# EDGAR Filing Document

**Accession Number:** 0001016073
**File Stem:** 0002066578-25-000570
**Filing Date:** 2025-8
**Character Count:** 698541
**Document Hash:** eba6be113cf9577f2dfd9a9ebe9d4999
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-000570.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0002066578-25-000570

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**EFFECTIVENESS DATE**: 20250829

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07655
- **FILM NUMBER:** 251279961

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-07655

#### Driehaus Mutual Funds
(Exact name of registrant as specified in charter)

------

25 East Erie Street

Chicago, IL 60611

(Address of principal executive offices) (Zip code)

Janet L. McWilliams

Driehaus Capital Management LLC

25 East Erie Street

Chicago, IL 60611

(Name and address of agent for service)

#### Registrant's telephone number, including area code:

#### 312-587-3800

#### Date of fiscal year end:

#### December 31

#### Date of reporting period:

#### June 30, 2025

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

(b) Not Applicable

### Driehaus Emerging Markets Growth Fund

### Institutional Class/DIEMX
![Logo](images_7271.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Driehaus Emerging Markets Growth Fund's Institutional Class ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Driehaus Emerging Markets Growth Fund<br>(Institutional Class/DIEMX) | $50 | 0.94%\* |

---

 *<sup>\*</sup>* *Annualized.* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$3694379290 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period (not annualized)** | &nbsp;&nbsp;&nbsp;&nbsp;72% |

---

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

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. - SP ADR | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional U.S. Government Select Portfolio (Shares Class), 4.23% | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. - W | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. - SP ADR | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Ltd. - H | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 1.7% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2952569.jpg)

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2952564.jpg)

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

DRIEHAUS MUTUAL FUNDS

### Driehaus Emerging Markets Growth Fund

### Investor Class/DREGX
![Logo](images_7271.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Driehaus Emerging Markets Growth Fund's Investor Class ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Driehaus Emerging Markets Growth Fund<br>(Investor Class/DREGX) | $62 | 1.17%\* |

---

 *<sup>\*</sup>* *Annualized.* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$3694379290 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period (not annualized)** | &nbsp;&nbsp;&nbsp;&nbsp;72% |

---

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

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. - SP ADR | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional U.S. Government Select Portfolio (Shares Class), 4.23% | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. - W | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. - SP ADR | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Ltd. - H | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 1.7% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2952524.jpg)

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2952529.jpg)

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

DRIEHAUS MUTUAL FUNDS

### Driehaus Emerging Markets Small Cap Growth Fund

### DRESX
![Logo](images_7271.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Driehaus Emerging Markets Small Cap Growth Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Driehaus Emerging Markets Small Cap Growth Fund<br>(DRESX) | $65 | 1.24%\* |

---

 *<sup>\*</sup>* *Annualized.* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$127077633 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;89 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period (not annualized)** | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

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

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;ASPEED Technology, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;HD Hyundai Marine Solution Co. Ltd. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hitachi Energy India Ltd. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vista Energy SAB de CV - ADR | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Orizon Valorizacao de Residuos SA | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lynas Rare Earths Ltd. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Inter & Co., Inc. - BDR | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cury Construtora e Incorporadora SA | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Home First Finance Co. India Ltd. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Impala Platinum Holdings Ltd. | 1.6% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2952668.jpg)

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2952673.jpg)

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

DRIEHAUS MUTUAL FUNDS

### Driehaus Global Fund

### DMAGX
![Logo](images_7271.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Driehaus Global Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Driehaus Global Fund<br>(DMAGX) | $40 | 0.75%\* |

---

 *<sup>\*</sup>* *Annualized.* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$67890083 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;94 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period (not annualized)** | &nbsp;&nbsp;&nbsp;&nbsp;55% |

---

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

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional U.S. Government Select Portfolio (Shares Class), 4.23% | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - A | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy AG | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - A | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 1.9% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2952641.jpg)

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2952636.jpg)

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

DRIEHAUS MUTUAL FUNDS

### Driehaus International Small Cap Growth Fund

### DRIOX
![Logo](images_7271.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Driehaus International Small Cap Growth Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Driehaus International Small Cap Growth Fund<br>(DRIOX) | $63 | 1.13%\* |

---

 *<sup>\*</sup>* *Annualized.* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$299367658 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;107 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period (not annualized)** | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

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

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Smiths Group PLC | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Auto1 Group SE | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ryohin Keikaku Co. Ltd. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;ConvaTec Group PLC | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Modec, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Scout24 SE | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;SigmaRoc PLC | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Azbil Corp. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;dormakaba Holding AG | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;KION Group AG | 1.6% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2952596.jpg)

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2952601.jpg)

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

DRIEHAUS MUTUAL FUNDS

### Driehaus International Developed Equity Fund

### DIDEX
![Logo](images_7271.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Driehaus International Developed Equity Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Driehaus International Developed Equity Fund<br> (DIDEX) | $44 | 0.80%\* |

---

 *<sup>\*</sup>* *Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2793093 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period (not annualized)** | &nbsp;&nbsp;&nbsp;&nbsp;49% |

---

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

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional Treasury Portfolio (Premier Class), 4.16% | 6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;MTU Aero Engines AG | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Smiths Group PLC | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollarama, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lonza Group AG | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pan Pacific International Holdings Corp. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH PLC | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | 2.9% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2952740.jpg)

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2952745.jpg)

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

DRIEHAUS MUTUAL FUNDS

### Driehaus Micro Cap Growth Fund

### DMCRX
![Logo](images_7271.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Driehaus Micro Cap Growth Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Driehaus Micro Cap Growth Fund<br> (DMCRX) | $66 | 1.36%\* |

---

 *<sup>\*</sup>* *Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$356553518 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;135 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period (not annualized)** | &nbsp;&nbsp;&nbsp;&nbsp;63% |

---

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

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Dave, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Centrus Energy Corp. - A | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Porch Group, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eos Energy Enterprises, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Argan, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction Partners, Inc. - A | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arlo Technologies, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Core Scientific, Inc. | 1.5% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2952425.jpg)

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2952420.jpg)

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

DRIEHAUS MUTUAL FUNDS

### Driehaus Small Cap Growth Fund

### Institutional Class/DNSMX
![Logo](images_7271.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Driehaus Small Cap Growth Fund's Institutional Class ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Driehaus Small Cap Growth Fund<br>(Institutional Class/DNSMX) | $33 | 0.69%\* |

---

 *<sup>\*</sup>* *Annualized.* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1022547595 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;116 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period (not annualized)** | &nbsp;&nbsp;&nbsp;&nbsp;73% |

---

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

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Karman Holdings, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;CommVault Systems, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 1.5% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2952497.jpg)

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2952492.jpg)

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

DRIEHAUS MUTUAL FUNDS

### Driehaus Small Cap Growth Fund

### Investor Class/DVSMX
![Logo](images_7271.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Driehaus Small Cap Growth Fund's Investor Class ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Driehaus Small Cap Growth Fund<br> (Investor Class/DVSMX) | $44 | 0.91%\* |

---

 *<sup>\*</sup>* *Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1022547595 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;116 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period (not annualized)** | &nbsp;&nbsp;&nbsp;&nbsp;73% |

---

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

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Karman Holdings, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;CommVault Systems, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 1.5% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2952452.jpg)

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2952457.jpg)

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

DRIEHAUS MUTUAL FUNDS

### Driehaus Small/Mid Cap Growth Fund

### DSMDX
![Logo](images_7271.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Driehaus Small/Mid Cap Growth Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Driehaus Small/Mid Cap Growth Fund<br>(DSMDX) | $39 | 0.80%\* |

---

 *<sup>\*</sup>* *Annualized.* 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$62361886 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;105 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period (not annualized)** | &nbsp;&nbsp;&nbsp;&nbsp;81% |

---

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

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carvana Co. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Astera Labs, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Robinhood Markets, Inc. - A | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Antero Resources Corp. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | 1.7% |

---

INDUSTRY SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2952713.jpg)

GEOGRAPHIC ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2952708.jpg)

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

DRIEHAUS MUTUAL FUNDS

### Driehaus Event Driven Fund

### DEVDX
![Logo](images_7271.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about the Driehaus Event Driven Fund ("Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111.

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Driehaus Event Driven Fund<br> (DEVDX) | $74 | 1.51%\* |

---

 *<sup>\*</sup>* *Annualized.*

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$115217095 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period (not annualized)** | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

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

Asset Type Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_2952380.jpg)

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

DRIEHAUS MUTUAL FUNDS

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 2. Code of Ethics.
Not applicable to this reporting period.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 3. Audit Committee Financial Expert.
Not applicable to this reporting period.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 4. Principal Accountant Fees and Services.
Not applicable to this reporting period.

------

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

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 6. Investments.
(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form.

(b) Not applicable.

------

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

(b) The Financial Highlights are attached herewith.

