Driehaus Emerging Markets Growth Fund
Schedule of Investments
March 31, 2023 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 96.73% | ||
FAR EAST — 72.76% | ||
China — 29.45% | ||
AIA Group Ltd. | 3,262,200 | $34,211,860 |
Aier Eye Hospital Group Co. Ltd. - A | 1,716,510 | 7,758,072 |
Alibaba Group Holding Ltd. * | 3,672,600 | 46,515,301 |
BeiGene Ltd. * | 1,001,700 | 16,673,019 |
China Resources Beer Holdings Co. Ltd. | 2,662,000 | 21,384,937 |
China Resources Land Ltd. | 5,030,000 | 22,905,787 |
Foshan Haitian Flavouring & Food Co. Ltd. - A | 1,361,464 | 15,162,463 |
Galaxy Entertainment Group Ltd. * | 4,525,000 | 30,268,473 |
H World Group Ltd. - ADR 1,* | 435,883 | 21,349,549 |
Haidilao International Holding Ltd. 2,* | 6,346,000 | 17,198,864 |
Industrial & Commercial Bank of China Ltd. - H | 70,938,000 | 37,699,263 |
Jiangsu Hengli Hydraulic Co. Ltd. - A | 1,718,964 | 16,570,631 |
KE Holdings, Inc. - ADR 1,* | 647,104 | 12,191,439 |
Lenovo Group Ltd. | 16,314,000 | 17,674,826 |
Li Ning Co. Ltd. | 2,409,000 | 18,944,171 |
Meituan - B 2,* | 1,143,964 | 20,754,042 |
PDD Holdings, Inc. 1,* | 112,671 | 8,551,729 |
PetroChina Co. Ltd. - H | 41,152,000 | 24,309,905 |
Ping An Insurance Group Co. of China Ltd. - H | 6,294,000 | 40,717,230 |
Proya Cosmetics Co. Ltd. - A | 1,416,797 | 37,517,027 |
Shanghai M&G Stationery, Inc. - A | 1,795,268 | 12,828,467 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. - A | 469,219 | 21,289,475 |
Tencent Holdings Ltd. | 2,665,645 | 130,268,268 |
Trip.com Group Ltd. - ADR 1,* | 815,144 | 30,706,474 |
Vipshop Holdings Ltd. - ADR 1,* | 1,183,242 | 17,961,614 |
681,412,886 | ||
India — 14.82% | ||
Bharti Airtel Ltd. | 1,035,203 | 9,440,539 |
Cipla Ltd. | 1,684,899 | 18,492,862 |
Dabur India Ltd. | 1,569,176 | 10,419,326 |
DLF Ltd. | 3,463,170 | 15,090,628 |
HDFC Bank Ltd. - ADR 1 | 454,995 | 30,334,517 |
Housing Development Finance Corp. Ltd. | 1,045,394 | 33,523,767 |
ICICI Bank Ltd. - SP ADR 1 | 2,164,187 | 46,703,155 |
ITC Ltd. | 4,203,127 | 19,665,951 |
KPIT Technologies Ltd. | 1,767,899 | 19,996,859 |
Larsen & Toubro Ltd. | 900,037 | 23,757,657 |
Mahindra & Mahindra Ltd. | 459,020 | 6,486,611 |
Max Healthcare Institute Ltd. * | 2,838,915 | 15,268,619 |
NTPC Ltd. | 8,642,420 | 18,451,081 |
Power Grid Corp. of India Ltd. | 5,326,346 | 14,663,867 |
Reliance Industries Ltd. | 1,339,759 | 38,095,497 |
Shares, Principal Amount, or Number of Contracts | Value | |
Sun Pharmaceutical Industries Ltd. | 1,882,098 | $22,551,816 |
342,942,752 | ||
Taiwan — 12.30% | ||
Accton Technology Corp. | 1,389,000 | 14,598,569 |
ASPEED Technology, Inc. | 230,000 | 20,073,610 |
Chunghwa Telecom Co. Ltd. | 2,992,000 | 11,761,241 |
Delta Electronics, Inc. | 3,101,000 | 30,767,003 |
Hon Hai Precision Industry Co. Ltd. | 2,615,000 | 8,951,131 |
Largan Precision Co. Ltd. | 131,000 | 9,391,943 |
MediaTek, Inc. | 887,000 | 22,996,473 |
Sinbon Electronics Co. Ltd. | 1,258,000 | 14,158,398 |
Taiwan Semiconductor Manufacturing Co. Ltd. - SP ADR 1 | 1,631,325 | 151,745,851 |
284,444,219 | ||
South Korea — 8.74% | ||
LG Energy Solution Ltd. * | 32,468 | 14,628,559 |
Macquarie Korea Infrastructure Fund | 1,209,742 | 11,635,269 |
POSCO Future M Co. Ltd. | 70,438 | 14,846,141 |
Samsung Electro-Mechanics Co. Ltd. | 135,292 | 15,974,095 |
Samsung Electronics Co. Ltd. | 2,419,536 | 119,648,382 |
SK Hynix, Inc. | 371,213 | 25,403,946 |
202,136,392 | ||
Indonesia — 3.09% | ||
Bank Central Asia Tbk PT | 21,189,175 | 12,396,602 |
Bank Mandiri Persero Tbk PT | 48,951,100 | 33,709,999 |
Telkom Indonesia Persero Tbk PT | 54,015,700 | 14,667,588 |
United Tractors Tbk PT | 5,559,800 | 10,804,872 |
71,579,061 | ||
Thailand — 1.66% | ||
Airports of Thailand PCL - NVDR * | 10,206,500 | 21,210,279 |
Energy Absolute PCL - NVDR | 4,575,400 | 10,179,102 |
SCB X PCL - NVDR | 2,362,500 | 7,098,242 |
38,487,623 | ||
Singapore — 1.43% | ||
Sea Ltd. - ADR 1,* | 172,201 | 14,903,997 |
United Overseas Bank Ltd. | 814,500 | 18,268,456 |
33,172,453 | ||
Japan — 1.02% | ||
Disco Corp. | 203,300 | 23,650,238 |
Philippines — 0.25% | ||
International Container Terminal Services, Inc. | 1,443,397 | 5,667,340 |
Total FAR EAST (Cost $1,442,117,268) | 1,683,492,964 | |
NORTH AMERICA — 10.72% | ||
United States — 6.47% | ||
Copa Holdings SA - A * | 96,177 | 8,881,946 |
Notes to Schedule of Investments are an integral part of this Schedule.
1
Driehaus Emerging Markets Growth Fund
Schedule of Investments
March 31, 2023 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Exxon Mobil Corp. | 200,051 | $21,937,593 |
Liberty Media Corp.-Liberty Formula One - C * | 319,569 | 23,913,348 |
MELI Kaszek Pioneer Corp. - A * | 896,061 | 9,139,822 |
MercadoLibre, Inc. * | 19,006 | 25,051,049 |
Parade Technologies Ltd. | 226,000 | 7,824,540 |
Samsonite International SA 2,* | 7,069,200 | 21,919,854 |
Southern Copper Corp. | 210,313 | 16,036,366 |
Yum China Holdings, Inc. | 235,685 | 14,940,072 |
149,644,590 | ||
Mexico — 4.25% | ||
America Movil SAB de CV 1,* | 621,099 | 13,074,134 |
Arca Continental SAB de CV | 1,685,300 | 15,279,929 |
Corp Inmobiliaria Vesta SAB de CV | 6,416,300 | 20,188,913 |
Grupo Financiero Banorte SAB de CV - O | 5,923,292 | 49,871,357 |
98,414,333 | ||
Total NORTH AMERICA (Cost $203,456,875) | 248,058,923 | |
MIDDLE EAST — 5.34% | ||
Saudi Arabia — 2.54% | ||
Dr Sulaiman Al Habib Medical Services Group Co. | 246,951 | 19,223,009 |
Nahdi Medical Co. | 243,330 | 12,013,589 |
Saudi Arabian Oil Co. 2 | 3,182,851 | 27,433,617 |
58,670,215 | ||
United Arab Emirates — 1.79% | ||
Abu Dhabi National Oil Co for Distribution PJSC | 11,375,631 | 12,947,621 |
Abu Dhabi Ports Co. PJSC * | 8,232,402 | 14,105,859 |
Dubai Electricity & Water Authority PJSC | 21,170,189 | 14,411,293 |
41,464,773 | ||
Israel — 0.63% | ||
Elbit Systems Ltd. | 85,551 | 14,570,243 |
Qatar — 0.38% | ||
Qatar Gas Transport Co. Ltd. | 9,357,632 | 8,913,052 |
Total MIDDLE EAST (Cost $125,076,718) | 123,618,283 | |
SOUTH AMERICA — 4.84% | ||
Brazil — 4.15% | ||
Banco do Brasil SA | 3,184,600 | 24,592,379 |
Embraer SA * | 1,553,500 | 6,369,152 |
Equatorial Energia SA | 3,144,000 | 16,717,300 |
Iguatemi SA | 1,857,700 | 7,081,211 |
SLC Agricola SA | 1,672,214 | 15,041,332 |
Vale SA - SP ADR 1 | 718,439 | 11,336,968 |
WEG SA | 1,868,800 | 14,932,849 |
96,071,191 | ||
Peru — 0.41% | ||
Credicorp Ltd. 1 | 70,575 | 9,343,424 |
Shares, Principal Amount, or Number of Contracts | Value | ||
Argentina — 0.28% | |||
Grupo Financiero Galicia SA - ADR 1,* | 589,545 | $6,473,204 | |
Total SOUTH AMERICA (Cost $108,154,076) | 111,887,819 | ||
EUROPE — 1.99% | |||
Netherlands — 0.59% | |||
BE Semiconductor Industries NV | 155,482 | 13,589,995 | |
United Kingdom — 0.51% | |||
Unilever PLC | 226,712 | 11,735,936 | |
Greece — 0.48% | |||
OPAP SA | 699,442 | 11,218,325 | |
Jersey, C.I. — 0.41% | |||
WNS Holdings Ltd. 1,* | 100,656 | 9,378,120 | |
Russia — 0.00% | |||
Polyus PJSC 1,*,^ | 63,751 | 0 | |
Total EUROPE (Cost $56,200,028) | 45,922,376 | ||
AFRICA — 1.08% | |||
South Africa — 1.08% | |||
Standard Bank Group Ltd. | 2,584,280 | 25,056,742 | |
Total AFRICA (Cost $26,175,496) | 25,056,742 | ||
Total COMMON STOCKS (Cost $1,961,180,461) | 2,238,037,107 | ||
SHORT TERM INVESTMENTS — 4.70% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 4.70% 3 (Cost $108,844,910) | 108,844,910 | 108,844,910 | |
TOTAL INVESTMENTS (Cost $2,070,025,371) | 101.43% | $2,346,882,017 | |
Liabilities in Excess of Other Assets | (1.43)% | (33,192,983) | |
Net Assets | 100.00% | $2,313,689,034 |
ADR | American Depositary Receipt |
NVDR | Non-Voting Depositary Receipt |
PCL | Public Company Limited |
PJSC | Public Joint Stock Company |
PLC | Public Limited Company |
SP ADR | Sponsored American Depositary Receipt |
1 | Foreign security denominated 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 $87,306,377, which represents 4% of net assets. |
Notes to Schedule of Investments are an integral part of this Schedule.
2
Driehaus Emerging Markets Growth Fund
Schedule of Investments
March 31, 2023 (unaudited)
3 | 7 day current yield as of March 31, 2023 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.
