Driehaus Emerging Markets Growth Fund
Schedule of Investments
September 30, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 93.38% | ||
FAR EAST — 63.58% | ||
China — 25.42% | ||
AIA Group Ltd. | 1,329,833 | $15,298,940 |
Airtac International Group | 354,715 | 11,035,890 |
Alibaba Group Holding Ltd. * | 1,072,793 | 19,861,626 |
Aluminum Corp. of China Ltd. - H * | 20,315,039 | 15,089,645 |
Baidu, Inc. - A * | 755,468 | 14,526,580 |
Beijing Oriental Yuhong Waterproof Technology Co. Ltd. - A | 1,334,751 | 9,102,525 |
BYD Co. Ltd. - H | 771,347 | 23,975,320 |
China Merchants Bank Co. Ltd. - H | 2,889,503 | 22,995,092 |
China Resources Beer Holdings Co. Ltd. | 777,569 | 5,750,932 |
Contemporary Amperex Technology Co. Ltd. - A | 448,092 | 36,303,887 |
East Money Information Co. Ltd. - A | 6,349,315 | 33,570,971 |
Fuyao Glass Industry Group Co. Ltd. - H 1 | 2,029,010 | 10,792,220 |
Hong Kong Exchanges & Clearing Ltd. | 180,962 | 11,120,208 |
I-Mab - SP ADR 2,* | 185,832 | 13,470,962 |
JD.com, Inc. - ADR 2,* | 682,318 | 49,290,652 |
Kweichow Moutai Co. Ltd. - A | 53,594 | 15,127,366 |
Li Ning Co. Ltd. | 1,176,205 | 13,556,634 |
LONGi Green Energy Technology Co. Ltd. - A | 937,399 | 11,915,663 |
NARI Technology Co. Ltd. - A | 3,574,525 | 19,742,192 |
Shenzhou International Group Holdings Ltd. | 696,000 | 14,771,536 |
Silergy Corp. | 125,868 | 18,307,950 |
Sungrow Power Supply Co. Ltd. - A | 936,678 | 21,288,207 |
Sunny Optical Technology Group Co. Ltd. | 848,138 | 22,208,400 |
Techtronic Industries Co. Ltd. | 1,180,782 | 23,334,095 |
Tencent Holdings Ltd. | 2,062,112 | 123,105,526 |
WuXi AppTec Co. Ltd. - H 1 | 427,266 | 9,946,679 |
Wuxi Biologics Cayman, Inc. 1,* | 671,827 | 10,897,233 |
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. - A | 492,763 | 28,778,282 |
625,165,213 | ||
India — 16.33% | ||
Apollo Hospitals Enterprise Ltd. | 494,947 | 29,786,452 |
Ashok Leyland Ltd. | 10,070,529 | 18,045,867 |
Asian Paints Ltd. | 358,181 | 15,613,426 |
Clean Science & Technology Ltd. * | 256,215 | 7,066,602 |
Shares, Principal Amount, or Number of Contracts | Value | |
Havells India Ltd. | 844,167 | $15,517,999 |
HDFC Bank Ltd. - ADR 2 | 420,914 | 30,764,604 |
Hindalco Industries Ltd. | 3,361,768 | 22,004,749 |
Hindustan Unilever Ltd. | 230,345 | 8,375,853 |
Housing Development Finance Corp. Ltd. | 927,549 | 34,280,262 |
ICICI Bank Ltd. - SP ADR 2 | 3,339,130 | 63,009,383 |
Indraprastha Gas Ltd. | 1,422,673 | 10,185,594 |
Power Grid Corp. of India Ltd. | 7,341,571 | 18,719,344 |
Reliance Industries Ltd. | 1,399,455 | 47,364,291 |
SBI Cards & Payment Services Ltd. * | 1,485,263 | 20,484,531 |
Tata Consultancy Services Ltd. | 747,970 | 37,905,818 |
Titan Co. Ltd. | 775,931 | 22,519,845 |
401,644,620 | ||
Taiwan — 8.66% | ||
Chailease Holding Co. Ltd. | 2,948,179 | 25,891,197 |
Delta Electronics, Inc. | 2,810,657 | 25,183,976 |
Merida Industry Co. Ltd. | 1,080,893 | 11,298,093 |
Taiwan Semiconductor Manufacturing Co. Ltd. - SP ADR 2 | 1,349,222 | 150,640,636 |
213,013,902 | ||
South Korea — 8.42% | ||
Kakao Corp. | 114,610 | 11,271,680 |
KakaoBank Corp. * | 85,149 | 4,919,081 |
KB Financial Group, Inc. | 212,730 | 9,893,547 |
Kia Corp. | 246,477 | 16,646,204 |
Macquarie Korea Infrastructure Fund | 1,000,206 | 10,809,298 |
NAVER Corp. | 33,248 | 10,787,878 |
Samsung Electronics Co. Ltd. | 1,853,323 | 114,896,020 |
SK IE Technology Co. Ltd. 1,* | 70,621 | 13,390,168 |
SK Innovation Co. Ltd. * | 66,134 | 14,560,097 |
207,173,973 | ||
Indonesia — 1.88% | ||
Bank Central Asia Tbk PT | 13,080,460 | 31,860,309 |
Bank Jago Tbk PT * | 13,808,555 | 14,526,858 |
46,387,167 | ||
Singapore — 1.32% | ||
Sea Ltd. - ADR 2,* | 102,123 | 32,549,664 |
Malaysia — 0.52% | ||
Lynas Rare Earths Ltd. * | 2,684,349 | 12,702,724 |
Turkey — 0.43% | ||
Tofas Turk Otomobil Fabrikasi A/S | 1,795,128 | 10,508,291 |
Vietnam — 0.41% | ||
Masan Group Corp. | 1,597,900 | 9,999,066 |
Notes to Schedule of Investments are an integral part of this Schedule.
1
Driehaus Emerging Markets Growth Fund
Schedule of Investments
September 30, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Philippines — 0.19% | ||
International Container Terminal Services, Inc. | 1,240,557 | $4,738,178 |
Total FAR EAST (Cost $1,127,092,846) | 1,563,882,798 | |
EUROPE — 11.38% | ||
Russia — 6.10% | ||
Alrosa PJSC 2 | 8,053,016 | 14,717,485 |
LUKOIL PJSC - SP ADR 2 | 458,469 | 43,542,804 |
Polyus PJSC 2 | 92,435 | 15,188,880 |
Sberbank of Russia PJSC - SP ADR 2 | 2,493,344 | 46,484,777 |
Yandex NV - A 2,* | 376,791 | 30,026,475 |
149,960,421 | ||
Netherlands — 1.63% | ||
ASML Holding NV | 31,700 | 23,681,754 |
Heineken NV | 157,005 | 16,387,374 |
40,069,128 | ||
Hungary — 1.44% | ||
OTP Bank NYRT * | 604,330 | 35,361,224 |
France — 0.93% | ||
L'Oreal SA | 55,111 | 22,805,155 |
Denmark — 0.50% | ||
Vestas Wind Systems A/S | 305,342 | 12,249,732 |
Germany — 0.42% | ||
Infineon Technologies AG | 256,109 | 10,474,400 |
Greece — 0.36% | ||
OPAP SA | 578,534 | 8,950,418 |
Total EUROPE (Cost $233,655,885) | 279,870,478 | |
NORTH AMERICA — 11.32% | ||
United States — 7.73% | ||
Ball Corp. | 225,246 | 20,265,383 |
EPAM System, Inc. * | 50,243 | 28,662,627 |
Freshworks, Inc. - A * | 372,399 | 15,897,713 |
Liberty Media Corp.-Liberty Formula One - C * | 446,115 | 22,934,772 |
MELI Kaszek Pioneer Corp. - A * | 276,681 | 3,057,325 |
NVIDIA Corp. | 95,391 | 19,761,200 |
Snap, Inc. - A * | 227,467 | 16,802,987 |
The Kraft Heinz Co. | 399,468 | 14,708,412 |
Unity Software, Inc. * | 101,746 | 12,845,432 |
Visa, Inc. - A | 157,845 | 35,159,974 |
190,095,825 | ||
Mexico — 2.37% | ||
Grupo Financiero Banorte SAB de CV - O | 6,027,430 | 38,629,398 |
Grupo Televisa SAB - SP ADR 2 | 408,216 | 4,482,212 |
Shares, Principal Amount, or Number of Contracts | Value | |
Wal-Mart de Mexico SAB de CV | 4,518,963 | $15,313,880 |
58,425,490 | ||
Canada — 1.22% | ||
Nutrien Ltd. 2 | 462,227 | 29,966,176 |
Total NORTH AMERICA (Cost $253,883,985) | 278,487,491 | |
SOUTH AMERICA — 5.93% | ||
Brazil — 3.16% | ||
Banco BTG Pactual SA * | 6,214,170 | 28,527,613 |
Hapvida Participacoes e Investimentos SA 1 | 3,379,900 | 8,434,622 |
Locaweb Servicos de Internet SA 1,* | 2,158,487 | 9,076,684 |
Pagseguro Digital Ltd. - A 2,* | 250,608 | 12,961,446 |
Sendas Distribuidora SA | 3,459,840 | 12,179,247 |
TOTVS SA | 979,868 | 6,484,771 |
77,664,383 | ||
Uruguay — 1.66% | ||
Dlocal Ltd. 2,* | 323,655 | 17,658,617 |
Globant SA 2,* | 82,654 | 23,226,600 |
40,885,217 | ||
Argentina — 1.11% | ||
MercadoLibre, Inc. 2,* | 16,281 | 27,342,312 |
Total SOUTH AMERICA (Cost $140,907,498) | 145,891,912 | |
AFRICA — 0.69% | ||
South Africa — 0.69% | ||
Capitec Bank Holdings Ltd. | 139,838 | 16,892,458 |
Total AFRICA (Cost $13,574,947) | 16,892,458 | |
MIDDLE EAST — 0.48% | ||
Saudi Arabia — 0.48% | ||
Saudi Arabian Oil Co. 1 | 1,234,437 | 11,838,330 |
Total MIDDLE EAST (Cost $11,711,202) | 11,838,330 | |
Total COMMON STOCKS (Cost $1,780,826,363) | 2,296,863,467 |
Notes to Schedule of Investments are an integral part of this Schedule.
2
Driehaus Emerging Markets Growth Fund
Schedule of Investments
September 30, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | ||
SHORT TERM INVESTMENTS — 6.43% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.03% 3 (Cost $158,099,910) | 158,099,910 | $158,099,910 | |
TOTAL INVESTMENTS (Cost $1,938,926,273) | 99.81% | $2,454,963,377 | |
Other Assets In Excess of Liabilities | 0.19% | 4,671,141 | |
Net Assets | 100.00% | $2,459,634,518 |
ADR | American Depositary Receipt |
PJSC | Public Joint Stock Company |
SP ADR | Sponsored American Depositary Receipt |
1 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $74,375,936, which represents 3% of Net Assets. |
2 | Foreign security denominated and/or traded in U.S. dollars. |
3 | 7 day current yield as of September 30, 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.
