Driehaus Emerging Markets Growth Fund
Schedule of Investments
March 31, 2024 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 95.75% | ||
FAR EAST — 62.72% | ||
China — 16.01% | ||
China Merchants Bank Co. Ltd. - H | 12,504,500 | $49,561,804 |
China Resources Beer Holdings Co. Ltd. | 4,578,000 | 21,139,707 |
Industrial & Commercial Bank of China Ltd. - H | 47,065,000 | 23,656,464 |
JD.com, Inc. - ADR 1 | 613,284 | 16,797,849 |
Kweichow Moutai Co. Ltd. - A | 83,900 | 19,776,982 |
NetEase, Inc. | 663,700 | 13,752,954 |
New Oriental Education & Technology Group, Inc. - SP ADR 1,* | 480,220 | 41,692,700 |
PetroChina Co. Ltd. - H | 55,716,000 | 47,783,288 |
Tencent Holdings Ltd. | 3,899,545 | 151,887,059 |
Tencent Music Entertainment Group - ADR 1,* | 2,343,543 | 26,224,246 |
Trip.com Group Ltd. - ADR 1,* | 753,763 | 33,082,658 |
Zhongji Innolight Co. Ltd. - A | 663,909 | 14,222,789 |
459,578,500 | ||
Taiwan — 15.66% | ||
Asia Vital Components Co. Ltd. | 844,000 | 14,294,440 |
ASMedia Technology, Inc. | 249,000 | 17,957,715 |
Chunghwa Telecom Co. Ltd. | 3,254,000 | 12,782,152 |
Delta Electronics, Inc. | 1,310,000 | 14,020,766 |
eMemory Technology, Inc. | 252,000 | 18,920,907 |
Faraday Technology Corp. | 1,152,000 | 12,046,470 |
King Slide Works Co. Ltd. | 677,000 | 26,048,010 |
King Yuan Electronics Co. Ltd. | 5,861,000 | 19,422,343 |
Lotes Co. Ltd. | 260,000 | 11,249,356 |
MediaTek, Inc. | 866,000 | 31,378,909 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 707,000 | 16,937,043 |
Taiwan Semiconductor Manufacturing Co. Ltd. - SP ADR 1 | 1,630,265 | 221,797,553 |
Wistron Corp. | 3,804,000 | 14,329,981 |
Wiwynn Corp. | 271,000 | 18,557,080 |
449,742,725 | ||
India — 15.38% | ||
Adani Ports & Special Economic Zone Ltd. | 1,594,565 | 25,746,935 |
Ambuja Cements Ltd. | 2,330,867 | 17,157,542 |
Bajaj Auto Ltd. | 106,675 | 11,736,251 |
Bharti Airtel Ltd. | 1,372,845 | 20,255,982 |
Cipla Ltd. | 726,777 | 13,065,077 |
Colgate-Palmolive India Ltd. | 516,724 | 16,836,004 |
DLF Ltd. | 2,088,857 | 22,537,660 |
GMR Airports Infrastructure Ltd. * | 25,447,479 | 24,969,612 |
HDFC Bank Ltd. | 755,877 | 13,180,697 |
Hindustan Aeronautics Ltd. | 494,790 | 19,799,874 |
ICICI Bank Ltd. - SP ADR 1 | 2,646,052 | 69,882,233 |
Shares, Principal Amount, or Number of Contracts | Value | |
ICICI Lombard General Insurance Co. Ltd. 2 | 695,843 | $14,074,672 |
Indian Hotels Co. Ltd. | 1,081,952 | 7,679,809 |
Indian Railway Catering & Tourism Corp. Ltd. | 1,327,332 | 14,821,539 |
Larsen & Toubro Ltd. | 421,906 | 19,082,509 |
Max Healthcare Institute Ltd. | 1,579,616 | 15,578,753 |
NTPC Ltd. | 3,671,281 | 14,836,674 |
Persistent Systems Ltd. | 218,222 | 10,468,041 |
Reliance Industries Ltd. | 1,323,448 | 47,324,103 |
Sun Pharmaceutical Industries Ltd. | 1,089,028 | 21,200,940 |
Tata Motors Ltd. | 1,792,911 | 21,404,502 |
441,639,409 | ||
South Korea — 11.33% | ||
Hanwha Aerospace Co. Ltd. | 55,510 | 8,562,382 |
HPSP Co. Ltd. | 520,660 | 20,683,910 |
Kia Corp. | 472,835 | 39,296,950 |
LEENO Industrial, Inc. | 59,384 | 11,403,556 |
Macquarie Korea Infrastructure Fund | 1,646,670 | 15,677,437 |
Samsung Electronics Co. Ltd. | 2,864,899 | 172,173,303 |
Samsung Life Insurance Co. Ltd. | 185,378 | 13,150,698 |
SK Hynix, Inc. | 334,755 | 44,346,797 |
325,295,033 | ||
Indonesia — 2.06% | ||
Bank Central Asia Tbk PT | 23,598,075 | 15,006,910 |
Bank Mandiri Persero Tbk PT | 97,014,100 | 44,140,740 |
59,147,650 | ||
Philippines — 0.99% | ||
BDO Unibank, Inc. | 6,021,030 | 16,548,059 |
International Container Terminal Services, Inc. | 2,087,917 | 11,836,985 |
28,385,044 | ||
Macau — 0.51% | ||
Sands China Ltd. * | 5,214,800 | 14,712,197 |
Thailand — 0.39% | ||
Bangkok Dusit Medical Services PCL - NVDR | 14,494,300 | 11,235,424 |
Japan — 0.39% | ||
Nintendo Co. Ltd. | 203,300 | 11,092,987 |
Total FAR EAST (Cost $1,298,671,691) | 1,800,828,969 | |
NORTH AMERICA — 11.59% | ||
Mexico — 6.19% | ||
Arca Continental SAB de CV | 2,059,509 | 22,498,491 |
Corp. Inmobiliaria Vesta SAB de CV | 6,053,700 | 23,703,697 |
Fibra Uno Administracion SA de CV | 18,459,857 | 30,704,841 |
Fomento Economico Mexicano SAB de CV - SP ADR 1 | 113,541 | 14,790,986 |
Gruma SAB de CV - B | 417,980 | 7,816,253 |
Notes to Schedule of Investments are an integral part of this Schedule.
1
Driehaus Emerging Markets Growth Fund
Schedule of Investments
March 31, 2024 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Grupo Financiero Banorte SAB de CV - O | 4,471,192 | $47,490,311 |
Vista Energy SAB de CV - ADR 1,* | 744,741 | 30,817,383 |
177,821,962 | ||
United States — 3.85% | ||
Cognizant Technology Solutions Corp. - A | 192,477 | 14,106,639 |
Copa Holdings SA - A | 69,433 | 7,232,141 |
Globant SA * | 34,146 | 6,894,077 |
MercadoLibre, Inc. * | 10,773 | 16,288,345 |
Repligen Corp. * | 72,993 | 13,424,873 |
Samsonite International SA 2,* | 1,970,900 | 7,467,486 |
Southern Copper Corp. | 341,475 | 36,373,917 |
Tenaris SA - ADR 1 | 226,398 | 8,890,650 |
110,678,128 | ||
Canada — 1.55% | ||
Alamos Gold, Inc. - A 1 | 1,451,100 | 21,403,725 |
Cameco Corp. 1 | 531,331 | 23,017,259 |
44,420,984 | ||
Total NORTH AMERICA (Cost $251,563,390) | 332,921,074 | |
EUROPE — 9.02% | ||
Turkey — 1.71% | ||
BIM Birlesik Magazalar AS | 1,315,417 | 14,291,039 |
Ford Otomotiv Sanayi A/S | 333,882 | 11,921,324 |
Yapi ve Kredi Bankasi AS | 26,891,487 | 22,860,217 |
49,072,580 | ||
Greece — 1.70% | ||
National Bank of Greece SA * | 4,581,166 | 35,834,960 |
OPAP SA | 723,124 | 13,017,112 |
48,852,072 | ||
United Kingdom — 1.40% | ||
Shell PLC | 1,197,104 | 40,105,495 |
Austria — 1.04% | ||
Erste Group Bank AG | 671,681 | 29,935,291 |
Poland — 1.03% | ||
Powszechny Zaklad Ubezpieczen SA | 2,417,750 | 29,529,781 |
Spain — 0.98% | ||
Banco Bilbao Vizcaya Argentaria SA | 2,370,940 | 28,234,338 |
Ireland — 0.58% | ||
Linde PLC 1 | 35,912 | 16,674,660 |
France — 0.58% | ||
Hermes International SCA | 6,502 | 16,617,688 |
Russia — 0.00% | ||
Polyus PJSC 1,*,^ | 63,751 | — |
Total EUROPE (Cost $231,907,415) | 259,021,905 | |
SOUTH AMERICA — 8.04% | ||
Brazil — 6.59% | ||
Banco BTG Pactual SA * | 3,764,100 | 27,416,073 |
Shares, Principal Amount, or Number of Contracts | Value | |
Banco do Brasil SA | 4,160,900 | $47,023,131 |
Centrais Eletricas Brasileiras SA | 1,675,300 | 13,919,079 |
Direcional Engenharia SA | 2,306,384 | 11,740,237 |
Equatorial Energia SA | 1,709,800 | 11,147,757 |
Iguatemi SA | 3,005,800 | 13,922,067 |
Petroleo Brasileiro SA - SP ADR 1 | 961,317 | 14,621,632 |
Raia Drogasil SA | 1,829,652 | 10,024,891 |
Sendas Distribuidora SA | 3,359,300 | 9,926,392 |
Telefonica Brasil SA | 1,752,100 | 17,645,366 |
Telefonica Brasil SA - ADR 1 | 1,185,690 | 11,939,898 |
189,326,523 | ||
Argentina — 0.91% | ||
Grupo Financiero Galicia SA - ADR 1,* | 408,629 | 10,387,349 |
YPF SA - SP ADR 1,* | 793,935 | 15,719,913 |
26,107,262 | ||
Peru — 0.54% | ||
Credicorp Ltd. 1 | 90,575 | 15,346,123 |
Total SOUTH AMERICA (Cost $199,618,449) | 230,779,908 | |
MIDDLE EAST — 3.75% | ||
United Arab Emirates — 2.01% | ||
Abu Dhabi Ports Co. PJSC * | 4,908,092 | 7,698,444 |
Aldar Properties PJSC | 8,791,953 | 13,359,411 |
Dubai Electricity & Water Authority PJSC | 21,657,243 | 14,443,643 |
Emaar Properties PJSC | 10,040,199 | 22,337,375 |
57,838,873 | ||
Saudi Arabia — 1.74% | ||
Dr Sulaiman Al Habib Medical Services Group Co. | 177,820 | 14,861,431 |
Saudi Arabian Oil Co. 2 | 1,714,500 | 14,063,273 |
The Saudi National Bank | 1,930,458 | 21,011,129 |
49,935,833 | ||
Total MIDDLE EAST (Cost $99,842,318) | 107,774,706 | |
AFRICA — 0.63% | ||
South Africa — 0.63% | ||
Standard Bank Group Ltd. | 1,840,505 | 18,006,394 |
Total AFRICA (Cost $18,464,092) | 18,006,394 | |
Total COMMON STOCKS (Cost $2,100,067,355) | 2,749,332,956 |
Notes to Schedule of Investments are an integral part of this Schedule.
