Driehaus Event Driven Fund NCSRS Certified semi-annual shareholder report (management investment company)

Driehaus Event Driven Fund (DEVDX) N-CSRSCertified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07655

Driehaus Mutual Funds

(Exact name of registrant as specified in charter)

25 East Erie Street

Chicago, IL 60611

(Address of principal executive offices) (Zip code)

Janet L. McWilliams

Driehaus Capital Management LLC

25 East Erie Street

Chicago, IL 60611

(Name and address of agent for service)

Registrant’s telephone number, including area code: 312-587-3800

Date of fiscal year end: December 31

Date of reporting period: June 30, 2013

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

Driehaus Mutual Funds

Trustees & Officers

Richard H. Driehaus

Trustee

A.R. Umans

Chairman of the Board

Theodore J. Beck

Trustee

Francis J. Harmon

Trustee

Dawn M. Vroegop

Trustee

Daniel F. Zemanek

Trustee

Robert H. Gordon

President

Michelle L. Cahoon

Vice President & Treasurer

Janet L. McWilliams

Assistant Vice President

Michael R. Shoemaker

Chief Compliance Officer &

Assistant Vice President

Diane J. Drake

Secretary

Michael P. Kailus

Assistant Secretary

William H. Wallace, III

Assistant Secretary

Investment Adviser

Driehaus Capital Management LLC

25 East Erie Street

Chicago, IL 60611

Distributor

Driehaus Securities LLC

25 East Erie Street

Chicago, IL 60611

Administrator

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Custodian

The Northern Trust Company

50 South LaSalle Street

Chicago, IL 60603

Semi-Annual Report to Shareholders

June 30, 2013

LOGO

Driehaus International Discovery Fund

Driehaus Emerging Markets Growth Fund

Driehaus Emerging Markets Small Cap Growth Fund

Driehaus International Small Cap Growth Fund

Driehaus Global Growth Fund

Driehaus Mid Cap Growth Fund

Driehaus Large Cap Growth Fund

Distributed by:

Driehaus Securities LLC

This report has been prepared for the shareholders of the Funds and is not an offering to sell or buy any Fund securities. Such offering is only made by the Funds' prospectus.

Table of Contents


Performance Overview and Schedule of Investments:
Driehaus International Discovery Fund			1
Driehaus Emerging Markets Growth Fund			6
Driehaus Emerging Markets Small Cap Growth Fund			12
Driehaus International Small Cap Growth Fund			18
Driehaus Global Growth Fund			23
Driehaus Mid Cap Growth Fund			27
Driehaus Large Cap Growth Fund			30

Statements of Assets and Liabilities			34

Statements of Operations			36

Statements of Changes in Net Assets			38

Financial Highlights			41

Notes to Financial Statements			48

Fund Expense Examples			59

PROXY VOTING POLICIES AND PROCEDURES AND PROXY VOTING RECORD

A description of the Funds’ policies and procedures with respect to the voting of proxies relating to the Funds’ portfolio securities is available without charge, upon request, by calling 1-800-560-6111. This information is also available on the Funds’ website at http://www.driehaus.com.

Information regarding how the Funds voted proxies related to portfolio securities during the 12-month period ended June 30, 2013 is available without charge, upon request, by calling 1-800-560-6111. This information is also available on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

HOW TO OBTAIN QUARTERLY PORTFOLIO HOLDINGS

Each Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q is available electronically on the SEC’s website at http://www.sec.gov; hard copies may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC 20549. For more information on the Public Reference Room, call 1-800-SEC-0330. Each Fund’s complete schedule of portfolio holdings is also available on the Fund’s website at http://www.driehaus.com.

Investment Philosophy:

The Adviser seeks to achieve superior investment returns primarily by investing in global companies that are currently demonstrating rapid growth in their sales and earnings and which, in its judgement, have the ability to continue or accelerate their growth rates in the future. The Adviser manages the portfolios actively (above average turnover) to ensure that the Funds are fully invested, under appropriate market conditions, in companies that meet these criteria. Investors should note that investments in overseas markets can pose more risks than U.S. investments, and the international Funds’ share prices are expected to be more volatile than those of the U.S.-only Funds. In addition, the Funds’ returns will fluctuate with changes in stock market conditions, currency values, interest rates, government regulations, and economic and political conditions in countries in which the Funds invest. These risks are generally greater when investing in emerging markets.

Semi-Annual Report to Shareholders June 30, 2013

Driehaus International Discovery Fund

Driehaus Emerging Markets Growth Fund

Driehaus Emerging Markets Small Cap Growth Fund

Driehaus International Small Cap Growth Fund

Driehaus Global Growth Fund

Driehaus Mid Cap Growth Fund

Driehaus Large Cap Growth Fund

Driehaus International Discovery Fund

Performance Overview (unaudited)

The performance summarized below is historical and does not represent future results. Investment returns and principal value vary, and you may have a gain or loss when you sell shares. Performance data presented measures the change in the value of an investment in the Fund, assuming reinvestment of all dividends and capital gains. Average annual total return reflects annualized change.

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph compares the results of a $10,000 investment in the Fund since December 31, 1998 (the date of the Fund’s inception), with all dividends and capital gains reinvested, with the indicated indices (and dividends reinvested) for the same period.


Average Annual Total Returns as of 06/30/13	1 Year		3 Years		5 Years		10 Years		Since Inception (12/31/98 - 06/30/13)
Driehaus International Discovery Fund (DRIDX)¹		13.12%		6.62%		–5.46%		8.89%		13.16%
MSCI AC World ex USA Index²		14.14%		8.48%		–0.34%		9.09%		4.98%
MSCI AC World ex USA Growth Index³		14.75%		9.08%		–0.67%		8.63%		3.54%

LOGO

¹	The returns for the periods prior to July 1, 2003, reflect fee waivers and/or reimbursements without which performance would have been lower.

The Morgan Stanley Capital International All Country World ex USA Index (MSCI AC World ex USA Index) is a market capitalization-weighted index designed to measure equity market performance in 44 global developed and emerging markets, excluding the U.S. Data is in U.S. dollars. Source: Morgan Stanley Capital International Inc.

The Morgan Stanley Capital International All Country World ex USA Growth Index (MSCI AC World ex USA Growth Index) is a subset of the MSCI AC World ex USA Index and is composed only of the MSCI AC World ex USA Index stocks which are categorized as growth stocks. Data is in U.S. dollars. Source: Morgan Stanley Capital International Inc.

Driehaus International Discovery Fund

Schedule of Investments

June 30, 2013 (unaudited)


	Number of Shares		Market Value (Note A)

EQUITY SECURITIES — 97.6%
EUROPE — 46.8%
United Kingdom — 13.0%
African Minerals, Ltd.**		333,637	$	961,614
ARM Holdings PLC		98,857		1,195,342
Ashtead Group PLC		159,753		1,568,421
Associated British Foods PLC		79,354		2,094,044
Barratt Developments PLC**		350,295		1,649,500
Croda International PLC		52,281		1,969,642
Halma PLC		280,666		2,149,348
St. James’s Place PLC		240,761		1,977,413
Subsea 7 SA		43,927		770,161
Telecity Group PLC		172,399		2,658,828
The Weir Group PLC		46,328		1,515,659
Tullow Oil PLC		102,970		1,567,698

				20,077,670

France — 7.3%
Casino Guichard Perrachon SA		20,554		1,925,483
Edenred		53,071		1,623,368
Eurofins Scientific		7,769		1,641,253
Ingenico SA		27,002		1,799,524
Safran SA		53,704		2,804,875
Sanofi		15,105		1,565,434

				11,359,937

Switzerland — 5.8%
Cie Financiere Richemont SA — A		17,466		1,544,952
Glencore Xstrata PLC		477,598		1,976,917
Partners Group Holding AG		9,960		2,696,808
Roche Holding AG		3,314		824,509
Temenos Group AG		80,487		1,968,397

				9,011,583

Netherlands — 4.7%
ASML Holding NV		9,798		773,117
Core Laboratories NV		10,176		1,543,292
LyondellBasell Industries NV — A		50,171		3,324,330
Sensata Technologies Holding NV**		47,243		1,648,781

				7,289,520

Norway — 4.4%
Gjensidige Forsikring ASA		156,960		2,308,786
Seadrill, Ltd.		62,389		2,518,423
Telenor ASA		96,213		1,907,043

				6,734,252

Ireland — 4.2%
Covidien PLC		17,843		1,121,254
Eaton Corp. PLC		35,514		2,337,176
Experian PLC		110,336		1,918,143
Jazz Pharmaceuticals PLC**		16,282		1,119,062

				6,495,635


	Number of Shares		Market Value (Note A)

Denmark — 4.1%
Christian Hansen Holding AS		46,369	$	1,587,686
Danske Bank AS**		133,811		2,288,525
GN Store Nord AS		91,481		1,729,009
Novo Nordisk AS — B		4,932		768,621

				6,373,841

Germany — 2.0%
Hugo Boss AG		14,113		1,554,109
SAP AG — SP ADR		21,299		1,551,206

				3,105,315

Italy — 0.8%
Gtech SpA		46,769		1,170,656
Spain — 0.5%
Viscofan SA		15,559		779,509

Total EUROPE				72,397,918

FAR EAST — 39.9%
Japan — 20.3%
Anritsu Corp.		128,501		1,522,370
Astellas Pharma, Inc.		47,969		2,606,906
Calbee, Inc.		19,973		1,894,998
Daikin Industries, Ltd.		33,212		1,342,812
Denso Corp.		26,893		1,264,931
Dentsu, Inc.		23,637		817,452
Fuyo General Lease Co., Ltd.		29,468		1,100,816
Hulic Co., Ltd.		233,145		2,501,172
Japan Tobacco, Inc.		67,868		2,398,441
JTEKT Corp.		138,139		1,554,377
M3, Inc.		939		2,109,389
Modec, Inc.		32,654		952,820
MonotaRO Co., Ltd.		64,560		1,573,316
Nomura Holdings, Inc.		187,071		1,378,795
Rinnai Corp.		16,268		1,158,017
Sawai Pharmaceutical Co., Ltd.		13,273		1,585,854
Sugi Holdings Co., Ltd.		45,712		1,737,591
Sysmex Corp.		11,880		777,387
Taiyo Yuden Co., Ltd.		53,228		810,925
Tokio Marine Holdings, Inc.		72,689		2,304,970

				31,393,339

China — 5.9%
AIA Group, Ltd.		759,068		3,214,959
Michael Kors Holdings, Ltd.**		12,858		797,453
New Oriental Education & Technology Group, Inc. — SP ADR		78,662		1,742,363
Sands China, Ltd.		468,487		2,207,722
Techtronic Industries Co.		485,471		1,161,718

				9,124,215

Notes to Financial Statements are an integral part of this Schedule.

Driehaus International Discovery Fund

Schedule of Investments

June 30, 2013 (unaudited)


	Number of Shares		Market Value (Note A)

Philippines — 3.3%
Puregold Price Club, Inc.		2,876,785	$	2,417,298
SM Investments Corp.		51,483		1,275,158
Universal Robina Corp.		510,519		1,477,196

				5,169,652

Malaysia — 3.1%
Astro Malaysia Holdings BHD		1,587,055		1,522,006
IHH Healthcare BHD**		1,272,908		1,591,387
Malayan Banking BHD		485,274		1,597,357

				4,710,750

Taiwan — 1.8%
Chailease Holding Co., Ltd.		342,000		807,901
St. Shine Optical Co., Ltd.		76,099		1,977,949

				2,785,850

Singapore — 1.6%
Global Logistic Properties, Ltd.		1,127,031		2,445,235
Indonesia — 1.4%
PT Perusahaan Gas Negara Persero Tbk		3,613,086		2,093,224
Thailand — 1.0%
Minor International PCL — NVDR		2,013,574		1,610,080
South Korea — 1.0%
Samsung Electronics Co., Ltd.		1,324		1,555,806
Australia — 0.5%
CSL, Ltd.		14,358		808,616

Total FAR EAST				61,696,767

NORTH AMERICA — 7.3%
Mexico — 3.7%
Bolsa Mexicana de Valores SAB de CV		474,100		1,178,897
Fibra Uno Administracion SA de CV — REIT		927,650		3,114,969
Genomma Lab Internacional SAB de CV — B**		738,660		1,458,798

				5,752,664

Canada — 2.9%
Dollarama, Inc.		33,352		2,334,355
Pacific Rubiales Energy Corp.		77,512		1,367,165
Trilogy Energy Corp.		28,200		841,951

				4,543,471

United States — 0.7%
Catamaran Corp.**		21,501		1,047,529

Total NORTH AMERICA				11,343,664


	Number of Shares			Market Value (Note A)

SOUTH AMERICA — 3.6%
Brazil — 1.6%
Anhanguera Educacional Participacoes SA		243,018		$	1,422,374
Brasil Pharma SA		224,022			1,008,995

					2,431,369

Chile — 1.1%
SACI Falabella		151,988			1,645,377
Peru — 0.9%
Credicorp, Ltd.		10,916			1,396,811

Total SOUTH AMERICA					5,473,557

Total EQUITY SECURITIES (Cost $137,910,901)					150,911,906


TOTAL INVESTMENTS (COST $137,910,901)		97.6	%		150,911,906
Other Assets In Excess Of Liabilities		2.4	%		3,760,538

Net Assets		100.0	%	$	154,672,444

The federal income tax basis and unrealized appreciation (depreciation) for all investments is as follows:


Basis:	$	138,120,986

Gross Appreciation	$	17,047,789
Gross Depreciation		(4,256,869	)

Net Appreciation	$	12,790,920

** Non-income producing security

NVDR — Non-Voting Depository Receipt

REIT — Real Estate Investment Trust

SP ADR — Sponsored American Depository Receipt

Notes to Financial Statements are an integral part of this Schedule.

Driehaus International Discovery Fund

Schedule of Investments

June 30, 2013 (unaudited)

Regional Weightings*


Western Europe			46.8%
Japan			20.3%
Asia/Far East Ex-Japan			19.6%
North America			7.3%
South America			3.6%

Top Ten Holdings*


LyondellBasell Industries NV — A			2.1%
AIA Group, Ltd.			2.1%
Fibra Uno Administracion SA de CV — REIT			2.0%
Safran SA			1.8%
Partners Group Holding AG			1.7%
Telecity Group PLC			1.7%
Astellas Pharma, Inc.			1.7%
Seadrill, Ltd.			1.6%
Hulic Co., Ltd.			1.6%
Global Logistic Properties, Ltd.			1.6%

*	All percentages are stated as a percent of net assets at June 30, 2013.

Notes to Financial Statements are an integral part of this Schedule.

Driehaus International Discovery Fund

Schedule of Investments

June 30, 2013 (unaudited)


Industry	Percent of Net Assets
Aerospace & Defense		1.8%
Auto Components		0.8%
Biotechnology		0.5%
Building Products		0.9%
Capital Markets		2.6%
Chemicals		4.5%
Commercial Banks		3.4%
Commercial Services & Supplies		1.1%
Diversified Consumer Services		2.1%
Diversified Financial Services		2.0%
Diversified Telecommunications		1.2%
Electrical Equipment		2.6%
Electronic Equipment, Instruments & Components		4.1%
Energy Equipment & Services		3.7%
Food & Staples Retailing		4.6%
Food Products		4.0%
Gas Utilities		1.4%
Health Care Equipment & Supplies		3.6%
Health Care Providers & Services		1.7%
Health Care Technology		1.4%
Hotels, Restaurants & Leisure		3.2%


Industry	Percent of Net Assets
Household Durables		2.6%
Industrial Conglomerates		0.8%
Insurance		6.3%
Internet Software & Services		1.7%
Life Sciences Tools & Services		1.1%
Machinery		2.0%
Media		1.5%
Metals & Mining		1.9%
Multiline Retail		2.6%
Oil, Gas & Consumable Fuels		2.4%
Pharmaceuticals		6.4%
Professional Services		1.2%
Real Estate Investment Trusts		2.0%
Real Estate Management & Development		3.2%
Semiconductors & Semiconductor Equipment		2.3%
Software		2.3%
Textiles, Apparel & Luxury Goods		2.5%
Tobacco		1.6%
Trading Companies & Distributors		2.0%
Other Assets in Excess of Liabilities		2.4%

TOTAL		100.0%

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Emerging Markets Growth Fund

Performance Overview (unaudited)

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph compares the results of a $10,000 investment in the Fund since December 31, 1997 (the date of the Fund’s inception), with all dividends and capital gains reinvested, with the indicated indices (and dividends reinvested) for the same period.


Average Annual Total Returns as of 06/30/13	1 Year		3 Years		5 Years		10 Years		Since Inception (12/31/97 - 06/30/13)
Driehaus Emerging Markets Growth Fund (DREGX)¹		15.17%		9.24%		2.60%		16.44%		13.73%
MSCI Emerging Markets Index²		3.23%		3.72%		–0.11%		14.02%		8.24%
MSCI Emerging Markets Growth Index³		7.17%		5.26%		–0.22%		12.89%		7.44%

LOGO

¹	The returns for the periods prior to July 1, 2003, reflect fee waivers and/or reimbursements without which performance would have been lower.

²	The Morgan Stanley Capital International Emerging Markets Index (MSCI Emerging Markets Index) is a market capitalization-weighted index designed to measure equity market performance in 21 global emerging markets. Data is in U.S. dollars. Source: Morgan Stanley Capital International Inc.

The Morgan Stanley Capital International Emerging Markets Growth Index (MSCI Emerging Markets Growth Index) is a subset of the MSCI Emerging Markets Index and includes only the MSCI Emerging Markets Index stocks which are categorized as growth stocks. Data is in U.S. dollars. Source: Morgan Stanley Capital International Inc.

Driehaus Emerging Markets Growth Fund

Schedule of Investments

June 30, 2013 (unaudited)


	Number of Shares		Market Value (Note A)

EQUITY SECURITIES — 91.9%
FAR EAST — 52.5%
China — 17.1%
AIA Group, Ltd.		7,560,310	$	32,020,962
Anton Oilfield Services Group		7,134,101		5,150,942
Biostime International Holdings, Ltd.		436,901		2,450,370
China Suntien Green Energy Corp., Ltd. — H		2,374,134		869,327
CIMC Enric Holdings, Ltd.		11,929,117		18,548,765
CITIC Securities Co., Ltd. — H		4,995,132		8,874,739
ENN Energy Holdings, Ltd.		2,241,708		11,951,267
Galaxy Entertainment Group, Ltd.**		2,470,000		12,101,521
Hengan International Group Co., Ltd.		1,093,337		11,911,601
HSBC Holdings PLC		1,560,800		16,350,462
Industrial & Commercial Bank of China, Ltd. — H		7,670,136		4,835,833
New Oriental Education & Technology Group, Inc. — SP ADR		738,890		16,366,414
Sands China, Ltd.		4,605,809		21,704,646
Techtronic Industries Co.		3,703,634		8,862,687
Tencent Holdings, Ltd.		691,600		27,125,240
Termbray Petro-King Oilfield Services, Ltd.**		6,019,053		3,957,836

				203,082,612

India — 10.0%
Ambuja Cements, Ltd.		1,723,607		5,419,537
HCL Technologies, Ltd.		1,008,168		13,165,139
HDFC Bank, Ltd.		1,601,377		18,041,597
ITC, Ltd.		2,439,535		13,315,325
Lupin, Ltd.		501,745		6,598,042
Oil & Natural Gas Corp., Ltd.**		2,085,450		11,619,562
Sun Pharmaceutical Industries, Ltd.		743,063		12,648,639
Tata Motors, Ltd.		1,416,458		6,705,084
Tech Mahindra, Ltd.		672,449		11,992,620
Ultratech Cement, Ltd.		185,722		5,866,221
Zee Entertainment Enterprises, Ltd.		3,503,175		13,915,431

				119,287,197


	Number of Shares		Market Value (Note A)

Taiwan — 7.4%
Delta Electronics, Inc.		736,000	$	3,352,040
E.Sun Financial Holding Co., Ltd.		16,479,000		10,061,917
Ginko International Co., Ltd.		573,000		9,673,951
Hermes Microvision, Inc.		174,000		4,992,826
MediaTek, Inc.		1,058,000		12,302,326
Siliconware Precision Industries Co. — SP ADR		997,349		6,253,378
St. Shine Optical Co., Ltd.		288,000		7,485,636
Taiwan Mobile Co., Ltd.		1,731,000		6,844,066
Taiwan Semiconductor Manufacturing Co., Ltd. — SP ADR		1,474,284		27,008,883

				87,975,023

South Korea — 6.1%
Cheil Worldwide, Inc.**		198,844		4,283,142
Grand Korea Leisure Co., Ltd.		110,768		3,433,464
Kia Motors Corp.		374,547		20,366,331
Kolao Holdings		30,264		780,417
KT Skylife Co., Ltd.		73,461		2,425,007
Samsung Electronics Co., Ltd.		25,012		29,391,098
Samsung Life Insurance Co., Ltd.		77,234		7,303,771
Sung Kwang Bend Co., Ltd.		215,589		4,964,748

				72,947,978

Philippines — 3.2%
Ayala Land, Inc.		11,220,593		7,895,973
Bank of Philippine Islands		1,849,307		4,109,571
International Container Terminal Services, Inc.		2,830,393		5,700,097
Philippine Long Distance Telephone Co.		81,089		5,518,557
Puregold Price Club, Inc.		4,743,741		3,986,060
SM Prime Holdings, Inc.		14,622,583		5,517,317
Universal Robina Corp.		1,843,390		5,333,883

				38,061,458

Malaysia — 2.6%
IHH Healthcare BHD**		5,237,340		6,547,711
Malayan Banking BHD		4,351,461		14,323,530
Sapurakencana Petroleum BHD**		8,047,300		10,417,299

				31,288,540

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Emerging Markets Growth Fund

Schedule of Investments

June 30, 2013 (unaudited)


	Number of Shares		Market Value (Note A)

Indonesia — 1.8%
PT Jasa Marga Persero Tbk		6,967,008	$	4,246,892
PT Perusahaan Gas Negara Persero Tbk		13,425,325		7,777,896
PT Telekomunikasi Indonesia Persero Tbk		7,954,661		9,016,618

				21,041,406

Thailand — 1.7%
Kasikornbank PCL — NVDR		2,219,289		13,667,071
VGI Global Media PCL — NVDR		1,609,721		6,176,263

				19,843,334

Singapore — 1.6%
Global Logistic Properties, Ltd.		9,038,000		19,609,073
Cambodia — 0.7%
NagaCorp, Ltd.		10,433,884		8,138,808
Vietnam — 0.3%
Masan Group Corp.**		766,850		3,218,564

Total FAR EAST				624,493,993

EUROPE — 13.9%
Russia — 6.3%
Eurasia Drilling Co., Ltd. — GDR		326,298		12,180,704
Magnit — SP GDR		477,847		27,332,848
MegaFon — GDR		295,421		9,231,906
NovaTek — SP GDR		106,574		12,735,593
Sberbank RF — SP ADR		1,126,516		12,831,017

				74,312,068

Netherlands — 2.7%
LyondellBasell Industries NV — A		230,387		15,265,443
Yandex NV**		621,167		17,162,844

				32,428,287

Turkey — 2.3%
Aselsan Elektronik Sanayi Ve Ticaret AS		744,106		3,271,644
Ford Otomotiv Sanayi AS		387,903		5,349,831
Otokar Otomotiv Ve Savunma Sanayi AS		93,864		3,272,854
Turk Hava Yollari		3,151,473		12,254,911
Turk Traktor ve Ziraat Makineleri AS		99,133		3,495,123

				27,644,363


	Number of Shares		Market Value (Note A)

United Kingdom — 0.9%
BHP Billiton PLC		217,735	$	5,570,212
Hikma Pharmaceuticals PLC		393,419		5,690,538

				11,260,750

Switzerland — 0.6%
Cie Financiere Richemont SA — A		81,656		7,222,867
Hungary — 0.6%
OTP Bank PLC		336,630		7,064,094
France — 0.5%
Sanofi		55,852		5,788,322

Total EUROPE				165,720,751

SOUTH AMERICA — 10.3%
Brazil — 6.4%
Brasil Insurance Participacoes e Administracao SA		931,037		9,150,354
BRF SA		368,200		7,955,239
Cyrela Brazil Realty SA Empreendimentos e Participacoes		690,800		4,745,990
Estacio Participacoes SA		1,313,500		9,500,925
Itau Unibanco Holding SA — Pref.		891,200		11,510,693
Kroton Educacional SA		438,781		6,074,325
Linx SA		139,551		2,335,283
Ultrapar Participacoes SA		600,600		14,338,388
Vale SA — Pref.		925,700		11,221,989

				76,833,186

Argentina — 1.3%
MercadoLibre, Inc.		139,186		14,998,683
Peru — 1.2%
Credicorp, Ltd.		86,350		11,049,346
Ferreycorp SAA		4,143,692		3,127,877

				14,177,223

Chile — 0.8%
SACI Falabella		874,220		9,464,049
Colombia — 0.6%
Cementos Argos SA — Pref.**		1,635,684		6,877,468

Total SOUTH AMERICA				122,350,609

NORTH AMERICA — 9.2%
Mexico — 6.9%
Cemex SAB de CV**		12,631,782		13,394,664
Corp Inmobiliaria Vesta SAB de CV		1,585,723		3,145,147
El Puerto de Liverpool SAB de CV		1,504,803		17,804,533

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Emerging Markets Growth Fund

Schedule of Investments

June 30, 2013 (unaudited)


	Number of Shares		Market Value (Note A)

Fibra Uno Administracion SA de CV — REIT		3,585,666	$	12,040,357
Fomento Economico Mexicano SAB de CV — SP ADR		90,764		9,365,937
Grupo Aeroportuario del Centro Norte SAB de CV		918,789		3,013,597
Grupo Financiero Banorte SAB de CV — O		1,828,265		10,920,954
Infraestructura Energetica Nova SAB de CV**		3,375,204		12,214,079

				81,899,268

United States — 1.3%
Mead Johnson Nutrition Co.		124,828		9,890,122
Samsonite International SA		2,456,208		5,915,636

				15,805,758

Canada — 1.0%
Gran Tierra Energy, Inc.**		1,881,974		11,488,327

Total NORTH AMERICA				109,193,353

MIDDLE EAST — 3.9%
Qatar — 1.8%
Industries Qatar QSC		201,798		8,785,876
Qatar National Bank SAQ		279,583		12,210,877

				20,996,753

United Arab Emirates — 1.6%
Al Noor Hospitals Group PLC**		1,207,206		11,631,762
Emaar Properties PJSC		5,298,827		7,501,743

				19,133,505

Pakistan — 0.5%
Engro Foods, Ltd.**		4,270,802		6,042,219

Total MIDDLE EAST				46,172,477

AFRICA — 2.1%
South Africa — 2.1%
MTN Group, Ltd.		468,272		8,716,400
Naspers, Ltd.— N		124,807		9,216,859
Woolworths Holdings, Ltd.		1,093,637		7,126,030

				25,059,289

Total AFRICA				25,059,289

Total EQUITY SECURITIES (Cost $1,018,669,514)				1,092,990,472


	Number of Shares			Market Value (Note A)

EQUITY CERTIFICATES — 2.5%
MIDDLE EAST — 2.5%
Saudi Arabia — 2.5%
Etihad Etisalat Co.†		924,850		$	19,605,513
Samba Financial Group†		825,314			10,871,412

					30,476,925

Total MIDDLE EAST					30,476,925

Total EQUITY CERTIFICATES (Cost $27,377,153)					30,476,925


TOTAL INVESTMENTS (COST $1,046,046,667)		94.4	%	$	1,123,467,397
Other Assets In Excess Of Liabilities		5.6	%		66,196,264

Net Assets		100.0	%	$	1,189,663,661

The federal income tax basis and unrealized appreciation (depreciation) for all investments is as follows:


Basis:	$	1,050,404,262

Gross Appreciation	$	106,581,485
Gross Depreciation		(33,518,350	)

Net Appreciation	$	73,063,135

**	Non-income producing security

†	Restricted security — Investments in securities not registered under the Securities Act of 1933, excluding 144A securities. At June 30, 2013, the value of these restricted securities amounted to $30,476,925 or 2.5% of net assets.

Additional information on each restricted security is as follows (see Note A in Notes to Financial Statements):

Security

Counter-
party

Acquisition
Date(s)

Acquisition
Cost

Etihad Etisalat Co.

MSCO

08/27/12 to
04/22/13

17,086,743

Samba Financial Group

MSCO

03/26/13 to
06/03/13

10,290,410

GDR — Global Depository Receipt

MSCO — Morgan Stanley

NVDR — Non-Voting Depository Receipt

REIT — Real Estate Investment Trust

SP ADR — Sponsored American Depository Receipt

SP GDR — Sponsored Global Depository Receipt

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Emerging Markets Growth Fund

Schedule of Investments

June 30, 2013 (unaudited)

Regional Weightings*


Asia/Far East-Ex Japan			52.5%
South America			10.3%
North America			9.2%
Eastern Europe			9.2%
Middle East			6.4%
Western Europe			4.7%
Africa			2.1%

Top Ten Holdings*


AIA Group, Ltd.			2.7%
Samsung Electronics Co., Ltd.			2.5%
Magnit — SP GDR			2.3%
Tencent Holdings, Ltd.			2.3%
Taiwan Semiconductor Manufacturing Co., Ltd. — SP ADR			2.3%
Sands China, Ltd.			1.8%
Kia Motors Corp.			1.7%
Global Logistic Properties, Ltd.			1.6%
Etihad Etisalat Co.			1.6%
CIMC Enric Holdings, Ltd.			1.6%

*	All percentages are stated as a percent of net assets at June 30, 2013.

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Emerging Markets Growth Fund

Schedule of Investments

June 30, 2013 (unaudited)


Industry	Percent of Net Assets
Aerospace & Defense		0.3%
Airlines		1.0%
Automobiles		2.7%
Beverages		0.8%
Buliding Products		0.4%
Capital Markets		0.7%
Chemicals		1.3%
Commercial Banks		13.3%
Construction Materials		2.7%
Diversified Consumer Services		2.7%
Diversified Telecommunications		0.8%
Electronic Equipment, Instruments & Components		0.3%
Energy Equipment & Services		2.7%
Food & Staples Retailing		2.6%
Food Products		2.9%
Gas Utilities		2.7%
Health Care Equipment & Supplies		1.4%
Health Care Providers & Services		1.5%
Hotels, Restaurants & Leisure		3.8%
Household Durables		1.1%
Industrial Conglomerates		0.7%


Industry	Percent of Net Assets
Insurance		4.1%
Internet Software & Services		5.0%
IT Services		2.1%
Machinery		2.4%
Media		3.0%
Metals & Mining		1.4%
Multiline Retail		2.9%
Oil, Gas & Consumable Fuels		4.3%
Personal Products		1.0%
Pharmaceuticals		2.6%
Real Estate Investment Trusts		1.0%
Real Estate Management & Development		3.7%
Semiconductors & Semiconductor Equipment		6.7%
Software		0.2%
Specialty Retail		0.1%
Textiles, Apparel & Luxury Goods		1.1%
Tobacco		1.1%
Transportation Infrastructure		1.1%
Wireless Telecommunication Services		4.2%
Other Assets in Excess of Liabilities		5.6%

TOTAL		100.0%

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Emerging Markets Small Cap Growth Fund

Performance Overview (unaudited)

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph compares the results of a $10,000 investment in the Fund since December 1, 2008 (the date of the Predecessor Limited Partnership’s inception), with all dividends and capital gains reinvested, with the indicated indices (and dividends reinvested) for the same period.


	Fund Only				Including Predecessor Limited Partnership
Average Annual Total Returns as of 06/30/13	1 Year		Since Inception (08/22/11 - 06/30/13)		3 Years		Since Inception (12/01/08 - 06/30/13)
Driehaus Emerging Markets Small Cap Growth Fund (DRESX)¹		28.54%		11.40%		12.36%		22.33%
MSCI Emerging Markets Small Cap Index²		10.22%		1.11%		4.02%		23.85%
MSCI Emerging Markets Index³		3.23%		1.19%		3.72%		16.62%

LOGO

The Driehaus Emerging Markets Small Cap Growth Fund (the “Fund”) performance shown above includes the performance of the Driehaus Emerging Markets Small Cap Growth Fund, L.P. (the “Predecessor Limited Partnership”), the Fund’s predecessor, for the periods before the Fund’s registration statement became effective. The Predecessor Limited Partnership, which was established on December 1, 2008, was managed with substantially the same investment objective, policies and philosophies as are followed by the Fund. The Fund succeeded to the Predecessor Limited Partnership’s assets on August 22, 2011. The Predecessor Limited Partnership was not registered under the Investment Company Act of 1940, as amended (“1940 Act”), and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the Predecessor Limited Partnership had been registered under the 1940 Act, its performance may have been adversely affected. The Predecessor Limited Partnership’s performance has been restated to reflect estimated expenses of the Fund. The returns for the periods reflect fee waivers and/or reimbursements without which performance would have been lower.

