# EDGAR Filing Document

**Accession Number:** 0001016073
**File Stem:** 0002066578-26-001452
**Filing Date:** 2026-5
**Character Count:** 295183
**Document Hash:** f47892a3ec7206bc11c47ec42da2c017
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-001452.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0002066578-26-001452

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**PERIOD START**: 20261231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07655
- **FILM NUMBER:** 261027397

**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 International Small Cap Growth Fund (Series ID: S000018408)

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

## Nport-Ex

------

#### Driehaus Emerging Markets Growth Fund

#### Schedule of Investments

#### March 31, 2026 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **COMMON STOCKS — 94.49%** | **COMMON STOCKS — 94.49%** | **COMMON STOCKS — 94.49%** |
| **FAR EAST — 69.56%** | **FAR EAST — 69.56%** | **FAR EAST — 69.56%** |
| &nbsp;&nbsp;**Taiwan — 21.45%** | &nbsp;&nbsp;**Taiwan — 21.45%** | &nbsp;&nbsp;**Taiwan — 21.45%** |
| &nbsp;&nbsp;&nbsp;&nbsp;ASE Technology Holding Co. Ltd. | &nbsp;&nbsp;6408000 | &nbsp;&nbsp;&nbsp;$70527511 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASPEED Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37571729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chroma ATE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;648000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31093918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp;5713000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23816425 |
| &nbsp;&nbsp;&nbsp;&nbsp;CTBC Financial Holding Co. Ltd. | 39379000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63995543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Delta Electronics, Inc. | &nbsp;&nbsp;1078000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48607420 |
| &nbsp;&nbsp;&nbsp;&nbsp;eMemory Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;344000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29290232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinik Co. | &nbsp;&nbsp;1151000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15955788 |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;916000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43936099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;5578400 | &nbsp;&nbsp;&nbsp;&nbsp;322624114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. - SP ADR <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;518059 | &nbsp;&nbsp;&nbsp;&nbsp;175078039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Microwave Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;460486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21376670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vanguard International Semiconductor Corp. | &nbsp;&nbsp;6039000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22416418 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;906289906 |
| &nbsp;&nbsp;**China — 20.32%** | &nbsp;&nbsp;**China — 20.32%** | &nbsp;&nbsp;**China — 20.32%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro-Fabrication Equipment, Inc. China - A | &nbsp;&nbsp;&nbsp;&nbsp;803997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36338536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. - W | &nbsp;&nbsp;7182900 | &nbsp;&nbsp;&nbsp;&nbsp;112588289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aluminum Corp. of China Ltd. - H | &nbsp;&nbsp;5894000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8622723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Baidu, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;2271950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31757755 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Jushi Co. Ltd. - A | &nbsp;&nbsp;6795405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24289657 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd. - H | &nbsp;&nbsp;6041000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38385875 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Shenhua Energy Co. Ltd. - H | &nbsp;&nbsp;4974000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29441949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. - A | &nbsp;&nbsp;&nbsp;&nbsp;808694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47847240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Ltd. - H | 69947000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61654654 |
| &nbsp;&nbsp;&nbsp;&nbsp;NAURA Technology Group Co. Ltd. - A | &nbsp;&nbsp;&nbsp;&nbsp;691388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45467935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Neway Valve Suzhou Co. Ltd. - A | &nbsp;&nbsp;1973681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13960328 |
| &nbsp;&nbsp;&nbsp;&nbsp;PetroChina Co. Ltd. - H | 42422000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58197107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. - H | &nbsp;&nbsp;3976500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30576161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sieyuan Electric Co. Ltd. - A | &nbsp;&nbsp;&nbsp;&nbsp;892684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26402050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sunresin New Materials Co. Ltd. - A | &nbsp;&nbsp;2573049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24706293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;3219845 | &nbsp;&nbsp;&nbsp;&nbsp;203083291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Victory Giant Technology Huizhou Co. Ltd. - A | &nbsp;&nbsp;&nbsp;&nbsp;667300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24957742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weichai Power Co. Ltd. - H | &nbsp;&nbsp;1727000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6124329 |
| &nbsp;&nbsp;&nbsp;&nbsp;WuXi AppTec Co. Ltd. - H <sup>2,3</sup> | &nbsp;&nbsp;2243200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34355605 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;858757519 |
| &nbsp;&nbsp;**South Korea — 14.78%** | &nbsp;&nbsp;**South Korea — 14.78%** | &nbsp;&nbsp;**South Korea — 14.78%** |
| &nbsp;&nbsp;&nbsp;&nbsp;APR Corp. | &nbsp;&nbsp;&nbsp;&nbsp;136515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31148541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hana Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;618646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45097364 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45185780 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyosung Heavy Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20133 | &nbsp;&nbsp;$33996011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15302285 |
| &nbsp;&nbsp;&nbsp;&nbsp;KT&G Corp. | &nbsp;&nbsp;&nbsp;&nbsp;367528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39521290 |
| &nbsp;&nbsp;&nbsp;&nbsp;POSCO Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22059662 |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;2064278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241440827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Heavy Industries Co. Ltd. <sup>\*</sup> | &nbsp;&nbsp;1004526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16832934 |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;235897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133839731 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624424425 |
| &nbsp;&nbsp;**India — 8.23%** | &nbsp;&nbsp;**India — 8.23%** | &nbsp;&nbsp;**India — 8.23%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp;3103518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43412405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Bank Ltd. | &nbsp;&nbsp;3100495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38400321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bajaj Finance Ltd. | &nbsp;&nbsp;1960191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16772735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bharat Electronics Ltd. | &nbsp;&nbsp;8849235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37868098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel Ltd. | &nbsp;&nbsp;1375865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26146103 |
| &nbsp;&nbsp;&nbsp;&nbsp;BSE Ltd. | &nbsp;&nbsp;1214228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34957425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eternal Ltd. <sup>\*</sup> | &nbsp;&nbsp;4923965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12114075 |
| &nbsp;&nbsp;&nbsp;&nbsp;GMR Airports Ltd. <sup>\*</sup> | 18792217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16938171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hindustan Copper Ltd. | &nbsp;&nbsp;1864564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9032038 |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. - SP ADR <sup>1</sup> | &nbsp;&nbsp;1654340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42847406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Max Healthcare Institute Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;657873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6750322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;2458948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35363519 |
| &nbsp;&nbsp;&nbsp;&nbsp;UltraTech Cement Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;239022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27300842 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347903460 |
| &nbsp;&nbsp;**Hong Kong — 1.88%** | &nbsp;&nbsp;**Hong Kong — 1.88%** | &nbsp;&nbsp;**Hong Kong — 1.88%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | &nbsp;&nbsp;2321000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25789392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Techtronic Industries Co. Ltd. | &nbsp;&nbsp;2037000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27051840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zijin Gold International Co. Ltd. <sup>3,\*</sup> | &nbsp;&nbsp;1161900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26443477 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79284709 |
| &nbsp;&nbsp;**Japan — 1.55%** | &nbsp;&nbsp;**Japan — 1.55%** | &nbsp;&nbsp;**Japan — 1.55%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39209515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Tobacco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;688500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26413523 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65623038 |
| &nbsp;&nbsp;**Thailand — 0.94%** | &nbsp;&nbsp;**Thailand — 0.94%** | &nbsp;&nbsp;**Thailand — 0.94%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39640214 |
| &nbsp;&nbsp;**Indonesia — 0.41%** | &nbsp;&nbsp;**Indonesia — 0.41%** | &nbsp;&nbsp;**Indonesia — 0.41%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | 45031375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17394765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total FAR EAST<br> (Cost $2,070,698,277) |  | &nbsp;&nbsp;&nbsp;2939318036 |
| **SOUTH AMERICA — 8.07%** | **SOUTH AMERICA — 8.07%** | **SOUTH AMERICA — 8.07%** |
| &nbsp;&nbsp;**Brazil — 6.18%** | &nbsp;&nbsp;**Brazil — 6.18%** | &nbsp;&nbsp;**Brazil — 6.18%** |
| &nbsp;&nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao <sup>\*</sup> | &nbsp;&nbsp;9585900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34051287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP | &nbsp;&nbsp;2257520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69135288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direcional Engenharia SA | &nbsp;&nbsp;7180352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18325676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eneva SA <sup>\*</sup> | &nbsp;&nbsp;5058600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23975333 |
| &nbsp;&nbsp;&nbsp;&nbsp;NU Holdings Ltd. - A <sup>1,\*</sup> | &nbsp;&nbsp;2890336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41534128 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRIO SA <sup>\*</sup> | &nbsp;&nbsp;1496300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19152039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rede D'Or Sao Luiz SA <sup>2,3</sup> | &nbsp;&nbsp;3834700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28812904 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vale SA - SP ADR <sup>1</sup> | &nbsp;&nbsp;1654551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26323907 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261310562 |

---

Notes to Schedule of Investments are an integral part of this Schedule.

------

#### Driehaus Emerging Markets Growth Fund

#### Schedule of Investments

#### March 31, 2026 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;**Peru — 1.44%** | &nbsp;&nbsp;**Peru — 1.44%** | &nbsp;&nbsp;**Peru — 1.44%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Credicorp Ltd. <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;179597 | &nbsp;&nbsp;&nbsp;$60915711 |
| &nbsp;&nbsp;**Argentina — 0.45%** | &nbsp;&nbsp;**Argentina — 0.45%** | &nbsp;&nbsp;**Argentina — 0.45%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Galicia SA - ADR <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;403969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18869392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SOUTH AMERICA<br> (Cost $257,642,469) |  | &nbsp;&nbsp;&nbsp;&nbsp;341095665 |
| **NORTH AMERICA — 6.39%** | **NORTH AMERICA — 6.39%** | **NORTH AMERICA — 6.39%** |
| &nbsp;&nbsp;**Mexico — 4.06%** | &nbsp;&nbsp;**Mexico — 4.06%** | &nbsp;&nbsp;**Mexico — 4.06%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Arca Continental SAB de CV | &nbsp;&nbsp;1681170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19364925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fomento Economico Mexicano SAB. de C.V. - ADR <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;361066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40099990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV - O | &nbsp;&nbsp;7235262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80115499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vista Energy SAB de CV - ADR <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;423603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31969318 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;171549732 |
| &nbsp;&nbsp;**United States — 2.01%** | &nbsp;&nbsp;**United States — 2.01%** | &nbsp;&nbsp;**United States — 2.01%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern Copper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;142580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24532315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenaris SA - ADR <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;394192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22934090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yum China Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;770301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37575283 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85041688 |
| &nbsp;&nbsp;**Canada — 0.32%** | &nbsp;&nbsp;**Canada — 0.32%** | &nbsp;&nbsp;**Canada — 0.32%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13275105 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total NORTH AMERICA<br> (Cost $217,313,830) |  | &nbsp;&nbsp;&nbsp;&nbsp;269866525 |
| **EUROPE — 5.03%** | **EUROPE — 5.03%** | **EUROPE — 5.03%** |
| &nbsp;&nbsp;**Hungary — 1.55%** | &nbsp;&nbsp;**Hungary — 1.55%** | &nbsp;&nbsp;**Hungary — 1.55%** |
| &nbsp;&nbsp;&nbsp;&nbsp;OTP Bank Nyrt. | &nbsp;&nbsp;&nbsp;&nbsp;609935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65402039 |
| &nbsp;&nbsp;**Turkey — 1.01%** | &nbsp;&nbsp;**Turkey — 1.01%** | &nbsp;&nbsp;**Turkey — 1.01%** |
| &nbsp;&nbsp;&nbsp;&nbsp;BIM Birlesik Magazalar A/S | &nbsp;&nbsp;2772903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42741435 |
| &nbsp;&nbsp;**Switzerland — 0.93%** | &nbsp;&nbsp;**Switzerland — 0.93%** | &nbsp;&nbsp;**Switzerland — 0.93%** |
| &nbsp;&nbsp;&nbsp;&nbsp;BeOne Medicines Ltd. - ADR <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18459061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola HBC AG <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;369167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20794885 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39253946 |
| &nbsp;&nbsp;**Greece — 0.80%** | &nbsp;&nbsp;**Greece — 0.80%** | &nbsp;&nbsp;**Greece — 0.80%** |
| &nbsp;&nbsp;&nbsp;&nbsp;National Bank of Greece SA | &nbsp;&nbsp;2199614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33979385 |
| &nbsp;&nbsp;**Poland — 0.48%** | &nbsp;&nbsp;**Poland — 0.48%** | &nbsp;&nbsp;**Poland — 0.48%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp;1154223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20091543 |
| &nbsp;&nbsp;**Netherlands — 0.26%** | &nbsp;&nbsp;**Netherlands — 0.26%** | &nbsp;&nbsp;**Netherlands — 0.26%** |
| &nbsp;&nbsp;&nbsp;&nbsp;CSG NV <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;404494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10912254 |
| &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;&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 $166,545,453) |  | &nbsp;&nbsp;&nbsp;&nbsp;212380602 |
| **MIDDLE EAST — 2.89%** | **MIDDLE EAST — 2.89%** | **MIDDLE EAST — 2.89%** |
| &nbsp;&nbsp;**United Arab Emirates — 2.00%** | &nbsp;&nbsp;**United Arab Emirates — 2.00%** | &nbsp;&nbsp;**United Arab Emirates — 2.00%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Abu Dhabi Commercial Bank PJSC | &nbsp;&nbsp;5402932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18446706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aldar Properties PJSC <sup>\*</sup> | 14547435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31443181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dubai Electricity & Water Authority PJSC | 16245399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12051406 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;6976421 | &nbsp;&nbsp;$22829904 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84771197 |
| &nbsp;&nbsp;**Saudi Arabia — 0.89%** | &nbsp;&nbsp;**Saudi Arabia — 0.89%** | &nbsp;&nbsp;**Saudi Arabia — 0.89%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Etihad Etisalat Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10747838 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Saudi National Bank | &nbsp;&nbsp;&nbsp;2368206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26734286 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37482124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total MIDDLE EAST<br> (Cost $106,716,618) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122253321 |
| **AFRICA — 2.55%** | **AFRICA — 2.55%** | **AFRICA — 2.55%** |
| &nbsp;&nbsp;**South Africa — 2.55%** | &nbsp;&nbsp;**South Africa — 2.55%** | &nbsp;&nbsp;**South Africa — 2.55%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitec Bank Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51099956 |
| &nbsp;&nbsp;&nbsp;&nbsp;MTN Group Ltd. | &nbsp;&nbsp;&nbsp;4844861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56571802 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107671758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total AFRICA<br> (Cost $81,573,411) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107671758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMON STOCKS<br> (Cost $2,900,490,058) |  | &nbsp;&nbsp;&nbsp;3992585907 |
| **PREFERRED STOCKS — 1.23%** | **PREFERRED STOCKS — 1.23%** | **PREFERRED STOCKS — 1.23%** |
| **SOUTH AMERICA — 1.23%** | **SOUTH AMERICA — 1.23%** | **SOUTH AMERICA — 1.23%** |
| &nbsp;&nbsp;**Chile — 0.73%** | &nbsp;&nbsp;**Chile — 0.73%** | &nbsp;&nbsp;**Chile — 0.73%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile SA - SP ADR <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30622677 |
| &nbsp;&nbsp;**Brazil — 0.50%** | &nbsp;&nbsp;**Brazil — 0.50%** | &nbsp;&nbsp;**Brazil — 0.50%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA - SP ADR, 3.90% <sup>1,4</sup> | &nbsp;&nbsp;&nbsp;2541294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21296044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SOUTH AMERICA<br> (Cost $36,621,199) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51918721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total PREFERRED STOCKS<br> (Cost $36,621,199) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51918721 |
| **SHORT TERM INVESTMENTS — 4.26%** | **SHORT TERM INVESTMENTS — 4.26%** | **SHORT TERM INVESTMENTS — 4.26%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional U.S. Government Select Portfolio (Shares Class), 3.54% <sup>5</sup><br> (Cost $180,090,614) | 180090614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180090614 |
| &nbsp;&nbsp;TOTAL INVESTMENTS<br> (Cost $3,117,201,871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.98% | &nbsp;&nbsp;$4224595242 |
| &nbsp;&nbsp;Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041186 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;$4225636428 |

---

ADR American Depositary Receipt <br> PJSC Public Joint Stock Company <br> SP ADR Sponsored American Depositary Receipt

<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 $63,168,509, which represents 1% of Net Assets.

Notes to Schedule of Investments are an integral part of this Schedule.

------

#### Driehaus Emerging Markets Growth Fund

#### Schedule of Investments

#### March 31, 2026 (unaudited)

------

<sup>3</sup> Restricted securities - The Fund may own investment securities that have other legal or contractual limitations. At March 31, 2026, the value of restricted securities amounted to $89,611,986 or 2% of net assets.

---

| | | |
|:---|:---|:---|
| *Restricted Security* | *Acquisition Date* | &nbsp;&nbsp;*Acquisition Cost* |
| Rede D'Or Sao Luiz SA | 9/15/25-2/20/26 | &nbsp;&nbsp;30,529,039 |
| WuXi AppTec Co. Ltd. - H | 8/27/25-2/10/26 | &nbsp;&nbsp;31,893,336 |
| Zijin Gold International Co. Ltd. | 2/23/26-2/27/26 | &nbsp;&nbsp;34,118,890 |

---

---

| | |
|:---|:---|
| <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 March 31, 2026 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 Trustee. 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.

Notes to Schedule of Investments are an integral part of this Schedule.

