Driehaus Emerging Markets Growth Fund
Schedule of Investments
March 31, 2022 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 93.09% | ||
FAR EAST — 61.39% | ||
India — 18.39% | ||
Apollo Hospitals Enterprise Ltd. | 303,392 | $18,005,543 |
Bharti Airtel Ltd. * | 2,183,979 | 21,652,963 |
Cipla Ltd. | 1,127,122 | 15,091,098 |
HDFC Bank Ltd. - ADR 1 | 587,268 | 36,017,146 |
Hindalco Industries Ltd. | 2,024,052 | 15,100,695 |
Housing Development Finance Corp. Ltd. | 1,171,273 | 36,623,464 |
ICICI Bank Ltd. - SP ADR 1 | 2,412,072 | 45,684,644 |
Infosys Ltd. - SP ADR 1 | 1,377,570 | 34,287,717 |
Power Grid Corp. of India Ltd. | 8,151,499 | 23,239,389 |
Reliance Industries Ltd. | 1,399,455 | 48,403,756 |
Sun Pharmaceutical Industries Ltd. | 1,736,434 | 20,899,954 |
Tata Consultancy Services Ltd. | 433,945 | 21,326,399 |
Tata Motors Ltd. - SP ADR 1,* | 164,666 | 4,602,415 |
Titan Co. Ltd. | 888,679 | 29,604,899 |
United Spirits Ltd. * | 1,507,714 | 17,578,078 |
388,118,160 | ||
China — 16.96% | ||
AIA Group Ltd. | 3,292,800 | 34,383,041 |
Autohome, Inc. - ADR 1 | 136,385 | 4,147,468 |
Baidu, Inc. - SP ADR 1,* | 96,802 | 12,806,905 |
China Mengniu Dairy Co. Ltd. * | 1,572,351 | 8,430,006 |
China Merchants Bank Co. Ltd. - H | 6,228,417 | 48,484,657 |
Contemporary Amperex Technology Co. Ltd. - A | 231,415 | 18,517,852 |
East Money Information Co. Ltd. - A | 2,757,044 | 10,920,753 |
Ganfeng Lithium Co. Ltd. - H 2 | 606,000 | 8,525,736 |
JD.com, Inc. - A * | 365,906 | 10,397,180 |
Jiumaojiu International Holdings Ltd. 2 | 4,832,000 | 10,221,254 |
Meituan - B 2,* | 1,087,800 | 20,607,219 |
NARI Technology Co. Ltd. - A | 2,706,725 | 13,338,277 |
PetroChina Co. Ltd. - H | 24,274,000 | 12,326,746 |
Pharmaron Beijing Co. Ltd. - A | 583,853 | 10,816,046 |
Proya Cosmetics Co. Ltd. - A | 664,034 | 19,667,776 |
Techtronic Industries Co. Ltd. | 1,956,169 | 31,340,709 |
Tencent Holdings Ltd. | 1,447,545 | 66,723,636 |
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. - A | 329,357 | 16,370,975 |
358,026,236 | ||
Taiwan — 9.77% | ||
Chailease Holding Co. Ltd. | 3,068,179 | 26,912,005 |
Merida Industry Co. Ltd. | 611,893 | 5,369,662 |
Silergy Corp. | 85,463 | 10,020,606 |
Taiwan Semiconductor Manufacturing Co. Ltd. - SP ADR 1 | 1,494,446 | 155,810,940 |
Unimicron Technology Corp. | 953,484 | 8,126,970 |
206,240,183 |
Shares, Principal Amount, or Number of Contracts | Value | |
South Korea — 7.75% | ||
Hyundai Mipo Dockyard Co. Ltd. * | 102,319 | $6,552,752 |
KB Financial Group, Inc. | 606,921 | 30,415,184 |
KT Corp. | 163,602 | 4,791,981 |
Macquarie Korea Infrastructure Fund | 1,000,206 | 11,298,606 |
Samsung Electronics Co. Ltd. | 1,930,012 | 110,441,045 |
163,499,568 | ||
Indonesia — 3.24% | ||
Bank Central Asia Tbk PT | 85,968,475 | 47,786,052 |
Telkom Indonesia Persero Tbk PT | 65,051,100 | 20,696,092 |
68,482,144 | ||
Thailand — 2.30% | ||
Airports of Thailand PCL - NVDR * | 10,788,000 | 21,393,535 |
The Siam Commercial Bank PCL - NVDR | 7,966,200 | 27,165,052 |
48,558,587 | ||
Japan — 0.99% | ||
Keyence Corp. | 45,200 | 20,959,358 |
Australia — 0.64% | ||
Lynas Rare Earths Ltd. * | 1,693,352 | 13,500,162 |
Singapore — 0.61% | ||
Sea Ltd. - ADR 1,* | 106,754 | 12,788,062 |
Vietnam — 0.48% | ||
Masan Group Corp. | 1,597,900 | 10,211,823 |
Philippines — 0.26% | ||
International Container Terminal Services, Inc. | 1,240,557 | 5,374,187 |
Total FAR EAST (Cost $1,007,986,098) | 1,295,758,470 | |
NORTH AMERICA — 14.64% | ||
United States — 8.27% | ||
Amgen, Inc. | 53,155 | 12,853,942 |
Ball Corp. | 169,421 | 15,247,890 |
Copa Holdings SA - A * | 88,615 | 7,411,759 |
EPAM System, Inc. * | 58,899 | 17,470,033 |
Liberty Media Corp.-Liberty Formula One - C * | 265,731 | 18,558,653 |
MELI Kaszek Pioneer Corp. - A * | 770,561 | 7,921,367 |
Micron Technology, Inc. | 228,326 | 17,784,312 |
Newmont Corp. | 357,654 | 28,415,610 |
Pfizer, Inc. | 420,894 | 21,789,682 |
Schlumberger NV | 148,937 | 6,152,588 |
SiTime Corp. * | 32,509 | 8,056,380 |
Tenaris SA - ADR 1 | 428,777 | 12,893,324 |
174,555,540 | ||
Mexico — 3.37% | ||
Grupo Financiero Banorte SAB de CV - O | 6,573,992 | 49,518,124 |
Notes to Schedule of Investments are an integral part of this Schedule.
1
Driehaus Emerging Markets Growth Fund
Schedule of Investments
March 31, 2022 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Wal-Mart de Mexico SAB de CV | 5,252,063 | $21,523,160 |
71,041,284 | ||
Canada — 3.00% | ||
Cameco Corp. 1 | 854,343 | 24,861,381 |
Nutrien Ltd. 1 | 216,837 | 22,548,880 |
Wheaton Precious Metals Corp. 1 | 335,597 | 15,967,705 |
63,377,966 | ||
Total NORTH AMERICA (Cost $255,949,588) | 308,974,790 | |
SOUTH AMERICA — 7.17% | ||
Brazil — 5.65% | ||
Ambev SA - ADR 1 | 7,188,033 | 23,217,347 |
Arezzo Industria e Comercio SA | 225,000 | 4,266,023 |
Banco BTG Pactual SA * | 5,836,040 | 31,772,436 |
Pet Center Comercio e Participacoes SA | 2,320,100 | 9,146,780 |
Petroleo Brasileiro SA - SP ADR 1 | 1,082,183 | 16,016,308 |
SLC Agricola SA | 1,173,414 | 12,325,524 |
Vale SA - SP ADR 1 | 1,125,851 | 22,505,761 |
119,250,179 | ||
Uruguay — 0.77% | ||
Globant SA 1,* | 61,903 | 16,222,919 |
Argentina — 0.75% | ||
MercadoLibre, Inc. 1,* | 13,328 | 15,853,390 |
Total SOUTH AMERICA (Cost $123,853,275) | 151,326,488 | |
EUROPE — 3.42% | ||
Netherlands — 1.37% | ||
ASML Holding NV 1 | 17,667 | 11,800,319 |
Heineken NV | 178,568 | 17,076,439 |
28,876,758 | ||
France — 0.88% | ||
L'Oreal SA | 46,852 | 18,714,814 |
Switzerland — 0.77% | ||
Nestle SA | 124,733 | 16,217,618 |
Greece — 0.40% | ||
OPAP SA | 578,534 | 8,421,311 |
Russia — 0.00% | ||
Polyus PJSC 1,^ | 63,751 | 0 |
Total EUROPE (Cost $84,027,579) | 72,230,501 | |
MIDDLE EAST — 3.35% | ||
Saudi Arabia — 1.83% | ||
Nahdi Medical Co. * | 265,965 | 10,988,824 |
Saudi Arabian Oil Co. 2 | 2,402,670 | 27,560,289 |
38,549,113 | ||
Qatar — 0.99% | ||
Qatar National Bank QPSC | 3,323,048 | 21,000,442 |
Shares, Principal Amount, or Number of Contracts | Value | ||
Israel — 0.53% | |||
ICL Group Ltd. | 945,936 | $11,244,893 | |
Total MIDDLE EAST (Cost $59,941,132) | 70,794,448 | ||
AFRICA — 3.12% | |||
South Africa — 3.12% | |||
Capitec Bank Holdings Ltd. | 139,838 | 22,270,642 | |
MTN Group Ltd. | 1,676,774 | 21,695,991 | |
Sasol Ltd. * | 451,198 | 10,908,191 | |
The Bidvest Group Ltd. | 720,714 | 11,033,275 | |
65,908,099 | |||
Total AFRICA (Cost $52,150,688) | 65,908,099 | ||
Total COMMON STOCKS (Cost $1,583,908,360) | 1,964,992,796 | ||
SHORT TERM INVESTMENTS — 5.11% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.17% 3 (Cost $107,816,499) | 107,816,499 | 107,816,499 | |
TOTAL INVESTMENTS (Cost $1,691,724,859) | 98.20% | $2,072,809,295 | |
Other Assets In Excess of Liabilities | 1.80% | 38,078,833 | |
Net Assets | 100.00% | $2,110,888,128 |
ADR | American Depositary Receipt |
NVDR | Non-Voting Depositary Receipt |
PCL | Public Company Limited |
PJSC | Public Joint Stock Company |
SP ADR | Sponsored American Depositary Receipt |
1 | Foreign security denominated and/or traded in U.S. dollars. |
2 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $66,914,498, which represents 3% of Net Assets. |
3 | 7 day current yield as of March 31, 2022 is disclosed. |
^ | Security valued at fair value as determined in good faith by the Adviser, in accordance with procedures established by, and under the general supervision of, the Trust’s Board of Trustee. The security is valued using significant unobservable inputs. |
* | Non-income producing security. |
Percentages are stated as a percent of net assets.
Notes to Schedule of Investments are an integral part of this Schedule.
2
Driehaus Emerging Markets Small Cap Growth Fund
Schedule of Investments
March 31, 2022 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 87.00% | ||
FAR EAST — 67.16% | ||
India — 19.99% | ||
Aavas Financiers Ltd. * | 40,207 | $1,354,524 |
Amber Enterprises India Ltd. * | 29,883 | 1,381,571 |
AU Small Finance Bank Ltd. 1,* | 76,175 | 1,243,699 |
Birlasoft Ltd. | 210,167 | 1,249,593 |
Clean Science & Technology Ltd. * | 31,792 | 828,416 |
Dixon Technologies India Ltd. | 14,728 | 832,166 |
Godrej Properties Ltd. * | 51,383 | 1,125,601 |
Gujarat Fluorochemicals Ltd. | 26,815 | 966,146 |
Indian Energy Exchange Ltd. 1 | 311,420 | 916,261 |
Jubilant Foodworks Ltd. | 31,038 | 1,072,557 |
Max Healthcare Institute Ltd. * | 123,368 | 563,479 |
MTAR Technologies Ltd. | 48,073 | 1,104,202 |
Oberoi Realty Ltd. * | 105,807 | 1,304,268 |
Radico Khaitan Ltd. | 86,110 | 1,001,123 |
Sobha Ltd. | 108,964 | 1,008,824 |
Sona Blw Precision Forgings Ltd. 1 | 62,324 | 553,981 |
Syngene International Ltd. 1,* | 77,911 | 611,907 |
TVS Motor Co. Ltd. | 73,643 | 603,702 |
Varun Beverages Ltd. | 176,836 | 2,190,950 |
Voltas Ltd. | 131,430 | 2,147,279 |
22,060,249 | ||
China — 15.02% | ||
Asia - Potash International Investment Guangzhou Co. Ltd. - A * | 184,900 | 1,004,793 |
Bosideng International Holdings Ltd. | 1,744,000 | 808,068 |
Centre Testing International Group Co. Ltd. - A | 189,500 | 585,950 |
China National Building Material Co. Ltd. - H | 474,000 | 583,041 |
China Power International Development Ltd. | 2,747,000 | 1,445,207 |
CIMC Enric Holdings Ltd. | 904,000 | 1,117,535 |
Estun Automation Co. Ltd. - A | 259,878 | 817,806 |
Jiumaojiu International Holdings Ltd. 1 | 496,000 | 1,049,202 |
Longshine Technology Group Co. Ltd. - A | 360,925 | 1,572,254 |
Maanshan Iron & Steel Co. Ltd. - H | 1,388,000 | 554,123 |
Man Wah Holdings Ltd. | 542,000 | 586,298 |
Ming Yang Smart Energy Group Ltd. - A | 256,200 | 889,576 |
Pacific Basin Shipping Ltd. | 2,970,000 | 1,590,216 |
Proya Cosmetics Co. Ltd. - A | 47,700 | 1,412,808 |
Xinyi Energy Holdings Ltd. | 2,946,000 | 1,777,103 |
Yantai Jereh Oilfield Services Group Co. Ltd. - A | 119,662 | 788,387 |
16,582,367 |
Shares, Principal Amount, or Number of Contracts | Value | |
Vietnam — 7.68% | ||
Asia Commercial Bank JSC * | 495,675 | $764,376 |
Dat Xanh Real Estate Services JSC * | 782,600 | 1,230,671 |
FPT Corp. | 550,567 | 2,752,921 |
Masan Group Corp. | 231,900 | 1,482,021 |
Military Commercial Joint Stock Bank * | 918,157 | 1,409,757 |
SSI Securities Corp. | 458,433 | 839,048 |
8,478,794 | ||
South Korea — 7.19% | ||
Chunbo Co. Ltd. | 2,988 | 822,897 |
DB HiTek Co. Ltd. | 26,027 | 1,586,144 |
F&F Co. Ltd. | 1,350 | 823,403 |
Hyundai Mipo Dockyard Co. Ltd. * | 21,191 | 1,357,122 |
Iljin Materials Co. Ltd. | 14,526 | 1,144,786 |
LEENO Industrial, Inc. | 14,587 | 2,203,105 |
7,937,457 | ||
Taiwan — 7.05% | ||
Advanced Energy Solution Holding Co. Ltd. | 31,000 | 1,352,981 |
ASPEED Technology, Inc. | 7,000 | 787,983 |
Eclat Textile Co. Ltd. | 41,000 | 678,742 |
Makalot Industrial Co. Ltd. | 73,000 | 519,943 |
Parade Technologies Ltd. | 12,455 | 778,412 |
Silergy Corp. | 5,000 | 586,254 |
Sinbon Electronics Co. Ltd. | 193,000 | 1,740,890 |
Voltronic Power Technology Corp. | 26,550 | 1,339,859 |
7,785,064 | ||
Indonesia — 3.45% | ||
Adi Sarana Armada Tbk PT * | 5,657,600 | 1,026,173 |
Bank BTPN Syariah Tbk PT | 6,340,900 | 1,452,098 |
Merdeka Copper Gold Tbk PT * | 4,226,600 | 1,327,799 |
3,806,070 | ||
Thailand — 2.28% | ||
Chularat Hospital PCL - NVDR | 11,341,800 | 1,314,548 |
Dohome PCL - NVDR | 1,875,600 | 1,203,229 |
2,517,777 | ||
Australia — 2.04% | ||
Lynas Rare Earths Ltd. * | 142,159 | 1,133,355 |
Paladin Energy Ltd. * | 2,073,206 | 1,115,287 |
2,248,642 | ||
Philippines — 1.74% | ||
Security Bank Corp. | 481,020 | 1,010,622 |
Wilcon Depot, Inc. | 1,756,300 | 916,419 |
1,927,041 | ||
Cambodia — 0.72% | ||
NagaCorp Ltd. | 892,000 | 790,261 |
Total FAR EAST (Cost $67,083,746) | 74,133,722 |
Notes to Schedule of Investments are an integral part of this Schedule.
