# EDGAR Filing Document

**Accession Number:** 0001016073
**File Stem:** 0002066578-26-000860
**Filing Date:** 2026-3
**Character Count:** 762506
**Document Hash:** b36699f1ac0a70d5fac320d5dd2ae66a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-000860.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0002066578-26-000860

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 53

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DRIEHAUS MUTUAL FUNDS
- **CENTRAL INDEX KEY:** 0001016073

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07655
- **FILM NUMBER:** 26725607

**BUSINESS ADDRESS:**
- **STREET 1:** 25 EAST ERIE ST
- **STREET 2:** 25 EAST ERIE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60611
- **BUSINESS PHONE:** 3125873800

**MAIL ADDRESS:**
- **STREET 1:** 25 E. ERIE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60611

## Series and Classes Contracts Data

### DRIEHAUS EMERGING MARKETS GROWTH FUND (Series ID: S000001909)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000005025 | Investor Share Class      | DREGX           |
| C000190956 | Institutional Share Class | DIEMX           |

### Driehaus International Small Cap Growth Fund (Series ID: S000018408)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000050883 | Driehaus International Small Cap Growth Fund | DRIOX           |

### Driehaus Emerging Markets Small Cap Growth Fund (Series ID: S000032990)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000101771 | Driehaus Emerging Markets Small Cap Growth Fund | DRESX           |

### Driehaus Event Driven Fund (Series ID: S000040177)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000124893 | Driehaus Event Driven Fund | DEVDX           |

### Driehaus Micro Cap Growth Fund (Series ID: S000042829)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000132648 | Driehaus Micro Cap Growth Fund | DMCRX           |

### Driehaus Global Fund (Series ID: S000056073)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000176647 | Driehaus Global Fund | DMAGX           |

### Driehaus Small Cap Growth Fund (Series ID: S000058261)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000190998 | Investor Share Class      | DVSMX           |
| C000190999 | Institutional Share Class | DNSMX           |

### Driehaus Small/Mid Cap Growth Fund (Series ID: S000068519)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000219126 | Driehaus Small/Mid Cap Growth Fund | DSMDX           |

### Driehaus International Developed Equity Fund (Series ID: S000084840)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000249377 | Driehaus International Developed Equity Fund | DIDEX           |

?xml version='1.0' encoding='ASCII'? 2dd01084-7dc5-45cd-a17d-3feb6bf88e43

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### &nbsp;&nbsp;&nbsp;&nbsp; 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:

#### December 31, 2025

#### Item 1. Reports to Stockholders.
(a) The Report to Shareholders is attached herewith

(b) Not Applicable

### Driehaus Emerging Markets Growth Fund

### Institutional Class/DIEMX
![Logo](images_8057.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Driehaus Emerging Markets Growth Fund's Institutional Class ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Driehaus Emerging Markets Growth Fund<br>(Institutional Class/DIEMX) | $104 | 0.90% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 30.22% for the year ended December 31, 2025. The Fund underperformed its performance benchmark, the MSCI Emerging Markets Index ("Benchmark"), which returned 33.57% during the same period. It also underperformed the MSCI Emerging Markets Growth Index, which returned 34.30%.

The Fund's underperformance in the 2025 calendar year was driven by sector allocation. The industrials and consumer discretionary sectors were the worst performing sectors for the Fund on a relative basis, but both contributed positively on an absolute basis. Information technology was the best performing sector on a relative basis, producing a positive return in the sector and outperforming the Benchmark.&nbsp;&nbsp;&nbsp;&nbsp;

From a country perspective, Taiwan was the largest absolute contributor despite the Fund being underweight its Benchmark in an outperforming market. Brazil was the biggest detractor of absolute performance during the year; the Fund was overweight the country and it underperformed.

#### TOP PERFORMANCE CONTRIBUTORS
The top two contributors for the Fund by company were:

Taiwan Semiconductor Manufacturing Co. Ltd. (Sponsored ADR) is a Taiwanese multinational semiconductor contract manufacturing and design company. The company performed well with revenue and gross margin above consensus supported by surging AI accelerator demand; and

Tencent Holdings Ltd. is an internet and social service platform that offers social networking, music, gaming, and e-commerce related services. The company saw strong share price performance in 2025 as gaming revenue accelerated, AI powered ad tools drove higher pricing and volumes, and fintech and business services remained solid.

#### TOP PERFORMANCE DETRACTORS
The top two detractors for the Fund by company were:

JD.com, Inc. is a leading Chinese e-commerce and supply-chain technology platform. Heavy food-delivery investment and international expansion widened losses and compressed margins in 2025, offsetting otherwise healthy retail and logistics execution; and

GDS Holdings Limited is a leading China-based developer and operator of hyperscale and colocation data centers serving cloud, internet, and AI customers, with an expanding international platform and active capital recycling via REITs. Slower leasing, renewal-pricing pressure, and delayed AI tenant move-ins tempered 2025 revenue momentum despite a solid backlog and ongoing REIT monetization.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Institutional Class compared with a broad measure of market performance and an additional index with characteristics relevant to the Fund.

#### GROWTH OF $500,000
![Fund Performance - Growth of 10K](chartimages_3278795.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Driehaus Emerging Markets Growth Fund (Institutional Class/DIEMX)** | 30.22% | 3.59% | 9.25% |
| **MSCI Emerging Markets Index - Net** | 33.57% | 4.20% | 8.42% |
| **MSCI Emerging Markets Growth Index - Net** | 34.30% | 1.77% | 8.76% |

---

For periods prior to the inception of the Institutional Share class on July 17, 2017, the performance shown for the Institutional Shares is based on the historical performance of the Driehaus Emerging Markets Growth Fund's Investor Shares.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

Visit www.driehaus.com/fund-resources for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$4104798373 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$28760517 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;137% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net asset of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. - SP ADR | 6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. - W | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional U.S. Government Select Portfolio (Shares Class), 3.66% | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASE Technology Holding Co. Ltd. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;OTP Bank Nyrt. | 1.7% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3278790.jpg)

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3278780.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-560-6111 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_8086.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.driehaus.com/fund-resources.

DRIEHAUS MUTUAL FUNDS

### Driehaus Emerging Markets Growth Fund

### Investor Class/DREGX
![Logo](images_8057.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Driehaus Emerging Markets Growth Fund's Investor Class ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Driehaus Emerging Markets Growth Fund<br>(Investor Class/DREGX) | $131 | 1.14% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 29.92% for the year ended December 31, 2025. The Fund underperformed its performance benchmark, the MSCI Emerging Markets Index ("Benchmark"), which returned 33.57% during the same period. It also underperformed the MSCI Emerging Markets Growth Index, which returned 34.30%.

The Fund's underperformance in the 2025 calendar year was driven by sector allocation. The industrials and consumer discretionary sectors were the worst performing sectors for the Fund on a relative basis, but both contributed positively on an absolute basis. Information technology was the best performing sector on a relative basis, producing a positive return in the sector and outperforming the Benchmark.

From a country perspective, Taiwan was the largest absolute contributor despite the Fund being underweight its Benchmark in an outperforming market. Brazil was the biggest detractor of absolute performance during the year; the Fund was overweight the country and it underperformed.

#### TOP PERFORMANCE CONTRIBUTORS
The top two contributors for the Fund by company were:

Taiwan Semiconductor Manufacturing Co. Ltd. (Sponsored ADR) is a Taiwanese multinational semiconductor contract manufacturing and design company. The company performed well with revenue and gross margin above consensus supported by surging AI accelerator demand; and

Tencent Holdings Ltd. is an internet and social service platform that offers social networking, music, gaming, and e-commerce related services. The company saw strong share price performance in 2025 as gaming revenue accelerated, AI powered ad tools drove higher pricing and volumes, and fintech and business services remained solid.

#### TOP PERFORMANCE DETRACTORS
The top two detractors for the Fund by company were:

JD.com, Inc. is a leading Chinese e-commerce and supply-chain technology platform. Heavy food-delivery investment and international expansion widened losses and compressed margins in 2025, offsetting otherwise healthy retail and logistics execution; and

GDS Holdings Limited is a leading China-based developer and operator of hyperscale and colocation data centers serving cloud, internet, and AI customers, with an expanding international platform and active capital recycling via REITs. Slower leasing, renewal-pricing pressure, and delayed AI tenant move-ins tempered 2025 revenue momentum despite a solid backlog and ongoing REIT monetization.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Investor Class compared with a broad measure of market performance and an additional index with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3278740.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Driehaus Emerging Markets Growth Fund (Investor Class/DREGX)** | 29.92% | 3.35% | 9.05% |
| **MSCI Emerging Markets Index - Net** | 33.57% | 4.20% | 8.42% |
| **MSCI Emerging Markets Growth Index - Net** | 34.30% | 1.77% | 8.76% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

Visit www.driehaus.com/fund-resources for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$4104798373 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$28760517 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;137% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net asset of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. - SP ADR | 6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. - W | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional U.S. Government Select Portfolio (Shares Class), 3.66% | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASE Technology Holding Co. Ltd. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;OTP Bank Nyrt. | 1.7% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3278745.jpg)

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3278755.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-560-6111 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_8086.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.driehaus.com/fund-resources.

DRIEHAUS MUTUAL FUNDS

### Driehaus Emerging Markets Small Cap Growth Fund

### DRESX
![Logo](images_8057.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Driehaus Emerging Markets Small Cap Growth Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Driehaus Emerging Markets Small Cap Growth Fund<br>(DRESX) | $139 | 1.24% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 24.06% for the year ended December 31, 2025. The Fund outperformed its performance benchmark, the MSCI Emerging Markets Small Cap Index (the "Benchmark"), which returned 18.58% during the same period. It also outperformed the MSCI Emerging Markets Small Cap Growth Index, which returned 18.28%.

The 2025 calendar year ended with continued strength in corporate earnings and global equity markets, with artificial intelligence beneficiaries continuing their leadership. Performance for the Fund was driven by stock selection and sector allocation. Information technology and materials drove performance for the Fund both on an absolute and relative basis at the sector level. The Fund underperformed in the financials and energy sectors on a relative basis.

From a country perspective, India and South Korea were notable contributors to the Fund's performance, outperforming both on an absolute and relative basis. Brazil was the largest detractor for the Fund both on an absolute and relative basis.

#### TOP PERFORMANCE CONTRIBUTORS
The top two contributors for the Fund by company were:

Hyosung Heavy Industries Corporation manufactures electrical equipment, with a focus on transformers and switchgear. The company delivered better than expected earnings throughout 2025 on stronger demand from the U.S. Through a combination of U.S. capacity and exports, Hyosung realized improving margins, as the demand for power to support the growth of AI has created a strong backdrop for pricing, amid a prolonged period of underinvestment in new capacity; and

ASPEED Technology, Inc. is a Taiwan-based fabless integrated circuit (IC) design company specializing in baseboard management controllers (BMCs) for remote server management, with a global market share of about 70%. In 2025, ASPEED performed positively due to strong demand for AI servers and rising BMC shipments, which drove revenue growth and record high gross margins. Average selling prices appear set to increase further as next-generation products are adopted, and management has raised shipment and earnings forecasts in response to robust demand from both server and non-server applications.

#### TOP PERFORMANCE DETRACTORS
The top two detractors for the Fund by company were:

Kaynes Technology India Limited is an integrated electronics manufacturing services (EMS) and solutions provider, serving sectors such as automotive, industrial, aerospace, defense, and railways, with a growing presence in semiconductors. The company performed negatively due to a sharp increase in working capital requirements, driven by high receivables from its smart meter business and elevated inventory levels. The company reported negative operating cash flow, raising concerns about the sustainability of its aggressive capital expenditure plans; and

FPT Corp. is a Vietnam-based IT services provider. The stock underperformed in 2025 due to a slowdown in IT spending, driven by uncertainty surrounding U.S. tariffs and the accelerated adoption of AI, factors which negatively impacted overall outsourced IT services.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund compared with a broad measure of market performance and an additional index with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3278884.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Driehaus Emerging Markets Small Cap Growth Fund (DRESX)** | 24.06% | 7.51% | 8.87% |
| **MSCI Emerging Markets Index - Net** | 33.57% | 4.20% | 8.42% |
| **MSCI Emerging Markets Small Cap Index - Net** | 18.58% | 8.43% | 8.31% |
| **MSCI Emerging Markets Small Cap Growth Index - Net** | 18.28% | 7.15% | 7.15% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

Visit www.driehaus.com/fund-resources for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$138983827 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;88 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$1333632 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;82% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net asset of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;ASPEED Technology, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Copa Holdings SA - A | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Orizon Valorizacao de Residuos SA | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vista Energy SAB de CV - ADR | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cury Construtora e Incorporadora SA | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyosung Heavy Industries Corp. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Growthpoint Properties Ltd. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Power Corp. SA | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;HD Hyundai Electric Co. Ltd. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional U.S. Government Select Portfolio (Shares Class), 3.66% | 1.7% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3278889.jpg)

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3278899.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-560-6111 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_8086.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.driehaus.com/fund-resources.

DRIEHAUS MUTUAL FUNDS

### Driehaus Global Fund

### DMAGX
![Logo](images_8057.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Driehaus Global Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Driehaus Global Fund<br>(DMAGX) | $83 | 0.75% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 22.59% for the year ended December 31, 2025. The Fund outperformed its performance benchmark, the MSCI All Country World Index (the "Benchmark"), which returned 22.34% during the same period.

Outperformance for the Fund during 2025 was driven primarily by country allocation. On a relative basis, industrials and consumer staples were the best performing sectors versus the Benchmark, while communication services and consumer discretionary underperformed the Benchmark. From a country perspective, the United States and Sweden were the best performing countries versus the Benchmark, while Japan and Canada underperformed.

#### TOP PERFORMANCE CONTRIBUTORS
The top two contributors for the Fund by company were:

Alphabet Inc. is a global technology company providing internet search, digital advertising, cloud computing, and AI-driven software and hardware products. AI-enabled engagement in Search and YouTube, coupled with renewed cloud growth and AI-infrastructure demand, lifted 2025 revenue and margins despite elevated capital expenditures; and

Rolls-Royce Holdings PLC is a global manufacturer of power and propulsion systems serving civil aerospace, defense, and power markets. A broad wide-body aftermarket recovery supported higher civil-aerospace margins, driving materially stronger earnings and free-cash-flow.

#### TOP PERFORMANCE DETRACTORS
The top two detractors for the Fund by company were:

Reddit, Inc. operates a global platform for user-generated, community-based discussions. Ad-market caution and shifts in search discovery dynamics constrained 2025 growth, with U.S. DAU (daily active users) volatility pressuring engagement and monetization; and

The Trade Desk, Inc. operates a global demand-side advertising platform enabling data-driven, programmatic ad buying across digital channels. Execution missteps, a slower-than-planned Kokai rollout, and reorganization disruptions weighed on 2025 revenue trajectory and margins.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed periods of the Fund since inception on April 10, 2017 compared with a broad measure of market performance with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3278867.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **Since Inception** |
| **Driehaus Global Fund (DMAGX)** | 22.59% | 8.36% | 11.00% |
| **MSCI All Country World Index - Net** | 22.34% | 11.19% | 11.74% |

---

Prior to April 30, 2023 the Fund operated with a different investment policy and investment strategy. Performance would have been different if the Fund's current investment strategy had been in effect.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

Visit www.driehaus.com/fund-resources for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$69375621 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;96 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$382300 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;119% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net asset of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - A | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 1.6% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3278862.jpg)

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3278852.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-560-6111 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_8086.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.driehaus.com/fund-resources.

DRIEHAUS MUTUAL FUNDS

### Driehaus International Small Cap Growth Fund

### DRIOX
![Logo](images_8057.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Driehaus International Small Cap Growth Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Driehaus International Small Cap Growth Fund<br>(DRIOX) | $129 | 1.13% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 28.92% for the year ended December 31, 2025. The Fund outperformed its performance benchmark, the MSCI All Country World ex USA Small Cap Growth Index (the "Benchmark"), which returned 26.16% during the same period.

After posting robust gains during the middle part of the year, markets had a fairly quiet fourth quarter with the MSCI All Country World ex USA Small Cap Growth Index returning 1.65%, led by Canada, Taiwan and the UK. From a country perspective, Germany and Japan were the top performing countries for the Fund, while Isreal and Canada underperformed the Benchmark on a relative basis. Consumer discretionary and energy were the top performing sectors relatively versus the Benchmark, while information technology and materials underperformed the Benchmark on a relative basis in 2025.

#### TOP PERFORMANCE CONTRIBUTORS
The top two contributors for the Fund by company were:

MODEC, Inc. is a Japan-based engineering contractor that designs and builds engineering, procurement, construction and installation (EPCI), charters, and operates floating production, storage and offloading (FPSO) vessels and related offshore production systems for global oil and gas producers. The stock performed well in 2025 as record order intake and backlog growth—driven by Exxon's Hammerhead FPSO award and Shell's Gato do Mato EPCI plus a 20-year O&M contract—combined with faster-than-expected execution on existing EPCI projects; and

Indra Sistemas, S.A. is a Spanish defense and technology group, combining defense electronics and aerospace systems with its Minsait IT services unit, and is increasingly positioned as Spain's national prime contractor across major modernization programs. The stock performed well in 2025 as Spain's move toward 2% of GDP defense spending and Indra's participation in 27 of 31 Special Modernisation Programmes drove strong order intake.

#### TOP PERFORMANCE DETRACTORS
The top two detractors for the Fund by company were:

Tecan Group AG is a Swiss provider of laboratory automation and detection instruments, software and services for life science research, clinical diagnostics and OEM partners, with roughly half of sales in the United States. The shares were weighed down in 2025 as trade and currency headwinds compressed margins and drove earnings downgrades despite an improving demand backdrop; and

Net Protections Holdings, Inc. is Japan's buy now, pay later (BNPL) pioneer, providing dominant business to business invoice/billing management and consumer BNPL services. The stock underperformed into year-end 2025 as investor focus shifted from strong gross merchandise value growth to near-term profitability after management unexpectedly lifted selling, general and administrative expenses build growth foundations and supported new large-account onboarding.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund compared with a broad measure of market performance and an additional index with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3278812.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Driehaus International Small Cap Growth Fund (DRIOX)** | 28.92% | 4.83% | 8.97% |
| **MSCI All Country World ex USA Index - Net** | 32.38% | 7.91% | 8.41% |
| **MSCI All Country World ex USA Small Cap Growth Index - Net** | 26.16% | 4.12% | 7.46% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

Visit www.driehaus.com/fund-resources for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$341925807 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;114 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2938779 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;100% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net asset of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Smiths Group PLC | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;SigmaRoc PLC | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional U.S. Government Select Portfolio (Shares Class), 3.66% | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Melrose Industries PLC | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aritzia, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fluidra SA | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Azbil Corp. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;DO & CO AG | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wiwynn Corp. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Yaskawa Electric Corp. | 1.5% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3278817.jpg)

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3278827.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-560-6111 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_8086.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.driehaus.com/fund-resources.

DRIEHAUS MUTUAL FUNDS

### Driehaus International Developed Equity Fund

### DIDEX
![Logo](images_8057.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Driehaus International Developed Equity Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Driehaus International Developed Equity Fund<br>(DIDEX) | $90 | 0.80% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 25.60% for the year ended December 31, 2025. The Fund outperformed its performance benchmark, the MSCI World ex USA Growth Index (the "Benchmark"), which returned 21.94% during the same period.

The Fund outperformed versus the Benchmark in the industrials and financials sectors, but underperformed in the materials and consumer discretionary sectors. From a country perspective, Germany and the United Kingdom were the top performing countries versus the Benchmark, and Sweden and Singapore were the countries the Fund underperformed.

#### TOP PERFORMANCE CONTRIBUTORS
The top two contributors for the Fund by company were:

Siemens Energy AG is a global provider of power generation, grid infrastructure and industrial energy solutions. Growing electrification and data-center power needs drove turbine and grid demand, translating into record orders, margin expansion, and robust free-cash-flow; and

Rolls-Royce Holdings PLC is a global manufacturer of power and propulsion systems serving civil aerospace, defense, and power markets. A broad wide-body aftermarket recovery supported higher civil-aerospace margins, driving materially stronger earnings and free-cash-flow.

#### TOP PERFORMANCE DETRACTORS
The top two detractors for the Fund by company were:

Adidas AG designs, markets and distributes athletic footwear, apparel, and sporting lifestyle products worldwide. Terrace-category normalization, softer European demand—especially Germany—and persistent China weakness constrained 2025 progress, delaying margin recovery; and

Novo Nordisk A/S is a global biopharmaceutical company specializing in diabetes and obesity therapies, led by its GLP-1 franchise. GLP-1 category pricing resets and compounded-drug availability, plus intensifying rivalry, weighed on U.S. sales and margins in 2025.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed periods of the Fund since inception on April 30, 2024 compared with a broad measure of market performance and an additional index with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3278956.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **Since Inception** |
| **Driehaus International Developed Equity Fund (DIDEX)** | 25.60% | 14.26% |
| **MSCI World ex USA - Net** | 31.85% | 19.30% |
| **MSCI World ex USA Growth Index - Net** | 21.94% | 12.67% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

Visit www.driehaus.com/fund-resources for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$3507180 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;56 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements)** | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;94% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net asset of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional Treasury Portfolio (Premier Class), 3.63% | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH PLC | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Smiths Group PLC | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays PLC | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Tobacco, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Melrose Industries PLC | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy AG | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Airbus SE | 2.6% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3278961.jpg)

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3278971.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-560-6111 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_8086.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.driehaus.com/fund-resources.

DRIEHAUS MUTUAL FUNDS

### Driehaus Micro Cap Growth Fund

### DMCRX
![Logo](images_8057.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Driehaus Micro Cap Growth Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Driehaus Micro Cap Growth Fund<br>(DMCRX) | $155 | 1.34% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 30.88% for the year ended December 31, 2025. The Fund outperformed its performance benchmark, the Russell Microcap<sup>®</sup> Growth Index (the "Benchmark"), which returned 21.84% during the same time period.

2025 was a bullish year for the U.S. equity market. This was supported by a growing economy, strong earnings, stable long-term interest rates, fiscal stimulus, and monetary easing. AI continues to be the dominant theme driving the market and the economy. Outperformance for the Fund compared to its Benchmark was driven by stock selection in the industrials, information technology and energy sectors. The Fund underperformed the Benchmark in the consumer discretionary, financials and consumer staples sectors.

#### TOP PERFORMANCE CONTRIBUTORS
The top two contributors for the Fund by company were:

Praxis Precision Medicines, Inc. is a neuroscience company developing precision therapies for essential tremor and epilepsy. In 2025, the company's stock ultimately performed well as multiple clinical and regulatory de-risking events outweighed an early-year setback; and

EOS Energy Enterprises, Inc. is a U.S. based manufacturer of zinc-based long duration energy storage systems designed for utility, data center, and renewable infrastructure applications. Automated manufacturing scale-up, unit-cost reductions, and a rapidly expanding backlog attributable to accelerating multi-hour storage demand supported strong 2025 results.

#### TOP PERFORMANCE DETRACTORS
The top two detractors for the Fund by company were:

Rezolute, Inc. is a clinical-stage biopharmaceutical company developing therapies for hyperinsulinism. The 2025 setback followed the sunRIZE Phase III miss on key efficacy endpoints, undermining program viability and elevating development and regulatory risk; and

QuinStreet, Inc. is a digital performance-marketing company that acquires customers for insurers and home-services providers. Sequential growth slowed as tariff-related caution weighed on auto-insurance budgets and lower-margin media mix compressed gross profit.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund compared with a broad measure of market performance and an additional index with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3278651.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Driehaus Micro Cap Growth Fund (DMCRX)** | 30.88% | 9.57% | 19.56% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 14.29% |
| **Russell Microcap<sup>®</sup> Growth Index** | 21.84% | 2.81% | 7.82% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

Visit www.driehaus.com/fund-resources for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$443843552 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;131 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4568708 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;142% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net asset of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;The RealReal, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planet Labs PBC | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Xometry, Inc. - A | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rush Street Interactive, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coastal Financial Corp. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Terawulf, Inc. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eos Energy Enterprises, Inc. | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Structure Therapeutics, Inc. - ADR | 1.3% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3278646.jpg)

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3278636.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-560-6111 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_8086.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.driehaus.com/fund-resources.

DRIEHAUS MUTUAL FUNDS

### Driehaus Small Cap Growth Fund

### Institutional Class/DNSMX
![Logo](images_8057.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Driehaus Small Cap Growth Fund's Institutional Class ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Driehaus Small Cap Growth Fund<br>(Institutional Class/DNSMX) | $75 | 0.69% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 16.99% for the year ended December 31, 2025. The Fund outperformed its performance benchmark, the Russell 2000<sup>®</sup> Growth Index (the "Benchmark"), which returned 13.01% during the same period.

2025 was a bullish year for the U.S. equity market. This was supported by a growing economy, strong earnings, stable long-term interest rates, fiscal stimulus, and monetary easing. AI continues to be the dominant theme driving the market and the economy. Outperformance for the Fund compared to its Benchmark was driven by stock selection in the information technology, energy and materials sectors. The Fund underperformed the Benchmark in the consumer discretionary, financials, consumer staples and real estate sectors.

#### TOP PERFORMANCE CONTRIBUTORS
The top two contributors for the Fund by company were:

Lumentum Holdings, Inc. designs and manufactures photonic components and systems—such as lasers, optical components/transceivers, and optical circuit switching solutions—used in cloud/data center, AI and telecom networks. The company was a top contributor as the company's stock rose in the fourth quarter, driven by demand for AI-related products and solid telecom performance; and

Planet Labs PBC operates a global constellation of Earth-imaging satellites and an AI-enabled analytics platform that delivers geospatial data to defense, government, and commercial customers. In 2025, the company saw strong momentum, winning major long-term government contracts and boosting growth, profitability and revenue visibility. New AI-enabled satellites and partnerships further strengthened its product offering, increasing investor confidence and driving multiple price-target upgrades.

#### TOP PERFORMANCE DETRACTORS
The top two detractors for the Fund by company were:

Vaxcyte, Inc. is a clinical stage biopharmaceutical company that is developing highly differentiated vaccines for infectious disease. The stock declined in 2025 because new regulatory hurdles and a mid-year clinical dataset created uncertainty about whether its pneumonia vaccine could truly lead the market, undermining earlier optimism and causing investors to lose confidence; and

Glaukos Corporation commercializes medical devices for glaucoma and corneal disease, including minimally invasive glaucoma surgery devices, the sustained release iDose TR travoprost implant, and corneal cross-linking therapies. The company underperformed because the iDose launch didn't perform as investors had hoped and reimbursement cuts to its core business created a bigger-than-expected headwind, all of which were compounded by broader market weakness and portfolio positioning.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund compared with a broad measure of market performance and an additional index with characteristics relevant to the Fund.

#### GROWTH OF $500,000
![Fund Performance - Growth of 10K](chartimages_3278723.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Driehaus Small Cap Growth Fund (Institutional Class/DNSMX)** | 16.99% | 7.39% | 17.35% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 14.29% |
| **Russell 2000<sup>®</sup> Growth Index** | 13.01% | 3.18% | 9.57% |

---

The Fund commenced operations on August 21, 2017 after succeeding to substantially all of the assets of Driehaus Institutional Small Cap, L.P. (the "Predecessor Partnership"), Driehaus Small Cap Investors, L.P., Driehaus Institutional Small Cap Recovery Fund, L.P. and Driehaus Small Cap Recovery Fund, L.P., which were managed by the same investment team with substantially the same investment objective, policies and philosophies as are followed by the Fund. Periods reflected in the graph and table above, prior to August 21, 2017 is that of the Predecessor Partnership.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

Visit www.driehaus.com/fund-resources for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1153137757 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;118 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$6188385 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;152% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net asset of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planet Labs PBC | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Impinj, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eos Energy Enterprises, Inc. | 1.4% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3278718.jpg)

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3278708.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-560-6111 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_8086.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.driehaus.com/fund-resources.

DRIEHAUS MUTUAL FUNDS

### Driehaus Small Cap Growth Fund

### Investor Class/DVSMX
![Logo](images_8057.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Driehaus Small Cap Growth Fund's Investor Class ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Driehaus Small Cap Growth Fund<br>(Investor Class/DVSMX) | $101 | 0.93% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 16.66% for the year ended December 31, 2025. The Fund outperformed its performance benchmark, the Russell 2000<sup>®</sup> Growth Index (the "Benchmark"), which returned 13.01% during the same period.

2025 was a bullish year for the U.S. equity market. This was supported by a growing economy, strong earnings, stable long-term interest rates, fiscal stimulus, and monetary easing. AI continues to be the dominant theme driving the market and the economy. Outperformance for the Fund compared to its Benchmark was driven by stock selection in the information technology, energy and materials sectors. The Fund underperformed the Benchmark in the consumer discretionary, financials, consumer staples and real estate sectors.

#### TOP PERFORMANCE CONTRIBUTORS
The top two contributors for the Fund by company were:

Lumentum Holdings, Inc. designs and manufactures photonic components and systems—such as lasers, optical components/transceivers, and optical circuit switching solutions—used in cloud/data center, AI and telecom networks. The company was a top contributor as the company's stock rose in the fourth quarter, driven by demand for AI-related products and solid telecom performance; and

Planet Labs PBC operates a global constellation of Earth-imaging satellites and an AI-enabled analytics platform that delivers geospatial data to defense, government, and commercial customers. In 2025, the company saw strong momentum, winning major long-term government contracts and boosting growth, profitability and revenue visibility. New AI-enabled satellites and partnerships further strengthened its product offering, increasing investor confidence and driving multiple price-target upgrades.

#### TOP PERFORMANCE DETRACTORS
The top two detractors for the Fund by company were:

Vaxcyte, Inc. is a clinical stage biopharmaceutical company that is developing highly differentiated vaccines for infectious disease. The stock declined in 2025 because new regulatory hurdles and a mid-year clinical dataset created uncertainty about whether its pneumonia vaccine could truly lead the market, undermining earlier optimism and causing investors to lose confidence; and

Glaukos Corporation commercializes medical devices for glaucoma and corneal disease, including minimally invasive glaucoma surgery devices, the sustained release iDose TR travoprost implant, and corneal cross-linking therapies. The company underperformed because the iDose launch didn't perform as investors had hoped and reimbursement cuts to its core business created a bigger-than-expected headwind, all of which were compounded by broader market weakness and portfolio positioning.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund compared with a broad measure of market performance and an additional index with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3278668.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Driehaus Small Cap Growth Fund (Investor Class/DVSMX)** | 16.66% | 7.13% | 17.09% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 14.29% |
| **Russell 2000<sup>®</sup> Growth Index** | 13.01% | 3.18% | 9.57% |

---

The Fund commenced operations on August 21, 2017 after succeeding to substantially all of the assets of Driehaus Institutional Small Cap, L.P. (the "Predecessor Partnership"), Driehaus Small Cap Investors, L.P., Driehaus Institutional Small Cap Recovery Fund, L.P. and Driehaus Small Cap Recovery Fund, L.P., which were managed by the same investment team with substantially the same investment objective, policies and philosophies as are followed by the Fund. Periods reflected in the graph and table above, prior to August 21, 2017 is that of the Predecessor Partnership.

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

Visit www.driehaus.com/fund-resources for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1153137757 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;118 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$6188385 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;152% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net asset of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planet Labs PBC | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Impinj, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eos Energy Enterprises, Inc. | 1.4% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3278673.jpg)

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3278683.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-560-6111 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_8086.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.driehaus.com/fund-resources.

DRIEHAUS MUTUAL FUNDS

### Driehaus Small/Mid Cap Growth Fund

### DSMDX
![Logo](images_8057.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Driehaus Small/Mid Cap Growth Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Driehaus Small/Mid Cap Growth Fund<br>(DSMDX) | $84 | 0.80% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 9.83% for the year ended December 31, 2025. The Fund underperformed its performance benchmark, the Russell 2500<sup>®</sup> Growth Index (the "Benchmark"), which returned 10.31% during the same period.

2025 was a bullish year for the U.S. equity market. This was supported by a growing economy, strong earnings, stable long-term interest rates, fiscal stimulus, and monetary easing. AI continues to be the dominant theme driving the market and the economy. The Fund underperformed compared to its Benchmark due to stock selection in the industrials, consumer discretionary and consumer staples sectors. The Fund outperformed the Benchmark in the information technology, financials and energy sectors.

#### TOP PERFORMANCE CONTRIBUTORS
The top two contributors for the Fund by company were:

Lumentum Holdings, Inc. designs and manufactures photonic components and systems—such as lasers, optical components/transceivers, and optical circuit switching solutions—used in cloud/data center, AI and telecom networks. The company was a top contributor as the company's stock rose in the fourth quarter, driven by demand for AI-related products and solid telecom performance; and

Robinhood Markets, Inc. is a financial technology platform offering commission-free trading and related investing services. Strong 2025 results reflected surging trading activity, rapid uptake of high-margin offerings, and robust asset and deposit growth that lifted average revenue per user and profitability.

#### TOP PERFORMANCE DETRACTORS
The top two detractors for the Fund by company were:

Vaxcyte, Inc. is a clinical stage biopharmaceutical company that is developing highly differentiated vaccines for infectious disease. The stock declined in 2025 because new regulatory hurdles and a mid-year clinical dataset created uncertainty about whether its pneumonia vaccine could truly lead the market, undermining earlier optimism and causing investors to lose confidence; and

Glaukos Corporation commercializes medical devices for glaucoma and corneal disease, including minimally invasive glaucoma surgery devices, the sustained release iDose TR travoprost implant, and corneal cross-linking therapies. The company underperformed because the iDose launch didn't perform as investors had hoped and reimbursement cuts to its core business created a bigger-than-expected headwind, all of which were compounded by broader market weakness and portfolio positioning.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the completed periods of the Fund since inception on May 01, 2020 compared with a broad measure of market performance and an additional index with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3278939.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **Since Inception** |
| **Driehaus Small/Mid Cap Growth Fund (DSMDX)** | 9.83% | 6.34% | 16.43% |
| **Russell 3000<sup>®</sup> Index** | 17.15% | 13.15% | 18.19% |
| **Russell 2500<sup>®</sup> Growth Index - Net** | 10.31% | 2.98% | 11.82% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

Visit www.driehaus.com/fund-resources for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$88452729 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;112 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid (after reimbursements and recoupments)** | &nbsp;&nbsp;&nbsp;&nbsp;$410195 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;152% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net asset of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carvana Co. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional U.S. Government Portfolio, 3.59% | 1.5% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3278934.jpg)

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3278924.jpg)

#### Material Fund Changes
Effective December 3, 2025, the Fund changed its definition of Small/Mid cap companies as companies to be companies whose market capitalizations at the time of investment fall within the range of the Russell 2000<sup>®</sup> Growth Index and the Russell MidCap<sup>®</sup> Growth Index.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus supplement, filed December 3, 2025, available at https://www.driehaus.com/fund-resources or upon request by calling 1-800-560-6111.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-560-6111 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_8086.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.driehaus.com/fund-resources.

DRIEHAUS MUTUAL FUNDS

### Driehaus Event Driven Fund

### DEVDX
![Logo](images_8057.jpg)

#### ANNUAL SHAREHOLDER REPORT \| December 31, 2025
This annual shareholder report contains important information about the Driehaus Event Driven Fund ("Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Year
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Driehaus Event Driven Fund<br>(DEVDX) | $152 | 1.48% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 5.99% for the year ended December 31, 2025. The Fund underperformed its performance benchmark, the S&P 500<sup>®</sup> Index, which returned 17.88% during the same period. It also underperformed the Morningstar Event Driven Category, which returned 8.80%.

#### TOP PERFORMANCE CONTRIBUTORS
Performance for the Fund was driven by two investment strategies: catalyst driven equity and risk arbitrage. The portfolio hedges were the largest detractor from performance for the year.

The Fund's largest gain stemmed from a catalyst driven equity in the life sciences sector. The second largest contributor was also a catalyst driven equity in the life sciences sector.

#### TOP PERFORMANCE DETRACTORS
The Fund's largest single name detractors were a portfolio hedge in the life sciences sector and a catalyst driven equity in the industrials sector.

#### Fund Performance
The following graph and chart compare the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund compared with a broad measure of market performance as well as a category of mutual funds with characteristics relevant to the Fund.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_3278596.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Year** | **10 Year** |
| **Driehaus Event Driven Fund (DEVDX)** | 5.99% | 2.94% | 6.25% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |
| **Morningstar Event Driven Category** | 8.80% | 4.18% | 4.51% |

---

**Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.**

Visit www.driehaus.com/fund-resources for the most recent performance information.

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$90541796 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1392506 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;58% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total exposure of the Fund.

Asset Type Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_3278601.jpg)

#### Material Fund Changes
On January 26, 2026, the Board of Trustees approved the liquidation of the Driehaus Event Driven Fund. Effective as of the close of business on February 2, 2026, the Fund is closed and will not accept any purchase orders and is expected to liquidate on or about March 27, 2026.

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund'sprospectus supplement, filed January 26, 2026, available at https://www.driehaus.com/fund-resources or upon request by calling 1-800-560-6111.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-560-6111 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![TSR - QR Code](images_8086.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.driehaus.com/fund-resources.

DRIEHAUS MUTUAL FUNDS

------

#### Item 2. Code of Ethics.
(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) No response required.

(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description.

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item.

(e) Not applicable.

(f) The registrant's Code of Ethics for Principal Executive and Financial Officers is filed herewith.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has designated Christopher J. Towle as an audit committee financial expert. Christopher J. Towle is "independent," as defined by this Item 3. Mr. Towle is a CFA charterholder and his relevant experience includes prior audit committee experience, experience reviewing financial statements, performing company specific financial analysis and creating financial models, as well as coursework in accounting.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 4. Principal Accountant Fees and Services.
(a) Audit Fees

For the fiscal years ended December 31, 2025 and 2024, Ernst & Young LLP, the registrant's principal accountant ("E&Y"), billed the registrant $296,000 and $296,000, respectively, for professional services rendered for the audit of the registrant's annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

For the fiscal years ended December 31, 2025 and 2024, E&Y billed the registrant $0 and $0, respectively, for assurance and related services that are reasonably related to the performance of the audit of the registrant's financial statements and that are not reported above.

For engagements that Driehaus Capital Management LLC, the registrant's investment adviser ("DCM") entered into with E&Y for fiscal years 2025 and 2024, E&Y provided no audit-related services to DCM that were for engagements directly related to the registrant's operations and financial reporting.

(c) Tax Fees

For the fiscal years ended December 31, 2025 and 2024, E&Y billed the registrant $104,100 and $106,550 respectively, for professional services rendered for tax compliance, tax advice, and tax planning. Such services consisted of review of the registrant's income tax returns and tax distribution requirements and analysis related to foreign tax liabilities and passive foreign investment company status. The Audit Committee pre-approved all tax services that E&Y provided to the registrant.

For fiscal years 2025 and 2024, E&Y provided no tax services to DCM that were for engagements directly related to the registrant's operations and financial reporting.

(d) All Other Fees

For the fiscal years ended December 31, 2025 and 2024, E&Y billed the registrant $0 and $0, respectively, for products and services provided, other than the services reported above.

For fiscal years 2025 and 2024, E&Y provided no other services to DCM that were for engagements directly related to the registrant's operations and financial reporting.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

Pursuant to registrant's Audit Committee Charter (the "Charter"), the Audit Committee is responsible for pre-approving any engagement of the principal accountant to provide non-prohibited services to the registrant, including the fees and other compensation to be paid to the principal accountant, to the extent required by Rule 2-01(c)(7) of Regulation S-X. The Chairperson of the Audit Committee may grant pre-approval for such engagements of $5,000 or less. All such delegated pre-approvals will be presented to the Audit Committee no later than the next Audit Committee meeting.

Pursuant to the Charter, the Audit Committee is also responsible for pre-approving any engagement of the principal accountant, including the fees and other compensation to be paid to the principal accountant, to provide non-audit services to the registrant's investment adviser (or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant), if the engagement relates directly to the operations and financial reporting of the registrant, to the extent required by Rule 2-01(c)(7) of Regulation S-X. The Chairperson of the Audit Committee may grant pre-approval for engagements of $5,000 or less. All such delegated pre-approvals will be presented to the Audit Committee no later than the next Audit Committee meeting.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X is 0%.

(f) Not applicable.

(g) Non-Audit Fees

For the fiscal years ended December 31, 2025 and 2024, E&Y billed the registrant $104,100 and $106,550, respectively, in aggregate non-audit fees. For the fiscal years ended December 31, 2025 and 2024, E&Y billed DCM $0 and $0, respectively, in aggregate non-audit fees.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 5. Audit Committee of Listed Registrants.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 Financial Statements filed under Item 7 of this form.

(b) Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) The Financial Statements are attached herewith.

(b) The Financial Highlights are attached herewith.

------

#### Driehaus Mutual Funds

#### Trustees & Officers

#### Theodore J. Beck
*Chairman of the Board*

#### Christopher J. Towle
*Trustee*

#### Dawn M. Vroegop
*Trustee*

#### Stephen T. Weber
*President & Trustee*

#### Robert M. Kurinsky
*Vice President & Treasurer*

#### Janet L. McWilliams
*Chief Legal Officer & Assistant Vice President*

#### Anne Kochevar
*Chief Compliance Officer & Anti-Money Laundering Compliance Officer*

#### Tanya S. Tancheff
*Secretary*

#### Christina E. Algozine
*Assistant Secretary*

#### Malinda M. Sanborn
*Assistant Treasurer*

#### Investment Adviser
Driehaus Capital Management LLC

25 East Erie Street

Chicago, IL 60611

#### Distributor
Foreside Financial Services, LLC

Three Canal Plaza

Portland, ME 04101

#### Administrator, Custodian & Transfer Agent
The Northern Trust Company

50 South LaSalle Street

Chicago, IL 60603

#### Annual Financial Statements and Additional Information

#### December 31, 2025
![](img8940b7881.gif)

#### Driehaus Emerging Markets Growth Fund

#### Driehaus Emerging Markets Small Cap Growth Fund

#### Driehaus Global Fund

#### Driehaus International Small Cap Growth Fund

#### Driehaus International Developed Equity Fund

#### Driehaus Micro Cap Growth Fund

#### Driehaus Small Cap Growth Fund

#### Driehaus Small/Mid Cap Growth Fund

#### Driehaus Event Driven Fund
Distributed by:

#### Foreside Financial Services, LLC
This report has been prepared for the shareholders of the Funds and is not an offer to sell or buy any Fund securities. Such offer is only made by the Funds' prospectus.