------

#### Driehaus Emerging Markets Small Cap Growth Fund

#### Schedule of Investments

#### March 31, 2026 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **COMMON STOCKS — 94.90%** | **COMMON STOCKS — 94.90%** | **COMMON STOCKS — 94.90%** |
| **FAR EAST — 67.44%** | **FAR EAST — 67.44%** | **FAR EAST — 67.44%** |
| &nbsp;&nbsp;**China — 16.58%** | &nbsp;&nbsp;**China — 16.58%** | &nbsp;&nbsp;**China — 16.58%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Anhui Yingliu Electromechanical Co. Ltd. - A | &nbsp;&nbsp;&nbsp;248300 | &nbsp;&nbsp;&nbsp;&nbsp;$2250797 |
| &nbsp;&nbsp;&nbsp;&nbsp;Atour Lifestyle Holdings Ltd. - ADR <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;52023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1914967 |
| &nbsp;&nbsp;&nbsp;&nbsp;CGN Mining Co. Ltd. | 4655000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2311665 |
| &nbsp;&nbsp;&nbsp;&nbsp;China National Building Material Co. Ltd. - H | 2270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Daqo New Energy Corp. - ADR <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;80606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714490 |
| &nbsp;&nbsp;&nbsp;&nbsp;GDS Holdings Ltd. - ADR <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;51576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2077997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Henan Pinggao Electric Co. Ltd. - A | &nbsp;&nbsp;&nbsp;627400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1865708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hesai Group <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;86108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shanghai Conant Optical Co. Ltd. - H <sup>2</sup> | &nbsp;&nbsp;&nbsp;209100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246365 |
| &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;1892098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sunresin New Materials Co. Ltd. - A | &nbsp;&nbsp;&nbsp;202200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vnet Group, Inc. - ADR <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;168449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xinyi Glass Holdings Ltd. | 1197000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501847 |
| &nbsp;&nbsp;&nbsp;&nbsp;XtalPi Holdings Ltd. <sup>2,\*</sup> | 1577000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845212 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25014917 |
| &nbsp;&nbsp;**South Korea — 15.96%** | &nbsp;&nbsp;**South Korea — 15.96%** | &nbsp;&nbsp;**South Korea — 15.96%** |
| &nbsp;&nbsp;&nbsp;&nbsp;APR Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doosan Bobcat, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663332 |
| &nbsp;&nbsp;&nbsp;&nbsp;HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2588631 |
| &nbsp;&nbsp;&nbsp;&nbsp;HD Hyundai Marine Solution Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1576779 |
| &nbsp;&nbsp;&nbsp;&nbsp;HPSP Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;75810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyosung Heavy Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3495343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Elevator Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;33396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Korea Aerospace Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175224 |
| &nbsp;&nbsp;&nbsp;&nbsp;L&F Co. Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731555 |
| &nbsp;&nbsp;&nbsp;&nbsp;LIG Nex1 Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1642349 |
| &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;681369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sung Kwang Bend Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;72003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tokai Carbon Korea Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1972546 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24081791 |
| &nbsp;&nbsp;**India — 15.91%** | &nbsp;&nbsp;**India — 15.91%** | &nbsp;&nbsp;**India — 15.91%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Anand Rathi Wealth Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;51160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651034 |
| &nbsp;&nbsp;&nbsp;&nbsp;Azad Engineering Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;122376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930268 |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackBuck Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;295208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1819085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Data Patterns India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;41294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fortis Healthcare Ltd. | &nbsp;&nbsp;&nbsp;170885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446983 |
| &nbsp;&nbsp;&nbsp;&nbsp;GE Vernova T&D India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;56349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2180288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hindustan Copper Ltd. | &nbsp;&nbsp;&nbsp;367605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hitachi Energy India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2171532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home First Finance Co. India Ltd. <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;130014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Max Healthcare Institute Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;89498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nuvama Wealth Management Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;95485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Radico Khaitan Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;63935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1789068 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;Sobha Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;58508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$740091 |
| &nbsp;&nbsp;&nbsp;&nbsp;Strides Pharma Science Ltd. | &nbsp;&nbsp;&nbsp;124189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Supreme Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775874 |
| &nbsp;&nbsp;&nbsp;&nbsp;UNO Minda Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;95248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vishal Mega Mart Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;661993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742784 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000602 |
| &nbsp;&nbsp;**Taiwan — 11.81%** | &nbsp;&nbsp;**Taiwan — 11.81%** | &nbsp;&nbsp;**Taiwan — 11.81%** |
| &nbsp;&nbsp;&nbsp;&nbsp;ASPEED Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4136337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chroma ATE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Evergreen Aviation Technologies Corp. | &nbsp;&nbsp;&nbsp;447000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080727 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kaori Heat Treatment Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;52688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinik Co. | &nbsp;&nbsp;&nbsp;126000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1746681 |
| &nbsp;&nbsp;&nbsp;&nbsp;LandMark Optoelectronics Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;34000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1784991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mega Union Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Powertech Technology, Inc. | &nbsp;&nbsp;&nbsp;236000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444861 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Microwave Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797273 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17814733 |
| &nbsp;&nbsp;**Vietnam — 2.66%** | &nbsp;&nbsp;**Vietnam — 2.66%** | &nbsp;&nbsp;**Vietnam — 2.66%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia Commercial Bank JSC | 1727800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gemadept Corp. | &nbsp;&nbsp;&nbsp;423000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Military Commercial Joint Stock Bank | 1152000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165797 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4004989 |
| &nbsp;&nbsp;**Australia — 1.65%** | &nbsp;&nbsp;**Australia — 1.65%** | &nbsp;&nbsp;**Australia — 1.65%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Lynas Rare Earths Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;182803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2482002 |
| &nbsp;&nbsp;**Singapore — 1.52%** | &nbsp;&nbsp;**Singapore — 1.52%** | &nbsp;&nbsp;**Singapore — 1.52%** |
| &nbsp;&nbsp;&nbsp;&nbsp;BOC Aviation Ltd. <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;230200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297328 |
| &nbsp;&nbsp;**Hong Kong — 1.35%** | &nbsp;&nbsp;**Hong Kong — 1.35%** | &nbsp;&nbsp;**Hong Kong — 1.35%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Jiaxin International Resources Investment Ltd. <sup>2,\*</sup> | &nbsp;&nbsp;&nbsp;151200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total FAR EAST<br> (Cost $83,718,768) |  | &nbsp;&nbsp;&nbsp;&nbsp;101734030 |
| **SOUTH AMERICA — 8.48%** | **SOUTH AMERICA — 8.48%** | **SOUTH AMERICA — 8.48%** |
| &nbsp;&nbsp;**Brazil — 5.75%** | &nbsp;&nbsp;**Brazil — 5.75%** | &nbsp;&nbsp;**Brazil — 5.75%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cury Construtora e Incorporadora SA | &nbsp;&nbsp;&nbsp;249717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708056 |
| &nbsp;&nbsp;&nbsp;&nbsp;Moura Dubeux Engenharia S/A | &nbsp;&nbsp;&nbsp;246900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Orizon Valorizacao de Residuos SA <sup>\*</sup> | &nbsp;&nbsp;&nbsp;236000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3246689 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRIO SA <sup>\*</sup> | &nbsp;&nbsp;&nbsp;100300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ultrapar Participacoes SA | &nbsp;&nbsp;&nbsp;162500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898795 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8673598 |
| &nbsp;&nbsp;**Peru — 1.48%** | &nbsp;&nbsp;**Peru — 1.48%** | &nbsp;&nbsp;**Peru — 1.48%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Intercorp Financial Services, Inc. <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;44559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2236862 |
| &nbsp;&nbsp;**Argentina — 1.25%** | &nbsp;&nbsp;**Argentina — 1.25%** | &nbsp;&nbsp;**Argentina — 1.25%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pampa Energia SA - SP ADR <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1880890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SOUTH AMERICA<br> (Cost $6,831,455) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12791350 |
| **NORTH AMERICA — 7.94%** | **NORTH AMERICA — 7.94%** | **NORTH AMERICA — 7.94%** |
| &nbsp;&nbsp;**Mexico — 5.92%** | &nbsp;&nbsp;**Mexico — 5.92%** | &nbsp;&nbsp;**Mexico — 5.92%** |
| &nbsp;&nbsp;&nbsp;&nbsp;BBB Foods, Inc. - A <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;43739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547049 |

---

Notes to Schedule of Investments are an integral part of this Schedule.

------

#### Driehaus Emerging Markets Small Cap Growth Fund

#### Schedule of Investments

#### March 31, 2026 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;FIBRA Macquarie Mexico <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;412015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$948487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis Property Mexico SA de CV | &nbsp;&nbsp;&nbsp;450569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1966887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vista Energy SAB de CV - ADR <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;59186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4466767 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8929190 |
| &nbsp;&nbsp;**Panama — 1.51%** | &nbsp;&nbsp;**Panama — 1.51%** | &nbsp;&nbsp;**Panama — 1.51%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Copa Holdings SA - A <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2271405 |
| &nbsp;&nbsp;**Canada — 0.51%** | &nbsp;&nbsp;**Canada — 0.51%** | &nbsp;&nbsp;**Canada — 0.51%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphamin Resources Corp. | &nbsp;&nbsp;&nbsp;939875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total NORTH AMERICA<br> (Cost $7,515,781) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11977574 |
| **EUROPE — 5.42%** | **EUROPE — 5.42%** | **EUROPE — 5.42%** |
| &nbsp;&nbsp;**Turkey — 1.94%** | &nbsp;&nbsp;**Turkey — 1.94%** | &nbsp;&nbsp;**Turkey — 1.94%** |
| &nbsp;&nbsp;&nbsp;&nbsp;MLP Saglik Hizmetleri A/S <sup>3,\*</sup> | &nbsp;&nbsp;&nbsp;117974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139477 |
| &nbsp;&nbsp;&nbsp;&nbsp;TAV Havalimanlari Holding A/S <sup>\*</sup> | &nbsp;&nbsp;&nbsp;257918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1783653 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923130 |
| &nbsp;&nbsp;**Greece — 1.34%** | &nbsp;&nbsp;**Greece — 1.34%** | &nbsp;&nbsp;**Greece — 1.34%** |
| &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;980709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Power Corp. SA | &nbsp;&nbsp;&nbsp;&nbsp;49719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039463 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020172 |
| &nbsp;&nbsp;**Poland — 0.90%** | &nbsp;&nbsp;**Poland — 0.90%** | &nbsp;&nbsp;**Poland — 0.90%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Budimex SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359573 |
| &nbsp;&nbsp;**Spain — 0.71%** | &nbsp;&nbsp;**Spain — 0.71%** | &nbsp;&nbsp;**Spain — 0.71%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Grenergy Renovables SA <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064205 |
| &nbsp;&nbsp;**United Kingdom — 0.53%** | &nbsp;&nbsp;**United Kingdom — 0.53%** | &nbsp;&nbsp;**United Kingdom — 0.53%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Hochschild Mining PLC | &nbsp;&nbsp;&nbsp;100878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total EUROPE<br> (Cost $7,054,873) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8174230 |
| **MIDDLE EAST — 3.01%** | **MIDDLE EAST — 3.01%** | **MIDDLE EAST — 3.01%** |
| &nbsp;&nbsp;**United Arab Emirates — 3.01%** | &nbsp;&nbsp;**United Arab Emirates — 3.01%** | &nbsp;&nbsp;**United Arab Emirates — 3.01%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Arabia PJSC | 1278785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Emirates Central Cooling Systems Corp. | 2603336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parkin Co. PJSC | &nbsp;&nbsp;&nbsp;904482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169591 |
| &nbsp;&nbsp;&nbsp;&nbsp;RAK Properties PJSC <sup>\*</sup> | 3357575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878640 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4545592 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total MIDDLE EAST<br> (Cost $4,827,896) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4545592 |
| **AFRICA — 2.61%** | **AFRICA — 2.61%** | **AFRICA — 2.61%** |
| &nbsp;&nbsp;**South Africa — 2.61%** | &nbsp;&nbsp;**South Africa — 2.61%** | &nbsp;&nbsp;**South Africa — 2.61%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Clicks Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;44283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Growthpoint Properties Ltd. | 2425963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2318258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impala Platinum Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;59712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849222 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3930179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total AFRICA<br> (Cost $2,877,961) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3930179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMON STOCKS<br> (Cost $112,826,734) |  | &nbsp;&nbsp;&nbsp;&nbsp;143152955 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **PREFERRED STOCKS — 1.02%** | **PREFERRED STOCKS — 1.02%** | **PREFERRED STOCKS — 1.02%** |
| **SOUTH AMERICA — 1.02%** | **SOUTH AMERICA — 1.02%** | **SOUTH AMERICA — 1.02%** |
| &nbsp;&nbsp;**Brazil — 1.02%** | &nbsp;&nbsp;**Brazil — 1.02%** | &nbsp;&nbsp;**Brazil — 1.02%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Bradespar SA, 0.91% <sup>4</sup> | &nbsp;&nbsp;&nbsp;343100 | &nbsp;&nbsp;&nbsp;&nbsp;$1532734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SOUTH AMERICA<br> (Cost $1,002,881) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total PREFERRED STOCKS<br> (Cost $1,002,881) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532734 |
| **SHORT TERM INVESTMENTS — 4.00%** | **SHORT TERM INVESTMENTS — 4.00%** | **SHORT TERM INVESTMENTS — 4.00%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional U.S. Government Select Portfolio (Shares Class), 3.54% <sup>5</sup><br> (Cost $6,039,599) | 6039599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6039599 |
| &nbsp;&nbsp;TOTAL INVESTMENTS<br> (Cost $119,869,214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.92% | &nbsp;&nbsp;$150725288 |
| &nbsp;&nbsp;Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128138 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;$150853426 |

---

---

| | |
|:---|:---|
| ADR | &nbsp;&nbsp;American 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 |

---

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

<sup>2</sup> Restricted securities - The Fund may own investment securities that have other legal or contractual limitations. At March 31, 2026, the value of restricted securities amounted to $11,520,886 or 8% of net assets.

---

| | | |
|:---|:---|:---|
| *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 |
| Jiaxin International Resources Investment Ltd. | &nbsp;&nbsp;&nbsp;1/27/26-2/20/26 | &nbsp;&nbsp;1656538 |
| Shanghai Conant Optical Co. Ltd. - H | &nbsp;&nbsp;&nbsp;1/15/26-1/16/26 | &nbsp;&nbsp;1537783 |
| 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;4/10/25-7/18/25 | &nbsp;&nbsp;1041826 |

---

<sup>3</sup> Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $5,639,020, which represents 4% of Net Assets.

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

Notes to Schedule of Investments are an integral part of this Schedule.

------

#### Driehaus Emerging Markets Small Cap Growth Fund

#### Schedule of Investments

#### March 31, 2026 (unaudited)

------

<sup>5</sup> 7 day current yield as of March 31, 2026 is disclosed. <br> <sup>\*</sup> Non-income producing security.

Percentages are stated as a percent of net assets.

Notes to Schedule of Investments are an integral part of this Schedule.

------

#### Driehaus Global Fund

#### Schedule of Investments

#### March 31, 2026 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **COMMON STOCKS — 95.13%** | **COMMON STOCKS — 95.13%** | **COMMON STOCKS — 95.13%** |
| **NORTH AMERICA — 57.45%** | **NORTH AMERICA — 57.45%** | **NORTH AMERICA — 57.45%** |
| &nbsp;&nbsp;**United States — 54.60%** | &nbsp;&nbsp;**United States — 54.60%** | &nbsp;&nbsp;**United States — 54.60%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$443462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - A | 11723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3371066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>\*</sup> | &nbsp;&nbsp;7322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;4957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloom Energy Corp. - A <sup>\*</sup> | &nbsp;&nbsp;1872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;1154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;1248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908369 |
| &nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;1911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;2548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cognex Corp. | 11498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. <sup>\*</sup> | &nbsp;&nbsp;2175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 10565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;4254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;1017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;2663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504905 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;1168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074291 |
| &nbsp;&nbsp;&nbsp;&nbsp;EQT Corp. | 15752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;8601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forgent Power Solutions, Inc. <sup>\*</sup> | &nbsp;&nbsp;6010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;4085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. <sup>\*</sup> | &nbsp;&nbsp;4736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intel Corp. <sup>\*</sup> | &nbsp;&nbsp;6342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279873 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;3034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies, Inc. <sup>\*</sup> | &nbsp;&nbsp;2151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;2663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;8961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887587 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;4287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;3153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167146 |
| &nbsp;&nbsp;&nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc. <sup>\*</sup> | &nbsp;&nbsp;2762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552372 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 16881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2944046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;4676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;3510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;1574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Range Resources Corp. | &nbsp;&nbsp;9533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430701 |
| &nbsp;&nbsp;&nbsp;&nbsp;SharkNinja, Inc. <sup>\*</sup> | &nbsp;&nbsp;3569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern Copper Corp. | &nbsp;&nbsp;5761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology SA <sup>\*</sup> | &nbsp;&nbsp;1474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. <sup>\*</sup> | &nbsp;&nbsp;5734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;2409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;3087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915172 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Coca-Cola Co. | 14687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116946 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Hershey Co. | &nbsp;&nbsp;3088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641964 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Mosaic Co. | 18042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp. | 10943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;2246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;4621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;5114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635568 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;3734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$738249 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39635651 |
| &nbsp;&nbsp;**Canada — 1.83%** | &nbsp;&nbsp;**Canada — 1.83%** | &nbsp;&nbsp;**Canada — 1.83%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cameco Corp. <sup>1</sup> | &nbsp;&nbsp;4348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gildan Activewear, Inc. <sup>1</sup> | &nbsp;&nbsp;9010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals, Inc. <sup>1,\*</sup> | &nbsp;&nbsp;6082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353668 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327311 |
| &nbsp;&nbsp;**Mexico — 1.02%** | &nbsp;&nbsp;**Mexico — 1.02%** | &nbsp;&nbsp;**Mexico — 1.02%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV - O | 66500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total NORTH AMERICA<br> (Cost $31,481,355) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41699311 |
| **EUROPE — 20.74%** | **EUROPE — 20.74%** | **EUROPE — 20.74%** |
| &nbsp;&nbsp;**United Kingdom — 7.42%** | &nbsp;&nbsp;**United Kingdom — 7.42%** | &nbsp;&nbsp;**United Kingdom — 7.42%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC <sup>1</sup> | &nbsp;&nbsp;3966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782174 |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 12909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays PLC | 96605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505581 |
| &nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco PLC | 15116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | 55496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | 29719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered PLC | 17387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC | &nbsp;&nbsp;4495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246773 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5385773 |
| &nbsp;&nbsp;**Germany — 3.33%** | &nbsp;&nbsp;**Germany — 3.33%** | &nbsp;&nbsp;**Germany — 3.33%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AIXTRON SE | 35882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy AG | &nbsp;&nbsp;5885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014866 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414997 |
| &nbsp;&nbsp;**Ireland — 2.35%** | &nbsp;&nbsp;**Ireland — 2.35%** | &nbsp;&nbsp;**Ireland — 2.35%** |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH PLC <sup>1</sup> | &nbsp;&nbsp;2828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Linde PLC <sup>1</sup> | &nbsp;&nbsp;1721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853203 |
| &nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC <sup>1</sup> | &nbsp;&nbsp;1417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705606 |
| &nbsp;&nbsp;**Switzerland — 2.23%** | &nbsp;&nbsp;**Switzerland — 2.23%** | &nbsp;&nbsp;**Switzerland — 2.23%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Huber + Suhner AG | &nbsp;&nbsp;2521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp;642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411855 |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG | 16451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641480 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616444 |
| &nbsp;&nbsp;**France — 1.94%** | &nbsp;&nbsp;**France — 1.94%** | &nbsp;&nbsp;**France — 1.94%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Danone SA | &nbsp;&nbsp;5489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dassault Aviation SA | &nbsp;&nbsp;&nbsp;&nbsp;951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353965 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;3179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619149 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411724 |
| &nbsp;&nbsp;**Netherlands — 1.34%** | &nbsp;&nbsp;**Netherlands — 1.34%** | &nbsp;&nbsp;**Netherlands — 1.34%** |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973382 |
| &nbsp;&nbsp;**Italy — 0.74%** | &nbsp;&nbsp;**Italy — 0.74%** | &nbsp;&nbsp;**Italy — 0.74%** |
| &nbsp;&nbsp;&nbsp;&nbsp;UniCredit SpA | &nbsp;&nbsp;7536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540661 |
| &nbsp;&nbsp;**Sweden — 0.71%** | &nbsp;&nbsp;**Sweden — 0.71%** | &nbsp;&nbsp;**Sweden — 0.71%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Epiroc AB - A | 20787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511711 |
| &nbsp;&nbsp;**Finland — 0.68%** | &nbsp;&nbsp;**Finland — 0.68%** | &nbsp;&nbsp;**Finland — 0.68%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Amer Sports, Inc. <sup>1,\*</sup> | 14941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total EUROPE<br> (Cost $11,417,388) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15052156 |

---

Notes to Schedule of Investments are an integral part of this Schedule.