3
Driehaus Emerging Markets Small Cap Growth Fund
Schedule of Investments
March 31, 2022 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
NORTH AMERICA — 7.27% | ||
Canada — 3.33% | ||
B2Gold Corp. | 356,690 | $1,637,724 |
Ivanhoe Mines Ltd. - A * | 217,994 | 2,033,204 |
3,670,928 | ||
Mexico — 2.80% | ||
Grupo Traxion SAB de CV 1,* | 581,400 | 924,861 |
Qualitas Controladora SAB de CV | 380,800 | 2,171,843 |
3,096,704 | ||
United States — 1.14% | ||
Copa Holdings SA - A * | 15,018 | 1,256,106 |
Total NORTH AMERICA (Cost $7,616,726) | 8,023,738 | |
SOUTH AMERICA — 6.65% | ||
Brazil — 6.65% | ||
Arezzo Industria e Comercio SA | 94,900 | 1,799,314 |
Cia Brasileira de Aluminio * | 201,000 | 847,729 |
Grupo SBF SA * | 319,100 | 1,690,321 |
Orizon Valorizacao de Residuos SA * | 196,000 | 1,284,422 |
Petro Rio SA * | 172,300 | 867,462 |
SLC Agricola SA | 80,500 | 845,571 |
7,334,819 | ||
Total SOUTH AMERICA (Cost $5,481,647) | 7,334,819 | |
MIDDLE EAST — 3.39% | ||
Saudi Arabia — 2.15% | ||
Leejam Sports Co. JSC | 39,106 | 1,308,840 |
Nahdi Medical Co. * | 25,815 | 1,066,594 |
2,375,434 | ||
United Arab Emirates — 1.24% | ||
Dana Gas PJSC | 4,263,815 | 1,366,330 |
Total MIDDLE EAST (Cost $3,665,435) | 3,741,764 | |
AFRICA — 1.75% | ||
South Africa — 1.75% | ||
Mr Price Group Ltd. | 36,955 | 545,636 |
The Foschini Group Ltd. | 137,933 | 1,391,177 |
1,936,813 | ||
Total AFRICA (Cost $1,832,671) | 1,936,813 | |
EUROPE — 0.78% | ||
Poland — 0.78% | ||
Dino Polska SA 1,* | 10,661 | 860,416 |
Total EUROPE (Cost $342,038) | 860,416 | |
Total COMMON STOCKS (Cost $86,022,263) | 96,031,272 |
Shares, Principal Amount, or Number of Contracts | Value | ||
PREFERRED STOCKS — 1.33% | |||
SOUTH AMERICA — 1.33% | |||
Brazil — 1.33% | |||
Metalurgica Gerdau SA, 3.29% 2 | 571,000 | $1,467,962 | |
Total SOUTH AMERICA (Cost $1,250,100) | 1,467,962 | ||
Total PREFERRED STOCKS (Cost $1,250,100) | 1,467,962 | ||
SHORT TERM INVESTMENTS — 12.69% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.17% 3 (Cost $14,005,013) | 14,005,013 | 14,005,013 | |
TOTAL INVESTMENTS (Cost $101,277,376) | 101.02% | $111,504,247 | |
Liabilities in Excess of Other Assets | (1.02)% | (1,126,199) | |
Net Assets | 100.00% | $110,378,048 |
JSC | Joint Stock Company |
NVDR | Non-Voting Depositary Receipt |
PCL | Public Company Limited |
PJSC | Public Joint Stock 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 $6,160,327, which represents 6% of Net Assets. |
2 | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
3 | 7 day current yield as of March 31, 2022 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.
4
Driehaus Emerging Markets Opportunities Fund
Schedule of Investments
March 31, 2022 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
SOVEREIGN BONDS — 19.53% | ||
Brazil — 0.94% | ||
Brazil Notas do Tesouro Nacional Serie F 10.00%, 1/1/31 1 | 2,500,000 | $481,210 |
Chile — 0.55% | ||
Chile Government International Bond 2.45%, 1/31/31 2 | 300,000 | 280,959 |
China — 5.35% | ||
China Government Bond 3.20%, 3/16/24 1 | 1,200,000 | 192,405 |
China Government Bond 3.54%, 8/16/28 1 | 2,500,000 | 413,783 |
China Government Bond 2.68%, 5/21/30 1 | 7,000,000 | 1,086,743 |
China Government Bond 3.27%, 11/19/30 1 | 6,500,000 | 1,056,651 |
2,749,582 | ||
Czech Republic — 1.19% | ||
Czech Republic Government Bond 2.40%, 9/17/25 1 | 10,000,000 | 424,423 |
Czech Republic Government Bond 1.20%, 3/13/31 1 | 5,000,000 | 184,078 |
608,501 | ||
Dominican Republic — 0.53% | ||
Dominican Republic International Bond 4.88%, 9/23/32 2 | 300,000 | 271,503 |
Indonesia — 1.75% | ||
Indonesia Treasury Bond 8.37%, 9/15/26 1 | 3,400,000,000 | 262,576 |
Indonesia Treasury Bond 7.00%, 9/15/30 1 | 9,000,000,000 | 638,481 |
901,057 | ||
Mexico — 2.53% | ||
Mexican Bonos 8.50%, 11/18/38 1 | 11,000,000 | 562,086 |
Mexico Government International Bond 4.50%, 4/22/29 2 | 260,000 | 274,180 |
Petroleos Mexicanos 6.50%, 3/13/27 2 | 300,000 | 304,650 |
Petroleos Mexicanos 6.70%, 2/16/32 2 | 169,000 | 160,550 |
1,301,466 |
Shares, Principal Amount, or Number of Contracts | Value | |
Nigeria — 0.92% | ||
Nigeria Government International Bond 7.14%, 2/23/30 2 | 300,000 | $283,515 |
Nigeria Government International Bond 7.88%, 2/16/32 2 | 200,000 | 190,077 |
473,592 | ||
Peru — 1.63% | ||
Peruvian Government International Bond 6.95%, 8/12/31 1 | 3,000,000 | 835,831 |
Qatar — 0.82% | ||
Qatar Government International Bond 3.75%, 4/16/30 2 | 400,000 | 423,003 |
Saudi Arabia — 1.74% | ||
Saudi Government International Bond 3.25%, 10/22/30 2 | 500,000 | 505,478 |
Saudi Government International Bond 2.75%, 2/3/32 2 | 400,000 | 389,580 |
895,058 | ||
South Africa — 1.58% | ||
Republic of South Africa Government Bond 8.50%, 1/31/37 1 | 13,900,000 | 811,836 |
Total SOVEREIGN BONDS (Cost $9,989,782) | 10,033,598 | |
COMMON STOCKS — 73.97% | ||
Argentina — 0.57% | ||
MercadoLibre, Inc. 2,3,* | 244 | 290,233 |
Australia — 1.12% | ||
Lynas Rare Earths Ltd. * | 72,418 | 577,349 |
Brazil — 2.58% | ||
LOG Commercial Properties e Participacoes SA | 59,400 | 362,684 |
Petro Rio SA * | 45,200 | 227,564 |
Petroleo Brasileiro SA - SP ADR 2,3 | 27,011 | 399,763 |
Vale SA - SP ADR 2,3 | 16,896 | 337,751 |
1,327,762 | ||
Canada — 3.78% | ||
B2Gold Corp. | 64,300 | 295,230 |
Cameco Corp. 2 | 9,865 | 287,072 |
Ivanhoe Mines Ltd. - A * | 92,300 | 860,871 |
Nutrien Ltd. 2,3 | 4,787 | 497,800 |
1,940,973 | ||
China — 13.77% | ||
Alibaba Group Holding Ltd. * | 15,213 | 207,607 |
Notes to Schedule of Investments are an integral part of this Schedule.
5
Driehaus Emerging Markets Opportunities Fund
Schedule of Investments
March 31, 2022 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Autohome, Inc. - ADR 2 | 5,109 | $155,365 |
BeiGene Ltd. - ADR 2,* | 839 | 158,235 |
BYD Co. Ltd. - H | 14,061 | 391,111 |
China Merchants Bank Co. Ltd. - H | 83,259 | 648,124 |
Contemporary Amperex Technology Co. Ltd. - A | 6,308 | 504,767 |
East Money Information Co. Ltd. - A | 108,959 | 431,591 |
Ganfeng Lithium Co. Ltd. - H 4 | 32,200 | 453,018 |
Huazhu Group Ltd. - ADR 2 | 4,808 | 158,616 |
JD Health International, Inc. 4,* | 172 | 1,030 |
JD.com, Inc. - A * | 1,783 | 50,664 |
JD.com, Inc. - ADR 2,3,* | 3,549 | 205,381 |
Li Ning Co. Ltd. | 33,684 | 286,023 |
Meituan - B 4,* | 26,352 | 499,211 |
Ping An Insurance Group Co. of China Ltd. - H | 52,000 | 363,535 |
Postal Savings Bank of China Co. Ltd. - H 4 | 523,000 | 421,144 |
Sungrow Power Supply Co. Ltd. - A | 13,470 | 225,922 |
Techtronic Industries Co. Ltd. | 13,000 | 208,279 |
Tencent Holdings Ltd. | 31,653 | 1,459,024 |
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. - A | 4,972 | 247,137 |
7,075,784 | ||
Czech Republic — 1.16% | ||
Komercni banka A/S | 15,335 | 593,676 |
France — 0.51% | ||
L'Oreal SA | 651 | 260,039 |
India — 9.90% | ||
Apollo Hospitals Enterprise Ltd. | 4,666 | 276,915 |
Asian Paints Ltd. | 8,053 | 325,858 |
Bharti Airtel Ltd. * | 28,289 | 280,470 |
HDFC Bank Ltd. - ADR 2,3 | 11,908 | 730,318 |
Housing Development Finance Corp. Ltd. | 23,055 | 720,886 |
ICICI Bank Ltd. - SP ADR 2,3 | 44,648 | 845,633 |
Power Grid Corp. of India Ltd. | 167,822 | 478,450 |
Reliance Industries Ltd. | 24,096 | 833,422 |
Tech Mahindra Ltd. | 30,041 | 591,056 |
5,083,008 | ||
Indonesia — 2.45% | ||
Bank Central Asia Tbk PT | 1,745,245 | 970,104 |
Bank Negara Indonesia Persero Tbk PT | 506,400 | 289,328 |
1,259,432 | ||
Japan — 1.00% | ||
Tokyo Electron Ltd. | 1,000 | 513,561 |
Shares, Principal Amount, or Number of Contracts | Value | |
Mexico — 1.87% | ||
Grupo Financiero Banorte SAB de CV - O | 127,671 | $961,673 |
Netherlands — 1.14% | ||
ASML Holding NV | 876 | 585,362 |
Qatar — 1.15% | ||
Qatar National Bank QPSC | 93,873 | 593,243 |
Saudi Arabia — 2.49% | ||
Nahdi Medical Co. * | 6,402 | 264,510 |
Saudi Arabian Oil Co. 4 | 88,439 | 1,014,457 |
1,278,967 | ||
South Africa — 1.71% | ||
Gold Fields Ltd. | 21,489 | 332,770 |
MTN Group Ltd. | 42,189 | 545,889 |
878,659 | ||
South Korea — 9.37% | ||
Hankook Tire & Technology Co. Ltd. | 12,863 | 355,146 |
Hyundai Mipo Dockyard Co. Ltd. * | 3,930 | 251,687 |
KB Financial Group, Inc. | 8,371 | 419,503 |
Kia Corp. | 6,212 | 376,249 |
LEENO Industrial, Inc. | 4,257 | 642,944 |
Macquarie Korea Infrastructure Fund | 44,563 | 503,396 |
Samsung Electronics Co. Ltd. | 39,540 | 2,262,597 |
SK Innovation Co. Ltd. * | 21 | 3,717 |
4,815,239 | ||
Taiwan — 11.21% | ||
Chailease Holding Co. Ltd. | 67,000 | 587,679 |
Delta Electronics, Inc. | 35,986 | 333,652 |
Hon Hai Precision Industry Co. Ltd. | 121,103 | 444,670 |
MediaTek, Inc. | 7,585 | 236,049 |
Sinbon Electronics Co. Ltd. | 40,136 | 362,033 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 172,668 | 3,542,029 |
Unimicron Technology Corp. | 29,311 | 249,831 |
5,755,943 | ||
Thailand — 0.78% | ||
Airports of Thailand PCL - NVDR * | 201,600 | 399,790 |
United Arab Emirates — 0.83% | ||
Air Arabia PJSC | 983,661 | 428,756 |
United States — 5.43% | ||
EPAM System, Inc. * | 742 | 220,085 |
Liberty Media Corp.-Liberty Formula One - C 3,* | 6,877 | 480,290 |
MELI Kaszek Pioneer Corp. - A 3,* | 18,498 | 190,159 |
Newmont Corp. 3 | 10,266 | 815,634 |
Notes to Schedule of Investments are an integral part of this Schedule.