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#### **Table of Contents**

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---

| | |
|:---|:---|
| [Schedule of Investments:](#xx_eb493e5c-4dee-46a5-babf-2a9c4aab387a_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Driehaus Emerging Markets Growth Fund](#xx_eb493e5c-4dee-46a5-babf-2a9c4aab387a_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Driehaus Emerging Markets Small Cap Growth Fund](#xx_7f1ec27c-5b37-459f-b3a2-2c297fd3535c_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Driehaus Global Fund](#xx_f5fd57aa-ed04-42d5-8864-8f4ffb06ab19_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Driehaus International Small Cap Growth Fund](#xx_4a6e429d-49a5-4944-9854-2a10acd440d2_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Driehaus International Developed Equity Fund](#xx_a9ea864e-d13a-412e-81d3-e8e0066c57aa_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Driehaus Micro Cap Growth Fund](#xx_d87572fb-907c-4608-9cee-e7ba9597f0d1_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Driehaus Small Cap Growth Fund](#xx_81b130af-1141-460a-855f-83ce4cc177bb_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Driehaus Small/Mid Cap Growth Fund](#xx_b303e746-7a86-4245-9774-4e7d7a4f8384_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Driehaus Event Driven Fund](#xx_5b3ef7c2-c221-453b-87a6-2fae7c045903_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| [Statements of Assets and Liabilities](#xx_8b4724ef-ea95-4d02-af9b-394c213c3d04_1) | &nbsp;&nbsp;&nbsp;&nbsp;38 |
| [Statements of Operations](#xx_8b4724ef-ea95-4d02-af9b-394c213c3d04_3) | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| [Statements of Changes in Net Assets](#xx_8b4724ef-ea95-4d02-af9b-394c213c3d04_5) | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| [Financial Highlights](#xx_8b4724ef-ea95-4d02-af9b-394c213c3d04_9) | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| [Notes to Financial Statements](#xx_81bdec4d-fa04-451b-ac04-eb8cc1b95ea0_1) | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| [Report of Independent Registered Public Accounting Firm](#xx_f8792385-1b1f-41a0-9d1c-406fa7cd6ae9_1) | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| [Shareholder Information](#xx_f5f64cbb-b31d-49b8-88c2-6ef12792653c_1) | &nbsp;&nbsp;&nbsp;&nbsp;82 |
| [Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_453b3106-5b16-4e6f-915a-6af1716a8acf_1) | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| [Item 9. Proxy Disclosures for Open-End Management Investment Companies](#xx_84e0946f-813d-4eaa-8132-7f26602a423f_1) | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| [Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#xx_0b1a6ad7-178c-480c-97bb-abaedc1bf04e_1) | &nbsp;&nbsp;&nbsp;&nbsp;85 |
| [Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_9aeb5af7-c402-4d89-a101-521ace57ece4_1) | &nbsp;&nbsp;&nbsp;&nbsp;86 |

---

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[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

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#### Driehaus Emerging Markets Growth Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **COMMON STOCKS — 97.05%** | **COMMON STOCKS — 97.05%** | **COMMON STOCKS — 97.05%** |
| **FAR EAST — 72.59%** | **FAR EAST — 72.59%** | **FAR EAST — 72.59%** |
| &nbsp;&nbsp;**China — 21.83%** | &nbsp;&nbsp;**China — 21.83%** | &nbsp;&nbsp;**China — 21.83%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro-Fabrication Equipment, Inc. China - A | &nbsp;&nbsp;&nbsp;&nbsp;472963 | &nbsp;&nbsp;$18653000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. - W | &nbsp;&nbsp;8615000 | &nbsp;&nbsp;&nbsp;&nbsp;158179690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Baidu, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;3107000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51095297 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd. - H | &nbsp;&nbsp;4968000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33796794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. - A | &nbsp;&nbsp;&nbsp;&nbsp;643701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33847434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Daqo New Energy Corp. - ADR <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;222970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6577615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuyao Glass Industry Group Co. Ltd. - A | &nbsp;&nbsp;1646271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15262294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Ltd. - H | 54392000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44014330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals Co. Ltd. - A | &nbsp;&nbsp;3239756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27637158 |
| &nbsp;&nbsp;&nbsp;&nbsp;NAURA Technology Group Co. Ltd. - A | &nbsp;&nbsp;&nbsp;&nbsp;594123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39025419 |
| &nbsp;&nbsp;&nbsp;&nbsp;NetEase, Inc. | &nbsp;&nbsp;1927300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53049307 |
| &nbsp;&nbsp;&nbsp;&nbsp;PetroChina Co. Ltd. - H | 37676000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40610929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. - H | &nbsp;&nbsp;6357000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53396924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shenzhen Inovance Technology Co. Ltd. - A | &nbsp;&nbsp;3008872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32427666 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;3220345 | &nbsp;&nbsp;&nbsp;&nbsp;247140674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trip.com Group Ltd. - ADR <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;418047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30061760 |
| &nbsp;&nbsp;&nbsp;&nbsp;WuXi AppTec Co. Ltd. - H <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;896600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11369398 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;896145689 |
| &nbsp;&nbsp;**Taiwan — 18.55%** | &nbsp;&nbsp;**Taiwan — 18.55%** | &nbsp;&nbsp;**Taiwan — 18.55%** |
| &nbsp;&nbsp;&nbsp;&nbsp;ASE Technology Holding Co. Ltd. | &nbsp;&nbsp;8851000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69789442 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASPEED Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24847596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chroma ATE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;763000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18871638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp;2434000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10116940 |
| &nbsp;&nbsp;&nbsp;&nbsp;CTBC Financial Holding Co. Ltd. | 34847000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55678202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Delta Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;967000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29497331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp;1006000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7374307 |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20480260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;4216400 | &nbsp;&nbsp;&nbsp;&nbsp;207266777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. - SP ADR <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;913894 | &nbsp;&nbsp;&nbsp;&nbsp;277723248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Microwave Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;796486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17196529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wiwynn Corp. | &nbsp;&nbsp;&nbsp;&nbsp;158000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22509727 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;761351997 |
| &nbsp;&nbsp;**India — 13.64%** | &nbsp;&nbsp;**India — 13.64%** | &nbsp;&nbsp;**India — 13.64%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp;2831997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46359954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Bank Ltd. | &nbsp;&nbsp;1646511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23282468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bajaj Finance Ltd. | &nbsp;&nbsp;1939324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21326722 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bharat Electronics Ltd. | &nbsp;&nbsp;8849235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39389733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel Ltd. | &nbsp;&nbsp;2448369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57466850 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;BSE Ltd. | &nbsp;&nbsp;&nbsp;1201302 | &nbsp;&nbsp;$35231007 |
| &nbsp;&nbsp;&nbsp;&nbsp;GMR Airports Ltd. <sup>\*</sup> | &nbsp;&nbsp;18592168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21620340 |
| &nbsp;&nbsp;&nbsp;&nbsp;HCL Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15842001 |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. - ADR <sup>1</sup> | &nbsp;&nbsp;&nbsp;1609086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58796002 |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. - SP ADR <sup>1</sup> | &nbsp;&nbsp;&nbsp;1636729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48774524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mahindra & Mahindra Ltd. | &nbsp;&nbsp;&nbsp;1302906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53808805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Max Healthcare Institute Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7652004 |
| &nbsp;&nbsp;&nbsp;&nbsp;One 97 Communications Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;1807336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26140404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;4184639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73225394 |
| &nbsp;&nbsp;&nbsp;&nbsp;UltraTech Cement Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31029667 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559945875 |
| &nbsp;&nbsp;**South Korea — 13.48%** | &nbsp;&nbsp;**South Korea — 13.48%** | &nbsp;&nbsp;**South Korea — 13.48%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Doosan Enerbility Co. Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25717450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hana Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39934824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hanwha Aerospace Co. Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20122418 |
| &nbsp;&nbsp;&nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7194813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyosung Heavy Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20636401 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Mobis Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14440399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12738238 |
| &nbsp;&nbsp;&nbsp;&nbsp;IsuPetasys Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30151951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Korea Electric Power Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22324211 |
| &nbsp;&nbsp;&nbsp;&nbsp;KT&G Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25578197 |
| &nbsp;&nbsp;&nbsp;&nbsp;LG Chem Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21004623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Biologics Co. Ltd. <sup>2,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17817072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;2362630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198023593 |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97434929 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553119119 |
| &nbsp;&nbsp;**Indonesia — 1.79%** | &nbsp;&nbsp;**Indonesia — 1.79%** | &nbsp;&nbsp;**Indonesia — 1.79%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | &nbsp;&nbsp;88446675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42710609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Telkom Indonesia Persero Tbk PT | 147647700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30893117 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73603726 |
| &nbsp;&nbsp;**Japan — 1.67%** | &nbsp;&nbsp;**Japan — 1.67%** | &nbsp;&nbsp;**Japan — 1.67%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19224189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ibiden Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22969455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Tobacco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26550583 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68744227 |
| &nbsp;&nbsp;**Singapore — 1.00%** | &nbsp;&nbsp;**Singapore — 1.00%** | &nbsp;&nbsp;**Singapore — 1.00%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Grab Holdings Ltd. - A <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;4073140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20324968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. - ADR <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20741734 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41066702 |
| &nbsp;&nbsp;**Hong Kong — 0.63%** | &nbsp;&nbsp;**Hong Kong — 0.63%** | &nbsp;&nbsp;**Hong Kong — 0.63%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25663625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total FAR EAST<br> (Cost $2,011,387,852) |  | &nbsp;&nbsp;&nbsp;2979640960 |
| **SOUTH AMERICA — 7.82%** | **SOUTH AMERICA — 7.82%** | **SOUTH AMERICA — 7.82%** |
| &nbsp;&nbsp;**Brazil — 5.86%** | &nbsp;&nbsp;**Brazil — 5.86%** | &nbsp;&nbsp;**Brazil — 5.86%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP | &nbsp;&nbsp;&nbsp;1929473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46447774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direcional Engenharia SA | &nbsp;&nbsp;&nbsp;7103952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18310972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Embraer SA - SP ADR <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27690815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eneva SA <sup>\*</sup> | &nbsp;&nbsp;&nbsp;1779700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6546635 |

---

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

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[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Emerging Markets Growth Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;NU Holdings Ltd. - A <sup>1,\*</sup> | 3126439 | &nbsp;&nbsp;$52336589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz SA <sup>2,3</sup> | 3281500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24304466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Telefonica Brasil SA <sup>\*</sup> | 3506300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20993085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ultrapar Participacoes SA | 2856200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10785080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vale SA - SP ADR <sup>1</sup> | 2548365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33205196 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;240620612 |
| &nbsp;&nbsp;**Peru — 1.30%** | &nbsp;&nbsp;**Peru — 1.30%** | &nbsp;&nbsp;**Peru — 1.30%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Credicorp Ltd. <sup>1</sup> | &nbsp;&nbsp;&nbsp;186275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53460925 |
| &nbsp;&nbsp;**Argentina — 0.66%** | &nbsp;&nbsp;**Argentina — 0.66%** | &nbsp;&nbsp;**Argentina — 0.66%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Galicia SA - ADR <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;504036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27187702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SOUTH AMERICA<br> (Cost $250,644,203) |  | &nbsp;&nbsp;&nbsp;&nbsp;321269239 |
| **NORTH AMERICA — 5.42%** | **NORTH AMERICA — 5.42%** | **NORTH AMERICA — 5.42%** |
| &nbsp;&nbsp;**Mexico — 2.51%** | &nbsp;&nbsp;**Mexico — 2.51%** | &nbsp;&nbsp;**Mexico — 2.51%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Arca Continental SAB de CV | 1663270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17965071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fomento Economico Mexicano SAB. de C.V. - ADR <sup>1</sup> | &nbsp;&nbsp;&nbsp;292729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29586120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV - O | 4934762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45720710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vista Energy SAB de CV - ADR <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;204824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9966736 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;103238637 |
| &nbsp;&nbsp;**United States — 1.19%** | &nbsp;&nbsp;**United States — 1.19%** | &nbsp;&nbsp;**United States — 1.19%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Globant SA <sup>\*</sup> | &nbsp;&nbsp;&nbsp;286432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18724060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern Copper Corp. | &nbsp;&nbsp;&nbsp;209552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30064426 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48788486 |
| &nbsp;&nbsp;**Canada — 0.89%** | &nbsp;&nbsp;**Canada — 0.89%** | &nbsp;&nbsp;**Canada — 0.89%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;94200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15974640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cameco Corp. <sup>1</sup> | &nbsp;&nbsp;&nbsp;222513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20357714 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36332354 |
| &nbsp;&nbsp;**Panama — 0.83%** | &nbsp;&nbsp;**Panama — 0.83%** | &nbsp;&nbsp;**Panama — 0.83%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Copa Holdings SA - A <sup>1</sup> | &nbsp;&nbsp;&nbsp;283285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34167004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total NORTH AMERICA<br> (Cost $181,539,325) |  | &nbsp;&nbsp;&nbsp;&nbsp;222526481 |
| **EUROPE — 5.16%** | **EUROPE — 5.16%** | **EUROPE — 5.16%** |
| &nbsp;&nbsp;**Hungary — 1.67%** | &nbsp;&nbsp;**Hungary — 1.67%** | &nbsp;&nbsp;**Hungary — 1.67%** |
| &nbsp;&nbsp;&nbsp;&nbsp;OTP Bank Nyrt. | &nbsp;&nbsp;&nbsp;640493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68676338 |
| &nbsp;&nbsp;**Greece — 1.27%** | &nbsp;&nbsp;**Greece — 1.27%** | &nbsp;&nbsp;**Greece — 1.27%** |
| &nbsp;&nbsp;&nbsp;&nbsp;National Bank of Greece SA | 3406191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51952774 |
| &nbsp;&nbsp;**United Kingdom — 1.08%** | &nbsp;&nbsp;**United Kingdom — 1.08%** | &nbsp;&nbsp;**United Kingdom — 1.08%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered PLC | 1811634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44204673 |
| &nbsp;&nbsp;**Turkey — 0.68%** | &nbsp;&nbsp;**Turkey — 0.68%** | &nbsp;&nbsp;**Turkey — 0.68%** |
| &nbsp;&nbsp;&nbsp;&nbsp;BIM Birlesik Magazalar A/S | 2238413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27943527 |
| &nbsp;&nbsp;**Switzerland — 0.46%** | &nbsp;&nbsp;**Switzerland — 0.46%** | &nbsp;&nbsp;**Switzerland — 0.46%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola HBC AG <sup>\*</sup> | &nbsp;&nbsp;&nbsp;369167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19098331 |
| &nbsp;&nbsp;**Russia — 0.00%** | &nbsp;&nbsp;**Russia — 0.00%** | &nbsp;&nbsp;**Russia — 0.00%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Polyus PJSC <sup>1,\*,^</sup> | &nbsp;&nbsp;&nbsp;637510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total EUROPE<br> (Cost $150,413,068) |  | &nbsp;&nbsp;&nbsp;&nbsp;211875643 |
| **AFRICA — 3.33%** | **AFRICA — 3.33%** | **AFRICA — 3.33%** |
| &nbsp;&nbsp;**South Africa — 3.33%** | &nbsp;&nbsp;**South Africa — 3.33%** | &nbsp;&nbsp;**South Africa — 3.33%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitec Bank Holdings Ltd. | &nbsp;&nbsp;&nbsp;205768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51652081 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;Impala Platinum Holdings Ltd. | &nbsp;&nbsp;1037983 | &nbsp;&nbsp;$16312066 |
| &nbsp;&nbsp;&nbsp;&nbsp;MTN Group Ltd. | &nbsp;&nbsp;4793286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49072218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Naspers Ltd. - N | &nbsp;&nbsp;&nbsp;&nbsp;292903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19534142 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136570507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total AFRICA<br> (Cost $99,799,557) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136570507 |
| **MIDDLE EAST — 2.73%** | **MIDDLE EAST — 2.73%** | **MIDDLE EAST — 2.73%** |
| &nbsp;&nbsp;**United Arab Emirates — 2.27%** | &nbsp;&nbsp;**United Arab Emirates — 2.27%** | &nbsp;&nbsp;**United Arab Emirates — 2.27%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp;5345416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20799907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aldar Properties PJSC | 14392573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34063505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dubai Electricity & Water Authority PJSC | 16072461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12110840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | &nbsp;&nbsp;6902155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26342377 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93316629 |
| &nbsp;&nbsp;**Saudi Arabia — 0.46%** | &nbsp;&nbsp;**Saudi Arabia — 0.46%** | &nbsp;&nbsp;**Saudi Arabia — 0.46%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Etihad Etisalat Co. | &nbsp;&nbsp;&nbsp;&nbsp;270247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4748326 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Saudi National Bank | &nbsp;&nbsp;1379526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13922318 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18670644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total MIDDLE EAST<br> (Cost $88,568,280) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111987273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMON STOCKS<br> (Cost $2,782,352,285) |  | &nbsp;&nbsp;&nbsp;3983870103 |
| **PREFERRED STOCKS — 1.37%** | **PREFERRED STOCKS — 1.37%** | **PREFERRED STOCKS — 1.37%** |
| **SOUTH AMERICA — 1.37%** | **SOUTH AMERICA — 1.37%** | **SOUTH AMERICA — 1.37%** |
| &nbsp;&nbsp;**Brazil — 0.83%** | &nbsp;&nbsp;**Brazil — 0.83%** | &nbsp;&nbsp;**Brazil — 0.83%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA - SP ADR, 4.57% <sup>1,4</sup> | &nbsp;&nbsp;4730626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33871284 |
| &nbsp;&nbsp;**Chile — 0.54%** | &nbsp;&nbsp;**Chile — 0.54%** | &nbsp;&nbsp;**Chile — 0.54%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile SA - SP ADR <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;322452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22184698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SOUTH AMERICA<br> (Cost $42,684,181) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56055982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total PREFERRED STOCKS<br> (Cost $42,684,181) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56055982 |
| **SHORT TERM INVESTMENTS — 1.98%** | **SHORT TERM INVESTMENTS — 1.98%** | **SHORT TERM INVESTMENTS — 1.98%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional U.S. Government Select Portfolio (Shares Class), 3.66% <sup>5</sup><br> (Cost $81,106,650) | 81106650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81106650 |
| &nbsp;&nbsp;TOTAL INVESTMENTS<br> (Cost $2,906,143,116) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.40% | &nbsp;&nbsp;$4121032735 |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16234362) |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;$4104798373 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ADR | &nbsp;&nbsp;American Depositary Receipt |
| PJSC | &nbsp;&nbsp;Public Joint Stock Company |
| PLC | &nbsp;&nbsp;Public Limited Company |
| SP ADR | &nbsp;&nbsp;Sponsored American Depositary Receipt |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Emerging Markets Growth Fund

#### Schedule of Investments

#### December 31, 2025

------

<sup>1</sup> Foreign security denominated and/or traded in U.S. dollars.

<sup>2</sup> Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $53,490,936, which represents 1% of Net Assets (see Note F in the Notes to Financial Statements).

<sup>3</sup> Restricted securities - The Fund may own investment securities that have other legal or contractual limitations. At December 31, 2025, the value of restricted securities amounted to $35,673,864 or 1% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;

<u>*Restricted Security* </u> <u>*Acquisition Date* </u> <u>*Acquisition Cost* </u> <br> Rede D'Or Sao Luiz SA 9/15/25-12/26/25 25,781,444 <br> WuXi AppTec Co. Ltd. - H 8/27/25-12/29/25 12,115,391

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>4</sup> | &nbsp;&nbsp;Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income. |
| <sup>5</sup> | &nbsp;&nbsp;7 day current yield as of December 31, 2025 is disclosed. |
| <sup>^</sup> | &nbsp;&nbsp;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. |
| <sup>\*</sup> | &nbsp;&nbsp;Non-income producing security. |

---

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| **Security Type** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;97.05% |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98% |
| **Total Investments** | &nbsp;&nbsp;**100.40%** |
| Liabilities In Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40)% |
| **Net Assets** | &nbsp;&nbsp;**100.00%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Regional Weightings** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Far East | &nbsp;&nbsp;72.59% |
| South America | &nbsp;&nbsp;&nbsp;&nbsp;9.19% |
| North America | &nbsp;&nbsp;&nbsp;&nbsp;7.40% |
| Europe | &nbsp;&nbsp;&nbsp;&nbsp;5.16% |
| Africa | &nbsp;&nbsp;&nbsp;&nbsp;3.33% |
| Middle East | &nbsp;&nbsp;&nbsp;&nbsp;2.73% |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Emerging Markets Growth Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;2.12% |
| Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;0.72% |
| Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;1.62% |
| Banks | &nbsp;&nbsp;19.76% |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1.62% |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;4.84% |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;1.49% |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1.05% |
| Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.75% |
| Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;0.52% |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;1.51% |
| Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;0.54% |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.96% |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;3.08% |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;1.29% |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;0.64% |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;0.49% |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;0.78% |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;0.73% |
| Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp;&nbsp;0.16% |

---

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.27% |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% |
| Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33% |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98% |
| Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29% |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51% |
| Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;19.02% |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26% |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38% |
| Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% |
| Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% |
| Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% |
| Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71% |
| Liabilities In Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.40)% |
| TOTAL | &nbsp;&nbsp;100.00% |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Emerging Markets Small Cap Growth Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **COMMON STOCKS — 96.49%** | **COMMON STOCKS — 96.49%** | **COMMON STOCKS — 96.49%** |
| **FAR EAST — 62.31%** | **FAR EAST — 62.31%** | **FAR EAST — 62.31%** |
| &nbsp;&nbsp;**India — 24.07%** | &nbsp;&nbsp;**India — 24.07%** | &nbsp;&nbsp;**India — 24.07%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Aditya Birla Real Estate Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;25372 | &nbsp;&nbsp;$473041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aegis Logistics Ltd. | &nbsp;&nbsp;&nbsp;109657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anand Rathi Wealth Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;51160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1769936 |
| &nbsp;&nbsp;&nbsp;&nbsp;Azad Engineering Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;92861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709960 |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackBuck Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;233795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1767595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brigade Enterprises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;51123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503467 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chalet Hotels Ltd. | &nbsp;&nbsp;&nbsp;151248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Data Patterns India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;41294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortis Healthcare Ltd. | &nbsp;&nbsp;&nbsp;170885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680687 |
| &nbsp;&nbsp;&nbsp;&nbsp;GE Vernova T&D India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;56349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1963890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hindustan Copper Ltd. | &nbsp;&nbsp;&nbsp;314448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hitachi Energy India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home First Finance Co. India Ltd. <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;130014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jyoti CNC Automation Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;94190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kfin Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;95631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153910 |
| &nbsp;&nbsp;&nbsp;&nbsp;KRN Heat Exchanger And Refrigeration Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;61335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Max Healthcare Institute Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;89498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nuvama Wealth Management Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;95485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Radico Khaitan Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;63935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2347781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sobha Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;58508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Strides Pharma Science Ltd. | &nbsp;&nbsp;&nbsp;124189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Supreme Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724016 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Breweries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;27714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500343 |
| &nbsp;&nbsp;&nbsp;&nbsp;UNO Minda Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;95248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vishal Mega Mart Ltd. <sup>\*</sup> | 1226952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1863270 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33454068 |
| &nbsp;&nbsp;**Taiwan — 12.55%** | &nbsp;&nbsp;**Taiwan — 12.55%** | &nbsp;&nbsp;**Taiwan — 12.55%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Solution Holding Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2077425 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASPEED Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4141266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chroma ATE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kaori Heat Treatment Co. Ltd. | &nbsp;&nbsp;&nbsp;103688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911372 |
| &nbsp;&nbsp;&nbsp;&nbsp;King Slide Works Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074687 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinik Co. | &nbsp;&nbsp;&nbsp;126000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582534 |
| &nbsp;&nbsp;&nbsp;&nbsp;LandMark Optoelectronics Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;114000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2224197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mega Union Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Microwave Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721108 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17445694 |
| &nbsp;&nbsp;**South Korea — 10.28%** | &nbsp;&nbsp;**South Korea — 10.28%** | &nbsp;&nbsp;**South Korea — 10.28%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Doosan Bobcat, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;42581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703235 |
| &nbsp;&nbsp;&nbsp;&nbsp;HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2453237 |
| &nbsp;&nbsp;&nbsp;&nbsp;HD Hyundai Marine Solution Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;17923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2401628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyosung Heavy Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2557160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Elevator Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;22174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Korea Aerospace Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151572 |
| &nbsp;&nbsp;&nbsp;&nbsp;LIG Nex1 Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659643 |
| &nbsp;&nbsp;&nbsp;&nbsp;LS Marine Solution Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;34559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718119 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;Sung Kwang Bend Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;72003 | &nbsp;&nbsp;$1285993 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14287786 |
| &nbsp;&nbsp;**China — 10.22%** | &nbsp;&nbsp;**China — 10.22%** | &nbsp;&nbsp;**China — 10.22%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Atour Lifestyle Holdings Ltd. - ADR <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;52023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2049706 |
| &nbsp;&nbsp;&nbsp;&nbsp;China National Building Material Co. Ltd. - H | 3366000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2216334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Daqo New Energy Corp. - ADR <sup>3,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;80606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2377877 |
| &nbsp;&nbsp;&nbsp;&nbsp;GDS Holdings Ltd. - ADR <sup>3,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;51576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Henan Pinggao Electric Co. Ltd. - A | &nbsp;&nbsp;&nbsp;301100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shanghai MicroPort MedBot Group Co. Ltd. - H <sup>2,\*</sup> | &nbsp;&nbsp;&nbsp;580500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1818675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xinyi Glass Holdings Ltd. | 1197000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272921 |
| &nbsp;&nbsp;&nbsp;&nbsp;XtalPi Holdings Ltd. <sup>2,\*</sup> | 1577000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921199 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14204067 |
| &nbsp;&nbsp;**Vietnam — 2.93%** | &nbsp;&nbsp;**Vietnam — 2.93%** | &nbsp;&nbsp;**Vietnam — 2.93%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia Commercial Bank JSC | 1727800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574356 |
| &nbsp;&nbsp;&nbsp;&nbsp;FPT Corp. | &nbsp;&nbsp;&nbsp;383926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Military Commercial Joint Stock Bank | 1152000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105635 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4076870 |
| &nbsp;&nbsp;**Singapore — 1.55%** | &nbsp;&nbsp;**Singapore — 1.55%** | &nbsp;&nbsp;**Singapore — 1.55%** |
| &nbsp;&nbsp;&nbsp;&nbsp;BOC Aviation Ltd. <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;230200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2155512 |
| &nbsp;&nbsp;**Indonesia — 0.71%** | &nbsp;&nbsp;**Indonesia — 0.71%** | &nbsp;&nbsp;**Indonesia — 0.71%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Syariah Indonesia Tbk PT | 7343100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total FAR EAST<br> (Cost $67,559,408) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86603311 |
| **SOUTH AMERICA — 10.16%** | **SOUTH AMERICA — 10.16%** | **SOUTH AMERICA — 10.16%** |
| &nbsp;&nbsp;**Brazil — 7.45%** | &nbsp;&nbsp;**Brazil — 7.45%** | &nbsp;&nbsp;**Brazil — 7.45%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cury Construtora e Incorporadora SA | &nbsp;&nbsp;&nbsp;455017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2676515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inter & Co., Inc. - BDR | &nbsp;&nbsp;&nbsp;164413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Orizon Valorizacao de Residuos SA <sup>\*</sup> | &nbsp;&nbsp;&nbsp;236000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3003491 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRIO SA <sup>\*</sup> | &nbsp;&nbsp;&nbsp;100300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753822 |
| &nbsp;&nbsp;&nbsp;&nbsp;StoneCo Ltd. - A <sup>3,\*</sup> | &nbsp;&nbsp;&nbsp;109779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ultrapar Participacoes SA | &nbsp;&nbsp;&nbsp;235800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890387 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10345821 |
| &nbsp;&nbsp;**Peru — 1.36%** | &nbsp;&nbsp;**Peru — 1.36%** | &nbsp;&nbsp;**Peru — 1.36%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Intercorp Financial Services, Inc. <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;44559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887519 |
| &nbsp;&nbsp;**Argentina — 1.35%** | &nbsp;&nbsp;**Argentina — 1.35%** | &nbsp;&nbsp;**Argentina — 1.35%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pampa Energia SA - SP ADR <sup>3,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SOUTH AMERICA<br> (Cost $8,865,838) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14114443 |
| **EUROPE — 7.52%** | **EUROPE — 7.52%** | **EUROPE — 7.52%** |
| &nbsp;&nbsp;**Greece — 3.44%** | &nbsp;&nbsp;**Greece — 3.44%** | &nbsp;&nbsp;**Greece — 3.44%** |
| &nbsp;&nbsp;&nbsp;&nbsp;JUMBO SA | &nbsp;&nbsp;&nbsp;&nbsp;45775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Motor Oil Hellas Corinth Refineries SA | &nbsp;&nbsp;&nbsp;&nbsp;22274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Power Corp. SA | &nbsp;&nbsp;&nbsp;115064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2458735 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4781356 |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Emerging Markets Small Cap Growth Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;**Turkey — 2.04%** | &nbsp;&nbsp;**Turkey — 2.04%** | &nbsp;&nbsp;**Turkey — 2.04%** |
| &nbsp;&nbsp;&nbsp;&nbsp;MLP Saglik Hizmetleri A/S <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;117974 | &nbsp;&nbsp;$1044441 |
| &nbsp;&nbsp;&nbsp;&nbsp;TAV Havalimanlari Holding A/S <sup>\*</sup> | &nbsp;&nbsp;&nbsp;257918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2834441 |
| &nbsp;&nbsp;**Poland — 0.96%** | &nbsp;&nbsp;**Poland — 0.96%** | &nbsp;&nbsp;**Poland — 0.96%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Budimex SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337758 |
| &nbsp;&nbsp;**Spain — 0.58%** | &nbsp;&nbsp;**Spain — 0.58%** | &nbsp;&nbsp;**Spain — 0.58%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Grenergy Renovables SA <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806556 |
| &nbsp;&nbsp;**United Kingdom — 0.50%** | &nbsp;&nbsp;**United Kingdom — 0.50%** | &nbsp;&nbsp;**United Kingdom — 0.50%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Hochschild Mining PLC | &nbsp;&nbsp;&nbsp;100878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693509 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total EUROPE<br> (Cost $9,774,530) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10453620 |
| **NORTH AMERICA — 6.83%** | **NORTH AMERICA — 6.83%** | **NORTH AMERICA — 6.83%** |
| &nbsp;&nbsp;**Mexico — 4.58%** | &nbsp;&nbsp;**Mexico — 4.58%** | &nbsp;&nbsp;**Mexico — 4.58%** |
| &nbsp;&nbsp;&nbsp;&nbsp;BBB Foods, Inc. - A <sup>3,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862764 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIBRA Macquarie Mexico <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;412015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis Property Mexico SA de CV | &nbsp;&nbsp;&nbsp;443182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1851237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vista Energy SAB de CV - ADR <sup>3,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;59186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2879991 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6367800 |
| &nbsp;&nbsp;**Panama — 2.25%** | &nbsp;&nbsp;**Panama — 2.25%** | &nbsp;&nbsp;**Panama — 2.25%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Copa Holdings SA - A <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3130191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total NORTH AMERICA<br> (Cost $6,674,930) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9497991 |
| **MIDDLE EAST — 5.84%** | **MIDDLE EAST — 5.84%** | **MIDDLE EAST — 5.84%** |
| &nbsp;&nbsp;**United Arab Emirates — 4.42%** | &nbsp;&nbsp;**United Arab Emirates — 4.42%** | &nbsp;&nbsp;**United Arab Emirates — 4.42%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Arabia PJSC | 1907929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2417692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Emirates Central Cooling Systems Corp. | 2603336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parkin Co. PJSC | &nbsp;&nbsp;&nbsp;904482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400179 |
| &nbsp;&nbsp;&nbsp;&nbsp;RAK Properties PJSC <sup>\*</sup> | 3357575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233694 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6143155 |
| &nbsp;&nbsp;**Saudi Arabia — 1.42%** | &nbsp;&nbsp;**Saudi Arabia — 1.42%** | &nbsp;&nbsp;**Saudi Arabia — 1.42%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Catrion Catering Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;47236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saudi Ground Services Co. | &nbsp;&nbsp;&nbsp;&nbsp;99655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964818 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total MIDDLE EAST<br> (Cost $8,420,342) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8119563 |
| **AFRICA — 3.83%** | **AFRICA — 3.83%** | **AFRICA — 3.83%** |
| &nbsp;&nbsp;**South Africa — 3.83%** | &nbsp;&nbsp;**South Africa — 3.83%** | &nbsp;&nbsp;**South Africa — 3.83%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Clicks Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;72543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Growthpoint Properties Ltd. | 2425963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2516268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impala Platinum Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;84045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320780 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5315218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total AFRICA<br> (Cost $3,626,590) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5315218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMON STOCKS<br> (Cost $104,921,638) |  | &nbsp;&nbsp;&nbsp;&nbsp;134104146 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **PREFERRED STOCKS — 0.89%** | **PREFERRED STOCKS — 0.89%** | **PREFERRED STOCKS — 0.89%** |
| **SOUTH AMERICA — 0.89%** | **SOUTH AMERICA — 0.89%** | **SOUTH AMERICA — 0.89%** |
| &nbsp;&nbsp;**Brazil — 0.89%** | &nbsp;&nbsp;**Brazil — 0.89%** | &nbsp;&nbsp;**Brazil — 0.89%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Bradespar SA, 1.06% <sup>4</sup> | &nbsp;&nbsp;&nbsp;343100 | &nbsp;&nbsp;$1241926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SOUTH AMERICA<br> (Cost $1,002,881) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total PREFERRED STOCKS<br> (Cost $1,002,881) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241926 |
| **SHORT TERM INVESTMENTS — 1.76%** | **SHORT TERM INVESTMENTS — 1.76%** | **SHORT TERM INVESTMENTS — 1.76%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional U.S. Government Select Portfolio (Shares Class), 3.66% <sup>5</sup><br> (Cost $2,446,757) | 2446757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2446757 |
| &nbsp;&nbsp;TOTAL INVESTMENTS<br> (Cost $108,371,276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.14% | &nbsp;&nbsp;$137792829 |
| &nbsp;&nbsp;Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190998 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;$138983827 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ADR | &nbsp;&nbsp;American Depositary Receipt |
| BDR | &nbsp;&nbsp;Brazilian Depositary Receipt |
| JSC | &nbsp;&nbsp;Joint Stock Company |
| PJSC | &nbsp;&nbsp;Public Joint Stock Company |
| PLC | &nbsp;&nbsp;Public Limited Company |
| SP ADR | &nbsp;&nbsp;Sponsored American Depositary Receipt |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $5,570,177, which represents 4% of Net Assets (see Note F in the Notes to Financial Statements).

<sup>2</sup> Restricted securities - The Fund may own investment securities that have other legal or contractual limitations. At December 31, 2025, the value of restricted securities amounted to $8,265,610 or 6% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Restricted Security* | *Acquisition Date* | &nbsp;&nbsp;*Acquisition Cost* |
| BOC Aviation Ltd. | &nbsp;&nbsp;&nbsp;5/29/25-6/12/25 | &nbsp;&nbsp;1870604 |
| FIBRA Macquarie Mexico | 10/26/22-10/28/22 | &nbsp;&nbsp;&nbsp;&nbsp;535576 |
| Home First Finance Co. India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/6/24-2/4/25 | &nbsp;&nbsp;1813649 |
| Shanghai MicroPort MedBot Group Co. Ltd. - H | &nbsp;&nbsp;&nbsp;&nbsp;8/14/25-9/2/25 | &nbsp;&nbsp;1628214 |
| XtalPi Holdings Ltd. | &nbsp;&nbsp;&nbsp;4/10/25-4/23/25 | &nbsp;&nbsp;1041826 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>3</sup> Foreign security denominated and/or traded in U.S. dollars.

<sup>4</sup> Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income.

<sup>5</sup> 7 day current yield as of December 31, 2025 is disclosed.

<sup>\*</sup> Non-income producing security.

Percentages are stated as a percent of net assets.

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Emerging Markets Small Cap Growth Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | |
|:---|:---|
| **Security Type** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;96.49% |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76% |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp;**99.14%** |
| Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% |
| **Net Assets** | &nbsp;&nbsp;**100.00%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Regional Weightings** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Far East | &nbsp;&nbsp;62.31% |
| South America | &nbsp;&nbsp;11.05% |
| North America | &nbsp;&nbsp;&nbsp;&nbsp;8.59% |
| Europe | &nbsp;&nbsp;&nbsp;&nbsp;7.52% |
| Middle East | &nbsp;&nbsp;&nbsp;&nbsp;5.84% |
| Africa | &nbsp;&nbsp;&nbsp;&nbsp;3.83% |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Emerging Markets Small Cap Growth Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Aerospace & Defense | &nbsp;&nbsp;2.17% |
| Automobile Components | &nbsp;&nbsp;0.98% |
| Banks | &nbsp;&nbsp;5.01% |
| Beverages | &nbsp;&nbsp;2.05% |
| Broadline Retail | &nbsp;&nbsp;1.34% |
| Building Products | &nbsp;&nbsp;2.20% |
| Capital Markets | &nbsp;&nbsp;3.23% |
| Chemicals | &nbsp;&nbsp;0.52% |
| Commercial Services & Supplies | &nbsp;&nbsp;3.90% |
| Construction & Engineering | &nbsp;&nbsp;1.48% |
| Construction Materials | &nbsp;&nbsp;1.59% |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;1.69% |
| Diversified Real Estate Investment Trusts | &nbsp;&nbsp;1.81% |
| Electric Utilities | &nbsp;&nbsp;3.12% |
| Electrical Equipment | &nbsp;&nbsp;8.72% |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;2.72% |
| Financial Services | &nbsp;&nbsp;2.32% |
| Health Care Providers & Services | &nbsp;&nbsp;4.02% |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;2.52% |
| Household Durables | &nbsp;&nbsp;1.93% |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;0.58% |

---

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Industrial Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89% |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30% |
| Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.91% |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65% |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76% |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83% |
| Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.99% |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27% |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.29% |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% |
| Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98% |
| Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% |
| Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% |
| TOTAL | &nbsp;&nbsp;100.00% |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Global Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **COMMON STOCKS — 98.23%** | **COMMON STOCKS — 98.23%** | **COMMON STOCKS — 98.23%** |
| **NORTH AMERICA — 59.40%** | **NORTH AMERICA — 59.40%** | **NORTH AMERICA — 59.40%** |
| &nbsp;&nbsp;**United States — 57.26%** | &nbsp;&nbsp;**United States — 57.26%** | &nbsp;&nbsp;**United States — 57.26%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Affirm Holdings, Inc. <sup>\*</sup> | 12461 | &nbsp;&nbsp;$927472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - A | 11223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3512799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>\*</sup> | &nbsp;&nbsp;6233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;8237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2239311 |
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp. - A <sup>\*</sup> | &nbsp;&nbsp;1267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Astera Labs, Inc. <sup>\*</sup> | &nbsp;&nbsp;2240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | 15574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp. <sup>\*</sup> | &nbsp;&nbsp;3183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;2684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;3971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;1248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;2427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cognex Corp. | 11498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd. <sup>\*</sup> | &nbsp;&nbsp;6136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;1017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560642 |
| &nbsp;&nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;2663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721110 |
| &nbsp;&nbsp;&nbsp;&nbsp;EQT Corp. | 15752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844307 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;7158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;4085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. <sup>\*</sup> | &nbsp;&nbsp;4736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intel Corp. <sup>\*</sup> | 11118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410254 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;4944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. <sup>\*</sup> | &nbsp;&nbsp;2151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;2663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;4287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - A | &nbsp;&nbsp;1153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;3288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc. <sup>\*</sup> | &nbsp;&nbsp;1817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416256 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 15733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2934204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;4782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;1574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern Copper Corp. | &nbsp;&nbsp;7345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology SA <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. <sup>\*</sup> | &nbsp;&nbsp;2482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;2409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;3087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc. <sup>\*</sup> | &nbsp;&nbsp;2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928672 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Boeing Co. <sup>\*</sup> | &nbsp;&nbsp;3076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667861 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Coca-Cola Co. | 12528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp. | 10943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;2246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;4186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;1933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;8651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374747 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39720687 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;**Canada — 1.69%** | &nbsp;&nbsp;**Canada — 1.69%** | &nbsp;&nbsp;**Canada — 1.69%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cameco Corp. <sup>1</sup> | &nbsp;&nbsp;4348 | &nbsp;&nbsp;$397799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc. - A <sup>1,\*</sup> | &nbsp;&nbsp;4830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777485 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175284 |
| &nbsp;&nbsp;**Mexico — 0.45%** | &nbsp;&nbsp;**Mexico — 0.45%** | &nbsp;&nbsp;**Mexico — 0.45%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV - O | 33700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total NORTH AMERICA<br> (Cost $29,094,049) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41208202 |
| **EUROPE — 21.91%** | **EUROPE — 21.91%** | **EUROPE — 21.91%** |
| &nbsp;&nbsp;**United Kingdom — 9.56%** | &nbsp;&nbsp;**United Kingdom — 9.56%** | &nbsp;&nbsp;**United Kingdom — 9.56%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC - SP ADR <sup>1</sup> | &nbsp;&nbsp;7933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays PLC | 96605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618381 |
| &nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco PLC | 12583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Melrose Industries PLC | 58376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | 79082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | 37799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Smiths Group PLC | 15257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered PLC | 29257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC | &nbsp;&nbsp;4495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293691 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6634854 |
| &nbsp;&nbsp;**Germany — 3.22%** | &nbsp;&nbsp;**Germany — 3.22%** | &nbsp;&nbsp;**Germany — 3.22%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AIXTRON SE | 29099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584235 |
| &nbsp;&nbsp;&nbsp;&nbsp;MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376392 |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;1362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy AG <sup>\*</sup> | &nbsp;&nbsp;6709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941196 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232746 |
| &nbsp;&nbsp;**France — 2.45%** | &nbsp;&nbsp;**France — 2.45%** | &nbsp;&nbsp;**France — 2.45%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Danone SA | &nbsp;&nbsp;5489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495103 |
| &nbsp;&nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;2580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700138 |
| &nbsp;&nbsp;**Switzerland — 2.05%** | &nbsp;&nbsp;**Switzerland — 2.05%** | &nbsp;&nbsp;**Switzerland — 2.05%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp;983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662758 |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG | 16451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759618 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422376 |
| &nbsp;&nbsp;**Ireland — 1.57%** | &nbsp;&nbsp;**Ireland — 1.57%** | &nbsp;&nbsp;**Ireland — 1.57%** |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH PLC <sup>1</sup> | &nbsp;&nbsp;2828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Linde PLC <sup>1</sup> | &nbsp;&nbsp;1721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733817 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086752 |
| &nbsp;&nbsp;**Italy — 0.90%** | &nbsp;&nbsp;**Italy — 0.90%** | &nbsp;&nbsp;**Italy — 0.90%** |
| &nbsp;&nbsp;&nbsp;&nbsp;UniCredit SpA | &nbsp;&nbsp;7536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624182 |
| &nbsp;&nbsp;**Netherlands — 0.86%** | &nbsp;&nbsp;**Netherlands — 0.86%** | &nbsp;&nbsp;**Netherlands — 0.86%** |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579706 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Magnum Ice Cream Co. NV <sup>\*</sup> | &nbsp;&nbsp;1011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16047 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595753 |
| &nbsp;&nbsp;**Austria — 0.70%** | &nbsp;&nbsp;**Austria — 0.70%** | &nbsp;&nbsp;**Austria — 0.70%** |
| &nbsp;&nbsp;&nbsp;&nbsp;DO & CO AG | &nbsp;&nbsp;1993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484830 |
| &nbsp;&nbsp;**Finland — 0.60%** | &nbsp;&nbsp;**Finland — 0.60%** | &nbsp;&nbsp;**Finland — 0.60%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Amer Sports, Inc. <sup>1,\*</sup> | 11240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total EUROPE<br> (Cost $11,595,172) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15201445 |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Global Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **FAR EAST — 15.88%** | **FAR EAST — 15.88%** | **FAR EAST — 15.88%** |
| &nbsp;&nbsp;**Japan — 8.66%** | &nbsp;&nbsp;**Japan — 8.66%** | &nbsp;&nbsp;**Japan — 8.66%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;2500 | &nbsp;&nbsp;$761656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hitachi Ltd. | 15700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ibiden Co. Ltd. | 17000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Tobacco, Inc. | 17600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | 51900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pan Pacific International Holdings Corp. | 47400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Panasonic Holdings Corp. | 49600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | 27100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Corp. | 27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yaskawa Electric Corp. | 11900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361776 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6006762 |
| &nbsp;&nbsp;**China — 3.40%** | &nbsp;&nbsp;**China — 3.40%** | &nbsp;&nbsp;**China — 3.40%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. - W | 28800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528796 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. - A | &nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 18153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393125 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2358356 |
| &nbsp;&nbsp;**Taiwan — 1.57%** | &nbsp;&nbsp;**Taiwan — 1.57%** | &nbsp;&nbsp;**Taiwan — 1.57%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 22168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089719 |
| &nbsp;&nbsp;**Australia — 1.43%** | &nbsp;&nbsp;**Australia — 1.43%** | &nbsp;&nbsp;**Australia — 1.43%** |
| &nbsp;&nbsp;&nbsp;&nbsp;BHP Group Ltd. | 32901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996198 |
| &nbsp;&nbsp;**India — 0.82%** | &nbsp;&nbsp;**India — 0.82%** | &nbsp;&nbsp;**India — 0.82%** |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. - SP ADR <sup>1</sup> | 19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total FAR EAST<br> (Cost $8,568,653) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11017235 |
| **SOUTH AMERICA — 1.04%** | **SOUTH AMERICA — 1.04%** | **SOUTH AMERICA — 1.04%** |
| &nbsp;&nbsp;**Peru — 1.04%** | &nbsp;&nbsp;**Peru — 1.04%** | &nbsp;&nbsp;**Peru — 1.04%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Credicorp Ltd. <sup>1</sup> | &nbsp;&nbsp;2511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SOUTH AMERICA<br> (Cost $475,410) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMON STOCKS<br> (Cost $49,733,284) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68147539 |
| **PREFERRED STOCKS — 0.65%** | **PREFERRED STOCKS — 0.65%** | **PREFERRED STOCKS — 0.65%** |
| **SOUTH AMERICA — 0.65%** | **SOUTH AMERICA — 0.65%** | **SOUTH AMERICA — 0.65%** |
| &nbsp;&nbsp;**Chile — 0.65%** | &nbsp;&nbsp;**Chile — 0.65%** | &nbsp;&nbsp;**Chile — 0.65%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile SA - SP ADR <sup>1,\*</sup> | &nbsp;&nbsp;6566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SOUTH AMERICA<br> (Cost $340,406) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total PREFERRED STOCKS<br> (Cost $340,406) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451741 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **SHORT TERM INVESTMENTS — 1.13%** | **SHORT TERM INVESTMENTS — 1.13%** | **SHORT TERM INVESTMENTS — 1.13%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional U.S. Government Select Portfolio (Shares Class), 3.66% <sup>2</sup><br> (Cost $785,470) | 785470 | &nbsp;&nbsp;$785470 |
| &nbsp;&nbsp;TOTAL INVESTMENTS<br> (Cost $50,859,160) | &nbsp;&nbsp;100.01% | &nbsp;&nbsp;$69384750 |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.01)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9129) |
| Net Assets | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;$69375621 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

ADR American Depositary Receipt <br> PLC Public Limited Company <br> SP ADR Sponsored American Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Foreign security denominated and/or traded in U.S. dollars. <br> <sup>2</sup> 7 day current yield as of December 31, 2025 is disclosed. <br> <sup>\*</sup> Non-income producing security.

