERICA — 2.23% | ||
Brazil — 2.23% | ||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 480,000 | 2,102,103 |
Embraer SA * | 1,040,700 | 2,603,298 |
Meliuz SA * | 408,800 | 1,786,659 |
6,492,060 | ||
Total SOUTH AMERICA (Cost $6,788,434) | 6,492,060 | |
MIDDLE EAST — 0.60% | ||
Israel — 0.60% | ||
Kornit Digital Ltd. 2,* | 17,704 | 1,754,820 |
Total MIDDLE EAST (Cost $834,480) | 1,754,820 | |
Total COMMON STOCKS (Cost $216,874,719) | 282,750,513 |
Notes to Schedule of Investments are an integral part of this Schedule.
10
Driehaus International Small Cap Growth Fund
Schedule of Investments
March 31, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | ||
SHORT TERM INVESTMENTS — 2.73% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.03%3 (Cost $7,935,789) | 7,935,789 | $7,935,789 | |
TOTAL INVESTMENTS (Cost $224,810,508) | 99.95% | $290,686,302 | |
Other Assets In Excess of Liabilities | 0.05% | 131,282 | |
Net Assets | 100.00% | $290,817,584 |
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. The total value of these securities is $28,622,372, which represents 10% of Net Assets. |
2 | Foreign security denominated and traded in U.S. dollars. |
3 | 7 day current yield as of March 31, 2021, is disclosed. |
* | 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.
11
Driehaus Micro Cap Growth Fund
Schedule of Investments
March 31, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 99.97% | ||
HEALTH CARE — 24.06% | ||
Biotechnology — 12.99% | ||
Apellis Pharmaceuticals, Inc.* | 39,102 | $1,677,867 |
Applied Therapeutics, Inc.* | 72,991 | 1,368,946 |
Avid Bioservices, Inc.* | 99,403 | 1,812,117 |
Aziyo Biologics, Inc. - A* | 45,309 | 626,170 |
Black Diamond Therapeutics, Inc.* | 32,143 | 779,789 |
Celldex Therapeutics, Inc.* | 47,289 | 974,154 |
Cogent Biosciences, Inc.* | 68,109 | 597,997 |
Crinetics Pharmaceuticals, Inc.* | 131,312 | 2,006,447 |
Cytokinetics, Inc.* | 198,322 | 4,612,970 |
Essa Pharma, Inc.1,* | 52,543 | 1,526,374 |
Gamida Cell Ltd.1,* | 144,397 | 1,168,172 |
Merus NV1,* | 82,625 | 1,726,036 |
Mirati Therapeutics, Inc.* | 8,058 | 1,380,335 |
Mirum Pharmaceuticals, Inc.* | 54,329 | 1,076,801 |
Morphic Holding, Inc.* | 16,516 | 1,045,133 |
Natera, Inc.* | 52,874 | 5,368,826 |
Olema Pharmaceuticals, Inc.* | 25,475 | 845,261 |
PMV Pharmaceuticals, Inc.* | 31,933 | 1,050,276 |
ProQR Therapeutics NV1,* | 270,676 | 1,789,168 |
Relay Therapeutics, Inc.* | 120,021 | 4,149,126 |
SpringWorks Therapeutics, Inc.* | 84,775 | 6,236,897 |
Turning Point Therapeutics, Inc.* | 19,579 | 1,851,978 |
Twist Bioscience Corp.* | 11,215 | 1,389,090 |
Xenon Pharmaceuticals, Inc.1,* | 80,757 | 1,445,550 |
Y-mAbs Therapeutics, Inc.* | 52,316 | 1,582,036 |
48,087,516 | ||
Health Care Equipment & Supplies — 4.71% | ||
Alphatec Holdings, Inc.* | 236,446 | 3,733,482 |
Axonics Modulation Technologies, Inc.* | 57,109 | 3,420,258 |
CryoPort, Inc.* | 54,840 | 2,852,229 |
Pulmonx Corp.* | 31,230 | 1,428,460 |
SeaSpine Holdings Corp.* | 98,126 | 1,707,392 |
SI-BONE, Inc.* | 84,023 | 2,672,772 |
Sientra, Inc.* | 225,827 | 1,646,279 |
17,460,872 | ||
Health Care Providers & Services — 2.10% | ||
AdaptHealth Corp.* | 73,556 | 2,703,919 |
Castle Biosciences, Inc.* | 54,499 | 3,731,001 |
Fulgent Genetics, Inc.* | 13,905 | 1,343,501 |
7,778,421 | ||
Health Care Technology — 1.77% | ||
Inspire Medical Systems, Inc.* | 22,101 | 4,574,686 |
Phreesia, Inc.* | 37,906 | 1,974,903 |
6,549,589 |
Shares, Principal Amount, or Number of Contracts | Value | |
Life Sciences Tools & Services — 1.64% | ||
NeoGenomics, Inc.* | 68,642 | $3,310,604 |
Quanterix Corp.* | 47,281 | 2,764,520 |
6,075,124 | ||
Pharmaceuticals — 0.85% | ||
EyePoint Pharmaceuticals, Inc.* | 114,331 | 1,161,603 |
Fulcrum Therapeutics, Inc.* | 94,360 | 1,111,561 |
Revance Therapeutics, Inc.* | 31,206 | 872,207 |
3,145,371 | ||
Total HEALTH CARE (Cost $53,486,750) | 89,096,893 | |
CONSUMER DISCRETIONARY — 21.80% | ||
Hotels, Restaurants & Leisure — 5.49% | ||
Bally's Corp.* | 86,254 | 5,604,785 |
BJ's Restaurants, Inc.* | 45,978 | 2,670,402 |
Everi Holdings, Inc.* | 241,764 | 3,411,290 |
Full House Resorts, Inc.* | 199,726 | 1,699,668 |
GAN Ltd.1,* | 106,306 | 1,934,769 |
Lindblad Expeditions Holdings, Inc.* | 124,232 | 2,347,985 |
NEOGAMES SA1,* | 74,720 | 2,672,735 |
20,341,634 | ||
Specialty Retail — 4.66% | ||
At Home Group, Inc.* | 82,951 | 2,380,694 |
Boot Barn Holdings, Inc.* | 77,901 | 4,854,011 |
Designer Brands, Inc. - A* | 159,138 | 2,769,001 |
GrowGeneration Corp.* | 145,901 | 7,249,821 |
17,253,527 | ||
Internet & Direct Marketing Retail — 3.54% | ||
CarParts.com, Inc.* | 100,085 | 1,429,214 |
Liquidity Services, Inc.* | 60,188 | 1,118,293 |
Magnite, Inc.* | 164,061 | 6,826,578 |
PubMatic, Inc. - A* | 75,259 | 3,711,774 |
13,085,859 | ||
Auto Components — 2.92% | ||
Fox Factory Holding Corp.* | 26,397 | 3,354,003 |
Modine Manufacturing Co.* | 122,567 | 1,810,314 |
Patrick Industries, Inc. | 20,640 | 1,754,400 |
XPEL, Inc.* | 75,218 | 3,906,071 |
10,824,788 | ||
Household Durables — 2.46% | ||
Skyline Champion Corp.* | 63,284 | 2,864,234 |
The Lovesac Co.* | 72,910 | 4,126,706 |
VOXX International Corp.* | 109,943 | 2,095,513 |
9,086,453 | ||
Leisure Products — 2.09% | ||
Malibu Boats, Inc. - A* | 46,175 | 3,679,224 |
Notes to Schedule of Investments are an integral part of this Schedule.