6
Driehaus Emerging Markets Opportunities Fund
Schedule of Investments
March 31, 2022 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | ||
NVIDIA Corp. 3 | 878 | $239,571 | |
Samsonite International SA 4,* | 247,254 | 553,202 | |
SiTime Corp. * | 1,168 | 289,454 | |
2,788,395 | |||
Uruguay — 1.15% | |||
Globant SA 2,3,* | 2,256 | 591,230 | |
Total COMMON STOCKS (Cost $29,865,226) | 37,999,074 | ||
PURCHASED CALL OPTIONS — 0.03% | |||
Chinese Yuan vs. U.S. Dollar Exercise Price: $6.50, Notional Amount: $30,000,000, Expiration Date: June 23, 2022 | 4,615,385 | 13,701 | |
Total PURCHASED CALL OPTIONS (Premiums paid $24,759) | 13,701 | ||
SHORT TERM INVESTMENTS — 4.88% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.17% 5 (Cost $2,507,720) | 2,507,720 | 2,507,720 | |
TOTAL INVESTMENTS (Cost $42,387,487) | 98.41% | $50,554,093 | |
Other Assets in Excess of Liabilities | 1.59% | 815,568 | |
Net Assets | 100.00% | $51,369,661 |
ADR | American Depositary Receipt |
NVDR | Non-Voting Depositary Receipt |
PCL | Public Company Limited |
PJSC | Public Joint Stock Company |
SP ADR | Sponsored American Depositary Receipt |
1 | Foreign security, principal amount shown in local currency. |
2 | Foreign security denominated and/or traded in U.S. dollars. |
3 | All or a portion of this security is pledged as collateral for short sales or derivatives transactions. |
4 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $2,942,062, which represents 6% of Net Assets. |
5 | 7 day current yield as of March 31, 2022 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.
7
Driehaus International Small Cap Growth Fund
Schedule of Investments
March 31, 2022 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 97.43% | ||
EUROPE — 63.06% | ||
United Kingdom — 18.22% | ||
888 Holdings PLC | 588,501 | $1,426,341 |
Abcam PLC * | 357,040 | 6,453,528 |
Auto Trader Group PLC 1 | 346,408 | 2,859,697 |
Conduit Holdings Ltd. | 386,582 | 1,904,376 |
ConvaTec Group PLC 1 | 792,062 | 2,237,115 |
Cranswick PLC | 45,033 | 2,078,656 |
Dr. Martens PLC | 483,922 | 1,504,544 |
Electrocomponents PLC | 257,386 | 3,635,132 |
Ergomed PLC * | 86,900 | 1,535,854 |
Fevertree Drinks PLC | 68,929 | 1,609,413 |
Halfords Group PLC | 973,713 | 3,146,631 |
Marks & Spencer Group PLC * | 1,314,372 | 2,652,877 |
OSB Group PLC | 726,752 | 5,382,935 |
Pets at Home Group PLC | 272,802 | 1,288,724 |
Serco Group PLC | 2,256,417 | 4,248,100 |
Synthomer PLC | 739,997 | 2,956,862 |
The Restaurant Group PLC * | 2,567,100 | 2,053,181 |
WH Smith PLC * | 166,900 | 3,117,326 |
Yellow Cake PLC 1,* | 284,724 | 1,473,661 |
51,564,953 | ||
Germany — 10.40% | ||
Befesa SA 1,* | 47,959 | 3,769,282 |
GFT Technologies SE | 75,965 | 3,463,689 |
Hornbach Holding AG & Co. KGaA | 39,527 | 4,982,577 |
HUGO BOSS AG | 49,291 | 2,843,697 |
Ibu-Tec Advanced Materials AG * | 27,154 | 999,512 |
Rheinmetall AG | 30,343 | 6,413,557 |
SUESS MicroTec SE * | 138,179 | 2,421,237 |
TAG Immobilien AG | 71,732 | 1,624,289 |
VERBIO Vereinigte BioEnergie AG | 37,808 | 2,908,218 |
29,426,058 | ||
France — 8.14% | ||
Coface SA | 179,585 | 2,162,628 |
IPSOS | 106,837 | 5,318,058 |
JCDecaux SA * | 123,998 | 2,930,585 |
Lectra | 31,360 | 1,490,477 |
Maisons du Monde SA 1 | 74,281 | 1,427,922 |
Rexel SA * | 180,001 | 3,842,630 |
Virbac SA | 10,415 | 4,163,644 |
Waga Energy SA * | 40,847 | 1,699,244 |
23,035,188 | ||
Switzerland — 4.63% | ||
Belimo Holding AG | 5,455 | 2,889,077 |
Flughafen Zurich AG * | 14,989 | 2,690,329 |
PolyPeptide Group AG 1,* | 18,225 | 1,441,838 |
Siegfried Holding AG * | 3,320 | 2,736,565 |
Tecan Group AG | 4,398 | 1,738,707 |
Shares, Principal Amount, or Number of Contracts | Value | |
Ypsomed Holding AG | 9,157 | $1,608,279 |
13,104,795 | ||
Netherlands — 4.53% | ||
Accell Group NV * | 63,905 | 4,047,063 |
Corbion NV | 49,039 | 1,678,087 |
Fugro NV * | 121,307 | 1,452,066 |
OCI NV * | 160,040 | 5,650,129 |
12,827,345 | ||
Denmark — 3.92% | ||
ISS A/S * | 189,373 | 3,365,454 |
Matas A/S | 134,888 | 1,928,716 |
Ossur HF * | 450,158 | 2,627,668 |
Royal Unibrew A/S | 33,947 | 3,171,521 |
11,093,359 | ||
Italy — 2.89% | ||
FinecoBank Banca Fineco SpA | 96,244 | 1,460,030 |
Intercos SpA * | 160,273 | 2,209,168 |
Leonardo SpA * | 285,206 | 2,834,142 |
Seco SpA * | 264,527 | 1,679,685 |
8,183,025 | ||
Norway — 1.77% | ||
Aker Solutions ASA * | 1,122,622 | 3,861,339 |
SmartCraft ASA * | 569,124 | 1,154,299 |
5,015,638 | ||
Spain — 1.74% | ||
Indra Sistemas SA * | 444,417 | 4,924,145 |
Austria — 1.73% | ||
BAWAG Group AG 1,* | 56,273 | 2,839,485 |
DO & CO AG * | 24,441 | 2,055,157 |
4,894,642 | ||
Sweden — 1.55% | ||
Hexatronic Group AB | 67,975 | 2,702,042 |
Kindred Group PLC | 153,049 | 1,669,853 |
4,371,895 | ||
Finland — 1.54% | ||
Metso Outotec OYJ | 516,680 | 4,355,453 |
Ireland — 1.06% | ||
Glanbia PLC | 260,591 | 2,995,217 |
Belgium — 0.94% | ||
Lotus Bakeries NV | 507 | 2,649,666 |
Total EUROPE (Cost $177,286,424) | 178,441,379 | |
NORTH AMERICA — 16.97% | ||
Canada — 14.78% | ||
Boardwalk REIT | 74,774 | 3,516,349 |
Cameco Corp. | 100,000 | 2,912,451 |
Converge Technology Solutions Corp. * | 551,888 | 4,516,109 |
Docebo, Inc. * | 41,266 | 2,133,031 |
Intertape Polymer Group, Inc. | 68,625 | 2,178,171 |
K92 Mining, Inc. * | 396,854 | 2,901,448 |
Kinaxis, Inc. * | 42,811 | 5,603,116 |
Notes to Schedule of Investments are an integral part of this Schedule.
8
Driehaus International Small Cap Growth Fund
Schedule of Investments
March 31, 2022 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Major Drilling Group International, Inc. * | 298,333 | $2,904,222 |
Pason Systems, Inc. | 307,500 | 3,765,808 |
Precision Drilling Corp. * | 68,200 | 5,057,105 |
TELUS International CDA, Inc. 2,* | 144,410 | 3,568,371 |
Tidewater Renewables Ltd. * | 84,414 | 808,927 |
Xenon Pharmaceuticals, Inc. 2,* | 63,629 | 1,945,139 |
41,810,247 | ||
Mexico — 2.19% | ||
Banco del Bajio SA 1 | 1,278,546 | 3,493,664 |
Controladora Vuela Cia de Aviacion SAB de CV - ADR 2,* | 73,431 | 1,335,710 |
GCC SAB de CV | 190,986 | 1,375,310 |
6,204,684 | ||
Total NORTH AMERICA (Cost $44,422,467) | 48,014,931 | |
FAR EAST — 15.79% | ||
Japan — 13.45% | ||
Asics Corp. | 218,200 | 4,210,568 |
Azbil Corp. | 92,800 | 3,080,017 |
Capcom Co. Ltd. | 48,000 | 1,163,728 |
Fujitec Co. Ltd. | 78,850 | 2,024,751 |
Koito Manufacturing Co. Ltd. | 68,600 | 2,776,211 |
MINEBEA MITSUMI, Inc. | 85,454 | 1,861,185 |
MonotaRO Co. Ltd. | 216,590 | 4,648,527 |
Nichias Corp. | 71,230 | 1,466,574 |
Riken Keiki Co. Ltd. | 35,200 | 1,404,901 |
Shibaura Machine Co. Ltd. | 121,200 | 3,370,604 |
Takeuchi Manufacturing Co. Ltd. | 118,400 | 2,545,995 |
Tokai Carbon Co. Ltd. | 181,400 | 1,692,346 |
Topre Corp. | 58,400 | 557,695 |
Visional, Inc. * | 52,800 | 3,249,519 |
Yokogawa Electric Corp. | 235,700 | 4,015,977 |
38,068,598 | ||
Australia — 1.29% | ||
Cochlear Ltd. | 21,822 | 3,643,424 |
Taiwan — 1.05% | ||
Giant Manufacturing Co. Ltd. | 328,589 | 2,974,332 |
Total FAR EAST (Cost $45,607,316) | 44,686,354 | |
SOUTH AMERICA — 1.61% | ||
Brazil — 1.61% | ||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 499,400 | 1,831,429 |
Iochpe Maxion SA | 680,925 | 1,846,387 |
Shares, Principal Amount, or Number of Contracts | Value | ||
Minerva SA | 330,200 | $882,882 | |
4,560,698 | |||
Total SOUTH AMERICA (Cost $5,713,762) | 4,560,698 | ||
Total COMMON STOCKS (Cost $273,029,969) | 275,703,362 | ||
SHORT TERM INVESTMENTS — 1.65% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.17% 3 (Cost $4,651,834) | 4,651,834 | 4,651,834 | |
TOTAL INVESTMENTS (Cost $277,681,803) | 99.08% | $280,355,196 | |
Other Assets In Excess of Liabilities | 0.92% | 2,610,769 | |
Net Assets | 100.00% | $282,965,965 |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
1 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $19,542,664, which represents 7% of Net Assets. |
2 | Foreign security denominated and/or traded in U.S. dollars. |
3 | 7 day current yield as of March 31, 2022 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 Micro Cap Growth Fund
Schedule of Investments
March 31, 2022 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 98.96% | ||
HEALTH CARE — 27.65% | ||
Biotechnology — 15.03% | ||
Apellis Pharmaceuticals, Inc. * | 44,596 | $2,265,923 |
Avid Bioservices, Inc. * | 139,453 | 2,840,658 |
Bicycle Therapeutics PLC - ADR 1,* | 28,782 | 1,262,954 |
Biomea Fusion, Inc. * | 51,089 | 227,857 |
C4 Therapeutics, Inc. * | 44,397 | 1,077,071 |
Celldex Therapeutics, Inc. * | 36,683 | 1,249,423 |
Centessa Pharmaceuticals PLC - ADR 1,* | 62,019 | 556,310 |
Crinetics Pharmaceuticals, Inc. * | 183,925 | 4,037,154 |
Cytokinetics, Inc. * | 110,727 | 4,075,861 |
Day One Biopharmaceuticals, Inc. * | 50,616 | 502,111 |
Dynavax Technologies Corp. * | 59,514 | 645,132 |
Elevation Oncology, Inc. * | 37,723 | 95,062 |
Imago Biosciences, Inc. * | 44,534 | 858,170 |
IVERIC bio, Inc. * | 105,992 | 1,783,845 |
Merus NV 1,* | 89,529 | 2,367,147 |
Morphic Holding, Inc. * | 15,777 | 633,447 |
Nuvalent, Inc. - A * | 75,665 | 1,050,987 |
Relay Therapeutics, Inc. * | 143,136 | 4,284,060 |
SpringWorks Therapeutics, Inc. * | 65,358 | 3,688,805 |
VectivBio Holding AG 1,* | 53,052 | 249,344 |
Xenon Pharmaceuticals, Inc. 1,* | 143,254 | 4,379,275 |
38,130,596 | ||
Health Care Equipment & Supplies — 4.16% | ||
Alphatec Holdings, Inc. * | 142,643 | 1,640,394 |
CryoPort, Inc. * | 23,629 | 824,888 |
Cutera, Inc. * | 18,272 | 1,260,768 |
Lantheus Holdings, Inc. * | 43,032 | 2,380,100 |
PROCEPT BioRobotics Corp. * | 22,607 | 791,019 |
SeaSpine Holdings Corp. * | 110,067 | 1,338,415 |
SI-BONE, Inc. * | 55,407 | 1,252,198 |
Treace Medical Concepts, Inc. * | 56,716 | 1,072,500 |
10,560,282 | ||
Health Care Providers & Services — 3.42% | ||
AirSculpt Technologies, Inc. * | 166,851 | 2,282,522 |
Cross Country Healthcare, Inc. * | 166,783 | 3,614,188 |
PetIQ, Inc. * | 75,173 | 1,834,221 |
RadNet, Inc. * | 41,936 | 938,108 |
8,669,039 | ||
Health Care Technology — 2.22% | ||
Inspire Medical Systems, Inc. * | 8,879 | 2,279,150 |
OptimizeRx Corp. * | 53,401 | 2,013,752 |
Phreesia, Inc. * | 40,153 | 1,058,433 |
Shares, Principal Amount, or Number of Contracts | Value | |
Sophia Genetics SA 1,* | 36,197 | $279,803 |
5,631,138 | ||
Life Sciences Tools & Services — 1.47% | ||
Codexis, Inc. * | 117,694 | 2,426,850 |
Inotiv, Inc. * | 50,267 | 1,315,990 |
3,742,840 | ||
Pharmaceuticals — 1.35% | ||
CinCor Pharma, Inc. * | 51,014 | 894,786 |
DICE Therapeutics, Inc. * | 75,210 | 1,438,767 |
Ventyx Biosciences, Inc. * | 80,363 | 1,090,526 |
3,424,079 | ||
Total HEALTH CARE (Cost $62,106,894) | 70,157,974 | |
CONSUMER DISCRETIONARY — 16.48% | ||
Hotels, Restaurants & Leisure — 9.16% | ||
Dave & Buster's Entertainment, Inc. * | 51,842 | 2,545,442 |
Everi Holdings, Inc. * | 201,989 | 4,241,769 |
Full House Resorts, Inc. * | 207,167 | 1,990,875 |
Golden Entertainment, Inc. * | 58,199 | 3,379,616 |
Kura Sushi USA, Inc. - A * | 36,004 | 1,985,620 |
Lindblad Expeditions Holdings, Inc. * | 79,771 | 1,202,947 |
Monarch Casino & Resort, Inc. * | 7,439 | 648,904 |
Playa Hotels & Resorts NV * | 344,769 | 2,982,252 |
Portillo's, Inc. - A * | 50,479 | 1,239,764 |
Xponential Fitness, Inc. - A * | 129,047 | 3,024,862 |
23,242,051 | ||
Specialty Retail — 2.16% | ||
Arhaus, Inc. * | 88,644 | 754,360 |
Boot Barn Holdings, Inc. * | 35,200 | 3,336,608 |
Brilliant Earth Group, Inc. - A * | 134,319 | 1,382,143 |
5,473,111 | ||
Diversified Consumer Services — 1.62% | ||
European Wax Center, Inc. - A * | 138,817 | 4,103,431 |
Household Durables — 1.36% | ||
Skyline Champion Corp. * | 44,665 | 2,451,215 |
The Lovesac Co. * | 18,482 | 999,137 |
3,450,352 | ||
Internet & Direct Marketing Retail — 1.34% | ||
Liquidity Services, Inc. * | 77,484 | 1,326,526 |
RumbleON, Inc. - B * | 40,596 | 1,388,789 |
Xometry, Inc. - A * | 18,513 | 680,353 |
3,395,668 | ||
Textiles, Apparel & Luxury Goods — 0.56% | ||
Movado Group, Inc. | 36,333 | 1,418,804 |
Notes to Schedule of Investments are an integral part of this Schedule.