------

#### Driehaus Mutual Funds

#### Trustees & Officers

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

#### Christopher J. Towle
*Trustee*

#### Dawn M. Vroegop
*Trustee*

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

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

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

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

#### Tanya S. Tancheff
*Secretary*

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

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

#### Investment Adviser
Driehaus Capital Management LLC

25 East Erie Street

Chicago, IL 60611

#### Distributor
Foreside Financial Services, LLC

Three Canal Plaza

Portland, ME 04101

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

50 South LaSalle Street

Chicago, IL 60603

#### Semi-Annual Financial Statements and Additional Information

#### June 30, 2025
![](img394d59d51.gif)

#### Driehaus Emerging Markets Growth Fund

#### Driehaus Emerging Markets Small Cap Growth Fund

#### Driehaus Global Fund

#### Driehaus International Small Cap Growth Fund

#### Driehaus International Developed Equity Fund

#### Driehaus Micro Cap Growth Fund

#### Driehaus Small Cap Growth Fund

#### Driehaus Small/Mid Cap Growth Fund

#### Driehaus Event Driven Fund
Distributed by:

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

------

#### **Table of Contents**

------

---

| | |
|:---|:---|
| [Schedule of Investments:](#xx_74639640-6cae-48b7-8108-30d994214646_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Driehaus Emerging Markets Growth Fund](#xx_74639640-6cae-48b7-8108-30d994214646_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Driehaus Emerging Markets Small Cap Growth Fund](#xx_cab3a000-544d-4af2-9289-09fa3664ac88_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Driehaus Global Fund](#xx_3a81bf3e-5340-4986-b9c6-7d866670bc85_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Driehaus International Small Cap Growth Fund](#xx_42a2634f-60a2-4a99-9fd9-ae3b2e617430_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Driehaus International Developed Equity Fund](#xx_273bb6dd-d562-4644-938b-a617899a9864_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Driehaus Micro Cap Growth Fund](#xx_cb7944fa-e6e5-49a5-8928-f861f1a5fdd8_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Driehaus Small Cap Growth Fund](#xx_bfa73c0a-98ba-4cf6-85ee-46a2d434ba3f_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Driehaus Small/Mid Cap Growth Fund](#xx_7c82d650-2671-4162-afd5-393c4cd07fc9_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Driehaus Event Driven Fund](#xx_471ef3c4-8a9c-485f-bc85-bf4b5ca992d8_1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| [Statements of Assets and Liabilities](#xx_d7a3e666-8911-40e2-8418-e84832483fa2_2) | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| [Statements of Operations](#xx_d7a3e666-8911-40e2-8418-e84832483fa2_4) | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| [Statements of Changes in Net Assets](#xx_d7a3e666-8911-40e2-8418-e84832483fa2_6) | &nbsp;&nbsp;&nbsp;&nbsp;44 |
| [Financial Highlights](#xx_d7a3e666-8911-40e2-8418-e84832483fa2_10) | &nbsp;&nbsp;&nbsp;&nbsp;48 |
| [Notes to Financial Statements](#xx_633ad2a6-d110-46e1-8403-b019bef80b19_1) | &nbsp;&nbsp;&nbsp;&nbsp;59 |
| [Shareholder Information](#xx_901907c1-be10-48cd-ad16-f3f34ea03cff_1) | &nbsp;&nbsp;&nbsp;&nbsp;81 |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#xx_239ad8d8-007d-479c-8de1-cbafa40959ea_1) | &nbsp;&nbsp;&nbsp;&nbsp;82 |
| [Proxy Disclosures for Open-End Management Investment Companies](#xx_1d31c131-787a-4a65-bec6-f7016945a8f0_1) | &nbsp;&nbsp;&nbsp;&nbsp;83 |
| [Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_3582532d-511e-4fb3-bb46-376801081b21_1) | &nbsp;&nbsp;&nbsp;&nbsp;84 |