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| **Security Type** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;98.23% |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% |
| **Total Investments** | &nbsp;&nbsp;**100.01%** |
| Liabilities In Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01)% |
| **Net Assets** | &nbsp;&nbsp;**100.00%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Regional Weightings** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| North America | &nbsp;&nbsp;60.53% |
| Europe | &nbsp;&nbsp;21.91% |
| Far East | &nbsp;&nbsp;15.88% |
| South America | &nbsp;&nbsp;&nbsp;&nbsp;1.69% |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Global Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;5.17% |
| Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;2.17% |
| Banks | &nbsp;&nbsp;10.63% |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1.26% |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;1.32% |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;3.24% |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;1.09% |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1.71% |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;0.96% |
| Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.51% |
| Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;1.39% |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;2.38% |
| Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;0.42% |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.99% |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;2.29% |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;1.45% |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;1.34% |
| Food Products | &nbsp;&nbsp;&nbsp;&nbsp;0.74% |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;0.75% |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;0.44% |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;0.70% |

---

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Health Care REITs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54% |
| Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% |
| Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93% |
| Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% |
| Industrial Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17% |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81% |
| Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95% |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.03% |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74% |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;13.84% |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59% |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23% |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86% |
| Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94% |
| Liabilities In Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.01)% |
| TOTAL | &nbsp;&nbsp;100.00% |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus International Small Cap Growth Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **COMMON STOCKS — 97.70%** | **COMMON STOCKS — 97.70%** | **COMMON STOCKS — 97.70%** |
| **EUROPE — 54.00%** | **EUROPE — 54.00%** | **EUROPE — 54.00%** |
| &nbsp;&nbsp;**United Kingdom — 19.73%** | &nbsp;&nbsp;**United Kingdom — 19.73%** | &nbsp;&nbsp;**United Kingdom — 19.73%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Babcock International Group PLC | &nbsp;&nbsp;&nbsp;211449 | &nbsp;&nbsp;$3523758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Burberry Group PLC <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;94893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convatec Group PLC <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;787699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2571770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cranswick PLC | &nbsp;&nbsp;&nbsp;&nbsp;55635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3715913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Currys PLC | 1766317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2991859 |
| &nbsp;&nbsp;&nbsp;&nbsp;Games Workshop Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;11247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2861292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kier Group PLC | 1218181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3630552 |
| &nbsp;&nbsp;&nbsp;&nbsp;LivaNova PLC <sup>3,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;64619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3976007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Melrose Industries PLC | &nbsp;&nbsp;&nbsp;886590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6992487 |
| &nbsp;&nbsp;&nbsp;&nbsp;RS GROUP PLC | &nbsp;&nbsp;&nbsp;276422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior PLC | 1686080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4433334 |
| &nbsp;&nbsp;&nbsp;&nbsp;SigmaRoc PLC <sup>\*</sup> | 4757629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8140647 |
| &nbsp;&nbsp;&nbsp;&nbsp;Smiths Group PLC | &nbsp;&nbsp;&nbsp;302593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9571095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;47063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4301419 |
| &nbsp;&nbsp;&nbsp;&nbsp;SSP Group PLC | 1152250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3196088 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustpilot Group PLC <sup>1,2,\*</sup> | &nbsp;&nbsp;&nbsp;558210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zegona Communications PLC | &nbsp;&nbsp;&nbsp;128265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2403370 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67476768 |
| &nbsp;&nbsp;**Germany — 7.68%** | &nbsp;&nbsp;**Germany — 7.68%** | &nbsp;&nbsp;**Germany — 7.68%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AIXTRON SE | &nbsp;&nbsp;&nbsp;&nbsp;93527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877787 |
| &nbsp;&nbsp;&nbsp;&nbsp;AlzChem Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auto1 Group SE <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;94133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2984698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bechtle AG | &nbsp;&nbsp;&nbsp;&nbsp;33113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686585 |
| &nbsp;&nbsp;&nbsp;&nbsp;flatexDEGIRO SE | &nbsp;&nbsp;&nbsp;&nbsp;77416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3316651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Friedrich Vorwerk Group SE | &nbsp;&nbsp;&nbsp;&nbsp;46607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4415530 |
| &nbsp;&nbsp;&nbsp;&nbsp;LEG Immobilien SE | &nbsp;&nbsp;&nbsp;&nbsp;32143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2344380 |
| &nbsp;&nbsp;&nbsp;&nbsp;PVA TePla AG <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;74467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Salzgitter AG | &nbsp;&nbsp;&nbsp;&nbsp;84655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3959658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Scout24 SE <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verbio SE <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;31023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766826 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26241717 |
| &nbsp;&nbsp;**Italy — 3.84%** | &nbsp;&nbsp;**Italy — 3.84%** | &nbsp;&nbsp;**Italy — 3.84%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco BPM SpA | &nbsp;&nbsp;&nbsp;127788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Buzzi SpA | &nbsp;&nbsp;&nbsp;&nbsp;75949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4591202 |
| &nbsp;&nbsp;&nbsp;&nbsp;De' Longhi SpA | &nbsp;&nbsp;&nbsp;&nbsp;52532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2236291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lottomatica Group Spa <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saipem SpA | 1272777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3603231 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13142874 |
| &nbsp;&nbsp;**Switzerland — 3.26%** | &nbsp;&nbsp;**Switzerland — 3.26%** | &nbsp;&nbsp;**Switzerland — 3.26%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Belimo Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2337136 |
| &nbsp;&nbsp;&nbsp;&nbsp;dormakaba Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;62320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5041833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Montana Aerospace AG <sup>1,2,\*</sup> | &nbsp;&nbsp;&nbsp;105866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3765027 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11143996 |
| &nbsp;&nbsp;**Spain — 2.92%** | &nbsp;&nbsp;**Spain — 2.92%** | &nbsp;&nbsp;**Spain — 2.92%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Fluidra SA | &nbsp;&nbsp;&nbsp;224674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6086879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tecnicas Reunidas SA <sup>\*</sup> | &nbsp;&nbsp;&nbsp;120290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3889800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9976679 |
| &nbsp;&nbsp;**Netherlands — 2.84%** | &nbsp;&nbsp;**Netherlands — 2.84%** | &nbsp;&nbsp;**Netherlands — 2.84%** |
| &nbsp;&nbsp;&nbsp;&nbsp;COSMO Pharmaceuticals NV | &nbsp;&nbsp;&nbsp;&nbsp;17079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2249477 |
| &nbsp;&nbsp;&nbsp;&nbsp;Koninklijke BAM Groep NV | &nbsp;&nbsp;&nbsp;418495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4563932 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;Pepco Group NV <sup>2</sup> | &nbsp;&nbsp;&nbsp;347962 | &nbsp;&nbsp;$2894653 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9708062 |
| &nbsp;&nbsp;**Austria — 2.78%** | &nbsp;&nbsp;**Austria — 2.78%** | &nbsp;&nbsp;**Austria — 2.78%** |
| &nbsp;&nbsp;&nbsp;&nbsp;DO & CO AG | &nbsp;&nbsp;&nbsp;&nbsp;24048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5850071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vienna Insurance Group AG Wiener Versicherung Gruppe | &nbsp;&nbsp;&nbsp;&nbsp;18641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wienerberger AG | &nbsp;&nbsp;&nbsp;&nbsp;60877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2172295 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9490464 |
| &nbsp;&nbsp;**Denmark — 2.63%** | &nbsp;&nbsp;**Denmark — 2.63%** | &nbsp;&nbsp;**Denmark — 2.63%** |
| &nbsp;&nbsp;&nbsp;&nbsp;ALK-Abello A/S <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;54077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Netcompany Group A/S <sup>1,2,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;61234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3425554 |
| &nbsp;&nbsp;&nbsp;&nbsp;NKT A/S <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3636793 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8997616 |
| &nbsp;&nbsp;**France — 1.90%** | &nbsp;&nbsp;**France — 1.90%** | &nbsp;&nbsp;**France — 1.90%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Forvia SE <sup>\*</sup> | &nbsp;&nbsp;&nbsp;112636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1787399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sopra Steria Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vicat SACA | &nbsp;&nbsp;&nbsp;&nbsp;37155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3306437 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6508188 |
| &nbsp;&nbsp;**Ireland — 1.84%** | &nbsp;&nbsp;**Ireland — 1.84%** | &nbsp;&nbsp;**Ireland — 1.84%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cairn Homes PLC | 1018869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2478706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Greencore Group PLC | 1115184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3812524 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6291230 |
| &nbsp;&nbsp;**Finland — 1.53%** | &nbsp;&nbsp;**Finland — 1.53%** | &nbsp;&nbsp;**Finland — 1.53%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Metso OYJ | &nbsp;&nbsp;&nbsp;258308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4494344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nokian Renkaat OYJ | &nbsp;&nbsp;&nbsp;&nbsp;67761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750019 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5244363 |
| &nbsp;&nbsp;**Norway — 1.43%** | &nbsp;&nbsp;**Norway — 1.43%** | &nbsp;&nbsp;**Norway — 1.43%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AutoStore Holdings Ltd. <sup>1,2,\*</sup> | 2642907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3068193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Odfjell Drilling Ltd. | &nbsp;&nbsp;&nbsp;209491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1812572 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4880765 |
| &nbsp;&nbsp;**Sweden — 1.07%** | &nbsp;&nbsp;**Sweden — 1.07%** | &nbsp;&nbsp;**Sweden — 1.07%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Ovzon AB <sup>\*</sup> | &nbsp;&nbsp;&nbsp;531992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rvrc Holding AB | &nbsp;&nbsp;&nbsp;168717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213854 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3658201 |
| &nbsp;&nbsp;**Poland — 0.55%** | &nbsp;&nbsp;**Poland — 0.55%** | &nbsp;&nbsp;**Poland — 0.55%** |
| &nbsp;&nbsp;&nbsp;&nbsp;LPP SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total EUROPE<br> (Cost $150,579,038) |  | &nbsp;&nbsp;&nbsp;&nbsp;184644628 |
| **FAR EAST — 30.49%** | **FAR EAST — 30.49%** | **FAR EAST — 30.49%** |
| &nbsp;&nbsp;**Japan — 15.93%** | &nbsp;&nbsp;**Japan — 15.93%** | &nbsp;&nbsp;**Japan — 15.93%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Asahi Intecc Co. Ltd. | &nbsp;&nbsp;&nbsp;174700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3274836 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Azbil Corp. | &nbsp;&nbsp;&nbsp;648300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5895778 |
| &nbsp;&nbsp;&nbsp;&nbsp;BayCurrent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1471961 |
| &nbsp;&nbsp;&nbsp;&nbsp;CKD Corp. | &nbsp;&nbsp;&nbsp;119200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Daifuku Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;74600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2348086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Life Cos. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;29900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harmonic Drive Systems, Inc. | &nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3862948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Katitas Co. Ltd. | &nbsp;&nbsp;&nbsp;178100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3621741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kokuyo Co. Ltd. | &nbsp;&nbsp;&nbsp;576600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3221503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lifedrink Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Protections Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;511100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709205 |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus International Small Cap Growth Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;Nichias Corp. | &nbsp;&nbsp;&nbsp;&nbsp;66630 | &nbsp;&nbsp;$2879179 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;98900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1906191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Resonac Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;66300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2764408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Seiko Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093489 |
| &nbsp;&nbsp;&nbsp;&nbsp;SKY Perfect JSAT Holdings, Inc. | &nbsp;&nbsp;&nbsp;137700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759841 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toyoda Gosei Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;80800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yaskawa Electric Corp. | &nbsp;&nbsp;&nbsp;170800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5192557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yokogawa Electric Corp. | &nbsp;&nbsp;&nbsp;131100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4204451 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54477284 |
| &nbsp;&nbsp;**Australia — 5.06%** | &nbsp;&nbsp;**Australia — 5.06%** | &nbsp;&nbsp;**Australia — 5.06%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AUB Group Ltd. | &nbsp;&nbsp;&nbsp;149695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3076888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catapult Sports Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;950374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2631737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mineral Resources Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;106908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3859167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Orica Ltd. | &nbsp;&nbsp;&nbsp;200568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3239382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Qoria Ltd. <sup>\*</sup> | 4280856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Superloop Ltd. <sup>\*</sup> | 1640690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2834110 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17305012 |
| &nbsp;&nbsp;**India — 3.05%** | &nbsp;&nbsp;**India — 3.05%** | &nbsp;&nbsp;**India — 3.05%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Bharti Hexacom Ltd. | &nbsp;&nbsp;&nbsp;101289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hitachi Energy India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611932 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home First Finance Co. India Ltd. <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;101254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243278 |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Lombard General Insurance Co. Ltd. <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;78024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thanga Mayil Jewellery Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;38536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382831 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Indian Hotels Co. Ltd. | &nbsp;&nbsp;&nbsp;295228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2429981 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10432838 |
| &nbsp;&nbsp;**South Korea — 2.23%** | &nbsp;&nbsp;**South Korea — 2.23%** | &nbsp;&nbsp;**South Korea — 2.23%** |
| &nbsp;&nbsp;&nbsp;&nbsp;HD Hyundai Marine Solution Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;18766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2514587 |
| &nbsp;&nbsp;&nbsp;&nbsp;KT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;84022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3065551 |
| &nbsp;&nbsp;&nbsp;&nbsp;LEENO Industrial, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;48786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045628 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7625766 |
| &nbsp;&nbsp;**Taiwan — 2.21%** | &nbsp;&nbsp;**Taiwan — 2.21%** | &nbsp;&nbsp;**Taiwan — 2.21%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Lotes Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wiwynn Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5698665 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7554089 |
| &nbsp;&nbsp;**China — 1.56%** | &nbsp;&nbsp;**China — 1.56%** | &nbsp;&nbsp;**China — 1.56%** |
| &nbsp;&nbsp;&nbsp;&nbsp;China National Building Material Co. Ltd. - H | 3980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp;&nbsp;320400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705662 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5326283 |
| &nbsp;&nbsp;**Hong Kong — 0.45%** | &nbsp;&nbsp;**Hong Kong — 0.45%** | &nbsp;&nbsp;**Hong Kong — 0.45%** |
| &nbsp;&nbsp;&nbsp;&nbsp;China Resources Beer Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total FAR EAST<br> (Cost $90,800,586) |  | &nbsp;&nbsp;&nbsp;&nbsp;104257941 |
| **NORTH AMERICA — 10.39%** | **NORTH AMERICA — 10.39%** | **NORTH AMERICA — 10.39%** |
| &nbsp;&nbsp;**Canada — 9.73%** | &nbsp;&nbsp;**Canada — 9.73%** | &nbsp;&nbsp;**Canada — 9.73%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Aritzia, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;73200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6258439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Boardwalk REIT | &nbsp;&nbsp;&nbsp;&nbsp;63174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967804 |
| &nbsp;&nbsp;&nbsp;&nbsp;CAE, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;157400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4786621 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;Capstone Copper Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;389000 | &nbsp;&nbsp;$3905446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gildan Activewear, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Groupe Dynamite, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinaxis, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;34411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4339263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maple Leaf Foods, Inc. | &nbsp;&nbsp;&nbsp;152000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals, Inc. <sup>3,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;59228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2654599 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33274144 |
| &nbsp;&nbsp;**Mexico — 0.66%** | &nbsp;&nbsp;**Mexico — 0.66%** | &nbsp;&nbsp;**Mexico — 0.66%** |
| &nbsp;&nbsp;&nbsp;&nbsp;GCC SAB de CV <sup>2</sup> | &nbsp;&nbsp;&nbsp;223886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2269756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total NORTH AMERICA<br> (Cost $27,620,772) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35543900 |
| **SOUTH AMERICA — 1.54%** | **SOUTH AMERICA — 1.54%** | **SOUTH AMERICA — 1.54%** |
| &nbsp;&nbsp;**Brazil — 1.54%** | &nbsp;&nbsp;**Brazil — 1.54%** | &nbsp;&nbsp;**Brazil — 1.54%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Direcional Engenharia SA | 1291736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3329547 |
| &nbsp;&nbsp;&nbsp;&nbsp;StoneCo Ltd. - A <sup>3,\*</sup> | &nbsp;&nbsp;&nbsp;131689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947680 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5277227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SOUTH AMERICA<br> (Cost $3,804,633) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5277227 |
| **AFRICA — 0.78%** | **AFRICA — 0.78%** | **AFRICA — 0.78%** |
| &nbsp;&nbsp;**South Africa — 0.78%** | &nbsp;&nbsp;**South Africa — 0.78%** | &nbsp;&nbsp;**South Africa — 0.78%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Growthpoint Properties Ltd. | 2558229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2653457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total AFRICA<br> (Cost $1,809,761) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2653457 |
| **MIDDLE EAST — 0.50%** | **MIDDLE EAST — 0.50%** | **MIDDLE EAST — 0.50%** |
| &nbsp;&nbsp;**Israel — 0.50%** | &nbsp;&nbsp;**Israel — 0.50%** | &nbsp;&nbsp;**Israel — 0.50%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cognyte Software Ltd. <sup>3,\*</sup> | &nbsp;&nbsp;&nbsp;181473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total MIDDLE EAST<br> (Cost $1,762,677) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMON STOCKS<br> (Cost $276,377,467) |  | &nbsp;&nbsp;&nbsp;&nbsp;334082999 |
| **SHORT TERM INVESTMENTS — 2.10%** | **SHORT TERM INVESTMENTS — 2.10%** | **SHORT TERM INVESTMENTS — 2.10%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional U.S. Government Select Portfolio (Shares Class), 3.66% <sup>4</sup><br> (Cost $7,171,170) | 7171170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7171170 |
| &nbsp;&nbsp;TOTAL INVESTMENTS<br> (Cost $283,548,637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.80% | &nbsp;&nbsp;$341254169 |
| &nbsp;&nbsp;Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671638 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;$341925807 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

PLC Public Limited Company <br> REIT Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $18,210,572, which represents 5% of Net Assets (see Note F in the Notes to Financial Statements).

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus International Small Cap Growth Fund

#### Schedule of Investments

#### December 31, 2025

------

<sup>2</sup> Restricted securities - The Fund may own investment securities that have other legal or contractual limitations. At December 31, 2025, the value of restricted securities amounted to $24,146,679 or 7% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Restricted Security* | *Acquisition Date* | &nbsp;&nbsp;*Acquisition Cost* |
| AutoStore Holdings Ltd. | &nbsp;&nbsp;8/15/25-10/3/25 | &nbsp;&nbsp;2339230 |
| Convatec Group PLC | 12/9/24-12/17/25 | &nbsp;&nbsp;2407636 |
| GCC SAB de CV | &nbsp;&nbsp;7/13/18-10/2/25 | &nbsp;&nbsp;1660122 |
| Home First Finance Co. India Ltd. | &nbsp;&nbsp;7/22/25-10/3/25 | &nbsp;&nbsp;1654766 |
| ICICI Lombard General Insurance Co. Ltd. | &nbsp;&nbsp;2/27/24-10/3/25 | &nbsp;&nbsp;1622354 |
| Lottomatica Group Spa | &nbsp;&nbsp;&nbsp;3/4/25-10/3/25 | &nbsp;&nbsp;&nbsp;&nbsp;537462 |
| Montana Aerospace AG | &nbsp;&nbsp;6/26/25-9/16/25 | &nbsp;&nbsp;3445501 |
| Netcompany Group A/S | 11/13/24-10/3/25 | &nbsp;&nbsp;2913466 |
| Pepco Group NV | 10/1/25-10/24/25 | &nbsp;&nbsp;2563340 |
| Scout24 SE | &nbsp;&nbsp;5/12/23-5/15/23 | &nbsp;&nbsp;&nbsp;&nbsp;760195 |
| Trustpilot Group PLC | &nbsp;&nbsp;&nbsp;2/6/25-10/3/25 | &nbsp;&nbsp;2087374 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>3</sup> Foreign security denominated and/or traded in U.S. dollars. <br> <sup>4</sup> 7 day current yield as of December 31, 2025 is disclosed. <br> <sup>\*</sup> Non-income producing security.

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| **Security Type** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;97.70% |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10% |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp;**99.80%** |
| Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% |
| **Net Assets** | &nbsp;&nbsp;**100.00%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Regional Weightings** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Europe | &nbsp;&nbsp;54.00% |
| Far East | &nbsp;&nbsp;30.49% |
| North America | &nbsp;&nbsp;12.49% |
| South America | &nbsp;&nbsp;&nbsp;&nbsp;1.54% |
| Africa | &nbsp;&nbsp;&nbsp;&nbsp;0.78% |
| Middle East | &nbsp;&nbsp;&nbsp;&nbsp;0.50% |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus International Small Cap Growth Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Aerospace & Defense | &nbsp;&nbsp;6.88% |
| Automobile Components | &nbsp;&nbsp;1.34% |
| Banks | &nbsp;&nbsp;0.57% |
| Beverages | &nbsp;&nbsp;0.74% |
| Biotechnology | &nbsp;&nbsp;0.77% |
| Broadline Retail | &nbsp;&nbsp;0.85% |
| Building Products | &nbsp;&nbsp;3.00% |
| Capital Markets | &nbsp;&nbsp;0.97% |
| Chemicals | &nbsp;&nbsp;2.82% |
| Commercial Services & Supplies | &nbsp;&nbsp;2.65% |
| Construction & Engineering | &nbsp;&nbsp;2.39% |
| Construction Materials | &nbsp;&nbsp;6.76% |
| Consumer Finance | &nbsp;&nbsp;0.50% |
| Diversified Real Estate Investment Trusts | &nbsp;&nbsp;0.78% |
| Diversified Telecommunication Services | &nbsp;&nbsp;3.14% |
| Electrical Equipment | &nbsp;&nbsp;1.53% |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;4.28% |
| Energy Equipment & Services | &nbsp;&nbsp;2.72% |
| Financial Services | &nbsp;&nbsp;0.93% |
| Food Products | &nbsp;&nbsp;3.02% |
| Health Care Equipment & Supplies | &nbsp;&nbsp;2.87% |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;2.31% |
| Household Durables | &nbsp;&nbsp;2.34% |
| Industrial Conglomerates | &nbsp;&nbsp;2.80% |

---

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83% |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp;10.00% |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43% |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10% |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52% |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% |
| Residential Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73% |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02% |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.87% |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15% |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% |
| TOTAL | &nbsp;&nbsp;100.00% |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus International Developed Equity Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **COMMON STOCKS — 94.45%** | **COMMON STOCKS — 94.45%** | **COMMON STOCKS — 94.45%** |
| **EUROPE — 72.49%** | **EUROPE — 72.49%** | **EUROPE — 72.49%** |
| &nbsp;&nbsp;**United Kingdom — 19.52%** | &nbsp;&nbsp;**United Kingdom — 19.52%** | &nbsp;&nbsp;**United Kingdom — 19.52%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;448 | &nbsp;&nbsp;$82907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays PLC | 16454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Halma PLC | &nbsp;&nbsp;1640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Melrose Industries PLC | 13103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | &nbsp;&nbsp;4293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Smiths Group PLC | &nbsp;&nbsp;3902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29402 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684563 |
| &nbsp;&nbsp;**Switzerland — 11.64%** | &nbsp;&nbsp;**Switzerland — 11.64%** | &nbsp;&nbsp;**Switzerland — 11.64%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Belimo Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA - A | &nbsp;&nbsp;&nbsp;&nbsp;383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Montana Aerospace AG <sup>1,2,\*</sup> | &nbsp;&nbsp;1729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62284 |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG | &nbsp;&nbsp;2186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100938 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408280 |
| &nbsp;&nbsp;**Netherlands — 11.04%** | &nbsp;&nbsp;**Netherlands — 11.04%** | &nbsp;&nbsp;**Netherlands — 11.04%** |
| &nbsp;&nbsp;&nbsp;&nbsp;ABN AMRO Bank NV <sup>1,2</sup> | &nbsp;&nbsp;1644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Argenx SE <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25306 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Koninklijke Philips NV | &nbsp;&nbsp;3038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82722 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387261 |
| &nbsp;&nbsp;**Germany — 8.56%** | &nbsp;&nbsp;**Germany — 8.56%** | &nbsp;&nbsp;**Germany — 8.56%** |
| &nbsp;&nbsp;&nbsp;&nbsp;adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21174 |
| &nbsp;&nbsp;&nbsp;&nbsp;BASF SE | &nbsp;&nbsp;&nbsp;&nbsp;624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28317 |
| &nbsp;&nbsp;&nbsp;&nbsp;MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72542 |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy AG <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101569 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300413 |
| &nbsp;&nbsp;**France — 8.28%** | &nbsp;&nbsp;**France — 8.28%** | &nbsp;&nbsp;**France — 8.28%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Danone SA | &nbsp;&nbsp;&nbsp;&nbsp;509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45911 |
| &nbsp;&nbsp;&nbsp;&nbsp;EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40882 |
| &nbsp;&nbsp;&nbsp;&nbsp;L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37350 |
| &nbsp;&nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76880 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290295 |
| &nbsp;&nbsp;**Ireland — 3.75%** | &nbsp;&nbsp;**Ireland — 3.75%** | &nbsp;&nbsp;**Ireland — 3.75%** |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH PLC | &nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131717 |
| &nbsp;&nbsp;**Spain — 3.51%** | &nbsp;&nbsp;**Spain — 3.51%** | &nbsp;&nbsp;**Spain — 3.51%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;2345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA | &nbsp;&nbsp;1031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68010 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123017 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;**Italy — 3.41%** | &nbsp;&nbsp;**Italy — 3.41%** | &nbsp;&nbsp;**Italy — 3.41%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Buzzi SpA | &nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;$41107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saipem SpA | 10736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30393 |
| &nbsp;&nbsp;&nbsp;&nbsp;UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47957 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119457 |
| &nbsp;&nbsp;**Austria — 1.82%** | &nbsp;&nbsp;**Austria — 1.82%** | &nbsp;&nbsp;**Austria — 1.82%** |
| &nbsp;&nbsp;&nbsp;&nbsp;voestalpine AG | &nbsp;&nbsp;1449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63815 |
| &nbsp;&nbsp;**Denmark — 0.96%** | &nbsp;&nbsp;**Denmark — 0.96%** | &nbsp;&nbsp;**Denmark — 0.96%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S - B | &nbsp;&nbsp;&nbsp;&nbsp;662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total EUROPE<br> (Cost $2,189,945) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2542393 |
| **FAR EAST — 16.72%** | **FAR EAST — 16.72%** | **FAR EAST — 16.72%** |
| &nbsp;&nbsp;**Japan — 16.17%** | &nbsp;&nbsp;**Japan — 16.17%** | &nbsp;&nbsp;**Japan — 16.17%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Daifuku Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Tobacco, Inc. | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nintendo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nippon Sanso Holdings Corp. | &nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pan Pacific International Holdings Corp. | &nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tokyo Electron Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yaskawa Electric Corp. | &nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79044 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567121 |
| &nbsp;&nbsp;**Singapore — 0.55%** | &nbsp;&nbsp;**Singapore — 0.55%** | &nbsp;&nbsp;**Singapore — 0.55%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. - ADR <sup>3,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total FAR EAST<br> (Cost $510,207) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586511 |
| **NORTH AMERICA — 5.24%** | **NORTH AMERICA — 5.24%** | **NORTH AMERICA — 5.24%** |
| &nbsp;&nbsp;**Canada — 4.48%** | &nbsp;&nbsp;**Canada — 4.48%** | &nbsp;&nbsp;**Canada — 4.48%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollarama, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48304 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156905 |
| &nbsp;&nbsp;**United States — 0.76%** | &nbsp;&nbsp;**United States — 0.76%** | &nbsp;&nbsp;**United States — 0.76%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology SA <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total NORTH AMERICA<br> (Cost $141,856) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMON STOCKS<br> (Cost $2,842,008) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3312522 |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus International Developed Equity Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **SHORT TERM INVESTMENTS — 6.18%** | **SHORT TERM INVESTMENTS — 6.18%** | **SHORT TERM INVESTMENTS — 6.18%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional Treasury Portfolio (Premier Class), 3.63% <sup>4</sup><br> (Cost $216,880) | 216880 | &nbsp;&nbsp;$216880 |
| &nbsp;&nbsp;TOTAL INVESTMENTS<br> (Cost $3,058,888) | &nbsp;&nbsp;100.63% | &nbsp;&nbsp;$3529402 |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.63)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22222) |
| Net Assets | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;$3507180 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

ADR American Depositary Receipt <br> PLC Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $118,930, which represents 3% of Net Assets (see Note F in the Notes to Financial Statements).

<sup>2</sup> Restricted securities - The Fund may own investment securities that have other legal or contractual limitations. At December 31, 2025, the value of restricted securities amounted to $118,930 or 3% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;

<u>*Restricted Security* </u> <u>*Acquisition Date* </u> <u>*Acquisition Cost* </u> <br> ABN AMRO Bank NV 12/9/25-12/23/25 56,961 <br> Montana Aerospace AG 7/8/25-9/18/25 58,931

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>3</sup> Foreign security denominated and/or traded in U.S. dollars. <br> <sup>4</sup> 7 day current yield as of December 31, 2025 is disclosed. <br> <sup>\*</sup> Non-income producing security.

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| **Security Type** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;94.45% |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18% |
| **Total Investments** | &nbsp;&nbsp;**100.63%** |
| Liabilities In Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63)% |
| **Net Assets** | &nbsp;&nbsp;**100.00%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Regional Weightings** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Europe | &nbsp;&nbsp;72.49% |
| Far East | &nbsp;&nbsp;16.72% |
| North America | &nbsp;&nbsp;11.42% |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus International Developed Equity Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Aerospace & Defense | &nbsp;&nbsp;11.23% |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;9.98% |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;0.72% |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;3.56% |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp;1.23% |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;2.88% |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;2.47% |
| Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;4.92% |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;4.06% |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;2.22% |
| Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;0.87% |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;2.30% |
| Food Products | &nbsp;&nbsp;&nbsp;&nbsp;1.31% |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;3.49% |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;0.76% |
| Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;1.46% |
| Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;3.52% |