3
Driehaus Emerging Markets Small Cap Growth Fund
Schedule of Investments
March 31, 2023 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 94.46% | ||
FAR EAST — 72.72% | ||
China — 28.47% | ||
Akeso, Inc. 1,* | 269,000 | $1,388,904 |
Bosideng International Holdings Ltd. | 2,468,000 | 1,377,175 |
Centre Testing International Group Co. Ltd. - A | 189,500 | 565,404 |
China Meidong Auto Holdings Ltd. | 546,000 | 1,177,662 |
Estun Automation Co. Ltd. - A | 303,278 | 1,237,915 |
Hygeia Healthcare Holdings Co. Ltd. 1,* | 306,000 | 2,181,936 |
Innovent Biologics, Inc. 1,* | 112,500 | 504,620 |
Jiangsu Hengli Hydraulic Co. Ltd. - A | 187,350 | 1,806,034 |
Jinxin Fertility Group Ltd. 1 | 1,292,500 | 869,700 |
Jiumaojiu International Holdings Ltd. 1 | 458,000 | 1,088,809 |
KWG Group Holdings Ltd. * | 4,682,500 | 744,697 |
Longshine Technology Group Co. Ltd. - A | 134,825 | 525,572 |
Man Wah Holdings Ltd. | 1,313,200 | 1,082,081 |
Ming Yang Smart Energy Group Ltd. - A | 303,700 | 996,559 |
Nantong Jianghai Capacitor Co. Ltd. - A | 254,300 | 811,673 |
Pacific Basin Shipping Ltd. | 2,030,000 | 785,601 |
Proya Cosmetics Co. Ltd. - A | 79,320 | 2,100,407 |
Shenzhen Kedali Industry Co. Ltd. - A | 42,700 | 806,187 |
Silergy Corp. | 70,000 | 1,111,361 |
SITC International Holdings Co. Ltd. | 657,000 | 1,411,998 |
Sunresin New Materials Co. Ltd. - A | 211,744 | 2,930,644 |
Suzhou Maxwell Technologies Co. Ltd. - A | 10,680 | 474,039 |
Yadea Group Holdings Ltd. 1 | 324,000 | 834,599 |
Yangtze Optical Fibre & Cable Joint Stock Ltd. Co. 1 | 738,000 | 1,520,670 |
Yihai International Holding Ltd. * | 391,000 | 1,148,809 |
Zhejiang Weixing New Building Materials Co. Ltd. - A | 466,273 | 1,646,514 |
31,129,570 | ||
India — 19.89% | ||
APL Apollo Tubes Ltd. | 75,927 | 1,117,050 |
Ashok Leyland Ltd. | 317,662 | 540,679 |
AU Small Finance Bank Ltd. 1 | 153,129 | 1,083,339 |
Bharat Forge Ltd. | 95,660 | 899,278 |
Gujarat Fluorochemicals Ltd. | 14,746 | 543,734 |
Indian Hotels Co. Ltd. | 345,239 | 1,366,751 |
KPIT Technologies Ltd. | 245,963 | 2,782,109 |
Linde India Ltd. | 28,049 | 1,378,063 |
Max Healthcare Institute Ltd. * | 418,607 | 2,251,406 |
Shares, Principal Amount, or Number of Contracts | Value | |
Navin Fluorine International Ltd. | 24,570 | $1,279,893 |
Oberoi Realty Ltd. | 99,520 | 1,023,494 |
PB Fintech Ltd. * | 111,930 | 873,013 |
Praj Industries Ltd. | 10,952 | 45,579 |
Radico Khaitan Ltd. | 95,149 | 1,386,027 |
Rainbow Children's Medicare Ltd. | 111,279 | 992,039 |
Syngene International Ltd. 1 | 182,927 | 1,326,527 |
TVS Motor Co. Ltd. | 108,202 | 1,422,208 |
Varun Beverages Ltd. | 84,535 | 1,430,325 |
21,741,514 | ||
Taiwan — 13.69% | ||
Accton Technology Corp. | 107,000 | 1,124,584 |
ASPEED Technology, Inc. | 14,700 | 1,282,966 |
Chunghwa Precision Test Tech Co. Ltd. | 77,000 | 1,445,177 |
Eclat Textile Co. Ltd. | 49,000 | 800,067 |
Gloria Material Technology Corp. | 692,000 | 1,173,660 |
Lite-On Technology Corp. | 677,000 | 1,629,649 |
Lotes Co. Ltd. | 29,753 | 899,268 |
Sinbon Electronics Co. Ltd. | 225,000 | 2,532,305 |
Vanguard International Semiconductor Corp. | 357,000 | 1,142,046 |
Voltronic Power Technology Corp. | 37,550 | 2,138,235 |
Yageo Corp. | 46,000 | 801,878 |
14,969,835 | ||
South Korea — 6.22% | ||
Hanwha Galleria Co. Ltd. * | 35,858 | 58,667 |
Hanwha Solutions Corp. * | 31,794 | 1,311,481 |
Hyundai Mipo Dockyard Co. Ltd. * | 16,892 | 913,646 |
LEENO Industrial, Inc. | 7,313 | 811,014 |
POSCO Future M Co. Ltd. | 8,243 | 1,737,368 |
Samsung Engineering Co. Ltd. * | 80,734 | 1,973,072 |
6,805,248 | ||
Vietnam — 2.67% | ||
FPT Corp. | 660,680 | 2,387,143 |
Mobile World Investment Corp. | 301,100 | 531,028 |
2,918,171 | ||
Indonesia — 1.78% | ||
Merdeka Copper Gold Tbk PT * | 3,648,300 | 1,021,693 |
Sumber Alfaria Trijaya Tbk PT | 4,798,200 | 923,177 |
1,944,870 | ||
Total FAR EAST (Cost $69,864,853) | 79,509,208 | |
MIDDLE EAST — 7.71% | ||
Saudi Arabia — 4.00% | ||
Arabian Drilling Co. * | 47,878 | 1,947,704 |
Leejam Sports Co. JSC | 35,077 | 986,566 |
Nahdi Medical Co. | 29,121 | 1,437,750 |
4,372,020 |
Notes to Schedule of Investments are an integral part of this Schedule.
4
Driehaus Emerging Markets Small Cap Growth Fund
Schedule of Investments
March 31, 2023 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
United Arab Emirates — 2.88% | ||
Abu Dhabi Ports Co. PJSC * | 807,845 | $1,384,207 |
Emirates Central Cooling Systems Corp. * | 3,688,182 | 1,770,812 |
3,155,019 | ||
Qatar — 0.83% | ||
Qatar Gas Transport Co. Ltd. | 948,814 | 903,736 |
Total MIDDLE EAST (Cost $7,367,319) | 8,430,775 | |
NORTH AMERICA — 7.45% | ||
Mexico — 2.79% | ||
FIBRA Macquarie Mexico 1 | 393,400 | 624,812 |
Prologis Property Mexico SA de CV | 146,200 | 526,547 |
TF Administradora Industrial S de RL de CV | 331,600 | 610,939 |
Vista Energy SAB de CV 2,* | 65,095 | 1,288,230 |
3,050,528 | ||
United States — 2.61% | ||
Copa Holdings SA - A * | 14,582 | 1,346,648 |
Parade Technologies Ltd. | 43,455 | 1,504,493 |
2,851,141 | ||
Canada — 2.05% | ||
Filo Mining Corp. * | 81,800 | 1,406,609 |
Ivanhoe Mines Ltd. - A * | 92,894 | 839,242 |
2,245,851 | ||
Total NORTH AMERICA (Cost $6,808,922) | 8,147,520 | |
SOUTH AMERICA — 5.84% | ||
Brazil — 4.58% | ||
Orizon Valorizacao de Residuos SA * | 189,800 | 1,374,692 |
Petro Rio SA * | 197,700 | 1,218,158 |
Petroreconcavo SA | 98,000 | 392,700 |
SLC Agricola SA | 162,000 | 1,457,167 |
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA * | 213,400 | 561,241 |
5,003,958 | ||
Argentina — 1.26% | ||
Pampa Energia SA - SP ADR 2,* | 41,910 | 1,382,192 |
Total SOUTH AMERICA (Cost $5,321,884) | 6,386,150 | |
EUROPE — 0.74% | ||
Jersey, C.I. — 0.74% | ||
WNS Holdings Ltd. 2,* | 8,720 | 812,442 |
Total EUROPE (Cost $810,724) | 812,442 | |
Total COMMON STOCKS (Cost $90,173,702) | 103,286,095 |
Shares, Principal Amount, or Number of Contracts | Value | ||
PREFERRED STOCKS — 1.99% | |||
SOUTH AMERICA — 1.99% | |||
Brazil — 1.99% | |||
Bradespar SA, 3.04% 3 | 255,400 | $1,351,968 | |
Metalurgica Gerdau SA, 3.38% 3 | 350,900 | 820,401 | |
2,172,369 | |||
Total SOUTH AMERICA (Cost $2,272,618) | 2,172,369 | ||
Total PREFERRED STOCKS (Cost $2,272,618) | 2,172,369 | ||
SHORT TERM INVESTMENTS — 6.24% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 4.70% 4 (Cost $6,825,806) | 6,825,806 | 6,825,806 | |
TOTAL INVESTMENTS (Cost $99,272,126) | 102.69% | $112,284,270 | |
Liabilities in Excess of Other Assets | (2.69)% | (2,941,383) | |
Net Assets | 100.00% | $109,342,887 |
JSC | Joint Stock Company |
PJSC | Public Joint Stock Company |
SP ADR | Sponsored American Depositary Receipt |
1 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $11,423,916, which represents 10% of net assets. |
2 | Foreign security denominated and/or traded in U.S. dollars. |
3 | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
4 | 7 day current yield as of March 31, 2023 is disclosed. |
* | Non-income producing security. |
Percentages are stated as a percent of net assets.
Notes to Schedule of Investments are an integral part of this Schedule.
5
Driehaus Emerging Markets Opportunities Fund
Schedule of Investments
March 31, 2023 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
SOVEREIGN BONDS — 19.85% | ||
Brazil — 1.65% | ||
Brazil Notas do Tesouro Nacional Serie F 10.00%, 1/1/27 1 | 2,000,000 | $370,551 |
Brazil Notas do Tesouro Nacional Serie F 10.00%, 1/1/31 1 | 2,500,000 | 432,057 |
802,608 | ||
Chile — 1.02% | ||
Chile Government International Bond 3.24%, 2/6/28 2 | 250,000 | 238,257 |
Chile Government International Bond 2.45%, 1/31/31 2 | 300,000 | 258,476 |
496,733 | ||
China — 2.01% | ||
China Government Bond 3.27%, 11/19/30 1 | 6,500,000 | 980,744 |
Colombia — 0.48% | ||
Colombia Government International Bond 3.00%, 1/30/30 2 | 300,000 | 235,077 |
Czech Republic — 1.26% | ||
Czech Republic Government Bond 2.40%, 9/17/25 1 | 10,000,000 | 432,793 |
Czech Republic Government Bond 1.20%, 3/13/31 1 | 5,000,000 | 178,501 |
611,294 | ||
Dominican Republic — 0.52% | ||
Dominican Republic International Bond 4.87%, 9/23/32 2 | 300,000 | 254,365 |
Indonesia — 1.26% | ||
Indonesia Treasury Bond 7.00%, 9/15/30 1 | 9,000,000,000 | 614,085 |
Mexico — 3.68% | ||
Mexican Bonos 7.75%, 5/29/31 1 | 5,000,000 | 260,516 |
Mexican Bonos 8.50%, 11/18/38 1 | 11,000,000 | 583,226 |
Mexico Government International Bond 4.50%, 4/22/29 2 | 260,000 | 253,808 |
Mexico Government International Bond 4.88%, 5/19/33 2 | 300,000 | 286,990 |
Shares, Principal Amount, or Number of Contracts | Value | |
Petroleos Mexicanos 6.50%, 3/13/27 2 | 300,000 | $272,676 |
Petroleos Mexicanos 6.70%, 2/16/32 2 | 169,000 | 134,526 |
1,791,742 | ||
Oman — 1.48% | ||
Oman Government International Bond 6.75%, 10/28/27 2 | 400,000 | 418,654 |
Oman Government International Bond 6.00%, 8/1/29 2 | 300,000 | 302,402 |
721,056 | ||
Panama — 0.63% | ||
Panama Government International Bond 2.25%, 9/29/32 2 | 400,000 | 306,152 |
Peru — 1.33% | ||
Peruvian Government International Bond 6.95%, 8/12/31 1 | 2,500,000 | 646,730 |
Poland — 0.68% | ||
Republic of Poland Government Bond 1.75%, 4/25/32 1 | 2,000,000 | 328,877 |
Qatar — 0.80% | ||
Qatar Government International Bond 3.75%, 4/16/30 2 | 400,000 | 391,542 |
Saudi Arabia — 0.73% | ||
Saudi Government International Bond 2.75%, 2/3/32 2 | 400,000 | 352,853 |
South Africa — 1.34% | ||
Republic of South Africa Government Bond 8.88%, 2/28/35 1 | 8,000,000 | 385,645 |
Republic of South Africa Government Bond 8.50%, 1/31/37 1 | 5,900,000 | 266,883 |
652,528 | ||
United Arab Emirates — 0.98% | ||
Abu Dhabi Government International Bond 1.63%, 6/2/28 2 | 250,000 | 223,023 |
Abu Dhabi Government International Bond 1.70%, 3/2/31 2 | 300,000 | 253,285 |
476,308 | ||
Total SOVEREIGN BONDS (Cost $10,048,315) | 9,662,694 |
Notes to Schedule of Investments are an integral part of this Schedule.