3
Driehaus Emerging Markets Small Cap Growth Fund
Schedule of Investments
September 30, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 92.44% | ||
FAR EAST — 74.74% | ||
India — 28.05% | ||
Apollo Hospitals Enterprise Ltd. | 11,963 | $719,946 |
Ashok Leyland Ltd. | 331,255 | 593,592 |
AU Small Finance Bank Ltd. 1,* | 37,268 | 583,006 |
Birlasoft Ltd. | 246,660 | 1,350,861 |
Burger King India Ltd. * | 432,296 | 941,703 |
Clean Science & Technology Ltd. * | 19,802 | 546,154 |
Crompton Greaves Consumer Electricals Ltd. | 190,577 | 1,227,910 |
Dixon Technologies India Ltd. | 18,212 | 1,124,025 |
Dr Lal PathLabs Ltd. 1 | 13,955 | 688,917 |
Godrej Properties Ltd. * | 49,388 | 1,531,061 |
ICICI Securities Ltd. 1 | 54,917 | 559,334 |
IndiaMart InterMesh Ltd. 1 | 12,942 | 1,453,299 |
Indraprastha Gas Ltd. | 219,631 | 1,572,443 |
Info Edge India Ltd. | 9,714 | 838,455 |
Jindal Steel & Power Ltd. * | 167,228 | 868,844 |
JK Cement Ltd. | 26,640 | 1,113,816 |
Jubilant Foodworks Ltd. | 12,934 | 702,326 |
Jubilant Ingrevia Ltd. | 77,741 | 783,946 |
Kaveri Seed Co. Ltd. | 62,505 | 486,033 |
Max Healthcare Institute Ltd. * | 389,770 | 1,880,381 |
Oberoi Realty Ltd. * | 109,063 | 1,408,799 |
Radico Khaitan Ltd. | 96,784 | 1,146,688 |
Relaxo Footwears Ltd. | 55,501 | 849,150 |
Sobha Ltd. | 114,405 | 1,211,443 |
Sona Blw Precision Forgings Ltd. 1,* | 224,946 | 1,698,507 |
SRF Ltd. | 8,704 | 1,319,478 |
Syngene International Ltd. 1,* | 161,664 | 1,305,274 |
Varun Beverages Ltd. | 149,207 | 1,798,316 |
Vijaya Diagnostic Centre Private Ltd. * | 188,328 | 1,446,062 |
31,749,769 | ||
China — 18.92% | ||
Airtac International Group | 25,000 | 777,800 |
Akeso, Inc. 1,* | 156,000 | 853,820 |
Aluminum Corp. of China Ltd. - H * | 1,370,000 | 1,017,611 |
Amoy Diagnostics Co. Ltd. - A | 83,463 | 1,033,581 |
Centre Testing International Group Co. Ltd. - A | 189,500 | 742,849 |
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. - A | 45,981 | 1,285,765 |
China National Building Material Co. Ltd. - H | 872,000 | 1,172,987 |
Estun Automation Co. Ltd. - A | 425,078 | 1,434,254 |
Gotion High-tech Co. Ltd. - A * | 102,500 | 748,770 |
Shares, Principal Amount, or Number of Contracts | Value | |
Hygeia Healthcare Holdings Co. Ltd. 1 | 133,400 | $986,873 |
Longshine Technology Group Co. Ltd. - A | 459,625 | 1,830,078 |
Maanshan Iron & Steel Co. Ltd. - H | 2,464,000 | 1,118,452 |
Ming Yang Smart Energy Group Ltd. - A | 467,400 | 1,793,798 |
Pacific Basin Shipping Ltd. | 3,595,000 | 1,663,902 |
Silergy Corp. | 8,000 | 1,163,629 |
Wuhan DR Laser Technology Corp. Ltd. - A | 29,600 | 629,600 |
Xinyi Energy Holdings Ltd. | 1,394,000 | 808,900 |
Yantai Jereh Oilfield Services Group Co. Ltd. - A | 214,800 | 1,594,778 |
Zoomlion Heavy Industry Science and Technology Co. Ltd. - H | 859,000 | 765,452 |
21,422,899 | ||
Taiwan — 7.12% | ||
Accton Technology Corp. | 57,000 | 537,200 |
ASPEED Technology, Inc. | 13,000 | 1,070,629 |
Eclat Textile Co. Ltd. | 52,000 | 1,127,049 |
Makalot Industrial Co. Ltd. | 124,000 | 1,091,978 |
Realtek Semiconductor Corp. | 32,300 | 569,058 |
Sinbon Electronics Co. Ltd. | 155,000 | 1,303,388 |
Voltronic Power Technology Corp. | 29,550 | 1,801,950 |
Wiwynn Corp. | 18,000 | 557,385 |
8,058,637 | ||
Vietnam — 6.28% | ||
Asia Commercial Bank JSC * | 495,675 | 713,983 |
Dat Xanh Real Estate Services JSC * | 1,077,000 | 1,353,348 |
FPT Corp. | 550,567 | 2,358,083 |
Masan Group Corp. | 195,900 | 1,225,870 |
Military Commercial Joint Stock Bank * | 408,757 | 496,835 |
SSI Securities Corp. | 542,133 | 961,026 |
7,109,145 | ||
South Korea — 5.26% | ||
Chunbo Co. Ltd. | 7,067 | 1,549,946 |
Iljin Materials Co. Ltd. | 19,243 | 1,662,493 |
LEENO Industrial, Inc. | 14,794 | 2,183,708 |
Mando Corp. * | 11,741 | 557,851 |
5,953,998 | ||
Indonesia — 3.33% | ||
Adi Sarana Armada Tbk PT * | 7,362,100 | 1,762,809 |
Bank Jago Tbk PT * | 937,982 | 986,775 |
Merdeka Copper Gold Tbk PT * | 5,819,600 | 1,018,534 |
3,768,118 |
Notes to Schedule of Investments are an integral part of this Schedule.
4
Driehaus Emerging Markets Small Cap Growth Fund
Schedule of Investments
September 30, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Kazakhstan — 2.63% | ||
Kaspi.KZ JSC 1,2 | 17,101 | $1,941,818 |
NAC Kazatomprom JSC - GDR 2 | 29,539 | 1,038,657 |
2,980,475 | ||
Thailand — 1.49% | ||
Chularat Hospital PCL - NVDR | 7,618,000 | 841,780 |
Dohome PCL - NVDR | 1,209,400 | 844,985 |
1,686,765 | ||
Turkey — 0.91% | ||
Coca-Cola Icecek A/S | 108,099 | 1,027,081 |
Malaysia — 0.75% | ||
Lynas Rare Earths Ltd. * | 179,350 | 848,710 |
Total FAR EAST (Cost $69,159,008) | 84,605,597 | |
SOUTH AMERICA — 9.87% | ||
Brazil — 9.25% | ||
Arezzo Industria e Comercio SA | 74,400 | 1,129,303 |
Cia Brasileira de Aluminio * | 574,200 | 1,474,051 |
Locaweb Servicos de Internet SA 1,* | 136,000 | 571,896 |
Meliuz SA 1 | 533,400 | 580,831 |
Orizon Valorizacao de Residuos SA * | 282,700 | 1,445,750 |
Pet Center Comercio e Participacoes SA | 216,600 | 930,715 |
Petro Rio SA * | 282,300 | 1,298,557 |
TOTVS SA | 190,100 | 1,258,083 |
Tres Tentos Agroindustrial SA * | 435,192 | 759,184 |
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA * | 367,600 | 1,017,258 |
10,465,628 | ||
Uruguay — 0.62% | ||
Globant SA 2,* | 2,514 | 706,459 |
Total SOUTH AMERICA (Cost $9,384,581) | 11,172,087 | |
NORTH AMERICA — 5.06% | ||
Mexico — 2.20% | ||
GCC SAB de CV | 159,600 | 1,192,892 |
Grupo Traxion SAB de CV 1,* | 779,000 | 1,293,333 |
2,486,225 | ||
United States — 1.69% | ||
Freshworks, Inc. - A * | 19,570 | 835,443 |
Parade Technologies Ltd. | 18,455 | 1,080,271 |
1,915,714 |
Shares, Principal Amount, or Number of Contracts | Value | ||
Canada — 1.17% | |||
Ivanhoe Mines Ltd. - A * | 207,160 | $1,324,804 | |
Total NORTH AMERICA (Cost $5,626,043) | 5,726,743 | ||
EUROPE — 2.77% | |||
Poland — 1.40% | |||
Dino Polska SA 1,* | 18,976 | 1,584,971 | |
Russia — 0.69% | |||
RusHydro PJSC 2 | 70,489,994 | 784,847 | |
United Kingdom — 0.68% | |||
Ceres Power Holdings PLC * | 53,535 | 769,193 | |
Total EUROPE (Cost $2,242,902) | 3,139,011 | ||
Total COMMON STOCKS (Cost $86,412,534) | 104,643,438 | ||
RIGHTS — 0.08% | |||
FAR EAST — 0.08% | |||
Vietnam — 0.08% | |||
SSI Securities Corp. * | 406,600 | 91,222 | |
Total FAR EAST (Cost $0) | 91,222 | ||
Total RIGHTS (Cost $0) | 91,222 | ||
SHORT TERM INVESTMENTS — 6.83% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.03% 3 (Cost $7,729,227) | 7,729,227 | 7,729,227 | |
TOTAL INVESTMENTS (Cost $94,141,761) | 99.35% | $112,463,887 | |
Other Assets In Excess of Liabilities | 0.65% | 740,840 | |
Net Assets | 100.00% | $113,204,727 |
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 |
1 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $14,101,879, which represents 12% of Net Assets. |
2 | Foreign security denominated and/or traded in U.S. dollars. |
Notes to Schedule of Investments are an integral part of this Schedule.
5
Driehaus Emerging Markets Small Cap Growth Fund
Schedule of Investments
September 30, 2021 (unaudited)
3 | 7 day current yield as of September 30, 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.
6
Driehaus Emerging Markets Opportunities Fund
Schedule of Investments
September 30, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
SOVEREIGN BONDS — 16.13% | ||
Brazil — 0.74% | ||
Brazil Notas do Tesouro Nacional Serie F 10.00%, 1/1/31 1 | 2,500,000 | $432,206 |
China — 4.58% | ||
China Government Bond 3.20%, 3/16/24 1 | 1,200,000 | 188,969 |
China Government Bond 3.54%, 8/16/28 1 | 2,500,000 | 405,070 |
China Government Bond 2.68%, 5/21/30 1 | 7,000,000 | 1,057,661 |
China Government Bond 3.27%, 11/19/30 1 | 6,500,000 | 1,033,568 |
2,685,268 | ||
Colombia — 0.64% | ||
Colombia Government International Bond 3.13%, 4/15/31 2 | 400,000 | 374,412 |
Egypt — 1.67% | ||
Egypt Government Bond 17.00%, 4/3/22 1 | 6,500,000 | 423,697 |
Egypt Government International Bond 6.59%, 2/21/28 2 | 550,000 | 553,725 |
977,422 | ||
Indonesia — 1.59% | ||
Indonesia Treasury Bond 8.37%, 9/15/26 1 | 3,400,000,000 | 269,803 |
Indonesia Treasury Bond 7.00%, 9/15/30 1 | 9,000,000,000 | 660,576 |
930,379 | ||
Malaysia — 0.59% | ||
Malaysia Government Bond 3.89%, 8/15/29 1 | 1,400,000 | 346,209 |
Mexico — 2.52% | ||
Banco Mercantil del Norte SA 8.37%, (U.S. Treasury Yield Curve Rate CMT 10Y + 776 basis points), 10/14/30 2,3,4 | 300,000 | 354,294 |
Mexican Bonos 8.50%, 11/18/38 1 | 11,000,000 | 568,060 |
Mexico Government International Bond 4.50%, 4/22/29 2 | 260,000 | 291,964 |
Petroleos Mexicanos 6.50%, 3/13/27 2 | 250,000 | 264,028 |
1,478,346 | ||
Nigeria — 0.52% | ||
Nigeria Government International Bond 7.14%, 2/23/30 2 | 300,000 | 306,671 |
Shares, Principal Amount, or Number of Contracts | Value | |
Peru — 0.85% | ||
Peruvian Government International Bond 6.95%, 8/12/31 1 | 2,000,000 | $501,477 |
Saudi Arabia — 0.70% | ||
Saudi Government International Bond 2.75%, 2/3/32 2 | 400,000 | 411,882 |
South Africa — 0.46% | ||
Republic of South Africa Government Bond 8.50%, 1/31/37 1 | 4,900,000 | 272,954 |
Turkey — 0.48% | ||
Turkey Government International Bond 5.95%, 1/15/31 2 | 300,000 | 283,628 |
Ukraine — 0.79% | ||
Ukraine Government International Bond 7.37%, 9/25/32 2 | 450,000 | 461,826 |
Total SOVEREIGN BONDS (Cost $9,409,501) | 9,462,680 | |
COMMON STOCKS — 79.31% | ||
Argentina — 0.68% | ||
MercadoLibre, Inc. 2,5,* | 237 | 398,018 |
Brazil — 1.98% | ||
Locaweb Servicos de Internet SA 6,* | 109,965 | 462,415 |
Pagseguro Digital Ltd. - A 2,5,* | 9,065 | 468,842 |
Tres Tentos Agroindustrial SA * | 133,474 | 232,843 |
1,164,100 | ||
Canada — 0.66% | ||
Nutrien Ltd. 2,5 | 6,002 | 389,110 |
China — 19.27% | ||
AIA Group Ltd. | 21,612 | 248,633 |
Alibaba Group Holding Ltd. * | 28,413 | 526,037 |
Aluminum Corp. of China Ltd. - H * | 584,000 | 433,785 |
Baidu, Inc. - SP ADR 2,5,* | 2,489 | 382,684 |
Burning Rock Biotech Ltd. - ADR 2,5,* | 12,232 | 218,708 |
BYD Co. Ltd. - H | 14,061 | 437,050 |
China Merchants Bank Co. Ltd. - H | 61,259 | 487,508 |
China Resources Beer Holdings Co. Ltd. | 75,810 | 560,694 |
Contemporary Amperex Technology Co. Ltd. - A | 6,955 | 563,486 |
East Money Information Co. Ltd. - A | 165,322 | 874,113 |
Fuyao Glass Industry Group Co. Ltd. - H 6 | 47,247 | 251,305 |
Notes to Schedule of Investments are an integral part of this Schedule.