---

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Emerging Markets Growth Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **COMMON STOCKS — 96.35%** | **COMMON STOCKS — 96.35%** | **COMMON STOCKS — 96.35%** |
| **FAR EAST — 67.83%** | **FAR EAST — 67.83%** | **FAR EAST — 67.83%** |
| &nbsp;&nbsp;**China — 24.65%** | &nbsp;&nbsp;**China — 24.65%** | &nbsp;&nbsp;**China — 24.65%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. - W | &nbsp;&nbsp;&nbsp;6827900 | &nbsp;&nbsp;$96655408 |
| &nbsp;&nbsp;&nbsp;&nbsp;BYD Co. Ltd. - H | &nbsp;&nbsp;&nbsp;1234500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19221206 |
| &nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd. - H | &nbsp;&nbsp;&nbsp;4767000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33440324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Full Truck Alliance Co. Ltd. - SP ADR <sup>1</sup> | &nbsp;&nbsp;&nbsp;2754496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32530598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China Ltd. - H | &nbsp;&nbsp;89799000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71305417 |
| &nbsp;&nbsp;&nbsp;&nbsp;JD.com, Inc. - A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15393205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals Co. Ltd. - A | &nbsp;&nbsp;&nbsp;4271196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30940624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Laopu Gold Co. Ltd. - H <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20459456 |
| &nbsp;&nbsp;&nbsp;&nbsp;NetEase, Inc. | &nbsp;&nbsp;&nbsp;2192800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59094575 |
| &nbsp;&nbsp;&nbsp;&nbsp;PetroChina Co. Ltd. - H | &nbsp;&nbsp;27148000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23395527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. - H | &nbsp;&nbsp;&nbsp;5691500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36330661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shenzhen Inovance Technology Co. Ltd. - A | &nbsp;&nbsp;&nbsp;3865472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34851359 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;4576745 | &nbsp;&nbsp;&nbsp;&nbsp;294905374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group - ADR <sup>1</sup> | &nbsp;&nbsp;&nbsp;1554403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30295315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trip.com Group Ltd. - ADR <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13866014 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xiaomi Corp. - B <sup>2,3,\*</sup> | &nbsp;&nbsp;&nbsp;6876400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52932717 |
| &nbsp;&nbsp;&nbsp;&nbsp;ZhongAn Online P&C Insurance Co. Ltd. - H <sup>2,3,\*</sup> | &nbsp;&nbsp;&nbsp;9935900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23229995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zijin Mining Group Co. Ltd. - H | &nbsp;&nbsp;&nbsp;8444000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21716378 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;910564153 |
| &nbsp;&nbsp;**India — 15.58%** | &nbsp;&nbsp;**India — 15.58%** | &nbsp;&nbsp;**India — 15.58%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp;&nbsp;2242462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37928845 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bajaj Finance Ltd. | &nbsp;&nbsp;&nbsp;2750570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30039951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bharat Electronics Ltd. | &nbsp;&nbsp;10464727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51464907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel Ltd. | &nbsp;&nbsp;&nbsp;2431498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57004208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Divi's Laboratories Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18898239 |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. - ADR <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50858738 |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. - SP ADR <sup>1</sup> | &nbsp;&nbsp;&nbsp;2559489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86101210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kotak Mahindra Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18053383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mahindra & Mahindra Ltd. | &nbsp;&nbsp;&nbsp;1232160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45734374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Max Healthcare Institute Ltd. | &nbsp;&nbsp;&nbsp;2433513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36210769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mazagon Dock Shipbuilders Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10336802 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;2878903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50390072 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shriram Finance Ltd. | &nbsp;&nbsp;&nbsp;2347146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19354820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13587467 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Indian Hotels Co. Ltd. | &nbsp;&nbsp;&nbsp;2802670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24854584 |
| &nbsp;&nbsp;&nbsp;&nbsp;UltraTech Cement Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24731174 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;575549543 |
| &nbsp;&nbsp;**Taiwan — 15.41%** | &nbsp;&nbsp;**Taiwan — 15.41%** | &nbsp;&nbsp;**Taiwan — 15.41%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Accton Technology Corp. | &nbsp;&nbsp;&nbsp;1176000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29392663 |
| &nbsp;&nbsp;&nbsp;&nbsp;ASPEED Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31549080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp;&nbsp;3718000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17197767 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp;30389000 | &nbsp;&nbsp;$45481135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Delta Electronics, Inc. | &nbsp;&nbsp;&nbsp;2663000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37683985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Realtek Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10273707 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;3318400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121351745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. - SP ADR <sup>1</sup> | &nbsp;&nbsp;&nbsp;1134170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256878163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wiwynn Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19624694 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569432939 |
| &nbsp;&nbsp;**South Korea — 9.13%** | &nbsp;&nbsp;**South Korea — 9.13%** | &nbsp;&nbsp;**South Korea — 9.13%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Hanwha Aerospace Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18317522 |
| &nbsp;&nbsp;&nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26458341 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Mobis Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22431490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Korea Electric Power Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12928673 |
| &nbsp;&nbsp;&nbsp;&nbsp;KT&G Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13557679 |
| &nbsp;&nbsp;&nbsp;&nbsp;LIG Nex1 Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10477373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Macquarie Korea Infrastructure Fund | &nbsp;&nbsp;&nbsp;1282504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10903126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Biologics Co. Ltd. <sup>3,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12819061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | &nbsp;&nbsp;&nbsp;2336260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103313205 |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105095123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sung Kwang Bend Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927286 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337228879 |
| &nbsp;&nbsp;**Indonesia — 0.82%** | &nbsp;&nbsp;**Indonesia — 0.82%** | &nbsp;&nbsp;**Indonesia — 0.82%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | &nbsp;&nbsp;56349475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30121481 |
| &nbsp;&nbsp;**Singapore — 0.75%** | &nbsp;&nbsp;**Singapore — 0.75%** | &nbsp;&nbsp;**Singapore — 0.75%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. - ADR <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27901213 |
| &nbsp;&nbsp;**Hong Kong — 0.70%** | &nbsp;&nbsp;**Hong Kong — 0.70%** | &nbsp;&nbsp;**Hong Kong — 0.70%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25731495 |
| &nbsp;&nbsp;**Philippines — 0.45%** | &nbsp;&nbsp;**Philippines — 0.45%** | &nbsp;&nbsp;**Philippines — 0.45%** |
| &nbsp;&nbsp;&nbsp;&nbsp;BDO Unibank, Inc. | &nbsp;&nbsp;&nbsp;6085196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16506512 |
| &nbsp;&nbsp;**Thailand — 0.34%** | &nbsp;&nbsp;**Thailand — 0.34%** | &nbsp;&nbsp;**Thailand — 0.34%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Info Service PCL - NVDR | &nbsp;&nbsp;&nbsp;1482000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12702436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total FAR EAST<br> (Cost $1,804,125,784) |  | &nbsp;&nbsp;&nbsp;2505738651 |
| **NORTH AMERICA — 7.73%** | **NORTH AMERICA — 7.73%** | **NORTH AMERICA — 7.73%** |
| &nbsp;&nbsp;**United States — 3.97%** | &nbsp;&nbsp;**United States — 3.97%** | &nbsp;&nbsp;**United States — 3.97%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23939897 |
| &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63134846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern Copper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39009028 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20594711 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146678482 |
| &nbsp;&nbsp;**Mexico — 2.03%** | &nbsp;&nbsp;**Mexico — 2.03%** | &nbsp;&nbsp;**Mexico — 2.03%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Arca Continental SAB de CV | &nbsp;&nbsp;&nbsp;1611009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17067792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corp. Inmobiliaria Vesta SAB de CV | &nbsp;&nbsp;&nbsp;3413757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9392858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fomento Economico Mexicano SAB de CV - SP ADR <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6080145 |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Emerging Markets Growth Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV - O | &nbsp;&nbsp;&nbsp;4634057 | &nbsp;&nbsp;$42523823 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75064618 |
| &nbsp;&nbsp;**Canada — 1.65%** | &nbsp;&nbsp;**Canada — 1.65%** | &nbsp;&nbsp;**Canada — 1.65%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Alamos Gold, Inc. - A <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10868246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cameco Corp. <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50162630 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61030876 |
| &nbsp;&nbsp;**Panama — 0.08%** | &nbsp;&nbsp;**Panama — 0.08%** | &nbsp;&nbsp;**Panama — 0.08%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Copa Holdings SA - A <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2920033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total NORTH AMERICA<br> (Cost $200,578,702) |  | &nbsp;&nbsp;&nbsp;&nbsp;285694009 |
| **SOUTH AMERICA — 7.20%** | **SOUTH AMERICA — 7.20%** | **SOUTH AMERICA — 7.20%** |
| &nbsp;&nbsp;**Brazil — 5.36%** | &nbsp;&nbsp;**Brazil — 5.36%** | &nbsp;&nbsp;**Brazil — 5.36%** |
| &nbsp;&nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp;11541600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30887498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP | &nbsp;&nbsp;&nbsp;1810600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39860460 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direcional Engenharia SA | &nbsp;&nbsp;&nbsp;2585084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19374689 |
| &nbsp;&nbsp;&nbsp;&nbsp;NU Holdings Ltd. - A <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;1371773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18820725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Santos Brasil Participacoes SA | &nbsp;&nbsp;&nbsp;4674256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11872547 |
| &nbsp;&nbsp;&nbsp;&nbsp;StoneCo Ltd. - A <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;2425356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38902710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Telefonica Brasil SA <sup>\*</sup> | &nbsp;&nbsp;&nbsp;3379900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19278699 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vale SA - SP ADR <sup>1</sup> | &nbsp;&nbsp;&nbsp;1938710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18824874 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;197822202 |
| &nbsp;&nbsp;**Peru — 1.16%** | &nbsp;&nbsp;**Peru — 1.16%** | &nbsp;&nbsp;**Peru — 1.16%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Credicorp Ltd. <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42893711 |
| &nbsp;&nbsp;**Argentina — 0.68%** | &nbsp;&nbsp;**Argentina — 0.68%** | &nbsp;&nbsp;**Argentina — 0.68%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Galicia SA - ADR <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25269325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SOUTH AMERICA<br> (Cost $216,678,388) |  | &nbsp;&nbsp;&nbsp;&nbsp;265985238 |
| **EUROPE — 6.78%** | **EUROPE — 6.78%** | **EUROPE — 6.78%** |
| &nbsp;&nbsp;**Greece — 1.69%** | &nbsp;&nbsp;**Greece — 1.69%** | &nbsp;&nbsp;**Greece — 1.69%** |
| &nbsp;&nbsp;&nbsp;&nbsp;National Bank of Greece SA | &nbsp;&nbsp;&nbsp;4025817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51332189 |
| &nbsp;&nbsp;&nbsp;&nbsp;OPAP SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11188935 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62521124 |
| &nbsp;&nbsp;**United Kingdom — 1.55%** | &nbsp;&nbsp;**United Kingdom — 1.55%** | &nbsp;&nbsp;**United Kingdom — 1.55%** |
| &nbsp;&nbsp;&nbsp;&nbsp;ARM Holdings PLC - ADR <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31444359 |
| &nbsp;&nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;1200800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14528209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11193603 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57166171 |
| &nbsp;&nbsp;**Hungary — 1.28%** | &nbsp;&nbsp;**Hungary — 1.28%** | &nbsp;&nbsp;**Hungary — 1.28%** |
| &nbsp;&nbsp;&nbsp;&nbsp;OTP Bank Nyrt. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47370257 |
| &nbsp;&nbsp;**Switzerland — 1.24%** | &nbsp;&nbsp;**Switzerland — 1.24%** | &nbsp;&nbsp;**Switzerland — 1.24%** |
| &nbsp;&nbsp;&nbsp;&nbsp;BeOne Medicines Ltd. - ADR <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22066617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola HBC AG <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23557356 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45623973 |
| &nbsp;&nbsp;**Poland — 1.02%** | &nbsp;&nbsp;**Poland — 1.02%** | &nbsp;&nbsp;**Poland — 1.02%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Polska Kasa Opieki SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11801009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp;&nbsp;1490338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26061697 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37862706 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &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;&nbsp;&nbsp;637510 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total EUROPE<br> (Cost $188,020,157) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250544231 |
| **AFRICA — 3.70%** | **AFRICA — 3.70%** | **AFRICA — 3.70%** |
| &nbsp;&nbsp;**South Africa — 3.70%** | &nbsp;&nbsp;**South Africa — 3.70%** | &nbsp;&nbsp;**South Africa — 3.70%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Capitec Bank Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19751656 |
| &nbsp;&nbsp;&nbsp;&nbsp;FirstRand Ltd. | &nbsp;&nbsp;&nbsp;4443322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18994488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impala Platinum Holdings Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;3127354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28100067 |
| &nbsp;&nbsp;&nbsp;&nbsp;MTN Group Ltd. | &nbsp;&nbsp;&nbsp;2610283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20778458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Naspers Ltd. - N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49171471 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136796140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total AFRICA<br> (Cost $111,403,064) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136796140 |
| **MIDDLE EAST — 3.11%** | **MIDDLE EAST — 3.11%** | **MIDDLE EAST — 3.11%** |
| &nbsp;&nbsp;**United Arab Emirates — 2.34%** | &nbsp;&nbsp;**United Arab Emirates — 2.34%** | &nbsp;&nbsp;**United Arab Emirates — 2.34%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Aldar Properties PJSC | &nbsp;&nbsp;14390217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34968186 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dubai Electricity & Water Authority PJSC | &nbsp;&nbsp;22076729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16953459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;9287485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34453237 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86374882 |
| &nbsp;&nbsp;**Saudi Arabia — 0.77%** | &nbsp;&nbsp;**Saudi Arabia — 0.77%** | &nbsp;&nbsp;**Saudi Arabia — 0.77%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Etihad Etisalat Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14649527 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Saudi National Bank | &nbsp;&nbsp;&nbsp;1421191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13684035 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28333562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total MIDDLE EAST<br> (Cost $86,946,276) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114708444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMON STOCKS<br> (Cost $2,607,752,371) |  | &nbsp;&nbsp;&nbsp;3559466713 |
| **PREFERRED STOCKS — 0.98%** | **PREFERRED STOCKS — 0.98%** | **PREFERRED STOCKS — 0.98%** |
| **SOUTH AMERICA — 0.98%** | **SOUTH AMERICA — 0.98%** | **SOUTH AMERICA — 0.98%** |
| &nbsp;&nbsp;**Brazil — 0.98%** | &nbsp;&nbsp;**Brazil — 0.98%** | &nbsp;&nbsp;**Brazil — 0.98%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA - SP ADR, 3.66% <sup>1,4</sup> | &nbsp;&nbsp;&nbsp;5305240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36022579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SOUTH AMERICA<br> (Cost $28,646,155) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36022579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total PREFERRED STOCKS<br> (Cost $28,646,155) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36022579 |
| **RIGHTS — 0.01%** | **RIGHTS — 0.01%** | **RIGHTS — 0.01%** |
| **FAR EAST — 0.01%** | **FAR EAST — 0.01%** | **FAR EAST — 0.01%** |
| &nbsp;&nbsp;**South Korea — 0.01%** | &nbsp;&nbsp;**South Korea — 0.01%** | &nbsp;&nbsp;**South Korea — 0.01%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Hanwha Aerospace Co. Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total FAR EAST<br> (Cost $—) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total RIGHTS<br> (Cost $—) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452370 |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Emerging Markets Growth Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **SHORT TERM INVESTMENTS — 2.92%** | **SHORT TERM INVESTMENTS — 2.92%** | **SHORT TERM INVESTMENTS — 2.92%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional U.S. Government Select Portfolio (Shares Class), 4.23% <sup>5</sup><br> (Cost $107,948,814) | &nbsp;&nbsp;107948814 | &nbsp;&nbsp;$107948814 |
| &nbsp;&nbsp;TOTAL INVESTMENTS<br> (Cost $2,744,347,340) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.26% | &nbsp;&nbsp;$3703890476 |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9511186) |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;$3694379290 |

---

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

---

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

---

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

<sup>1</sup> 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 June 30, 2025, the value of restricted securities amounted to $96,622,168 or 3% of net assets.