------

#### Driehaus Global Fund

#### Schedule of Investments

#### March 31, 2026 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **FAR EAST — 15.11%** | **FAR EAST — 15.11%** | **FAR EAST — 15.11%** |
| &nbsp;&nbsp;**Japan — 6.67%** | &nbsp;&nbsp;**Japan — 6.67%** | &nbsp;&nbsp;**Japan — 6.67%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Asics Corp. | &nbsp;&nbsp;&nbsp;9900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$266163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harmonic Drive Systems, Inc. | &nbsp;&nbsp;13300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606761 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ibiden Co. Ltd. | &nbsp;&nbsp;11100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Tobacco, Inc. | &nbsp;&nbsp;17600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;34200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Panasonic Holdings Corp. | &nbsp;&nbsp;49600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831859 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4839878 |
| &nbsp;&nbsp;**Taiwan — 2.60%** | &nbsp;&nbsp;**Taiwan — 2.60%** | &nbsp;&nbsp;**Taiwan — 2.60%** |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | &nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431687 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;25168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455579 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887266 |
| &nbsp;&nbsp;**China — 1.73%** | &nbsp;&nbsp;**China — 1.73%** | &nbsp;&nbsp;**China — 1.73%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. - A | &nbsp;&nbsp;15300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;5553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350241 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255482 |
| &nbsp;&nbsp;**Singapore — 1.23%** | &nbsp;&nbsp;**Singapore — 1.23%** | &nbsp;&nbsp;**Singapore — 1.23%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore Technologies Engineering Ltd. | 105400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894555 |
| &nbsp;&nbsp;**Australia — 1.06%** | &nbsp;&nbsp;**Australia — 1.06%** | &nbsp;&nbsp;**Australia — 1.06%** |
| &nbsp;&nbsp;&nbsp;&nbsp;BHP Group Ltd. | &nbsp;&nbsp;21258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770511 |
| &nbsp;&nbsp;**India — 0.68%** | &nbsp;&nbsp;**India — 0.68%** | &nbsp;&nbsp;**India — 0.68%** |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. - SP ADR <sup>1</sup> | &nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492100 |
| &nbsp;&nbsp;**South Korea — 0.67%** | &nbsp;&nbsp;**South Korea — 0.67%** | &nbsp;&nbsp;**South Korea — 0.67%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486895 |
| &nbsp;&nbsp;**Hong Kong — 0.47%** | &nbsp;&nbsp;**Hong Kong — 0.47%** | &nbsp;&nbsp;**Hong Kong — 0.47%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Techtronic Industries Co. Ltd. | &nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total FAR EAST<br> (Cost $8,573,498) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10971973 |
| **SOUTH AMERICA — 1.17%** | **SOUTH AMERICA — 1.17%** | **SOUTH AMERICA — 1.17%** |
| &nbsp;&nbsp;**Peru — 1.17%** | &nbsp;&nbsp;**Peru — 1.17%** | &nbsp;&nbsp;**Peru — 1.17%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Credicorp Ltd. <sup>1</sup> | &nbsp;&nbsp;&nbsp;2511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SOUTH AMERICA<br> (Cost $475,410) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851681 |
| **AFRICA — 0.66%** | **AFRICA — 0.66%** | **AFRICA — 0.66%** |
| &nbsp;&nbsp;**South Africa — 0.66%** | &nbsp;&nbsp;**South Africa — 0.66%** | &nbsp;&nbsp;**South Africa — 0.66%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold Fields Ltd. - ADR <sup>1</sup> | &nbsp;&nbsp;10512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total AFRICA<br> (Cost $536,951) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMON STOCKS<br> (Cost $52,484,602) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69052366 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **PREFERRED STOCKS — 0.99%** | **PREFERRED STOCKS — 0.99%** | **PREFERRED STOCKS — 0.99%** |
| **SOUTH AMERICA — 0.99%** | **SOUTH AMERICA — 0.99%** | **SOUTH AMERICA — 0.99%** |
| &nbsp;&nbsp;**Chile — 0.99%** | &nbsp;&nbsp;**Chile — 0.99%** | &nbsp;&nbsp;**Chile — 0.99%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile SA - SP ADR <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$716886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SOUTH AMERICA<br> (Cost $525,305) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total PREFERRED STOCKS<br> (Cost $525,305) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716886 |
| **SHORT TERM INVESTMENTS — 4.12%** | **SHORT TERM INVESTMENTS — 4.12%** | **SHORT TERM INVESTMENTS — 4.12%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional U.S. Government Select Portfolio (Shares Class), 3.54% <sup>2</sup><br> (Cost $2,995,284) | 2995284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995284 |
| &nbsp;&nbsp;TOTAL INVESTMENTS<br> (Cost $56,005,191) | &nbsp;&nbsp;&nbsp;&nbsp;100.24% | &nbsp;&nbsp;&nbsp;$72764536 |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177502) |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;$72587034 |

---

---

| | |
|:---|:---|
| ADR | &nbsp;&nbsp;American Depositary Receipt |
| MSCI | &nbsp;&nbsp;Morgan Stanley Capital International |
| PLC | &nbsp;&nbsp;Public Limited Company |
| SP ADR | &nbsp;&nbsp;Sponsored American Depositary Receipt |

---

<sup>1</sup> Foreign security denominated and/or traded in U.S. dollars. <br> <sup>2</sup> 7 day current yield as of March 31, 2026 is disclosed. <br> <sup>\*</sup> Non-income producing security.

Percentages are stated as a percent of net assets.

Notes to Schedule of Investments are an integral part of this Schedule.

------

#### Driehaus International Small Cap Growth Fund

#### Schedule of Investments

#### March 31, 2026 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **COMMON STOCKS — 98.74%** | **COMMON STOCKS — 98.74%** | **COMMON STOCKS — 98.74%** |
| **EUROPE — 50.06%** | **EUROPE — 50.06%** | **EUROPE — 50.06%** |
| &nbsp;&nbsp;**United Kingdom — 20.46%** | &nbsp;&nbsp;**United Kingdom — 20.46%** | &nbsp;&nbsp;**United Kingdom — 20.46%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Ashmore Group PLC | &nbsp;&nbsp;&nbsp;537961 | &nbsp;&nbsp;&nbsp;&nbsp;$1505264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Babcock International Group PLC | &nbsp;&nbsp;&nbsp;211449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3282664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convatec Group PLC <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;787699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cranswick PLC | &nbsp;&nbsp;&nbsp;&nbsp;29211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Currys PLC | 1766317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Games Workshop Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Genus PLC | &nbsp;&nbsp;&nbsp;&nbsp;63365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009398 |
| &nbsp;&nbsp;&nbsp;&nbsp;IG Group Holdings PLC | &nbsp;&nbsp;&nbsp;140194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2669641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kier Group PLC | 1218181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3128487 |
| &nbsp;&nbsp;&nbsp;&nbsp;LivaNova PLC <sup>3,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;64619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4107184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Melrose Industries PLC | &nbsp;&nbsp;&nbsp;682064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4621802 |
| &nbsp;&nbsp;&nbsp;&nbsp;Renishaw PLC | &nbsp;&nbsp;&nbsp;&nbsp;32845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552845 |
| &nbsp;&nbsp;&nbsp;&nbsp;RS GROUP PLC | &nbsp;&nbsp;&nbsp;276422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior PLC | 1927601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7462816 |
| &nbsp;&nbsp;&nbsp;&nbsp;SigmaRoc PLC <sup>\*</sup> | 4757629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7421191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Smiths Group PLC | &nbsp;&nbsp;&nbsp;227330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6937252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;54181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4860788 |
| &nbsp;&nbsp;&nbsp;&nbsp;SSP Group PLC | 1152250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2694953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustpilot Group PLC <sup>1,2,\*</sup> | &nbsp;&nbsp;&nbsp;558210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425974 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zegona Communications PLC | &nbsp;&nbsp;&nbsp;153011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3366546 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67789481 |
| &nbsp;&nbsp;**Germany — 5.92%** | &nbsp;&nbsp;**Germany — 5.92%** | &nbsp;&nbsp;**Germany — 5.92%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AIXTRON SE | &nbsp;&nbsp;&nbsp;&nbsp;93527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3649463 |
| &nbsp;&nbsp;&nbsp;&nbsp;Friedrich Vorwerk Group SE | &nbsp;&nbsp;&nbsp;&nbsp;46607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3856300 |
| &nbsp;&nbsp;&nbsp;&nbsp;LEG Immobilien SE | &nbsp;&nbsp;&nbsp;&nbsp;32143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2099637 |
| &nbsp;&nbsp;&nbsp;&nbsp;PVA TePla AG <sup>\*</sup> | &nbsp;&nbsp;&nbsp;105753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3659799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Salzgitter AG | &nbsp;&nbsp;&nbsp;&nbsp;72499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3138964 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verbio SE <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;59751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3222122 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19626285 |
| &nbsp;&nbsp;**Switzerland — 4.78%** | &nbsp;&nbsp;**Switzerland — 4.78%** | &nbsp;&nbsp;**Switzerland — 4.78%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Belimo Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2574512 |
| &nbsp;&nbsp;&nbsp;&nbsp;dormakaba Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;74416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4784151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Huber + Suhner AG | &nbsp;&nbsp;&nbsp;&nbsp;15723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3512005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Montana Aerospace AG <sup>1,2,\*</sup> | &nbsp;&nbsp;&nbsp;105866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3475055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tecan Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510627 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15856350 |
| &nbsp;&nbsp;**Italy — 2.87%** | &nbsp;&nbsp;**Italy — 2.87%** | &nbsp;&nbsp;**Italy — 2.87%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Buzzi SpA | &nbsp;&nbsp;&nbsp;&nbsp;57284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2896108 |
| &nbsp;&nbsp;&nbsp;&nbsp;De' Longhi SpA | &nbsp;&nbsp;&nbsp;&nbsp;52532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saipem SpA | 1041316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4764387 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9506741 |
| &nbsp;&nbsp;**Netherlands — 2.51%** | &nbsp;&nbsp;**Netherlands — 2.51%** | &nbsp;&nbsp;**Netherlands — 2.51%** |
| &nbsp;&nbsp;&nbsp;&nbsp;COSMO Pharmaceuticals NV | &nbsp;&nbsp;&nbsp;&nbsp;17079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Koninklijke BAM Groep NV | &nbsp;&nbsp;&nbsp;287598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2912646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pepco Group NV <sup>2</sup> | &nbsp;&nbsp;&nbsp;494888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3585907 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8303551 |
| &nbsp;&nbsp;**Austria — 2.50%** | &nbsp;&nbsp;**Austria — 2.50%** | &nbsp;&nbsp;**Austria — 2.50%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AT&S Austria Technologie & Systemtechnik AG <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;32445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976348 |
| &nbsp;&nbsp;&nbsp;&nbsp;DO & CO AG | &nbsp;&nbsp;&nbsp;&nbsp;24048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4487576 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;Vienna Insurance Group AG Wiener Versicherung Gruppe | &nbsp;&nbsp;&nbsp;&nbsp;25605 | &nbsp;&nbsp;&nbsp;&nbsp;$1819354 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8283278 |
| &nbsp;&nbsp;**Spain — 2.33%** | &nbsp;&nbsp;**Spain — 2.33%** | &nbsp;&nbsp;**Spain — 2.33%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Fluidra SA | &nbsp;&nbsp;&nbsp;185998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4314436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tecnicas Reunidas SA <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;94847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3392643 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7707079 |
| &nbsp;&nbsp;**Ireland — 1.97%** | &nbsp;&nbsp;**Ireland — 1.97%** | &nbsp;&nbsp;**Ireland — 1.97%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cairn Homes PLC | 1203571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2959658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Greencore Group PLC | 1115184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3579440 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6539098 |
| &nbsp;&nbsp;**Sweden — 1.95%** | &nbsp;&nbsp;**Sweden — 1.95%** | &nbsp;&nbsp;**Sweden — 1.95%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Hexatronic Group AB <sup>\*</sup> | &nbsp;&nbsp;&nbsp;497190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ovzon AB <sup>\*</sup> | &nbsp;&nbsp;&nbsp;531992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3081363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rvrc Holding AB | &nbsp;&nbsp;&nbsp;241469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693954 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6465594 |
| &nbsp;&nbsp;**Finland — 1.84%** | &nbsp;&nbsp;**Finland — 1.84%** | &nbsp;&nbsp;**Finland — 1.84%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Metso OYJ | &nbsp;&nbsp;&nbsp;258308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4476555 |
| &nbsp;&nbsp;&nbsp;&nbsp;Outokumpu OYJ | &nbsp;&nbsp;&nbsp;295350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616700 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6093255 |
| &nbsp;&nbsp;**Denmark — 1.65%** | &nbsp;&nbsp;**Denmark — 1.65%** | &nbsp;&nbsp;**Denmark — 1.65%** |
| &nbsp;&nbsp;&nbsp;&nbsp;ALK-Abello A/S | &nbsp;&nbsp;&nbsp;&nbsp;54077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709688 |
| &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;3754349 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5464037 |
| &nbsp;&nbsp;**Norway — 0.72%** | &nbsp;&nbsp;**Norway — 0.72%** | &nbsp;&nbsp;**Norway — 0.72%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AutoStore Holdings Ltd. <sup>1,2,\*</sup> | &nbsp;&nbsp;&nbsp;205703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Odfjell Drilling Ltd. | &nbsp;&nbsp;&nbsp;209491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2194549 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398116 |
| &nbsp;&nbsp;**France — 0.56%** | &nbsp;&nbsp;**France — 0.56%** | &nbsp;&nbsp;**France — 0.56%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Vicat SACA | &nbsp;&nbsp;&nbsp;&nbsp;25346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850032 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total EUROPE<br> (Cost $143,860,550) |  | &nbsp;&nbsp;&nbsp;&nbsp;165882897 |
| **FAR EAST — 34.97%** | **FAR EAST — 34.97%** | **FAR EAST — 34.97%** |
| &nbsp;&nbsp;**Japan — 20.81%** | &nbsp;&nbsp;**Japan — 20.81%** | &nbsp;&nbsp;**Japan — 20.81%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Asahi Intecc Co. Ltd. | &nbsp;&nbsp;&nbsp;250800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5355594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Azbil Corp. | &nbsp;&nbsp;&nbsp;648300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5664571 |
| &nbsp;&nbsp;&nbsp;&nbsp;BayCurrent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Daifuku Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;99100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3499130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Life Cos. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3579467 |
| &nbsp;&nbsp;&nbsp;&nbsp;FUJI OIL CO. LTD. | &nbsp;&nbsp;&nbsp;&nbsp;73900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fukuoka Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harmonic Drive Systems, Inc. | &nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3685315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Katitas Co. Ltd. | &nbsp;&nbsp;&nbsp;178100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3569791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kokuyo Co. Ltd. | &nbsp;&nbsp;&nbsp;576600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3127367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nextage Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;98000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nichias Corp. | &nbsp;&nbsp;&nbsp;199890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3729555 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;98900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Omron Corp. | &nbsp;&nbsp;&nbsp;155700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4479348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Resonac Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;66300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4315055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Seiko Group Corp. | &nbsp;&nbsp;&nbsp;129600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4659046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Seria Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;67500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611454 |

---

Notes to Schedule of Investments are an integral part of this Schedule.

------

#### Driehaus International Small Cap Growth Fund

#### Schedule of Investments

#### March 31, 2026 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;SKY Perfect JSAT Corp. | &nbsp;&nbsp;&nbsp;137700 | &nbsp;&nbsp;&nbsp;&nbsp;$2611029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toyoda Gosei Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;80800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2117980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yaskawa Electric Corp. | &nbsp;&nbsp;&nbsp;122800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3243358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yokogawa Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;97300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3006936 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68971360 |
| &nbsp;&nbsp;**Australia — 4.58%** | &nbsp;&nbsp;**Australia — 4.58%** | &nbsp;&nbsp;**Australia — 4.58%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Catapult Sports Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;601752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Imdex Ltd. | &nbsp;&nbsp;&nbsp;608554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mineral Resources Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;106908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4106642 |
| &nbsp;&nbsp;&nbsp;&nbsp;NRW Holdings Ltd. | &nbsp;&nbsp;&nbsp;407026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Orica Ltd. | &nbsp;&nbsp;&nbsp;200568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2818897 |
| &nbsp;&nbsp;&nbsp;&nbsp;Superloop Ltd. <sup>\*</sup> | 1640690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3720527 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15178842 |
| &nbsp;&nbsp;**India — 3.14%** | &nbsp;&nbsp;**India — 3.14%** | &nbsp;&nbsp;**India — 3.14%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Bharti Hexacom Ltd. | &nbsp;&nbsp;&nbsp;101289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1642643 |
| &nbsp;&nbsp;&nbsp;&nbsp;GE Vernova T&D India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;46929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hitachi Energy India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045073 |
| &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;1421648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thanga Mayil Jewellery Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;45521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672737 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Indian Hotels Co. Ltd. | &nbsp;&nbsp;&nbsp;295228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798581 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10396486 |
| &nbsp;&nbsp;**Taiwan — 2.89%** | &nbsp;&nbsp;**Taiwan — 2.89%** | &nbsp;&nbsp;**Taiwan — 2.89%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Hiwin Technologies Corp. | &nbsp;&nbsp;&nbsp;228000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lotes Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3003172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Visual Photonics Epitaxy Co. Ltd. | &nbsp;&nbsp;&nbsp;218000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772933 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wiwynn Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3120572 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9581265 |
| &nbsp;&nbsp;**South Korea — 2.81%** | &nbsp;&nbsp;**South Korea — 2.81%** | &nbsp;&nbsp;**South Korea — 2.81%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Hankook Tire & Technology Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;36577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346428 |
| &nbsp;&nbsp;&nbsp;&nbsp;HPSP Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;50624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429335 |
| &nbsp;&nbsp;&nbsp;&nbsp;KT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;84022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3361583 |
| &nbsp;&nbsp;&nbsp;&nbsp;LEENO Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179214 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9316560 |
| &nbsp;&nbsp;**China — 0.74%** | &nbsp;&nbsp;**China — 0.74%** | &nbsp;&nbsp;**China — 0.74%** |
| &nbsp;&nbsp;&nbsp;&nbsp;China National Building Material Co. Ltd. - H | 3980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441623 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total FAR EAST<br> (Cost $98,557,020) |  | &nbsp;&nbsp;&nbsp;&nbsp;115886136 |
| **NORTH AMERICA — 11.30%** | **NORTH AMERICA — 11.30%** | **NORTH AMERICA — 11.30%** |
| &nbsp;&nbsp;**Canada — 9.88%** | &nbsp;&nbsp;**Canada — 9.88%** | &nbsp;&nbsp;**Canada — 9.88%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Aritzia, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;61100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4986034 |
| &nbsp;&nbsp;&nbsp;&nbsp;CAE, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3124434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capstone Copper Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;220600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663499 |
| &nbsp;&nbsp;&nbsp;&nbsp;G Mining Ventures Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;52400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Groupe Dynamite, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2405997 |
| &nbsp;&nbsp;&nbsp;&nbsp;IAMGOLD Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;99700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinaxis, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2695870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maple Leaf Foods, Inc. | &nbsp;&nbsp;&nbsp;193400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4170800 |
| &nbsp;&nbsp;&nbsp;&nbsp;NFI Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;124000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprott, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526967 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tenaz Energy Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2097701 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals, Inc. <sup>3,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;79818 | &nbsp;&nbsp;&nbsp;&nbsp;$4641417 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32739791 |
| &nbsp;&nbsp;**Mexico — 1.42%** | &nbsp;&nbsp;**Mexico — 1.42%** | &nbsp;&nbsp;**Mexico — 1.42%** |
| &nbsp;&nbsp;&nbsp;&nbsp;GCC SAB de CV <sup>2</sup> | &nbsp;&nbsp;&nbsp;223886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2372520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vista Energy SAB de CV - ADR <sup>3,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2328099 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700619 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total NORTH AMERICA<br> (Cost $31,807,717) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37440410 |
| **SOUTH AMERICA — 1.67%** | **SOUTH AMERICA — 1.67%** | **SOUTH AMERICA — 1.67%** |
| &nbsp;&nbsp;**Brazil — 1.67%** | &nbsp;&nbsp;**Brazil — 1.67%** | &nbsp;&nbsp;**Brazil — 1.67%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Direcional Engenharia SA | 1291736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3296765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Moura Dubeux Engenharia S/A | &nbsp;&nbsp;&nbsp;361400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2248699 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5545464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SOUTH AMERICA<br> (Cost $3,843,832) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5545464 |
| **AFRICA — 0.74%** | **AFRICA — 0.74%** | **AFRICA — 0.74%** |
| &nbsp;&nbsp;**South Africa — 0.74%** | &nbsp;&nbsp;**South Africa — 0.74%** | &nbsp;&nbsp;**South Africa — 0.74%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Growthpoint Properties Ltd. | 2558229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total AFRICA<br> (Cost $1,809,761) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMON STOCKS<br> (Cost $279,878,880) |  | &nbsp;&nbsp;&nbsp;&nbsp;327199559 |
| **SHORT TERM INVESTMENTS — 1.31%** | **SHORT TERM INVESTMENTS — 1.31%** | **SHORT TERM INVESTMENTS — 1.31%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional U.S. Government Select Portfolio (Shares Class), 3.54% <sup>4</sup><br> (Cost $4,356,059) | 4356059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4356059 |
| &nbsp;&nbsp;TOTAL INVESTMENTS<br> (Cost $284,234,939) | &nbsp;&nbsp;&nbsp;&nbsp;100.05% | &nbsp;&nbsp;$331555618 |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172221) |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;$331383397 |

---

ADR American Depositary Receipt <br> PLC Public Limited Company

<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 $12,552,662, which represents 4% of Net Assets.

<sup>2</sup> Restricted securities - The Fund may own investment securities that have other legal or contractual limitations. At March 31, 2026, the value of restricted securities amounted to $18,511,089 or 6% of net assets.