7
Driehaus Emerging Markets Opportunities Fund
Schedule of Investments
September 30, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
JD Health International, Inc. 6,* | 172 | $1,658 |
JD.com, Inc. - ADR 2,5,* | 4,270 | 308,465 |
Kingdee International Software Group Co. Ltd. * | 148,359 | 493,985 |
Li Ning Co. Ltd. | 49,684 | 572,645 |
Meituan - B 6,* | 13,256 | 423,151 |
NIO, Inc. - ADR 2,5,* | 15,372 | 547,704 |
Sangfor Technologies, Inc. - A | 9,700 | 352,329 |
Sungrow Power Supply Co. Ltd. - A | 13,470 | 306,137 |
Tencent Holdings Ltd. | 36,153 | 2,158,289 |
Wuxi Biologics Cayman, Inc. 6,* | 42,186 | 684,269 |
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. - A | 8,072 | 471,420 |
11,304,055 | ||
Czech Republic — 1.39% | ||
Komercni banka A/S * | 20,195 | 817,779 |
France — 0.98% | ||
L'Oreal SA | 1,389 | 574,774 |
India — 10.95% | ||
Apollo Hospitals Enterprise Ltd. | 7,102 | 427,406 |
Ashok Leyland Ltd. | 175,535 | 314,550 |
Asian Paints Ltd. | 8,053 | 351,037 |
HDFC Bank Ltd. - ADR 2,5 | 9,539 | 697,206 |
Hindustan Unilever Ltd. | 13,836 | 503,108 |
Housing Development Finance Corp. Ltd. | 10,109 | 373,607 |
ICICI Bank Ltd. - SP ADR 2,5 | 45,220 | 853,301 |
Indraprastha Gas Ltd. | 34,299 | 245,563 |
Power Grid Corp. of India Ltd. | 167,823 | 427,910 |
Reliance Industries Ltd. | 30,467 | 1,031,150 |
SBI Cards & Payment Services Ltd. * | 46,590 | 642,562 |
Tech Mahindra Ltd. | 30,041 | 556,180 |
6,423,580 | ||
Indonesia — 2.16% | ||
Bank Central Asia Tbk PT | 349,049 | 850,185 |
Bank Jago Tbk PT * | 398,378 | 419,101 |
1,269,286 | ||
Japan — 1.31% | ||
FANUC Corp. | 2,091 | 458,477 |
Tokyo Electron Ltd. | 700 | 309,245 |
767,722 | ||
Kazakhstan — 1.92% | ||
Kaspi.KZ JSC 2,6 | 6,419 | 728,877 |
NAC Kazatomprom JSC - GDR 2 | 11,303 | 397,439 |
1,126,316 | ||
Malaysia — 0.58% | ||
Lynas Rare Earths Ltd. * | 72,418 | 342,692 |
Shares, Principal Amount, or Number of Contracts | Value | |
Mexico — 1.03% | ||
Grupo Financiero Banorte SAB de CV - O | 94,271 | $604,177 |
Netherlands — 1.12% | ||
ASML Holding NV | 876 | 654,423 |
Russia — 4.39% | ||
Alrosa PJSC 2 | 161,376 | 294,927 |
LUKOIL PJSC - SP ADR 2 | 10,906 | 1,035,790 |
Sberbank of Russia PJSC - SP ADR 2 | 41,924 | 781,612 |
Yandex NV - A 2,5,* | 5,790 | 461,405 |
2,573,734 | ||
Saudi Arabia — 0.96% | ||
Saudi Arabian Oil Co. 6 | 58,622 | 562,189 |
Singapore — 1.51% | ||
Sea Ltd. - ADR 2,5,* | 2,776 | 884,794 |
South Korea — 9.98% | ||
Hankook Tire & Technology Co. Ltd. | 8,945 | 324,161 |
Kakao Corp. | 3,129 | 307,731 |
KakaoBank Corp. * | 590 | 34,084 |
KB Financial Group, Inc. | 5,191 | 241,421 |
Kia Corp. | 6,212 | 419,537 |
LEENO Industrial, Inc. | 4,257 | 628,365 |
Macquarie Korea Infrastructure Fund | 44,563 | 481,596 |
Mando Corp. * | 4,927 | 234,097 |
Samsung Electronics Co. Ltd. | 37,029 | 2,295,598 |
Samsung SDI Co. Ltd. | 779 | 464,845 |
SK Innovation Co. Ltd. * | 1,926 | 424,029 |
5,855,464 | ||
Taiwan — 10.79% | ||
Chailease Holding Co. Ltd. | 99,000 | 869,428 |
Delta Electronics, Inc. | 35,986 | 322,441 |
Hon Hai Precision Industry Co. Ltd. | 121,103 | 452,030 |
MediaTek, Inc. | 13,717 | 441,516 |
Sinbon Electronics Co. Ltd. | 40,136 | 337,502 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 177,668 | 3,674,545 |
Unimicron Technology Corp. | 50,311 | 235,413 |
6,332,875 | ||
United States — 6.07% | ||
Freeport-McMoRan, Inc. 5 | 14,394 | 468,237 |
Freshworks, Inc. - A 5,* | 6,716 | 286,706 |
Liberty Media Corp.-Liberty Formula One - C 5,* | 14,535 | 747,244 |
MELI Kaszek Pioneer Corp. - A * | 6,643 | 73,405 |
NVIDIA Corp. 5 | 3,892 | 806,267 |
ROBLOX Corp. - A 5,* | 5,022 | 379,412 |
Notes to Schedule of Investments are an integral part of this Schedule.
8
Driehaus Emerging Markets Opportunities Fund
Schedule of Investments
September 30, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | ||
Unity Software, Inc. 5,* | 2,480 | $313,100 | |
Visa, Inc. - A 5 | 2,188 | 487,377 | |
3,561,748 | |||
Uruguay — 1.58% | |||
Dlocal Ltd. 2,5,* | 7,778 | 424,367 | |
Globant SA 2,5,* | 1,777 | 499,355 | |
923,722 | |||
Total COMMON STOCKS (Cost $35,725,242) | 46,530,558 | ||
PREFERRED STOCKS — 0.89% | |||
Brazil — 0.89% | |||
Gerdau SA - SP ADR 8.33% 2,5,7 | 105,716 | 520,123 | |
Total PREFERRED STOCKS (Cost $420,611) | 520,123 | ||
SHORT TERM INVESTMENTS — 3.00% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.03% 8 (Cost $1,759,590) | 1,759,590 | 1,759,590 | |
TOTAL INVESTMENTS (Cost $47,314,944) | 99.33% | $58,272,951 | |
Other Assets in Excess of Liabilities | 0.67% | 395,219 | |
Net Assets | 100.00% | $58,668,170 |
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, par value shown in local currency. |
2 | Foreign security denominated and/or traded in U.S. dollars. |
3 | Perpetual security. Maturity date shown is the next call date or final legal maturity date, whichever comes first. |
4 | Variable rate security. Rates disclosed as of September 30, 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 $3,113,864, which represents 5% 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 September 30, 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.
9
Driehaus International Small Cap Growth Fund
Schedule of Investments
September 30, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 95.83% | ||
EUROPE — 69.09% | ||
United Kingdom — 22.71% | ||
888 Holdings PLC | 588,501 | $3,409,669 |
Abcam PLC * | 210,734 | 4,253,466 |
Aston Martin Lagonda Global Holdings PLC 1,* | 83,906 | 2,162,928 |
Bellway PLC | 53,518 | 2,360,502 |
Conduit Holdings Ltd. | 386,582 | 2,460,338 |
ConvaTec Group PLC 1 | 1,209,826 | 3,521,058 |
Cranswick PLC | 45,033 | 2,161,870 |
easyJet PLC * | 167,045 | 1,474,814 |
Electrocomponents PLC | 312,754 | 4,527,618 |
Endava PLC - SP ADR 2,* | 28,588 | 3,883,680 |
Ergomed PLC * | 86,900 | 1,545,576 |
Fevertree Drinks PLC | 88,259 | 2,769,651 |
Halfords Group PLC | 615,687 | 2,521,913 |
IMI PLC | 147,148 | 3,270,944 |
LivaNova PLC 2,* | 44,689 | 3,538,922 |
Marks & Spencer Group PLC * | 1,433,500 | 3,518,701 |
OSB Group PLC | 850,970 | 5,738,718 |
Pets at Home Group PLC | 272,802 | 1,759,171 |
Serco Group PLC | 1,457,325 | 2,625,266 |
Spirax-Sarco Engineering PLC | 6,560 | 1,319,910 |
Stock Spirits Group PLC | 516,389 | 2,602,072 |
Synthomer PLC | 739,997 | 4,961,430 |
The Restaurant Group PLC * | 1,881,359 | 2,613,996 |
Vesuvius PLC | 404,938 | 2,641,222 |
Watches of Switzerland Group PLC 1,* | 265,251 | 3,358,529 |
WH Smith PLC * | 88,054 | 2,022,068 |
77,024,032 | ||
Germany — 13.45% | ||
Befesa SA 1 | 47,959 | 3,647,465 |
hGears AG * | 35,214 | 958,568 |
Hornbach Holding AG & Co. KGaA | 44,592 | 5,781,787 |
HUGO BOSS AG | 72,241 | 4,327,256 |
Ibu-Tec Advanced Materials AG * | 27,154 | 1,711,089 |
PVA TePla AG * | 100,833 | 4,381,813 |
Scout24 AG 1 | 38,570 | 2,671,457 |
SGL Carbon SE * | 217,289 | 2,355,244 |
SUESS MicroTec SE * | 138,179 | 3,556,820 |
TAG Immobilien AG | 71,732 | 2,097,324 |
VERBIO Vereinigte BioEnergie AG | 71,959 | 4,726,889 |
zooplus AG * | 16,640 | 9,386,898 |
45,602,610 |
Shares, Principal Amount, or Number of Contracts | Value | |
Denmark — 5.05% | ||
ISS A/S * | 187,500 | $3,963,158 |
Matas A/S | 265,714 | 5,008,006 |
Netcompany Group A/S 1 | 38,690 | 4,462,683 |
Royal Unibrew A/S | 30,654 | 3,687,123 |
17,120,970 | ||
France — 4.92% | ||
Coface SA | 427,050 | 5,349,026 |
IPSOS | 95,537 | 4,341,552 |
Maisons du Monde SA 1 | 74,281 | 1,497,543 |
Virbac SA | 12,842 | 5,506,991 |
16,695,112 | ||
Switzerland — 4.66% | ||
Belimo Holding AG | 5,455 | 2,879,239 |
Flughafen Zurich AG * | 16,708 | 2,976,761 |
Montana Aerospace AG 1,* | 78,302 | 2,792,632 |
PolyPeptide Group AG 1,* | 18,225 | 2,316,593 |
Tecan Group AG | 8,521 | 4,826,156 |
15,791,381 | ||
Austria — 3.06% | ||
AT&S Austria Technologie & Systemtechnik AG | 90,286 | 3,424,604 |
BAWAG Group AG 1,* | 109,649 | 6,939,315 |
10,363,919 | ||
Netherlands — 3.04% | ||
Accell Group NV * | 51,712 | 2,296,898 |
Corbion NV | 49,039 | 2,369,358 |
OCI NV * | 191,530 | 5,658,472 |
10,324,728 | ||
Sweden — 2.21% | ||
Elekta AB - B | 201,391 | 2,255,384 |
Kindred Group PLC | 153,049 | 2,295,124 |
Mekonomen AB * | 165,091 | 2,941,857 |
7,492,365 | ||
Spain — 2.09% | ||
Almirall SA | 270,751 | 4,294,589 |
Indra Sistemas SA * | 260,411 | 2,789,440 |
7,084,029 | ||
Ireland — 1.91% | ||
Glanbia PLC | 260,591 | 4,297,343 |
James Hardie Industries PLC | 61,577 | 2,184,211 |
6,481,554 | ||
Finland — 1.60% | ||
Metso Outotec OYJ | 432,477 | 3,946,835 |
Tokmanni Group Corp. | 60,219 | 1,464,565 |
5,411,400 | ||
Belgium — 1.55% | ||
Bekaert SA | 36,749 | 1,528,827 |
Notes to Schedule of Investments are an integral part of this Schedule.
10
Driehaus International Small Cap Growth Fund
Schedule of Investments
September 30, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Lotus Bakeries NV | 609 | $3,738,807 |
5,267,634 | ||
Poland — 0.98% | ||
CCC SA * | 108,765 | 3,308,208 |
Iceland — 0.93% | ||
Ossur HF * | 450,158 | 3,148,301 |
Italy — 0.51% | ||
FinecoBank Banca Fineco SpA * | 96,244 | 1,738,348 |
Norway — 0.42% | ||
SmartCraft ASA * | 569,124 | 1,416,708 |
Total EUROPE (Cost $189,146,668) | 234,271,299 | |
FAR EAST — 13.04% | ||
Japan — 10.62% | ||
Asics Corp. | 202,600 | 4,633,106 |
ASKUL Corp. | 113,150 | 1,659,144 |
Capcom Co. Ltd. | 48,000 | 1,333,734 |
Fujitec Co. Ltd. | 151,850 | 3,537,986 |
IDOM, Inc. | 221,200 | 1,993,252 |
MINEBEA MITSUMI, Inc. | 85,454 | 2,176,327 |
MISUMI Group, Inc. | 118,100 | 5,025,045 |
Nichias Corp. | 71,230 | 1,737,925 |
Pola Orbis Holdings, Inc. | 149,300 | 3,436,554 |
Takeuchi Manufacturing Co. Ltd. | 108,700 | 2,503,423 |
THK Co. Ltd. | 102,723 | 2,254,138 |
Tokai Carbon Co. Ltd. | 181,400 | 2,318,920 |
ZOZO, Inc. | 90,500 | 3,390,583 |
36,000,137 | ||
Taiwan — 1.10% | ||
Giant Manufacturing Co. Ltd. | 328,589 | 3,725,544 |
Australia — 0.91% | ||
NEXTDC Ltd. * | 364,002 | 3,100,731 |
South Korea — 0.41% | ||
Douzone Bizon Co. Ltd. | 17,298 | 1,389,614 |
Total FAR EAST (Cost $37,215,727) | 44,216,026 | |
NORTH AMERICA — 10.29% | ||
Canada — 9.64% | ||
Altus Group Ltd. | 91,455 | 4,462,276 |
Boardwalk REIT | 74,774 | 2,791,775 |
Converge Technology Solutions Corp. * | 551,888 | 4,514,101 |
Docebo, Inc. * | 51,066 | 3,728,955 |
Intertape Polymer Group, Inc. | 190,025 | 4,133,261 |
K92 Mining, Inc. * | 396,854 | 1,908,133 |
Kinaxis, Inc. * | 42,811 | 6,176,600 |
Parkland Corp. | 76,023 | 2,136,159 |
Shares, Principal Amount, or Number of Contracts | Value | |
TELUS International CDA, Inc. 2,* | 54,010 | $1,890,890 |
Tidewater Renewables Ltd. * | 84,414 | 963,703 |
32,705,853 | ||
Mexico — 0.42% | ||
GCC SAB de CV | 190,986 | 1,427,480 |
United States — 0.23% | ||
MaxCyte, Inc. * | 63,067 | 769,091 |
Total NORTH AMERICA (Cost $32,812,815) | 34,902,424 | |
SOUTH AMERICA — 2.41% | ||
Brazil — 2.41% | ||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 499,400 | 1,641,511 |
Embraer SA * | 732,400 | 3,112,103 |
Iochpe Maxion SA * | 1,054,225 | 3,420,678 |
8,174,292 | ||
Total SOUTH AMERICA (Cost $8,016,930) | 8,174,292 | |
MIDDLE EAST — 1.00% | ||
Israel — 1.00% | ||
Kornit Digital Ltd. 2,* | 23,477 | 3,398,061 |
Total MIDDLE EAST (Cost $1,373,927) | 3,398,061 | |
Total COMMON STOCKS (Cost $268,566,067) | 324,962,102 | |
PREFERRED STOCKS — 0.46% | ||
SOUTH AMERICA — 0.46% | ||
Brazil — 0.46% | ||
Azul SA * | 233,600 | 1,561,408 |
Total SOUTH AMERICA (Cost $2,180,066) | 1,561,408 | |
Total PREFERRED STOCKS (Cost $2,180,066) | 1,561,408 |
Notes to Schedule of Investments are an integral part of this Schedule.