12
Driehaus Micro Cap Growth Fund
Schedule of Investments
March 31, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Vista Outdoor, Inc.* | 127,013 | $4,073,307 |
7,752,531 | ||
Textiles, Apparel & Luxury Goods — 0.64% | ||
Crocs, Inc.* | 29,498 | 2,373,114 |
Total CONSUMER DISCRETIONARY (Cost $44,894,206) | 80,717,906 | |
INFORMATION TECHNOLOGY — 20.70% | ||
Semiconductors & Semiconductor Equipment — 8.03% | ||
ACM Research, Inc. - A* | 27,399 | 2,213,565 |
Axcelis Technologies, Inc.* | 84,750 | 3,482,378 |
AXT, Inc.* | 86,940 | 1,013,720 |
Camtek Ltd.1,* | 74,007 | 2,212,809 |
Cohu, Inc.* | 66,923 | 2,800,058 |
FormFactor, Inc.* | 68,586 | 3,093,915 |
Impinj, Inc.* | 47,721 | 2,713,893 |
SiTime Corp.* | 50,910 | 5,019,726 |
Ultra Clean Holdings, Inc.* | 123,748 | 7,182,334 |
29,732,398 | ||
Software — 6.20% | ||
Avaya Holdings Corp.* | 139,516 | 3,910,634 |
ChannelAdvisor Corp.* | 227,935 | 5,367,869 |
Digital Turbine, Inc.* | 64,791 | 5,206,605 |
Docebo, Inc.1,* | 64,157 | 2,751,694 |
fuboTV, Inc.* | 68,642 | 1,518,361 |
RealNetworks, Inc.* | 122,989 | 522,703 |
Veritone, Inc.* | 47,596 | 1,141,352 |
Viant Technology, Inc. - A* | 47,808 | 2,528,565 |
22,947,783 | ||
Communications Equipment — 4.12% | ||
Aviat Networks, Inc.* | 30,915 | 2,196,202 |
Calix, Inc.* | 170,624 | 5,913,828 |
Cambium Networks Corp.* | 110,517 | 5,163,354 |
Sierra Wireless, Inc.1,* | 135,843 | 2,006,401 |
15,279,785 | ||
IT Services — 1.85% | ||
Brightcove, Inc.* | 92,194 | 1,854,943 |
Endava PLC - SP ADR1,* | 36,437 | 3,085,850 |
Grid Dynamics Holdings, Inc.* | 120,005 | 1,911,680 |
6,852,473 | ||
Electronic Equipment, Instruments & Components — 0.50% | ||
nLight, Inc.* | 57,046 | 1,848,290 |
Total INFORMATION TECHNOLOGY (Cost $53,000,626) | 76,660,729 | |
INDUSTRIALS — 12.68% | ||
Machinery — 5.54% | ||
Agrify Corp.* | 165,072 | 2,060,099 |
Shares, Principal Amount, or Number of Contracts | Value | |
Chart Industries, Inc.* | 40,072 | $5,704,249 |
Hydrofarm Holdings Group, Inc.* | 57,392 | 3,461,886 |
Terex Corp. | 93,132 | 4,290,591 |
The Shyft Group, Inc. | 98,431 | 3,661,633 |
Westport Fuel Systems, Inc.1,* | 184,279 | 1,324,966 |
20,503,424 | ||
Airlines — 2.19% | ||
Mesa Air Group, Inc.* | 112,395 | 1,511,713 |
Spirit Airlines, Inc.* | 119,313 | 4,402,649 |
Sun Country Airlines Holdings, Inc.* | 63,885 | 2,189,978 |
8,104,340 | ||
Commercial Services & Supplies — 1.06% | ||
Montrose Environmental Group, Inc.* | 78,430 | 3,936,402 |
Electrical Equipment — 0.96% | ||
TPI Composites, Inc.* | 25,149 | 1,419,158 |
Vicor Corp.* | 25,144 | 2,137,994 |
3,557,152 | ||
Aerospace & Defense — 0.90% | ||
Embraer SA - SP ADR1,* | 331,692 | 3,320,237 |
Marine — 0.76% | ||
Star Bulk Carriers Corp.1,* | 190,644 | 2,798,654 |
Professional Services — 0.53% | ||
Rekor Systems, Inc.* | 98,118 | 1,961,379 |
Construction & Engineering — 0.42% | ||
NV5 Global, Inc.* | 16,216 | 1,565,979 |
Road & Rail — 0.32% | ||
HyreCar, Inc.* | 122,907 | 1,204,488 |
Total INDUSTRIALS (Cost $33,144,759) | 46,952,055 | |
FINANCIALS — 7.48% | ||
Banks — 3.70% | ||
Live Oak Bancshares, Inc. | 76,175 | 5,217,226 |
Silvergate Capital Corp. - A* | 28,207 | 4,010,189 |
Triumph Bancorp, Inc.* | 57,699 | 4,465,325 |
13,692,740 | ||
Insurance — 1.53% | ||
BRP Group, Inc. - A* | 75,626 | 2,060,808 |
Goosehead Insurance, Inc. - A | 15,965 | 1,711,129 |
Midwest Holding, Inc.* | 16,035 | 801,590 |
Trean Insurance Group, Inc.* | 67,341 | 1,087,557 |
5,661,084 | ||
Capital Markets — 1.42% | ||
Cowen, Inc. - A | 80,790 | 2,839,769 |
Open Lending Corp. - A* | 68,529 | 2,427,297 |
5,267,066 |
Notes to Schedule of Investments are an integral part of this Schedule.
13
Driehaus Micro Cap Growth Fund
Schedule of Investments
March 31, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Thrifts & Mortgage Finance — 0.83% | ||
Meta Financial Group, Inc. | 67,955 | $3,079,041 |
Total FINANCIALS (Cost $12,622,006) | 27,699,931 | |
CONSUMER STAPLES — 5.47% | ||
Food Products — 2.32% | ||
Laird Superfood, Inc.* | 27,439 | 1,028,139 |
SunOpta, Inc.1,* | 260,066 | 3,841,175 |
Village Farms International, Inc.1,* | 280,324 | 3,708,687 |
8,578,001 | ||
Beverages — 2.14% | ||
Celsius Holdings, Inc.* | 128,510 | 6,174,905 |
The Duckhorn Portfolio, Inc.* | 103,784 | 1,741,496 |
7,916,401 | ||
Tobacco — 1.01% | ||
Turning Point Brands, Inc. | 71,892 | 3,750,605 |
Total CONSUMER STAPLES (Cost $12,819,976) | 20,245,007 | |
ENERGY — 4.44% | ||
Oil, Gas & Consumable Fuels — 3.29% | ||
Bonanza Creek Energy, Inc.* | 46,087 | 1,646,689 |
Clean Energy Fuels Corp.* | 150,675 | 2,070,274 |
Green Plains, Inc.* | 125,209 | 3,389,408 |
Matador Resources Co. | 217,205 | 5,093,457 |
12,199,828 | ||
Energy Equipment & Services — 1.15% | ||
Aspen Aerogels, Inc.* | 129,025 | 2,624,368 |
DMC Global, Inc.* | 30,203 | 1,638,815 |
4,263,183 | ||
Total ENERGY (Cost $13,192,293) | 16,463,011 | |
COMMUNICATION SERVICES — 2.46% | ||
Media — 1.61% | ||
Cardlytics, Inc.* | 23,414 | 2,568,516 |
Perion Network Ltd.1,* | 189,739 | 3,396,328 |
5,964,844 | ||
Interactive Media & Services — 0.58% | ||
Eventbrite, Inc. - A* | 97,252 | 2,155,104 |
Entertainment — 0.27% | ||
Motorsport Games, Inc. - A* | 42,133 | 980,014 |
Total COMMUNICATION SERVICES (Cost $6,804,138) | 9,099,962 |
Shares, Principal Amount, or Number of Contracts | Value | ||
UTILITIES — 0.59% | |||
Independent Power and Renewable Electricity Producers — 0.59% | |||
Sunnova Energy International, Inc.* | 53,828 | $2,197,259 | |
Total UTILITIES (Cost $577,976) | 2,197,259 | ||
MATERIALS — 0.29% | |||
Construction Materials — 0.29% | |||
View, Inc.* | 144,798 | 1,071,505 | |
Total MATERIALS (Cost $1,589,045) | 1,071,505 | ||
Total COMMON STOCKS (Cost $232,131,775) | 370,204,258 | ||
SHORT TERM INVESTMENTS — 0.10% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.03%2 (Cost $345,107) | 345,107 | 345,107 | |
TOTAL INVESTMENTS (Cost $232,476,882) | 100.07% | $370,549,365 | |
Liabilities In Excess of Other Assets | (0.07)% | (244,207) | |
Net Assets | 100.00% | $370,305,158 |
PLC | Public Limited Company |
SP ADR | Sponsored American Depositary Receipt |
1 | Foreign security denominated and traded in U.S. dollars. |
2 | 7 day current yield as of March 31, 2021, is disclosed. |
* | 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.