---

| | | |
|:---|:---|:---|
| *Restricted Security* | *Acquisition Date* | &nbsp;&nbsp;*Acquisition Cost* |
| AutoStore Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/3/2025 | &nbsp;&nbsp;&nbsp;&nbsp;175889 |
| 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 |
| ICICI Lombard General Insurance Co. Ltd. | &nbsp;&nbsp;2/27/24-10/3/25 | &nbsp;&nbsp;1622354 |

---

Notes to Schedule of Investments are an integral part of this Schedule.

------

#### Driehaus International Small Cap Growth Fund

#### Schedule of Investments

#### March 31, 2026 (unaudited)

------

---

| | | |
|:---|:---|:---|
| *Restricted Security* | *Acquisition Date* | &nbsp;&nbsp;*Acquisition Cost* |
| 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 | &nbsp;&nbsp;10/1/25-1/28/26 | &nbsp;&nbsp;3812766 |
| Trustpilot Group PLC | &nbsp;&nbsp;&nbsp;2/6/25-10/3/25 | &nbsp;&nbsp;2087374 |

---

<sup>3</sup> Foreign security denominated and/or traded in U.S. dollars. <br> <sup>4</sup> 7 day current yield as of March 31, 2026 is disclosed. <br> <sup>\*</sup> Non-income producing security.

Percentages are stated as a percent of net assets.

Notes to Schedule of Investments are an integral part of this Schedule.

------

#### Driehaus International Developed Equity Fund

#### Schedule of Investments

#### March 31, 2026 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **COMMON STOCKS — 96.69%** | **COMMON STOCKS — 96.69%** | **COMMON STOCKS — 96.69%** |
| **EUROPE — 68.84%** | **EUROPE — 68.84%** | **EUROPE — 68.84%** |
| &nbsp;&nbsp;**United Kingdom — 15.56%** | &nbsp;&nbsp;**United Kingdom — 15.56%** | &nbsp;&nbsp;**United Kingdom — 15.56%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$90340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;9766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Halma PLC | &nbsp;&nbsp;1692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Melrose Industries PLC | 11508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77981 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | &nbsp;&nbsp;3191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Smiths Group PLC | &nbsp;&nbsp;2276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25473 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519249 |
| &nbsp;&nbsp;**Netherlands — 11.76%** | &nbsp;&nbsp;**Netherlands — 11.76%** | &nbsp;&nbsp;**Netherlands — 11.76%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Argenx SE <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22498 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167549 |
| &nbsp;&nbsp;&nbsp;&nbsp;BE Semiconductor Industries NV | &nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Koninklijke Philips NV | &nbsp;&nbsp;3732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102079 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392566 |
| &nbsp;&nbsp;**France — 11.11%** | &nbsp;&nbsp;**France — 11.11%** | &nbsp;&nbsp;**France — 11.11%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Danone SA | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dassault Aviation SA | &nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44121 |
| &nbsp;&nbsp;&nbsp;&nbsp;L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36746 |
| &nbsp;&nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58017 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370773 |
| &nbsp;&nbsp;**Switzerland — 9.82%** | &nbsp;&nbsp;**Switzerland — 9.82%** | &nbsp;&nbsp;**Switzerland — 9.82%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA - A | &nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Montana Aerospace AG <sup>1,2,\*</sup> | &nbsp;&nbsp;1783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71528 |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG | &nbsp;&nbsp;1816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70812 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327706 |
| &nbsp;&nbsp;**Germany — 6.40%** | &nbsp;&nbsp;**Germany — 6.40%** | &nbsp;&nbsp;**Germany — 6.40%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Infineon Technologies AG | &nbsp;&nbsp;1154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52353 |
| &nbsp;&nbsp;&nbsp;&nbsp;MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33563 |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy AG | &nbsp;&nbsp;&nbsp;&nbsp;556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95882 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213678 |
| &nbsp;&nbsp;**Italy — 4.80%** | &nbsp;&nbsp;**Italy — 4.80%** | &nbsp;&nbsp;**Italy — 4.80%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Leonardo SpA | &nbsp;&nbsp;&nbsp;&nbsp;997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saipem SpA | 11074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50667 |
| &nbsp;&nbsp;&nbsp;&nbsp;UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41540 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160022 |
| &nbsp;&nbsp;**Spain — 3.37%** | &nbsp;&nbsp;**Spain — 3.37%** | &nbsp;&nbsp;**Spain — 3.37%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;2345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA | &nbsp;&nbsp;1063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61876 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112527 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;**Ireland — 2.41%** | &nbsp;&nbsp;**Ireland — 2.41%** | &nbsp;&nbsp;**Ireland — 2.41%** |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$80348 |
| &nbsp;&nbsp;**Austria — 2.08%** | &nbsp;&nbsp;**Austria — 2.08%** | &nbsp;&nbsp;**Austria — 2.08%** |
| &nbsp;&nbsp;&nbsp;&nbsp;voestalpine AG | &nbsp;&nbsp;&nbsp;1564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69398 |
| &nbsp;&nbsp;**Sweden — 1.53%** | &nbsp;&nbsp;**Sweden — 1.53%** | &nbsp;&nbsp;**Sweden — 1.53%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Epiroc AB - A | &nbsp;&nbsp;&nbsp;2073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total EUROPE<br> (Cost $2,068,768) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297298 |
| **FAR EAST — 21.89%** | **FAR EAST — 21.89%** | **FAR EAST — 21.89%** |
| &nbsp;&nbsp;**Japan — 21.89%** | &nbsp;&nbsp;**Japan — 21.89%** | &nbsp;&nbsp;**Japan — 21.89%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Daifuku Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Tobacco, Inc. | &nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nintendo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nippon Sanso Holdings Corp. | &nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67371 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pan Pacific International Holdings Corp. | &nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Panasonic Holdings Corp. | &nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tokyo Electron Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yaskawa Electric Corp. | &nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36977 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total FAR EAST<br> (Cost $634,784) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730670 |
| **NORTH AMERICA — 5.96%** | **NORTH AMERICA — 5.96%** | **NORTH AMERICA — 5.96%** |
| &nbsp;&nbsp;**Canada — 5.96%** | &nbsp;&nbsp;**Canada — 5.96%** | &nbsp;&nbsp;**Canada — 5.96%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollarama, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61365 |
| &nbsp;&nbsp;&nbsp;&nbsp;G Mining Ventures Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21057 |
| &nbsp;&nbsp;&nbsp;&nbsp;IAMGOLD Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35596 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total NORTH AMERICA<br> (Cost $168,700) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMON STOCKS<br> (Cost $2,872,252) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3226736 |
| **SHORT TERM INVESTMENTS — 3.51%** | **SHORT TERM INVESTMENTS — 3.51%** | **SHORT TERM INVESTMENTS — 3.51%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional Treasury Portfolio, 3.53% <sup>3</sup><br> (Cost $116,925) | 116925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116925 |
| &nbsp;&nbsp;TOTAL INVESTMENTS<br> (Cost $2,989,177) | &nbsp;&nbsp;100.20% | &nbsp;&nbsp;&nbsp;&nbsp;$3343661 |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.20)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6556) |
| Net Assets | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;&nbsp;$3337105 |

---

PLC Public Limited Company

Notes to Schedule of Investments are an integral part of this Schedule.

------

#### Driehaus International Developed Equity Fund

#### Schedule of Investments

#### March 31, 2026 (unaudited)

------

<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 $58,527, which represents 2% of Net Assets.

<sup>2</sup> Restricted securities - The Fund may own investment securities that have other legal or contractual limitations. At March 31, 2026, the value of restricted securities amounted to $58,527 or 2% of net assets.

<u>*Restricted Security* </u> <u>*Acquisition Date* </u> <u>*Acquisition Cost* </u> <br>Montana Aerospace AG 7/8/25-2/13/26 61,267

<sup>3</sup> 7 day current yield as of March 31, 2026 is disclosed. <br> <sup>\*</sup> Non-income producing security.

Percentages are stated as a percent of net assets.

Notes to Schedule of Investments are an integral part of this Schedule.

------

#### Driehaus Micro Cap Growth Fund

#### Schedule of Investments

#### March 31, 2026 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **COMMON STOCKS — 96.93%** | **COMMON STOCKS — 96.93%** | **COMMON STOCKS — 96.93%** |
| **HEALTH CARE — 30.24%** | **HEALTH CARE — 30.24%** | **HEALTH CARE — 30.24%** |
| &nbsp;&nbsp;**Biotechnology — 14.66%** | &nbsp;&nbsp;**Biotechnology — 14.66%** | &nbsp;&nbsp;**Biotechnology — 14.66%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Apogee Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;56510 | &nbsp;&nbsp;&nbsp;&nbsp;$4756447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics, Inc. <sup>\*</sup> | 163633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3855194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bright Minds Biosciences, Inc. <sup>1,\*</sup> | &nbsp;&nbsp;42006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3065178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Celcuity, Inc. <sup>\*</sup> | &nbsp;&nbsp;38579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4403407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Design Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;52763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Immunome, Inc. <sup>\*</sup> | 275871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6033299 |
| &nbsp;&nbsp;&nbsp;&nbsp;Invivyd, Inc. <sup>\*</sup> | 562019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730625 |
| &nbsp;&nbsp;&nbsp;&nbsp;KalVista Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;90054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1812787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kiniksa Pharmaceuticals International PLC <sup>1,\*</sup> | &nbsp;&nbsp;97649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4701799 |
| &nbsp;&nbsp;&nbsp;&nbsp;Larimar Therapeutics, Inc. <sup>\*</sup> | 341778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc. <sup>\*</sup> | &nbsp;&nbsp;37013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11925218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Precigen, Inc. <sup>\*</sup> | 126613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;29012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3057865 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;20525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp. <sup>\*</sup> | &nbsp;&nbsp;99502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4891518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spyre Therapeutics, Inc. <sup>\*</sup> | 135823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6850912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals, Inc. <sup>1,\*</sup> | 114071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6633229 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67091928 |
| &nbsp;&nbsp;**Pharmaceuticals — 10.86%** | &nbsp;&nbsp;**Pharmaceuticals — 10.86%** | &nbsp;&nbsp;**Pharmaceuticals — 10.86%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Amylyx Pharmaceuticals, Inc. <sup>\*</sup> | 235187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3269099 |
| &nbsp;&nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;19521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc. <sup>\*</sup> | 175363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6369184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Definium Therapeutics, Inc. <sup>1,\*</sup> | 311810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5893209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Edgewise Therapeutics, Inc. <sup>\*</sup> | 186995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5890342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indivior Pharmaceuticals, Inc. <sup>\*</sup> | 138524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4222212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;18876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3768593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maze Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;43422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296147 |
| &nbsp;&nbsp;&nbsp;&nbsp;MBX Biosciences, Inc. <sup>\*</sup> | 114123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3406572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Septerna, Inc. <sup>\*</sup> | 159987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3844488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Structure Therapeutics, Inc. - ADR <sup>1,\*</sup> | &nbsp;&nbsp;85647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4128185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;50594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3549169 |
| &nbsp;&nbsp;&nbsp;&nbsp;WaVe Life Sciences Ltd. <sup>1,\*</sup> | 237172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings, Inc. <sup>\*</sup> | 141766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822243 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49680105 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies — 2.83%** | &nbsp;&nbsp;**Health Care Equipment & Supplies — 2.83%** | &nbsp;&nbsp;**Health Care Equipment & Supplies — 2.83%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Axogen, Inc. <sup>\*</sup> | &nbsp;&nbsp;36489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kestra Medical Technologies Ltd. <sup>\*</sup> | &nbsp;&nbsp;71449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423978 |
| &nbsp;&nbsp;&nbsp;&nbsp;NeuroPace, Inc. <sup>\*</sup> | 177004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2327603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tactile Systems Technology, Inc. <sup>\*</sup> | 118365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3092877 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc. <sup>\*</sup> | 254547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4879666 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12933005 |
| &nbsp;&nbsp;**Health Care Providers & Services — 1.10%** | &nbsp;&nbsp;**Health Care Providers & Services — 1.10%** | &nbsp;&nbsp;**Health Care Providers & Services — 1.10%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardian Pharmacy Services, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;93919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3536990 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;NeoGenomics, Inc. <sup>\*</sup> | 201266 | &nbsp;&nbsp;&nbsp;&nbsp;$1493394 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5030384 |
| &nbsp;&nbsp;**Life Sciences Tools & Services — 0.79%** | &nbsp;&nbsp;**Life Sciences Tools & Services — 0.79%** | &nbsp;&nbsp;**Life Sciences Tools & Services — 0.79%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AbCellera Biologics, Inc. <sup>1,\*</sup> | 249240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869848 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp. <sup>\*</sup> | 199695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2771766 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3641614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total HEALTH CARE<br> (Cost $84,014,115) |  | &nbsp;&nbsp;&nbsp;&nbsp;138377036 |
| **INDUSTRIALS — 21.96%** | **INDUSTRIALS — 21.96%** | **INDUSTRIALS — 21.96%** |
| &nbsp;&nbsp;**Electrical Equipment — 5.24%** | &nbsp;&nbsp;**Electrical Equipment — 5.24%** | &nbsp;&nbsp;**Electrical Equipment — 5.24%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Allient, Inc. | &nbsp;&nbsp;59731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3529505 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amprius Technologies, Inc. <sup>\*</sup> | 427340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7204952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Babcock & Wilcox Enterprises, Inc. <sup>\*</sup> | 379783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5579012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eos Energy Enterprises, Inc. <sup>\*</sup> | 522140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2589814 |
| &nbsp;&nbsp;&nbsp;&nbsp;LSI Industries, Inc. | &nbsp;&nbsp;39221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Powell Industries, Inc. | &nbsp;&nbsp;&nbsp;8045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4352989 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23985783 |
| &nbsp;&nbsp;**Machinery — 4.09%** | &nbsp;&nbsp;**Machinery — 4.09%** | &nbsp;&nbsp;**Machinery — 4.09%** |
| &nbsp;&nbsp;&nbsp;&nbsp;CECO Environmental Corp. <sup>\*</sup> | 102160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6086693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Graham Corp. <sup>\*</sup> | &nbsp;&nbsp;54769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4322369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Helios Technologies, Inc. | &nbsp;&nbsp;31583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043736 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proto Labs, Inc. <sup>\*</sup> | &nbsp;&nbsp;58957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3361728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Standex International Corp. | &nbsp;&nbsp;11473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2924009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18738535 |
| &nbsp;&nbsp;**Aerospace & Defense — 3.99%** | &nbsp;&nbsp;**Aerospace & Defense — 3.99%** | &nbsp;&nbsp;**Aerospace & Defense — 3.99%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Astronics Corp. <sup>\*</sup> | &nbsp;&nbsp;52024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3471562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Innovative Solutions and Support, Inc. <sup>\*</sup> | &nbsp;&nbsp;55574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140934 |
| &nbsp;&nbsp;&nbsp;&nbsp;Karman Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;25797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems, Inc. <sup>\*</sup> | &nbsp;&nbsp;46889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3418677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Red Cat Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;94315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234583 |
| &nbsp;&nbsp;&nbsp;&nbsp;TAT Technologies Ltd. <sup>1,\*</sup> | &nbsp;&nbsp;38717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573072 |
| &nbsp;&nbsp;&nbsp;&nbsp;VSE Corp. | &nbsp;&nbsp;28992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5346125 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18250003 |
| &nbsp;&nbsp;**Professional Services — 2.96%** | &nbsp;&nbsp;**Professional Services — 2.96%** | &nbsp;&nbsp;**Professional Services — 2.96%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Andersen Group, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;89263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2427953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Planet Labs PBC <sup>\*</sup> | 301026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8413677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Willdan Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;35078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685572 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13527202 |
| &nbsp;&nbsp;**Construction & Engineering — 2.70%** | &nbsp;&nbsp;**Construction & Engineering — 2.70%** | &nbsp;&nbsp;**Construction & Engineering — 2.70%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cardinal Infrastructure Group, Inc. - A <sup>\*</sup> | 105374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4178606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction Partners, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;33498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3722298 |
| &nbsp;&nbsp;&nbsp;&nbsp;MYR Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;15730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4440893 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12341797 |
| &nbsp;&nbsp;**Trading Companies & Distributors — 1.68%** | &nbsp;&nbsp;**Trading Companies & Distributors — 1.68%** | &nbsp;&nbsp;**Trading Companies & Distributors — 1.68%** |
| &nbsp;&nbsp;&nbsp;&nbsp;DXP Enterprises, Inc. <sup>\*</sup> | &nbsp;&nbsp;23095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3227064 |

---

Notes to Schedule of Investments are an integral part of this Schedule.