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

---

| | | |
|:---|:---|:---|
| *Restricted Security* | &nbsp;&nbsp;*Acquisition Date* | &nbsp;&nbsp;*Acquisition Cost* |
| Laopu Gold Co. Ltd. - H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/24/25 | &nbsp;&nbsp;17667373 |
| Xiaomi Corp. - B | &nbsp;&nbsp;4/22/25-6/24/25 | &nbsp;&nbsp;43377670 |
| ZhongAn Online P&C Insurance Co. Ltd. - H | &nbsp;&nbsp;6/10/25-6/11/25 | &nbsp;&nbsp;23782913 |

---

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

---

| | |
|:---|:---|
| <sup>3</sup> | &nbsp;&nbsp;Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $88,981,773, which represents 2% of Net Assets (see Note F in the Notes to Financial Statements). |
| <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 June 30, 2025 is disclosed. |
| <sup>^</sup> | &nbsp;&nbsp;Security valued at fair value as determined in good faith by the Adviser, in accordance with procedures established by, and under the general supervision of, the Trust's Board of Trustees. The security is valued using significant unobservable inputs. |
| <sup>\*</sup> | &nbsp;&nbsp;Non-income producing security. |

---

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| **Security Type** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;96.35% |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01% |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92% |
| **Total Investments** | &nbsp;&nbsp;**100.26%** |
| Liabilities In Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26)% |
| **Net Assets** | &nbsp;&nbsp;**100.00%** |

---

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

---

| | |
|:---|:---|
| **Regional Weightings** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Far East | &nbsp;&nbsp;67.84% |
| North America | &nbsp;&nbsp;10.65% |
| South America | &nbsp;&nbsp;&nbsp;&nbsp;8.18% |
| Europe | &nbsp;&nbsp;&nbsp;&nbsp;6.78% |
| Africa | &nbsp;&nbsp;&nbsp;&nbsp;3.70% |
| Middle East | &nbsp;&nbsp;&nbsp;&nbsp;3.11% |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Emerging Markets Growth Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;2.46% |
| Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;0.61% |
| Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;1.76% |
| Banks | &nbsp;&nbsp;18.32% |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1.27% |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;6.08% |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp;0.02% |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;1.83% |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;0.56% |
| Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;1.33% |
| Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;0.35% |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;1.02% |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;3.17% |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;1.56% |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp;0.88% |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;0.98% |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;1.35% |
| Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;0.53% |

---

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31% |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.98% |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% |
| Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20% |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92% |
| Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66% |
| Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13% |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;15.70% |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76% |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% |
| Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% |
| Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% |
| Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% |
| Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84% |
| Liabilities In Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.26)% |
| TOTAL | &nbsp;&nbsp;100.00% |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Emerging Markets Small Cap Growth Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **COMMON STOCKS — 98.39%** | **COMMON STOCKS — 98.39%** | **COMMON STOCKS — 98.39%** |
| **FAR EAST — 63.75%** | **FAR EAST — 63.75%** | **FAR EAST — 63.75%** |
| &nbsp;&nbsp;**India — 31.91%** | &nbsp;&nbsp;**India — 31.91%** | &nbsp;&nbsp;**India — 31.91%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Aditya Birla Real Estate Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48785 | &nbsp;&nbsp;$1386552 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aegis Logistics Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;150953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365969 |
| &nbsp;&nbsp;&nbsp;&nbsp;Angel One Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Azad Engineering Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634038 |
| &nbsp;&nbsp;&nbsp;&nbsp;BLS International Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;213428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918599 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brigade Enterprises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chalet Hotels Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;109836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gujarat Fluorochemicals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hitachi Energy India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2669808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Home First Finance Co. India Ltd. <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;130014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090705 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jyoti CNC Automation Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;113567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kaynes Technology India Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kfin Technologies Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Max Healthcare Institute Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mazagon Dock Shipbuilders Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nuvama Wealth Management Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834908 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oswal Pumps Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;207501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Radico Khaitan Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1951359 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shakti Pumps India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963093 |
| &nbsp;&nbsp;&nbsp;&nbsp;SignatureGlobal India Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sobha Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Strides Pharma Science Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;124189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Supreme Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transformers & Rectifiers India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;241252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Triveni Turbine Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;218959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564159 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Breweries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748579 |
| &nbsp;&nbsp;&nbsp;&nbsp;UNO Minda Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;130877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vishal Mega Mart Ltd. <sup>\*</sup> | &nbsp;&nbsp;1226952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1916127 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40547147 |
| &nbsp;&nbsp;**South Korea — 8.81%** | &nbsp;&nbsp;**South Korea — 8.81%** | &nbsp;&nbsp;**South Korea — 8.81%** |
| &nbsp;&nbsp;&nbsp;&nbsp;HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027389 |
| &nbsp;&nbsp;&nbsp;&nbsp;HD Hyundai Marine Solution Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2717306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyosung Heavy Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Korea Aerospace Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965176 |
| &nbsp;&nbsp;&nbsp;&nbsp;LIG Nex1 Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Heavy Industries Co. Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;101458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sung Kwang Bend Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232944 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11199226 |
| &nbsp;&nbsp;**China — 8.00%** | &nbsp;&nbsp;**China — 8.00%** | &nbsp;&nbsp;**China — 8.00%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Akeso, Inc. <sup>1,2,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670781 |
| &nbsp;&nbsp;&nbsp;&nbsp;China National Building Material Co. Ltd. - H | &nbsp;&nbsp;3366000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611108 |
| &nbsp;&nbsp;&nbsp;&nbsp;GDS Holdings Ltd. - ADR <sup>3,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650902 |
| &nbsp;&nbsp;&nbsp;&nbsp;Henan Pinggao Electric Co. Ltd. - A | &nbsp;&nbsp;&nbsp;&nbsp;746600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604665 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;Silergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;$1400842 |
| &nbsp;&nbsp;&nbsp;&nbsp;SITC International Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;368000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xinyi Glass Holdings Ltd. | &nbsp;&nbsp;1197000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153265 |
| &nbsp;&nbsp;&nbsp;&nbsp;XtalPi Holdings Ltd. <sup>2,\*</sup> | &nbsp;&nbsp;1208000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895389 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10166758 |
| &nbsp;&nbsp;**Taiwan — 6.89%** | &nbsp;&nbsp;**Taiwan — 6.89%** | &nbsp;&nbsp;**Taiwan — 6.89%** |
| &nbsp;&nbsp;&nbsp;&nbsp;ASPEED Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2927234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chroma ATE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hiwin Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604317 |
| &nbsp;&nbsp;&nbsp;&nbsp;King Slide Works Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinik Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702856 |
| &nbsp;&nbsp;&nbsp;&nbsp;LandMark Optoelectronics Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941736 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8751640 |
| &nbsp;&nbsp;**Vietnam — 3.19%** | &nbsp;&nbsp;**Vietnam — 3.19%** | &nbsp;&nbsp;**Vietnam — 3.19%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia Commercial Bank JSC | &nbsp;&nbsp;1465900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195290 |
| &nbsp;&nbsp;&nbsp;&nbsp;FPT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;333849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Military Commercial Joint Stock Bank <sup>\*</sup> | &nbsp;&nbsp;1275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347849 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4053563 |
| &nbsp;&nbsp;**Australia — 1.81%** | &nbsp;&nbsp;**Australia — 1.81%** | &nbsp;&nbsp;**Australia — 1.81%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Lynas Rare Earths Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;402573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2294755 |
| &nbsp;&nbsp;**Singapore — 1.50%** | &nbsp;&nbsp;**Singapore — 1.50%** | &nbsp;&nbsp;**Singapore — 1.50%** |
| &nbsp;&nbsp;&nbsp;&nbsp;BOC Aviation Ltd. <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;230200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908696 |
| &nbsp;&nbsp;**Kazakhstan — 1.01%** | &nbsp;&nbsp;**Kazakhstan — 1.01%** | &nbsp;&nbsp;**Kazakhstan — 1.01%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Kaspi.KZ JSC <sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289479 |
| &nbsp;&nbsp;**Indonesia — 0.63%** | &nbsp;&nbsp;**Indonesia — 0.63%** | &nbsp;&nbsp;**Indonesia — 0.63%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Syariah Indonesia Tbk PT | &nbsp;&nbsp;5004500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total FAR EAST<br> (Cost $63,990,877) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81007052 |
| **SOUTH AMERICA — 12.17%** | **SOUTH AMERICA — 12.17%** | **SOUTH AMERICA — 12.17%** |
| &nbsp;&nbsp;**Brazil — 9.68%** | &nbsp;&nbsp;**Brazil — 9.68%** | &nbsp;&nbsp;**Brazil — 9.68%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cia Brasileira de Aluminio <sup>\*</sup> | &nbsp;&nbsp;1542900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cury Construtora e Incorporadora SA | &nbsp;&nbsp;&nbsp;&nbsp;387656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inter & Co., Inc. - BDR | &nbsp;&nbsp;&nbsp;&nbsp;291663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2158041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Orizon Valorizacao de Residuos SA <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;236000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2351703 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRIO SA <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Santos Brasil Participacoes SA | &nbsp;&nbsp;&nbsp;&nbsp;695900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1767577 |
| &nbsp;&nbsp;&nbsp;&nbsp;StoneCo Ltd. - A <sup>3,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;109779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760855 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12297377 |
| &nbsp;&nbsp;**Peru — 1.33%** | &nbsp;&nbsp;**Peru — 1.33%** | &nbsp;&nbsp;**Peru — 1.33%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Intercorp Financial Services, Inc. <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699035 |
| &nbsp;&nbsp;**Argentina — 1.16%** | &nbsp;&nbsp;**Argentina — 1.16%** | &nbsp;&nbsp;**Argentina — 1.16%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pampa Energia SA - SP ADR <sup>3,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SOUTH AMERICA<br> (Cost $10,954,008) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15470945 |
| **NORTH AMERICA — 7.85%** | **NORTH AMERICA — 7.85%** | **NORTH AMERICA — 7.85%** |
| &nbsp;&nbsp;**Mexico — 5.82%** | &nbsp;&nbsp;**Mexico — 5.82%** | &nbsp;&nbsp;**Mexico — 5.82%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Alsea SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;264500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720294 |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Emerging Markets Small Cap Growth Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;BBB Foods, Inc. - A <sup>3,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66370 | &nbsp;&nbsp;$1842431 |
| &nbsp;&nbsp;&nbsp;&nbsp;FIBRA Macquarie Mexico <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;412015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis Property Mexico SA de CV | &nbsp;&nbsp;&nbsp;&nbsp;433667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vista Energy SAB de CV - ADR <sup>3,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534790 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7392214 |
| &nbsp;&nbsp;**Panama — 1.56%** | &nbsp;&nbsp;**Panama — 1.56%** | &nbsp;&nbsp;**Panama — 1.56%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Copa Holdings SA - A <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985178 |
| &nbsp;&nbsp;**Canada — 0.47%** | &nbsp;&nbsp;**Canada — 0.47%** | &nbsp;&nbsp;**Canada — 0.47%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Alamos Gold, Inc. - A <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595874 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total NORTH AMERICA<br> (Cost $7,737,212) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9973266 |
| **MIDDLE EAST — 5.44%** | **MIDDLE EAST — 5.44%** | **MIDDLE EAST — 5.44%** |
| &nbsp;&nbsp;**United Arab Emirates — 3.22%** | &nbsp;&nbsp;**United Arab Emirates — 3.22%** | &nbsp;&nbsp;**United Arab Emirates — 3.22%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Emirates Central Cooling Systems Corp. | &nbsp;&nbsp;2603336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176587 |
| &nbsp;&nbsp;&nbsp;&nbsp;Parkin Co. PJSC | &nbsp;&nbsp;&nbsp;&nbsp;904482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600694 |
| &nbsp;&nbsp;&nbsp;&nbsp;RAK Properties PJSC <sup>\*</sup> | &nbsp;&nbsp;3357575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317479 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4094760 |
| &nbsp;&nbsp;**Saudi Arabia — 2.22%** | &nbsp;&nbsp;**Saudi Arabia — 2.22%** | &nbsp;&nbsp;**Saudi Arabia — 2.22%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Catrion Catering Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saudi Ground Services Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300197 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2821545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total MIDDLE EAST<br> (Cost $6,523,572) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6916305 |
| **AFRICA — 5.40%** | **AFRICA — 5.40%** | **AFRICA — 5.40%** |
| &nbsp;&nbsp;**South Africa — 5.40%** | &nbsp;&nbsp;**South Africa — 5.40%** | &nbsp;&nbsp;**South Africa — 5.40%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Clicks Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foschini Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;126693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922587 |
| &nbsp;&nbsp;&nbsp;&nbsp;Growthpoint Properties Ltd. | &nbsp;&nbsp;2182553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impala Platinum Holdings Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;229523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Truworths International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;174902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705585 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6859605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total AFRICA<br> (Cost $6,214,853) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6859605 |
| **EUROPE — 3.78%** | **EUROPE — 3.78%** | **EUROPE — 3.78%** |
| &nbsp;&nbsp;**Turkey — 1.86%** | &nbsp;&nbsp;**Turkey — 1.86%** | &nbsp;&nbsp;**Turkey — 1.86%** |
| &nbsp;&nbsp;&nbsp;&nbsp;MLP Saglik Hizmetleri A/S <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pegasus Hava Tasimaciligi A/S <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632481 |
| &nbsp;&nbsp;&nbsp;&nbsp;TAV Havalimanlari Holding A/S <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;164291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091468 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2370233 |
| &nbsp;&nbsp;**Greece — 1.48%** | &nbsp;&nbsp;**Greece — 1.48%** | &nbsp;&nbsp;**Greece — 1.48%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Power Corp. S.A. | &nbsp;&nbsp;&nbsp;&nbsp;115064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1880436 |
| &nbsp;&nbsp;**United Kingdom — 0.44%** | &nbsp;&nbsp;**United Kingdom — 0.44%** | &nbsp;&nbsp;**United Kingdom — 0.44%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Hochschild Mining PLC | &nbsp;&nbsp;&nbsp;&nbsp;157367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total EUROPE<br> (Cost $5,204,855) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4805348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMON STOCKS<br> (Cost $100,625,377) |  | &nbsp;&nbsp;&nbsp;&nbsp;125032521 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **PREFERRED STOCKS — 0.82%** | **PREFERRED STOCKS — 0.82%** | **PREFERRED STOCKS — 0.82%** |
| **SOUTH AMERICA — 0.82%** | **SOUTH AMERICA — 0.82%** | **SOUTH AMERICA — 0.82%** |
| &nbsp;&nbsp;**Brazil — 0.82%** | &nbsp;&nbsp;**Brazil — 0.82%** | &nbsp;&nbsp;**Brazil — 0.82%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Bradespar SA, 5.86% <sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;360900 | &nbsp;&nbsp;$1046212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SOUTH AMERICA<br> (Cost $1,065,130) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046212 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total PREFERRED STOCKS<br> (Cost $1,065,130) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046212 |
| **SHORT TERM INVESTMENTS — 1.21%** | **SHORT TERM INVESTMENTS — 1.21%** | **SHORT TERM INVESTMENTS — 1.21%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional U.S. Government Select Portfolio (Shares Class), 4.23% <sup>6</sup><br> (Cost $1,538,779) | &nbsp;&nbsp;1538779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538779 |
| &nbsp;&nbsp;TOTAL INVESTMENTS<br> (Cost $103,229,286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.42% | &nbsp;&nbsp;$127617512 |
| &nbsp;&nbsp;Liabilities in Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(539879) |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;$127077633 |