6
Driehaus Emerging Markets Opportunities Fund
Schedule of Investments
March 31, 2023 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 75.12% | ||
Argentina — 0.82% | ||
Pampa Energia SA - SP ADR 2,* | 12,079 | $398,366 |
Brazil — 5.31% | ||
Banco do Brasil SA | 56,900 | 439,398 |
Cia de Saneamento Basico do Estado de Sao Paulo * | 18,800 | 187,538 |
Embraer SA - SP ADR 2,* | 30,474 | 498,859 |
Iguatemi SA | 58,600 | 223,373 |
Petro Rio SA * | 73,100 | 450,416 |
Rumo SA | 54,700 | 203,434 |
SLC Agricola SA | 35,200 | 316,619 |
Vale SA - SP ADR 2 | 16,956 | 267,566 |
2,587,203 | ||
Canada — 1.39% | ||
B2Gold Corp. | 64,300 | 254,060 |
Ivanhoe Mines Ltd. - A * | 46,700 | 421,907 |
675,967 | ||
China — 12.59% | ||
AIA Group Ltd. | 33,600 | 352,375 |
Alibaba Group Holding Ltd. * | 49,600 | 628,208 |
BeiGene Ltd. - ADR 2,* | 934 | 201,305 |
BYD Co. Ltd. - H | 6,561 | 192,999 |
China Resources Beer Holdings Co. Ltd. | 46,000 | 369,537 |
China Resources Land Ltd. | 80,000 | 364,307 |
H World Group Ltd. - ADR 2,* | 5,486 | 268,704 |
Innovent Biologics, Inc. 3,* | 50,500 | 226,518 |
KE Holdings, Inc. - ADR 2,* | 16,495 | 310,766 |
Li Ning Co. Ltd. | 33,684 | 264,888 |
Meituan - B 3,* | 6,657 | 120,773 |
Ping An Insurance Group Co. of China Ltd. - H | 68,500 | 443,141 |
Techtronic Industries Co. Ltd. | 29,500 | 319,636 |
Tencent Holdings Ltd. | 33,153 | 1,620,165 |
Trip.com Group Ltd. - ADR 2,* | 11,810 | 444,883 |
6,128,205 | ||
France — 1.76% | ||
L'Oreal SA | 1,111 | 496,442 |
LVMH Moet Hennessy Louis Vuitton SE | 391 | 358,902 |
855,344 | ||
India — 9.94% | ||
Apollo Hospitals Enterprise Ltd. | 4,666 | 245,388 |
Bharti Airtel Ltd. | 26,684 | 243,345 |
DLF Ltd. | 57,344 | 249,874 |
HDFC Bank Ltd. - ADR 2,4 | 9,701 | 646,766 |
Housing Development Finance Corp. Ltd. | 12,290 | 394,117 |
ICICI Bank Ltd. - SP ADR 2 | 41,524 | 896,088 |
Shares, Principal Amount, or Number of Contracts | Value | |
KPIT Technologies Ltd. | 23,881 | $270,120 |
MakeMyTrip Ltd. 2,* | 15,552 | 380,557 |
Maruti Suzuki India Ltd. | 2,344 | 237,045 |
Max Healthcare Institute Ltd. * | 57,668 | 310,158 |
Power Grid Corp. of India Ltd. | 102,198 | 281,359 |
Reliance Industries Ltd. | 24,096 | 685,160 |
4,839,977 | ||
Indonesia — 1.76% | ||
Bank Central Asia Tbk PT | 462,045 | 270,316 |
Bank Negara Indonesia Persero Tbk PT | 941,200 | 588,947 |
859,263 | ||
Italy — 0.81% | ||
PRADA SpA | 55,300 | 392,136 |
Mexico — 2.28% | ||
America Movil SAB de CV 2,* | 15,626 | 328,927 |
Grupo Financiero Banorte SAB de CV - O | 92,871 | 781,931 |
1,110,858 | ||
Netherlands — 1.23% | ||
ASML Holding NV | 876 | 596,949 |
Peru — 0.51% | ||
Credicorp Ltd. 2 | 1,880 | 248,893 |
Philippines — 0.50% | ||
BDO Unibank, Inc. | 102,390 | 242,836 |
Qatar — 0.52% | ||
Qatar National Bank QPSC | 57,501 | 254,048 |
Saudi Arabia — 3.40% | ||
Nahdi Medical Co. | 3,557 | 175,615 |
Saudi Arabian Oil Co. 3 | 108,945 | 939,018 |
Saudi Telecom Co. | 50,559 | 540,779 |
1,655,412 | ||
Singapore — 0.76% | ||
United Overseas Bank Ltd. | 16,600 | 372,322 |
South Korea — 10.11% | ||
Hankook Tire & Technology Co. Ltd. | 12,863 | 344,060 |
Kia Corp. | 3,738 | 233,281 |
LEENO Industrial, Inc. | 1,652 | 183,207 |
LG Energy Solution Ltd. * | 1,410 | 635,280 |
Macquarie Korea Infrastructure Fund | 44,563 | 428,606 |
Samsung Card Co. Ltd. | 14,533 | 339,491 |
Samsung Electronics Co. Ltd. | 39,540 | 1,955,291 |
Samsung Engineering Co. Ltd. * | 13,963 | 341,244 |
SK Hynix, Inc. | 6,731 | 460,636 |
4,921,096 | ||
Taiwan — 9.56% | ||
ASPEED Technology, Inc. | 4,000 | 349,106 |
Notes to Schedule of Investments are an integral part of this Schedule.
7
Driehaus Emerging Markets Opportunities Fund
Schedule of Investments
March 31, 2023 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Delta Electronics, Inc. | 48,986 | $486,022 |
Hon Hai Precision Industry Co. Ltd. | 121,103 | 414,535 |
MediaTek, Inc. | 10,000 | 259,261 |
Sinbon Electronics Co. Ltd. | 40,136 | 451,718 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 153,668 | 2,692,974 |
4,653,616 | ||
Thailand — 1.05% | ||
Airports of Thailand PCL - NVDR * | 136,600 | 283,871 |
PTT Exploration & Production PCL - NVDR | 51,400 | 225,868 |
509,739 | ||
United Arab Emirates — 1.94% | ||
Air Arabia PJSC | 983,661 | 568,418 |
Dubai Electricity & Water Authority PJSC | 554,709 | 377,610 |
946,028 | ||
United States — 8.88% | ||
Airbnb, Inc. - A * | 1,957 | 243,451 |
EPAM System, Inc. * | 412 | 123,188 |
Liberty Media Corp.-Liberty Formula One - C 4,* | 6,877 | 514,606 |
MELI Kaszek Pioneer Corp. - A 4,* | 18,498 | 188,680 |
Meta Platforms, Inc. - A * | 2,108 | 446,769 |
PriceSmart, Inc. | 6,121 | 437,529 |
Samsonite International SA 3,* | 362,154 | 1,122,951 |
Southern Copper Corp. | 6,601 | 503,326 |
Uber Technologies, Inc. * | 11,346 | 359,668 |
Yum China Holdings, Inc. | 6,053 | 383,700 |
4,323,868 | ||
Total COMMON STOCKS (Cost $30,478,965) | 36,572,126 |
Shares, Principal Amount, or Number of Contracts | Value | ||
SHORT TERM INVESTMENTS — 4.04% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 4.70% 5 (Cost $1,965,963) | 1,965,963 | $1,965,963 | |
TOTAL INVESTMENTS (Cost $42,493,243) | 99.01% | $48,200,783 | |
Other Assets in Excess of Liabilities | 0.99% | 480,040 | |
Net Assets | 100.00% | $48,680,823 |
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, par value shown in local currency. |
2 | Foreign security denominated and/or traded in U.S. dollars. |
3 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $2,409,260, which represents 5% of net assets. |
4 | All or a portion of this security is pledged as collateral for short sales or derivatives transactions. |
5 | 7 day current yield as of March 31, 2023 is disclosed. |
* | Non-income producing security. |
Percentages are stated as a percent of net assets.
Notes to Schedule of Investments are an integral part of this Schedule.
8
Driehaus International Small Cap Growth Fund
Schedule of Investments
March 31, 2023 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 94.82% | ||
EUROPE — 54.73% | ||
United Kingdom — 12.28% | ||
Abcam PLC - SP ADR 1,* | 115,438 | $1,553,795 |
Balfour Beatty PLC | 372,204 | 1,709,878 |
ConvaTec Group PLC 2 | 1,114,605 | 3,149,669 |
Cranswick PLC | 23,151 | 861,749 |
Ergomed PLC * | 51,417 | 644,454 |
Genus PLC | 32,946 | 1,170,959 |
Network International Holdings PLC 2,* | 261,289 | 794,925 |
OSB Group PLC | 395,702 | 2,367,051 |
Pets at Home Group PLC | 320,177 | 1,458,641 |
Rolls-Royce Holdings PLC * | 1,847,551 | 3,402,936 |
RS GROUP PLC | 124,254 | 1,404,855 |
Serco Group PLC | 1,628,732 | 3,082,119 |
WH Smith PLC | 125,663 | 2,326,084 |
Yellow Cake PLC 2,* | 246,991 | 1,126,616 |
25,053,731 | ||
Germany — 11.76% | ||
AIXTRON SE | 47,394 | 1,610,809 |
Befesa SA 2 | 26,667 | 1,211,771 |
Bilfinger SE | 26,610 | 1,128,468 |
Covestro AG 2 | 42,740 | 1,770,006 |
Gerresheimer AG | 37,214 | 3,689,994 |
GFT Technologies SE | 57,196 | 2,226,791 |
HUGO BOSS AG | 37,548 | 2,700,096 |
Nordex SE * | 179,473 | 2,637,843 |
Rheinmetall AG | 5,635 | 1,669,371 |
SMA Solar Technology AG * | 24,306 | 2,617,711 |
TeamViewer SE 2,* | 161,052 | 2,743,587 |
24,006,447 | ||
France — 5.16% | ||
Coface SA | 135,214 | 1,915,310 |
Edenred | 37,229 | 2,203,389 |
Faurecia SE * | 41,831 | 909,136 |
Gaztransport Et Technigaz SA | 3,754 | 384,137 |
IPSOS | 23,221 | 1,439,285 |
Sopra Steria Group SACA | 12,496 | 2,625,970 |
Vallourec SA * | 83,669 | 1,056,767 |
10,533,994 | ||
Denmark — 4.08% | ||
Ambu A/S - B * | 145,919 | 2,194,204 |
ISS A/S * | 199,771 | 4,077,137 |
Royal Unibrew A/S | 23,547 | 2,052,625 |
8,323,966 | ||
Switzerland — 3.51% | ||
Burckhardt Compression Holding AG | 1,493 | 928,322 |
Comet Holding AG | 3,735 | 1,038,901 |
Flughafen Zurich AG * | 11,285 | 2,067,591 |
Siegfried Holding AG * | 1,754 | 1,290,495 |
Tecan Group AG | 4,216 | 1,846,775 |
7,172,084 |
Shares, Principal Amount, or Number of Contracts | Value | |
Italy — 3.10% | ||
Amplifon SpA | 17,436 | $604,341 |
Banco BPM SpA | 339,884 | 1,327,706 |
Leonardo SpA | 287,038 | 3,366,259 |
Saipem SpA * | 687,943 | 1,030,085 |
6,328,391 | ||
Austria — 2.58% | ||
BAWAG Group AG 2,* | 42,369 | 2,057,822 |
DO & CO AG * | 27,399 | 3,208,428 |
5,266,250 | ||
Netherlands — 2.54% | ||
BE Semiconductor Industries NV | 6,078 | 531,251 |
Corbion NV | 36,923 | 1,215,624 |
Fugro NV * | 229,873 | 2,920,831 |
OCI NV | 15,137 | 513,142 |
5,180,848 | ||
Finland — 2.42% | ||
Metso Outotec OYJ | 451,795 | 4,933,324 |
Ireland — 1.94% | ||
Glanbia PLC | 270,982 | 3,964,891 |
Spain — 1.64% | ||
Indra Sistemas SA | 168,438 | 2,279,748 |
Viscofan SA | 14,913 | 1,068,003 |
3,347,751 | ||
Norway — 1.39% | ||
Aker Solutions ASA | 314,861 | 1,148,878 |
Schibsted ASA - A | 98,834 | 1,677,696 |
2,826,574 | ||
Belgium — 1.30% | ||
Lotus Bakeries NV | 219 | 1,532,724 |
Shurgard Self Storage Ltd. | 23,318 | 1,115,217 |
2,647,941 | ||
Jersey, C.I. — 0.53% | ||
WNS Holdings Ltd. 1,* | 11,500 | 1,071,455 |
Sweden — 0.50% | ||
Note AB * | 46,182 | 1,030,135 |
Total EUROPE (Cost $99,908,886) | 111,687,782 | |
FAR EAST — 27.93% | ||
Japan — 20.35% | ||
ABC-Mart, Inc. | 19,100 | 1,056,966 |
Asics Corp. | 146,800 | 4,181,516 |
Azbil Corp. | 49,400 | 1,353,041 |
Calbee, Inc. | 45,600 | 952,236 |
Capcom Co. Ltd. | 73,200 | 2,619,872 |
Fujitec Co. Ltd. | 43,850 | 1,090,674 |
Fukuoka Financial Group, Inc. | 118,600 | 2,281,975 |
Goldwin, Inc. | 22,400 | 2,137,156 |
Harmonic Drive Systems, Inc. | 43,400 | 1,447,319 |
Hoshizaki Corp. | 81,400 | 3,007,269 |
IHI Corp. | 84,500 | 2,122,572 |
Notes to Schedule of Investments are an integral part of this Schedule.