14
Driehaus Small Cap Growth Fund
Schedule of Investments
March 31, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 99.88% | ||
CONSUMER DISCRETIONARY — 20.66% | ||
Hotels, Restaurants & Leisure — 6.09% | ||
Brinker International, Inc.* | 76,639 | $5,445,967 |
Caesars Entertainment, Inc.* | 65,087 | 5,691,858 |
Churchill Downs, Inc. | 16,329 | 3,713,541 |
SeaWorld Entertainment, Inc.* | 75,037 | 3,727,088 |
Six Flags Entertainment Corp.* | 73,890 | 3,433,668 |
Texas Roadhouse, Inc.* | 22,492 | 2,157,883 |
24,170,005 | ||
Specialty Retail — 4.11% | ||
American Eagle Outfitters, Inc. | 66,200 | 1,935,688 |
GrowGeneration Corp.* | 90,647 | 4,504,249 |
Lithia Motors, Inc. - A | 16,859 | 6,576,527 |
Urban Outfitters, Inc.* | 88,129 | 3,277,518 |
16,293,982 | ||
Textiles, Apparel & Luxury Goods — 4.11% | ||
Crocs, Inc.* | 78,872 | 6,345,252 |
Deckers Outdoor Corp.* | 15,142 | 5,003,220 |
Tapestry, Inc.* | 119,790 | 4,936,546 |
16,285,018 | ||
Auto Components — 2.24% | ||
Fox Factory Holding Corp.* | 28,370 | 3,604,692 |
Gentherm, Inc.* | 39,468 | 2,924,974 |
Visteon Corp.* | 19,432 | 2,369,732 |
8,899,398 | ||
Internet & Direct Marketing Retail — 1.88% | ||
Magnite, Inc.* | 79,686 | 3,315,735 |
PubMatic, Inc. - A* | 84,260 | 4,155,703 |
7,471,438 | ||
Leisure Products — 1.00% | ||
BRP, Inc.1 | 45,595 | 3,963,117 |
Automobiles — 0.73% | ||
Winnebago Industries, Inc. | 37,444 | 2,872,329 |
Diversified Consumer Services — 0.49% | ||
Chegg, Inc.* | 22,784 | 1,951,678 |
Household Durables — 0.01% | ||
ACV Auctions, Inc. - A* | 1,337 | 46,274 |
Total CONSUMER DISCRETIONARY (Cost $51,528,553) | 81,953,239 | |
HEALTH CARE — 20.41% | ||
Biotechnology — 12.59% | ||
Argenx SE - ADR1,* | 6,013 | 1,655,920 |
Blueprint Medicines Corp.* | 30,888 | 3,003,240 |
Cytokinetics, Inc.* | 165,236 | 3,843,389 |
Halozyme Therapeutics, Inc.* | 118,711 | 4,949,062 |
Invitae Corp.* | 160,410 | 6,129,266 |
Shares, Principal Amount, or Number of Contracts | Value | |
Mirati Therapeutics, Inc.* | 9,278 | $1,589,321 |
Morphic Holding, Inc.* | 17,191 | 1,087,847 |
Natera, Inc.* | 78,872 | 8,008,663 |
Olink Holding AB - ADR1,* | 43,753 | 1,575,108 |
Relay Therapeutics, Inc.* | 151,350 | 5,232,170 |
REVOLUTION Medicines, Inc.* | 49,206 | 2,257,571 |
SpringWorks Therapeutics, Inc.* | 97,278 | 7,156,743 |
Turning Point Therapeutics, Inc.* | 20,744 | 1,962,175 |
Twist Bioscience Corp.* | 12,155 | 1,505,518 |
49,955,993 | ||
Health Care Equipment & Supplies — 2.51% | ||
AtriCure, Inc.* | 30,446 | 1,994,822 |
CryoPort, Inc.* | 31,295 | 1,627,653 |
Inari Medical, Inc.* | 30,521 | 3,265,747 |
SI-BONE, Inc.* | 96,104 | 3,057,068 |
9,945,290 | ||
Health Care Providers & Services — 1.94% | ||
AdaptHealth Corp.* | 80,385 | 2,954,952 |
AMN Healthcare Services, Inc.* | 35,543 | 2,619,519 |
Guardant Health, Inc.* | 13,995 | 2,136,337 |
7,710,808 | ||
Life Sciences Tools & Services — 1.80% | ||
Maravai LifeSciences Holdings, Inc. - A* | 77,453 | 2,760,425 |
NeoGenomics, Inc.* | 41,557 | 2,004,294 |
Repligen Corp.* | 12,116 | 2,355,472 |
7,120,191 | ||
Health Care Technology — 1.05% | ||
Inspire Medical Systems, Inc.* | 20,184 | 4,177,886 |
Pharmaceuticals — 0.52% | ||
Intra-Cellular Therapies, Inc.* | 60,703 | 2,059,653 |
Total HEALTH CARE (Cost $49,871,612) | 80,969,821 | |
INDUSTRIALS — 19.86% | ||
Machinery — 6.79% | ||
Chart Industries, Inc.* | 42,989 | 6,119,484 |
Gates Industrial Corp. PLC* | 206,121 | 3,295,875 |
Hydrofarm Holdings Group, Inc.* | 53,027 | 3,198,589 |
Kornit Digital Ltd.1,* | 31,200 | 3,092,544 |
Terex Corp. | 93,936 | 4,327,631 |
The Greenbrier Cos., Inc. | 44,930 | 2,121,595 |
The Shyft Group, Inc. | 128,627 | 4,784,924 |
26,940,642 | ||
Airlines — 3.40% | ||
Alaska Air Group, Inc.* | 89,853 | 6,218,726 |
Allegiant Travel Co.* | 20,280 | 4,949,537 |
Notes to Schedule of Investments are an integral part of this Schedule.
15
Driehaus Small Cap Growth Fund
Schedule of Investments
March 31, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Sun Country Airlines Holdings, Inc.* | 67,578 | $2,316,574 |
13,484,837 | ||
Electrical Equipment — 3.40% | ||
CM Life Sciences, Inc. - A* | 95,092 | 1,415,920 |
Generac Holdings, Inc.* | 15,284 | 5,004,746 |
Plug Power, Inc.* | 87,172 | 3,124,244 |
Vicor Corp.* | 46,158 | 3,924,815 |
13,469,725 | ||
Building Products — 1.25% | ||
Advanced Drainage Systems, Inc. | 24,135 | 2,495,317 |
Trex Co., Inc.* | 26,883 | 2,460,870 |
4,956,187 | ||
Road & Rail — 1.13% | ||
Avis Budget Group, Inc.* | 32,756 | 2,376,120 |
Saia, Inc.* | 9,190 | 2,119,030 |
4,495,150 | ||
Professional Services — 1.11% | ||
ASGN, Inc.* | 27,087 | 2,585,183 |
Exponent, Inc. | 18,719 | 1,824,167 |
4,409,350 | ||
Trading Companies & Distributors — 1.04% | ||
H&E Equipment Services, Inc. | 108,118 | 4,108,484 |
Aerospace & Defense — 0.99% | ||
AeroVironment, Inc.* | 17,395 | 2,018,864 |
Axon Enterprise, Inc.* | 13,357 | 1,902,304 |
3,921,168 | ||
Marine — 0.75% | ||
Star Bulk Carriers Corp.1,* | 203,202 | 2,983,005 |
Total INDUSTRIALS (Cost $54,606,179) | 78,768,548 | |
INFORMATION TECHNOLOGY — 19.21% | ||
Semiconductors & Semiconductor Equipment — 8.25% | ||
Ambarella, Inc.* | 16,350 | 1,641,377 |
Axcelis Technologies, Inc.* | 51,215 | 2,104,424 |
Cohu, Inc.* | 72,085 | 3,016,037 |
FormFactor, Inc.* | 43,158 | 1,946,857 |
Lattice Semiconductor Corp.* | 55,667 | 2,506,128 |
SiTime Corp.* | 58,843 | 5,801,920 |
Synaptics, Inc.* | 61,762 | 8,363,810 |
Ultra Clean Holdings, Inc.* | 126,577 | 7,346,529 |
32,727,082 | ||
Software — 7.40% | ||
Avaya Holdings Corp.* | 212,412 | 5,953,908 |
ChannelAdvisor Corp.* | 161,530 | 3,804,032 |
Docebo, Inc.1,* | 57,737 | 2,476,340 |
Five9, Inc.* | 14,857 | 2,322,595 |
Shares, Principal Amount, or Number of Contracts | Value | |
fuboTV, Inc.* | 40,980 | $906,478 |
RingCentral, Inc. - A* | 6,040 | 1,799,195 |
Sprout Social, Inc. - A* | 34,424 | 1,988,330 |
Teradata Corp.* | 110,736 | 4,267,765 |
Viant Technology, Inc. - A* | 73,150 | 3,868,903 |
Zscaler, Inc.* | 11,355 | 1,949,313 |
29,336,859 | ||
Communications Equipment — 2.45% | ||
Calix, Inc.* | 144,149 | 4,996,205 |
Cambium Networks Corp.* | 58,599 | 2,737,745 |
Sierra Wireless, Inc.1,* | 133,242 | 1,967,984 |
9,701,934 | ||
IT Services — 0.62% | ||
Endava PLC - SP ADR1,* | 29,286 | 2,480,231 |
Electronic Equipment, Instruments & Components — 0.49% | ||
nLight, Inc.* | 60,309 | 1,954,012 |
Total INFORMATION TECHNOLOGY (Cost $54,517,130) | 76,200,118 | |
FINANCIALS — 5.99% | ||
Banks — 4.26% | ||
Live Oak Bancshares, Inc. | 38,849 | 2,660,768 |
Triumph Bancorp, Inc.* | 62,529 | 4,839,119 |
Vizio Holding Corp. - A* | 168,546 | 4,087,241 |
Western Alliance Bancorp | 56,217 | 5,309,133 |
16,896,261 | ||
Thrifts & Mortgage Finance — 0.83% | ||
NMI Holdings, Inc. - A* | 138,563 | 3,275,630 |
Capital Markets — 0.54% | ||
Open Lending Corp. - A* | 60,893 | 2,156,830 |
Insurance — 0.36% | ||
Goosehead Insurance, Inc. - A | 13,438 | 1,440,285 |
Total FINANCIALS (Cost $15,917,306) | 23,769,006 | |
ENERGY — 4.56% | ||
Oil, Gas & Consumable Fuels — 3.40% | ||
Cimarex Energy Co. | 105,748 | 6,280,374 |
Clean Energy Fuels Corp.* | 365,832 | 5,026,531 |
Magnolia Oil & Gas Corp. - A* | 188,929 | 2,168,905 |
13,475,810 | ||
Energy Equipment & Services — 1.16% | ||
Cactus, Inc. - A | 150,182 | 4,598,573 |
Total ENERGY (Cost $13,331,465) | 18,074,383 | |
MATERIALS — 4.53% | ||
Metals & Mining — 2.25% | ||
Cleveland-Cliffs, Inc. | 241,847 | 4,863,543 |
Notes to Schedule of Investments are an integral part of this Schedule.