The Morgan Stanley Capital International Emerging Markets Small Cap Index (MSCI Emerging Markets Small Cap Index) is a market capitalization-weighted index designed to measure equity market performance of small cap stocks in 21 global emerging markets. Data is in U.S. dollars. Source: Morgan Stanley Capital International Inc.

³	The Morgan Stanley Capital International Emerging Markets Index (MSCI Emerging Markets Index) is a market capitalization weighted index designed to measure equity market performance in 21 global emerging markets. Data is in U.S. dollars. Source: Morgan Stanley Capital International Inc.

Driehaus Emerging Markets Small Cap Growth Fund

Schedule of Investments

June 30, 2013 (unaudited)


	Number of Shares		Market Value (Note A)

EQUITY SECURITIES — 79.0%
FAR EAST — 47.6%
China — 16.8%
Ajisen China Holdings, Ltd.		1,530,000	$	1,197,401
Anton Oilfield Services Group		2,652,000		1,914,789
Biostime International Holdings, Ltd.		251,000		1,407,740
Bonjour Holdings, Ltd.		14,834,000		2,715,851
China Hongqiao Group, Ltd.		2,894,000		1,455,199
China Suntien Green Energy Corp., Ltd. — H		5,013,394		1,835,733
CIMC Enric Holdings, Ltd.		1,892,000		2,941,900
Haitian International Holdings, Ltd.		1,302,000		1,903,634
Hilong Holding, Ltd.		3,738,808		2,198,150
LightInTheBox Holding Co., Ltd. — ADR**		65,702		884,349
New Oriental Education & Technology Group, Inc. — SP ADR		89,153		1,974,739
Prince Frog International Holdings, Ltd.		3,015,000		2,083,586
Termbray Petro-King Oilfield Services, Ltd.**		4,072,000		2,677,548
Tiangong International Co., Ltd.		4,042,000		1,000,592
Wison Engineering Services Co., Ltd.**		2,220,000		1,030,421

				27,221,632

Malaysia — 6.1%
Dialog Group BHD		902,900		805,880
Guinness Anchor BHD		114,123		688,458
KPJ Healthcare BHD		1,205,400		2,613,385
Oldtown BHD		2,587,200		2,251,875
Top Glove Corp. BHD		1,183,000		2,336,420
UEM Sunrise BHD		1,188,894		1,174,030

				9,870,048

Thailand — 4.8%
Amata Corp. PCL — NVDR		3,161,600		1,855,267
Beauty Community PCL — NVDR		4,429,800		3,556,409
Robinson Department Store PCL — NVDR		409,200		804,811
VGI Global Media PCL — NVDR		391,618		1,502,581

				7,719,068

Philippines — 4.4%
East West Banking Corp.**		1,708,503		1,180,528
GT Capital Holdings, Inc.		44,993		827,996
Metro Pacific Investments Corp.		6,543,200		799,724


	Number of Shares		Market Value (Note A)

Pepsi-Cola Products Philippines, Inc.		8,208,200	$	1,088,727
Philippine Seven Corp.		245,479		517,097
Security Bank Corp.		392,080		1,372,280
Vista Land & Lifescapes, Inc.		9,652,300		1,255,693

				7,042,045

Sri Lanka — 3.6%
Commercial Bank of Ceylon PLC		1,689,221		1,493,613
Hatton National Bank PLC		1,695,335		2,094,467
John Keells Holdings PLC		1,134,433		2,187,959

				5,776,039

Taiwan — 3.6%
Chailease Holding Co., Ltd.		572,000		1,351,227
Cleanaway Co., Ltd.		87,000		664,743
Ginko International Co., Ltd.		51,000		861,032
Hermes Microvision, Inc.		58,000		1,664,275
St. Shine Optical Co., Ltd.		47,000		1,221,614

				5,762,891

Indonesia — 3.2%
PT Bumi Serpong Damai Tbk		6,567,793		1,191,136
PT Express Transindo Utama Tbk**		5,079,000		690,846
PT Kawasan Industri Jababeka Tbk		20,257,500		724,576
PT Malindo Feedmill Tbk		5,109,095		1,878,912
PT Tempo Scan Pacific Tbk		1,701,000		711,249

				5,196,719

Singapore — 1.9%
Ezion Holdings, Ltd.		492,000		822,912
First REIT		1,042,000		998,840
Religare Health Trust		1,776,000		1,191,006

				3,012,758

Cambodia — 1.3%
NagaCorp, Ltd.		2,704,892		2,109,914
South Korea — 1.0%
Kolao Holdings		64,526		1,663,930
Vietnam — 0.9%
Masan Group Corp.**		339,410		1,424,546
Military Commercial Joint Stock Bank		65,690		40,892

				1,465,438

Total FAR EAST				76,840,482

NORTH AMERICA — 7.2%
Mexico — 4.7%
Alsea SAB de CV		599,300		1,420,843
Asesor de Activos Prisma SAPI de CV — REIT		988,000		1,452,554

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Emerging Markets Small Cap Growth Fund

Schedule of Investments

June 30, 2013 (unaudited)


	Number of Shares		Market Value (Note A)

Banregio Grupo Financiero SAB de CV		184,260	$	973,386
Fibra Uno Administracion SA de CV — REIT		333,900		1,121,207
Grupo Aeroportuario del Centro Norte SAB de CV — ADR		45,963		1,203,311
TF Administradora Industrial S de RL de CV — REIT		690,000		1,438,315

				7,609,616

Canada — 2.5%
Africa Oil Corp.**		322,102		2,161,404
Gran Tierra Energy, Inc.**		312,236		1,876,538

				4,037,942

Total NORTH AMERICA				11,647,558

MIDDLE EAST — 7.1%
Pakistan — 3.5%
Engro Foods, Ltd.**		1,071,297		1,515,643
HUB Power Co.		1,509,500		935,283
Lucky Cement, Ltd.		955,417		2,013,769
PAK Suzuki Motor Co., Ltd.		302,500		452,139
United Bank, Ltd.		721,000		779,550

				5,696,384

United Arab Emirates — 2.0%
Al Noor Hospitals Group PLC**		173,121		1,668,068
Aldar Properties PJSC		2,707,467		1,577,452

				3,245,520

Qatar — 0.9%
Gulf International Services OSC		127,794		1,462,057
Egypt — 0.7%
Juhayna Food Industries		811,850		1,071,001

Total MIDDLE EAST				11,474,962

SOUTH AMERICA — 6.5%
Brazil — 4.9%
All America Latina Logistica SA		135,400		575,254
Alpargatas SA — Pref.		107,600		686,680
Brasil Insurance Participacoes e Administracao SA		89,800		882,566
Kroton Educacional SA		220,400		3,051,138
Linx SA		114,541		1,916,759
Mills Estruturas e Servicos de Engenharia SA		60,500		819,916

				7,932,313

Chile — 1.0%
Forus SA		276,136		1,574,038


	Number of Shares		Market Value (Note A)

Peru — 0.6%
Alicorp SAA		181,725	$	610,758
Ferreycorp SAA		516,738		390,061

				1,000,819

Total SOUTH AMERICA				10,507,170

EUROPE — 6.4%
Turkey — 3.1%
Anadolu Hayat Emeklilik AS		602,060		1,329,795
Bizim Toptan Satis Magazalari AS		73,534		1,197,163
Otokar Otomotiv Ve Savunma Sanayi AS		25,649		894,331
Tofas Turk Otomobil Fabrikasi AS		130,915		817,922
Turkiye Sise Ve Cam Fabrikalari AS		562,000		786,748

				5,025,959

Norway — 1.5%
DNO International ASA**		1,357,111		2,479,925
Austria — 0.7%
C.A.T. oil AG		71,224		1,090,248
Kazakhstan — 0.6%
Halyk Savings Bank of Kazakhstan — GDR		125,008		922,559
United Kingdom — 0.5%
Ophir Energy PLC**		138,185		750,320

Total EUROPE				10,269,011

AFRICA — 4.2%
Nigeria — 2.9%
Guaranty Trust Bank PLC		8,462,772		1,265,276
Guinness Nigeria PLC		548,613		847,476
Nestle Nigeria PLC		127,530		753,269
Unilever Nigeria PLC		1,372,681		489,851
Zenith Bank PLC		11,122,363		1,354,967

				4,710,839

Kenya — 1.3%
Safaricom, Ltd.		28,050,000		2,141,346

Total AFRICA				6,852,185

Total EQUITY SECURITIES (Cost $117,034,223)				127,591,368


EQUITY CERTIFICATES — 14.8%
FAR EAST — 8.7%
India — 8.7%
Cummins India, Ltd.†		101,120		775,608
Eicher Motors, Ltd.†		13,214		728,666
Emami, Ltd.†		231,657		1,872,358
Ipca Laboratories, Ltd.†		150,139		1,655,382
Jain Irrigation Systems, Ltd.†		1,578,118		1,380,936

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Emerging Markets Small Cap Growth Fund

Schedule of Investments

June 30, 2013 (unaudited)


	Number of Shares		Market Value (Note A)

Kaveri Seed Co., Ltd.†		65,751	$	1,756,218
Mahindra & Mahindra Financial Services, Ltd.†		623,982		2,741,636
Shree Cement, Ltd.†		13,785		1,082,665
Yes Bank, Ltd.†		253,412		1,966,315

				13,959,784

Total FAR EAST				13,959,784

MIDDLE EAST — 6.1%
Saudi Arabia — 6.1%
Al Mouwasat Medical Services†		86,056		1,571,851
Bank Al-Jazira†**		328,042		2,283,020
Emaar Economic City†**		859,418		2,291,629
Fawaz Abdulaziz Alhokair & Co.†		40,015		1,675,183
Herfy Food Services Co., Ltd.†		65,910		2,091,405

				9,913,088

Total MIDDLE EAST				9,913,088

Total EQUITY CERTIFICATES (Cost $23,270,905)				23,872,872


PURCHASED CALL OPTIONS — 0.1%
CurrencyShares Japanese Yen Trust, Exercise Price: $105.00, Expiration Date July, 2013**		5,000		65,000
iShares FTSE China 25 Index Fund, Exercise Price: $36.00, Expiration Date July, 2013**		6,815		27,260

Total PURCHASED CALL OPTIONS (Premiums paid $441,872)				92,260


PURCHASED PUT OPTIONS — 1.1%
iShares MSCI Emerging Markets Index Fund, Exercise Price: $35.00, Expiration Date July, 2013**		2,140		36,380
iShares MSCI Emerging Markets Index Fund, Exercise Price: $38.00, Expiration Date July, 2013**		5,000		350,000

Industrial Select Sector SPDR Fund, Exercise Price: $41.00, Expiration Date July, 2013**		7,225		144,500
Industrial Select Sector SPDR Fund, Exercise Price: $42.00, Expiration Date July, 2013**		5,775		236,775


	Number of Shares			Market Value (Note A)

Materials Select Sector SPDR Trust Fund, Exercise Price: $38.00, Expiration Date July, 2013**		5,765		$	276,720
Energy Select Sector SPDR Fund, Exercise Price: $76.00, Expiration Date July, 2013**		5,500			308,000
Energy Select Sector SPDR Fund, Exercise Price: $78.00, Expiration Date July, 2013**		4,125			499,125

Total PURCHASED PUT OPTIONS (Premiums paid $2,887,053)					1,851,500


TOTAL INVESTMENTS (COST $143,634,053)		95.0	%	$	153,408,000
Other Assets In Excess Of Liabilities		5.0	%		8,130,248

Net Assets		100.0	%	$	161,538,248



WRITTEN PUT OPTIONS — (0.1%)
Energy Select Sector SPDR Fund, Exercise Price: $75.00, Expiration Date July, 2013**		(5,500	)		(231,000	)

Total WRITTEN PUT OPTIONS (Premiums received $395,786)					(231,000	)

The federal income tax basis and unrealized appreciation (depreciation) for all investments is as follows:


Basis:	$	144,519,248

Gross Appreciation	$	16,280,586
Gross Depreciation		(7,391,834	)

Net Appreciation	$	8,888,752

**	Non-income producing security

†	Restricted security — Investments in securities not registered under the Securities Act of 1933, excluding 144A securities. At June 30, 2013, the value of these restricted securities amounted to $23,872,872 or 14.8% of net assets.

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Emerging Markets Small Cap Growth Fund

Schedule of Investments

June 30, 2013 (unaudited)

Additional information on each restricted security is as follows (see Note A in Notes to Financial Statements):

Security

Counter-
party

Acquisition
Date(s)

Acquisition
Cost

Al Mouwasat Medical Services

MLCO

03/11/13 to
05/28/13

1,573,201

Bank Al-Jazira

MSCO

02/19/13 to
06/04/13

2,405,233

Cummins India, Ltd

MLCO

09/28/12 to
06/06/13

943,390

Eicher Motors, Ltd.

MLCO

04/29/13 to
05/02/13

735,545

Emaar Economic City

MSCO

05/29/13 to
06/17/13

2,248,970

Emami, Ltd.

MLCO

02/13/13 to
06/25/13

1,766,596

Fawaz Abdulaziz Alhokair & Co.

MLCO

10/09/12 to
05/08/13

1,185,636

Herfy Food Services Co., Ltd.

MSCO

09/11/12 to
05/22/13

1,780,294

Ipca Laboratories, Ltd.

MLCO

03/04/13 to
04/26/13

1,399,901

Security

Counter-
party

Acquisition
Date(s)

Acquisition
Cost

Jain Irrigation Systems, Ltd

MLCO

04/02/13 to
05/16/13

1,832,897

Kaveri Seed Co., Ltd.

MLCO

10/05/12 to
06/04/13

1,558,743

Mahindra & Mahindra Financial Services, Ltd.

MLCO

04/23/13 to
06/19/13

2,717,954

Shree Cement, Ltd.

MLCO

05/03/13 to
06/07/13

1,200,464

Yes Bank, Ltd.

MLCO

01/28/11 to
06/26/13

1,922,081

ADR — American Depository Receipt

GDR — Global Depository Receipt

MLCO — Merrill Lynch & Co., Inc.

MSCO — Morgan Stanley

NVDR — Non-Voting Depository Receipt

REIT — Real Estate Investment Trust

SP ADR — Sponsored American Depository Receipt

Regional Weightings^(a)(b)


Asia/Far East Ex-Japan			56.3%
Middle East			13.2%
North America			7.2%
South America			6.5%
Africa			4.2%
Eastern Europe			3.7%
Western Europe			2.7%

Top Ten Holdings^(b)


Beauty Community PCL — NVDR			2.2%
Kroton Educacional SA			1.9%
CIMC Enric Holdings, Ltd.			1.8%
Mahindra & Mahindra Financial Services, Ltd.			1.7%
Bonjour Holdings, Ltd.			1.7%
Termbray Petro-King Oilfield Services, Ltd.			1.7%
KPJ Healthcare BHD			1.6%
DNO International ASA			1.5%
Top Glove Corp. BHD			1.4%
Emaar Economic City			1.4%

^(a)	All percentages are stated as a percent of net assets at June 30, 2013.

^(b)	Excludes purchased options.

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Emerging Markets Small Cap Growth Fund

Schedule of Investments

June 30, 2013 (unaudited)


Industry	Percent of Net Assets
Automobiles		0.8%
Beverages		1.6%
Commercial Banks		9.7%
Commercial Services & Supplies		0.4%
Construction & Engineering		0.5%
Construction Materials		1.9%
Consumer Finance		1.7%
Diversified Consumer Services		3.1%
Diversified Financial Services		1.9%
Energy Equipment & Services		6.9%
Food & Staples Retailing		1.1%
Food Products		7.9%
Health Care Equipment & Supplies		2.7%
Health Care Providers & Services		3.6%
Hotels, Restaurants & Leisure		4.2%
Household Products		0.3%
Independent Power Produce		0.6%
Industrial Conglomerates		1.9%
Insurance		1.4%
Internet & Catalog Retail		0.6%


Industry	Percent of Net Assets
Machinery		5.6%
Media		0.9%
Metals & Mining		1.5%
Multiline Retail		0.5%
Oil, Gas & Consumable Fuels		5.6%
Other		1.2%
Personal Products		2.5%
Pharmaceuticals		1.5%
Real Estate Investment Trusts		3.8%
Real Estate Management & Development		6.2%
Road & Rail		0.8%
Semiconductors & Semiconductor Equipment		1.0%
Software		1.2%
Specialty Retail		6.0%
Textiles, Apparel & Luxury Goods		1.4%
Trading Companies & Distributors		0.5%
Transportation Infrastructure		0.7%
Wireless Telecommunication Services		1.3%
Other Assets in Excess of Liabilities		5.0%

TOTAL		100.0%

Notes to Financial Statements are an integral part of this Schedule.

Driehaus International Small Cap Growth Fund

Performance Overview (unaudited)

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph compares the results of a $10,000 investment in the Fund since August 1, 2002 (the date of the Predecessor Limited Partnership’s inception), with all dividends and capital gains reinvested, with the indicated index (and dividends reinvested) for the same period.


	Fund Only								Including Predecessor Limited Partnership
Average Annual Total Returns as of 06/30/13	1 Year		3 Years		5 Years		Since Inception (09/17/07 - 06/30/13)		10 Years		Since Inception (08/1/02 - 06/30/13)
Driehaus International Small Cap Growth Fund (DRIOX)¹		21.37%		12.50%		2.07%		3.02%		17.10%		17.69%
MSCI AC World ex USA Small Cap Growth Index²		14.12%		9.43%		1.49%		–0.43%		10.68%		10.63%

LOGO

The Driehaus International Small Cap Growth Fund (the “Fund”) performance shown above includes the performance of the Driehaus International Opportunities Fund, L.P. (the “Predecessor Limited Partnership”), the Fund’s predecessor, for the periods before the Fund’s registration statement became effective. The Predecessor Limited Partnership, which was established on August 1, 2002, was managed with substantially the same investment objective, policies and philosophies as are followed by the Fund. The Fund succeeded to the Predecessor Limited Partnership’s assets on September 17, 2007. The Predecessor Limited Partnership was not registered under the Investment Company Act of 1940, as amended (“1940 Act”), and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the Predecessor Limited Partnership had been registered under the 1940 Act, its performance may have been adversely affected. The Predecessor Limited Partnership’s performance has been restated to reflect estimated expenses of the Fund. The returns for the periods prior to January 1, 2010, reflect fee waivers and/or reimbursements without which performance would have been lower.

The Morgan Stanley Capital International All Country World ex USA Small Cap Growth Index (MSCI AC World ex USA Small Cap Growth Index) is a market capitalization-weighted index designed to measure equity performance in 44 global developed markets and emerging markets, excluding the U.S., and is composed of stocks which are categorized as small capitalization growth stocks. Data is in U.S. dollars. Source: Morgan Stanley Capital International, Inc.

In 2012, the Morgan Stanley Capital International World ex USA Small Cap Index (MSCI World ex USA Small Cap Index) was removed as a benchmark for the Fund as it is less representative of the Fund’s investment universe. The MSCI All Country World ex USA Small Cap Growth Index includes the emerging markets, which the Fund invests in, whereas the MSCI World ex USA Small Cap Index does not.

Driehaus International Small Cap Growth Fund

Schedule of Investments

June 30, 2013 (unaudited)


	Number of Shares		Market Value (Note A)

EQUITY SECURITIES — 99.2%
FAR EAST — 47.2%
Japan — 26.9%
Anritsu Corp.		198,546	$	2,352,204
Avex Group Holdings, Inc.		82,200		2,589,988
Calbee, Inc.		26,919		2,554,021
Century Tokyo Leasing Corp.		117,700		3,064,140
Disco Corp.		42,570		2,940,154
GLP J — REIT		2,141		2,093,940
Hulic Co., Ltd.		343,383		3,683,802
Izumi Co., Ltd.		107,200		2,895,632
J Trust Co., Ltd.		91,700		1,697,532
M3, Inc.		791		1,776,919
MISUMI Group, Inc.		109,317		3,005,722
Modec, Inc.		35,946		1,048,878
MonotaRO Co., Ltd.		69,013		1,681,835
NTN Corp.**		831,000		2,563,884
Santen Pharmaceutical Co., Ltd.		27,900		1,201,180
Sawai Pharmaceutical Co., Ltd.		19,700		2,353,751
SCSK Corp.		142,023		2,735,067
Seven Bank, Ltd.		865,400		3,141,198
Shinko Electric Industries Co., Ltd.		99,900		1,170,436
Sumitomo Real Estate Sales Co., Ltd.		43,969		2,442,722
Taiyo Yuden Co., Ltd.		142,982		2,178,320
Takashimaya Co., Ltd.		208,200		2,109,710
Takeuchi Manufacturing Co., Ltd.		46,253		825,447
Tokai Tokyo Financial Holdings, Inc.		176,800		1,205,049
Tokyo Seimitsu Co., Ltd.		71,408		1,590,444
Tokyo Tatemono Co., Ltd.		442,621		3,686,277
United Arrows, Ltd.		52,416		2,190,606
Wacom Co., Ltd.		221,200		2,437,705
Zenkoku Hosho Co., Ltd.		51,755		1,648,980

				64,865,543

China — 6.0%
Biostime International Holdings, Ltd.		403,781		2,264,616
China Wireless Technologies, Ltd.		3,344,577		1,267,792
Haier Electronics Group Co., Ltd.		1,539,430		2,453,227
Hilong Holding, Ltd.		5,144,869		3,024,813
Prince Frog International Holdings, Ltd.		2,749,298		1,899,967
SA SA International Holdings, Ltd.		1,168,000		1,159,559
Techtronic Industries Co.		1,006,490		2,408,501

				14,478,475


	Number of Shares		Market Value (Note A)

Malaysia — 3.7%
Dialog Group BHD		2,668,400	$	2,381,671
KPJ Healthcare BHD		867,474		1,880,740
Top Glove Corp. BHD		1,199,453		2,368,915
UEM Sunrise BHD		2,355,100		2,325,657

				8,956,983

Singapore — 3.4%
Ezion Holdings, Ltd.		1,005,000		1,680,947
M1, Ltd.		806,114		1,914,322
Mapletree Commercial Trust — REIT		2,534,885		2,369,892
Mapletree Industrial Trust — REIT		2,191,000		2,281,751

				8,246,912

South Korea — 3.0%
Grand Korea Leisure Co., Ltd.		63,861		1,979,492
Kolao Holdings		100,853		2,600,692
KT Skylife Co., Ltd.		80,125		2,644,991

				7,225,175

Philippines — 1.8%
East West Banking Corp.**		2,019,574		1,395,470
GT Capital Holdings, Inc.		73,742		1,357,058
Vista Land & Lifescapes, Inc.		12,329,474		1,603,973

				4,356,501

Australia — 1.8%
carsales.com, Ltd.		332,837		2,870,464
M2 Telecommunications Group, Ltd.		251,634		1,346,276

				4,216,740

Indonesia — 0.6%
PT Malindo Feedmill Tbk		3,947,088		1,451,574

Total FAR EAST				113,797,903

EUROPE — 41.6%
United Kingdom — 17.4%
ASOS PLC**		46,577		2,865,547
Aveva Group PLC		46,115		1,580,934
Barratt Developments PLC**		522,547		2,460,616
Booker Group PLC		1,540,819		2,847,380
Britvic PLC		156,330		1,219,768
Dixons Retail PLC**		4,358,724		2,724,037
Domino’s Pizza UK & IRL PLC		250,088		2,550,405
Essentra PLC		250,696		2,674,808
eSure Group PLC**		446,754		2,207,678
Great Portland Estates PLC — REIT		299,367		2,420,052
Halma PLC		327,322		2,506,641
IG Group Holdings PLC		270,243		2,383,965
Ocado Group PLC**		291,856		1,324,157

Notes to Financial Statements are an integral part of this Schedule.

Driehaus International Small Cap Growth Fund

Schedule of Investments

June 30, 2013 (unaudited)


	Number of Shares		Market Value (Note A)

Phoenix Group Holdings		248,787	$	2,406,591
Rightmove PLC		65,364		2,071,829
Spirax-Sarco Engineering PLC		61,584		2,516,825
SuperGroup PLC**		109,101		1,190,606
Telecity Group PLC		265,232		4,090,547

				42,042,386

Germany — 11.3%
Duerr AG		38,378		2,315,638
Freenet AG		116,953		2,554,436
GAGFAH SA**		205,479		2,537,128
Gerresheimer AG		41,053		2,377,917
KUKA AG		55,079		2,328,953
Leoni AG		27,662		1,377,411
Norma Group SE		67,030		2,429,015
Sky Deutschland AG**		401,907		2,798,795
TAG Immobilien AG		214,295		2,337,759
Wincor Nixdorf AG		58,526		3,173,656
Wirecard AG		109,529		2,981,089

				27,211,797

Italy — 3.5%
Banca Generali SpA		109,713		2,364,885
Brembo SpA		140,102		2,500,193
Yoox SpA**		162,853		3,499,731

				8,364,809

Switzerland — 3.4%
DKSH Holding, Ltd.		22,136		1,820,937
GAM Holding AG		78,077		1,198,578
Tecan Group AG		27,386		2,531,150
Temenos Group AG		107,048		2,617,976

				8,168,641

Sweden — 2.3%
Axis Communications AB		92,000		2,274,586
Intrum Justitia AB		156,622		3,211,334

				5,485,920

Norway — 1.1%
Opera Software ASA		338,151		2,616,428
Netherlands — 1.1%
AerCap Holdings NV**		147,300		2,571,858
France — 1.0%
Ingenico SA		37,020		2,467,165
Ireland — 0.5%
Henderson Group PLC		539,723		1,203,434

Total EUROPE				100,132,438

NORTH AMERICA — 8.4%
Canada — 6.5%
Cineplex, Inc.		113,150		3,967,834
Constellation Software, Inc.		19,112		2,635,010
Element Financial Corp.**		236,342		2,689,944


	Number of Shares			Market Value (Note A)

Open Text Corp.		34,437		$	2,354,303
Secure Energy Services, Inc.		207,290			2,656,907
ShawCor, Ltd.		31,530			1,245,970

					15,549,968

United States — 1.0%
Samsonite International SA		1,021,225			2,459,562
Mexico — 0.9%
Mexico Real Estate Management SA de CV — REIT		1,027,207			2,219,711

Total NORTH AMERICA					20,229,241

SOUTH AMERICA — 2.0%
Brazil — 2.0%
Arezzo Industria e Comercio SA		59,854			917,385
Brasil Insurance Participacoes e Administracao SA		114,900			1,129,252
Cyrela Brazil Realty SA Empreendimentos e Participacoes		144,000			989,320
Mills Estruturas e Servicos de Engenharia SA		137,359			1,861,535

					4,897,492

Total SOUTH AMERICA					4,897,492

Total EQUITY SECURITIES (Cost $222,820,241)					239,057,074


TOTAL INVESTMENTS (COST $222,820,241)		99.2	%	$	239,057,074
Other Assets In Excess Of Liabilities		0.8	%		1,955,727

Net Assets		100.0	%	$	241,012,801

The federal income tax basis and unrealized appreciation (depreciation) for all investments is as follows:


Basis:	$	225,453,245

Gross Appreciation	$	22,569,784
Gross Depreciation		(8,965,955	)

Net Appreciation	$	13,603,829

**	Non-income producing security

REIT — Real Estate Investment Trust

Notes to Financial Statements are an integral part of this Schedule.

Driehaus International Small Cap Growth Fund

Schedule of Investments

June 30, 2013 (unaudited)

Regional Weightings*


Western Europe			41.6%
Japan			26.9%
Asia/Far East Ex-Japan			20.3%
North America			8.4%
South America			2.0%

Top Ten Holdings*


Telecity Group PLC			1.7%
Cineplex, Inc.			1.6%
Tokyo Tatemono Co., Ltd.			1.5%
Hulic Co., Ltd.			1.5%
Yoox SpA			1.5%
Intrum Justitia AB			1.3%
Wincor Nixdorf AG			1.3%
Seven Bank, Ltd.			1.3%
Century Tokyo Leasing Corp.			1.3%
Hilong Holding, Ltd.			1.3%

*	All percentages are stated as a percent of net assets at June 30, 2013.

Notes to Financial Statements are an integral part of this Schedule.

Driehaus International Small Cap Growth Fund

Schedule of Investments

June 30, 2013 (unaudited)


Industry	Percent of Net Assets
Auto Components		1.6%
Beverages		0.5%
Capital Markets		2.5%
Chemicals		1.1%
Commercial Banks		1.9%
Commercial Services & Supplies		1.3%
Communications Equipment		1.5%
Computers & Peripherals		2.3%
Construction & Engineering		1.0%
Consumer Finance		0.7%
Diverdified Financial Services		4.6%
Diverdified Telecommunications		0.6%
Electronic Equipment, Instruments & Components		3.9%
Energy Equipment & Services		4.0%
Food & Staples Retailing		1.2%
Food Products		2.6%
Health Care Equipment & Supplies		1.0%
Health Care Providers & Services		0.8%
Health Care Technology		0.7%
Hotels, Restaurants & Leisure		1.9%
Household Durables		3.4%


Industry	Percent of Net Assets
Insurance		2.4%
Internet & Catalog Retail		3.2%
Internet Software & Services		4.0%
IT Services		2.4%
Life Sciences Tools & Services		2.0%
Machinery		5.4%
Media		5.8%
Multiline Retail		2.1%
Personal Products		0.8%
Pharmaceuticals		1.5%
Professional Services		0.8%
Real Estate Investment Trusts		4.7%
Real Estate Management & Development		7.7%
Semiconductors & Semiconductor Equipment		2.4%
Software		3.8%
Specialty Retail		4.1%
Textiles, Apparel & Luxury Goods		1.4%
Trading Companies & Distributors		3.8%
Wireless Telecommunication Services		1.8%
Other Assets in Excess of Liabilities		0.8%

TOTAL		100.0%

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Global Growth Fund

Performance Overview (unaudited)

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph compares the results of a $10,000 investment in the Fund since May 1, 2008 (the date of the Fund’s inception), with all dividends and capital gains reinvested, with the indicated index (and dividends reinvested) for the same period.


Average Annual Total Returns as of 06/30/13	1 Year		3 Years		5 Years		Since Inception (05/01/08 - 06/30/13)
Driehaus Global Growth Fund (DRGGX)¹		6.57%		7.42%		–2.20%		–3.09%
MSCI AC World Growth Index²		15.86%		13.44%		2.65%		1.77%

LOGO

¹	The returns for the periods prior to September 1, 2009, reflect fee waivers and/or reimbursements without which performance would have been lower.

The Morgan Stanley Capital International All Country World Growth Index (MSCI AC World Growth Index) is a subset of the MSCI All Country World Index (MSCI ACWI) and includes only the MSCI ACWI stocks which are categorized as growth stocks. The MSCI ACWI is a free float-adjusted market-capitalization weighted index that is designed to measure the equity market performance of 24 developed and 21 emerging markets. Data is in U.S. dollars. Source: Morgan Stanley Capital International Inc.