---

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

---

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

---

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

<sup>1</sup> Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $5,976,059, which represents 5% of Net Assets (see Note F in the Notes to Financial Statements).

<sup>2</sup> Restricted securities - The Fund may own investment securities that have other legal or contractual limitations. At June 30, 2025, the value of restricted securities amounted to $6,225,164 or 5% of net assets.

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

---

| | | |
|:---|:---|:---|
| *Restricted Security* | &nbsp;&nbsp;*Acquisition Date* | &nbsp;&nbsp;*Acquisition Cost* |
| Akeso, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/25/2023 | &nbsp;&nbsp;&nbsp;&nbsp;290776 |
| BOC Aviation Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5/29/25-6/12/25 | &nbsp;&nbsp;1870604 |
| FIBRA Macquarie Mexico | &nbsp;&nbsp;10/26/22-10/28/22 | &nbsp;&nbsp;&nbsp;&nbsp;535576 |
| Home First Finance Co. India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/6/24-2/4/25 | &nbsp;&nbsp;1813649 |
| XtalPi Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4/10/25-4/23/25 | &nbsp;&nbsp;&nbsp;&nbsp;751715 |

---

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

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

<sup>4</sup> Pursuant to procedures adopted by the Trust's Board of Trustees, this security has been determined to be illiquid by Driehaus Capital Management LLC (the "Adviser"), investment adviser to the Fund.

<sup>5</sup> Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income.

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Emerging Markets Small Cap Growth Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

<sup>6</sup> 7 day current yield as of June 30, 2025 is disclosed. <br> <sup>\*</sup> Non-income producing security.

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| **Security Type** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;98.39% |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% |
| **Total Investments** | &nbsp;&nbsp;**100.42%** |
| Liabilities In Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42)% |
| **Net Assets** | &nbsp;&nbsp;**100.00%** |

---

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

---

| | |
|:---|:---|
| **Regional Weightings** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Far East | &nbsp;&nbsp;63.75% |
| South America | &nbsp;&nbsp;12.99% |
| North America | &nbsp;&nbsp;&nbsp;&nbsp;9.06% |
| Middle East | &nbsp;&nbsp;&nbsp;&nbsp;5.44% |
| Africa | &nbsp;&nbsp;&nbsp;&nbsp;5.40% |
| Europe | &nbsp;&nbsp;&nbsp;&nbsp;3.78% |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Emerging Markets Small Cap Growth Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Aerospace & Defense | &nbsp;&nbsp;3.01% |
| Automobile Components | &nbsp;&nbsp;1.33% |
| Banks | &nbsp;&nbsp;5.66% |
| Beverages | &nbsp;&nbsp;2.92% |
| Biotechnology | &nbsp;&nbsp;0.53% |
| Broadline Retail | &nbsp;&nbsp;1.51% |
| Building Products | &nbsp;&nbsp;1.88% |
| Capital Markets | &nbsp;&nbsp;3.05% |
| Chemicals | &nbsp;&nbsp;1.79% |
| Commercial Services & Supplies | &nbsp;&nbsp;4.31% |
| Construction Materials | &nbsp;&nbsp;1.27% |
| Consumer Finance | &nbsp;&nbsp;1.01% |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;2.65% |
| Diversified Real Estate Investment Trusts | &nbsp;&nbsp;1.30% |
| Electric Utilities | &nbsp;&nbsp;2.64% |
| Electrical Equipment | &nbsp;&nbsp;8.57% |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;2.62% |
| Financial Services | &nbsp;&nbsp;3.04% |
| Health Care Providers & Services | &nbsp;&nbsp;1.56% |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;1.50% |
| Household Durables | &nbsp;&nbsp;1.66% |
| Industrial Real Estate Investment Trusts | &nbsp;&nbsp;1.81% |