9
Driehaus International Small Cap Growth Fund
Schedule of Investments
March 31, 2023 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Kusuri no Aoki Holdings Co. Ltd. | 26,100 | $1,323,744 |
M&A Capital Partners Co. Ltd. * | 35,900 | 1,007,379 |
MINEBEA MITSUMI, Inc. | 64,354 | 1,228,936 |
MonotaRO Co. Ltd. | 162,990 | 2,052,960 |
Morinaga & Co. Ltd. | 75,900 | 2,149,714 |
NET One Systems Co. Ltd. | 56,700 | 1,360,589 |
Nichias Corp. | 53,630 | 1,080,866 |
Rohto Pharmaceutical Co. Ltd. | 106,900 | 2,237,179 |
Sundrug Co. Ltd. | 103,600 | 2,842,277 |
Tokai Carbon Co. Ltd. | 205,200 | 1,960,102 |
Visional, Inc. * | 17,500 | 984,477 |
Yokogawa Electric Corp. | 64,600 | 1,051,916 |
41,530,735 | ||
China — 2.28% | ||
AK Medical Holdings Ltd. 2 | 962,000 | 1,125,989 |
Autohome, Inc. - ADR 1 | 36,740 | 1,229,688 |
Jiumaojiu International Holdings Ltd. 2 | 572,000 | 1,359,822 |
Topsports International Holdings Ltd. 2 | 1,028,000 | 937,075 |
4,652,574 | ||
Taiwan — 1.30% | ||
Hiwin Technologies Corp. | 135,000 | 1,113,912 |
Vanguard International Semiconductor Corp. | 478,000 | 1,529,126 |
2,643,038 | ||
South Korea — 1.18% | ||
Hyundai Electric & Energy System Co. Ltd. | 42,960 | 1,253,651 |
KT Corp. | 34,223 | 773,770 |
LEENO Industrial, Inc. | 3,461 | 383,826 |
2,411,247 | ||
Indonesia — 1.15% | ||
Indosat Tbk PT | 2,603,200 | 1,208,706 |
Sumber Alfaria Trijaya Tbk PT | 5,899,000 | 1,134,972 |
2,343,678 | ||
Australia — 0.78% | ||
Cochlear Ltd. | 6,740 | 1,073,011 |
Paladin Energy Ltd. * | 1,194,949 | 523,384 |
1,596,395 | ||
India — 0.53% | ||
Max Healthcare Institute Ltd. * | 201,583 | 1,084,180 |
Singapore — 0.36% | ||
Hafnia Ltd. | 129,433 | 742,390 |
Total FAR EAST (Cost $55,747,576) | 57,004,237 | |
NORTH AMERICA — 9.18% | ||
Canada — 5.80% | ||
Boardwalk REIT | 43,974 | 1,794,100 |
Cameco Corp. | 54,600 | 1,429,740 |
K92 Mining, Inc. * | 153,154 | 870,309 |
Kinaxis, Inc. * | 26,911 | 3,694,862 |
Shares, Principal Amount, or Number of Contracts | Value | ||
Major Drilling Group International, Inc. * | 199,733 | $1,570,967 | |
Precision Drilling Corp. * | 15,000 | 770,810 | |
Xenon Pharmaceuticals, Inc. 1,* | 47,908 | 1,714,627 | |
11,845,415 | |||
United States — 2.03% | |||
Samsonite International SA 2,* | 1,333,200 | 4,133,926 | |
Mexico — 1.35% | |||
Banco del Bajio SA 2 | 361,746 | 1,315,896 | |
GCC SAB de CV | 180,686 | 1,433,857 | |
2,749,753 | |||
Total NORTH AMERICA (Cost $16,218,547) | 18,729,094 | ||
SOUTH AMERICA — 1.52% | |||
Brazil — 1.52% | |||
Embraer SA - SP ADR 1,* | 114,557 | 1,875,298 | |
Sendas Distribuidora SA | 399,800 | 1,224,220 | |
3,099,518 | |||
Total SOUTH AMERICA (Cost $2,724,261) | 3,099,518 | ||
MIDDLE EAST — 1.46% | |||
Israel — 1.46% | |||
Nice Ltd. - SP ADR 1,* | 13,019 | 2,979,919 | |
Total MIDDLE EAST (Cost $2,702,308) | 2,979,919 | ||
Total COMMON STOCKS (Cost $177,301,578) | 193,500,550 | ||
PREFERRED STOCKS — 1.10% | |||
EUROPE — 1.10% | |||
Germany — 1.10% | |||
FUCHS PETROLUB SE, 2.85% 3 | 55,124 | 2,247,651 | |
Total EUROPE (Cost $2,013,550) | 2,247,651 | ||
Total PREFERRED STOCKS (Cost $2,013,550) | 2,247,651 | ||
SHORT TERM INVESTMENTS — 3.69% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 4.70% 4 (Cost $7,526,662) | 7,526,662 | 7,526,662 | |
TOTAL INVESTMENTS (Cost $186,841,790) | 99.61% | $203,274,863 | |
Other Assets In Excess of Liabilities | 0.39% | 799,141 | |
Net Assets | 100.00% | $204,074,004 |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
Notes to Schedule of Investments are an integral part of this Schedule.
10
Driehaus International Small Cap Growth Fund
Schedule of Investments
March 31, 2023 (unaudited)
REIT | Real Estate Investment Trust |
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 $21,727,104, which represents 11% of net assets. |
3 | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
4 | 7 day current yield as of March 31, 2023 is disclosed. |
* | Non-income producing security. |
Percentages are stated as a percent of net assets.
Notes to Schedule of Investments are an integral part of this Schedule.
11
Driehaus Micro Cap Growth Fund
Schedule of Investments
March 31, 2023 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 99.39% | ||
HEALTH CARE — 31.44% | ||
Biotechnology — 17.57% | ||
89bio, Inc. * | 31,764 | $483,766 |
Acumen Pharmaceuticals, Inc. * | 57,936 | 235,220 |
Apellis Pharmaceuticals, Inc. * | 7,276 | 479,925 |
Astria Therapeutics, Inc. * | 65,320 | 868,756 |
Avidity Biosciences, Inc. * | 33,009 | 506,688 |
Biohaven Ltd. * | 44,243 | 604,359 |
Biomea Fusion, Inc. * | 55,963 | 1,735,413 |
Bioxcel Therapeutics, Inc. * | 38,587 | 720,033 |
Chinook Therapeutics, Inc. * | 74,319 | 1,720,485 |
Crinetics Pharmaceuticals, Inc. * | 144,045 | 2,313,363 |
Cytokinetics, Inc. * | 18,354 | 645,877 |
Day One Biopharmaceuticals, Inc. * | 49,679 | 664,208 |
Dynavax Technologies Corp. * | 107,610 | 1,055,654 |
IVERIC bio, Inc. * | 47,722 | 1,161,076 |
KalVista Pharmaceuticals, Inc. * | 59,171 | 465,084 |
Merus NV 1,* | 70,117 | 1,290,153 |
Mineralys Therapeutics, Inc. * | 25,981 | 406,862 |
Morphic Holding, Inc. * | 29,685 | 1,117,343 |
Nuvalent, Inc. - A * | 72,084 | 1,880,672 |
Prometheus Biosciences, Inc. * | 20,789 | 2,231,076 |
Relay Therapeutics, Inc. * | 33,531 | 552,256 |
REVOLUTION Medicines, Inc. * | 22,195 | 480,744 |
SpringWorks Therapeutics, Inc. * | 40,466 | 1,041,595 |
Vaxcyte, Inc. * | 37,996 | 1,424,090 |
VectivBio Holding AG 1,* | 41,549 | 357,321 |
Veracyte, Inc. * | 42,042 | 937,537 |
Viridian Therapeutics, Inc. * | 37,933 | 965,016 |
Xenon Pharmaceuticals, Inc. 1,* | 112,193 | 4,015,387 |
30,359,959 | ||
Health Care Equipment & Supplies — 8.29% | ||
Alphatec Holdings, Inc. * | 136,169 | 2,124,236 |
EDAP TMS SA - ADR 1,* | 81,063 | 897,367 |
Establishment Labs Holdings, Inc. 1,* | 17,842 | 1,208,617 |
Inspire Medical Systems, Inc. * | 6,954 | 1,627,723 |
PROCEPT BioRobotics Corp. * | 47,405 | 1,346,302 |
RxSight, Inc. * | 49,469 | 825,143 |
TransMedics Group, Inc. * | 56,731 | 4,296,239 |
Treace Medical Concepts, Inc. * | 79,179 | 1,994,519 |
14,320,146 | ||
Pharmaceuticals — 3.75% | ||
DICE Therapeutics, Inc. * | 61,616 | 1,765,298 |
Harrow Health, Inc. * | 31,268 | 661,631 |
Structure Therapeutics, Inc. * | 48,005 | 1,142,039 |
Terns Pharmaceuticals, Inc. * | 67,574 | 800,076 |
Shares, Principal Amount, or Number of Contracts | Value | |
Ventyx Biosciences, Inc. * | 62,938 | $2,108,423 |
6,477,467 | ||
Health Care Providers & Services — 1.01% | ||
Hims & Hers Health, Inc. * | 176,239 | 1,748,291 |
Health Care Technology — 0.82% | ||
Phreesia, Inc. * | 43,755 | 1,412,849 |
Total HEALTH CARE (Cost $42,071,283) | 54,318,712 | |
INFORMATION TECHNOLOGY — 17.57% | ||
Semiconductors & Semiconductor Equipment — 8.20% | ||
Aehr Test Systems * | 108,869 | 3,377,117 |
Axcelis Technologies, Inc. * | 23,005 | 3,065,416 |
Impinj, Inc. * | 30,676 | 4,157,212 |
Maxeon Solar Technologies Ltd. 1,* | 37,630 | 998,700 |
PDF Solutions, Inc. * | 8,145 | 345,348 |
SiTime Corp. * | 10,458 | 1,487,441 |
SkyWater Technology, Inc. * | 65,393 | 744,172 |
14,175,406 | ||
Communications Equipment — 3.61% | ||
Aviat Networks, Inc. * | 32,409 | 1,116,814 |
Calix, Inc. * | 8,887 | 476,254 |
Digi International, Inc. * | 63,578 | 2,141,307 |
Extreme Networks, Inc. * | 29,978 | 573,180 |
Harmonic, Inc. * | 131,903 | 1,924,465 |
6,232,020 | ||
Software — 2.70% | ||
Agilysys, Inc. * | 46,937 | 3,872,772 |
Model N, Inc. * | 23,815 | 797,088 |
4,669,860 | ||
Electronic Equipment, Instruments & Components — 1.59% | ||
Arlo Technologies, Inc. * | 131,001 | 793,866 |
CTS Corp. | 19,707 | 974,708 |
Napco Security Technologies, Inc. * | 25,850 | 971,443 |
2,740,017 | ||
IT Services — 1.47% | ||
Fastly, Inc. - A * | 111,739 | 1,984,485 |
Grid Dynamics Holdings, Inc. * | 48,718 | 558,308 |
2,542,793 | ||
Total INFORMATION TECHNOLOGY (Cost $22,083,301) | 30,360,096 | |
INDUSTRIALS — 17.26% | ||
Machinery — 4.46% | ||
Energy Recovery, Inc. * | 29,773 | 686,268 |
EnPro Industries, Inc. | 7,774 | 807,641 |
Federal Signal Corp. | 43,115 | 2,337,264 |
Notes to Schedule of Investments are an integral part of this Schedule.
12
Driehaus Micro Cap Growth Fund
Schedule of Investments
March 31, 2023 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
The Shyft Group, Inc. | 55,023 | $1,251,773 |
Wabash National Corp. | 106,634 | 2,622,130 |
7,705,076 | ||
Trading Companies & Distributors — 3.84% | ||
FTAI Aviation Ltd. | 70,815 | 1,979,987 |
GMS, Inc. * | 14,826 | 858,277 |
H&E Equipment Services, Inc. | 33,721 | 1,491,480 |
Karat Packaging, Inc. | 60,776 | 810,144 |
McGrath RentCorp | 16,070 | 1,499,492 |
6,639,380 | ||
Construction & Engineering — 2.06% | ||
MYR Group, Inc. * | 15,421 | 1,943,200 |
Sterling Infrastructure, Inc. * | 42,466 | 1,608,612 |
3,551,812 | ||
Aerospace & Defense — 1.22% | ||
AAR Corp. * | 38,777 | 2,115,285 |
Professional Services — 1.13% | ||
Huron Consulting Group, Inc. * | 15,538 | 1,248,789 |
NV5 Global, Inc. * | 6,739 | 700,654 |
1,949,443 | ||
Commercial Services & Supplies — 1.04% | ||
Montrose Environmental Group, Inc. * | 36,796 | 1,312,514 |
Performant Financial Corp. * | 143,103 | 486,550 |
1,799,064 | ||
Passenger Airlines — 0.87% | ||
Sun Country Airlines Holdings, Inc. * | 73,225 | 1,501,113 |
Air Freight & Logistics — 0.77% | ||
Forward Air Corp. | 12,259 | 1,321,030 |
Building Products — 0.75% | ||
Tecnoglass, Inc. | 30,996 | 1,300,592 |
Ground Transportation — 0.62% | ||
ArcBest Corp. | 11,566 | 1,068,930 |
Electrical Equipment — 0.50% | ||
Shoals Technologies Group, Inc. - A * | 38,246 | 871,626 |
Total INDUSTRIALS (Cost $26,474,809) | 29,823,351 | |
CONSUMER DISCRETIONARY — 12.01% | ||
Hotels, Restaurants & Leisure — 5.57% | ||
Dave & Buster's Entertainment, Inc. * | 12,117 | 445,784 |
Everi Holdings, Inc. * | 67,472 | 1,157,145 |
Full House Resorts, Inc. * | 67,857 | 490,606 |
Kura Sushi USA, Inc. - A * | 25,132 | 1,654,691 |
Playa Hotels & Resorts NV 1,* | 181,436 | 1,741,786 |
Portillo's, Inc. - A * | 32,516 | 694,867 |
Shares, Principal Amount, or Number of Contracts | Value | |
Xponential Fitness, Inc. - A * | 113,359 | $3,444,980 |
9,629,859 | ||
Automobile Components — 2.57% | ||
Gentherm, Inc. * | 18,354 | 1,108,948 |
Modine Manufacturing Co. * | 67,638 | 1,559,056 |
XPEL, Inc. * | 26,060 | 1,770,777 |
4,438,781 | ||
Household Durables — 1.65% | ||
Century Communities, Inc. | 20,833 | 1,331,645 |
Installed Building Products, Inc. | 13,240 | 1,509,757 |
2,841,402 | ||
Diversified Consumer Services — 1.29% | ||
European Wax Center, Inc. - A | 8,718 | 165,642 |
OneSpaWorld Holdings Ltd. 1,* | 59,103 | 708,645 |
Stride, Inc. * | 34,683 | 1,361,308 |
2,235,595 | ||
Specialty Retail — 0.93% | ||
Arhaus, Inc. * | 58,346 | 483,688 |
Boot Barn Holdings, Inc. * | 14,596 | 1,118,638 |
1,602,326 | ||
Total CONSUMER DISCRETIONARY (Cost $18,167,308) | 20,747,963 | |
CONSUMER STAPLES — 8.26% | ||
Personal Care Products — 2.77% | ||
elf Beauty, Inc. * | 49,257 | 4,056,314 |
The Beauty Health Co. * | 56,965 | 719,468 |
4,775,782 | ||
Beverages — 2.62% | ||
Celsius Holdings, Inc. * | 11,229 | 1,043,623 |
MGP Ingredients, Inc. | 7,345 | 710,409 |
The Duckhorn Portfolio, Inc. * | 60,332 | 959,279 |
The Vita Coco Co., Inc. * | 92,760 | 1,819,951 |
4,533,262 | ||
Food Products — 2.56% | ||
Sovos Brands, Inc. * | 69,936 | 1,166,532 |
SunOpta, Inc. 1,* | 107,523 | 827,927 |
The Real Good Food Co., Inc. * | 74,304 | 313,563 |
Utz Brands, Inc. | 34,214 | 563,505 |
Vital Farms, Inc. * | 101,671 | 1,555,566 |
4,427,093 | ||
Consumer Staples Distribution & Retail — 0.31% | ||
The Chefs' Warehouse, Inc. * | 15,797 | 537,888 |
Total CONSUMER STAPLES (Cost $9,573,636) | 14,274,025 |
Notes to Schedule of Investments are an integral part of this Schedule.