Driehaus Global Growth Fund

Schedule of Investments

June 30, 2013 (unaudited)


	Number of Shares		Market Value (Note A)

EQUITY SECURITIES — 98.7%
NORTH AMERICA — 54.5%
United States — 50.7%
Alexion Pharmaceuticals, Inc.**		1,811	$	167,047
Allergan, Inc.		2,359		198,722
Amazon.com, Inc.**		2,074		575,929
Apple Inc.		864		342,213
Berry Plastics Group, Inc.**		19,303		426,017
Biogen Idec, Inc.**		2,678		576,306
BioMarin Pharmaceutical, Inc.**		8,629		481,412
Catamaran Corp.**		7,495		365,156
Cerner Corp.**		3,170		304,605
Concho Resources, Inc.**		5,064		423,958
Constellation Brands, Inc. — A**		7,193		374,899
Costco Wholesale Corp.		3,210		354,930
Equinix, Inc.**		2,743		506,687
Facebook, Inc. — A**		9,261		230,229
Gilead Sciences, Inc.**		8,304		425,248
GNC Holdings, Inc. — A		11,833		523,137
Google, Inc. — A**		712		626,823
Halliburton Co.		8,168		340,769
Hertz Global Holdings, Inc.**		13,803		342,314
LinkedIn Corp. — A**		2,545		453,774
Marathon Petroleum Corp.		5,788		411,295
Mead Johnson Nutrition Co.		4,880		386,642
Medivation, Inc.**		8,897		437,732
Mondelez International, Inc. — A		11,457		326,868
Morgan Stanley		16,970		414,577
MRC Global, Inc.**		19,750		545,495
National Oilwell Varco, Inc.		3,425		235,983
Polaris Industries, Inc.		2,897		275,215
priceline.com, Inc.**		534		441,687
Qualcomm, Inc.		5,625		343,575
Roper Industries, Inc.		2,773		344,462
Ross Stores, Inc.		6,072		393,526
Ruckus Wireless, Inc.**		15,695		201,053
Salesforce.com, Inc.**		11,192		427,311
Starbucks Corp.		7,746		507,286
Synageva BioPharma Corp.**		5,944		249,648
The Home Depot, Inc.		7,779		602,639
Valero Energy Corp.		19,597		681,388
Visa, Inc. — A		2,885		527,234
Whirlpool Corp.		3,014		344,681
Whole Foods Market, Inc.		4,691		241,493
WW Grainger, Inc.		2,024		510,412
Yum! Brands, Inc.		5,275		365,769

				17,256,146

Mexico — 3.8%
Bolsa Mexicana de Valores SAB de CV		106,100		263,828
Fibra Uno Administracion SA de CV — REIT		204,892		688,010


	Number of Shares		Market Value (Note A)

Genomma Lab Internacional SAB de CV — B**		161,430	$	318,812

				1,270,650

Total NORTH AMERICA				18,526,796

FAR EAST — 22.1%
Japan — 10.0%
Astellas Pharma, Inc.		3,094		168,145
Denso Corp.		5,636		265,093
Hulic Co., Ltd.		42,934		460,595
Japan Tobacco, Inc.		12,720		449,522
JTEKT Corp.		30,592		344,229
M3, Inc.		157		352,688
MonotaRO Co., Ltd.		13,712		334,159
Rinnai Corp.		2,469		175,753
Sugi Holdings Co., Ltd.		10,231		388,898
Tokio Marine Holdings, Inc.		14,775		468,516

				3,407,598

China — 5.4%
AIA Group, Ltd.		180,008		762,406
Michael Kors Holdings, Ltd.**		2,896		179,610
New Oriental Education & Technology Group, Inc. — SP ADR		17,487		387,337
Sands China, Ltd.		108,031		509,091

				1,838,444

Philippines — 1.4%
Puregold Price Club, Inc.		574,617		482,838
Indonesia — 1.4%
PT Perusahaan Gas Negara Persero Tbk		789,019		457,114
Singapore — 1.1%
Global Logistic Properties, Ltd.		170,655		370,257
Thailand — 1.0%
Minor International PCL — NVDR		442,398		353,747
South Korea — 1.0%
Samsung Electronics Co., Ltd.		274		321,972
Malaysia — 0.8%
Astro Malaysia Holdings BHD		299,068		286,810

Total FAR EAST				7,518,780

EUROPE — 19.5%
Switzerland — 4.1%
Cie Financiere Richemont SA — A		3,075		271,999
Glencore Xstrata PLC		92,884		384,474
Partners Group Holding AG		1,491		403,709
Temenos Group AG		13,358		326,684

				1,386,866

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Global Growth Fund

Schedule of Investments

June 30, 2013 (unaudited)


	Number of Shares		Market Value (Note A)

Netherlands — 3.3%
LyondellBasell Industries NV — A		11,283	$	747,612
Sensata Technologies Holding NV**		10,666		372,243

				1,119,855

Norway — 3.1%
Seadrill, Ltd.		13,959		563,475
Telenor ASA		24,707		489,719

				1,053,194

United Kingdom — 3.0%
African Minerals, Ltd.**		74,868		215,786
St. James’s Place PLC		40,196		330,137
Subsea 7 SA		10,520		184,444
Telecity Group PLC		18,435		284,314

				1,014,681

Ireland — 2.6%
Eaton Corp. PLC		7,869		517,859
Experian PLC		22,032		383,017

				900,876

France — 2.4%
Edenred		5,553		169,859
Safran SA		12,694		662,987

				832,846

Denmark — 1.0%
Danske Bank AS**		19,162		327,721

Total EUROPE				6,636,039


	Number of Shares			Market Value (Note A)
SOUTH AMERICA — 2.6%
Brazil — 1.7%
Anhanguera Educacional Participacoes SA		54,746		$	320,426
Brasil Pharma SA		59,287			267,029

					587,455

Peru — 0.9%
Credicorp, Ltd.		2,436			311,711

Total SOUTH AMERICA					899,166

Total EQUITY SECURITIES (Cost $30,400,926)					33,580,781


TOTAL INVESTMENTS (COST $30,400,926)		98.7	%	$	33,580,781
Other Assets In Excess Of Liabilities		1.3	%		437,026

Net Assets		100.0	%	$	34,017,807

The federal income tax basis and unrealized appreciation (depreciation) for all investments is as follows:


Basis:	$	30,487,821

Gross Appreciation	$	4,123,402
Gross Depreciation		(1,030,442	)

Net Appreciation	$	3,092,960

**	Non-income producing security

NVDR — Non-Voting Depository Receipt

REIT — Real Estate Investment Trust

SP ADR — Sponsored American Depository Receipt

Regional Weightings*


North America			54.5%
Western Europe			19.5%
Asia/Far East Ex-Japan			12.1%
Japan			10.0%
South America			2.6%

Top Ten Holdings*


AIA Group, Ltd.			2.2%
LyondellBasell Industries NV — A			2.2%
Fibra Uno Administracion SA de CV — REIT			2.0%
Valero Energy Corp.			2.0%
Safran SA			1.9%
Google, Inc. — A			1.8%
The Home Depot, Inc.			1.8%
Biogen Idec, Inc.			1.7%
Amazon.com, Inc.			1.7%
Seadrill, Ltd.			1.7%

*	All percentages are stated as a percent of net assets at June 30, 2013.

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Global Growth Fund

Schedule of Investments

June 30, 2013 (unaudited)


Industry	Percent of Net Assets
Aerospace & Defense		1.9%
Auto Components		0.8%
Beverages		1.1%
Biotechnology		6.9%
Capital Markets		2.4%
Chemicals		2.2%
Commercial Banks		1.9%
Commercial Services & Supplies		0.5%
Communications Equipment		1.6%
Computers & Peripherals		1.0%
Containers & Packaging		1.3%
Diversified Consumer Services		2.1%
Diversified Financial Services		0.8%
Diversified Telecommunication Services		1.4%
Electrical Equipment		3.6%
Energy Equipment & Services		3.9%
Food & Staples Retailing		5.1%
Food Products		2.1%
Gas Utilities		1.4%
Health Care Providers & Services		1.1%
Health Care Technology		1.9%
Hotels, Restaurants & Leisure		5.1%
Household Durables.		1.5%


Industry	Percent of Net Assets
Insurance		4.6%
Internet & Catalog Retail		3.0%
Internet Software & Services		6.2%
IT Services		1.6%
Leisure Equipment & Products		0.8%
Machinery		1.0%
Media		0.8%
Metals & Mining		1.8%
Oil, Gas & Consumable Fuels		4.4%
Pharmaceuticals		2.0%
Professional Services		1.1%
Real Estate Investment Trusts		2.0%
Real Estate Management & Development		2.4%
Road & Rail		1.0%
Semiconductors & Semiconductor Equipment		1.0%
Software		2.2%
Specialty Retail		4.5%
Textiles, Apparel & Luxury Goods		1.3%
Tobacco		1.3%
Trading Companies & Distributors		4.1%
Other Assets in Excess of Liabilities		1.3%

TOTAL		100.0%

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Mid Cap Growth Fund

Performance Overview (unaudited)

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph compares the results of a $10,000 investment in the Fund since January 1, 1999, with all dividends and capital gains reinvested, with the indicated index (and dividends reinvested) for the same period.


	Fund Only						Including Predecessor Limited Partnership
Average Annual Total Returns as of 06/30/13	1 Year		3 Years		Since Inception (04/27/09 - 06/30/13)		5 Years		10 Years		Since Inception (01/01/99 - 06/30/13)
Driehaus Mid Cap Growth Fund (DRMGX)¹		17.97%		17.17%		17.95%		–2.09%		10.95%		8.80%
Russell Midcap^® Growth Index²		22.88%		19.53%		20.96%		7.61%		9.94%		6.13%

LOGO

The Driehaus Mid Cap Growth Fund (the “Fund”) performance shown above includes the performance of the Driehaus Institutional Mid Cap, L.P. (the “Predecessor Limited Partnership”), one of the Fund’s predecessors, for the periods before the Fund’s registration statement became effective. The Predecessor Limited Partnership, which was established on July 1, 1986, was managed with substantially the same investment objective, policies and philosophies as are followed by the Fund. The Fund succeeded to the Predecessor Limited Partnership’s assets together with the assets of the Driehaus Mid Cap Investors, L.P. on April 27, 2009. The Predecessor Limited Partnership was not registered under the Investment Company Act of 1940, as amended (“1940 Act”), and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the Predecessor Limited Partnership had been registered under the 1940 Act, its performance may have been adversely affected. The Predecessor Limited Partnership’s performance has been restated to reflect estimated expenses of the Fund. The returns reflect fee waivers and/or reimbursements without which performance would have been lower.

The Russell Midcap^® Growth Index measures the performance of those Russell Midcap^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap^® Index measures the performance of the 800 smallest companies in the Russell 1000^® Index. Source: Russell Indices

Driehaus Mid Cap Growth Fund

Schedule of Investments

June 30, 2013 (unaudited)


	Number of Shares		Market Value (Note A)

EQUITY SECURITIES — 98.9%
CONSUMER DISCRETIONARY — 27.7%
Specialty Retail — 7.9%
Conn’s, Inc.**		16,535	$	855,852
GNC Holdings, Inc. — A		13,225		584,677
Restoration Hardware Holdings, Inc.**		9,087		681,525

				2,122,054

Hotels, Restaurants & Leisure — 7.3%
Bloomin’ Brands, Inc.**		18,531		461,051
Chipotle Mexican Grill, Inc. — A**		2,194		799,384
Domino’s Pizza, Inc.		4,676		271,909
Krispy Kreme Doughnuts, Inc.**		6,532		113,983
Noodles & Co.**		3,907		143,582
Wynn Resorts, Ltd.		1,366		174,848

				1,964,757

Household Durables — 2.6%
Whirlpool Corp.		6,126		700,569
Automobiles — 2.5%
Tesla Motors, Inc.**		6,302		677,024
Leisure Equipment & Products — 2.5%
Brunswick Corp.		5,882		187,930
Mattel, Inc.		10,562		478,564

				666,494

Textiles, Apparel & Luxury Goods — 2.0%
Lululemon Athletica, Inc.**		5,853		383,489
Movado Group, Inc.		4,557		154,163

				537,652

Distributors — 2.0%
LKQ Corp.**		20,794		535,446
Diversified Consumer Services — 0.9%
New Oriental Education & Technology Group, Inc. — SP ADR		11,529		255,367

Total CONSUMER DISCRETIONARY				7,459,363

INFORMATION TECHNOLOGY — 22.9%
Software — 14.0%
CommVault Systems, Inc.**		4,755		360,857
Guidewire Software, Inc.**		19,686		827,796
Interactive Intelligence Group, Inc.**		12,047		621,625
Salesforce.com, Inc.**		10,615		405,281
SolarWinds, Inc.**		6,202		240,700
Splunk, Inc.**		12,171		564,248
Ultimate Software Group, Inc.**		2,792		327,474
Workday, Inc. — A**		6,803		436,004

				3,783,985


	Number of Shares		Market Value (Note A)

Internet Software & Services — 5.8%
Cornerstone OnDemand, Inc.**		14,718	$	637,142
CoStar Group, Inc.**		2,271		293,118
Equinix, Inc.**		1,560		288,163
LinkedIn Corp. — A**		1,891		337,165

				1,555,588

Semiconductors & Semiconductor Equipment — 1.7%
Atmel Corp.**		33,110		243,359
Ultratech, Inc.**		5,686		208,790

				452,149

Communications Equipment — 1.4%
Ruckus Wireless, Inc.**		29,967		383,877

Total INFORMATION TECHNOLOGY				6,175,599

HEALTH CARE — 13.5%
Biotechnology — 6.6%
Aegerion Pharmaceuticals, Inc.**		2,246		142,262
Alnylam Pharmaceuticals, Inc.**		4,410		136,754
BioMarin Pharmaceutical, Inc.**		7,258		404,924
Clovis Oncology, Inc.**		5,476		366,783
Epizyme, Inc.**		9,319		262,143
Medivation, Inc.**		4,373		215,152
Neurocrine Biosciences, Inc.**		17,542		234,712

				1,762,730

Health Care Technology — 4.0%
Cerner Corp.**		4,926		473,339
Medidata Solutions, Inc.**		7,864		609,067

				1,082,406

Health Care Providers & Services — 1.9%
Air Methods Corp.		3,697		125,254
Catamaran Corp.**		8,107		394,973

				520,227

Pharmaceuticals — 1.0%
Jazz Pharmaceuticals PLC**		3,778		259,662

Total HEALTH CARE				3,625,025

INDUSTRIALS — 12.9%
Machinery — 3.1%
Chart Industries, Inc.**		5,413		509,309
Mueller Water Products, Inc.		48,291		333,691

				843,000

Marine — 3.0%
Kirby Corp.**		10,255		815,683
Trading Companies & Distributors — 1.3%
WW Grainger, Inc.		1,401		353,304

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Mid Cap Growth Fund

Schedule of Investments

June 30, 2013 (unaudited)


	Number of Shares		Market Value (Note A)

Commercial Services & Supplies — 1.1%
Healthcare Services Group, Inc.		11,954	$	293,112
Road & Rail — 1.0%
Avis Budget Group, Inc.**		9,657		277,639
Airlines — 1.0%
Spirit Airlines, Inc.**		8,573		272,364
Aerospace & Defense — 1.0%
Triumph Group, Inc.		3,178		251,539
Building Products — 0.9%
Owens Corning**		6,142		240,029
Electrical Equipment — 0.5%
SolarCity, Corp.**		3,236		122,224

Total INDUSTRIALS				3,468,894

CONSUMER STAPLES — 7.3%
Beverages — 7.3%
Beam, Inc.		10,385		655,397
Brown-Forman Corp. — B		7,210		487,036
Constellation Brands, Inc. — A**		15,836		825,372

				1,967,805

Total CONSUMER STAPLES				1,967,805

ENERGY — 6.8%
Energy Equipment & Services — 6.0%
FMC Technologies, Inc.**		9,392		522,947
Geospace Technologies, Corp.**		2,790		192,733
Hornbeck Offshore Services, Inc.**		8,974		480,109
Oceaneering International, Inc.		5,642		407,352

				1,603,141

Oil, Gas & Consumable Fuels — 0.8%
Bonanza Creek Energy, Inc.**		6,494		230,277

Total ENERGY				1,833,418


	Number of Shares			Market Value (Note A)

MATERIALS — 6.4%
Containers & Packaging — 3.6%
Berry Plastics Group, Inc.**		18,800		$	414,916
Rock Tenn Co. — A		5,475			546,843

					961,759

Construction Materials — 2.8%
Texas Industries, Inc.**		11,483			748,003

Total MATERIALS					1,709,762

FINANCIALS — 1.4%
Commercial Banks — 1.4%
BBCN Bancorp, Inc.		26,722			379,987

Total FINANCIALS					379,987

Total EQUITY SECURITIES (Cost $21,932,281)					26,619,853


TOTAL INVESTMENTS (COST $21,932,281)		98.9	%	$	26,619,853
Other Assets In Excess Of Liabilities		1.1	%		284,934

Net Assets		100.0	%	$	26,904,787

The federal income tax basis and unrealized appreciation (depreciation) for all investments is as follows:


Basis:	$	22,025,617

Gross Appreciation	$	4,959,209
Gross Depreciation		(364,973	)

Net Appreciation	$	4,594,236

**	Non-income producing security

SP ADR — Sponsored American Depository Receipt

Top Ten Holdings*


Conn’s, Inc.			3.2%
Guidewire Software, Inc.			3.1%
Constellation Brands, Inc. — A			3.1%
Kirby Corp.			3.0%
Chipotle Mexican Grill, Inc. — A			3.0%
Texas Industries, Inc.			2.8%
Whirlpool Corp.			2.6%
Restoration Hardware Holdings, Inc.			2.5%
Tesla Motors, Inc.			2.5%
Beam, Inc.			2.4%

*	All percentages are stated as a percent of net assets at June 30, 2013.

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Large Cap Growth Fund

Performance Overview (unaudited)

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph compares the results of a $10,000 investment in the Fund since January 1, 2008 (the date of the Predecessor Limited Partnership’s inception), with all dividends and capital gains reinvested, with the indicated index (and dividends reinvested) for the same period.


	Fund Only						Including Predecessor Limited Partnership
Average Annual Total Returns as of 06/30/13	1 Year		3 Years		Since Inception (04/27/09 - 06/30/13)		5 Years		Since Inception (01/01/08 - 06/30/13)
Driehaus Large Cap Growth Fund (DRLGX)¹		10.37%		15.13%		14.28%		0.19%		–0.21%
Russell 1000^® Growth Index²		17.07%		18.68%		18.54%		7.48%		4.94%

LOGO

The Driehaus Large Cap Growth Fund (the “Fund”) performance shown above includes the performance of the Driehaus Large Cap Growth Fund, L.P. (the “Predecessor Limited Partnership”), the Fund’s predecessor, for the periods before the Fund’s registration statement became effective. The Predecessor Limited Partnership, which was established on January 1, 2008, was managed with substantially the same investment objective, policies and philosophies as are followed by the Fund. The Fund succeeded to the Predecessor Limited Partnership’s assets on April 27, 2009. The Predecessor Limited Partnership was not registered under the Investment Company Act of 1940, as amended (“1940 Act”), and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the Predecessor Limited Partnership had been registered under the 1940 Act, its performance may have been adversely affected. The Predecessor Limited Partnership’s performance has been restated to reflect estimated expenses of the Fund. The returns reflect fee waivers and/or reimbursements without which performance would have been lower.

The Russell 1000^® Growth Index measures the performance of those Russell 1000^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000^® Index measures the performance of the 1000 largest companies in the Russell 3000^® Index, which represents approximately 98% of the investable U.S. equity market. Source: Russell Indices

Driehaus Large Cap Growth Fund

Schedule of Investments

June 30, 2013 (unaudited)


	Number of Shares		Market Value (Note A)

EQUITY SECURITIES — 96.1%
INFORMATION TECHNOLOGY — 29.5%
Software — 10.0%
Salesforce.com, Inc.**		11,114	$	424,332
ServiceNow, Inc.**		3,741		151,099
SolarWinds, Inc.**		3,229		125,317
Splunk, Inc.**		8,637		400,411
Workday, Inc. — A**		6,014		385,437

				1,486,596

Internet Software & Services — 7.7%
Equinix, Inc.**		1,545		285,392
Google, Inc. — A**		722		635,627
LinkedIn Corp. — A**		1,300		231,790

				1,152,809

Computers & Peripherals — 6.1%
Apple Inc.		2,276		901,478
Communications Equipment — 2.3%
Qualcomm, Inc.		5,723		349,561
Semiconductors & Semiconductor Equipment — 1.8%
ASML Holding NV		3,345		264,589
IT Services — 1.6%
Visa, Inc. — A		1,310		239,403

Total INFORMATION TECHNOLOGY				4,394,436

CONSUMER DISCRETIONARY — 23.3%
Hotels, Restaurants & Leisure — 7.4%
Chipotle Mexican Grill, Inc. — A**		1,248		454,709
Las Vegas Sands Corp.		3,817		202,034
Starbucks Corp.		6,924		453,453

				1,110,196

Internet & Catalog Retail — 4.1%
Amazon.com, Inc.**		1,105		306,847
priceline.com, Inc.**		371		306,865

				613,712

Automobiles — 2.4%
Tesla Motors, Inc.**		3,278		352,156
Household Durables — 2.4%
Whirlpool Corp.		3,073		351,428
Distributors — 2.3%
LKQ Corp.**		13,109		337,557
Specialty Retail — 1.9%
GNC Holdings, Inc. — A		6,341		280,336
Multiline Retail — 1.5%
Target Corp.		3,325		228,960
Textiles, Apparel & Luxury Goods — 1.3%
Lululemon Athletica, Inc.**		2,964		194,201

Total CONSUMER DISCRETIONARY				3,468,546


	Number of Shares		Market Value (Note A)

HEALTH CARE — 11.9%
Biotechnology — 5.6%
Biogen Idec, Inc.**		1,555	$	334,636
BioMarin Pharmaceutical, Inc.**		4,548		253,733
Gilead Sciences, Inc.**		4,823		246,986

				835,355

Pharmaceuticals — 1.9%
Allergan, Inc.		1,692		142,534
Bristol-Myers Squibb Co.		3,245		145,019

				287,553

Health Care Technology — 1.8%
Cerner Corp.**		2,762		265,400
Health Care Providers & Services — 1.5%
Catamaran Corp.**		4,495		218,996
Health Care Equipment & Supplies — 1.1%
Covidien PLC		2,465		154,901

Total HEALTH CARE				1,762,205

CONSUMER STAPLES — 10.5%
Beverages — 6.8%
Beam, Inc.		5,495		346,789
Brown-Forman Corp. — B		3,364		227,238
Constellation Brands, Inc. — A**		8,515		443,802

				1,017,829

Food & Staples Retailing — 3.7%
Costco Wholesale Corp.		4,919		543,894

Total CONSUMER STAPLES				1,561,723

INDUSTRIALS — 9.6%
Marine — 3.1%
Kirby Corp.**		5,859		466,025
Aerospace & Defense — 2.3%
Precision Castparts Corp.		854		193,013
Triumph Group, Inc.		1,932		152,918

				345,931

Trading Companies & Distributors — 1.6%
WW Grainger, Inc.		966		243,606
Road & Rail — 1.3%
Hertz Global Holdings, Inc.**		7,827		194,110
Machinery — 1.3%
Cummins, Inc.		1,701		184,490

Total INDUSTRIALS				1,434,162

MATERIALS — 5.4%
Construction Materials — 2.8%
Texas Industries, Inc.**		6,325		412,011

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Large Cap Growth Fund

Schedule of Investments

June 30, 2013 (unaudited)


	Number of Shares		Market Value (Note A)

Containers & Packaging — 1.6%
Rock Tenn Co. — A		2,349	$	234,618
Chemicals — 1.0%
LyondellBasell Industries NV — A		2,306		152,796

Total MATERIALS				799,425

ENERGY — 4.8%
Oil, Gas & Consumable Fuels — 3.0%
Kinder Morgan, Inc.		6,331		241,528
Valero Energy Corp.		5,957		207,125

				448,653

Energy Equipment & Services — 1.8%
FMC Technologies, Inc.**		4,883		271,885

Total ENERGY				720,538


	Number of Shares			Market Value (Note A)

FINANCIALS — 1.1%
Capital Markets — 1.1%
Morgan Stanley		6,639		$	162,191

Total FINANCIALS					162,191

Total EQUITY SECURITIES (Cost $11,429,543)					14,303,226


TOTAL INVESTMENTS (COST $11,429,543)		96.1	%	$	14,303,226
Other Assets In Excess Of Liabilities		3.9	%		574,775

Net Assets		100.0	%	$	14,878,001

The federal income tax basis and unrealized appreciation (depreciation) for all investments is as follows:


Basis	$	11,485,351

Gross Appreciation	$	2,954,000
Gross Depreciation		(136,125	)

Net Appreciation	$	2,817,875

**	Non-income producing security

Top Ten Holdings*


Apple Inc.	6.1	%
Google, Inc. — A	4.3	%
Costco Wholesale Corp.	3.7	%
Kirby Corp.	3.1	%
Chipotle Mexican Grill, Inc. — A	3.1	%
Starbucks Corp.	3.0	%
Constellation Brands, Inc. — A	3.0	%
Salesforce.com, Inc.	2.9	%
Texas Industries, Inc.	2.8	%
Splunk, Inc.	2.7	%

*	All percentages are stated as a percent of net assets at June 30, 2013.

Notes to Financial Statements are an integral part of this Schedule.

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Statements of Assets and Liabilities

June 30, 2013 (unaudited)


	Driehaus International Discovery Fund			Driehaus Emerging Markets Growth Fund
ASSETS:
Investments, at cost	$	137,910,901		$	1,046,046,667

Investments, at market value	$	150,911,906		$	1,123,467,397
Foreign currency*		1,530,878			23,257,578
Cash		2,778,980			28,429,998
Segregated cash		—			—
Receivables:
Dividends		321,043			2,112,905
Interest		—			398
Investment securities sold		2,051,516			42,170,286
Fund shares sold		836			6,917,817
Net unrealized appreciation on unsettled foreign currency transactions		—			108,581
Prepaid expenses		7,376			19,702


TOTAL ASSETS		157,602,535			1,226,484,662


LIABILITIES:
Payables:
Investment securities purchased		2,610,262			33,718,264
Fund shares redeemed		77,206			1,496,571
Net unrealized depreciation on unsettled foreign currency transactions		10,629			—
Due to affiliates		174,530			1,459,569
Foreign taxes		—			477
Audit and tax fees		29,924			39,645
Accrued expenses		27,540			106,475
Outstanding options written, at value (premiums received $395,786)		—			—


TOTAL LIABILITIES		2,930,091			36,821,001


NET ASSETS	$	154,672,444		$	1,189,663,661

SHARES OUTSTANDING (Unlimited shares authorized, no par value)		5,418,532			38,660,556

NET ASSET VALUE	$	28.55		$	30.77


NET ASSETS CONSISTED OF THE FOLLOWING AT JUNE 30, 2013:
Paid-in capital	$	382,609,544		$	1,097,978,795
Accumulated net investment income (loss)		247,990			1,751,063
Accumulated net realized gain (loss)		(241,194,110	)		12,528,984
Unrealized net foreign exchange gain (loss)		8,015			(15,911	)
Unrealized net appreciation (depreciation) on written options		—			—
Unrealized net appreciation (depreciation) on investments		13,001,005			77,420,730

NET ASSETS	$	154,672,444		$	1,189,663,661

*	The cost of foreign currency was $1,524,268, $23,297,422, $1,226,284, $0, $7,770, $0 and $0, respectively.

Notes to Financial Statements are an integral part of this Statement.

Statements of Assets and Liabilities

June 30, 2013 (unaudited)


Driehaus Emerging Markets Small Cap Growth Fund			Driehaus International Small Cap Growth Fund			Driehaus Global Growth Fund			Driehaus Mid Cap Growth Fund			Driehaus Large Cap Growth Fund

$	143,634,053		$	222,820,241		$	30,400,926		$	21,932,281		$	11,429,543

$	153,408,000		$	239,057,074		$	33,580,781		$	26,619,853		$	14,303,226
	1,513,072			—			8,585			—			—
	10,987,493			5,477,636			764,014			616,945			109,569
	849,989			—			—			—			—

	236,930			464,113			17,495			1,839			1,928
	56			40			—			54			65
	4,387,043			2,275,832			604,929			271,536			714,842
	510,317			81,709			759			—			—

	—			9,804			230			—			—
	1,678			—			6,475			8,701			8,706


	171,894,578			247,366,208			34,983,268			27,518,928			15,138,336




	9,737,339			5,628,072			895,431			562,342			217,809
	125,404			349,701			77			—			2,698

	564			—			—			—			—
	223,455			300,129			32,657			19,075			7,877
	323			—			—			—			—
	22,515			30,924			24,693			21,684			21,684
	15,730			44,581			12,603			11,040			10,267
	231,000			—			—			—			—


	10,356,330			6,353,407			965,461			614,141			260,335


$	161,538,248		$	241,012,801		$	34,017,807		$	26,904,787		$	14,878,001

	13,447,202			23,334,109			4,684,306			1,855,970			1,107,258

$	12.01		$	10.33		$	7.26		$	14.50		$	13.44



$	148,714,726		$	204,837,705		$	28,719,003		$	19,973,316		$	9,959,510
	(45,181	)		1,177,475			(106,346	)		(161,577	)		(87,975	)
	2,947,370			18,763,102			2,224,461			2,405,476			2,132,783
	(17,400	)		(2,314	)		834			—			—
	164,786			—			—			—			—
	9,773,947			16,236,833			3,179,855			4,687,572			2,873,683

$	161,538,248		$	241,012,801		$	34,017,807		$	26,904,787		$	14,878,001

Notes to Financial Statements are an integral part of this Statement.

Statements of Operations

For the Six Months Ended June 30, 2013 (unaudited)


	Driehaus International Discovery Fund			Driehaus Emerging Markets Growth Fund
INVESTMENT INCOME (LOSS):
Income:
Dividends*	$	1,913,655		$	12,247,411


Total income		1,913,655			12,247,411


Expenses:
Investment advisory fee		1,290,826			8,455,751
Administration fee		101,973			320,424
Professional fees		20,744			95,179
Audit and tax fees		27,274			32,480
Federal and state registration fees		11,347			34,773
Custodian fees		19,269			153,770
Transfer agent fees		35,454			118,888
Trustees’ fees		16,189			34,181
Chief compliance officer fees		2,765			2,629
Reports to shareholders		10,643			42,341
Interest expense		7,614			—
Miscellaneous		14,870			25,599

Total expenses		1,558,968			9,316,015


Investment advisory fees recaptured (waived)		—			—
Transfer agent fees waived		—			—
Fees paid indirectly		(17,358	)		(144,717	)

Net expenses		1,541,610			9,171,298


Net investment income (loss)		372,045			3,076,113


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, WRITTEN OPTIONS AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain from security transactions		20,888,867			65,217,647
Net realized foreign exchange gain (loss)		(30,382	)		(1,434,807	)
Net realized gain (loss) on written options		—			—
Net change in unrealized foreign exchange gain (loss)		(94,984	)		(225,354	)
Net change in unrealized appreciation (depreciation) on written options		—			—
Net change in unrealized appreciation (depreciation) on investments		(14,681,878	)		(68,507,633	)


Net realized and unrealized gain (loss) on investments, written options and foreign currency transactions		6,081,623			(4,950,147	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	6,453,668		$	(1,874,034	)

*	Dividends are net of $211,552, $1,328,762, $115,994, $181,437, $15,421, $0 and $695 nonreclaimable foreign taxes withheld, respectively.

Notes to Financial Statements are an integral part of this Statement.

Statements of Operations

For the Six Months Ended June 30, 2013 (unaudited)


Driehaus Emerging Markets Small Cap Growth Fund			Driehaus International Small Cap Growth Fund			Driehaus Global Growth Fund			Driehaus Mid Cap Growth Fund			Driehaus Large Cap Growth Fund


$	1,785,676		$	2,425,995		$	232,283		$	63,924		$	83,596


	1,785,676			2,425,995			232,283			63,924			83,596



	920,274			1,826,961			204,608			128,858			88,240
	76,376			115,927			40,780			28,452			26,585
	14,707			24,452			8,083			6,997			6,569
	25,043			27,274			25,043			20,084			20,084
	13,912			16,883			10,038			9,999			9,987
	23,872			29,047			4,732			2,332			2,198
	20,317			32,418			18,909			18,996			18,631
	13,311			17,013			12,119			12,088			11,754
	2,657			2,629			2,650			2,649			2,641
	5,350			9,173			4,974			4,835			4,788
	—			—			—			—			—
	8,754			15,167			8,468			8,037			7,985

	1,124,573			2,116,944			340,404			243,327			199,462


	108,124			—			—			(17,342	)		(27,217	)
	(5,122	)		—			—			—			—
	(8,255	)		(20,657	)		(1,775	)		(484	)		(674	)

	1,219,320			2,096,287			338,629			225,501			171,571


	566,356			329,708			(106,346	)		(161,577	)		(87,975	)




	9,951,514			36,259,749			2,280,670			2,338,665			2,071,345
	(206,031	)		(58,939	)		(6,902	)		—			—
	(1,779,034	)		—			—			—			—
	(17,456	)		(1,084	)		(8,418	)		—			—

	164,786			—			—			—			—

	(3,872,754	)		(14,873,771	)		(1,901,290	)		862,708			(674,304	)



	4,241,025			21,325,955			364,060			3,201,373			1,397,041



$	4,807,381		$	21,655,663		$	257,714		$	3,039,796		$	1,309,066

Notes to Financial Statements are an integral part of this Statement.

Statements of Changes in Net Assets


	Driehaus International Discovery Fund						Driehaus Emerging Markets Growth Fund
	For the six month period January 1, 2013 through June 30, 2013 (unaudited)			For the year ended December 31, 2012			For the six month period January 1, 2013 through June 30, 2013 (unaudited)			For the year ended December 31, 2012
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	372,045		$	244,710		$	3,076,113		$	4,157,563
Net realized gain (loss) on investments, written options and foreign currency transactions		20,858,485			8,527,491			63,782,840			19,369,938
Net change in unrealized gain (loss) on investments, written options and foreign currency transactions		(14,776,862	)		20,521,222			(68,732,987	)		125,738,544


Net increase (decrease) in net assets resulting from operations		6,453,668			29,293,423			(1,874,034	)		149,266,045


Distributions to shareholders:
Net investment income		—			—			—			(3,661,528	)

Total distributions to shareholders		—			—			—			(3,661,528	)


Capital share transactions:
Proceeds from shares sold		9,358,442			24,049,036			312,438,803			312,726,256
Reinvestment of distributions		—			—			—			3,382,086
Cost of shares redeemed		(67,533,271	)		(58,882,173	)		(110,237,401	)		(213,801,609	)
Redemption fees		294			6,317			78,283			55,671

Net increase (decrease) in net assets derived from capital share transactions		(58,174,535	)		(34,826,820	)		202,279,685			102,362,404

Total increase (decrease) in net assets		(51,720,867	)		(5,533,397	)		200,405,651			247,966,921


NET ASSETS:

Beginning of period	$	206,393,311		$	211,926,708		$	989,258,010		$	741,291,089

End of period	$	154,672,444		$	206,393,311		$	1,189,663,661		$	989,258,010

Accumulated net investment income (loss)	$	247,990		$	(124,055	)	$	1,751,063		$	(1,325,050	)


Capital share transactions are as follows:
Shares issued		323,083			911,174			9,812,243			11,029,785
Shares reinvested		—			—			—			111,842
Shares redeemed		(2,314,941	)		(2,232,234	)		(3,474,805	)		(7,645,029	)

Net increase (decrease) from capital share transactions		(1,991,858	)		(1,321,060	)		6,337,438			3,496,598

Notes to Financial Statements are an integral part of this Statement.