16
Driehaus Small Cap Growth Fund
Schedule of Investments
March 31, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
MP Materials Corp.* | 112,752 | $4,053,435 |
8,916,978 | ||
Chemicals — 1.53% | ||
The Scotts Miracle-Gro Co. | 7,948 | 1,947,021 |
Tronox Holdings PLC - A1 | 226,516 | 4,145,243 |
6,092,264 | ||
Construction Materials — 0.75% | ||
Summit Materials, Inc. - A* | 105,646 | 2,960,201 |
Total MATERIALS (Cost $13,599,859) | 17,969,443 | |
COMMUNICATION SERVICES — 2.38% | ||
Entertainment — 1.35% | ||
Roku, Inc.* | 16,404 | 5,343,931 |
Media — 1.03% | ||
Cardlytics, Inc.* | 37,498 | 4,113,531 |
Total COMMUNICATION SERVICES (Cost $6,017,746) | 9,457,462 | |
CONSUMER STAPLES — 1.78% | ||
Beverages — 1.23% | ||
Celsius Holdings, Inc.* | 62,976 | 3,025,997 |
The Duckhorn Portfolio, Inc.* | 109,359 | 1,835,044 |
4,861,041 | ||
Food Products — 0.55% | ||
Freshpet, Inc.* | 13,845 | 2,198,724 |
Total CONSUMER STAPLES (Cost $4,421,691) | 7,059,765 | |
UTILITIES — 0.50% | ||
Independent Power and Renewable Electricity Producers — 0.50% | ||
Sunnova Energy International, Inc.* | 48,805 | 1,992,220 |
Total UTILITIES (Cost $813,522) | 1,992,220 | |
Total COMMON STOCKS (Cost $264,625,063) | 396,214,005 |
Shares, Principal Amount, or Number of Contracts | Value | ||
SHORT TERM INVESTMENTS — 0.50% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.03%2 (Cost $1,960,367) | 1,960,367 | $1,960,367 | |
TOTAL INVESTMENTS (Cost $266,585,430) | 100.38% | $398,174,372 | |
Liabilities In Excess of Other Assets | (0.38)% | (1,495,967) | |
Net Assets | 100.00% | $396,678,405 |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
SP ADR | Sponsored American Depositary Receipt |
1 | Foreign security denominated and traded in U.S. dollars. |
2 | 7 day current yield as of March 31, 2021, is disclosed. |
* | 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.
17
Driehaus Small/Mid Cap Growth Fund
Schedule of Investments
March 31, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 99.59% | ||
INFORMATION TECHNOLOGY — 23.74% | ||
Semiconductors & Semiconductor Equipment — 10.55% | ||
Ambarella, Inc.* | 861 | $86,436 |
Amkor Technology, Inc. | 9,434 | 223,680 |
Cohu, Inc.* | 3,337 | 139,620 |
Enphase Energy, Inc.* | 1,114 | 180,646 |
Lattice Semiconductor Corp.* | 2,858 | 128,667 |
MKS Instruments, Inc. | 2,254 | 417,937 |
Monolithic Power Systems, Inc. | 369 | 130,334 |
Paysafe Ltd.1,* | 7,085 | 95,648 |
Qorvo, Inc.* | 1,068 | 195,124 |
SiTime Corp.* | 1,737 | 171,268 |
Synaptics, Inc.* | 3,260 | 441,469 |
2,210,829 | ||
Software — 7.88% | ||
Avaya Holdings Corp.* | 10,324 | 289,381 |
Coupa Software, Inc.* | 352 | 89,577 |
DocuSign, Inc.* | 481 | 97,378 |
Five9, Inc.* | 1,727 | 269,982 |
HubSpot, Inc.* | 337 | 153,069 |
RingCentral, Inc. - A* | 359 | 106,939 |
Sprout Social, Inc. - A* | 1,792 | 103,506 |
Teradata Corp.* | 5,870 | 226,230 |
Zscaler, Inc.* | 1,827 | 313,641 |
1,649,703 | ||
IT Services — 2.80% | ||
Endava PLC - SP ADR1,* | 1,908 | 161,589 |
EPAM System, Inc.* | 436 | 172,957 |
MongoDB, Inc.* | 938 | 250,849 |
585,395 | ||
Electronic Equipment, Instruments & Components — 1.37% | ||
Trimble, Inc.* | 3,690 | 287,045 |
Communications Equipment — 1.14% | ||
Calix, Inc.* | 6,917 | 239,743 |
Total INFORMATION TECHNOLOGY (Cost $4,323,323) | 4,972,715 | |
CONSUMER DISCRETIONARY — 23.48% | ||
Hotels, Restaurants & Leisure — 7.15% | ||
Brinker International, Inc.* | 3,671 | 260,861 |
Caesars Entertainment, Inc.* | 3,513 | 307,212 |
Chipotle Mexican Grill, Inc.* | 68 | 96,616 |
Churchill Downs, Inc. | 940 | 213,775 |
Planet Fitness, Inc. - A* | 1,901 | 146,947 |
SeaWorld Entertainment, Inc.* | 3,502 | 173,945 |
Six Flags Entertainment Corp.* | 3,906 | 181,512 |
Vail Resorts, Inc.* | 402 | 117,247 |
1,498,115 |
Shares, Principal Amount, or Number of Contracts | Value | |
Textiles, Apparel & Luxury Goods — 5.07% | ||
Crocs, Inc.* | 4,457 | $358,566 |
Deckers Outdoor Corp.* | 892 | 294,735 |
Tapestry, Inc.* | 6,093 | 251,092 |
Under Armour, Inc. - A* | 7,105 | 157,447 |
1,061,840 | ||
Specialty Retail — 5.06% | ||
American Eagle Outfitters, Inc. | 3,571 | 104,416 |
Five Below, Inc.* | 1,164 | 222,079 |
Lithia Motors, Inc. - A | 876 | 341,719 |
Petco Health & Wellness Co., Inc.* | 3,785 | 83,875 |
RH* | 178 | 106,195 |
The Gap, Inc.* | 3,696 | 110,067 |
Ulta Beauty, Inc.* | 298 | 92,133 |
1,060,484 | ||
Auto Components — 2.56% | ||
Fox Factory Holding Corp.* | 1,436 | 182,458 |
Gentex Corp. | 2,877 | 102,623 |
Gentherm, Inc.* | 1,719 | 127,395 |
Visteon Corp.* | 1,009 | 123,047 |
535,523 | ||
Leisure Products — 1.57% | ||
BRP, Inc.1 | 2,618 | 227,557 |
Brunswick Corp. | 1,055 | 100,615 |
328,172 | ||
Internet & Direct Marketing Retail — 1.16% | ||
Magnite, Inc.* | 3,465 | 144,179 |
PubMatic, Inc. - A* | 2,005 | 98,886 |
243,065 | ||
Diversified Consumer Services — 0.49% | ||
Chegg, Inc.* | 1,207 | 103,392 |
Household Durables — 0.42% | ||
ACV Auctions, Inc. - A* | 2,546 | 88,117 |
Total CONSUMER DISCRETIONARY (Cost $4,169,898) | 4,918,708 | |
INDUSTRIALS — 18.92% | ||
Machinery — 6.51% | ||
AGCO Corp. | 2,085 | 299,510 |
Chart Industries, Inc.* | 1,577 | 224,486 |
Colfax Corp.* | 2,809 | 123,062 |
Gates Industrial Corp. PLC* | 13,817 | 220,934 |
Terex Corp. | 4,925 | 226,895 |
The Middleby Corp.* | 680 | 112,710 |
The Toro Co. | 1,520 | 156,773 |
1,364,370 |
Notes to Schedule of Investments are an integral part of this Schedule.
