Driehaus Emerging Markets Growth Fund
Schedule of Investments
March 31, 2025 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
COMMON STOCKS — 94.86%
FAR EAST — 64.60%
China — 25.26%
Alibaba Group Holding Ltd. - W 2,561,700 $42,385,842
Anhui Conch Cement Co. Ltd. - H 3,948,500 11,167,254
BeiGene Ltd. - ADR 1,* 82,248 22,385,438
BYD Co. Ltd. - H 539,000 27,293,089
China Mengniu Dairy Co. Ltd. 5,567,000 13,750,069
China Merchants Bank Co. Ltd. - H 9,016,500 53,458,449
Contemporary Amperex Technology Co. Ltd. - A 650,968 22,784,030
DiDi Global, Inc. - ADR 1,* 4,627,520 22,397,197
Fuyao Glass Industry Group Co. Ltd. - A 1,602,107 12,929,910
GDS Holdings Ltd. - ADR 1,* 722,838 18,309,487
Industrial & Commercial Bank of China Ltd. - H 96,074,000 68,556,588
JD.com, Inc. - A 1,466,950 30,177,422
KE Holdings, Inc. - ADR 1 1,147,201 23,047,268
Kingdee International Software Group Co. Ltd. * 10,840,000 18,454,007
Luxshare Precision Industry Co. Ltd. - A 4,785,193 27,074,049
Meituan - B 2,3,* 867,200 17,450,206
Shenzhen Inovance Technology Co. Ltd. - A 2,563,559 24,112,670
Sieyuan Electric Co. Ltd. - A 912,948 9,590,003
Tencent Holdings Ltd. 4,758,545 304,051,774
Trip.com Group Ltd. - ADR 1 370,451 23,553,275
Wuxi Biologics Cayman, Inc. 2,3,* 2,845,000 9,950,217
Zhejiang Sanhua Intelligent Controls Co. Ltd. - A 3,973,501 15,902,466
    818,780,710
India — 14.30%
ABB India Ltd. 98,009 6,325,381
Adani Ports & Special Economic Zone Ltd. 2,609,653 35,933,485
Bajaj Finance Ltd. 343,293 35,767,273
Bharat Electronics Ltd. 8,051,816 28,164,824
Bharti Airtel Ltd. 1,803,751 36,465,146
DLF Ltd. 1,552,978 12,275,456
ICICI Bank Ltd. - SP ADR 1 3,026,855 95,406,470
ITC Ltd. 4,988,706 23,837,048
JSW Energy Ltd. 2,458,287 15,408,864
Kotak Mahindra Bank Ltd. 1,406,806 35,614,272
Mahindra & Mahindra Ltd. 1,104,444 34,281,082
Max Healthcare Institute Ltd. 495,679 6,340,089
Reliance Industries Ltd. 2,005,875 29,822,008
Sun Pharmaceutical Industries Ltd. 749,605 15,190,549
Tata Consultancy Services Ltd. 326,222 13,723,042
The Indian Hotels Co. Ltd. 2,220,542 20,347,729
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
United Spirits Ltd. 1,146,810 $18,764,051
    463,666,769
Taiwan — 12.92%
Alchip Technologies Ltd. 126,000 10,621,485
Chunghwa Telecom Co. Ltd. 3,605,000 14,005,007
CTBC Financial Holding Co. Ltd. 16,810,000 20,211,172
Delta Electronics, Inc. 2,582,000 28,557,590
E Ink Holdings, Inc. 2,099,000 17,087,554
MediaTek, Inc. 829,000 35,730,276
Realtek Semiconductor Corp. 851,000 13,567,081
Taiwan Semiconductor Manufacturing Co. Ltd. 2,745,400 77,318,674
Taiwan Semiconductor Manufacturing Co. Ltd. - SP ADR 1 1,215,537 201,779,142
    418,877,981
South Korea — 6.50%
Hanwha Aerospace Co. Ltd. 30,251 12,998,385
HD Korea Shipbuilding & Offshore Engineering Co. Ltd. 103,692 14,278,816
Hyundai Mobis Co. Ltd. 77,563 13,802,695
KB Financial Group, Inc. 81,006 4,390,827
Macquarie Korea Infrastructure Fund 1,282,504 9,473,375
NAVER Corp. 118,893 15,537,385
Samsung Electronics Co. Ltd. 2,755,598 109,246,987
SK Hynix, Inc. 233,433 31,118,028
    210,846,498
Singapore — 1.78%
Grab Holdings Ltd. - A 1,* 4,631,771 20,981,923
Sea Ltd. - ADR 1,* 280,742 36,634,023
    57,615,946
Hong Kong — 1.53%
Hong Kong Exchanges & Clearing Ltd. 657,100 29,230,574
Techtronic Industries Co. Ltd. 1,707,000 20,457,157
    49,687,731
Indonesia — 0.86%
Bank Central Asia Tbk PT 54,630,675 27,911,384
Malaysia — 0.60%
Public Bank Bhd. 19,511,200 19,473,968
Thailand — 0.52%
Advanced Info Service PCL - NVDR 2,070,600 16,837,775
Philippines — 0.33%
BDO Unibank, Inc. 3,978,450 10,657,866
Total FAR EAST
(Cost $1,663,744,558) 		  2,094,356,628
NORTH AMERICA — 7.95%
United States — 4.63%
MercadoLibre, Inc. * 27,578 53,801,093
Southern Copper Corp. 480,224 44,881,735
 
1
Driehaus Emerging Markets Growth Fund
Schedule of Investments
March 31, 2025 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Yum China Holdings, Inc. 984,809 $51,269,157
    149,951,985
Mexico — 2.14%
Arca Continental SAB de CV 2,082,209 21,772,919
BBB Foods, Inc. - A 1,* 316,478 8,443,633
Corp. Inmobiliaria Vesta SAB de CV 3,309,657 7,581,750
Grupo Financiero Banorte SAB de CV - O 4,562,757 31,678,102
    69,476,404
Canada — 1.18%
Alamos Gold, Inc. - A 1 844,850 22,591,289
Cameco Corp. 1 382,190 15,730,940
    38,322,229
Total NORTH AMERICA
(Cost $222,950,504) 		  257,750,618
SOUTH AMERICA — 7.30%
Brazil — 5.42%
B3 SA - Brasil Bolsa Balcao 11,115,600 23,744,914
Cia de Saneamento Basico do Estado de Sao Paulo SABESP * 2,839,000 50,825,336
Direcional Engenharia SA 2,506,184 13,742,081
Embraer SA - SP ADR 1,* 543,602 25,114,412
Petroleo Brasileiro SA - SP ADR 1 1,698,859 24,361,638
Santos Brasil Participacoes SA 4,674,256 10,894,270
Telefonica Brasil SA * 1,141,300 10,004,088
Vale SA - SP ADR 1 1,691,429 16,880,461
    175,567,200
Peru — 1.43%
Credicorp Ltd. 1 249,665 46,477,637
Argentina — 0.45%
Grupo Financiero Galicia SA - ADR 1,* 269,230 14,664,958
Total SOUTH AMERICA
(Cost $215,543,852) 		  236,709,795
EUROPE — 6.80%
Greece — 1.72%
National Bank of Greece SA 3,903,019 40,115,117
OPAP SA 791,642 15,726,663
    55,841,780
Hungary — 1.19%
OTP Bank Nyrt. 574,569 38,658,104
United Kingdom — 1.01%
HSBC Holdings PLC 1,164,000 13,148,871
Shell PLC 532,183 19,475,027
    32,623,898
Poland — 0.99%
Powszechny Zaklad Ubezpieczen SA 2,207,735 32,075,732
Turkey — 0.85%
Turk Hava Yollari A.O. * 2,147,293 17,586,327
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Yapi ve Kredi Bankasi AS 15,766,607 $9,992,183
    27,578,510
Switzerland — 0.63%
Coca-Cola HBC AG * 450,922 20,422,166
Austria — 0.41%
Erste Group Bank AG 189,674 13,119,958
Russia — 0.00%
Polyus PJSC 1,*,^ 637,510 —
Total EUROPE
(Cost $187,332,084) 		  220,320,148
MIDDLE EAST — 5.26%
United Arab Emirates — 2.96%
Aldar Properties PJSC 13,951,278 31,860,101
Dubai Electricity & Water Authority PJSC 22,076,729 14,846,044
Emaar Properties PJSC 9,004,193 32,608,946
Emirates NBD Bank PJSC 3,020,807 16,613,205
    95,928,296
Saudi Arabia — 2.30%
Al Rajhi Bank 1,485,846 40,333,715
Dr Sulaiman Al Habib Medical Services Group Co. 191,265 14,205,547
Etihad Etisalat Co. 1,231,764 20,030,819
    74,570,081
Total MIDDLE EAST
(Cost $139,418,222) 		  170,498,377
AFRICA — 2.95%
South Africa — 2.95%
FirstRand Ltd. 9,932,019 39,031,055
MTN Group Ltd. 1,970,470 13,254,918
Naspers Ltd. - N 142,309 35,291,300
Truworths International Ltd. 2,017,590 7,918,504
    95,495,777
Total AFRICA
(Cost $97,198,620) 		  95,495,777
Total COMMON STOCKS
(Cost $2,526,187,840) 		  3,075,131,343
PREFERRED STOCKS — 1.07%
SOUTH AMERICA — 1.07%
Brazil — 1.07%
Itau Unibanco Holding SA - SP ADR, 4.52% 1,4 6,309,789 34,703,841
Total SOUTH AMERICA
(Cost $34,455,589) 		  34,703,841
Total PREFERRED STOCKS
(Cost $34,455,589) 		  34,703,841
 
2
Driehaus Emerging Markets Growth Fund
Schedule of Investments
March 31, 2025 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		  Value
SHORT TERM INVESTMENTS — 4.19%
Northern Institutional U.S. Government Select Portfolio (Shares Class), 4.23% 5
(Cost $135,944,530) 		135,944,530   $135,944,530
TOTAL INVESTMENTS
(Cost $2,696,587,959) 		100.12%   $3,245,779,714
Liabilities in Excess of Other Assets (0.12)%   (3,934,815)
Net Assets 100.00%   $3,241,844,899
    
ADR American Depositary Receipt
NVDR Non-Voting Depositary Receipt
PCL Public Company Limited
PJSC Public Joint Stock Company
PLC Public Limited Company
SP ADR Sponsored American Depositary Receipt
    
1 Foreign security denominated and/or traded in U.S. dollars.
2 Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $27,400,423, which represents 1% of Net Assets.
3 Restricted securities - The Fund may own investment securities that have other legal or contractual limitations. At March 31, 2025, the value of restricted securities amounted to $27,400,423 or 1% of net assets.
    
Restricted Security Acquisition Date Acquisition Cost
Meituan - B 4/22/24 11,132,938
Wuxi Biologics Cayman, Inc. 1/27/25-2/4/25 6,836,412
    