2
Driehaus Emerging Markets Growth Fund
Schedule of Investments
March 31, 2024 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | ||
PREFERRED STOCKS — 0.45% | |||
SOUTH AMERICA — 0.45% | |||
Brazil — 0.45% | |||
Itau Unibanco Holding SA - SP ADR, 3.25% 1,3 | 1,864,193 | $12,918,857 | |
Total SOUTH AMERICA (Cost $13,084,225) | 12,918,857 | ||
Total PREFERRED STOCKS (Cost $13,084,225) | 12,918,857 | ||
SHORT TERM INVESTMENTS — 4.06% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 5.20% 4 (Cost $116,568,285) | 116,568,285 | 116,568,285 | |
TOTAL INVESTMENTS (Cost $2,229,719,865) | 100.26% | $2,878,820,098 | |
Liabilities in Excess of Other Assets | (0.26)% | (7,327,226) | |
Net Assets | 100.00% | $2,871,492,872 |
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 $35,605,431, which represents 1% 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, 2024 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, 2024 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 95.96% | ||
FAR EAST — 58.65% | ||
India — 26.90% | ||
ACC Ltd. | 49,154 | $1,471,218 |
Apollo Hospitals Enterprise Ltd. | 10,980 | 838,186 |
AU Small Finance Bank Ltd. 1 | 225,657 | 1,535,239 |
Azad Engineering Ltd. * | 88,701 | 1,454,749 |
Bharat Forge Ltd. | 35,700 | 484,645 |
Bharat Heavy Electricals Ltd. | 228,419 | 679,450 |
Bikaji Foods International Ltd. | 94,035 | 554,147 |
BLS International Services Ltd. | 317,634 | 1,197,938 |
Century Textiles & Industries Ltd. | 66,892 | 1,309,263 |
Colgate-Palmolive India Ltd. | 17,977 | 585,730 |
Cyient DLM Ltd. * | 68,919 | 598,328 |
GMR Airports Infrastructure Ltd. * | 1,796,518 | 1,762,782 |
Indian Hotels Co. Ltd. | 233,587 | 1,658,025 |
JSW Infrastructure Ltd. * | 539,398 | 1,593,837 |
Kalyan Jewellers India Ltd. | 136,646 | 702,310 |
Kaynes Technology India Ltd. * | 14,711 | 509,728 |
Macrotech Developers Ltd. 1 | 110,772 | 1,513,756 |
Max Healthcare Institute Ltd. | 124,889 | 1,231,701 |
NHPC Ltd. | 1,011,852 | 1,094,074 |
Nuvama Wealth Management Ltd. * | 19,355 | 1,091,455 |
Poonawalla Fincorp Ltd. | 192,053 | 1,074,212 |
Rainbow Children's Medicare Ltd. | 57,429 | 895,569 |
Ramkrishna Forgings Ltd. | 140,297 | 1,166,005 |
Raymond Ltd. | 27,112 | 589,659 |
Sula Vineyards Ltd. | 66,812 | 443,561 |
Titagarh Rail System Ltd. | 108,127 | 1,196,071 |
Transformers & Rectifiers India Ltd. | 66,760 | 316,700 |
TVS Motor Co. Ltd. | 22,052 | 570,757 |
United Breweries Ltd. | 60,062 | 1,251,714 |
29,370,809 | ||
Taiwan — 11.66% | ||
Andes Technology Corp. | 86,000 | 1,142,816 |
AP Memory Technology Corp. | 48,000 | 581,847 |
Asia Vital Components Co. Ltd. | 69,000 | 1,168,621 |
ASMedia Technology, Inc. | 23,000 | 1,658,745 |
ASPEED Technology, Inc. | 5,000 | 520,256 |
Eclat Textile Co. Ltd. | 64,000 | 1,094,566 |
eMemory Technology, Inc. | 16,000 | 1,201,327 |
Faraday Technology Corp. | 108,000 | 1,129,356 |
King Slide Works Co. Ltd. | 31,000 | 1,192,745 |
Makalot Industrial Co. Ltd. | 98,000 | 1,119,193 |
Wiwynn Corp. | 28,000 | 1,917,337 |
12,726,809 | ||
South Korea — 8.40% | ||
Hanwha Aerospace Co. Ltd. | 15,677 | 2,418,167 |
HD Hyundai Electric Co. Ltd. | 19,647 | 2,613,984 |
HPSP Co. Ltd. | 44,182 | 1,755,189 |
Shares, Principal Amount, or Number of Contracts | Value | |
LIG Nex1 Co. Ltd. | 10,471 | $1,375,349 |
NEXTIN, Inc. | 19,402 | 1,006,825 |
9,169,514 | ||
China — 4.81% | ||
Akeso, Inc. 1,* | 263,000 | 1,569,860 |
Hygeia Healthcare Holdings Co. Ltd. 1 | 134,400 | 547,772 |
Man Wah Holdings Ltd. | 944,400 | 667,421 |
Pacific Basin Shipping Ltd. | 3,577,000 | 1,035,739 |
Proya Cosmetics Co. Ltd. - A | 39,348 | 508,293 |
SITC International Holdings Co. Ltd. | 505,000 | 923,271 |
5,252,356 | ||
Vietnam — 3.52% | ||
FPT Corp. | 759,782 | 3,839,858 |
Kazakhstan — 1.68% | ||
Kaspi.KZ JSC 2 | 15,190 | 1,831,914 |
Australia — 1.68% | ||
Paladin Energy Ltd. * | 2,055,495 | 1,831,376 |
Total FAR EAST (Cost $48,866,737) | 64,022,636 | |
NORTH AMERICA — 13.74% | ||
Mexico — 10.21% | ||
Alsea SAB de CV * | 427,400 | 2,107,418 |
BBB Foods, Inc. - A 2,* | 66,370 | 1,578,279 |
FIBRA Macquarie Mexico 1 | 412,015 | 801,991 |
GCC SAB de CV | 147,900 | 1,759,914 |
Prologis Property Mexico SA de CV | 225,583 | 990,554 |
Ternium SA - SP ADR 2 | 14,356 | 597,497 |
TF Administradora Industrial S de RL de CV | 417,300 | 1,139,483 |
Vista Energy SAB de CV - ADR 2,* | 52,497 | 2,172,326 |
11,147,462 | ||
Canada — 2.54% | ||
Filo Corp. * | 31,100 | 542,996 |
Ivanhoe Mines Ltd. - A * | 186,794 | 2,228,482 |
2,771,478 | ||
United States — 0.99% | ||
Copa Holdings SA - A | 10,320 | 1,074,931 |
Total NORTH AMERICA (Cost $11,005,523) | 14,993,871 | |
SOUTH AMERICA — 12.59% | ||
Brazil — 10.17% | ||
Cury Construtora e Incorporadora SA | 447,234 | 1,828,029 |
Equatorial Energia SA | 221,800 | 1,446,118 |
Inter & Co., Inc. - BDR * | 266,678 | 1,517,524 |
Orizon Valorizacao de Residuos SA * | 208,100 | 1,570,895 |
PRIO SA | 81,300 | 787,485 |
Rumo SA | 310,100 | 1,371,998 |
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, 2024 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Santos Brasil Participacoes SA | 554,200 | $1,469,646 |
SLC Agricola SA | 141,400 | 557,661 |
Vivara Participacoes SA | 110,000 | 557,961 |
11,107,317 | ||
Argentina — 2.42% | ||
Grupo Financiero Galicia SA - ADR 2,* | 22,334 | 567,730 |
Pampa Energia SA - SP ADR 1,2,* | 22,910 | 988,338 |
YPF SA - SP ADR 2,* | 54,675 | 1,082,565 |
2,638,633 | ||
Total SOUTH AMERICA (Cost $11,789,026) | 13,745,950 | |
MIDDLE EAST — 6.84% | ||
Saudi Arabia — 3.46% | ||
Arabian Drilling Co. | 22,270 | 998,751 |
Catrion Catering Holding Co. | 40,326 | 1,361,224 |
Saudia Dairy & Foodstuff Co. | 13,769 | 1,421,749 |
3,781,724 | ||
United Arab Emirates — 2.43% | ||
Abu Dhabi Ports Co. PJSC * | 807,845 | 1,267,122 |
Emirates Central Cooling Systems Corp. | 3,078,162 | 1,381,621 |
2,648,743 | ||
Qatar — 0.95% | ||
Qatar Gas Transport Co. Ltd. | 948,814 | 1,039,060 |
Total MIDDLE EAST (Cost $6,740,117) | 7,469,527 | |
EUROPE — 3.18% | ||
Norway — 1.16% | ||
Seadrill Ltd. 2,* | 25,182 | 1,266,655 |
Turkey — 1.11% | ||
Yapi ve Kredi Bankasi AS | 1,425,998 | 1,212,228 |
Greece — 0.91% | ||
Mytilineos SA | 25,734 | 992,420 |
Total EUROPE (Cost $3,381,454) | 3,471,303 | |
AFRICA — 0.96% | ||
South Africa — 0.96% | ||
Truworths International Ltd. | 259,874 | 1,048,141 |
Total AFRICA (Cost $1,109,277) | 1,048,141 | |
Total COMMON STOCKS (Cost $82,892,134) | 104,751,428 |
Shares, Principal Amount, or Number of Contracts | Value | ||
PREFERRED STOCKS — 1.33% | |||
SOUTH AMERICA — 1.33% | |||
Brazil — 1.33% | |||
Azul SA * | 560,000 | $1,455,996 | |
Total SOUTH AMERICA (Cost $1,501,218) | 1,455,996 | ||
Total PREFERRED STOCKS (Cost $1,501,218) | 1,455,996 | ||
SHORT TERM INVESTMENTS — 3.54% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 5.20% 3 (Cost $3,864,737) | 3,864,737 | 3,864,737 | |
TOTAL INVESTMENTS (Cost $88,258,089) | 100.83% | $110,072,161 | |
Liabilities in Excess of Other Assets | (0.83)% | (905,277) | |
Net Assets | 100.00% | $109,166,884 |
ADR | American Depositary Receipt |
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 $6,956,956, which represents 6% of Net Assets. |
2 | Foreign security denominated and/or traded in U.S. dollars. |
3 | 7 day current yield as of March 31, 2024 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 Global Fund
Schedule of Investments
March 31, 2024 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 97.93% | ||
NORTH AMERICA — 67.39% | ||
United States — 61.76% | ||
Alphabet, Inc. - A * | 5,587 | $843,246 |
Amazon.com, Inc. * | 7,039 | 1,269,695 |
Amphenol Corp. - A | 2,177 | 251,117 |
Apple, Inc. | 4,023 | 689,864 |
Ball Corp. | 7,519 | 506,480 |
Bank of America Corp. | 14,029 | 531,980 |
Broadcom, Inc. | 945 | 1,252,512 |
Burlington Stores, Inc. * | 1,711 | 397,277 |
Celsius Holdings, Inc. * | 5,182 | 429,691 |
Cheniere Energy, Inc. | 2,258 | 364,170 |
Chipotle Mexican Grill, Inc. * | 209 | 607,515 |
Colgate-Palmolive Co. | 4,990 | 449,350 |
Domino's Pizza, Inc. | 814 | 404,460 |
DraftKings, Inc. - A * | 13,717 | 622,889 |
Eli Lilly & Co. | 842 | 655,042 |
Equinix, Inc. | 508 | 419,268 |
Exxon Mobil Corp. | 19,326 | 2,246,454 |
Fluor Corp. * | 5,498 | 232,455 |
Gitlab, Inc. - A * | 10,051 | 586,174 |
IQVIA Holdings, Inc. * | 1,612 | 407,659 |
JPMorgan Chase & Co. | 4,697 | 940,809 |
KKR & Co., Inc. | 9,737 | 979,348 |
Marriott International, Inc. - A | 1,596 | 402,687 |
Mastercard, Inc. - A | 864 | 416,077 |
McKesson Corp. | 963 | 516,987 |
Meta Platforms, Inc. - A | 3,874 | 1,881,137 |
Microsoft Corp. | 6,744 | 2,837,336 |
Mondelez International, Inc. - A | 10,740 | 751,800 |
MongoDB, Inc. * | 1,296 | 464,797 |
Motorola Solutions, Inc. | 2,129 | 755,752 |
NVIDIA Corp. | 2,174 | 1,964,339 |
PACCAR, Inc. | 5,052 | 625,892 |
Pinterest, Inc. - A * | 10,025 | 347,567 |
Quanta Services, Inc. | 2,762 | 717,568 |
Roper Technologies, Inc. | 1,310 | 734,700 |
Salesforce, Inc. | 1,989 | 599,047 |
ServiceNow, Inc. * | 927 | 706,745 |
Southern Copper Corp. | 6,565 | 699,304 |
Spotify Technology SA * | 2,904 | 766,366 |
Stryker Corp. | 637 | 227,963 |
Symbotic, Inc. * | 4,794 | 215,730 |
Synopsys, Inc. * | 852 | 486,918 |
The Charles Schwab Corp. | 6,901 | 499,218 |
The Walt Disney Co. | 3,361 | 411,252 |
Thermo Fisher Scientific, Inc. | 504 | 292,930 |
Truist Financial Corp. | 18,176 | 708,501 |
Uber Technologies, Inc. * | 14,024 | 1,079,708 |
Vertex Pharmaceuticals, Inc. * | 934 | 390,421 |
Vulcan Materials Co. | 1,183 | 322,864 |
Walmart, Inc. | 10,755 | 647,128 |
35,558,189 |
Shares, Principal Amount, or Number of Contracts | Value | |
Canada — 3.97% | ||
Aritzia, Inc. * | 15,200 | $419,682 |
Cameco Corp. 1 | 9,688 | 419,684 |
Dollarama, Inc. | 5,500 | 418,992 |
Shopify, Inc. - A 1,* | 8,026 | 619,366 |
Suncor Energy, Inc. | 11,000 | 405,958 |
2,283,682 | ||
Mexico — 1.66% | ||
Fibra Uno Administracion SA de CV | 134,200 | 223,219 |
Grupo Financiero Banorte SAB de CV - O | 68,971 | 732,568 |
955,787 | ||
Total NORTH AMERICA (Cost $28,914,915) | 38,797,658 | |
EUROPE — 21.49% | ||
United Kingdom — 8.02% | ||
AstraZeneca PLC - SP ADR 1 | 7,778 | 526,960 |
London Stock Exchange Group PLC | 5,770 | 690,404 |
RELX PLC | 19,824 | 854,919 |
Rolls-Royce Holdings PLC * | 277,329 | 1,492,132 |
Shell PLC | 31,423 | 1,052,736 |
4,617,151 | ||
France — 2.48% | ||
Accor SA | 17,169 | 801,560 |
Hermes International SCA | 128 | 327,140 |
Sartorius Stedim Biotech | 1,040 | 296,635 |
1,425,335 | ||
Netherlands — 2.43% | ||
Adyen NV 2,* | 270 | 456,067 |
Airbus SE | 2,747 | 506,076 |
ASM International NV | 717 | 439,093 |
1,401,236 | ||
Italy — 2.34% | ||
Leonardo SpA | 23,016 | 578,246 |
UniCredit SpA | 20,294 | 770,752 |
1,348,998 | ||
Spain — 2.26% | ||
Banco Bilbao Vizcaya Argentaria SA | 56,914 | 677,760 |
Industria de Diseno Textil SA | 12,431 | 625,979 |
1,303,739 | ||
Switzerland — 1.53% | ||
Alcon, Inc. | 5,217 | 431,506 |
Lonza Group AG | 749 | 447,601 |
879,107 | ||
Ireland — 1.13% | ||
Linde PLC 1 | 1,395 | 647,726 |
Jersey, C.I. — 0.86% | ||
Ferguson PLC 1 | 2,277 | 497,365 |
Notes to Schedule of Investments are an integral part of this Schedule.