---

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49% |
| Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.65% |
| Marine | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.24% |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67% |
| Paper & Forest Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09% |
| Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05% |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70% |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14% |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% |
| Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27% |
| Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% |
| Liabilities In Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.42)% |
| TOTAL | &nbsp;&nbsp;100.00% |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Global Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **COMMON STOCKS — 96.27%** | **COMMON STOCKS — 96.27%** | **COMMON STOCKS — 96.27%** |
| **NORTH AMERICA — 59.09%** | **NORTH AMERICA — 59.09%** | **NORTH AMERICA — 59.09%** |
| &nbsp;&nbsp;**United States — 58.05%** | &nbsp;&nbsp;**United States — 58.05%** | &nbsp;&nbsp;**United States — 58.05%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;4690 | &nbsp;&nbsp;$665511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affirm Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;10654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - A | &nbsp;&nbsp;&nbsp;7574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;5317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;2478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508411 |
| &nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;3930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Astera Labs, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;3367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304444 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;1277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;11236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;3966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093228 |
| &nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;3627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;1348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;3975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;2171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;1336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041452 |
| &nbsp;&nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;12557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;5920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638176 |
| &nbsp;&nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc. - A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505371 |
| &nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;5339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547830 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;9283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903607 |
| &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - A | &nbsp;&nbsp;&nbsp;1988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;5790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;1347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865078 |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;20338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3213201 |
| &nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;4499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Planet Fitness, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;5782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;2815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;2702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336703 |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southern Copper Corp. | &nbsp;&nbsp;10293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology SA <sup>\*</sup> | &nbsp;&nbsp;&nbsp;1006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;1541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609666 |
| &nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;2680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;4682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411126 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Boeing Co. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;2719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569712 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Coca-Cola Co. | &nbsp;&nbsp;&nbsp;7012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496099 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Mosaic Co. | &nbsp;&nbsp;11800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430464 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Southern Co. | &nbsp;&nbsp;13456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;4824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450079 |
| &nbsp;&nbsp;&nbsp;&nbsp;US Foods Holding Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;3825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245305 |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;5954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582182 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;Zillow Group, Inc. - C <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7305 | &nbsp;&nbsp;$511715 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39411656 |
| &nbsp;&nbsp;**Canada — 0.54%** | &nbsp;&nbsp;**Canada — 0.54%** | &nbsp;&nbsp;**Canada — 0.54%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369337 |
| &nbsp;&nbsp;**Mexico — 0.50%** | &nbsp;&nbsp;**Mexico — 0.50%** | &nbsp;&nbsp;**Mexico — 0.50%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV - O | &nbsp;&nbsp;&nbsp;36600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total NORTH AMERICA<br> (Cost $27,495,421) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40116848 |
| **EUROPE — 25.02%** | **EUROPE — 25.02%** | **EUROPE — 25.02%** |
| &nbsp;&nbsp;**United Kingdom — 9.52%** | &nbsp;&nbsp;**United Kingdom — 9.52%** | &nbsp;&nbsp;**United Kingdom — 9.52%** |
| &nbsp;&nbsp;&nbsp;&nbsp;ARM Holdings PLC - ADR <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339492 |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC - SP ADR <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664908 |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;&nbsp;71888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332178 |
| &nbsp;&nbsp;&nbsp;&nbsp;British American Tobacco PLC | &nbsp;&nbsp;&nbsp;&nbsp;8831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419882 |
| &nbsp;&nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;2210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323206 |
| &nbsp;&nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;12650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | &nbsp;&nbsp;105254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;41015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Chartered PLC | &nbsp;&nbsp;&nbsp;31747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525367 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;5487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6460805 |
| &nbsp;&nbsp;**Germany — 6.18%** | &nbsp;&nbsp;**Germany — 6.18%** | &nbsp;&nbsp;**Germany — 6.18%** |
| &nbsp;&nbsp;&nbsp;&nbsp;BASF SE | &nbsp;&nbsp;&nbsp;10334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;&nbsp;9900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362376 |
| &nbsp;&nbsp;&nbsp;&nbsp;MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;1630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724133 |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;2080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy AG <sup>\*</sup> | &nbsp;&nbsp;&nbsp;11962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vonovia SE | &nbsp;&nbsp;&nbsp;15888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563283 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4195058 |
| &nbsp;&nbsp;**France — 2.37%** | &nbsp;&nbsp;**France — 2.37%** | &nbsp;&nbsp;**France — 2.37%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Danone SA | &nbsp;&nbsp;&nbsp;&nbsp;9705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;1891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Veolia Environnement SA | &nbsp;&nbsp;&nbsp;10076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359732 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606273 |
| &nbsp;&nbsp;**Switzerland — 2.11%** | &nbsp;&nbsp;**Switzerland — 2.11%** | &nbsp;&nbsp;**Switzerland — 2.11%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Geberit AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274066 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;4288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520465 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435317 |
| &nbsp;&nbsp;**Ireland — 1.28%** | &nbsp;&nbsp;**Ireland — 1.28%** | &nbsp;&nbsp;**Ireland — 1.28%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Linde PLC <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872206 |
| &nbsp;&nbsp;**Italy — 1.28%** | &nbsp;&nbsp;**Italy — 1.28%** | &nbsp;&nbsp;**Italy — 1.28%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Leonardo SpA | &nbsp;&nbsp;&nbsp;&nbsp;5667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319771 |
| &nbsp;&nbsp;&nbsp;&nbsp;UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;8177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548541 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868312 |
| &nbsp;&nbsp;**Netherlands — 1.09%** | &nbsp;&nbsp;**Netherlands — 1.09%** | &nbsp;&nbsp;**Netherlands — 1.09%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Adyen NV <sup>2,3,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prosus N.V. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336190 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740228 |
| &nbsp;&nbsp;**Norway — 0.64%** | &nbsp;&nbsp;**Norway — 0.64%** | &nbsp;&nbsp;**Norway — 0.64%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Telenor ASA | &nbsp;&nbsp;&nbsp;27680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431039 |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Global Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;**Spain — 0.55%** | &nbsp;&nbsp;**Spain — 0.55%** | &nbsp;&nbsp;**Spain — 0.55%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Indra Sistemas SA | &nbsp;&nbsp;&nbsp;8665 | &nbsp;&nbsp;$375943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total EUROPE<br> (Cost $12,321,072) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16985181 |
| **FAR EAST — 10.38%** | **FAR EAST — 10.38%** | **FAR EAST — 10.38%** |
| &nbsp;&nbsp;**Japan — 5.17%** | &nbsp;&nbsp;**Japan — 5.17%** | &nbsp;&nbsp;**Japan — 5.17%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Hitachi Ltd. | &nbsp;&nbsp;11900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;42300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nintendo Co. Ltd. | &nbsp;&nbsp;10100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nippon Sanso Holdings Corp. | &nbsp;&nbsp;11400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pan Pacific International Holdings Corp. | &nbsp;&nbsp;19600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;19800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514806 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3512811 |
| &nbsp;&nbsp;**China — 1.87%** | &nbsp;&nbsp;**China — 1.87%** | &nbsp;&nbsp;**China — 1.87%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;19653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266353 |
| &nbsp;&nbsp;**India — 1.36%** | &nbsp;&nbsp;**India — 1.36%** | &nbsp;&nbsp;**India — 1.36%** |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. - SP ADR <sup>1</sup> | &nbsp;&nbsp;27345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919886 |
| &nbsp;&nbsp;**Taiwan — 1.30%** | &nbsp;&nbsp;**Taiwan — 1.30%** | &nbsp;&nbsp;**Taiwan — 1.30%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp;24168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883808 |
| &nbsp;&nbsp;**Australia — 0.68%** | &nbsp;&nbsp;**Australia — 0.68%** | &nbsp;&nbsp;**Australia — 0.68%** |
| &nbsp;&nbsp;&nbsp;&nbsp;BHP Group Ltd. | &nbsp;&nbsp;19362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total FAR EAST<br> (Cost $4,851,287) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7046440 |
| **MIDDLE EAST — 0.95%** | **MIDDLE EAST — 0.95%** | **MIDDLE EAST — 0.95%** |
| &nbsp;&nbsp;**Israel — 0.95%** | &nbsp;&nbsp;**Israel — 0.95%** | &nbsp;&nbsp;**Israel — 0.95%** |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd. <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;1588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total MIDDLE EAST<br> (Cost $459,622) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646125 |
| **SOUTH AMERICA — 0.83%** | **SOUTH AMERICA — 0.83%** | **SOUTH AMERICA — 0.83%** |
| &nbsp;&nbsp;**Peru — 0.83%** | &nbsp;&nbsp;**Peru — 0.83%** | &nbsp;&nbsp;**Peru — 0.83%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Credicorp Ltd. <sup>1</sup> | &nbsp;&nbsp;&nbsp;2511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SOUTH AMERICA<br> (Cost $475,410) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561259 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMON STOCKS<br> (Cost $45,602,812) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65355853 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **SHORT TERM INVESTMENTS — 3.42%** | **SHORT TERM INVESTMENTS — 3.42%** | **SHORT TERM INVESTMENTS — 3.42%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional U.S. Government Select Portfolio (Shares Class), 4.23% <sup>4</sup><br> (Cost $2,325,070) | &nbsp;&nbsp;2325070 | &nbsp;&nbsp;$2325070 |
| &nbsp;&nbsp;TOTAL INVESTMENTS<br> (Cost $47,927,882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.69% | &nbsp;&nbsp;$67680923 |
| &nbsp;&nbsp;Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209160 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;$67890083 |

---

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

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

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

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

<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 $404,038, which represents 1% of Net Assets (see Note F in the Notes to Financial Statements).