4 Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
5 7 day current yield as of March 31, 2025 is disclosed.
^ Security valued at fair value as determined in good faith by the Adviser, in accordance with procedures established by, and under the general supervision of, the Trust’s Board of Trustees. The security is valued using significant unobservable inputs.
* Non-income producing security.
Percentages are stated as a percent of net assets.
3
Driehaus Emerging Markets Small Cap Growth Fund
Schedule of Investments
March 31, 2025 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
COMMON STOCKS — 92.05%
FAR EAST — 59.90%
India — 31.81%
ACC Ltd. 37,714 $853,665
Aditya Birla Real Estate Ltd. 66,892 1,525,467
Aegis Logistics Ltd. 150,953 1,416,842
Angel One Ltd. 15,905 427,891
Azad Engineering Ltd. * 84,146 1,325,914
BLS International Services Ltd. 317,634 1,472,804
Blue Star Ltd. 23,317 579,578
Brigade Enterprises Ltd. 88,775 1,006,892
Chalet Hotels Ltd. * 109,836 1,048,791
Genus Power Infrastructures Ltd. 187,606 569,525
Gujarat Fluorochemicals Ltd. 30,690 1,438,448
Hitachi Energy India Ltd. 11,442 1,683,030
Home First Finance Co. India Ltd. 1,2 130,014 1,536,372
Jyoti CNC Automation Ltd. * 113,567 1,395,632
Kaynes Technology India Ltd. * 25,470 1,401,841
KEI Industries Ltd. 37,452 1,261,141
Kfin Technologies Ltd. 153,672 1,837,650
Max Healthcare Institute Ltd. 89,498 1,144,744
Nuvama Wealth Management Ltd. 19,097 1,351,844
Radico Khaitan Ltd. 63,935 1,810,619
Shakti Pumps India Ltd. 64,073 728,653
SignatureGlobal India Ltd. * 85,289 1,087,943
Sobha Ltd. 58,508 837,274
Supreme Industries Ltd. 19,229 766,709
Syngene International Ltd. 1,2 127,636 1,081,911
Titagarh Rail System Ltd. 114,188 1,054,843
Transformers & Rectifiers India Ltd. 241,252 1,496,658
Triveni Turbine Ltd. 169,391 1,108,723
United Breweries Ltd. 76,837 1,793,075
UNO Minda Ltd. 130,877 1,333,791
    36,378,270
China — 9.25%
Akeso, Inc. 1,2,* 184,000 1,813,086
China National Building Material Co. Ltd. - H 3,366,000 1,737,139
GDS Holdings Ltd. - ADR 3,* 43,329 1,097,523
Henan Pinggao Electric Co. Ltd. - A 746,600 1,795,993
Silergy Corp. 125,000 1,451,972
SITC International Holdings Co. Ltd. 368,000 1,000,225
Xinyi Glass Holdings Ltd. 1,197,000 1,184,198
XtalPi Holdings Ltd. 2,* 659,000 497,691
    10,577,827
Taiwan — 7.32%
ASPEED Technology, Inc. 15,000 1,389,084
Chroma ATE, Inc. 149,000 1,302,008
Eclat Textile Co. Ltd. 64,000 860,260
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Gudeng Precision Industrial Co. Ltd. 74,000 $899,390
Hiwin Technologies Corp. 152,000 1,120,228
King Slide Works Co. Ltd. 31,000 1,579,251
Kinik Co. 185,000 1,223,604
    8,373,825
South Korea — 6.66%
HD Hyundai Electric Co. Ltd. 9,710 1,981,612
HD Hyundai Marine Solution Co. Ltd. 17,923 1,648,304
Korea Aerospace Industries Ltd. 14,534 746,549
LIG Nex1 Co. Ltd. 8,910 1,516,828
Samsung Heavy Industries Co. Ltd. * 186,250 1,718,042
    7,611,335
Vietnam — 3.63%
FPT Corp. 873,749 4,156,808
Kazakhstan — 1.23%
Kaspi.KZ JSC 2,3 15,190 1,410,392
Total FAR EAST
(Cost $62,548,228) 		  68,508,457
SOUTH AMERICA — 10.67%
Brazil — 8.16%
Cia Brasileira de Aluminio * 1,211,100 1,027,210
Cury Construtora e Incorporadora SA 387,656 1,658,923
Inter & Co., Inc. - BDR 291,663 1,595,178
Orizon Valorizacao de Residuos SA * 236,000 1,748,562
PRIO SA * 240,200 1,681,604
Santos Brasil Participacoes SA 695,900 1,621,931
    9,333,408
Peru — 1.29%
Intercorp Financial Services, Inc. 3 44,559 1,476,240
Argentina — 1.22%
Pampa Energia SA - SP ADR 3,* 18,097 1,397,088
Total SOUTH AMERICA
(Cost $10,073,018) 		  12,206,736
NORTH AMERICA — 6.48%
Mexico — 5.95%
Alsea SAB de CV 264,500 563,651
BBB Foods, Inc. - A 3,* 66,370 1,770,752
FIBRA Macquarie Mexico 1,2 412,015 609,028
Prologis Property Mexico SA de CV 433,667 1,392,473
Vista Energy SAB de CV - ADR 3,* 53,018 2,468,518
    6,804,422
Canada — 0.53%
Alamos Gold, Inc. - A 3 22,435 599,912
Total NORTH AMERICA
(Cost $5,817,057) 		  7,404,334
 
4
Driehaus Emerging Markets Small Cap Growth Fund
Schedule of Investments
March 31, 2025 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
MIDDLE EAST — 5.59%
Saudi Arabia — 3.51%
Catrion Catering Holding Co. 47,236 $1,552,254
Saudi Ground Services Co. 99,655 1,364,711
Saudia Dairy & Foodstuff Co. 13,769 1,102,203
    4,019,168
United Arab Emirates — 2.08%
Emirates Central Cooling Systems Corp. 2,603,336 1,148,218
Parkin Co. PJSC 904,482 1,228,194
    2,376,412
Total MIDDLE EAST
(Cost $6,574,182) 		  6,395,580
EUROPE — 4.97%
Turkey — 4.97%
MLP Saglik Hizmetleri A/S 1,* 130,662 1,091,504
Pegasus Hava Tasimaciligi A/S * 190,090 1,289,945
TAV Havalimanlari Holding A/S * 309,305 1,973,781
Turkiye Sinai Kalkinma Bankasi A/S * 4,579,598 1,327,507
    5,682,737
Total EUROPE
(Cost $6,823,382) 		  5,682,737
AFRICA — 4.44%
South Africa — 4.44%
Clicks Group Ltd. 72,543 1,340,196
Foschini Group Ltd. 166,182 1,126,793
Growthpoint Properties Ltd. 2,182,553 1,545,558
Truworths International Ltd. 272,083 1,067,853
    5,080,400
Total AFRICA
(Cost $5,586,499) 		  5,080,400
Total COMMON STOCKS
(Cost $97,422,366) 		  105,278,244
PREFERRED STOCKS — 0.52%
SOUTH AMERICA — 0.52%
Brazil — 0.52%
Bradespar SA, 5.14% 4 188,900 595,852
Total SOUTH AMERICA
(Cost $575,948) 		  595,852
Total PREFERRED STOCKS
(Cost $575,948) 		  595,852
  Shares,
Principal
Amount, or
Number of
Contracts 		  Value
SHORT TERM INVESTMENTS — 5.27%
Northern Institutional U.S. Government Select Portfolio (Shares Class), 4.23% 5
(Cost $6,030,325) 		6,030,325   $6,030,325
TOTAL INVESTMENTS
(Cost $104,028,639) 		97.84%   $111,904,421
Other Assets In Excess of Liabilities 2.16%   2,471,950
Net Assets 100.00%   $114,376,371
    
ADR American Depositary Receipt
BDR Brazilian Depositary Receipt
JSC Joint Stock Company
PJSC Public Joint Stock Company
SP ADR Sponsored American Depositary Receipt
    
1 Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $6,131,901, which represents 5% of Net Assets.
2 Restricted securities - The Fund may own investment securities that have other legal or contractual limitations. At March 31, 2025, the value of restricted securities amounted to $6,948,479 or 6% of net assets.
    
Restricted Security Acquisition Date Acquisition Cost
Akeso, Inc. 10/25/23-2/20/25 3,490,427
FIBRA Macquarie Mexico 10/26/22-10/28/22 2,677,878
Home First Finance Co. India Ltd. 9/6/24-2/4/25 7,254,597
Kaspi.KZ JSC 4/27/23-5/2/23 3,691,650
Syngene International Ltd. 12/12/24-1/22/25 2,576,772
XtalPi Holdings Ltd. 3/12/25 579,558
    
3 Foreign security denominated and/or traded in U.S. dollars.
4 Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
5 7 day current yield as of March 31, 2025 is disclosed.
* Non-income producing security.
Percentages are stated as a percent of net assets.
 
5
Driehaus Global Fund
Schedule of Investments
March 31, 2025 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
COMMON STOCKS — 95.65%
NORTH AMERICA — 54.93%
United States — 53.56%
Alphabet, Inc. - A 7,189 $1,111,707
Amazon.com, Inc. * 8,032 1,528,168
Apple, Inc. 6,033 1,340,110
Axon Enterprise, Inc. * 1,674 880,440
Bank of America Corp. 16,633 694,095
Broadcom, Inc. 4,606 771,183
Casey's General Stores, Inc. 1,348 585,086
Chevron Corp. 1,696 283,724
Cloudflare, Inc. - A * 4,795 540,349
Coinbase Global, Inc. - A * 2,046 352,383
Discover Financial Services 2,894 494,006
Eli Lilly & Co. 1,354 1,118,282
EQT Corp. 10,099 539,590
Exxon Mobil Corp. 8,206 975,940
First Citizens BancShares, Inc. - A 440 815,813
Huntington Bancshares, Inc. 21,130 317,161
Intuitive Surgical, Inc. * 1,136 562,627
JPMorgan Chase & Co. 4,511 1,106,548
MercadoLibre, Inc. * 292 569,654
Meta Platforms, Inc. - A 2,979 1,716,976
Microsoft Corp. 5,166 1,939,265
Motorola Solutions, Inc. 1,784 781,053
NIKE, Inc. - B 4,322 274,361
NVIDIA Corp. 16,760 1,816,449
Philip Morris International, Inc. 5,642 895,555
Planet Fitness, Inc. - A * 4,642 448,464
Quanta Services, Inc. 2,702 686,794
Roper Technologies, Inc. 594 350,210
ServiceNow, Inc. * 441 351,098
Southern Copper Corp. 8,555 799,550
Spotify Technology SA * 1,256 690,838
Stryker Corp. 1,541 573,637
The Boeing Co. * 3,570 608,863
The Coca-Cola Co. 8,746 626,388
The Home Depot, Inc. 1,484 543,871
The Southern Co. 8,467 778,541
Truist Financial Corp. 17,577 723,294
US Foods Holding Corp. * 3,825 250,384
Vertex Pharmaceuticals, Inc. * 897 434,883
Walmart, Inc. 9,629 845,330
    30,722,670
Canada — 1.03%
Agnico Eagle Mines Ltd. 3,100 335,861
Suncor Energy, Inc. 6,500 251,680
    587,541
Mexico — 0.34%
Vista Energy SAB de CV - ADR 1,* 4,190 195,086
Total NORTH AMERICA
(Cost $25,055,660) 		  31,505,297
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
EUROPE — 28.17%
United Kingdom — 9.97%
AstraZeneca PLC - SP ADR 1 9,515 $699,353
Barclays PLC 135,532 509,605
London Stock Exchange Group PLC 3,037 451,077
RELX PLC 12,650 635,418
Rolls-Royce Holdings PLC * 114,726 1,115,064
Shell PLC 41,015 1,500,928
Standard Chartered PLC 31,747 471,106
Unilever PLC 5,598 334,016
    5,716,567
Germany — 4.99%
BASF SE 10,334 518,032
Deutsche Telekom AG 9,900 365,508
Infineon Technologies AG 11,148 371,617
MTU Aero Engines AG 1,416 492,021
Siemens Energy AG * 11,962 709,132
Vonovia SE 15,207 409,225
    2,865,535
Switzerland — 4.16%
Alcon AG 7,276 690,383
Geberit AG 348 218,018
Lonza Group AG 1,076 664,720
Novartis AG 4,288 476,267
On Holding AG - A 1,* 7,704 338,360
    2,387,748
France — 3.35%
Danone SA 13,304 1,017,560
Sanofi SA 2,654 293,856
Sartorius Stedim Biotech 1,321 261,713
Veolia Environnement SA 10,076 346,532
    1,919,661
Italy — 1.92%
Leonardo SpA 13,174 641,559
UniCredit SpA 8,177 458,992
    1,100,551
Spain — 1.68%
Indra Sistemas SA 23,676 686,329
Industria de Diseno Textil SA 5,575 277,590
    963,919
Ireland — 1.51%
Linde PLC 1 1,859 865,625
Netherlands — 0.59%
Adyen NV 2,3,* 220 337,215
Total EUROPE
(Cost $13,320,146) 		  16,156,821
FAR EAST — 10.39%
Japan — 4.98%
Hitachi Ltd. 18,200 427,325
Mitsubishi UFJ Financial Group, Inc. 42,300 576,711
Nintendo Co. Ltd. 4,700 319,495
 
6
Driehaus Global Fund
Schedule of Investments
March 31, 2025 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		  Value
Nippon Sanso Holdings Corp. 11,400   $345,814
Pan Pacific International Holdings Corp. 25,100   689,456
Sony Group Corp. 19,800   501,000
      2,859,801
China — 2.58%
Tencent Holdings Ltd. 23,153   1,479,383
India — 1.13%
ICICI Bank Ltd. - SP ADR 1 20,491   645,876
Taiwan — 0.89%
Taiwan Semiconductor Manufacturing Co. Ltd. 18,168   511,665
Australia — 0.81%
BHP Group Ltd. 19,362   465,498
Total FAR EAST
(Cost $4,660,205) 		    5,962,223
MIDDLE EAST — 1.34%
Israel — 1.34%
CyberArk Software Ltd. 1,* 1,588   536,744
Teva Pharmaceutical Industries Ltd. - SP ADR 1,* 15,158   232,978
      769,722
Total MIDDLE EAST
(Cost $727,221) 		    769,722
SOUTH AMERICA — 0.82%
Peru — 0.82%
Credicorp Ltd. 1 2,511   467,448
Total SOUTH AMERICA
(Cost $475,410) 		    467,448
Total COMMON STOCKS
(Cost $44,238,642) 		    54,861,511
SHORT TERM INVESTMENTS — 5.46%
Northern Institutional U.S. Government Select Portfolio (Shares Class), 4.23% 4
(Cost $3,130,633) 		3,130,633   3,130,633
TOTAL INVESTMENTS
(Cost $47,369,275) 		101.11%   $57,992,144
Liabilities in Excess of Other Assets (1.11)%   (634,476)
Net Assets 100.00%   $57,357,668
    
ADR American Depositary Receipt
PLC Public Limited Company
SP ADR Sponsored American Depositary Receipt
    
1 Foreign security denominated and/or traded in U.S. dollars.
2 Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $337,215, which represents 1% of Net Assets.
3 Restricted securities - The Fund may own investment securities that have other legal or contractual limitations. At March 31, 2025, the value of restricted securities amounted to $337,215 or 1% of net assets.
    