6
Driehaus Global Fund
Schedule of Investments
March 31, 2024 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | ||
Germany — 0.44% | |||
BASF SE | 4,437 | $253,548 | |
Total EUROPE (Cost $9,348,233) | 12,374,205 | ||
FAR EAST — 9.05% | |||
Japan — 3.17% | |||
Harmonic Drive Systems, Inc. | 10,300 | 274,451 | |
Lawson, Inc. | 5,100 | 348,427 | |
Mitsubishi UFJ Financial Group, Inc. | 30,400 | 309,293 | |
Nintendo Co. Ltd. | 10,500 | 572,928 | |
Sony Group Corp. | 3,700 | 317,278 | |
1,822,377 | |||
China — 1.52% | |||
Tencent Holdings Ltd. | 22,453 | 874,543 | |
India — 1.42% | |||
ICICI Bank Ltd. - SP ADR 1 | 22,137 | 584,638 | |
Titan Co. Ltd. | 5,065 | 231,532 | |
816,170 | |||
South Korea — 1.25% | |||
Samsung Electronics Co. Ltd. | 7,383 | 443,700 | |
SK Hynix, Inc. | 2,074 | 274,754 | |
718,454 | |||
Philippines — 0.74% | |||
BDO Unibank, Inc. | 156,000 | 428,747 | |
Indonesia — 0.51% | |||
Bank Central Asia Tbk PT | 462,045 | 293,832 | |
Taiwan — 0.44% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. | 10,668 | 255,565 | |
Total FAR EAST (Cost $3,778,697) | 5,209,688 | ||
Total COMMON STOCKS (Cost $42,041,845) | 56,381,551 | ||
SHORT TERM INVESTMENTS — 1.87% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 5.20% 3 (Cost $1,077,883) | 1,077,883 | 1,077,883 | |
TOTAL INVESTMENTS (Cost $43,119,728) | 99.80% | $57,459,434 | |
Other Assets In Excess of Liabilities | 0.20% | 116,045 | |
Net Assets | 100.00% | $57,575,479 |
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 $456,067, which represents 1% of Net Assets. |
3 | 7 day current yield as of March 31, 2024 is disclosed. |
* | Non-income producing security. |
Percentages are stated as a percent of net assets.
Notes to Schedule of Investments are an integral part of this Schedule.
7
Driehaus International Small Cap Growth Fund
Schedule of Investments
March 31, 2024 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 96.21% | ||
EUROPE — 46.92% | ||
Germany — 7.95% | ||
Bilfinger SE | 25,997 | $1,214,227 |
Carl Zeiss Meditec AG | 21,270 | 2,655,041 |
CTS Eventim AG & Co. KGaA | 35,336 | 3,141,826 |
KION Group AG | 73,214 | 3,851,327 |
LEG Immobilien SE * | 14,059 | 1,207,541 |
Nordex SE * | 187,228 | 2,455,285 |
Scout24 SE 1 | 37,257 | 2,806,879 |
SUESS MicroTec SE | 45,172 | 1,780,844 |
19,112,970 | ||
United Kingdom — 7.28% | ||
Babcock International Group PLC | 394,600 | 2,589,612 |
ConvaTec Group PLC 1 | 1,337,329 | 4,831,175 |
Cranswick PLC | 23,151 | 1,198,075 |
Intermediate Capital Group PLC | 125,626 | 3,253,900 |
Renishaw PLC | 30,317 | 1,621,855 |
RS GROUP PLC | 129,901 | 1,191,074 |
Serco Group PLC | 1,175,125 | 2,813,600 |
17,499,291 | ||
Italy — 5.65% | ||
Banco BPM SpA | 483,360 | 3,215,929 |
Buzzi SpA | 74,028 | 2,907,298 |
Leonardo SpA | 177,096 | 4,449,298 |
Saipem SpA * | 1,226,158 | 2,995,232 |
13,567,757 | ||
Switzerland — 5.40% | ||
Comet Holding AG | 9,238 | 3,213,763 |
Flughafen Zurich AG | 12,836 | 2,914,683 |
PolyPeptide Group AG 1,* | 42,603 | 1,433,621 |
Siegfried Holding AG * | 2,226 | 2,272,963 |
Tecan Group AG | 7,593 | 3,146,005 |
12,981,035 | ||
Netherlands — 3.59% | ||
Ermenegildo Zegna NV 2 | 88,499 | 1,296,510 |
Fugro NV * | 200,690 | 4,919,555 |
Iveco Group NV * | 161,130 | 2,400,384 |
8,616,449 | ||
Spain — 3.06% | ||
Fluidra SA | 137,944 | 3,264,441 |
Indra Sistemas SA | 197,655 | 4,096,320 |
7,360,761 | ||
Ireland — 2.50% | ||
Glanbia PLC | 198,012 | 3,905,704 |
James Hardie Industries PLC - CDI * | 52,426 | 2,107,180 |
6,012,884 | ||
Sweden — 2.43% | ||
Hemnet Group AB | 58,860 | 1,800,976 |
Mycronic AB | 49,854 | 1,758,085 |
Shares, Principal Amount, or Number of Contracts | Value | |
The Thule Group AB 1 | 75,931 | $2,288,972 |
5,848,033 | ||
Belgium — 1.88% | ||
Colruyt Group NV | 29,501 | 1,362,839 |
Lotus Bakeries NV | 219 | 2,114,600 |
Shurgard Self Storage Ltd. | 23,318 | 1,040,115 |
4,517,554 | ||
Norway — 1.78% | ||
DOF Group ASA * | 159,675 | 1,080,917 |
Seadrill Ltd. 2,* | 63,284 | 3,183,185 |
4,264,102 | ||
France — 1.61% | ||
Coface SA | 76,407 | 1,207,802 |
Sopra Steria Group | 10,979 | 2,660,687 |
3,868,489 | ||
Austria — 1.39% | ||
DO & CO AG | 22,387 | 3,342,667 |
Finland — 1.33% | ||
Metso OYJ | 269,021 | 3,195,666 |
Denmark — 1.07% | ||
ALK-Abello A/S * | 81,664 | 1,472,941 |
Netcompany Group A/S 1,* | 26,504 | 1,095,547 |
2,568,488 | ||
Total EUROPE (Cost $89,047,856) | 112,756,146 | |
FAR EAST — 35.38% | ||
Japan — 22.84% | ||
ABC-Mart, Inc. | 131,000 | 2,483,214 |
Asahi Intecc Co. Ltd. | 98,800 | 1,730,955 |
Asics Corp. | 56,600 | 2,679,383 |
Azbil Corp. | 75,600 | 2,091,536 |
Capcom Co. Ltd. | 63,800 | 1,195,236 |
CKD Corp. | 131,800 | 2,642,451 |
Fujitec Co. Ltd. | 60,150 | 1,496,663 |
Fukuoka Financial Group, Inc. | 38,700 | 1,033,112 |
Harmonic Drive Systems, Inc. | 62,500 | 1,665,361 |
Hoshizaki Corp. | 53,000 | 1,933,797 |
Jeol Ltd. | 57,000 | 2,361,320 |
JINS Holdings, Inc. | 83,200 | 2,356,783 |
Kyoritsu Maintenance Co. Ltd. | 54,000 | 1,236,418 |
Life Corp. | 44,100 | 1,131,343 |
Mizuno Corp. | 33,400 | 1,394,644 |
Modec, Inc. | 94,200 | 1,905,607 |
Morinaga & Co. Ltd. | 96,800 | 1,661,564 |
Morinaga Milk Industry Co. Ltd. | 88,400 | 1,808,485 |
Nichias Corp. | 53,630 | 1,433,023 |
Nihon M&A Center Holdings, Inc. | 237,100 | 1,509,395 |
NOF Corp. | 105,600 | 1,446,212 |
OBIC Business Co.nsultants Co. Ltd. | 52,300 | 2,460,115 |
Rengo Co. Ltd. | 155,900 | 1,188,432 |
Resonac Holdings Corp. | 72,900 | 1,698,210 |
Notes to Schedule of Investments are an integral part of this Schedule.
8
Driehaus International Small Cap Growth Fund
Schedule of Investments
March 31, 2024 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Rohto Pharmaceutical Co. Ltd. | 61,700 | $1,198,823 |
Ryohin Keikaku Co. Ltd. | 126,000 | 2,062,014 |
Sanrio Co. Ltd. | 87,300 | 1,680,015 |
Seria Co. Ltd. | 150,000 | 2,965,263 |
Sundrug Co. Ltd. | 37,100 | 1,151,780 |
Tazmo Co. Ltd. | 68,400 | 1,697,787 |
Yokogawa Electric Corp. | 68,600 | 1,579,815 |
54,878,756 | ||
India — 4.81% | ||
APL Apollo Tubes Ltd. | 93,169 | 1,676,493 |
EIH Ltd. | 231,894 | 1,253,638 |
ICICI Lombard General Insurance Co. Ltd. 1 | 56,724 | 1,147,345 |
Indian Hotels Co. Ltd. | 369,767 | 2,624,645 |
KPIT Technologies Ltd. | 90,873 | 1,626,431 |
Max Healthcare Institute Ltd. | 226,102 | 2,229,901 |
United Breweries Ltd. | 48,632 | 1,013,509 |
11,571,962 | ||
Taiwan — 3.55% | ||
Hiwin Technologies Corp. | 160,000 | 1,394,618 |
King Slide Works Co. Ltd. | 27,000 | 1,038,842 |
King Yuan Electronics Co. Ltd. | 398,000 | 1,318,904 |
Lotes Co. Ltd. | 58,000 | 2,509,472 |
Wiwynn Corp. | 33,000 | 2,259,718 |
8,521,554 | ||
South Korea — 1.46% | ||
KT Corp. | 79,772 | 2,249,982 |
LEENO Industrial, Inc. | 6,538 | 1,255,497 |
3,505,479 | ||
Australia — 1.28% | ||
AUB Group Ltd. | 103,575 | 2,007,229 |
Paladin Energy Ltd. * | 1,194,949 | 1,064,659 |
3,071,888 | ||
Indonesia — 1.15% | ||
Indosat Tbk PT | 1,959,700 | 1,381,245 |
Sumber Alfaria Trijaya Tbk PT | 7,562,400 | 1,388,553 |
2,769,798 | ||
China — 0.29% | ||
Topsports International Holdings Ltd. 1 | 1,028,000 | 689,471 |
Total FAR EAST (Cost $76,015,876) | 85,008,908 | |
NORTH AMERICA — 9.78% | ||
Canada — 6.88% | ||
Aritzia, Inc. * | 110,400 | 3,048,215 |
Boardwalk REIT | 50,974 | 2,938,282 |
Celestica, Inc. * | 78,700 | 3,535,995 |
Element Fleet Management Corp. | 179,700 | 2,904,015 |
Kinaxis, Inc. * | 19,411 | 2,206,854 |
NexGen Energy Ltd. * | 148,800 | 1,156,741 |
Xenon Pharmaceuticals, Inc. 2,* | 17,491 | 752,988 |
16,543,090 |
Shares, Principal Amount, or Number of Contracts | Value | |
Mexico — 2.18% | ||
Alsea SAB de CV * | 291,300 | $1,436,338 |
GCC SAB de CV | 180,686 | 2,150,045 |
Gruma SAB de CV - B | 88,910 | 1,662,623 |
5,249,006 | ||
United States — 0.72% | ||
Samsonite International SA 1,* | 453,300 | 1,717,495 |
Total NORTH AMERICA (Cost $18,158,339) | 23,509,591 | |
SOUTH AMERICA — 2.12% | ||
Brazil — 2.12% | ||
Direcional Engenharia SA | 479,012 | 2,438,325 |
Embraer SA - SP ADR 2,* | 99,719 | 2,656,514 |
5,094,839 | ||
Total SOUTH AMERICA (Cost $3,272,354) | 5,094,839 | |
MIDDLE EAST — 1.38% | ||
Israel — 1.38% | ||
Camtek Ltd. 2,* | 12,446 | 1,042,602 |
Nice Ltd. - SP ADR 2,* | 8,749 | 2,280,164 |
3,322,766 | ||
Total MIDDLE EAST (Cost $2,336,910) | 3,322,766 | |
AFRICA — 0.63% | ||
South Africa — 0.63% | ||
Mr Price Group Ltd. | 166,034 | 1,521,989 |
Total AFRICA (Cost $1,502,082) | 1,521,989 | |
Total COMMON STOCKS (Cost $190,333,417) | 231,214,239 | |
PREFERRED STOCKS — 1.14% | ||
EUROPE — 1.14% | ||
Germany — 1.14% | ||
FUCHS SE, 2.42% 3 | 55,124 | 2,731,016 |
Total EUROPE (Cost $2,013,550) | 2,731,016 | |
Total PREFERRED STOCKS (Cost $2,013,550) | 2,731,016 |
Notes to Schedule of Investments are an integral part of this Schedule.
9
Driehaus International Small Cap Growth Fund
Schedule of Investments
March 31, 2024 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | ||
SHORT TERM INVESTMENTS — 3.56% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 5.20% 4 (Cost $8,553,846) | 8,553,846 | $8,553,846 | |
TOTAL INVESTMENTS (Cost $200,900,813) | 100.91% | $242,499,101 | |
Liabilities in Excess of Other Assets | (0.91)% | (2,189,735) | |
Net Assets | 100.00% | $240,309,366 |
CDI | CREST Depository Interest |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
SP ADR | Sponsored American Depositary Receipt |
1 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $16,010,505, which represents 7% 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, 2024 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.