13
Driehaus Micro Cap Growth Fund
Schedule of Investments
March 31, 2023 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
FINANCIALS — 5.02% | ||
Financial Services — 3.33% | ||
Flywire Corp. * | 52,882 | $1,552,615 |
I3 Verticals, Inc. - A * | 36,415 | 893,260 |
International Money Express, Inc. * | 57,390 | 1,479,514 |
Payoneer Global, Inc. * | 220,550 | 1,385,054 |
Remitly Global, Inc. * | 25,981 | 440,378 |
5,750,821 | ||
Banks — 0.82% | ||
The Bancorp, Inc. * | 30,081 | 837,756 |
Triumph Financial, Inc. * | 9,882 | 573,749 |
1,411,505 | ||
Insurance — 0.48% | ||
BRP Group, Inc. - A * | 32,496 | 827,348 |
Consumer Finance — 0.39% | ||
NerdWallet, Inc. - A * | 41,661 | 674,075 |
Total FINANCIALS (Cost $7,913,898) | 8,663,749 | |
COMMUNICATION SERVICES — 3.30% | ||
Media — 2.06% | ||
Magnite, Inc. * | 53,006 | 490,836 |
Perion Network Ltd. 1,* | 77,657 | 3,073,664 |
3,564,500 | ||
Interactive Media & Services — 1.24% | ||
EverQuote, Inc. - A * | 153,986 | 2,140,405 |
Total COMMUNICATION SERVICES (Cost $4,518,388) | 5,704,905 | |
ENERGY — 2.69% | ||
Oil, Gas & Consumable Fuels — 2.27% | ||
DHT Holdings, Inc. | 48,630 | 525,690 |
Green Plains, Inc. * | 31,745 | 983,778 |
Par Pacific Holdings, Inc. * | 31,818 | 929,086 |
Uranium Energy Corp. * | 514,516 | 1,481,806 |
3,920,360 | ||
Energy Equipment & Services — 0.42% | ||
Oceaneering International, Inc. * | 41,432 | 730,446 |
Total ENERGY (Cost $5,519,993) | 4,650,806 | |
MATERIALS — 1.84% | ||
Metals & Mining — 1.56% | ||
ATI, Inc. * | 68,282 | 2,694,408 |
Shares, Principal Amount, or Number of Contracts | Value | ||
Chemicals — 0.28% | |||
Aspen Aerogels, Inc. * | 65,691 | $489,398 | |
Total MATERIALS (Cost $2,248,832) | 3,183,806 | ||
Total COMMON STOCKS (Cost $138,571,448) | 171,727,413 | ||
WARRANTS — 0.00% | |||
EQRx, Inc., Exp. 12/31/28, Strike $11.50 * | 17,705 | 3,215 | |
Total WARRANTS (Cost $0) | 3,215 | ||
SHORT TERM INVESTMENTS — 0.45% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 4.70% 2 (Cost $775,506) | 775,506 | 775,506 | |
TOTAL INVESTMENTS (Cost $139,346,954) | 99.84% | $172,506,134 | |
Other Assets In Excess of Liabilities | 0.16% | 278,257 | |
Net Assets | 100.00% | $172,784,391 |
ADR | American Depositary Receipt |
1 | Foreign security denominated and/or traded in U.S. dollars. |
2 | 7 day current yield as of March 31, 2023 is disclosed. |
* | Non-income producing security. |
Percentages are stated as a percent of net assets.
Notes to Schedule of Investments are an integral part of this Schedule.
14
Driehaus Small Cap Growth Fund
Schedule of Investments
March 31, 2023 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 98.53% | ||
INDUSTRIALS — 24.61% | ||
Construction & Engineering — 5.78% | ||
Comfort Systems USA, Inc. | 50,373 | $7,352,443 |
EMCOR Group, Inc. | 31,340 | 5,095,571 |
Fluor Corp. * | 154,272 | 4,768,548 |
Valmont Industries, Inc. | 10,730 | 3,425,874 |
WillScot Mobile Mini Holdings Corp. * | 155,622 | 7,295,559 |
27,937,995 | ||
Machinery — 3.92% | ||
Chart Industries, Inc. * | 40,369 | 5,062,273 |
Esab Corp. | 38,756 | 2,289,317 |
Federal Signal Corp. | 81,063 | 4,394,425 |
SPX Technologies, Inc. * | 56,239 | 3,969,349 |
The Shyft Group, Inc. | 142,766 | 3,247,926 |
18,963,290 | ||
Trading Companies & Distributors — 3.85% | ||
Applied Industrial Technologies, Inc. | 36,855 | 5,238,201 |
Core & Main, Inc. - A * | 119,193 | 2,753,359 |
FTAI Aviation Ltd. | 174,294 | 4,873,260 |
Herc Holdings, Inc. | 21,560 | 2,455,684 |
SiteOne Landscape Supply, Inc. * | 24,324 | 3,329,226 |
18,649,730 | ||
Aerospace & Defense — 2.34% | ||
Axon Enterprise, Inc. * | 38,831 | 8,731,150 |
Hexcel Corp. | 37,880 | 2,585,310 |
11,316,460 | ||
Professional Services — 2.13% | ||
ExlService Holdings, Inc. * | 15,245 | 2,467,098 |
Exponent, Inc. | 30,764 | 3,066,863 |
FTI Consulting, Inc. * | 24,199 | 4,775,673 |
10,309,634 | ||
Building Products — 2.02% | ||
AAON, Inc. | 65,893 | 6,371,194 |
The AZEK Co, Inc. * | 143,704 | 3,382,792 |
9,753,986 | ||
Commercial Services & Supplies — 2.00% | ||
Driven Brands Holdings, Inc. * | 100,309 | 3,040,366 |
MSA Safety, Inc. | 14,907 | 1,990,084 |
Tetra Tech, Inc. | 31,715 | 4,659,251 |
9,689,701 | ||
Ground Transportation — 1.34% | ||
Saia, Inc. * | 23,811 | 6,478,497 |
Electrical Equipment — 1.23% | ||
Atkore, Inc. * | 24,937 | 3,503,150 |
Shares, Principal Amount, or Number of Contracts | Value | |
Encore Wire Corp. | 13,156 | $2,438,201 |
5,941,351 | ||
Total INDUSTRIALS (Cost $105,070,923) | 119,040,644 | |
INFORMATION TECHNOLOGY — 20.40% | ||
Software — 7.66% | ||
Agilysys, Inc. * | 50,073 | 4,131,523 |
CyberArk Software Ltd. 1,* | 29,464 | 4,360,083 |
EngageSmart, Inc. * | 284,082 | 5,468,578 |
Instructure Holdings, Inc. * | 100,747 | 2,609,347 |
Monday.com Ltd. 1,* | 34,316 | 4,898,609 |
Paylocity Holding Corp. * | 11,893 | 2,364,091 |
Sprout Social, Inc. - A * | 78,399 | 4,772,931 |
SPS Commerce, Inc. * | 29,976 | 4,565,345 |
Tenable Holdings, Inc. * | 81,163 | 3,856,054 |
37,026,561 | ||
Semiconductors & Semiconductor Equipment — 7.37% | ||
Allegro MicroSystems, Inc. * | 95,244 | 4,570,760 |
Ambarella, Inc. * | 27,875 | 2,158,083 |
Axcelis Technologies, Inc. * | 68,982 | 9,191,851 |
Impinj, Inc. * | 58,727 | 7,958,683 |
Rambus, Inc. * | 77,011 | 3,947,584 |
SiTime Corp. * | 28,776 | 4,092,810 |
Synaptics, Inc. * | 33,666 | 3,741,976 |
35,661,747 | ||
Technology Hardware, Storage & Peripherals — 1.86% | ||
Super Micro Computer, Inc. * | 84,302 | 8,982,378 |
Electronic Equipment, Instruments & Components — 1.51% | ||
Badger Meter, Inc. | 42,970 | 5,234,605 |
Plexus Corp. * | 21,185 | 2,067,021 |
7,301,626 | ||
Communications Equipment — 1.05% | ||
Calix, Inc. * | 49,010 | 2,626,446 |
Digi International, Inc. * | 73,422 | 2,472,853 |
5,099,299 | ||
IT Services — 0.95% | ||
Fastly, Inc. - A * | 259,208 | 4,603,534 |
Total INFORMATION TECHNOLOGY (Cost $82,009,568) | 98,675,145 | |
CONSUMER DISCRETIONARY — 15.81% | ||
Hotels, Restaurants & Leisure — 6.06% | ||
Bowlero Corp. * | 73,447 | 1,244,927 |
Boyd Gaming Corp. | 52,387 | 3,359,054 |
Playa Hotels & Resorts NV 1,* | 387,480 | 3,719,808 |
Texas Roadhouse, Inc. | 59,928 | 6,475,820 |
Wingstop, Inc. | 42,957 | 7,886,046 |
Notes to Schedule of Investments are an integral part of this Schedule.
15
Driehaus Small Cap Growth Fund
Schedule of Investments
March 31, 2023 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Xponential Fitness, Inc. - A * | 218,127 | $6,628,879 |
29,314,534 | ||
Automobile Components — 3.30% | ||
Fox Factory Holding Corp. * | 15,832 | 1,921,530 |
Gentherm, Inc. * | 60,791 | 3,672,992 |
Visteon Corp. * | 65,981 | 10,347,800 |
15,942,322 | ||
Household Durables — 3.02% | ||
Installed Building Products, Inc. | 39,568 | 4,511,939 |
Meritage Homes Corp. | 33,678 | 3,932,243 |
Skyline Champion Corp. * | 82,163 | 6,181,123 |
14,625,305 | ||
Specialty Retail — 1.49% | ||
Boot Barn Holdings, Inc. * | 64,417 | 4,936,919 |
Foot Locker, Inc. | 57,377 | 2,277,293 |
7,214,212 | ||
Textiles, Apparel & Luxury Goods — 1.17% | ||
Crocs, Inc. * | 44,696 | 5,651,362 |
Leisure Products — 0.42% | ||
BRP, Inc. 1 | 25,912 | 2,026,319 |
Diversified Consumer Services — 0.35% | ||
Duolingo, Inc. * | 11,881 | 1,694,112 |
Total CONSUMER DISCRETIONARY (Cost $66,232,616) | 76,468,166 | |
HEALTH CARE — 14.28% | ||
Biotechnology — 8.14% | ||
Apellis Pharmaceuticals, Inc. * | 40,381 | 2,663,531 |
Biomea Fusion, Inc. * | 40,006 | 1,240,586 |
Crinetics Pharmaceuticals, Inc. * | 222,929 | 3,580,240 |
Cytokinetics, Inc. * | 38,280 | 1,347,073 |
Halozyme Therapeutics, Inc. * | 66,093 | 2,524,092 |
Karuna Therapeutics, Inc. * | 12,181 | 2,212,557 |
Krystal Biotech, Inc. * | 10,805 | 865,048 |
Merus NV 1,* | 87,891 | 1,617,194 |
Natera, Inc. * | 45,546 | 2,528,714 |
Nuvalent, Inc. - A * | 143,854 | 3,753,151 |
Prometheus Biosciences, Inc. * | 14,019 | 1,504,519 |
Relay Therapeutics, Inc. * | 113,628 | 1,871,453 |
TG Therapeutics, Inc. * | 169,879 | 2,554,980 |
Vaxcyte, Inc. * | 49,110 | 1,840,643 |
Xenon Pharmaceuticals, Inc. 1,* | 258,708 | 9,259,159 |
39,362,940 | ||
Health Care Equipment & Supplies — 3.54% | ||
Inspire Medical Systems, Inc. * | 36,204 | 8,474,270 |
PROCEPT BioRobotics Corp. * | 86,415 | 2,454,186 |
TransMedics Group, Inc. * | 82,226 | 6,226,975 |
17,155,431 |
Shares, Principal Amount, or Number of Contracts | Value | |
Pharmaceuticals — 1.84% | ||
Axsome Therapeutics, Inc. * | 33,366 | $2,058,015 |
DICE Therapeutics, Inc. * | 172,293 | 4,936,195 |
Ventyx Biosciences, Inc. * | 56,876 | 1,905,346 |
8,899,556 | ||
Health Care Providers & Services — 0.76% | ||
Option Care Health, Inc. * | 115,329 | 3,664,002 |
Total HEALTH CARE (Cost $60,211,775) | 69,081,929 | |
CONSUMER STAPLES — 6.94% | ||
Personal Care Products — 4.21% | ||
BellRing Brands, Inc. * | 210,711 | 7,164,174 |
elf Beauty, Inc. * | 102,923 | 8,475,709 |
Inter Parfums, Inc. | 33,366 | 4,745,980 |
20,385,863 | ||
Beverages — 2.20% | ||
Celsius Holdings, Inc. * | 59,603 | 5,539,503 |
MGP Ingredients, Inc. | 23,198 | 2,243,711 |
The Duckhorn Portfolio, Inc. * | 178,446 | 2,837,291 |
10,620,505 | ||
Consumer Staples Distribution & Retail — 0.53% | ||
Performance Food Group Co. * | 42,582 | 2,569,398 |
Total CONSUMER STAPLES (Cost $23,363,169) | 33,575,766 | |
FINANCIALS — 6.59% | ||
Insurance — 3.68% | ||
Kemper Corp. | 41,369 | 2,261,229 |
Kinsale Capital Group, Inc. | 32,653 | 9,800,798 |
RenaissanceRe Holdings Ltd. 1 | 28,526 | 5,714,899 |
17,776,926 | ||
Financial Services — 2.39% | ||
Flywire Corp. * | 183,148 | 5,377,225 |
Shift4 Payments, Inc. - A * | 81,588 | 6,184,371 |
11,561,596 | ||
Capital Markets — 0.52% | ||
Evercore, Inc. - A | 22,010 | 2,539,514 |
Total FINANCIALS (Cost $26,934,689) | 31,878,036 | |
ENERGY — 4.04% | ||
Oil, Gas & Consumable Fuels — 2.06% | ||
Cameco Corp. 1 | 274,090 | 7,172,936 |
Denbury, Inc. * | 31,640 | 2,772,613 |
9,945,549 | ||
Energy Equipment & Services — 1.98% | ||
ChampionX Corp. | 86,765 | 2,353,934 |
TechnipFMC PLC 1,* | 365,445 | 4,988,324 |
Notes to Schedule of Investments are an integral part of this Schedule.