------

#### Driehaus Micro Cap Growth Fund

#### Schedule of Investments

#### March 31, 2026 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;Xometry, Inc. - A <sup>\*</sup> | 109882 | &nbsp;&nbsp;&nbsp;&nbsp;$4487581 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7714645 |
| &nbsp;&nbsp;**Ground Transportation — 0.72%** | &nbsp;&nbsp;**Ground Transportation — 0.72%** | &nbsp;&nbsp;**Ground Transportation — 0.72%** |
| &nbsp;&nbsp;&nbsp;&nbsp;ArcBest Corp. | &nbsp;&nbsp;33528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3297814 |
| &nbsp;&nbsp;**Commercial Services & Supplies — 0.58%** | &nbsp;&nbsp;**Commercial Services & Supplies — 0.58%** | &nbsp;&nbsp;**Commercial Services & Supplies — 0.58%** |
| &nbsp;&nbsp;&nbsp;&nbsp;OPENLANE, Inc. <sup>\*</sup> | &nbsp;&nbsp;90748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2645304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total INDUSTRIALS<br> (Cost $67,762,729) |  | &nbsp;&nbsp;&nbsp;&nbsp;100501083 |
| **INFORMATION TECHNOLOGY — 13.39%** | **INFORMATION TECHNOLOGY — 13.39%** | **INFORMATION TECHNOLOGY — 13.39%** |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 4.64%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 4.64%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 4.64%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Ambiq Micro, Inc. <sup>\*</sup> | &nbsp;&nbsp;60823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545513 |
| &nbsp;&nbsp;&nbsp;&nbsp;AXT, Inc. <sup>\*</sup> | &nbsp;&nbsp;61400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3498572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cohu, Inc. <sup>\*</sup> | &nbsp;&nbsp;85866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ichor Holdings Ltd. <sup>\*</sup> | &nbsp;&nbsp;47528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silicon Motion Technology Corp. - ADR <sup>1</sup> | &nbsp;&nbsp;39389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4422991 |
| &nbsp;&nbsp;&nbsp;&nbsp;SiTime Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;7995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2761073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ultra Clean Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;66831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4155552 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21228198 |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 3.42%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 3.42%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 3.42%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Arlo Technologies, Inc. <sup>\*</sup> | &nbsp;&nbsp;64936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Frequency Electronics, Inc. <sup>\*</sup> | &nbsp;&nbsp;78756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3485741 |
| &nbsp;&nbsp;&nbsp;&nbsp;LightPath Technologies, Inc. - A <sup>\*</sup> | 345905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3469427 |
| &nbsp;&nbsp;&nbsp;&nbsp;nLight, Inc. <sup>\*</sup> | 136255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7769260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15648467 |
| &nbsp;&nbsp;**Communications Equipment — 2.53%** | &nbsp;&nbsp;**Communications Equipment — 2.53%** | &nbsp;&nbsp;**Communications Equipment — 2.53%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Optoelectronics, Inc. <sup>\*</sup> | 100958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8540037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistance Networks, Inc. <sup>\*</sup> | 167775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3053505 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11593542 |
| &nbsp;&nbsp;**Software — 1.95%** | &nbsp;&nbsp;**Software — 1.95%** | &nbsp;&nbsp;**Software — 1.95%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Hut 8 Corp. <sup>\*</sup> | &nbsp;&nbsp;33577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Porch Group, Inc. <sup>\*</sup> | 121494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Terawulf, Inc. <sup>\*</sup> | 448143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6466704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8912913 |
| &nbsp;&nbsp;**IT Services — 0.85%** | &nbsp;&nbsp;**IT Services — 0.85%** | &nbsp;&nbsp;**IT Services — 0.85%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Fastly, Inc. - A <sup>\*</sup> | 133842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3889448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total INFORMATION TECHNOLOGY<br> (Cost $36,887,338) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61272568 |
| **ENERGY — 9.87%** | **ENERGY — 9.87%** | **ENERGY — 9.87%** |
| &nbsp;&nbsp;**Energy Equipment & Services — 6.32%** | &nbsp;&nbsp;**Energy Equipment & Services — 6.32%** | &nbsp;&nbsp;**Energy Equipment & Services — 6.32%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy Services of America Corp. | &nbsp;&nbsp;78468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Innovex International, Inc. <sup>\*</sup> | 102466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Energy, Inc. | 139148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4007462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oil States International, Inc. <sup>\*</sup> | 211764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464933 |
| &nbsp;&nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | 408234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4421174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc. | 100618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5685923 |
| &nbsp;&nbsp;&nbsp;&nbsp;TETRA Technologies, Inc. <sup>\*</sup> | 573582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4886919 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;Tidewater, Inc. <sup>\*</sup> | &nbsp;&nbsp;46949 | &nbsp;&nbsp;&nbsp;&nbsp;$3922589 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28918431 |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.55%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.55%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.55%** |
| &nbsp;&nbsp;&nbsp;&nbsp;American Resources Corp. <sup>\*</sup> | 382637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Centrus Energy Corp. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;7656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Delek U.S. Holdings, Inc. | &nbsp;&nbsp;71689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3231023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy Fuels, Inc. <sup>1,\*</sup> | 181805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3317941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Riley Exploration Permian, Inc. | &nbsp;&nbsp;70793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2580405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Uranium Energy Corp. <sup>\*</sup> | 360089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4861201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16245557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total ENERGY<br> (Cost $34,495,834) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45163988 |
| **CONSUMER DISCRETIONARY — 8.14%** | **CONSUMER DISCRETIONARY — 8.14%** | **CONSUMER DISCRETIONARY — 8.14%** |
| &nbsp;&nbsp;**Diversified Consumer Services — 2.94%** | &nbsp;&nbsp;**Diversified Consumer Services — 2.94%** | &nbsp;&nbsp;**Diversified Consumer Services — 2.94%** |
| &nbsp;&nbsp;&nbsp;&nbsp;American Public Education, Inc. <sup>\*</sup> | &nbsp;&nbsp;85007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4835198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lincoln Educational Services Corp. <sup>\*</sup> | 108161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4399989 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Technical Institute, Inc. <sup>\*</sup> | 117355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4236516 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13471703 |
| &nbsp;&nbsp;**Specialty Retail — 1.79%** | &nbsp;&nbsp;**Specialty Retail — 1.79%** | &nbsp;&nbsp;**Specialty Retail — 1.79%** |
| &nbsp;&nbsp;&nbsp;&nbsp;National Vision Holdings, Inc. <sup>\*</sup> | 185162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4795696 |
| &nbsp;&nbsp;&nbsp;&nbsp;The RealReal, Inc. <sup>\*</sup> | 373628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3392542 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8188238 |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 1.30%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 1.30%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 1.30%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings, Inc. <sup>\*</sup> | 170778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2954460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rush Street Interactive, Inc. <sup>\*</sup> | 137191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2983904 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5938364 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.20%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.20%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.20%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Figs, Inc. - A <sup>\*</sup> | 371606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5488621 |
| &nbsp;&nbsp;**Automobile Components — 0.91%** | &nbsp;&nbsp;**Automobile Components — 0.91%** | &nbsp;&nbsp;**Automobile Components — 0.91%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cooper-Standard Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;64174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1788529 |
| &nbsp;&nbsp;&nbsp;&nbsp;LCI Industries | &nbsp;&nbsp;19347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379294 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4167823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total CONSUMER DISCRETIONARY<br> (Cost $28,101,975) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37254749 |
| **MATERIALS — 6.93%** | **MATERIALS — 6.93%** | **MATERIALS — 6.93%** |
| &nbsp;&nbsp;**Metals & Mining — 5.28%** | &nbsp;&nbsp;**Metals & Mining — 5.28%** | &nbsp;&nbsp;**Metals & Mining — 5.28%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Almonty Industries, Inc. <sup>1,\*</sup> | 283696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4107918 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardian Metal Resources PLC <sup>1,\*</sup> | &nbsp;&nbsp;88501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1546998 |
| &nbsp;&nbsp;&nbsp;&nbsp;IAMGOLD Corp. <sup>1,\*</sup> | 236487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4450685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ivanhoe Electric, Inc. <sup>\*</sup> | 242968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2871882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Perpetua Resources Corp. <sup>1,\*</sup> | 173253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4871874 |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Antimony Corp. <sup>\*</sup> | 528140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4610662 |
| &nbsp;&nbsp;&nbsp;&nbsp;USA Rare Earth, Inc. - A <sup>\*</sup> | 111133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681998 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24142017 |

---

Notes to Schedule of Investments are an integral part of this Schedule.

------

#### Driehaus Micro Cap Growth Fund

#### Schedule of Investments

#### March 31, 2026 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;**Chemicals — 1.65%** | &nbsp;&nbsp;**Chemicals — 1.65%** | &nbsp;&nbsp;**Chemicals — 1.65%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Ecovyst, Inc. <sup>\*</sup> | 216216 | &nbsp;&nbsp;&nbsp;&nbsp;$2780538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flotek Industries, Inc. <sup>\*</sup> | 154721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intrepid Potash, Inc. <sup>\*</sup> | &nbsp;&nbsp;50072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2141580 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7547733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total MATERIALS<br> (Cost $24,198,136) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31689750 |
| **FINANCIALS — 2.90%** | **FINANCIALS — 2.90%** | **FINANCIALS — 2.90%** |
| &nbsp;&nbsp;**Capital Markets — 1.37%** | &nbsp;&nbsp;**Capital Markets — 1.37%** | &nbsp;&nbsp;**Capital Markets — 1.37%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Miami International Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;63333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464920 |
| &nbsp;&nbsp;&nbsp;&nbsp;WisdomTree, Inc. | 262278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3818768 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6283688 |
| &nbsp;&nbsp;**Consumer Finance — 1.26%** | &nbsp;&nbsp;**Consumer Finance — 1.26%** | &nbsp;&nbsp;**Consumer Finance — 1.26%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Dave, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;9957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733414 |
| &nbsp;&nbsp;&nbsp;&nbsp;EZCORP, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;71376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811523 |
| &nbsp;&nbsp;&nbsp;&nbsp;LendingClub Corp. <sup>\*</sup> | 154185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2207929 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5752866 |
| &nbsp;&nbsp;**Insurance — 0.27%** | &nbsp;&nbsp;**Insurance — 0.27%** | &nbsp;&nbsp;**Insurance — 0.27%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Exzeo Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;84608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total FINANCIALS<br> (Cost $12,297,850) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13277754 |
| **CONSUMER STAPLES — 2.38%** | **CONSUMER STAPLES — 2.38%** | **CONSUMER STAPLES — 2.38%** |
| &nbsp;&nbsp;**Beverages — 1.15%** | &nbsp;&nbsp;**Beverages — 1.15%** | &nbsp;&nbsp;**Beverages — 1.15%** |
| &nbsp;&nbsp;&nbsp;&nbsp;The Vita Coco Co., Inc. <sup>\*</sup> | 110048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5272400 |
| &nbsp;&nbsp;**Tobacco — 0.64%** | &nbsp;&nbsp;**Tobacco — 0.64%** | &nbsp;&nbsp;**Tobacco — 0.64%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | &nbsp;&nbsp;33567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2913280 |
| &nbsp;&nbsp;**Food Products — 0.59%** | &nbsp;&nbsp;**Food Products — 0.59%** | &nbsp;&nbsp;**Food Products — 0.59%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Mama's Creations, Inc. <sup>\*</sup> | 175631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2694179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total CONSUMER STAPLES<br> (Cost $10,322,385) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10879859 |
| **COMMUNICATION SERVICES — 1.12%** | **COMMUNICATION SERVICES — 1.12%** | **COMMUNICATION SERVICES — 1.12%** |
| &nbsp;&nbsp;**Entertainment — 1.12%** | &nbsp;&nbsp;**Entertainment — 1.12%** | &nbsp;&nbsp;**Entertainment — 1.12%** |
| &nbsp;&nbsp;&nbsp;&nbsp;IMAX Corp. <sup>1,\*</sup> | 134396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5108392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMUNICATION SERVICES<br> (Cost $3,737,355) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5108392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMON STOCKS<br> (Cost $301,817,717) |  | &nbsp;&nbsp;&nbsp;&nbsp;443525179 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **SHORT TERM INVESTMENTS — 2.19%** | **SHORT TERM INVESTMENTS — 2.19%** | **SHORT TERM INVESTMENTS — 2.19%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional U.S. Government Select Portfolio (Shares Class), 3.54% <sup>2</sup><br> (Cost $10,013,974) | 10013974 | &nbsp;&nbsp;&nbsp;$10013974 |
| &nbsp;&nbsp;TOTAL INVESTMENTS<br> (Cost $311,831,691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.12% | &nbsp;&nbsp;$453539153 |
| &nbsp;&nbsp;Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4015094 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;$457554247 |

---

ADR American Depositary Receipt <br> PLC Public Limited Company

<sup>1</sup> Foreign security denominated and/or traded in U.S. dollars. <br> <sup>2</sup> 7 day current yield as of March 31, 2026 is disclosed. <br> <sup>\*</sup> Non-income producing security.

Percentages are stated as a percent of net assets.

Notes to Schedule of Investments are an integral part of this Schedule.

------

#### Driehaus Small Cap Growth Fund

#### Schedule of Investments

#### March 31, 2026 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **COMMON STOCKS — 97.59%** | **COMMON STOCKS — 97.59%** | **COMMON STOCKS — 97.59%** |
| **INDUSTRIALS — 29.79%** | **INDUSTRIALS — 29.79%** | **INDUSTRIALS — 29.79%** |
| &nbsp;&nbsp;**Aerospace & Defense — 6.99%** | &nbsp;&nbsp;**Aerospace & Defense — 6.99%** | &nbsp;&nbsp;**Aerospace & Defense — 6.99%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12568 | &nbsp;&nbsp;&nbsp;&nbsp;$5337504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15365543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19430991 |
| &nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;69100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16929500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Karman Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;107566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8610658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2959446 |
| &nbsp;&nbsp;&nbsp;&nbsp;VSE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;63419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11694464 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80328106 |
| &nbsp;&nbsp;**Construction & Engineering — 5.45%** | &nbsp;&nbsp;**Construction & Engineering — 5.45%** | &nbsp;&nbsp;**Construction & Engineering — 5.45%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction Partners, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;91844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10205705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dycom Industries, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9038024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Everus Construction Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;67055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7916513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legence Corp. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;177707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10033337 |
| &nbsp;&nbsp;&nbsp;&nbsp;MYR Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;27112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7654260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Solv Energy, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;246873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7413596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10354840 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62616275 |
| &nbsp;&nbsp;**Machinery — 4.64%** | &nbsp;&nbsp;**Machinery — 4.64%** | &nbsp;&nbsp;**Machinery — 4.64%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Crane Co. | &nbsp;&nbsp;&nbsp;&nbsp;33279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5690709 |
| &nbsp;&nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10151830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;65919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7128481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;98252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7222504 |
| &nbsp;&nbsp;&nbsp;&nbsp;JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4864942 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;54349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10866539 |
| &nbsp;&nbsp;&nbsp;&nbsp;Terex Corp. | &nbsp;&nbsp;&nbsp;124811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7376330 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53301335 |
| &nbsp;&nbsp;**Electrical Equipment — 4.62%** | &nbsp;&nbsp;**Electrical Equipment — 4.62%** | &nbsp;&nbsp;**Electrical Equipment — 4.62%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Amprius Technologies, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;216462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3649549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloom Energy Corp. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;103747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14056681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eos Energy Enterprises, Inc. <sup>\*</sup> | 1559557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7735403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forgent Power Solutions, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;180958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5296641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nextpower, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;135858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16377682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vicor Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;36814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5927054 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53043010 |
| &nbsp;&nbsp;**Professional Services — 2.83%** | &nbsp;&nbsp;**Professional Services — 2.83%** | &nbsp;&nbsp;**Professional Services — 2.83%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Planet Labs PBC <sup>\*</sup> | &nbsp;&nbsp;&nbsp;834717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23330340 |
| &nbsp;&nbsp;&nbsp;&nbsp;UL Solutions, Inc. - A | &nbsp;&nbsp;&nbsp;106701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9145343 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32475683 |
| &nbsp;&nbsp;**Building Products — 2.20%** | &nbsp;&nbsp;**Building Products — 2.20%** | &nbsp;&nbsp;**Building Products — 2.20%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;67912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4935844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Modine Manufacturing Co. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;69115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14977912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;118063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5293945 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25207701 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;**Ground Transportation — 2.00%** | &nbsp;&nbsp;**Ground Transportation — 2.00%** | &nbsp;&nbsp;**Ground Transportation — 2.00%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | 187566 | &nbsp;&nbsp;&nbsp;$10800050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saia, Inc. <sup>\*</sup> | &nbsp;&nbsp;34646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12170447 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22970497 |
| &nbsp;&nbsp;**Trading Companies & Distributors — 1.06%** | &nbsp;&nbsp;**Trading Companies & Distributors — 1.06%** | &nbsp;&nbsp;**Trading Companies & Distributors — 1.06%** |
| &nbsp;&nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc. <sup>\*</sup> | &nbsp;&nbsp;66985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8916373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xometry, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;80641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3293379 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12209752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total INDUSTRIALS<br> (Cost $245,285,028) |  | &nbsp;&nbsp;&nbsp;&nbsp;342152359 |
| **HEALTH CARE — 29.12%** | **HEALTH CARE — 29.12%** | **HEALTH CARE — 29.12%** |
| &nbsp;&nbsp;**Biotechnology — 18.97%** | &nbsp;&nbsp;**Biotechnology — 18.97%** | &nbsp;&nbsp;**Biotechnology — 18.97%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Alkermes PLC <sup>1,\*</sup> | 153793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5438121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apogee Therapeutics, Inc. <sup>\*</sup> | 198229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16684935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics, Inc. <sup>\*</sup> | 233347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5497655 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc. <sup>\*</sup> | 162189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10169250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc. <sup>\*</sup> | 164124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12187848 |
| &nbsp;&nbsp;&nbsp;&nbsp;CG oncology, Inc. <sup>\*</sup> | 176920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11973946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dianthus Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;56423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4735018 |
| &nbsp;&nbsp;&nbsp;&nbsp;Immunome, Inc. <sup>\*</sup> | 346498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7577911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kymera Therapeutics, Inc. <sup>\*</sup> | 156940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13071533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;21553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11282349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc. <sup>\*</sup> | &nbsp;&nbsp;27284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5456527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nuvalent, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;63996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6556390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc. <sup>\*</sup> | &nbsp;&nbsp;76128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24527680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc. <sup>\*</sup> | 104761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11041809 |
| &nbsp;&nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc. <sup>\*</sup> | 125201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8529944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;59849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5205068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp. <sup>\*</sup> | 235130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11558991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spyre Therapeutics, Inc. <sup>\*</sup> | 278936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14069532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc. <sup>\*</sup> | 249132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7401712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Twist Bioscience Corp. <sup>\*</sup> | 113606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5398557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals, Inc. <sup>1,\*</sup> | 335773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19525200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;217889976 |
| &nbsp;&nbsp;**Pharmaceuticals — 7.57%** | &nbsp;&nbsp;**Pharmaceuticals — 7.57%** | &nbsp;&nbsp;**Pharmaceuticals — 7.57%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;55308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9348158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc. <sup>\*</sup> | 540811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19642256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Definium Therapeutics, Inc. <sup>1,\*</sup> | 463827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8766330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Edgewise Therapeutics, Inc. <sup>\*</sup> | 471229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14843713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indivior Pharmaceuticals, Inc. <sup>\*</sup> | 196743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5996727 |
| &nbsp;&nbsp;&nbsp;&nbsp;Septerna, Inc. <sup>\*</sup> | 377019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9059767 |
| &nbsp;&nbsp;&nbsp;&nbsp;Structure Therapeutics, Inc. - ADR <sup>1,\*</sup> | 123972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5975450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals, Inc. <sup>\*</sup> | 118606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8320211 |
| &nbsp;&nbsp;&nbsp;&nbsp;WaVe Life Sciences Ltd. <sup>1,\*</sup> | 684309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4961240 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86913852 |
| &nbsp;&nbsp;**Health Care Providers & Services — 1.55%** | &nbsp;&nbsp;**Health Care Providers & Services — 1.55%** | &nbsp;&nbsp;**Health Care Providers & Services — 1.55%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. <sup>\*</sup> | 192740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17803394 |

---

Notes to Schedule of Investments are an integral part of this Schedule.