10
Driehaus Micro Cap Growth Fund
Schedule of Investments
March 31, 2024 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 99.36% | ||
HEALTH CARE — 29.17% | ||
Biotechnology — 20.39% | ||
ADMA Biologics, Inc. * | 302,362 | $1,995,589 |
Aerovate Therapeutics, Inc. * | 20,848 | 616,475 |
Apogee Therapeutics, Inc. * | 73,348 | 4,873,975 |
Astria Therapeutics, Inc. * | 188,104 | 2,647,564 |
Autolus Therapeutics PLC - ADR 1,* | 87,408 | 557,663 |
Biohaven Ltd. * | 29,956 | 1,638,294 |
Biomea Fusion, Inc. * | 57,932 | 866,083 |
Centessa Pharmaceuticals PLC - ADR 1,* | 100,805 | 1,139,096 |
CG oncology, Inc. * | 13,979 | 613,678 |
Crinetics Pharmaceuticals, Inc. * | 162,835 | 7,622,306 |
Day One Biopharmaceuticals, Inc. * | 92,961 | 1,535,716 |
Ideaya Biosciences, Inc. * | 57,129 | 2,506,821 |
Janux Therapeutics, Inc. * | 24,703 | 930,068 |
KalVista Pharmaceuticals, Inc. * | 69,983 | 829,998 |
Kiniksa Pharmaceuticals Ltd. - A * | 80,471 | 1,587,693 |
Larimar Therapeutics, Inc. * | 89,792 | 681,521 |
Merus NV 1,* | 61,320 | 2,761,240 |
Nuvalent, Inc. - A * | 30,013 | 2,253,676 |
Praxis Precision Medicines, Inc. * | 21,639 | 1,320,412 |
Protagonist Therapeutics, Inc. * | 44,570 | 1,289,410 |
Rhythm Pharmaceuticals, Inc. * | 92,655 | 4,014,741 |
Twist Bioscience Corp. * | 30,822 | 1,057,503 |
Vaxcyte, Inc. * | 51,462 | 3,515,369 |
Vera Therapeutics, Inc. * | 25,615 | 1,104,519 |
Xenon Pharmaceuticals, Inc. 1,* | 114,524 | 4,930,258 |
52,889,668 | ||
Health Care Equipment & Supplies — 5.37% | ||
Alphatec Holdings, Inc. * | 159,337 | 2,197,257 |
LeMaitre Vascular, Inc. | 22,452 | 1,489,915 |
PROCEPT BioRobotics Corp. * | 35,872 | 1,772,794 |
RxSight, Inc. * | 52,206 | 2,692,786 |
Tandem Diabetes Care, Inc. * | 83,703 | 2,963,923 |
TransMedics Group, Inc. * | 37,863 | 2,799,590 |
13,916,265 | ||
Pharmaceuticals — 3.41% | ||
Avadel Pharmaceuticals PLC - ADR 1,* | 61,470 | 1,038,229 |
Edgewise Therapeutics, Inc. * | 89,567 | 1,633,702 |
Longboard Pharmaceuticals, Inc. * | 25,327 | 547,063 |
Mind Medicine MindMed, Inc. 1,* | 132,088 | 1,241,627 |
Shares, Principal Amount, or Number of Contracts | Value | |
Structure Therapeutics, Inc. - ADR 1,* | 84,684 | $3,629,556 |
Tarsus Pharmaceuticals, Inc. * | 20,825 | 756,989 |
8,847,166 | ||
Total HEALTH CARE (Cost $46,592,761) | 75,653,099 | |
INDUSTRIALS — 21.68% | ||
Machinery — 5.53% | ||
Blue Bird Corp. * | 108,170 | 4,147,238 |
Federal Signal Corp. | 29,373 | 2,492,886 |
REV Group, Inc. | 146,362 | 3,233,137 |
The Greenbrier Cos., Inc. | 36,051 | 1,878,257 |
Wabash National Corp. | 86,306 | 2,584,002 |
14,335,520 | ||
Construction & Engineering — 4.19% | ||
Bowman Consulting Group Ltd. * | 36,282 | 1,262,251 |
Construction Partners, Inc. - A * | 39,075 | 2,194,061 |
MYR Group, Inc. * | 15,734 | 2,780,985 |
Sterling Infrastructure, Inc. * | 41,978 | 4,630,593 |
10,867,890 | ||
Trading Companies & Distributors — 3.73% | ||
FTAI Aviation Ltd. | 84,973 | 5,718,683 |
H&E Equipment Services, Inc. | 38,498 | 2,470,801 |
Hudson Technologies, Inc. * | 135,286 | 1,489,499 |
9,678,983 | ||
Aerospace & Defense — 2.56% | ||
AeroVironment, Inc. * | 14,279 | 2,188,685 |
Cadre Holdings, Inc. | 53,020 | 1,919,324 |
Kratos Defense & Security Solutions, Inc. * | 107,725 | 1,979,985 |
Triumph Group, Inc. * | 35,797 | 538,387 |
6,626,381 | ||
Commercial Services & Supplies — 2.09% | ||
ACV Auctions, Inc. - A * | 107,679 | 2,021,135 |
CECO Environmental Corp. * | 55,173 | 1,270,082 |
Montrose Environmental Group, Inc. * | 42,123 | 1,649,958 |
Performant Financial Corp. * | 166,407 | 489,237 |
5,430,412 | ||
Ground Transportation — 1.30% | ||
ArcBest Corp. | 23,653 | 3,370,552 |
Building Products — 0.93% | ||
Gibraltar Industries, Inc. * | 30,077 | 2,422,101 |
Electrical Equipment — 0.88% | ||
American Superconductor Corp. * | 120,417 | 1,626,834 |
Enovix Corp. * | 82,404 | 660,056 |
2,286,890 |
Notes to Schedule of Investments are an integral part of this Schedule.
11
Driehaus Micro Cap Growth Fund
Schedule of Investments
March 31, 2024 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Professional Services — 0.47% | ||
Huron Consulting Group, Inc. * | 12,635 | $1,220,794 |
Total INDUSTRIALS (Cost $40,778,056) | 56,239,523 | |
INFORMATION TECHNOLOGY — 13.79% | ||
Semiconductors & Semiconductor Equipment — 5.27% | ||
Camtek Ltd. 1,* | 69,221 | 5,798,643 |
Credo Technology Group Holding Ltd. * | 150,725 | 3,193,863 |
SkyWater Technology, Inc. * | 163,152 | 1,659,256 |
Veeco Instruments, Inc. * | 85,948 | 3,022,791 |
13,674,553 | ||
Software — 3.28% | ||
Agilysys, Inc. * | 18,937 | 1,595,632 |
Alkami Technology, Inc. * | 90,335 | 2,219,531 |
Cleanspark, Inc. * | 58,948 | 1,250,287 |
PROS Holdings, Inc. * | 46,013 | 1,671,652 |
SilverSun Technologies, Inc. | 25,049 | 330,396 |
Weave Communications, Inc. * | 125,116 | 1,436,332 |
8,503,830 | ||
IT Services — 1.90% | ||
Backblaze, Inc. - A * | 94,669 | 968,464 |
Couchbase, Inc. * | 110,334 | 2,902,888 |
Grid Dynamics Holdings, Inc. * | 86,167 | 1,058,992 |
4,930,344 | ||
Electronic Equipment, Instruments & Components — 1.89% | ||
Arlo Technologies, Inc. * | 387,566 | 4,902,710 |
Communications Equipment — 1.45% | ||
Applied Optoelectronics, Inc. * | 216,224 | 2,996,865 |
Aviat Networks, Inc. * | 19,572 | 750,390 |
3,747,255 | ||
Total INFORMATION TECHNOLOGY (Cost $28,762,006) | 35,758,692 | |
CONSUMER DISCRETIONARY — 13.63% | ||
Hotels, Restaurants & Leisure — 3.01% | ||
First Watch Restaurant Group, Inc. * | 77,123 | 1,898,768 |
Genius Sports Ltd. 1,* | 142,160 | 811,734 |
Kura Sushi USA, Inc. - A * | 36,311 | 4,181,575 |
Sweetgreen, Inc. - A * | 36,778 | 929,012 |
7,821,089 | ||
Household Durables — 2.89% | ||
Beazer Homes USA, Inc. * | 59,034 | 1,936,315 |
Century Communities, Inc. | 20,282 | 1,957,213 |
Installed Building Products, Inc. | 10,245 | 2,650,689 |
Shares, Principal Amount, or Number of Contracts | Value | |
Smith Douglas Homes Corp. * | 31,780 | $943,866 |
7,488,083 | ||
Diversified Consumer Services — 2.76% | ||
Adtalem Global Education, Inc. * | 15,676 | 805,746 |
OneSpaWorld Holdings Ltd. 1,* | 227,594 | 3,011,069 |
Stride, Inc. * | 53,118 | 3,349,090 |
7,165,905 | ||
Automobile Components — 2.64% | ||
Modine Manufacturing Co. * | 71,963 | 6,850,158 |
Specialty Retail — 2.33% | ||
Abercrombie & Fitch Co. - A * | 10,251 | 1,284,758 |
Arhaus, Inc. | 145,796 | 2,243,801 |
National Vision Holdings, Inc. * | 68,690 | 1,522,170 |
Warby Parker, Inc. - A * | 72,546 | 987,351 |
6,038,080 | ||
Total CONSUMER DISCRETIONARY (Cost $22,630,289) | 35,363,315 | |
FINANCIALS — 9.47% | ||
Insurance — 6.10% | ||
HCI Group, Inc. | 40,443 | 4,694,623 |
Heritage Insurance Holdings, Inc. * | 209,078 | 2,226,681 |
Mercury General Corp. | 62,491 | 3,224,536 |
Palomar Holdings, Inc. * | 33,148 | 2,778,797 |
Skyward Specialty Insurance Group, Inc. * | 77,752 | 2,908,702 |
15,833,339 | ||
Banks — 1.90% | ||
Customers Bancorp, Inc. * | 48,091 | 2,551,708 |
Live Oak Bancshares, Inc. | 18,429 | 764,988 |
Triumph Financial, Inc. * | 20,178 | 1,600,519 |
4,917,215 | ||
Capital Markets — 0.64% | ||
PJT Partners, Inc. - A | 17,564 | 1,655,582 |
Consumer Finance — 0.44% | ||
Moneylion, Inc. * | 16,178 | 1,153,815 |
Financial Services — 0.39% | ||
Remitly Global, Inc. * | 48,616 | 1,008,296 |
Total FINANCIALS (Cost $19,130,909) | 24,568,247 | |
ENERGY — 4.21% | ||
Oil, Gas & Consumable Fuels — 2.27% | ||
Gulfport Energy Corp. * | 12,381 | 1,982,446 |
Uranium Energy Corp. * | 577,874 | 3,900,649 |
5,883,095 |
Notes to Schedule of Investments are an integral part of this Schedule.
12
Driehaus Micro Cap Growth Fund
Schedule of Investments
March 31, 2024 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Energy Equipment & Services — 1.94% | ||
Atlas Energy Solutions, Inc. | 79,761 | $1,804,194 |
Tidewater, Inc. * | 35,202 | 3,238,584 |
5,042,778 | ||
Total ENERGY (Cost $8,182,739) | 10,925,873 | |
COMMUNICATION SERVICES — 3.20% | ||
Interactive Media & Services — 2.48% | ||
EverQuote, Inc. - A * | 166,321 | 3,086,918 |
MediaAlpha, Inc. - A * | 60,281 | 1,227,924 |
QuinStreet, Inc. * | 120,025 | 2,119,641 |
6,434,483 | ||
Media — 0.72% | ||
Cardlytics, Inc. * | 57,897 | 838,928 |
Gambling.com Group Ltd. 1,* | 112,891 | 1,030,695 |
1,869,623 | ||
Total COMMUNICATION SERVICES (Cost $6,600,950) | 8,304,106 | |
MATERIALS — 2.17% | ||
Construction Materials — 1.04% | ||
Knife River Corp. * | 33,332 | 2,702,558 |
Chemicals — 0.82% | ||
Aspen Aerogels, Inc. * | 120,995 | 2,129,512 |
Containers & Packaging — 0.31% | ||
Ranpak Holdings Corp. * | 101,301 | 797,239 |
Total MATERIALS (Cost $3,701,341) | 5,629,309 | |
CONSUMER STAPLES — 2.04% | ||
Food Products — 0.80% | ||
Vital Farms, Inc. * | 89,036 | 2,070,087 |
Personal Care Products — 0.70% | ||
elf Beauty, Inc. * | 9,258 | 1,814,846 |
Beverages — 0.54% | ||
Celsius Holdings, Inc. * | 16,859 | 1,397,948 |
Total CONSUMER STAPLES (Cost $1,945,119) | 5,282,881 | |
Total COMMON STOCKS (Cost $178,324,170) | 257,725,045 |
Shares, Principal Amount, or Number of Contracts | Value | ||
SHORT TERM INVESTMENTS — 1.15% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 5.20% 2 (Cost $2,985,258) | 2,985,258 | $2,985,258 | |
TOTAL INVESTMENTS (Cost $181,309,428) | 100.51% | $260,710,303 | |
Liabilities In Excess of Other Assets | (0.51)% | (1,316,847) | |
Net Assets | 100.00% | $259,393,456 |
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, 2024 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.