Restricted Security Acquisition Date Acquisition Cost
Adyen NV 8/13/24-8/15/24 283,140
    
4 7 day current yield as of March 31, 2025 is disclosed.
* Non-income producing security.
Percentages are stated as a percent of net assets.
 
7
Driehaus International Small Cap Growth Fund
Schedule of Investments
March 31, 2025 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
COMMON STOCKS — 94.21%
EUROPE — 51.23%
United Kingdom — 12.87%
Babcock International Group PLC 418,674 $3,939,979
ConvaTec Group PLC 1,2 1,539,556 5,142,974
Cranswick PLC 50,131 3,176,317
Games Workshop Group PLC 7,335 1,332,782
Intermediate Capital Group PLC 159,767 4,069,151
Land Securities Group PLC 233,595 1,664,936
Marks & Spencer Group PLC 545,415 2,518,101
Paratus Energy Services Ltd. * 244,922 893,021
Renishaw PLC 41,423 1,364,458
SigmaRoc PLC * 2,279,964 2,666,756
Smiths Group PLC 214,008 5,370,101
Trustpilot Group PLC 1,2,* 295,612 847,600
    32,986,176
Germany — 10.72%
AlzChem Group AG 13,319 1,352,550
Auto1 Group SE 1,* 241,667 5,375,999
Bilfinger SE 45,555 3,283,922
Carl Zeiss Meditec AG (Bearer) 24,521 1,620,867
CTS Eventim AG & Co. KGaA 12,253 1,229,249
flatexDEGIRO AG 61,519 1,422,065
Fraport AG Frankfurt Airport Services Worldwide * 35,638 2,236,460
Friedrich Vorwerk Group SE 28,857 1,507,749
LEG Immobilien SE 40,051 2,831,031
Nordex SE * 145,888 2,252,880
Scout24 SE 1,2 41,636 4,360,226
    27,472,998
Switzerland — 5.51%
Aryzta AG * 635,762 1,415,779
Belimo Holding AG 2,962 1,826,116
dormakaba Holding AG 5,279 3,940,752
Flughafen Zurich AG 6,403 1,518,980
Siegfried Holding AG * 1,673 1,719,071
Sulzer AG 11,919 2,032,955
Tecan Group AG 8,824 1,679,020
    14,132,673
Spain — 4.94%
Fluidra SA 143,562 3,379,940
Indra Sistemas SA 220,970 6,405,562
Tecnicas Reunidas SA * 166,317 2,880,501
    12,666,003
Italy — 4.56%
Banco BPM SpA 94,536 962,002
Buzzi SpA 68,434 3,293,002
Leonardo SpA 54,458 2,652,042
Lottomatica Group Spa 2 105,145 2,122,532
Saipem SpA * 1,146,845 2,660,850
    11,690,428
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
France — 2.41%
Alstom SA * 102,882 $2,278,908
Coface SA 85,386 1,637,587
Sopra Steria Group 12,167 2,261,536
    6,178,031
Ireland — 2.01%
Cairn Homes PLC 918,060 1,896,054
Greencore Group PLC 1,476,492 3,247,170
    5,143,224
Denmark — 2.00%
ALK-Abello A/S * 48,728 983,279
Ambu A/S - B 121,361 2,085,159
Netcompany Group A/S 1,2,* 55,175 2,065,919
    5,134,357
Austria — 1.82%
DO & CO AG * 19,088 3,364,296
Wienerberger AG 39,032 1,301,135
    4,665,431
Finland — 1.22%
Metso OYJ 300,635 3,117,053
Netherlands — 1.07%
Corbion NV 50,316 1,064,264
Merus NV 3,* 40,200 1,692,018
    2,756,282
Belgium — 1.03%
Shurgard Self Storage Ltd. 26,058 942,725
Solvay SA 47,846 1,701,966
    2,644,691
Sweden — 0.55%
Hemnet Group AB 42,682 1,415,625
Norway — 0.52%
Opera Ltd. - ADR 3 84,478 1,346,579
Total EUROPE
(Cost $117,996,337) 		  131,349,551
FAR EAST — 33.71%
Japan — 18.61%
ABC-Mart, Inc. 74,500 1,389,971
Asics Corp. 139,600 2,960,577
Azbil Corp. 553,400 4,299,027
Daifuku Co. Ltd. 148,800 3,657,729
Fujitec Co. Ltd. 92,050 3,656,095
Fukuoka Financial Group, Inc. 91,500 2,434,946
Hoshizaki Corp. 123,900 4,795,999
Modec, Inc. 133,600 3,708,777
Musashi Seimitsu Industry Co. Ltd. 44,600 746,983
Nichias Corp. 59,930 1,859,503
NOF Corp. 162,000 2,201,619
OBIC Business Consultants Co. Ltd. 55,000 2,683,673
Rakuten Bank Ltd. * 42,247 1,837,086
Resonac Holdings Corp. 102,900 2,056,697
Ryohin Keikaku Co. Ltd. 219,900 6,007,337
 
8
Driehaus International Small Cap Growth Fund
Schedule of Investments
March 31, 2025 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Skylark Holdings Co. Ltd. * 55,500 $1,112,082
Yokogawa Electric Corp. 118,100 2,304,840
    47,712,941
India — 4.23%
APL Apollo Tubes Ltd. 77,482 1,380,390
Bharti Hexacom Ltd. 91,268 1,554,917
ICICI Lombard General Insurance Co. Ltd. 1,2 70,304 1,471,698
Max Healthcare Institute Ltd. 184,978 2,366,001
The Indian Hotels Co. Ltd. 266,016 2,437,613
United Breweries Ltd. 70,135 1,636,676
    10,847,295
South Korea — 3.61%
Cosmax, Inc. 16,834 1,888,607
HD Hyundai Marine Solution Co. Ltd. 16,908 1,554,958
Hyosung Heavy Industries Corp. 2,335 696,552
Hyundai Elevator Co. Ltd. 34,909 1,286,691
KT Corp. 85,637 2,884,305
LEENO Industrial, Inc. 7,306 950,653
    9,261,766
Australia — 3.20%
AUB Group Ltd. 134,884 2,614,793
Catapult Group International Ltd. * 523,738 1,145,577
Nuix Ltd. * 212,342 411,707
Superloop Ltd. * 1,529,099 2,025,479
Worley Ltd. 220,115 2,002,495
    8,200,051
China — 1.96%
China National Building Material Co. Ltd. - H 3,212,000 1,657,662
Sunny Optical Technology Group Co. Ltd. 288,700 2,665,116
Uni-President China Holdings Ltd. 619,000 712,510
    5,035,288
Taiwan — 1.81%
King Slide Works Co. Ltd. 22,000 1,120,759
Lotes Co. Ltd. 40,000 1,692,462
Wiwynn Corp. 36,000 1,823,026
    4,636,247
Indonesia — 0.29%
Sumber Alfaria Trijaya Tbk PT 5,943,800 735,702
Total FAR EAST
(Cost $76,209,082) 		  86,429,290
NORTH AMERICA — 6.34%
Canada — 5.62%
Aritzia, Inc. * 65,900 2,316,266
Boardwalk REIT 56,974 2,656,583
CAE, Inc. * 48,900 1,202,239
Capstone Copper Corp. * 350,600 1,805,320
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Element Fleet Management Corp. 102,600 $2,039,808
Gildan Activewear, Inc. 24,800 1,096,401
Kinaxis, Inc. * 17,311 1,908,595
Kraken Robotics, Inc. * 423,400 714,959
Xenon Pharmaceuticals, Inc. 3,* 19,546 655,768
    14,395,939
Mexico — 0.72%
GCC SAB de CV 2 201,886 1,851,300
Total NORTH AMERICA
(Cost $15,171,446) 		  16,247,239
MIDDLE EAST — 1.15%
Israel — 1.15%
Cellebrite DI Ltd. 3,* 118,024 2,293,207
Cognyte Software Ltd. 3,* 84,495 659,061
    2,952,268
Total MIDDLE EAST
(Cost $3,462,016) 		  2,952,268
SOUTH AMERICA — 1.14%
Brazil — 1.14%
Direcional Engenharia SA 535,412 2,935,808
Total SOUTH AMERICA
(Cost $2,354,154) 		  2,935,808
AFRICA — 0.64%
South Africa — 0.64%
Growthpoint Properties Ltd. 2,305,109 1,632,345
Total AFRICA
(Cost $1,603,568) 		  1,632,345
Total COMMON STOCKS
(Cost $216,796,603) 		  241,546,501
PREFERRED STOCKS — 0.89%
EUROPE — 0.89%
Germany — 0.89%
FUCHS SE, 2.65% 4 47,388 2,283,235
Total EUROPE
(Cost $1,709,563) 		  2,283,235
Total PREFERRED STOCKS
(Cost $1,709,563) 		  2,283,235
 
9
Driehaus International Small Cap Growth Fund
Schedule of Investments
March 31, 2025 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		  Value
SHORT TERM INVESTMENTS — 5.01%
Northern Institutional U.S. Government Select Portfolio (Shares Class), 4.23% 5
(Cost $12,836,752) 		12,836,752   $12,836,752
TOTAL INVESTMENTS
(Cost $231,342,918) 		100.11%   $256,666,488
Liabilities in Excess of Other Assets (0.11)%   (279,183)
Net Assets 100.00%   $256,387,305
    
ADR American Depositary Receipt
PLC Public Limited Company
REIT Real Estate Investment Trust
    
1 Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $19,264,416, which represents 8% of Net Assets.
2 Restricted securities - The Fund may own investment securities that have other legal or contractual limitations. At March 31, 2025, the value of restricted securities amounted to $17,862,249 or 7% of net assets.
    
Restricted Security Acquisition Date Acquisition Cost
ConvaTec Group PLC 11/13/24-3/21/25 4,934,659
GCC SAB de CV 7/13/18-3/21/25 1,456,539
ICICI Lombard General Insurance Co. Ltd. 2/27/24-3/21/25 1,447,437
Lottomatica Group Spa 3/4/25-3/21/25 1,912,964
Netcompany Group A/S 11/13/24-3/21/25 2,677,121
Scout24 SE 5/12/23-3/21/25 2,915,982
Trustpilot Group PLC 2/6/25-3/21/25 1,301,058
    