18
Driehaus Small/Mid Cap Growth Fund
Schedule of Investments
March 31, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Electrical Equipment — 3.25% | ||
CM Life Sciences, Inc. - A* | 5,007 | $74,554 |
Generac Holdings, Inc.* | 1,020 | 333,999 |
Plug Power, Inc.* | 3,188 | 114,258 |
Vicor Corp.* | 1,850 | 157,306 |
680,117 | ||
Airlines — 2.92% | ||
Alaska Air Group, Inc.* | 5,209 | 360,515 |
Allegiant Travel Co.* | 1,033 | 252,114 |
612,629 | ||
Trading Companies & Distributors — 1.89% | ||
United Rentals, Inc.* | 1,205 | 396,818 |
Road & Rail — 1.26% | ||
Avis Budget Group, Inc.* | 1,805 | 130,935 |
Old Dominion Freight Line, Inc. | 551 | 132,466 |
263,401 | ||
Air Freight & Logistics — 0.96% | ||
XPO Logistics, Inc.* | 1,627 | 200,609 |
Professional Services — 0.76% | ||
ASGN, Inc.* | 1,676 | 159,957 |
Aerospace & Defense — 0.70% | ||
Axon Enterprise, Inc.* | 1,024 | 145,838 |
Building Products — 0.67% | ||
Trex Co., Inc.* | 1,524 | 139,507 |
Total INDUSTRIALS (Cost $3,211,248) | 3,963,246 | |
HEALTH CARE — 16.21% | ||
Biotechnology — 10.80% | ||
Alnylam Pharmaceuticals, Inc.* | 772 | 108,999 |
Argenx SE - ADR1,* | 417 | 114,838 |
Ascendis Pharma A/S - ADR1,* | 473 | 60,960 |
Blueprint Medicines Corp.* | 1,167 | 113,467 |
Exact Sciences Corp.* | 1,112 | 146,539 |
Halozyme Therapeutics, Inc.* | 5,498 | 229,212 |
Invitae Corp.* | 9,488 | 362,536 |
Mirati Therapeutics, Inc.* | 417 | 71,432 |
Moderna, Inc.* | 596 | 78,046 |
Natera, Inc.* | 3,538 | 359,249 |
Olink Holding AB - ADR1,* | 2,437 | 87,732 |
Relay Therapeutics, Inc.* | 6,542 | 226,157 |
SpringWorks Therapeutics, Inc.* | 4,110 | 302,373 |
2,261,540 | ||
Life Sciences Tools & Services — 3.05% | ||
Bio-Techne Corp. | 301 | 114,961 |
Maravai LifeSciences Holdings, Inc. - A* | 3,856 | 137,428 |
Medpace Holdings, Inc.* | 909 | 149,121 |
NeoGenomics, Inc.* | 1,991 | 96,026 |
Shares, Principal Amount, or Number of Contracts | Value | |
Repligen Corp.* | 731 | $142,114 |
639,650 | ||
Health Care Providers & Services — 1.63% | ||
AMN Healthcare Services, Inc.* | 2,157 | 158,971 |
Guardant Health, Inc.* | 1,187 | 181,195 |
340,166 | ||
Health Care Equipment & Supplies — 0.73% | ||
Insulet Corp.* | 589 | 153,682 |
Total HEALTH CARE (Cost $3,015,039) | 3,395,038 | |
MATERIALS — 4.59% | ||
Chemicals — 2.84% | ||
CF Industries Holdings, Inc. | 4,824 | 218,913 |
The Scotts Miracle-Gro Co. | 1,103 | 270,202 |
Tronox Holdings PLC - A1 | 5,778 | 105,737 |
594,852 | ||
Metals & Mining — 1.75% | ||
Alcoa Corp.* | 3,539 | 114,982 |
Cleveland-Cliffs, Inc. | 12,469 | 250,752 |
365,734 | ||
Total MATERIALS (Cost $835,102) | 960,586 | |
COMMUNICATION SERVICES — 4.53% | ||
Entertainment — 2.72% | ||
Roku, Inc.* | 1,753 | 571,075 |
Interactive Media & Services — 1.81% | ||
Eventbrite, Inc. - A* | 4,489 | 99,476 |
Pinterest, Inc. - A* | 1,871 | 138,510 |
Snap, Inc. - A* | 2,692 | 140,765 |
378,751 | ||
Total COMMUNICATION SERVICES (Cost $635,348) | 949,826 | |
FINANCIALS — 4.09% | ||
Banks — 4.09% | ||
Signature Bank | 1,054 | 238,309 |
SVB Financial Group* | 398 | 196,477 |
Vizio Holding Corp. - A* | 7,218 | 175,037 |
Western Alliance Bancorp | 2,621 | 247,527 |
857,350 | ||
Total FINANCIALS (Cost $629,770) | 857,350 | |
ENERGY — 4.03% | ||
Oil, Gas & Consumable Fuels — 2.94% | ||
Cimarex Energy Co. | 4,863 | 288,813 |
Diamondback Energy, Inc. | 2,883 | 211,872 |
Notes to Schedule of Investments are an integral part of this Schedule.
19
Driehaus Small/Mid Cap Growth Fund
Schedule of Investments
March 31, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | ||
Magnolia Oil & Gas Corp. - A* | 9,970 | $114,456 | |
615,141 | |||
Energy Equipment & Services — 1.09% | |||
Cactus, Inc. - A | 7,461 | 228,456 | |
Total ENERGY (Cost $775,967) | 843,597 | ||
Total COMMON STOCKS (Cost $17,595,695) | 20,861,066 | ||
SHORT TERM INVESTMENTS — 0.73% | |||
Northern Institutional Funds - U.S. Government Portfolio (Shares Class), 0.00%2 (Cost $152,964) | 152,964 | 152,964 | |
TOTAL INVESTMENTS (Cost $17,748,659) | 100.32% | $21,014,030 | |
Liabilities In Excess of Other Assets | (0.32)% | (66,148) | |
Net Assets | 100.00% | $20,947,882 |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
SP ADR | Sponsored American Depositary Receipt |
1 | Foreign security denominated and traded in U.S. dollars. |
2 | 7 day current yield as of March 31, 2021, is disclosed. |
* | 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.