------

#### Driehaus Small Cap Growth Fund

#### Schedule of Investments

#### March 31, 2026 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;**Health Care Equipment & Supplies — 1.03%** | &nbsp;&nbsp;**Health Care Equipment & Supplies — 1.03%** | &nbsp;&nbsp;**Health Care Equipment & Supplies — 1.03%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;70918 | &nbsp;&nbsp;&nbsp;&nbsp;$7635032 |
| &nbsp;&nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4185796 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11820828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total HEALTH CARE<br> (Cost $232,795,805) |  | &nbsp;&nbsp;&nbsp;&nbsp;334428050 |
| **INFORMATION TECHNOLOGY — 15.18%** | **INFORMATION TECHNOLOGY — 15.18%** | **INFORMATION TECHNOLOGY — 15.18%** |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 5.72%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 5.72%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 5.72%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Camtek Ltd. <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;64529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9783242 |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9288522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Onto Innovation, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8247095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;33800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2907814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Semtech Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;77449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5955054 |
| &nbsp;&nbsp;&nbsp;&nbsp;Silicon Motion Technology Corp. - ADR <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;51164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5745205 |
| &nbsp;&nbsp;&nbsp;&nbsp;SiTime Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8430684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tower Semiconductor Ltd. <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;42840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7517563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ultra Clean Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;124988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7771754 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65646933 |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 5.07%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 5.07%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 5.07%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8169081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;56095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13362390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;28536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14882095 |
| &nbsp;&nbsp;&nbsp;&nbsp;nLight, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;178850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10198027 |
| &nbsp;&nbsp;&nbsp;&nbsp;OSI Systems, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;22917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6084692 |
| &nbsp;&nbsp;&nbsp;&nbsp;TTM Technologies, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;56650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5518843 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58215128 |
| &nbsp;&nbsp;**Software — 2.09%** | &nbsp;&nbsp;**Software — 2.09%** | &nbsp;&nbsp;**Software — 2.09%** |
| &nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17141218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Terawulf, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;475330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6859012 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000230 |
| &nbsp;&nbsp;**Communications Equipment — 1.79%** | &nbsp;&nbsp;**Communications Equipment — 1.79%** | &nbsp;&nbsp;**Communications Equipment — 1.79%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;29332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20613356 |
| &nbsp;&nbsp;**IT Services — 0.51%** | &nbsp;&nbsp;**IT Services — 0.51%** | &nbsp;&nbsp;**IT Services — 0.51%** |
| &nbsp;&nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;68505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5876359 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total INFORMATION TECHNOLOGY<br> (Cost $120,675,300) |  | &nbsp;&nbsp;&nbsp;&nbsp;174352006 |
| **ENERGY — 7.76%** | **ENERGY — 7.76%** | **ENERGY — 7.76%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 4.54%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 4.54%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 4.54%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cameco Corp. <sup>1</sup> | &nbsp;&nbsp;&nbsp;119287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12955761 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7387104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;152868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9658201 |
| &nbsp;&nbsp;&nbsp;&nbsp;PBF Energy, Inc. - A | &nbsp;&nbsp;&nbsp;138431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6592084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Uranium Energy Corp. <sup>\*</sup> | 1149552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15518952 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52112102 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;**Energy Equipment & Services — 3.22%** | &nbsp;&nbsp;**Energy Equipment & Services — 3.22%** | &nbsp;&nbsp;**Energy Equipment & Services — 3.22%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Innovex International, Inc. <sup>\*</sup> | 174044 | &nbsp;&nbsp;&nbsp;&nbsp;$4244933 |
| &nbsp;&nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc. | 193929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10958928 |
| &nbsp;&nbsp;&nbsp;&nbsp;TechnipFMC PLC <sup>1</sup> | 121454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8396115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tidewater, Inc. <sup>\*</sup> | &nbsp;&nbsp;90331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7547155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transocean Ltd. <sup>1,\*</sup> | 877537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5818070 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36965201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total ENERGY<br> (Cost $56,554,020) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89077303 |
| **CONSUMER DISCRETIONARY — 7.11%** | **CONSUMER DISCRETIONARY — 7.11%** | **CONSUMER DISCRETIONARY — 7.11%** |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 2.67%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 2.67%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 2.67%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc. <sup>\*</sup> | &nbsp;&nbsp;42705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6096993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cava Group, Inc. <sup>\*</sup> | 101085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8177777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rush Street Interactive, Inc. <sup>\*</sup> | 358972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7807641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Travel + Leisure Co. | 124360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8604468 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30686879 |
| &nbsp;&nbsp;**Specialty Retail — 1.64%** | &nbsp;&nbsp;**Specialty Retail — 1.64%** | &nbsp;&nbsp;**Specialty Retail — 1.64%** |
| &nbsp;&nbsp;&nbsp;&nbsp;National Vision Holdings, Inc. <sup>\*</sup> | 449249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11635549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Victoria's Secret & Co. <sup>\*</sup> | 154901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7181210 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18816759 |
| &nbsp;&nbsp;**Automobile Components — 0.79%** | &nbsp;&nbsp;**Automobile Components — 0.79%** | &nbsp;&nbsp;**Automobile Components — 0.79%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Garrett Motion, Inc. | 237997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4324406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | &nbsp;&nbsp;42864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4760904 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9085310 |
| &nbsp;&nbsp;**Diversified Consumer Services — 0.63%** | &nbsp;&nbsp;**Diversified Consumer Services — 0.63%** | &nbsp;&nbsp;**Diversified Consumer Services — 0.63%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Technical Institute, Inc. <sup>\*</sup> | 198307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7158883 |
| &nbsp;&nbsp;**Leisure Products — 0.54%** | &nbsp;&nbsp;**Leisure Products — 0.54%** | &nbsp;&nbsp;**Leisure Products — 0.54%** |
| &nbsp;&nbsp;&nbsp;&nbsp;BRP, Inc. <sup>1</sup> | &nbsp;&nbsp;86648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6222193 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.46%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.46%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.46%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Figs, Inc. - A <sup>\*</sup> | 358415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5293789 |
| &nbsp;&nbsp;**Household Durables — 0.38%** | &nbsp;&nbsp;**Household Durables — 0.38%** | &nbsp;&nbsp;**Household Durables — 0.38%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | &nbsp;&nbsp;16599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4401225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total CONSUMER DISCRETIONARY<br> (Cost $83,437,231) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81665038 |
| **FINANCIALS — 3.23%** | **FINANCIALS — 3.23%** | **FINANCIALS — 3.23%** |
| &nbsp;&nbsp;**Capital Markets — 1.27%** | &nbsp;&nbsp;**Capital Markets — 1.27%** | &nbsp;&nbsp;**Capital Markets — 1.27%** |
| &nbsp;&nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | &nbsp;&nbsp;31774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5242074 |
| &nbsp;&nbsp;&nbsp;&nbsp;StoneX Group, Inc. <sup>\*</sup> | 115972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9353142 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14595216 |
| &nbsp;&nbsp;**Banks — 1.21%** | &nbsp;&nbsp;**Banks — 1.21%** | &nbsp;&nbsp;**Banks — 1.21%** |
| &nbsp;&nbsp;&nbsp;&nbsp;BankUnited, Inc. | 121489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5486443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Customers Bancorp, Inc. <sup>\*</sup> | 121121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8407009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13893452 |
| &nbsp;&nbsp;**Consumer Finance — 0.75%** | &nbsp;&nbsp;**Consumer Finance — 0.75%** | &nbsp;&nbsp;**Consumer Finance — 0.75%** |
| &nbsp;&nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | &nbsp;&nbsp;30190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5675720 |

---

Notes to Schedule of Investments are an integral part of this Schedule.

------

#### Driehaus Small Cap Growth Fund

#### Schedule of Investments

#### March 31, 2026 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;LendingClub Corp. <sup>\*</sup> | 203090 | &nbsp;&nbsp;$2908249 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8583969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total FINANCIALS<br> (Cost $37,249,954) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37072637 |
| **MATERIALS — 2.79%** | **MATERIALS — 2.79%** | **MATERIALS — 2.79%** |
| &nbsp;&nbsp;**Metals & Mining — 2.06%** | &nbsp;&nbsp;**Metals & Mining — 2.06%** | &nbsp;&nbsp;**Metals & Mining — 2.06%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Almonty Industries, Inc. <sup>1,\*</sup> | 450095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6517376 |
| &nbsp;&nbsp;&nbsp;&nbsp;MP Materials Corp. <sup>\*</sup> | &nbsp;&nbsp;94854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4577654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corp. <sup>1</sup> | 165639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9048858 |
| &nbsp;&nbsp;&nbsp;&nbsp;United States Antimony Corp. <sup>\*</sup> | 395341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3451327 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23595215 |
| &nbsp;&nbsp;**Chemicals — 0.73%** | &nbsp;&nbsp;**Chemicals — 0.73%** | &nbsp;&nbsp;**Chemicals — 0.73%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Methanex Corp. <sup>1</sup> | 141371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8417229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total MATERIALS<br> (Cost $25,595,546) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32012444 |
| **CONSUMER STAPLES — 1.30%** | **CONSUMER STAPLES — 1.30%** | **CONSUMER STAPLES — 1.30%** |
| &nbsp;&nbsp;**Tobacco — 0.90%** | &nbsp;&nbsp;**Tobacco — 0.90%** | &nbsp;&nbsp;**Tobacco — 0.90%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | 120021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10416623 |
| &nbsp;&nbsp;**Beverages — 0.40%** | &nbsp;&nbsp;**Beverages — 0.40%** | &nbsp;&nbsp;**Beverages — 0.40%** |
| &nbsp;&nbsp;&nbsp;&nbsp;The Vita Coco Co., Inc. <sup>\*</sup> | &nbsp;&nbsp;95332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4567356 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total CONSUMER STAPLES<br> (Cost $16,112,678) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14983979 |
| **COMMUNICATION SERVICES — 0.52%** | **COMMUNICATION SERVICES — 0.52%** | **COMMUNICATION SERVICES — 0.52%** |
| &nbsp;&nbsp;**Entertainment — 0.52%** | &nbsp;&nbsp;**Entertainment — 0.52%** | &nbsp;&nbsp;**Entertainment — 0.52%** |
| &nbsp;&nbsp;&nbsp;&nbsp;IMAX Corp. <sup>1,\*</sup> | 157613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5990870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMUNICATION SERVICES<br> (Cost $6,277,794) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5990870 |
| **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;50693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5673561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total UTILITIES<br> (Cost $5,385,342) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5673561 |
| **REAL ESTATE — 0.30%** | **REAL ESTATE — 0.30%** | **REAL ESTATE — 0.30%** |
| &nbsp;&nbsp;**Real Estate Management & Development — 0.30%** | &nbsp;&nbsp;**Real Estate Management & Development — 0.30%** | &nbsp;&nbsp;**Real Estate Management & Development — 0.30%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Compass, Inc. - A <sup>\*</sup> | 472881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3456760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total REAL ESTATE<br> (Cost $4,532,037) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3456760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMON STOCKS<br> (Cost $833,900,735) |  | &nbsp;&nbsp;&nbsp;1120865007 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **SHORT TERM INVESTMENTS — 2.41%** | **SHORT TERM INVESTMENTS — 2.41%** | **SHORT TERM INVESTMENTS — 2.41%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional U.S. Government Select Portfolio (Shares Class), 3.54% <sup>2</sup><br> (Cost $27,610,715) | 27610715 | &nbsp;&nbsp;$27610715 |
| &nbsp;&nbsp;TOTAL INVESTMENTS<br> (Cost $861,511,450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;$1148475722 |
| &nbsp;&nbsp;Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42593 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;$1148518315 |

---

ADR American Depositary Receipt <br> PLC Public Limited Company

<sup>1</sup> Foreign security denominated and/or traded in U.S. dollars. <br> <sup>2</sup> 7 day current yield as of March 31, 2026 is disclosed. <br> <sup>\*</sup> Non-income producing security.

Percentages are stated as a percent of net assets.

Notes to Schedule of Investments are an integral part of this Schedule.

------

#### Driehaus Small/Mid Cap Growth Fund

#### Schedule of Investments

#### March 31, 2026 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **COMMON STOCKS — 95.55%** | **COMMON STOCKS — 95.55%** | **COMMON STOCKS — 95.55%** |
| **INDUSTRIALS — 36.14%** | **INDUSTRIALS — 36.14%** | **INDUSTRIALS — 36.14%** |
| &nbsp;&nbsp;**Aerospace & Defense — 10.85%** | &nbsp;&nbsp;**Aerospace & Defense — 10.85%** | &nbsp;&nbsp;**Aerospace & Defense — 10.85%** |
| &nbsp;&nbsp;&nbsp;&nbsp;ATI, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;6786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$987092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;1037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440404 |
| &nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;4421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;3669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;2490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695989 |
| &nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation Ltd. | &nbsp;&nbsp;&nbsp;7138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Karman Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;8480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;3297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rocket Lab Corp. <sup>\*</sup> | &nbsp;&nbsp;12887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Woodward, Inc. | &nbsp;&nbsp;&nbsp;2258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808183 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9769562 |
| &nbsp;&nbsp;**Construction & Engineering — 6.75%** | &nbsp;&nbsp;**Construction & Engineering — 6.75%** | &nbsp;&nbsp;**Construction & Engineering — 6.75%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;1269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction Partners, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;3551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394587 |
| &nbsp;&nbsp;&nbsp;&nbsp;Everus Construction Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;5446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642955 |
| &nbsp;&nbsp;&nbsp;&nbsp;MasTec, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;3325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;3158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488724 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079795 |
| &nbsp;&nbsp;**Machinery — 5.36%** | &nbsp;&nbsp;**Machinery — 5.36%** | &nbsp;&nbsp;**Machinery — 5.36%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Alliance Laundry Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;26221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;6917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crane Co. | &nbsp;&nbsp;&nbsp;2637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flowserve Corp. | &nbsp;&nbsp;&nbsp;9538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;4588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142779 |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;2169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178027 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4826399 |
| &nbsp;&nbsp;**Electrical Equipment — 4.06%** | &nbsp;&nbsp;**Electrical Equipment — 4.06%** | &nbsp;&nbsp;**Electrical Equipment — 4.06%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloom Energy Corp. - A <sup>\*</sup> | &nbsp;&nbsp;10053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eos Energy Enterprises, Inc. <sup>\*</sup> | 114256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forgent Power Solutions, Inc. <sup>\*</sup> | &nbsp;&nbsp;14281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nextpower, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;10837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306400 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3653196 |
| &nbsp;&nbsp;**Professional Services — 3.43%** | &nbsp;&nbsp;**Professional Services — 3.43%** | &nbsp;&nbsp;**Professional Services — 3.43%** |
| &nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;1501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Planet Labs PBC <sup>\*</sup> | &nbsp;&nbsp;55625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554719 |
| &nbsp;&nbsp;&nbsp;&nbsp;UL Solutions, Inc. - A | &nbsp;&nbsp;&nbsp;8359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716450 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087518 |
| &nbsp;&nbsp;**Building Products — 2.05%** | &nbsp;&nbsp;**Building Products — 2.05%** | &nbsp;&nbsp;**Building Products — 2.05%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;3385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464185 |
| &nbsp;&nbsp;&nbsp;&nbsp;Modine Manufacturing Co. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;4464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;9265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415443 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1847021 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;**Ground Transportation — 1.67%** | &nbsp;&nbsp;**Ground Transportation — 1.67%** | &nbsp;&nbsp;**Ground Transportation — 1.67%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Saia, Inc. <sup>\*</sup> | &nbsp;&nbsp;2544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$893656 |
| &nbsp;&nbsp;&nbsp;&nbsp;XPO, Inc. <sup>\*</sup> | &nbsp;&nbsp;3140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610887 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504543 |
| &nbsp;&nbsp;**Trading Companies & Distributors — 1.42%** | &nbsp;&nbsp;**Trading Companies & Distributors — 1.42%** | &nbsp;&nbsp;**Trading Companies & Distributors — 1.42%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;1966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521619 |
| &nbsp;&nbsp;&nbsp;&nbsp;QXO, Inc. <sup>\*</sup> | 11727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xometry, Inc. - A <sup>\*</sup> | 13102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535086 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284443 |
| &nbsp;&nbsp;**Air Freight & Logistics — 0.55%** | &nbsp;&nbsp;**Air Freight & Logistics — 0.55%** | &nbsp;&nbsp;**Air Freight & Logistics — 0.55%** |
| &nbsp;&nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;3011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total INDUSTRIALS<br> (Cost $24,794,823) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32552514 |
| **HEALTH CARE — 17.83%** | **HEALTH CARE — 17.83%** | **HEALTH CARE — 17.83%** |
| &nbsp;&nbsp;**Biotechnology — 12.41%** | &nbsp;&nbsp;**Biotechnology — 12.41%** | &nbsp;&nbsp;**Biotechnology — 12.41%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;1907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apogee Therapeutics, Inc. <sup>\*</sup> | 13185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc. <sup>\*</sup> | 11434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ascendis Pharma A/S - ADR <sup>1,\*</sup> | &nbsp;&nbsp;4087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc. <sup>\*</sup> | &nbsp;&nbsp;9646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exelixis, Inc. <sup>\*</sup> | 10754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incyte Corp. <sup>\*</sup> | &nbsp;&nbsp;4087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc. <sup>\*</sup> | &nbsp;&nbsp;3366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kymera Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;5446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc. <sup>\*</sup> | &nbsp;&nbsp;3815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nuvalent, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;4844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc. <sup>\*</sup> | &nbsp;&nbsp;5988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929274 |
| &nbsp;&nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc. <sup>\*</sup> | 11886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals, Inc. <sup>1,\*</sup> | 21049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223999 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11181003 |
| &nbsp;&nbsp;**Pharmaceuticals — 2.40%** | &nbsp;&nbsp;**Pharmaceuticals — 2.40%** | &nbsp;&nbsp;**Pharmaceuticals — 2.40%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc. <sup>\*</sup> | 43076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc. <sup>\*</sup> | 11024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Structure Therapeutics, Inc. - ADR <sup>1,\*</sup> | &nbsp;&nbsp;6816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328531 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2156856 |
| &nbsp;&nbsp;**Health Care Providers & Services — 1.54%** | &nbsp;&nbsp;**Health Care Providers & Services — 1.54%** | &nbsp;&nbsp;**Health Care Providers & Services — 1.54%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. <sup>\*</sup> | 15050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390168 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies — 1.48%** | &nbsp;&nbsp;**Health Care Equipment & Supplies — 1.48%** | &nbsp;&nbsp;**Health Care Equipment & Supplies — 1.48%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Align Technology, Inc. <sup>\*</sup> | &nbsp;&nbsp;2627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corp. <sup>\*</sup> | &nbsp;&nbsp;3926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Globus Medical, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;5344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460439 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total HEALTH CARE<br> (Cost $12,029,401) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16061486 |

---

Notes to Schedule of Investments are an integral part of this Schedule.

------

#### Driehaus Small/Mid Cap Growth Fund

#### Schedule of Investments

#### March 31, 2026 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **INFORMATION TECHNOLOGY — 17.19%** | **INFORMATION TECHNOLOGY — 17.19%** | **INFORMATION TECHNOLOGY — 17.19%** |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 7.57%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 7.57%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 7.57%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp. <sup>\*</sup> | &nbsp;&nbsp;5666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$525578 |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;3873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nova Ltd. <sup>1,\*</sup> | &nbsp;&nbsp;1458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Onto Innovation, Inc. <sup>\*</sup> | &nbsp;&nbsp;3638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Qnity Electronics, Inc. | &nbsp;&nbsp;5118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590515 |
| &nbsp;&nbsp;&nbsp;&nbsp;Semtech Corp. <sup>\*</sup> | &nbsp;&nbsp;7349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565065 |
| &nbsp;&nbsp;&nbsp;&nbsp;SiTime Corp. <sup>\*</sup> | &nbsp;&nbsp;1673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;5810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tower Semiconductor Ltd. <sup>1,\*</sup> | &nbsp;&nbsp;3381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593298 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6813961 |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 4.60%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 4.60%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 4.60%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | &nbsp;&nbsp;1501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. <sup>\*</sup> | &nbsp;&nbsp;7201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet <sup>1,\*</sup> | &nbsp;&nbsp;1789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc. <sup>\*</sup> | &nbsp;&nbsp;1674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012787 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4145524 |
| &nbsp;&nbsp;**Software — 2.55%** | &nbsp;&nbsp;**Software — 2.55%** | &nbsp;&nbsp;**Software — 2.55%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software, Inc. <sup>\*</sup> | &nbsp;&nbsp;4756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711307 |
| &nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc. | &nbsp;&nbsp;4016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Terawulf, Inc. <sup>\*</sup> | 25936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374257 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2298396 |
| &nbsp;&nbsp;**Communications Equipment — 1.94%** | &nbsp;&nbsp;**Communications Equipment — 1.94%** | &nbsp;&nbsp;**Communications Equipment — 1.94%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;2490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749872 |
| &nbsp;&nbsp;**IT Services — 0.53%** | &nbsp;&nbsp;**IT Services — 0.53%** | &nbsp;&nbsp;**IT Services — 0.53%** |
| &nbsp;&nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;5497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total INFORMATION TECHNOLOGY<br> (Cost $11,231,706) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15479286 |
| **CONSUMER DISCRETIONARY — 7.46%** | **CONSUMER DISCRETIONARY — 7.46%** | **CONSUMER DISCRETIONARY — 7.46%** |
| &nbsp;&nbsp;**Specialty Retail — 2.44%** | &nbsp;&nbsp;**Specialty Retail — 2.44%** | &nbsp;&nbsp;**Specialty Retail — 2.44%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores, Inc. <sup>\*</sup> | &nbsp;&nbsp;1440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468547 |
| &nbsp;&nbsp;&nbsp;&nbsp;Five Below, Inc. <sup>\*</sup> | &nbsp;&nbsp;5023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147655 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. <sup>\*</sup> | &nbsp;&nbsp;1102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576027 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2192229 |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 2.30%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 2.30%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 2.30%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cava Group, Inc. <sup>\*</sup> | 10223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc. <sup>\*</sup> | 20710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Viking Holdings Ltd. <sup>\*</sup> | &nbsp;&nbsp;9360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687773 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2072741 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.35%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.35%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.35%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;8635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218485 |
| &nbsp;&nbsp;**Household Durables — 0.88%** | &nbsp;&nbsp;**Household Durables — 0.88%** | &nbsp;&nbsp;**Household Durables — 0.88%** |
| &nbsp;&nbsp;&nbsp;&nbsp;SharkNinja, Inc. <sup>\*</sup> | &nbsp;&nbsp;4443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470514 |
| &nbsp;&nbsp;&nbsp;&nbsp;Somnigroup International, Inc. | &nbsp;&nbsp;4320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319334 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789848 |