13
Driehaus Small Cap Growth Fund
Schedule of Investments
March 31, 2024 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 99.23% | ||
INDUSTRIALS — 25.81% | ||
Trading Companies & Distributors — 6.14% | ||
Applied Industrial Technologies, Inc. | 46,558 | $9,197,533 |
Boise Cascade Co. | 43,678 | 6,698,895 |
Core & Main, Inc. - A * | 160,811 | 9,206,430 |
FTAI Aviation Ltd. | 218,245 | 14,687,888 |
Herc Holdings, Inc. | 41,485 | 6,981,926 |
46,772,672 | ||
Aerospace & Defense — 4.18% | ||
Axon Enterprise, Inc. * | 48,965 | 15,320,169 |
Curtiss-Wright Corp. | 21,753 | 5,567,463 |
Leonardo DRS, Inc. * | 303,436 | 6,702,901 |
Moog, Inc. - A | 26,510 | 4,232,322 |
31,822,855 | ||
Construction & Engineering — 4.06% | ||
API Group Corp. * | 214,591 | 8,426,988 |
Arcosa, Inc. | 40,024 | 3,436,461 |
Comfort Systems USA, Inc. | 23,100 | 7,339,101 |
EMCOR Group, Inc. | 10,805 | 3,783,911 |
Fluor Corp. * | 103,391 | 4,371,371 |
Sterling Infrastructure, Inc. * | 32,457 | 3,580,332 |
30,938,164 | ||
Machinery — 3.06% | ||
Crane Co. | 54,282 | 7,335,127 |
Federal Signal Corp. | 93,130 | 7,903,943 |
SPX Technologies, Inc. * | 65,717 | 8,091,734 |
23,330,804 | ||
Building Products — 2.80% | ||
AAON, Inc. | 75,218 | 6,626,706 |
Simpson Manufacturing Co., Inc. | 24,103 | 4,945,454 |
The AZEK Co., Inc. * | 92,070 | 4,623,755 |
Zurn Elkay Water Solutions Corp. | 154,835 | 5,182,327 |
21,378,242 | ||
Ground Transportation — 2.24% | ||
Saia, Inc. * | 29,233 | 17,101,305 |
Commercial Services & Supplies — 1.71% | ||
MSA Safety, Inc. | 24,576 | 4,757,668 |
Tetra Tech, Inc. | 44,767 | 8,268,912 |
13,026,580 | ||
Electrical Equipment — 1.12% | ||
Enovix Corp. * | 248,109 | 1,987,353 |
NEXTracker, Inc. - A * | 116,187 | 6,537,843 |
8,525,196 |
Shares, Principal Amount, or Number of Contracts | Value | |
Professional Services — 0.50% | ||
Korn Ferry | 57,721 | $3,795,733 |
Total INDUSTRIALS (Cost $133,022,438) | 196,691,551 | |
HEALTH CARE — 19.95% | ||
Biotechnology — 12.82% | ||
Apellis Pharmaceuticals, Inc. * | 66,806 | 3,926,857 |
Apogee Therapeutics, Inc. * | 165,898 | 11,023,922 |
Biomea Fusion, Inc. * | 156,956 | 2,346,492 |
Blueprint Medicines Corp. * | 37,516 | 3,558,768 |
Crinetics Pharmaceuticals, Inc. * | 321,206 | 15,035,653 |
Iovance Biotherapeutics, Inc. * | 135,303 | 2,005,190 |
Krystal Biotech, Inc. * | 23,200 | 4,127,976 |
Madrigal Pharmaceuticals, Inc. * | 10,676 | 2,850,919 |
Merus NV 1,* | 143,586 | 6,465,678 |
Natera, Inc. * | 123,395 | 11,285,707 |
Nuvalent, Inc. - A * | 71,650 | 5,380,198 |
Ultragenyx Pharmaceutical, Inc. * | 81,939 | 3,825,732 |
Vaxcyte, Inc. * | 198,455 | 13,556,461 |
Xenon Pharmaceuticals, Inc. 1,* | 287,057 | 12,357,804 |
97,747,357 | ||
Health Care Equipment & Supplies — 5.16% | ||
Alphatec Holdings, Inc. * | 296,057 | 4,082,626 |
Glaukos Corp. * | 80,362 | 7,577,333 |
Inspire Medical Systems, Inc. * | 18,414 | 3,955,143 |
Integer Holdings Corp. * | 45,741 | 5,337,060 |
LivaNova PLC 1,* | 69,529 | 3,889,452 |
Tandem Diabetes Care, Inc. * | 141,021 | 4,993,553 |
TransMedics Group, Inc. * | 128,454 | 9,497,889 |
39,333,056 | ||
Pharmaceuticals — 1.33% | ||
Axsome Therapeutics, Inc. * | 43,090 | 3,438,582 |
Structure Therapeutics, Inc. - ADR 1,* | 156,354 | 6,701,332 |
10,139,914 | ||
Health Care Providers & Services — 0.64% | ||
Hims & Hers Health, Inc. * | 313,840 | 4,855,105 |
Total HEALTH CARE (Cost $114,436,069) | 152,075,432 | |
INFORMATION TECHNOLOGY — 18.84% | ||
Software — 7.51% | ||
Appfolio, Inc. - A * | 27,714 | 6,838,152 |
Braze, Inc. - A * | 77,941 | 3,452,786 |
CyberArk Software Ltd. 1,* | 45,612 | 12,115,916 |
Elastic NV 1,* | 58,352 | 5,849,205 |
Gitlab, Inc. - A * | 104,107 | 6,071,520 |
Monday.com Ltd. 1,* | 71,578 | 16,167,323 |
Notes to Schedule of Investments are an integral part of this Schedule.
14
Driehaus Small Cap Growth Fund
Schedule of Investments
March 31, 2024 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Nutanix, Inc. - A * | 36,040 | $2,224,389 |
SentinelOne, Inc. - A * | 194,730 | 4,539,156 |
57,258,447 | ||
Semiconductors & Semiconductor Equipment — 4.71% | ||
Camtek Ltd. 1,* | 180,772 | 15,143,270 |
Credo Technology Group Holding Ltd. * | 360,771 | 7,644,737 |
Onto Innovation, Inc. * | 72,409 | 13,111,822 |
35,899,829 | ||
Technology Hardware, Storage & Peripherals — 4.61% | ||
Super Micro Computer, Inc. * | 34,793 | 35,141,974 |
Electronic Equipment, Instruments & Components — 1.34% | ||
Badger Meter, Inc. | 16,279 | 2,634,105 |
Coherent Corp. * | 60,229 | 3,651,082 |
Fabrinet 1,* | 20,635 | 3,900,428 |
10,185,615 | ||
Communications Equipment — 0.67% | ||
Applied Optoelectronics, Inc. * | 367,233 | 5,089,849 |
Total INFORMATION TECHNOLOGY (Cost $94,732,054) | 143,575,714 | |
CONSUMER DISCRETIONARY — 9.99% | ||
Hotels, Restaurants & Leisure — 3.83% | ||
Cava Group, Inc. * | 101,556 | 7,113,998 |
Dutch Bros, Inc. - A * | 292,230 | 9,643,590 |
Krispy Kreme, Inc. | 113,063 | 1,722,515 |
Sweetgreen, Inc. - A * | 110,727 | 2,796,964 |
Wingstop, Inc. | 21,581 | 7,907,278 |
29,184,345 | ||
Household Durables — 2.00% | ||
Installed Building Products, Inc. | 26,195 | 6,777,432 |
Meritage Homes Corp. | 23,086 | 4,050,670 |
Skyline Champion Corp. * | 52,190 | 4,436,672 |
15,264,774 | ||
Specialty Retail — 1.89% | ||
American Eagle Outfitters, Inc. | 242,176 | 6,245,719 |
Carvana Co. * | 34,392 | 3,023,401 |
National Vision Holdings, Inc. * | 232,747 | 5,157,673 |
14,426,793 | ||
Diversified Consumer Services — 1.55% | ||
Duolingo, Inc. * | 36,871 | 8,133,005 |
Grand Canyon Education, Inc. * | 26,725 | 3,640,212 |
11,773,217 | ||
Automobile Components — 0.72% | ||
Modine Manufacturing Co. * | 57,520 | 5,475,329 |
Total CONSUMER DISCRETIONARY (Cost $56,738,059) | 76,124,458 |
Shares, Principal Amount, or Number of Contracts | Value | |
ENERGY — 8.42% | ||
Oil, Gas & Consumable Fuels — 4.87% | ||
Cameco Corp. 1 | 326,407 | $14,139,951 |
Matador Resources Co. | 141,365 | 9,438,941 |
Permian Resources Corp. | 395,392 | 6,982,623 |
Uranium Energy Corp. * | 965,494 | 6,517,085 |
37,078,600 | ||
Energy Equipment & Services — 3.55% | ||
TechnipFMC PLC 1 | 395,478 | 9,930,453 |
Tidewater, Inc. * | 81,222 | 7,472,424 |
Weatherford International PLC 1,* | 83,644 | 9,654,190 |
27,057,067 | ||
Total ENERGY (Cost $49,338,865) | 64,135,667 | |
FINANCIALS — 7.12% | ||
Insurance — 4.68% | ||
BRP Group, Inc. - A * | 127,608 | 3,692,976 |
HCI Group, Inc. | 76,379 | 8,866,074 |
Kemper Corp. | 138,873 | 8,599,016 |
Kinsale Capital Group, Inc. | 13,370 | 7,015,774 |
Oscar Health, Inc. - A * | 175,083 | 2,603,484 |
Skyward Specialty Insurance Group, Inc. * | 131,047 | 4,902,468 |
35,679,792 | ||
Financial Services — 0.83% | ||
Flywire Corp. * | 168,105 | 4,170,685 |
Remitly Global, Inc. * | 102,330 | 2,122,324 |
6,293,009 | ||
Banks — 0.82% | ||
Customers Bancorp, Inc. * | 48,478 | 2,572,243 |
Western Alliance Bancorp | 57,893 | 3,716,151 |
6,288,394 | ||
Capital Markets — 0.79% | ||
Evercore, Inc. - A | 31,282 | 6,024,601 |
Total FINANCIALS (Cost $45,366,384) | 54,285,796 | |
CONSUMER STAPLES — 7.05% | ||
Personal Care Products — 4.12% | ||
BellRing Brands, Inc. * | 261,091 | 15,412,202 |
elf Beauty, Inc. * | 61,848 | 12,124,063 |
Inter Parfums, Inc. | 27,763 | 3,900,979 |
31,437,244 | ||
Food Products — 1.13% | ||
Freshpet, Inc. * | 74,200 | 8,596,812 |
Beverages — 1.03% | ||
Celsius Holdings, Inc. * | 94,778 | 7,858,992 |
Notes to Schedule of Investments are an integral part of this Schedule.
15
Driehaus Small Cap Growth Fund
Schedule of Investments
March 31, 2024 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | ||
Consumer Staples Distribution & Retail — 0.77% | |||
Sprouts Farmers Market, Inc. * | 90,852 | $5,858,137 | |
Total CONSUMER STAPLES (Cost $28,014,221) | 53,751,185 | ||
MATERIALS — 1.58% | |||
Construction Materials — 0.97% | |||
Knife River Corp. * | 91,726 | 7,437,144 | |
Chemicals — 0.61% | |||
Tronox Holdings PLC 1 | 266,265 | 4,619,698 | |
Total MATERIALS (Cost $10,758,227) | 12,056,842 | ||
COMMUNICATION SERVICES — 0.47% | |||
Interactive Media & Services — 0.47% | |||
EverQuote, Inc. - A * | 122,320 | 2,270,259 | |
QuinStreet, Inc. * | 74,931 | 1,323,282 | |
3,593,541 | |||
Total COMMUNICATION SERVICES (Cost $3,523,481) | 3,593,541 | ||
Total COMMON STOCKS (Cost $535,929,798) | 756,290,186 | ||
SHORT TERM INVESTMENTS — 1.47% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 5.20% 2 (Cost $11,257,741) | 11,257,741 | 11,257,741 | |
TOTAL INVESTMENTS (Cost $547,187,539) | 100.70% | $767,547,927 | |
Liabilities In Excess of Other Assets | (0.70)% | (5,368,972) | |
Net Assets | 100.00% | $762,178,955 |
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, 2024 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.