---

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% |
| Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.84% |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.83% |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82% |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18% |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11% |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.09% |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94% |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.37% |
| Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97% |
| Liabilities In Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.63)% |
| TOTAL | &nbsp;&nbsp;100.00% |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Micro Cap Growth Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **COMMON STOCKS — 99.89%** | **COMMON STOCKS — 99.89%** | **COMMON STOCKS — 99.89%** |
| **HEALTH CARE — 36.59%** | **HEALTH CARE — 36.59%** | **HEALTH CARE — 36.59%** |
| &nbsp;&nbsp;**Biotechnology — 14.74%** | &nbsp;&nbsp;**Biotechnology — 14.74%** | &nbsp;&nbsp;**Biotechnology — 14.74%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Apogee Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;62876 | &nbsp;&nbsp;$4745881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics, Inc. <sup>\*</sup> | 162323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4713860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bright Minds Biosciences, Inc. <sup>1,\*</sup> | &nbsp;&nbsp;30847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2407300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Celcuity, Inc. <sup>\*</sup> | &nbsp;&nbsp;38271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3817150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Immunome, Inc. <sup>\*</sup> | 273663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5878281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Invivyd, Inc. <sup>\*</sup> | 844335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kiniksa Pharmaceuticals International PLC <sup>1,\*</sup> | &nbsp;&nbsp;96868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3995805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc. <sup>\*</sup> | &nbsp;&nbsp;39846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11744210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Precigen, Inc. <sup>\*</sup> | 551211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2304062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;63867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5578144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;48096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5148196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp. <sup>\*</sup> | &nbsp;&nbsp;98705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4347955 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spyre Therapeutics, Inc. <sup>\*</sup> | 109436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3585123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals, Inc. <sup>1,\*</sup> | 113158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5071742 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65423216 |
| &nbsp;&nbsp;**Pharmaceuticals — 12.79%** | &nbsp;&nbsp;**Pharmaceuticals — 12.79%** | &nbsp;&nbsp;**Pharmaceuticals — 12.79%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Amylyx Pharmaceuticals, Inc. <sup>\*</sup> | 233305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2818324 |
| &nbsp;&nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;11788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc. <sup>\*</sup> | 173960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8097838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Edgewise Therapeutics, Inc. <sup>\*</sup> | 185366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4599857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indivior PLC <sup>1,\*</sup> | 137416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930486 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;18725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3540336 |
| &nbsp;&nbsp;&nbsp;&nbsp;MBX Biosciences, Inc. <sup>\*</sup> | 137980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4351889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mind Medicine MindMed, Inc. <sup>1,\*</sup> | 352973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4726308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Septerna, Inc. <sup>\*</sup> | 158707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4424751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Structure Therapeutics, Inc. - ADR <sup>1,\*</sup> | &nbsp;&nbsp;84962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5909107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;64287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5263820 |
| &nbsp;&nbsp;&nbsp;&nbsp;WaVe Life Sciences Ltd. <sup>1,\*</sup> | 235274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3999658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings, Inc. <sup>\*</sup> | 405250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3181213 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56774132 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies — 5.76%** | &nbsp;&nbsp;**Health Care Equipment & Supplies — 5.76%** | &nbsp;&nbsp;**Health Care Equipment & Supplies — 5.76%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc. <sup>\*</sup> | 208397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4384673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Artivion, Inc. <sup>\*</sup> | &nbsp;&nbsp;79219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3613178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beta Bionics, Inc. <sup>\*</sup> | 115245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3511515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kestra Medical Technologies Ltd. <sup>\*</sup> | &nbsp;&nbsp;70877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1879658 |
| &nbsp;&nbsp;&nbsp;&nbsp;NeuroPace, Inc. <sup>\*</sup> | 175588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2711079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tactile Systems Technology, Inc. <sup>\*</sup> | &nbsp;&nbsp;86609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2511661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc. <sup>\*</sup> | 183509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4033528 |
| &nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;23949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2913396 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25558688 |
| &nbsp;&nbsp;**Health Care Providers & Services — 1.88%** | &nbsp;&nbsp;**Health Care Providers & Services — 1.88%** | &nbsp;&nbsp;**Health Care Providers & Services — 1.88%** |
| &nbsp;&nbsp;&nbsp;&nbsp;GeneDx Holdings Corp. <sup>\*</sup> | &nbsp;&nbsp;19736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2566864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardian Pharmacy Services, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;77519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332547 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;NeoGenomics, Inc. <sup>\*</sup> | 292394 | &nbsp;&nbsp;$3438553 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8337964 |
| &nbsp;&nbsp;**Life Sciences Tools & Services — 1.42%** | &nbsp;&nbsp;**Life Sciences Tools & Services — 1.42%** | &nbsp;&nbsp;**Life Sciences Tools & Services — 1.42%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AbCellera Biologics, Inc. <sup>1,\*</sup> | 247246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp. <sup>\*</sup> | 335436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5447481 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6293062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total HEALTH CARE<br> (Cost $89,830,185) |  | &nbsp;&nbsp;&nbsp;&nbsp;162387062 |
| **INDUSTRIALS — 21.61%** | **INDUSTRIALS — 21.61%** | **INDUSTRIALS — 21.61%** |
| &nbsp;&nbsp;**Electrical Equipment — 5.05%** | &nbsp;&nbsp;**Electrical Equipment — 5.05%** | &nbsp;&nbsp;**Electrical Equipment — 5.05%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Allient, Inc. | &nbsp;&nbsp;59253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3184849 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Superconductor Corp. <sup>\*</sup> | &nbsp;&nbsp;76519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2202217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amprius Technologies, Inc. <sup>\*</sup> | 366093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2888474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Babcock & Wilcox Enterprises, Inc. <sup>\*</sup> | 348199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2207582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eos Energy Enterprises, Inc. <sup>\*</sup> | 517961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5935833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Powell Industries, Inc. | &nbsp;&nbsp;&nbsp;4122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Power Solutions International, Inc. <sup>\*</sup> | &nbsp;&nbsp;35068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc. - A <sup>\*</sup> | 214383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1822255 |
| &nbsp;&nbsp;&nbsp;&nbsp;T1 Energy, Inc. <sup>\*</sup> | 129152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862735 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22421742 |
| &nbsp;&nbsp;**Aerospace & Defense — 4.19%** | &nbsp;&nbsp;**Aerospace & Defense — 4.19%** | &nbsp;&nbsp;**Aerospace & Defense — 4.19%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Astronics Corp. <sup>\*</sup> | 102020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5533565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Karman Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;35918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2628120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems, Inc. <sup>\*</sup> | &nbsp;&nbsp;46514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3395987 |
| &nbsp;&nbsp;&nbsp;&nbsp;TAT Technologies Ltd. <sup>1,\*</sup> | &nbsp;&nbsp;49559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2213305 |
| &nbsp;&nbsp;&nbsp;&nbsp;VSE Corp. | &nbsp;&nbsp;27927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4824948 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18595925 |
| &nbsp;&nbsp;**Machinery — 3.84%** | &nbsp;&nbsp;**Machinery — 3.84%** | &nbsp;&nbsp;**Machinery — 3.84%** |
| &nbsp;&nbsp;&nbsp;&nbsp;CECO Environmental Corp. <sup>\*</sup> | &nbsp;&nbsp;88762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5312406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Graham Corp. <sup>\*</sup> | &nbsp;&nbsp;54346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3490644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Helios Technologies, Inc. | &nbsp;&nbsp;45221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2418871 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proto Labs, Inc. <sup>\*</sup> | &nbsp;&nbsp;58485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2958756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Standex International Corp. | &nbsp;&nbsp;13251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2879177 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17059854 |
| &nbsp;&nbsp;**Professional Services — 3.32%** | &nbsp;&nbsp;**Professional Services — 3.32%** | &nbsp;&nbsp;**Professional Services — 3.32%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Andersen Group, Inc. - A <sup>\*</sup> | 105538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2736600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Innodata, Inc. <sup>\*</sup> | &nbsp;&nbsp;31655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612822 |
| &nbsp;&nbsp;&nbsp;&nbsp;Planet Labs PBC <sup>\*</sup> | 355874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7017835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Willdan Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;32240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3341999 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14709256 |
| &nbsp;&nbsp;**Construction & Engineering — 2.67%** | &nbsp;&nbsp;**Construction & Engineering — 2.67%** | &nbsp;&nbsp;**Construction & Engineering — 2.67%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Ameresco, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;77237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2262272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Argan, Inc. | &nbsp;&nbsp;&nbsp;3649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cardinal Infrastructure Group, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;77827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881857 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction Partners, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;33230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3607116 |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Micro Cap Growth Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;MYR Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;13494 | &nbsp;&nbsp;$2948439 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11842989 |
| &nbsp;&nbsp;**Trading Companies & Distributors — 1.94%** | &nbsp;&nbsp;**Trading Companies & Distributors — 1.94%** | &nbsp;&nbsp;**Trading Companies & Distributors — 1.94%** |
| &nbsp;&nbsp;&nbsp;&nbsp;DXP Enterprises, Inc. <sup>\*</sup> | &nbsp;&nbsp;19335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xometry, Inc. - A <sup>\*</sup> | 109003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6482408 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8605198 |
| &nbsp;&nbsp;**Commercial Services & Supplies — 0.60%** | &nbsp;&nbsp;**Commercial Services & Supplies — 0.60%** | &nbsp;&nbsp;**Commercial Services & Supplies — 0.60%** |
| &nbsp;&nbsp;&nbsp;&nbsp;OPENLANE, Inc. <sup>\*</sup> | &nbsp;&nbsp;90022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2680855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total INDUSTRIALS<br> (Cost $69,825,597) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95915819 |
| **INFORMATION TECHNOLOGY — 11.68%** | **INFORMATION TECHNOLOGY — 11.68%** | **INFORMATION TECHNOLOGY — 11.68%** |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 4.08%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 4.08%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 4.08%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Arlo Technologies, Inc. <sup>\*</sup> | 299004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4183066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Evolv Technologies Holdings, Inc. <sup>\*</sup> | 568341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4069321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Frequency Electronics, Inc. <sup>\*</sup> | &nbsp;&nbsp;48194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2594765 |
| &nbsp;&nbsp;&nbsp;&nbsp;LightPath Technologies, Inc. - A <sup>\*</sup> | 281931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3044855 |
| &nbsp;&nbsp;&nbsp;&nbsp;nLight, Inc. <sup>\*</sup> | 112121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4205659 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18097666 |
| &nbsp;&nbsp;**Software — 3.30%** | &nbsp;&nbsp;**Software — 3.30%** | &nbsp;&nbsp;**Software — 3.30%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Agilysys, Inc. <sup>\*</sup> | &nbsp;&nbsp;22847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cipher Mining, Inc. <sup>\*</sup> | &nbsp;&nbsp;94767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398761 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hut 8 Corp. <sup>\*</sup> | &nbsp;&nbsp;33309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Porch Group, Inc. <sup>\*</sup> | 332594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3036583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Terawulf, Inc. <sup>\*</sup> | 520790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5983877 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14664574 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 2.25%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 2.25%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 2.25%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Silicon Motion Technology Corp. - ADR <sup>1</sup> | &nbsp;&nbsp;48910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4533957 |
| &nbsp;&nbsp;&nbsp;&nbsp;SiTime Corp. <sup>\*</sup> | &nbsp;&nbsp;10508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3711320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ultra Clean Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;69420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758409 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10003686 |
| &nbsp;&nbsp;**Communications Equipment — 1.29%** | &nbsp;&nbsp;**Communications Equipment — 1.29%** | &nbsp;&nbsp;**Communications Equipment — 1.29%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Optoelectronics, Inc. <sup>\*</sup> | &nbsp;&nbsp;77670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2707576 |
| &nbsp;&nbsp;&nbsp;&nbsp;CommScope Holding Co., Inc. <sup>\*</sup> | 166432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3017412 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5724988 |
| &nbsp;&nbsp;**IT Services — 0.76%** | &nbsp;&nbsp;**IT Services — 0.76%** | &nbsp;&nbsp;**IT Services — 0.76%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Digital Corp. <sup>\*</sup> | &nbsp;&nbsp;49192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fastly, Inc. - A <sup>\*</sup> | 211994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2158099 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3364287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total INFORMATION TECHNOLOGY<br> (Cost $36,522,040) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51855201 |
| **CONSUMER DISCRETIONARY — 9.34%** | **CONSUMER DISCRETIONARY — 9.34%** | **CONSUMER DISCRETIONARY — 9.34%** |
| &nbsp;&nbsp;**Specialty Retail — 3.17%** | &nbsp;&nbsp;**Specialty Retail — 3.17%** | &nbsp;&nbsp;**Specialty Retail — 3.17%** |
| &nbsp;&nbsp;&nbsp;&nbsp;National Vision Holdings, Inc. <sup>\*</sup> | 183680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4742618 |
| &nbsp;&nbsp;&nbsp;&nbsp;The RealReal, Inc. <sup>\*</sup> | 457454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7218624 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;ThredUp, Inc. - A <sup>\*</sup> | 331144 | &nbsp;&nbsp;$2116010 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14077252 |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 2.38%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 2.38%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 2.38%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Black Rock Coffee Bar, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;51325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Genius Sports Ltd. <sup>1,\*</sup> | 159081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1753073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;86176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rush Street Interactive, Inc. <sup>\*</sup> | 331472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6440501 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10578213 |
| &nbsp;&nbsp;**Diversified Consumer Services — 1.30%** | &nbsp;&nbsp;**Diversified Consumer Services — 1.30%** | &nbsp;&nbsp;**Diversified Consumer Services — 1.30%** |
| &nbsp;&nbsp;&nbsp;&nbsp;American Public Education, Inc. <sup>\*</sup> | &nbsp;&nbsp;70299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2657302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lincoln Educational Services Corp. <sup>\*</sup> | &nbsp;&nbsp;67950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Technical Institute, Inc. <sup>\*</sup> | &nbsp;&nbsp;56477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475744 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5774039 |
| &nbsp;&nbsp;**Automobile Components — 0.99%** | &nbsp;&nbsp;**Automobile Components — 0.99%** | &nbsp;&nbsp;**Automobile Components — 0.99%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cooper-Standard Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;66926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2197180 |
| &nbsp;&nbsp;&nbsp;&nbsp;LCI Industries | &nbsp;&nbsp;18226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2211543 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4408723 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.80%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.80%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.80%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Figs, Inc. - A <sup>\*</sup> | 312780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3553181 |
| &nbsp;&nbsp;**Leisure Products — 0.45%** | &nbsp;&nbsp;**Leisure Products — 0.45%** | &nbsp;&nbsp;**Leisure Products — 0.45%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Latham Group, Inc. <sup>\*</sup> | 313095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1988153 |
| &nbsp;&nbsp;**Broadline Retail — 0.25%** | &nbsp;&nbsp;**Broadline Retail — 0.25%** | &nbsp;&nbsp;**Broadline Retail — 0.25%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pattern Group, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;94288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total CONSUMER DISCRETIONARY<br> (Cost $32,448,055) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41467644 |
| **ENERGY — 6.09%** | **ENERGY — 6.09%** | **ENERGY — 6.09%** |
| &nbsp;&nbsp;**Energy Equipment & Services — 3.40%** | &nbsp;&nbsp;**Energy Equipment & Services — 3.40%** | &nbsp;&nbsp;**Energy Equipment & Services — 3.40%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Energy, Inc. | 108281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998867 |
| &nbsp;&nbsp;&nbsp;&nbsp;National Energy Services Reunited Corp. <sup>\*</sup> | 228448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3577496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc. | &nbsp;&nbsp;65744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3022252 |
| &nbsp;&nbsp;&nbsp;&nbsp;TETRA Technologies, Inc. <sup>\*</sup> | 569012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5331642 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tidewater, Inc. <sup>\*</sup> | &nbsp;&nbsp;22656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144354 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15074611 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 2.69%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 2.69%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 2.69%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Centrus Energy Corp. - A <sup>\*</sup> | &nbsp;&nbsp;17373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4217470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy Fuels, Inc. <sup>1,\*</sup> | 201480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2929519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Uranium Energy Corp. <sup>\*</sup> | 410212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4791276 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11938265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total ENERGY<br> (Cost $17,158,718) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27012876 |
| **FINANCIALS — 5.72%** | **FINANCIALS — 5.72%** | **FINANCIALS — 5.72%** |
| &nbsp;&nbsp;**Consumer Finance — 1.89%** | &nbsp;&nbsp;**Consumer Finance — 1.89%** | &nbsp;&nbsp;**Consumer Finance — 1.89%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Dave, Inc. <sup>\*</sup> | &nbsp;&nbsp;21272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4709833 |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Micro Cap Growth Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;LendingClub Corp. <sup>\*</sup> | 192902 | &nbsp;&nbsp;$3653564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8363397 |
| &nbsp;&nbsp;**Capital Markets — 1.36%** | &nbsp;&nbsp;**Capital Markets — 1.36%** | &nbsp;&nbsp;**Capital Markets — 1.36%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Innventure, Inc. <sup>\*</sup> | 192468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miami International Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;81490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3616526 |
| &nbsp;&nbsp;&nbsp;&nbsp;WisdomTree, Inc. | 134035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633887 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6054929 |
| &nbsp;&nbsp;**Banks — 1.36%** | &nbsp;&nbsp;**Banks — 1.36%** | &nbsp;&nbsp;**Banks — 1.36%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Coastal Financial Corp. <sup>\*</sup> | &nbsp;&nbsp;52703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6039237 |
| &nbsp;&nbsp;**Insurance — 1.11%** | &nbsp;&nbsp;**Insurance — 1.11%** | &nbsp;&nbsp;**Insurance — 1.11%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Exzeo Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;83931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035327 |
| &nbsp;&nbsp;&nbsp;&nbsp;HCI Group, Inc. | &nbsp;&nbsp;15017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2878609 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4913936 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total FINANCIALS<br> (Cost $18,229,523) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25371499 |
| **MATERIALS — 5.64%** | **MATERIALS — 5.64%** | **MATERIALS — 5.64%** |
| &nbsp;&nbsp;**Metals & Mining — 4.32%** | &nbsp;&nbsp;**Metals & Mining — 4.32%** | &nbsp;&nbsp;**Metals & Mining — 4.32%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Almonty Industries, Inc. <sup>1,\*</sup> | 411498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3625297 |
| &nbsp;&nbsp;&nbsp;&nbsp;IAMGOLD Corp. <sup>1,\*</sup> | 356928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5885743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ivanhoe Electric, Inc. <sup>\*</sup> | 321929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5144426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Perpetua Resources Corp. <sup>1,\*</sup> | 146401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3544368 |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Antimony Corp. <sup>\*</sup> | 198008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19193834 |
| &nbsp;&nbsp;**Chemicals — 1.32%** | &nbsp;&nbsp;**Chemicals — 1.32%** | &nbsp;&nbsp;**Chemicals — 1.32%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Flotek Industries, Inc. <sup>\*</sup> | 127440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Perimeter Solutions, Inc. <sup>\*</sup> | 133117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3664711 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5860502 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total MATERIALS<br> (Cost $16,206,045) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25054336 |
| **CONSUMER STAPLES — 1.92%** | **CONSUMER STAPLES — 1.92%** | **CONSUMER STAPLES — 1.92%** |
| &nbsp;&nbsp;**Beverages — 1.31%** | &nbsp;&nbsp;**Beverages — 1.31%** | &nbsp;&nbsp;**Beverages — 1.31%** |
| &nbsp;&nbsp;&nbsp;&nbsp;The Vita Coco Co., Inc. <sup>\*</sup> | 109167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5786943 |
| &nbsp;&nbsp;**Food Products — 0.61%** | &nbsp;&nbsp;**Food Products — 0.61%** | &nbsp;&nbsp;**Food Products — 0.61%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Mama's Creations, Inc. <sup>\*</sup> | 108544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vital Farms, Inc. <sup>\*</sup> | &nbsp;&nbsp;39360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257158 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2721417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total CONSUMER STAPLES<br> (Cost $5,827,684) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8508360 |
| **COMMUNICATION SERVICES — 1.30%** | **COMMUNICATION SERVICES — 1.30%** | **COMMUNICATION SERVICES — 1.30%** |
| &nbsp;&nbsp;**Entertainment — 1.30%** | &nbsp;&nbsp;**Entertainment — 1.30%** | &nbsp;&nbsp;**Entertainment — 1.30%** |
| &nbsp;&nbsp;&nbsp;&nbsp;IMAX Corp. <sup>1,\*</sup> | 156574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5786975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMUNICATION SERVICES<br> (Cost $4,519,803) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5786975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMON STOCKS<br> (Cost $290,567,650) |  | &nbsp;&nbsp;&nbsp;&nbsp;443359772 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **SHORT TERM INVESTMENTS — 0.20%** | **SHORT TERM INVESTMENTS — 0.20%** | **SHORT TERM INVESTMENTS — 0.20%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional U.S. Government Select Portfolio (Shares Class), 3.66% <sup>2</sup><br> (Cost $883,814) | 883814 | &nbsp;&nbsp;$883814 |
| &nbsp;&nbsp;TOTAL INVESTMENTS<br> (Cost $291,451,464) | &nbsp;&nbsp;100.09% | &nbsp;&nbsp;$444243586 |
| &nbsp;&nbsp;Liabilities In Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.09)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400034) |
| Net Assets | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;$443843552 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

ADR American Depositary Receipt <br> PLC Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Foreign security denominated and/or traded in U.S. dollars. <br> <sup>2</sup> 7 day current yield as of December 31, 2025 is disclosed. <br> <sup>\*</sup> Non-income producing security.

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| **Security Type** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;99.89% |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% |
| **Total Investments** | &nbsp;&nbsp;**100.09%** |
| Liabilities In Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09)% |
| **Net Assets** | &nbsp;&nbsp;**100.00%** |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Micro Cap Growth Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;4.19% |
| Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;1.36% |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1.31% |
| Biotechnology | &nbsp;&nbsp;14.74% |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;0.25% |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;1.36% |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1.32% |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.29% |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;2.67% |
| Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;1.89% |
| Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp;1.30% |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;5.05% |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;4.08% |
| Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;3.40% |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;1.30% |
| Food Products | &nbsp;&nbsp;&nbsp;&nbsp;0.61% |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;5.76% |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;1.88% |

---

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38% |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% |
| Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.84% |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32% |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69% |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;12.79% |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32% |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30% |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17% |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94% |
| Liabilities In Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.09)% |
| TOTAL | &nbsp;&nbsp;100.00% |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Small Cap Growth Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **COMMON STOCKS — 99.49%** | **COMMON STOCKS — 99.49%** | **COMMON STOCKS — 99.49%** |
| **HEALTH CARE — 32.61%** | **HEALTH CARE — 32.61%** | **HEALTH CARE — 32.61%** |
| &nbsp;&nbsp;**Biotechnology — 18.76%** | &nbsp;&nbsp;**Biotechnology — 18.76%** | &nbsp;&nbsp;**Biotechnology — 18.76%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Alkermes PLC <sup>1,\*</sup> | 153948 | &nbsp;&nbsp;$4307465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apogee Therapeutics, Inc. <sup>\*</sup> | 198428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14977346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics, Inc. <sup>\*</sup> | 290332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8431241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc. <sup>\*</sup> | 227370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15095094 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc. <sup>\*</sup> | 248963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19043180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Immunome, Inc. <sup>\*</sup> | 275196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5911210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kymera Therapeutics, Inc. <sup>\*</sup> | 157098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12223795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;21575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12563986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc. <sup>\*</sup> | &nbsp;&nbsp;67718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15513517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nuvalent, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;64060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6443795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc. <sup>\*</sup> | &nbsp;&nbsp;59546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17550588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc. <sup>\*</sup> | 131743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11506434 |
| &nbsp;&nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc. <sup>\*</sup> | 147439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11199466 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals, Inc. <sup>\*</sup> | 150746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16135852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp. <sup>\*</sup> | 235367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10367916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spyre Therapeutics, Inc. <sup>\*</sup> | 279217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9147149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc. <sup>\*</sup> | 174085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6651788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Veracyte, Inc. <sup>\*</sup> | 122006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5136453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals, Inc. <sup>1,\*</sup> | 314388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14090870 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;216297145 |
| &nbsp;&nbsp;**Pharmaceuticals — 8.53%** | &nbsp;&nbsp;**Pharmaceuticals — 8.53%** | &nbsp;&nbsp;**Pharmaceuticals — 8.53%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;41558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7590153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc. <sup>\*</sup> | 504750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23496113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Edgewise Therapeutics, Inc. <sup>\*</sup> | 452393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11226132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indivior PLC <sup>1,\*</sup> | 196941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7066243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mind Medicine MindMed, Inc. <sup>1,\*</sup> | 464294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6216897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Septerna, Inc. <sup>\*</sup> | 377399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10521884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Structure Therapeutics, Inc. - ADR <sup>\*</sup> | 123939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8619957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals, Inc. <sup>\*</sup> | 145374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11903223 |
| &nbsp;&nbsp;&nbsp;&nbsp;WaVe Life Sciences Ltd. <sup>1,\*</sup> | 684998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11644966 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98285568 |
| &nbsp;&nbsp;**Health Care Providers & Services — 2.91%** | &nbsp;&nbsp;**Health Care Providers & Services — 2.91%** | &nbsp;&nbsp;**Health Care Providers & Services — 2.91%** |
| &nbsp;&nbsp;&nbsp;&nbsp;GeneDx Holdings Corp. <sup>\*</sup> | &nbsp;&nbsp;51462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6693148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. <sup>\*</sup> | 263206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26883861 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33577009 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies — 2.41%** | &nbsp;&nbsp;**Health Care Equipment & Supplies — 2.41%** | &nbsp;&nbsp;**Health Care Equipment & Supplies — 2.41%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc. <sup>\*</sup> | 289409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6089166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc. <sup>\*</sup> | &nbsp;&nbsp;43623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4023349 |
| &nbsp;&nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc. <sup>\*</sup> | &nbsp;&nbsp;51777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9187311 |
| &nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;70080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8525232 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27825058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total HEALTH CARE<br> (Cost $241,714,179) |  | &nbsp;&nbsp;&nbsp;&nbsp;375984780 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **INDUSTRIALS — 26.73%** | **INDUSTRIALS — 26.73%** | **INDUSTRIALS — 26.73%** |
| &nbsp;&nbsp;**Aerospace & Defense — 7.36%** | &nbsp;&nbsp;**Aerospace & Defense — 7.36%** | &nbsp;&nbsp;**Aerospace & Defense — 7.36%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AeroVironment, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;46790 | &nbsp;&nbsp;$11318033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7145127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;44393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13976692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15742618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Embraer SA - SP ADR <sup>1</sup> | &nbsp;&nbsp;&nbsp;139792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8998411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Karman Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;185063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13541060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;83466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6335904 |
| &nbsp;&nbsp;&nbsp;&nbsp;VSE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7803157 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84861002 |
| &nbsp;&nbsp;**Machinery — 5.81%** | &nbsp;&nbsp;**Machinery — 5.81%** | &nbsp;&nbsp;**Machinery — 5.81%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Alliance Laundry Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;267371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5441000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crane Co. | &nbsp;&nbsp;&nbsp;&nbsp;64235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11846861 |
| &nbsp;&nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8509821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;65985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7165311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flowserve Corp. | &nbsp;&nbsp;&nbsp;129993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9018914 |
| &nbsp;&nbsp;&nbsp;&nbsp;JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;55521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8365349 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;83046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16614183 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66961439 |
| &nbsp;&nbsp;**Construction & Engineering — 4.37%** | &nbsp;&nbsp;**Construction & Engineering — 4.37%** | &nbsp;&nbsp;**Construction & Engineering — 4.37%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction Partners, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;91935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9979544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dycom Industries, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9022606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Everus Construction Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;67123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5743044 |
| &nbsp;&nbsp;&nbsp;&nbsp;IES Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5792897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legence Corp. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;132653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5709385 |
| &nbsp;&nbsp;&nbsp;&nbsp;MYR Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5930090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8219826 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50397392 |
| &nbsp;&nbsp;**Electrical Equipment — 2.78%** | &nbsp;&nbsp;**Electrical Equipment — 2.78%** | &nbsp;&nbsp;**Electrical Equipment — 2.78%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloom Energy Corp. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;70955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6165280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eos Energy Enterprises, Inc. <sup>\*</sup> | 1411256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16172994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nextpower, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;111200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9686632 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32024906 |
| &nbsp;&nbsp;**Trading Companies & Distributors — 2.74%** | &nbsp;&nbsp;**Trading Companies & Distributors — 2.74%** | &nbsp;&nbsp;**Trading Companies & Distributors — 2.74%** |
| &nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;74822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14728711 |
| &nbsp;&nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;47227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5882595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xometry, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;184097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10948248 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31559554 |
| &nbsp;&nbsp;**Professional Services — 2.37%** | &nbsp;&nbsp;**Professional Services — 2.37%** | &nbsp;&nbsp;**Professional Services — 2.37%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Planet Labs PBC <sup>\*</sup> | &nbsp;&nbsp;&nbsp;987015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19463936 |
| &nbsp;&nbsp;&nbsp;&nbsp;UL Solutions, Inc. - A | &nbsp;&nbsp;&nbsp;100439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7920619 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27384555 |
| &nbsp;&nbsp;**Building Products — 0.73%** | &nbsp;&nbsp;**Building Products — 0.73%** | &nbsp;&nbsp;**Building Products — 0.73%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Modine Manufacturing Co. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;62801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8384561 |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Small Cap Growth Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;**Ground Transportation — 0.57%** | &nbsp;&nbsp;**Ground Transportation — 0.57%** | &nbsp;&nbsp;**Ground Transportation — 0.57%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Saia, Inc. <sup>\*</sup> | &nbsp;&nbsp;20333 | &nbsp;&nbsp;$6639131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total INDUSTRIALS<br> (Cost $217,854,578) |  | &nbsp;&nbsp;&nbsp;&nbsp;308212540 |
| **INFORMATION TECHNOLOGY — 16.15%** | **INFORMATION TECHNOLOGY — 16.15%** | **INFORMATION TECHNOLOGY — 16.15%** |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 8.01%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 8.01%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 8.01%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Ambarella, Inc. <sup>\*</sup> | &nbsp;&nbsp;70762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5012780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Camtek Ltd. <sup>1,\*</sup> | &nbsp;&nbsp;54367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5781659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd. <sup>1,\*</sup> | &nbsp;&nbsp;57604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8288639 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impinj, Inc. <sup>\*</sup> | 100981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17571704 |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;69660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11931365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Onto Innovation, Inc. <sup>\*</sup> | &nbsp;&nbsp;43238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6825551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc. <sup>\*</sup> | 133388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12257023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Semtech Corp. <sup>\*</sup> | 118287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8716569 |
| &nbsp;&nbsp;&nbsp;&nbsp;SiTime Corp. <sup>\*</sup> | &nbsp;&nbsp;45075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15920039 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92305329 |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 4.70%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 4.70%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 4.70%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Celestica, Inc. <sup>1,\*</sup> | &nbsp;&nbsp;21138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6248604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. <sup>\*</sup> | &nbsp;&nbsp;56151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10363790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet <sup>1,\*</sup> | &nbsp;&nbsp;34244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15590609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mirion Technologies, Inc. <sup>\*</sup> | 442772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10369720 |
| &nbsp;&nbsp;&nbsp;&nbsp;OSI Systems, Inc. <sup>\*</sup> | &nbsp;&nbsp;45565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11621809 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54194532 |
| &nbsp;&nbsp;**Software — 2.02%** | &nbsp;&nbsp;**Software — 2.02%** | &nbsp;&nbsp;**Software — 2.02%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cipher Mining, Inc. <sup>\*</sup> | 249540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3683210 |
| &nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc. | &nbsp;&nbsp;51532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16406758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Terawulf, Inc. <sup>\*</sup> | 283504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257461 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23347429 |
| &nbsp;&nbsp;**Communications Equipment — 1.42%** | &nbsp;&nbsp;**Communications Equipment — 1.42%** | &nbsp;&nbsp;**Communications Equipment — 1.42%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;44445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16381983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total INFORMATION TECHNOLOGY<br> (Cost $144,089,344) |  | &nbsp;&nbsp;&nbsp;&nbsp;186229273 |
| **CONSUMER DISCRETIONARY — 8.23%** | **CONSUMER DISCRETIONARY — 8.23%** | **CONSUMER DISCRETIONARY — 8.23%** |
| &nbsp;&nbsp;**Specialty Retail — 3.40%** | &nbsp;&nbsp;**Specialty Retail — 3.40%** | &nbsp;&nbsp;**Specialty Retail — 3.40%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;47925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8457325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carvana Co. <sup>\*</sup> | &nbsp;&nbsp;17761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7495497 |
| &nbsp;&nbsp;&nbsp;&nbsp;National Vision Holdings, Inc. <sup>\*</sup> | 449701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11611280 |
| &nbsp;&nbsp;&nbsp;&nbsp;The RealReal, Inc. <sup>\*</sup> | 341162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5383536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Victoria's Secret & Co. <sup>\*</sup> | 116185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6293741 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39241379 |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 2.15%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 2.15%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 2.15%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Dutch Bros, Inc. - A <sup>\*</sup> | 105094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6433855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rush Street Interactive, Inc. <sup>\*</sup> | 350049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6801452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Travel + Leisure Co. | 163747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11549076 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24784383 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;**Household Durables — 0.90%** | &nbsp;&nbsp;**Household Durables — 0.90%** | &nbsp;&nbsp;**Household Durables — 0.90%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40053 | &nbsp;&nbsp;$10389348 |
| &nbsp;&nbsp;**Leisure Products — 0.68%** | &nbsp;&nbsp;**Leisure Products — 0.68%** | &nbsp;&nbsp;**Leisure Products — 0.68%** |
| &nbsp;&nbsp;&nbsp;&nbsp;BRP, Inc. <sup>1</sup> | &nbsp;&nbsp;&nbsp;111183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7867309 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.60%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.60%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.60%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;165701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6899789 |
| &nbsp;&nbsp;**Automobiles — 0.50%** | &nbsp;&nbsp;**Automobiles — 0.50%** | &nbsp;&nbsp;**Automobiles — 0.50%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Thor Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5761430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total CONSUMER DISCRETIONARY<br> (Cost $83,546,231) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94943638 |
| **ENERGY — 5.88%** | **ENERGY — 5.88%** | **ENERGY — 5.88%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.25%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.25%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.25%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cameco Corp. <sup>1</sup> | &nbsp;&nbsp;&nbsp;119407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10924546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Centrus Energy Corp. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6142314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gulfport Energy Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6216197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Uranium Energy Corp. <sup>\*</sup> | 1215190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14193419 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37476476 |
| &nbsp;&nbsp;**Energy Equipment & Services — 2.63%** | &nbsp;&nbsp;**Energy Equipment & Services — 2.63%** | &nbsp;&nbsp;**Energy Equipment & Services — 2.63%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;154228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7089861 |
| &nbsp;&nbsp;&nbsp;&nbsp;TechnipFMC PLC <sup>1</sup> | &nbsp;&nbsp;&nbsp;175716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7829905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weatherford International PLC <sup>1</sup> | &nbsp;&nbsp;&nbsp;197413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15449542 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30369308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total ENERGY<br> (Cost $38,767,133) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67845784 |
| **FINANCIALS — 5.44%** | **FINANCIALS — 5.44%** | **FINANCIALS — 5.44%** |
| &nbsp;&nbsp;**Capital Markets — 1.35%** | &nbsp;&nbsp;**Capital Markets — 1.35%** | &nbsp;&nbsp;**Capital Markets — 1.35%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;29344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9968450 |
| &nbsp;&nbsp;&nbsp;&nbsp;StoneX Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;59354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5646346 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15614796 |
| &nbsp;&nbsp;**Consumer Finance — 1.16%** | &nbsp;&nbsp;**Consumer Finance — 1.16%** | &nbsp;&nbsp;**Consumer Finance — 1.16%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Dave, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5067411 |
| &nbsp;&nbsp;&nbsp;&nbsp;LendingClub Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;436262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8262802 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13330213 |
| &nbsp;&nbsp;**Insurance — 1.10%** | &nbsp;&nbsp;**Insurance — 1.10%** | &nbsp;&nbsp;**Insurance — 1.10%** |
| &nbsp;&nbsp;&nbsp;&nbsp;HCI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9193836 |
| &nbsp;&nbsp;&nbsp;&nbsp;Neptune Insurance Holdings, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;120299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507919 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12701755 |
| &nbsp;&nbsp;**Banks — 0.94%** | &nbsp;&nbsp;**Banks — 0.94%** | &nbsp;&nbsp;**Banks — 0.94%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Customers Bancorp, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;148086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10828048 |
| &nbsp;&nbsp;**Financial Services — 0.89%** | &nbsp;&nbsp;**Financial Services — 0.89%** | &nbsp;&nbsp;**Financial Services — 0.89%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Paymentus Holdings, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;325167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10272026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total FINANCIALS<br> (Cost $55,963,733) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62746838 |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Small Cap Growth Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **MATERIALS — 2.15%** | **MATERIALS — 2.15%** | **MATERIALS — 2.15%** |
| &nbsp;&nbsp;**Metals & Mining — 2.15%** | &nbsp;&nbsp;**Metals & Mining — 2.15%** | &nbsp;&nbsp;**Metals & Mining — 2.15%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. <sup>1</sup> | &nbsp;&nbsp;&nbsp;382088 | &nbsp;&nbsp;$7584447 |
| &nbsp;&nbsp;&nbsp;&nbsp;MP Materials Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;104446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5276612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corp. <sup>1</sup> | &nbsp;&nbsp;&nbsp;229619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11896560 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24757619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total MATERIALS<br> (Cost $11,331,621) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24757619 |
| **CONSUMER STAPLES — 1.13%** | **CONSUMER STAPLES — 1.13%** | **CONSUMER STAPLES — 1.13%** |
| &nbsp;&nbsp;**Tobacco — 1.13%** | &nbsp;&nbsp;**Tobacco — 1.13%** | &nbsp;&nbsp;**Tobacco — 1.13%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | &nbsp;&nbsp;&nbsp;120142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13023393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total CONSUMER STAPLES<br> (Cost $10,349,971) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13023393 |
| **REAL ESTATE — 0.68%** | **REAL ESTATE — 0.68%** | **REAL ESTATE — 0.68%** |
| &nbsp;&nbsp;**Real Estate Management & Development — 0.68%** | &nbsp;&nbsp;**Real Estate Management & Development — 0.68%** | &nbsp;&nbsp;**Real Estate Management & Development — 0.68%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Compass, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;746871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7894426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total REAL ESTATE<br> (Cost $7,362,016) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7894426 |
| **UTILITIES — 0.49%** | **UTILITIES — 0.49%** | **UTILITIES — 0.49%** |
| &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers — 0.49%** | &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers — 0.49%** | &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers — 0.49%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5605690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total UTILITIES<br> (Cost $5,391,212) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5605690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMON STOCKS<br> (Cost $816,370,018) |  | &nbsp;&nbsp;&nbsp;1147243981 |
| **SHORT TERM INVESTMENTS — 0.35%** | **SHORT TERM INVESTMENTS — 0.35%** | **SHORT TERM INVESTMENTS — 0.35%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional U.S. Government Select Portfolio (Shares Class), 3.66% <sup>2</sup><br> (Cost $3,994,520) | 3994520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3994520 |
| &nbsp;&nbsp;TOTAL INVESTMENTS<br> (Cost $820,364,538) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.84% | &nbsp;&nbsp;$1151238501 |
| &nbsp;&nbsp;Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899256 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;$1153137757 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

ADR American Depositary Receipt <br> PLC Public Limited Company <br> SP ADR Sponsored American Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Foreign security denominated and/or traded in U.S. dollars. <br> <sup>2</sup> 7 day current yield as of December 31, 2025 is disclosed. <br> <sup>\*</sup> Non-income producing security.

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| **Security Type** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;99.49% |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp;**99.84%** |
| Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16% |
| **Net Assets** | &nbsp;&nbsp;**100.00%** |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Small Cap Growth Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;7.36% |
| Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;0.50% |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;0.94% |
| Biotechnology | &nbsp;&nbsp;18.76% |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp;0.73% |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;1.35% |
| Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;4.37% |
| Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;1.16% |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;2.78% |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;4.70% |
| Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;2.63% |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;0.57% |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;2.41% |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;2.91% |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;2.15% |
| Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp;&nbsp;0.49% |

---

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% |
| Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81% |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15% |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25% |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.53% |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37% |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.01% |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40% |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74% |
| Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16% |
| TOTAL | &nbsp;&nbsp;100.00% |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Small/Mid Cap Growth Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **COMMON STOCKS — 98.26%** | **COMMON STOCKS — 98.26%** | **COMMON STOCKS — 98.26%** |
| **INDUSTRIALS — 31.72%** | **INDUSTRIALS — 31.72%** | **INDUSTRIALS — 31.72%** |
| &nbsp;&nbsp;**Aerospace & Defense — 10.41%** | &nbsp;&nbsp;**Aerospace & Defense — 10.41%** | &nbsp;&nbsp;**Aerospace & Defense — 10.41%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AeroVironment, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;4020 | &nbsp;&nbsp;$972398 |
| &nbsp;&nbsp;&nbsp;&nbsp;ATI, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;6727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;2289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299992 |
| &nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;4385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;4676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;2468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Karman Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;14124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rocket Lab Corp. <sup>\*</sup> | &nbsp;&nbsp;12424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Woodward, Inc. | &nbsp;&nbsp;&nbsp;2237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676290 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9211451 |
| &nbsp;&nbsp;**Construction & Engineering — 4.99%** | &nbsp;&nbsp;**Construction & Engineering — 4.99%** | &nbsp;&nbsp;**Construction & Engineering — 4.99%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;1253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169412 |
| &nbsp;&nbsp;&nbsp;&nbsp;Everus Construction Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;7793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666769 |
| &nbsp;&nbsp;&nbsp;&nbsp;MasTec, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;3296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;3132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321892 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538965 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4413490 |
| &nbsp;&nbsp;**Machinery — 4.94%** | &nbsp;&nbsp;**Machinery — 4.94%** | &nbsp;&nbsp;**Machinery — 4.94%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Alliance Laundry Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;25996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;4519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crane Co. | &nbsp;&nbsp;&nbsp;5302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flowserve Corp. | &nbsp;&nbsp;&nbsp;9627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;3296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789853 |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;2148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963228 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4370279 |
| &nbsp;&nbsp;**Trading Companies & Distributors — 3.24%** | &nbsp;&nbsp;**Trading Companies & Distributors — 3.24%** | &nbsp;&nbsp;**Trading Companies & Distributors — 3.24%** |
| &nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation Ltd. | &nbsp;&nbsp;&nbsp;8868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745666 |
| &nbsp;&nbsp;&nbsp;&nbsp;QXO, Inc. <sup>\*</sup> | &nbsp;&nbsp;26906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519017 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xometry, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;10135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602728 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2867411 |
| &nbsp;&nbsp;**Electrical Equipment — 2.63%** | &nbsp;&nbsp;**Electrical Equipment — 2.63%** | &nbsp;&nbsp;**Electrical Equipment — 2.63%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloom Energy Corp. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;4683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eos Energy Enterprises, Inc. <sup>\*</sup> | 113270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nextpower, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;7077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616477 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2321457 |
| &nbsp;&nbsp;**Professional Services — 2.50%** | &nbsp;&nbsp;**Professional Services — 2.50%** | &nbsp;&nbsp;**Professional Services — 2.50%** |
| &nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;1484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Planet Labs PBC <sup>\*</sup> | &nbsp;&nbsp;34117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672787 |
| &nbsp;&nbsp;&nbsp;&nbsp;UL Solutions, Inc. - A | &nbsp;&nbsp;&nbsp;9419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206260 |
| &nbsp;&nbsp;**Building Products — 1.94%** | &nbsp;&nbsp;**Building Products — 1.94%** | &nbsp;&nbsp;**Building Products — 1.94%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;4191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;4363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833769 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;Modine Manufacturing Co. <sup>\*</sup> | &nbsp;&nbsp;2058 | &nbsp;&nbsp;$274764 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715515 |
| &nbsp;&nbsp;**Air Freight & Logistics — 0.59%** | &nbsp;&nbsp;**Air Freight & Logistics — 0.59%** | &nbsp;&nbsp;**Air Freight & Logistics — 0.59%** |
| &nbsp;&nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;3251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522631 |
| &nbsp;&nbsp;**Ground Transportation — 0.48%** | &nbsp;&nbsp;**Ground Transportation — 0.48%** | &nbsp;&nbsp;**Ground Transportation — 0.48%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Saia, Inc. <sup>\*</sup> | &nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total INDUSTRIALS<br> (Cost $22,329,346) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28054602 |
| **HEALTH CARE — 23.35%** | **HEALTH CARE — 23.35%** | **HEALTH CARE — 23.35%** |
| &nbsp;&nbsp;**Biotechnology — 15.71%** | &nbsp;&nbsp;**Biotechnology — 15.71%** | &nbsp;&nbsp;**Biotechnology — 15.71%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;2222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apogee Therapeutics, Inc. <sup>\*</sup> | 13073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Argenx SE - ADR <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc. <sup>\*</sup> | 18718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ascendis Pharma A/S - ADR <sup>1,\*</sup> | &nbsp;&nbsp;4937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc. <sup>\*</sup> | 12394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948017 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exelixis, Inc. <sup>\*</sup> | 10664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incyte Corp. <sup>\*</sup> | &nbsp;&nbsp;4057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc. <sup>\*</sup> | &nbsp;&nbsp;3341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581468 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kymera Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;5399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc. <sup>\*</sup> | &nbsp;&nbsp;7681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc. <sup>\*</sup> | &nbsp;&nbsp;4594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nuvalent, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;4803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc. <sup>\*</sup> | &nbsp;&nbsp;4713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389110 |
| &nbsp;&nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc. <sup>\*</sup> | 11783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;3960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals, Inc. <sup>1,\*</sup> | 19158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858662 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13896094 |
| &nbsp;&nbsp;**Pharmaceuticals — 3.10%** | &nbsp;&nbsp;**Pharmaceuticals — 3.10%** | &nbsp;&nbsp;**Pharmaceuticals — 3.10%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc. <sup>\*</sup> | 39084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1819360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Structure Therapeutics, Inc. - ADR <sup>\*</sup> | &nbsp;&nbsp;6756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469880 |
| &nbsp;&nbsp;&nbsp;&nbsp;WaVe Life Sciences Ltd. <sup>1,\*</sup> | 26727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454359 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2743599 |
| &nbsp;&nbsp;**Health Care Providers & Services — 2.51%** | &nbsp;&nbsp;**Health Care Providers & Services — 2.51%** | &nbsp;&nbsp;**Health Care Providers & Services — 2.51%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. <sup>\*</sup> | 21753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2221851 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies — 2.03%** | &nbsp;&nbsp;**Health Care Equipment & Supplies — 2.03%** | &nbsp;&nbsp;**Health Care Equipment & Supplies — 2.03%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Globus Medical, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;5295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc. <sup>\*</sup> | &nbsp;&nbsp;3878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insulet Corp. <sup>\*</sup> | &nbsp;&nbsp;1564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444551 |
| &nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;4370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531611 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1796136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total HEALTH CARE<br> (Cost $14,778,503) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20657680 |
| **INFORMATION TECHNOLOGY — 14.55%** | **INFORMATION TECHNOLOGY — 14.55%** | **INFORMATION TECHNOLOGY — 14.55%** |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 7.79%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 7.79%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 7.79%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd. <sup>\*</sup> | &nbsp;&nbsp;2468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355120 |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Small/Mid Cap Growth Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;Impinj, Inc. <sup>\*</sup> | &nbsp;&nbsp;6794 | &nbsp;&nbsp;$1182224 |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;3841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Onto Innovation, Inc. <sup>\*</sup> | &nbsp;&nbsp;3952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc. <sup>\*</sup> | &nbsp;&nbsp;8330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Semtech Corp. <sup>\*</sup> | 10075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742427 |
| &nbsp;&nbsp;&nbsp;&nbsp;SiTime Corp. <sup>\*</sup> | &nbsp;&nbsp;3505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;6861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328015 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6892910 |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 3.10%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 3.10%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 3.10%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Celestica, Inc. <sup>1,\*</sup> | &nbsp;&nbsp;1596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471794 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. <sup>\*</sup> | &nbsp;&nbsp;4967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet <sup>1,\*</sup> | &nbsp;&nbsp;2013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2739152 |
| &nbsp;&nbsp;**Software — 1.95%** | &nbsp;&nbsp;**Software — 1.95%** | &nbsp;&nbsp;**Software — 1.95%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software, Inc. <sup>\*</sup> | &nbsp;&nbsp;1365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274378 |
| &nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc. | &nbsp;&nbsp;3423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Terawulf, Inc. <sup>\*</sup> | 31410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360901 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725094 |
| &nbsp;&nbsp;**Communications Equipment — 1.46%** | &nbsp;&nbsp;**Communications Equipment — 1.46%** | &nbsp;&nbsp;**Communications Equipment — 1.46%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;3505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291908 |
| &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.25%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.25%** | &nbsp;&nbsp;**Technology Hardware, Storage & Peripherals — 0.25%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pure Storage, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;3356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total INFORMATION TECHNOLOGY<br> (Cost $10,391,765) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12873950 |
| **CONSUMER DISCRETIONARY — 11.25%** | **CONSUMER DISCRETIONARY — 11.25%** | **CONSUMER DISCRETIONARY — 11.25%** |
| &nbsp;&nbsp;**Specialty Retail — 4.69%** | &nbsp;&nbsp;**Specialty Retail — 4.69%** | &nbsp;&nbsp;**Specialty Retail — 4.69%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;3544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carvana Co. <sup>\*</sup> | &nbsp;&nbsp;4318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1822282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Five Below, Inc. <sup>\*</sup> | &nbsp;&nbsp;4191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wayfair, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;4534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455259 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4143705 |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 2.26%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 2.26%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 2.26%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Dutch Bros, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;8380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc. <sup>\*</sup> | 15437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Planet Fitness, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;3833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Viking Holdings Ltd. <sup>\*</sup> | &nbsp;&nbsp;9277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662471 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001575 |
| &nbsp;&nbsp;**Household Durables — 2.17%** | &nbsp;&nbsp;**Household Durables — 2.17%** | &nbsp;&nbsp;**Household Durables — 2.17%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Somnigroup International, Inc. | 14542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298310 |
| &nbsp;&nbsp;&nbsp;&nbsp;TopBuild Corp. <sup>\*</sup> | &nbsp;&nbsp;1477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616190 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914500 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.07%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.07%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.07%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;7435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949970 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;**Diversified Consumer Services — 0.56%** | &nbsp;&nbsp;**Diversified Consumer Services — 0.56%** | &nbsp;&nbsp;**Diversified Consumer Services — 0.56%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;2968 | &nbsp;&nbsp;$493608 |
| &nbsp;&nbsp;**Automobiles — 0.50%** | &nbsp;&nbsp;**Automobiles — 0.50%** | &nbsp;&nbsp;**Automobiles — 0.50%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Thor Industries, Inc. | &nbsp;&nbsp;&nbsp;4340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total CONSUMER DISCRETIONARY<br> (Cost $7,839,451) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9948946 |
| **ENERGY — 5.20%** | **ENERGY — 5.20%** | **ENERGY — 5.20%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.43%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.43%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.43%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Antero Resources Corp. <sup>\*</sup> | &nbsp;&nbsp;18412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634477 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cameco Corp. <sup>1</sup> | &nbsp;&nbsp;13147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202819 |
| &nbsp;&nbsp;&nbsp;&nbsp;NexGen Energy Ltd. <sup>1,\*</sup> | 129773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193912 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3031208 |
| &nbsp;&nbsp;**Energy Equipment & Services — 1.77%** | &nbsp;&nbsp;**Energy Equipment & Services — 1.77%** | &nbsp;&nbsp;**Energy Equipment & Services — 1.77%** |
| &nbsp;&nbsp;&nbsp;&nbsp;TechnipFMC PLC <sup>1</sup> | &nbsp;&nbsp;15027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weatherford International PLC <sup>1</sup> | &nbsp;&nbsp;11447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895842 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total ENERGY<br> (Cost $3,160,885) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4596653 |
| **FINANCIALS — 4.26%** | **FINANCIALS — 4.26%** | **FINANCIALS — 4.26%** |
| &nbsp;&nbsp;**Capital Markets — 3.10%** | &nbsp;&nbsp;**Capital Markets — 3.10%** | &nbsp;&nbsp;**Capital Markets — 3.10%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc. - A | &nbsp;&nbsp;&nbsp;2737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Robinhood Markets, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;11298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277804 |
| &nbsp;&nbsp;&nbsp;&nbsp;StoneX Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;5586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531396 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2740464 |
| &nbsp;&nbsp;**Financial Services — 1.16%** | &nbsp;&nbsp;**Financial Services — 1.16%** | &nbsp;&nbsp;**Financial Services — 1.16%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Affirm Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;6384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paymentus Holdings, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;17592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555732 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total FINANCIALS<br> (Cost $2,665,377) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3771357 |
| **COMMUNICATION SERVICES — 3.34%** | **COMMUNICATION SERVICES — 3.34%** | **COMMUNICATION SERVICES — 3.34%** |
| &nbsp;&nbsp;**Entertainment — 2.70%** | &nbsp;&nbsp;**Entertainment — 2.70%** | &nbsp;&nbsp;**Entertainment — 2.70%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Roku, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;5668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;3050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780892 |
| &nbsp;&nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;4758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994422 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2390235 |
| &nbsp;&nbsp;**Diversified Telecommunication Services — 0.64%** | &nbsp;&nbsp;**Diversified Telecommunication Services — 0.64%** | &nbsp;&nbsp;**Diversified Telecommunication Services — 0.64%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;7785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMUNICATION SERVICES<br> (Cost $2,282,629) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2955659 |
| **CONSUMER STAPLES — 1.92%** | **CONSUMER STAPLES — 1.92%** | **CONSUMER STAPLES — 1.92%** |
| &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 1.37%** | &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 1.37%** | &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 1.37%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746158 |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Small/Mid Cap Growth Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollar Tree, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3766 | &nbsp;&nbsp;$463256 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209414 |
| &nbsp;&nbsp;**Beverages — 0.55%** | &nbsp;&nbsp;**Beverages — 0.55%** | &nbsp;&nbsp;**Beverages — 0.55%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total CONSUMER STAPLES<br> (Cost $1,549,560) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1698878 |
| **MATERIALS — 1.84%** | **MATERIALS — 1.84%** | **MATERIALS — 1.84%** |
| &nbsp;&nbsp;**Metals & Mining — 1.84%** | &nbsp;&nbsp;**Metals & Mining — 1.84%** | &nbsp;&nbsp;**Metals & Mining — 1.84%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Coeur Mining, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;43998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784484 |
| &nbsp;&nbsp;&nbsp;&nbsp;IAMGOLD Corp. <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490528 |
| &nbsp;&nbsp;&nbsp;&nbsp;MP Materials Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349245 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total MATERIALS<br> (Cost $1,531,529) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624257 |
| **UTILITIES — 0.83%** | **UTILITIES — 0.83%** | **UTILITIES — 0.83%** |
| &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers — 0.83%** | &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers — 0.83%** | &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers — 0.83%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total UTILITIES<br> (Cost $625,443) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMON STOCKS<br> (Cost $67,154,488) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86919259 |
| **SHORT TERM INVESTMENTS — 1.50%** | **SHORT TERM INVESTMENTS — 1.50%** | **SHORT TERM INVESTMENTS — 1.50%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional U.S. Government Portfolio, 3.59% <sup>2</sup><br> (Cost $1,323,620) | 1323620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323620 |
| &nbsp;&nbsp;TOTAL INVESTMENTS<br> (Cost $68,478,108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.76% | &nbsp;&nbsp;$88242879 |
| &nbsp;&nbsp;Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209850 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;$88452729 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

ADR American Depositary Receipt <br> PLC Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Foreign security denominated and/or traded in U.S. dollars. <br> <sup>2</sup> 7 day current yield as of December 31, 2025 is disclosed. <br> <sup>\*</sup> Non-income producing security.