---

---

| | | |
|:---|:---|:---|
|  | *Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;**Leisure Products — 0.49%** | &nbsp;&nbsp;**Leisure Products — 0.49%** | &nbsp;&nbsp;**Leisure Products — 0.49%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Hasbro, Inc. | &nbsp;&nbsp;&nbsp;4719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$441698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total CONSUMER DISCRETIONARY<br> (Cost $6,223,878) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6715001 |
| **ENERGY — 6.22%** | **ENERGY — 6.22%** | **ENERGY — 6.22%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 4.57%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 4.57%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 4.57%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cameco Corp. <sup>1</sup> | &nbsp;&nbsp;13262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;12931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816980 |
| &nbsp;&nbsp;&nbsp;&nbsp;NexGen Energy Ltd. <sup>1,\*</sup> | 120993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Venture Global, Inc. - A | &nbsp;&nbsp;28835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454440 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4115325 |
| &nbsp;&nbsp;**Energy Equipment & Services — 1.65%** | &nbsp;&nbsp;**Energy Equipment & Services — 1.65%** | &nbsp;&nbsp;**Energy Equipment & Services — 1.65%** |
| &nbsp;&nbsp;&nbsp;&nbsp;TechnipFMC PLC <sup>1</sup> | &nbsp;&nbsp;13256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transocean Ltd. <sup>1,\*</sup> | &nbsp;&nbsp;86135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571075 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total ENERGY<br> (Cost $3,443,720) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5602787 |
| **MATERIALS — 3.30%** | **MATERIALS — 3.30%** | **MATERIALS — 3.30%** |
| &nbsp;&nbsp;**Metals & Mining — 1.66%** | &nbsp;&nbsp;**Metals & Mining — 1.66%** | &nbsp;&nbsp;**Metals & Mining — 1.66%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Coeur Mining, Inc. <sup>\*</sup> | &nbsp;&nbsp;25520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479011 |
| &nbsp;&nbsp;&nbsp;&nbsp;IAMGOLD Corp. <sup>1,\*</sup> | &nbsp;&nbsp;30010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564788 |
| &nbsp;&nbsp;&nbsp;&nbsp;MP Materials Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;9332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450362 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494161 |
| &nbsp;&nbsp;**Chemicals — 1.64%** | &nbsp;&nbsp;**Chemicals — 1.64%** | &nbsp;&nbsp;**Chemicals — 1.64%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;3131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562108 |
| &nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;3418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Methanex Corp. <sup>1</sup> | &nbsp;&nbsp;&nbsp;7914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total MATERIALS<br> (Cost $2,799,814) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2971262 |
| **FINANCIALS — 2.66%** | **FINANCIALS — 2.66%** | **FINANCIALS — 2.66%** |
| &nbsp;&nbsp;**Capital Markets — 1.20%** | &nbsp;&nbsp;**Capital Markets — 1.20%** | &nbsp;&nbsp;**Capital Markets — 1.20%** |
| &nbsp;&nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;2426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400242 |
| &nbsp;&nbsp;&nbsp;&nbsp;StoneX Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;8436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680363 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080605 |
| &nbsp;&nbsp;**Consumer Finance — 0.50%** | &nbsp;&nbsp;**Consumer Finance — 0.50%** | &nbsp;&nbsp;**Consumer Finance — 0.50%** |
| &nbsp;&nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | &nbsp;&nbsp;&nbsp;2388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448944 |
| &nbsp;&nbsp;**Financial Services — 0.49%** | &nbsp;&nbsp;**Financial Services — 0.49%** | &nbsp;&nbsp;**Financial Services — 0.49%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Rocket Cos., Inc. - A <sup>\*</sup> | &nbsp;&nbsp;30965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441251 |
| &nbsp;&nbsp;**Banks — 0.47%** | &nbsp;&nbsp;**Banks — 0.47%** | &nbsp;&nbsp;**Banks — 0.47%** |
| &nbsp;&nbsp;&nbsp;&nbsp;BankUnited, Inc. | &nbsp;&nbsp;&nbsp;9382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423691 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total FINANCIALS<br> (Cost $2,527,028) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2394491 |
| **CONSUMER STAPLES — 2.45%** | **CONSUMER STAPLES — 2.45%** | **CONSUMER STAPLES — 2.45%** |
| &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 2.45%** | &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 2.45%** | &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 2.45%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;1609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171127 |

---

Notes to Schedule of Investments are an integral part of this Schedule.

------

#### Driehaus Small/Mid Cap Growth Fund

#### Schedule of Investments

#### March 31, 2026 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | *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;3801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$416247 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Foods Holding Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619836 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2207210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total CONSUMER STAPLES<br> (Cost $1,974,380) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2207210 |
| **COMMUNICATION SERVICES — 1.46%** | **COMMUNICATION SERVICES — 1.46%** | **COMMUNICATION SERVICES — 1.46%** |
| &nbsp;&nbsp;**Entertainment — 0.74%** | &nbsp;&nbsp;**Entertainment — 0.74%** | &nbsp;&nbsp;**Entertainment — 0.74%** |
| &nbsp;&nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665445 |
| &nbsp;&nbsp;**Diversified Telecommunication Services — 0.72%** | &nbsp;&nbsp;**Diversified Telecommunication Services — 0.72%** | &nbsp;&nbsp;**Diversified Telecommunication Services — 0.72%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMUNICATION SERVICES<br> (Cost $827,665) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316720 |
| **UTILITIES — 0.84%** | **UTILITIES — 0.84%** | **UTILITIES — 0.84%** |
| &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers — 0.84%** | &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers — 0.84%** | &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers — 0.84%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total UTILITIES<br> (Cost $632,426) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753446 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMON STOCKS<br> (Cost $66,484,841) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86054203 |
| **SHORT TERM INVESTMENTS — 4.10%** | **SHORT TERM INVESTMENTS — 4.10%** | **SHORT TERM INVESTMENTS — 4.10%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional U.S. Government Portfolio, 3.46% <sup>2</sup><br> (Cost $3,687,793) | 3687793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3687793 |
| &nbsp;&nbsp;TOTAL INVESTMENTS<br> (Cost $70,172,634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.65% | &nbsp;&nbsp;&nbsp;$89741996 |
| &nbsp;&nbsp;Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319360 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;&nbsp;$90061356 |

---

ADR American Depositary Receipt <br> PLC Public Limited Company

<sup>1</sup> Foreign security denominated and/or traded in U.S. dollars. <br> <sup>2</sup> 7 day current yield as of March 31, 2026 is disclosed. <br> <sup>\*</sup> Non-income producing security.

Percentages are stated as a percent of net assets.

Notes to Schedule of Investments are an integral part of this Schedule.

------

#### Driehaus Mutual Funds

#### Notes to Schedule of Investments (unaudited)

------

A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

------

#### Driehaus Mutual Funds

#### Notes to Schedule of Investments (unaudited) — (Continued)

------

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

Level 1 – quoted prices for active markets for identical securities

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

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

The following is a summary of the inputs used to value the Emerging Markets Growth Fund's investments as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | &nbsp;&nbsp;**Total<br> Value at<br> March 31, 2026** | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$107671758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$107671758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &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;33979385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33979385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65402039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65402039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;10912254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10912254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;20091543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20091543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;39253946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18459061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20794885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;42741435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42741435 | &nbsp;&nbsp;&nbsp;&nbsp;&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;858757519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858757519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;79284709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79284709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;347903460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42847406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305056054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;17394765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17394765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;65623038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65623038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;624424425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624424425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;906289906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175078039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731211867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39640214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39640214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&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;122253321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122253321 | &nbsp;&nbsp;&nbsp;&nbsp;&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;269866525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269866525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&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;341095665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341095665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;51918721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51918721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;180090614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180090614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;&nbsp;&nbsp;$4224595242 | &nbsp;&nbsp;&nbsp;&nbsp;$1129908499 | &nbsp;&nbsp;&nbsp;&nbsp;$3094686743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

------

#### Driehaus Mutual Funds

#### Notes to Schedule of Investments (unaudited) — (Continued)

------

The following is a summary of the inputs used to value the Emerging Markets Small Cap Growth Fund's investments as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | &nbsp;&nbsp;**Total<br> Value at<br> March 31, 2026** | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3930179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2318258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1611921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8174230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8174230 | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;2482002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2482002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;25014917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8767126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16247791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;2037668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;24000602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;2297328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;24081791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24081791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;17814733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17814733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;4004989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4004989 | &nbsp;&nbsp;&nbsp;&nbsp;&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;4545592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4545592 | &nbsp;&nbsp;&nbsp;&nbsp;&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;11977574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11977574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&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;12791350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12791350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;1532734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;6039599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6039599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$150725288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43426641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$107298647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

The following is a summary of the inputs used to value the Global Fund's investments as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | &nbsp;&nbsp;**Total<br> Value at<br> March 31, 2026** | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$477245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$477245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe |  |  |  |  |
| &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;491858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;1411724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;2414997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;1705606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;540661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;973382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;511711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;1616444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;5385773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4603599 | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;770511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;1255482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;345286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;492100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;4839878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4839878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;894555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

#### Driehaus Mutual Funds

#### Notes to Schedule of Investments (unaudited) — (Continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | &nbsp;&nbsp;**Total<br> Value at<br> March 31, 2026** | &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;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$486895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$486895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887266 | &nbsp;&nbsp;&nbsp;&nbsp;&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;41699311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41699311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&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;851681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;716886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;2995284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$72764536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$50212145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22552391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

The following is a summary of the inputs used to value the International Small Cap Growth Fund's investments as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | &nbsp;&nbsp;**Total<br> Value at<br> March 31, 2026** | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2444652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2444652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;8283278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8283278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;5464037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5464037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;6093255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6093255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;1850032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;19626285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19626285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;6539098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3579440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2959658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;9506741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9506741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;8303551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8303551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;2398116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;7707079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7707079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;6465594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6465594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;15856350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15856350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;67789481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9060533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58728948 | &nbsp;&nbsp;&nbsp;&nbsp;&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;15178842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15178842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;2441623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;10396486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10396486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;68971360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68048415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;9316560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9316560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;9581265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9581265 | &nbsp;&nbsp;&nbsp;&nbsp;&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;37440410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37440410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&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;5545464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5545464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;4356059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4356059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$331555618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$63349503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$268206115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

------

#### Driehaus Mutual Funds

#### Notes to Schedule of Investments (unaudited) — (Continued)

------

The following is a summary of the inputs used to value the International Developed Equity Fund's investments as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | &nbsp;&nbsp;**Total<br> Value at<br> March 31, 2026** | &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;&nbsp;&nbsp;$2297298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2297298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;Far East | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730670 | &nbsp;&nbsp;&nbsp;&nbsp;&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;198768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;116925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3343661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$315693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3027968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

The following is a summary of the inputs used to value the Micro Cap Growth Fund's investments as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets<sup>\*</sup>** | &nbsp;&nbsp;**Total<br> Value at<br> March 31, 2026** | &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;&nbsp;&nbsp;&nbsp;$443525179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$443525179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &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;10013974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10013974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$453539153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$453539153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets<sup>\*</sup>** | &nbsp;&nbsp;**Total<br> Value at<br> March 31, 2026** | &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;$1120865007 | &nbsp;&nbsp;&nbsp;&nbsp;$1120865007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &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;27610715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27610715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;&nbsp;&nbsp;$1148475722 | &nbsp;&nbsp;&nbsp;&nbsp;$1148475722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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/Mid Cap Growth Fund's investments as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets<sup>\*</sup>** | &nbsp;&nbsp;**Total<br> Value at<br> March 31, 2026** | &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;&nbsp;&nbsp;&nbsp;&nbsp;$86054203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$86054203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &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;3687793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3687793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$89741996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$89741996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

\* See Schedule of Investments for industry breakout.

As of March 31, 2026, none of the Funds held Level 3 investments, other than as disclosed for Emerging Markets Growth Fund.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Driehaus Mutual Funds

- **b. Investment Company Act file number:** 811-07655

- **c. CIK number of Registrant:** 0001016073

- **d. LEI of Registrant:** 25490065PZVMACERQ816

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 25 EAST ERIE STREET

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60611

  - **Telephone number:** 312 587 3800

**Item A.2. Information about the Series.**

- **a. Name of Series:** Driehaus International Small Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000018408

- **c. LEI of Series:** 254900LZAHTSMHKELS55

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $332719585.75

**Total Liabilities:** $1416221.69

**Net Assets:** $331303364.06

**Cash Not Reported:** $62.39

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000050883 | 4.55%                | 5.77%                | -11.78%              |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $613877.69               | $15136085.84                               |
| Month 2  | $865245.76               | $19532177.47                               |
| Month 3  | $904900.46               | $-44989496.36                              |