11
Driehaus International Small Cap Growth Fund
Schedule of Investments
September 30, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | ||
SHORT TERM INVESTMENTS — 3.57% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.03% 3 (Cost $12,096,567) | 12,096,567 | $12,096,567 | |
TOTAL INVESTMENTS (Cost $282,842,700) | 99.86% | $338,620,077 | |
Other Assets In Excess of Liabilities | 0.14% | 462,010 | |
Net Assets | 100.00% | $339,082,087 |
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 $33,370,203, which represents 10% of Net Assets. |
2 | Foreign security denominated and/or traded in U.S. dollars. |
3 | 7 day current yield as of September 30, 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.
12
Driehaus Micro Cap Growth Fund
Schedule of Investments
September 30, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 99.23% | ||
HEALTH CARE — 30.42% | ||
Biotechnology — 17.95% | ||
Apellis Pharmaceuticals, Inc. * | 40,621 | $1,338,868 |
Applied Therapeutics, Inc. * | 70,636 | 1,172,558 |
Avid Bioservices, Inc. * | 187,896 | 4,052,917 |
Biomea Fusion, Inc. * | 64,128 | 767,612 |
C4 Therapeutics, Inc. * | 55,728 | 2,489,927 |
Celldex Therapeutics, Inc. * | 81,140 | 4,380,748 |
Centessa Pharmaceuticals PLC - ADR 1,* | 77,847 | 1,300,045 |
Crinetics Pharmaceuticals, Inc. * | 196,319 | 4,132,515 |
Cytokinetics, Inc. * | 191,924 | 6,859,364 |
Day One Biopharmaceuticals, Inc. * | 63,534 | 1,507,662 |
Dynavax Technologies Corp. * | 119,264 | 2,291,061 |
Elevation Oncology, Inc. * | 47,351 | 368,864 |
Imago Biosciences, Inc. * | 55,900 | 1,119,677 |
Intellia Therapeutics, Inc. * | 25,631 | 3,438,399 |
IVERIC bio, Inc. * | 115,445 | 1,874,827 |
Kymera Therapeutics, Inc. * | 34,266 | 2,012,785 |
MaxCyte, Inc. * | 118,730 | 1,449,693 |
Merus NV 1,* | 79,959 | 1,759,098 |
Morphic Holding, Inc. * | 33,249 | 1,883,223 |
Natera, Inc. * | 51,168 | 5,702,162 |
Nuvalent, Inc. - A * | 94,976 | 2,141,709 |
ProQR Therapeutics NV 1,* | 263,029 | 2,201,553 |
Relay Therapeutics, Inc. * | 151,588 | 4,779,570 |
SpringWorks Therapeutics, Inc. * | 82,040 | 5,204,617 |
VectivBio Holding AG 1,* | 66,592 | 514,423 |
Xenon Pharmaceuticals, Inc. 1,* | 148,945 | 2,275,880 |
67,019,757 | ||
Health Care Equipment & Supplies — 4.60% | ||
Alphatec Holdings, Inc. * | 228,818 | 2,789,291 |
Axonics, Inc. * | 55,267 | 3,597,329 |
CryoPort, Inc. * | 72,724 | 4,836,873 |
Cutera, Inc. * | 22,518 | 1,049,339 |
SeaSpine Holdings Corp. * | 138,159 | 2,173,241 |
SI-BONE, Inc. * | 69,549 | 1,489,740 |
Treace Medical Concepts, Inc. * | 45,975 | 1,236,727 |
17,172,540 | ||
Health Care Technology — 3.36% | ||
Inspire Medical Systems, Inc. * | 11,146 | 2,595,680 |
OptimizeRx Corp. * | 67,043 | 5,735,529 |
Phreesia, Inc. * | 55,220 | 3,407,074 |
Sophia Genetics SA 1,* | 45,435 | 796,476 |
12,534,759 | ||
Health Care Providers & Services — 2.38% | ||
Castle Biosciences, Inc. * | 52,740 | 3,507,210 |
Shares, Principal Amount, or Number of Contracts | Value | |
Cross Country Healthcare, Inc. * | 180,065 | $3,824,581 |
RadNet, Inc. * | 52,639 | 1,542,849 |
8,874,640 | ||
Pharmaceuticals — 1.55% | ||
DICE Therapeutics, Inc. * | 94,413 | 3,092,026 |
EyePoint Pharmaceuticals, Inc. * | 110,643 | 1,152,900 |
Revance Therapeutics, Inc. * | 56,143 | 1,564,144 |
5,809,070 | ||
Life Sciences Tools & Services — 0.58% | ||
NeoGenomics, Inc. * | 45,177 | 2,179,338 |
Total HEALTH CARE (Cost $80,976,780) | 113,590,104 | |
INFORMATION TECHNOLOGY — 18.47% | ||
Semiconductors & Semiconductor Equipment — 6.04% | ||
Axcelis Technologies, Inc. * | 76,541 | 3,599,723 |
Camtek Ltd. 1,* | 108,914 | 4,412,106 |
Impinj, Inc. * | 96,927 | 5,537,440 |
SiTime Corp. * | 25,842 | 5,276,161 |
SMART Global Holdings, Inc. * | 41,211 | 1,833,889 |
Ultra Clean Holdings, Inc. * | 44,950 | 1,914,870 |
22,574,189 | ||
Communications Equipment — 4.61% | ||
Aviat Networks, Inc. * | 80,076 | 2,631,297 |
Calix, Inc. * | 141,624 | 7,000,474 |
Cambium Networks Corp. * | 82,650 | 2,991,104 |
Clearfield, Inc. * | 65,716 | 2,901,362 |
Sierra Wireless, Inc. 1,* | 110,072 | 1,706,116 |
17,230,353 | ||
Software — 4.28% | ||
ChannelAdvisor Corp. * | 220,582 | 5,565,284 |
Couchbase, Inc. * | 127,726 | 3,973,556 |
Docebo, Inc. 1,* | 69,424 | 5,053,373 |
Kaltura, Inc. * | 133,927 | 1,378,108 |
15,970,321 | ||
IT Services — 3.54% | ||
Endava PLC - SP ADR 1,* | 35,267 | 4,791,022 |
Grid Dynamics Holdings, Inc. * | 287,885 | 8,412,000 |
13,203,022 | ||
Total INFORMATION TECHNOLOGY (Cost $46,201,348) | 68,977,885 | |
CONSUMER DISCRETIONARY — 16.65% | ||
Hotels, Restaurants & Leisure — 6.14% | ||
Bally's Corp. * | 42,240 | 2,117,914 |
Everi Holdings, Inc. * | 288,112 | 6,966,548 |
Full House Resorts, Inc. * | 259,990 | 2,758,494 |
Golden Entertainment, Inc. * | 40,226 | 1,974,694 |
Notes to Schedule of Investments are an integral part of this Schedule.
13
Driehaus Micro Cap Growth Fund
Schedule of Investments
September 30, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Kura Sushi USA, Inc. - A * | 34,438 | $1,504,252 |
Lindblad Expeditions Holdings, Inc. * | 95,822 | 1,398,043 |
NeoGames SA 1,* | 79,933 | 2,935,140 |
Playa Hotels & Resorts NV * | 205,339 | 1,702,260 |
Xponential Fitness, Inc. - A * | 124,455 | 1,579,334 |
22,936,679 | ||
Specialty Retail — 3.09% | ||
Abercrombie & Fitch Co. - A * | 40,583 | 1,527,138 |
Boot Barn Holdings, Inc. * | 83,823 | 7,449,350 |
Brilliant Earth Group, Inc. - A * | 117,947 | 1,580,490 |
The Children's Place, Inc. * | 13,085 | 984,777 |
11,541,755 | ||
Household Durables — 2.48% | ||
Skyline Champion Corp. * | 88,086 | 5,290,445 |
The Lovesac Co. * | 45,204 | 2,987,533 |
VOXX International Corp. * | 84,449 | 966,941 |
9,244,919 | ||
Internet & Direct Marketing Retail — 1.53% | ||
CarParts.com, Inc. * | 94,694 | 1,478,173 |
Liquidity Services, Inc. * | 103,439 | 2,235,317 |
RumbleON, Inc. - B * | 50,957 | 1,986,304 |
5,699,794 | ||
Auto Components — 1.28% | ||
Modine Manufacturing Co. * | 118,613 | 1,343,885 |
XPEL, Inc. * | 45,484 | 3,450,416 |
4,794,301 | ||
Diversified Consumer Services — 0.86% | ||
European Wax Center, Inc. - A * | 114,256 | 3,200,310 |
Leisure Products — 0.80% | ||
Vista Outdoor, Inc. * | 73,952 | 2,981,005 |
Distributors — 0.47% | ||
Funko, Inc. - A * | 96,517 | 1,757,575 |
Total CONSUMER DISCRETIONARY (Cost $44,159,891) | 62,156,338 | |
INDUSTRIALS — 9.51% | ||
Machinery — 3.17% | ||
Agrify Corp. * | 92,778 | 1,720,104 |
Chart Industries, Inc. * | 22,940 | 4,384,064 |
Energy Recovery, Inc. * | 94,163 | 1,791,922 |
The Shyft Group, Inc. | 103,940 | 3,950,759 |
11,846,849 | ||
Commercial Services & Supplies — 1.69% | ||
Montrose Environmental Group, Inc. * | 87,704 | 5,414,845 |
Performant Financial Corp. * | 229,357 | 908,254 |
6,323,099 |
Shares, Principal Amount, or Number of Contracts | Value | |
Aerospace & Defense — 1.62% | ||
Byrna Technologies, Inc. * | 59,451 | $1,299,599 |
Embraer SA - SP ADR 1,* | 279,602 | 4,753,234 |
6,052,833 | ||
Electrical Equipment — 1.24% | ||
Stem, Inc. * | 56,150 | 1,341,424 |
Vicor Corp. * | 24,333 | 3,264,515 |
4,605,939 | ||
Construction & Engineering — 0.64% | ||
NV5 Global, Inc. * | 24,223 | 2,387,661 |
Airlines — 0.60% | ||
Sun Country Airlines Holdings, Inc. * | 66,514 | 2,230,879 |
Trading Companies & Distributors — 0.55% | ||
Karat Packaging, Inc. * | 97,409 | 2,048,511 |
Total INDUSTRIALS (Cost $21,664,111) | 35,495,771 | |
FINANCIALS — 8.50% | ||
Banks — 3.84% | ||
Live Oak Bancshares, Inc. | 65,270 | 4,153,130 |
Metropolitan Bank Holding Corp. * | 42,848 | 3,612,086 |
Silvergate Capital Corp. - A * | 13,361 | 1,543,196 |
Triumph Bancorp, Inc. * | 50,261 | 5,032,634 |
14,341,046 | ||
Insurance — 2.22% | ||
BRP Group, Inc. - A * | 96,501 | 3,212,518 |
Goosehead Insurance, Inc. - A | 21,454 | 3,267,230 |
Midwest Holding, Inc. * | 15,174 | 590,269 |
Trean Insurance Group, Inc. * | 115,907 | 1,199,637 |
8,269,654 | ||
Capital Markets — 1.04% | ||
Cowen, Inc. - A | 57,518 | 1,973,442 |
Open Lending Corp. - A * | 52,380 | 1,889,347 |
3,862,789 | ||
Thrifts & Mortgage Finance — 0.92% | ||
Meta Financial Group, Inc. | 65,763 | 3,451,242 |
Holding Companies - Diversified — 0.48% | ||
CM Life Sciences III, Inc. 2,* | 172,879 | 1,802,264 |
Total FINANCIALS (Cost $18,340,974) | 31,726,995 | |
CONSUMER STAPLES — 7.75% | ||
Beverages — 3.24% | ||
Celsius Holdings, Inc. * | 94,768 | 8,537,649 |
The Duckhorn Portfolio, Inc. * | 100,655 | 2,303,993 |
Zevia PBC - A * | 109,837 | 1,264,224 |
12,105,866 |
Notes to Schedule of Investments are an integral part of this Schedule.