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| **Security Type** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;98.26% |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp;**99.76%** |
| Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24% |
| **Net Assets** | &nbsp;&nbsp;**100.00%** |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Small/Mid Cap Growth Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Aerospace & Defense | &nbsp;&nbsp;10.41% |
| Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp;0.59% |
| Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;0.50% |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;0.55% |
| Biotechnology | &nbsp;&nbsp;15.71% |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp;1.94% |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;3.10% |
| Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.46% |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;4.99% |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;1.37% |
| Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp;0.56% |
| Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;0.64% |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;2.63% |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;3.10% |
| Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;1.77% |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;2.70% |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;1.16% |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;0.48% |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;2.03% |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;2.51% |

---

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26% |
| Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17% |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94% |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84% |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43% |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10% |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.79% |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95% |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69% |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24% |
| Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24% |
| TOTAL | &nbsp;&nbsp;100.00% |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Event Driven Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **BANK LOANS — 6.08%** | **BANK LOANS — 6.08%** | **BANK LOANS — 6.08%** |
| &nbsp;&nbsp;**Leisure Facilities & Services — 1.76%** | &nbsp;&nbsp;**Leisure Facilities & Services — 1.76%** | &nbsp;&nbsp;**Leisure Facilities & Services — 1.76%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Finance US, Inc., First Amendment Term Loan 8.34%, (1-Month USD CME Term SOFR+450 basis points), 12/2/31 <sup>1</sup> | $1614689 | &nbsp;&nbsp;$1589661 |
| &nbsp;&nbsp;**Leisure Products — 2.15%** | &nbsp;&nbsp;**Leisure Products — 2.15%** | &nbsp;&nbsp;**Leisure Products — 2.15%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Recess Holdings, Inc., Initial Term Loan 7.62%, (3-Month USD CME Term SOFR+375 basis points), 2/20/30 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1937029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947624 |
| &nbsp;&nbsp;**Telecommunications — 2.17%** | &nbsp;&nbsp;**Telecommunications — 2.17%** | &nbsp;&nbsp;**Telecommunications — 2.17%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Subsea Communications Holding, Inc., 2025 Term Loan 7.22%, (1-Month USD CME Term SOFR+350 basis points), 1/30/31 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total BANK LOANS<br> (Cost $5,479,628) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5502154 |
| **CORPORATE BONDS — 13.32%** | **CORPORATE BONDS — 13.32%** | **CORPORATE BONDS — 13.32%** |
| &nbsp;&nbsp;**Electric Utilities — 8.54%** | &nbsp;&nbsp;**Electric Utilities — 8.54%** | &nbsp;&nbsp;**Electric Utilities — 8.54%** |
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. 10.25%, (U.S. Treasury Yield Curve Rate CMT 5Y + 574 basis points), 3/15/28 <sup>2,3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2933580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3203003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp. 7.00%, (CME Term SOFR 3M + 226 basis points), 12/15/26 <sup>2,3,4,5,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4527713 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7730716 |
| &nbsp;&nbsp;**Insurance — 3.76%** | &nbsp;&nbsp;**Insurance — 3.76%** | &nbsp;&nbsp;**Insurance — 3.76%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Genworth Holdings, Inc. 6.11%, (U.S. Treasury Yield Curve Rate CMT 5Y + 592 basis points), 11/15/36 <sup>5,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4071000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3408367 |
| &nbsp;&nbsp;**Technology Hardware — 1.02%** | &nbsp;&nbsp;**Technology Hardware — 1.02%** | &nbsp;&nbsp;**Technology Hardware — 1.02%** |
| &nbsp;&nbsp;&nbsp;&nbsp;NCR Atleos Corp. 9.50%, 4/1/29 <sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total CORPORATE BONDS<br> (Cost $11,236,956) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12058363 |
| **COMMON STOCKS — 54.16%** | **COMMON STOCKS — 54.16%** | **COMMON STOCKS — 54.16%** |
| &nbsp;&nbsp;**Asset Management — 21.47%** | &nbsp;&nbsp;**Asset Management — 21.47%** | &nbsp;&nbsp;**Asset Management — 21.47%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Apex Treasury Corp. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744895 |
| &nbsp;&nbsp;&nbsp;&nbsp;Archimedes Tech SPAC Partners II Co. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bold Eagle Acquisition Corp. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2159833 |
| &nbsp;&nbsp;&nbsp;&nbsp;BTC Development Corp. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cannae Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cantor Equity Partners III, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cantor Equity Partners V, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153740 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;Churchill Capital Corp. XI <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6892 | &nbsp;&nbsp;$70367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Daedalus Special Acquisition Corp. <sup>7,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dynamix Corp. III - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Galata Acquisition Corp. II - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gesher Acquisition Corp. II - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074412 |
| &nbsp;&nbsp;&nbsp;&nbsp;HCM III Acquisition Corp. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highview Merger Corp. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insight Digital Partners II - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149126 |
| &nbsp;&nbsp;&nbsp;&nbsp;K&F Growth Acquisition Corp. II - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2204591 |
| &nbsp;&nbsp;&nbsp;&nbsp;NewHold Investment Corp. III - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oaktree Acquisition Corp. III Life Sciences - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Willow Lane Acquisition Corp. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233563 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19439507 |
| &nbsp;&nbsp;**Banking — 1.99%** | &nbsp;&nbsp;**Banking — 1.99%** | &nbsp;&nbsp;**Banking — 1.99%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Blue Foundry Bancorp <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1801070 |
| &nbsp;&nbsp;**Biotechnology & Pharmaceuticals — 16.98%** | &nbsp;&nbsp;**Biotechnology & Pharmaceuticals — 16.98%** | &nbsp;&nbsp;**Biotechnology & Pharmaceuticals — 16.98%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Apogee Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3975649 |
| &nbsp;&nbsp;&nbsp;&nbsp;Septerna, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3478281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Viridian Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals, Inc. <sup>7,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4914782 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15372545 |
| &nbsp;&nbsp;**Industrial Intermediate Products — 2.60%** | &nbsp;&nbsp;**Industrial Intermediate Products — 2.60%** | &nbsp;&nbsp;**Industrial Intermediate Products — 2.60%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Hillman Solutions Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2352645 |
| &nbsp;&nbsp;**Industrial Support Services — 1.93%** | &nbsp;&nbsp;**Industrial Support Services — 1.93%** | &nbsp;&nbsp;**Industrial Support Services — 1.93%** |
| &nbsp;&nbsp;&nbsp;&nbsp;WillScot Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1752923 |
| &nbsp;&nbsp;**Leisure Facilities & Services — 4.62%** | &nbsp;&nbsp;**Leisure Facilities & Services — 4.62%** | &nbsp;&nbsp;**Leisure Facilities & Services — 4.62%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Golden Entertainment, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lucky Strike Entertainment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Entertainment, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990094 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4184703 |
| &nbsp;&nbsp;**Medical Equipment & Devices — 0.30%** | &nbsp;&nbsp;**Medical Equipment & Devices — 0.30%** | &nbsp;&nbsp;**Medical Equipment & Devices — 0.30%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Beta Bionics, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269324 |
| &nbsp;&nbsp;**Software — 0.91%** | &nbsp;&nbsp;**Software — 0.91%** | &nbsp;&nbsp;**Software — 0.91%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Porch Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827361 |
| &nbsp;&nbsp;**Specialty Finance — 1.85%** | &nbsp;&nbsp;**Specialty Finance — 1.85%** | &nbsp;&nbsp;**Specialty Finance — 1.85%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Jefferson Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672953 |
| &nbsp;&nbsp;**Transportation & Logistics — 1.51%** | &nbsp;&nbsp;**Transportation & Logistics — 1.51%** | &nbsp;&nbsp;**Transportation & Logistics — 1.51%** |
| &nbsp;&nbsp;&nbsp;&nbsp;GXO Logistics, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367166 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMON STOCKS<br> (Cost $45,209,079) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49040197 |
| **RIGHTS — 0.29%** | **RIGHTS — 0.29%** | **RIGHTS — 0.29%** |
| &nbsp;&nbsp;**Asset Management — 0.29%** | &nbsp;&nbsp;**Asset Management — 0.29%** | &nbsp;&nbsp;**Asset Management — 0.29%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Bold Eagle Acquisition Corp. <sup>\*</sup> | $532713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170468 |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Event Driven Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;K&F Growth Acquisition Corp. II <sup>\*</sup> | $588826 | &nbsp;&nbsp;$94212 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total RIGHTS<br> (Cost $—) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264680 |
| **SOVEREIGN BONDS — 3.88%** | **SOVEREIGN BONDS — 3.88%** | **SOVEREIGN BONDS — 3.88%** |
| &nbsp;&nbsp;**Transportation & Logistics — 3.88%** | &nbsp;&nbsp;**Transportation & Logistics — 3.88%** | &nbsp;&nbsp;**Transportation & Logistics — 3.88%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Danaos Corp. 8.50%, 3/1/28 <sup>2,4,7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3489000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3512272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SOVEREIGN BONDS<br> (Cost $3,496,813) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3512272 |
| **WARRANTS — 0.66%** | **WARRANTS — 0.66%** | **WARRANTS — 0.66%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Apex Treasury Corp., Exp. 8/12/30, Strike $11.50 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Archimedes Tech SPAC Partners II Co., Exp. 4/2/30, Strike $11.50 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108039 |
| &nbsp;&nbsp;&nbsp;&nbsp;BERTO ACQUISITION CORP., Exp. 4/28/30, Strike $11.50 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34449 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bridger Aerospace Group Holdings, Inc., Exp. 12/31/27, Strike $11.50 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30299 |
| &nbsp;&nbsp;&nbsp;&nbsp;BTC Development Corp., Exp. 4/28/30, Strike $11.50 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3309 |
| &nbsp;&nbsp;&nbsp;&nbsp;Calidi Biotherapeutics, Inc., Exp. 9/10/26, Strike $115.00 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dynamix Corp. III, Exp. 8/12/30, Strike $11.50 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Galata Acquisition Corp. II, Exp. 8/12/30, Strike $11.50 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gesher Acquisition Corp. II, Exp. 3/12/30, Strike $11.50 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Haymaker Acquisition Corp. 4, Exp. 5/31/28, Strike $11.50 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160933 |
| &nbsp;&nbsp;&nbsp;&nbsp;HCM III Acquisition Corp., Exp. 7/31/30, Strike $11.50 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Highview Merger Corp., Exp. 8/12/30, Strike $11.50 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insight Digital Partners II, Exp. 8/12/30, Strike $11.50 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inspirato, Inc., Exp. 1/1/30, Strike $11.50 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 |
| &nbsp;&nbsp;&nbsp;&nbsp;NewHold Investment Corp. III, Exp. 3/3/32, Strike $0.00 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oaktree Acquisition Corp. III Life Sciences, Exp. 12/6/29, Strike $11.50 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya Technologies Ltd., Exp. 5/31/27, Strike $0.00 <sup>7,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolution Medicines, Inc., Exp. 11/14/28, Strike $11.50 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25077 |
| &nbsp;&nbsp;&nbsp;&nbsp;SomaLogic, Inc., Exp. 12/31/27, Strike $11.50 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total WARRANTS<br> (Cost $9,328) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596434 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **SHORT TERM INVESTMENTS — 16.59%** | **SHORT TERM INVESTMENTS — 16.59%** | **SHORT TERM INVESTMENTS — 16.59%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional Treasury Portfolio (Premier Class), 3.63% <sup>8</sup><br> (Cost $15,022,910) | 15022910 | &nbsp;&nbsp;$15022910 |
| &nbsp;&nbsp;TOTAL INVESTMENTS<br> (Cost $80,454,714) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94.98% | &nbsp;&nbsp;$85997010 |
| &nbsp;&nbsp;Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4544786 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;$90541796 |
| **INVESTMENT SECURITIES SOLD SHORT — (4.09)%** | **INVESTMENT SECURITIES SOLD SHORT — (4.09)%** | **INVESTMENT SECURITIES SOLD SHORT — (4.09)%** |
| **COMMON STOCKS — (4.07)%** | **COMMON STOCKS — (4.07)%** | **COMMON STOCKS — (4.07)%** |
| &nbsp;&nbsp;**Banking — (2.01)%** | &nbsp;&nbsp;**Banking — (2.01)%** | &nbsp;&nbsp;**Banking — (2.01)%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Fulton Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;(94000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1817020) |
| &nbsp;&nbsp;**Real Estate Investment Trusts — (2.06)%** | &nbsp;&nbsp;**Real Estate Investment Trusts — (2.06)%** | &nbsp;&nbsp;**Real Estate Investment Trusts — (2.06)%** |
| &nbsp;&nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;(66469) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1869108) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMON STOCKS<br> (Proceeds $3,681,637) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3686128) |
| **RIGHTS — (0.02)%** | **RIGHTS — (0.02)%** | **RIGHTS — (0.02)%** |
| &nbsp;&nbsp;**Biotechnology & Pharmaceuticals — (0.02)%** | &nbsp;&nbsp;**Biotechnology & Pharmaceuticals — (0.02)%** | &nbsp;&nbsp;**Biotechnology & Pharmaceuticals — (0.02)%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulus Therapeutics, Inc. <sup>\*,^</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3773) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14715) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total RIGHTS<br> (Proceeds $0) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14715) |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENT SECURITIES SOLD SHORT<br> (Proceeds $3,681,637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.09)% | &nbsp;&nbsp;$(3700843) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

CMT Constant Maturity

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> 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 December 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.

<sup>2</sup> Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $12,162,268, which represents 13% of Net Assets (see Note F in the Notes to Financial Statements).

<sup>3</sup> Perpetual security. Maturity date shown is the next call date or final legal maturity date, whichever comes first.

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Event Driven Fund

#### Schedule of Investments

#### December 31, 2025

------

<sup>4</sup> Restricted securities - The Fund may own investment securities that have other legal or contractual limitations. At December 31, 2025, the value of restricted securities amounted to $12,162,268 or 13% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Restricted Security* | *Acquisition Date* | &nbsp;&nbsp;*Acquisition Cost* |
| NCR Atleos Corp., 9.50%, 4/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/27/2024 | &nbsp;&nbsp;&nbsp;&nbsp;898879 |
| NRG Energy, Inc., 10.25%, 3/15/28 | 11/8/23-11/20/23 | &nbsp;&nbsp;2889576 |
| Vistra Corp., 7.00%, 12/15/26 | &nbsp;&nbsp;1/28/22-11/7/22 | &nbsp;&nbsp;4101863 |
| Danaos Corp., 8.50%, 3/01/28 | &nbsp;&nbsp;&nbsp;7/6/23-4/17/24 | &nbsp;&nbsp;3503626 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <sup>5</sup> | &nbsp;&nbsp;Variable rate security. Rates disclosed as of December 31, 2025. |
| <sup>6</sup> | &nbsp;&nbsp;All or a portion of this security is pledged as collateral for short sales or derivatives transactions. |
| <sup>7</sup> | &nbsp;&nbsp;Foreign security denominated and/or traded in U.S. dollars. |
| <sup>8</sup> | &nbsp;&nbsp;7 day current yield as of December 31, 2025 is disclosed. |
| <sup>^</sup> | &nbsp;&nbsp;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. |
| <sup>\*</sup> | &nbsp;&nbsp;Non-income producing security. |

---

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| **Security Type** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Bank Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.08% |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;13.32% |
| Sovereign Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88% |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;54.16% |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29% |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;16.59% |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp;**94.98%** |
| Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02% |
| **Net Assets** | &nbsp;&nbsp;**100.00%** |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Event Driven Fund

#### Schedule of Investments

#### December 31, 2025

------

#### TOTAL RETURN SWAPS

#### OTC SWAP CONTRACTS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Rate Index/Pay Rate** | **Receive<br> Rate/Receive<br> Rate Index** | **Maturity<br> Date** | **Counterparty** | **Currency** | **Notional<br> Amount** | **Value** | **Upfront<br> Premiums<br> Paid/<br> (Received)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| MSHEWSC Basket\* | Financing Index: 1-Day US Federal Fund Effective Rate - 0.35% (Monthly) | 5/4/2026 | Morgan Stanley | USD | 1667562 | $62211 | $— | $62211 |
| MSXXBIOH Basket\*\* | Financing Index: 1-Day US Federal Fund Effective Rate - 0.35% (Monthly) | 5/4/2026 | Morgan Stanley | USD | 9915738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227010 |
| Subtotal Appreciation |  |  |  |  |  | $289221 | $— | $289221 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Rate Index/Pay Rate** | **Receive<br> Rate/Receive<br> Rate Index** | **Maturity<br> Date** | **Counterparty** | **Currency** | **Notional<br> Amount** | **Value** | **Upfront<br> Premiums<br> Paid/<br> (Received)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| GSUCDHY1 Basket\*\*\* | Financing Index: 1-Day US Federal Fund Effective Rate - 1.15% (At Maturity) | 1/23/2026 | Goldman Sachs International | USD | 4479322 | $(31772) | $— | $(31772) |
| MSDRCASI Basket\*\*\*\* | Financing Index: 1-Day US Federal Fund Effective Rate - 0.35% (Monthly) | 5/4/2026 | Morgan Stanley | USD | 1124713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27336) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27336) |
| Subtotal Depreciation |  |  |  |  |  | $(59108) | $— | $(59108) |
| **Net Total Return Swaps outstanding at December 31, 2025** | **Net Total Return Swaps outstanding at December 31, 2025** | **Net Total Return Swaps outstanding at December 31, 2025** | **Net Total Return Swaps outstanding at December 31, 2025** | **Net Total Return Swaps outstanding at December 31, 2025** | **Net Total Return Swaps outstanding at December 31, 2025** | **$230113** | **$—** | **$230113** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* MSHEWSC Basket consists of a portfolio of:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Underlying Components** | **Shares** | **Value** | **Weight** |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems U.S.A., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;138 | $128569 | &nbsp;&nbsp;&nbsp;&nbsp;7.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126068 | &nbsp;&nbsp;&nbsp;&nbsp;7.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;API Group Corp. | 3060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117063 | &nbsp;&nbsp;&nbsp;&nbsp;7.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108558 | &nbsp;&nbsp;&nbsp;&nbsp;6.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ryder System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92716 | &nbsp;&nbsp;&nbsp;&nbsp;5.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92383 | &nbsp;&nbsp;&nbsp;&nbsp;5.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp;876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91883 | &nbsp;&nbsp;&nbsp;&nbsp;5.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;MasTec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91049 | &nbsp;&nbsp;&nbsp;&nbsp;5.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79042 | &nbsp;&nbsp;&nbsp;&nbsp;4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;AECOM | &nbsp;&nbsp;&nbsp;&nbsp;796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75874 | &nbsp;&nbsp;&nbsp;&nbsp;4.55% |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Event Driven Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| **Underlying Components** | **Shares** | **Value** | **Weight** |
| &nbsp;&nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;789 | $66369 | &nbsp;&nbsp;&nbsp;&nbsp;3.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Lease Corp. | &nbsp;&nbsp;&nbsp;&nbsp;989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63534 | &nbsp;&nbsp;&nbsp;&nbsp;3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62700 | &nbsp;&nbsp;&nbsp;&nbsp;3.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50527 | &nbsp;&nbsp;&nbsp;&nbsp;3.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pitney Bowes, Inc. | 4764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50360 | &nbsp;&nbsp;&nbsp;&nbsp;3.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46192 | &nbsp;&nbsp;&nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | 1287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42856 | &nbsp;&nbsp;&nbsp;&nbsp;2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40022 | &nbsp;&nbsp;&nbsp;&nbsp;2.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Core & Main, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38354 | &nbsp;&nbsp;&nbsp;&nbsp;2.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fluor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34852 | &nbsp;&nbsp;&nbsp;&nbsp;2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32684 | &nbsp;&nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;AerCap Holdings N.V. | &nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32684 | &nbsp;&nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26348 | &nbsp;&nbsp;&nbsp;&nbsp;1.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22179 | &nbsp;&nbsp;&nbsp;&nbsp;1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Atkore, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22012 | &nbsp;&nbsp;&nbsp;&nbsp;1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;nVent Electriv PLC | &nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15008 | &nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9672 | &nbsp;&nbsp;&nbsp;&nbsp;0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trex Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8004 | &nbsp;&nbsp;&nbsp;&nbsp;0.48% |
|  |  | $1667562 | 100.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*\* MSXXBIOH Basket consists of a portfolio of:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Underlying Components** | **Shares** | **Value** | **Weight** |
| &nbsp;&nbsp;&nbsp;&nbsp;Vera Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;2311 | $117006 | &nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;1688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112048 | &nbsp;&nbsp;&nbsp;1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exact Sciences Corp. | &nbsp;&nbsp;&nbsp;1006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102132 | &nbsp;&nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amicus Therapeutic, Inc. | &nbsp;&nbsp;&nbsp;7172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102132 | &nbsp;&nbsp;&nbsp;1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101141 | &nbsp;&nbsp;&nbsp;1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Beam Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;3076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85275 | &nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;3395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85275 | &nbsp;&nbsp;&nbsp;0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;3870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83292 | &nbsp;&nbsp;&nbsp;0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;3964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83292 | &nbsp;&nbsp;&nbsp;0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kymera Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;1058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82301 | &nbsp;&nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp. | &nbsp;&nbsp;&nbsp;1868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82301 | &nbsp;&nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Twist Bioscience Corp. | &nbsp;&nbsp;&nbsp;2563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81309 | &nbsp;&nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc. | &nbsp;&nbsp;&nbsp;3412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81309 | &nbsp;&nbsp;&nbsp;0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;Moderna, Inc. | &nbsp;&nbsp;&nbsp;2724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80318 | &nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Krystal Biotech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80317 | &nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;ADMA Biologics, Inc. | &nbsp;&nbsp;&nbsp;4403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80317 | &nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stoke Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;2530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80317 | &nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apogee Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;1051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79326 | &nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nurix Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;4129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78334 | &nbsp;&nbsp;&nbsp;0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolution Medicines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78334 | &nbsp;&nbsp;&nbsp;0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc. | &nbsp;&nbsp;&nbsp;1011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77343 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iovance Biotherapeutics, Inc. | 27967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76351 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;2821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75360 | &nbsp;&nbsp;&nbsp;0.76% |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Event Driven Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
| **Underlying Components** | **Shares** | **Value** | **Weight** |
| &nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;329 | $75360 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics, Inc. | &nbsp;&nbsp;&nbsp;2595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75360 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;9661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75360 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;1681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75360 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74368 | &nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74368 | &nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc. | &nbsp;&nbsp;&nbsp;1251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74368 | &nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Celcuity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73376 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73376 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;1920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73376 | &nbsp;&nbsp;&nbsp;0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Viridian Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;2326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72385 | &nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Veracyte, Inc. | &nbsp;&nbsp;&nbsp;1719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72385 | &nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Biogen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72385 | &nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72385 | &nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intellia Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;8052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72385 | &nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roivant Sciences Ltd. | &nbsp;&nbsp;&nbsp;3290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71393 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cogent Biosciences, Inc. | &nbsp;&nbsp;&nbsp;2010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71393 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71393 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Immunovant, Inc. | &nbsp;&nbsp;&nbsp;2809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71393 | &nbsp;&nbsp;&nbsp;0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70402 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ideaya Biosciences, Inc. | &nbsp;&nbsp;&nbsp;2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70402 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;3016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70402 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exelixis, Inc. | &nbsp;&nbsp;&nbsp;1606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70402 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70402 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Summit Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;4025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70402 | &nbsp;&nbsp;&nbsp;0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69410 | &nbsp;&nbsp;&nbsp;0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Biohaven Ltd. | &nbsp;&nbsp;&nbsp;6148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69410 | &nbsp;&nbsp;&nbsp;0.70% |
|  |  | $3938531 | 39.72% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*\*\* GSUCDHY1 basket consists of a portfolio of:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal Amount** | **Value** | **Weight** |
| &nbsp;&nbsp;&nbsp;&nbsp;Viking Cruises Ltd., 9.125%, 7/15/2031, 144A | 164574 | $176280 | &nbsp;&nbsp;&nbsp;&nbsp;4.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ncl Corporation Ltd., 7.75%, 2/15/2029, 144A | 164574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175309 | &nbsp;&nbsp;&nbsp;&nbsp;4.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Transdigm, Inc., 6.875%, 12/15/2030, 144A | 164574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172326 | &nbsp;&nbsp;&nbsp;&nbsp;4.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chart Industries, Inc., 7.5%, 1/1/2030, 144A | 164574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171791 | &nbsp;&nbsp;&nbsp;&nbsp;4.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Emerald Debt Merger Sub LLC, 6.625%, 12/15/2030, 144A | 164574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171611 | &nbsp;&nbsp;&nbsp;&nbsp;4.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weatherford International Ltd., 8.625%, 4/30/2030, 144A | 164574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168896 | &nbsp;&nbsp;&nbsp;&nbsp;4.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce PLC, 5.75%, 10/15/2027, 144A | 164574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168748 | &nbsp;&nbsp;&nbsp;&nbsp;4.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wesco Distribution, Inc., 7.25%, 6/15/2028, 144A | 164574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166987 | &nbsp;&nbsp;&nbsp;&nbsp;4.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wynn Las Vegas LLC, 5.25%, 5/15/2027, 144A | 164574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165521 | &nbsp;&nbsp;&nbsp;&nbsp;4.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aramark Services, Inc., 5.00%, 2/1/2028, 144A | 164574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164629 | &nbsp;&nbsp;&nbsp;&nbsp;4.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mgm Resorts International, 4.75%, 10/15/2028 | 164574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164313 | &nbsp;&nbsp;&nbsp;&nbsp;4.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gfl Environmental, Inc., 4.75%, 6/15/2029, 144A | 164574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164296 | &nbsp;&nbsp;&nbsp;&nbsp;4.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works, Inc., 6.75%, 7/1/2036 | 164574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163276 | &nbsp;&nbsp;&nbsp;&nbsp;4.00% |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Event Driven Fund

#### Schedule of Investments

#### December 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal Amount** | **Value** | **Weight** |
| &nbsp;&nbsp;&nbsp;&nbsp;Imola Merger Corp., 4.75%, 5/15/2029, 144A | 164574 | $162622 | &nbsp;&nbsp;&nbsp;&nbsp;3.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc., 4.625%, 11/15/2029, 144A | 164574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161870 | &nbsp;&nbsp;&nbsp;&nbsp;3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Yum! Brands, Inc., 4.625%, 1/31/2032 | 164574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161416 | &nbsp;&nbsp;&nbsp;&nbsp;3.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies BV, 4.00%, 4/15/2029, 144A | 164574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160784 | &nbsp;&nbsp;&nbsp;&nbsp;3.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands Corp., 3.90%, 8/8/2029 | 164574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160404 | &nbsp;&nbsp;&nbsp;&nbsp;3.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;1011778 B.C. Unlimited Liability Co., 4.00%, 10/15/2030, 144A | 164574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156971 | &nbsp;&nbsp;&nbsp;&nbsp;3.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;Builders Firstsource, Inc., 4.25%, 2/1/2032, 144A | 164574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156688 | &nbsp;&nbsp;&nbsp;&nbsp;3.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC, 6.75%, 1/15/2030, 144A | 164574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156426 | &nbsp;&nbsp;&nbsp;&nbsp;3.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC, 4.00%, 9/1/2029, 144A | 164574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155012 | &nbsp;&nbsp;&nbsp;&nbsp;3.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton Domestic Operating Co., Inc., 3.625%, 2/15/2032, 144A | 164574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152657 | &nbsp;&nbsp;&nbsp;&nbsp;3.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ball Corp., 3.125%, 9/15/2031 | 164574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151877 | &nbsp;&nbsp;&nbsp;&nbsp;3.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Building Solutions, Inc., 3.375%, 1/15/2031, 144A | 164574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151023 | &nbsp;&nbsp;&nbsp;&nbsp;3.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mauser Packaging Solutions Holding Co., 7.875%, 8/15/2026, 144A | 164574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp., 6.00%, 5/1/2029, 144A | 164574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Petsmart LLC, 7.75%, 2/15/2029, 144A | 164574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Transocean, Inc., 8.00%, 2/1/2027, 144A | 164574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirit Aerosystems, Inc., 9.375%, 11/30/2029, 144A | 164574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0.00% |
|  |  | $4081733 | 100.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\*\*\*\* MSDRCASI Basket consists of a portfolio of:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Underlying Components** | **Shares** | **Value** | **Weight** |
| &nbsp;&nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | 1591 | $135640 | &nbsp;&nbsp;&nbsp;12.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Travel + Leisure Co. | 1335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94139 | &nbsp;&nbsp;&nbsp;&nbsp;8.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Red Rock Resorts, Inc. | 1489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92226 | &nbsp;&nbsp;&nbsp;&nbsp;8.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | 1011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76368 | &nbsp;&nbsp;&nbsp;&nbsp;6.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;MGM Resorts International | 1973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71982 | &nbsp;&nbsp;&nbsp;&nbsp;6.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp. | 2221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67820 | &nbsp;&nbsp;&nbsp;&nbsp;6.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Marriott International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56348 | &nbsp;&nbsp;&nbsp;&nbsp;5.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54886 | &nbsp;&nbsp;&nbsp;&nbsp;4.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brightstar Lottery PLC | 3349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51849 | &nbsp;&nbsp;&nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48250 | &nbsp;&nbsp;&nbsp;&nbsp;4.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47126 | &nbsp;&nbsp;&nbsp;&nbsp;4.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd. | 2076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46338 | &nbsp;&nbsp;&nbsp;&nbsp;4.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38240 | &nbsp;&nbsp;&nbsp;&nbsp;3.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyatt Hotels Corp. | &nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34979 | &nbsp;&nbsp;&nbsp;&nbsp;3.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34641 | &nbsp;&nbsp;&nbsp;&nbsp;3.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dine Brands Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30930 | &nbsp;&nbsp;&nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp. | 2525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29468 | &nbsp;&nbsp;&nbsp;&nbsp;2.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Airbnb, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29355 | &nbsp;&nbsp;&nbsp;&nbsp;2.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;DraftKings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28005 | &nbsp;&nbsp;&nbsp;&nbsp;2.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25081 | &nbsp;&nbsp;&nbsp;&nbsp;2.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portillo's, Inc. | 3666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16646 | &nbsp;&nbsp;&nbsp;&nbsp;1.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloomin' Brands, Inc. | 2333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14396 | &nbsp;&nbsp;&nbsp;&nbsp;1.28% |
|  |  | $1124713 | 100.00% |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Mutual Funds

#### Statements of Assets and Liabilities

#### December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Driehaus Emerging Markets Growth Fund* | &nbsp;&nbsp;*Driehaus Emerging Markets Small Cap Growth Fund* |
| ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | &nbsp;&nbsp;$2825036466 | &nbsp;&nbsp;$105924519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments securities, at fair value | &nbsp;&nbsp;$4039926085 | &nbsp;&nbsp;$135346072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term securities, at fair value<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81106650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2446757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrant securities, at fair value<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at fair value<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2094337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on open OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposit at broker for securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18664524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for foreign capital gains taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for interest and dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8455296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSETS | &nbsp;&nbsp;&nbsp;&nbsp;4155611965 | &nbsp;&nbsp;&nbsp;&nbsp;139714020 |
| LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investment securities sold short, proceeds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investment securities sold short, at fair value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash overdraft | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4872950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36368614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees payable, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2626716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for interest and dividends on securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued shareholder services plan fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued administration and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued foreign capital gains taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5930953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321836 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50813592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730193 |
| NET ASSETS | &nbsp;&nbsp;$4104798373 | &nbsp;&nbsp;$138983827 |
| NET ASSETS CONSISTED OF THE FOLLOWING AT DECEMBER 31, 2025: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in-capital | &nbsp;&nbsp;$2900967177 | &nbsp;&nbsp;$116850018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (deficit) | &nbsp;&nbsp;&nbsp;&nbsp;1203831196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22133809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;$4104798373 | &nbsp;&nbsp;$138983827 |
| &nbsp;&nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;$— | &nbsp;&nbsp;$138983827 |
| &nbsp;&nbsp;&nbsp;&nbsp;SHARES OUTSTANDING (Unlimited shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5285454 |
| &nbsp;&nbsp;&nbsp;&nbsp;NET ASSET VALUE | &nbsp;&nbsp;$— | &nbsp;&nbsp;$26.30 |
| INVESTOR CLASS SHARES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;$601676787 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;SHARES OUTSTANDING (Unlimited shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12791821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;NET ASSET VALUE | &nbsp;&nbsp;$47.04 | &nbsp;&nbsp;$— |
| INSTITUTIONAL CLASS SHARES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;$3503121586 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;SHARES OUTSTANDING (Unlimited shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74000082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;NET ASSET VALUE | &nbsp;&nbsp;$47.34 | &nbsp;&nbsp;$— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> The cost of short-term securities was $81,106,650, $2,446,757, $785,470, $7,171,170, $216,880, $883,814, $3,994,520, $1,323,620 and $15,022,910, respectively.

<sup>2</sup> The cost of warrants was $0, $0, $0, $0, $0, $0, $0, $0 and $9,328, respectively.

<sup>3</sup> The cost of foreign currency was $2,092,054, $0, $15,597, $1,467,378, $4, $0, $0, $0 and $0, respectively.

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Mutual Funds

#### Statements of Assets and Liabilities

#### December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Driehaus Global Fund* | &nbsp;&nbsp;*Driehaus International Small Cap Growth Fund* | &nbsp;&nbsp;*Driehaus International Developed Equity Fund* | &nbsp;&nbsp;*Driehaus Micro Cap Growth Fund* | &nbsp;&nbsp;*Driehaus Small Cap Growth Fund* | &nbsp;&nbsp;*Driehaus Small/Mid Cap Growth Fund* | &nbsp;&nbsp;*Driehaus Event Driven Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;$50073690 | &nbsp;&nbsp;$276377467 | &nbsp;&nbsp;$2842008 | &nbsp;&nbsp;$290567650 | &nbsp;&nbsp;$816370018 | &nbsp;&nbsp;$67154488 | &nbsp;&nbsp;$65422476 |
| &nbsp;&nbsp;&nbsp;&nbsp;$68599280 | &nbsp;&nbsp;$334082999 | &nbsp;&nbsp;$3312522 | &nbsp;&nbsp;$443359772 | &nbsp;&nbsp;$1147243981 | &nbsp;&nbsp;$86919259 | &nbsp;&nbsp;$70377666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7171170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3994520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15022910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4564640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69485171 | &nbsp;&nbsp;&nbsp;&nbsp;343621560 | &nbsp;&nbsp;&nbsp;&nbsp;3547950 | &nbsp;&nbsp;&nbsp;&nbsp;444451010 | &nbsp;&nbsp;&nbsp;&nbsp;1154626687 | &nbsp;&nbsp;&nbsp;&nbsp;88609824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94558394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3681637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4016598 |
| $69375621 | &nbsp;&nbsp;$341925807 | &nbsp;&nbsp;$3507180 | &nbsp;&nbsp;$443843552 | &nbsp;&nbsp;$1153137757 | &nbsp;&nbsp;$88452729 | &nbsp;&nbsp;$90541796 |
| &nbsp;&nbsp;&nbsp;&nbsp;$49133435 | &nbsp;&nbsp;$278377950 | &nbsp;&nbsp;$3071211 | &nbsp;&nbsp;$283849695 | &nbsp;&nbsp;$823451914 | &nbsp;&nbsp;$72129701 | &nbsp;&nbsp;$100481702 |
| &nbsp;&nbsp;&nbsp;&nbsp;20242186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63547857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435969 | &nbsp;&nbsp;&nbsp;&nbsp;159993857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329685843 | &nbsp;&nbsp;&nbsp;&nbsp;16323028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9939906) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$69375621 | &nbsp;&nbsp;$341925807 | &nbsp;&nbsp;$3507180 | &nbsp;&nbsp;$443843552 | &nbsp;&nbsp;$1153137757 | &nbsp;&nbsp;$88452729 | &nbsp;&nbsp;$90541796 |
| &nbsp;&nbsp;&nbsp;&nbsp;$69375621 | &nbsp;&nbsp;$341925807 | &nbsp;&nbsp;$3507180 | &nbsp;&nbsp;$443843552 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$88452729 | &nbsp;&nbsp;$90541796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4152622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29881278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27689492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4283685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7763924 |
| &nbsp;&nbsp;&nbsp;&nbsp;$16.71 | &nbsp;&nbsp;$11.44 | &nbsp;&nbsp;$12.25 | &nbsp;&nbsp;$16.03 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$20.65 | &nbsp;&nbsp;$11.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$100617488 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3772094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$26.67 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1052520269 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38672498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$27.22 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Mutual Funds

#### Statements of Operations

#### For the Year Ended December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Driehaus Emerging Markets Growth Fund* | &nbsp;&nbsp;*Driehaus Emerging Markets Small Cap Growth Fund* |
| INVESTMENT INCOME: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | &nbsp;&nbsp;$44962 | &nbsp;&nbsp;$228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89465288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash dividend income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Rebates on short sales, net of fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89510250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2221115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28760517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal and state registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest on short positions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33874250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees recoupment (reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64071) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(337108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33537142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55973108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645524 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on transactions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;244771115 | &nbsp;&nbsp;&nbsp;&nbsp;17876193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2662980) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154880) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;242108135 | &nbsp;&nbsp;&nbsp;&nbsp;17721313 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;677274800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9110244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;677399671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9132759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;919507806 | &nbsp;&nbsp;&nbsp;&nbsp;26854072 |
| NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | &nbsp;&nbsp;$975480914 | &nbsp;&nbsp;$27499596 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Net of $8,912,280, $216,015, $57,849, $548,654, $7,093, $0, $40,346, $430 and $0 of non-reclaimable foreign taxes withheld, respectively.