10
Driehaus Micro Cap Growth Fund
Schedule of Investments
March 31, 2022 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Auto Components — 0.28% | ||
XPEL, Inc. * | 13,771 | $724,492 |
Total CONSUMER DISCRETIONARY (Cost $32,860,661) | 41,807,909 | |
INDUSTRIALS — 13.75% | ||
Machinery — 3.11% | ||
Energy Recovery, Inc. * | 70,761 | 1,425,126 |
The Greenbrier Cos., Inc. | 38,153 | 1,965,261 |
The Shyft Group, Inc. | 79,572 | 2,873,345 |
Titan International, Inc. * | 59,557 | 877,275 |
Wabash National Corp. | 49,812 | 739,210 |
7,880,217 | ||
Trading Companies & Distributors — 2.28% | ||
BlueLinx Holdings, Inc. * | 21,155 | 1,520,621 |
H&E Equipment Services, Inc. | 49,282 | 2,144,753 |
Karat Packaging, Inc. * | 77,603 | 1,540,419 |
McGrath RentCorp | 6,860 | 582,963 |
5,788,756 | ||
Air Freight & Logistics — 2.09% | ||
Air Transport Services Group, Inc. * | 75,802 | 2,535,577 |
Forward Air Corp. | 28,215 | 2,758,863 |
5,294,440 | ||
Aerospace & Defense — 1.78% | ||
AAR Corp. * | 55,663 | 2,695,759 |
Triumph Group, Inc. * | 71,882 | 1,817,177 |
4,512,936 | ||
Commercial Services & Supplies — 1.56% | ||
Montrose Environmental Group, Inc. * | 64,193 | 3,397,736 |
Performant Financial Corp. * | 182,722 | 568,265 |
3,966,001 | ||
Construction & Engineering — 1.54% | ||
Dycom Industries, Inc. * | 14,138 | 1,346,786 |
NV5 Global, Inc. * | 19,298 | 2,572,423 |
3,919,209 | ||
Marine — 0.88% | ||
Star Bulk Carriers Corp. 1 | 75,185 | 2,232,243 |
Professional Services — 0.51% | ||
HireRight Holdings Corp. * | 75,322 | 1,288,006 |
Total INDUSTRIALS (Cost $29,065,797) | 34,881,808 | |
INFORMATION TECHNOLOGY — 11.65% | ||
Semiconductors & Semiconductor Equipment — 5.64% | ||
Alpha & Omega Semiconductor Ltd. * | 21,622 | 1,181,642 |
Axcelis Technologies, Inc. * | 61,931 | 4,677,648 |
Shares, Principal Amount, or Number of Contracts | Value | |
Camtek Ltd. 1,* | 23,323 | $710,419 |
Impinj, Inc. * | 52,148 | 3,313,484 |
Silicon Motion Technology Corp. - ADR 1 | 21,092 | 1,409,367 |
SMART Global Holdings, Inc. * | 117,195 | 3,027,147 |
14,319,707 | ||
Communications Equipment — 3.38% | ||
Aviat Networks, Inc. * | 41,381 | 1,273,293 |
Calix, Inc. * | 32,527 | 1,395,734 |
Clearfield, Inc. * | 44,204 | 2,882,985 |
Extreme Networks, Inc. * | 133,602 | 1,631,280 |
Sierra Wireless, Inc. 1,* | 76,624 | 1,382,297 |
8,565,589 | ||
Software — 1.45% | ||
ChannelAdvisor Corp. * | 142,818 | 2,366,494 |
Docebo, Inc. 1,* | 25,379 | 1,315,140 |
3,681,634 | ||
IT Services — 1.18% | ||
Endava PLC - SP ADR 1,* | 14,381 | 1,913,105 |
International Money Express, Inc. * | 52,397 | 1,079,902 |
2,993,007 | ||
Total INFORMATION TECHNOLOGY (Cost $23,591,821) | 29,559,937 | |
ENERGY — 10.11% | ||
Oil, Gas & Consumable Fuels — 7.76% | ||
Civitas Resources, Inc. | 61,688 | 3,683,390 |
Energy Fuels, Inc. * | 309,813 | 2,834,789 |
Golar LNG Ltd. * | 103,300 | 2,559,774 |
Green Plains, Inc. * | 63,894 | 1,981,353 |
Matador Resources Co. | 105,662 | 5,597,973 |
Ranger Oil Corp. - A * | 87,828 | 3,032,701 |
19,689,980 | ||
Energy Equipment & Services — 2.35% | ||
Nabors Industries Ltd. * | 10,767 | 1,644,336 |
NexTier Oilfield Solutions, Inc. * | 138,905 | 1,283,482 |
Patterson-UTI Energy, Inc. | 98,714 | 1,528,093 |
U.S. Silica Holdings, Inc. * | 80,388 | 1,500,040 |
5,955,951 | ||
Total ENERGY (Cost $19,504,939) | 25,645,931 | |
FINANCIALS — 6.97% | ||
Banks — 4.93% | ||
Customers Bancorp, Inc. * | 27,940 | 1,456,791 |
Live Oak Bancshares, Inc. | 25,612 | 1,303,395 |
Meta Financial Group, Inc. | 52,391 | 2,877,314 |
Notes to Schedule of Investments are an integral part of this Schedule.
11
Driehaus Micro Cap Growth Fund
Schedule of Investments
March 31, 2022 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Metropolitan Bank Holding Corp. * | 34,140 | $3,474,428 |
Triumph Bancorp, Inc. * | 36,035 | 3,388,011 |
12,499,939 | ||
Thrifts & Mortgage Finance — 0.88% | ||
NMI Holdings, Inc. - A * | 108,690 | 2,241,188 |
Insurance — 0.67% | ||
BRP Group, Inc. - A * | 63,458 | 1,702,578 |
Capital Markets — 0.49% | ||
Cowen, Inc. - A | 45,824 | 1,241,830 |
Total FINANCIALS (Cost $11,815,979) | 17,685,535 | |
CONSUMER STAPLES — 5.92% | ||
Beverages — 2.51% | ||
Celsius Holdings, Inc. * | 25,996 | 1,434,459 |
MGP Ingredients, Inc. | 33,062 | 2,829,777 |
The Duckhorn Portfolio, Inc. * | 116,254 | 2,114,660 |
6,378,896 | ||
Personal Products — 1.73% | ||
elf Beauty, Inc. * | 39,269 | 1,014,318 |
The Beauty Health Co. * | 150,538 | 2,541,081 |
Thorne HealthTech, Inc. * | 132,107 | 840,201 |
4,395,600 | ||
Food Products — 1.68% | ||
Sovos Brands, Inc. * | 168,384 | 2,387,685 |
The Real Good Food Co., Inc. * | 94,875 | 749,513 |
The Vita Coco Co., Inc. * | 124,043 | 1,111,425 |
4,248,623 | ||
Total CONSUMER STAPLES (Cost $14,100,828) | 15,023,119 | |
MATERIALS — 5.63% | ||
Metals & Mining — 2.68% | ||
Allegheny Technologies, Inc. * | 109,612 | 2,941,986 |
Alpha Metallurgical Resources, Inc. * | 5,502 | 726,044 |
Carpenter Technology Corp. | 50,229 | 2,108,614 |
TimkenSteel Corp. * | 46,341 | 1,013,941 |
6,790,585 | ||
Chemicals — 2.53% | ||
AdvanSix, Inc. | 19,778 | 1,010,458 |
Aspen Aerogels, Inc. * | 111,189 | 3,833,797 |
Intrepid Potash, Inc. * | 19,167 | 1,574,377 |
6,418,632 | ||
Containers & Packaging — 0.42% | ||
Ranpak Holdings Corp. * | 52,715 | 1,076,967 |
Total MATERIALS (Cost $11,344,718) | 14,286,184 |
Shares, Principal Amount, or Number of Contracts | Value | ||
COMMUNICATION SERVICES — 0.80% | |||
Media — 0.80% | |||
Perion Network Ltd. 1,* | 90,003 | $2,024,168 | |
Total COMMUNICATION SERVICES (Cost $1,035,034) | 2,024,168 | ||
Total COMMON STOCKS (Cost $205,426,671) | 251,072,565 | ||
WARRANTS — 0.01% | |||
EQRx, Inc., Exp 12/31/2028, Strike $11.50 | 34,575 | 28,006 | |
Total WARRANTS (Cost $0) | 28,006 | ||
SHORT TERM INVESTMENTS — 1.38% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.17% 2 (Cost $3,504,877) | 3,504,877 | 3,504,877 | |
TOTAL INVESTMENTS (Cost $208,931,548) | 100.35% | $254,605,448 | |
Liabilities In Excess of Other Assets | (0.35)% | (894,560) | |
Net Assets | 100.00% | $253,710,888 |
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 March 31, 2022 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 Small Cap Growth Fund
Schedule of Investments
March 31, 2022 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 99.32% | ||
HEALTH CARE — 22.92% | ||
Biotechnology — 11.12% | ||
Apellis Pharmaceuticals, Inc. * | 64,759 | $3,290,405 |
Blueprint Medicines Corp. * | 19,141 | 1,222,727 |
Centessa Pharmaceuticals PLC - ADR 1,* | 132,589 | 1,189,323 |
Crinetics Pharmaceuticals, Inc. * | 217,058 | 4,764,423 |
Cytokinetics, Inc. * | 237,916 | 8,757,688 |
Galapagos NV - SP ADR 1,* | 72,657 | 4,506,187 |
Halozyme Therapeutics, Inc. * | 127,408 | 5,081,031 |
Kymera Therapeutics, Inc. * | 47,159 | 1,995,769 |
Merus NV 1,* | 85,576 | 2,262,629 |
Morphic Holding, Inc. * | 61,004 | 2,449,311 |
Nuvalent, Inc. - A * | 131,786 | 1,830,508 |
Relay Therapeutics, Inc. * | 318,207 | 9,523,936 |
SpringWorks Therapeutics, Inc. * | 148,492 | 8,380,888 |
Xenon Pharmaceuticals, Inc. 1,* | 191,718 | 5,860,819 |
61,115,644 | ||
Health Care Equipment & Supplies — 4.41% | ||
AtriCure, Inc. * | 49,278 | 3,236,087 |
Inari Medical, Inc. * | 45,625 | 4,135,450 |
Inmode Ltd. 1,* | 45,686 | 1,686,270 |
Lantheus Holdings, Inc. * | 100,151 | 5,539,352 |
Shockwave Medical, Inc. * | 33,411 | 6,928,105 |
STAAR Surgical Co. * | 34,075 | 2,722,933 |
24,248,197 | ||
Health Care Technology — 2.86% | ||
Allscripts Healthcare Solutions, Inc. * | 204,211 | 4,598,832 |
Inspire Medical Systems, Inc. * | 36,906 | 9,473,401 |
OptimizeRx Corp. * | 43,141 | 1,626,847 |
15,699,080 | ||
Pharmaceuticals — 2.34% | ||
DICE Therapeutics, Inc. * | 146,203 | 2,796,864 |
Intra-Cellular Therapies, Inc. * | 76,590 | 4,686,542 |
Pacira BioSciences, Inc. * | 70,879 | 5,409,485 |
12,892,891 | ||
Life Sciences Tools & Services — 1.12% | ||
Codexis, Inc. * | 84,553 | 1,743,483 |
Medpace Holdings, Inc. * | 18,167 | 2,971,939 |
Repligen Corp. * | 7,610 | 1,431,365 |
6,146,787 | ||
Health Care Providers & Services — 1.07% | ||
AMN Healthcare Services, Inc. * | 56,219 | 5,865,328 |
Total HEALTH CARE (Cost $116,580,424) | 125,967,927 |
Shares, Principal Amount, or Number of Contracts | Value | |
INDUSTRIALS — 21.53% | ||
Machinery — 4.30% | ||
Chart Industries, Inc. * | 44,426 | $7,631,054 |
Evoqua Water Technologies Corp. * | 129,752 | 6,095,749 |
Kornit Digital Ltd. 1,* | 23,781 | 1,966,451 |
The Greenbrier Cos., Inc. | 71,744 | 3,695,533 |
The Shyft Group, Inc. | 117,692 | 4,249,858 |
23,638,645 | ||
Trading Companies & Distributors — 3.84% | ||
Core & Main, Inc. - A * | 232,193 | 5,616,749 |
Herc Holdings, Inc. | 34,886 | 5,829,102 |
Triton International Ltd. | 70,076 | 4,917,934 |
Univar Solutions, Inc. * | 147,725 | 4,747,881 |
21,111,666 | ||
Professional Services — 3.12% | ||
Exponent, Inc. | 24,097 | 2,603,681 |
KBR, Inc. | 166,988 | 9,139,253 |
ManTech International Corp. - A | 44,651 | 3,848,469 |
Sterling Check Corp. * | 57,860 | 1,529,240 |
17,120,643 | ||
Aerospace & Defense — 2.35% | ||
AAR Corp. * | 85,729 | 4,151,855 |
Axon Enterprise, Inc. * | 13,650 | 1,880,015 |
Spirit AeroSystems Holdings, Inc. - A | 140,212 | 6,854,965 |
12,886,835 | ||
Construction & Engineering — 2.31% | ||
Fluor Corp. * | 118,769 | 3,407,482 |
WillScot Mobile Mini Holdings Corp. * | 237,307 | 9,285,823 |
12,693,305 | ||
Marine — 2.15% | ||
Kirby Corp. * | 89,753 | 6,479,269 |
Star Bulk Carriers Corp. 1 | 179,871 | 5,340,370 |
11,819,639 | ||
Commercial Services & Supplies — 1.28% | ||
Montrose Environmental Group, Inc. * | 63,147 | 3,342,371 |
Tetra Tech, Inc. | 22,551 | 3,719,562 |
7,061,933 | ||
Electrical Equipment — 1.18% | ||
Atkore, Inc. * | 65,729 | 6,470,363 |
Air Freight & Logistics — 0.51% | ||
Forward Air Corp. | 28,529 | 2,789,566 |
Notes to Schedule of Investments are an integral part of this Schedule.