20
Driehaus Event Driven Fund
Schedule of Investments
March 31, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
CONVERTIBLE CORPORATE BONDS — 1.37% | ||
Healthcare - Services — 1.03% | ||
Progenity, Inc. 7.25%, 12/1/251,2 | $1,510,000 | $1,672,328 |
Pharmaceuticals — 0.34% | ||
Cytokinetics, Inc. 4.00%, 11/15/262 | 229,000 | 544,280 |
Total CONVERTIBLE CORPORATE BONDS (Cost $1,787,501) | 2,216,608 | |
CORPORATE BONDS — 16.11% | ||
Banks — 3.92% | ||
JPMorgan Chase & Co. 3.68%, (3-Month USD Libor + 347 basis points), 12/31/492,3,4 | 3,773,000 | 3,766,397 |
USB Realty Corp. 1.39%, (3-Month USD Libor + 115 basis points), 12/31/491,2,3,4 | 3,348,000 | 2,594,700 |
6,361,097 | ||
Diversified Financial Services — 1.09% | ||
ILFC E-Capital Trust I 4.00%, 12/21/651,2,4,5 | 2,189,000 | 1,773,090 |
Entertainment — 2.11% | ||
Cinemark USA, Inc. 4.88%, 6/1/232 | 3,450,000 | 3,429,127 |
Lodging — 1.21% | ||
Arrow Bidco LLC 9.50%, 3/15/241,2 | 1,985,000 | 1,965,150 |
Oil & Gas — 1.07% | ||
Transocean Pontus Ltd. (Cayman Islands) 6.12%, 8/1/251 | 1,837,875 | 1,736,792 |
Retail — 2.82% | ||
Guitar Center, Inc. 8.50%, 1/15/261 | 2,200,000 | 2,326,500 |
LSF9 Atlantis Holdings LLC / Victra Finance Corp. 7.75%, 2/15/261 | 2,200,000 | 2,251,326 |
4,577,826 | ||
Telecommunications — 2.00% | ||
Cincinnati Bell, Inc. 7.00%, 7/15/241,2 | 1,674,000 | 1,726,313 |
HC2 Holdings, Inc. 8.50%, 2/1/261 | 1,540,000 | 1,526,525 |
3,252,838 |
Shares, Principal Amount, or Number of Contracts | Value | |
Trucking & Leasing — 1.89% | ||
Fortress Transportation and Infrastructure Investors LLC 9.75%, 8/1/271 | $2,687,000 | $3,059,821 |
Total CORPORATE BONDS (Cost $25,274,674) | 26,155,741 | |
COMMON STOCKS — 59.04% | ||
Banks — 6.38% | ||
Eastern Bankshares, Inc.2 | 256,783 | 4,953,344 |
HarborOne Bancorp, Inc. | 181,063 | 2,438,919 |
Kearny Financial Corp./MD | 245,555 | 2,966,304 |
10,358,567 | ||
Biotechnology — 9.65% | ||
Alexion Pharmaceuticals, Inc.* | 19,069 | 2,915,841 |
Ascendis Pharma A/S - ADR2,6,* | 9,653 | 1,244,079 |
Black Diamond Therapeutics, Inc.* | 28,947 | 702,254 |
Crinetics Pharmaceuticals, Inc.* | 144,547 | 2,208,678 |
Orchard Therapeutics PLC6,* | 23,237 | 168,700 |
Relay Therapeutics, Inc.2,* | 162,859 | 5,630,036 |
SpringWorks Therapeutics, Inc.* | 30,231 | 2,224,095 |
Trillium Therapeutics, Inc.6,* | 53,433 | 573,870 |
15,667,553 | ||
Computers — 0.36% | ||
iCAD, Inc.* | 27,444 | 582,362 |
Entertainment — 1.73% | ||
Golden Entertainment, Inc.* | 111,500 | 2,816,490 |
Healthcare - Services — 2.98% | ||
Alphatec Holdings, Inc.* | 57,772 | 912,220 |
Avita Medical, Inc.* | 29,601 | 586,692 |
Invitae Corp.* | 29,403 | 1,123,489 |
Itamar Medical Ltd. - SP ADR6,* | 15,477 | 370,674 |
Progenity, Inc.* | 51,023 | 242,869 |
SeaSpine Holdings Corp.* | 91,750 | 1,596,450 |
4,832,394 | ||
Holding Companies - Diversified — 17.35% | ||
BCTG Acquisition Corp.* | 69,240 | 769,949 |
Class Acceleration Corp. - A* | 89,160 | 861,286 |
CM Life Sciences II, Inc.* | 113,450 | 1,452,160 |
CM Life Sciences, Inc. - A* | 12,426 | 185,023 |
Corazon Capital V838 Monoceros Corp.* | 161,140 | 1,603,343 |
Deep Lake Capital Acquisition Corp. - A* | 21,590 | 211,582 |
EJF Acquisition Corp.* | 292,972 | 2,915,071 |
Empower Ltd. - A* | 57,225 | 571,106 |
FG New America Acquisition Corp. - A* | 38,301 | 390,287 |
Jack Creek Investment Corp. - A* | 265,994 | 2,566,842 |
Notes to Schedule of Investments are an integral part of this Schedule.
21
Driehaus Event Driven Fund
Schedule of Investments
March 31, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
L&F Acquisition Corp. - A* | 150,075 | $1,478,239 |
Landcadia Holdings III, Inc. - A* | 296,630 | 2,969,266 |
Live Oak Mobility Acquisition Corp.* | 65,151 | 650,207 |
Longview Acquisition Corp. II* | 229,100 | 2,300,164 |
Montes Archimedes Acquisition Corp. - A* | 234,400 | 2,292,432 |
Senior Connect Acquisition Corp. I - A* | 125,839 | 1,223,155 |
Soaring Eagle Acquisition Corp.* | 227,200 | 2,299,264 |
Tekkorp Digital Acquisition Corp. - A* | 119,100 | 1,167,180 |
Thayer Ventures Acquisition Corp. - A* | 71,467 | 707,523 |
Tishman Speyer Innovation Corp.* | 89,480 | 896,590 |
Z-Work Acquisition Corp. - A* | 67,660 | 649,536 |
28,160,205 | ||
Pharmaceuticals — 8.96% | ||
AdaptHealth Corp.2,* | 177,043 | 6,508,101 |
Bausch Health Cos., Inc.* | 98,473 | 3,125,533 |
Cytokinetics, Inc.2,* | 193,646 | 4,504,206 |
Merus NV6,* | 19,476 | 406,853 |
14,544,693 | ||
Real Estate (REIT's) — 3.29% | ||
Equity Commonwealth | 96,758 | 2,689,872 |
MGM Growth Properties LLC - A | 81,306 | 2,652,202 |
5,342,074 | ||
Savings & Loans — 1.25% | ||
Waterstone Financial, Inc.2 | 99,122 | 2,024,071 |
Software — 2.89% | ||
Donnelley Financial Solutions, Inc.* | 62,402 | 1,736,648 |
Slack Technologies, Inc. - A2,* | 72,659 | 2,952,135 |
4,688,783 | ||
Telecommunications — 2.20% | ||
HC2 Holdings, Inc.2,* | 334,583 | 1,318,257 |
Telephone and Data Systems, Inc. | 98,254 | 2,255,912 |
3,574,169 | ||
Transportation — 2.00% | ||
XPO Logistics, Inc.* | 26,288 | 3,241,310 |
Total COMMON STOCKS (Cost $82,255,124) | 95,832,671 | |
PRIVATE INVESTMENT IN PUBLIC EQUITY (PIPES) — 5.08% | ||
Healthcare - Services — 3.49% | ||
Invitae Corp. * | 5,669,141 |
Shares, Principal Amount, or Number of Contracts | Value | |
Holding Companies - Diversified — 1.59% | ||
CM Life Sciences, Inc. - A * | $997,630 | |
CM Life Sciences II, Inc. *,^ | 1,572,620 | |
Total PRIVATE INVESTMENT IN PUBLIC EQUITY (PIPES) (Cost $4,486,001) | 8,239,391 | |
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 $0) | 0 | |
MASTER LIMITED PARTNERSHIPS — 1.07% | ||
Trucking & Leasing — 1.07% | ||
Fortress Transportation and Infrastructure Investors LLC | 61,924 | 1,745,638 |
Total MASTER LIMITED PARTNERSHIPS (Cost $1,152,924) | 1,745,638 | |
PREFERRED STOCKS — 1.94% | ||
Retail — 1.56% | ||
Qurate Retail, Inc. 8.00%, 3/15/317 | 25,000 | 2,541,250 |
Telecommunications — 0.38% | ||
Telephone and Data Systems, Inc.* | 22,999 | 611,084 |
Total PREFERRED STOCKS (Cost $3,073,651) | 3,152,334 | |
PRIVATE PREFERRED STOCKS — 1.82% | ||
Biotechnology — 1.82% | ||
Elevation Oncology, Inc., Series A Shares*,^ | 1,550,000 | 2,960,500 |
Total PRIVATE PREFERRED STOCKS (Cost $1,550,000) | 2,960,500 | |
WARRANTS — 0.31% | ||
Class Acceleration Corp., Exp 3/31/28, Strike $11.50* | 44,580 | 27,644 |
Deep Lake Capital Acquisition Corp., Exp 12/31/27, Strike $11.50* | 10,795 | 7,449 |
ION Acquisition Corp. 1 Ltd., Exp 10/5/27, Strike $11.50* | 7,026 | 15,948 |
Notes to Schedule of Investments are an integral part of this Schedule.