16
Driehaus Small Cap Growth Fund
Schedule of Investments
March 31, 2023 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | ||
Weatherford International PLC 1,* | 37,905 | $2,249,662 | |
9,591,920 | |||
Total ENERGY (Cost $18,564,835) | 19,537,469 | ||
MATERIALS — 3.64% | |||
Metals & Mining — 2.76% | |||
ATI, Inc. * | 193,165 | 7,622,291 | |
Carpenter Technology Corp. | 62,004 | 2,775,299 | |
Osisko Gold Royalties Ltd. 1 | 185,874 | 2,940,527 | |
13,338,117 | |||
Containers & Packaging — 0.88% | |||
O-I Glass, Inc. * | 188,088 | 4,271,478 | |
Total MATERIALS (Cost $14,246,026) | 17,609,595 | ||
COMMUNICATION SERVICES — 2.22% | |||
Diversified Telecommunication Services — 1.71% | |||
Iridium Communications, Inc. | 133,200 | 8,249,076 | |
Entertainment — 0.51% | |||
World Wrestling Entertainment, Inc. - A | 26,988 | 2,462,925 | |
Total COMMUNICATION SERVICES (Cost $8,401,804) | 10,712,001 | ||
Total COMMON STOCKS (Cost $405,035,405) | 476,578,751 | ||
SHORT TERM INVESTMENTS — 2.01% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 4.70% 2 (Cost $9,728,732) | 9,728,732 | 9,728,732 | |
TOTAL INVESTMENTS (Cost $414,764,137) | 100.54% | $486,307,483 | |
Liabilities In Excess of Other Assets | (0.54)% | (2,588,764) | |
Net Assets | 100.00% | $483,718,719 |
PLC | Public Limited Company |
1 | Foreign security denominated and/or traded in U.S. dollars. |
2 | 7 day current yield as of March 31, 2023 is disclosed. |
* | Non-income producing security. |
Percentages are stated as a percent of net assets.
Notes to Schedule of Investments are an integral part of this Schedule.
17
Driehaus Small/Mid Cap Growth Fund
Schedule of Investments
March 31, 2023 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 98.62% | ||
INDUSTRIALS — 26.28% | ||
Construction & Engineering — 5.45% | ||
AECOM | 2,074 | $174,880 |
Quanta Services, Inc. | 1,629 | 271,456 |
Valmont Industries, Inc. | 202 | 64,495 |
WillScot Mobile Mini Holdings Corp. * | 4,193 | 196,568 |
707,399 | ||
Aerospace & Defense — 5.08% | ||
Axon Enterprise, Inc. * | 1,434 | 322,435 |
Curtiss-Wright Corp. | 787 | 138,716 |
HEICO Corp. | 770 | 131,701 |
Howmet Aerospace, Inc. | 1,541 | 65,292 |
658,144 | ||
Building Products — 3.47% | ||
A. O. Smith Corp. | 1,892 | 130,832 |
Builders FirstSource, Inc. * | 2,993 | 265,719 |
The AZEK Co, Inc. * | 2,269 | 53,412 |
449,963 | ||
Trading Companies & Distributors — 2.97% | ||
Core & Main, Inc. - A * | 3,189 | 73,666 |
SiteOne Landscape Supply, Inc. * | 632 | 86,502 |
United Rentals, Inc. | 331 | 130,996 |
WESCO International, Inc. | 607 | 93,806 |
384,970 | ||
Machinery — 2.41% | ||
AGCO Corp. | 999 | 135,065 |
Chart Industries, Inc. * | 887 | 111,230 |
Lincoln Electric Holdings, Inc. | 394 | 66,625 |
312,920 | ||
Professional Services — 2.35% | ||
CACI International, Inc. - A * | 223 | 66,071 |
ExlService Holdings, Inc. * | 407 | 65,865 |
FTI Consulting, Inc. * | 524 | 103,411 |
KBR, Inc. | 1,261 | 69,418 |
304,765 | ||
Ground Transportation — 2.28% | ||
Knight-Swift Transportation Holdings, Inc. | 2,220 | 125,608 |
Saia, Inc. * | 626 | 170,322 |
295,930 | ||
Commercial Services & Supplies — 1.81% | ||
Clean Harbors, Inc. * | 1,090 | 155,390 |
MSA Safety, Inc. | 590 | 78,765 |
234,155 |
Shares, Principal Amount, or Number of Contracts | Value | |
Electrical Equipment — 0.46% | ||
Regal Rexnord Corp. | 424 | $59,669 |
Total INDUSTRIALS (Cost $2,911,244) | 3,407,915 | |
INFORMATION TECHNOLOGY — 20.40% | ||
Semiconductors & Semiconductor Equipment — 8.60% | ||
Axcelis Technologies, Inc. * | 1,724 | 229,723 |
First Solar, Inc. * | 1,093 | 237,727 |
Impinj, Inc. * | 473 | 64,101 |
Lattice Semiconductor Corp. * | 1,453 | 138,762 |
ON Semiconductor Corp. * | 4,200 | 345,744 |
Rambus, Inc. * | 1,932 | 99,034 |
1,115,091 | ||
Software — 6.12% | ||
CyberArk Software Ltd. 1,* | 777 | 114,980 |
Dynatrace, Inc. * | 2,286 | 96,698 |
Fair Isaac Corp. * | 255 | 179,186 |
Monday.com Ltd. 1,* | 914 | 130,474 |
Paycom Software, Inc. * | 136 | 41,345 |
Paylocity Holding Corp. * | 528 | 104,956 |
Procore Technologies, Inc. * | 2,014 | 126,137 |
793,776 | ||
Communications Equipment — 2.75% | ||
Arista Networks, Inc. * | 1,720 | 288,719 |
Calix, Inc. * | 1,263 | 67,684 |
356,403 | ||
Technology Hardware, Storage & Peripherals — 1.64% | ||
Super Micro Computer, Inc. * | 1,997 | 212,780 |
IT Services — 1.29% | ||
MongoDB, Inc. * | 716 | 166,914 |
Total INFORMATION TECHNOLOGY (Cost $2,187,774) | 2,644,964 | |
CONSUMER DISCRETIONARY — 17.33% | ||
Hotels, Restaurants & Leisure — 4.35% | ||
Boyd Gaming Corp. | 1,015 | 65,082 |
Hyatt Hotels Corp. - A * | 1,282 | 143,315 |
Planet Fitness, Inc. - A * | 1,041 | 80,854 |
Texas Roadhouse, Inc. | 1,060 | 114,544 |
Wingstop, Inc. | 871 | 159,898 |
563,693 | ||
Specialty Retail — 3.69% | ||
Burlington Stores, Inc. * | 454 | 91,754 |
Tractor Supply Co. | 730 | 171,579 |
Ulta Beauty, Inc. * | 394 | 214,994 |
478,327 | ||
Automobile Components — 3.44% | ||
Mobileye Global, Inc. - A * | 4,508 | 195,061 |
Notes to Schedule of Investments are an integral part of this Schedule.
18
Driehaus Small/Mid Cap Growth Fund
Schedule of Investments
March 31, 2023 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Visteon Corp. * | 1,603 | $251,399 |
446,460 | ||
Textiles, Apparel & Luxury Goods — 3.36% | ||
Crocs, Inc. * | 520 | 65,749 |
Deckers Outdoor Corp. * | 599 | 269,281 |
Skechers USA, Inc. - A * | 2,120 | 100,742 |
435,772 | ||
Household Durables — 1.98% | ||
DR Horton, Inc. | 1,024 | 100,034 |
TopBuild Corp. * | 756 | 157,354 |
257,388 | ||
Distributors — 0.51% | ||
LKQ Corp. | 1,156 | 65,614 |
Total CONSUMER DISCRETIONARY (Cost $1,880,608) | 2,247,254 | |
HEALTH CARE — 13.53% | ||
Biotechnology — 8.06% | ||
Alnylam Pharmaceuticals, Inc. * | 377 | 75,521 |
Argenx SE - ADR 1,* | 352 | 131,148 |
Ascendis Pharma A/S - ADR 1,* | 1,234 | 132,309 |
Crinetics Pharmaceuticals, Inc. * | 4,704 | 75,546 |
Exact Sciences Corp. * | 1,207 | 81,847 |
Halozyme Therapeutics, Inc. * | 1,774 | 67,749 |
Karuna Therapeutics, Inc. * | 277 | 50,314 |
Natera, Inc. * | 1,225 | 68,012 |
Neurocrine Biosciences, Inc. * | 1,464 | 148,186 |
Xenon Pharmaceuticals, Inc. 1,* | 5,996 | 214,597 |
1,045,229 | ||
Health Care Equipment & Supplies — 4.85% | ||
Inspire Medical Systems, Inc. * | 960 | 224,707 |
Insulet Corp. * | 479 | 152,782 |
Penumbra, Inc. * | 904 | 251,936 |
629,425 | ||
Life Sciences Tools & Services — 0.62% | ||
Charles River Laboratories International, Inc. * | 397 | 80,123 |
Total HEALTH CARE (Cost $1,592,102) | 1,754,777 | |
FINANCIALS — 8.17% | ||
Insurance — 4.19% | ||
Everest Re Group Ltd. 1 | 390 | 139,628 |
Kemper Corp. | 696 | 38,043 |
Kinsale Capital Group, Inc. | 837 | 251,226 |
Ryan Specialty Holdings, Inc. * | 2,833 | 114,000 |
542,897 | ||
Capital Markets — 2.35% | ||
MarketAxess Holdings, Inc. | 517 | 202,297 |
Shares, Principal Amount, or Number of Contracts | Value | |
Tradeweb Markets, Inc. - A | 1,292 | $102,094 |
304,391 | ||
Financial Services — 1.63% | ||
Shift4 Payments, Inc. - A * | 2,008 | 152,206 |
Toast, Inc. - A * | 3,344 | 59,356 |
211,562 | ||
Total FINANCIALS (Cost $944,261) | 1,058,850 | |
COMMUNICATION SERVICES — 5.10% | ||
Entertainment — 2.48% | ||
Endeavor Group Holdings, Inc. - A * | 2,668 | 63,845 |
Liberty Media Corp.-Liberty Formula One - C * | 1,421 | 106,334 |
Warner Music Group Corp. - A | 2,549 | 85,060 |
World Wrestling Entertainment, Inc. - A | 723 | 65,981 |
321,220 | ||
Diversified Telecommunication Services — 1.48% | ||
Iridium Communications, Inc. | 3,098 | 191,859 |
Interactive Media & Services — 1.14% | ||
Pinterest, Inc. - A * | 5,440 | 148,349 |
Total COMMUNICATION SERVICES (Cost $571,661) | 661,428 | |
CONSUMER STAPLES — 3.88% | ||
Food Products — 1.74% | ||
Lamb Weston Holdings, Inc. | 2,153 | 225,031 |
Consumer Staples Distribution & Retail — 1.24% | ||
BJ's Wholesale Club Holdings, Inc. * | 1,229 | 93,490 |
Performance Food Group Co. * | 1,120 | 67,581 |
161,071 | ||
Beverages — 0.90% | ||
Celsius Holdings, Inc. * | 1,253 | 116,454 |
Total CONSUMER STAPLES (Cost $415,419) | 502,556 | |
ENERGY — 2.35% | ||
Oil, Gas & Consumable Fuels — 1.53% | ||
Cameco Corp. 1 | 7,598 | 198,840 |
Energy Equipment & Services — 0.82% | ||
TechnipFMC PLC 1,* | 7,791 | 106,347 |
Total ENERGY (Cost $260,088) | 305,187 | |
MATERIALS — 1.58% | ||
Metals & Mining — 1.58% | ||
ATI, Inc. * | 4,790 | 189,013 |
Notes to Schedule of Investments are an integral part of this Schedule.