3 Foreign security denominated and/or traded in U.S. dollars.
4 Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
5 7 day current yield as of March 31, 2025 is disclosed.
* Non-income producing security.
Percentages are stated as a percent of net assets.
10
Driehaus International Developed Equity Fund
Schedule of Investments
March 31, 2025 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
COMMON STOCKS — 94.10%
EUROPE — 71.13%
Germany — 22.37%
adidas AG 205 $48,351
BASF SE 951 47,672
Carl Zeiss Meditec AG (Bearer) 471 31,134
Deutsche Telekom AG 2,548 94,072
Evonik Industries AG 1,001 21,701
Infineon Technologies AG 336 11,200
MTU Aero Engines AG 120 41,697
SAP SE 341 91,371
Siemens Energy AG * 1,435 85,070
Vonovia SE 808 21,744
    494,012
United Kingdom — 17.84%
AstraZeneca PLC 244 35,830
Barclays PLC 16,064 60,401
Compass Group PLC 509 16,836
Halma PLC 1,242 41,671
London Stock Exchange Group PLC 400 59,411
RELX PLC 700 35,162
Rolls-Royce Holdings PLC * 5,505 53,505
Smiths Group PLC 2,834 71,114
Unilever PLC 338 20,167
    394,097
France — 7.68%
Alstom SA * 1,047 23,192
AXA SA 976 41,700
Danone SA 840 64,248
Sartorius Stedim Biotech 205 40,614
    169,754
Switzerland — 7.00%
Alcon AG 413 39,187
Cie Financiere Richemont SA - A 290 50,624
Lonza Group AG 105 64,866
    154,677
Italy — 4.52%
Leonardo SpA 1,158 56,393
Saipem SpA * 8,142 18,891
UniCredit SpA 438 24,586
    99,870
Ireland — 4.50%
CRH PLC 802 70,289
Kerry Group PLC - A 277 29,006
    99,295
Spain — 3.88%
Banco Bilbao Vizcaya Argentaria SA 1,778 24,266
Cellnex Telecom SA 1,2,* 565 20,085
Indra Sistemas SA 1,429 41,424
    85,775
  Shares,
Principal
Amount, or
Number of
Contracts 		  Value
Netherlands — 1.92%
ASML Holding NV 64   $42,354
Denmark — 1.42%
Novo Nordisk A/S - B 458   31,317
Total EUROPE
(Cost $1,464,513) 		    1,571,151
FAR EAST — 17.73%
Japan — 17.73%
Daifuku Co. Ltd. 1,400   34,414
Hitachi Ltd. 1,200   28,175
Mitsubishi Heavy Industries Ltd. 2,100   36,065
Mitsubishi UFJ Financial Group, Inc. 4,000   54,535
Nintendo Co. Ltd. 700   47,584
Nippon Sanso Holdings Corp. 1,400   42,469
Pan Pacific International Holdings Corp. 2,200   60,430
Renesas Electronics Corp. 1,700   22,802
Resonac Holdings Corp. 800   15,990
Sony Group Corp. 1,400   35,424
Tokyo Electron Ltd. 100   13,713
      391,601
Total FAR EAST
(Cost $369,348) 		    391,601
NORTH AMERICA — 5.24%
Canada — 5.24%
Canadian Natural Resources Ltd. 700   21,539
Dollarama, Inc. 500   53,466
Thomson Reuters Corp. 236   40,725
      115,730
Total NORTH AMERICA
(Cost $112,756) 		    115,730
Total COMMON STOCKS
(Cost $1,946,617) 		    2,078,482
SHORT TERM INVESTMENTS — 6.49%
Northern Institutional Treasury Portfolio (Premier Class), 4.18% 3
(Cost $143,397) 		143,397   143,397
TOTAL INVESTMENTS
(Cost $2,090,014) 		100.59%   $2,221,879
Liabilities in Excess of Other Assets (0.59)%   (13,082)
Net Assets 100.00%   $2,208,797
    
PLC Public Limited Company
    
 
11
Driehaus International Developed Equity Fund
Schedule of Investments
March 31, 2025 (unaudited)
1 Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $20,085, which represents 1% of Net Assets.
2 Restricted securities - The Fund may own investment securities that have other legal or contractual limitations. At March 31, 2025, the value of restricted securities amounted to $20,085 or 1% of net assets.
    
Restricted Security Acquisition Date Acquisition Cost
Cellnex Telecom SA 10/10/24-3/6/25 21,545
    
3 7 day current yield as of March 31, 2025 is disclosed.
* Non-income producing security.
Percentages are stated as a percent of net assets.
12
Driehaus Micro Cap Growth Fund
Schedule of Investments
March 31, 2025 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
COMMON STOCKS — 97.64%
HEALTH CARE — 30.35%
Biotechnology — 17.74%
ADMA Biologics, Inc. * 193,719 $3,843,385
Apogee Therapeutics, Inc. * 68,433 2,556,657
Arcutis Biotherapeutics, Inc. * 176,671 2,763,134
Astria Therapeutics, Inc. * 230,826 1,232,611
CareDx, Inc. * 56,393 1,000,976
Centessa Pharmaceuticals PLC - ADR 1,* 149,552 2,150,558
Crinetics Pharmaceuticals, Inc. * 191,056 6,408,018
Immunome, Inc. * 62,654 421,661
Kiniksa Pharmaceuticals International PLC 1,* 98,811 2,194,592
Korro Bio, Inc. * 13,195 229,725
Merus NV 1,* 43,105 1,814,290
Nurix Therapeutics, Inc. * 115,710 1,374,635
Nuvalent, Inc. - A * 31,299 2,219,725
Organogenesis Holdings, Inc. * 290,313 1,254,152
Praxis Precision Medicines, Inc. * 43,367 1,642,308
Protagonist Therapeutics, Inc. * 38,013 1,838,309
Rhythm Pharmaceuticals, Inc. * 96,799 5,127,443
Scholar Rock Holding Corp. * 83,101 2,671,697
Sionna Therapeutics, Inc. * 38,378 401,434
Spyre Therapeutics, Inc. * 84,298 1,360,148
Travere Therapeutics, Inc. * 140,422 2,516,362
Veracyte, Inc. * 71,288 2,113,689
Viridian Therapeutics, Inc. * 138,460 1,866,441
Xenon Pharmaceuticals, Inc. 1,* 124,819 4,187,678
    53,189,628
Health Care Equipment & Supplies — 5.46%
Alphatec Holdings, Inc. * 165,806 1,681,273
Axogen, Inc. * 189,491 3,505,583
Beta Bionics, Inc. * 79,277 970,350
Bioventus, Inc. - A * 233,701 2,138,364
Ceribell, Inc. * 45,117 866,698
LeMaitre Vascular, Inc. 24,903 2,089,362
NeuroPace, Inc. * 61,563 756,609
PROCEPT BioRobotics Corp. * 20,887 1,216,877
Semler Scientific, Inc. * 30,194 1,093,023
TransMedics Group, Inc. * 25,547 1,718,802
Treace Medical Concepts, Inc. * 39,076 327,848
    16,364,789
Pharmaceuticals — 5.09%
Edgewise Therapeutics, Inc. * 85,049 1,871,078
Ligand Pharmaceuticals, Inc. * 26,213 2,756,035
MBX Biosciences, Inc. * 110,703 816,988
Mind Medicine MindMed, Inc. 1,* 275,900 1,614,015
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Septerna, Inc. * 70,824 $410,071
Structure Therapeutics, Inc. - ADR 1,* 61,081 1,057,312
Tarsus Pharmaceuticals, Inc. * 69,960 3,593,845
Terns Pharmaceuticals, Inc. * 104,523 288,484
WaVe Life Sciences Ltd. 1,* 256,083 2,069,151
Xeris Biopharma Holdings, Inc. * 142,462 782,116
    15,259,095
Health Care Providers & Services — 1.54%
GeneDx Holdings Corp. * 52,327 4,634,341
Life Sciences Tools & Services — 0.52%
Adaptive Biotechnologies Corp. * 211,185 1,569,104
Total HEALTH CARE
(Cost $81,356,015) 		  91,016,957
INDUSTRIALS — 19.37%
Machinery — 4.73%
Atmus Filtration Technologies, Inc. 64,325 2,362,657
Enerpac Tool Group Corp. 27,376 1,228,087
Federal Signal Corp. 14,484 1,065,298
Kornit Digital Ltd. 1,* 76,345 1,456,663
Mueller Water Products, Inc. - A 124,401 3,162,274
REV Group, Inc. 124,982 3,949,431
The Greenbrier Cos., Inc. 18,833 964,626
    14,189,036
Commercial Services & Supplies — 3.89%
ACV Auctions, Inc. - A * 130,682 1,841,309
BrightView Holdings, Inc. * 285,703 3,668,427
CECO Environmental Corp. * 94,016 2,143,565
VSE Corp. 33,501 4,019,785
    11,673,086
Professional Services — 2.43%
Huron Consulting Group, Inc. * 15,582 2,235,238
Innodata, Inc. * 91,834 3,296,840
Legalzoom.com, Inc. * 203,231 1,749,819
    7,281,897
Construction & Engineering — 1.96%
Construction Partners, Inc. - A * 53,652 3,855,969
Limbach Holdings, Inc. * 10,780 802,787
Primoris Services Corp. 20,995 1,205,323
    5,864,079
Aerospace & Defense — 1.93%
Byrna Technologies, Inc. * 72,739 1,224,925
Karman Holdings, Inc. * 47,638 1,592,062
 
13
Driehaus Micro Cap Growth Fund
Schedule of Investments
March 31, 2025 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Kratos Defense & Security Solutions, Inc. * 99,682 $2,959,558
    5,776,545
Electrical Equipment — 1.80%
American Superconductor Corp. * 135,790 2,463,230
Enovix Corp. * 103,464 759,426
Eos Energy Enterprises, Inc. * 575,570 2,175,655
    5,398,311
Trading Companies & Distributors — 1.41%
FTAI Aviation Ltd. 12,636 1,402,975
Titan Machinery, Inc. * 47,150 803,436
Xometry, Inc. - A * 80,835 2,014,408
    4,220,819
Passenger Airlines — 0.64%
Sun Country Airlines Holdings, Inc. * 156,483 1,927,871
Building Products — 0.58%
AZZ, Inc. 20,866 1,744,606
Total INDUSTRIALS
(Cost $55,885,503) 		  58,076,250
FINANCIALS — 12.86%
Insurance — 6.99%
Bowhead Specialty Holdings, Inc. * 50,202 2,040,711
HCI Group, Inc. 39,075 5,831,162
Palomar Holdings, Inc. * 33,062 4,532,139
Root, Inc. - A * 24,747 3,302,240
Skyward Specialty Insurance Group, Inc. * 63,681 3,369,999
TWFG, Inc. * 61,343 1,896,112
    20,972,363
Banks — 2.03%
Coastal Financial Corp. * 35,095 3,172,939
Pathward Financial, Inc. 39,975 2,916,176
    6,089,115
Financial Services — 1.54%
Payoneer Global, Inc. * 377,955 2,762,851
Sezzle, Inc. * 52,908 1,845,960
    4,608,811
Consumer Finance — 1.39%
Dave, Inc. * 16,928 1,399,269
LendingClub Corp. * 266,756 2,752,922
    4,152,191
Capital Markets — 0.91%
P10, Inc. - A 169,539 1,992,083
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Perella Weinberg Partners 40,112 $738,061
    2,730,144
Total FINANCIALS
(Cost $31,438,040) 		  38,552,624
CONSUMER DISCRETIONARY — 10.51%
Diversified Consumer Services — 4.42%
Mister Car Wash, Inc. * 254,446 2,007,579
OneSpaWorld Holdings Ltd. 1 199,204 3,344,635
Stride, Inc. * 36,186 4,577,529
Universal Technical Institute, Inc. * 129,904 3,335,935
    13,265,678
Hotels, Restaurants & Leisure — 3.62%
Genius Sports Ltd. 1,* 465,348 4,658,133
Kura Sushi USA, Inc. - A * 18,373 940,698
Lindblad Expeditions Holdings, Inc. * 102,912 953,994
Rush Street Interactive, Inc. * 402,461 4,314,382
    10,867,207
Specialty Retail — 1.40%
Revolve Group, Inc. * 40,357 867,272
The RealReal, Inc. * 292,821 1,578,305
Warby Parker, Inc. - A * 95,277 1,736,900
    4,182,477
Textiles, Apparel & Luxury Goods — 0.56%
Wolverine World Wide, Inc. 120,760 1,679,772
Leisure Products — 0.51%
Latham Group, Inc. * 236,556 1,521,055
Total CONSUMER DISCRETIONARY
(Cost $30,154,392) 		  31,516,189
INFORMATION TECHNOLOGY — 8.93%
Software — 4.98%
Agilysys, Inc. * 15,051 1,091,800
Alkami Technology, Inc. * 128,254 3,366,667
AvePoint, Inc. * 181,898 2,626,607
Olo, Inc. - A * 203,253 1,227,648
Porch Group, Inc. * 518,802 3,782,067
SoundHound AI, Inc. - A * 161,458 1,311,039
Weave Communications, Inc. * 137,787 1,528,058
    14,933,886
Electronic Equipment, Instruments & Components — 2.27%
Arlo Technologies, Inc. * 226,944 2,239,937
FARO Technologies, Inc. * 118,883 3,245,506
Gauzy Ltd. 1,* 35,134 281,072
Powerfleet, Inc. NJ * 188,131 1,032,839
    6,799,354
 