22
Driehaus Event Driven Fund
Schedule of Investments
March 31, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | ||
Jack Creek Investment Corp., Exp 12/31/27, Strike $11.50* | 132,997 | $70,502 | |
L&F Acquisition Corp., Exp 5/23/27, Strike $11.50* | 65,250 | 43,718 | |
Montes Archimedes Acquisition Corp., Exp 12/31/25, Strike $11.50* | 117,200 | 99,620 | |
Senior Connect Acquisition Corp., Exp 12/31/27, Strike $11.50* | 62,919 | 44,704 | |
Tekkorp Digital Acquisition Corp., Exp 10/26/27, Strike $11.50* | 59,550 | 56,572 | |
Thayer Ventures Acquisition Corp., Exp 1/1/30, Strike $11.50* | 35,733 | 21,440 | |
TS Innovation Acquisitions Corp., Exp 12/31/26, Strike $11.50* | 44,020 | 88,920 | |
X4 Pharmaceuticals, Inc., Exp 4/12/24, Strike $13.20* | 5,547 | 8,321 | |
Z-Work Acquisition Corp., Exp 1/3/26, Strike $11.50* | 22,553 | 16,238 | |
Total WARRANTS (Cost $0) | 501,076 | ||
SHORT TERM INVESTMENTS — 10.22% | |||
Northern Institutional Treasury Portfolio (Premier Class), 0.01%8 (Cost $16,592,909) | 16,592,909 | 16,592,909 | |
TOTAL INVESTMENTS (Cost $136,172,784) | 96.96% | $157,396,868 | |
Other Assets In Excess of Liabilities | 3.04% | 4,927,379 | |
Net Assets | 100.00% | $162,324,247 | |
INVESTMENT SECURITIES SOLD SHORT — (17.53)% | |||
COMMON STOCKS — (2.00)% | |||
Pharmaceuticals — (1.24)% | |||
AstraZeneca PLC - SP ADR6 | (40,486) | (2,012,964) | |
Software — (0.73)% | |||
salesforce.com, Inc.* | (5,629) | (1,192,616) | |
Telecommunications — (0.03)% | |||
Cincinnati Bell, Inc.* | (3,000) | (46,050) | |
Total COMMON STOCKS (Proceeds $3,422,340) | (3,251,630) | ||
EXCHANGE-TRADED FUNDS — (15.53)% | |||
ARK Genomic Revolution ETF | (35,461) | (3,146,454) | |
iShares Nasdaq Biotechnology ETF | (28,860) | (4,345,162) |
Shares, Principal Amount, or Number of Contracts | Value | |
SPDR S&P Biotech ETF | (130,614) | $(17,717,789) |
Total EXCHANGE-TRADED FUNDS (Proceeds $24,254,890) | (25,209,405) | |
TOTAL INVESTMENT SECURITIES SOLD SHORT (Proceeds $27,677,230) | (17.53)% | $(28,461,035) |
ADR | American Depositary Receipt |
LIBOR | London Interbank Offered Rate |
PLC | Public Limited Company |
SP ADR | Sponsored American Depositary Receipt |
USD LIBOR | U.S. Dollar London Interbank Offered Rate. |
1 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $20,632,545, which represents 13% 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 March 31, 2021. |
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 and traded in U.S. dollars. |
7 | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
8 | 7 day current yield as of March 31, 2021, is disclosed. |
^ | Security valued at fair value as determined in good faith by the Adviser, in accordance with procedures established by, and under the general supervision of, the Trust’s Board of Trustee. The security is valued using significant unobservable inputs. |
* | Non-income producing security. |
Percentages are stated as a percent of net assets.
Notes to Schedule of Investments are an integral part of this Schedule.
23
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 most recent closing bid price 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 U.S. fixed income securities are valued at the representative quoted bid price when held long or the representative quoted ask price if sold short or, if such prices are not available, at prices for securities of comparable maturity, quality and type or as determined by an independent pricing service. Long-term non-U.S. fixed income securities are valued at the mean of the representative quoted bid and ask prices when held long or sold short or, if such prices are not available, at prices for securities of comparable maturity, quality and type or as determined by an independent pricing service. The pricing service provider may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations or other techniques. Such techniques generally consider factors such as composite security prices, yields, maturities, call features, credit ratings and developments relating to specific securities, in arriving at valuations. Fixed income securities are generally classified as level 2. The fair value analysis includes an analysis of the value of any unfunded commitments.
Short-term investments with remaining maturities of 60 days or less at the time of purchase are stated at amortized cost, which approximates fair value. If amortized cost does not approximate fair value, short-term securities are reported at fair value. These securities are generally classified as level 2. Swaps, forward foreign currency contracts and other financial derivatives are valued daily, primarily by an independent pricing service using pricing models and are generally classified as level 2. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, dividends and exchange rates. If valuations are not available from the independent pricing service or values received are deemed not representative of fair value, values will be obtained from a third-party broker-dealer or counterparty. Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from an independent pricing service. In addition, for the Emerging Markets Growth Fund, Emerging Markets Small Cap Growth, Emerging Markets Opportunities Fund, and International Small Cap Growth 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 classified as level 2 in the hierarchy described below.
Securities for which market quotations are not readily available are valued at fair value as determined in good faith in accordance with procedures 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
24
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 March 31, 2021:
Assets | Total Value at March 31, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Africa | $29,648,448 | $29,648,448 | $— | $— | ||||
Europe | 210,831,252 | 210,831,252 | — | — | ||||
Far East | 1,690,930,979 | 1,690,930,979 | — | — | ||||
North America | 205,070,596 | 205,070,596 | — | — | ||||
South America | 126,944,950 | 126,944,950 | — | — | ||||
Short Term Investments | 111,890,645 | 111,890,645 | — | — | ||||
Total | $2,375,316,870 | $2,375,316,870 | $— | $— |
The following is a summary of the inputs used to value the Emerging Markets Small Cap Growth Fund’s investments as of March 31, 2021:
Assets | Total Value at March 31, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Africa | $486,446 | $486,446 | $— | $— | ||||
Europe | 6,402,551 | 6,402,551 | — | — | ||||
Far East | ||||||||
China | 23,116,150 | 23,116,150 | — | — | ||||
India | 17,756,852 | 17,756,852 | — | — | ||||
Indonesia | 496,817 | 496,817 | — | — | ||||
Kazakhstan | 2,579,321 | 2,579,321 | — | — | ||||
Malaysia | 638,745 | 638,745 | — | — | ||||
South Korea | 7,425,533 | 7,425,533 | — | — | ||||
Taiwan | 13,216,478 | 13,216,478 | — | — | ||||
Thailand | 1,394,853 | 1,394,853 | — | — | ||||
Vietnam | 4,365,392 | — | 4,365,392 | — | ||||
North America | 4,038,321 | 4,038,321 | — | — | ||||
South America | 6,786,513 | 6,786,513 | — | — | ||||
Preferred Stocks | ||||||||
South America | 2,174,463 | 2,174,463 | — | — | ||||
Short Term Investments | 4,455,093 | 4,455,093 | — | — | ||||
Total | $95,333,528 | $90,968,136 | $4,365,392 | $— |
25
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
The following is a summary of the inputs used to value the Emerging Markets Opportunities Fund’s investments as of March 31, 2021:
Assets | Total Value at March 31, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | $50,371,678 | $50,371,678 | $— | $— | ||||
Preferred Stocks | 571,075 | 571,075 | — | — | ||||
Short Term Investments | 1,643,429 | 1,643,429 | — | — | ||||
Sovereign Bonds | 8,160,775 | — | 8,160,775 | — | ||||
Total | $60,746,957 | $52,586,182 | $8,160,775 | $— |
The following is a summary of the inputs used to value the International Small Cap Growth Fund’s investments as of March 31, 2021:
Assets | Total Value at March 31, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Europe | $190,499,109 | $190,499,109 | $— | $— | ||||
Far East | 59,783,637 | 59,783,637 | — | — | ||||
Middle East | 1,754,820 | 1,754,820 | — | — | ||||
North America | 24,220,887 | 24,220,887 | — | — | ||||
South America | 6,492,060 | 6,492,060 | — | — | ||||
Short Term Investments | 7,935,789 | 7,935,789 | — | — | ||||
Total | $290,686,302 | $290,686,302 | $— | $— |
The following is a summary of the inputs used to value the Micro Cap Growth Fund’s investments as of March 31, 2021:
Assets* | Total Value at March 31, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | $370,204,258 | $370,204,258 | $— | $— | ||||
Short Term Investments | 345,107 | 345,107 | — | — | ||||
Total | $370,549,365 | $370,549,365 | $— | $— |
* 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 March 31, 2021:
Assets* | Total Value at March 31, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | $396,214,005 | $396,214,005 | $— | $— | ||||
Short Term Investments | 1,960,367 | 1,960,367 | — | — | ||||
Total | $398,174,372 | $398,174,372 | $— | $— |
* See Schedule of Investments for industry breakout. |
26
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 March 31, 2021:
Assets* | Total Value at March 31, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | $20,861,066 | $20,861,066 | $— | $— | ||||
Short Term Investments | 152,964 | 152,964 | — | — | ||||
Total | $21,014,030 | $21,014,030 | $— | $— |
* 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 March 31, 2021:
Assets* | Total Value at March 31, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | $95,832,671 | $95,183,135 | $649,536 | $— | ||||
Convertible Corporate Bonds | 2,216,608 | — | 2,216,608 | — | ||||
Convertible Preferred Stocks | 0 | — | — | 0 | ||||
Corporate Bonds | 26,155,741 | — | 26,155,741 | — | ||||
Master Limited Partnerships | 1,745,638 | 1,745,638 | — | — | ||||
Preferred Stocks | 3,152,334 | 3,152,334 | — | — | ||||
Private Investment in Public Equity (PIPES) | 8,239,391 | 6,666,771 | — | 1,572,620 | ||||
Private Preferred Stocks | 2,960,500 | — | — | 2,960,500 | ||||
Short Term Investments | 16,592,909 | 16,592,909 | — | — | ||||
Warrants | 501,076 | 492,755 | 8,321 | — | ||||
Total | $157,396,868 | $123,833,542 | $29,030,206 | $4,533,120 |
Liabilities* | ||||||||
Common Stocks Sold Short | $(3,251,630) | $(3,251,630) | $— | $— | ||||
Exchange-Traded Funds Sold Short | (25,209,405) | (25,209,405) | — | — | ||||
Total | $(28,461,035) | $(28,461,035) | $— | $— |
* See Schedule of Investments for industry breakout. |
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, 2020 | $2,960,500 |
Realized gain (loss) | — |
Change in net unrealized appreciation (depreciation) | — |
Purchases | 1,572,620 |
Sales | — |
Transfers in and/or out of Level 3 | — |
Balance as of March 31, 2021 | $4,533,120 |
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Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
As of March 31, 2021, the Event Driven Fund held Level 3 investments in CM Life Sciences II, Inc. common stock, General Motors Corp. senior convertible preferred stock and Elevation 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. The Level 3 shares of CM Life Sciences II, Inc. did not include warrants attached to the publicly traded stock. The share price of the CM Life Sciences II, Inc. shares were thus adjusted to reflect the removal of the value of such warrants. 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 Elevation Oncology, Inc. private preferred stock was valued using a market approach as adjusted based on a recent round of financing for the Series B Preferred Shares of Elevation Oncology, Inc. The following table summarizes the quantitative inputs and assumptions used for items categorized as Level 3 of the fair value hierarchy as of March 31, 2021:
Financial Assets | Fair Value at March 31, 2021 | 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) | $1,572,620 | Market approach | Intrinsic value | $11.95 | ||||
Private Preferred Stocks | $2,960,500 | Market approach | Transaction price | $1.91 |
Securities Sold Short
The Event Driven Fund is engaged in selling securities short, which obligates it to replace a borrowed security by purchasing it at market price at the time of replacement. The Fund incurs a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund realizes a gain if the price of the security declines between those dates. Gains are limited to the price at which the Fund sold the security short, while losses are potentially unlimited in size.