Statements of Changes in Net Assets


Driehaus Emerging Markets Small Cap Growth Fund						Driehaus International Small Cap Growth Fund						Driehaus Global Growth Fund
For the six month period January 1, 2013 through June 30, 2013 (unaudited)			For the year ended December 31, 2012			For the six month period January 1, 2013 through June 30, 2013 (unaudited)			For the year ended December 31, 2012			For the six month period January 1, 2013 through June 30, 2013 (unaudited)			For the year ended December 31, 2012


$	566,356		$	(10,729	)	$	329,708		$	713,843		$	(106,346	)	$	(221,099	)
	7,966,449			(816,569	)		36,200,810			845,340			2,273,768			2,055,406
	(3,725,424	)		14,288,099			(14,874,855	)		23,642,149			(1,909,708	)		3,299,298


	4,807,381			13,460,801			21,655,663			25,201,332			257,714			5,133,605



	—			(1,246,733	)		—			(1,069,444	)		—			(1,436,164	)

	—			(1,246,733	)		—			(1,069,444	)		—			(1,436,164	)



	80,029,498			53,977,441			6,892,173			35,435,959			343,761			7,015,096
	—			1,219,637			—			935,098			—			1,436,164
	(4,301,515	)		(19,133,876	)		(22,494,029	)		(58,279,425	)		(1,933,412	)		(12,378,753	)
	5,494			350			411			5,968			66			61

	75,733,477			36,063,552			(15,601,445	)		(21,902,400	)		(1,589,585	)		(3,927,432	)

	80,540,858			48,277,620			6,054,218			2,229,488			(1,331,871	)		(229,991	)




$	80,997,390		$	32,719,770		$	234,958,583		$	232,729,095		$	35,349,678		$	35,579,669

$	161,538,248		$	80,997,390		$	241,012,801		$	234,958,583		$	34,017,807		$	35,349,678

$	(45,181	)	$	(611,537	)	$	1,177,475		$	847,767		$	(106,346	)	$	—



	6,532,304			5,222,635			677,093			3,956,697			46,382			969,774
	—			112,513			—			98,847		��	—			198,365
	(346,734	)		(1,788,732	)		(2,202,805	)		(6,557,312	)		(261,331	)		(1,680,121	)

	6,185,570			3,546,416			(1,525,712	)		(2,501,768	)		(214,949	)		(511,982	)

Notes to Financial Statements are an integral part of this Statement.

Statements of Changes in Net Assets


	Driehaus Mid Cap Growth Fund						Driehaus Large Cap Growth Fund
	For the six month period January 1, 2013 through June 30, 2013 (unaudited)			For the year ended December 31, 2012			For the six month period January 1, 2013 through June 30, 2013 (unaudited)			For the year ended December 31, 2012
INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net investment income (loss)	$	(161,577	)	$	(185,450	)	$	(87,975	)	$	(30,255	)
Net realized gain (loss) on investments, written options and foreign currency transactions		2,338,665			1,946,830			2,071,345			1,712,793
Net change in unrealized gain (loss) on investments, written options and foreign currency transactions		862,708			837,646			(674,304	)		384,988


Net increase (decrease) in net assets resulting from operations		3,039,796			2,599,026			1,309,066			2,067,526


Distributions to shareholders:
Capital gains		—			(2,022,728	)		—			(1,784,487	)

Total distributions to shareholders		—			(2,022,728	)		—			(1,784,487	)


Capital share transactions:
Proceeds from shares sold		428,849			728,944			453,438			638,410
Reinvestment of distributions		—			1,961,290			—			1,756,299
Cost of shares redeemed		(744,778	)		(980,231	)		(6,270,007	)		(2,627,388	)
Redemption fees		13			—			24			—

Net increase (decrease) in net assets derived from capital share transactions		(315,916	)		1,710,003			(5,816,545	)		(232,679	)

Total increase (decrease) in net assets		2,723,880			2,286,301			(4,507,479	)		50,360


NET ASSETS:

Beginning of period	$	24,180,907		$	21,894,606		$	19,385,480		$	19,335,120

End of period	$	26,904,787		$	24,180,907		$	14,878,001		$	19,385,480

Accumulated net investment income (loss)	$	(161,577	)	$	—		$	(87,975	)	$	—


Capital share transactions are as follows:
Shares issued		30,616			52,589			33,828			48,122
Shares reinvested		—			151,568			—			138,728
Shares redeemed		(53,260	)		(73,229	)		(464,132	)		(193,195	)

Net increase (decrease) from capital share transactions		(22,644	)		130,928			(430,304	)		(6,345	)

Notes to Financial Statements are an integral part of this Statement.

Driehaus International Discovery Fund

Financial Highlights


	For the six month period January 1, 2013 through June 30, 2013 (unaudited)			For the year ended December 31, 2012			For the year ended December 31, 2011			For the year ended December 31, 2010			For the year ended December 31, 2009			For the year ended December 31, 2008
Net asset value, beginning of period	$	27.85		$	24.27		$	30.27		$	27.19		$	18.28		$	41.55

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)		0.06			0.03	^		0.13	^		(0.22	)		0.00	~		(0.06	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.64			3.55			(6.13	)		3.86			9.02			(22.85	)

Total income (loss) from investment operations		0.70			3.58			(6.00	)		3.64			9.02			(22.91	)

LESS DISTRIBUTIONS:
Dividends from net investment income		—			—			—			(0.56	)		(0.11	)		—
Distributions from capital gains		—			—			—			—			—			(0.38	)

Total distributions		—			—			—			(0.56	)		(0.11	)		(0.38	)

Redemption fees added to paid-in capital		0.00	~		0.00	~		0.00	~		0.00	~		0.00	~		0.02

Net asset value, end of period	$	28.55		$	27.85		$	24.27		$	30.27		$	27.19		$	18.28

Total Return		2.51	%**		14.75	%		(19.85	)%		13.47	%		49.28	%		(55.07	)%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)	$	154,672		$	206,393		$	211,927		$	338,840		$	364,411		$	302,112
Ratio of expenses before reimbursements, waivers and fees paid indirectly to average net assets		1.63	%*¥		1.76	%¥		1.72	%¥		1.71	%		1.75	%		1.65	%
Ratio of net expenses to average net assets		1.61	%*#¥		1.75	%#¥		1.71	%#¥		1.70	%#		1.74	%#		1.64	%#
Ratio of net investment income (loss) to average net assets		0.39	%*#		0.11	%#		0.44	%#		(0.77	)%#		0.07	%#		(0.07	)%#
Portfolio turnover		92	%**		112	%		119	%		93	%		145	%		188	%

*	Annualized

**	Not Annualized

^	Net investment income (loss) per share has been calculated using the average shares method.

~	Amount represents less than $0.01 per share

#	Such ratios are net of fees paid indirectly (see Note B in the Notes to Financial Statements).

¥	Ratio of expenses to average net assets include interest expense of less than 0.005% for the six month period ended June 30, 2013 and the years ended December 31, 2012 and 2011. The interest expense is from utilizing the line of credit (see Note F in the Notes to Financial Statements).

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Emerging Markets Growth Fund

Financial Highlights


	For the six month period January 1, 2013 through June 30, 2013 (unaudited)			For the year ended December 31, 2012			For the year ended December 31, 2011			For the year ended December 31, 2010			For the year ended December 31, 2009			For the year ended December 31, 2008
Net asset value, beginning of period	$	30.61		$	25.72		$	32.20		$	29.24		$	17.19		$	43.45

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)		0.09			0.13			0.16			(0.04	)^		(0.05	)		(0.08	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.07			4.88			(4.97	)		6.84			12.09			(23.53	)

Total income (loss) from investment operations		0.16			5.01			(4.81	)		6.80			12.04			(23.61	)

LESS DISTRIBUTIONS:
Dividends from net investment income		—			(0.12	)		—			(0.69	)		—			—
Distributions from capital gains		—			—			(1.67	)		(3.15	)		—			(2.65	)

Total distributions		—			(0.12	)		(1.67	)		(3.84	)		—			(2.65	)

Redemption fees added to paid-in capital		0.00	~		0.00	~		0.00	~		0.00	~		0.01			0.00	~

Net asset value, end of period	$	30.77		$	30.61		$	25.72		$	32.20		$	29.24		$	17.19

Total Return		0.52	%**		19.51	%		(15.02	)%		23.56	%		70.10	%		(54.45	)%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)	$	1,189,664		$	989,258		$	741,291		$	834,311		$	575,842		$	263,406
Ratio of expenses before reimbursements, waivers and fees paid indirectly to average net assets		1.65	%*		1.68	%		1.68	%		1.69	%		1.78	%		1.77	%
Ratio of net expenses to average net assets		1.63	%*#		1.66	%#		1.64	%#		1.63	%#		1.75	%#		1.75	%#
Ratio of net investment income (loss) to average net assets		0.55	%*#		0.48	%#		0.49	%#		(0.15	)%#		(0.30	)%#		(0.19	)%#
Portfolio turnover		136	%**		278	%		342	%		293	%		275	%		313	%

*	Annualized

**	Not Annualized

^	Net investment income (loss) per share has been calculated using the average shares method.

~	Amount represents less than $0.01 per share

#	Such ratios are net of fees paid indirectly (see Note B in the Notes to Financial Statements).

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Emerging Markets Small Cap Growth Fund

Financial Highlights


	For the six month period January 1, 2013 through June 30, 2013 (unaudited)			For the year ended December 31, 2012			For the period August 22, 2011 through December 31, 2011
Net asset value, beginning of period	$	11.15		$	8.81		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)		0.06	^		0.00	^~		(0.03	)
Net realized and unrealized gain (loss) on investments		0.80			2.52			(1.16	)

Total income (loss) from investment operations		0.86			2.52			(1.19	)

LESS DISTRIBUTIONS:
Dividends from net investment income		—			(0.18	)		—
Distributions from capital gains		—			—			—

Total distributions		—			(0.18	)		—

Redemption fees added to paid-in capital		0.00	~		0.00	~		—

Net asset value, end of period	$	12.01		$	11.15		$	8.81

Total Return		7.71	%**		28.83	%		(11.90	)%**
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)	$	161,538		$	80,997		$	32,720
Ratio of expenses before reimbursements and/or recapture, waivers and fees paid indirectly to average net assets		1.83	%*		2.15	%		2.74	%*
Ratio of net expenses to average net assets		1.99	%*+#		1.99	%+#		1.97	%*+#
Ratio of net investment loss to average net assets		0.92	%*+#		(0.02	)%+#		(0.91	)%*+#
Portfolio turnover		101	%**		183	%		74	%**

*	Annualized

**	Not Annualized

^	Net investment income (loss) per share has been calculated using the average shares method.

~	Amount represents less than $0.01 per share

Such ratios are after administrative and transfer agent waivers and adviser expense reimbursements, when applicable. BNY Mellon Investment Servicing (US) Inc., the administrative agent and transfer agent, waived a portion of its fees beginning with the Fund’s commencement of operations, August 22, 2011. The Adviser agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total Fund operating expenses (other than interest, taxes, brokerage commissions and other portfolio transaction expenses, capital expenditures, and extraordinary expenses) would not exceed the Fund’s operating expense cap of 2.00% of average daily net assets until August 21, 2014.

#	Such ratios are net of fees paid indirectly (see Note B in the Notes to Financial Statements).

Notes to Financial Statements are an integral part of this Schedule.

Driehaus International Small Cap Growth Fund

Financial Highlights


	For the six month period January 1, 2013 through June 30, 2013 (unaudited)			For the year ended December 31, 2012			For the year ended December 31, 2011			For the year ended December 31, 2010			For the year ended December 31, 2009			For the year ended December 31, 2008
Net asset value, beginning of period	$	9.45		$	8.51		$	9.66		$	7.64		$	4.93		$	11.14

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)		0.01	^		0.03			0.07			(0.06	)		(0.02	)		(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.87			0.95			(1.17	)		2.14			2.73			(5.90	)

Total income (loss) from investment operations		0.88			0.98			(1.10	)		2.08			2.71			(5.91	)
										��
LESS DISTRIBUTIONS:
Dividends from net investment income		—			(0.04	)		(0.05	)		(0.06	)		—			(0.01	)
Distributions from capital gains		—			—			—			—			—			(0.29	)

Total distributions		—			(0.04	)		(0.05	)		(0.06	)		—			(0.30	)

Redemption fees added to paid-in capital		0.00	~		0.00	~		0.00	~		0.00	~		0.00	~		0.00	~

Net asset value, end of period	$	10.33		$	9.45		$	8.51		$	9.66		$	7.64		$	4.93

Total Return		9.20	%**		11.67	%		(11.39	)%		27.13	%		55.17	%		(53.12	)%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)	$	241,013		$	234,959		$	232,729		$	258,446		$	201,020		$	111,446
Ratio of expenses before reimbursements, waivers and fees paid indirectly to average net assets		1.74	%*		1.76	%		1.73	%		1.75	%		1.87	%		1.88	%
Ratio of net expenses to average net assets		1.72	%*#		1.74	%#		1.69	%#		1.72	%+#		1.85	%+#		1.83	%+#
Ratio of net investment income (loss) to average net assets		0.27	%*#		0.31	%#		0.66	%#		(0.76	)%+#		(0.54	)%+#		(0.71	)%+#
Portfolio turnover		161	%**		280	%		311	%		298	%		265	%		271	%

*	Annualized

**	Not Annualized

^	Net investment income (loss) per share has been calculated using the average shares method.

~	Amount represents less than $0.01 per share

Such ratios are after administrative and transfer agent waivers and adviser expense reimbursements, when applicable. BNY Mellon Investment Servicing (US) Inc., the administrative agent and transfer agent, waived a portion of its fees beginning with the Fund’s commencement of operations, September 17, 2007. The Adviser agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total Fund operating expenses (other than interest, taxes, brokerage commissions and other portfolio transaction expenses, capital expenditures, and extraordinary expenses) would not exceed the Fund’s operating expense cap of 2.00% of average daily net assets until September 16, 2010.

#	Such ratios are net of fees paid indirectly (see Note B in the Notes to Financial Statements).

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Global Growth Fund

Financial Highlights


	For the six month period January 1, 2013 through June 30, 2013 (unaudited)			For the year ended December 31, 2012			For the year ended December 31, 2011			For the year ended December 31, 2010			For the year ended December 31, 2009			For the period May 1, 2008 through December 31, 2008
Net asset value, beginning of period	$	7.22		$	6.58		$	9.01		$	7.59		$	4.98		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)		(0.02	)		(0.05	)		(0.10	)		(0.11	)		(0.05	)		(0.02	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.06			1.00			(1.53	)		1.55			2.66			(5.00	)

Total income (loss) from investment operations		0.04			0.95			(1.63	)		1.44			2.61			(5.02	)

LESS DISTRIBUTIONS:
Dividends from net investment income		—			—			—			(0.02	)		—			—
Distributions from capital gains		—			(0.31	)		(0.80	)		—			—			—

Total distributions		—			(0.31	)		(0.80	)		(0.02	)		—			—

Redemption fees added to paid-in capital		0.00	~		0.00	~		0.00	~		—			0.00	~		0.00	~

Net asset value, end of period	$	7.26		$	7.22		$	6.58		$	9.01		$	7.59		$	4.98

Total Return		0.55	%**		14.36	%		(18.15	)%		19.00	%		52.41	%		(50.20	)%**
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)	$	34,018		$	35,350		$	35,580		$	52,719		$	40,301		$	14,557
Ratio of expenses before reimbursements and/or recapture, waivers and fees paid indirectly to average net assets		1.91	%*		2.02	%¥		1.88	%¥		1.81	%		2.34	%		3.94	%*
Ratio of net expenses to average net assets		1.90	%*#		2.01	%#¥		1.97	%+#¥		2.00	%+#		2.00	%+#	��	2.00	%*+#
Ratio of net investment income (loss) to average net assets		(0.60	)%*#		(0.62	)%#		(1.08	)%+#		(1.37	)%+#		(1.09	)%+#		(0.86	)%*+#
Portfolio turnover		92	%**		103	%		142	%		145	%		119	%		74	%**

*	Annualized

**	Not Annualized

~	Amount represents less than $0.01 per share

Such ratios are after administrative and transfer agent waivers and adviser expense reimbursements and/or recapture, when applicable. BNY Mellon Investment Servicing (US) Inc., the administrative agent and transfer agent, waived a portion of its fees beginning with the Fund’s commencement of operations, May 1, 2008. The Adviser agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total Fund operating expenses (other than interest, taxes, brokerage commissions and other portfolio transaction expenses, capital expenditures, and extraordinary expenses) would not exceed the Fund’s operating expense cap of 2.00% of average daily net assets until April 30, 2011.

#	Such ratios are net of fees paid indirectly (see Note B in the Notes to Financial Statements).

¥	Ratio of expenses to average net assets include interest expense of less than 0.005% for years ended December 31, 2012 and 2011. The interest expense is from utilizing the line of credit (see Note F in the Notes to Financial Statements).

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Mid Cap Growth Fund

Financial Highlights


	For the six month period January 1, 2013 through June 30, 2013 (unaudited)			For the year ended December 31, 2012			For the year ended December 31, 2011			For the year ended December 31, 2010			For the period April 27, 2009 through December 31, 2009
Net asset value, beginning of period	$	12.87		$	12.53		$	13.69		$	11.63		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)		(0.09	)		(0.10	)		(0.16	)		(0.14	)		(0.08	)
Net realized and unrealized gain (loss) on investments		1.72			1.61			(0.14	)		3.25			2.85

Total income (loss) from investment operations		1.63			1.51			(0.30	)		3.11			2.77

LESS DISTRIBUTIONS:
Dividends from net investment income		—			—			—			—			—
Distributions from capital gains		—			(1.17	)		(0.86	)		(1.05	)		(1.14	)

Total distributions		—			(1.17	)		(0.86	)		(1.05	)		(1.14	)

Redemption fees added to paid-in capital		0.00	~		0.00	~		0.00	~		0.00	~		0.00	~

Net asset value, end of period	$	14.50		$	12.87		$	12.53		$	13.69		$	11.63

Total Return		12.59	%**		11.97	%		(2.15	)%		26.59	%		27.66	%**
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)	$	26,905		$	24,181		$	21,895		$	21,573		$	14,821
Ratio of expenses before reimbursements and waivers to average net assets		1.89	%*		1.97	%		1.95	%		2.47	%		2.82	%*
Ratio of net expenses to average net assets		1.75	%*+		1.75	%+		1.75	%+		1.75	%+		1.75	%*+
Ratio of net investment income (loss) to average net assets		(1.25	)%*+		(0.78	)%+		(1.13	)%+		(1.39	)%+		(1.15	)%*+
Portfolio turnover		100	%**		123	%		193	%		182	%		208	%**

*	Annualized

**	Not Annualized

~	Amount represents less than $0.01 per share

Such ratios are after administrative and transfer agent waivers and adviser expense reimbursements, when applicable. BNY Mellon Investment Servicing (US) Inc., the administrative agent and transfer agent, waived a portion of its fees beginning with the Fund’s commencement of operations, April 27, 2009. The Adviser agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total Fund operating expenses (other than interest, taxes, brokerage commissions and other portfolio transaction expenses, capital expenditures, and extraordinary expenses) would not exceed the Fund’s operating expense cap of 1.75% of average daily net assets until April 30, 2015.

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Large Cap Growth Fund

Financial Highlights


	For the six month period January 1, 2013 through June 30, 2013 (unaudited)			For the year ended December 31, 2012			For the year ended December 31, 2011			For the year ended December 31, 2010			For the period April 27, 2009 through December 31, 2009
Net asset value, beginning of period	$	12.61		$	12.52		$	13.79		$	11.94		$	10.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)		(0.06	)^		(0.02	)		(0.11	)		(0.12	)		(0.05	)
Net realized and unrealized gain (loss) on investments		0.89			1.37			(0.03	)		2.67			2.36

Total income (loss) from investment operations		0.83			1.35			(0.14	)		2.55			2.31

LESS DISTRIBUTIONS:
Dividends from net investment income		—			—			—			—			—
Distributions from capital gains		—			(1.26	)		(1.13	)		(0.70	)		(0.37	)

Total distributions		—			(1.26	)		(1.13	)		(0.70	)		(0.37	)

Redemption fees added to paid-in capital		0.00	~		0.00	~		0.00	~		0.00	~		0.00	~

Net asset value, end of period	$	13.44		$	12.61		$	12.52		$	13.79		$	11.94

Total Return		6.58	%**		10.75	%		(0.97	)%		21.36	%		23.14	%**
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (in 000’s)	$	14,878		$	19,385		$	19,335		$	21,169		$	13,875
Ratio of expenses before reimbursements and waivers to average net assets		2.03	%*		2.02	%		1.96	%		2.28	%		2.72	%*
Ratio of net expenses to average net assets		1.75	%*+		1.75	%+		1.75	%+		1.75	%+		1.75	%*+
Ratio of net investment loss to average net assets		(0.90	)%*+		(0.05	)%+		(0.76	)%+		(1.12	)%+		(0.67	)%*+
Portfolio turnover		72	%**		103	%		156	%		140	%		142	%**

*	Annualized

**	Not Annualized

^	Net investment income (loss) per share has been calculated using the average shares method.

~	Amount represents less than $0.01 per share

Such ratios are after administrative and transfer agent waivers and adviser expense reimbursements, when applicable. BNY Mellon Investment Servicing (US) Inc., the administrative agent and transfer agent, waived a portion of its fees beginning with the Fund’s commencement of operations, April 27, 2009. The Adviser agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total Fund operating expenses (other than interest, taxes, brokerage commissions and other portfolio transaction expenses, capital expenditures, and extraordinary expenses) would not exceed the Fund’s operating expense cap of 1.75% of average daily net assets until April 30, 2015.

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Mutual Funds

Notes to Financial Statements (unaudited)

A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

The Driehaus Mutual Funds (the “Trust”) is a registered management investment company, organized as a Delaware statutory trust, with nine separate series currently in operation. The Trust was organized under an Agreement and Declaration of Trust dated May 31, 1996, as subsequently amended and restated as of June 6, 2013, and may issue an unlimited number of full and fractional units of beneficial interest (shares) without par value. The seven series (“Funds” or each a “Fund”) included in this report are as follows:


Fund	Commencement of Operations
Driehaus International Discovery Fund		12/31/98
Driehaus Emerging Markets Growth Fund		12/31/97
Driehaus Emerging Markets Small Cap Growth Fund		08/22/11
Driehaus International Small Cap Growth Fund*		09/17/07
Driehaus Global Growth Fund		05/01/08
Driehaus Mid Cap Growth Fund		04/27/09
Driehaus Large Cap Growth**		04/27/09

*	On December 29, 2010, the Driehaus International Small Cap Growth Fund was closed to new investors.

**	On June 11, 2013, the Driehaus Large Cap Growth Fund was closed to new investors and was liquidated on July 31, 2013.

The investment objective of each Fund is to maximize capital appreciation.

Driehaus International Discovery Fund seeks to achieve its objective by generally investing in equity securities of non-U.S. companies exhibiting strong growth characteristics.

Driehaus Emerging Markets Growth Fund seeks to achieve its objective by investing primarily in equity securities of emerging markets companies.

Driehaus Emerging Markets Small Cap Growth Fund seeks to achieve its objective by investing primarily in equity securities of small capitalization emerging markets companies.

Driehaus International Small Cap Growth Fund seeks to achieve its objective by investing primarily in equity securities of smaller capitalization non-U.S. companies exhibiting strong growth characteristics.

Driehaus Global Growth Fund seeks to achieve its objective by investing primarily in equity securities of both U.S. and non-U.S. companies exhibiting strong growth characteristics.

Driehaus Mid Cap Growth Fund seeks to achieve its objective by investing primarily in equity securities of mid capitalization U.S. companies exhibiting strong growth characteristics.

Driehaus Large Cap Growth Fund seeks to achieve its objective by investing primarily in equity securities of large capitalization U.S. companies exhibiting strong growth characteristics.

Fiscal Year-End

The fiscal year-end for the Funds is December 31.

Securities Valuation and Transactions

Equity securities and exchange traded options are valued at the last sale price as of the close of the primary exchange or other designated time. In addition, if quotations are not readily available, if the values have been materially affected by events occurring after the closing of a foreign market, or if there has been a movement in the United States market that exceeds a certain threshold, assets may be valued at fair value as determined in good faith by or under the direction of the Trust’s Board of Trustees. Events that may materially affect asset values that could cause a fair value determination include, but are not limited to: corporate announcements relating to a specific security; natural and other disasters which may impact an entire market or region; and political and other events which may be global or impact a particular country or region. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. To the extent utilized, securities would be considered level 2 in the hierarchy described below. Substantially all transfers between level 1 and level 2 relate to the use of these procedures.

Driehaus Mutual Funds

Notes to Financial Statements (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 in 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 Funds’ own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The summary of the Funds’ investments that are measured at fair value by Level within the fair value hierarchy as of June 30, 2013 is as follows:


Fund	Total Value at June 30, 2013			Level 1 Quoted Price			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Driehaus International Discovery Fund
Investments in Securities*	$	150,911,906		$	150,911,906		$	—	$	—

Driehaus Emerging Markets Growth Fund
Investments in Securities*	$	1,092,990,472		$	1,092,990,472		$	—	$	—
Equity Certificates		30,476,925			—			30,476,925		—

Total Investments	$	1,123,467,397		$	1,092,990,472		$	30,476,925	$	—

Driehaus Emerging Markets Small Cap Growth Fund
Assets:
Equity Securities*	$	127,591,368		$	127,591,368		$	—	$	—
Equity Certificates		23,872,872			—			23,872,872		—
Purchased Call Options by Risk Category
Foreign Currency Contracts		65,000			65,000			—		—
Equity Contracts		27,260			27,260			—		—
Purchased Put Options by Risk Category
Equity Contracts		1,851,500			1,851,500			—		—

Total Investments	$	153,408,000		$	129,535,128		$	23,872,872	$	—

Liabilities:
Written Put Options by Risk Category
Equity Contracts	$	(231,000	)	$	(231,000	)	$	—	$	—

Total Liabilities	$	(231,000	)	$	(231,000	)	$	—	$	—

Driehaus International Small Cap Growth Fund
Investments in Securities*	$	239,057,074		$	239,057,074		$	—	$	—

Driehaus Global Growth Fund
Investments in Securities*	$	33,580,781		$	33,580,781		$	—	$	—

Driehaus Mutual Funds

Notes to Financial Statements (unaudited) — (Continued)


Fund	Total Value at June 30, 2013		Level 1 Quoted Price		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Driehaus Mid Cap Growth Fund
Investments in Securities*	$	26,619,853	$	26,619,853	$	—	$	—

Driehaus Large Cap Growth Fund
Investments in Securities*	$	14,303,226	$	14,303,226	$	—	$	—

*	See Schedule of Investments for industry/country breakout.

Transfers between levels, if any, are recognized as of the last day in the fiscal quarter of the period in which the event or change in circumstances that caused the reclassification occurred. The Funds used observable inputs in their valuation methodologies whenever they were available and deemed reliable.

When fair value pricing is employed, the prices of securities used by a Fund to calculate its net asset value may differ from closing prices for the same securities, which means that a Fund may value those securities higher or lower than another fund that does not employ fair value. In addition, the fair value price may differ materially from the value a Fund may ultimately realize.

For the period ended June 30, 2013, securities with end of period values of $49,207,965, $301,809,900, $26,606,829, $70,830,753 and $3,206,097 held by Driehaus International Discovery Fund, Driehaus Emerging Markets Growth Fund, Driehaus Emerging Markets Small Cap Growth Fund, Driehaus International Small Cap Growth Fund, and Driehaus Global Growth Fund, respectively, were transferred from Level 2 to Level 1.

Securities transactions are accounted for on trade date. The cost of investments sold is determined by the use of the specific identification method for both financial reporting and income tax purposes. Interest income is recorded on an accrual basis. Dividend income, net of non-reclaimable foreign taxes withheld, is recorded on the ex-dividend date or as soon as the information is available. Income and expenses are accrued daily.

Options Contracts

The Funds are subject to equity and other risk exposures in the normal course of pursuing their investment objective. The Funds may use options contracts to hedge their portfolio or a portion thereof or speculatively for the purpose of profiting from a decline in the market value of a security.

The Funds may write covered call and put options on futures, securities or currencies the Funds own or in which they may invest. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Schedule of Investments. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such in the Schedule of Investments. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, 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, 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, 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.

For the period January 1, 2013 through June 30, 2013, the average volume of purchased and written options for Driehaus Emerging Markets Small Cap Growth Fund was $1,925,450 and $131,929, respectively.

Driehaus Mutual Funds

Notes to Financial Statements (unaudited) — (Continued)

The premiums received and the number of option contracts written during the period ended June 30, 2013, were as follows:


Driehaus Emerging Markets Small Cap Growth Fund	Number of Contracts			Premiums Received
Options outstanding at December 31, 2012		—		$	—
Options written		35,000			2,048,654
Options closed		(29,500	)		(1,652,868	)
Options expired		—			—

Options outstanding at June 30, 2013		5,500		$	395,786

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 which 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 which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, 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. As of June 30, 2013, the Funds had outstanding options as listed on the Schedule of Investments.

Equity Certificates

The 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 derivative 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.

On June 30, 2013, Driehaus Emerging Markets Growth Fund and Driehaus Emerging Markets Small Cap Growth Fund had unrealized appreciation of $3,099,772 and $601,967, respectively, as a result of their investments in these financial instruments. The aggregate market values of these certificates for Driehaus Emerging Markets Growth Fund and Driehaus Emerging Markets Small Cap Growth Fund represented 2.7% and 15.6%, respectively, of their total market values at June 30, 2013.

Derivative Investment Holdings Categorized by Risk Exposure

Each Fund is subject to the Financial Accounting Standards Board’s (“FASB”) “Disclosures about Derivative Instruments and Hedging Activities” (the “Derivatives Statement”). The Derivatives Statement amends and expands disclosures about derivative instruments and hedging activities. The Derivatives Statement is intended to improve financial reporting about derivative instruments requiring enhanced disclosures to enable investors to better understand how and why the Funds use derivative instruments, how these derivative instruments are accounted for and their effects on the Funds’ financial position and results of operations.

Driehaus Mutual Funds

Notes to Financial Statements (unaudited) — (Continued)

The following table sets forth the fair value and the location in the Statement of Assets and Liabilities of the Driehaus Emerging Markets Growth Fund’s derivative contracts by primary risk exposure as of June 30, 2013:

The following table sets forth the fair value and the location in the Statement of Assets and Liabilities of the Driehaus Emerging Markets Small Cap Growth Fund’s derivative contracts by primary risk exposure as of June 30, 2013:

Asset derivatives

Liability derivatives

Risk exposure category

Statement of Assets
and Liabilities
location

Fair value

Statement of Assets
and Liabilities
location

Fair Value

Equity contracts*

Investments, at market value

25,751,632

Outstanding options
written, at value

231,000

Foreign currency contracts

Investments, at market value

65,000

*	Includes cumulative appreciation (depreciation) of options contracts shown in the Schedule of Investments.

Driehaus Emerging Markets Growth Fund did not have any realized gain (loss) on derivative contracts for the period January 1, 2013 through June 30, 2013.

The following table sets forth the Driehaus Emerging Markets Small Cap Growth Fund’s realized gain (loss) by primary risk exposure and by type of derivative contract for the period January 1, 2013 through June 30, 2013.


	Amount of realized gain (loss) on derivatives
Risk exposure category	Equity Certificates			Purchased Options		Written Options
Equity contracts	$	(301,536	)	$	1,101,788	$	(1,779,034	)

The following table sets forth the Driehaus Emerging Markets Growth Fund’s change in unrealized appreciation (depreciation) by primary risk exposure and by type of derivative contract for the period January 1, 2013 through June 30, 2013.