13
Driehaus Small Cap Growth Fund
Schedule of Investments
March 31, 2022 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Road & Rail — 0.49% | ||
Saia, Inc. * | 11,060 | $2,696,649 |
Total INDUSTRIALS (Cost $104,638,861) | 118,289,244 | |
INFORMATION TECHNOLOGY — 13.67% | ||
Semiconductors & Semiconductor Equipment — 7.36% | ||
Ambarella, Inc. * | 34,311 | 3,599,910 |
Axcelis Technologies, Inc. * | 123,111 | 9,298,574 |
Impinj, Inc. * | 59,913 | 3,806,872 |
MaxLinear, Inc. * | 105,371 | 6,148,398 |
Rambus, Inc. * | 115,555 | 3,685,049 |
Silicon Motion Technology Corp. - ADR 1 | 78,648 | 5,255,259 |
SiTime Corp. * | 8,962 | 2,220,963 |
Synaptics, Inc. * | 18,569 | 3,704,516 |
Ultra Clean Holdings, Inc. * | 64,575 | 2,737,334 |
40,456,875 | ||
Software — 4.41% | ||
ChannelAdvisor Corp. * | 64,563 | 1,069,809 |
CyberArk Software Ltd. 1,* | 27,957 | 4,717,744 |
Docebo, Inc. 1,* | 66,995 | 3,471,681 |
Five9, Inc. * | 23,026 | 2,542,070 |
Paylocity Holding Corp. * | 30,246 | 6,223,719 |
Teradata Corp. * | 55,117 | 2,716,717 |
Zscaler, Inc. * | 14,490 | 3,496,147 |
24,237,887 | ||
IT Services — 1.40% | ||
DigitalOcean Holdings, Inc. * | 50,496 | 2,921,194 |
Endava PLC - SP ADR 1,* | 35,653 | 4,742,918 |
7,664,112 | ||
Communications Equipment — 0.50% | ||
Calix, Inc. * | 64,048 | 2,748,300 |
Total INFORMATION TECHNOLOGY (Cost $59,922,855) | 75,107,174 | |
CONSUMER DISCRETIONARY — 10.67% | ||
Hotels, Restaurants & Leisure — 6.39% | ||
Dave & Buster's Entertainment, Inc. * | 117,563 | 5,772,343 |
Dutch Bros, Inc. - A * | 60,616 | 3,350,246 |
Everi Holdings, Inc. * | 245,453 | 5,154,513 |
Krispy Kreme, Inc. | 203,810 | 3,026,578 |
Playa Hotels & Resorts NV * | 310,366 | 2,684,666 |
Red Rock Resorts, Inc. - A | 97,387 | 4,729,113 |
SeaWorld Entertainment, Inc. * | 139,713 | 10,400,236 |
35,117,695 | ||
Specialty Retail — 1.52% | ||
Boot Barn Holdings, Inc. * | 67,604 | 6,408,183 |
Shares, Principal Amount, or Number of Contracts | Value | |
Murphy USA, Inc. | 9,757 | $1,951,010 |
8,359,193 | ||
Auto Components — 1.21% | ||
Gentherm, Inc. * | 30,758 | 2,246,564 |
Visteon Corp. * | 40,328 | 4,400,995 |
6,647,559 | ||
Household Durables — 0.97% | ||
Skyline Champion Corp. * | 96,874 | 5,316,445 |
Leisure Products — 0.58% | ||
Callaway Golf Co. * | 135,216 | 3,166,759 |
Total CONSUMER DISCRETIONARY (Cost $55,398,446) | 58,607,651 | |
ENERGY — 9.72% | ||
Oil, Gas & Consumable Fuels — 8.13% | ||
California Resources Corp. | 96,132 | 4,299,984 |
Callon Petroleum Co. * | 86,461 | 5,108,116 |
Cameco Corp. 1 | 358,304 | 10,426,646 |
Civitas Resources, Inc. | 41,077 | 2,452,708 |
Golar LNG Ltd. * | 138,751 | 3,438,250 |
Magnolia Oil & Gas Corp. - A | 389,988 | 9,223,216 |
Matador Resources Co. | 184,120 | 9,754,678 |
44,703,598 | ||
Energy Equipment & Services — 1.59% | ||
Helmerich & Payne, Inc. | 136,298 | 5,830,828 |
Patterson-UTI Energy, Inc. | 186,702 | 2,890,147 |
8,720,975 | ||
Total ENERGY (Cost $44,481,238) | 53,424,573 | |
MATERIALS — 7.24% | ||
Metals & Mining — 4.39% | ||
Allegheny Technologies, Inc. * | 195,043 | 5,234,954 |
MP Materials Corp. * | 215,560 | 12,360,211 |
Schnitzer Steel Industries, Inc. - A | 25,137 | 1,305,616 |
Yamana Gold, Inc. 1 | 934,545 | 5,214,761 |
24,115,542 | ||
Chemicals — 2.85% | ||
Aspen Aerogels, Inc. * | 111,025 | 3,828,142 |
Cabot Corp. | 87,999 | 6,020,012 |
Livent Corp. * | 223,791 | 5,834,231 |
15,682,385 | ||
Total MATERIALS (Cost $33,726,920) | 39,797,927 | |
FINANCIALS — 6.41% | ||
Banks — 3.44% | ||
Customers Bancorp, Inc. * | 52,700 | 2,747,778 |
Notes to Schedule of Investments are an integral part of this Schedule.
14
Driehaus Small Cap Growth Fund
Schedule of Investments
March 31, 2022 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Live Oak Bancshares, Inc. | 53,492 | $2,722,208 |
The Bancorp, Inc. * | 160,790 | 4,555,181 |
Triumph Bancorp, Inc. * | 94,075 | 8,844,931 |
18,870,098 | ||
Insurance — 2.23% | ||
BRP Group, Inc. - A * | 106,824 | 2,866,088 |
Kinsale Capital Group, Inc. | 41,156 | 9,384,391 |
12,250,479 | ||
Capital Markets — 0.74% | ||
CI Financial Corp. 1 | 92,517 | 1,471,020 |
StepStone Group, Inc. - A | 79,123 | 2,615,807 |
4,086,827 | ||
Total FINANCIALS (Cost $33,473,703) | 35,207,404 | |
CONSUMER STAPLES — 3.63% | ||
Beverages — 1.70% | ||
Celsius Holdings, Inc. * | 72,072 | 3,976,933 |
The Duckhorn Portfolio, Inc. * | 296,180 | 5,387,514 |
9,364,447 | ||
Food Products — 1.00% | ||
Freshpet, Inc. * | 53,478 | 5,488,982 |
Personal Products — 0.93% | ||
The Beauty Health Co. * | 302,223 | 5,101,524 |
Total CONSUMER STAPLES (Cost $19,894,270) | 19,954,953 | |
COMMUNICATION SERVICES — 2.56% | ||
Interactive Media & Services — 1.47% | ||
Cargurus, Inc. * | 190,306 | 8,080,393 |
Media — 1.09% | ||
Nexstar Media Group, Inc. - A | 31,671 | 5,969,350 |
Total COMMUNICATION SERVICES (Cost $12,990,344) | 14,049,743 | |
REAL ESTATE — 0.97% | ||
Real Estate Investment Trusts (REITs) — 0.97% | ||
Ryman Hospitality Properties, Inc. * | 57,316 | 5,317,205 |
Total REAL ESTATE (Cost $5,194,888) | 5,317,205 | |
Total COMMON STOCKS (Cost $486,301,949) | 545,723,801 |
Shares, Principal Amount, or Number of Contracts | Value | ||
SHORT TERM INVESTMENTS — 1.40% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.17% 2 (Cost $7,697,256) | 7,697,256 | $7,697,256 | |
TOTAL INVESTMENTS (Cost $493,999,205) | 100.72% | $553,421,057 | |
Liabilities In Excess of Other Assets | (0.72)% | (3,966,278) | |
Net Assets | 100.00% | $549,454,779 |
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 March 31, 2022 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/Mid Cap Growth Fund
Schedule of Investments
March 31, 2022 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 99.43% | ||
INDUSTRIALS — 23.22% | ||
Trading Companies & Distributors — 4.61% | ||
Core & Main, Inc. - A * | 10,283 | $248,746 |
Triton International Ltd. | 2,857 | 200,504 |
United Rentals, Inc. * | 822 | 291,983 |
Univar Solutions, Inc. * | 5,160 | 165,842 |
907,075 | ||
Construction & Engineering — 3.58% | ||
Quanta Services, Inc. | 2,628 | 345,871 |
WillScot Mobile Mini Holdings Corp. * | 9,174 | 358,979 |
704,850 | ||
Professional Services — 3.20% | ||
CACI International, Inc. - A * | 643 | 193,710 |
Exponent, Inc. | 946 | 102,215 |
First Advantage Corp. * | 4,861 | 98,144 |
KBR, Inc. | 4,298 | 235,230 |
629,299 | ||
Machinery — 3.05% | ||
Chart Industries, Inc. * | 1,752 | 300,941 |
Nordson Corp. | 455 | 103,321 |
Westinghouse Air Brake Technologies Corp. | 2,034 | 195,610 |
599,872 | ||
Aerospace & Defense — 2.51% | ||
Axon Enterprise, Inc. * | 573 | 78,919 |
Curtiss-Wright Corp. | 1,071 | 160,822 |
Spirit AeroSystems Holdings, Inc. - A | 5,190 | 253,739 |
493,480 | ||
Electrical Equipment — 1.92% | ||
Acuity Brands, Inc. | 759 | 143,679 |
Regal Rexnord Corp. | 1,573 | 234,031 |
377,710 | ||
Marine — 1.15% | ||
Kirby Corp. * | 3,120 | 225,233 |
Building Products — 1.13% | ||
A. O. Smith Corp. | 1,953 | 124,777 |
Carlisle Cos., Inc. | 396 | 97,384 |
222,161 | ||
Commercial Services & Supplies — 1.00% | ||
Tetra Tech, Inc. | 1,198 | 197,598 |
Road & Rail — 0.59% | ||
Old Dominion Freight Line, Inc. | 387 | 115,589 |
Shares, Principal Amount, or Number of Contracts | Value | |
Air Freight & Logistics — 0.48% | ||
GXO Logistics, Inc. * | 1,324 | $94,454 |
Total INDUSTRIALS (Cost $4,089,796) | 4,567,321 | |
INFORMATION TECHNOLOGY — 16.82% | ||
Semiconductors & Semiconductor Equipment — 7.36% | ||
Ambarella, Inc. * | 1,128 | 118,350 |
Axcelis Technologies, Inc. * | 2,775 | 209,596 |
Enphase Energy, Inc. * | 742 | 149,721 |
MaxLinear, Inc. * | 3,091 | 180,360 |
ON Semiconductor Corp. * | 7,877 | 493,179 |
Rambus, Inc. * | 4,097 | 130,653 |
Synaptics, Inc. * | 487 | 97,156 |
Wolfspeed, Inc. * | 603 | 68,658 |
1,447,673 | ||
Software — 4.71% | ||
Bill.com Holdings, Inc. * | 691 | 156,712 |
CyberArk Software Ltd. 1,* | 694 | 117,112 |
Five9, Inc. * | 836 | 92,294 |
Paylocity Holding Corp. * | 1,084 | 223,055 |
Teradata Corp. * | 1,971 | 97,151 |
Zscaler, Inc. * | 990 | 238,867 |
925,191 | ||
IT Services — 3.27% | ||
DigitalOcean Holdings, Inc. * | 1,261 | 72,949 |
Endava PLC - SP ADR 1,* | 1,250 | 166,287 |
Globant SA 1,* | 385 | 100,897 |
MongoDB, Inc. * | 684 | 303,416 |
643,549 | ||
Communications Equipment — 1.48% | ||
Calix, Inc. * | 1,145 | 49,132 |
Juniper Networks, Inc. | 6,507 | 241,800 |
290,932 | ||
Total INFORMATION TECHNOLOGY (Cost $2,684,776) | 3,307,345 | |
HEALTH CARE — 16.38% | ||
Biotechnology — 6.59% | ||
Alnylam Pharmaceuticals, Inc. * | 813 | 132,755 |
Argenx SE - ADR 1,* | 287 | 90,494 |
Ascendis Pharma A/S - ADR 1,* | 818 | 96,000 |
Blueprint Medicines Corp. * | 790 | 50,465 |
Galapagos NV - SP ADR 1,* | 2,551 | 158,213 |
Halozyme Therapeutics, Inc. * | 4,558 | 181,773 |
Horizon Therapeutics PLC * | 1,189 | 125,095 |
Relay Therapeutics, Inc. * | 6,041 | 180,807 |
Notes to Schedule of Investments are an integral part of this Schedule.