16
Driehaus Small/Mid Cap Growth Fund
Schedule of Investments
March 31, 2024 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 99.54% | ||
INDUSTRIALS — 30.12% | ||
Aerospace & Defense — 7.26% | ||
Axon Enterprise, Inc. * | 4,562 | $1,427,359 |
Curtiss-Wright Corp. | 2,512 | 642,921 |
HEICO Corp. | 2,885 | 551,035 |
Howmet Aerospace, Inc. | 8,364 | 572,349 |
Leonardo DRS, Inc. * | 26,035 | 575,113 |
3,768,777 | ||
Building Products — 5.44% | ||
Advanced Drainage Systems, Inc. | 6,279 | 1,081,495 |
Builders FirstSource, Inc. * | 2,758 | 575,181 |
Carlisle Cos., Inc. | 953 | 373,433 |
The AZEK Co., Inc. * | 6,255 | 314,126 |
Zurn Elkay Water Solutions Corp. | 14,278 | 477,885 |
2,822,120 | ||
Machinery — 4.37% | ||
Chart Industries, Inc. * | 1,003 | 165,214 |
Crane Co. | 3,382 | 457,010 |
Oshkosh Corp. | 7,595 | 947,172 |
Symbotic, Inc. * | 5,299 | 238,455 |
Xylem, Inc. | 3,574 | 461,904 |
2,269,755 | ||
Ground Transportation — 3.78% | ||
Saia, Inc. * | 2,018 | 1,180,530 |
XPO, Inc. * | 6,384 | 779,040 |
1,959,570 | ||
Trading Companies & Distributors — 2.60% | ||
Core & Main, Inc. - A * | 12,048 | 689,748 |
FTAI Aviation Ltd. | 7,650 | 514,845 |
SiteOne Landscape Supply, Inc. * | 839 | 146,447 |
1,351,040 | ||
Commercial Services & Supplies — 2.52% | ||
Clean Harbors, Inc. * | 2,587 | 520,789 |
MSA Safety, Inc. | 2,242 | 434,029 |
Tetra Tech, Inc. | 1,905 | 351,872 |
1,306,690 | ||
Electrical Equipment — 2.08% | ||
Enovix Corp. * | 13,796 | 110,506 |
NEXTracker, Inc. - A * | 4,597 | 258,673 |
Vertiv Holdings Co. - A | 8,697 | 710,284 |
1,079,463 | ||
Construction & Engineering — 2.07% | ||
Comfort Systems USA, Inc. | 854 | 271,324 |
EMCOR Group, Inc. | 807 | 282,611 |
Shares, Principal Amount, or Number of Contracts | Value | |
Quanta Services, Inc. | 1,993 | $517,782 |
1,071,717 | ||
Total INDUSTRIALS (Cost $12,272,027) | 15,629,132 | |
INFORMATION TECHNOLOGY — 21.21% | ||
Software — 10.57% | ||
Appfolio, Inc. - A * | 1,564 | 385,901 |
Braze, Inc. - A * | 3,872 | 171,530 |
CyberArk Software Ltd. 1,* | 3,711 | 985,753 |
Dynatrace, Inc. * | 5,585 | 259,367 |
Elastic NV * | 4,989 | 500,097 |
Fair Isaac Corp. * | 372 | 464,855 |
Gitlab, Inc. - A * | 12,075 | 704,214 |
Monday.com Ltd. 1,* | 4,409 | 995,861 |
Nutanix, Inc. - A * | 11,495 | 709,471 |
SentinelOne, Inc. - A * | 13,286 | 309,697 |
5,486,746 | ||
Technology Hardware, Storage & Peripherals — 4.66% | ||
Super Micro Computer, Inc. * | 2,391 | 2,414,982 |
Semiconductors & Semiconductor Equipment — 4.22% | ||
Camtek Ltd. 1,* | 11,534 | 966,203 |
Credo Technology Group Holding Ltd. * | 19,663 | 416,659 |
Onto Innovation, Inc. * | 4,456 | 806,893 |
2,189,755 | ||
Communications Equipment — 0.89% | ||
Arista Networks, Inc. * | 1,591 | 461,358 |
IT Services — 0.49% | ||
MongoDB, Inc. * | 709 | 254,276 |
Electronic Equipment, Instruments & Components — 0.38% | ||
Coherent Corp. * | 3,276 | 198,591 |
Total INFORMATION TECHNOLOGY (Cost $8,597,240) | 11,005,708 | |
HEALTH CARE — 14.08% | ||
Biotechnology — 9.77% | ||
Apellis Pharmaceuticals, Inc. * | 4,585 | 269,506 |
Apogee Therapeutics, Inc. * | 4,668 | 310,189 |
Argenx SE - ADR 1,* | 412 | 162,213 |
Ascendis Pharma A/S - ADR 1,* | 2,477 | 374,448 |
Crinetics Pharmaceuticals, Inc. * | 20,556 | 962,226 |
Incyte Corp. * | 4,194 | 238,932 |
Natera, Inc. * | 9,516 | 870,333 |
Neurocrine Biosciences, Inc. * | 1,768 | 243,843 |
Nuvalent, Inc. - A * | 2,485 | 186,599 |
Vaxcyte, Inc. * | 10,891 | 743,964 |
Xenon Pharmaceuticals, Inc. 1,* | 16,410 | 706,450 |
5,068,703 |
Notes to Schedule of Investments are an integral part of this Schedule.
17
Driehaus Small/Mid Cap Growth Fund
Schedule of Investments
March 31, 2024 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Health Care Equipment & Supplies — 2.72% | ||
Glaukos Corp. * | 6,572 | $619,674 |
Inspire Medical Systems, Inc. * | 1,368 | 293,833 |
TransMedics Group, Inc. * | 6,725 | 497,246 |
1,410,753 | ||
Pharmaceuticals — 1.02% | ||
Structure Therapeutics, Inc. - ADR 1,* | 12,404 | 531,635 |
Life Sciences Tools & Services — 0.57% | ||
ICON PLC 1,* | 890 | 298,996 |
Total HEALTH CARE (Cost $6,594,693) | 7,310,087 | |
CONSUMER DISCRETIONARY — 11.61% | ||
Hotels, Restaurants & Leisure — 4.61% | ||
Domino's Pizza, Inc. | 1,215 | 603,709 |
DraftKings, Inc. - A * | 11,448 | 519,854 |
Dutch Bros, Inc. - A * | 15,661 | 516,813 |
Wingstop, Inc. | 2,054 | 752,586 |
2,392,962 | ||
Specialty Retail — 2.16% | ||
American Eagle Outfitters, Inc. | 10,801 | 278,558 |
Carvana Co. * | 2,352 | 206,764 |
Murphy USA, Inc. | 635 | 266,192 |
The Gap, Inc. | 13,360 | 368,068 |
1,119,582 | ||
Textiles, Apparel & Luxury Goods — 2.03% | ||
Deckers Outdoor Corp. * | 1,121 | 1,055,152 |
Household Durables — 1.40% | ||
TopBuild Corp. * | 1,646 | 725,442 |
Diversified Consumer Services — 1.04% | ||
Duolingo, Inc. * | 2,442 | 538,656 |
Broadline Retail — 0.37% | ||
Ollie's Bargain Outlet Holdings, Inc. * | 2,410 | 191,764 |
Total CONSUMER DISCRETIONARY (Cost $4,634,383) | 6,023,558 | |
ENERGY — 7.25% | ||
Oil, Gas & Consumable Fuels — 5.31% | ||
Cameco Corp. 1 | 25,412 | 1,100,848 |
Diamondback Energy, Inc. | 2,540 | 503,352 |
NexGen Energy Ltd. 1,* | 75,922 | 589,914 |
Permian Resources Corp. | 31,867 | 562,771 |
2,756,885 | ||
Energy Equipment & Services — 1.94% | ||
TechnipFMC PLC 1 | 29,449 | 739,464 |
Shares, Principal Amount, or Number of Contracts | Value | |
Weatherford International PLC 1,* | 2,293 | $264,658 |
1,004,122 | ||
Total ENERGY (Cost $3,334,314) | 3,761,007 | |
CONSUMER STAPLES — 6.38% | ||
Personal Care Products — 3.05% | ||
BellRing Brands, Inc. * | 17,930 | 1,058,408 |
elf Beauty, Inc. * | 2,673 | 523,988 |
1,582,396 | ||
Beverages — 1.31% | ||
Celsius Holdings, Inc. * | 8,195 | 679,529 |
Food Products — 1.25% | ||
Freshpet, Inc. * | 5,608 | 649,743 |
Consumer Staples Distribution & Retail — 0.77% | ||
Sprouts Farmers Market, Inc. * | 6,177 | 398,293 |
Total CONSUMER STAPLES (Cost $2,418,137) | 3,309,961 | |
FINANCIALS — 5.97% | ||
Capital Markets — 2.89% | ||
Evercore, Inc. - A | 1,376 | 265,004 |
Houlihan Lokey, Inc. | 3,645 | 467,252 |
Tradeweb Markets, Inc. - A | 7,388 | 769,608 |
1,501,864 | ||
Insurance — 2.63% | ||
Kemper Corp. | 9,526 | 589,850 |
Kinsale Capital Group, Inc. | 623 | 326,913 |
W. R. Berkley Corp. | 5,067 | 448,126 |
1,364,889 | ||
Banks — 0.45% | ||
Western Alliance Bancorp | 3,610 | 231,726 |
Total FINANCIALS (Cost $2,719,390) | 3,098,479 | |
MATERIALS — 2.32% | ||
Metals & Mining — 1.03% | ||
Teck Resources Ltd. - B 1 | 11,701 | 535,672 |
Chemicals — 0.73% | ||
The Scotts Miracle-Gro Co. | 5,079 | 378,843 |
Construction Materials — 0.56% | ||
Eagle Materials, Inc. | 1,062 | 288,598 |
Total MATERIALS (Cost $1,107,831) | 1,203,113 |
Notes to Schedule of Investments are an integral part of this Schedule.
18
Driehaus Small/Mid Cap Growth Fund
Schedule of Investments
March 31, 2024 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | ||
COMMUNICATION SERVICES — 0.60% | |||
Interactive Media & Services — 0.60% | |||
Pinterest, Inc. - A * | 8,959 | $310,608 | |
Total COMMUNICATION SERVICES (Cost $260,699) | 310,608 | ||
Total COMMON STOCKS (Cost $41,938,714) | 51,651,653 | ||
SHORT TERM INVESTMENTS — 0.76% | |||
Northern Institutional Government Portfolio (Shares Class), 5.13% 2 (Cost $393,835) | 393,835 | 393,835 | |
TOTAL INVESTMENTS (Cost $42,332,549) | 100.30% | $52,045,488 | |
Liabilities In Excess of Other Assets | (0.30)% | (155,005) | |
Net Assets | 100.00% | $51,890,483 |
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, 2024 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.
19
Driehaus Event Driven Fund
Schedule of Investments
March 31, 2024 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
BANK LOANS — 4.02% | ||
Leisure Products — 2.64% | ||
Majordrive Holdings IV LLC, Initial Term Loan 6/1/28 1,2 | $2,718,000 | $2,720,718 |
Recess Holdings, Inc., Amendment No. 3 Term Loan 9.84%, (3-Month USD CME Term SOFR+450 basis points), 2/20/30 1 | 2,984,000 | 2,993,340 |
5,714,058 | ||
Telecommunications — 1.38% | ||
Crown Subsea Communications Holding, Inc., Initial Term 10.07%, (3-Month USD CME Term SOFR+475 basis points), 1/30/31 1 | 2,982,000 | 2,996,910 |
Total BANK LOANS (Cost $8,665,039) | 8,710,968 | |
CORPORATE BONDS — 32.52% | ||
Apparel & Textile Products — 0.18% | ||
Michael Kors USA, Inc. 4.25%, 11/1/24 3 | 386,000 | 380,468 |
Commercial Support Services — 5.77% | ||
Arrow Bidco LLC 10.75%, 6/15/25 3 | 7,888,000 | 8,144,360 |
Williams Scotsman International, Inc. 6.12%, 6/15/25 3 | 4,388,000 | 4,367,599 |
12,511,959 | ||
Electric Utilities — 7.09% | ||
NRG Energy, Inc. 10.25%, (U.S. Treasury Yield Curve Rate CMT 5Y + 592 basis points), 3/15/28 3,4,5 | 5,970,133 | 6,401,505 |
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 | 8,959,677 |
15,361,182 | ||
Electrical Equipment — 1.74% | ||
WESCO Distribution, Inc. 7.13%, 6/15/25 3 | 3,766,000 | 3,769,849 |
Gas & Water Utilities — 0.58% | ||
Ferrellgas L.P./Ferrellgas Finance Corp. 5.88%, 4/1/29 3 | 1,313,000 | 1,253,109 |
Leisure Facilities & Services — 7.81% | ||
Cinemark USA, Inc. 5.88%, 3/15/26 3 | 4,449,000 | 4,396,748 |
Full House Resorts, Inc. 8.25%, 2/15/28 3 | 3,324,000 | 3,176,359 |
Shares, Principal Amount, or Number of Contracts | Value | |
Golden Entertainment, Inc. 7.62%, 4/15/26 3 | $6,204,000 | $6,204,717 |
Six Flags Theme Parks, Inc. 7.00%, 7/1/25 3 | 3,144,000 | 3,148,949 |
16,926,773 | ||
Oil & Gas Producers — 0.14% | ||
Calumet Specialty Products Partners L.P./Calumet Finance Corp. 11.00%, 4/15/25 3 | 310,000 | 309,608 |
Real Estate Investment Trusts — 1.68% | ||
Service Properties Trust 8.63%, 11/15/31 3 | 3,425,000 | 3,652,961 |
Retail - Discretionary — 4.69% | ||
Kohl's Corp. 4.63%, 5/1/31 | 1,666,000 | 1,397,070 |
Macy's Retail Holdings LLC 6.12%, 3/15/32 3 | 5,116,000 | 4,957,121 |
Macy's Retail Holdings LLC 5.12%, 1/15/42 | 4,399,000 | 3,819,915 |
10,174,106 | ||
Specialty Finance — 2.42% | ||
Enact Holdings, Inc. 6.50%, 8/15/25 3 | 5,240,000 | 5,238,952 |
Technology Hardware — 0.42% | ||
NCR Atleos Corp. 9.50%, 4/1/29 3 | 847,000 | 905,959 |
Total CORPORATE BONDS (Cost $68,688,923) | 70,484,926 | |
COMMON STOCKS — 36.26% | ||
Apparel & Textile Products — 0.97% | ||
Capri Holdings Ltd. * | 46,574 | 2,109,802 |
Asset Management — 4.57% | ||
Ares Acquisition Corp. II * | 200,376 | 2,117,974 |
Haymaker Acquisition Corp. 4 * | 207,657 | 2,163,786 |
Screaming Eagle Acquisition Corp. - A * | 525,785 | 5,625,900 |
9,907,660 | ||
Banking — 4.84% | ||
Blue Foundry Bancorp 6,* | 727,370 | 6,808,183 |
Kearny Financial Corp./MD 0.44%, 6 | 573,039 | 3,690,371 |
10,498,554 | ||
Biotechnology & Pharmaceuticals — 9.46% | ||
Apogee Therapeutics, Inc. * | 28,754 | 1,910,703 |
Calidi Biotherapeutics, Inc. * | 24,357 | 13,762 |
Crinetics Pharmaceuticals, Inc. * | 163,794 | 7,667,197 |
Crinetics Pharmaceuticals, Inc. * | 75,609 | 3,539,257 |
Relay Therapeutics, Inc. 6,* | 159,877 | 1,326,979 |
Notes to Schedule of Investments are an integral part of this Schedule.