	Change in unrealized appreciation (depreciation) on derivatives
Risk exposure category	Equity Certificates
Equity contracts	$	2,316,886

The following table sets forth the Driehaus Emerging Markets Small Cap Growth Fund’s change in unrealized appreciation (depreciation) by primary risk exposure and by type of derivative contract for the period January 1, 2013 through June 30, 2013.


	Change in unrealized appreciation (depreciation) on derivatives
Risk exposure category	Equity Certificates			Purchased Options			Written Options
Equity contracts	$	(163,329	)	$	(929,351	)	$	164,786
Foreign currency contracts		—			(165,189	)		—

Federal Income Taxes

No provision is made for Federal income taxes since each Fund has elected to be taxed as a “regulated investment company” under Subchapter M of the Internal Revenue Code (the “Code”) and has made and declared all the required distributions to its shareholders in amounts sufficient to relieve each Fund from all or substantially all Federal income and excise taxes under provisions of current Federal tax law.

Each Fund is subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. Taxable years ending 2012, 2011, 2010 and 2009 remain open to Federal and state audit. As of June 30, 2013, management has evaluated the application of these standards to each Fund, and has determined that no

Driehaus Mutual Funds

Notes to Financial Statements (unaudited) — (Continued)

provision for income tax is required in each Fund’s financial statements for uncertain tax provisions. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year, the Funds did not incur any interest or penalties. The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion which may be recoverable. Foreign taxes are provided for based on the Funds’ understanding of the tax rules and regulations that exist in the foreign markets in which they invest.

The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations, which may differ from U.S. generally accepted accounting principles.

For the year ended December 31, 2012, reclassifications were recorded to undistributed net investment income, undistributed net realized gain and paid-in capital for any permanent tax differences. These reclassifications relate primarily to foreign currency losses, sales of passive foreign investment companies, net operating losses and capital loss carryforwards expiring. Results of operations and net assets were not affected by these reclassifications.

For Federal income tax purposes, capital loss carryforwards represent net capital losses of a Fund that may be carried forward for a maximum period of eight years and applied against future net realized gains. On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 was enacted to modernize several of the Federal income and excise tax provisions related to regulated investment companies. Under pre-enactment law, capital losses could be carried forward for up to eight years, and carried forward as short-term capital losses, irrespective of the character of the original loss. New net capital losses (those earned in taxable years beginning after December 22, 2010) may be carried forward indefinitely and must retain the character of the original loss. Such new net capital losses generally must be used by a regulated investment company before it uses any net capital losses incurred in taxable years beginning on or before December 22, 2010. This increases the likelihood that net capital losses incurred in taxable years beginning on or before December 22, 2010 will expire unused.

During the year ended December 31, 2012, Driehaus International Discovery Fund utilized $2,881,445 of capital loss carryforwards and as of December 31, 2012, had capital loss carryforwards of $2,472,213 expiring in 2015, $150,326,332 expiring in 2016 and $109,113,076 expiring in 2017. During the year ended December 31, 2012, Driehaus Emerging Markets Growth Fund did not utilize any capital loss carryforwards and as of December 31, 2012, had capital loss carryforwards of $47,142,275 with no expiration date. During the year ended December 31, 2012, Driehaus Emerging Markets Small Cap Growth Fund did not utilize any capital loss carryforwards and as of December 31, 2012, had capital loss carryforwards of $4,922,289 with no expiration date. During the year ended December 31, 2012, Driehaus International Small Cap Growth Fund did not utilize any capital loss carryforwards and as of December 31, 2012, had capital loss carryforwards of $3,818,027 expiring in 2017 and $12,209,878 with no expiration date. During the year ended December 31, 2012, Driehaus Global Growth Fund, Driehaus Mid Cap Growth Fund and Driehaus Large Cap Growth Fund did not utilize any capital loss carryforwards and as of December 31, 2012, had no capital loss carryforwards. To the extent that the Funds realize future net capital gains, those capital gains will be offset by any unused capital loss carryforwards subject to the limitations described below. For the year ended December 31, 2012, Driehaus Emerging Markets Growth Fund had late-year ordinary loss deferrals of $1,108,847, which was deferred for tax purposes and was recognized on January 1, 2013. For the year ended December 31, 2012, Driehaus International Discovery Fund, and Driehaus Large Cap Growth Fund had late-year capital loss deferrals of $48,625, and $160,438, respectively, which were deferred for tax purposes and were recognized on January 1, 2013.

Included in the capital loss carryforward amounts stated above are capital losses that Driehaus International Discovery Fund inherited from its merger with Driehaus International Equity Yield Fund on September 19, 2008 of approximately $2,472,213, which may be applied against any realized net taxable capital gains in future years. Section 382 of the Code imposes certain limitations that will likely reduce the Fund’s ability to use these capital loss carryforwards.

Distributions to Shareholders

The Funds had no distributions during the six months ended June 30, 2013.

Driehaus Mutual Funds

Notes to Financial Statements (unaudited) — (Continued)

The tax character of distributions paid during the fiscal year ended December 31, 2012 was as follows:


Distributions paid from:	Driehaus International Discovery Fund		Driehaus Emerging Markets Growth Fund		Driehaus Emerging Markets Small Cap Growth Fund		Driehaus International Small Cap Growth Fund		Driehaus Global Growth Fund		Driehaus Mid Cap Growth Fund		Driehaus Large Cap Growth Fund
Ordinary income	$	—	$	3,661,528	$	1,246,733	$	1,069,444	$	—	$	—	$	116,590
Net long-term capital gain		—		—		—		—		1,436,164		2,022,728		1,667,897

Total distributions paid	$	—	$	3,661,528	$	1,246,733	$	1,069,444	$	1,436,164	$	2,022,728	$	1,784,487

The tax character of distributions paid during the fiscal year ended December 31, 2011 was as follows:


Distributions paid from:	Driehaus International Discovery Fund		Driehaus Emerging Markets Growth Fund		Driehaus Emerging Markets Small Cap Growth Fund		Driehaus International Small Cap Growth Fund		Driehaus Global Growth Fund		Driehaus Mid Cap Growth Fund		Driehaus Large Cap Growth Fund
Ordinary income	$	—	$	44,003,425	$	—	$	1,347,630	$	—	$	254,377	$	414,273
Net long-term capital gain		—		1,860,551		—		—		3,868,133		1,156,723		1,186,215

Total distributions paid	$	—	$	45,863,976	$	—	$	1,347,630	$	3,868,133	$	1,411,100	$	1,600,488

As of December 31, 2012, the components of net assets on a tax basis were as follows:


Distributions paid from:	Driehaus International Discovery Fund			Driehaus Emerging Markets Growth Fund			Driehaus Emerging Markets Small Cap Growth Fund			Driehaus International Small Cap Growth Fund			Driehaus Global Growth Fund		Driehaus Mid Cap Growth Fund		Driehaus Large Cap Growth Fund
Undistributed ordinary income	$	—		$	—		$	175,925		$	2,030,993		$	—	$	—	$	—
Undistributed long-term capital gain		—			—			—			—			37,588		160,146		277,685

Accumulated earnings	$	—		$	—		$	175,925		$	2,030,993		$	37,588	$	160,146	$	277,685
Paid-in capital		440,784,079			895,699,110			72,981,249			220,439,150			30,308,588		20,289,232		15,776,055
Accumulated capital and other losses		(261,960,246	)		(48,251,122	)		(4,922,289	)		(16,027,903	)		—		—		(160,439	)
Unrealized appreciation (depreciation) on foreign currency		96,680			239,254			999			38,743			9,252		—		—
Unrealized appreciation on investments		27,472,798			141,570,768			12,761,506			28,477,600			4,994,250		3,731,529		3,492,179

Net assets	$	206,393,311		$	989,258,010		$	80,997,390		$	234,958,583		$	35,349,678	$	24,180,907	$	19,385,480

The differences between book-basis and tax-basis unrealized appreciation are attributable primarily to the tax deferral of losses on wash sales and passive foreign investment company (PFIC) mark-to-market.

Foreign Currency Translation

Foreign currency and equity securities 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.

Driehaus Mutual Funds

Notes to Financial Statements (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 spot contracts underlying securities 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 foreign exchange gains or losses on portfolio hedges result from the use of spot contracts to hedge portfolio positions denominated or quoted in a particular currency in order to reduce or limit exposure in that currency. The Funds had no portfolio hedges during the six months ended June 30, 2013.

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) from security transactions and the net change in unrealized appreciation (depreciation) of investments.

Use of Estimates

The preparation of financial statements, in conformity with U.S. generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net increases or decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Indemnifications

Under the Trust’s organizational documents, the officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

New Accounting Pronouncement

In June 2013, FASB issued guidance that creates a two-tiered approach to assess whether an entity is an investment company. The guidance will also require an investment company to measure noncontrolling ownership interests in other investment companies at fair value and will require additional disclosures relating to investment company status, any changes thereto and information about financial support provided or contractually required to be provided to any of the investment company’s investees. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2013 and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Fund’s financial statement disclosures.

Effective January 1, 2013, the Funds adopted FASB’s Accounting Standards Update (“ASU”) 2011-11, “Disclosures about Offsetting Assets and Liabilities.” ASU No. 2011-11 requires disclosures to make financial statements that are prepared under U.S. Generally Accepted Accounting Principles more comparable to those prepared under International Financial Reporting Standards. The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of assets and liabilities as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, ASU No. 2011-11 requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. There was no material impact to these financial statements as a result of applying this ASU.

Subsequent Event

The Board of Trustees of the Trust (the “Board”) has determined to terminate and liquidate the Driehaus Large Cap Growth Fund (the “Large Cap Fund”). The Large Cap Fund ceased accepting purchase orders as of June 11, 2013 and, as of July 19, 2013, began the process of liquidating the portfolio. The Large Cap Fund made a liquidating distribution to its shareholders on July 31, 2013 and has terminated.

Driehaus Mutual Funds

Notes to Financial Statements (unaudited) — (Continued)

B. INVESTMENT ADVISORY FEES, TRANSACTIONS WITH AFFILIATES, AND ADMINISTRATIVE FEES

Richard H. Driehaus, an Interested Trustee of the Trust, is also the Chairman of the Board of Driehaus Capital Management LLC (“DCM” or the “Adviser”), a registered investment adviser, and of Driehaus Securities LLC (“DS LLC” or the “Distributor”), a registered broker-dealer.

DCM serves as the Funds’ investment adviser. In return for its services to the Funds, DCM receives monthly fees. Driehaus International Discovery Fund pays the Adviser an annual management fee on a monthly basis computed and accrued daily as follows: 1.35% on the first $1 billion of average daily net assets and 1.25% of average daily net assets in excess of $1 billion. Driehaus Emerging Markets Growth Fund, Driehaus Emerging Markets Small Cap Growth Fund and Driehaus International Small Cap Growth Fund each pay the Adviser a monthly fee computed and accrued daily at an annual rate of 1.50% of each Fund’s average daily net assets. Driehaus Global Growth Fund pays the Adviser a monthly fee computed and accrued daily at an annual rate of 1.15% of the Fund’s average daily net assets. Driehaus Mid Cap Growth Fund pays the Adviser a monthly fee computed and accrued daily at an annual rate of 1.00% of the Fund’s average daily net assets. Driehaus Large Cap Growth Fund pays the Adviser a monthly fee computed and accrued daily at an annual rate of 0.90% of the Fund’s average daily net assets.

DCM has entered into an agreement to cap Driehaus Emerging Markets Small Cap Growth Fund’s annual operating expenses (other than interest, taxes, brokerage commissions and other portfolio transaction expenses, capital expenditures and extraordinary expenses) at 2.00% of average daily net assets until August 21, 2014. For a period of three years subsequent to the Fund’s commencement of operations, DCM is entitled to reimbursement for previously waived fees and reimbursed expenses to the extent that the Fund’s expense ratio remains below the operating expense cap. For the six months ended June 30, 2013, DCM recaptured fees for Driehaus Emerging Markets Small Cap Growth Fund totaling $108,124 under this agreement and there are no additional amounts subject to recapture.

DCM has entered into agreements to cap Driehaus Mid Cap Growth Fund’s and Driehaus Large Cap Growth Fund’s annual operating expenses (other than interest, taxes, brokerage commissions and other portfolio transaction expenses, capital expenditures and extraordinary expenses) at 1.75% of average daily net assets until April 30, 2015. For a period of three years subsequent to each Fund’s commencement of operations, DCM is entitled to reimbursement for previously waived fees and reimbursed expenses to the extent that each Fund’s expense ratio remains below the operating expense cap. For the six months ended June 30, 2013, DCM waived fees for Driehaus Mid Cap Growth Fund and Driehaus Large Cap Growth Fund totaling $17,342 and $27,217, respectively, under these agreements, and the amount of potential recovery expiring December 31, 2013, December 31, 2014, December 31, 2015 and December 31, 2016 was $90,076, $48,478, $52,090 and $17,342 respectively, for Driehaus Mid Cap Growth Fund and $67,291, $43,939, $54,700 and $27, 217, respectively, for Driehaus Large Cap Growth Fund.

The amounts accrued and payable to DCM during the six months ended June 30, 2013, are as follows:


Fund	Advisory Fees		Advisory Fees Payable (included in Due to affiliates)
Driehaus International Discovery Fund	$	1,290,826	$	174,530
Driehaus Emerging Markets Growth Fund		8,455,751		1,459,569
Driehaus Emerging Markets Small Cap Growth Fund		920,274		223,455
Driehaus International Small Cap Growth Fund		1,826,961		300,129
Driehaus Global Growth Fund		204,608		32,657
Driehaus Mid Cap Growth Fund		128,858		19,075
Driehaus Large Cap Growth Fund		88,240		7,877

Certain of the Funds direct certain portfolio trades, subject to obtaining the best price and execution, to brokers who have agreed to pay a portion of the Funds’ operating expenses using part of the commissions generated. For the six months ended June 30, 2013, these arrangements reduced the expenses of Driehaus International Discovery Fund, Driehaus Emerging Markets Growth Fund, Driehaus Emerging Markets Small Cap Growth Fund, Driehaus International Small Cap Growth Fund, Driehaus Global

Driehaus Mutual Funds

Notes to Financial Statements (unaudited) — (Continued)

Growth Fund, Driehaus Mid Cap Growth Fund and Driehaus Large Cap Growth Fund by $17,358 (1.1%), $144,717 (1.6%), $8,255 (0.7%), $20,657 (1.0%), $1,775 (0.5%), $484 (0.2%) and $674 (0.3%), respectively.

Certain officers of the Trust are also officers of DCM and DS LLC. The Funds pay a portion of the Chief Compliance Officer’s salary and bonus. No other officers received compensation from the Funds.

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as the Funds’ administrative and accounting agent. In compensation for these services, BNY Mellon receives the larger of a monthly minimum fee or a monthly fee based upon average net assets. BNY Mellon also acts as the transfer agent and dividend disbursing agent for the Funds. For these services, BNY Mellon receives a monthly fee based on shareholder processing activity during the month. BNY Mellon has agreed to waive a portion of its monthly fee for transfer agent service for the first two years of operations for Driehaus Emerging Markets Small Cap Growth Fund. For the six months ended June 30, 2013, BNY Mellon waived $5,122 for Driehaus Emerging Markets Small Cap Growth Fund.

C. OTHER FINANCIAL INSTRUMENTS

The Funds enter into foreign currency spot contracts to facilitate transactions in foreign denominated securities. These spot contracts are typically open for 2 to 5 days, depending on the settlement terms of the underlying security transaction. On June 30, 2013, the Funds had foreign currency spot contracts outstanding under which they are obligated to exchange currencies at specified future dates. The unrealized appreciation or depreciation on spot contracts is reflected as a separate line item in the Statement of Assets and Liabilities. On June 30, 2013, the Funds’ currency transactions were limited to transaction hedges.

D. INVESTMENT TRANSACTIONS

The aggregate purchases and sales of investment securities, other than short-term obligations and options, for the six months ended June 30, 2013 were as follows:


Fund	Purchases		Sales
Driehaus International Discovery Fund	$	170,001,265	$	225,047,679
Driehaus Emerging Markets Growth Fund		1,648,574,212		1,451,828,696
Driehaus Emerging Markets Small Cap Growth Fund		188,875,402		118,241,219
Driehaus International Small Cap Growth Fund		377,295,861		387,122,762
Driehaus Global Growth Fund		32,380,061		33,437,391
Driehaus Mid Cap Growth Fund		25,669,363		25,323,429
Driehaus Large Cap Growth Fund		13,561,904		19,414,871

E. RESTRICTED SECURITIES

Restricted securities are securities that are not registered for sale under the Securities Act of 1933 or applicable foreign law and that may be re-sold only in transactions exempt from applicable registration. Restricted securities include Rule 144A securities which may be sold normally to qualified institutional buyers. On June 30, 2013, the Funds held no restricted securities, other than equity certificates. Since an investment in equity certificates represents an agreement entered into with a financial institution, with terms set by such financial institution, these instruments are also deemed to be restricted (see Note A).

F. LINE OF CREDIT

Driehaus International Discovery Fund, Driehaus Emerging Markets Growth Fund and Driehaus International Small Cap Growth Fund have obtained an uncommitted line of credit in the amount of $25,000,000 and Driehaus Emerging Markets Small Cap Growth Fund, Driehaus Global Growth Fund, Driehaus Mid Cap Growth Fund and Driehaus Large Cap Growth Fund have obtained an uncommitted line of credit in the amount of $5,000,000. These lines of credit are available primarily to meet large, unexpected shareholder withdrawals subject to certain restrictions. Interest is charged at a rate per annum

Driehaus Mutual Funds

Notes to Financial Statements (unaudited) — (Continued)

equal to the Federal Funds Rate in effect at the time of the borrowings plus 1.5%. Driehaus International Discovery Fund utilized the line of credit during the period March 22, 2013 to April 3, 2013. The average daily loan balance outstanding on days where borrowings existed was $14,000,000, the weighted average interest rate was 1.01% and the interest expense, which is included on the Statement of Operations, was $7,614 for Driehaus International Discovery Fund.

G. RISKS CONCENTRATIONS

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.

H. REDEMPTION FEES

The Funds may charge a redemption fee of 2.00% of the redemption amount for shares redeemed within 60 days of purchase. The redemption fees are recorded in paid-in capital.

Fund Expense Examples (unaudited)

As a mutual fund shareholder, you may incur two types of costs: (1) transaction costs, including sales charges; redemption fees; and exchange fees and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six months ending June 30, 2013.

Actual Expenses

The first line of the tables below (“Actual”) provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the tables below (“Hypothetical”) provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. You may use this information to compare the ongoing costs of investing in the Funds versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Driehaus International Discovery Fund


	Beginning Account Value January 1, 2013		Ending Account Value June 30, 2013		Expenses Paid During Six Months Ending June 30, 2013*
Actual	$	1,000	$	1,025.10	$	8.08
Hypothetical (5% return before expenses)	$	1,000	$	1,016.81	$	8.05

Driehaus Emerging Markets Growth Fund


	Beginning Account Value January 1, 2013		Ending Account Value June 30, 2013		Expenses Paid During Six Months Ending June 30, 2013*
Actual	$	1,000	$	1,005.20	$	8.10
Hypothetical (5% return before expenses)	$	1,000	$	1,016.71	$	8.15

Fund Expense Examples (unaudited) — (Continued)

Driehaus Emerging Markets Small Cap Growth Fund


	Beginning Account Value January 1, 2013		Ending Account Value June 30, 2013		Expenses Paid During Six Months Ending June 30, 2013*
Actual	$	1,000	$	1,077.10	$	10.25
Hypothetical (5% return before expenses)	$	1,000	$	1,014.93	$	9.94

Driehaus International Small Cap Growth Fund


	Beginning Account Value January 1, 2013		Ending Account Value June 30, 2013		Expenses Paid During Six Months Ending June 30, 2013*
Actual	$	1,000	$	1,092.00	$	8.92
Hypothetical (5% return before expenses)	$	1,000	$	1,016.27	$	8.60

Driehaus Global Growth Fund


	Beginning Account Value January 1, 2013		Ending Account Value June 30, 2013		Expenses Paid During Six Months Ending June 30, 2013*
Actual	$	1,000	$	1,005.50	$	9.45
Hypothetical (5% return before expenses)	$	1,000	$	1,015.37	$	9.49

Driehaus Mid Cap Growth Fund


	Beginning Account Value January 1, 2013		Ending Account Value June 30, 2013		Expenses Paid During Six Months Ending June 30, 2013*
Actual	$	1,000	$	1,125.90	$	9.22
Hypothetical (5% return before expenses)	$	1,000	$	1,016.12	$	8.75

Driehaus Large Cap Growth Fund


	Beginning Account Value January 1, 2013		Ending Account Value June 30, 2013		Expenses Paid During Six Months Ending June 30, 2013*
Actual	$	1,000	$	1,065.80	$	8.96
Hypothetical (5% return before expenses)	$	1,000	$	1,016.12	$	8.75

*	Expenses are equal to the Fund’s annualized expense ratios for the six-month period in the table below multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), then divided by 365 to reflect the half-year period.

Fund Expense Examples (unaudited) — (Continued)


Driehaus International Discovery Fund	1.61	%
Driehaus Emerging Markets Growth Fund	1.63	%
Driehaus Emerging Markets Small Cap Growth Fund	1.99	%
Driehaus International Small Cap Growth Fund	1.72	%
Driehaus Global Growth Fund	1.90	%
Driehaus Mid Cap Growth Fund	1.75	%
Driehaus Large Cap Growth Fund	1.75	%

DRH-SAR2013

Driehaus Mutual Funds

Trustees & Officers

Richard H. Driehaus

Trustee

A.R. Umans

Chairman of the Board

Theodore J. Beck

Trustee

Francis J. Harmon

Trustee

Dawn M. Vroegop

Trustee

Daniel F. Zemanek

Trustee

Robert H. Gordon

President

Michelle L. Cahoon

Vice President & Treasurer

Janet L. McWilliams

Assistant Vice President

Michael R. Shoemaker

Chief Compliance Officer &

Assistant Vice President

Diane J. Drake

Secretary

Michael P. Kailus

Assistant Secretary

William H. Wallace, III

Assistant Secretary

Investment Adviser

Driehaus Capital Management LLC

25 East Erie Street

Chicago, IL 60611

Distributor

Driehaus Securities LLC

25 East Erie Street

Chicago, IL 60611

Administrator & Transfer Agent

UMB Fund Services, Inc.

803 W. Michigan St.

Milwaukee, WI 53233

Custodian

UMB Bank, n.a.

928 Grand Blvd.

Kansas City, MO 64106

Semi-Annual Report to Shareholders

June 30, 2013

LOGO

Driehaus Active Income Fund

Driehaus Select Credit Fund

Distributed by:

Driehaus Securities LLC

This report has been prepared for the shareholders of the Funds and is not an offering to sell or buy any Fund securities. Such offering is only made by the Funds’ prospectus.

Table of Contents


Performance Overview and Schedule of Investments:
Driehaus Active Income Fund			1
Driehaus Select Credit Fund			12

Statements of Assets and Liabilities			19

Statements of Operations			20

Statements of Changes in Net Assets			21

Financial Highlights			22

Notes to Financial Statements			25

Fund Expense Examples			40

PROXY VOTING POLICIES AND PROCEDURES AND PROXY VOTING RECORD

A description of the Funds’ policies and procedures with respect to the voting of proxies relating to the Funds’ portfolio securities is available without charge, upon request, by calling 1-877-779-0079. This information is also available on the Funds’ website at http://www.driehaus.com.

Information regarding how the Funds voted proxies related to portfolio securities during the 12-month period ended June 30, 2013 is available without charge, upon request, by calling 1-877-779-0079. This information is also available on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

HOW TO OBTAIN QUARTERLY PORTFOLIO HOLDINGS

Each Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q is available electronically on the SEC’s website at http://www.sec.gov; hard copies may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC 20549. For more information on the Public Reference Room, call 1-800-SEC-0330. Each Fund’s complete schedule of portfolio holdings is also available on the Fund’s website at http://www.driehaus.com.

Driehaus Active Income Fund

Performance Overview (unaudited)

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph compares the results of a $25,000 investment (minimum investment) in the Fund since November 8, 2005 (the date of the Predecessor Fund’s inception), with all dividends and capital gains reinvested, with the indicated indices (and dividends reinvested) for the same period.


Average Annual Total Returns as of 06/30/13	1 Year		3 Years		5 Years		Since Inception (11/08/05 - 06/30/13)
Driehaus Active Income Fund (LCMAX)¹		5.05%		3.17%		5.80%		4.84%
Citigroup 3-Month T-Bill Index²		0.08%		0.09%		0.23%		1.60%
Barclays Capital U.S. Aggregate Bond Index³		–0.68%		3.51%		5.19%		5.44%

LOGO

The Driehaus Active Income Fund (the “Fund”) performance shown above includes the performance of the Lotsoff Capital Management Active Income Fund (the “Predecessor Fund”) for the periods before the Fund’s registration statement became effective. The Fund received the assets and liabilities of the Predecessor Fund on June 1, 2009 through a reorganization of the Predecessor Fund into the Fund. The Predecessor Fund was a nondiversified fund that was a series of another management investment company registered under the Investment Company Act of 1940, as amended. The Fund had no prior operating history prior to succeeding to the assets of the Predecessor Fund. The Fund has substantially similar investment objectives, strategies, and policies as the Predecessor Fund. Financial and performance information of the Fund includes the Predecessor Fund information. The returns for the periods prior to October 1, 2006, reflect fee waivers and/or reimbursements without which performance would have been lower.

²	The Citigroup 3-Month T-Bill Index is designed to mirror the performance of the 3 month U.S. Treasury Bill. The Citigroup 3-Month T-Bill Index is unmanaged and its returns reflect reinvestment of all distributions and changes in market prices.

The Barclays Capital U.S. Aggregate Bond Index, an unmanaged index, represents securities that are SEC-registered, taxable and dollar denominated. This index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.

Driehaus Active Income Fund

Schedule of Investments

June 30, 2013 (unaudited)


	Shares, Principal Amount, or Number of Contracts		Value

ASSET-BACKED SECURITIES — 5.70%
Citigroup Mortgage Loan Trust, Inc. 0.26%, 1/25/37²	$	371,208	$	178,966
Countrywide Asset-Backed Certificates 0.67%, 4/25/34²		122,988		118,767
Fannie Mae REMICS 0.84%, 9/25/23²		9,565,943		9,678,400
Fannie Mae REMICS 0.51%, 6/25/36²		11,231,940		11,236,803
Freddie Mac REMICS 2.00%, 2/15/27⁴		62,386,860		62,698,794
Freddie Mac REMICS 2.00%, 4/15/28		77,959,876		78,647,093
Freddie Mac REMICS 0.39%, 1/15/35²		6,456,962		6,441,350
Merrill Lynch Mortgage Investors, Inc. 0.66%, 8/25/35²		124,929		114,972
Wells Fargo Mortgage Loan Trust 0.45%, 8/27/37^1,2		26,430,833		24,573,802

Total ASSET-BACKED SECURITIES (Cost $193,467,622)				193,688,947

BANK LOANS — 23.56%
Apparel — 0.44%
Cole Haan, Inc. 5.75%, 1/7/20²		14,965,086		14,983,538

Banks — 1.29%
CIT Group, Inc. 2.50%, 8/14/15²		7,000,000		6,795,831
CIT Group, Inc. 2.50%, 8/14/15²		38,000,000		36,891,654

				43,687,485

Commercial Services — 2.15%
Altegrity, Inc. 7.75%, 2/21/15²		46,159,570		45,851,824
Ceridian Corp. 5.95%, 5/9/17²		19,956,219		20,026,066
Westway Group, Inc. 5.00%, 2/5/20²		6,982,500		6,986,864

				72,864,754

Diversified Financial Services — 1.54%
Ocwen Financial Corp. 5.00%, 1/15/18²		52,004,675		52,232,196

Electronics — 0.49%
NuSil Technology LLC 5.25%, 3/28/17²		16,805,929		16,763,914


	Shares, Principal Amount, or Number of Contracts		Value

Entertainment — 1.41%
Graton Resort & Casino 9.00%, 8/14/18²	$	25,440,000	$	26,394,000
Peninsula Gaming LLC 4.25%, 11/20/17²		8,457,500		8,441,642
WMG Acquisition Corp. 3.75%, 7/3/20²		13,133,000		13,012,610

				47,848,252

Holding Companies — Diversified — 0.42%
Osmose Holdings, Inc. 4.75%, 11/26/18²		14,382,575		14,373,586

Internet — 0.36%
Mood Media Corp. (Canada) 7.00%, 3/24/18^2,3		12,508,366		12,414,553

Leisure Time — 1.53%
Equinox Holdings, Inc. 4.50%, 2/1/20²		41,907,500		41,907,500
Equinox Holdings, Inc. 9.75%, 5/16/20²		10,000,000		10,100,000

				52,007,500

Lodging — 2.10%
MGM Resorts International 3.50%, 12/20/19²		71,749,937		71,166,969

Mining — 0.47%
American Rock Salt Co. LLC 5.50%, 4/25/17²		16,154,428		16,129,195

Oil & Gas — 1.71%
Chesapeake Energy Corp. 5.75%, 12/2/17²		57,500,000		58,158,835

Real Estate Investment Trusts — 0.50%
Starwood Property Trust, Inc. 3.50%, 4/11/20²		16,990,000		16,890,897

Retail — 7.20%
Gymboree Corp. 5.00%, 2/23/18²		17,918,025		17,216,229
JC Penney Corp., Inc. 6.00%, 5/21/18²		41,625,000		41,651,016
Michaels Stores, Inc. 3.75%, 1/31/20²		1,000,000		997,143
Neiman Marcus Group, Inc. 4.00%, 5/30/18²		98,884,000		98,559,562
Party City Holdings, Inc. 4.25%, 7/27/19²		24,875,000		24,763,958
Rite Aid Corp. 4.00%, 2/28/20²		997,500		993,759

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Active Income Fund

Schedule of Investments

June 30, 2013 (unaudited)


	Shares, Principal Amount, or Number of Contracts		Value

Rite Aid Corp. 5.75%, 8/29/20²	$	17,000,000	$	17,365,500
Rite Aid Corp. 4.88%, 6/13/21²		42,950,000		42,829,225

				244,376,392

Telecommunications — 1.95%
Alcatel-Lucent USA, Inc. 6.25%, 7/30/16²		1,500,000		1,515,375
Alcatel-Lucent USA, Inc. 7.25%, 1/30/19²		53,274,969		53,707,828
Arinc, Inc. 6.21%, 10/26/15²		11,172,414		10,921,034

				66,144,237

Total BANK LOANS (Cost $800,558,039)				800,042,303

CORPORATE BONDS — 33.24%
Banks — 2.21%
Chase Capital II 0.77%, 2/1/27²		11,879,000		9,636,839
First Chicago NBD Institutional Capital I 0.82%, 2/1/27²		725,000		588,156
JP Morgan Chase Capital XXIII 1.28%, 5/15/77²		4,000,000		3,040,000
JPMorgan Chase & Co. 7.90%, 4/29/49²		43,813,000		49,508,690
JPMorgan Chase Capital XXI 1.22%, 1/15/87²		15,000,000		11,400,000
Wachovia Capital Trust III 5.57%, 3/29/49²		1,000,000		981,250

				75,154,935

Biotechnology — 0.69%
STHI Holding Corp. 8.00%, 3/15/18¹		21,639,000		23,370,120

Chemicals — 0.20%
Hexion U.S. Finance Corp. /Hexion Nova Scotia Finance ULC 8.88%, 2/1/18		2,000,000		2,040,000
Momentive Performance Materials, Inc. 11.50%, 12/1/16		6,040,000		4,620,600

				6,660,600

Commercial Services — 1.43%
DynCorp International, Inc. 10.38%, 7/1/17		22,780,000		22,893,900


	Shares, Principal Amount, or Number of Contracts		Value

Wyle Services Corp. 10.50%, 4/1/18¹	$	25,285,000	$	25,790,700

				48,684,600

Computers — 0.99%
Seagate HDD Cayman (Cayman Islands) 7.75%, 12/15/18³		16,330,000		17,758,875
Seagate HDD Cayman (Cayman Islands) 6.88%, 5/1/20³		15,000,000		15,900,000

				33,658,875

Diversified Financial Services — 2.80%
American Express Co. 6.80%, 9/1/66²		56,843,000		60,679,903
General Electric Capital Corp. 7.13%, 12/29/49²		22,000,000		24,860,000
Textron Financial Corp. 6.00%, 2/15/67^1,2		10,824,000		9,416,880

				94,956,783

Electronics — 0.34%
Flextronics International Ltd. (Singapore) 5.00%, 2/15/23^1,3		12,000,000		11,610,000

Engineering & Construction — 0.06%
MasTec, Inc. 4.88%, 3/15/23		2,000,000		1,900,000

Entertainment — 0.39%
Production Resource Group, Inc. 8.88%, 5/1/19		17,220,000		13,302,450

Healthcare — Products — 0.97%
ConvaTec Healthcare E S.A. (Luxembourg) 10.50%, 12/15/18^1,3		30,166,000		32,956,355