16
Driehaus Small/Mid Cap Growth Fund
Schedule of Investments
March 31, 2022 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
SpringWorks Therapeutics, Inc. * | 4,958 | $279,830 |
1,295,432 | ||
Life Sciences Tools & Services — 2.65% | ||
Bio-Techne Corp. | 388 | 168,019 |
Medpace Holdings, Inc. * | 642 | 105,025 |
PerkinElmer, Inc. | 1,028 | 179,345 |
Repligen Corp. * | 364 | 68,465 |
520,854 | ||
Health Care Technology — 2.51% | ||
Allscripts Healthcare Solutions, Inc. * | 4,247 | 95,642 |
Doximity, Inc. - A * | 1,122 | 58,445 |
Inspire Medical Systems, Inc. * | 1,319 | 338,574 |
492,661 | ||
Health Care Equipment & Supplies — 2.27% | ||
Inari Medical, Inc. * | 1,344 | 121,820 |
Insulet Corp. * | 329 | 87,642 |
Shockwave Medical, Inc. * | 1,147 | 237,842 |
447,304 | ||
Pharmaceuticals — 1.20% | ||
Arvinas, Inc. * | 1,268 | 85,337 |
Intra-Cellular Therapies, Inc. * | 2,464 | 150,772 |
236,109 | ||
Health Care Providers & Services — 1.16% | ||
AMN Healthcare Services, Inc. * | 2,185 | 227,961 |
Total HEALTH CARE (Cost $3,005,020) | 3,220,321 | |
CONSUMER DISCRETIONARY — 12.61% | ||
Hotels, Restaurants & Leisure — 3.96% | ||
Hyatt Hotels Corp. - A * | 2,779 | 265,256 |
Planet Fitness, Inc. - A * | 2,494 | 210,693 |
SeaWorld Entertainment, Inc. * | 4,070 | 302,971 |
778,920 | ||
Specialty Retail — 3.12% | ||
Tractor Supply Co. | 705 | 164,526 |
Ulta Beauty, Inc. * | 1,128 | 449,192 |
613,718 | ||
Leisure Products — 1.89% | ||
Callaway Golf Co. * | 5,233 | 122,557 |
Mattel, Inc. * | 11,230 | 249,418 |
371,975 | ||
Household Durables — 0.97% | ||
Skyline Champion Corp. * | 3,473 | 190,598 |
Textiles, Apparel & Luxury Goods — 0.95% | ||
Capri Holdings Ltd. 1,* | 1,770 | 90,960 |
Under Armour, Inc. - A * | 5,586 | 95,074 |
186,034 |
Shares, Principal Amount, or Number of Contracts | Value | |
Automobiles — 0.91% | ||
Harley-Davidson, Inc. | 4,542 | $178,955 |
Auto Components — 0.42% | ||
Visteon Corp. * | 756 | 82,502 |
Distributors — 0.39% | ||
LKQ Corp. | 1,693 | 76,879 |
Total CONSUMER DISCRETIONARY (Cost $2,531,493) | 2,479,581 | |
MATERIALS — 8.50% | ||
Metals & Mining — 3.17% | ||
Cleveland-Cliffs, Inc. * | 3,004 | 96,759 |
Gold Fields Ltd. - SP ADR 1 | 9,569 | 147,937 |
MP Materials Corp. * | 6,598 | 378,329 |
623,025 | ||
Chemicals — 2.82% | ||
Albemarle Corp. | 805 | 178,026 |
CF Industries Holdings, Inc. | 3,655 | 376,684 |
554,710 | ||
Containers & Packaging — 2.51% | ||
Packaging Corp. of America | 1,470 | 229,482 |
Sealed Air Corp. | 3,951 | 264,559 |
494,041 | ||
Total MATERIALS (Cost $1,348,111) | 1,671,776 | |
FINANCIALS — 6.70% | ||
Insurance — 4.22% | ||
Kinsale Capital Group, Inc. | 1,276 | 290,954 |
Ryan Specialty Group Holdings, Inc. - A * | 4,837 | 187,627 |
W. R. Berkley Corp. | 5,292 | 352,394 |
830,975 | ||
Banks — 1.48% | ||
PacWest BanCorp | 2,362 | 101,873 |
Signature Bank | 642 | 188,420 |
290,293 | ||
Capital Markets — 1.00% | ||
LPL Financial Holdings, Inc. | 1,073 | 196,016 |
Total FINANCIALS (Cost $1,207,845) | 1,317,284 | |
ENERGY — 6.59% | ||
Oil, Gas & Consumable Fuels — 5.31% | ||
Callon Petroleum Co. * | 3,059 | 180,726 |
Cameco Corp. 1 | 14,535 | 422,968 |
Diamondback Energy, Inc. | 3,212 | 440,301 |
1,043,995 |
Notes to Schedule of Investments are an integral part of this Schedule.
17
Driehaus Small/Mid Cap Growth Fund
Schedule of Investments
March 31, 2022 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Energy Equipment & Services — 1.28% | ||
Helmerich & Payne, Inc. | 5,899 | $252,359 |
Total ENERGY (Cost $1,026,849) | 1,296,354 | |
COMMUNICATION SERVICES — 5.73% | ||
Entertainment — 3.16% | ||
Endeavor Group Holdings, Inc. - A * | 3,300 | 97,416 |
Liberty Media Corp.-Liberty Formula One - C * | 2,663 | 185,984 |
Live Nation Entertainment, Inc. * | 1,652 | 194,341 |
Warner Music Group Corp. - A | 3,797 | 143,716 |
621,457 | ||
Interactive Media & Services — 1.45% | ||
Cargurus, Inc. * | 6,721 | 285,374 |
Media — 1.12% | ||
Nexstar Media Group, Inc. - A | 1,169 | 220,333 |
Total COMMUNICATION SERVICES (Cost $1,128,277) | 1,127,164 | |
CONSUMER STAPLES — 1.50% | ||
Food Products — 1.00% | ||
Freshpet, Inc. * | 1,915 | 196,556 |
Beverages — 0.50% | ||
Celsius Holdings, Inc. * | 1,768 | 97,558 |
Total CONSUMER STAPLES (Cost $313,261) | 294,114 | |
REAL ESTATE — 1.38% | ||
Real Estate Investment Trusts (REITs) — 0.98% | ||
Ryman Hospitality Properties, Inc. * | 2,077 | 192,683 |
Real Estate Management & Development — 0.40% | ||
Jones Lang LaSalle, Inc. * | 330 | 79,022 |
Total REAL ESTATE (Cost $280,325) | 271,705 | |
Total COMMON STOCKS (Cost $17,615,753) | 19,552,965 |
Shares, Principal Amount, or Number of Contracts | Value | ||
SHORT TERM INVESTMENTS — 1.04% | |||
Northern Institutional Government Portfolio (Shares Class), 0.06% 2 (Cost $204,580) | 204,580 | $204,580 | |
TOTAL INVESTMENTS (Cost $17,820,333) | 100.47% | $19,757,545 | |
Liabilities In Excess of Other Assets | (0.47)% | (92,531) | |
Net Assets | 100.00% | $19,665,014 |
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 March 31, 2022 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 Event Driven Fund
Schedule of Investments
March 31, 2022 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
CORPORATE BONDS — 24.16% | ||
Auto Manufacturers — 2.14% | ||
Mclaren Finance PLC 7.50%, 8/1/26 1,2,3 | $4,110,000 | $4,034,992 |
Commercial Services — 2.79% | ||
MoneyGram International, Inc. 5.37%, 8/1/26 1,2 | 5,053,000 | 5,260,350 |
Diversified Financial Services — 2.04% | ||
Home Point Capital, Inc. 5.00%, 2/1/26 1,2 | 4,698,000 | 3,849,118 |
Electric — 3.51% | ||
Vistra Corp. 8.00%, (U.S. Treasury Yield Curve Rate CMT 5Y + 693 basis points), 10/15/26 1,4,5 | 645,000 | 651,444 |
Vistra Corp. 7.00%, (U.S. Treasury Yield Curve Rate CMT 5Y + 574 basis points), 12/15/26 1,2,4,5 | 6,127,000 | 5,966,166 |
6,617,610 | ||
Entertainment — 6.61% | ||
AMC Entertainment Holdings, Inc. 10.00%, 6/15/26 1,2 | 5,368,000 | 4,821,243 |
Cinemark USA, Inc. 5.25%, 7/15/28 1,2 | 8,181,000 | 7,640,072 |
12,461,315 | ||
Lodging — 2.13% | ||
Arrow Bidco LLC 9.50%, 3/15/24 1,2 | 3,953,000 | 4,022,178 |
Oil & Gas Services — 0.14% | ||
Oceaneering International, Inc. 4.65%, 11/15/24 | 265,000 | 261,388 |
Pharmaceuticals — 1.77% | ||
Curaleaf Holdings, Inc. 8.00%, 12/15/26 1,3 | 3,375,000 | 3,334,359 |
Retail — 1.95% | ||
Guitar Center, Inc. 8.50%, 1/15/26 1,2 | 3,600,000 | 3,673,116 |
Trucking & Leasing — 1.08% | ||
Fortress Transportation and Infrastructure Investors LLC 9.75%, 8/1/27 1,2 | 1,963,000 | 2,050,874 |
Total CORPORATE BONDS (Cost $47,064,116) | 45,565,300 | |
COMMON STOCKS — 63.60% | ||
Auto Parts & Equipment — 2.69% | ||
Holley, Inc. 2,* | 364,894 | 5,075,676 |
Banks — 7.43% | ||
Blue Foundry Bancorp 2,* | 359,884 | 4,876,428 |
HarborOne Bancorp, Inc. 2 | 277,293 | 3,887,648 |
Shares, Principal Amount, or Number of Contracts | Value | |
Kearny Financial Corp./MD 2 | 406,620 | $5,237,266 |
14,001,342 | ||
Biotechnology — 11.37% | ||
Ascendis Pharma A/S - ADR 2,3,* | 13,514 | 1,586,003 |
Crinetics Pharmaceuticals, Inc. * | 311,324 | 6,833,562 |
DICE Therapeutics, Inc. 2,* | 77,220 | 1,477,219 |
Elevation Oncology, Inc. * | 297,120 | 748,742 |
Relay Therapeutics, Inc. 2,* | 182,698 | 5,468,151 |
Sema4 Holdings Corp. * | 112,852 | 346,456 |
SpringWorks Therapeutics, Inc. 2,* | 45,000 | 2,539,800 |
Xenon Pharmaceuticals, Inc. 2,3,* | 79,707 | 2,436,643 |
21,436,576 | ||
Diversified Financial Services — 0.69% | ||
Ally Financial, Inc. | 29,855 | 1,298,095 |
Engineering & Construction — 3.50% | ||
WillScot Mobile Mini Holdings Corp. 2,* | 168,662 | 6,599,744 |
Entertainment — 6.31% | ||
Golden Entertainment, Inc. 2,* | 204,904 | 11,898,775 |
Financial Services — 3.41% | ||
FTAC Zeus Acquisition Corp. - A * | 133,692 | 1,316,866 |
Screaming Eagle Acquisition Corp. - A * | 525,785 | 5,115,888 |
6,432,754 | ||
Food — 1.06% | ||
US Foods Holding Corp. 2,* | 53,000 | 1,994,390 |
Healthcare - Products — 1.17% | ||
Minerva Surgical, Inc. * | 21,917 | 98,626 |
SeaSpine Holdings Corp. * | 91,750 | 1,115,680 |
SomaLogic, Inc. 2,* | 124,795 | 1,000,856 |
2,215,162 | ||
Holding Companies - Diversified — 10.55% | ||
Class Acceleration Corp. - A 6,* | 108,472 | 1,060,856 |
Corazon Capital V838 Monoceros Corp. - A 2,6,* | 189,734 | 1,849,907 |
First Light Acquisition Group, Inc. - A 6,* | 386,250 | 3,820,013 |
Flag U Founders 6,*,^ | 24,357 | 0 |
Jack Creek Investment Corp. - A 6,* | 302,994 | 2,972,371 |
Live Oak Mobility Acquisition Corp. - A 2,6,* | 214,262 | 2,101,910 |
Logistics Innovation Technologies Corp. - A 6,* | 192,225 | 1,876,116 |
Senior Connect Acquisition Corp. I - A 2,6,* | 190,710 | 1,870,865 |
Notes to Schedule of Investments are an integral part of this Schedule.