14
Driehaus Micro Cap Growth Fund
Schedule of Investments
March 31, 2025 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
IT Services — 0.91%
Grid Dynamics Holdings, Inc. * 174,745 $2,734,759
Technology Hardware, Storage & Peripherals — 0.42%
Corsair Gaming, Inc. * 141,838 1,256,685
Semiconductors & Semiconductor Equipment — 0.35%
SiTime Corp. * 6,863 1,049,147
Total INFORMATION TECHNOLOGY
(Cost $27,215,040) 		  26,773,831
ENERGY — 6.73%
Oil, Gas & Consumable Fuels — 3.98%
BKV Corp. * 53,538 1,124,298
Centrus Energy Corp. - A * 25,066 1,559,356
Golar LNG Ltd. 1 36,129 1,372,541
Gulfport Energy Corp. * 22,587 4,159,170
Sable Offshore Corp. * 78,448 1,990,226
Uranium Energy Corp. * 358,853 1,715,317
    11,920,908
Energy Equipment & Services — 2.75%
Aris Water Solutions, Inc. - A 105,844 3,391,242
Kodiak Gas Services, Inc. 54,544 2,034,491
Solaris Energy Infrastructure, Inc. 130,194 2,833,021
    8,258,754
Total ENERGY
(Cost $19,877,616) 		  20,179,662
CONSUMER STAPLES — 3.55%
Beverages — 1.62%
The Vita Coco Co., Inc. * 158,030 4,843,620
Consumer Staples Distribution & Retail — 0.81%
Guardian Pharmacy Services, Inc. - A * 65,133 1,384,728
Natural Grocers by Vitamin Cottage, Inc. 26,256 1,055,491
    2,440,219
Food Products — 0.76%
Vital Farms, Inc. * 74,503 2,270,106
Personal Care Products — 0.36%
Lifevantage Corp. 74,312 1,083,469
Total CONSUMER STAPLES
(Cost $10,543,209) 		  10,637,414
COMMUNICATION SERVICES — 2.94%
Interactive Media & Services — 1.41%
QuinStreet, Inc. * 236,740 4,223,441
Media — 0.93%
Gambling.com Group Ltd. 1,* 121,355 1,531,500
Magnite, Inc. * 109,163 1,245,550
    2,777,050
  Shares,
Principal
Amount, or
Number of
Contracts 		  Value
Entertainment — 0.60%
IMAX Corp. 1,* 68,617   $1,808,058
Total COMMUNICATION SERVICES
(Cost $8,874,999) 		    8,808,549
MATERIALS — 1.64%
Construction Materials — 1.40%
Knife River Corp. * 46,505   4,195,216
Containers & Packaging — 0.24%
Ranpak Holdings Corp. * 137,390   744,654
Total MATERIALS
(Cost $3,848,239) 		    4,939,870
REAL ESTATE — 0.76%
Real Estate Management & Development — 0.76%
Landbridge Co. LLC - A 31,603   2,273,520
Total REAL ESTATE
(Cost $1,679,148) 		    2,273,520
Total COMMON STOCKS
(Cost $270,872,201) 		    292,774,866
SHORT TERM INVESTMENTS — 2.01%
Northern Institutional U.S. Government Select Portfolio (Shares Class), 4.23% 2
(Cost $6,022,988) 		6,022,988   6,022,988
TOTAL INVESTMENTS
(Cost $276,895,189) 		99.65%   $298,797,854
Other Assets In Excess of Liabilities 0.35%   1,039,262
Net Assets 100.00%   $299,837,116
    
ADR American Depositary Receipt
PLC Public Limited Company
    
1 Foreign security denominated and/or traded in U.S. dollars.
2 7 day current yield as of March 31, 2025 is disclosed.
* Non-income producing security.
Percentages are stated as a percent of net assets.
 
15
Driehaus Small Cap Growth Fund
Schedule of Investments
March 31, 2025 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
COMMON STOCKS — 97.88%
HEALTH CARE — 26.77%
Biotechnology — 18.26%
ADMA Biologics, Inc. * 366,943 $7,280,149
Alkermes PLC 1,* 166,402 5,494,594
Apogee Therapeutics, Inc. * 214,482 8,013,048
Avidity Biosciences, Inc. * 191,277 5,646,497
Blueprint Medicines Corp. * 50,975 4,511,797
Bridgebio Pharma, Inc. * 265,995 9,195,447
Crinetics Pharmaceuticals, Inc. * 506,429 16,985,629
Insmed, Inc. * 48,246 3,680,687
Kymera Therapeutics, Inc. * 136,187 3,727,438
Merus NV 1,* 149,120 6,276,461
Natera, Inc. * 113,775 16,088,923
Nuvalent, Inc. - A * 70,857 5,025,178
PTC Therapeutics, Inc. * 215,744 10,994,314
Rhythm Pharmaceuticals, Inc. * 162,950 8,631,462
Soleno Therapeutics, Inc. * 51,959 3,712,471
Spyre Therapeutics, Inc. * 197,570 3,187,792
TG Therapeutics, Inc. * 162,578 6,410,451
Travere Therapeutics, Inc. * 398,519 7,141,460
Ultragenyx Pharmaceutical, Inc. * 178,896 6,477,824
Vaxcyte, Inc. * 142,716 5,388,956
Veracyte, Inc. * 191,055 5,664,781
Xenon Pharmaceuticals, Inc. 1,* 371,862 12,475,970
    162,011,329
Health Care Equipment & Supplies — 4.25%
Glaukos Corp. * 143,978 14,170,315
Globus Medical, Inc. - A * 123,929 9,071,603
Inspire Medical Systems, Inc. * 15,055 2,397,960
Integer Holdings Corp. * 39,763 4,692,432
Merit Medical Systems, Inc. * 21,738 2,297,924
TransMedics Group, Inc. * 75,757 5,096,931
    37,727,165
Pharmaceuticals — 2.68%
Axsome Therapeutics, Inc. * 44,942 5,241,585
Corcept Therapeutics, Inc. * 32,992 3,768,346
Edgewise Therapeutics, Inc. * 153,767 3,382,874
Septerna, Inc. * 185,391 1,073,414
Structure Therapeutics, Inc. - ADR 1,* 115,318 1,996,155
Tarsus Pharmaceuticals, Inc. * 59,960 3,080,145
WaVe Life Sciences Ltd. 1,* 646,898 5,226,936
    23,769,455
Health Care Providers & Services — 1.58%
GeneDx Holdings Corp. * 27,548 2,439,788
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Guardant Health, Inc. * 271,323 $11,558,360
    13,998,148
Total HEALTH CARE
(Cost $242,324,919) 		  237,506,097
INDUSTRIALS — 20.99%
Machinery — 7.96%
Allison Transmission Holdings, Inc. 30,649 2,932,190
Chart Industries, Inc. * 52,163 7,530,251
Crane Co. 71,933 11,018,697
Esab Corp. 65,603 7,642,750
ESCO Technologies, Inc. 44,562 7,090,705
Federal Signal Corp. 71,337 5,246,836
Flowserve Corp. 241,510 11,795,348
Gates Industrial Corp. PLC 1,* 318,493 5,863,456
JBT Marel Corp. 94,098 11,498,776
    70,619,009
Aerospace & Defense — 6.59%
Axon Enterprise, Inc. * 25,153 13,229,220
Curtiss-Wright Corp. 40,728 12,921,773
Embraer SA - SP ADR 1,* 225,564 10,421,057
Karman Holdings, Inc. * 137,147 4,583,453
Kratos Defense & Security Solutions, Inc. * 253,446 7,524,812
Leonardo DRS, Inc. 138,799 4,563,711
Loar Holdings, Inc. * 73,585 5,198,780
    58,442,806
Trading Companies & Distributors — 2.34%
Applied Industrial Technologies, Inc. 29,924 6,743,074
FTAI Aviation Ltd. 126,473 14,042,297
    20,785,371
Electrical Equipment — 1.55%
Bloom Energy Corp. - A * 224,896 4,421,455
Enovix Corp. * 351,006 2,576,384
NEXTracker, Inc. - A * 160,499 6,763,428
    13,761,267
Professional Services — 1.11%
ExlService Holdings, Inc. * 208,412 9,839,131
Commercial Services & Supplies — 0.64%
ACV Auctions, Inc. - A * 402,121 5,665,885
Construction & Engineering — 0.51%
Construction Partners, Inc. - A * 62,484 4,490,725
Ground Transportation — 0.29%
RXO, Inc. * 136,441 2,606,023
Total INDUSTRIALS
(Cost $167,008,636) 		  186,210,217
 
16
Driehaus Small Cap Growth Fund
Schedule of Investments
March 31, 2025 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
INFORMATION TECHNOLOGY — 12.45%
Software — 10.66%
Alkami Technology, Inc. * 217,099 $5,698,849
Clearwater Analytics Holdings, Inc. - A * 394,306 10,567,401
CommVault Systems, Inc. * 82,180 12,964,717
Confluent, Inc. - A * 226,622 5,312,020
CyberArk Software Ltd. 1,* 59,941 20,260,058
Elastic NV 1,* 120,124 10,703,048
Freshworks, Inc. - A * 509,176 7,184,473
Gitlab, Inc. - A * 116,634 5,481,798
Monday.com Ltd. 1,* 32,152 7,818,080
Nutanix, Inc. - A * 123,372 8,612,599
    94,603,043
IT Services — 0.66%
Wix.com Ltd. 1,* 35,846 5,856,519
Electronic Equipment, Instruments & Components — 0.64%
Coherent Corp. * 86,970 5,647,832
Semiconductors & Semiconductor Equipment — 0.49%
Astera Labs, Inc. * 28,280 1,687,468
SiTime Corp. * 17,468 2,670,333
    4,357,801
Total INFORMATION TECHNOLOGY
(Cost $112,267,950) 		  110,465,195
CONSUMER DISCRETIONARY — 10.81%
Hotels, Restaurants & Leisure — 6.41%
Cava Group, Inc. * 39,689 3,429,527
Dutch Bros, Inc. - A * 192,261 11,870,194
Life Time Group Holdings, Inc. * 451,073 13,622,405
Planet Fitness, Inc. - A * 60,740 5,868,091
Shake Shack, Inc. - A * 30,017 2,646,599
Sportradar Group AG - A 1,* 383,186 8,284,481
Sweetgreen, Inc. - A * 113,200 2,832,264
The Cheesecake Factory, Inc. 171,359 8,338,329
    56,891,890
Specialty Retail — 1.69%
Boot Barn Holdings, Inc. * 41,248 4,431,272
Carvana Co. * 37,461 7,832,346
Lithia Motors, Inc. 9,333 2,739,609
    15,003,227
Diversified Consumer Services — 1.54%
Grand Canyon Education, Inc. * 19,157 3,314,544
Stride, Inc. * 81,828 10,351,242
    13,665,786
Household Durables — 0.87%
Champion Homes, Inc. * 81,308 7,704,746
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Automobile Components — 0.30%
Modine Manufacturing Co. * 34,472 $2,645,726
Total CONSUMER DISCRETIONARY
(Cost $77,122,478) 		  95,911,375
FINANCIALS — 9.21%
Insurance — 4.50%
Goosehead Insurance, Inc. - A 39,113 4,617,681
HCI Group, Inc. 55,059 8,216,455
Kemper Corp. 119,437 7,984,363
Palomar Holdings, Inc. * 74,439 10,204,098
Skyward Specialty Insurance Group, Inc. * 168,834 8,934,695
    39,957,292
Consumer Finance — 1.63%
LendingClub Corp. * 471,585 4,866,757
Upstart Holdings, Inc. * 207,743 9,562,410
    14,429,167
Financial Services — 1.59%
Paymentus Holdings, Inc. - A * 277,449 7,241,419
Remitly Global, Inc. * 330,280 6,869,824
    14,111,243
Banks — 1.08%
The Bancorp, Inc. * 84,315 4,455,205
Western Alliance Bancorp 66,735 5,127,250
    9,582,455
Capital Markets — 0.41%
Evercore, Inc. - A 18,062 3,607,343
Total FINANCIALS
(Cost $76,600,288) 		  81,687,500
MATERIALS — 5.37%
Metals & Mining — 3.68%
Carpenter Technology Corp. 76,054 13,779,464
MP Materials Corp. * 294,861 7,197,557
Pan American Silver Corp. 1 451,481 11,661,754
    32,638,775
Construction Materials — 1.69%
Knife River Corp. * 165,864 14,962,591
Total MATERIALS
(Cost $40,779,382) 		  47,601,366
ENERGY — 5.04%
Oil, Gas & Consumable Fuels — 2.54%
Cameco Corp. 1 158,142 6,509,125
Gulfport Energy Corp. * 59,013 10,866,654
Uranium Energy Corp. * 1,080,929 5,166,840
    22,542,619
 
17
Driehaus Small Cap Growth Fund
Schedule of Investments
March 31, 2025 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Energy Equipment & Services — 2.50%
Archrock, Inc. 202,917 $5,324,542
Aris Water Solutions, Inc. - A 123,855 3,968,314
Solaris Energy Infrastructure, Inc. 256,138 5,573,563
TechnipFMC PLC 1 231,319 7,330,499
    22,196,918
Total ENERGY
(Cost $40,230,869) 		  44,739,537
CONSUMER STAPLES — 4.38%
Consumer Staples Distribution & Retail — 2.52%
Sprouts Farmers Market, Inc. * 146,131 22,305,436
Personal Care Products — 1.86%
BellRing Brands, Inc. * 222,093 16,537,045
Total CONSUMER STAPLES
(Cost $19,685,608) 		  38,842,481
COMMUNICATION SERVICES — 1.65%
Interactive Media & Services — 0.72%
QuinStreet, Inc. * 357,049 6,369,754
Media — 0.47%
Magnite, Inc. * 364,029 4,153,571
Entertainment — 0.46%
Roku, Inc. * 57,806 4,071,855
Total COMMUNICATION SERVICES
(Cost $16,782,706) 		  14,595,180
REAL ESTATE — 1.21%
Real Estate Management & Development — 1.21%
Compass, Inc. - A * 1,228,174 10,721,959
Total REAL ESTATE
(Cost $7,953,172) 		  10,721,959
Total COMMON STOCKS
(Cost $800,756,008) 		  868,280,907
  Shares,
Principal
Amount, or
Number of
Contracts 		  Value
SHORT TERM INVESTMENTS — 0.91%
Northern Institutional U.S. Government Select Portfolio (Shares Class), 4.23% 2
(Cost $8,050,559) 		8,050,559   $8,050,559
TOTAL INVESTMENTS
(Cost $808,806,567) 		98.79%   $876,331,466
Other Assets In Excess of Liabilities 1.21%   10,778,045
Net Assets 100.00%   $887,109,511
    
ADR American Depositary Receipt
PLC Public Limited Company
SP ADR Sponsored American Depositary Receipt
    
1 Foreign security denominated and/or traded in U.S. dollars.
2 7 day current yield as of March 31, 2025 is disclosed.
* Non-income producing security.
Percentages are stated as a percent of net assets.
 