Healthcare—Services — 2.41%
Aurora Diagnostics Holdings / Aurora Diagnostics Financing, Inc. 10.75%, 1/15/18		17,035,000		11,072,750
Healthsouth Corp. 7.25%, 10/1/18		1,348,000		1,438,990
Healthsouth Corp. 7.75%, 9/15/22		18,487,000		19,688,655
Kindred Healthcare, Inc. 8.25%, 6/1/19		29,913,000		30,660,825
National Mentor, Inc. 12.50%, 2/15/18¹		17,600,000		18,832,000

				81,693,220

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Active Income Fund

Schedule of Investments

June 30, 2013 (unaudited)


	Shares, Principal Amount, or Number of Contracts		Value

Household Products/Wares — 0.13%
Armored Autogroup,Inc. 9.25%, 11/1/18	$	4,650,000	$	4,266,375

Insurance — 0.93%
Chubb Corp. 6.38%, 3/29/67²		29,500,000		31,565,000

Internet — 0.07%
Mood Media Corp. (Canada) 9.25%, 10/15/20^1,3		2,500,000		2,287,500

Iron/Steel — 0.85%
Allegheny Technologies, Inc. 9.38%, 6/1/19		4,925,000		6,077,292
Edgen Murray Corp. 8.75%, 11/1/20¹		23,000,000		22,885,000

				28,962,292

Media — 1.26%
Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/22¹		810,000		830,250
Clear Channel Worldwide Holdings, Inc. 6.50%, 11/15/22¹		2,190,000		2,255,700
ProQuest LLC/ProQuest Notes Co. 9.00%, 10/15/18¹		39,790,000		39,790,000

				42,875,950

Metal Fabricate/Hardware — 0.16%
Dynacast International LLC / Dynacast Finance, Inc. 9.25%, 7/15/19		5,130,000		5,591,700

Miscellaneous Manufacturing — 2.13%
Amsted Industries, Inc. 8.13%, 3/15/18¹		34,990,000		36,914,450
GE Capital Trust I 6.38%, 11/15/67²		34,140,000		35,377,575

				72,292,025

Oil & Gas — 2.20%
Chesapeake Energy Corp. 9.50%, 2/15/15		9,820,000		10,900,200
Comstock Resources, Inc. 8.38%, 10/15/17		20,000,000		20,800,000
Comstock Resources, Inc. 9.50%, 6/15/20		3,000,000		3,240,000
Venoco, Inc. 8.88%, 2/15/19		40,670,000		39,653,250

				74,593,450


	Shares, Principal Amount, or Number of Contracts		Value

Packaging & Containers — 1.16%
Berry Plastics Corp. 9.75%, 1/15/21	$	34,988,400	$	39,536,892

Pipelines — 1.20%
Enbridge Energy Partners LP 8.05%, 10/1/77²		31,500,000		35,822,241
Sabine Pass Liquefaction LLC 5.63%, 2/1/21¹		3,000,000		2,910,000
Sabine Pass Liquefaction LLC 5.63%, 4/15/23¹		2,000,000		1,890,000

				40,622,241

Retail — 4.20%
Claire’s Stores, Inc. 9.00%, 3/15/19¹		11,000,000		12,100,000
Claire’s Stores, Inc. 6.13%, 3/15/20¹		4,722,000		4,639,365
Michaels Stores, Inc. 11.38%, 11/1/16		12,015,000		12,525,758
Michaels Stores, Inc. 7.75%, 11/1/18		54,747,000		58,579,290
Rite Aid Corp. 9.50%, 6/15/17		13,850,000		14,373,530
Rite Aid Corp. 10.25%, 10/15/19		3,000,000		3,375,000
Rite Aid Corp. 9.25%, 3/15/20		14,800,000		16,335,500
Rite Aid Corp. 8.00%, 8/15/20		3,425,000		3,793,187
Rite Aid Corp. 6.75%, 6/15/21¹		17,250,000		16,948,125

				142,669,755

Software — 2.05%
First Data Corp. 11.25%, 3/31/16		2,772,000		2,737,350
First Data Corp. 6.75%, 11/1/20¹		22,250,000		22,639,375
Nuance Communications, Inc. 5.38%, 8/15/20¹		31,660,000		31,105,950
SSI Investments II/SSI Co.-Issuer LLC 11.13%, 6/1/18		12,000,000		13,155,000

				69,637,675

Telecommunications — 4.41%
Alcatel-Lucent USA, Inc. 6.50%, 1/15/28		5,000,000		3,750,000
Clearwire Communications LLC/Clearwire Finance, Inc. 12.00%, 12/1/15¹		36,600,000		38,887,500

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Active Income Fund

Schedule of Investments

June 30, 2013 (unaudited)


	Shares, Principal Amount, or Number of Contracts		Value

Clearwire Communications LLC/Clearwire Finance, Inc. 12.00%, 12/1/15¹	$	22,000,000	$	23,485,000
CommScope, Inc. 8.25%, 1/15/19¹		52,300,000		55,830,250
Nortel Networks Ltd. (Canada) 10.13%, 7/15/13^3,5		14,000,000		15,522,500
Nortel Networks Ltd. (Canada) 10.75%, 7/15/16^3,5		11,000,000		12,210,000

				149,685,250

Total CORPORATE BONDS (Cost $1,086,128,663)				1,128,534,043

CONVERTIBLE CORPORATE BONDS — 7.39%
Auto Manufacturers — 2.03%
Ford Motor Co. 4.25%, 11/15/16		38,150,000		68,932,281

Electrical Components & Equipment — 0.25%
SunPower Corp. 4.50%, 3/15/15		1,294,000		1,509,936
Suntech Power Holdings Co., Ltd. (China) 3.00%, 3/15/14^3,5		27,872,000		7,107,360

				8,617,296

Internet — 1.38%
Equinix, Inc. 3.00%, 10/15/14		13,600,000		22,882,000
WebMD Health Corp. 2.25%, 3/31/16		24,450,000		23,961,000

				46,843,000

Lodging — 1.20%
MGM Resorts International 4.25%, 4/15/15		36,500,000		40,857,188

Real Estate Investment Trusts — 1.64%
Gaylord Entertainment Co. 3.75%, 10/1/14¹		13,730,000		24,473,725
Host Hotels & Resorts LP 2.50%, 10/15/29¹		23,000,000		31,193,750

				55,667,475

Telecommunications — 0.89%
Alcatel-Lucent USA, Inc. 2.88%, 6/15/23		3,000,000		2,902,500
Nortel Networks Corp. (Canada) 1.75%, 4/15/14^3,5		19,125,000		18,551,250


	Shares, Principal Amount, or Number of Contracts		Value

Nortel Networks Corp. (Canada) 2.13%, 4/15/14^3,5	$	9,000,000	$	8,735,625

				30,189,375

Total CONVERTIBLE CORPORATE BONDS (Cost $230,079,860)				251,106,615

U.S. GOVERNMENT AND AGENCY SECURITIES — 4.78%
Fannie Mae REMICS 1.50%, 4/25/28		116,123,509		113,520,833
Freddie Mac Non Gold Pool 2.43%, 6/1/34²		844,860		899,830
Freddie Mac REMICS 1.50%, 3/15/28		48,770,106		47,873,077

Total U.S. GOVERNMENT AND AGENCY SECURITIES (Cost $166,293,837)				162,293,740

COMMON STOCK — 0.84%
Auto Manufacturers — 0.84%
General Motors Co.^*		701,946		23,381,821
Motors Liquidation Co. GUC Trust^*		167,113		5,130,369

				28,512,190

Total COMMON STOCK (Cost $15,534,416)				28,512,190

CONVERTIBLE PREFERRED STOCK — 1.09%
Auto Manufacturers — 0.00%
General Motors Corp. Senior Convertible Preferred Escrow — B 5.25%, 3/6/34⁴		475,000		—
General Motors Corp. Senior Convertible Preferred Escrow — C 6.25%, 12/15/12⁴		11,790,650		—

				—

Banks — 0.70%
Bank of America Corp. 7.25%, 12/31/49		21,322		23,678,081

Telecommunications — 0.39%
Lucent Technologies Capital Trust I 7.75%, 3/15/17		13,912		13,285,960

Total CONVERTIBLE PREFERRED STOCK (Cost $31,904,973)				36,964,041

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Active Income Fund

Schedule of Investments

June 30, 2013 (unaudited)


	Shares, Principal Amount, or Number of Contracts		Value

PREFERRED STOCKS — 2.90%
Banks — 0.26%
Goldman Sachs Group, Inc. 6.13%, 11/1/15		342,000	$	8,703,900

Holding Companies — Diversified — 1.63%
Pitney Bowes International Holdings, Inc. 6.13%, 10/30/16¹		56,130		55,466,965

Telecommunications — 1.01%
Centaur Funding Corp. (Cayman Islands) 9.08%, 4/21/20^1,3		27,242		34,205,736

Total PREFERRED STOCKS (Cost $89,364,415)				98,376,601

PURCHASED CALL OPTIONS — 0.42%
Standard & Poor’s 500 Index, Exercise Price: $1,575.00, Expiration Date: September, 2013*		2,062		14,194,808

Total PURCHASED CALL OPTIONS (Cost $9,408,984)				14,194,808

PURCHASED PUT OPTIONS — 1.62%
Standard & Poor’s 500 Index, Exercise Price: $1,475.00, Expiration Date: September, 2013*		6,900		12,075,000
Standard & Poor’s 500 Index, Exercise Price: $1,625.00, Expiration Date: September, 2013*		6,900		42,987,000

Total PURCHASED PUT OPTIONS (Cost $49,011,220)				55,062,000

SHORT-TERM INVESTMENTS — 20.32%
UMB Money Market Fiduciary 0.01%		690,026,103		690,026,103

Total SHORT-TERM INVESTMENTS (Cost $690,026,103)				690,026,103


	Shares, Principal Amount, or Number of Contracts			Value

WARRANTS — 0.55%
General Motors Co. — CW 19, Strike Price $18.33, Expiration Date 7/10/19*		1,136,155		$	18,576,134

Total WARRANTS (Cost $21,643,013)					18,576,134


TOTAL INVESTMENTS (Cost $3,383,421,145)		102.41	%	$	3,477,377,525
Liabilities less Other Assets		(2.41	)%		(81,765,955	)

Net Assets		100.00	%	$	3,395,611,570



SECURITIES SOLD SHORT — (7.79)%
CORPORATE BONDS — (2.02)%
Auto Manufacturers — (0.26)%
Chrysler Group LLC/CG Co.-Issuer, Inc. 8.00%, 6/15/19	$	(8,020,000	)		(8,832,025	)

Chemicals — (0.20)%
Huntsman International LLC 8.63%, 3/15/21		(6,000,000	)		(6,645,000	)

Healthcare — Products — (0.10)%
Kinetic Concepts, Inc. / KCI USA, Inc. 10.50%, 11/1/18		(3,000,000	)		(3,255,000	)

Lodging — (0.24)%
MGM Resorts International 7.63%, 1/15/17		(7,315,000	)		(8,064,787	)

Media — (0.25)%
DISH DBS Corp. 6.75%, 6/1/21		(8,000,000	)		(8,580,000	)

Oil & Gas — (0.67)%
Chesapeake Energy Corp. 6.63%, 8/15/20		(13,700,000	)		(14,864,500	)
Chesapeake Energy Corp. 6.13%, 2/15/21		(7,500,000	)		(7,950,000	)

					(22,814,500	)

Retail — (0.30)%
Party City Holdings, Inc. 8.88%, 8/1/20¹		(7,750,000	)		(8,389,375	)
Sears Holdings Corp. 6.63%, 10/15/18		(2,000,000	)		(1,905,000	)

					(10,294,375	)

Total CORPORATE BONDS (Proceeds $64,397,599)					(68,485,687	)

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Active Income Fund

Schedule of Investments

June 30, 2013 (unaudited)


	Shares, Principal Amount, or Number of Contracts			Value

COMMON STOCK — (4.39)%
Auto Manufacturers — (1.59)%
Ford Motor Co.		(3,491,935	)	$	(54,020,234	)

Banks — (0.24)%
Bank of America Corp.		(628,321	)		(8,080,208	)

Healthcare — Services — (0.10)%
Kindred Healthcare, Inc.*		(259,174	)		(3,402,955	)

Internet — (0.75)%
Equinix, Inc.^*		(126,233	)		(23,317,760	)
WebMD Health Corp.^*		(71,575	)		(2,102,158	)

					(25,419,918	)

Lodging — (0.34)%
MGM Resorts International^*		(784,374	)		(11,593,048	)

Real Estate Investment Trusts — (1.10)%
Host Hotels & Resorts, Inc.		(1,193,449	)		(20,133,485	)
Ryman Hospitality Properties		(438,718	)		(17,114,389	)

					(37,247,874	)

Telecommunications — (0.27)%
Anixter International, Inc.*		(123,571	)		(9,367,917	)

Total COMMON STOCK (Proceeds $131,588,242)					(149,132,154	)

WRITTEN PUT OPTIONS — (1.38)%
Standard & Poor’s 500 Index, Exercise Price: $1,550.00, Expiration Date: September, 2013*		(13,800	)		(46,920,000	)

Total WRITTEN PUT OPTIONS (Proceeds $41,371,880)					(46,920,000	)


TOTAL INVESTMENT SECURITIES SOLD SHORT (Proceeds $237,357,721)		(7.79	)%	$	(264,537,841	)

*	Non-income producing security.

¹	144A restricted security.

²	Variable rate security.

³	Foreign security denominated in U.S. dollars and traded on a U.S. exchange.

⁴	Security valued at fair value as determined in good faith by Driehaus Capital Management LLC, investment adviser to the Fund, in accordance with procedures established by, and under the general supervision of, the Fund’s Board of Trustees.

⁵	Security is in default.

Percentages are stated as a percent of net assets.

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Active Income Fund

Schedule of Investments

June 30, 2013 (unaudited)

SWAP CONTRACTS

Credit Default Swaps


Counterparty	Reference Instrument	Currency		Notional Amount^B		Pay/ Receive^A Fixed Rate	Fixed Rate			Expiration Date		Premium Paid (Received)			Unrealized Appreciation/ (Depreciation)			Credit Event	Rating^C
Goldman Sachs	Alcatel-Lucent USA, Inc. 6.50%, 1/15/28		USD		43,500,000	Pay		5.00	%		9/20/2014	$	3,756,250		$	(5,818,430	)	Bankruptcy/FTP	CCC
Morgan Stanley	American Express Co. 5.50%, 9/12/16		USD		20,000,000	Pay		1.00			12/20/2016		263,406			(670,597	)	Bankruptcy/FTP	BBB+
Goldman Sachs	American Express Co. 5.50%, 9/12/16		USD		5,000,000	Pay		1.00			12/20/2016		61,174			(162,972	)	Bankruptcy/FTP	BBB+
Goldman Sachs	Bank of America Corp. 6.25%, 4/15/12		USD		10,000,000	Pay		1.00			12/20/2016		1,499,776			(1,491,762	)	Bankruptcy/FTP	NR
Goldman Sachs	Boston Properties L.P. 6.25%, 1/15/13		USD		11,000,000	Pay		1.00			9/20/2014		848,323			(958,831	)	Bankruptcy/FTP	NR
Goldman Sachs	Brunswick Corp. 7.13%, 8/1/27		USD		10,000,000	Pay		5.00			12/20/2014		40,542			(732,772	)	Bankruptcy/FTP	BB
Goldman Sachs	Brunswick Corp. 7.13%, 8/1/27		USD		10,000,000	Pay		5.00			12/20/2014		(143,212	)		(549,018	)	Restructuring/ Bankruptcy/FTP	BB
Merrill Lynch	Citigroup, Inc. 6.13%, 5/15/18		USD		5,000,000	Pay		1.00			12/20/2016		432,520			(444,313	)	Bankruptcy/FTP	A-
Goldman Sachs	Citigroup, Inc. 6.13%, 5/15/18		USD		5,000,000	Pay		1.00			12/20/2016		379,663			(391,457	)	Bankruptcy/FTP	A-
Goldman Sachs	CVS Caremark Corp. 4.88%, 9/15/14		USD		10,000,000	Pay		1.00			9/20/2014		(286,840	)		166,800		Bankruptcy/FTP	BBB+
Goldman Sachs	Dow Jones CDX NA High Yield Series II Index		USD		7,470,000	Pay		5.00			12/20/2013		2,058,919			(2,214,123	)	Bankruptcy/FTP	NA
Morgan Stanley	Enbridge Energy, L.P. 4.75%, 6/1/13		USD		10,000,000	Pay		1.00			6/20/2015		56,732			(185,055	)	Bankruptcy/FTP	NR
Goldman Sachs	First Data Corp. 9.88%, 9/24/15		USD		5,000,000	Pay		5.00			6/20/2016		350,000			(358,559	)	Bankruptcy/FTP	B-
Goldman Sachs	First Data Corp. 9.88%, 9/24/15		USD		3,000,000	Pay		5.00			3/20/2017		540,000			(426,743	)	Bankruptcy/FTP	B-
Morgan Stanley	First Data Corp. 9.88%, 9/24/15		USD		10,000,000	Pay		5.00			3/20/2017		1,150,000			(772,542	)	Bankruptcy/FTP	B-
Goldman Sachs	H.J. Heinz Co. 6.38%, 7/15/28		USD		10,000,000	Pay		1.00			9/20/2014		(320,193	)		215,088		Bankruptcy/FTP	BB-
JP Morgan	Hess Corp. 7.00%, 2/15/14		USD		8,000,000	Pay		1.00			6/20/2018		154,644			(47,999	)	Bankruptcy/FTP	BBB
Morgan Stanley	Hess Corp. 7.00%, 2/15/14		USD		4,000,000	Pay		1.00			6/20/2018		77,280			(23,958	)	Bankruptcy/FTP	BBB
Morgan Stanley	Hess Corp. 7.00%, 2/15/14		USD		4,000,000	Pay		1.00			6/20/2018		80,701			(27,379	)	Bankruptcy/FTP	BBB
Morgan Stanley	Hess Corp. 7.00%, 2/15/14		USD		4,000,000	Pay		1.00			6/20/2018		91,702			(38,380	)	Bankruptcy/FTP	BBB
Credit Suisse	Hess Corp. 5.60%, 2/15/41		USD		4,000,000	Pay		1.00			6/20/2018		15,350			37,973		Bankruptcy/FTP	BBB

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Active Income Fund

Schedule of Investments

June 30, 2013 (unaudited)

Credit Default Swaps (continued)

Counterparty

Reference
Instrument

Currency

Notional
Amount^B

Pay/
Receive^A
Fixed
Rate

Fixed
Rate

Expiration
Date

Premium
Paid
(Received)

Unrealized
Appreciation/
(Depreciation)

Credit
Event

Rating^C

Credit Suisse

Hess Corp.
7.00%, 2/15/14

USD

20,000,000

Pay

1.00

9/20/2018

309,975

34,081

Bankruptcy/FTP

BBB

Goldman Sachs

Host Hotels & Resorts, Inc.
6.75%, 6/1/16

USD

10,000,000

Pay

1.00

12/20/2016

1,067,644

(1,084,447

)

Bankruptcy/FTP

BBB-

Goldman Sachs

Huntsman Corp.
11.50%, 7/15/12

USD

5,000,000

Pay

5.00

12/20/2016

124,119

(640,886

)

Bankruptcy/FTP

Morgan Stanley

JC Penney Corp., Inc.
6.38%, 10/15/36

USD

3,750,000

Pay

5.00

6/20/2018

375,000

32,916

Bankruptcy/FTP

CCC-

Morgan Stanley

JC Penney Corp., Inc.
6.38%, 10/15/36

USD

11,250,000

Pay

5.00

6/20/2018

1,153,125

70,622

Bankruptcy/FTP

CCC-

Credit Suisse

JC Penney Corp., Inc.
6.38%, 10/15/36

USD

3,750,000

Pay

5.00

6/20/2018

346,875

61,041

Bankruptcy/FTP

CCC-

Credit Suisse

JC Penney Corp., Inc.
6.38%, 10/15/36

USD

3,750,000

Pay

5.00

6/20/2018

309,375

98,541

Bankruptcy/FTP

CCC-

Credit Suisse

JC Penney Corp., Inc.
6.38%, 10/15/36

USD

3,750,000

Pay

5.00

6/20/2018

234,375

173,541

Bankruptcy/FTP

CCC-

Morgan Stanley

JC Penney Corp., Inc.
6.38%, 10/15/36

USD

3,750,000

Pay

5.00

6/20/2018

365,625

42,291

Bankruptcy/FTP

CCC-

Goldman Sachs

Limited Brands, Inc.
6.90%, 7/15/17

USD

15,000,000

Pay

1.00

12/20/2015

679,159

(732,355

)

Restructuring/ Bankruptcy/FTP

Goldman Sachs

Liz Claiborne, Inc.
5.00%, 7/8/13

USD

15,000,000

Pay

5.00

9/20/2014

1,875,000

(2,746,636

)

Restructuring/ Bankruptcy/FTP

CCC+

Goldman Sachs

Liz Claiborne, Inc.
5.00%, 7/8/13

USD

15,000,000

Pay

5.00

12/20/2014

1,087,500

(2,096,015

)

Restructuring/ Bankruptcy/FTP

CCC+

Goldman Sachs

The Markit CDX NA High Yield Series 16 Index

USD

14,200,000

Pay

5.00

12/20/2016

1,500,750

(2,327,229

)

Bankruptcy/FTP

Merrill Lynch

The Markit CDX NA High Yield Series 16 Index

USD

5,000,000

Pay

5.00

12/20/2016

550,000

(840,997

)

Bankruptcy/FTP

Goldman Sachs

The Markit iTraxx Europe Crossover Index Series 19

EUR

25,000,000

Pay

5.00

6/20/2018

(1,635,029

)

1,279,474

Bankruptcy/FTP

Goldman Sachs

Masco Corp.
6.13%, 10/3/16

USD

15,000,000

Pay

1.00

12/20/2015

1,047,333

(1,038,791

)

Bankruptcy/FTP

BBB-

Morgan Stanley

Masco Corp.
6.13%, 10/3/16

USD

4,500,000

Pay

1.00

3/20/2016

273,169

(257,613

)

Bankruptcy/FTP

BBB-

Goldman Sachs

Newell Rubbermaid, Inc.
5.50%, 4/15/13

USD

30,000,000

Pay

1.00

6/20/2014

620,488

(882,129

)

Bankruptcy/FTP

Merrill Lynch

Pitney Bowes, Inc.
4.63%, 10/1/12

USD

20,000,000

Pay

1.00

3/20/2016

436,253

(388,925

)

Bankruptcy/FTP

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Active Income Fund

Schedule of Investments

June 30, 2013 (unaudited)

Credit Default Swaps (continued)


Counterparty	Reference Instrument	Currency		Notional Amount^B		Pay/ Receive^A Fixed Rate	Fixed Rate			Expiration Date		Premium Paid (Received)			Unrealized Appreciation/ (Depreciation)			Credit Event	Rating^C
Goldman Sachs	Pitney Bowes, Inc. 6.25%, 3/15/19		USD		5,000,000	Pay		1.00	%		9/20/2016	$	164,656		$	(115,616	)	Bankruptcy/FTP	BBB
Morgan Stanley	Pitney Bowes, Inc. 6.25%, 3/15/19		USD		5,000,000	Pay		1.00			12/20/2016		244,614			(159,613	)	Bankruptcy/FTP	BBB
Goldman Sachs	RadioShack Corp. 7.38%, 5/15/11		USD		9,000,000	Pay		2.27			9/20/2013		—			112,557		Bankruptcy/FTP	NR
Goldman Sachs	Realogy Corp. 10.50%, 4/15/14		USD		3,000,000	Pay		5.00			3/20/2016		285,000			(475,892	)	Bankruptcy/FTP	NR
Merrill Lynch	Realogy Corp. 10.50%, 4/15/14		USD		2,000,000	Pay		5.00			3/20/2016		190,000			(317,261	)	Bankruptcy/FTP	NR
Merrill Lynch	Rite Aid Corp. 7.70%, 2/15/27		USD		10,000,000	Pay		5.00			12/20/2013		700,000			(927,774	)	Bankruptcy/FTP	CCC
Goldman Sachs	Saks, Inc. 2.00%, 3/15/24		USD		10,000,000	Pay		5.00			12/20/2016		406,250			(1,531,012	)	Bankruptcy/FTP	NR
Morgan Stanley	Sprint Nextel Corp. 6.00%, 12/1/16		USD		5,000,000	Pay		5.00			3/20/2016		(354,760	)		(149,706	)	Bankruptcy/FTP	B+
Goldman Sachs	Standard Pacific Corp. 7.00%, 8/15/15		USD		4,000,000	Receive		6.70			9/20/2013		—			66,321		Bankruptcy/FTP	B+
Goldman Sachs	The Chubb Corp. 6.60%, 8/15/18		USD		10,000,000	Pay		1.00			12/20/2014		(242,813	)		113,569		Bankruptcy/FTP	A+
Goldman Sachs	The Chubb Corp. 6.60%, 8/15/18		USD		10,000,000	Pay		1.00			3/20/2015		(257,326	)		110,199		Bankruptcy/FTP	A+
Goldman Sachs	TRW Automotive, Inc. 7.25%, 3/15/17		USD		5,000,000	Pay		5.00			3/20/2015		92,579			(480,986	)	Bankruptcy/FTP	BB
Goldman Sachs	TRW Automotive, Inc. 7.25%, 3/15/17		USD		3,000,000	Pay		5.00			6/20/2015		(133,100	)		(128,955	)	Bankruptcy/FTP	BB
Goldman Sachs	Tyson Foods, Inc. 6.85%, 4/1/16		USD		6,000,000	Pay		3.05			9/20/2013		—			(46,524	)	Bankruptcy/FTP	BBB
Morgan Stanley	Vulcan Materials Co. 6.40%, 11/30/17		USD		5,000,000	Pay		5.00			12/20/2016		255,000			(713,519	)	Bankruptcy/FTP	BB

Total Credit Default Swaps													23,177,573			(30,782,757	)

Total Swap Contracts												$	23,177,573		$	(30,782,757	)

^A	If the Fund is paying a fixed rate, the counterparty acts as guarantor of the variable instrument and thus the Fund is a buyer of protection. If the Fund is receiving a fixed rate, the Fund acts as guarantor of the variable instrument and thus is a seller of protection.

^B	For contracts to sell protection, the notional amount is equal to the maximum potential amount of the future payments and no recourse has been entered into in association with the contracts.

^C	Based on Moody’s or Standard & Poor’s credit rating for the underlying reference instrument entity.

FTP=Failure to Pay

NR=Not Rated

NA=Not Applicable

EUR — Euro

USD — United States Dollar

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Active Income Fund

Schedule of Investments

June 30, 2013 (unaudited)

FUTURES CONTRACTS


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Unrealized Appreciation/ (Depreciation)
E-mini S&P 500		(2,198	)		September 2013	$	2,615,108
U.S. 5 Year Treasury Note		(1,125	)		September 2013		2,696,198
U.S. 10 Year Treasury Note		(2,517	)		September 2013		11,085,875
U.S. Treasury Long Bond		(209	)		September 2013		1,531,191

Total Futures Contracts						$	17,928,372

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Select Credit Fund

Performance Overview (unaudited)

The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The graph compares the results of a $25,000 investment (minimum investment) in the Fund since September 30, 2010 (the date of the Fund’s inception), with all dividends and capital gains reinvested, with the indicated indices (and dividends reinvested) for the same period.


Average Annual Total Returns as of 06/30/13	1 Year		Since Inception (09/30/10 - 06/30/13)
Driehaus Select Credit Fund (DRSLX)¹		5.20%		4.08%
Citigroup 3-Month T-Bill Index²		0.08%		0.08%
BofA Merrill Lynch U.S. High Yield Index³		9.57%		8.84%

LOGO

¹	The returns for the periods prior to February 1, 2011, reflect fee waivers and/or reimbursements without which performance would have been lower.

²	The Citigroup 3-Month T-Bill Index is designed to mirror the performance of the 3 month U.S. Treasury Bill. The Citigroup 3-Month T-Bill Index is unmanaged and its returns reflect reinvestment of all distributions and changes in market prices.

³	The BofA Merrill Lynch U.S. High Yield Index is an unmanaged index that tracks the performance of below-investment grade, U.S.-dollar denominated corporate bonds publicly issued in the U.S. domestic market.