19
Driehaus Event Driven Fund
Schedule of Investments
March 31, 2022 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Tekkorp Digital Acquisition Corp. - A 2,6,* | 189,734 | $1,870,777 |
Tishman Speyer Innovation Corp. II - A 2,6,* | 184,448 | 1,807,591 |
Z-Work Acquisition Corp. - A 6,* | 67,660 | 661,038 |
19,891,444 | ||
Internet — 0.57% | ||
Solo Brands, Inc. - A 2,* | 126,740 | 1,081,092 |
Leisure Time — 1.00% | ||
Callaway Golf Co. * | 80,213 | 1,878,588 |
Metal Fabricate/Hardware — 2.32% | ||
Hillman Solutions Corp. 2,* | 368,616 | 4,379,158 |
Pharmaceuticals — 0.51% | ||
Curaleaf Holdings, Inc. * | 133,228 | 963,238 |
Retail — 2.66% | ||
Kohl's Corp. | 82,963 | 5,015,943 |
Savings & Loans — 2.90% | ||
Berkshire Hills Bancorp, Inc. 2 | 189,014 | 5,475,736 |
Software — 1.53% | ||
Zynga, Inc. - A * | 312,245 | 2,885,144 |
Transportation — 3.93% | ||
Air Transport Services Group, Inc. 2,* | 157,288 | 5,261,283 |
XPO Logistics, Inc. 2,* | 29,442 | 2,143,378 |
7,404,661 | ||
Total COMMON STOCKS (Cost $111,843,894) | 119,927,518 | |
PRIVATE INVESTMENT IN PUBLIC EQUITY (PIPES) — 1.01% | ||
Healthcare - Products — 0.56% | ||
SomaLogic, Inc. * | 131,600 | 1,055,432 |
Biotechnology — 0.45% | ||
EQRx, Inc. * | 153,962 | 635,863 |
Sema4 Holdings Corp. * | 67,000 | 205,690 |
841,553 | ||
Total PRIVATE INVESTMENT IN PUBLIC EQUITY (PIPES) (Cost $3,525,620) | 1,896,985 | |
PREFERRED STOCKS — 3.19% | ||
Retail — 1.57% | ||
Qurate Retail, Inc. 8.00%, 7 | 34,496 | 2,967,001 |
Telecommunications — 1.62% | ||
Telephone and Data Systems, Inc. 6.63%, 7 | 22,999 | 568,995 |
Shares, Principal Amount, or Number of Contracts | Value | |
Telephone and Data Systems, Inc. 6.00%, 7 | 107,525 | $2,484,903 |
3,053,898 | ||
Total PREFERRED STOCKS (Cost $6,752,973) | 6,020,899 | |
WARRANTS — 0.37% | ||
Class Acceleration Corp. - A, Exp. 03/31/2028, Strike $11.50 * | 54,236 | 10,039 |
Corazon Capital V838 Monoceros Corp. - A, Exp. 12/31/2028, Strike $11.50 * | 53,713 | 19,337 |
Deep Lake Capital Acquisition Corp. - B, Exp. 12/31/2027, Strike $11.50 * | 10,795 | 2,172 |
EJF Acquisition Corp. - A, Exp. 12/31/2027, Strike $11.50 * | 110,040 | 104,538 |
EQRx, Inc., Exp. 12/31/2028, Strike $11.50 * | 26,680 | 21,611 |
First Light Acquisition Group, Inc., Exp. 10/07/2023, Strike $11.50 * | 193,125 | 69,506 |
FTAC Zeus Acquisition Corp. - A, Exp. 11/23/2026, Strike $0.00 * | 66,846 | 24,559 |
Inspirato, Inc., Exp. 01/01/2030, Strike $11.50 * | 35,733 | 69,322 |
Jack Creek Investment Corp., Exp. 12/31/2027, Strike $11.50 * | 151,497 | 32,572 |
L&F Acquisition Corp. - A, Exp. 05/23/2027, Strike $11.50 * | 65,250 | 19,901 |
Live Oak Mobility Acquisition Corp., Exp. 03/04/2028, Strike $11.50 * | 42,851 | 19,253 |
Logistics Innovation Technologies Corp., Exp. 06/15/2028, Strike $11.50 * | 64,075 | 23,073 |
Longview Acquisition Corp. II - A, Exp. 05/10/2026, Strike $11.50 * | 45,820 | 19,231 |
Omnichannel Acquisition Corp. - A, Exp. 12/30/2027, Strike $11.50 * | 315,025 | 57,366 |
Screaming Eagle Acquisition Corp. - A, Exp. 05/01/2027, Strike $11.50 * | 175,261 | 105,156 |
Senior Connect Acquisition Corp. I - A, Exp 12/31/2027, Strike $11.50 * | 62,919 | 11,325 |
SomaLogic, Inc., Exp. 12/31/2027, Strike $11.50 * | 22,690 | 46,288 |
Notes to Schedule of Investments are an integral part of this Schedule.
20
Driehaus Event Driven Fund
Schedule of Investments
March 31, 2022 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | ||
Tekkorp Digital Acquisition Corp., Exp. 01/24/2025, Strike $11.50 * | 59,550 | $18,306 | |
Tishman Speyer Innovation Corp. II - A, Exp. 12/31/2027, Strike $11.50 * | 36,889 | 14,018 | |
X4 Pharmaceuticals, Inc., Exp. 04/12/2024, Strike $13.20 * | 5,547 | 832 | |
Z-Work Acquisition Corp. - A, Exp. 12/31/2027, Strike $11.50 * | 22,553 | 5,945 | |
Total WARRANTS (Cost $236,545) | 694,350 | ||
SHORT TERM INVESTMENTS — 5.72% | |||
Northern Institutional Treasury Portfolio (Premier Class), 0.12% 8 (Cost $10,792,577) | 10,792,577 | 10,792,577 | |
TOTAL INVESTMENTS (Cost $180,215,725) | 98.05% | $184,897,629 | |
Other Assets In Excess of Liabilities | 1.95% | 3,678,222 | |
Net Assets | 100.00% | $188,575,851 | |
INVESTMENT SECURITIES SOLD SHORT — (23.51)% | |||
CORPORATE BONDS — (2.30)% | |||
Consumer Discretionary Services — (1.40)% | |||
AMC Entertainment Holdings, Inc. 7.502/15/29 1 | (2,714,000) | (2,637,343) | |
Diversified Financial Services — (0.90)% | |||
United Wholesale Mortgage LLC 5.504/15/29 1 | (1,911,000) | (1,702,739) | |
Total CORPORATE BONDS (Proceeds $4,262,156) | (4,340,082) | ||
EXCHANGE-TRADED FUNDS — (21.21)% | |||
iShares Biotechnology ETF | (28,860) | (3,760,458) | |
iShares Russell 2000 ETF | (48,718) | (10,000,344) | |
SPDR S&P Biotech ETF * | (161,214) | (14,489,914) |
Shares, Principal Amount, or Number of Contracts | Value | |
SPDR S&P Regional Banking ETF | (170,442) | $(11,743,454) |
Total EXCHANGE-TRADED FUNDS (Proceeds $47,171,772) | (39,994,170) | |
TOTAL INVESTMENT SECURITIES SOLD SHORT (Proceeds $51,433,928) | (23.51)% | $(44,334,252) |
ADR | American Depositary Receipt |
CMT | Constant Maturity |
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 $40,963,830, which represents 22% 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 | Perpetual security. Maturity date shown is the next call date or final legal maturity date, whichever comes first. |
5 | Variable rate security. Rates disclosed as of March 31, 2022. |
6 | Special Purpose Acquisition Company (SPAC). |
7 | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
8 | 7 day current yield as of March 31, 2022 is disclosed. |
^ | Security valued at fair value as determined in good faith by the Adviser, in accordance with procedures established by, and under the general supervision of, the Trust’s Board of Trustee. The security is valued using significant unobservable inputs. |
* | Non-income producing security. |
Percentages are stated as a percent of net assets.
Notes to Schedule of Investments are an integral part of this Schedule.
21
Driehaus Event Driven Fund
Schedule of Investments
March 31, 2022 (unaudited)
TOTAL RETURN SWAPS
OTC SWAP CONTRACTS
Pay Rate Index/Pay Rate | Receive Rate/Receive Rate Index | Maturity Date | Counterparty | Currency | Notional Amount | Value | Upfront Premiums Paid/ (Received) | Unrealized Appreciation (Depreciation) | ||
GSCNNED2 Index (Monthly) | Financing Index: 1-Month ICE LIBOR USD - 0.5% | 10/20/2022 | GSC | USD | 468,472 | $5,447 | $— | $5,447 | ||
$5,447 | $— | $5,447 | ||||||||
GSC - Goldman Sachs International |
Notes to Schedule of Investments are an integral part of this Schedule.
22
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 (including warrants), are valued at the last reported sales or settlement price on the day of valuation and are generally classified as level 1. North and South American exchange-traded securities for which no sale was reported are valued at the most recent closing bid price from the exchange the security is primarily traded on and are generally classified as level 1. All other exchange-traded securities for which no sale was reported are valued at the mean between closing bid and ask prices from the exchange the security is primarily traded on and are also generally classified as level 1. Equity certificates are valued at the last sale price of the underlying security as of the close of the primary exchange. Long-term U.S. fixed income securities are valued at the representative quoted bid price when held long or the representative quoted ask price if sold short or, if such prices are not available, at prices for securities of comparable maturity, quality and type or as determined by an independent pricing service. Long-term non-U.S. fixed income securities are valued at the mean of the representative quoted bid and ask prices when held long or sold short or, if such prices are not available, at prices for securities of comparable maturity, quality and type or as determined by an independent pricing service. The pricing service provider may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations or other techniques. Such techniques generally consider factors such as composite security prices, yields, maturities, call features, credit ratings and developments relating to specific securities, in arriving at valuations. Fixed income securities are generally classified as level 2. The fair value analysis includes an analysis of the value of any unfunded commitments.