18
Driehaus Small/Mid Cap Growth Fund
Schedule of Investments
March 31, 2025 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
COMMON STOCKS — 97.89%
HEALTH CARE — 24.09%
Biotechnology — 14.40%
Alnylam Pharmaceuticals, Inc. * 1,473 $397,739
Apogee Therapeutics, Inc. * 10,247 382,828
Argenx SE - ADR 1,* 1,289 762,914
Ascendis Pharma A/S - ADR 1,* 3,922 611,283
Avidity Biosciences, Inc. * 9,280 273,946
Bridgebio Pharma, Inc. * 6,007 207,662
Crinetics Pharmaceuticals, Inc. * 28,932 970,379
Exelixis, Inc. * 11,982 442,375
Insmed, Inc. * 2,624 200,185
Kymera Therapeutics, Inc. * 9,796 268,117
Natera, Inc. * 8,875 1,255,014
Neurocrine Biosciences, Inc. * 2,803 310,012
PTC Therapeutics, Inc. * 9,722 495,433
Spyre Therapeutics, Inc. * 10,806 174,355
Vaxcyte, Inc. * 8,070 304,723
Xenon Pharmaceuticals, Inc. 1,* 16,250 545,187
    7,602,152
Health Care Equipment & Supplies — 7.51%
Glaukos Corp. * 7,421 730,375
Globus Medical, Inc. - A * 7,393 541,168
Insulet Corp. * 3,766 988,989
Integer Holdings Corp. * 1,883 222,213
Lantheus Holdings, Inc. * 3,278 319,933
Merit Medical Systems, Inc. * 3,209 339,223
Penumbra, Inc. * 1,970 526,798
TransMedics Group, Inc. * 4,433 298,252
    3,966,951
Health Care Providers & Services — 1.20%
Guardant Health, Inc. * 14,910 635,166
Pharmaceuticals — 0.98%
Corcept Therapeutics, Inc. * 1,967 224,671
Jazz Pharmaceuticals PLC 1,* 2,338 290,262
    514,933
Total HEALTH CARE
(Cost $12,847,842) 		  12,719,202
INDUSTRIALS — 16.67%
Aerospace & Defense — 5.81%
Axon Enterprise, Inc. * 2,242 1,179,180
BWX Technologies, Inc. 2,739 270,202
Curtiss-Wright Corp. 2,265 718,616
Howmet Aerospace, Inc. 4,953 642,553
Leonardo DRS, Inc. 7,835 257,615
    3,068,166
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Machinery — 4.44%
Allison Transmission Holdings, Inc. 1,827 $174,789
Chart Industries, Inc. * 2,366 341,556
Crane Co. 3,853 590,203
Flowserve Corp. 15,495 756,776
JBT Marel Corp. 1,505 183,911
RBC Bearings, Inc. * 916 294,741
    2,341,976
Trading Companies & Distributors — 2.64%
Core & Main, Inc. - A * 12,452 601,556
FTAI Aviation Ltd. 7,149 793,754
    1,395,310
Construction & Engineering — 1.35%
Quanta Services, Inc. 2,808 713,737
Professional Services — 1.07%
ExlService Holdings, Inc. * 5,901 278,586
UL Solutions, Inc. - A 5,091 287,133
    565,719
Electrical Equipment — 0.70%
Acuity, Inc. 1,404 369,743
Building Products — 0.40%
AAON, Inc. 2,702 211,107
Ground Transportation — 0.26%
Saia, Inc. * 391 136,627
Total INDUSTRIALS
(Cost $7,300,981) 		  8,802,385
INFORMATION TECHNOLOGY — 16.02%
Software — 12.42%
Clearwater Analytics Holdings, Inc. - A * 22,308 597,854
CommVault Systems, Inc. * 3,568 562,888
Confluent, Inc. - A * 16,125 377,970
CyberArk Software Ltd. 1,* 3,766 1,272,908
Docusign, Inc. * 7,549 614,489
Elastic NV 1,* 7,955 708,790
Fair Isaac Corp. * 221 407,559
Gitlab, Inc. - A * 7,614 357,858
Guidewire Software, Inc. * 2,997 561,518
Monday.com Ltd. 1,* 1,929 469,056
Nutanix, Inc. - A * 8,990 627,592
    6,558,482
IT Services — 1.73%
Twilio, Inc. - A * 6,380 624,666
Wix.com Ltd. 1,* 1,781 290,980
    915,646
Electronic Equipment, Instruments & Components — 1.68%
Coherent Corp. * 3,996 259,500
 
19
Driehaus Small/Mid Cap Growth Fund
Schedule of Investments
March 31, 2025 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Teledyne Technologies, Inc. * 1,261 $627,612
    887,112
Semiconductors & Semiconductor Equipment — 0.19%
Astera Labs, Inc. * 1,631 97,322
Total INFORMATION TECHNOLOGY
(Cost $8,008,756) 		  8,458,562
CONSUMER DISCRETIONARY — 13.47%
Hotels, Restaurants & Leisure — 6.95%
Cava Group, Inc. * 2,661 229,937
Dutch Bros, Inc. - A * 10,620 655,679
Life Time Group Holdings, Inc. * 26,630 804,226
Norwegian Cruise Line Holdings Ltd. * 25,383 481,262
Planet Fitness, Inc. - A * 4,456 430,494
Shake Shack, Inc. - A * 1,781 157,031
Sportradar Group AG - A 1,* 12,309 266,121
Sweetgreen, Inc. - A * 6,804 170,236
The Cheesecake Factory, Inc. 4,240 206,318
Viking Holdings Ltd. * 6,730 267,517
    3,668,821
Specialty Retail — 4.69%
Bath & Body Works, Inc. 7,959 241,317
Boot Barn Holdings, Inc. * 2,196 235,916
Burlington Stores, Inc. * 1,777 423,513
Carvana Co. * 4,530 947,132
Chewy, Inc. - A * 8,102 263,396
Lithia Motors, Inc. 552 162,034
RH * 861 201,827
    2,475,135
Textiles, Apparel & Luxury Goods — 0.81%
Birkenstock Holding PLC 1,* 6,122 280,694
VF Corp. 9,676 150,171
    430,865
Household Durables — 0.73%
SharkNinja, Inc. * 4,636 386,689
Automobile Components — 0.29%
Modine Manufacturing Co. * 1,978 151,812
Total CONSUMER DISCRETIONARY
(Cost $6,916,416) 		  7,113,322
FINANCIALS — 7.93%
Capital Markets — 3.07%
Evercore, Inc. - A 1,068 213,301
Robinhood Markets, Inc. - A * 16,508 687,063
Tradeweb Markets, Inc. - A 4,866 722,406
    1,622,770
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Financial Services — 2.72%
Affirm Holdings, Inc. * 10,137 $458,091
Paymentus Holdings, Inc. - A * 14,860 387,846
Toast, Inc. - A * 17,778 589,696
    1,435,633
Insurance — 0.90%
Kemper Corp. 7,080 473,298
Banks — 0.73%
Western Alliance Bancorp 5,041 387,300
Consumer Finance — 0.51%
Upstart Holdings, Inc. * 5,819 267,849
Total FINANCIALS
(Cost $3,580,867) 		  4,186,850
CONSUMER STAPLES — 5.40%
Consumer Staples Distribution & Retail — 3.05%
BJ's Wholesale Club Holdings, Inc. * 4,447 507,403
Sprouts Farmers Market, Inc. * 7,218 1,101,755
    1,609,158
Personal Care Products — 1.47%
BellRing Brands, Inc. * 10,408 774,980
Beverages — 0.88%
Primo Brands Corp. 13,188 468,042
Total CONSUMER STAPLES
(Cost $1,867,985) 		  2,852,180
ENERGY — 4.72%
Oil, Gas & Consumable Fuels — 3.72%
Antero Resources Corp. * 26,561 1,074,127
Cameco Corp. 1 10,219 420,614
NexGen Energy Ltd. 1,* 58,347 261,978
Texas Pacific Land Corp. 157 208,023
    1,964,742
Energy Equipment & Services — 1.00%
TechnipFMC PLC 1 16,724 529,984
Total ENERGY
(Cost $2,175,616) 		  2,494,726
COMMUNICATION SERVICES — 4.22%
Entertainment — 3.36%
Roku, Inc. * 4,921 346,635
Take-Two Interactive Software, Inc. * 4,134 856,771
TKO Group Holdings, Inc. 3,738 571,204
    1,774,610
Interactive Media & Services — 0.86%
Reddit, Inc. - A * 4,304 451,490
Total COMMUNICATION SERVICES
(Cost $1,945,378) 		  2,226,100
 
20
Driehaus Small/Mid Cap Growth Fund
Schedule of Investments
March 31, 2025 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		  Value
MATERIALS — 3.29%
Metals & Mining — 2.94%
Alamos Gold, Inc. - A 1 10,970   $293,338
Carpenter Technology Corp. 4,152   752,259
Royal Gold, Inc. 3,112   508,843
      1,554,440
Chemicals — 0.35%
The Mosaic Co. 6,753   182,399
Total MATERIALS
(Cost $1,678,452) 		    1,736,839
REAL ESTATE — 2.08%
Real Estate Management & Development — 2.08%
Compass, Inc. - A * 61,616   537,908
CoStar Group, Inc. * 3,821   302,738
Zillow Group, Inc. - A * 3,862   258,213
      1,098,859
Total REAL ESTATE
(Cost $1,177,852) 		    1,098,859
Total COMMON STOCKS
(Cost $47,500,145) 		    51,689,025
SHORT TERM INVESTMENTS — 6.01%
Northern Institutional Government Portfolio (Shares Class), 4.16% 2
(Cost $3,173,151) 		3,173,151   3,173,151
TOTAL INVESTMENTS
(Cost $50,673,296) 		103.90%   $54,862,176
Liabilities In Excess of Other Assets (3.90)%   (2,058,461)
Net Assets 100.00%   $52,803,715
    