<sup>3</sup> Restricted securities - The Fund may own investment securities that have other legal or contractual limitations. At June 30, 2025, the value of restricted securities amounted to $404,038 or 1% of net assets.

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

<u>*Restricted Security* </u> <u>*Acquisition Date* </u> <u>*Acquisition Cost* </u> <br> Adyen NV 8/13/24-8/15/24 283,140

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

<sup>4</sup> 7 day current yield as of June 30, 2025 is disclosed. <br> <sup>\*</sup> Non-income producing security.

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| **Security Type** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;96.27% |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42% |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp;**99.69%** |
| Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31% |
| **Net Assets** | &nbsp;&nbsp;**100.00%** |

---

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

---

| | |
|:---|:---|
| **Regional Weightings** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| North America | &nbsp;&nbsp;62.51% |
| Europe | &nbsp;&nbsp;25.02% |
| Far East | &nbsp;&nbsp;10.38% |
| Middle East | &nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| South America | &nbsp;&nbsp;&nbsp;&nbsp;0.83% |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Global Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Aerospace & Defense | &nbsp;&nbsp;6.62% |
| Banks | &nbsp;&nbsp;9.40% |
| Beverages | &nbsp;&nbsp;0.73% |
| Biotechnology | &nbsp;&nbsp;0.36% |
| Broadline Retail | &nbsp;&nbsp;4.02% |
| Building Products | &nbsp;&nbsp;0.40% |
| Capital Markets | &nbsp;&nbsp;1.60% |
| Chemicals | &nbsp;&nbsp;3.29% |
| Communications Equipment | &nbsp;&nbsp;1.42% |
| Construction & Engineering | &nbsp;&nbsp;1.50% |
| Consumer Finance | &nbsp;&nbsp;1.14% |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;2.30% |
| Diversified Telecommunication Services | &nbsp;&nbsp;1.17% |
| Electric Utilities | &nbsp;&nbsp;1.82% |
| Electrical Equipment | &nbsp;&nbsp;2.06% |
| Entertainment | &nbsp;&nbsp;4.80% |
| Financial Services | &nbsp;&nbsp;1.68% |
| Food Products | &nbsp;&nbsp;1.17% |
| Ground Transportation | &nbsp;&nbsp;0.66% |
| Health Care Equipment & Supplies | &nbsp;&nbsp;1.64% |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;0.93% |
| Household Durables | &nbsp;&nbsp;0.76% |

---

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% |
| Industrial Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00% |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70% |
| Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42% |
| Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14% |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.28% |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60% |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58% |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;10.90% |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.08% |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% |
| Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83% |
| Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31% |
| TOTAL | &nbsp;&nbsp;100.00% |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus International Small Cap Growth Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **COMMON STOCKS — 98.96%** | **COMMON STOCKS — 98.96%** | **COMMON STOCKS — 98.96%** |
| **EUROPE — 54.04%** | **EUROPE — 54.04%** | **EUROPE — 54.04%** |
| &nbsp;&nbsp;**United Kingdom — 16.28%** | &nbsp;&nbsp;**United Kingdom — 16.28%** | &nbsp;&nbsp;**United Kingdom — 16.28%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Babcock International Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;143894 | &nbsp;&nbsp;$2266319 |
| &nbsp;&nbsp;&nbsp;&nbsp;ConvaTec Group PLC <sup>1,2</sup> | &nbsp;&nbsp;1527181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6049237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cranswick PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3652667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Currys PLC <sup>\*</sup> | &nbsp;&nbsp;1578760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2638987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Filtronic PLC <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;866984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Games Workshop Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intermediate Capital Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;131058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3476432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kier Group PLC | &nbsp;&nbsp;1108093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3174558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Land Securities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;231718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;753044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3665083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior PLC | &nbsp;&nbsp;1337174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3380177 |
| &nbsp;&nbsp;&nbsp;&nbsp;SigmaRoc PLC <sup>\*</sup> | &nbsp;&nbsp;3733272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5516995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Smiths Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;252657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7793041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustpilot Group PLC <sup>1,2,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;293236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975796 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48725586 |
| &nbsp;&nbsp;**Germany — 13.64%** | &nbsp;&nbsp;**Germany — 13.64%** | &nbsp;&nbsp;**Germany — 13.64%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AIXTRON SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537679 |
| &nbsp;&nbsp;&nbsp;&nbsp;AlzChem Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2684579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Auto1 Group SE <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;235708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7631144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bilfinger SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2236831 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carl Zeiss Meditec AG (Bearer) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2299443 |
| &nbsp;&nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511483 |
| &nbsp;&nbsp;&nbsp;&nbsp;flatexDEGIRO AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Friedrich Vorwerk Group SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2828538 |
| &nbsp;&nbsp;&nbsp;&nbsp;KION Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4908893 |
| &nbsp;&nbsp;&nbsp;&nbsp;LEG Immobilien SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2557301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nordex SE <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;204691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4061607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Salzgitter AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Scout24 SE <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5701555 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40830071 |
| &nbsp;&nbsp;**Switzerland — 5.76%** | &nbsp;&nbsp;**Switzerland — 5.76%** | &nbsp;&nbsp;**Switzerland — 5.76%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Aryzta AG <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Belimo Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2106898 |
| &nbsp;&nbsp;&nbsp;&nbsp;dormakaba Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5093284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Montana Aerospace AG <sup>1,2,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Siegfried Holding AG <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1869849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sulzer AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3231702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tecan Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791276 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17234763 |
| &nbsp;&nbsp;**Italy — 3.63%** | &nbsp;&nbsp;**Italy — 3.63%** | &nbsp;&nbsp;**Italy — 3.63%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco BPM SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Buzzi SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3764853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lottomatica Group Spa <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;104300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2895240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Saipem SpA | &nbsp;&nbsp;1137627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3110046 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10864753 |
| &nbsp;&nbsp;**Spain — 3.34%** | &nbsp;&nbsp;**Spain — 3.34%** | &nbsp;&nbsp;**Spain — 3.34%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Fluidra SA | &nbsp;&nbsp;&nbsp;&nbsp;159554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indra Sistemas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2196781 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;Tecnicas Reunidas SA <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;164981 | &nbsp;&nbsp;$3810061 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10006968 |
| &nbsp;&nbsp;**Austria — 2.50%** | &nbsp;&nbsp;**Austria — 2.50%** | &nbsp;&nbsp;**Austria — 2.50%** |
| &nbsp;&nbsp;&nbsp;&nbsp;DO & CO AG <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4591763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wienerberger AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2892593 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7484356 |
| &nbsp;&nbsp;**Ireland — 2.34%** | &nbsp;&nbsp;**Ireland — 2.34%** | &nbsp;&nbsp;**Ireland — 2.34%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cairn Homes PLC | &nbsp;&nbsp;&nbsp;&nbsp;910680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2303361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Greencore Group PLC | &nbsp;&nbsp;1464624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4694322 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6997683 |
| &nbsp;&nbsp;**France — 1.64%** | &nbsp;&nbsp;**France — 1.64%** | &nbsp;&nbsp;**France — 1.64%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Sopra Steria Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2623931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vicat SACA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300922 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4924853 |
| &nbsp;&nbsp;**Netherlands — 1.45%** | &nbsp;&nbsp;**Netherlands — 1.45%** | &nbsp;&nbsp;**Netherlands — 1.45%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Koninklijke BAM Groep N.V. | &nbsp;&nbsp;&nbsp;&nbsp;257077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2293215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merus NV <sup>3,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062393 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4355608 |
| &nbsp;&nbsp;**Finland — 1.29%** | &nbsp;&nbsp;**Finland — 1.29%** | &nbsp;&nbsp;**Finland — 1.29%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Metso OYJ | &nbsp;&nbsp;&nbsp;&nbsp;298218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3864855 |
| &nbsp;&nbsp;**Denmark — 1.26%** | &nbsp;&nbsp;**Denmark — 1.26%** | &nbsp;&nbsp;**Denmark — 1.26%** |
| &nbsp;&nbsp;&nbsp;&nbsp;ALK-Abello A/S <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1426098 |
| &nbsp;&nbsp;&nbsp;&nbsp;Netcompany Group A/S <sup>1,2,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2343332 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3769430 |
| &nbsp;&nbsp;**Norway — 0.53%** | &nbsp;&nbsp;**Norway — 0.53%** | &nbsp;&nbsp;**Norway — 0.53%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Opera Ltd. - ADR <sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583782 |
| &nbsp;&nbsp;**Belgium — 0.38%** | &nbsp;&nbsp;**Belgium — 0.38%** | &nbsp;&nbsp;**Belgium — 0.38%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Shurgard Self Storage Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total EUROPE<br> (Cost $122,952,739) |  | &nbsp;&nbsp;&nbsp;&nbsp;161771917 |
| **FAR EAST — 33.46%** | **FAR EAST — 33.46%** | **FAR EAST — 33.46%** |
| &nbsp;&nbsp;**Japan — 16.58%** | &nbsp;&nbsp;**Japan — 16.58%** | &nbsp;&nbsp;**Japan — 16.58%** |
| &nbsp;&nbsp;&nbsp;&nbsp;ABC-Mart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Azbil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;565200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5359585 |
| &nbsp;&nbsp;&nbsp;&nbsp;BayCurrent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Daifuku Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;151900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3907772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Food & Life Cos. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3671366 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fujitec Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3735149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fukuoka Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harmonic Drive Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kokuyo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;267600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Modec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5846508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nichias Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2346728 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;165400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3169517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Resonac Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;105100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6234637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yokogawa Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;120700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3224363 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49638043 |
| &nbsp;&nbsp;**South Korea — 5.03%** | &nbsp;&nbsp;**South Korea — 5.03%** | &nbsp;&nbsp;**South Korea — 5.03%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cosmax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3548860 |
| &nbsp;&nbsp;&nbsp;&nbsp;HD Hyundai Marine Solution Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2617850 |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus International Small Cap Growth Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*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;&nbsp;&nbsp;3888 | &nbsp;&nbsp;$2560648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Elevator Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518642 |
| &nbsp;&nbsp;&nbsp;&nbsp;KT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3426351 |
| &nbsp;&nbsp;&nbsp;&nbsp;LEENO Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402707 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15075058 |
| &nbsp;&nbsp;**India — 4.67%** | &nbsp;&nbsp;**India — 4.67%** | &nbsp;&nbsp;**India — 4.67%** |
| &nbsp;&nbsp;&nbsp;&nbsp;APL Apollo Tubes Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bharti Hexacom Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2119561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hitachi Energy India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1697739 |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Lombard General Insurance Co. Ltd. <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Max Healthcare Institute Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;188900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2810840 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Indian Hotels Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;271657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2409103 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Breweries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629901 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13979947 |
| &nbsp;&nbsp;**Australia — 4.07%** | &nbsp;&nbsp;**Australia — 4.07%** | &nbsp;&nbsp;**Australia — 4.07%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AUB Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;137743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3223327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catapult Group International Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;795391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3066402 |
| &nbsp;&nbsp;&nbsp;&nbsp;Superloop Ltd. <sup>\*</sup> | &nbsp;&nbsp;1989568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3946252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Worley Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;224782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935608 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12171589 |
| &nbsp;&nbsp;**Taiwan — 1.71%** | &nbsp;&nbsp;**Taiwan — 1.71%** | &nbsp;&nbsp;**Taiwan — 1.71%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Lotes Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wiwynn Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3212892 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5111339 |
| &nbsp;&nbsp;**China — 1.40%** | &nbsp;&nbsp;**China — 1.40%** | &nbsp;&nbsp;**China — 1.40%** |
| &nbsp;&nbsp;&nbsp;&nbsp;China National Building Material Co. Ltd. - H | &nbsp;&nbsp;3280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;294800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2618261 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4188206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total FAR EAST<br> (Cost $70,828,684) |  | &nbsp;&nbsp;&nbsp;&nbsp;100164182 |
| **NORTH AMERICA — 7.85%** | **NORTH AMERICA — 7.85%** | **NORTH AMERICA — 7.85%** |
| &nbsp;&nbsp;**Canada — 7.21%** | &nbsp;&nbsp;**Canada — 7.21%** | &nbsp;&nbsp;**Canada — 7.21%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Aritzia, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3388265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Boardwalk REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2902600 |
| &nbsp;&nbsp;&nbsp;&nbsp;CAE, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2558577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capstone Copper Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;347700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Element Fleet Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;101700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2547448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gildan Activewear, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2404612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinaxis, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3303229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kraken Robotics, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals, Inc. <sup>3,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401238 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21587425 |
| &nbsp;&nbsp;**Mexico — 0.64%** | &nbsp;&nbsp;**Mexico — 0.64%** | &nbsp;&nbsp;**Mexico — 0.64%** |
| &nbsp;&nbsp;&nbsp;&nbsp;GCC SAB de CV <sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;200186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total NORTH AMERICA<br> (Cost $18,617,291) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23510819 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **SOUTH AMERICA — 1.84%** | **SOUTH AMERICA — 1.84%** | **SOUTH AMERICA — 1.84%** |
| &nbsp;&nbsp;**Brazil — 1.84%** | &nbsp;&nbsp;**Brazil — 1.84%** | &nbsp;&nbsp;**Brazil — 1.84%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Direcional Engenharia SA | &nbsp;&nbsp;&nbsp;&nbsp;531112 | &nbsp;&nbsp;$3980578 |
| &nbsp;&nbsp;&nbsp;&nbsp;StoneCo Ltd. - A <sup>3,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535734 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5516312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SOUTH AMERICA<br> (Cost $3,772,030) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5516312 |
| **MIDDLE EAST — 1.19%** | **MIDDLE EAST — 1.19%** | **MIDDLE EAST — 1.19%** |
| &nbsp;&nbsp;**Israel — 1.19%** | &nbsp;&nbsp;**Israel — 1.19%** | &nbsp;&nbsp;**Israel — 1.19%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cognyte Software Ltd. <sup>3,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;162203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wix.com Ltd. <sup>3,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2049680 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3548436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total MIDDLE EAST<br> (Cost $3,780,529) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3548436 |
| **AFRICA — 0.58%** | **AFRICA — 0.58%** | **AFRICA — 0.58%** |
| &nbsp;&nbsp;**South Africa — 0.58%** | &nbsp;&nbsp;**South Africa — 0.58%** | &nbsp;&nbsp;**South Africa — 0.58%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Growthpoint Properties Ltd. | &nbsp;&nbsp;2286582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total AFRICA<br> (Cost $1,585,138) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1728735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMON STOCKS<br> (Cost $221,536,411) |  | &nbsp;&nbsp;&nbsp;&nbsp;296240401 |
| **PREFERRED STOCKS — 0.84%** | **PREFERRED STOCKS — 0.84%** | **PREFERRED STOCKS — 0.84%** |
| **EUROPE — 0.84%** | **EUROPE — 0.84%** | **EUROPE — 0.84%** |
| &nbsp;&nbsp;**Germany — 0.84%** | &nbsp;&nbsp;**Germany — 0.84%** | &nbsp;&nbsp;**Germany — 0.84%** |
| &nbsp;&nbsp;&nbsp;&nbsp;FUCHS SE, 2.49% <sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2527772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total EUROPE<br> (Cost $1,644,923) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2527772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total PREFERRED STOCKS<br> (Cost $1,644,923) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2527772 |
| &nbsp;&nbsp;TOTAL INVESTMENTS<br> (Cost $223,181,334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.80% | &nbsp;&nbsp;$298768173 |
| &nbsp;&nbsp;Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599485 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;$299367658 |