20
Driehaus Event Driven Fund
Schedule of Investments
March 31, 2024 (unaudited)
Shares, Principal Amount, or Number of Contracts | Value | |
Xenon Pharmaceuticals, Inc. 6,7,* | 140,314 | $6,040,518 |
20,498,416 | ||
Commercial Support Services — 1.18% | ||
GXO Logistics, Inc. * | 47,501 | 2,553,654 |
Industrial Intermediate Products — 2.35% | ||
Hillman Solutions Corp. 6,* | 477,958 | 5,085,473 |
Industrial Support Services — 3.68% | ||
WillScot Mobile Mini Holdings Corp. 6,* | 171,287 | 7,964,846 |
Leisure Facilities & Services — 5.82% | ||
Caesars Entertainment, Inc. * | 22,692 | 992,548 |
Golden Entertainment, Inc. 6 | 281,422 | 10,364,772 |
Playa Hotels & Resorts NV 7,* | 130,439 | 1,265,259 |
12,622,579 | ||
Publishing & Broadcasting — 1.95% | ||
Liberty Media Corp.-Liberty SiriusXM - A * | 142,079 | 4,219,746 |
Retail - Consumer Staples — 1.44% | ||
Albertsons Cos., Inc. - A | 145,974 | 3,129,683 |
Total COMMON STOCKS (Cost $77,557,494) | 78,590,413 | |
MASTER LIMITED PARTNERSHIPS — 0.39% | ||
Oil & Gas Producers — 0.39% | ||
Calumet Specialty Products Partners LP * | 56,686 | 842,354 |
Total MASTER LIMITED PARTNERSHIPS (Cost $1,093,863) | 842,354 | |
PREFERRED STOCKS — 2.50% | ||
Industrial Support Services — 2.50% | ||
WESCO International, Inc. 10.63%, (U.S. Treasury Yield Curve Rate CMT 5Y + 1033 basis points), 5 | 205,943 | 5,418,360 |
Total PREFERRED STOCKS (Cost $5,536,501) | 5,418,360 | |
SOVEREIGN BONDS — 2.88% | ||
Transportation & Logistics — 2.88% | ||
Danaos Corp. 8.50%, 3/1/28 3,7 | $6,114,000 | 6,239,343 |
Total SOVEREIGN BONDS (Cost $6,133,130) | 6,239,343 | |
WARRANTS — 0.04% | ||
Ares Acquisition Corp. II, Exp. 4/21/28, Strike $0.00 * | 100,188 | 18,535 |
Shares, Principal Amount, or Number of Contracts | Value | ||
Bridger Aerospace Group Holdings, Inc., Exp. 12/31/27, Strike $11.50 * | 151,497 | $27,269 | |
Calidi Biotherapeutics, Inc., Exp. 9/10/26, Strike $11.50 * | 193,125 | 10,042 | |
Haymaker Acquisition Corp. 4, Exp. 5/31/28, Strike $11.50 * | 103,828 | 20,765 | |
Inspirato, Inc., Exp. 1/1/30, Strike $11.50 * | 35,733 | 361 | |
Pagaya Technologies Ltd., Exp. 5/31/27, Strike $0.00 7,* | 121,900 | 11,093 | |
REVOLUTION Medicines, Inc., Exp. 11/14/28, Strike $11.50 * | 26,680 | 4,269 | |
SomaLogic, Inc.Exp. 12/31/27, Strike $11.50 * | 22,690 | 2,292 | |
X4 Pharmaceuticals, Inc., Exp. 4/12/24, Strike $13.20 * | 5,547 | 7 | |
Total WARRANTS (Cost $9,328) | 94,633 | ||
SHORT TERM INVESTMENTS — 18.88% | |||
Northern Institutional Treasury Portfolio (Premier Class), 5.15% 8 (Cost $40,920,301) | 40,920,301 | 40,920,301 | |
TOTAL INVESTMENTS (Cost $208,604,579) | 97.49% | $211,301,298 | |
Other Assets In Excess of Liabilities | 2.51% | 5,435,857 | |
Net Assets | 100.00% | $216,737,155 | |
INVESTMENT SECURITIES SOLD SHORT — (11.19)% | |||
COMMON STOCKS — (0.28)% | |||
Retail - Discretionary — (0.28)% | |||
Macy's, Inc. | (30,112) | (601,939) | |
Total COMMON STOCKS (Proceeds $557,193) | (601,939) | ||
EXCHANGE-TRADED FUNDS — (10.91)% | |||
iShares Russell 2000 ETF | (30,208) | (6,352,742) | |
SPDR S&P Biotech ETF | (96,738) | (9,179,469) | |
SPDR S&P Regional Banking ETF | (161,259) | (8,108,103) | |
Total EXCHANGE-TRADED FUNDS (Proceeds $24,431,584) | (23,640,314) | ||
TOTAL INVESTMENT SECURITIES SOLD SHORT (Proceeds $24,988,777) | (11.19)% | $(24,242,253) |
CMT | Constant Maturity |
Notes to Schedule of Investments are an integral part of this Schedule.
21
Driehaus Event Driven Fund
Schedule of Investments
March 31, 2024 (unaudited)
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, 2024. 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 | Position is unsettled. Contract rate was not determined at March 31, 2024 and does not take effect until settlement date. |
3 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $71,507,284, which represents 33% of Net Assets. |
4 | Perpetual security. Maturity date shown is the next call date or final legal maturity date, whichever comes first. |
5 | Variable rate security. Rates disclosed as of March 31, 2024. |
6 | All or a portion of this security is pledged as collateral for short sales or derivatives transactions. |
7 | Foreign security denominated and/or traded in U.S. dollars. |
8 | 7 day current yield as of March 31, 2024 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.
22
Driehaus Event Driven Fund
Schedule of Investments
March 31, 2024 (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: SOFR + 0.6% | Cannae Holdings, Inc. (Monthly) | 8/30/2024 | GSC | USD | 6,226,110 | $2,392 | $— | $2,392 | ||
GSCBDNYB Basket* | Financing Index: 1-Day US Federal Fund Effective Rate - 0.6% | 2/10/2025 | GSC | USD | 2,097,707 | 35,595 | — | 35,595 | ||
Subtotal Appreciation | $37,987 | $— | $37,987 | |||||||
GSUCDHY1 Basket** | Financing Index: 1-Day US Federal Fund Effective Rate - 0.75% | 4/29/2024 | GSC | USD | 10,370,200 | $(83,603) | $— | $(83,603) | ||
GSCBGDEN Basket*** | Financing Index: SOFR - 0.45% | 1/27/2025 | GSC | USD | 4,500,809 | (244,506) | — | (244,506) | ||
GSCNNED3 Basket**** | Financing Index: SOFR - 0.5% | 2/24/2025 | GSC | USD | 5,658,402 | (139,765) | — | (139,765) | ||
Subtotal Depreciation | $(467,874) | $— | $(467,874) | |||||||
Net Total Return Swaps outstanding at March 31, 2024 | $(429,887) | $— | $(429,887) |
GSC - Goldman Sachs International | |
* | GSCBDNYB Basket consists of a portfolio of: |
Valley National Bancorp | 48% |
Dime Community Bancshares, Inc. | 13% |
Amalgamated Financial Corp. | 11% |
Metropolitan Bank Holding Corp. | 8% |
Northfield Bancorp, Inc. | 5% |
The First of Long Island Corp. | 5% |
Flushing Financial Corp. | 5% |
Peapack-Gladstone Financial Corp. | 4% |
Bankwell Financial Group, Inc. | 1% |
100% |
** | GSUCDHY1 basket consists of a portfolio of: |
Notes to Schedule of Investments are an integral part of this Schedule.
23
Driehaus Event Driven Fund
Schedule of Investments
March 31, 2024 (unaudited)
Asbury Automotive Group, Inc. | 3% |
Ardagh Metal Packaging Finance USA LLC | 3% |
Aramark Services, Inc. | 3% |
Ball Corp. | 3% |
Bath & Body Works, Inc. | 3% |
1011778 B.C. Unlimited Liability Co. | 3% |
Builders Firstsource, Inc. | 3% |
Standard Building Solutions, Inc. | 3% |
Mauser Packaging Solutions Holding Co. | 3% |
Carnival Corp. | 3% |
Emerald Debt Merger Sub LLC | 3% |
Fertitta Entertainment LLC | 3% |
Gfl Environmental, Inc. | 3% |
Chart Industries, Inc. | 4% |
Hilton Domestic Operating Co., Inc. | 3% |
Imola Merger Corp. | 3% |
Las Vegas Sands Corp. | 3% |
Mgm Resorts International | 3% |
Ncl Corporation Ltd. | 4% |
Petsmart LLC | 3% |
Royal Caribbean Cruises Ltd. | 4% |
Transocean, Inc. | 3% |
Rolls-Royce PLC | 3% |
Spirit Aerosystems, Inc. | 4% |
Sensata Technologies BV | 3% |
Transdigm, Inc. | 3% |
Viking Cruises Ltd. | 4% |
Wesco Distribution, Inc. | 4% |
Weatherford International Ltd. | 4% |
Wynn Las Vegas LLC | 3% |
Yum! Brands, Inc. | 3% |
100% |
*** | GSCBGDEN Basket consists of a portfolio of: |
Red Rock Resorts, Inc. | 35% |
Boyd Gaming Corp. | 30% |
Churchill Downs, Inc. | 24% |
Penn Entertainment, Inc. | 11% |
100% |
**** | GSCNNED3 Basket consists of a portfolio of: |
Dun & Bradstreet Holdings, Inc. | 53% |
Alight, Inc. | 34% |
Dayforce, Inc. | 9% |
Paysafe Ltd. | 4% |
100% |
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, Global 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 adopted by the "valuation designee" appointed 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, 2024:
Assets | Total Value at March 31, 2024 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Africa | $18,006,394 | $— | $18,006,394 | $— | ||||
Europe | ||||||||
Austria | 29,935,291 | — | 29,935,291 | — | ||||
France | 16,617,688 | — | 16,617,688 | — | ||||
Greece | 48,852,072 | — | 48,852,072 | — | ||||
Ireland | 16,674,660 | 16,674,660 | — | — | ||||
Poland | 29,529,781 | — | 29,529,781 | — | ||||
Russia | — | — | — | —* | ||||
Spain | 28,234,338 | — | 28,234,338 | — | ||||
Turkey | 49,072,580 | — | 49,072,580 | — | ||||
United Kingdom | 40,105,495 | — | 40,105,495 | — | ||||
Far East | ||||||||
China | 459,578,500 | 117,797,453 | 341,781,047 | — | ||||
India | 441,639,409 | 69,882,233 | 371,757,176 | — | ||||
Indonesia | 59,147,650 | — | 59,147,650 | — | ||||
Japan | 11,092,987 | — | 11,092,987 | — | ||||
Macau | 14,712,197 | — | 14,712,197 | — | ||||
Philippines | 28,385,044 | 16,548,059 | 11,836,985 | — | ||||
South Korea | 325,295,033 | — | 325,295,033 | — | ||||
Taiwan | 449,742,725 | 221,797,553 | 227,945,172 | — | ||||
Thailand | 11,235,424 | — | 11,235,424 | — | ||||
Middle East | ||||||||
Saudi Arabia | 49,935,833 | — | 49,935,833 | — | ||||
United Arab Emirates | 57,838,873 | 43,395,230 | 14,443,643 | — | ||||
North America | ||||||||
Canada | 44,420,984 | 44,420,984 | — | — | ||||
Mexico | 177,821,962 | 45,608,369 | 132,213,593 | — | ||||
United States | 110,678,128 | 103,210,642 | 7,467,486 | — | ||||
South America | 230,779,908 | 230,779,908 | — | — | ||||
Preferred Stocks | ||||||||
South America | 12,918,857 | 12,918,857 | — | — | ||||
Short Term Investments | 116,568,285 | 116,568,285 | — | — | ||||
Total | $2,878,820,098 | $1,039,602,233 | $1,839,217,865 | $— |
26
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
* Level 3 security has zero value. |
The following is a summary of the inputs used to value the Emerging Markets Small Cap Growth Fund’s investments as of March 31, 2024:
Assets | Total Value at March 31, 2024 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Africa | $1,048,141 | $— | $1,048,141 | $— | ||||
Europe | ||||||||
Greece | 992,420 | — | 992,420 | — | ||||
Norway | 1,266,655 | 1,266,655 | — | — | ||||
Turkey | 1,212,228 | — | 1,212,228 | — | ||||
Far East | ||||||||
Australia | 1,831,376 | — | 1,831,376 | — | ||||
China | 5,252,356 | 547,772 | 4,704,584 | — | ||||
India | 29,370,809 | 1,771,449 | 27,599,360 | — | ||||
Kazakhstan | 1,831,914 | — | 1,831,914 | — | ||||
South Korea | 9,169,514 | — | 9,169,514 | — | ||||
Taiwan | 12,726,809 | 520,256 | 12,206,553 | — | ||||
Vietnam | 3,839,858 | — | 3,839,858 | — | ||||
Middle East | ||||||||
Qatar | 1,039,060 | — | 1,039,060 | — | ||||
Saudi Arabia | 3,781,724 | 2,359,975 | 1,421,749 | — | ||||
United Arab Emirates | 2,648,743 | 1,267,122 | 1,381,621 | — | ||||
North America | ||||||||
Canada | 2,771,478 | 2,771,478 | — | — | ||||
Mexico | 11,147,462 | 4,348,102 | 6,799,360 | — | ||||
United States | 1,074,931 | 1,074,931 | — | — | ||||
South America | 13,745,950 | 13,745,950 | — | — | ||||
Preferred Stocks | ||||||||
South America | 1,455,996 | 1,455,996 | — | — | ||||
Short Term Investments | 3,864,737 | 3,864,737 | — | — | ||||
Total | $110,072,161 | $34,994,423 | $75,077,738 | $— |
The following is a summary of the inputs used to value the Global Fund’s investments as of March 31, 2024:
Assets | Total Value at March 31, 2024 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Europe | ||||||||
France | $1,425,335 | $— | $1,425,335 | $— | ||||
Germany | 253,548 | — | 253,548 | — | ||||
Ireland | 647,726 | 647,726 | — | — | ||||
Italy | 1,348,998 | — | 1,348,998 | — | ||||
Jersey, C.I. | 497,365 | 497,365 | — | — | ||||
Netherlands | 1,401,236 | — | 1,401,236 | — | ||||
Spain | 1,303,739 | — | 1,303,739 | — | ||||
Switzerland | 879,107 | — | 879,107 | — |
27
Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
Assets | Total Value at March 31, 2024 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
United Kingdom | $4,617,151 | $526,960 | $4,090,191 | $— | ||||
Far East | ||||||||
China | 874,543 | — | 874,543 | — | ||||
India | 816,170 | 584,638 | 231,532 | — | ||||
Indonesia | 293,832 | — | 293,832 | — | ||||
Japan | 1,822,377 | — | 1,822,377 | — | ||||
Philippines | 428,747 | 428,747 | — | — | ||||
South Korea | 718,454 | — | 718,454 | — | ||||
Taiwan | 255,565 | — | 255,565 | — | ||||
North America | ||||||||
Canada | 2,283,682 | 2,283,682 | — | — | ||||
Mexico | 955,787 | — | 955,787 | — | ||||
United States | 35,558,189 | 35,558,189 | — | — | ||||
Short Term Investments | 1,077,883 | 1,077,883 | — | — | ||||
Total | $57,459,434 | $41,605,190 | $15,854,244 | $— |
The following is a summary of the inputs used to value the International Small Cap Growth Fund’s investments as of March 31, 2024:
Assets | Total Value at March 31, 2024 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Africa | $1,521,989 | $— | $1,521,989 | $— | ||||
Europe | ||||||||
Austria | 3,342,667 | 3,342,667 | — | — | ||||
Belgium | 4,517,554 | 3,477,439 | 1,040,115 | — | ||||
Denmark | 2,568,488 | — | 2,568,488 | — | ||||
Finland | 3,195,666 | — | 3,195,666 | — | ||||
France | 3,868,489 | — | 3,868,489 | — | ||||
Germany | 19,112,970 | — | 19,112,970 | — | ||||
Ireland | 6,012,884 | — | 6,012,884 | — | ||||
Italy | 13,567,757 | — | 13,567,757 | — | ||||
Netherlands | 8,616,449 | 1,296,510 | 7,319,939 | — | ||||
Norway | 4,264,102 | 3,183,185 | 1,080,917 | — | ||||
Spain | 7,360,761 | — | 7,360,761 | — | ||||
Sweden | 5,848,033 | — | 5,848,033 | — | ||||
Switzerland | 12,981,035 | — | 12,981,035 | — | ||||
United Kingdom | 17,499,291 | 2,813,600 | 14,685,691 | — | ||||
Far East | ||||||||
Australia | 3,071,888 | — | 3,071,888 | — | ||||
China | 689,471 | — | 689,471 | — | ||||
India | 11,571,962 | — | 11,571,962 | — | ||||
Indonesia | 2,769,798 | 1,381,245 | 1,388,553 | — | ||||
Japan | 54,878,756 | — | 54,878,756 | — | ||||
South Korea | 3,505,479 | — | 3,505,479 | — |
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Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
Assets | Total Value at March 31, 2024 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Taiwan | $8,521,554 | $— | $8,521,554 | $— | ||||
Middle East | 3,322,766 | 3,322,766 | — | — | ||||
North America | ||||||||
Canada | 16,543,090 | 16,543,090 | — | — | ||||
Mexico | 5,249,006 | — | 5,249,006 | — | ||||
United States | 1,717,495 | — | 1,717,495 | — | ||||
South America | 5,094,839 | 5,094,839 | — | — | ||||
Preferred Stocks | ||||||||
Europe | 2,731,016 | — | 2,731,016 | — | ||||
Short Term Investments | 8,553,846 | 8,553,846 | — | — | ||||
Total | $242,499,101 | $49,009,187 | $193,489,914 | $— |
The following is a summary of the inputs used to value the Micro Cap Growth Fund’s investments as of March 31, 2024:
Assets* | Total Value at March 31, 2024 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | $257,725,045 | $257,725,045 | $— | $— | ||||
Short Term Investments | 2,985,258 | 2,985,258 | — | — | ||||
Total | $260,710,303 | $260,710,303 | $— | $— |
* 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, 2024:
Assets* | Total Value at March 31, 2024 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | $756,290,186 | $756,290,186 | $— | $— | ||||
Short Term Investments | 11,257,741 | 11,257,741 | — | — | ||||
Total | $767,547,927 | $767,547,927 | $— | $— |
* 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, 2024:
Assets* | Total Value at March 31, 2024 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | $51,651,653 | $51,651,653 | $— | $— | ||||
Short Term Investments | 393,835 | 393,835 | — | — | ||||
Total | $52,045,488 | $52,045,488 | $— | $— |
* See Schedule of Investments for industry breakout. |
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Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
The following is a summary of the inputs used to value the Event Driven Fund’s investments as of March 31, 2024:
Assets* | Total Value at March 31, 2024 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Bank Loans | $8,710,968 | $— | $8,710,968 | $— | ||||
Common Stocks | 78,590,413 | 78,590,413 | — | — | ||||
Corporate Bonds | 70,484,926 | — | 70,484,926 | — | ||||
Master Limited Partnerships | 842,354 | 842,354 | — | — | ||||
Preferred Stocks | 5,418,360 | 5,418,360 | — | — | ||||
Short Term Investments | 40,920,301 | 40,920,301 | — | — | ||||
Sovereign Bonds | 6,239,343 | — | 6,239,343 | — | ||||
Warrants | 94,633 | 65,065 | 29,568 | — | ||||
Total | $211,301,298 | $125,836,493 | $85,464,805 | $— |
Liabilities | ||||||||
Common Stocks Sold Short | $(601,939) | $(601,939) | $— | $— | ||||
Exchange-Traded Funds Sold Short | (23,640,314) | (23,640,314) | — | — | ||||
Total | $(24,242,253) | $(24,242,253) | $— | $— |
Other Financial Instruments | ||||||||
Total Return Swaps - Assets** | $37,987 | $— | $37,987 | $— | ||||
Total Return Swaps - Liabilities** | (467,874) | — | (467,874) | — | ||||
Total Other Financial Instruments | $(429,887) | $— | $(429,887) | $— |
* See Schedule of Investments for industry breakout. |
** Swaps are reflected as the unrealized appreciation (depreciation) on the instrument. |
As of March 31, 2024, none of the Funds held Level 3 investments, other than as disclosed for Emerging Markets Growth 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, 2024, 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.
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Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
Net realized foreign exchange gains or losses which are reported by the Funds result from currency gains and losses on transaction hedges arising from changes in exchange rates between the trade and settlement dates on forward contract transactions, and the difference between the amounts accrued for dividends, interest, and foreign taxes and the amounts actually received or paid in U.S. dollars for these items. Net unrealized foreign exchange gains and losses result from changes in the U.S. dollar value of assets and liabilities (other than investments in securities), which are denominated in foreign currencies, as a result of changes in exchange rates.
Net realized gain (loss) on foreign currency contracts on portfolio hedges result from the use of forward contracts to hedge portfolio positions denominated or quoted in a particular currency in order to reduce or limit exposure in that currency.
The Funds do not isolate that portion of the results of operations which results from fluctuations in foreign exchange rates on investments. These fluctuations are included with the net realized gain (loss) on investments and the net change in unrealized appreciation (depreciation) on investments.
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, 2024, 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, 2024, 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, 2024, through March 31, 2024, 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, 2024, through March 31, 2024, 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 Event Driven Fund engages in various swap transactions, including forward rate agreements and interest rate, currency, volatility, index, and total return swaps, primarily to manage duration and yield curve risk, or as alternatives to direct investments. Swaps that are centrally cleared are exposed to the creditworthiness of the clearing organizations (and, consequentially, that of their members generally, banks and broker-dealers) involved in the transaction. Centrally cleared swaps are valued daily and unrealized gains or losses are recorded in a variation margin account. The Fund receives from or pays to the clearing organization a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss.
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Driehaus Mutual Funds
Notes to Schedule of Investments (unaudited) — (Continued)
Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. A Fund may elect to pay a fixed rate and receive a floating rate or receive a fixed rate and pay a floating rate on a notional principal amount. The net interest received or paid on interest rate swap agreements is accrued daily as interest income/expense. Interest rate swaps are marked-to-market daily using fair value estimates provided by an independent pricing service. Changes in value, including accrued interest, are recorded as changes in net unrealized appreciation (depreciation). Unrealized appreciation is reported as an asset and unrealized depreciation is reported as a liability. Gains or losses are realized upon termination of the contracts. The risk of loss under a swap contract may exceed the amount recorded as an asset or a liability.
Total return swap contracts are arrangements to exchange a market or security linked return for a periodic payment, based on a notional principal amount, in order to hedge sector exposure and to manage exposure to specific sectors or industries and/or to gain exposure to specific markets/countries and to specific sectors/industries. To the extent that the total return of the security, index, or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. Total return swap contracts are marked to market daily based upon quotations from market makers and the change, if any, is recorded as a change in net unrealized appreciation (depreciation). Unrealized appreciation is reported as an asset and unrealized depreciation is reported as a liability. Payments received or made are recorded as realized gains or losses. Gains or losses are realized upon termination of the contracts. Each Fund’s maximum risk of loss from counterparty risk is the fair value of the contract.
Volatility swaps are forward contracts on the future realized volatility of an underlying instrument. Volatility swaps are generally used to speculate on future volatility levels, trade the spread between realized and implied volatility or hedge volatility exposure of other positions. Changes in value are recorded as changes in net unrealized appreciation (depreciation). Unrealized gains are reported as an asset and unrealized losses are reported as a liability. Gains or losses are realized upon termination of the contracts. The risk of loss under a volatility swap contract is dependent upon the volatility of the underlying instrument.
Under the terms of a credit default swap, one party acts as a guarantor receiving a periodic payment that is a fixed percentage applied to a notional amount. In return, the party agrees to purchase the notional amount of the underlying instrument, at par, if a credit event occurs during the term of the contract. A Fund may enter into credit default swaps in which the Fund acts as guarantor (a seller of protection), and may enter into credit default swaps in which the counterparty acts as guarantor (a buyer of protection). Premiums paid to or by the Funds are accrued daily and included in net realized gain (loss) on swap contracts. The contracts are marked-to-market daily using fair value estimates provided by an independent pricing service. Changes in value are recorded as unrealized appreciation (depreciation). Unrealized gains are reported as an asset and unrealized losses are reported as a liability. Gains or losses are realized upon termination of the contracts. The risk of loss under a swap contract may exceed the amount recorded as an asset or a liability. The notional amount of a swap contract is the reference amount pursuant to which the counterparties make payments. For swaps in which the referenced obligation is an index, in the event of default of any debt security included in the corresponding index, the Fund pays or receives the percentage of the corresponding index that the defaulted security comprises (1) multiplied by the notional value and (2) multiplied by the ratio of one minus the ratio of the market value of the defaulted debt security to its par value.
Risks associated with swap contracts include changes in the returns of underlying instruments and/or interest rates, failure of the counterparties to perform under the contracts’ terms and the possible lack of liquidity with respect to the contracts. For centrally cleared swap contracts, counterparty risk is limited due to the role of the clearinghouse. Credit default swaps can involve greater risks than if an investor had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk, and liquidity risk. The Funds disclose swap contracts on a gross basis, with no netting of contracts held with the same counterparty.
Options Contracts
The Funds may use options contracts, which include warrants, to hedge downside risk, produce incremental earnings or protect against market changes in the value of equities or interest rates. The Funds may write covered call and put options on futures, swaps, securities, or currencies the Funds own or in which they may invest. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s
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. There are no subsequent events that require recognition or disclosure in the financial statements.
34