Short-term investments with remaining maturities of 60 days or less at the time of purchase are stated at amortized cost, which approximates fair value. If amortized cost does not approximate fair value, short-term securities are reported at fair value. These securities are generally classified as level 2. Swaps, forward foreign currency contracts and other financial derivatives are valued daily, primarily by an independent pricing service using pricing models and are generally classified as level 2. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, dividends and exchange rates. If valuations are not available from the independent pricing service or values received are deemed not representative of fair value, values will be obtained from a third-party broker-dealer or counterparty. Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from an independent pricing service. In addition, for the Emerging Markets Growth Fund, Emerging Markets Small Cap Growth, 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:
23
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 March 31, 2022:
Assets | Total Value at March 31, 2022 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Africa | ||||||||
South Africa | $65,908,099 | $11,033,275 | $54,874,824 | $— | ||||
Europe | ||||||||
France | 18,714,814 | — | 18,714,814 | — | ||||
Greece | 8,421,311 | — | 8,421,311 | — | ||||
Netherlands | 28,876,758 | 11,800,319 | 17,076,439 | — | ||||
Russia | — | — | — | — * | ||||
Switzerland | 16,217,618 | — | 16,217,618 | — | ||||
Far East | ||||||||
Australia | 13,500,162 | — | 13,500,162 | — | ||||
China | 358,026,236 | 16,954,373 | 341,071,863 | — | ||||
India | 388,118,160 | 120,591,922 | 267,526,238 | — | ||||
Indonesia | 68,482,144 | — | 68,482,144 | — | ||||
Japan | 20,959,358 | — | 20,959,358 | — | ||||
Philippines | 5,374,187 | — | 5,374,187 | — | ||||
Singapore | 12,788,062 | 12,788,062 | — | — | ||||
South Korea | 163,499,568 | — | 163,499,568 | — | ||||
Taiwan | 206,240,183 | 155,810,940 | 50,429,243 | — | ||||
Thailand | 48,558,587 | — | 48,558,587 | — | ||||
Vietnam | 10,211,823 | — | 10,211,823 | — | ||||
Middle East | ||||||||
Israel | 11,244,893 | — | 11,244,893 | — | ||||
Qatar | 21,000,442 | — | 21,000,442 | — | ||||
Saudi Arabia | 38,549,113 | 10,988,824 | 27,560,289 | — | ||||
North America | 308,974,790 | 308,974,790 | — | — | ||||
South America | 151,326,488 | 151,326,488 | — | — | ||||
Short Term Investments | 107,816,499 | 107,816,499 | — | — | ||||
Total | $2,072,809,295 | $908,085,492 | $1,164,723,803 | $— |
* Level 3 security has zero value. |
24
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 March 31, 2022:
Assets | Total Value at March 31, 2022 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Africa | ||||||||
South Africa | $1,936,813 | $1,391,177 | $545,636 | $— | ||||
Europe | 860,416 | — | 860,416 | — | ||||
Far East | ||||||||
Australia | 2,248,642 | — | 1,133,355 | 1,115,287 | ||||
Cambodia | 790,261 | — | 790,261 | — | ||||
China | 16,582,367 | 1,004,793 | 15,577,574 | — | ||||
India | 22,060,249 | — | 22,060,249 | — | ||||
Indonesia | 3,806,070 | — | 3,806,070 | — | ||||
Philippines | 1,927,041 | 916,419 | 1,010,622 | — | ||||
South Korea | 7,937,457 | — | 7,937,457 | — | ||||
Taiwan | 7,785,064 | — | 7,785,064 | — | ||||
Thailand | 2,517,777 | — | 2,517,777 | — | ||||
Vietnam | 8,478,794 | — | 8,478,794 | — | ||||
Middle East | ||||||||
Saudi Arabia | 2,375,434 | 1,066,594 | 1,308,840 | — | ||||
United Arab Emirates | 1,366,330 | — | 1,366,330 | — | ||||
North America | 8,023,738 | 8,023,738 | — | — | ||||
South America | 7,334,819 | 7,334,819 | — | — | ||||
Preferred Stocks | ||||||||
South America | 1,467,962 | 1,467,962 | — | — | ||||
Short Term Investments | 14,005,013 | 14,005,013 | — | — | ||||
Total | $111,504,247 | $35,210,515 | $75,178,445 | $1,115,287 |
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value in the Emerging Markets Small Cap Growth Fund:
Investments, at Value | |
Balance as of December 31, 2021 | $— |
Realized gain (loss) | — |
Change in net unrealized appreciation (depreciation) | (156,889) |
Purchases | 1,272,176 |
Sales | — |
Transfers in and/or out of Level 3 | — |
Balance as of March 31, 2022 | $1,115,287 |
25
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
As of March 31, 2022, the Emerging Markets Small Cap Growth Fund held a Level 3 investment in Paladin Energy Ltd. common stock, valued in good faith in accordance with procedures established by or under the direction of the Trust’s Board of Trustees. The following table summarizes the quantitative inputs and assumptions used for items categorized as Level 3 of the fair value hierarchy as of March 31, 2022:
Financial Assets | Fair Value at March 31, 2022 | Valuation Technique(s) | Unobservable Inputs | Price/Range | ||||
Common Stocks | $1,115,287 | Suspended Assets | Transaction price | $0.72 |
The following is a summary of the inputs used to value the Emerging Markets Opportunities Fund’s investments as of March 31, 2022:
Assets | Total Value at March 31, 2022 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Argentina | $290,233 | $290,233 | $— | $— | ||||
Australia | 577,349 | — | 577,349 | — | ||||
Brazil | 1,327,762 | 1,327,762 | — | — | ||||
Canada | 1,940,973 | 1,940,973 | — | — | ||||
China | 7,075,784 | 677,597 | 6,398,187 | — | ||||
Czech Republic | 593,676 | — | 593,676 | — | ||||
France | 260,039 | — | 260,039 | — | ||||
India | 5,083,008 | 1,575,951 | 3,507,057 | — | ||||
Indonesia | 1,259,432 | — | 1,259,432 | — | ||||
Japan | 513,561 | — | 513,561 | — | ||||
Mexico | 961,673 | 961,673 | — | — | ||||
Netherlands | 585,362 | — | 585,362 | — | ||||
Qatar | 593,243 | — | 593,243 | — | ||||
Saudi Arabia | 1,278,967 | 264,510 | 1,014,457 | — | ||||
South Africa | 878,659 | — | 878,659 | — | ||||
South Korea | 4,815,239 | — | 4,815,239 | — | ||||
Taiwan | 5,755,943 | — | 5,755,943 | — | ||||
Thailand | 399,790 | — | 399,790 | — | ||||
United Arab Emirates | 428,756 | — | 428,756 | — | ||||
United States | 2,788,395 | 2,235,193 | 553,202 | — | ||||
Uruguay | 591,230 | 591,230 | — | — | ||||
Purchased Call Options | 13,701 | — | 13,701 | — | ||||
Short Term Investments | 2,507,720 | 2,507,720 | — | — | ||||
Sovereign Bonds | 10,033,598 | — | 10,033,598 | — | ||||
Total | $50,554,093 | $12,372,842 | $38,181,251 | $— |
26
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
The following is a summary of the inputs used to value the International Small Cap Growth Fund’s investments as of March 31, 2022:
Assets | Total Value at March 31, 2022 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Europe | ||||||||
Austria | $4,894,642 | $— | $4,894,642 | $— | ||||
Belgium | 2,649,666 | — | 2,649,666 | — | ||||
Denmark | 11,093,359 | 2,627,668 | 8,465,691 | — | ||||
Finland | 4,355,453 | — | 4,355,453 | — | ||||
France | 23,035,188 | — | 23,035,188 | — | ||||
Germany | 29,426,058 | — | 29,426,058 | — | ||||
Ireland | 2,995,217 | 2,995,217 | — | — | ||||
Italy | 8,183,025 | — | 8,183,025 | — | ||||
Netherlands | 12,827,345 | — | 12,827,345 | — | ||||
Norway | 5,015,638 | 1,154,299 | 3,861,339 | — | ||||
Spain | 4,924,145 | — | 4,924,145 | — | ||||
Sweden | 4,371,895 | — | 4,371,895 | — | ||||
Switzerland | 13,104,795 | — | 13,104,795 | — | ||||
United Kingdom | 51,564,953 | 6,477,348 | 45,087,605 | — | ||||
Far East | 44,686,354 | — | 44,686,354 | — | ||||
North America | 48,014,931 | 48,014,931 | — | — | ||||
South America | 4,560,698 | 4,560,698 | — | — | ||||
Short Term Investments | 4,651,834 | 4,651,834 | — | — | ||||
Total | $280,355,196 | $70,481,995 | $209,873,201 | $— |
The following is a summary of the inputs used to value the Micro Cap Growth Fund’s investments as of March 31, 2022:
Assets* | Total Value at March 31, 2022 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | $251,072,565 | $251,072,565 | $— | $— | ||||
Short Term Investments | 3,504,877 | 3,504,877 | — | — | ||||
Warrants | 28,006 | 28,006 | — | — | ||||
Total | $254,605,448 | $254,605,448 | $— | $— |
* See Schedule of Investments for industry breakout. |
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Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
The following is a summary of the inputs used to value the Small Cap Growth Fund’s investments as of March 31, 2022:
Assets* | Total Value at March 31, 2022 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | $545,723,801 | $545,723,801 | $— | $— | ||||
Short Term Investments | 7,697,256 | 7,697,256 | — | — | ||||
Total | $553,421,057 | $553,421,057 | $— | $— |
* 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 March 31, 2022:
Assets* | Total Value at March 31, 2022 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | $19,552,965 | $19,552,965 | $— | $— | ||||
Short Term Investments | 204,580 | 204,580 | — | — | ||||
Total | $19,757,545 | $19,757,545 | $— | $— |
* See Schedule of Investments for industry breakout. |
The following is a summary of the inputs used to value the Event Driven Fund’s investments as of March 31, 2022:
Assets | Total Value at March 31, 2022 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Auto Parts & Equipment | $5,075,676 | $5,075,676 | $— | $— | ||||
Banks | 14,001,342 | 14,001,342 | — | — | ||||
Biotechnology | 21,436,576 | 21,436,576 | — | — | ||||
Diversified Financial Services | 1,298,095 | 1,298,095 | — | — | ||||
Engineering & Construction | 6,599,744 | 6,599,744 | — | — | ||||
Entertainment | 11,898,775 | 11,898,775 | — | — | ||||
Financial Services | 6,432,754 | 6,432,754 | — | — | ||||
Food | 1,994,390 | 1,994,390 | — | — | ||||
Healthcare - Products | 2,215,162 | 2,215,162 | — | — | ||||
Holding Companies - Diversified | 19,891,444 | 18,041,537 | 1,849,907 | — * | ||||
Internet | 1,081,092 | 1,081,092 | — | — | ||||
Leisure Time | 1,878,588 | 1,878,588 | — | — | ||||
Metal Fabricate/Hardware | 4,379,158 | 4,379,158 | — | — | ||||
Pharmaceuticals | 963,238 | 963,238 | — | — | ||||
Retail | 5,015,943 | 5,015,943 | — | — | ||||
Savings & Loans | 5,475,736 | 5,475,736 | — | — | ||||
Software | 2,885,144 | 2,885,144 | — | — | ||||
Transportation | 7,404,661 | 7,404,661 | — | — | ||||
Corporate Bonds | 45,565,300 | — | 45,565,300 | — | ||||
Preferred Stocks | 6,020,899 | 6,020,899 | — | — |
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Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
Assets | Total Value at March 31, 2022 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Private Investment In Public Equity (PIPES) | $1,896,985 | $1,896,985 | $— | $— | ||||
Short Term Investments | 10,792,577 | 10,792,577 | — | — | ||||
Warrants | 694,350 | 530,996 | 163,354 | — | ||||
Total | $184,897,629 | $137,319,068 | $47,578,561 | $— |
Liabilities** | ||||||||
Corporate Bonds Sold Short | $(4,340,082) | $— | $(4,340,082) | $— | ||||
Exchange-Traded Funds Sold Short | (39,994,170) | (39,994,170) | — | — | ||||
Total | $(44,334,252) | $(39,994,170) | $(4,340,082) | $— |
Other Financial Instruments | ||||||||
Total Return Swaps - Assets*** | $5,447 | $— | $5,447 | $— | ||||
Total Other Financial Instruments | $5,447 | $— | $5,447 | $— |
* Level 3 security has zero value. |
** See Schedule of Investments for industry breakout. |
*** Swaps are reflected as the unrealized appreciation (depreciation) on the instrument. |
As of March 31, 2022, none of the Funds held Level 3 investments, other than as disclosed for Emerging Markets Growth Fund, Emerging Markets Small Cap Growth Fund and Event Driven Fund.
Securities Sold Short
The Event Driven Fund is engaged in selling securities short, which obligates it to replace a borrowed security by purchasing it at market price at the time of replacement. The Fund incurs a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund realizes a gain if the price of the security declines between those dates. Gains are limited to the price at which the Fund sold the security short, while losses are potentially unlimited in size.
The Fund is required to establish a margin account with the broker lending the security sold short. While the short sale is outstanding, the broker retains the proceeds of the short sale and the Fund must maintain a deposit with the broker consisting of cash and securities having a value equal to a specified percentage of the value of the securities sold short.
Foreign Currency Spot Contracts
The Funds enter into foreign currency spot contracts to facilitate transactions in foreign currency denominated securities. These spot contracts are typically open for 2 to 5 days, depending on the settlement terms of the underlying security transaction. On March 31, 2022, 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
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Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
actually received or paid in U.S. dollars for these items. Net unrealized foreign exchange gains and losses result from changes in the U.S. dollar value of assets and liabilities (other than investments in securities), which are denominated in foreign currencies, as a result of changes in exchange rates.
Net realized gain (loss) on foreign currency contracts on portfolio hedges result from the use of forward contracts to hedge portfolio positions denominated or quoted in a particular currency in order to reduce or limit exposure in that currency.
The Funds do not isolate that portion of the results of operations which results from fluctuations in foreign exchange rates on investments. These fluctuations are included with the net realized gain (loss) on investments and the net change in unrealized appreciation (depreciation) on investments.
Securities Transactions, Income and Commitments
The Trust records security transactions on trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis. Premiums on securities are amortized over the period remaining until first call date, if any, or if none, the remaining life of the security and discounts are accreted over the remaining life of the security for financial reporting purposes. Withholding taxes on foreign dividends and interest have been provided for in accordance with the Trust’s understanding of the applicable country’s tax rules and rates. Non-cash dividends are recognized as investment income at the fair value of the property received.
Pursuant to the terms of certain of the senior unsecured loan agreements, certain Funds may have unfunded loan commitments, which are callable on demand. Each such Fund will have available with its custodian, cash and/or liquid securities having an aggregate value at least equal to the amount of the unfunded senior loan commitments. At March 31, 2022, 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 March 31, 2022, 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, 2022, through March 31, 2022, 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, 2022, through March 31, 2022, the Micro Cap Growth Fund primarily utilized: 1) warrants to both hedge exposure and provide exposure to certain market segments or specific securities. During the period January 1, 2022, through March 31, 2022, the Event Driven Fund primarily utilized: 1) total return swaps to gain exposure to certain sectors and manage volatility; 2) options, including warrants, to both hedge exposure and provide exposure to certain market segments or specific securities; and 3) 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 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.
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Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. A Fund may elect to pay a fixed rate and receive a floating rate or receive a fixed rate and pay a floating rate on a notional principal amount. The net interest received or paid on interest rate swap agreements is accrued daily as interest income/expense. Interest rate swaps are marked-to-market daily using fair value estimates provided by an independent pricing service. Changes in value, including accrued interest, are recorded as changes in net unrealized appreciation (depreciation). 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.
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
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Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
exposure to the underlying instrument. When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Schedules of Investments. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, swap, security or currency transaction to determine the realized gain or loss. A Fund, as a writer of an option, has no control over whether the underlying future, swap, security, or currency may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the future, swap, security, or currency underlying the written option. The risk exists that a Fund may not be able to enter into a closing transaction because of an illiquid market. In addition, to the extent a Fund purchases an over-the-counter (“OTC”) option, it is subject to credit risk that the counterparty to the trade does not perform under the contract’s terms. The Funds are not subject to credit risk on OTC options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.
The Funds may also purchase put and call options. Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. A Fund pays a premium, which is included in its Schedule of Investments as an investment and subsequently marked-to-market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, swap, security or currency transaction to determine the realized gain or loss. When entering into purchased option contracts, a Fund bears the risk of securities prices moving unexpectedly, in which case, a Fund may not achieve the anticipated benefits of the purchased option contracts; however, the risk of loss is limited to the premium paid.
Forward Foreign Currency Contracts
Certain Funds use forward foreign currency contracts to manage foreign currency, to produce incremental earnings or to hedge existing positions. A forward foreign currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are principally traded in the inter-bank market conducted directly between currency traders (usually large commercial banks) and their customers.
The market value of a forward foreign currency contract fluctuates with changes in currency exchange rates. Outstanding forward foreign currency contracts are valued daily at current market rates and the resulting change in market value is recorded as change in net unrealized appreciation or depreciation. 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.
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.
32
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
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. There are no subsequent events that require recognition or disclosure in the financial statements.
33