<sup>2</sup> Net realized gain (loss) on transactions from investments are net of $5,669,570, $(35107), $0, $(302619), $0, $0, $0, $0 and $0 of foreign capital gains taxes, respectively.

<sup>3</sup> Change in net unrealized appreciation (depreciation) on investments are net of $(5555880), $985,861, $0, $364,853, $0, $0, $0, $0 and $0 of change in deferred foreign capital gains taxes, respectively.

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Mutual Funds

#### Statements of Operations

#### For the Year Ended December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Driehaus Global Fund* | &nbsp;&nbsp;*Driehaus International Small Cap Growth Fund* | &nbsp;&nbsp;*Driehaus International Developed Equity Fund* | &nbsp;&nbsp;*Driehaus Micro Cap Growth Fund* | &nbsp;&nbsp;*Driehaus Small Cap Growth Fund* | &nbsp;&nbsp;*Driehaus Small/Mid Cap Growth Fund* | &nbsp;&nbsp;*Driehaus Event Driven Fund* |
| $1416 | &nbsp;&nbsp;$54 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$44204 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3386095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5535162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2587326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156082 | &nbsp;&nbsp;&nbsp;&nbsp;1614367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5535216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2587326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156082 | &nbsp;&nbsp;&nbsp;&nbsp;5060695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2938779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4568708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6188385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394891 | &nbsp;&nbsp;&nbsp;&nbsp;1392506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3304397 | &nbsp;&nbsp;&nbsp;&nbsp;102382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4920641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7352231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520915 | &nbsp;&nbsp;&nbsp;&nbsp;2061401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54797) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(80845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3287092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4763429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7177137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526519 | &nbsp;&nbsp;&nbsp;&nbsp;2006394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2248124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4092604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4589811) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(370437) | &nbsp;&nbsp;&nbsp;&nbsp;3054301 |
| &nbsp;&nbsp;&nbsp;9139082 | &nbsp;&nbsp;&nbsp;&nbsp;38822980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59959511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86372544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230571 | &nbsp;&nbsp;&nbsp;&nbsp;(2901236) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(711522) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9147039 | &nbsp;&nbsp;&nbsp;&nbsp;38811126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59959511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86372544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230571 | &nbsp;&nbsp;&nbsp;&nbsp;(2808986) |
| &nbsp;&nbsp;&nbsp;3802402 | &nbsp;&nbsp;&nbsp;&nbsp;31739201 | &nbsp;&nbsp;&nbsp;&nbsp;423181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68090104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90243567 | &nbsp;&nbsp;&nbsp;&nbsp;6692585 | &nbsp;&nbsp;&nbsp;&nbsp;1479853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63632) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22555) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3802639 | &nbsp;&nbsp;&nbsp;&nbsp;31777668 | &nbsp;&nbsp;&nbsp;&nbsp;423174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68090104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90243567 | &nbsp;&nbsp;&nbsp;&nbsp;6692585 | &nbsp;&nbsp;&nbsp;&nbsp;1813124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12949678 | &nbsp;&nbsp;&nbsp;&nbsp;70588794 | &nbsp;&nbsp;&nbsp;&nbsp;506944 | &nbsp;&nbsp;&nbsp;&nbsp;128049615 | &nbsp;&nbsp;&nbsp;&nbsp;176616111 | &nbsp;&nbsp;&nbsp;&nbsp;6923156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(995862) |
| $13466347 | &nbsp;&nbsp;$72836918 | &nbsp;&nbsp;$530569 | &nbsp;&nbsp;$123957011 | &nbsp;&nbsp;$172026300 | &nbsp;&nbsp;$6552719 | &nbsp;&nbsp;$2058439 |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Mutual Funds

#### Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*Driehaus Emerging Markets Growth Fund* | &nbsp;&nbsp;*Driehaus Emerging Markets Growth Fund* | &nbsp;&nbsp;*Driehaus Emerging Markets Small Cap Growth Fund* | &nbsp;&nbsp;*Driehaus Emerging Markets Small Cap Growth Fund* |
|  | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2025* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2025* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$55973108 | &nbsp;&nbsp;$40866685 | &nbsp;&nbsp;$645524 | &nbsp;&nbsp;$799696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242108135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117683177 | &nbsp;&nbsp;&nbsp;&nbsp;17721313 | &nbsp;&nbsp;&nbsp;&nbsp;11965492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677399671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46735512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9132759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2295872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975480914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205285374 | &nbsp;&nbsp;&nbsp;&nbsp;27499596 | &nbsp;&nbsp;&nbsp;&nbsp;15061060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from distributable earnings to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3084455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(850001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10094254) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4974827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65515137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29013147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75609391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33987974) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3084455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(850001) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital share transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11988551 | &nbsp;&nbsp;&nbsp;&nbsp;25165916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60145608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98501713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704533283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793652342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2703613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9758368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4760557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58821454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25779820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(25006609) | &nbsp;&nbsp;&nbsp;&nbsp;(23020844) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;(171853326) | &nbsp;&nbsp;&nbsp;&nbsp;(150088585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;(601587784) | &nbsp;&nbsp;&nbsp;&nbsp;(378298870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59817603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394306977 | &nbsp;&nbsp;&nbsp;&nbsp;(10314445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2858083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959689126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565604377 | &nbsp;&nbsp;&nbsp;&nbsp;14100696 | &nbsp;&nbsp;&nbsp;&nbsp;17069142 |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;$3145109247 | &nbsp;&nbsp;$2579504870 | &nbsp;&nbsp;$124883131 | &nbsp;&nbsp;$107813989 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | &nbsp;&nbsp;$4104798373 | &nbsp;&nbsp;$3145109247 | &nbsp;&nbsp;$138983827 | &nbsp;&nbsp;$124883131 |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Mutual Funds

#### Statements of Changes in Net Assets

------

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Driehaus Global Fund* | *Driehaus Global Fund* | &nbsp;&nbsp;*Driehaus International Small Cap Growth Fund* | &nbsp;&nbsp;*Driehaus International Small Cap Growth Fund* | &nbsp;&nbsp;*Driehaus International Developed Equity Fund* | &nbsp;&nbsp;*Driehaus International Developed Equity Fund* |
| *For the year<br> ended<br> December 31,<br> 2025* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2025* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2025* | &nbsp;&nbsp;*For the period<br> April 30, 2024\*<br> through<br> December 31,<br> 2024* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$516669 | &nbsp;&nbsp;$325398 | &nbsp;&nbsp;$2248124 | &nbsp;&nbsp;$1476414 | &nbsp;&nbsp;$23625 | &nbsp;&nbsp;$6677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9147039 | &nbsp;&nbsp;&nbsp;&nbsp;7341760 | &nbsp;&nbsp;&nbsp;&nbsp;38811126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9087934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88610) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3802639 | &nbsp;&nbsp;&nbsp;&nbsp;5872527 | &nbsp;&nbsp;&nbsp;&nbsp;31777668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4121272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13466347 | &nbsp;&nbsp;&nbsp;&nbsp;13539685 | &nbsp;&nbsp;&nbsp;&nbsp;72836918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6443076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34599) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9458728) | &nbsp;&nbsp;&nbsp;&nbsp;(4955080) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3600004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1199995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54859) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9458728) | &nbsp;&nbsp;&nbsp;&nbsp;(4955080) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3600004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1199995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54859) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6568166 | &nbsp;&nbsp;&nbsp;&nbsp;2908752 | &nbsp;&nbsp;&nbsp;&nbsp;88181364 | &nbsp;&nbsp;&nbsp;&nbsp;39002575 | &nbsp;&nbsp;&nbsp;&nbsp;1401207 | &nbsp;&nbsp;&nbsp;&nbsp;1923334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2341512 | &nbsp;&nbsp;&nbsp;&nbsp;1005988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3917178) | &nbsp;&nbsp;&nbsp;&nbsp;(4615812) | &nbsp;&nbsp;&nbsp;&nbsp;(55007688) | &nbsp;&nbsp;&nbsp;&nbsp;(30273335) | &nbsp;&nbsp;&nbsp;&nbsp;(230518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82813) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4992500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(701072) | &nbsp;&nbsp;&nbsp;&nbsp;36524096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9881546 | &nbsp;&nbsp;&nbsp;&nbsp;1225548 | &nbsp;&nbsp;&nbsp;&nbsp;1845667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000119 | &nbsp;&nbsp;&nbsp;&nbsp;7883533 | &nbsp;&nbsp;&nbsp;&nbsp;105761010 | &nbsp;&nbsp;&nbsp;&nbsp;15124627 | &nbsp;&nbsp;&nbsp;&nbsp;1701258 | &nbsp;&nbsp;&nbsp;&nbsp;1805922 |
| &nbsp;&nbsp;&nbsp;&nbsp;$60375502 | &nbsp;&nbsp;$52491969 | &nbsp;&nbsp;$236164797 | &nbsp;&nbsp;$221040170 | &nbsp;&nbsp;$1805922 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;$69375621 | &nbsp;&nbsp;$60375502 | &nbsp;&nbsp;$341925807 | &nbsp;&nbsp;$236164797 | &nbsp;&nbsp;$3507180 | &nbsp;&nbsp;$1805922 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>\*</sup> Fund commenced operations on April 30, 2024.

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Mutual Funds

#### Statements of Changes in Net Assets

------

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*Driehaus Micro Cap Growth Fund* | &nbsp;&nbsp;*Driehaus Micro Cap Growth Fund* | &nbsp;&nbsp;*Driehaus Small Cap Growth Fund* | &nbsp;&nbsp;*Driehaus Small Cap Growth Fund* |
|  | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2025* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2025* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$(4092604) | &nbsp;&nbsp;$(2674719) | &nbsp;&nbsp;$(4589811) | &nbsp;&nbsp;$(2891574) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;59959511 | &nbsp;&nbsp;&nbsp;&nbsp;44733696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86372544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67734820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;68090104 | &nbsp;&nbsp;&nbsp;&nbsp;29233175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90243567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103418081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;123957011 | &nbsp;&nbsp;&nbsp;&nbsp;71292152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172026300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168261327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from distributable earnings to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;(56243390) | &nbsp;&nbsp;&nbsp;&nbsp;(11281404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214269) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1400015) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4679256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10599987) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;(56243390) | &nbsp;&nbsp;&nbsp;&nbsp;(11281404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4893525) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12000002) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital share transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;109565541 | &nbsp;&nbsp;&nbsp;&nbsp;58923803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27761424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57373567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350774981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389897770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;47015855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8955773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4297087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9312979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;(78686784) | &nbsp;&nbsp;&nbsp;&nbsp;(52086614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70017911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44235033) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(329488386) | &nbsp;&nbsp;&nbsp;&nbsp;(129133050) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;77897822 | &nbsp;&nbsp;&nbsp;&nbsp;15792962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16459302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284613348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;145611443 | &nbsp;&nbsp;&nbsp;&nbsp;75803710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150673473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440874673 |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;$298232109 | &nbsp;&nbsp;$222428399 | &nbsp;&nbsp;$1002464284 | &nbsp;&nbsp;$561589611 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | &nbsp;&nbsp;$443843552 | &nbsp;&nbsp;$298232109 | &nbsp;&nbsp;$1153137757 | &nbsp;&nbsp;$1002464284 |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Mutual Funds

#### Statements of Changes in Net Assets

------

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| *Driehaus Small/Mid Cap Growth Fund* | *Driehaus Small/Mid Cap Growth Fund* | &nbsp;&nbsp;*Driehaus Event Driven Fund* | &nbsp;&nbsp;*Driehaus Event Driven Fund* |
| *For the year<br> ended<br> December 31,<br> 2025* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2025* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(370437) | &nbsp;&nbsp;$(205194) | &nbsp;&nbsp;$3054301 | &nbsp;&nbsp;$7588655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230571 | &nbsp;&nbsp;&nbsp;&nbsp;1033606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2808986) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(856906) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6692585 | &nbsp;&nbsp;&nbsp;&nbsp;9754469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(552529) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6552719 | &nbsp;&nbsp;&nbsp;&nbsp;10582881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6179220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(351351) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200000) | &nbsp;&nbsp;&nbsp;&nbsp;(11809165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3000005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(351351) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200000) | &nbsp;&nbsp;&nbsp;&nbsp;(11809165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3000005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35659002 | &nbsp;&nbsp;&nbsp;&nbsp;42514457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38718957 | &nbsp;&nbsp;&nbsp;&nbsp;61146951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11653289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2960256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14644431) | &nbsp;&nbsp;&nbsp;&nbsp;(6732826) | &nbsp;&nbsp;&nbsp;&nbsp;(173307709) | &nbsp;&nbsp;&nbsp;&nbsp;(60764134) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21334871 | &nbsp;&nbsp;&nbsp;&nbsp;35958559 | &nbsp;&nbsp;&nbsp;&nbsp;(122935463) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3343073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27536239 | &nbsp;&nbsp;&nbsp;&nbsp;46341440 | &nbsp;&nbsp;&nbsp;&nbsp;(132686189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6522288 |
| &nbsp;&nbsp;&nbsp;&nbsp;$60916490 | &nbsp;&nbsp;$14575050 | &nbsp;&nbsp;$223227985 | &nbsp;&nbsp;$216705697 |
| &nbsp;&nbsp;&nbsp;&nbsp;$88452729 | &nbsp;&nbsp;$60916490 | &nbsp;&nbsp;$90541796 | &nbsp;&nbsp;$223227985 |

---

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Emerging Markets Growth Fund — Investor Class

#### Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2025* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2023* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2022* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2021* |
| Net asset value, beginning of period | &nbsp;&nbsp;$36.84 | &nbsp;&nbsp;$34.58 | &nbsp;&nbsp;$31.69 | &nbsp;&nbsp;$41.20 | &nbsp;&nbsp;$49.09 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) |
| LESS DISTRIBUTIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.89) |
| Redemption fees added to paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>2</sup> |
| Net asset value, end of period | &nbsp;&nbsp;$47.04 | &nbsp;&nbsp;$36.84 | &nbsp;&nbsp;$34.58 | &nbsp;&nbsp;$31.69 | &nbsp;&nbsp;$41.20 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22.54)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90)% |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | &nbsp;&nbsp;$601677 | &nbsp;&nbsp;$562555 | &nbsp;&nbsp;$570927 | &nbsp;&nbsp;$572323 | &nbsp;&nbsp;$844522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Net investment income (loss) per share has been calculated using the average shares method.

<sup>2</sup> Amount represents less than $0.01 per share.

<sup>3</sup> Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.01% for the years 2021, 2022, 2023, 2024 and 2025.

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Emerging Markets Growth Fund — Institutional Class

#### Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2025* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2023* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2022* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2021* |
| Net asset value, beginning of period | &nbsp;&nbsp;$37.07 | &nbsp;&nbsp;$34.80 | &nbsp;&nbsp;$31.88 | &nbsp;&nbsp;$41.36 | &nbsp;&nbsp;$49.14 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89) |
| LESS DISTRIBUTIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.89) |
| Redemption fees added to paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>2</sup> |
| Net asset value, end of period | &nbsp;&nbsp;$47.34 | &nbsp;&nbsp;$37.07 | &nbsp;&nbsp;$34.80 | &nbsp;&nbsp;$31.88 | &nbsp;&nbsp;$41.36 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22.36)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.67)% |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | &nbsp;&nbsp;$3503121 | &nbsp;&nbsp;$2582554 | &nbsp;&nbsp;$2008578 | &nbsp;&nbsp;$1484392 | &nbsp;&nbsp;$1482582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Net investment income (loss) per share has been calculated using the average shares method.

<sup>2</sup> Amount represents less than $0.01 per share.

<sup>3</sup> Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.01% for the years 2021, 2022, 2023, 2024 and 2025.

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Emerging Markets Small Cap Growth Fund

#### Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2025* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2023* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2022* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2021* |
| Net asset value, beginning of period | &nbsp;&nbsp;$21.69 | &nbsp;&nbsp;$19.00 | &nbsp;&nbsp;$17.43 | &nbsp;&nbsp;$22.11 | &nbsp;&nbsp;$19.08 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 |
| LESS DISTRIBUTIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| Redemption fees added to paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>1</sup> |
| Net asset value, end of period | &nbsp;&nbsp;$26.30 | &nbsp;&nbsp;$21.69 | &nbsp;&nbsp;$19.00 | &nbsp;&nbsp;$17.43 | &nbsp;&nbsp;$22.11 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21.17)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.93% |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | &nbsp;&nbsp;$138984 | &nbsp;&nbsp;$124883 | &nbsp;&nbsp;$107814 | &nbsp;&nbsp;$102629 | &nbsp;&nbsp;$116644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Amount represents less than $0.01 per share.

<sup>2</sup> Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.01%, 0.00%, 0.00%, 0.00% and 0.01% for the years 2021, 2022, 2023, 2024 and 2025.

<sup>3</sup> Effective December 31, 2020, the Adviser contractually agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual Fund operating expenses (other than interest, taxes, brokerage commissions, dividends and interest on short sales, other investment-related expenses, acquired fund fees and expenses, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund's business) would not exceed the Fund's operating expense cap of 1.24% of average daily net assets until April 30, 2026.

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Global Fund

#### Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2025* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2023* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2022* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2021* |
| Net asset value, beginning of period | &nbsp;&nbsp;$15.57 | &nbsp;&nbsp;$13.34 | &nbsp;&nbsp;$11.33 | &nbsp;&nbsp;$14.25 | &nbsp;&nbsp;$15.17 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| LESS DISTRIBUTIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) |
| Redemption fees added to paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value, end of period | &nbsp;&nbsp;$16.71 | &nbsp;&nbsp;$15.57 | &nbsp;&nbsp;$13.34 | &nbsp;&nbsp;$11.33 | &nbsp;&nbsp;$14.25 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18.86)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53)% |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | &nbsp;&nbsp;$69376 | &nbsp;&nbsp;$60376 | &nbsp;&nbsp;$52492 | &nbsp;&nbsp;$46642 | &nbsp;&nbsp;$57728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Amount represents less than $0.01 per share.

<sup>2</sup> Effective April 30, 2023, the Adviser contractually agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual Fund operating expenses (other than interest, taxes, brokerage commissions, dividends and interest on short sales, other investment-related expenses, acquired fund fees and expenses, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund's business) would not exceed the Fund's operating expense cap of 0.75% of average daily net assets until April 30, 2026. From May 1, 2019 to April 29, 2023, the annual operating expense limitation was 0.99%.

<sup>3</sup> Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.01% for the years 2021, 2022, 2023, 2024 and 2025.

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus International Small Cap Growth Fund

#### Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2025* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2023* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2022* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2021* |
| Net asset value, beginning of period | &nbsp;&nbsp;$8.97 | &nbsp;&nbsp;$8.74 | &nbsp;&nbsp;$7.90 | &nbsp;&nbsp;$11.06 | &nbsp;&nbsp;$12.59 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 |
| LESS DISTRIBUTIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.99) |
| Redemption fees added to paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>1</sup> |
| Net asset value, end of period | &nbsp;&nbsp;$11.44 | &nbsp;&nbsp;$8.97 | &nbsp;&nbsp;$8.74 | &nbsp;&nbsp;$7.90 | &nbsp;&nbsp;$11.06 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24.40)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.49% |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | &nbsp;&nbsp;$341926 | &nbsp;&nbsp;$236165 | &nbsp;&nbsp;$221040 | &nbsp;&nbsp;$216814 | &nbsp;&nbsp;$332312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Amount represents less than $0.01 per share.

<sup>2</sup> Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.01% for the years 2021, 2022, 2023, 2024 and 2025.

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus International Developed Equity Fund

#### Financial Highlights

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2025* | &nbsp;&nbsp;*For the period<br> April 30, 2024\*<br> through<br> December 31, 2024* |
| Net asset value, beginning of period | &nbsp;&nbsp;$9.92 | &nbsp;&nbsp;$10.00 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| LESS DISTRIBUTIONS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| Net asset value, end of period | &nbsp;&nbsp;$12.25 | &nbsp;&nbsp;$9.92 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51)%<sup>1</sup> |
| RATIOS/SUPPLEMENTAL DATA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | &nbsp;&nbsp;$3507 | &nbsp;&nbsp;$1806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.05%<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62%<sup>1</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>\*</sup> Fund commenced operations on April 30, 2024.

<sup>1</sup> Not annualized.

<sup>2</sup> Annualized.

<sup>3</sup> The Adviser contractually agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual 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 0.80% of average daily net assets until April 30, 2027.

<sup>4</sup> Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.07% and 0.01% for the years 2024 and 2025.

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Micro Cap Growth Fund

#### Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2025* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2023* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2022* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2021* |
| Net asset value, beginning of period | &nbsp;&nbsp;$13.96 | &nbsp;&nbsp;$11.10 | &nbsp;&nbsp;$10.05 | &nbsp;&nbsp;$16.33 | &nbsp;&nbsp;$19.99 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22 |
| LESS DISTRIBUTIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.88) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.88) |
| Redemption fees added to paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value, end of period | &nbsp;&nbsp;$16.03 | &nbsp;&nbsp;$13.96 | &nbsp;&nbsp;$11.10 | &nbsp;&nbsp;$10.05 | &nbsp;&nbsp;$16.33 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33.53)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.73% |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | &nbsp;&nbsp;$443844 | &nbsp;&nbsp;$298232 | &nbsp;&nbsp;$222428 | &nbsp;&nbsp;$176208 | &nbsp;&nbsp;$341269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.12)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.98)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.10)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.26)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Amount represents less than $0.01 per share.

<sup>2</sup> Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.03%, 0.05%, 0.05%, 0.04%, and 0.04%, for the years 2021, 2022, 2023, 2024 and 2025.

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Small Cap Growth Fund — Investor Class

#### Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2025* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2023* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2022* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2021* |
| Net asset value, beginning of period | &nbsp;&nbsp;$22.91 | &nbsp;&nbsp;$18.17 | &nbsp;&nbsp;$15.34 | &nbsp;&nbsp;$23.76 | &nbsp;&nbsp;$23.62 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66 |
| LESS DISTRIBUTIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.52) |
| Redemption fees added to paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value, end of period | &nbsp;&nbsp;$26.67 | &nbsp;&nbsp;$22.91 | &nbsp;&nbsp;$18.17 | &nbsp;&nbsp;$15.34 | &nbsp;&nbsp;$23.76 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34.11)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.12% |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | &nbsp;&nbsp;$100617 | &nbsp;&nbsp;$129482 | &nbsp;&nbsp;$91508 | &nbsp;&nbsp;$67143 | &nbsp;&nbsp;$96371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52)%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54)%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Net investment income (loss) per share has been calculated using the average shares method.

<sup>2</sup> Amount represents less than $0.01 per share.

<sup>3</sup> Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.02%, 0.04%, 0.03%, 0.02% and 0.02% for the years 2021, 2022, 2023, 2024 and 2025.

<sup>4</sup> The Adviser contractually agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual operating expenses for the Investor Class (other than interest, taxes, brokerage commissions and other portfolio transaction expenses, capital expenditures, and extraordinary expenses) would not exceed the Investor Class's operating expense cap of 1.20% of average daily net assets until April 30, 2023.

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Small Cap Growth Fund — Institutional Class

#### Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2025* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2023* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2022* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2021* |
| Net asset value, beginning of period | &nbsp;&nbsp;$23.37 | &nbsp;&nbsp;$18.53 | &nbsp;&nbsp;$15.64 | &nbsp;&nbsp;$24.15 | &nbsp;&nbsp;$23.88 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.79 |
| LESS DISTRIBUTIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.52) |
| Redemption fees added to paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value, end of period | &nbsp;&nbsp;$27.22 | &nbsp;&nbsp;$23.37 | &nbsp;&nbsp;$18.53 | &nbsp;&nbsp;$15.64 | &nbsp;&nbsp;$24.15 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33.93)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.44% |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | &nbsp;&nbsp;$1052521 | &nbsp;&nbsp;$872982 | &nbsp;&nbsp;$470082 | &nbsp;&nbsp;$386295 | &nbsp;&nbsp;$512941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29)%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28)%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58)%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Net investment income (loss) per share has been calculated using the average shares method.

<sup>2</sup> Amount represents less than $0.01 per share.

<sup>3</sup> Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.02%, 0.04%, 0.03%, 0.02% and 0.02% for the years 2021, 2022, 2023, 2024 and 2025.

<sup>4</sup> The Adviser contractually agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual operating expenses for the Institutional Class (other than interest, taxes, brokerage commissions and other portfolio transaction expenses, capital expenditures, and extraordinary expenses) would not exceed the Institutional Class's operating expense cap of 0.95% of average daily net assets until April 30, 2023.

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Small/Mid Cap Growth Fund

#### Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2025* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2023* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2022* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2021* |
| Net asset value, beginning of period | &nbsp;&nbsp;$18.88 | &nbsp;&nbsp;$14.99 | &nbsp;&nbsp;$12.41 | &nbsp;&nbsp;$18.75 | &nbsp;&nbsp;$17.19 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05 |
| LESS DISTRIBUTIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.49) |
| Redemption fees added to paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value, end of period | &nbsp;&nbsp;$20.65 | &nbsp;&nbsp;$18.88 | &nbsp;&nbsp;$14.99 | &nbsp;&nbsp;$12.41 | &nbsp;&nbsp;$18.75 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31.45)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.32% |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | &nbsp;&nbsp;$88453 | &nbsp;&nbsp;$60916 | &nbsp;&nbsp;$14575 | &nbsp;&nbsp;$12933 | &nbsp;&nbsp;$23174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>2,3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Amount represents less than $0.01 per share.

<sup>2</sup> Such ratios are after administrative and transfer agent waivers and adviser expense reimbursements, when applicable. BNY Mellon Investment Servicing (US) Inc., the prior administrative agent and transfer agent, and The Northern Trust Company, the current administrative agent and transfer agent, waived a portion of their fees beginning with the Fund's commencement of operations, May 1, 2020 through July 31, 2020. Effective September 7, 2023, the Adviser contractually agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual 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 0.80% of average daily net assets until April 30, 2026. Prior to September 7, 2023, the annual expense limitation was 0.95%.

<sup>3</sup> Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.01%, 0.04%, 0.01%, 0.02% and 0.01% for the years 2021, 2022, 2023, 2024 and 2025.

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Event Driven Fund

#### Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2025* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2023* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2022* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2021* |
| Net asset value, beginning of period | &nbsp;&nbsp;$12.57 | &nbsp;&nbsp;$12.36 | &nbsp;&nbsp;$11.79 | &nbsp;&nbsp;$13.29 | &nbsp;&nbsp;$13.93 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 |
| LESS DISTRIBUTIONS: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.61) |
| Net asset value, end of period | &nbsp;&nbsp;$11.66 | &nbsp;&nbsp;$12.57 | &nbsp;&nbsp;$12.36 | &nbsp;&nbsp;$11.79 | &nbsp;&nbsp;$13.29 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.98)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.21% |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | &nbsp;&nbsp;$90542 | &nbsp;&nbsp;$223228 | &nbsp;&nbsp;$216706 | &nbsp;&nbsp;$204289 | &nbsp;&nbsp;$203635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including dividends and interest on short positions and interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> The ratio for the fund includes the effect of dividends and interest on short positions, and interest expense which increased the expense ratios by 0.10%, 0.30%, 0.21%, 0.09% and 0.09% for the years 2021, 2022, 2023, 2024 and 2025.

<sup>2</sup> Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the fund includes the effect of fees paid indirectly which impacted the expense ratios by 0.07%, 0.03%, 0.01%, 0.01%, and 0.04% for the years 2021, 2022, 2023, 2024 and 2025.

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

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Mutual Funds

#### Notes to Financial Statements

------

A. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

#### Organization
The Driehaus Mutual Funds (the "Trust") is an open-end registered management investment company under the Investment Company Act of 1940 (the "1940 Act"), as amended, 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 as further amended to date, and may issue an unlimited number of full and fractional units of beneficial interest (shares) without par value. The nine series (each a "Fund", and collectively, the "Funds") included in this report are as follows:

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Commencement of Operations** |
| **Emerging Markets Growth Fund** | 12/31/97 |
| **Emerging Markets Small Cap Growth Fund** | 08/22/11 |
| **Global Fund** | 04/10/17 |
| **International Small Cap Growth Fund** | 09/17/07 |
| **International Developed Equity Fund** | 04/30/24 |
| **Micro Cap Growth Fund** | 11/18/13 |
| **Small Cap Growth Fund** | 08/21/17 |
| **Small/Mid Cap Growth Fund** | 05/01/20 |
| **Event Driven Fund** | 08/26/13 |

---

The Emerging Markets Growth Fund and Small Cap Growth Fund each offer two classes of shares, designated as Institutional Class and Investor Class. Each class of shares represents an interest in the same portfolio of investments of the respective Fund and voting privileges with respect to the Fund in general. Investment-related income, expenses, realized and unrealized gains and losses and non-class specific operating expenses are allocated to each class based upon the assets of each class relative to the total assets of the Fund. Each class of shares has exclusive voting rights with respect to any matters involving only that class. The classes of each Fund pay pro rata the costs of management of that Fund's portfolio, including the investment advisory fee. Investment-related income, expenses, realized and unrealized gains and losses and non-class specific operating expenses are allocated to each class based upon the assets of each class relative to the total assets of the Fund. Each class of a Fund bears the cost of its own transfer agency and shareholder servicing arrangements, and any other class-specific expenses, which will result in differing expenses by class.

The Emerging Markets Growth Fund seeks to maximize capital appreciation by investing primarily in equity securities of emerging markets companies.

The Emerging Markets Small Cap Growth Fund seeks to maximize capital appreciation by investing primarily in equity securities of small capitalization emerging markets companies.

The Global Fund seeks to maximize capital appreciation, using a growth style of investment, by investing primarily in equity securities of issuers located throughout the world, including the U.S. and in both developed and emerging markets.

The International Small Cap Growth Fund seeks to maximize capital appreciation by investing primarily in equity securities of smaller capitalization non-U.S. companies.

The International Developed Equity Fund seeks to maximize capital appreciation by investing primarily in equity securities of companies located in non-U.S. developed market countries.

The Micro Cap Growth Fund seeks to maximize capital appreciation by investing primarily in equity securities of micro capitalization U.S. companies.

The Small Cap Growth Fund seeks to maximize capital appreciation by investing primarily in equity securities of small capitalization U.S. companies.

The Small/Mid Cap Growth Fund seeks to maximize capital appreciation by investing primarily in equity securities of small/medium capitalization U.S. companies.

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Mutual Funds

#### Notes to Financial Statements — (Continued)

------

The Event Driven Fund seeks to provide positive returns over full-market cycles by investing primarily in a broad range of asset classes and securities, including derivatives.

The presentation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. 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. The Funds, which are investment companies within the scope of Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2013-08, follow accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, *Financial Services-Investment Companies.*

#### Securities Valuation
Investments in securities traded on a national securities exchange, including exchange-traded futures and options (including warrants), are valued at the last reported sales or settlement price on the day of valuation and are generally classified as level 1. North and South American exchange-traded securities for which no sale was reported are valued at the most recent closing bid price from the exchange the security is primarily traded on and are generally classified as level 1. All other exchange-traded securities for which no sale was reported are valued at the mean between closing bid and ask prices from the exchange the security is primarily traded on and are also generally classified as level 1. Equity certificates are valued at the last sale price of the underlying security as of the close of the primary exchange. Long-term U.S. fixed income securities are valued at the representative quoted bid price when held long or the representative quoted ask price if sold short or, if such prices are not available, at prices for securities of comparable maturity, quality and type or as determined by an independent pricing service. Long-term non-U.S. fixed income securities are valued at the mean of the representative quoted bid and ask prices when held long or sold short or, if such prices are not available, at prices for securities of comparable maturity, quality and type or as determined by an independent pricing service. The pricing service provider may employ methodologies that utilize actual market transactions, broker-dealer supplied valuations or other techniques. Such techniques generally consider factors such as composite security prices, yields, maturities, call features, credit ratings and developments relating to specific securities, in arriving at valuations. Fixed income securities are generally classified as level 2. The fair value analysis includes an analysis of the value of any unfunded commitments. Money market fund investments are valued at the fund's net asset value.

Short-term investments with remaining maturities of 60 days or less at the time of purchase are stated at amortized cost, which approximates fair value. If amortized cost does not approximate fair value, short-term securities are reported at fair value. These securities are generally classified as level 2. Swaps, forward foreign currency contracts and other financial derivatives are valued daily, primarily by an independent pricing service using pricing models and are generally classified as level 2. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, dividends and exchange rates. If valuations are not available from the independent pricing service or values received are deemed not representative of fair value, values will be obtained from a third-party broker-dealer or counterparty.

Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from an independent pricing service. In addition, for the Emerging Markets Growth Fund, Emerging Markets Small Cap Growth, Global Fund, International Small Cap Growth Fund, and International Developed Equity Fund, if quotations are not readily available or if the values have been materially affected by events occurring after the closing of a foreign market assets may be valued at fair value as determined in good faith by the investment adviser of the Funds. Events that may materially affect asset values that could cause a fair value determination include, but are not limited to: corporate announcements relating to a specific security; natural and other disasters which may impact an entire market or region; and political and other events which may be global or impact a particular country or region. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. These funds also use an independent pricing service to provide fair value estimates for relevant foreign equity securities. This pricing service uses correlations between the movement of prices of foreign equity securities and indexes of U.S. traded securities and other indicators, such as closing prices of ADRs and futures contracts, to determine the fair value of relevant foreign equity securities. To the extent utilized, securities would be classified as level 2 in the hierarchy described below.

Securities for which market quotations are not readily available are valued at fair value as determined in good faith in accordance with procedures adopted by the "valuation designee" appointed by the Trust's Board of Trustees and are generally classified as level 3. Under these procedures, the Funds primarily employ a market-based approach, which may

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[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

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#### Driehaus Mutual Funds

#### Notes to Financial Statements — (Continued)

------

use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. In addition, level 3 investments in certain early stage companies may be valued based upon initial transaction prices with management conducting ongoing assessments to determine whether new information is available to support a fair value adjustment. The information management may consider in its ongoing assessments may include, but are not limited to, actual or upcoming financing or third-party sale transactions, current or forecasted performance, or regulatory approval status updates. It is possible that estimated values may differ significantly from the values that would have been used had a ready market existed for the investments, and such differences could be material.

Each Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:

Level 1 – quoted prices for active markets for identical securities

Level 2 – significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The following is a summary of the inputs used to value the Emerging Markets Growth Fund's investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | &nbsp;&nbsp;**Total<br> Value at<br> December 31, 2025** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Africa | &nbsp;&nbsp;$136570507 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$136570507 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211875643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211875643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—\* |
| &nbsp;&nbsp;&nbsp;&nbsp;Far East |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896145689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36639375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859506314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25663625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25663625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559945875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107570526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452375349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73603726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73603726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68744227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68744227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41066702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41066702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553119119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25578197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527540922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761351997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298203508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463148489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Middle East | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111987273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111987273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;North America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222526481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222526481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;South America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27187702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27187702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240620612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113232600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127388012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53460925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53460925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;South America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56055982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56055982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81106650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81106650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;$4121032735 | &nbsp;&nbsp;$1062628648 | &nbsp;&nbsp;$3058404087 | &nbsp;&nbsp;$— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>\*</sup>Level 3 security has zero value.

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[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Mutual Funds

#### Notes to Financial Statements — (Continued)

------

The following is a summary of the inputs used to value the Emerging Markets Small Cap Growth Fund's investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | &nbsp;&nbsp;**Total<br> Value at<br> December 31, 2025** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Africa | &nbsp;&nbsp;$5315218 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$5315218 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4781356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkey | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2834441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2834441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Far East |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14204067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6227585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7976482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33454068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1963890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31490178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2155512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2155512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14287786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14287786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17445694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17445694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vietnam | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4076870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4076870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Middle East |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6143155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5051565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;North America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9497991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9497991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;South America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Argentina | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10345821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8722189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;South America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2446757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2446757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;$137792829 | &nbsp;&nbsp;$28120941 | &nbsp;&nbsp;$109671888 | &nbsp;&nbsp;$— |

---

The following is a summary of the inputs used to value the Global Fund's investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | &nbsp;&nbsp;**Total<br> Value at<br> December 31, 2025** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austria | &nbsp;&nbsp;$484830 | &nbsp;&nbsp;$484830 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6634854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5905573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Mutual Funds

#### Notes to Financial Statements — (Continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | &nbsp;&nbsp;**Total<br> Value at<br> December 31, 2025** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| &nbsp;&nbsp;&nbsp;&nbsp;Far East |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | &nbsp;&nbsp;$996198 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$996198 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2358356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2358356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6006762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6006762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;North America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41208202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41208202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;South America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;South America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;$69384750 | &nbsp;&nbsp;$46468994 | &nbsp;&nbsp;$22915756 | &nbsp;&nbsp;$— |

---

The following is a summary of the inputs used to value the International Small Cap Growth Fund's investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | &nbsp;&nbsp;**Total<br> Value at<br> December 31, 2025** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Africa | &nbsp;&nbsp;$2653457 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2653457 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austria | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9490464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5850071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3640393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8997616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8997616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5244363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5244363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6508188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6508188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26241717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26241717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6291230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6291230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13142874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13142874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9708062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9708062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4880765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4880765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9976679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9976679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3658201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3658201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11143996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11143996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67476768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7691920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59784848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Far East |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17305012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3076888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14228124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5326283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5326283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10432838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10432838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54477284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54477284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7625766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7625766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7554089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7554089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Middle East | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;North America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35543900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35543900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Mutual Funds

#### Notes to Financial Statements — (Continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | &nbsp;&nbsp;**Total<br> Value at<br> December 31, 2025** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| &nbsp;&nbsp;&nbsp;&nbsp;South America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | &nbsp;&nbsp;$5277227 | &nbsp;&nbsp;$1947680 | &nbsp;&nbsp;$3329547 | &nbsp;&nbsp;$— |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7171170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7171170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;$341254169 | &nbsp;&nbsp;$62987475 | &nbsp;&nbsp;$278266694 | &nbsp;&nbsp;$— |

---

The following is a summary of the inputs used to value the International Developed Equity Fund's investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | &nbsp;&nbsp;**Total<br> Value at<br> December 31, 2025** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe | &nbsp;&nbsp;$2542393 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2542393 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;Far East |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;North America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;$3529402 | &nbsp;&nbsp;$419888 | &nbsp;&nbsp;$3109514 | &nbsp;&nbsp;$— |

---

The following is a summary of the inputs used to value the Micro Cap Growth Fund's investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets<sup>\*</sup>** | &nbsp;&nbsp;**Total<br> Value at<br> December 31, 2025** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Common Stocks | &nbsp;&nbsp;$443359772 | &nbsp;&nbsp;$443359772 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;$444243586 | &nbsp;&nbsp;$444243586 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for industry breakout.

The following is a summary of the inputs used to value the Small Cap Growth Fund's investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets<sup>\*</sup>** | &nbsp;&nbsp;**Total<br> Value at<br> December 31, 2025** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Common Stocks | &nbsp;&nbsp;$1147243981 | &nbsp;&nbsp;$1147243981 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3994520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3994520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;$1151238501 | &nbsp;&nbsp;$1151238501 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for industry breakout.

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Mutual Funds

#### Notes to Financial Statements — (Continued)

------

The following is a summary of the inputs used to value the Small/Mid Cap Growth Fund's investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets<sup>\*</sup>** | &nbsp;&nbsp;**Total<br> Value at<br> December 31, 2025** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Common Stocks | &nbsp;&nbsp;$86919259 | &nbsp;&nbsp;$86919259 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;$88242879 | &nbsp;&nbsp;$88242879 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for industry breakout.

The following is a summary of the inputs used to value the Event Driven Fund's investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets<sup>\*</sup>** | &nbsp;&nbsp;**Total<br> Value at<br> December 31, 2025** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Bank Loans | &nbsp;&nbsp;$5502154 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$5502154 | &nbsp;&nbsp;$— |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49040197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49040197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12058363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12058363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15022910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15022910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Sovereign Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3512272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3512272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | &nbsp;&nbsp;$85997010 | &nbsp;&nbsp;$64820913 | &nbsp;&nbsp;$21176097 | &nbsp;&nbsp;$— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities<sup>\*</sup>** |  |  |  |  |
| Common Stocks Sold Short | &nbsp;&nbsp;$(3686128) | &nbsp;&nbsp;$(3686128) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Rights Sold Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14715) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14715) |
| Total | &nbsp;&nbsp;$(3700843) | &nbsp;&nbsp;$(3686128) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(14715) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** |  |  |  |  |
| Total Return Swaps - Assets<sup>\*\*</sup> | &nbsp;&nbsp;$289221 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$289221 | &nbsp;&nbsp;$— |
| Total Return Swaps - Liabilities<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Other Financial Instruments | &nbsp;&nbsp;$230113 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$230113 | &nbsp;&nbsp;$— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

\* See Schedule of Investments for industry breakout. <br> \*\* Swaps are reflected as the unrealized appreciation (depreciation) on the instrument.

As of December 31, 2025, none of the Funds held Level 3 investments, other than as disclosed for Emerging Markets Growth Fund and Event Driven Fund.

#### Securities Sold Short
The Event Driven Fund is engaged in selling securities short, which obligates it to replace a borrowed security by purchasing it at market price at the time of replacement. The Fund incurs a loss if the price of the security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund realizes a gain if the price of the security declines between those dates. Gains are limited to the price at which the Fund sold the security short, while losses are potentially unlimited in size.

The Fund is required to establish a margin account with the broker lending the security sold short. While the short sale is outstanding, the broker retains the proceeds of the short sale and the Fund must maintain a deposit with the broker consisting of cash and securities having a value equal to a specified percentage of the value of the securities sold short.