Driehaus Select Credit Fund

Schedule of Investments

June 30, 2013 (unaudited)


	Shares, Principal Amount, or Number of Contracts		Value
ASSET-BACKED SECURITIES — 2.83%
Freddie Mac REMICS 2.00%, 2/15/27⁴	$	6,931,873	$	6,966,532
Freddie Mac REMICS 2.00%, 4/15/28		8,662,208		8,738,566

Total ASSET-BACKED SECURITIES (Cost $15,745,058)				15,705,098

BANK LOANS — 14.03%
Commercial Services — 1.98%
Westway Group, Inc. 5.00%, 2/5/20²		10,972,500		10,979,358

Food — 3.76%
Fairway Group Acquisition Co. 5.00%, 8/17/18²		15,836,561		15,803,574
Hostess Brands, Inc. 6.75%, 3/12/20²		5,000,000		5,093,750

				20,897,324

Leisure Time — 1.82%
Equinox Holdings, Inc. 9.75%, 5/16/20²		10,000,000		10,100,000

Retail — 5.57%
JC Penney Corp., Inc. 6.00%, 5/21/18²		13,375,000		13,383,359
Targus Group International 11.00%, 5/12/16²		17,525,121		17,568,933

				30,952,292

Telecommunications — 0.90%
Alcatel-Lucent USA, Inc. 7.25%, 1/30/19²		4,975,000		5,015,422

Total BANK LOANS (Cost $77,867,251)				77,944,396

CORPORATE BONDS — 48.80%
Agriculture — 1.05%
American Rock Salt Co. LLC/American Rock Capital Corp. 8.25%, 5/1/18¹		6,080,000		5,806,400

Building Materials — 2.67%
Cemex Finance LLC 9.38%, 10/12/22¹		9,000,000		9,810,000
Cemex SAB de CV (Mexico) 5.28%, 9/30/15^1,2,3		4,930,000		5,016,275

				14,826,275

Chemicals — 0.76%
Momentive Performance Materials, Inc. 11.50%, 12/1/16		5,530,000		4,230,450


	Shares, Principal Amount, or Number of Contracts		Value
Commercial Services — 3.21%
Ceridian Corp. 8.88%, 7/15/19¹	$	4,000,000	$	4,445,000
DynCorp International, Inc. 10.38%, 7/1/17		6,147,000		6,177,735
iPayment, Inc. 10.25%, 5/15/18		8,833,000		7,243,060

				17,865,795

Entertainment — 5.17%
Graton Economic Development Authority 9.63%, 9/1/19¹		17,455,000		19,113,225
Production Resource Group, Inc. 8.88%, 5/1/19		7,255,000		5,604,488
WMG Acquisition Corp. 11.50%, 10/1/18		3,500,000		4,007,500

				28,725,213

Healthcare — Products — 1.56%
ConvaTec Healthcare E S.A. (Luxembourg) 10.50%, 12/15/18^1,3		7,930,000		8,663,525

Healthcare — Services — 5.77%
Aurora Diagnostics Holdings / Aurora Diagnostics Financing, Inc. 10.75%, 1/15/18		8,500,000		5,525,000
Kindred Healthcare, Inc. 8.25%, 6/1/19		16,867,000		17,288,675
National Mentor, Inc. 12.50%, 2/15/18¹		8,625,000		9,228,750

				32,042,425

Household Products/Wares — 0.48%
Armored Autogroup, Inc. 9.25%, 11/1/18		2,900,000		2,660,750

Internet — 1.73%
Mood Media Corp. (Canada) 9.25%, 10/15/20^1,3		10,500,000		9,607,500

Iron/Steel — 1.79%
Edgen Murray Corp. 8.75%, 11/1/20¹		10,000,000		9,950,000

Mining — 0.47%
Cuco Resources Ltd. 14.00%, 12/1/13⁴		3,500,000		2,625,000

Oil & Gas — 8.17%
ATP Oil & Gas Corp. 11.88%, 5/1/15⁵		6,640,000		83,000
Chesapeake Energy Corp. 9.50%, 2/15/15		1,150,000		1,276,500
Newfield Exploration Co. 5.75%, 1/30/22		1,000,000		990,000
Sanchez Energy Corp. 7.75%, 6/15/21¹		4,000,000		3,900,000

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Select Credit Fund

Schedule of Investments

June 30, 2013 (unaudited)


	Shares, Principal Amount, or Number of Contracts		Value
Shelf Drilling Holdings Ltd. (United Arab Emirates) 8.63%, 11/1/18^1,3	$	5,000,000	$	5,200,000
United Refining Co. 10.50%, 2/28/18		16,510,000		18,202,275
Venoco, Inc. 8.88%, 2/15/19		16,173,000		15,768,675

				45,420,450

Packaging & Containers — 0.87%
Berry Plastics Corp. 9.75%, 1/15/21		4,292,600		4,850,638

Retail — 4.33%
Claire’s Stores, Inc. 7.75%, 6/1/20¹		2,000,000		1,935,000
Michaels Stores, Inc. 11.38%, 11/1/16		1,951,000		2,033,937
Rite Aid Corp. 9.25%, 3/15/20		4,200,000		4,635,750
Rite Aid Corp. 6.75%, 6/15/21¹		15,750,000		15,474,375

				24,079,062

Software — 4.20%
First Data Corp. 8.25%, 1/15/21¹		6,500,000		6,630,000
First Data Corp. 10.63%, 6/15/21¹		5,000,000		4,937,500
Nuance Communications, Inc. 5.38%, 8/15/20¹		12,000,000		11,790,000

				23,357,500

Telecommunications — 6.57%
Cricket Communications, Inc. 7.75%, 10/15/20		11,000,000		10,560,000
Intelsat Luxembourg SA (Luxembourg) 7.75%, 6/1/21^1,3		6,401,000		6,465,010
NII International Telecom SCA (Luxembourg) 7.88%, 8/15/19^1,3		5,000,000		4,737,500
NII International Telecom SCA (Luxembourg) 11.38%, 8/15/19^1,3		5,000,000		5,350,000
Nortel Networks Ltd. (Canada) 10.13%, 1/15/14^3,5		8,500,000		9,424,375

				36,536,885

Total CORPORATE BONDS (Cost $276,063,830)				271,247,868

CONVERTIBLE CORPORATE BONDS — 6.46%
Electrical Components & Equipment — 1.62%
SunPower Corp. 4.50%, 3/15/15		6,836,000		7,976,758


	Shares, Principal Amount, or Number of Contracts		Value
Suntech Power Holdings Co., Ltd. (China) 3.00%, 3/15/14^3,5	$	4,000,000	$	1,020,000

				8,996,758

Internet — 0.49%
Equinix, Inc. 3.00%, 10/15/14		1,600,000		2,692,000

Lodging — 2.92%
MGM Resorts International 4.25%, 4/15/15		14,500,000		16,230,937

Mining — 0.23%
Great Western Minerals Group Ltd. (Canada) 8.00%, 4/6/17³		2,000,000		1,297,000

Telecommunications — 1.20%
Alcatel-Lucent USA, Inc. 2.88%, 6/15/23		2,000,000		1,935,000
Nortel Networks Corp. (Canada) 1.75%, 4/15/14^3,5		1,875,000		1,818,750
Nortel Networks Corp. (Canada) 2.13%, 4/15/14^3,5		3,000,000		2,911,875

				6,665,625

Total CONVERTIBLE CORPORATE BONDS (Cost $36,428,443)				35,882,320

COMMON STOCK — 1.18%
Auto Manufacturers — 0.06%
General Motors Co.*		9,541		317,811
Motors Liquidation Co. GUC Trust*		1,276		39,173

				356,984

Oil & Gas Services — 0.54%
Edgen Group, Inc.*		465,769		2,971,606

Packaging & Containers — 0.23%
Berry Plastics Group, Inc.*		58,215		1,284,805

Telecommunications — 0.35%
Cincinnati Bell, Inc.*		635,615		1,944,982

Total COMMON STOCK (Cost $7,172,183)				6,558,377

CONVERTIBLE PREFERRED STOCK — 1.62%
Auto Manufacturers — 0.69%
General Motors Co. 4.75%, 12/1/13		80,000		3,852,800
General Motors Corp. Senior Convertible Preferred Escrow — C 7.25%, 4/15/41⁴		94,958		—

				3,852,800

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Select Credit Fund

Schedule of Investments

June 30, 2013 (unaudited)


	Shares, Principal Amount, or Number of Contracts		Value
Iron/Steel — 0.07%
Cliffs Natural Resources, Inc. 7.00%, 2/1/16		20,000	$	354,800

Telecommunications — 0.86%
Lucent Technologies Capital Trust I 7.75%, 3/15/17		5,000		4,775,000

Total CONVERTIBLE PREFERRED STOCK (Cost $8,282,200)				8,982,600

PURCHASED CALL OPTIONS — 0.59%
Ocwen Financial Corp., Exercise Price: $42.50, Expiration Date: October, 2013*		3,000		960,000
Standard & Poor’s 500 Index, Exercise Price: $1,575.00, Expiration Date: September, 2013*		337		2,319,908

Total PURCHASED CALL OPTIONS (Cost $2,663,697)				3,279,908

PURCHASED PUT OPTIONS — 2.17%
Standard & Poor’s 500 Index, Exercise Price: $1,475.00, Expiration Date: September, 2013*		1,475		2,581,250
Standard & Poor’s 500 Index, Exercise Price: $1,625.00, Expiration Date: September, 2013*		1,475		9,189,250
CBOE Volatility Index, Exercise Price: $16.00, Expiration Date: July, 2013*		7,000		315,000

Total PURCHASED PUT OPTIONS (Cost $11,390,800)				12,085,500

SHORT-TERM INVESTMENTS — 25.65%
UMB Money Market Fiduciary 0.01%		142,583,139		142,583,139

Total SHORT-TERM INVESTMENTS (Cost $142,583,139)				142,583,139

WARRANTS — 0.06%
Cuco Resources Ltd. — Strike Price $4.00, Expiration Date 12/1/16*⁴		600,000		—


	Shares, Principal Amount, or Number of Contracts			Value
General Motors Co. — CW 16, Strike Price $10.00, Expiration Date 7/10/16*		8,675		$	208,200
General Motors Co. — CW 19, Strike Price $18.33, Expiration Date 7/10/19*		8,675			141,837

Total WARRANTS (Cost $398,024)					350,037


TOTAL INVESTMENTS (Cost $578,594,625)		103.39	%	$	574,619,243
Liabilities less Other Assets		(3.39	)%		(18,845,572	)

Net Assets		100.00	%	$	555,773,671



SECURITIES SOLD SHORT — (10.84)%
CORPORATE BONDS — (7.62)%
Healthcare — Products — (0.58)%
Kinetic Concepts, Inc. / KCI USA, Inc. 10.50%, 11/1/18	$	(3,000,000	)		(3,255,000	)

Media — (0.38)%
DISH DBS Corp. 6.75%, 6/1/21		(2,000,000	)		(2,145,000	)

Oil & Gas — (3.02)%
Chesapeake Energy Corp. 6.63%, 8/15/20		(2,600,000	)		(2,821,000	)
Chesapeake Energy Corp. 6.13%, 2/15/21		(2,500,000	)		(2,650,000	)
Newfield Exploration Co. 6.88%, 2/1/20		(5,000,000	)		(5,200,000	)
Petroleos Mexicanos (Mexico) 8.00%, 5/3/19³		(5,000,000	)		(6,100,000	)

					(16,771,000	)

Retail — (1.50)%
Party City Holdings, Inc. 8.88%, 8/1/20¹		(7,250,000	)		(7,848,125	)
Sears Holdings Corp. 6.63%, 10/15/18		(500,000	)		(476,250	)

					(8,324,375	)

Software — (0.89)%
First Data Corp. 11.25%, 3/31/16		(5,000,000	)		(4,937,500	)

Telecommunications — (1.25)%
NII Capital Corp. 8.88%, 12/15/19		(8,000,000	)		(6,920,000	)

Total CORPORATE BONDS (Proceeds $41,342,370)					(42,352,875	)

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Select Credit Fund

Schedule of Investments

June 30, 2013 (unaudited)


	Shares, Principal Amount, or Number of Contracts			Value
COMMON STOCK — (1.42)%
Healthcare — Services — (0.13)%
Kindred Healthcare, Inc.*		(56,423	)	$	(740,834	)

Internet — (0.50)%
Equinix, Inc.*		(14,850	)		(2,743,092	)

Lodging — (0.79)%
MGM Resorts International*		(297,258	)		(4,393,473	)

Total COMMON STOCK (Proceeds $7,110,756)					(7,877,399	)

WRITTEN PUT OPTIONS — (1.80)%
Standard & Poor’s 500 Index , Exercise Price: $1,550.00, Expiration Date: September, 2013*		(2,950	)		(10,030,000	)

Total WRITTEN PUT OPTIONS (Proceeds $8,843,989)					(10,030,000	)


TOTAL INVESTMENT SECURITIES SOLD SHORT (Proceeds $57,297,115)		(10.84	)%	$	(60,260,274	)

*	Non-income producing security.

¹	144A restricted security.

²	Variable rate security.

³	Foreign security denominated in U.S. dollars and traded on a U.S. exchange.

⁴	Security valued at fair value as determined in good faith by Driehaus Capital Management LLC, investment adviser to the Fund, in accordance with procedures established by, and under the general supervision of, the Fund’s Board of Trustees.

⁵	Security is in default.

Percentages are stated as a percent of net assets.

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Select Credit Fund

Schedule of Investments

June 30, 2013 (unaudited)

SWAP CONTRACTS

Credit Default Swaps


Counterparty	Reference Instrument	Currency		Notional Amount^B		Pay/ Receive^A Fixed Rate	Fixed Rate			Expiration Date		Premium Paid (Received)			Unrealized Appreciation/ (Depreciation)			Credit Event	Rating^C
Merrill Lynch	Freeport-McMoRan Copper & Gold, Inc. 8.38%, 3/14/12		USD		2,000,000	Pay		1.00	%		3/20/2017	$	40,381		$	(1,661	)	Bankruptcy/FTP	NR
JP Morgan	Hess Corp. 7.00%, 2/15/14		USD		2,000,000	Pay		1.00			6/20/2018		38,660			(11,999	)	Bankruptcy/FTP	BBB
Morgan Stanley	Hess Corp. 7.00%, 2/15/14		USD		1,000,000	Pay		1.00			6/20/2018		19,320			(5,989	)	Bankruptcy/FTP	BBB
Morgan Stanley	Hess Corp. 7.00%, 2/15/14		USD		1,000,000	Pay		1.00			6/20/2018		20,175			(6,845	)	Bankruptcy/FTP	BBB
Morgan Stanley	Hess Corp. 7.00%, 2/15/14		USD		1,000,000	Pay		1.00			6/20/2018		22,926			(9,595	)	Bankruptcy/FTP	BBB
Credit Suisse	Hess Corp. 5.60%, 2/15/41		USD		1,000,000	Pay		1.00			6/20/2018		3,838			9,493		Bankruptcy/FTP	BBB
Credit Suisse	Hess Corp. 7.00%, 2/15/14		USD		5,000,000	Pay		1.00			9/20/2018		77,494			8,520		Bankruptcy/FTP	BBB
Morgan Stanley	JC Penney Corp., Inc. 6.38%, 10/15/36		USD		1,250,000	Pay		5.00			6/20/2018		125,000			10,972		Bankruptcy/FTP	CCC-
Morgan Stanley	JC Penney Corp., Inc. 6.38%, 10/15/36		USD		3,750,000	Pay		5.00			6/20/2018		384,375			23,541		Bankruptcy/FTP	CCC-
Credit Suisse	JC Penney Corp., Inc. 6.38%, 10/15/36		USD		1,250,000	Pay		5.00			6/20/2018		115,625			20,347		Bankruptcy/FTP	CCC-
Credit Suisse	JC Penney Corp., Inc. 6.38%, 10/15/36		USD		1,250,000	Pay		5.00			6/20/2018		103,125			32,847		Bankruptcy/FTP	CCC-
Credit Suisse	JC Penney Corp., Inc. 6.38%, 10/15/36		USD		1,250,000	Pay		5.00			6/20/2018		78,125			57,847		Bankruptcy/FTP	CCC-
Morgan Stanley	JC Penney Corp., Inc. 6.38%, 10/15/36		USD		1,250,000	Pay		5.00			6/20/2018		121,875			14,097		Bankruptcy/FTP	CCC-
Goldman Sachs	Masco Corp. 6.13%, 10/3/16		USD		500,000	Pay		1.00			12/20/2015		39,569			(39,284	)	Bankruptcy/FTP	BBB-
JP Morgan	Masco Corp. 6.13%, 10/3/16		USD		500,000	Pay		1.00			3/20/2016		30,352			(28,623	)	Bankruptcy/FTP	BBB-
Morgan Stanley	Masco Corp. 6.13%, 10/3/16		USD		1,000,000	Pay		1.00			6/20/2016		66,735			(60,395	)	Bankruptcy/FTP	BBB-
Goldman Sachs	The Markit iTraxx Europe Crossover Index Series 19		EUR		5,200,000	Pay		5.00			6/20/2018		(340,086	)		266,130		Bankruptcy/FTP	NA
Morgan Stanley	Vulcan Materials Co. 6.40%, 11/30/17		USD		3,000,000	Pay		5.00			12/20/2016		202,500			(477,612	)	Bankruptcy/FTP	BB

Total Credit Default Swaps													1,149,989			(198,209	)

Total Swap Contracts												$	1,149,989		$	(198,209	)

^A	If the Fund is paying a fixed rate, the counterparty acts as guarantor of the variable instrument and thus the Fund is a buyer of protection. If the Fund is receiving a fixed rate, the Fund acts as guarantor of the variable instrument and thus is a seller of protection.

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Select Credit Fund

Schedule of Investments

June 30, 2013 (unaudited)

^B	For contracts to sell protection, the notional amout is equal to the maximum potential amount of the future payments and no recourse has been entered into in association with the contracts.

^C	Based on Moody’s or Standard & Poor’s credit rating for the underlying reference instrument entity.

FTP=Failure to Pay

NR=Not Rated

NA=Not Applicable

EUR — Euro

USD — United States Dollar

FUTURES CONTRACTS


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Unrealized Appreciation/ (Depreciation)
E-mini S&P 500		(357	)		September 2013	$	424,747
U.S. 5 Year Treasury Note		(74	)		September 2013		177,350
U.S. 10 Year Treasury Note		(282	)		September 2013		1,242,041
U.S. Treasury Long Bond		(4	)		September 2013		29,305

Total Futures Contracts						$	1,873,443

Notes to Financial Statements are an integral part of this Schedule.

Statements of Assets and Liabilities

June 30, 2013 (unaudited)


	Driehaus Active Income Fund			Driehaus Select Credit Fund
ASSETS:
Investment securities, at fair value (cost $3,325,000,941 and $564,540,128, respectively)	$	3,408,120,717		$	559,253,835
Purchased options, at fair value (premiums paid $58,420,204 and $14,054,497, respectively)		69,256,808			15,365,408
Unrealized appreciation on open swap contracts		2,615,014			443,794
Premiums paid on open swap contracts		26,550,846			1,490,075
Cash		1,313,212			404,381
Collateral held at custodian for the benefit of brokers		348,733,399			68,915,559
Receivable for investment securities sold		3,994,981			22,278
Receivable for capital stock sold		12,290,963			3,775,422
Receivable for interest and dividends		24,690,145			6,474,285
Receivable for variation margin		920,303			149,603
Prepaid expenses		76,682			31,545


TOTAL ASSETS		3,898,563,070			656,326,185


LIABILITIES:
Payable for investment securities sold short, at fair value (proceeds $195,985,841 and $48,453,126, respectively)		217,617,841			50,230,274
Written options outstanding, at fair value (premiums received $41,371,880 and $8,843,989, respectively)		46,920,000			10,030,000
Unrealized depreciation on open swap contracts		33,397,771			642,003
Premiums received on open swap contracts		3,373,273			340,086
Payable for capital stock redeemed		4,289,658			413,039
Payable for investment securities purchased		192,923,068			37,476,460
Payable for interest and dividends on securities sold short		1,717,205			841,616
Accrued investment advisory fees		1,464,952			350,755
Accrued shareholder services plan fees		851,301			135,082
Accrued administration and accounting fees		91,192			30,312
Accrued chief compliance officer fees		1,051			1,051
Accrued expenses		304,188			61,836


TOTAL LIABILITIES		502,951,500			100,552,514


NET ASSETS	$	3,395,611,570		$	555,773,671

SHARES OUTSTANDING (Unlimited shares authorized, no par value)		317,385,928			55,936,883

NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE	$	10.70		$	9.94


NET ASSETS CONSISTED OF THE FOLLOWING AT JUNE 30, 2013:
Paid-in-capital	$	3,543,022,477		$	561,123,483
Undistributed net investment income (loss)		41,958,832			1,154,283
Undistributed net realized gain (loss) on investments, futures, swap contracts and foreign currency		(243,291,614	)		(1,240,788	)
Net unrealized appreciation (depreciation) on:
Investments		83,119,776			(5,286,293	)
Purchased options		10,836,604			1,310,911
Securities sold short		(21,632,000	)		(1,777,148	)
Written options		(5,548,120	)		(1,186,011	)
Futures contracts		17,928,372			1,873,443
Swap contracts		(30,782,757	)		(198,209	)

NET ASSETS	$	3,395,611,570		$	555,773,671

Notes to Financial Statements are an integral part of these Statements.

Statements of Operations

For the six months ended June 30, 2013 (unaudited)


	Driehaus Active Income Fund			Driehaus Select Credit Fund
INVESTMENT INCOME:
Interest income	$	56,739,783		$	10,713,212
Dividend income		4,816,546			315,011


Total investment income		61,556,329			11,028,223


Expenses:
Investment advisory fees		8,452,479			1,743,496
Shareholder services plan fees		2,560,670			323,781
Custody fees		1,087,055			104,131
Administration and fund accounting fees		532,971			152,117
Transfer agent fees and expenses		322,585			89,832
Trustees’ fees		89,773			21,967
Reports to shareholders		80,895			17,625
Federal and state registration fees		69,958			38,644
Legal fees		44,105			11,796
Audit and tax fees		25,179			25,179
Chief compliance officer fees		3,864			3,864
Miscellaneous		76,839			19,031
Interest on short positions		2,442,209			1,044,169
Dividends on short positions		1,416,770			3,929
Interest expense		150,903			32,434

Total expenses		17,356,255			3,631,995


Net investment income		44,200,074			7,396,228


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on transactions from:
Investments		14,164,104			4,319,392
Purchased options		(49,580,936	)		(6,652,659	)
Securities sold short		(6,802,999	)		293,676
Written options		35,803,667			4,235,591
Futures contracts		(4,687,806	)		(1,498,944	)
Swap contracts		(12,442,244	)		(954,191	)
Foreign currency		9,229			1,924


Total realized gain (loss) on investments		(23,536,985	)		(255,211	)


Change in net unrealized appreciation (depreciation) on:
Investments		10,190,569			(2,074,435	)
Purchased options		23,189,006			3,072,585
Short positions		(9,375,258	)		(1,162,459	)
Written options		(20,861,083	)		(2,122,932	)
Futures contracts		14,526,779			1,783,928
Swap contracts		958,065			697,473

Total change in net unrealized appreciation (depreciation) on investments		18,628,078			194,160


Net realized and unrealized gain (loss) on investments		(4,908,907	)		(61,051	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	39,291,167		$	7,335,177

Notes to Financial Statements are an integral part of these Statements.

Statements of Changes in Net Assets


	Driehaus Active Income Fund						Driehaus Select Credit Fund
	Six months ended June 30, 2013 (unaudited)			Year ended December 31, 2012			Six months ended June 30, 2013 (unaudited)			Year ended December 31, 2012
Operations:
Net investment income	$	44,200,074		$	110,690,096		$	7,396,228		$	15,968,716
Net realized gain (loss) on investments		(23,536,985	)		(110,761,706	)		(255,211	)		(982,060	)
Net change in unrealized appreciation (depreciation) on investments		18,628,078			230,980,504			194,160			4,735,460


Net increase (decrease) in net assets resulting from operations		39,291,167			230,908,894			7,335,177			19,722,116


Distributions:
Net investment income		(33,878,036	)		(67,114,475	)		(7,497,781	)		(14,216,095	)
Net capital gains		—			—			—			—

Total distributions		(33,878,036	)		(67,114,475	)		(7,497,781	)		(14,216,095	)


Capital share transactions:
Proceeds from shares sold		1,032,698,920			1,321,631,772			301,590,832			236,144,860
Reinvested distributions		21,366,412			54,187,169			5,362,201			11,378,976
Cost of shares redeemed		(530,888,365	)		(1,102,326,211	)		(76,139,836	)		(112,017,532	)

Net increase from capital transactions		523,176,967			273,492,730			230,813,197			135,506,304

Total increase in net assets		528,590,098			437,287,149			230,650,593			141,012,325


NET ASSETS:

Beginning of period	$	2,867,021,472		$	2,429,734,323		$	325,123,078		$	184,110,753

End of period	$	3,395,611,570		$	2,867,021,472		$	555,773,671		$	325,123,078

Undistributed net investment income (loss)	$	41,958,832		$	31,636,794		$	1,154,283		$	1,255,836


Capital share transactions in shares:
Shares sold		96,024,169			125,838,382			30,051,072			23,833,725
Reinvested distributions		1,990,652			5,173,996			535,900			1,149,636
Shares redeemed		(49,284,110	)		(105,128,123	)		(7,583,712	)		(11,282,895	)

Net increase		48,730,711			25,884,255			23,003,260			13,700,466

Notes to Financial Statements are an integral part of these Statements.

Driehaus Active Income Fund

Financial Highlights


	For the six month period January 1, 2013 through June 30, 2013 (unaudited)			For the year ended December 31, 2012
Net asset value, beginning of period	$	10.67		$	10.01

INCOME FROM INVESTMENT OPERATIONS:
Net investment income		0.15			0.44
Net realized and unrealized gain/(loss) on investments		(0.01	)		0.49

Total from investment operations		0.14			0.93

LESS DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(0.11	)		(0.27	)
Tax return of capital		—			—
Net realized gains		—			—

Total distributions		(0.11	)		(0.27	)

Net asset value, end of period	$	10.70		$	10.67

Total Return		1.35	%¹		9.34	%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in 000’s)	$	3,395,612		$	2,867,021
Ratio of total expenses to average net assets		1.13	%^2,3		1.31	%⁵
Ratio of net investment income to average net assets		2.88	%^2,4		4.22	%⁶
Portfolio turnover rate		33	%¹		42	%

*	Fiscal year end change to December 31.

†	Represents less than $0.01 per share.

¹	Not annualized.

²	Annualized.

³	The ratio of expenses to average net assets includes dividends and interest on short positions and interest expense. Excluding dividends and interest on short positions and interest expense, the ratio of expenses to average net assets was 0.87%.

⁴	The ratio of net investment income to average net assets includes dividends and interest on short positions and interest expense. Excluding dividends and interest on short positions and interest expense, the net investment income to average net assets was 3.14%.

⁵	The ratio of expenses to average net assets includes dividends and interest on short positions and interest expense. Excluding dividends and interest on short positions and interest expense, the ratio of expenses to average net assets was 0.91%.

⁶	The ratio of net investment income to average net assets includes dividends and interest on short positions and interest expense. Excluding dividends and interest on short positions and interest expense, the net investment income to average net assets was 4.63%.

⁷	The ratio of expenses to average net assets includes dividends and interest on short positions and interest expense. Excluding dividends and interest on short positions and interest expense, the ratio of expenses to average net assets was 0.88%.

⁸	The ratio of net investment income to average net assets includes dividends and interest on short positions and interest expense. Excluding dividends and interest on short positions and interest expense, the net investment income to average net assets was 4.58%.

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Active Income Fund

Financial Highlights


For the year ended December 31, 2011			For the year ended December 31, 2010			For the period ended October 1, 2009* through December 31, 2009			For the year ended September 30, 2009			For the year ended September 30, 2008
	$11.05		$	10.81		$	12.12		$	10.17		$	10.25


	0.48			0.36			0.09			0.38			0.23
	(1.09	)		0.20			0.26			1.61			(0.24	)

	(0.61	)		0.56			0.35			1.99			(0.01	)


	(0.43	)		(0.26	)		(1.66	)		(0.04	)		(0.04	)
	—			—			—			—			(0.03	)
	—	†		(0.06	)		—			—			—

	(0.43	)		(0.32	)		(1.66	)		(0.04	)		(0.07	)

$	10.01		$	11.05		$	10.81		$	12.12		$	10.17

	(5.61	)%		5.18	%		2.87	%¹		19.66	%		(0.13	)%

$	2,429,734		$	2,183,062		$	1,259,714		$	1,036,182		$	487,110
	1.01	%⁷		1.79	%⁹		1.99	%^2,11		1.96	%¹³		1.45	%¹⁵
	4.44	%⁸		3.24	%¹⁰		2.85	%^2,12		3.52	%¹⁴		2.54	%¹⁶
	55	%		51	%		7	%¹		150	%		387	%

⁹	The ratio of expenses to average net assets includes dividends and interest on short positions and interest expense. Excluding dividends and interest on short positions and interest expense, the ratio of expenses to average net assets was 0.92%.

¹⁰	The ratio of net investment income to average net assets includes dividends and interest on short positions and interest expense. Excluding dividends and interest on short positions and interest expense, the net investment income to average net assets was 4.12%.

¹¹	The ratio of expenses to average net assets includes dividends and interest on short positions and interest expense. Excluding dividends and interest on short positions and interest expense, the ratio of expenses to average net assets was 0.96%.

¹²	The ratio of net investment income to average net assets includes dividends and interest on short positions and interest expense. Excluding dividends and interest on short positions and interest expense, the net investment income to average net assets was 3.88%.

¹³	The ratio of expenses to average net assets includes dividends and interest on short positions and interest expense. Excluding dividends and interest on short positions and interest expense, the ratio of expenses to average net assets was 0.91%.

¹⁴	The ratio of net investment income to average net assets includes dividends and interest on short positions and interest expense. Excluding dividends and interest on short positions and interest expense, the net investment income to average net assets was 4.56%.

¹⁵	The ratio of expenses to average net assets includes dividends and interest on short positions and interest expense. Excluding dividends and interest on short positions and interest expense, the ratio of expenses to average net assets was 0.94%.

¹⁶	The ratio of net investment income to average net assets includes dividends and interest on short positions and interest expense. Excluding dividends and interest on short positions and interest expense, the net investment income to average net assets was 3.05%.

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Select Credit Fund

Financial Highlights


	For the six month period January 1, 2013 through June 30, 2013 (unaudited)			For the year ended December 31, 2012			For the year ended December 31, 2011			For the period September 30, 2010* to December 31, 2010
Net asset value, beginning of period	$	9.87		$	9.57		$	10.26		$	10.00

INCOME FROM INVESTMENT OPERATIONS:
Net investment income		0.17			0.58			0.57			0.05
Net realized and unrealized gain/(loss) on investments		0.06			0.21			(0.84	)		0.29

Total from investment operations		0.23			0.79			(0.27	)		0.34

LESS DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income		(0.16	)		(0.49	)		(0.42	)		(0.06	)
Tax return of capital		—			—			—			(0.02	)

Total distributions		(0.16	)		(0.49	)		(0.42	)		(0.08	)

Net asset value, end of period	$	9.94		$	9.87		$	9.57		$	10.26

Total Return		2.28	%¹		8.37	%		(2.64	)%		3.43	%¹
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in 000’s)	$	555,774		$	325,123		$	184,111		$	23,639
Ratio of total expenses to average net assets including waivers and recapture		1.67	%^2,3		1.69	%⁵		1.87	%⁷		2.15	%^2,9
Ratio of total expenses to average net assets before waivers and recapture		1.67	%^2,3		1.69	%⁵		1.81	%⁷		3.54	%^2,9
Ratio of net investment income to average net assets, including waivers and recapture		3.39	%^2,4		5.82	%⁶		5.75	%⁸		1.98	%^2,10
Ratio of net investment income to average net assets, before waivers and recapture		3.39	%^2,4		5.82	%⁶		5.81	%⁸		0.59	%^2,10
Portfolio turnover rate		29	%¹		78	%		64	%		52	%¹

*	Fund commenced operations on September 30, 2010.

¹	Not annualized.

²	Annualized.

³	The ratio of expenses to average net assets includes dividends and interest on short positions and interest expense. Excluding dividends and interest on short positions and interest expense, the ratio of expenses to average net assets was 1.17%.

⁴	The ratio of net investment income to average net assets includes dividends and interest on short positions and interest expense. Excluding dividends and interest on short positions and interest expense, the ratio of net investment income to average net assets was 3.89%.

⁵	The ratio of expenses to average net assets includes dividends and interest on short positions and interest expense. Excluding dividends and interest on short positions and interest expense, the ratio of expenses to average net assets was 1.23%.

⁶	The ratio of net investment income to average net assets includes dividends and interest on short positions and interest expense. Excluding dividends and interest on short positions and interest expense, the ratio of net investment income to average net assets was 6.28%.

⁷

The ratio of expenses to average net assets includes dividends and interest on short positions and interest expense. Excluding dividends and interest on short positions and interest expense, the ratio of expenses to average net assets, including recapture, was 1.43%. Excluding dividends and interest on short positions and interest expense, the ratio of expenses to average net assets before recapture was 1.37%.

⁸

The ratio of net investment income to average net assets includes dividends and interest on short positions and interest expense. Excluding dividends and interest on short positions and interest expense, the ratio of net investment income to average net assets, including recapture, was 6.20%. Excluding dividends and interest on short positions and interest expense, the ratio of net investment income to average net assets before recapture was 6.26%.

⁹

The ratio of expenses to average net assets includes dividends and interest on short positions and interest expense. Excluding dividends and interest on short positions and interest expense, the ratio of expenses to average net assets, less waivers, was 1.75%. Excluding dividends and interest on short positions and interest expense, the ratio of expenses to average net assets before waivers was 3.14%.

¹⁰

The ratio of net investment income to average net assets includes dividends and interest on short positions and interest expense. Excluding dividends and interest on short positions and interest expense, the ratio of net investment income to average net assets, less waivers, was 2.38%. Excluding dividends and interest on short positions and interest expense, the ratio of net investment income to average net assets before waivers was 0.99%.

Notes to Financial Statements are an integral part of this Schedule.

Driehaus Mutual Funds

Notes to Financial Statements (unaudited)

A. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

The Driehaus Mutual Funds (the “Trust”) is an open-end registered management investment company, organized as a Delaware statutory trust, with nine separate series currently in operation. The Trust was organized under an Agreement and Declaration of Trust dated May 31, 1996, as subsequently amended and restated as of June 6, 2013, and may issue an unlimited number of full and fractional units of beneficial interest (shares) without par value. The Driehaus Active Income Fund (the “Active Income Fund”) commenced operations on June 1, 2009 following the receipt of the assets and liabilities of the Lotsoff Capital Management Active Income Fund (the “Acquired Fund”) pursuant to a plan of reorganization approved by the shareholders of the Acquired Fund. The reorganization was accomplished by a tax-free exchange of Acquired Fund shares for an equal number of shares of the Active Income Fund as of June 1, 2009. The Active Income Fund seeks to provide current income and capital appreciation. The Active Income Fund was closed to new investors as of March 1, 2011. The Driehaus Select Credit Fund (the “Select Credit Fund” and, together with the Active Income Fund, the “Funds”) commenced operations on September 30, 2010. The Select Credit Fund seeks to provide positive returns under a variety of market conditions.

Significant Accounting Policies

The presentation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses. Actual results may differ from those estimates.

Securities Valuation

Investments in securities traded on a national securities exchange, including exchange-traded futures and options, are valued at the last reported sales or settlement price on the day of valuation and are generally classified as level 1. Securities traded on the Nasdaq markets are valued at the Nasdaq Official Closing Price (“NOCP”) and are generally classified as level 1. Exchange-traded securities for which no sale was reported and Nasdaq-traded securities for which there is no NOCP are valued at the mean of the closing bid and ask prices from the exchange the security is primarily traded on and are generally classified as level 1. Long-term 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 and are generally classified as level 2. Short-term investments with remaining maturities of 60 days or less 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 market 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. Securities for which market quotations are not readily available are valued at their fair value as determined in good faith in accordance with procedures established by or under the direction of the Trust’s Board of Trustees and are generally classified as level 3. Under these procedures, the Funds primarily employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. It is possible that the 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.