### Schedule of Portfolio Investments

| Name                                                 | Title                                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Salzgitter AG                                        | Salzgitter AG ORD NPV                                         | CUSIP: D80900109<br>LEI: 529900E12Z6HXIMHFA15 | Long             | EC               | CORP              | DE        |     72499 | NS      | $3138964.28   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | Vienna Insurance Group AG Wiener Versicherung Gruppe NPV (BR) | CUSIP: A9142L128<br>LEI: 549300JCRU23I1THU176 | Long             | EC               | CORP              | AT        |     25605 | NS      | $1819354.29   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Bam Groep NV                             | Koninklijke Bam Groep NV EUR0.10                              | CUSIP: N0157T177<br>LEI: 724500V38C5KTDY5BS93 | Long             | EC               | CORP              | NL        |    287598 | NS      | $2912645.62   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Tecnicas Reunidas SA                                 | Tecnicas Reunidas SA EUR0.1                                   | CUSIP: E9055J108<br>LEI: 213800JEZBUPZKWJGF49 | Long             | EC               | CORP              | ES        |     94847 | NS      | $3392642.63   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| AT & S Austria Technologie & Systemtechnik AG        | AT & S Austria Technologie & Systemtechnik AG NPV             | CUSIP: A05345110<br>LEI: 529900EVOKN4LCCD9321 | Long             | EC               | CORP              | AT        |     30792 | NS      | $1875657.67   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Verbio SE                                            | Verbio SE NPV (BR)                                            | CUSIP: D86145105<br>LEI: 529900W51PINCFFALS96 | Long             | EC               | CORP              | DE        |     59751 | NS      | $3222121.63   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Asics Corp                                           | Asics Corp NPV                                                | CUSIP: J03234150<br>LEI: 3538002LJMRZ83SU0B85 | Long             | EC               | CORP              | JP        |     59100 | NS      | $1588910.34   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Intecc Co Ltd.                                 | Asahi Intecc Co Ltd. NPV                                      | CUSIP: J0279C107<br>LEI: 353800J3AV2SCNIO8L39 | Long             | EC               | CORP              | JP        |    250800 | NS      | $5355593.82   | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Katitas Co Ltd.                                      | Katitas Co Ltd. NPV                                           | CUSIP: J30978100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    178100 | NS      | $3569791.27   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Harmonic Drive Systems Inc.                          | Harmonic Drive Systems Inc. NPV                               | CUSIP: J1886F103<br>LEI: 353800XFIX2EUARGOE85 | Long             | EC               | CORP              | JP        |    160000 | NS      | $3685315.01   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| China National Building Material Co Ltd.             | China National Building Material Co Ltd. 'H'CNY1              | CUSIP: Y15045100<br>LEI: 52990085PGF8YEPLBZ26 | Long             | EC               | CORP              | CN        |   3980000 | NS      | $2441623.08   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Seria Co Ltd.                                        | Seria Co Ltd. NPV                                             | CUSIP: J7113X106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     67500 | NS      | $1611454.49   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Babcock International Group PLC                      | Babcock International Group PLC ORD GBP0.60                   | CUSIP: G0689Q152<br>LEI: 213800TSKOLX4EU6L377 | Long             | EC               | CORP              | GB        |    211449 | NS      | $3282663.84   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Ashmore Group                                        | Ashmore Group ORD GBP0.0001                                   | CUSIP: G0609C101<br>LEI: 549300U3L59WB4YI2X12 | Long             | EC               | CORP              | GB        |    537961 | NS      | $1505263.63   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Senior PLC                                           | Senior PLC GBP0.10                                            | CUSIP: G8031U102<br>LEI: 5493002HQHWN5JQHKQ51 | Long             | EC               | CORP              | GB        |   1927601 | NS      | $7462816.25   | 2.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Tenaz Energy Corp.                                   | Tenaz Energy Corp. COM NEW                                    | CUSIP: 88034V304<br>LEI: 549300VSI53JSYRE5I05 | Long             | EC               | CORP              | CA        |     45200 | NS      | $2097701.10   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| De'Longhi S.p.A.                                     | De'Longhi S.p.A. NPV                                          | CUSIP: T3508H102<br>LEI: 8156000E09A52C4F8A38 | Long             | EC               | CORP              | IT        |     52532 | NS      | $1846246.27   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Tecan Group AG                                       | Tecan Group AG CHF0.10 (REGD)                                 | CUSIP: H84774167<br>LEI: 529900CSN9R3BLETSL26 | Long             | EC               | CORP              | CH        |      8875 | NS      | $1510627.59   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Fluidra SA                                           | Fluidra SA EUR1                                               | CUSIP: E52619108<br>LEI: 95980020140005026620 | Long             | EC               | CORP              | ES        |    185998 | NS      | $4314436.09   | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Lotes Co Ltd.                                        | Lotes Co Ltd. TWD10                                           | CUSIP: Y53302116<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     45000 | NS      | $3003171.77   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Food & Life Companies Ltd.                           | Food & Life Companies Ltd. NPV                                | CUSIP: J1358G100<br>LEI: 529900CWF7GCVZKS5M87 | Long             | EC               | CORP              | JP        |     60000 | NS      | $3579467.41   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Thangamayil Jewellery Ltd.                           | Thangamayil Jewellery Ltd. INR10                              | CUSIP: Y87281104<br>LEI: 335800NK8SU8YY8XAS29 | Long             | EC               | CORP              | IN        |     45521 | NS      | $1672736.93   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Nextage Co Ltd.                                      | Nextage Co Ltd. NPV                                           | CUSIP: J4914Y102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     98000 | NS      | $1993683.54   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Cairn Homes PLC                                      | Cairn Homes PLC ORD EUR0.001                                  | CUSIP: G1858L107<br>LEI: 635400DPX6WP2KKDOA83 | Long             | EC               | CORP              | IE        |   1203571 | NS      | $2959658.32   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Netcompany Group AS                                  | Netcompany Group AS DKK1                                      | CUSIP: K7020C102<br>LEI: 5299006DEGAWX1Z1X779 | Long             | EC               | CORP              | DK        |     61234 | NS      | $3754348.43   | 1.13%             |  |  |  | Yes           |                  2 | On Loan: No      |
| BELIMO Holding AG                                    | BELIMO Holding AG CHF0.05 (REGD)                              | CUSIP: H07171129<br>LEI: 506700339DLX749VEM23 | Long             | EC               | CORP              | CH        |      3170 | NS      | $2574511.73   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Autostore Holdings Ltd.                              | Autostore Holdings Ltd. USD0.01                               | CUSIP: G0670A109<br>LEI: 549300KYN3M0LSM5A413 | Long             | EC               | CORP              | BM        |    530502 | NS      | $524994.27    | 0.16%             |  |  |  | Yes           |                  2 | On Loan: No      |
| HPSP Co Ltd.                                         | HPSP Co Ltd. KRW500                                           | CUSIP: Y3R2Z4107<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     50624 | NS      | $1429335.55   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Sigmaroc Plc                                         | Sigmaroc Plc ORD GBP0.01                                      | CUSIP: G81267109<br>LEI: 213800Q3CJUERBGD1E44 | Long             | EC               | CORP              | GB        |   4757629 | NS      | $7421190.77   | 2.24%             |  |  |  | No            |                  2 | On Loan: No      |
| NFI Group Inc                                        | NFI Group Inc COM NPV                                         | CUSIP: 62910L102<br>LEI: 549300VX6QRAVXOXZW59 | Long             | EC               | CORP              | CA        |    124000 | NS      | $1713234.13   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Capstone Copper Corp                                 | Capstone Copper Corp COM                                      | CUSIP: 14071L108<br>LEI: 549300III6KGKKC42W63 | Long             | EC               | CORP              | CA        |    220600 | NS      | $1663499.39   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| G Mining Ventures Corp                               | G Mining Ventures Corp COM                                    | CUSIP: 36270K102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     52400 | NS      | $1838953.35   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Groupe Dynamite Inc                                  | Groupe Dynamite Inc SUB VTG SH                                | CUSIP: 39944C100<br>LEI: 894500PR7X62F01X8R60 | Long             | EC               | CORP              | CA        |     43700 | NS      | $2405997.41   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova T&D India Ltd.                            | GE Vernova T&D India Ltd. INR2                                | CUSIP: Y2683R111<br>LEI: 549300NMRD6VZDFLN355 | Long             | EC               | CORP              | IN        |     46929 | NS      | $1815804.13   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| SSP Group PLC                                        | SSP Group PLC ORD GBP0.01085                                  | CUSIP: G8402N125<br>LEI: 213800QGNIWTXFMENJ24 | Long             | EC               | CORP              | GB        |   1152250 | NS      | $2694953.52   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Trustpilot Group PLC                                 | Trustpilot Group PLC ORD GBP0.01                              | CUSIP: G91044100<br>LEI: 2138002ILUNMGNPSGG46 | Long             | EC               | CORP              | GB        |    558210 | NS      | $1425974.35   | 0.43%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Pepco Group NV                                       | Pepco Group NV EUR0.01                                        | CUSIP: G6999C106<br>LEI: 213800OVMJPFP79OB449 | Long             | EC               | CORP              | NL        |    494888 | NS      | $3585907.19   | 1.08%             |  |  |  | Yes           |                  2 | On Loan: No      |
| KT Corp.                                             | KT Corp. KRW5000                                              | CUSIP: Y49915104<br>LEI: 9884005ACF8449EANY26 | Long             | EC               | CORP              | KR        |     84022 | NS      | $3361583.27   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Leeno Industrial                                     | Leeno Industrial KRW100                                       | CUSIP: Y5254W104<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     48786 | NS      | $3179213.57   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Visual Photonics Epitaxy Co Ltd.                     | Visual Photonics Epitaxy Co Ltd. TWD10                        | CUSIP: Y9379U100<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    218000 | NS      | $1772932.89   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Daifuku Co Ltd.                                      | Daifuku Co Ltd. NPV                                           | CUSIP: J08988107<br>LEI: 3538006FG1W4X3MYHL36 | Long             | EC               | CORP              | JP        |     99100 | NS      | $3499129.83   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Buzzi S.p.A.                                         | Buzzi S.p.A. NPV                                              | CUSIP: T2320M109<br>LEI: 5299003DX5YLKSVJ6K59 | Long             | EC               | CORP              | IT        |     57284 | NS      | $2896107.79   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| PVA Tepla Ag                                         | PVA Tepla Ag ORD NPV                                          | CUSIP: D8313K106<br>LEI: 5299002Y7DARXV2Y4R82 | Long             | EC               | CORP              | DE        |    105753 | NS      | $3659798.64   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Catapult Sports Ltd.                                 | Catapult Sports Ltd. NPV                                      | CUSIP: Q2159P101<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    601752 | NS      | $1360768.97   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Cosmo Pharmaceuticals N.V.                           | Cosmo Pharmaceuticals N.V. EUR0.26 (REGD)                     | CUSIP: N22785104<br>LEI: 724500OX0EBQRYTVV639 | Long             | EC               | CORP              | NL        |     17079 | NS      | $1804997.95   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Aritzia Inc                                          | Aritzia Inc SUB VTG SHS                                       | CUSIP: 04045U102<br>LEI: 549300U83HKFRL1EX527 | Long             | EC               | CORP              | CA        |     61100 | NS      | $4986034.07   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Mdne SA                                              | Mdne SA COM NPV                                               | CUSIP: P6S866103<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    361400 | NS      | $2248698.71   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Icici Lombard Gen Insurance Co Ltd                   | Icici Lombard Gen Insurance Co Ltd INR10                      | CUSIP: Y3R55N101<br>LEI: 335800ZZITZ7ZZZ2ZX87 | Long             | EC               | CORP              | IN        |     78024 | NS      | $1421647.96   | 0.43%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Ovzon AB (publ)                                      | Ovzon AB (publ) NPV                                           | CUSIP: W6S046104<br>LEI: 549300U82F1HQRSTYZ66 | Long             | EC               | CORP              | SE        |    531992 | NS      | $3081362.40   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Vista Energy S.A.B. de C.V.                          | Vista Energy S.A.B. de C.V. SPON ADS EA REP 1 ORD SHS         | CUSIP: 92837L109<br>LEI: 549300UDOHP7958KNS89 | Long             | EC               | CORP              | MX        |     24646 | NS      | $1860033.62   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprott Inc                                           | Sprott Inc COM NEW                                            | CUSIP: 852066208<br>LEI: 254900QHJAD5TP2JNM15 | Long             | EC               | CORP              | CA        |     10700 | NS      | $1526967.15   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Friedrich Vorwerk Group SE                           | Friedrich Vorwerk Group SE NPV                                | CUSIP: D2R9Z3109<br>LEI: 529900NBM89YAM5ENI18 | Long             | EC               | CORP              | DE        |     46607 | NS      | $3856299.89   | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Rvrc Holding Ab                                      | Rvrc Holding Ab NPV                                           | CUSIP: W7282E108<br>LEI: 549300YU7003VHQV3J57 | Long             | EC               | CORP              | SE        |    241469 | NS      | $1693954.34   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| DormaKaba Holding AG                                 | DormaKaba Holding AG CHF0.01 'B'(REGD)                        | CUSIP: H1955W104<br>LEI: 529900QMU5ZH99KMQK13 | Long             | EC               | CORP              | CH        |     74416 | NS      | $4784150.63   | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Baycurrent Inc.                                      | Baycurrent Inc. NPV                                           | CUSIP: J0433F103<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     35500 | NS      | $1027594.83   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| ConvaTec Group PLC                                   | ConvaTec Group PLC ORD GBP0.1                                 | CUSIP: G23969101<br>LEI: 213800LS272L4FIDOH92 | Long             | EC               | CORP              | GB        |    787699 | NS      | $2272069.31   | 0.69%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Wiwynn Corp.                                         | Wiwynn Corp. TWD10                                            | CUSIP: Y9673D101<br>LEI: 254900FV2R15PMKXFL69 | Long             | EC               | CORP              | TW        |     29000 | NS      | $3120572.25   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Hitachi Energy India Limited                         | Hitachi Energy India Limited INR2                             | CUSIP: Y000XZ109<br>LEI: 549300ASJQYQLII9F213 | Long             | EC               | CORP              | IN        |      7908 | NS      | $2045073.10   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Montana Aerospace AG                                 | Montana Aerospace AG CHF1.00                                  | CUSIP: H55555108<br>LEI: 506700YRG9330Q97U450 | Long             | EC               | CORP              | CH        |    105866 | NS      | $3475054.51   | 1.05%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Alk-Abello A/S                                       | Alk-Abello A/S SER'B'DKK0.50                                  | CUSIP: K03294137<br>LEI: 529900SGCREUZCZ7P020 | Long             | EC               | CORP              | DK        |     54077 | NS      | $1709688.24   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Hexatronic Group AB                                  | Hexatronic Group AB NPV                                       | CUSIP: W4580A169<br>LEI: 2138001VSY1B4U9JLM82 | Long             | EC               | CORP              | SE        |    497190 | NS      | $1690276.78   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| LivaNova PLC                                         | LivaNova PLC ORD GBP1.00 (DI)                                 | CUSIP: G5509L101<br>LEI: 2138001K2FX6SHK2B339 | Long             | EC               | CORP              | GB        |     64619 | NS      | $4107183.64   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Superloop Ltd.                                       | Superloop Ltd. NPV                                            | CUSIP: Q8800A112<br>LEI: 529900A6RVCX545NWC88 | Long             | EC               | CORP              | AU        |   1640690 | NS      | $3720527.30   | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Saipem SPA                                           | Saipem SPA NPV (POST SPLIT)                                   | CUSIP: T82000257<br>LEI: 549300PHV8MBDHWB8X12 | Long             | EC               | CORP              | IT        |   1041316 | NS      | $4764386.61   | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Melrose Industries PLC                               | Melrose Industries PLC ORD GBP0.001                           | CUSIP: G5973J210<br>LEI: 213800RGNXXZY2M7TR85 | Long             | EC               | CORP              | GB        |    682064 | NS      | $4621801.68   | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Hexacom Ltd.                                  | Bharti Hexacom Ltd. INR5                                      | CUSIP: Y0R86G121<br>LEI: 335800GJ4U5YVWJGAP02 | Long             | EC               | CORP              | IN        |    101289 | NS      | $1642642.24   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Genus PLC                                            | Genus PLC ORD GBP0.10                                         | CUSIP: G3827X105<br>LEI: 54930022EOITNKSIGH56 | Long             | EC               | CORP              | GB        |     63365 | NS      | $2009398.34   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| IG Group Holdings PLC                                | IG Group Holdings PLC ORD GBP0.00005                          | CUSIP: G4753Q106<br>LEI: 2138003A5Q1M7ANOUD76 | Long             | EC               | CORP              | GB        |    140194 | NS      | $2669640.89   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Cranswick PLC                                        | Cranswick PLC ORD GBP0.10                                     | CUSIP: G2504J108<br>LEI: 549300LDZLPU51XOSK43 | Long             | EC               | CORP              | GB        |     29211 | NS      | $2022110.61   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| RS Group plc                                         | RS Group plc ORD GBP0.10                                      | CUSIP: G29848101<br>LEI: 549300KVXDURRKVW7R37 | Long             | EC               | CORP              | GB        |    276422 | NS      | $2069833.08   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Smiths Group PLC                                     | Smiths Group PLC ORD GBP0.375                                 | CUSIP: G82401111<br>LEI: 213800MJL6IPZS3ASA11 | Long             | EC               | CORP              | GB        |    227330 | NS      | $6937252.02   | 2.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Games Workshop Group PLC                             | Games Workshop Group PLC ORD GBP0.05                          | CUSIP: G3715N102<br>LEI: 213800RP9QJQYGWHNT41 | Long             | EC               | CORP              | GB        |      6149 | NS      | $1453604.32   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Kier Group PLC                                       | Kier Group PLC ORD GBP0.01                                    | CUSIP: G52549105<br>LEI: 2138002RKCU2OM4Y7O48 | Long             | EC               | CORP              | GB        |   1218181 | NS      | $3128487.51   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Renishaw PLC                                         | Renishaw PLC ORD GBP0.20                                      | CUSIP: G75006117<br>LEI: 21380048ADXM6Z67CT18 | Long             | EC               | CORP              | GB        |     32845 | NS      | $1552844.68   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Currys PLC                                           | Currys PLC ORD GBP0.001                                       | CUSIP: G2601D103<br>LEI: 2138001E12GWLLDQQF16 | Long             | EC               | CORP              | GB        |   1766317 | NS      | $2925059.09   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Greencore Group PLC                                  | Greencore Group PLC ORD GBP0.01 (CDI)                         | CUSIP: G40866124<br>LEI: 635400GGBEWULJXM5868 | Long             | EC               | CORP              | IE        |   1115184 | NS      | $3579439.83   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Hankook Tire & Technology Co Ltd.                    | Hankook Tire & Technology Co Ltd. KRW500                      | CUSIP: Y3R57J108<br>LEI: 9884001BIEVM09M7AH02 | Long             | EC               | CORP              | KR        |     36577 | NS      | $1346427.98   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinaxis Inc                                          | Kinaxis Inc COM NPV                                           | CUSIP: 49448Q109<br>LEI: 5299009VAZ14K7PFUQ15 | Long             | EC               | CORP              | CA        |     26711 | NS      | $2695869.74   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Zegona Communications plc                            | Zegona Communications plc ORD GBP0.01                         | CUSIP: G7605F103<br>LEI: 213800ASI1VZL2ED4S65 | Long             | EC               | CORP              | GB        |    153011 | NS      | $3366546.25   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CAE Inc                                              | CAE Inc COM NPV                                               | CUSIP: 124765108<br>LEI: 549300FFM2BEH2GF1E44 | Long             | EC               | CORP              | CA        |    120000 | NS      | $3124433.90   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| IAMGOLD Corp                                         | IAMGOLD Corp COM NPV                                          | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | CA        |     99700 | NS      | $1874884.62   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Maple Leaf Foods Inc.                                | Maple Leaf Foods Inc. COM NPV                                 | CUSIP: 564905107<br>LEI: 549300LX07S5J8F76F37 | Long             | EC               | CORP              | CA        |    193400 | NS      | $4170800.09   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| LEG Immobilien SE                                    | LEG Immobilien SE NPV                                         | CUSIP: D4960A103<br>LEI: 391200SO40AKONBO0Z96 | Long             | EC               | CORP              | DE        |     32143 | NS      | $2099637.49   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Growthpoint Properties Ltd                           | Growthpoint Properties Ltd NPV                                | CUSIP: S3373C239<br>LEI: 37890019DD1E46632291 | Long             | EC               | CORP              | ZA        |   2558229 | NS      | $2444651.72   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Outokumpu Oyj                                        | Outokumpu Oyj SER'A'NPV                                       | CUSIP: X61161273<br>LEI: 5493009YRUJJDCFF0R80 | Long             | EC               | CORP              | FI        |    295350 | NS      | $1616700.45   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Aixtron SE                                           | Aixtron SE ORD NPV                                            | CUSIP: D0257Y135<br>LEI: 5299004UJ4D51M25LD67 | Long             | EC               | CORP              | DE        |     93527 | NS      | $3649463.33   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Hiwin Technologies Corp.                             | Hiwin Technologies Corp. TWD10                                | CUSIP: Y3226A102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    228000 | NS      | $1684587.93   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Vicat SA                                             | Vicat SA EUR4                                                 | CUSIP: F18060107<br>LEI: 9695009YI1863TOVDP79 | Long             | EC               | CORP              | FR        |     25346 | NS      | $1850032.25   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| DO & CO AG                                           | DO & CO AG NPV                                                | CUSIP: A1447E107<br>LEI: 5299002NFQKOBT1E8569 | Long             | EC               | CORP              | AT        |     24048 | NS      | $4487575.33   | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Odfjell Drilling Limited                             | Odfjell Drilling Limited USD0.01                              | CUSIP: G67180102<br>LEI: 529900M08ZU24JXMPB85 | Long             | EC               | CORP              | BM        |    209491 | NS      | $2194549.45   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Xenon Pharmaceuticals Inc                            | Xenon Pharmaceuticals Inc COM NPV                             | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |     79818 | NS      | $4641416.70   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Imdex Ltd.                                           | Imdex Ltd. NPV                                                | CUSIP: Q4878M104<br>LEI: 529900H31NX5KRKXB865 | Long             | EC               | CORP              | AU        |    608554 | NS      | $1664015.46   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Indian Hotels Co Ltd. (The)                          | Indian Hotels Co Ltd. (The) INR1 (POST SUBDIVISION)           | CUSIP: Y3925F147<br>LEI: 33580076CH5SBY5HWA22 | Long             | EC               | CORP              | IN        |    295228 | NS      | $1798581.05   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuji Oil Company Ltd                                 | Fuji Oil Company Ltd NPV                                      | CUSIP: J1499T102<br>LEI: 3538007LG6U9IRDMI062 | Long             | EC               | CORP              | JP        |     73900 | NS      | $1692503.44   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Fukuoka Financial Group Inc.                         | Fukuoka Financial Group Inc. NPV                              | CUSIP: J17129107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     39600 | NS      | $1516504.42   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Sky Perfect Jsat Corp.                               | Sky Perfect Jsat Corp. NPV                                    | CUSIP: J75606103<br>LEI: 5299009SAF34W9TVEF26 | Long             | EC               | CORP              | JP        |    137700 | NS      | $2611029.30   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Orica Ltd.                                           | Orica Ltd. NPV                                                | CUSIP: Q7160T109<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    200568 | NS      | $2818896.66   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Kokuyo Co Ltd                                        | Kokuyo Co Ltd NPV                                             | CUSIP: J35544105<br>LEI: 3538001EN1YX65H42410 | Long             | EC               | CORP              | JP        |    576600 | NS      | $3127367.12   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Lion Corp                                            | Lion Corp NPV                                                 | CUSIP: J38933107<br>LEI: 529900MPGS2GM7VPG855 | Long             | EC               | CORP              | JP        |     61900 | NS      | $649207.96    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Metso Oyj                                            | Metso Oyj NPV                                                 | CUSIP: X5404W104<br>LEI: 549300R0VN9C371W0E07 | Long             | EC               | CORP              | FI        |    258308 | NS      | $4476555.03   | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| GCC, S.A.B. de C.V.                                  | GCC, S.A.B. de C.V. COM MXN0.4 144A/REG S                     | CUSIP: P4948S124<br>LEI: 254900WY9XL8033CKX68 | Long             | EC               | CORP              | MX        |    223886 | NS      | $2372519.55   | 0.72%             |  |  |  | Yes           |                  1 | On Loan: No      |
| NOF Corp.                                            | NOF Corp. NPV                                                 | CUSIP: J58934100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     98900 | NS      | $1974223.34   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| NICHIAS Corporation                                  | NICHIAS Corporation NPV                                       | CUSIP: J49205107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    199890 | NS      | $3729554.72   | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Omron Corp.                                          | Omron Corp. NPV                                               | CUSIP: J61374120<br>LEI: 549300ZHW0TR2QZ0NY83 | Long             | EC               | CORP              | JP        |    155700 | NS      | $4479347.85   | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Seiko Group Corp.                                    | Seiko Group Corp. NPV                                         | CUSIP: J7029N101<br>LEI: 529900UXKCNCMYX20S74 | Long             | EC               | CORP              | JP        |    129600 | NS      | $4659045.78   | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Resonac Holdings Corp.                               | Resonac Holdings Corp. NPV                                    | CUSIP: J75046136<br>LEI: 5493006AIPA1V92YPP18 | Long             | EC               | CORP              | JP        |     66300 | NS      | $4315054.56   | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Mineral Resources Ltd.                               | Mineral Resources Ltd. NPV                                    | CUSIP: Q60976109<br>LEI: 5299007V1ACKFFX2P066 | Long             | EC               | CORP              | AU        |    106908 | NS      | $4106641.66   | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| NRW Holdings Ltd                                     | NRW Holdings Ltd NPV                                          | CUSIP: Q6951V109<br>LEI: 5493003S2MORCH0HEL95 | Long             | EC               | CORP              | AU        |    407026 | NS      | $1507992.10   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyoda Gosei Co Ltd                                  | Toyoda Gosei Co Ltd NPV                                       | CUSIP: J91128108<br>LEI: 353800ZV4HXVM4DWPO50 | Long             | EC               | CORP              | JP        |     80800 | NS      | $2117979.53   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Azbil Corp.                                          | Azbil Corp. NPV                                               | CUSIP: J0370G106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    648300 | NS      | $5664570.81   | 1.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Yaskawa Electric Corp.                               | Yaskawa Electric Corp. NPV                                    | CUSIP: J9690T102<br>LEI: 3538003K39GR98R0CK58 | Long             | EC               | CORP              | JP        |    122800 | NS      | $3243358.02   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Yokogawa Electric Corporation                        | Yokogawa Electric Corporation NPV                             | CUSIP: J97272124<br>LEI: 529900MV0U7C9WWF4L22 | Long             | EC               | CORP              | JP        |     97300 | NS      | $3006936.33   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Huber & Suhner AG                                    | Huber & Suhner AG CHF0.25 (REGD)                              | CUSIP: H44229187<br>LEI: 5067007PRZ9OSX7A6787 | Long             | EC               | CORP              | CH        |     15723 | NS      | $3512004.85   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Spirax Group PLC                                     | Spirax Group PLC ORD GBP0.269230769                           | CUSIP: G83561129<br>LEI: 213800WFVZQMHOZP2W17 | Long             | EC               | CORP              | GB        |     54181 | NS      | $4860787.70   | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Direcional Engenharia SA                             | Direcional Engenharia SA COM NPV                              | CUSIP: P3561Q100<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   1291736 | NS      | $3296765.33   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                         | Northern Institutional Funds GOVT SELECT PT                   | CUSIP: 665278701<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   4356059 | NS      | $4356059.22   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** Driehaus Mutual Funds

**Signature:** Robert M. Kurinsky

**Name of Signer:** Robert M. Kurinsky

**Title:** Vice President and Treasurer