14
Driehaus Micro Cap Growth Fund
Schedule of Investments
September 30, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Personal Products — 2.63% | ||
BellRing Brands, Inc. - A * | 87,382 | $2,686,997 |
The Beauty Health Co. * | 220,097 | 5,715,919 |
Thorne HealthTech, Inc. * | 165,736 | 1,433,616 |
9,836,532 | ||
Food Products — 1.35% | ||
Sovos Brands, Inc. * | 210,402 | 2,935,108 |
SunOpta, Inc. 1,* | 233,458 | 2,084,780 |
5,019,888 | ||
Tobacco — 0.53% | ||
Turning Point Brands, Inc. | 41,383 | 1,976,038 |
Total CONSUMER STAPLES (Cost $17,290,249) | 28,938,324 | |
ENERGY — 5.90% | ||
Oil, Gas & Consumable Fuels — 4.18% | ||
Aemetis, Inc. * | 141,010 | 2,577,663 |
Bonanza Creek Energy, Inc. | 57,629 | 2,760,429 |
Energy Fuels, Inc. * | 332,473 | 2,333,960 |
Green Plains, Inc. * | 139,606 | 4,558,136 |
Matador Resources Co. | 89,065 | 3,388,033 |
15,618,221 | ||
Energy Equipment & Services — 1.72% | ||
Aspen Aerogels, Inc. * | 139,567 | 6,421,478 |
Total ENERGY (Cost $14,122,991) | 22,039,699 | |
COMMUNICATION SERVICES — 1.30% | ||
Media — 0.85% | ||
Perion Network Ltd. 1,* | 183,297 | 3,176,537 |
Entertainment — 0.45% | ||
Chicken Soup For The Soul Entertainment, Inc. * | 48,399 | 1,106,885 |
Motorsport Games, Inc. - A * | 40,773 | 581,423 |
1,688,308 | ||
Total COMMUNICATION SERVICES (Cost $5,673,668) | 4,864,845 | |
MATERIALS — 0.73% | ||
Containers & Packaging — 0.73% | ||
Ranpak Holdings Corp. * | 102,313 | 2,744,035 |
Total MATERIALS (Cost $2,225,701) | 2,744,035 | |
Total COMMON STOCKS (Cost $250,655,713) | 370,533,996 |
Shares, Principal Amount, or Number of Contracts | Value | ||
SHORT TERM INVESTMENTS — 0.78% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.03% 3 (Cost $2,924,601) | 2,924,601 | $2,924,601 | |
TOTAL INVESTMENTS (Cost $253,580,314) | 100.01% | $373,458,597 | |
Liabilities In Excess of Other Assets | (0.01)% | (48,940) | |
Net Assets | 100.00% | $373,409,657 |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
SP ADR | Sponsored American Depositary Receipt |
1 | Foreign security denominated and/or traded in U.S. dollars. |
2 | Special Purpose Acquisition Company (SPAC). |
3 | 7 day current yield as of September 30, 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.
15
Driehaus Small Cap Growth Fund
Schedule of Investments
September 30, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 99.49% | ||
INFORMATION TECHNOLOGY — 24.55% | ||
Software — 10.29% | ||
ChannelAdvisor Corp. * | 191,458 | $4,830,485 |
CS Disco, Inc. * | 46,311 | 2,220,149 |
Docebo, Inc. 1,* | 85,538 | 6,226,311 |
EngageSmart, Inc. * | 31,857 | 1,085,050 |
Freshworks, Inc. - A * | 55,762 | 2,380,480 |
Jamf Holding Corp. * | 80,721 | 3,109,373 |
Monday.com Ltd. 1,* | 29,155 | 9,510,361 |
Sprout Social, Inc. - A * | 63,541 | 7,748,825 |
Teradata Corp. * | 100,680 | 5,773,998 |
Varonis Systems, Inc. * | 57,798 | 3,517,008 |
Zscaler, Inc. * | 20,176 | 5,290,551 |
51,692,591 | ||
Semiconductors & Semiconductor Equipment — 9.09% | ||
Ambarella, Inc. * | 87,731 | 13,663,226 |
Axcelis Technologies, Inc. * | 107,965 | 5,077,594 |
Lattice Semiconductor Corp. * | 131,815 | 8,521,840 |
MaxLinear, Inc. * | 74,390 | 3,663,707 |
SiTime Corp. * | 30,936 | 6,316,203 |
Synaptics, Inc. * | 33,392 | 6,001,544 |
Ultra Clean Holdings, Inc. * | 56,142 | 2,391,649 |
45,635,763 | ||
IT Services — 2.82% | ||
Endava PLC - SP ADR 1,* | 46,898 | 6,371,093 |
Flywire Corp. * | 49,803 | 2,183,364 |
Grid Dynamics Holdings, Inc. * | 192,402 | 5,621,986 |
14,176,443 | ||
Communications Equipment — 2.35% | ||
Calix, Inc. * | 164,910 | 8,151,501 |
Cambium Networks Corp. * | 100,939 | 3,652,983 |
11,804,484 | ||
Total INFORMATION TECHNOLOGY (Cost $88,526,971) | 123,309,281 | |
HEALTH CARE — 23.48% | ||
Biotechnology — 14.11% | ||
Argenx SE - ADR 1,* | 10,634 | 3,211,468 |
Beam Therapeutics, Inc. * | 23,114 | 2,011,149 |
Biohaven Pharmaceutical Holding Co. Ltd. * | 19,671 | 2,732,499 |
Blueprint Medicines Corp. * | 27,467 | 2,823,882 |
C4 Therapeutics, Inc. * | 54,727 | 2,445,202 |
Centessa Pharmaceuticals PLC - ADR 1,* | 105,019 | 1,753,817 |
Crinetics Pharmaceuticals, Inc. * | 57,541 | 1,211,238 |
Cytokinetics, Inc. * | 195,853 | 6,999,786 |
Halozyme Therapeutics, Inc. * | 140,704 | 5,723,839 |
Shares, Principal Amount, or Number of Contracts | Value | |
Intellia Therapeutics, Inc. * | 37,050 | $4,970,257 |
Invitae Corp. * | 94,318 | 2,681,461 |
Kymera Therapeutics, Inc. * | 43,224 | 2,538,978 |
Mirati Therapeutics, Inc. * | 22,245 | 3,935,363 |
Morphic Holding, Inc. * | 47,345 | 2,681,621 |
Natera, Inc. * | 84,147 | 9,377,342 |
Nuvalent, Inc. - A * | 102,313 | 2,307,158 |
Relay Therapeutics, Inc. * | 195,389 | 6,160,615 |
SpringWorks Therapeutics, Inc. * | 115,297 | 7,314,442 |
70,880,117 | ||
Life Sciences Tools & Services — 3.85% | ||
Cytek Biosciences, Inc. * | 110,894 | 2,374,241 |
Maravai LifeSciences Holdings, Inc. - A * | 73,447 | 3,604,779 |
Medpace Holdings, Inc. * | 31,853 | 6,029,136 |
NeoGenomics, Inc. * | 73,935 | 3,566,624 |
Repligen Corp. * | 13,084 | 3,781,145 |
19,355,925 | ||
Health Care Equipment & Supplies — 2.03% | ||
AtriCure, Inc. * | 34,046 | 2,367,899 |
Inmode Ltd. 1,* | 17,747 | 2,829,759 |
Shockwave Medical, Inc. * | 24,326 | 5,008,237 |
10,205,895 | ||
Health Care Providers & Services — 1.73% | ||
AMN Healthcare Services, Inc. * | 75,524 | 8,666,379 |
Health Care Technology — 0.93% | ||
Inspire Medical Systems, Inc. * | 19,961 | 4,648,518 |
Pharmaceuticals — 0.83% | ||
DICE Therapeutics, Inc. * | 127,057 | 4,161,117 |
Total HEALTH CARE (Cost $85,769,371) | 117,917,951 | |
INDUSTRIALS — 21.53% | ||
Machinery — 5.89% | ||
Chart Industries, Inc. * | 32,656 | 6,240,888 |
Evoqua Water Technologies Corp. * | 124,599 | 4,679,938 |
Gates Industrial Corp. PLC * | 327,561 | 5,329,418 |
Kornit Digital Ltd. 1,* | 53,188 | 7,698,431 |
The Shyft Group, Inc. | 148,582 | 5,647,602 |
29,596,277 | ||
Electrical Equipment — 3.13% | ||
Atkore, Inc. * | 51,021 | 4,434,745 |
Generac Holdings, Inc. * | 9,534 | 3,896,260 |
Vicor Corp. * | 54,975 | 7,375,446 |
15,706,451 | ||
Professional Services — 2.49% | ||
Exponent, Inc. | 35,594 | 4,027,461 |
First Advantage Corp. * | 102,346 | 1,949,691 |
Notes to Schedule of Investments are an integral part of this Schedule.
16
Driehaus Small Cap Growth Fund
Schedule of Investments
September 30, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Korn Ferry | 50,747 | $3,672,053 |
Legalzoom.com, Inc. * | 107,377 | 2,834,753 |
12,483,958 | ||
Commercial Services & Supplies — 2.21% | ||
Clean Harbors, Inc. * | 40,824 | 4,240,389 |
Montrose Environmental Group, Inc. * | 48,914 | 3,019,950 |
Tetra Tech, Inc. | 25,870 | 3,863,426 |
11,123,765 | ||
Trading Companies & Distributors — 2.20% | ||
Core & Main, Inc. - A * | 155,873 | 4,085,431 |
GMS, Inc. * | 30,184 | 1,322,059 |
Herc Holdings, Inc. * | 34,386 | 5,620,736 |
11,028,226 | ||
Road & Rail — 2.04% | ||
Avis Budget Group, Inc. * | 46,203 | 5,383,112 |
Saia, Inc. * | 20,375 | 4,849,861 |
10,232,973 | ||
Airlines — 1.09% | ||
Allegiant Travel Co. * | 13,705 | 2,679,053 |
Sun Country Airlines Holdings, Inc. * | 83,204 | 2,790,662 |
5,469,715 | ||
Aerospace & Defense — 1.07% | ||
Axon Enterprise, Inc. * | 30,719 | 5,376,439 |
Construction & Engineering — 0.91% | ||
Ameresco, Inc. - A * | 34,361 | 2,007,713 |
WillScot Mobile Mini Holdings Corp. * | 80,895 | 2,565,990 |
4,573,703 | ||
Building Products — 0.50% | ||
Trex Co., Inc. * | 24,819 | 2,529,801 |
Total INDUSTRIALS (Cost $83,646,174) | 108,121,308 | |
CONSUMER DISCRETIONARY — 12.53% | ||
Hotels, Restaurants & Leisure — 4.10% | ||
Bally's Corp. * | 40,361 | 2,023,701 |
Caesars Entertainment, Inc. * | 51,698 | 5,804,651 |
Dutch Bros, Inc. - A * | 69,566 | 3,013,599 |
Krispy Kreme, Inc. * | 151,983 | 2,127,762 |
SeaWorld Entertainment, Inc. * | 71,618 | 3,961,908 |
Six Flags Entertainment Corp. * | 85,395 | 3,629,287 |
20,560,908 | ||
Textiles, Apparel & Luxury Goods — 3.01% | ||
Crocs, Inc. * | 83,120 | 11,926,058 |
Deckers Outdoor Corp. * | 8,827 | 3,179,485 |
15,105,543 |
Shares, Principal Amount, or Number of Contracts | Value | |
Auto Components — 1.29% | ||
Fox Factory Holding Corp. * | 18,264 | $2,639,879 |
Gentherm, Inc. * | 47,370 | 3,833,654 |
6,473,533 | ||
Specialty Retail — 1.25% | ||
Boot Barn Holdings, Inc. * | 70,790 | 6,291,107 |
Household Durables — 1.25% | ||
Skyline Champion Corp. * | 104,133 | 6,254,228 |
Leisure Products — 1.13% | ||
Callaway Golf Co. * | 105,449 | 2,913,556 |
Hayward Holdings, Inc. * | 124,773 | 2,774,952 |
5,688,508 | ||
Internet & Direct Marketing Retail — 0.50% | ||
Revolve Group, Inc. * | 40,813 | 2,521,019 |
Total CONSUMER DISCRETIONARY (Cost $43,588,228) | 62,894,846 | |
FINANCIALS — 4.54% | ||
Banks — 2.27% | ||
Live Oak Bancshares, Inc. | 64,484 | 4,103,117 |
Triumph Bancorp, Inc. * | 73,035 | 7,312,994 |
11,416,111 | ||
Capital Markets — 1.72% | ||
CI Financial Corp. | 194,901 | 3,970,133 |
Open Lending Corp. - A * | 69,185 | 2,495,503 |
StepStone Group, Inc. - A | 50,565 | 2,156,092 |
8,621,728 | ||
Insurance — 0.55% | ||
BRP Group, Inc. - A * | 82,923 | 2,760,507 |
Total FINANCIALS (Cost $17,025,526) | 22,798,346 | |
CONSUMER STAPLES — 4.50% | ||
Beverages — 3.01% | ||
Celsius Holdings, Inc. * | 128,212 | 11,550,619 |
The Duckhorn Portfolio, Inc. * | 156,709 | 3,587,069 |
15,137,688 | ||
Personal Products — 1.02% | ||
The Beauty Health Co. * | 197,789 | 5,136,580 |
Food Products — 0.47% | ||
Freshpet, Inc. * | 16,411 | 2,341,686 |
Total CONSUMER STAPLES (Cost $14,270,916) | 22,615,954 | |
MATERIALS — 3.72% | ||
Metals & Mining — 1.87% | ||
Cleveland-Cliffs, Inc. * | 202,407 | 4,009,682 |
MP Materials Corp. * | 167,351 | 5,393,723 |
9,403,405 |
Notes to Schedule of Investments are an integral part of this Schedule.