19
Driehaus Small/Mid Cap Growth Fund
Schedule of Investments
March 31, 2023 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | ||
MP Materials Corp. * | 576 | $16,238 | |
205,251 | |||
Total MATERIALS (Cost $157,985) | 205,251 | ||
Total COMMON STOCKS (Cost $10,921,142) | 12,788,182 | ||
SHORT TERM INVESTMENTS — 2.51% | |||
Northern Institutional Government Portfolio (Shares Class), 4.61% 2 (Cost $326,174) | 326,174 | 326,174 | |
TOTAL INVESTMENTS (Cost $11,247,316) | 101.13% | $13,114,356 | |
Liabilities In Excess of Other Assets | (1.13)% | (146,796) | |
Net Assets | 100.00% | $12,967,560 |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
1 | Foreign security denominated and/or traded in U.S. dollars. |
2 | 7 day current yield as of March 31, 2023 is disclosed. |
* | Non-income producing security. |
Percentages are stated as a percent of net assets.
Notes to Schedule of Investments are an integral part of this Schedule.
20
Driehaus Event Driven Fund
Schedule of Investments
March 31, 2023 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
BANK LOANS — 3.01% | ||
Leisure Facilities & Services — 3.01% | ||
Playa Resorts Holding B.V., 2022 Term Loan 0.09%, (1-Month USD CME Term SOFR+425 basis points), 1/5/29 1,2 | $6,136,620 | $6,092,497 |
Total BANK LOANS (Cost $5,951,998) | 6,092,497 | |
CORPORATE BONDS — 31.98% | ||
Commercial Support Services — 3.41% | ||
Arrow Bidco LLC 9.50%, 3/15/24 3,4 | 6,910,000 | 6,910,000 |
Electric Utilities — 4.69% | ||
NRG Energy, Inc. 10.25%, (U.S. Treasury Yield Curve Rate CMT 5Y + 592 basis points), 3/15/28 3,5,6 | 1,600,000 | 1,528,976 |
Vistra Corp. 7.00%, (U.S. Treasury Yield Curve Rate CMT 5Y + 574 basis points), 12/15/26 3,4,5,6 | 9,050,000 | 7,964,000 |
9,492,976 | ||
Entertainment Content — 1.32% | ||
AMC Networks, Inc. 5.00%, 4/1/24 | 199,000 | 196,281 |
TEGNA, Inc. 4.62%, 3/15/28 | 1,372,000 | 1,197,070 |
TEGNA, Inc. 5.00%, 9/15/29 | 1,478,000 | 1,277,443 |
2,670,794 | ||
Industrial Support Services — 0.97% | ||
Williams Scotsman International, Inc. 6.13%, 6/15/25 3 | 1,983,000 | 1,970,555 |
Leisure Facilities & Services — 14.30% | ||
Cinemark USA, Inc. 5.88%, 3/15/26 3 | 1,994,000 | 1,880,821 |
Cinemark USA, Inc. 5.25%, 7/15/28 3,4 | 6,712,000 | 5,805,880 |
Full House Resorts, Inc. 8.25%, 2/15/28 3 | 9,649,000 | 8,780,590 |
Golden Entertainment, Inc. 7.62%, 4/15/26 3 | 12,393,000 | 12,498,340 |
28,965,631 | ||
Oil & Gas Producers — 3.67% | ||
Calumet Specialty Products Partners L.P./Calumet Finance Corp. 11.00%, 4/15/25 3 | 7,212,000 | 7,425,284 |
Oil, Gas Services & Equipment — 0.40% | ||
Valaris Ltd. 8.25%, 4/30/28 3,7 | 797,000 | 808,955 |
Shares, Principal Amount, or Number of Contracts | Value | |
Retail - Discretionary — 1.18% | ||
Kohl's Corp. 3.63%, 5/1/31 | $3,534,000 | $2,385,309 |
Technology Hardware — 2.04% | ||
NCR Corp. 5.75%, 9/1/27 3 | 3,414,000 | 3,355,040 |
NCR Corp. 6.12%, 9/1/29 3 | 799,000 | 788,078 |
4,143,118 | ||
Total CORPORATE BONDS (Cost $66,623,528) | 64,772,622 | |
COMMON STOCKS — 44.59% | ||
Asset Management — 4.62% | ||
First Light Acquisition Group, Inc. - A * | 68,127 | 699,664 |
FTAC Zeus Acquisition Corp. - A * | 133,692 | 1,375,691 |
Logistics Innovation Technologies Corp. - A * | 192,225 | 1,951,084 |
Screaming Eagle Acquisition Corp. - A * | 525,785 | 5,336,718 |
9,363,157 | ||
Banking — 8.65% | ||
Berkshire Hills Bancorp, Inc. 4 | 204,506 | 5,124,920 |
Blue Foundry Bancorp 4,* | 530,602 | 5,051,331 |
HarborOne Bancorp, Inc. 4 | 123,950 | 1,512,190 |
Kearny Financial Corp./MD 4 | 719,591 | 5,843,079 |
17,531,520 | ||
Biotechnology & Pharmaceuticals — 12.00% | ||
Ascendis Pharma A/S - ADR 2,4,* | 13,514 | 1,448,971 |
Biohaven Ltd. * | 71,277 | 973,644 |
Crinetics Pharmaceuticals, Inc. * | 324,621 | 5,213,413 |
DICE Therapeutics, Inc. 4,* | 77,220 | 2,212,353 |
Horizon Therapeutics PLC 2,* | 66,321 | 7,238,274 |
Relay Therapeutics, Inc. 4,* | 159,877 | 2,633,174 |
Xenon Pharmaceuticals, Inc. 2,4,* | 128,193 | 4,588,028 |
24,307,857 | ||
Commercial Support Services — 0.85% | ||
Target Hospitality Corp. * | 130,245 | 1,711,419 |
Entertainment Content — 1.68% | ||
Activision Blizzard, Inc. | 39,825 | 3,408,622 |
Holding Companies - Diversified — 0.00% | ||
Flag U Founders 8,*,^ | 24,357 | 0 |
Industrial Intermediate Products — 1.95% | ||
Hillman Solutions Corp. 4,* | 470,111 | 3,958,335 |
Industrial Support Services — 4.25% | ||
WillScot Mobile Mini Holdings Corp. 4,* | 183,532 | 8,603,980 |
Notes to Schedule of Investments are an integral part of this Schedule.
21
Driehaus Event Driven Fund
Schedule of Investments
March 31, 2023 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Leisure Facilities & Services — 7.52% | ||
Golden Entertainment, Inc. 4,* | 300,429 | $13,071,666 |
Playa Hotels & Resorts NV 2,* | 225,712 | 2,166,835 |
15,238,501 | ||
Leisure Products — 1.24% | ||
Topgolf Callaway Brands Corp. * | 115,689 | 2,501,196 |
Oil & Gas Producers — 0.27% | ||
Vitesse Energy, Inc. | 28,403 | 540,509 |
Retail - Consumer Staples — 1.56% | ||
Albertsons Cos, Inc. - A | 152,357 | 3,165,978 |
Total COMMON STOCKS (Cost $92,983,320) | 90,331,074 | |
PREFERRED STOCKS — 1.14% | ||
Telecommunications — 1.14% | ||
Telephone and Data Systems, Inc. 6.62%, | 22,999 | 326,816 |
Telephone and Data Systems, Inc. 6.00%, | 141,695 | 1,985,147 |
Total PREFERRED STOCKS (Cost $3,954,095) | 2,311,963 | |
WARRANTS — 0.06% | ||
Bridger Aerospace Group Holdings, Inc., Exp. 12/31/27, Strike $11.50 * | 151,497 | 26,997 |
EQRx, Inc., Exp. 12/31/28, Strike $11.50 * | 26,680 | 4,845 |
First Light Acquisition Group, Inc., Exp. 10/7/23, Strike $11.50 * | 193,125 | 7,725 |
FTAC Zeus Acquisition Corp. - A, Exp. 11/23/26, Strike $0.00 * | 66,846 | 2,052 |
Inspirato, Inc., Exp 1/1/30, Strike $11.50 * | 35,733 | 3,527 |
Logistics Innovation Technologies Corp., Exp. 6/15/28, Strike $11.50 * | 64,075 | 7,048 |
Pagaya Technologies Ltd., Exp. 5/31/27, Strike $0.00 2,* | 121,900 | 9,996 |
Screaming Eagle Acquisition Corp. - A, Exp. 5/1/27, Strike $11.50 * | 175,261 | 38,557 |
Senior Connect Acquisition Corp. I - A, Exp. 12/31/27, Strike $11.50 * | 62,919 | 1,932 |
SomaLogic, Inc., Exp. 12/31/27, Strike $11.50 * | 22,690 | 5,675 |
X4 Pharmaceuticals, Inc., Exp. 4/12/24, Strike $13.20 * | 5,547 | 111 |
Shares, Principal Amount, or Number of Contracts | Value | ||
ZeroFox Holdings, Inc., Exp. 5/23/27, Strike $11.50 * | 65,250 | $5,246 | |
Total WARRANTS (Cost $9,328) | 113,711 | ||
SHORT TERM INVESTMENTS — 13.61% | |||
Northern Institutional Treasury Portfolio (Premier Class), 4.51% 9 (Cost $27,580,254) | 27,580,254 | 27,580,254 | |
TOTAL INVESTMENTS (Cost $197,102,523) | 94.39% | $191,202,121 | |
Other Assets In Excess of Liabilities | 5.61% | 11,367,344 | |
Net Assets | 100.00% | $202,569,465 | |
INVESTMENT SECURITIES SOLD SHORT — (13.48)% | |||
EXCHANGE-TRADED FUNDS — (13.48)% | |||
iShares Russell 2000 ETF | (59,267) | (10,573,233) | |
SPDR S&P Biotech ETF * | (79,187) | (6,034,841) | |
SPDR S&P Regional Banking ETF | (243,756) | (10,691,138) | |
Total EXCHANGE-TRADED FUNDS (Proceeds $36,422,109) | (27,299,212) | ||
TOTAL INVESTMENT SECURITIES SOLD SHORT (Proceeds $36,422,109) | (13.48)% | $(27,299,212) |
ADR | American Depositary Receipt |
CMT | Constant Maturity |
PLC | Public Limited Company |
1 | Bank loans in which the Fund invests pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (“LIBOR”), (ii) the prime rate offered by one or more United States banks or (iii) the certificate of deposit rate. Certain bank loans are subject to a LIBOR floor that establishes a minimum LIBOR rate. The interest rate shown reflects the rate in effect at March 31, 2023. Bank loans generally are subject to mandatory and/or optional repayment. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. |
2 | Foreign security denominated and/or traded in U.S. dollars. |
3 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $59,716,519, which represents 29% of net assets. |
4 | All or a portion of this security is pledged as collateral for short sales or derivatives transactions. |
Notes to Schedule of Investments are an integral part of this Schedule.
22
Driehaus Event Driven Fund
Schedule of Investments
March 31, 2023 (unaudited)
5 | Perpetual security. Maturity date shown is the next call date or final legal maturity date, whichever comes first. |
6 | Variable rate security. Rates disclosed as of March 31, 2023. |
7 | Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable separate rates of such payments are disclosed. |
8 | Special Purpose Acquisition Company (SPAC). |
9 | 7 day current yield as of March 31, 2023 is disclosed. |
^ | Security valued at fair value as determined in good faith by the Adviser, in accordance with procedures established by, and under the general supervision of, the Trust’s Board of Trustee. The security is valued using significant unobservable inputs. |
* | Non-income producing security. |
Percentages are stated as a percent of net assets.
Notes to Schedule of Investments are an integral part of this Schedule.
23
Driehaus Event Driven Fund
Schedule of Investments
March 31, 2023 (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) | ||
Financing Index: 1-Day US Federal Fund Effective Rate + 0.6% | Cannae Holdings, Inc. (Monthly) | 8/28/2023 | GSC | USD | 1,207,264 | $254,299 | $— | $254,299 | ||
Financing Index: 1-Month ICE LIBOR USD + 0.6% | Cannae Holdings, Inc. (Monthly) | 8/28/2023 | GSC | USD | 145,731 | 30,490 | — | 30,490 | ||
Subtotal Appreciation | $284,789 | $— | $284,789 | |||||||
3-Day S&P GSCI | Financing Index: 1-Day US Federal Fund Effective Rate - 0.5% | 8/28/2023 | GSC | USD | 1,221,498 | $(251,944) | $— | $(251,944) | ||
3-Day S&P GSCI | Financing Index: 1-Month ICE LIBOR USD - 0.5% | 8/28/2023 | GSC | USD | 145,731 | (29,885) | — | (29,885) | ||
S&P GSCI | Financing Index: 1-Day US Federal Fund Effective Rate - 0.45% | 1/23/2024 | GSC | USD | 226,657 | (307,752) | — | (307,752) | ||
Subtotal Depreciation | $(589,581) | $— | $(589,581) | |||||||
Net Total Return Swaps outstanding at March 31, 2023 | $(304,792) | $— | $(304,792) | |||||||
GSC - Goldman Sachs International |
Notes to Schedule of Investments are an integral part of this Schedule.