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Mutual Funds

#### Notes to Financial Statements — (Continued)

------

Such deposit is included in "Deposits at broker for securities sold short" in the Statement of Assets and Liabilities. The Fund is obligated to pay any dividends or interest due on securities sold short. Such dividends and interest are recorded as an expense to the Fund in the Statement of Operations.

The Fund may also incur stock loan fees which represent the cost of borrowing securities used for short sale transactions. The Fund may also earn rebates as an element of the custodian arrangement, which are recorded as an offset to stock loan fees on short sales transactions. The stock loan fees on short sales are recognized on the Statements of Operations. In the event that rebates exceed the stock loan fees on short sales, the net rebates are recognized as a component of investment income on the Statements of Operations.

#### 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 2025, 2024, 2023, and 2022 remain open to Federal and state audit. As of December 31, 2025, management has evaluated the application of these standards to each Fund, and has determined that no 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 Statements 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 of 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. Any deferred foreign capital gains tax is accrued based upon net unrealized gains, and is payable upon sale of such investment.

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.

For the year ended December 31, 2025, reclassifications were recorded to distributable earnings (deficit) and paid-in capital for any permanent tax differences. These reclassifications relate primarily to net operating losses, certain non-deductible expenses, and distributions paid in excess of the Subchapter M requirement. Results of operations and net assets were not affected by these reclassifications.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Emerging Markets Growth Fund** | &nbsp;&nbsp;**Emerging Markets Small Cap Growth Fund** | &nbsp;&nbsp;**Global<br> Fund** | &nbsp;&nbsp;**International Small Cap Growth Fund** | &nbsp;&nbsp;**International Developed Equity Fund** |
| Paid-in capital | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(4926) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(4) |
| Total distributable earnings (deficit) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4926 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Micro Cap Growth Fund** | &nbsp;&nbsp;**Small Cap Growth Fund** | &nbsp;&nbsp;**Small/Mid Cap Growth Fund** | &nbsp;&nbsp;**Event<br> Driven<br> Fund** |
| Paid-in capital | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(2935485) | &nbsp;&nbsp;$(41181) | &nbsp;&nbsp;$(90067) |
| Total distributable earnings (deficit) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2935485 | &nbsp;&nbsp;&nbsp;&nbsp;41181 | &nbsp;&nbsp;&nbsp;&nbsp;90067 |

---

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Mutual Funds

#### Notes to Financial Statements — (Continued)

------

Accumulated capital losses represent net capital loss carryovers that may be available for an unlimited period to offset future realized capital gains and thereby reduce future capital gains distributions. Capital loss carryovers retain the character of the original loss. The following table shows the amounts of capital loss carryovers, if any, by each of the applicable Funds as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Not Subject to Expiration** | &nbsp;&nbsp;**Not Subject to Expiration** |
| **Fund** | &nbsp;&nbsp;**Short-Term** | &nbsp;&nbsp;**Long-Term** |
| **Emerging Markets Growth Fund** | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| **Emerging Markets Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5078903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Global Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **International Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **International Developed Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Micro Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Small/Mid Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2231197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Event Driven Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10708123 |

---

During the year ended December 31, 2025, the Emerging Markets Growth Fund, Emerging Markets Small Cap Growth Fund, International Small Cap Growth Fund, International Developed Equity Fund, Small Cap Growth Fund and Small/Mid Cap Growth Fund utilized $(202,616,964), $(16,118,341), $(31,783,127), $(78,303), $(60,691,032) and $(116,064), respectively, of capital loss carryforwards.

Pursuant to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat post-October losses and certain ordinary losses recognized between November 1 and December 31 as occurring on the first day of the following tax year. For the year ended December 31, 2025, the following qualified post-October losses and late-year ordinary losses were deferred and recognized on January 1, 2026:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Late-Year<br> Ordinary Loss<br> Deferral** | &nbsp;&nbsp;**Post<br> October Loss<br> Deferral** | &nbsp;&nbsp;**Total** |
| **Emerging Markets Growth Fund** | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| **Emerging Markets Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134071 |
| **Global Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **International Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **International Developed Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4014 |
| **Micro Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Small/Mid Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40817 |
| **Event Driven Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Mutual Funds

#### Notes to Financial Statements — (Continued)

------

#### Distributions to Shareholders
The tax character of distributions paid during the years ended December 31, 2025, and December 31, 2024, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Long-Term<br> Capital Gain** | &nbsp;&nbsp;**Return<br> of Capital** | &nbsp;&nbsp;**Total<br> Distributions** |
| **Emerging Markets Growth Fund** | 2025 | $75609391 | $— | $— | $75609391 |
| **Emerging Markets Growth Fund** | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33987974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33987974 |
| **Emerging Markets Small Cap Growth Fund** | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3084455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3084455 |
| **Emerging Markets Small Cap Growth Fund** | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850001 |
| **Global Fund** | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3705371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5753357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9458728 |
| **Global Fund** | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2892981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4955080 |
| **International Small Cap Growth Fund** | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600004 |
| **International Small Cap Growth Fund** | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199995 |
| **International Developed Equity Fund** | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54859 |
| **International Developed Equity Fund** | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5146 |
| **Micro Cap Growth Fund** | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3219383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53024007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56243390 |
| **Micro Cap Growth Fund** | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5343643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5937761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11281404 |
| **Small Cap Growth Fund** | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4893525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4893525 |
| **Small Cap Growth Fund** | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000002 |
| **Small/Mid Cap Growth Fund** | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351351 |
| **Small/Mid Cap Growth Fund** | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 |
| **Event Driven Fund** | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11809165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11809165 |
| **Event Driven Fund** | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000005 |

---

As of December 31, 2025, the components of net assets on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Emerging Markets Growth Fund** | &nbsp;&nbsp;**Emerging Markets Small Cap Growth Fund** | &nbsp;&nbsp;**Global<br> Fund** | &nbsp;&nbsp;**International Small Cap Growth Fund** | &nbsp;&nbsp;**International Developed Equity Fund** |
| Undistributed ordinary income | &nbsp;&nbsp;$7465778 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$706125 | &nbsp;&nbsp;$1774479 | &nbsp;&nbsp;$226 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31878367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6722620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Accumulated earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39344145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1869101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8497099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 |
| Accumulated capital and other losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5212974) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4014) |
| Unrealized appreciation (depreciation) on investments, securities sold short, warrants and swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164487051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27346783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18373085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55050758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439757 |
| Net assets | &nbsp;&nbsp;$1203831196 | &nbsp;&nbsp;$22133809 | &nbsp;&nbsp;$20242186 | &nbsp;&nbsp;$63547857 | &nbsp;&nbsp;$435969 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Mutual Funds

#### Notes to Financial Statements — (Continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Micro Cap Growth Fund** | &nbsp;&nbsp;**Small Cap Growth Fund** | &nbsp;&nbsp;**Small/Mid Cap Growth Fund** | &nbsp;&nbsp;**Event<br> Driven<br> Fund** |
| Undistributed ordinary income | &nbsp;&nbsp;$6195221 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$538928 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6484673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17890631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Accumulated earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12679894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17890631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538928 |
| Accumulated capital and other losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2272014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12212525) |
| Unrealized appreciation (depreciation) on investments, securities sold short, warrants and swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147313963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311795212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18595042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1741553 |
| Other temporary differences | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7862) |
| Net assets | &nbsp;&nbsp;$159993857 | &nbsp;&nbsp;$329685843 | &nbsp;&nbsp;$16323028 | &nbsp;&nbsp;$(9939906) |

---

The aggregate cost of investments and the composition of unrealized appreciation and depreciation on investments and net unrealized appreciation and/or depreciation on derivatives for Federal income tax purposes as of December 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Tax Cost Basis** | &nbsp;&nbsp;**Gross<br> Appreciation** | &nbsp;&nbsp;**Gross<br> Depreciation** | &nbsp;&nbsp;**Net<br> Appreciation/<br> Depreciation** |
| **Emerging Markets Growth Fund** | &nbsp;&nbsp;$2944522815 | &nbsp;&nbsp;$1211099499 | &nbsp;&nbsp;$(34589383) | &nbsp;&nbsp;$1176510116 |
| **Emerging Markets Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110123814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32286022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4617004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27669018 |
| **Global Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51011563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19250168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(876983) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18373185 |
| **International Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286063393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62244224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7052508) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55191716 |
| **International Developed Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3089639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70479) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439763 |
| **Micro Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296929623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152736813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5422850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147313963 |
| **Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839443289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331070392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19275180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311795212 |
| **Small/Mid Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69647837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20336971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1741929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18595042 |
| **Event Driven Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80784727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5055040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3313487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1741553 |

---

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

In this reporting period, the Funds adopted FASB ASU 2023-09, Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund's financial position or the result of its operations.

#### Foreign Currency Spot Contracts
The Funds enter into foreign currency spot contracts to facilitate transactions in foreign currency denominated securities. These spot contracts are typically open for 2 to 5 days, depending on the settlement terms of the underlying security transaction. On December 31, 2025, the Funds had foreign currency spot contracts outstanding under which they are obligated to exchange currencies at specified future dates. The net unrealized appreciation or depreciation on spot contracts is reflected as receivable for investment securities sold or payable for investment securities purchased in the Statements of Assets and Liabilities.

#### 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.

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Mutual Funds

#### Notes to Financial Statements — (Continued)

------

Net realized foreign exchange gains or losses which are reported by the Funds result from currency gains and losses on transaction hedges arising from changes in exchange rates between the trade and settlement dates on forward contract transactions, and the difference between the amounts accrued for dividends, interest, and foreign taxes and the amounts actually received or paid in U.S. dollars for these items. Net unrealized foreign exchange gains and losses result from changes in the U.S. dollar value of assets and liabilities (other than investments in securities), which are denominated in foreign currencies, as a result of changes in exchange rates.

Net realized gain (loss) on foreign currency contracts on portfolio hedges result from the use of forward contracts to hedge portfolio positions denominated or quoted in a particular currency in order to reduce or limit exposure in that currency.

The Funds do not isolate that portion of the results of operations which results from fluctuations in foreign exchange rates on investments. These fluctuations are included with the net realized gain (loss) on investments and the net change in unrealized appreciation (depreciation) on investments.

#### 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.

#### Operating Segments
Each Fund represents a single operating segment. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Treasurer and Assistant Treasurer of the Funds' act together as the Funds' CODM. Each individual Fund represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Funds' long-term strategic asset allocation is pre-determined in accordance with the Funds' single investment objective which is executed by each Funds' portfolio managers as a team. The financial information in the form of each Funds' portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Funds' comparative benchmarks and to make resource allocation decisions for the Funds' single segment, is consistent with that presented within each Funds' financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

#### Securities Transactions, Income and Commitments
The Trust records security transactions on trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis. Premiums on securities are amortized over the period remaining until first call date, if any, or if none, the remaining life of the security and discounts are accreted over the remaining life of the security for financial reporting purposes. Withholding taxes on foreign dividends and interest have been provided for in accordance with the Trust's understanding of the applicable country's tax rules and rates. Non-cash dividends are recognized as investment income at the fair value of the property received.

Pursuant to the terms of certain of the senior unsecured loan agreements, certain Funds may have unfunded loan commitments, which are callable on demand. Each such Fund will have available with its custodian, cash and/or liquid securities having an aggregate value at least equal to the amount of the unfunded senior loan commitments. At December 31, 2025, the Funds had no unfunded senior loan commitments.

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#### Driehaus Mutual Funds

#### Notes to Financial Statements — (Continued)

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Certain Funds may invest in early-stage companies that may require additional contributions or funding if certain performance milestones are met. Management continuously assesses whether these companies will achieve these performance milestones and considers the impact of these commitments as they become due. Additionally, in connection with certain investments a Fund may provide commitments for future investments. At December 31, 2025, the Funds had no such outstanding commitments.

B. INVESTMENTS IN DERIVATIVES

Certain Funds use derivative instruments such as swaps, futures, options, swaptions, and forward foreign currency contracts in connection with their respective investment strategies. During the period January 1, 2025, through December 31, 2025, the Event Driven Fund primarily utilized: 1) total return swaps to gain exposure to certain sectors and manage volatility; and 2) options, including warrants, to both hedge exposure and provide exposure to certain market segments or specific securities. Detail regarding each derivative type is included below.

#### Swap Contracts
The Event Driven Fund engages in various swap transactions, including forward rate agreements and interest rate, currency, volatility, index, and total return swaps, primarily to manage duration and yield curve risk, or as alternatives to direct investments. Swaps that are centrally cleared are exposed to the creditworthiness of the clearing organizations (and, consequentially, that of their members generally, banks and broker-dealers) involved in the transaction. Centrally cleared swaps are valued daily and unrealized gains or losses are recorded in a variation margin account. The Fund receives from or pays to the clearing organization a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss.

Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. A Fund may elect to pay a fixed rate and receive a floating rate or receive a fixed rate and pay a floating rate on a notional principal amount. The net interest received or paid on interest rate swap agreements is accrued daily as interest income/expense. Interest rate swaps are marked-to-market daily using fair value estimates provided by an independent pricing service. Changes in value, including accrued interest, are recorded as changes in net unrealized appreciation (depreciation) on the Statements of Operations. Unrealized appreciation is reported as an asset and unrealized depreciation is reported as a liability on the Statements of Assets and Liabilities. Gains or losses are realized upon termination of the contracts. The risk of loss under a swap contract may exceed the amount recorded as an asset or a liability.

Total return swap contracts are arrangements to exchange a market or security linked return for a periodic payment, based on a notional principal amount, in order to hedge sector exposure and to manage exposure to specific sectors or industries and/or to gain exposure to specific markets/countries and to specific sectors/industries. To the extent that the total return of the security, index, or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. Total return swap contracts are marked to market daily based upon quotations from market makers and the change, if any, is recorded as a change in net unrealized appreciation (depreciation) on the Statements of Operations. Unrealized appreciation is reported as an asset and unrealized depreciation is reported as a liability on the Statements of Assets and Liabilities. Payments received or made are recorded as realized gains or losses. Gains or losses are realized upon termination of the contracts. Each Fund's maximum risk of loss from counterparty risk is the fair value of the contract.

Volatility swaps are forward contracts on the future realized volatility of an underlying instrument. Volatility swaps are generally used to speculate on future volatility levels, trade the spread between realized and implied volatility or hedge volatility exposure of other positions. Changes in value are recorded as changes in net unrealized appreciation (depreciation) on the Statements of Operations. Unrealized gains are reported as an asset and unrealized losses are reported as a liability on the Statements of Assets and Liabilities. Gains or losses are realized upon termination of the contracts. The risk of loss under a volatility swap contract is dependent upon the volatility of the underlying instrument.

Under the terms of a credit default swap, one party acts as a guarantor receiving a periodic payment that is a fixed percentage applied to a notional amount. In return, the party agrees to purchase the notional amount of the underlying instrument, at par, if a credit event occurs during the term of the contract. A Fund may enter into credit default swaps in which the Fund acts as guarantor (a seller of protection), and may enter into credit default swaps in which the counterparty acts as guarantor (a buyer of protection). Premiums paid to or by the Funds are accrued daily and included

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#### Driehaus Mutual Funds

#### Notes to Financial Statements — (Continued)

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in net realized gain (loss) on swap contracts. The contracts are marked-to-market daily using fair value estimates provided by an independent pricing service. Changes in value are recorded as unrealized appreciation (depreciation) on the Statements of Operations. Unrealized gains are reported as an asset and unrealized losses are reported as a liability on the Statements of Assets and Liabilities. Gains or losses are realized upon termination of the contracts. The risk of loss under a swap contract may exceed the amount recorded as an asset or a liability. The notional amount of a swap contract is the reference amount pursuant to which the counterparties make payments. For swaps in which the referenced obligation is an index, in the event of default of any debt security included in the corresponding index, the Fund pays or receives the percentage of the corresponding index that the defaulted security comprises (1) multiplied by the notional value and (2) multiplied by the ratio of one minus the ratio of the market value of the defaulted debt security to its par value.

Risks associated with swap contracts include changes in the returns of underlying instruments and/or interest rates, failure of the counterparties to perform under the contracts' terms and the possible lack of liquidity with respect to the contracts. For centrally cleared swap contracts, counterparty risk is limited due to the role of the clearinghouse. Credit default swaps can involve greater risks than if an investor had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk, and liquidity risk. The Funds disclose swap contracts on a gross basis, with no netting of contracts held with the same counterparty.

#### Options Contracts
The Funds may use options contracts, which include warrants, to hedge downside risk, produce incremental earnings or protect against market changes in the value of equities or interest rates. The Funds may write covered call and put options on futures, swaps, securities, or currencies the Funds own or in which they may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Schedules of Investments. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, swap, security or currency transaction to determine the realized gain or loss. A Fund, as a writer of an option, has no control over whether the underlying future, swap, security, or currency may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the future, swap, security, or currency underlying the written option. The risk exists that a Fund may not be able to enter into a closing transaction because of an illiquid market. In addition, to the extent a Fund purchases an over-the-counter ("OTC") option, it is subject to credit risk that the counterparty to the trade does not perform under the contract's terms. The Funds are not subject to credit risk on OTC options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Funds may also purchase put and call options. Purchasing call options tends to increase a Fund's exposure to the underlying instrument. Purchasing put options tends to decrease a Fund's exposure to the underlying instrument. A Fund pays a premium, which is included in its Schedule of Investments as an investment and subsequently marked-to-market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, swap, security or currency transaction to determine the realized gain or loss. When entering into purchased option contracts, a Fund bears the risk of securities prices moving unexpectedly, in which case, a Fund may not achieve the anticipated benefits of the purchased option contracts; however, the risk of loss is limited to the premium paid.

#### Forward Foreign Currency Contracts
Certain Funds use forward foreign currency contracts to manage foreign currency, to produce incremental earnings or to hedge existing positions. A forward foreign currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are principally traded in the inter-bank market conducted directly between currency traders (usually large commercial banks) and their customers.

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#### Driehaus Mutual Funds

#### Notes to Financial Statements — (Continued)

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The market value of a forward foreign currency contract fluctuates with changes in currency exchange rates. Outstanding forward foreign currency contracts are valued daily at current market rates and the resulting change in market value is recorded as change in net unrealized appreciation or depreciation on the Statements of Operations. When a forward foreign currency contract is settled, the Fund records a realized gain or loss equal to the difference between the value at the time the forward foreign currency contract was opened and the value at the time it was settled. A forward foreign currency contract may involve market risk in excess of the unrealized appreciation (depreciation) reflected on the Statements of Assets and Liabilities. In addition, the Funds could be exposed to credit risk if the counterparties are unable or unwilling to meet the terms of the contracts or market risk if the value of the foreign currency changes unfavorably.

#### Equity Certificates
Certain Funds may invest in equity certificates, which allow the Funds to participate in the appreciation (depreciation) of the underlying security without actually owning the underlying security. These instruments are purchased pursuant to an agreement with a financial institution and are valued at a calculated market price based on the value of the underlying security in accordance with the agreement. These equity certificates are subject to the credit risk of the issuing financial institution. There is no off-balance sheet risk associated with equity certificates and the Funds' potential loss is limited to the purchase price of the securities. The Funds are exposed to credit risk associated with the counterparty to the transaction, which is monitored by the Funds' management on a periodic basis. A Fund's equity certificates are not subject to any master netting agreement.

#### Derivative Investment Holdings Categorized by Risk Exposure
Each Fund is subject to the 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 instrument 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. Each Fund's derivative holdings do not qualify for hedge accounting treatment and as such are recorded at current fair value.

The following table sets forth the fair value and the location in the Statements of Assets and Liabilities of the Event Driven Fund's derivative contracts by primary risk exposure as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** | &nbsp;&nbsp;**Asset derivatives** |
| **Risk exposure category** | &nbsp;&nbsp;**Statements of Assets and Liabilities location** | &nbsp;&nbsp;**Fair Value** |
| Equity contracts | &nbsp;&nbsp;Warrant securities, at fair value | &nbsp;&nbsp;$596434 |
| Equity contracts | &nbsp;&nbsp;Unrealized appreciation on open OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289221 |
| **Total** |  | &nbsp;&nbsp;$885655 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liabilities derivatives** | &nbsp;&nbsp;**Liabilities derivatives** |
| **Risk exposure category** | &nbsp;&nbsp;**Statements of Assets and Liabilities location** | &nbsp;&nbsp;**Fair Value** |
| Equity contracts | &nbsp;&nbsp;Unrealized depreciation on open OTC swap contracts | &nbsp;&nbsp;$59108 |
| **Total** |  | &nbsp;&nbsp;$59108 |

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#### Driehaus Mutual Funds

#### Notes to Financial Statements — (Continued)

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The following table sets forth the Event Driven Fund's net realized gain (loss) by primary risk exposure and by type of derivative contract for the period January 1, 2025 through December 31, 2025:

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| | | |
|:---|:---|:---|
| **Amount of net realized gain (loss) on derivatives** | **Amount of net realized gain (loss) on derivatives** | **Amount of net realized gain (loss) on derivatives** |
|  | &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Risk exposure category** |
| **Derivative** | &nbsp;&nbsp;**Equity<br> contracts** | &nbsp;&nbsp;**Total** |
| Warrants | $700846 | $700846 |
| Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(711522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(711522) |
| **Total** | &nbsp;&nbsp; $(10676) | &nbsp;&nbsp; $(10676) |

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The following table sets forth the Event Driven Fund's change in net unrealized appreciation (depreciation) by primary risk exposure and by type of derivative contract for the period January 1, 2025 through December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Change in net unrealized appreciation (depreciation) on derivatives** | **Change in net unrealized appreciation (depreciation) on derivatives** | **Change in net unrealized appreciation (depreciation) on derivatives** |
|  | &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Risk exposure category** |
| **Derivative** | &nbsp;&nbsp;**Equity<br> contracts** | &nbsp;&nbsp;**Total** |
| Warrants | $419458 | $419458 |
| Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22555) |
| **Total** | &nbsp;&nbsp; $396903 | &nbsp;&nbsp; $396903 |

---

The gross notional amount and/or the number of contracts for the Event Driven Fund as of December 31, 2025, are included on the Schedule of Investments. The quarterly average values of derivative investments for the period January 1, 2025 through December 31, 2025, is set forth in the table below:

---

| | | |
|:---|:---|:---|
| **Quarterly Derivative Averages** | **Quarterly Derivative Averages** | **Quarterly Derivative Averages** |
| **Derivative** | &nbsp;&nbsp;**Quarterly Average** | &nbsp;&nbsp;**$ Amount/<br> Number** |
| Warrants | &nbsp;&nbsp;number of contracts | &nbsp;&nbsp;&nbsp;&nbsp;1265357 |
| Swap contracts | &nbsp;&nbsp;gross notional amount | &nbsp;&nbsp;$30740631 |

---

#### Disclosures about Offsetting Assets and Liabilities
The Funds are party to various agreements, including International Swaps and Derivatives Association Agreements and related Credit Support Annexes ("Master Netting Agreements" or "MNA"), which govern the terms of certain transactions with select counterparties. MNAs are designed to reduce counterparty risk associated with the relevant transactions by establishing credit protection mechanisms and providing standardization as a means of improving legal certainty. As MNAs are specific to the unique operations of different asset types, they allow each Fund to close out and net its total exposure to a counterparty in the event of default with respect to all of the transactions governed under a single agreement with that counterparty. MNAs can also help reduce counterparty risk by specifying collateral posting requirements at pre-arranged exposure levels. Securities and cash pledged as collateral are reflected as assets in the Statements of Assets and Liabilities as either a component of "Investment securities at fair value" or "Deposits at broker for securities sold short".

For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to MNAs or similar arrangements on the Statements of Assets and Liabilities. The settlement of futures contracts, swap contracts and exchange-traded purchased options is guaranteed by the clearinghouse or exchange the instrument is traded on and is not subject to arrangements with particular counterparties. For that reason, these instruments are excluded from the below disclosure.

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#### Driehaus Mutual Funds

#### Notes to Financial Statements — (Continued)

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The following table presents the Event Driven Fund's financial and derivative assets subject to Master Netting Agreements by type, net of amounts available for offset under a MNA and net of the related collateral received by the Event Driven Fund as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Unrealized Appreciation on Open OTC Swap Contracts** | **Unrealized Appreciation on Open OTC Swap Contracts** | **Unrealized Appreciation on Open OTC Swap Contracts** | **Unrealized Appreciation on Open OTC Swap Contracts** | **Unrealized Appreciation on Open OTC Swap Contracts** |
| **Counterparty** | &nbsp;&nbsp;**Gross Amounts of Derivatives<br> Assets Presented in the Statement<br> of Assets and Liabilities** | &nbsp;&nbsp;**Derivatives Available for Offset** | &nbsp;&nbsp;**Collateral Received/<br> (Pledged)** | &nbsp;&nbsp;**Net Amount** |
| Morgan Stanley | $289221 | $(27336) | $— | $261885 |
| Total | $289221 | $(27336) | $— | $261885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents the Event Driven Fund's financial and derivative liabilities subject to Master Netting Agreements by type, net of amounts available for offset under a MNA and net of the related collateral received by the Event Driven Fund as of December 31, 2025: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents the Event Driven Fund's financial and derivative liabilities subject to Master Netting Agreements by type, net of amounts available for offset under a MNA and net of the related collateral received by the Event Driven Fund as of December 31, 2025: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents the Event Driven Fund's financial and derivative liabilities subject to Master Netting Agreements by type, net of amounts available for offset under a MNA and net of the related collateral received by the Event Driven Fund as of December 31, 2025: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents the Event Driven Fund's financial and derivative liabilities subject to Master Netting Agreements by type, net of amounts available for offset under a MNA and net of the related collateral received by the Event Driven Fund as of December 31, 2025: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents the Event Driven Fund's financial and derivative liabilities subject to Master Netting Agreements by type, net of amounts available for offset under a MNA and net of the related collateral received by the Event Driven Fund as of December 31, 2025: |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Unrealized Depreciation on Open OTC Swap Contracts** | **Unrealized Depreciation on Open OTC Swap Contracts** | **Unrealized Depreciation on Open OTC Swap Contracts** | **Unrealized Depreciation on Open OTC Swap Contracts** | **Unrealized Depreciation on Open OTC Swap Contracts** |
| **Counterparty** | &nbsp;&nbsp;**Gross Amounts of Derivatives<br> Liabilities Presented in the Statement<br> of Assets and Liabilities** | &nbsp;&nbsp;**Derivatives Available for Offset** | &nbsp;&nbsp;**Collateral Received/<br> (Pledged)** | &nbsp;&nbsp;**Net Amount** |
| Goldman Sachs International | $(31772) | $— | $— | $(31772) |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27336) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total | $(59108) | $27336 | $— | $(31772) |

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

Driehaus Capital Management LLC ("DCM" or the "Adviser"), a registered investment adviser, serves as the investment adviser and valuation designee to the Funds. As of December 31, 2025, the Driehaus Trust Company ("DTC") has authority over a controlling interest in the Adviser through management control of the Adviser's direct owner, Driehaus Capital Holdings LLLP. As of December 31, 2025, DTC and other affiliates together had authority over a controlling interest in the Global Fund and the International Developed Equity Fund and substantial, non-controlling interests in certain other Funds.

In return for its services to the Funds, the Adviser receives monthly fees. Emerging Markets Growth Fund pays the Adviser a monthly fee computed and accrued daily at an annual rate of 1.05% on the first $1.5 billion, 0.75% over $1.5 billion and up to $2.5 billion, and 0.50% in excess of $2.5 billion of average daily net assets. Emerging Markets Small Cap Growth Fund pays the Adviser a monthly fee computed and accrued daily at the annual rate of 1.10% of average daily net assets. Global Fund pays the Adviser a management fee computed and accrued daily at the annual rate of 0.65% of average daily net assets. International Small Cap Growth Fund pays the Adviser a monthly fee computed and accrued daily at an annual rate of 1.00% of average daily net assets. International Developed Equity Fund pays the Adviser a monthly fee computed and accrued daily at the annual rate of 0.70% of average daily net assets. Micro Cap Growth Fund pays the Adviser a monthly fee computed and accrued daily at an annual rate of 1.25% of average daily net assets. Small Cap Growth Fund and Small/Mid Cap Growth pay the Adviser a monthly fee computed and accrued daily at an annual rate of 0.60% of average daily net assets. Event Driven Fund pays the Adviser a monthly fee computed and accrued daily at the annual rate of 1.00% of average daily net assets.

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#### Driehaus Mutual Funds

#### Notes to Financial Statements — (Continued)

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DCM entered into a contractual agreement to cap Emerging Markets Small Cap Growth Fund's annual operating expenses (other than interest, taxes, brokerage commissions, dividends and interest on short sales and other portfolio transaction expenses and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund's business) at 1.24% of average daily net assets until April 30, 2026. For the period January 1, 2025 through December 31, 2025, DCM waived fees for Emerging Markets Small Cap Growth Fund totaling $64,071 under this agreement.

DCM entered into a contractual agreement to cap the Global Fund's annual ordinary operating expenses (other than interest, taxes, brokerage commissions, dividends and interest on short sales, other investment-related costs, acquired fund fees and expenses, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund's business) at 0.75% of average daily net assets until April 30, 2026. Prior to April 30, 2023, the cap was 0.99%. DCM is entitled to recoupment for previously waived fees and reimbursed expenses to the extent that the Fund's expense ratio remains below the operating expense cap in place at the time of the waiver and the current operating expense cap for a period not to exceed three years from the date on which the waiver or reimbursement was made. For the period January 1, 2025 through December 31, 2025, DCM waived fees for Global Fund totaling $54,797 under this agreement.

DCM entered into a contractual agreement to cap the International Developed Equity Fund's annual ordinary operating expenses (other than interest, taxes, brokerage commissions, dividends and interest on short sales, other investment-related costs, acquired fund fees and expenses, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund's business) at 0.80% of average daily net assets until April 30, 2027. DCM is entitled to recoupment for previously waived fees and reimbursed expenses to the extent that the Fund's expense ratio remains below the operating expense cap in place at the time of the waiver and the current operating expense cap for a period not to exceed three years from the date on which the waiver or reimbursement was made. For the period January 1, 2025 through December 31, 2025, DCM waived fees for International Developed Equity Fund totaling $80,845 under this agreement.

DCM entered into a contractual agreement to cap Small Cap Growth Fund's annual operating expenses (other than interest, taxes, brokerage commissions, dividends and interest on short sales and other portfolio transaction expenses and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund's business) at 1.20% of average daily net assets for the Investor Class and 0.95% of average daily net assets for the Institutional Class until April 30, 2023. DCM was entitled to recoupment for previously waived fees and reimbursed expenses to the extent that the Fund's expense ratio remained below the operating expense cap in place at the time of the waiver and the current operating expense cap for a period not to exceed three years from the date on which the waiver or reimbursement was made. For the period January 1, 2025 through December 31, 2025, DCM did not reimburse or recoup any fees for the Investor or Institutional Class shares of the Small Cap Growth Fund under this agreement.

DCM entered into a contractual agreement to cap Small/Mid Cap Growth Fund's annual operating expenses (other than interest, taxes, brokerage commissions, dividends and interest on short sales and other portfolio transaction expenses and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund's business) at 0.80% of average daily net assets until April 30, 2026. Prior to September 6, 2023, the cap was 0.95%. DCM is entitled to recoupment of previously waived fees and reimbursed expenses to the extent that the expense ratio remains below the operating expense cap in place at the time of the waiver and the current operating expense cap for a period not to exceed three years from the date on which the waiver or reimbursement was made. For the period January 1, 2025 through December 31, 2025, DCM recouped previously waived fees for Small/Mid Cap Growth Fund totaling $15,304 under this agreement.

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#### Driehaus Mutual Funds

#### Notes to Financial Statements — (Continued)

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The table below indicates the amount of fees available for recoupment by DCM in future periods:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period ended December 31** | &nbsp;&nbsp;**Emerging Markets Small Cap Growth Fund** | &nbsp;&nbsp;**Global Fund** | &nbsp;&nbsp;**International Developed Equity Fund** | &nbsp;&nbsp;**Small/Mid Cap Growth Fund** |
| 2026 | &nbsp;&nbsp;$125610 | &nbsp;&nbsp;$145127 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$53555 |
| 2027 | &nbsp;&nbsp;&nbsp;&nbsp;85349 | &nbsp;&nbsp;&nbsp;&nbsp;86673 | &nbsp;&nbsp;&nbsp;&nbsp;78939 | &nbsp;&nbsp;&nbsp;&nbsp;14253 |
| 2028 | &nbsp;&nbsp;&nbsp;&nbsp;64071 | &nbsp;&nbsp;&nbsp;&nbsp;54797 | &nbsp;&nbsp;&nbsp;&nbsp;80845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;$275030 | &nbsp;&nbsp;$286597 | &nbsp;&nbsp;$159784 | &nbsp;&nbsp;$67808 |

---

The Emerging Markets Growth Fund incurred $28,760,517 for investment advisory fees during the year ended December 31, 2025, of which $2,626,716 was payable to DCM at December 31, 2025. The Emerging Markets Small Cap Growth Fund incurred $1,397,703 for investment advisory fees during the year ended December 31, 2025, of which $128,673 was payable to DCM at December 31, 2025. The Global Fund incurred $437,097 for investment advisory fees during the year ended December 31, 2025, of which $40,773 was payable to DCM at December 31, 2025. The International Small Cap Growth Fund incurred $2,938,779 for investment advisory fees during the year ended December 31, 2025, of which $287,697 was payable to DCM at December 31, 2025. The International Developed Equity Fund incurred $18,613 for investment advisory fees during the year ended December 31, 2025, of which $1,987 was payable to DCM at December 31, 2025. The Micro Cap Growth Fund incurred $4,568,708 for investment advisory fees during the year ended December 31, 2025, of which $484,792 was payable to DCM at December 31, 2025. The Small Cap Growth Fund incurred $6,188,385 for investment advisory fees during the year ended December 31, 2025, of which $604,158 was payable to DCM at December 31, 2025. The Small/Mid Cap Growth Fund incurred $394,891 for investment advisory fees during the year ended December 31, 2025, of which $59,249 was payable to DCM at December 31, 2025. The Event Driven Fund incurred $1,392,506 for investment advisory fees during the year ended December 31, 2025, of which $78,272 was payable to DCM at December 31, 2025.

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 period ended December 31, 2025, these arrangements reduced the expenses of Emerging Markets Growth Fund, Emerging Markets Small Cap Growth Fund, Global Fund, International Small Cap Growth Fund, International Developed Equity Fund, Micro Cap Growth Fund, Small Cap Growth Fund, Small/Mid Cap Growth Fund and Event Driven Fund by $337,108 (1.0%), $9,500 (0.6%), $6,300 (1.1%), $17,305 (0.5%), $150 (0.1%), $157,212 (3.2%), $175,094 (2.4%), $9,700 (1.9%) and $55,007 (2.7%) respectively.

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to minimize trading costs, where permissible. For the year ended December 31, 2025, the Funds did not engage in any purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act.

The Adviser is a party to a Fee Reimbursement Agreement ("Agreement") with the Emerging Markets Growth Fund, the Small Cap Growth Fund, and the Event Driven Fund. Under the Agreement, the Funds reimburse the Adviser for certain fees paid to intermediaries who provide shareholder administrative and/or sub-transfer agency services to the

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Mutual Funds

#### Notes to Financial Statements — (Continued)

------

Funds. The amount to be reimbursed will not exceed 0.25% of the average daily net assets held by such intermediaries. The amounts incurred and payable to the Adviser during the period January 1, 2025, through December 31, 2025, are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Shareholder<br> services<br> plan fees** | &nbsp;&nbsp;**Accrued<br> shareholder<br> services<br> plan fees** |
| **Emerging Markets Growth Fund** | &nbsp;&nbsp;$1310661 | &nbsp;&nbsp;$250111 |
| **Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32816 |
| **Event Driven Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29738 |

---

Certain officers of the Trust are also officers of DCM. The Funds pay a portion of the Chief Compliance Officer's total compensation. No other officers received compensation from the Funds during the period January 1, 2025, through December 31, 2025. The Independent Trustees are compensated for their services to the Trust and such compensation is reflected as Trustees' fees in the Statements of Operations.

The Northern Trust Company ("Northern") serves as fund accounting and administration services provider and transfer agent for the Funds. Under the terms of the Fund Administration and Accounting Services Agreement, Northern is entitled to receive fees, computed daily and payable monthly, based upon the average daily net assets of each Fund. The fees, excluding out of pocket expenses, range between 0.0175% and 0.045% of average daily net assets. For its services as Transfer Agent, Northern receives a fee, computed daily and payable monthly, based upon the average daily net assets of each Fund. The fees, excluding out of pocket expenses, range between 0.002% and 0.0175% of average daily net assets of each Fund.

D. INVESTMENT TRANSACTIONS

Purchases and sales of investment securities (excluding derivatives, short term securities and U.S. government obligations) for the year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** |
| **Emerging Markets Growth Fund** | &nbsp;&nbsp;4829819064 | &nbsp;&nbsp;4762944963 |
| **Emerging Markets Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99485182 | &nbsp;&nbsp;&nbsp;&nbsp;107865905 |
| **Global Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77368554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80840340 |
| **International Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;317018599 | &nbsp;&nbsp;&nbsp;&nbsp;284154263 |
| **International Developed Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3470373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2364018 |
| **Micro Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;533818898 | &nbsp;&nbsp;&nbsp;&nbsp;515810953 |
| **Small Cap Growth Fund** | &nbsp;&nbsp;1556587762 | &nbsp;&nbsp;1581690166 |
| **Small/Mid Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;120405976 | &nbsp;&nbsp;&nbsp;&nbsp;100801138 |
| **Event Driven Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64962556 | &nbsp;&nbsp;&nbsp;&nbsp;163116262 |

---

The Funds had no purchases and sales of U.S. government obligations for the year January 1, 2025, through December 31, 2025.

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Mutual Funds

#### Notes to Financial Statements — (Continued)

------

E. CAPITAL SHARE TRANSACTIONS

For the years ended December 31, 2025 and 2024, transactions in capital shares (authorized shares unlimited) were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Emerging Markets Growth Fund** | &nbsp;&nbsp;**Emerging Markets Growth Fund** | &nbsp;&nbsp;**Emerging Markets Small Cap Growth Fund** | &nbsp;&nbsp;**Emerging Markets Small Cap Growth Fund** | &nbsp;&nbsp;**Global Fund** | &nbsp;&nbsp;**Global Fund** |
|  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** |
| **Fund** |  |  |  |  |  |  |
| Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;524546 | &nbsp;&nbsp;&nbsp;1162518 | &nbsp;&nbsp;&nbsp;367238 | &nbsp;&nbsp;&nbsp;186145 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;105941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32827 | &nbsp;&nbsp;&nbsp;142428 | &nbsp;&nbsp;&nbsp;&nbsp;64819 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (1103594) | (1112586) | (235158) | (308153) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(473107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82759 | &nbsp;&nbsp;&nbsp;274508 | &nbsp;&nbsp;&nbsp;(57189) |
| **Investor Class** |  |  |  |  |  |  |
| Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;1495732 | &nbsp;&nbsp;&nbsp;&nbsp;2662463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares redeemed | &nbsp;&nbsp;&nbsp;(4188521) | &nbsp;&nbsp;&nbsp;(4029168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;(2478131) | &nbsp;&nbsp;&nbsp;(1238145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Institutional Class** |  |  |  |  |  |  |
| Shares issued | &nbsp;&nbsp;&nbsp;17372939 | &nbsp;&nbsp;&nbsp;21341470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp;1285715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares redeemed | (14323344) | (10086367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;4335310 | &nbsp;&nbsp;&nbsp;11946993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;1857179 | &nbsp;&nbsp;&nbsp;10708848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**International Small Cap Growth Fund** | &nbsp;&nbsp;**International Small Cap Growth Fund** | &nbsp;&nbsp;**International Developed Equity Fund** | &nbsp;&nbsp;**International Developed Equity Fund** | &nbsp;&nbsp;**Micro Cap Growth Fund** | &nbsp;&nbsp;**Micro Cap Growth Fund** |
|  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** |
| **Fund** |  |  |  |  |  |  |
| Shares issued | &nbsp;&nbsp;&nbsp;8534428 | &nbsp;&nbsp;&nbsp;4150187 | 120550 | 189684 | &nbsp;&nbsp;&nbsp;8519184 | &nbsp;&nbsp;&nbsp;4611631 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp;297551 | &nbsp;&nbsp;&nbsp;&nbsp;128462 | &nbsp;&nbsp;&nbsp;&nbsp;4541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;2988929 | &nbsp;&nbsp;&nbsp;&nbsp;636968 |
| Shares redeemed | (5265409) | (3266121) | &nbsp;&nbsp;(20854) | &nbsp;&nbsp;&nbsp;&nbsp;(8150) | (5183290) | (3920923) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;3566570 | &nbsp;&nbsp;&nbsp;1012528 | 104237 | 182049 | &nbsp;&nbsp;&nbsp;6324823 | &nbsp;&nbsp;&nbsp;1327676 |
| **Investor Class** |  |  |  |  |  |  |
| Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Institutional Class** |  |  |  |  |  |  |
| Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_Drieh_d5260ddc-c474-4fee-ae31-44031e83333d_TOC)

------

#### Driehaus Mutual Funds

#### Notes to Financial Statements — (Continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Small Cap Growth Fund** | &nbsp;&nbsp;**Small Cap Growth Fund** | &nbsp;&nbsp;**Small/Mid Cap Growth Fund** | &nbsp;&nbsp;**Small/Mid Cap Growth Fund** | &nbsp;&nbsp;**Event Driven Fund** | &nbsp;&nbsp;**Event Driven Fund** |
|  | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** | &nbsp;&nbsp;**2025** | &nbsp;&nbsp;**2024** |
| **Fund** |  |  |  |  |  |  |
| Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1844205 | 2620995 | &nbsp;&nbsp;&nbsp;&nbsp;3129216 | &nbsp;&nbsp;&nbsp;4830493 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9297 | &nbsp;&nbsp;&nbsp;&nbsp;1001142 | &nbsp;&nbsp;&nbsp;&nbsp;235502 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(802562) | &nbsp;&nbsp;&nbsp;(376547) | (14120895) | (4841356) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1057298 | 2253745 | &nbsp;&nbsp;&nbsp;(9990537) | &nbsp;&nbsp;&nbsp;&nbsp;224639 |
| **Investor Class** |  |  |  |  |  |  |
| Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;1259036 | &nbsp;&nbsp;&nbsp;2571149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares redeemed | &nbsp;&nbsp;&nbsp;(3147017) | &nbsp;&nbsp;(2016469) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;(1879893) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Institutional Class** |  |  |  |  |  |  |
| Shares issued | &nbsp;&nbsp;&nbsp;15397171 | 17369079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares redeemed | (14233103) | &nbsp;&nbsp;(5788481) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;1323633 | 11974382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(556260) | 12589334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

F. RESTRICTED SECURITIES

Restricted securities are securities that are not registered for sale under the Securities Act of 1933, as amended, or applicable foreign law and that may be resold only in transactions exempt from applicable registration. Restricted securities include Rule 144A securities which may be sold normally to qualified institutional buyers. At December 31, 2025, the Funds held restricted securities as denoted on the Schedules of Investments.