17
Driehaus Small Cap Growth Fund
Schedule of Investments
September 30, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Chemicals — 1.06% | ||
Livent Corp. * | 231,132 | $5,341,461 |
Construction Materials — 0.79% | ||
Summit Materials, Inc. - A * | 123,629 | 3,952,419 |
Total MATERIALS (Cost $17,658,320) | 18,697,285 | |
ENERGY — 3.18% | ||
Oil, Gas & Consumable Fuels — 2.47% | ||
Cameco Corp. | 116,890 | 2,540,020 |
Green Plains, Inc. * | 65,320 | 2,132,698 |
Magnolia Oil & Gas Corp. - A | 263,360 | 4,685,174 |
Matador Resources Co. | 80,324 | 3,055,525 |
12,413,417 | ||
Energy Equipment & Services — 0.71% | ||
Aspen Aerogels, Inc. * | 76,633 | 3,525,884 |
Total ENERGY (Cost $13,669,969) | 15,939,301 | |
COMMUNICATION SERVICES — 0.87% | ||
Interactive Media & Services — 0.87% | ||
ZipRecruiter, Inc. - A * | 158,579 | 4,376,780 |
Total COMMUNICATION SERVICES (Cost $4,091,945) | 4,376,780 | |
REAL ESTATE — 0.59% | ||
Real Estate Management & Development — 0.59% | ||
eXp World Holdings, Inc. | 74,879 | 2,977,938 |
Total REAL ESTATE (Cost $3,703,330) | 2,977,938 | |
Total COMMON STOCKS (Cost $371,950,750) | 499,648,990 |
Shares, Principal Amount, or Number of Contracts | Value | ||
SHORT TERM INVESTMENTS — 0.56% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.03% 2 (Cost $2,801,801) | 2,801,801 | $2,801,801 | |
TOTAL INVESTMENTS (Cost $374,752,551) | 100.05% | $502,450,791 | |
Liabilities In Excess of Other Assets | (0.05)% | (242,067) | |
Net Assets | 100.00% | $502,208,724 |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
SP ADR | Sponsored American Depositary Receipt |
1 | Foreign security denominated and/or traded in U.S. dollars. |
2 | 7 day current yield as of September 30, 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.
18
Driehaus Small/Mid Cap Growth Fund
Schedule of Investments
September 30, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 99.28% | ||
INFORMATION TECHNOLOGY — 30.03% | ||
Software — 13.18% | ||
Bill.com Holdings, Inc. * | 1,218 | $325,145 |
Docebo, Inc. 1,* | 1,498 | 109,039 |
Elastic NV * | 1,509 | 224,826 |
EngageSmart, Inc. * | 1,423 | 48,467 |
Five9, Inc. * | 942 | 150,475 |
Freshworks, Inc. - A * | 2,613 | 111,549 |
HubSpot, Inc. * | 428 | 289,367 |
Monday.com Ltd. 1,* | 1,495 | 487,669 |
Sprout Social, Inc. - A * | 2,965 | 361,582 |
Teradata Corp. * | 4,726 | 271,036 |
Varonis Systems, Inc. * | 2,737 | 166,547 |
Zscaler, Inc. * | 2,045 | 536,240 |
3,081,942 | ||
Semiconductors & Semiconductor Equipment — 8.62% | ||
Ambarella, Inc. * | 4,024 | 626,698 |
Enphase Energy, Inc. * | 1,122 | 168,266 |
Lattice Semiconductor Corp. * | 4,694 | 303,467 |
Monolithic Power Systems, Inc. | 264 | 127,956 |
ON Semiconductor Corp. * | 5,363 | 245,464 |
SiTime Corp. * | 1,275 | 260,317 |
Synaptics, Inc. * | 1,574 | 282,895 |
2,015,063 | ||
IT Services — 5.81% | ||
Dlocal Ltd. 1,* | 1,459 | 79,603 |
Endava PLC - SP ADR 1,* | 1,744 | 236,922 |
EPAM System, Inc. * | 243 | 138,627 |
Flywire Corp. * | 2,347 | 102,892 |
Globant SA 1,* | 963 | 270,613 |
MongoDB, Inc. * | 1,125 | 530,449 |
1,359,106 | ||
Communications Equipment — 1.53% | ||
Calix, Inc. * | 7,258 | 358,763 |
Electronic Equipment, Instruments & Components — 0.89% | ||
Trimble, Inc. * | 2,545 | 209,326 |
Total INFORMATION TECHNOLOGY (Cost $5,228,455) | 7,024,200 | |
HEALTH CARE — 24.15% | ||
Biotechnology — 11.79% | ||
Alnylam Pharmaceuticals, Inc. * | 794 | 149,915 |
Argenx SE - ADR 1,* | 600 | 181,200 |
Ascendis Pharma A/S - ADR 1,* | 487 | 77,623 |
Beam Therapeutics, Inc. * | 1,121 | 97,538 |
Biohaven Pharmaceutical Holding Co. Ltd. * | 927 | 128,769 |
Blueprint Medicines Corp. * | 1,201 | 123,475 |
Shares, Principal Amount, or Number of Contracts | Value | |
Exact Sciences Corp. * | 929 | $88,673 |
Halozyme Therapeutics, Inc. * | 4,810 | 195,671 |
Horizon Therapeutics PLC * | 1,101 | 120,603 |
Intellia Therapeutics, Inc. * | 1,388 | 186,200 |
Invitae Corp. * | 4,034 | 114,687 |
Kymera Therapeutics, Inc. * | 2,174 | 127,701 |
Mirati Therapeutics, Inc. * | 1,048 | 185,402 |
Moderna, Inc. * | 362 | 139,319 |
Natera, Inc. * | 3,640 | 405,642 |
Relay Therapeutics, Inc. * | 3,609 | 113,792 |
SpringWorks Therapeutics, Inc. * | 5,075 | 321,958 |
2,758,168 | ||
Life Sciences Tools & Services — 5.21% | ||
Bio-Techne Corp. | 645 | 312,548 |
Maravai LifeSciences Holdings, Inc. - A * | 3,175 | 155,829 |
Medpace Holdings, Inc. * | 1,403 | 265,560 |
NeoGenomics, Inc. * | 3,584 | 172,892 |
PerkinElmer, Inc. | 664 | 115,064 |
Repligen Corp. * | 679 | 196,224 |
1,218,117 | ||
Health Care Equipment & Supplies — 3.90% | ||
AtriCure, Inc. * | 1,520 | 105,716 |
Figs, Inc. - A * | 2,639 | 98,013 |
Globus Medical, Inc. - A * | 1,474 | 112,938 |
Insulet Corp. * | 1,057 | 300,431 |
Shockwave Medical, Inc. * | 1,440 | 296,467 |
913,565 | ||
Health Care Providers & Services — 1.82% | ||
AMN Healthcare Services, Inc. * | 3,702 | 424,805 |
Health Care Technology — 0.80% | ||
Inspire Medical Systems, Inc. * | 808 | 188,167 |
Pharmaceuticals — 0.63% | ||
Arvinas, Inc. * | 1,784 | 146,609 |
Total HEALTH CARE (Cost $4,852,829) | 5,649,431 | |
INDUSTRIALS — 18.87% | ||
Machinery — 4.71% | ||
Chart Industries, Inc. * | 1,137 | 217,292 |
Gates Industrial Corp. PLC * | 13,603 | 221,321 |
Kornit Digital Ltd. 1,* | 2,214 | 320,454 |
Nordson Corp. | 498 | 118,599 |
The Middleby Corp. * | 1,321 | 225,244 |
1,102,910 | ||
Electrical Equipment — 3.55% | ||
Acuity Brands, Inc. | 661 | 114,598 |
Generac Holdings, Inc. * | 401 | 163,877 |
Regal Beloit Corp. | 1,191 | 179,055 |
Notes to Schedule of Investments are an integral part of this Schedule.
19
Driehaus Small/Mid Cap Growth Fund
Schedule of Investments
September 30, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Vicor Corp. * | 2,771 | $371,757 |
829,287 | ||
Trading Companies & Distributors — 2.20% | ||
Core & Main, Inc. - A * | 8,835 | 231,565 |
United Rentals, Inc. * | 511 | 179,325 |
Watsco, Inc. | 388 | 102,673 |
513,563 | ||
Road & Rail — 1.88% | ||
Avis Budget Group, Inc. * | 2,137 | 248,982 |
Old Dominion Freight Line, Inc. | 666 | 190,463 |
439,445 | ||
Professional Services — 1.36% | ||
Exponent, Inc. | 1,778 | 201,180 |
Legalzoom.com, Inc. * | 4,462 | 117,797 |
318,977 | ||
Air Freight & Logistics — 1.13% | ||
GXO Logistics, Inc. * | 1,674 | 131,308 |
XPO Logistics, Inc. * | 1,674 | 133,217 |
264,525 | ||
Aerospace & Defense — 1.12% | ||
Axon Enterprise, Inc. * | 1,495 | 261,655 |
Construction & Engineering — 1.03% | ||
Quanta Services, Inc. | 1,051 | 119,625 |
WillScot Mobile Mini Holdings Corp. * | 3,794 | 120,345 |
239,970 | ||
Commercial Services & Supplies — 0.78% | ||
Tetra Tech, Inc. | 1,226 | 183,091 |
Building Products — 0.64% | ||
Trex Co., Inc. * | 1,464 | 149,225 |
Airlines — 0.47% | ||
Alaska Air Group, Inc. * | 1,896 | 111,106 |
Total INDUSTRIALS (Cost $3,504,432) | 4,413,754 | |
CONSUMER DISCRETIONARY — 13.14% | ||
Textiles, Apparel & Luxury Goods — 4.28% | ||
Crocs, Inc. * | 3,902 | 559,859 |
Deckers Outdoor Corp. * | 550 | 198,110 |
On Holding AG - A 1,* | 3,365 | 101,387 |
Under Armour, Inc. - A * | 7,005 | 141,361 |
1,000,717 | ||
Specialty Retail — 2.55% | ||
Lithia Motors, Inc. - A | 437 | 138,547 |
RH * | 273 | 182,066 |
Ulta Beauty, Inc. * | 765 | 276,104 |
596,717 |
Shares, Principal Amount, or Number of Contracts | Value | |
Hotels, Restaurants & Leisure — 2.53% | ||
Caesars Entertainment, Inc. * | 3,030 | $340,208 |
SeaWorld Entertainment, Inc. * | 2,384 | 131,883 |
Vail Resorts, Inc. * | 355 | 118,588 |
590,679 | ||
Auto Components — 1.09% | ||
Fox Factory Holding Corp. * | 774 | 111,874 |
Gentherm, Inc. * | 1,778 | 143,894 |
255,768 | ||
Household Durables — 0.83% | ||
Skyline Champion Corp. * | 3,245 | 194,895 |
Distributors — 0.82% | ||
LKQ Corp. * | 3,814 | 191,920 |
Internet & Direct Marketing Retail — 0.57% | ||
Revolve Group, Inc. * | 2,141 | 132,250 |
Leisure Products — 0.47% | ||
Callaway Golf Co. * | 4,007 | 110,713 |
Total CONSUMER DISCRETIONARY (Cost $2,329,560) | 3,073,659 | |
MATERIALS — 3.71% | ||
Metals & Mining — 1.73% | ||
Cleveland-Cliffs, Inc. * | 9,810 | 194,336 |
MP Materials Corp. * | 6,493 | 209,269 |
403,605 | ||
Chemicals — 1.26% | ||
Albemarle Corp. | 1,350 | 295,610 |
Construction Materials — 0.72% | ||
Summit Materials, Inc. - A * | 5,301 | 169,473 |
Total MATERIALS (Cost $786,417) | 868,688 | |
FINANCIALS — 3.00% | ||
Banks — 2.43% | ||
Signature Bank | 1,058 | 288,072 |
SVB Financial Group * | 433 | 280,099 |
568,171 | ||
Consumer Finance — 0.57% | ||
Upstart Holdings, Inc. * | 420 | 132,905 |
Total FINANCIALS (Cost $484,207) | 701,076 | |
COMMUNICATION SERVICES — 2.66% | ||
Interactive Media & Services — 2.18% | ||
Snap, Inc. - A * | 4,147 | 306,339 |
ZipRecruiter, Inc. - A * | 7,367 | 203,329 |
509,668 |
Notes to Schedule of Investments are an integral part of this Schedule.
20
Driehaus Small/Mid Cap Growth Fund
Schedule of Investments
September 30, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | ||
Entertainment — 0.48% | |||
Roku, Inc. * | 358 | $112,179 | |
Total COMMUNICATION SERVICES (Cost $394,082) | 621,847 | ||
ENERGY — 1.94% | |||
Oil, Gas & Consumable Fuels — 1.94% | |||
Cameco Corp. 1 | 10,910 | 237,074 | |
Diamondback Energy, Inc. | 2,293 | 217,079 | |
454,153 | |||
Total ENERGY (Cost $427,679) | 454,153 | ||
CONSUMER STAPLES — 1.78% | |||
Beverages — 1.30% | |||
Celsius Holdings, Inc. * | 3,361 | 302,792 | |
Personal Products — 0.48% | |||
Olaplex Holdings, Inc. * | 4,588 | 112,406 | |
Total CONSUMER STAPLES (Cost $334,161) | 415,198 | ||
Total COMMON STOCKS (Cost $18,341,822) | 23,222,006 | ||
SHORT TERM INVESTMENTS — 1.07% | |||
Northern Institutional Government Portfolio (Shares), 0.00% 2 (Cost $249,753) | 249,753 | 249,753 | |
TOTAL INVESTMENTS (Cost $18,591,575) | 100.35% | $23,471,759 | |
Liabilities In Excess of Other Assets | (0.35)% | (82,175) | |
Net Assets | 100.00% | $23,389,584 |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
SP ADR | Sponsored American Depositary Receipt |
1 | Foreign security denominated and/or traded in U.S. dollars. |
2 | 7 day current yield as of September 30, 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.