ADR American Depositary Receipt
PLC Public Limited Company
    
1 Foreign security denominated and/or traded in U.S. dollars.
2 7 day current yield as of March 31, 2025 is disclosed.
* Non-income producing security.
Percentages are stated as a percent of net assets.
21
Driehaus Event Driven Fund
Schedule of Investments
March 31, 2025 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
BANK LOANS — 5.71%
Leisure Facilities & Services — 2.31%
Crown Finance US, Inc., Initial Term Loan 
9.57%, (1-Month USD CME Term SOFR+525 basis points), 12/2/31 1 		$4,428,900 $4,400,422
Leisure Products — 1.55%
Recess Holdings, Inc., Initial Term Loan 
8.05%, (3-Month USD CME Term SOFR+375 basis points), 2/20/30 1 		2,954,216 2,950,523
Technology Hardware — 0.30%
NCR Atleos Corp., New Term B Loan 
8.05%, (3-Month USD CME Term SOFR+375 basis points), 4/16/29 1 		576,739 578,181
Telecommunications — 1.55%
Crown Subsea Communications Holding, Inc., 2024 Term Loan 
8.32%, (1-Month USD CME Term SOFR+400 basis points), 1/30/31 1 		2,959,635 2,959,635
Total BANK LOANS
(Cost $10,855,149) 		  10,888,761
CORPORATE BONDS — 19.81%
Banking — 2.36%
Huntington Capital II 
5.19%, (CME Term SOFR 3M + 89 basis points), 6/15/28 2 		2,322,000 2,218,634
Huntington Capital Trust I 
5.25%, (CME Term SOFR 3M + 96 basis points), 2/1/27 2 		2,322,000 2,270,665
    4,489,299
Electric Utilities — 7.66%
NRG Energy, Inc. 
10.25%, (U.S. Treasury Yield Curve Rate CMT 5Y + 592 basis points), 3/15/28 2,3,4,5 		4,933,580 5,431,941
Vistra Corp. 
7.00%, (U.S. Treasury Yield Curve Rate CMT 5Y + 574 basis points), 12/15/26 2,3,4,5,6 		9,050,000 9,164,012
    14,595,953
Insurance — 2.81%
Genworth Holdings, Inc. 
6.59%, (CME Term SOFR 3M + 226 basis points), 10/15/36 2 		6,571,000 5,355,718
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Leisure Facilities & Services — 0.90%
Six Flags Entertainment Corp. 
7.00%, 7/1/25 3,5 		$1,720,000 $1,721,981
Real Estate Investment Trusts — 3.39%
Service Properties Trust 
8.63%, 11/15/31 3,5 		6,114,000 6,449,745
Software — 2.21%
Porch Group, Inc. 
0.75%, 9/15/26 3,5 		4,761,000 4,207,772
Technology Hardware — 0.48%
NCR Atleos Corp. 
9.50%, 4/1/29 3,5 		847,000 918,406
Total CORPORATE BONDS
(Cost $36,432,388) 		  37,738,874
COMMON STOCKS — 47.55%
Asset Management — 19.64%
Archimedes Tech SPAC Partners II Co. * 393,512 3,966,601
Bold Eagle Acquisition Corp. - A * 532,713 5,407,037
Cannae Holdings, Inc. 516,519 9,467,793
Churchill Capital Corp. IX * 22,542 242,552
Dynamix Corp. * 418,000 4,159,100
Gesher Acquisition Corp. II * 186,949 1,875,099
K&F Growth Acquisition Corp. II - A * 588,826 5,864,707
NewHold Investment Corp. III * 234,937 2,370,514
Oaktree Acquisition Corp. III Life Sciences - A * 399,535 4,075,257
    37,428,660
Banking — 3.45%
Blue Foundry Bancorp * 714,442 6,572,866
Biotechnology & Pharmaceuticals — 7.97%
Apogee Therapeutics, Inc. * 28,754 1,074,249
Crinetics Pharmaceuticals, Inc. * 172,038 5,770,155
Septerna, Inc. * 197,222 1,141,915
Viridian Therapeutics, Inc. * 185,549 2,501,201
Xenon Pharmaceuticals, Inc. 7,* 140,314 4,707,535
    15,195,055
Commercial Support Services — 3.21%
GXO Logistics, Inc. * 68,374 2,672,056
UniFirst Corp. 11,640 2,025,360
Vestis Corp. 142,327 1,409,037
    6,106,453
Industrial Intermediate Products — 2.21%
Hillman Solutions Corp. * 477,958 4,201,251
Industrial Support Services — 2.50%
WillScot Holdings Corp. 6 171,287 4,761,779
Leisure Facilities & Services — 6.02%
Caesars Entertainment, Inc. * 36,548 913,700
 
22
Driehaus Event Driven Fund
Schedule of Investments
March 31, 2025 (unaudited)
  Shares,
Principal
Amount, or
Number of
Contracts 		Value
Golden Entertainment, Inc. 186,071 $4,910,414
Lucky Strike Entertainment Corp. 317,361 3,097,443
Penn Entertainment, Inc. * 156,671 2,555,304
    11,476,861
Medical Equipment & Devices — 0.11%
Beta Bionics, Inc. * 16,669 204,028
Retail - Consumer Staples — 2.33%
Albertsons Cos., Inc. - A 202,074 4,443,607
Software — 0.11%
QXO, Inc. * 15,241 206,363
Total COMMON STOCKS
(Cost $102,390,271) 		  90,596,923
PREFERRED STOCKS — 2.73%
Industrial Support Services — 2.73%
WESCO International, Inc.
10.63%, (U.S. Treasury Yield Curve Rate CMT 5Y + 1033 basis points) 2 		205,943 5,202,120
Total PREFERRED STOCKS
(Cost $5,536,501) 		  5,202,120
RIGHTS — 0.11%
Asset Management — 0.11%
Bold Eagle Acquisition Corp. 
* 		$532,713 133,072
K&F Growth Acquisition Corp. II 
* 		588,826 70,659
    203,731
Total RIGHTS
(Cost $0) 		  203,731
SOVEREIGN BONDS — 3.46%
Transportation & Logistics — 3.46%
Danaos Corp. 
8.50%, 3/1/28 3,5,7 		6,489,000 6,596,263
Total SOVEREIGN BONDS
(Cost $6,506,259) 		  6,596,263
WARRANTS — 0.10%
Ares Acquisition Corp. II, Exp. 4/21/28, Strike $0.00 * 100,188 29,054
Bridger Aerospace Group Holdings, Inc., Exp. 12/31/27, Strike $11.50 * 151,497 8,090
Calidi Biotherapeutics, Inc., Exp. 9/10/26, Strike $115.00 * 193,125 1,255
Churchill Capital Corp. IX, Exp. 12/6/29, Strike $11.50 * 5,635 3,494
Dynamix Corp., Exp. 12/6/29, Strike $11.50 * 209,000 59,586
  Shares,
Principal
Amount, or
Number of
Contracts 		  Value
Haymaker Acquisition Corp. 4, Exp. 5/31/28, Strike $11.50 * 103,828   $21,752
Inspirato, Inc., Exp. 1/1/30, Strike $11.50 * 35,733   272
Oaktree Acquisition Corp. III Life Sciences, Exp. 12/6/29, Strike $11.50 * 79,907   54,337
Pagaya Technologies Ltd., Exp. 5/31/27, Strike $0.00 7,* 121,900   16,456
Revolution Medicines, Inc., Exp. 11/14/28, Strike $11.50 * 26,680   1,014
SomaLogic, Inc., Exp. 12/31/27, Strike $11.50 * 22,690   2,292
Total WARRANTS
(Cost $9,328) 		    197,602
SHORT TERM INVESTMENTS — 18.44%
Northern Institutional Treasury Portfolio (Premier Class), 4.18% 8
(Cost $35,138,955) 		35,138,955   35,138,955
TOTAL INVESTMENTS
(Cost $196,868,851) 		97.91%   $186,563,229
Other Assets In Excess of Liabilities 2.09%   3,981,401
Net Assets 100.00%   $190,544,630
INVESTMENT SECURITIES SOLD SHORT — (0.59)%
CORPORATE BONDS — (0.59)%
Real Estate Investment Trusts — (0.59)%
Service Properties Trust
4.75%, 10/1/26 		(1,144,000)   (1,121,086)
Total CORPORATE BONDS
(Proceeds $1,091,004) 		    (1,121,086)
TOTAL INVESTMENT SECURITIES SOLD SHORT
(Proceeds $1,091,004) 		(0.59)%   $(1,121,086)
    
CMT Constant Maturity
    
1 Bank loans in which the Fund invests pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (“LIBOR”), (ii) the prime rate offered by one or more United States banks or (iii) the certificate of deposit rate. Certain bank loans are subject to a LIBOR floor that establishes a minimum LIBOR rate. The interest rate shown reflects the rate in effect at March 31, 2025. Bank loans generally are subject to mandatory and/or optional repayment. As a result, the actual remaining maturity may be substantially less than the stated maturities shown.
 
23
Driehaus Event Driven Fund
Schedule of Investments
March 31, 2025 (unaudited)
2 Variable rate security. Rates disclosed as of March 31, 2025.
3 Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $34,490,120, which represents 18% of Net Assets.
4 Perpetual security. Maturity date shown is the next call date or final legal maturity date, whichever comes first.
5 Restricted securities - The Fund may own investment securities that have other legal or contractual limitations. At March 31, 2025, the value of restricted securities amounted to $34,490,120 or 18% of net assets.
    
Restricted Security Acquisition Date Acquisition Cost
Danaos Corp., 8.50%, 3/01/28 6/29/23-4/17/24 6,514,119
NCR Atleos Corp., 9.50%, 4/01/29 2/27/24 889,462
NRG Energy, Inc., 10.25%, 3/15/28 3/2/23-11/20/23 4,865,928
Porch Group, Inc., 0.75%, 9/15/26 1/21/25-3/4/25 3,912,606
Service Properties Trust, 8.63%, 11/15/31 4/1/24-4/16/24 6,484,311
Six Flags Entertainment Corp., 7.00%, 7/01/25 11/2/23-11/3/23 1,728,600
Vistra Corp., 7.00%, 12/15/26 12/7/21-11/7/22 8,723,098
    
6 All or a portion of this security is pledged as collateral for short sales or derivatives transactions.
7 Foreign security denominated and/or traded in U.S. dollars.
8 7 day current yield as of March 31, 2025 is disclosed.
* Non-income producing security.
Percentages are stated as a percent of net assets.
24
Driehaus Event Driven Fund
Schedule of Investments
March 31, 2025 (unaudited)
TOTAL RETURN SWAPS
OTC SWAP CONTRACTS
Pay Rate Index/Pay Rate Receive
Rate/Receive
Rate Index 		Maturity
Date 		Counterparty Currency Notional
Amount 		Value   Upfront
Premiums
Paid/
(Received) 		  Unrealized
Appreciation
(Depreciation)
                     
MSHEWSC Basket* Financing Index: 1-Day US Federal Fund Effective Rate - 0.35% (Monthly) 4/30/2025 MS USD 2,722,878 $190,079   $—   $190,079
GSUCDHY1 Basket** Financing Index: 1-Day US Federal Fund Effective Rate - 1.30% (At Maturity) 5/5/2025 GSC USD 10,188,124 65,952   —   65,952
MSDRCASI Basket*** Financing Index: 1-Day US Federal Fund Effective Rate - 0.35% (Monthly) 5/13/2025 MS USD 3,540,486 496,571   —   496,571
Financing Index: 1-Day US Federal Fund Effective Rate - 1.60% (Monthly) FEDL01 Basket**** 3/6/2026 MS USD 231,554 2,333   —   2,333
GSCNNED3 Basket***** Financing Index: 1-Day US Federal Fund Effective Rate - 0.50% (Monthly) 3/25/2026 GSC USD 2,844,046 147,250   —   147,250
MSXXBIOH Basket****** Financing Index: 1-Day US Federal Fund Effective Rate - 0.95% (Monthly) 4/30/2026 MS USD 10,714,266 986,310   —   986,310
Subtotal Appreciation           $1,888,495   $—   $1,888,495
    
25
Driehaus Event Driven Fund
Schedule of Investments
March 31, 2025 (unaudited)
Pay Rate Index/Pay Rate Receive
Rate/Receive
Rate Index 		Maturity
Date 		Counterparty Currency Notional
Amount 		Value   Upfront
Premiums
Paid/
(Received) 		  Unrealized
Appreciation
(Depreciation)
SPDR S&P Regional Banking ETF Financing Index: 1-Day US Federal Fund Effective Rate - 0.50% (Monthly) 5/15/2025 MS USD 1,374,841 $(48,265)   $—   $(48,265)
GSCBDNYB Basket******* Financing Index: 1-Day US Federal Fund Effective Rate - 0.60% (Monthly) 2/11/2026 GSC USD 1,902,490 (31,675)   —   (31,675)
Subtotal Depreciation           $(79,940)   $—   $(79,940)
Net Total Return Swaps outstanding at March 31, 2025 $1,808,555   $—   $1,808,555
MS – Morgan Stanley                
GSC – Goldman Sachs International                
    
* MSHEWSC Basket consists of a portfolio of Common Stocks:
    