G. LINE OF CREDIT

The Funds obtained a committed line of credit in the amount of $50,000,000. The line of credit is available primarily to meet large, unexpected shareholder redemptions subject to certain restrictions. Interest is charged at a rate per annum equal to the Federal Funds Rate in effect at the time of the borrowings plus 1.5% or 1.75%, whichever is greater. There is a commitment fee of 0.10% of the excess of the $50,000,000 committed amount over the sum of the average daily balance of any loans, which is allocated amongst the Funds based on average net assets. The credit agreement will expire on March 18, 2026, but negotiations have commenced to renew it on similar terms for another year . The Small Cap Growth Fund utilized the line of credit from July 10, 2025 to July 11, 2025. During this period the average daily loan balance outstanding on days where borrowings existed was $23,000,000 and the weighted average interest rate was 5.83%. The interest expense, which is included on the Statements of Operations, was $3,725. The Micro Cap Growth Fund utilized the line of credit from December 19, 2025 to December 23, 2025. During this period the average daily loan balance outstanding on days where borrowings existed was $4,000,000 and the weighted average interest rate was 5.14%. The interest expense, which is included on the Statements of Operations, was $2,284.

H. FOREIGN INVESTMENT RISKS

To the extent a Fund invests in foreign securities, it may entail risks due to the potential for political and economic instability in the countries where the issuers of these securities are located. In addition, foreign exchange fluctuations could affect the value of positions held. These risks are generally intensified in emerging markets.

I. REDEMPTION FEES

The Driehaus Micro Cap Growth Fund will charge a redemption fee of 2.00% of the redemption amount for shares redeemed within 60 days of purchase. The Board of Trustees of the Funds eliminated the 2.00% redemption fee previously applicable to shareholders of: (i) the Driehaus Emerging Markets Growth Fund, effective February 1, 2023; and

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#### Driehaus Mutual Funds

#### Notes to Financial Statements — (Continued)

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(ii) the Driehaus Emerging Markets Small Cap Growth Fund, Driehaus Global Fund, Driehaus International Small Cap Growth Fund, Driehaus Small Cap Growth Fund and the Driehaus Small/Mid Cap Growth Fund, effective October 6, 2023, who sold their shares within 60 days of purchase. Assessed redemption fees are recorded in paid-in capital and reflected in the Statements of Changes in Net Assets. The Funds had no redemption fees for the period January 1, 2025 through December 31, 2025.

J. SUBSEQUENT EVENTS

Events or transactions that occurred after the date of this report through the date the report was issued have been evaluated for potential impact to the financial statements. There are no subsequent events except as noted below that require recognition or disclosure in the financial statements.

On January 23, 2026 the Board of Trustees approved a plan of liquidation for the Event Driven Fund, with such liquidation scheduled to take place on or about March 27, 2026.

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#### Report of Independent Registered Public Accounting Firm

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To the Shareholders and the Board of Trustees of Driehaus Mutual Funds

#### Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of Driehaus Mutual Funds (the "Trust") (comprising Driehaus Emerging Markets Growth Fund, Driehaus Emerging Markets Small Cap Growth Fund, Driehaus Global Fund, Driehaus International Small Cap Growth Fund, Driehaus International Developed Equity Fund, Driehaus Micro Cap Growth Fund, Driehaus Small Cap Growth Fund, Driehaus Small/Mid Cap Growth Fund and Driehaus Event Driven Fund (collectively referred to as the "Funds")), including the schedules of investments, as of December 31, 2025, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds comprising Driehaus Mutual Funds at December 31, 2025, the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

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| | | | |
|:---|:---|:---|:---|
| **Funds comprising Driehaus<br> Mutual Funds** | **Statement of operations** | **Statements of changes<br> in net assets** | **Financial highlights** |
| Driehaus Emerging Markets Growth Fund<br>Driehaus Emerging Markets Small Cap Growth Fund<br>Driehaus Global Fund<br>Driehaus International Small Cap Growth Fund<br>Driehaus Micro Cap Growth Fund<br>Driehaus Small Cap Growth Fund<br>Driehaus Small/Mid Cap Growth Fund<br>Driehaus Event Driven Fund | For the year ended<br> December 31, 2025 | For each of the two years<br> in the period ended<br> December 31, 2025 | For each of the five years in the period ended December 31, 2025 |
| Driehaus International Developed Equity Fund | For the year ended<br> December 31, 2025 | For the year ended December 31, 2025, and the<br> period from April 30, 2024 (commencement of the operations) through December 31, 2024 | For the year ended December 31, 2025, and the<br> period from April 30, 2024 (commencement of the operations) through December 31, 2024 |

---

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

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#### Report of Independent Registered Public Accounting Firm — (Continued)

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Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers or others; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img471f715b2.jpg)

We have served as the auditor of one or more Driehaus investment companies since 2002.

Chicago, Illinois

February 25, 2026

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#### Shareholder Information (unaudited)

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#### TAX INFORMATION FOR THE YEAR ENDED DECEMBER 31, 2025
We are providing this information as required by the Internal Revenue Code. The amounts shown may differ from those elsewhere in this report because of differences between tax and financial reporting requirements.

The Funds designate the following amounts as a long-term capital gain distribution:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Emerging Markets Growth Fund** | &nbsp;&nbsp;**Emerging Markets Small Cap Growth Fund** | &nbsp;&nbsp;**Global Fund** | &nbsp;&nbsp;**International Small Cap Growth Fund** | &nbsp;&nbsp;**International Developed Equity Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $— | $5753357 | $— | $31133 |

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&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Micro Cap Growth Fund** | &nbsp;&nbsp;**Small Cap Growth Fund** | &nbsp;&nbsp;**Small/Mid Cap Growth Fund** | &nbsp;&nbsp;**Event Driven Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53024007 | $— | $— | $— |

---

For taxable non-corporate shareholders, the following percentages of income represent qualified dividend income subject to the 15% rate category:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Emerging Markets Growth Fund** | &nbsp;&nbsp;**Emerging Markets Small Cap Growth Fund** | &nbsp;&nbsp;**Global Fund** | &nbsp;&nbsp;**International Small Cap Growth Fund** | &nbsp;&nbsp;**International Developed Equity Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.69% | 29.95% | 24.68% | 100.00% | 100.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Micro Cap Growth Fund** | &nbsp;&nbsp;**Small Cap Growth Fund** | &nbsp;&nbsp;**Small/Mid Cap Growth Fund** | &nbsp;&nbsp;**Event Driven Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.96% | 37.02% | 33.24% | 4.78% |

---

For corporate shareholders, the following percentages of income and short-term capital gains qualified for the dividends-received deduction:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Emerging Markets Growth Fund** | &nbsp;&nbsp;**Emerging Markets Small Cap Growth Fund** | &nbsp;&nbsp;**Global Fund** | &nbsp;&nbsp;**International Small Cap Growth Fund** | &nbsp;&nbsp;**International Developed Equity Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84% | —% | 8.64% | —% | —% |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Micro Cap Growth Fund** | &nbsp;&nbsp;**Small Cap Growth Fund** | &nbsp;&nbsp;**Small/Mid Cap Growth Fund** | &nbsp;&nbsp;**Event Driven Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.24% | 27.34% | 28.23% | 4.82% |

---

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

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Not applicable.

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#### Item 9. Proxy Disclosures for Open-End Management Investment Companies

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Not applicable.

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#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

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The aggregate remuneration paid to the trustees (all of whom are independent) by each Fund is reported as "Trustees fees" on the Statement of Operations of the Annual Financial Statements.

Except for a portion of the CCO's compensation, the Funds do not pay any remuneration to their officers. The aggregate remuneration paid to the Funds' Chief Compliance Officer by the Funds is reported within the "Miscellaneous" line item on the Statement of Operations of the Annual Financial Statements.

The aggregate remuneration paid to Driehaus Capital Management LLC, the Funds' investment adviser and an affiliate of the Funds' officers, is reported as "Investment advisory fees" on the Statement of Operations of the Annual Financial Statements.

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#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

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The Board of Trustees (the "Board") of the Driehaus Mutual Funds (the "Trust"), including a majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended) (the "Independent Trustees"), approved the investment advisory agreement (the "Agreement") with Driehaus Capital Management LLC (the "Adviser") for Driehaus Emerging Markets Growth Fund, Driehaus Emerging Markets Small Cap Growth Fund, Driehaus Global Fund, Driehaus International Small Cap Growth Fund, Driehaus International Developed Equity Fund, Driehaus Micro Cap Growth Fund, Driehaus Small Cap Growth Fund, Driehaus Small/Mid Cap Growth Fund and Driehaus Event Driven Fund (each a "Fund" and collectively, the "Funds") on September 9, 2025 for a one-year term ending September 30, 2026. As part of its review process, the Board requested and evaluated all information it deemed reasonably necessary to evaluate the Agreement. The Board reviewed comprehensive materials received from the Adviser and from independent legal counsel. The Board also received extensive information throughout the year regarding performance and operating results of each Fund. The Independent Trustees held a meeting with their independent legal counsel on September 3, 2025 to review the materials provided in response to their request. The Independent Trustees, represented by independent legal counsel, met independent of Fund management to consider renewal of the Agreement for each Fund. After their consideration of all the information received, the Independent Trustees presented their findings and their recommendation to renew the Agreement at the Board meeting.

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that the Adviser has managed each Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious adviser is in the best interests of each Fund. The Board considered, generally, that shareholders invested in each Fund, knowing that the Adviser managed the Fund and knowing the investment advisory fee schedule.

*Nature, Quality and Extent of Services. The Board considered the nature, extent and quality of services provided under the Agreement, including portfolio management services and certain administrative services. The Board considered the experience and skills of senior management and investment personnel, the resources made available to such personnel, the ability of the Adviser to attract and retain high-quality personnel and the organizational depth of the Adviser. The Board also considered the Trust's compliance with legal and regulatory requirements, as well as the Adviser's handling of portfolio brokerage, and noted the Adviser's process for evaluating best execution. The Board noted the Adviser's role in overseeing the Funds' other service providers, including the Adviser's review of expenses. The Board considered the Adviser's risk management strategies and the process developed by the Adviser for analyzing, reviewing and assessing risk exposure for the Funds. The Board also considered the Funds' process for fair valuation of portfolio securities.*

The Board received and considered performance information provided for each Fund (and share class, as applicable), comparing it to the performance of a peer universe of funds (the "Performance Universe") and a peer group of funds, as applicable, compiled by Barrington Partners ("Barrington") using data from Morningstar, Inc., an independent provider of mutual fund data ("Morningstar"), and to each Fund's performance benchmark index, as identified in reports to shareholders. The Board noted that the Adviser represented that, because the Funds' performance can be volatile over shorter time periods, for Funds with longer performance records (except for Driehaus Global Fund, which had a change in investment strategy effective April 30, 2023, Driehaus International Developed Equity Fund, which commenced operations on April 30, 2024 and Driehaus Event Driven Fund, which pursues an investment strategy that differs from its benchmark), it was also meaningful to analyze the performance over rolling time periods. The Board reviewed rolling performance for the Funds for the 1-, 3- and 5-year periods, as applicable, over the life of each covered Fund relative to its benchmark and noted that, in a majority of the time periods measured, each Fund outperformed its benchmark index. The Board also considered whether investment results were consistent with each Fund's investment objective and policies.

As to the specific Funds, the Board considered that, as of June 30, 2025, Driehaus Emerging Markets Growth Fund (Investor Shares) outperformed its Performance Universe for the 10-year period, ranking in the fourth, third and third quartiles, respectively, of its Performance Universe for the 1-, 3- and 5-year periods (the first quartile being the best performers and the fourth quartile being the worst performers). The Board noted that Driehaus Emerging Markets Growth Fund (Investor Shares) outperformed its benchmark index, the MSCI Emerging Markets Index, for the 10-year period. The Board further noted that, as of June 30, 2025, Driehaus Emerging Markets Growth Fund (Institutional Shares) underperformed its Performance Universe for the 1-, 3- and 5-year periods (the Fund's Institutional Shares inception date

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#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. — (Continued)

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was July 17, 2017), ranking in the fourth, third and third quartiles, respectively, of its Performance Universe for the 1-, 3- and 5-year periods, and that Driehaus Emerging Markets Growth Fund (Institutional Shares) underperformed its benchmark index for each of the above periods.

The Board considered that, as of June 30, 2025, Driehaus International Small Cap Growth Fund outperformed its Performance Universe for the 1-, 3-, 5- and 10-year periods, ranking in the second, first and first quartiles, respectively, of its Performance Universe for the 1-, 3- and 5-year periods. The Board noted that Driehaus International Small Cap Growth Fund outperformed its benchmark index, the MSCI All Country World ex USA Small Cap Growth Index, for each of the above periods.

The Board considered that, as of June 30, 2025, Driehaus Micro Cap Growth Fund outperformed its Performance Universe for the 1-, 3-, 5- and 10-year periods, ranking in the second, first and first quartiles, respectively, of its Performance Universe for the 1-, 3- and 5-year periods. In addition, the Board noted that Driehaus Micro Cap Growth Fund outperformed its benchmark index, the Russell Microcap Growth Index, for the 3-, 5- and 10-year periods.

The Board considered that, as of June 30, 2025, Driehaus Emerging Markets Small Cap Growth Fund outperformed its Performance Universe for the 3-, 5- and 10-year periods, ranking in the fourth, second and first quartiles, respectively, of its Performance Universe for the 1-, 3- and 5-year periods. In addition, the Board noted that Driehaus Emerging Markets Small Cap Growth Fund underperformed its benchmark index, the MSCI Emerging Markets Small Cap Index, for each of the above periods.

The Board considered that, as of June 30, 2025, Driehaus Small Cap Growth Fund's (Investor Shares and Institutional Shares) outperformed its Performance Universe for the 3- and 5-year periods, ranking in the fourth, first and first quartiles, respectively, of its Performance Universe for the 1-, 3- and 5-year periods (the Fund's inception date was August 21, 2017). The Board noted that Driehaus Small Cap Growth Fund (Investor Shares and Institutional Shares) outperformed its benchmark index, the Russell 2000 Growth Index, for the 3- and 5-year periods.

The Board considered that, as of June 30, 2025, Driehaus Global Fund outperformed its Performance Universe for the 1-year period, ranking in the first quartile. The Board noted that the Fund changed its investment strategy effective April 30, 2023 and that, the Performance Universe data provided by Barrington for the 3- and 5-year periods ended June 30, 2025 was not representative of the new investment strategy, and, thus, was not relevant to its consideration of the Fund's performance. In addition, the Board noted that Driehaus Global Fund outperformed its benchmark index, the MSCI All Country World Index, for the 1-year period.

The Board considered that, as of June 30, 2025, Driehaus International Developed Equity Fund outperformed its Performance Universe for the 1-year period (the Fund's inception date was April 30, 2024), ranking in the first quartile. In addition, the Board noted that Driehaus International Developed Equity Fund outperformed its benchmark index, the MSCI World Ex USA Growth Index, for the above period.

The Board considered that, as of June 30, 2025, Driehaus Small/Mid Cap Growth Fund's outperformed its Performance Universe for the 5-year period, ranking in the fourth, second and first quartiles, respectively, of its Performance Universe for the 1-, 3- and 5-year periods (the Fund's inception date was May 1, 2020). In addition, the Board noted that Driehaus Small/Mid Cap Growth Fund outperformed its benchmark index, the Russell 2500 Growth Index, for the 3- and 5-year periods.

The Board considered the longer-term performance of the Fund, noting that, as of June 30, 2025, Driehaus Event Driven Fund outperformed its Performance Universe for the 5- and 10-year periods, and considered that the Fund's objective of a positive return over a full market cycle had been met and that the Fund's volatility target, as measured by having a standard deviation of two-thirds or less than that of the S& P 500 Index, had been met for each of the 1-, 3- and 5-year periods. The Board also considered the Fund's ranking, in the fourth quartile, of its Performance Universe for the 1- and 3- year periods. In addition, the Board noted that Driehaus Event Driven Fund underperformed the S&P 500 Index for each of the above periods but noted the Adviser's statement that the benchmark for Driehaus Event Driven Fund is more representative for long-only funds and that the HFRX Event Driven Index and Morningstar Event Driven Category are more representative of Driehaus Event Driven Fund than the benchmark index. Additionally, the Board noted the Adviser's statements regarding the limited number of peers in the Morningstar Event Driven Category. The Board also reviewed performance for Driehaus Event Driven Fund for the 1-, 3- and 5-year and year-to-date periods ended June 30, 2025, relative to the HFRX Event Driven Index and Morningstar Event Driven Category and noted that the Fund

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underperformed the HFRX Event Driven Index for each period and outperformed the Morningstar Event Driven Category for the 5-year period. The Board noted that the Fund outperformed the Morningstar Event Driven Category for the 2021 and 2023 calendar years.

As to the Funds in general, the Board concluded that the Adviser had consistently implemented its investment philosophy, and that over the long term, the investment philosophy produces value for shareholders.

On the basis of this evaluation and its ongoing review of investment results, the Board concluded that the nature, quality and extent of services provided by the Adviser supported approval of the Agreement for each Fund.

*Fees. The Board considered each Fund's contractual management fee rate, operating expenses and total expense ratio as of June 30, 2025 as compared to peer expense group information based on data compiled by Barrington using data from Morningstar (with the fourth quartile being the highest fee). The Board noted that Driehaus International Developed Equity Fund's, Driehaus Small Cap Growth Fund's (Investor Shares and Institutional Shares) and Driehaus Small/Mid Cap Growth Fund's contractual management fee rates were in the first quartile of their respective peer groups, that Driehaus Emerging Markets Small Cap Growth Fund's and Driehaus Event Driven Fund's contractual management fee rates were in the second quartile of their respective peer groups, that Driehaus Emerging Markets Growth Fund's (Investor Shares and Institutional Shares) and Driehaus Global Fund's contractual management fee rates were in the third quartile of their respective peer groups and that Driehaus International Small Cap Growth Fund's and Driehaus Micro Cap Growth Fund's contractual management fee rates were in the fourth quartile of their respective peer groups.* 

The Board also considered that as of June 30, 2025, Driehaus Small Cap Growth Fund's (Investor Shares and Institutional Shares), Driehaus International Developed Equity Fund's and Driehaus Small/Mid Cap Growth Fund's total expense ratio were in the first quartile of their respective peer groups, that Driehaus Emerging Markets Growth Fund's (Institutional Shares), Driehaus Global Fund's and Driehaus Event Driven Fund's total expense ratio were in the second quartile of their respective peer groups, that Driehaus Emerging Markets Growth Fund's (Investor Shares) and Driehaus Emerging Markets Small Cap Growth Fund's total expense ratios were in the third quartile of their respective peer groups and that Driehaus International Small Cap Growth Fund's and Driehaus Micro Cap Growth Fund's total expense ratios were in the fourth quartile of their respective peer groups. In addition, the Board considered the expense reimbursement arrangements with the Adviser for Driehaus Emerging Markets Small Cap Growth Fund, Driehaus Global Fund, Driehaus International Developed Equity Fund and Driehaus Small/Mid Cap Growth Fund.

The Board also considered the Funds' advisory fee rates as compared to fees charged by the Adviser for similarly managed institutional accounts and sub-advised unaffiliated mutual funds, as applicable. With respect to institutional accounts and other mutual funds, the Board noted that the mix of services provided, the level of responsibility, the legal, reputational and regulatory risks and the resources required under the Agreement were significantly greater as compared to the Adviser's obligations for managing the other accounts. In considering the reasonableness of the advisory fees, the Board took into account the Adviser's substantial human and technological resources devoted to investing for the Funds, the relatively small amount of assets under management, the long-term performance of the Funds and the limited capacity of the investment style. In addition, the Board noted that the Adviser's directed brokerage program had resulted in a total of approximately $535,344 in directed brokerage credits during calendar year 2024, which were used to reduce expenses of the Funds.

On the basis of the information reviewed, the Board concluded that the advisory fee schedule for each Fund was reasonable in light of the nature and quality of services provided by the Adviser.

*Profitability. The Board reviewed information regarding revenues received by the Adviser under the Agreement from each Fund and discussed the Adviser's methodology in allocating its costs to the management of the Funds. The Board considered the estimated costs to the Adviser of managing the Funds. The Board noted that Driehaus Micro Cap Growth Fund and Driehaus Small Cap Growth Fund are currently closed to new investors in order to maintain assets at a level that the Adviser believes is prudent, which limits each Fund's profitability to the Adviser. The Board also noted that the Funds do not have a Rule 12b-1 fee or shareholder service fee (except for Investor Shares of Driehaus Emerging Markets Growth Fund and Driehaus Small Cap Growth Fund and for Driehaus Event Driven Fund) and that the Adviser provides compensation to intermediaries for distribution of Fund shares and for shareholder and administrative services to shareholders, except for Driehaus Emerging Markets Growth Fund (Investor Shares), Driehaus Small Cap Growth Fund (Investor Shares) and Driehaus Event Driven Fund, which reimburse the Adviser under a Shareholder Services Plan (the "Plan") for certain amounts paid for shareholder services covered under the Plan. The Board concluded that, based on*

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the profitability calculated for the Trust as well as for the Funds individually (noting that Driehaus International Developed Equity Fund operated at a loss), the profitability was not excessive in light of the nature, extent and quality of the services provided to the Funds.

*Economies of Scale. In considering the reasonableness of the advisory fee, the Board considered whether there are economies of scale with respect to the management of the Funds and whether the Funds benefit from any such economies of scale. Given the size of the Funds and the capacity constraints of the investment styles for certain Funds, as well as the fee waivers for certain of the Funds, the Board concluded that the advisory fee rates under the Agreement are reasonable and reflect an appropriate sharing of any such economies of scale.* 

*Other Benefits to the Adviser. The Board also considered the character and amount of other incidental benefits received by the Adviser. The Board noted that payments to the Adviser under the Plan are in reimbursement of payments made to intermediaries for shareholder services. The Board also considered benefits to the Adviser related to soft dollar allocations. The Board concluded that the advisory fees were reasonable in light of these fall-out benefits.*

Based on all of the information considered and the conclusions reached, the Board determined that the terms of the Agreement continue to be fair and reasonable and that the continuation of the Agreement is in the best interest of each Fund. No single factor was determinative in the Board's analysis.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The aggregate remuneration paid to the trustees (all of whom are independent) by each Fund is reported as "Trustees fees" on the Statement of Operations under Item 7 of this Form N-CSR.

Except for a portion of the CCO's compensation, the Funds do not pay any remuneration to their officers. The aggregate remuneration paid to the Funds' Chief Compliance Officer by the Funds is reported within the "Miscellaneous" line item on the Statement of Operations under Item 7 of this Form N-CSR.

The aggregate remuneration paid to Driehaus Capital Management LLC, the Funds' investment adviser and an affiliate of the Funds' officers, is reported as "Investment advisory fees" on the Statement of Operations in Item 7 of this Form N-CSR.

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#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The Board of Trustees (the "Board") of the Driehaus Mutual Funds (the "Trust"), including a majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended) (the "Independent Trustees"), approved the investment advisory agreement (the "Agreement") with Driehaus Capital Management LLC (the "Adviser") for Driehaus Emerging Markets Growth Fund, Driehaus Emerging Markets Small Cap Growth Fund, Driehaus Global Fund, Driehaus International Small Cap Growth Fund, Driehaus International Developed Equity Fund, Driehaus Micro Cap Growth Fund, Driehaus Small Cap Growth Fund, Driehaus Small/Mid Cap Growth Fund and Driehaus Event Driven Fund (each a "Fund" and collectively, the "Funds") on September 9, 2025 for a one-year term ending September 30, 2026. As part of its review process, the Board requested and evaluated all information it deemed reasonably necessary to evaluate the Agreement. The Board reviewed comprehensive materials received from the Adviser and from independent legal counsel. The Board also received extensive information throughout the year regarding performance and operating results of each Fund. The Independent Trustees held a meeting with their independent legal counsel on September 3, 2025 to review the materials provided in response to their request. The Independent Trustees, represented by independent legal counsel, met independent of Fund management to consider renewal of the Agreement for each Fund. After their consideration of all the information received, the Independent Trustees presented their findings and their recommendation to renew the Agreement at the Board meeting.

In connection with the contract review process, the Board considered the factors discussed below, among others. The Board also considered that the Adviser has managed each Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious adviser is in the best interests of each Fund. The Board considered, generally, that shareholders invested in each Fund, knowing that the Adviser managed the Fund and knowing the investment advisory fee schedule.

*Nature, Quality and Extent of Services.* The Board considered the nature, extent and quality of services provided under the Agreement, including portfolio management services and certain administrative services. The Board considered the experience and skills of senior management and investment personnel, the resources made available to such personnel, the ability of the Adviser to attract and retain high-quality personnel and the organizational depth of the Adviser. The Board also considered the Trust's compliance with legal and regulatory requirements, as well as the Adviser's handling of portfolio brokerage, and noted the Adviser's process for evaluating best execution. The Board noted the Adviser's role in overseeing the Funds' other service providers, including the Adviser's review of expenses. The Board considered the Adviser's risk management strategies and the process developed by the Adviser for analyzing, reviewing and assessing risk exposure for the Funds. The Board also considered the Funds' process for fair valuation of portfolio securities.

The Board received and considered performance information provided for each Fund (and share class, as applicable), comparing it to the performance of a peer universe of funds (the "Performance Universe") and a peer group of funds, as applicable, compiled by Barrington Partners ("Barrington") using data from Morningstar, Inc., an independent provider of mutual fund data ("Morningstar"), and to each Fund's performance benchmark index, as identified in reports to shareholders. The Board noted that the Adviser represented that, because the Funds' performance can be volatile over shorter time periods, for Funds with longer performance records (except for Driehaus Global Fund, which had a change in investment strategy effective April 30, 2023, Driehaus International Developed Equity Fund, which commenced operations on April 30, 2024 and Driehaus Event Driven Fund, which pursues an investment strategy that differs from its benchmark), it was also meaningful to analyze the performance over rolling time periods. The Board reviewed rolling performance for the Funds for the 1-, 3- and 5-year periods, as applicable, over the life of each covered Fund relative to its benchmark and noted that, in a majority of the time periods measured, each Fund outperformed its benchmark index. The Board also considered whether investment results were consistent with each Fund's investment objective and policies.

As to the specific Funds, the Board considered that, as of June 30, 2025, Driehaus Emerging Markets Growth Fund (Investor Shares) outperformed its Performance Universe for the 10-year period, ranking in the fourth, third and third quartiles, respectively, of its Performance Universe for the 1-, 3- and 5-year periods (the first quartile being the best performers and the fourth quartile being the worst performers). The Board noted that Driehaus Emerging Markets Growth Fund (Investor Shares) outperformed its benchmark index, the MSCI Emerging Markets Index, for the 10-year period. The Board further noted that, as of June 30, 2025, Driehaus Emerging Markets Growth Fund (Institutional Shares) underperformed its Performance Universe for the 1-, 3- and 5-year periods (the Fund's Institutional Shares inception date was July 17, 2017), ranking in the fourth, third and third quartiles, respectively, of its Performance Universe for the 1-, 3- and 5-year periods, and that Driehaus Emerging Markets Growth Fund (Institutional Shares) underperformed its benchmark index for each of the above periods.

The Board considered that, as of June 30, 2025, Driehaus International Small Cap Growth Fund outperformed its Performance Universe for the 1-, 3-, 5- and 10-year periods, ranking in the second, first and first quartiles, respectively, of its Performance Universe for the 1-, 3- and 5-year periods. The Board noted that Driehaus International Small Cap Growth Fund outperformed its benchmark index, the MSCI All Country World ex USA Small Cap Growth Index, for each of the above periods.

The Board considered that, as of June 30, 2025, Driehaus Micro Cap Growth Fund outperformed its Performance Universe for the 1-, 3-, 5- and 10-year periods, ranking in the second, first and first quartiles, respectively, of its Performance Universe for the 1-, 3- and 5-year periods. In addition, the Board noted that Driehaus Micro Cap Growth Fund outperformed its benchmark index, the Russell Microcap Growth Index, for the 3-, 5- and 10-year periods.

The Board considered that, as of June 30, 2025, Driehaus Emerging Markets Small Cap Growth Fund outperformed its Performance Universe for the 3-, 5- and 10-year periods, ranking in the fourth, second and first quartiles, respectively, of its Performance Universe for the 1-, 3- and 5-year periods. In addition, the Board noted that Driehaus Emerging Markets Small Cap Growth Fund underperformed its benchmark index, the MSCI Emerging Markets Small Cap Index, for each of the above periods.

The Board considered that, as of June 30, 2025, Driehaus Small Cap Growth Fund's (Investor Shares and Institutional Shares) outperformed its Performance Universe for the 3- and 5-year periods, ranking in the fourth, first and first quartiles, respectively, of its Performance Universe for the 1-, 3- and 5-year periods (the Fund's inception date was August 21, 2017). The Board noted that Driehaus Small Cap Growth Fund (Investor Shares and Institutional Shares) outperformed its benchmark index, the Russell 2000 Growth Index, for the 3- and 5-year periods.

The Board considered that, as of June 30, 2025, Driehaus Global Fund outperformed its Performance Universe for the 1-year period, ranking in the first quartile. The Board noted that the Fund changed its investment strategy effective April 30, 2023 and that, the Performance Universe data provided by Barrington for the 3- and 5-year periods ended June 30, 2025 was not representative of the new investment strategy, and, thus, was not relevant to its consideration of the Fund's performance. In addition, the Board noted that Driehaus Global Fund outperformed its benchmark index, the MSCI All Country World Index, for the 1-year period.

The Board considered that, as of June 30, 2025, Driehaus International Developed Equity Fund outperformed its Performance Universe for the 1-year period (the Fund's inception date was April 30, 2024), ranking in the first quartile. In addition, the Board noted that Driehaus International Developed Equity Fund outperformed its benchmark index, the MSCI World Ex USA Growth Index, for the above period.

The Board considered that, as of June 30, 2025, Driehaus Small/Mid Cap Growth Fund's outperformed its Performance Universe for the 5-year period, ranking in the fourth, second and first quartiles, respectively, of its Performance Universe for the 1-, 3- and 5-year periods (the Fund's inception date was May 1, 2020). In addition, the Board noted that Driehaus Small/Mid Cap Growth Fund outperformed its benchmark index, the Russell 2500 Growth Index, for the 3- and 5-year periods.

The Board considered the longer-term performance of the Fund, noting that, as of June 30, 2025, Driehaus Event Driven Fund outperformed its Performance Universe for the 5- and 10-year periods, and considered that the Fund's objective of a positive return over a full market cycle had been met and that the Fund's volatility target, as measured by having a standard deviation of two-thirds or less than that of the S&P 500 Index, had been met for each of the 1-, 3- and 5-year periods. The Board also considered the Fund's ranking, in the fourth quartile, of its Performance Universe for the 1- and 3- year periods. In addition, the Board noted that Driehaus Event Driven Fund underperformed the S&P 500 Index for each of the above periods but noted the Adviser's statement that the benchmark for Driehaus Event Driven Fund is more representative for long-only funds and that the HFRX Event Driven Index and Morningstar Event Driven Category are more representative of Driehaus Event Driven Fund than the benchmark index. Additionally, the Board noted the Adviser's statements regarding the limited number of peers in the Morningstar Event Driven Category. The Board also reviewed performance for Driehaus Event Driven Fund for the 1-, 3- and 5-year and year-to-date periods ended June 30, 2025, relative to the HFRX Event Driven Index and Morningstar Event Driven Category and noted that the Fund underperformed the HFRX Event Driven Index for each period and outperformed the Morningstar Event Driven Category for the 5-year period. The Board noted that the Fund outperformed the Morningstar Event Driven Category for the 2021 and 2023 calendar years.

As to the Funds in general, the Board concluded that the Adviser had consistently implemented its investment philosophy, and that over the long term, the investment philosophy produces value for shareholders.

On the basis of this evaluation and its ongoing review of investment results, the Board concluded that the nature, quality and extent of services provided by the Adviser supported approval of the Agreement for each Fund.

*Fees*. The Board considered each Fund's contractual management fee rate, operating expenses and total expense ratio as of June 30, 2025 as compared to peer expense group information based on data compiled by Barrington using data from Morningstar (with the fourth quartile being the highest fee). The Board noted that Driehaus International Developed Equity Fund's, Driehaus Small Cap Growth Fund's (Investor Shares and Institutional Shares) and Driehaus Small/Mid Cap Growth Fund's contractual management fee rates were in the first quartile of their respective peer groups, that Driehaus Emerging Markets Small Cap Growth Fund's and Driehaus Event Driven Fund's contractual management fee rates were in the second quartile of their respective peer groups, that Driehaus Emerging Markets Growth Fund's (Investor Shares and Institutional Shares) and Driehaus Global Fund's contractual management fee rates were in the third quartile of their respective peer groups and that Driehaus International Small Cap Growth Fund's and Driehaus Micro Cap Growth Fund's contractual management fee rates were in the fourth quartile of their respective peer groups.

The Board also considered that as of June 30, 2025, Driehaus Small Cap Growth Fund's (Investor Shares and Institutional Shares), Driehaus International Developed Equity Fund's and Driehaus Small/Mid Cap Growth Fund's total expense ratio were in the first quartile of their respective peer groups, that Driehaus Emerging Markets Growth Fund's (Institutional Shares), Driehaus Global Fund's and Driehaus Event Driven Fund's total expense ratio were in the second quartile of their respective peer groups, that Driehaus Emerging Markets Growth Fund's (Investor Shares) and Driehaus Emerging Markets Small Cap Growth Fund's total expense ratios were in the third quartile of their respective peer groups and that Driehaus International Small Cap Growth Fund's and Driehaus Micro Cap Growth Fund's total expense ratios were in the fourth quartile of their respective peer groups. In addition, the Board considered the expense reimbursement arrangements with the Adviser for Driehaus Emerging Markets Small Cap Growth Fund, Driehaus Global Fund, Driehaus International Developed Equity Fund and Driehaus Small/Mid Cap Growth Fund.

The Board also considered the Funds' advisory fee rates as compared to fees charged by the Adviser for similarly managed institutional accounts and sub-advised unaffiliated mutual funds, as applicable. With respect to institutional accounts and other mutual funds, the Board noted that the mix of services provided, the level of responsibility, the legal, reputational and regulatory risks and the resources required under the Agreement were significantly greater as compared to the Adviser's obligations for managing the other accounts. In considering the reasonableness of the advisory fees, the Board took into account the Adviser's substantial human and technological resources devoted to investing for the Funds, the relatively small amount of assets under management, the long-term performance of the Funds and the limited capacity of the investment style. In addition, the Board noted that the Adviser's directed brokerage program had resulted in a total of approximately $535,344 in directed brokerage credits during calendar year 2024, which were used to reduce expenses of the Funds.

On the basis of the information reviewed, the Board concluded that the advisory fee schedule for each Fund was reasonable in light of the nature and quality of services provided by the Adviser.

*Profitability*. The Board reviewed information regarding revenues received by the Adviser under the Agreement from each Fund and discussed the Adviser's methodology in allocating its costs to the management of the Funds. The Board considered the estimated costs to the Adviser of managing the Funds. The Board noted that Driehaus Micro Cap Growth Fund and Driehaus Small Cap Growth Fund are currently closed to new investors in order to maintain assets at a level that the Adviser believes is prudent, which limits each Fund's profitability to the Adviser. The Board also noted that the Funds do not have a Rule 12b-1 fee or shareholder service fee (except for Investor Shares of Driehaus Emerging Markets Growth Fund and Driehaus Small Cap Growth Fund and for Driehaus Event Driven Fund) and that the Adviser provides compensation to intermediaries for distribution of Fund shares and for shareholder and administrative services to shareholders, except for Driehaus Emerging Markets Growth Fund (Investor Shares), Driehaus Small Cap Growth Fund (Investor Shares) and Driehaus Event Driven Fund, which reimburse the Adviser under a Shareholder Services Plan (the "Plan") for certain amounts paid for shareholder services covered under the Plan. The Board concluded that, based on the profitability calculated for the Trust as well as for the Funds individually (noting that Driehaus International Developed Equity Fund operated at a loss), the profitability was not excessive in light of the nature, extent and quality of the services provided to the Funds.

*Economies of Scale.* In considering the reasonableness of the advisory fee, the Board considered whether there are economies of scale with respect to the management of the Funds and whether the Funds benefit from any such economies of scale. Given the size of the Funds and the capacity constraints of the investment styles for certain Funds, as well as the fee waivers for certain of the Funds, the Board concluded that the advisory fee rates under the Agreement are reasonable and reflect an appropriate sharing of any such economies of scale.

*Other Benefits to the Adviser.* The Board also considered the character and amount of other incidental benefits received by the Adviser. The Board noted that payments to the Adviser under the Plan are in reimbursement of payments made to intermediaries for shareholder services. The Board also considered benefits to the Adviser related to soft dollar allocations. The Board concluded that the advisory fees were reasonable in light of these fall-out benefits.

Based on all of the information considered and the conclusions reached, the Board determined that the terms of the Agreement continue to be fair and reasonable and that the continuation of the Agreement is in the best interest of each Fund. No single factor was determinative in the Board's analysis.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 15. 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.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16. 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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

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#### Item 19. Exhibits
(a)(1) [Registrant's Code of Ethics for Principal Executive and Principal Financial Officers, which is the subject of the disclosure required by Item 2 of Form N-CSR, is attached hereto.](CodeofEthics.htm)

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) are filed herewith.](Exhibit_a3.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) is filed herewith.](Exhibit_b.htm)

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#### 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/ Stephen T. Weber  |
|  | Stephen T. Weber, President  |
|  | (Principal Executive Officer)  |
| Date  | March 5, 2026  |

---

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/ Stephen T. Weber  |
|  | Stephen T. Weber, President  |
|  | (Principal Executive Officer)  |
| Date  | March 5, 2026  |
| By (Signature and Title)  | /s/ Robert M. Kurinsky  |
|  | Robert M. Kurinsky, Vice President and Treasurer  |
|  | (Principal Financial Officer)  |
| Date  | March 5, 2026  |

---

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## Ex-99.Code

#### DRIEHAUS MUTUAL FUNDS CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND PRINCIPAL FINANCIAL OFFICERS
I. **Covered Officers/Purpose of the Code** 

This code of ethics (the "Code") for the Driehaus Mutual Funds (the "Trust") applies to the Trust's Principal Executive Officer and Principal Financial Officer (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of determining wrongdoing and promoting:

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

compliance with applicable governmental laws, rules and regulations;

the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. **Conflicts of Interest** 

**Overview. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Trust.** 

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (the "1940 Act") and the Investment Advisers Act of 1940 (the "Advisers Act"). The Trust's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

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Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the Trust's investment adviser, Driehaus Capital Management LLC ("DCM") which the Covered Officers are also principals or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or, DCM), be involved in establishing policies and implementing decisions that will have different effects on DCM and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Trust and DCM, and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

III. **Disclosure and Compliance** 

Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trust;

each Covered Officer should not intentionally misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's Board of Trustees and auditors, and to governmental regulators and self-regulatory organizations;

each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust and DCM with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust; and

each Covered Officer should promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. **Reporting and Accountability** 

Each Covered Officer must:

upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board of Trustees that he or she has received, read, and understands the Code;

annually thereafter affirm to the Board of Trustees that he or she has complied with the requirements of the Code; and

notify the Ethics Committee promptly if he or she knows of any violation of this Code.

The Ethics Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.

The Trust will follow these procedures in investigating and enforcing this Code:

------

the Ethics Committee will take all appropriate action to investigate any potential violations reported to it;

if, after such investigation, the Ethics Committee believes that no violation has occurred, the Ethics Committee is not required to take any further action;

any matter that the Ethics Committee believes is a violation or that the Ethics Committee believes should be reviewed by the Trust's Board of Trustees will be reported to the Trust's Board of Trustees;

based upon its review of any matter referred to it, the Trust's Board of Trustees shall determine whether or not a violation has occurred, whether a grant of waiver is appropriate or whether some other action should be taken. Based upon its determination, the Trust's Board of Trustees may take such action as it deems appropriate, which may include without limitation, the modifications of applicable policies and procedures, and/or the notification to appropriate personnel of DCM (which may include a recommendation to dismiss the Covered Officer); and

any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V. **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust or DCM or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's and DCM's code of ethics under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI. **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

VII. **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board of Trustees, counsel to the Trust, the Trust and DCM.

VIII. **Internal Use** 

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

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Dated: February 23, 2004

Updated: November 14, 2011

Updated January 7, 2019

Updated January 2, 2020

Updated February 24, 2020

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#### Exhibit A
Persons Covered by this Code of Ethics

Steve Weber, President

Robert Kurinsky, Vice President and Treasurer

NTAC:3NS-20 NTAC:3NS-20

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## Exhibit 99.906

#### Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act
I, Stephen T. Weber, President of Driehaus Mutual Funds (the "Registrant"), certify that:

1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date:  | March 5, 2026  | /s/ Stephen T. Weber  |
|  |  | Stephen T. Weber, President  |
|  |  | (Principal Executive Officer)  |

---

I, Robert M. Kurinsky, Vice President and Treasurer of Driehaus Mutual Funds (the "Registrant"), certify that:

1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date:  | March 5, 2026  | /s/ Robert M. Kurinsky  |
|  |  | Robert M. Kurinsky, Vice President and Treasurer  |
|  |  | (Principal Financial Officer)  |

---

------

## Ex-99.Cert

#### Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act
I, Stephen T. Weber, certify that:

1. I have reviewed this report on Form N-CSR of Driehaus Mutual Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date:  | March 5, 2026  | /s/ Stephen T. Weber  |
|  |  | Stephen T. Weber, President  |
|  |  | (Principal Executive Officer)  |

---

I, Robert M. Kurinsky, certify that:

1. I have reviewed this report on Form N-CSR of Driehaus Mutual Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date:  | March 5, 2026  | /s/ Robert M. Kurinsky  |
|  |  | Robert M. Kurinsky, Vice President and Treasurer  |
|  |  | (Principal Financial Officer)  |

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