21
Driehaus Event Driven Fund
Schedule of Investments
September 30, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
CONVERTIBLE CORPORATE BONDS — 0.35% | ||
Healthcare - Products — 0.35% | ||
Progenity, Inc. 7.25%, 12/1/25 1 | $1,073,000 | $685,949 |
Total CONVERTIBLE CORPORATE BONDS (Cost $1,116,101) | 685,949 | |
CORPORATE BONDS — 15.82% | ||
Auto Manufacturers — 2.90% | ||
Mclaren Finance PLC 7.50%, 8/1/26 1,2,3 | 5,659,000 | 5,728,323 |
Diversified Financial Services — 2.19% | ||
Home Point Capital, Inc. 5.00%, 2/1/26 1 | 2,826,000 | 2,561,826 |
ILFC E-Capital Trust I 3.46%, 12/21/65 1,2,4,5,6 | 2,189,000 | 1,773,090 |
4,334,916 | ||
Entertainment — 3.41% | ||
Cinemark USA, Inc. 5.25%, 7/15/28 1,2 | 6,838,000 | 6,735,430 |
Lodging — 1.76% | ||
Arrow Bidco LLC 9.50%, 3/15/24 1,2 | 3,410,000 | 3,478,200 |
Oil & Gas — 0.86% | ||
Transocean Pontus Ltd. (Cayman Islands) 6.12%, 8/1/25 1,3 | 1,698,450 | 1,698,450 |
Retail — 1.96% | ||
Guitar Center, Inc. 8.50%, 1/15/26 1,2 | 3,600,000 | 3,861,000 |
Trucking & Leasing — 2.74% | ||
Fortress Transportation and Infrastructure Investors LLC 9.75%, 8/1/27 1,2 | 4,787,000 | 5,421,277 |
Total CORPORATE BONDS (Cost $30,723,863) | 31,257,596 | |
COMMON STOCKS — 68.66% | ||
Auto Parts & Equipment — 1.99% | ||
Holley, Inc. * | 328,935 | 3,927,484 |
Banks — 8.25% | ||
Blue Foundry Bancorp * | 259,703 | 3,581,304 |
Eastern Bankshares, Inc. 2 | 262,717 | 5,333,155 |
HarborOne Bancorp, Inc. 2 | 244,682 | 3,435,335 |
Kearny Financial Corp./MD 2 | 317,055 | 3,940,994 |
16,290,788 | ||
Biotechnology — 11.97% | ||
Ascendis Pharma A/S - ADR 2,3,* | 13,514 | 2,153,996 |
Crinetics Pharmaceuticals, Inc. * | 198,889 | 4,186,613 |
DICE Therapeutics, Inc. * | 77,220 | 2,528,955 |
Shares, Principal Amount, or Number of Contracts | Value | |
Elevation Oncology, Inc. * | 366,813 | $2,857,476 |
Relay Therapeutics, Inc. 2,* | 159,345 | 5,024,148 |
Sema4 Holdings Corp. * | 112,852 | 856,547 |
SpringWorks Therapeutics, Inc. * | 45,000 | 2,854,800 |
Trillium Therapeutics, Inc. 3,* | 181,633 | 3,189,476 |
23,652,011 | ||
Computers — 0.15% | ||
iCAD, Inc. * | 27,444 | 295,023 |
Diversified Financial Services — 1.86% | ||
Enact Holdings, Inc. * | 102,880 | 2,256,158 |
OppFi, Inc. * | 180,494 | 1,418,683 |
3,674,841 | ||
Engineering & Construction — 2.71% | ||
WillScot Mobile Mini Holdings Corp. * | 168,662 | 5,349,959 |
Entertainment — 4.16% | ||
Golden Entertainment, Inc. 2,* | 167,294 | 8,212,463 |
Healthcare - Products — 2.11% | ||
Alphatec Holdings, Inc. * | 57,772 | 704,241 |
Invitae Corp. * | 124,795 | 1,546,210 |
Itamar Medical Ltd. - SP ADR 3,* | 15,477 | 467,715 |
SeaSpine Holdings Corp. * | 91,750 | 1,443,227 |
4,161,393 | ||
Healthcare - Services — 2.03% | ||
SomaLogic, Inc. * | 141,171 | 4,013,492 |
Holding Companies - Diversified — 16.02% | ||
Class Acceleration Corp. - A 7,* | 108,472 | 1,054,348 |
CM Life Sciences III, Inc. - A 7,* | 133,400 | 1,323,328 |
Corazon Capital V838 Monoceros Corp. - A 7,* | 189,734 | 1,840,420 |
DA32 Life Science Tech Acquisition Corp. - A 7,* | 256,200 | 2,518,446 |
EJF Acquisition Corp. - A 7,* | 330,122 | 3,255,003 |
First Light Acquisition Group, Inc. 7,* | 386,250 | 3,839,325 |
Flag U Founders 3,7,* | 24,357 | — |
Jack Creek Investment Corp. - A 7,* | 302,994 | 2,954,191 |
L&F Acquisition Corp. - A 7,* | 185,742 | 1,857,420 |
Live Oak Mobility Acquisition Corp. - A 7,* | 174,459 | 1,687,019 |
Logistics Innovation Technologies Corp. - A 7,* | 192,225 | 1,853,049 |
Longview Acquisition Corp. II - A 7,* | 257,100 | 2,542,719 |
Senior Connect Acquisition Corp. I - A 7,* | 190,710 | 1,863,237 |
Tekkorp Digital Acquisition Corp. - A 7,* | 189,734 | 1,863,188 |
Notes to Schedule of Investments are an integral part of this Schedule.
22
Driehaus Event Driven Fund
Schedule of Investments
September 30, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Thayer Ventures Acquisition Corp. - A 7,* | 71,467 | $722,531 |
Tishman Speyer Innovation Corp. II - A 7,* | 184,448 | 1,807,590 |
Z-Work Acquisition Corp. - A 7,* | 67,660 | 659,008 |
31,640,822 | ||
Media — 1.41% | ||
Altice USA, Inc. - A 2,* | 134,395 | 2,784,664 |
Metal Fabricate/Hardware — 2.23% | ||
Hillman Solutions Corp. * | 368,616 | 4,397,589 |
Pharmaceuticals — 3.92% | ||
Curaleaf Holdings, Inc. * | 133,228 | 1,605,397 |
Cytokinetics, Inc. 2,* | 159,882 | 5,714,183 |
Merus NV 3,* | 19,476 | 428,472 |
7,748,052 | ||
Real Estate (REIT's) — 2.01% | ||
Equity Commonwealth 2 | 152,840 | 3,970,783 |
Savings & Loans — 1.74% | ||
Berkshire Hills Bancorp, Inc. | 127,683 | 3,444,887 |
Telecommunications — 3.25% | ||
Telephone and Data Systems, Inc. | 157,504 | 3,071,328 |
T-Mobile US, Inc. 2,* | 26,294 | 3,359,322 |
6,430,650 | ||
Transportation — 2.85% | ||
Air Transport Services Group, Inc. * | 127,400 | 3,288,194 |
XPO Logistics, Inc. 2,* | 29,442 | 2,342,994 |
5,631,188 | ||
Total COMMON STOCKS (Cost $121,382,715) | 135,626,089 | |
PRIVATE INVESTMENT IN PUBLIC EQUITY (PIPES) — 1.86% | ||
Healthcare - Products — 0.83% | ||
SomaLogic, Inc. * | 1,630,524 | |
Holding Companies - Diversified — 0.77% | ||
CM Life Sciences III, Inc. - A * | 1,527,303 | |
Biotechnology — 0.26% | ||
Sema4 Holdings Corp. * | 508,530 | |
Total PRIVATE INVESTMENT IN PUBLIC EQUITY (PIPES) (Cost $3,525,620) | 3,666,357 | |
MASTER LIMITED PARTNERSHIPS — 1.06% | ||
Trucking & Leasing — 1.06% | ||
Fortress Transportation and Infrastructure Investors LLC | 82,424 | 2,091,921 |
Total MASTER LIMITED PARTNERSHIPS (Cost $1,745,819) | 2,091,921 |
Shares, Principal Amount, or Number of Contracts | Value | |
PREFERRED STOCKS — 3.05% | ||
Retail — 1.37% | ||
Qurate Retail, Inc. 8.00%, 3/15/31 8 | 25,000 | $2,703,750 |
Telecommunications — 1.68% | ||
Telephone and Data Systems, Inc. 6.63%, 8 | 22,999 | 611,544 |
Telephone and Data Systems, Inc. 6.00%, 8 | 107,525 | 2,715,006 |
3,326,550 | ||
Total PREFERRED STOCKS (Cost $5,761,776) | 6,030,300 | |
WARRANTS — 0.52% | ||
Class Acceleration Corp., Exp 3/31/2028, Strike $11.50 * | 54,236 | 31,725 |
CM Life Sciences III, Inc., Exp 12/21/2028, Strike $11.50 * | 26,680 | 57,095 |
Corazon Capital V838 Monoceros Corp., Exp 12/31/2028, Strike $11.50 * | 53,713 | 40,822 |
Deep Lake Capital Acquisition Corp., Exp 12/31/2027, Strike $11.50 * | 10,795 | 8,179 |
EJF Acquisition Corp., Exp 12/31/2027, Strike $11.50 * | 110,040 | 180,466 |
Jack Creek Investment Corp., Exp 12/31/2027, Strike $11.50 * | 151,497 | 92,565 |
L&F Acquisition Corp., Exp 5/23/2027, Strike $11.50 * | 65,250 | 38,824 |
Live Oak Mobility Acquisition Corp., Exp 3/4/2028, Strike $11.50 * | 34,891 | 29,657 |
Logistics Innovation Technologies Corp., Exp 6/15/2028, Strike $11.50 * | 64,075 | 56,713 |
Longview Acquisition Corp. II, Exp 5/10/2026, Strike $11.50 * | 45,820 | 59,149 |
Montes Archimedes Acquisition Corp., Exp 12/31/2025, Strike $11.50 * | 117,200 | 174,628 |
Senior Connect Acquisition Corp., Exp 12/31/2027, Strike $11.50 * | 62,919 | 44,672 |
SomaLogic, Inc., Exp 12/31/2027, Strike $11.50 * | 22,690 | 78,280 |
Tekkorp Digital Acquisition Corp., Exp 01/24/2025, Strike $11.50 * | 59,550 | 53,000 |
Thayer Ventures Acquisition Corp., Exp 1/1/2030, Strike $11.50 * | 35,733 | 41,093 |
Notes to Schedule of Investments are an integral part of this Schedule.
23
Driehaus Event Driven Fund
Schedule of Investments
September 30, 2021 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | ||
Tishman Speyer Innovation Corp., Exp 12/31/2027, Strike $11.50 * | 36,889 | $30,987 | |
X4 Pharmaceuticals, Inc., Exp 04/12/2024, Strike $13.20 * | 5,547 | 1,109 | |
Z-Work Acquisition Corp., Exp 12/31/2027, Strike $11.50 * | 22,553 | 14,434 | |
Total WARRANTS (Cost $0) | 1,033,398 | ||
SHORT TERM INVESTMENTS — 7.30% | |||
Northern Institutional Treasury Portfolio (Premier Class), 0.01% 9 (Cost $14,410,481) | 14,410,481 | 14,410,481 | |
TOTAL INVESTMENTS (Cost $178,666,375) | 98.62% | $194,802,091 | |
Other Assets In Excess of Liabilities | 1.38% | 2,728,343 | |
Net Assets | 100.00% | $197,530,434 | |
INVESTMENT SECURITIES SOLD SHORT — (19.27)% | |||
EXCHANGE-TRADED FUNDS — (19.27)% | |||
ARK Genomic Revolution ETF * | (61,461) | (4,592,366) | |
iShares Biotechnology ETF | (28,860) | (4,666,085) | |
SPDR S&P Biotech ETF | (161,214) | (20,266,212) | |
SPDR S&P Regional Banking ETF | (126,055) | (8,540,226) | |
Total EXCHANGE-TRADED FUNDS (Proceeds $38,373,922) | (38,064,889) | ||
TOTAL INVESTMENT SECURITIES SOLD SHORT (Proceeds $38,373,922) | (19.27)% | $(38,064,889) |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
SP ADR | Sponsored American Depositary Receipt |
1 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $31,943,545, which represents 16% of Net Assets. |
2 | All or a portion of this security is pledged as collateral for short sales or derivatives transactions. |
3 | Foreign security denominated and/or traded in U.S. dollars. |
4 | 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%. |
5 | Perpetual security. Maturity date shown is the next call date or final legal maturity date, whichever comes first. |
6 | Variable rate security. Rates disclosed as of September 30, 2021. |
7 | Special Purpose Acquisition Company (SPAC). |
8 | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
9 | 7 day current yield as of September 30, 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.
24
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. North and South American exchange-traded securities for which no sale was reported are valued at the most recent closing bid price from the exchange the security is primarily traded on and are generally classified as level 1. All other exchange-traded securities for which no sale was reported are valued at the mean between closing bid and ask prices from the exchange the security is primarily traded on and are also generally classified as level 1. Equity certificates are valued at the last sale price of the underlying security as of the close of the primary exchange. Long-term U.S. fixed income securities are valued at the representative quoted bid price when held long or the representative quoted ask price if sold short or, if such prices are not available, at prices for securities of comparable maturity, quality and type or as determined by an independent pricing service. Long-term non-U.S. fixed income securities are valued at the mean of the representative quoted bid and ask prices when held long or sold short or, if such prices are not available, at prices for securities of comparable maturity, quality and type or as determined by an independent pricing service. The pricing service provider may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations or other techniques. Such techniques generally consider factors such as composite security prices, yields, maturities, call features, credit ratings and developments relating to specific securities, in arriving at valuations. Fixed income securities are generally classified as level 2. The fair value analysis includes an analysis of the value of any unfunded commitments.