Underlying Components Shares Value Weight
United Rentals, Inc. 308 $193,052 7.09%
McGrath RentalCorp. 1,731 192,780 7.08%
SiteOne Landscape Supply, Inc. 1,464 177,804 6.53%
Ferguson PLC 964 154,387 5.67%
AECOM 1,571 145,674 5.35%
API Group Corp. 4,036 144,313 5.30%
Ryder System, Inc. 956 137,505 5.05%
MSC Industrial Direct Co., Inc. 1,557 120,896 4.44%
Genuine Parts Co. 1,008 120,079 4.41%
GMS, Inc. 1,541 112,727 4.14%
Beacon Roofing Supply, Inc. 850 105,103 3.86%
MasTec, Inc. 835 96,662 3.55%
Air Lease Corp. 1,956 94,484 3.47%
Quanta Services, Inc. 370 93,939 3.45%
Comfort Systems U.S.A, Inc. 272 87,677 3.22%
Pitney Bowes, Inc. 9,417 85,226 3.13%
Advanced Drainage Systems, Inc. 689 74,879 2.75%
Core & Main, Inc. 1,460 70,523 2.59%
Fasteral Co. 804 62,354 2.29%
Flour Corp. 1,741 62,354 2.29%
Sensata Technologies Holding PLC 2,547 61,809 2.27%
Construction Partners, Inc. 2,390 52,279 1.92%
AerCap Holdings N.V. 450 46,017 1.69%
Stanley Black & Decker, Inc. 588 45,200 1.66%
Primoris Services Corp. 735 42,205 1.55%
26
Driehaus Event Driven Fund
Schedule of Investments
March 31, 2025 (unaudited)
Underlying Components Shares Value   Weight
Atkore, Inc. 690 $41,388   1.52%
Terex Corp. 973 36,759   1.35%
Trex Co., Inc. 455 26,412   0.97%
Builders FirstSource, Inc. 185 23,144   0.85%
nVent Electric PLC 291 15,248   0.56%
    $2,722,879   100.00%
    
** GSUCDHY1 basket consists of a portfolio of Corporate Bonds:
    
  Principal Amount Value   Weight
Viking Cruises Ltd. 9.13% 7/15/2031 144A 343,764 $367,535   3.70%
Spirit Aerosystems, Inc. 9.38% 11/30/2029 144A 343,764 367,370   3.69%
Ncl Corporation Ltd. 7.75% 2/15/2029 144A 343,764 358,195   3.60%
Chart Industries, Inc. 7.5% 1/1/2030 144A 343,764 356,885   3.59%
Transdigm, Inc. 6.88% 12/15/2030 144A 343,764 351,946   3.54%
Rolls-Royce PLC 5.75% 10/15/2027 144A 343,764 351,839   3.54%
Weatherford International Ltd. 8.63% 4/30/2030 144A 343,764 349,852   3.52%
Wesco Distribution, Inc. 7.25% 6/15/2028 144A 343,764 348,429   3.50%
Emerald Debt Merger Sub LLC 6.63% 12/15/2030 144A 343,764 344,458   3.46%
Mauser Packaging Solutions Holding Co. 7.88% 8/15/2026 144A 343,764 343,358   3.45%
Transocean, Inc. 8.00% 2/1/2027 144A 343,764 342,794   3.45%
Bath & Body Works, Inc. 6.75% 7/1/2036 343,764 342,564   3.44%
Carnival Corp. 6.00% 5/1/2029 144A 343,764 342,203   3.44%
Wynn Las Vegas LLC 5.25% 5/15/2027 144A 343,764 340,041   3.42%
Aramark Services, Inc. 5.00% 2/1/2028 144A 343,764 337,356   3.39%
Mgm Resorts International 4.75% 10/15/2028 343,764 331,540   3.33%
Gfl Environmental, Inc. 4.75% 6/15/2029 144A 343,764 331,516   3.33%
Imola Merger Corp. 4.75% 5/15/2029 144A 343,764 327,129   3.29%
Las Vegas Sands Corp. 3.90% 8/8/2029 343,764 323,753   3.25%
Asbury Automotive Group, Inc. 4.63% 11/15/2029 144A 343,764 323,355   3.25%
Yum! Brands, Inc. 4.63% 1/31/2032 343,764 322,292   3.24%
Sensata Technologies BV 4.00% 4/15/2029 144A 343,764 316,672   3.18%
Petsmart LLC 7.75% 2/15/2029 144A 343,764 315,781   3.17%
1011778 B.C. Unlimited Liability Co. 4.00% 10/15/2030 144A 343,764 311,911   3.14%
Builders Firstsource, Inc. 4.25% 2/1/2032 144A 343,764 308,532   3.10%
Hilton Domestic Operating Co., Inc. 3.63% 2/15/2032 144A 343,764 301,976   3.04%
Standard Building Solutions, Inc. 3.38% 1/15/2031 144A 343,764 299,319   3.01%
Ball Corp. 3.13% 9/15/2031 343,764 298,212   3.00%
Fertitta Entertainment LLC 6.75% 1/15/2030 144A 343,764 297,913   2.99%
Ardagh Metal Packaging Finance USA LLC 4.00% 9/1/2029 144A 343,764 293,482   2.95%
Royal Caribbean Cruises Ltd. 8.25% 1/15/2029 144A 343,764 0   0.00%
    $9,948,208   100.00%
    
27
Driehaus Event Driven Fund
Schedule of Investments
March 31, 2025 (unaudited)
*** MSDRCASI Basket consists of a portfolio of Common Stocks:
    
Underlying Components Shares Value   Weight
Boyd Gaming Corp. 5,884 $387,329   10.94%
Wyndham Hotels & Resorts, Inc. 3,740 338,470   9.56%
Red Rock Resorts, Inc. 5,502 238,629   6.74%
Travel + Leisure Co. 4,933 228,361   6.45%
MGM Resorts International 7,286 215,970   6.10%
International Game Technology PLC 12,390 201,454   5.69%
Marriott Vacations Worldwide Corp. 3,020 194,019   5.48%
Vail Resorts, Inc. 1,064 170,297   4.81%
Portillo's, Inc. 13,549 161,092   4.55%
Carnival Corp. 8,212 160,384   4.53%
Marriott International, Inc. 672 160,030   4.52%
Norwegian Cruise Line Holdings Ltd. 7,656 145,160   4.10%
Wynn Resorts Ltd. 1,484 123,917   3.50%
Las Vegas Sands Corp. 3,116 120,377   3.40%
Monarch Casino & Resort, Inc. 1,339 104,090   2.94%
DraftKings, Inc. 3,006 99,842   2.82%
Hyatt Hotels Corp. 806 98,780   2.79%
Airbnb, Inc. 800 95,593   2.70%
Churchill Downs, Inc. 816 90,636   2.56%
Dine Brands Global, Inc. 3,545 82,493   2.33%
Bloomin' Brands, Inc. 8,641 61,958   1.75%
Topgolf Callaway Brands Corp. 9,348 61,605   1.74%
    $3,540,486   100.00%
    
**** FEDL01 Basket consists of a portfolio of Common Stocks:
    
Underlying Components Shares Value Weight
Dollar Tree, Inc. 188 $14,102 6.09%
Ford Motor Co. 1,332 13,361 5.77%
Aptiv PLC 221 13,129 5.67%
General Motor.s Co 266 12,527 5.41%
Best Buy Co, Inc. 166 12,203 5.27%
NIKE, Inc. 190 12,087 5.22%
Lowe's Cos., Inc. 52 12,064 5.21%
Dick's Sporting Goods, Inc. 59 11,925 5.15%
The Gap Inc. 573 11,809 5.10%
Five Below, Inc. 148 11,068 4.78%
Floor & Décor Holdings, Inc. 136 10,906 4.71%
Target Corp. 102 10,628 4.59%
Wiliams-Sonoma, Inc. 67 10,559 4.56%
Amer Sports, Inc. 391 10,443 4.51%
BorgWarner, Inc. 299 8,567 3.70%
Lear Corp. 93 8,243 3.56%
SharkNinja, Inc. 94 7,873 3.40%
28
Driehaus Event Driven Fund
Schedule of Investments
March 31, 2025 (unaudited)
Underlying Components Shares Value   Weight
Modine Manufacturing Co. 93 $7,109   3.07%
RH 30 7,086   3.06%
YETI Holdings, Inc. 206 6,831   2.95%
Magna International, Inc. 148 5,048   2.18%
Warby Parker, Inc. 254 4,631   2.00%
Kontoor Brands, Inc. 62 4,006   1.73%
Visteon Corp. 39 3,010   1.30%
Figs, Inc. 358 1,644   0.71%
Canada Goose Holdings, Inc. 87 695   0.30%
    $231,554   100.00%
    
***** GSCNNED3 Basket consists of a portfolio of Common Stocks:
    
Underlying Components Shares Value   Weight
Alight, Inc. 547,378 $1,839,529   64.68%
Dayforce, Inc. 20,852 689,397   24.24%
Paysafe Ltd. 35,449 315,120   11.08%
    $2,844,046   100.00%
    
****** MSXXBIOH Basket consists of Common Stocks. The largest 50 components are:
    
Underlying Components Shares Value Weight
Soleno Therapeutics, Inc. 1,919 $137,143 1.28%
Catalyst Pharmaceuticals, Inc. 3,888 94,285 0.88%
Alnylam Pharmaceuticals, Inc. 349 94,285 0.88%
BeiGene Ltd. 346 94,285 0.88%
Ascendis Pharma A/S 591 92,143 0.86%
Neurocrine Biosciences, Inc. 804 88,927 0.83%
Zai Lab Ltd. 2,431 87,857 0.82%
Bridgebio Pharma, Inc. 2,541 87,857 0.82%
United Therapeutics Corp. 285 87,857 0.82%
Halozyme Therapeutics, Inc. 1,360 86,786 0.81%
Gilead Sciences, Inc. 775 86,786 0.81%
TG Therapeutics, Inc. 2,201 86,786 0.81%
Twist Bioscience Corp. 2,211 86,786 0.81%
BioMarin Pharmaceutical, Inc. 1,228 86,786 0.81%
ImmunityBio, Inc. 28,476 85,714 0.80%
Arcutis Biotherapeutics, Inc. 5,480 85,714 0.80%
Madrigal Pharmaceuticals, Inc. 259 85,714 0.80%
Blueprint Medicines Corp. 968 85,714 0.80%
Avidity Biosciences, Inc. 2,904 85,714 0.80%
Amgen, Inc. 272 84,643 0.79%
AbbVie, Inc. 404 84,643 0.79%
Exelixis, Inc. 2,293 84,643 0.79%
Insmed, Inc. 1,109 84,643 0.79%
Biogen, Inc. 619 84,643 0.79%
Krystal Biotech, Inc. 469 84,643 0.79%
29
Driehaus Event Driven Fund
Schedule of Investments
March 31, 2025 (unaudited)
Underlying Components Shares Value   Weight
Nuvalent, Inc. 1,193 $84,643   0.79%
Rhythm Pharmaceuticals, Inc. 1,598 84,643   0.79%
Vertex Pharmaceuticals, Inc. 175 84,643   0.79%
Praxis Precision Medicines, Inc. 2,207 83,571   0.78%
Alkermes PLC 2,531 83,571   0.78%
Crinetics Pharmaceuticals, Inc. 2,492 83,571   0.78%
ADMA Biologics, Inc. 4,212 83,571   0.78%
BioCryst Pharmaceuticals, Inc. 11,143 83,571   0.78%
Vericel Corp. 1,849 82,500   0.77%
PTC Therapeutics, Inc. 1,619 82,500   0.77%
Summit Theraputics, Inc. 4,277 82,500   0.77%
CareDx, Inc. 4,648 82,500   0.77%
ACADIA Pharmaceuticals, Inc. 4,967 82,500   0.77%
Arcellx, Inc. 1,241 81,428   0.76%
Mirium Pharmaceuticals, Inc. 1,807 81,428   0.76%
Natera, Inc. 576 81,428   0.76%
ARS Pharmaceuticals, Inc. 6,473 81,428   0.76%
Roivant Sciences Ltd. 7,964 80,357   0.75%
Cytokinetics, Inc. 1,999 80,357   0.75%
Geron Corp. 50,539 80,357   0.75%
Veracyte, Inc. 2,710 80,357   0.75%
Ideaya Biosciences, Inc. 4,906 80,357   0.75%
Dynavax Technologies Corp. 6,196 80,357   0.75%
Immunovant, Inc. 6,647 80,357   0.75%
BioNTech SE 882 80,357   0.75%
    $4,287,849   40.02%
    
******* GSCBDNYB Basket consists of a portfolio of Common Stocks:
    
Underlying Components Shares Value   Weight
Valley National Bancorp. 97,350 $865,443   45.49%
Dime Community Bancshares, Inc. 10,522 293,364   15.42%
Metropolitan Bank Holding Corp. 4,546 254,553   13.38%
Amalgamated Financial Corp. 5,201 149,536   7.86%
Northfield Bancorp, Inc. 8,335 90,939   4.78%
The First of Long Island Corp. 6,963 85,992   4.52%
Flushing Financial Corp. 6,112 77,622   4.08%
Peapack-Gladstone Financial Corp. 2,512 71,343   3.75%
Bankwell Financial Group, Inc. 454 13,698   0.72%
    $1,902,490   100.00%
30