Driehaus Mutual Funds

Notes to Financial Statements (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 Funds adopted the Financial Accounting Standards Board (“FASB”) amendments to authoritative guidance which require the Funds to disclose details of transfers in and out of Level 1 and Level 2 measurements and Level 2 and Level 3 measurements and the reasons for the transfers. During the period ended June 30, 2013, there were no significant transfers between levels for the Active Income Fund or Select Credit Fund. It is the Funds’ policy to recognize transfers into and out of all levels at the end of the reporting period.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Active Income Fund’s investments as of June 30, 2013:


Assets	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	193,688,947	$	—	$	193,688,947
Bank Loans		—		800,042,303		—		800,042,303
Common Stocks
Auto Manufacturers		28,512,190		—		—		28,512,190
Convertible Corporate Bonds		—		251,106,615		—		251,106,615
Convertible Preferred Stocks
Auto Manufacturers		—		—		—		—
Banks		23,678,081		—		—		23,678,081
Telecommunications		13,285,960		—		—		13,285,960
Corporate Bonds		—		1,128,534,043		—		1,128,534,043
Short-Term Investments		690,026,103		—		—		690,026,103
Preferred Stocks
Banks		8,703,900		—		—		8,703,900
Holding Companies — Diversified		—		55,466,965		—		55,466,965
Telecommunications		—		34,205,736		—		34,205,736
Purchased Call Options		14,194,808		—		—		14,194,808
Purchased Put Options		55,062,000		—		—		55,062,000
U.S. Government and Agency Securities		—		162,293,740		—		162,293,740
Warrants		18,576,134		—		—		18,576,134

Total	$	852,039,176	$	2,625,338,349	$	—	$	3,477,377,525

Driehaus Mutual Funds

Notes to Financial Statements (unaudited) — (Continued)


Liabilities	Level 1			Level 2			Level 3		Total
Common Stocks
Auto Manufacturers	$	(54,020,234	)	$	—		$	—	$	(54,020,234	)
Banks		(8,080,208	)		—			—		(8,080,208	)
Healthcare-Services		(3,402,955	)		—			—		(3,402,955	)
Internet		(25,419,918	)		—			—		(25,419,918	)
Lodging		(11,593,048	)		—			—		(11,593,048	)
Real Estate Investment Trusts		(37,247,874	)		—			—		(37,247,874	)
Telecommunications		(9,367,917	)		—			—		(9,367,917	)
Corporate Bonds		—			(68,485,687	)		—		(68,485,687	)
Written Put Options		(46,920,000	)		—			—		(46,920,000	)

Total	$	(196,052,154	)	$	(68,485,687	)		—	$	(264,537,841	)


Other Financial Instruments*
Credit Default Swaps	$	—		$	(7,605,184	)		—	$	(7,605,184	)
Futures Contracts		17,928,372			—			—		17,928,372

Total Swap and Futures Contracts	$	17,928,372		$	(7,605,184	)	$	—	$	10,323,188

*	Other financial instruments are swap and futures contracts, which are detailed in the Schedule of Investments.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value in the Active Income Fund:


	Investments, at Value
Balance as of December 31, 2012	$	—
Realized gain (loss)		—
Change in unrealized appreciation (depreciation)		—
Purchase		—
Sales		—
Transfers in and/or out of Level 3		—

Balance as of June 30, 2013	$	—

As of June 30, 2013, the Active Income Fund held Level 3 investments in General Motors Corp. senior convertible preferred stock, valued at fair value as determined in good faith in accordance with procedures established by or under the direction of the Trust’s Board of Trustees. As a part of the ongoing restructuring of General Motors, any value previously ascribed to these holdings has been transferred to the General Motors Co. Motors Liquidation Co. GUC Trust common stock, which is freely and actively traded, and therefore the senior convertible preferred stock was fair valued at $0.

Driehaus Mutual Funds

Notes to Financial Statements (unaudited) — (Continued)

The following is a summary of the inputs used to value the Select Credit Fund’s investments as of June 30, 2013:


Assets	Level 1			Level 2			Level 3		Total
Asset-Backed Securities	$	—		$	15,705,098		$	—	$	15,705,098
Bank Loans		—			77,944,396			—		77,944,396
Common Stocks
Auto Manufacturers		356,984			—			—		356,984
Oil & Gas Services		2,971,606			—			—		2,971,606
Packaging & Containers		1,284,805			—			—		1,284,805
Telecommunications		1,944,982			—			—		1,944,982
Convertible Corporate Bonds		—			35,882,320			—		35,882,320
Convertible Preferred Stocks
Auto Manufacturers		3,852,800			—			—		3,852,800
Iron/Steel		354,800			—			—		354,800
Telecommunications		4,775,000			—			—		4,775,000
Corporate Bonds		—			268,622,868			2,625,000		271,247,868
Purchased Call Options		3,279,908			—			—		3,279,908
Purchased Put Options		12,085,500			—			—		12,085,500
Short-Term Investments		142,583,139			—			—		142,583,139
Warrants		350,037			—			—		350,037

Total	$	173,839,561		$	398,154,682		$	2,625,000	$	574,619,243


Liabilities
Common Stocks
Health Care — Services	$	(740,834	)	$	—		$	—	$	(740,834	)
Internet		(2,743,092	)		—			—		(2,743,092	)
Lodging		(4,393,473	)		—			—		(4,393,473	)
Corporate Bonds		—			(42,352,875	)		—		(42,352,875	)
Written Put Options		(10,030,000	)		—			—		(10,030,000	)

Total	$	(17,907,399	)	$	(42,352,875	)	$	—	$	(60,260,274	)


Other Financial Instruments*
Credit Default Swaps	$	—		$	951,780		$	—	$	951,780
Futures Contracts		1,873,443			—			—		1,873,443

Total Swap and Futures Contracts	$	1,873,443		$	951,780		$	—	$	2,825,223

*	Other financial instruments are swap and futures contracts, which are detailed in the Schedule of Investments.

Driehaus Mutual Funds

Notes to Financial Statements (unaudited) — (Continued)

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value in the Select Credit Fund:


	Investments, at Value
Balance as of December 31, 2012	$	4,500,000
Realized gain (loss)		(157	)
Change in unrealized appreciation (depreciation)		625,000
Purchase		—
Sales		(2,499,843	)
Transfers in and/or out of Level 3		—

Balance as of June 30, 2013	$	2,625,000

As of June 30, 2013, the Select Credit Fund held Level 3 investments, including Cuco Resources Ltd. (corporate bond and warrant), valued at fair value as determined in good faith in accordance with procedures established by or under the direction of the Trust’s Board of Trustees. Factors considered in fair valuing the bond position included the likelihood and pricing of a successful equity raise by the company and the implications of failing to raise additional equity, including a possible restructuring. Given these considerations, the likelihood of the various scenarios and the expected outcome for each scenario, the bond position was fair valued at 75% of its principal amount. In addition, taking into consideration the strike price for the warrants, the current equity valuations in the mining space, the uncertainty regarding the potential success of a future equity raise and the potential for a future restructuring, the warrant was fair valued at $0. The Select Credit Fund also held an investment in General Motors Corp. senior convertible preferred stock, which was valued in the same manner as described above for the Active Income Fund.

Securities Sold Short

The Funds are engaged in selling securities short, which obligates them to replace a borrowed security with the same security at current market value. Each 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. Each 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 Funds are 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. Such deposit is included in “Collateral held at custodian for the benefit of brokers” on the Statements of Assets and Liabilities. Each Fund is obligated to pay the counterparty any dividends or interest due on securities sold short. Such dividends and interest are recorded as an expense to the Funds on the Statements of Operations.

Federal Income Taxes

The Funds’ policy is to continue to comply with the requirements of Subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all their taxable income to their shareholders. Therefore, no Federal income tax provision is required.

The FASB’s “Accounting for Uncertainty in Income Taxes” (“Tax Statement”) requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has evaluated the implications of the Tax Statement and all of the uncertain tax positions and has determined that no liability is required to be recorded in the financial statements as of June 30, 2013. The Funds file tax returns with the U.S. Internal Revenue Service and various states. Generally, the tax years ended September 30, 2009, December 31, 2009, December 31, 2010, December 31, 2011 and December 31, 2012 remain subject to examination by taxing authorities.

Driehaus Mutual Funds

Notes to Financial Statements (unaudited) — (Continued)

For Federal income tax purposes, capital loss carryforwards represent net capital losses of a fund that may be carried forward for a maximum period of eight years and applied against future net realized gains. On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 was enacted to modernize several of the Federal income and excise tax provisions related to regulated investment companies. Under pre-enactment law, capital losses could be carried forward for up to eight years, and were required to be carried forward as short-term capital losses, irrespective of the character of the original loss. New net capital losses (those earned in taxable years beginning after December 22, 2010) may be carried forward indefinitely and must retain the character of the original loss. Such new net capital losses generally must be used by a regulated investment company before it uses any net capital losses incurred in taxable years beginning on or before December 22, 2010. This increases the likelihood that net capital losses incurred in taxable years beginning on or before December 22, 2010 will expire unused.

At June 30, 2013, gross unrealized appreciation and depreciation on investments, based on cost for Federal income tax purposes, were as follows:


	Active Income Fund			Select Credit Fund
Cost of investments	$	3,400,652,577		$	578,690,718

Gross unrealized appreciation	$	131,085,016		$	16,793,665
Gross unrealized depreciation		(54,360,068	)		(20,865,140	)

Net unrealized appreciation (depreciation) on investments	$	76,724,948		$	(4,071,475	)

The difference between cost amounts for financial statement and Federal income tax purposes is due primarily to the tax deferral of losses on wash sales.

The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP.

The tax character of distributions paid were as follows:


Active Income Fund

Distributions paid from:	January 1, 2012 to December 31, 2012		January 1, 2011 to December 31, 2011
Ordinary income	$	67,114,475	$	125,274,139

Total distributions paid	$	67,114,475	$	125,274,139


Select Credit Fund

Distributions paid from:	January 1, 2012 to December 31, 2012		January 1, 2011 to December 31, 2011
Ordinary income	$	14,216,095	$	5,908,053

Total distributions paid	$	14,216,095	$	5,908,053

As of December 31, 2012, the components of accumulated earnings (deficit) were as follows:


	Active Income Fund			Select Credit Fund
Undistributed ordinary income	$	11,543,896		$	360,154
Undistributed long-term capital gains		—			—

Accumulated earnings		11,543,896			360,154
Accumulated capital and other losses		(209,637,271	)		(1,119,449	)
Unrealized appreciation (depreciation)		42,501,609			(4,973,532	)

Total accumulated earnings (deficit)	$	(155,591,766	)	$	(5,732,827	)

Driehaus Mutual Funds

Notes to Financial Statements (unaudited) — (Continued)

As of December 31, 2012, the Funds had net capital loss carryforwards to offset future net capital gains, if any, to the extent provided by Treasury regulations:


	Not Subject to Expiration
	Short-Term		Long-Term
Active Income Fund	$	112,020,214	$	83,443,109
Select Credit Fund		—		770,317

The Select Credit Fund utilized $345,165 of its capital loss carryforwards during the year ended December 31, 2012.

Post-October capital losses and late-year ordinary losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Funds’ taxable year. As of December 31, 2012, the Funds had the following post-October capital losses and late-year ordinary losses:


	Post-October Capital Losses		Late-Year Ordinary Losses
Active Income Fund	$	2,526,024	$	11,647,924
Select Credit Fund		349,132		—

Foreign Currency Translation

The value of securities, currencies and other assets and liabilities not denominated in U.S. dollars are translated into U.S. dollar values based upon the current rates of exchange on the date of the Funds’ valuations.

Net realized foreign exchange gains or losses which are reported by the Funds result from currency gains and losses on transaction hedges arising from changes in exchange rates between the trade and settlement dates on forward contract transactions, and the difference between the amounts accrued for dividends, interest, and foreign taxes and the amounts actually received or paid in U.S. dollars for these items. Net unrealized foreign exchange gains and losses result from changes in the U.S. dollar value of assets and liabilities (other than investments in securities), which are denominated in foreign currencies, as a result of changes in exchange rates.

Net realized foreign exchange gains or losses 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 Active Income Fund and Select Credit Fund had no portfolio hedges during the period January 1, 2013 through June 30, 2013.

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) from security transactions and the net change in unrealized appreciation (depreciation) of investments.

Indemnifications

Under the Trust’s organizational documents, the officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. A Fund’s maximum exposure under these agreements is unknown as this would involve future claims that may be made against a Fund that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

New Accounting Pronouncement

Driehaus Mutual Funds

Notes to Financial Statements (unaudited) — (Continued)

for financial statements with fiscal years beginning on or after December 15, 2013 and interim periods within those fiscal years. Management is evaluating the impact of this guidance on the Fund’s financial statement disclosures.

Other

The Trust records security transactions based on trade date. Realized gains and losses on sales of securities are calculated using the first-in, first-out method. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis. Discounts and premiums on securities purchased are amortized over the lives of the respective securities using the effective yield method. Withholding taxes on foreign dividends and interest have been provided for in accordance with the Trust’s understanding of the applicable country’s tax rules and rates.

Pursuant to the terms of certain of the senior unsecured loan agreements, the Funds may have unfunded loan commitments, which are callable on demand. Each Fund would 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 June 30, 2013, the Active Income Fund and Select Credit Fund had no unfunded senior loan commitments.

With respect to the senior loans held in each Fund’s portfolio, the Funds may: 1) invest in assignments; 2) act as a participant in primary lending syndicates; or 3) invest in participations. If a Fund purchases a participation of a senior loan interest, the Fund would typically enter into a contractual agreement with the lender or other third party selling the participation, rather than directly with the borrower. As such, the Fund not only assumes the credit risk of the borrower, but also that of the selling participant or other persons interpositioned between the Fund and the borrower. At June 30, 2013, the Funds had no such outstanding senior loan participation commitments.

B. INVESTMENTS IN DERIVATIVES

Swap Contracts

The Funds are subject to credit risk and interest rate risk exposure in the normal course of pursuing their investment objectives. The Funds may engage in various swap transactions, including forward rate agreements and interest rate, currency, index and total return swaps, primarily to manage duration and yield curve risk, or as alternatives to direct investments. In addition to the swap contracts described above, the Funds may also engage in credit default swaps which involve the exchange of a periodic premium for protection against a defined credit event (such as payment default, refinancing or bankruptcy).

Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. The Funds may elect to pay a fixed rate and receive a floating rate or receive a floating rate and pay a fixed 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 unrealized appreciation (depreciation). Unrealized gains are reported as an asset and unrealized losses are reported as a liability. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as unrealized gains or losses. 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.

Under the terms of a credit default swap contract, 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. Each 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 realized gain (loss) on swaps. 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

Driehaus Mutual Funds

Notes to Financial Statements (unaudited) — (Continued)

asset and unrealized losses are reported as a liability. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps is reported as unrealized gains or losses. 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. The maximum exposure to loss of the notional value as a seller of credit default swaps outstanding at June 30, 2013 for Active Income Fund is $4,000,000.

Risks associated with swap contracts include changes in the returns of underlying instruments, failure of the counterparties to perform under the contracts’ terms and the possible lack of liquidity with respect to the contracts. 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. As of June 30, 2013, the Funds had outstanding swap contracts as listed on the Schedule of Investments and the required collateral is included in the Statements of Assets and Liabilities.

Futures Contracts

The Funds may enter into futures contracts to produce incremental earnings, hedge existing positions or protect against market changes in the value of equities or interest rates. Upon entering into a futures contract with a broker, a Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a “variation margin” account. Daily, the Fund receives from or pays to the broker 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. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. With futures, there is minimal counterparty credit risk to the Funds since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures contract against default. As of June 30, 2013, the Funds had outstanding futures contracts as listed on the Schedule of Investments and the required collateral is included in the Statements of Assets and Liabilities.

Options Contracts

The Funds may use options contracts to hedge downside risk on their fixed income holdings, produce incremental earnings or protect against market changes in the value of equities or interest rates. The Funds may write covered call and put options on futures, swaps, securities or currencies the Funds own or in which they may invest. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Schedule of Investments. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such in the Schedule of Investments. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which 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.

Driehaus Mutual Funds

Notes to Financial Statements (unaudited) — (Continued)

The premium amount and the number of option contracts written by the Active Income Fund during the period January 1, 2013 through June 30, 2013, were as follows:


Active Income Fund	Number of Contracts			Premium Amount
Options outstanding at December 31, 2012		10,047		$	20,798,313
Options written		34,271			62,816,586
Options closed		(628	)		(2,500,971	)
Options expired		(29,890	)		(39,742,048	)

Options outstanding at June 30, 2013		13,800		$	41,371,880

The premium amount and the number of option contracts written by the Select Credit Fund during the period January 1, 2013 through June 30, 2013, were as follows:


Select Credit Fund	Number of Contracts			Premium Amount
Options outstanding at December 31, 2012		507		$	1,063,671
Options written		6,966			13,060,963
Options closed		(102	)		(404,999	)
Options expired		(4,421	)		(4,875,646	)

Options outstanding at June 30, 2013		2,950		$	8,843,989

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 which 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 which 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. As of June 30, 2013, the Funds had outstanding options as listed on the Schedule of Investments and the required collateral is included in the Statements of Assets and Liabilities.

Swaptions

An option on a swap contract, also called a “swaption,” is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based “premium.” A call or receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate, or index swap. A put or payer swaption gives the owner the right to pay the total return of a specified asset, reference rate, or index swap. Swaptions also include options that allow an existing swap to be terminated or extended by one of the counterparties. The Active Income Fund and Select Credit Fund did not enter into any swaptions during the period January 1, 2013 through June 30, 2013.

Forward Foreign Currency Contracts

The Funds may use forward foreign currency contracts to manage foreign currency, to produce incremental earnings or 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

Driehaus Mutual Funds

Notes to Financial Statements (unaudited) — (Continued)

change in market value is recorded as 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 gain or loss reflected on the Statements of Assets and Liabilities. In addition, the Funds could be exposed to a credit risk if the counterparties are unable or unwilling to meet the terms of the contracts or if the value of the foreign currency changes unfavorably. The Active Income Fund and Select Credit Fund did not enter into any forward foreign currency contracts during the period January 1, 2013 through June 30, 2013.

Derivative Investment Holdings Categorized by Risk Exposure

Each Fund is subject to FASB’s “Disclosures about Derivative Instruments and Hedging Activities” (the “Derivatives Statement”). The Derivatives Statement amends and expands disclosures about derivative instruments and hedging activities. The Derivatives Statement is intended to improve financial reporting about derivative instruments by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Funds’ financial position and results of operations.

The following table sets forth the fair value and the location in the Statement of Assets and Liabilities of the Active Income Fund’s derivative contracts by primary risk exposure as of June 30, 2013:

Asset derivatives

Liability derivatives

Risk exposure category

Statement of Assets
and Liabilities
location

Fair value

Statement of Assets
and Liabilities
location

Fair value

Credit contracts

Unrealized appreciation
on open swap contracts

2,615,014

Unrealized depreciation
on open swap contracts

33,397,771

Equity contracts

Purchased options, at
fair value

69,256,808

Written options, at
fair value

46,920,000

N/A*

2,615,108

N/A

Interest rate contracts*

N/A

15,313,264

N/A

Total

89,800,194

80,317,771

*	Includes cumulative appreciation/depreciation of futures contracts as shown in the Schedule of Investments.

The following table sets forth the fair value and the location in the Statement of Assets and Liabilities of the Select Credit Fund’s derivative contracts by primary risk exposure as of June 30, 2013:

Asset derivatives

Liability derivatives

Risk exposure category

Statement of Assets
and Liabilities
location

Fair value

Statement of Assets
and Liabilities
location

Fair value

Credit contracts

Unrealized appreciation
on open swap contracts

443,794

Unrealized depreciation
on open swap contracts

642,003

Equity contracts

Purchased options, at
fair value

15,365,408

Written options, at
fair value

10,030,000

N/A*

424,747

N/A

Interest rate contracts*

N/A

1,448,696

N/A

Total

17,682,645

10,672,003

*	Includes cumulative appreciation/depreciation of futures contracts as shown in the Schedule of Investments.

Driehaus Mutual Funds

Notes to Financial Statements (unaudited) — (Continued)

The following table sets forth the Active Income Fund’s realized gain/loss by primary risk exposure and by type of derivative contract for the period January 1, 2013 through June 30, 2013:


	Amount of realized gain (loss) on derivatives
Risk exposure category	Purchased Options			Written Options		Futures Contracts			Swap Contracts			Total
Credit contracts	$	—		$	—	$	—		$	(12,442,244	)	$	(12,442,244	)
Equity contracts		(49,580,936	)		35,803,667		(7,823,707	)		—			(21,600,976	)
Interest rate contracts		—			—		3,135,901			—			3,135,901
Total	$	(49,580,936	)	$	35,803,667	$	(4,687,806	)	$	(12,442,244	)	$	(30,907,319	)

The following table sets forth the Select Credit Fund’s realized gain/loss by primary risk exposure and by type of derivative contract for the period January 1, 2013 through June 30, 2013:


	Amount of realized gain (loss) on derivatives
Risk exposure category	Purchased Options			Written Options		Futures Contracts			Swap Contracts			Total
Credit contracts	$	—		$	—	$	—		$	(954,191	)	$	(954,191	)
Equity contracts		(6,652,659	)		4,235,591		(1,307,442	)		—			(3,724,510	)
Interest rate contracts		—			—		(191,502	)		—			(191,502	)
Total	$	(6,652,659	)	$	4,235,591	$	(1,498,944	)	$	(954,191	)	$	(4,870,203	)

The following table sets forth the Active Income Fund’s change in unrealized appreciation/depreciation by primary risk exposure and by type of derivative contract for the period January 1, 2013 through June 30, 2013:


	Change in unrealized appreciation (depreciation) on derivatives
Risk exposure category	Purchased Options		Written Options			Futures Contracts		Swap Contracts		Total
Credit contracts	$	—	$	—		$	—	$	958,065	$	958,065
Equity contracts		23,189,006		(20,861,083	)		2,615,108		—		4,943,031
Interest rate contracts		—		—			11,911,671		—		11,911,671
Total	$	23,189,006	$	(20,861,083	)	$	14,526,779	$	958,065	$	17,812,767

The gross notional amount of swap contracts and the number of option contracts for the Active Income Fund as of June 30, 2013 is included on the Schedule of Investments. The quarterly average gross notional amount of the swap contracts for the Active Income Fund was $496,750,000 for the period January 1, 2013 through June 30, 2013. The quarterly average number of purchased futures contracts for the Active Income Fund was 0 for the period January 1, 2013 through June 30, 2013. The quarterly average number of short futures contracts for the Active Income Fund was (5,012) for the period January 1, 2013 through June 30, 2013. The quarterly average number of purchased option contracts for the Active Income Fund was 9,544 for the period January 1, 2013 through June 30, 2013. The fair value of such contracts at June 30, 2013 is set forth in the table above.

The following table sets forth the Select Credit Fund’s change in unrealized appreciation/depreciation by primary risk exposure and by type of derivative contract for the period January 1, 2013 through June 30, 2013:


Risk exposure category	Purchased Options		Written Options			Futures Contracts		Swap Contracts		Total
Credit contracts	$	—	$	—		$	—	$	697,473	$	697,473
Equity contracts		3,072,585		(2,122,932	)		424,747		—		1,374,400
Interest rate contracts		—		—			1,359,181		—		1,359,181
Total	$	3,072,585	$	(2,122,932	)	$	1,783,928	$	697,473	$	3,431,054

Driehaus Mutual Funds

Notes to Financial Statements (unaudited) — (Continued)

The gross notional amount of swap contracts and the number of option contracts for the Select Credit Fund as of June 30, 2012 is included on the Schedule of Investments. The quarterly average gross notional amount of the swap contracts for the Select Credit Fund was $17,240,000 for the period January 1, 2013 through June 30, 2013. The quarterly average number of purchased futures contracts for the Select Credit Fund was 0 for the period January 1, 2013 through June 30, 2013. The quarterly average number of short futures contracts for the Select Credit Fund was (360) for the period January 1, 2013 through June 30, 2013. The quarterly average number of purchased option contracts for the Select Credit Fund was 5,503 for the period January 1, 2013 through June 30, 2013. The fair value of such contracts at June 30, 2013 is set forth in the table above.

Disclosures about Offsetting Assets and Liabilities

Each Fund is subject to FASB’s “Disclosures about Offsetting Assets and Liabilities” which requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The guidance requires retrospective application for all comparative periods presented.

For financial reporting purposes, the Funds do not offset derivative assets and liabilities that are subject to Master Netting Agreements (“MNA”) or similar arrangements in the Statements of Assets and Liabilities. The Funds have adopted the new disclosure requirements on offsetting in the following tables:

The following table presents the Active Income Fund’s derivative assets by type, net of amounts available for offset under a MNA and net of the related collateral received by the Active Income Fund as of June 30, 2013:


Description	Gross Amounts Recognized in Statement of Assets and Liabilities		Derivatives Available for Offset			Collateral Received	Net Amount¹
Unrealized appreciation on open swap contracts	$	2,615,014	($	2,312,756	)	$—	$	302,258

The following table presents the Active Income Fund’s derivative liabilities by type, net of amounts available for offset under a MNA and net of the related collateral pledged by the Active Income Fund as of June 30, 2013:


Description	Gross Amounts Recognized in Statement of Assets and Liabilities		Derivatives Available for Offset			Collateral Pledged			Net Amount²
Written options, at fair value	$	46,920,000	$	—		($	46,920,000	)	$	—
Unrealized depreciation on open swap contracts		33,397,771		(2,312,756	)		(31,085,015	)		—

¹	Net amount represents the net amount receivable from the counterparty in the event of default.

²	Net amount represents the net amount payable to the counterparty in the event of default.

The following table presents the Select Credit Fund’s derivative assets by type, net of amounts available for offset under a MNA and net of the related collateral received by the Select Credit Fund as of June 30, 2013:


Description	Gross Amounts Recognized in Statement of Assets and Liabilities		Derivatives Available for Offset			Collateral Received	Net Amount¹
Unrealized appreciation on open swap contracts	$	443,794	($	87,894	)	$—	$	355,900

Driehaus Mutual Funds

Notes to Financial Statements (unaudited) — (Continued)

The following table presents the Select Credit Fund’s derivative liabilities by type, net of amounts available for offset under a MNA and net of the related collateral pledged by the Select Credit Fund as of June 30, 2013:


Description	Gross Amounts Recognized in Statement of Assets and Liabilities		Derivatives Available for Offset			Collateral Pledged			Net Amount²
Written options, at fair value	$	10,030,000	$	—		$	10,030,000		$	—
Unrealized depreciation on open swap contracts		642,003		(87,894	)		(554,109	)		—

¹	Net amount represents the net amount receivable from the counterparty in the event of default.

²	Net amount represents the net amount payable to the counterparty in the event of default.

C. INVESTMENT ADVISORY FEES, TRANSACTIONS WITH AFFILIATES, AND ADMINISTRATIVE FEES

Richard H. Driehaus, an Interested Trustee of the Trust, is also the Chairman of the Board of Driehaus Capital Management LLC (“DCM” or the “Adviser”), a registered investment adviser, and of Driehaus Securities LLC (“DS LLC” or the “Distributor”), a registered broker-dealer.

DCM serves as the Funds’ investment adviser. In return for its services to the Funds, the Funds pay the Adviser an annual management fee on a monthly basis of 0.55% and 0.80% of average net assets respectively, for the Active Income Fund and Select Credit Fund.

DCM has entered into a written agreement to cap the Select Credit Fund’s annual ordinary operating expenses (other than interest, taxes, brokerage commissions, dividends and interest on short sales, other investment-related expenses and extraordinary expenses) at 1.75% of average daily net assets until at least September 30, 2013. For this same time period, DCM is entitled to reimbursement for previously waived fees and reimbursed expenses to the extent that the Select Credit Fund’s expense ratio remains below the operating expense cap. During the period January 1, 2013 through June 30, 2013, the Select Credit Fund did not have any fees waived by DCM and as of June 30, 2013 there are no amounts subject to recapture.

The Active Income Fund accrued $8,452,479 for investment advisory fees during the period January 1, 2013 through June 30, 2013, of which $1,464,952 was payable to DCM at June 30, 2013. The Select Credit Fund accrued $1,743,496 for investment advisory fees during the period January 1, 2013 through June 30, 2013, and $350,755 was payable to DCM at June 30, 2013.

DS LLC is the Funds’ distributor. DS LLC does not earn any compensation from the Funds for these services. DS LLC has entered into a Fee Reimbursement Agreement with the Funds. Under this agreement, the Funds reimburse DS LLC for certain fees paid by DS LLC to intermediaries who provide shareholder administrative and/or sub-transfer agency services to the Fund. Currently, the amount to be reimbursed will not exceed 0.25% of the average daily net assets held by such intermediaries. As of June 30, 2013, the Active Income Fund owes $807,667 in reimbursements to DS LLC under this agreement, which is included in accrued shareholder services plan fees on the Statement of Assets and Liabilities. As of June 30, 2013, the Select Credit Fund owes $133,571 in reimbursements to DS LLC under this agreement, which is included in accrued shareholder services plan fees on the Statement of Assets and Liabilities.

Certain officers of the Trust are also officers of DCM and DS LLC. The Funds pay a portion of the Chief Compliance Officer’s salary. No other officers received compensation from the Funds during the period January 1, 2013 through June 30, 2013.

UMB Fund Services, Inc. (“UMBFS”), an affiliate of UMB Financial Corporation, serves as the Funds’ administrative and accounting agent. In compensation for these services, UMBFS receives the larger of a monthly minimum fee or a monthly fee based upon each Fund’s average daily net assets. UMBFS also acts as the transfer agent and dividend disbursing agent for the Funds. For these services, UMBFS receives a monthly fee based in part on shareholder processing activity during the month.

Driehaus Mutual Funds

Notes to Financial Statements (unaudited) — (Continued)

D. INVESTMENT TRANSACTIONS

Purchases and sales of investment securities (excluding swaps, options, futures, short-term securities and U.S. government obligations) for the Active Income Fund and Select Credit Fund for the period January 1, 2013 through June 30, 2013, were as follows:


Active Income Fund			Select Credit Fund
Purchases	$	1,304,836,678	Purchases	$	271,621,221
Sales	$	775,884,282	Sales	$	90,227,599

The aggregate purchases and sales of U.S. government obligations for the Active Income Fund and Select Credit Fund for the period January 1, 2013 through June 30, 2013, were as follows:


Active Income Fund			Select Credit Fund
Purchases	$	—	Purchases	$	—
Sales	$	—	Sales	$	—

E. RESTRICTED SECURITIES

F. SHAREHOLDER SERVICING AGREEMENTS

The Active Income Fund and Select Credit Fund have a Shareholder Servicing Agreement (the “Agreement”) in place with a shareholder. Under the terms of this Agreement, the Active Income Fund and Select Credit Fund make payments for services provided on behalf of the Active Income Fund and Select Credit Fund. Such services may include, but shall not be limited to: transfer agent and sub-transfer agent services; aggregating and processing purchase and redemption orders; providing periodic statements; receiving and transmitting funds; processing dividend payments; providing sub-accounting services; forwarding shareholder communications; receiving, tabulating and transmitting proxies; responding to inquiries and performing such other related services as the Active Income Fund and Select Credit Fund may request. The Shareholder Services Plan allows for annual payments not to exceed 0.25% of average daily net assets of the Funds. For the period January 1, 2013 through June 30, 2013, the Active Income Fund and Select Credit Fund had expenses of $282,131 and $20,071, respectively, under the terms of this Agreement with this shareholder.

Fund Expense Examples

As a mutual fund shareholder, you may incur two types of costs: (1) transaction costs, including sales charges; redemption fees; and exchange fees and (2) ongoing costs, including management fees; distribution (12b-1) and/or service fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six month period ending June 30, 2013.

Actual Expenses

The first line of the table below (“Actual”) provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the tables below (“Hypothetical”) provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. You may use this information to compare the ongoing costs of investing in the Fund versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Driehaus Active Income Fund


	Beginning Account Value January 1, 2013		Ending Account Value June 30, 2013		Expenses Paid During Six Months Ended June 30, 2013*
Actual	$	1,000.00	$	1,013.50	$	5.64
Hypothetical Example, assuming a 5% return before expenses	$	1,000.00	$	1,019.19	$	5.66

Driehaus Select Credit Fund


	Beginning Account Value January 1, 2013		Ending Account Value June 30, 2013		Expenses Paid During Six Months Ended June 30, 2013*
Actual	$	1,000.00	$	1,022.80	$	8.38
Hypothetical Example, assuming a 5% return before expenses	$	1,000.00	$	1,016.51	$	8.35

*	Expenses are equal to the Funds’ annualized expense ratios for the six-month period in the table below multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), then divided by 365 to reflect the half-year period.


Driehaus Active Income Fund		1.13%
Driehaus Select Credit Fund…		1.67%

Item 2.

Code of Ethics.

Not applicable.

Item 3.

Audit Committee Financial Expert.

Not applicable.

Item 4.

Principal Accountant Fees and Services.

Not applicable.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Investments.

(a)	Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b)	Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11.

Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

Exhibits.

(a)(1)

Not applicable.

(a)(2)

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3)

Not applicable.

(b)

Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(registrant)		Driehaus Mutual Funds

By (Signature and Title)* /s/ Robert H. Gordon
		Robert H. Gordon, President
		(principal executive officer)

Date September 3, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)* /s/ Robert H. Gordon
		Robert H. Gordon, President
		(principal executive officer)

Date September 3, 2013

By (Signature and Title)* /s/ Michelle L. Cahoon
		Michelle L. Cahoon, Vice President and Treasurer
		(principal financial officer)
Date September 3, 2013

^*	Print the name and title of each signing officer under his or her signature.

Asset derivatives

Risk exposure category

Statement of Assets and
Liabilities location

Fair value

Equity contracts

Investments, at market value