The Fund is required to establish a margin account with the broker lending the security sold short. While the short sale is outstanding, the broker retains the proceeds of the short sale and the Fund must maintain a deposit with the broker consisting of cash and securities having a value equal to a specified percentage of the value of the securities sold short.
Foreign Currency Spot Contracts
The Funds enter into foreign currency spot contracts to facilitate transactions in foreign currency denominated securities. These spot contracts are typically open for 2 to 5 days, depending on the settlement terms of the underlying security transaction. On March 31, 2021, the Funds had foreign currency spot contracts outstanding under which they are obligated to exchange currencies at specified future dates. The net unrealized appreciation or depreciation on spot contracts is reflected as receivable for investment securities sold or payable for investment securities purchased.
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 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.
28
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
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.
Recent Accounting Pronouncements
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. The new guidance is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022, and the adoption of ASU 2020-04 is elective. Management is currently evaluating the impact, if any, of applying ASU 2020-04.
In October 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-08, "Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs". This ASU amends FASB ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities, which provides guidance related to the amortization period for certain purchase callable debt securities held at a premium. ASU 2020-08 addresses premium amortization for callable debt securities with multiple call dates, clarifying that an entity should reevaluate whether a callable debt security purchased at a premium is in scope for each reporting period. ASU 2020-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, and should be applied on a prospective basis as of the beginning of the period of adoption for existing or newly purchased debt securities. At this time, management is still evaluating the implications of these changes on the financial statements.
Securities Transactions, Income and Commitments
The Trust records security transactions on trade date. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis. Premiums on securities are amortized over the period remaining until first call date, if any, or if none, the remaining life of the security and discounts are accreted over the remaining life of the security for financial reporting purposes. Withholding taxes on foreign dividends and interest have been provided for in accordance with the Trust’s understanding of the applicable country’s tax rules and rates.
Pursuant to the terms of certain of the senior unsecured loan agreements, certain Funds may have unfunded loan commitments, which are callable on demand. Each such Fund will have available with its custodian, cash and/or liquid securities having an aggregate value at least equal to the amount of the unfunded senior loan commitments. At March 31, 2021, the Funds had no unfunded senior loan commitments.
Certain Funds may invest in early-stage companies that may require additional contributions or funding if certain performance milestones are met. Management continuously assesses whether these companies will achieve these performance milestones and considers the impact of these commitments as they become due. Additionally, in connection with certain investments a Fund may provide commitments for future investments. At December 31, 2021, the Funds had no such outstanding commitments.
B. INVESTMENTS IN DERIVATIVES
Certain Funds use derivative instruments such as swaps, futures, options, swaptions, and forward foreign currency contracts in connection with their respective investment strategies. During the period January 1, 2021, through March 31, 2021, 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; and 3) forward foreign currency contracts to manage currency risk in portfolio holdings. During the period January 1, 2021, through March 31, 2021, 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. Detail regarding each derivative type is included below.
29
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
Swap Contracts
The Emerging Markets Opportunities Fund and Event Driven Fund 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. A Fund may elect to pay a fixed rate and receive a floating rate or receive a fixed rate and pay a floating rate on a notional principal amount. The net interest received or paid on interest rate swap agreements is accrued daily as interest income/expense. Interest rate swaps are marked-to-market daily using fair value estimates provided by an independent pricing service. Changes in value, including accrued interest, are recorded as changes in net unrealized appreciation (depreciation). 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 or security linked return for a periodic payment, based on a notional principal amount, in order to hedge sector exposure and to manage exposure to specific sectors or industries and/or to gain exposure to specific markets/countries and to specific sectors/industries. To the extent that the total return of the security, index, or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. Total return swap contracts are marked to market daily based upon quotations from market makers and the change, if any, is recorded as a change in net unrealized appreciation (depreciation). 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, one party acts as a guarantor receiving a periodic payment that is a fixed percentage applied to a notional amount. In return, the party agrees to purchase the notional amount of the underlying instrument, at par, if a credit event occurs during the term of the contract. A Fund may enter into credit default swaps in which the Fund acts as guarantor (a seller of protection), and may enter into credit default swaps in which the counterparty acts as guarantor (a buyer of protection). Premiums paid to or by the Funds are accrued daily and included in net realized gain (loss) on swap contracts. The contracts are marked-to-market daily using fair value estimates provided by an independent pricing service. Changes in value are recorded as unrealized appreciation (depreciation). 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
30
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.
Options Contracts
The Funds may use options contracts, which include warrants, to hedge downside risk, produce incremental earnings or protect against market changes in the value of equities or interest rates. The Funds may write covered call and put options on futures, swaps, securities, or currencies the Funds own or in which they may invest. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the 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.
Forward Foreign Currency Contracts
Certain Funds use forward foreign currency contracts to manage foreign currency, to produce incremental earnings or to hedge existing positions. A forward foreign currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are principally traded in the inter-bank market conducted directly between currency traders (usually large commercial banks) and their customers.
The market value of a forward foreign currency contract fluctuates with changes in currency exchange rates. Outstanding forward foreign currency contracts are valued daily at current market rates and the resulting change in market value is recorded as change in net unrealized appreciation or depreciation. 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
Certain Funds may invest in equity certificates, which allow the Funds to participate in the appreciation (depreciation) of the underlying security without actually owning the underlying security. These instruments are purchased pursuant to an agreement with a financial institution and are valued at a calculated market price based on the value of the underlying security in accordance with the agreement. These equity certificates are subject to the credit risk
31
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
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. FOREIGN INVESTMENT RISKS
To the extent a Fund invests in foreign securities, it may entail risks due to the potential for political and economic instability in the countries where the issuers of these securities are located. In addition, foreign exchange fluctuations could affect the value of positions held. These risks are generally intensified in emerging markets.
D. SUBSEQUENT EVENTS
Events or transactions that occurred after the date of this report through the date the report was issued have been evaluated for potential impact to the financial statements. Other than as presented below, there are no subsequent events that require recognition or disclosure in the financial statements.
As was previously disclosed in the Funds’ registration statement, an interim advisory agreement (“Interim Advisory Agreement”) had been put in place with the Funds’ investment adviser (the “Adviser”) on March 9, 2021 (the “Effective Date”) following a technical change in control which was caused by the death of the Adviser’s Chairman and controlling owner. Unless the Interim Advisory Agreement is permissibly extended, it will terminate upon the earlier of: (a) 150 calendar days after the Effective Date (that is, August 6, 2021); or (b) the approval of a new investment advisory agreement by the shareholders of the Funds. On April 29, 2021, the Board of Trustees of the Driehaus Mutual Funds unanimously approved a new advisory agreement (the “New Agreement”) and approved its submission to shareholders for their vote for or against the proposal.
32