Short-term investments with remaining maturities of 60 days or less at the time of purchase are stated at amortized cost, which approximates fair value. If amortized cost does not approximate fair value, short-term securities are reported at fair value. These securities are generally classified as level 2. Swaps, forward foreign currency contracts and other financial derivatives are valued daily, primarily by an independent pricing service using pricing models and are generally classified as level 2. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, dividends and exchange rates. If valuations are not available from the independent pricing service or values received are deemed not representative of fair value, values will be obtained from a third-party broker-dealer or counterparty. Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from an independent pricing service. In addition, for the Emerging Markets Growth Fund, Emerging Markets Small Cap Growth, 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:
25
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
Level 1 – quoted prices for active markets for identical securities
Level 2 – significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The following is a summary of the inputs used to value the Emerging Markets Growth Fund’s investments as of September 30, 2021:
Assets | Total Value at September 30, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Africa | $16,892,458 | $16,892,458 | $— | $— | ||||
Europe | ||||||||
Denmark | 12,249,732 | — | 12,249,732 | — | ||||
France | 22,805,155 | — | 22,805,155 | — | ||||
Germany | 10,474,400 | — | 10,474,400 | — | ||||
Greece | 8,950,418 | — | 8,950,418 | — | ||||
Hungary | 35,361,224 | — | 35,361,224 | — | ||||
Netherlands | 40,069,128 | — | 40,069,128 | — | ||||
Russia | 149,960,421 | 59,932,840 | 90,027,581 | — | ||||
Far East | ||||||||
China | 625,165,213 | 62,761,614 | 562,403,599 | — | ||||
India | 401,644,620 | 100,840,589 | 300,804,031 | — | ||||
Indonesia | 46,387,167 | — | 46,387,167 | — | ||||
Malaysia | 12,702,724 | — | 12,702,724 | — | ||||
Philippines | 4,738,178 | — | 4,738,178 | — | ||||
Singapore | 32,549,664 | 32,549,664 | — | — | ||||
South Korea | 207,173,973 | 4,919,081 | 202,254,892 | — | ||||
Taiwan | 213,013,902 | 150,640,636 | 62,373,266 | — | ||||
Turkey | 10,508,291 | — | 10,508,291 | — | ||||
Vietnam | 9,999,066 | — | 9,999,066 | — | ||||
Middle East | 11,838,330 | — | 11,838,330 | — | ||||
North America | 278,487,491 | 278,487,491 | — | — | ||||
South America | 145,891,912 | 145,891,912 | — | — | ||||
Short Term Investments | 158,099,910 | 158,099,910 | — | — | ||||
Total | $2,454,963,377 | $1,011,016,195 | $1,443,947,182 | $— |
26
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
The following is a summary of the inputs used to value the Emerging Markets Small Cap Growth Fund’s investments as of September 30, 2021:
Assets | Total Value at September 30, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Europe | ||||||||
Poland | $1,584,971 | $1,584,971 | $— | $— | ||||
Russia | 784,847 | 784,847 | — | — | ||||
United Kingdom | 769,193 | — | 769,193 | — | ||||
Far East | ||||||||
China | 21,422,899 | — | 21,422,899 | — | ||||
India | 31,749,769 | 1,992,216 | 29,757,553 | — | ||||
Indonesia | 3,768,118 | — | 3,768,118 | — | ||||
Kazakhstan | 2,980,475 | 1,941,818 | 1,038,657 | — | ||||
Malaysia | 848,710 | — | 848,710 | — | ||||
South Korea | 5,953,998 | — | 5,953,998 | — | ||||
Taiwan | 8,058,637 | — | 8,058,637 | — | ||||
Thailand | 1,686,765 | — | 1,686,765 | — | ||||
Turkey | 1,027,081 | — | 1,027,081 | — | ||||
Vietnam | 7,109,145 | 1,353,348 | 5,755,797 | — | ||||
North America | ||||||||
Canada | 1,324,804 | 1,324,804 | — | — | ||||
Mexico | 2,486,225 | 2,486,225 | — | — | ||||
United States | 1,915,714 | 835,443 | 1,080,271 | — | ||||
South America | 11,172,087 | 11,172,087 | — | — | ||||
Rights | ||||||||
Far East | 91,222 | — | 91,222 | — | ||||
Short Term Investments | 7,729,227 | 7,729,227 | — | — | ||||
Total | $112,463,887 | $31,204,986 | $81,258,901 | $— |
27
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 September 30, 2021:
Assets | Total Value at September 30, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Argentina | $398,018 | $398,018 | $— | $— | ||||
Brazil | 1,164,100 | 1,164,100 | — | — | ||||
Canada | 389,110 | 389,110 | — | — | ||||
China | 11,304,055 | 1,457,561 | 9,846,494 | — | ||||
Czech Republic | 817,779 | — | 817,779 | — | ||||
France | 574,774 | — | 574,774 | — | ||||
India | 6,423,580 | 1,550,507 | 4,873,073 | — | ||||
Indonesia | 1,269,286 | — | 1,269,286 | — | ||||
Japan | 767,722 | — | 767,722 | — | ||||
Kazakhstan | 1,126,316 | 728,877 | 397,439 | — | ||||
Malaysia | 342,692 | — | 342,692 | — | ||||
Mexico | 604,177 | 604,177 | — | — | ||||
Netherlands | 654,423 | — | 654,423 | — | ||||
Russia | 2,573,734 | 756,332 | 1,817,402 | — | ||||
Saudi Arabia | 562,189 | — | 562,189 | — | ||||
Singapore | 884,794 | 884,794 | — | — | ||||
South Korea | 5,855,464 | 34,084 | 5,821,380 | — | ||||
Taiwan | 6,332,875 | — | 6,332,875 | — | ||||
United States | 3,561,748 | 3,561,748 | — | — | ||||
Uruguay | 923,722 | 923,722 | — | — | ||||
Preferred Stocks | 520,123 | 520,123 | — | — | ||||
Short Term Investments | 1,759,590 | 1,759,590 | — | — | ||||
Sovereign Bonds | 9,462,680 | — | 9,462,680 | — | ||||
Total | $58,272,951 | $14,732,743 | $43,540,208 | $— |
The following is a summary of the inputs used to value the International Small Cap Growth Fund’s investments as of September 30, 2021:
Assets | Total Value at September 30, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Europe | ||||||||
Austria | $10,363,919 | $— | $10,363,919 | $— | ||||
Belgium | 5,267,634 | 3,738,807 | 1,528,827 | — | ||||
Denmark | 17,120,970 | 5,008,006 | 12,112,964 | — | ||||
Finland | 5,411,400 | — | 5,411,400 | — | ||||
France | 16,695,112 | — | 16,695,112 | — | ||||
Germany | 45,602,610 | 12,056,555 | 33,546,055 | — | ||||
Iceland | 3,148,301 | 3,148,301 | — | — | ||||
Ireland | 6,481,554 | — | 6,481,554 | — | ||||
Italy | 1,738,348 | — | 1,738,348 | — | ||||
Netherlands | 10,324,728 | — | 10,324,728 | — | ||||
Norway | 1,416,708 | — | 1,416,708 | — |
28
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
Assets | Total Value at September 30, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Poland | $3,308,208 | $— | $3,308,208 | $— | ||||
Spain | 7,084,029 | — | 7,084,029 | — | ||||
Sweden | 7,492,365 | 2,941,857 | 4,550,508 | — | ||||
Switzerland | 15,791,381 | — | 15,791,381 | — | ||||
United Kingdom | 77,024,032 | 36,144,083 | 40,879,949 | — | ||||
Far East | 44,216,026 | — | 44,216,026 | — | ||||
Middle East | 3,398,061 | 3,398,061 | — | — | ||||
North America | 34,902,424 | 34,902,424 | — | — | ||||
South America | 8,174,292 | 8,174,292 | — | — | ||||
Preferred Stocks | ||||||||
South America | 1,561,408 | 1,561,408 | — | — | ||||
Short Term Investments | 12,096,567 | 12,096,567 | — | — | ||||
Total | $338,620,077 | $123,170,361 | $215,449,716 | $— |
The following is a summary of the inputs used to value the Micro Cap Growth Fund’s investments as of September 30, 2021:
Assets* | Total Value at September 30, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | $370,533,996 | $370,533,996 | $— | $— | ||||
Short Term Investments | 2,924,601 | 2,924,601 | — | — | ||||
Total | $373,458,597 | $373,458,597 | $— | $— |
* See Schedule of Investments for industry breakout. |
The following is a summary of the inputs used to value the Small Cap Growth Fund’s investments as of September 30, 2021:
Assets* | Total Value at September 30, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | $499,648,990 | $499,648,990 | $— | $— | ||||
Short Term Investments | 2,801,801 | 2,801,801 | — | — | ||||
Total | $502,450,791 | $502,450,791 | $— | $— |
* See Schedule of Investments for industry breakout. |
The following is a summary of the inputs used to value the Small/Mid Cap Growth Fund’s investments as of September 30, 2021:
Assets* | Total Value at September 30, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | $23,222,006 | $23,222,006 | $— | $— |
29
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
Assets* | Total Value at September 30, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Short Term Investments | $249,753 | $249,753 | $— | $— | ||||
Total | $23,471,759 | $23,471,759 | $— | $— |
* See Schedule of Investments for industry breakout. |
The following is a summary of the inputs used to value the Event Driven Fund’s investments as of September 30, 2021:
Assets | Total Value at September 30, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Auto Parts & Equipment | $3,927,484 | $3,927,484 | $— | $— | ||||
Banks | 16,290,788 | 16,290,788 | — | — | ||||
Biotechnology | 23,652,011 | 23,652,011 | — | — | ||||
Computers | 295,023 | 295,023 | — | — | ||||
Diversified Financial Services | 3,674,841 | 3,674,841 | — | — | ||||
Engineering & Construction | 5,349,959 | 5,349,959 | — | — | ||||
Entertainment | 8,212,463 | 8,212,463 | — | — | ||||
Healthcare - Products | 4,161,393 | 4,161,393 | — | — | ||||
Healthcare - Services | 4,013,492 | 4,013,492 | — | — | ||||
Holding Companies - Diversified | 31,640,822 | 27,947,353 | 3,693,469 | — | ||||
Media | 2,784,664 | 2,784,664 | — | — | ||||
Metal Fabricate/Hardware | 4,397,589 | 4,397,589 | — | — | ||||
Pharmaceuticals | 7,748,052 | 7,748,052 | — | — | ||||
Real Estate (REIT's) | 3,970,783 | 3,970,783 | — | — | ||||
Savings & Loans | 3,444,887 | 3,444,887 | — | — | ||||
Telecommunications | 6,430,650 | 6,430,650 | — | — | ||||
Transportation | 5,631,188 | 5,631,188 | — | — | ||||
Convertible Corporate Bonds | 685,949 | — | 685,949 | — | ||||
Corporate Bonds | 31,257,596 | — | 31,257,596 | — | ||||
Master Limited Partnerships | 2,091,921 | 2,091,921 | — | — | ||||
Preferred Stocks | 6,030,300 | 6,030,300 | — | — | ||||
Private Investment In Public Equity (PIPES) | 3,666,357 | 3,666,357 | — | — | ||||
Short Term Investments | 14,410,481 | 14,410,481 | — | — | ||||
Warrants | 1,033,398 | 945,919 | 87,479 | — | ||||
Total | $194,802,091 | $159,077,598 | $35,724,493 | $— |
Liabilities | ||||||||
Exchange-Traded Funds Sold Short | $(38,064,889) | $(38,064,889) | $— | $— | ||||
Total | $(38,064,889) | $(38,064,889) | $— | $— |
30
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value in the Event Driven Fund:
Investments, at Value | |
Balance as of December 31, 2020 | $2,960,500 |
Realized gain (loss) | — |
Change in net unrealized appreciation (depreciation) | 357,592 |
Purchases | 1,316,000 |
Sales | — |
Transfers in and/or out of Level 3 | (4,634,092) |
Balance as of September 30, 2021 | $— |
As of September 30, 2021, none of the Funds held Level 3 assets.
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 September 30, 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.
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.
31
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
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 FASB issued ASU 2020-08, "Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs" ("ASU 2020-08"). 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 September 30, 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 September 30, 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 September 30, 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; and 2) forward foreign currency contracts to manage currency risk in portfolio holdings. During the period January 1, 2021, through September 30, 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.
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
32
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
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 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.
33
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
Options Contracts
The Funds may use options contracts, which include warrants, to hedge downside risk, produce incremental earnings or protect against market changes in the value of equities or interest rates. The Funds may write covered call and put options on futures, swaps, securities, or currencies the Funds own or in which they may invest. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the 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 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.
34
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
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 previously disclosed in the Proxy Statement for the Funds, dated May 12, 2021, an interim advisory agreement (“Interim Advisory Agreement”) was put in place with DCM on March 9, 2021 (the “Effective Date”) following a technical change in control which was caused by the death of DCM’s Chairman and controlling owner. The Interim Advisory Agreement terminated following the approval of a new investment advisory agreement between the Trust and DCM by the shareholders of the Funds on July 1, 2021.
35