24
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited)
A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Securities Valuation
Investments in securities traded on a national securities exchange, including exchange-traded futures and options (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 or if the values have been materially affected by events occurring after the closing of a foreign market assets may be valued at fair value as determined in good faith by the investment adviser of the Funds. Events that may materially affect asset values that could cause a fair value determination include, but are not limited to: corporate announcements relating to a specific security; natural and other disasters which may impact an entire market or region; and political and other events which may be global or impact a particular country or region. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. These funds also use an independent pricing service to provide fair value estimates for relevant foreign equity securities. This pricing service uses correlations between the movement of prices of foreign equity securities and indexes of U.S. traded securities and other indicators, such as closing prices of ADRs and futures contracts, to determine the fair value of relevant foreign equity securities. To the extent utilized, securities would be classified as level 2 in the hierarchy described below.
Securities for which market quotations are not readily available are valued at fair value as determined in good faith in accordance with procedures approved by the Trust’s Board of Trustees and are generally classified as level 3. Under these procedures, the Funds primarily employ a market-based approach, which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. In addition, level 3 investments in certain early stage companies may be valued based upon initial transaction prices with management conducting ongoing assessments to determine whether new information is available to support a fair value adjustment. The information 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.
25
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
Each Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:
Level 1 – quoted prices for active markets for identical securities
Level 2 – significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The following is a summary of the inputs used to value the Emerging Markets Growth Fund’s investments as of March 31, 2023:
Assets | Total Value at March 31, 2023 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Africa | $25,056,742 | $— | $25,056,742 | $— | ||||
Europe | ||||||||
Greece | 11,218,325 | — | 11,218,325 | — | ||||
Jersey, C.I. | 9,378,120 | 9,378,120 | — | — | ||||
Netherlands | 13,589,995 | — | 13,589,995 | — | ||||
Russia | — | — | — | —* | ||||
United Kingdom | 11,735,936 | — | 11,735,936 | — | ||||
Far East | ||||||||
China | 681,412,886 | 90,760,805 | 590,652,081 | — | ||||
India | 342,942,752 | 77,037,672 | 265,905,080 | — | ||||
Indonesia | 71,579,061 | — | 71,579,061 | — | ||||
Japan | 23,650,238 | — | 23,650,238 | — | ||||
Philippines | 5,667,340 | — | 5,667,340 | — | ||||
Singapore | 33,172,453 | 14,903,997 | 18,268,456 | — | ||||
South Korea | 202,136,392 | — | 202,136,392 | — | ||||
Taiwan | 284,444,219 | 151,745,851 | 132,698,368 | — | ||||
Thailand | 38,487,623 | — | 38,487,623 | — | ||||
Middle East | ||||||||
Israel | 14,570,243 | — | 14,570,243 | — | ||||
Qatar | 8,913,052 | — | 8,913,052 | — | ||||
Saudi Arabia | 58,670,215 | — | 58,670,215 | — | ||||
United Arab Emirates | 41,464,773 | 27,358,914 | 14,105,859 | — | ||||
North America | ||||||||
Mexico | 98,414,333 | 98,414,333 | — | — | ||||
United States | 149,644,590 | 110,760,374 | 38,884,216 | — | ||||
South America | 111,887,819 | 111,887,819 | — | — | ||||
Short Term Investments | 108,844,910 | 108,844,910 | — | — | ||||
Total | $2,346,882,017 | $801,092,795 | $1,545,789,222 | $— |
* Level 3 security has zero value. |
26
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
The following is a summary of the inputs used to value the Emerging Markets Small Cap Growth Fund’s investments as of March 31, 2023:
Assets | Total Value at March 31, 2023 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Europe | $812,442 | $812,442 | $— | $— | ||||
Far East | ||||||||
China | 31,129,570 | — | 31,129,570 | — | ||||
India | 21,741,514 | — | 21,741,514 | — | ||||
Indonesia | 1,944,870 | — | 1,944,870 | — | ||||
South Korea | 6,805,248 | 1,370,148 | 5,435,100 | — | ||||
Taiwan | 14,969,835 | — | 14,969,835 | — | ||||
Vietnam | 2,918,171 | — | 2,918,171 | — | ||||
Middle East | 8,430,775 | — | 8,430,775 | — | ||||
North America | ||||||||
Canada | 2,245,851 | 2,245,851 | — | — | ||||
Mexico | 3,050,528 | 3,050,528 | — | — | ||||
United States | 2,851,141 | 1,346,648 | 1,504,493 | — | ||||
South America | 6,386,150 | 6,386,150 | — | — | ||||
Preferred Stocks | ||||||||
South America | 2,172,369 | 2,172,369 | — | — | ||||
Short Term Investments | 6,825,806 | 6,825,806 | — | — | ||||
Total | $112,284,270 | $24,209,942 | $88,074,328 | $— |
The following is a summary of the inputs used to value the Emerging Markets Opportunities Fund’s investments as of March 31, 2023:
Assets | Total Value at March 31, 2023 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Argentina | $398,366 | $398,366 | $— | $— | ||||
Brazil | 2,587,203 | 2,587,203 | — | — | ||||
Canada | 675,967 | 675,967 | — | — | ||||
China | 6,128,205 | 1,225,658 | 4,902,547 | — | ||||
France | 855,344 | — | 855,344 | — | ||||
India | 4,839,977 | 1,923,411 | 2,916,566 | — | ||||
Indonesia | 859,263 | — | 859,263 | — | ||||
Italy | 392,136 | — | 392,136 | — | ||||
Mexico | 1,110,858 | 1,110,858 | — | — | ||||
Netherlands | 596,949 | — | 596,949 | — | ||||
Peru | 248,893 | 248,893 | — | — | ||||
Philippines | 242,836 | — | 242,836 | — | ||||
Qatar | 254,048 | — | 254,048 | — | ||||
Saudi Arabia | 1,655,412 | — | 1,655,412 | — | ||||
Singapore | 372,322 | — | 372,322 | — | ||||
South Korea | 4,921,096 | — | 4,921,096 | — | ||||
Taiwan | 4,653,616 | — | 4,653,616 | — | ||||
Thailand | 509,739 | — | 509,739 | — |
27
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
Assets | Total Value at March 31, 2023 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
United Arab Emirates | $946,028 | $377,610 | $568,418 | $— | ||||
United States | 4,323,868 | 3,012,237 | 1,311,631 | — | ||||
Short Term Investments | 1,965,963 | 1,965,963 | — | — | ||||
Sovereign Bonds | 9,662,694 | — | 9,662,694 | — | ||||
Total | $48,200,783 | $13,526,166 | $34,674,617 | $— |
The following is a summary of the inputs used to value the International Small Cap Growth Fund’s investments as of March 31, 2023:
Assets | Total Value at March 31, 2023 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Europe | ||||||||
Austria | $5,266,250 | $— | $5,266,250 | $— | ||||
Belgium | 2,647,941 | 1,115,217 | 1,532,724 | — | ||||
Denmark | 8,323,966 | — | 8,323,966 | — | ||||
Finland | 4,933,324 | — | 4,933,324 | — | ||||
France | 10,533,994 | — | 10,533,994 | — | ||||
Germany | 24,006,447 | — | 24,006,447 | — | ||||
Ireland | 3,964,891 | — | 3,964,891 | — | ||||
Italy | 6,328,391 | — | 6,328,391 | — | ||||
Jersey, C.I. | 1,071,455 | 1,071,455 | — | — | ||||
Netherlands | 5,180,848 | — | 5,180,848 | — | ||||
Norway | 2,826,574 | — | 2,826,574 | — | ||||
Spain | 3,347,751 | — | 3,347,751 | — | ||||
Sweden | 1,030,135 | — | 1,030,135 | — | ||||
Switzerland | 7,172,084 | — | 7,172,084 | — | ||||
United Kingdom | 25,053,731 | 6,345,792 | 18,707,939 | — | ||||
Far East | ||||||||
Australia | 1,596,395 | — | 1,596,395 | — | ||||
China | 4,652,574 | 1,229,688 | 3,422,886 | — | ||||
India | 1,084,180 | — | 1,084,180 | — | ||||
Indonesia | 2,343,678 | — | 2,343,678 | — | ||||
Japan | 41,530,735 | — | 41,530,735 | — | ||||
Singapore | 742,390 | — | 742,390 | — | ||||
South Korea | 2,411,247 | — | 2,411,247 | — | ||||
Taiwan | 2,643,038 | — | 2,643,038 | — | ||||
Middle East | 2,979,919 | 2,979,919 | — | — | ||||
North America | ||||||||
Canada | 11,845,415 | 11,845,415 | — | — | ||||
Mexico | 2,749,753 | 2,749,753 | — | — | ||||
United States | 4,133,926 | — | 4,133,926 | — | ||||
South America | 3,099,518 | 3,099,518 | — | — | ||||
Preferred Stocks | ||||||||
Europe | 2,247,651 | — | 2,247,651 | — |
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Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
Assets | Total Value at March 31, 2023 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Short Term Investments | $7,526,662 | $7,526,662 | $— | $— | ||||
Total | $203,274,863 | $37,963,419 | $165,311,444 | $— |
The following is a summary of the inputs used to value the Micro Cap Growth Fund’s investments as of March 31, 2023:
Assets* | Total Value at March 31, 2023 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | $171,727,413 | $171,727,413 | $— | $— | ||||
Short Term Investments | 775,506 | 775,506 | — | — | ||||
Warrants | 3,215 | 3,215 | — | — | ||||
Total | $172,506,134 | $172,506,134 | $— | $— |
* See Schedule of Investments for industry breakout. |
The following is a summary of the inputs used to value the Small Cap Growth Fund’s investments as of March 31, 2023:
Assets* | Total Value at March 31, 2023 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | $476,578,751 | $476,578,751 | $— | $— | ||||
Short Term Investments | 9,728,732 | 9,728,732 | — | — | ||||
Total | $486,307,483 | $486,307,483 | $— | $— |
* 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, 2023:
Assets* | Total Value at March 31, 2023 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | $12,788,182 | $12,788,182 | $— | $— | ||||
Short Term Investments | 326,174 | 326,174 | — | — | ||||
Total | $13,114,356 | $13,114,356 | $— | $— |
* 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, 2023:
Assets* | Total Value at March 31, 2023 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Bank Loans | $6,092,497 | $— | $6,092,497 | $— | ||||
Common Stocks | 90,331,074 | 90,331,074 | — | —** |
29
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
Assets* | Total Value at March 31, 2023 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Corporate Bonds | $64,772,622 | $— | $64,772,622 | $— | ||||
Preferred Stocks | 2,311,963 | 2,311,963 | — | — | ||||
Short Term Investments | 27,580,254 | 27,580,254 | — | — | ||||
Warrants | 113,711 | 52,663 | 61,048 | — | ||||
Total | $191,202,121 | $120,275,954 | $70,926,167 | $— |
Liabilities | ||||||||
Exchange-Traded Funds Sold Short | $(27,299,212) | $(27,299,212) | $— | $— | ||||
Total | $(27,299,212) | $(27,299,212) | $— | $— |
Other Financial Instruments | ||||||||
Total Return Swaps - Assets*** | $284,789 | $— | $284,789 | $— | ||||
Total Return Swaps - Liabilities*** | (589,581) | — | (589,581) | — | ||||
Total Other Financial Instruments | $(304,792) | $— | $(304,792) | $— |
* See Schedule of Investments for industry breakout. |
** Level 3 security has zero value. |
*** Swaps are reflected as the unrealized appreciation (depreciation) on the instrument. |
As of March 31, 2023, none of the Funds held Level 3 investments, other than as disclosed for Emerging Markets 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, 2023, 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
30
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, 2023, 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, 2023, 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, 2023, through March 31, 2023, the Emerging Markets Opportunities Fund primarily utilized: 1) interest rate swaps to hedge against interest rate fluctuation and enable the parties involved to exchange fixed and floating cash flows; 2) options to both hedge exposure and provide exposure to certain market segments or specific securities. During the period January 1, 2023, through March 31, 2023, 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, 2023, through March 31, 2023, the Event Driven Fund primarily utilized: 1) total return swaps to gain exposure to certain sectors and manage volatility; and 2) options, including warrants, to both hedge exposure and provide exposure to certain market segments or specific securities. Detail regarding each derivative type is included below.
Swap Contracts
The 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.
31
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
32
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.
33
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.
Effective May 1, 2023: (i) the Driehaus Emerging Markets Opportunities Fund changed its name to the Driehaus Global Fund and its principal investment strategy changed from a multi-asset emerging markets fund to a global core equity fund; (ii) the management fee was changed from 0.90% to 0.65%; (iii) the expense cap was reduced from 0.99% to 0.75%.
34