---

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

ADR American Depositary Receipt <br> PLC Public Limited Company <br> REIT Real Estate Investment Trust

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

<sup>1</sup> Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $25,941,025, which represents 9% of Net Assets (see Note F in the Notes to Financial Statements).

<sup>2</sup> Restricted securities - The Fund may own investment securities that have other legal or contractual limitations. At June 30, 2025, the value of restricted securities amounted to $23,128,515 or 8% of net assets.

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus International Small Cap Growth Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
| *Restricted Security* | &nbsp;&nbsp;*Acquisition Date* | &nbsp;&nbsp;*Acquisition Cost* |
| ConvaTec Group PLC | &nbsp;&nbsp;11/13/24-3/21/25 | &nbsp;&nbsp;68500306 |
| GCC SAB de CV | &nbsp;&nbsp;&nbsp;&nbsp;7/13/18-6/3/25 | &nbsp;&nbsp;12954666 |
| ICICI Lombard General Insurance Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2/27/24-6/4/25 | &nbsp;&nbsp;14798528 |
| Lottomatica Group Spa | &nbsp;&nbsp;&nbsp;&nbsp;3/4/25-3/21/25 | &nbsp;&nbsp;&nbsp;7585886 |
| Montana Aerospace AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/26/2025 | &nbsp;&nbsp;&nbsp;2983011 |
| Netcompany Group A/S | &nbsp;&nbsp;&nbsp;11/13/24-6/4/25 | &nbsp;&nbsp;42257399 |
| Scout24 SE | &nbsp;&nbsp;&nbsp;5/12/23-3/21/25 | &nbsp;&nbsp;46091795 |
| Trustpilot Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/6/25-6/4/25 | &nbsp;&nbsp;10198267 |

---

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

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

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

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

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| **Security Type** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;98.96% |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp;**99.80%** |
| Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% |
| **Net Assets** | &nbsp;&nbsp;**100.00%** |

---

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

---

| | |
|:---|:---|
| **Regional Weightings** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Europe | &nbsp;&nbsp;54.88% |
| Far East | &nbsp;&nbsp;33.46% |
| North America | &nbsp;&nbsp;&nbsp;&nbsp;7.85% |
| South America | &nbsp;&nbsp;&nbsp;&nbsp;1.84% |
| Middle East | &nbsp;&nbsp;&nbsp;&nbsp;1.19% |
| Africa | &nbsp;&nbsp;&nbsp;&nbsp;0.58% |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus International Small Cap Growth Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Aerospace & Defense | &nbsp;&nbsp;3.26% |
| Banks | &nbsp;&nbsp;0.83% |
| Beverages | &nbsp;&nbsp;0.54% |
| Biotechnology | &nbsp;&nbsp;1.16% |
| Broadline Retail | &nbsp;&nbsp;2.08% |
| Building Products | &nbsp;&nbsp;3.19% |
| Capital Markets | &nbsp;&nbsp;1.74% |
| Chemicals | &nbsp;&nbsp;3.61% |
| Commercial Services & Supplies | &nbsp;&nbsp;3.64% |
| Communications Equipment | &nbsp;&nbsp;0.63% |
| Construction & Engineering | &nbsp;&nbsp;2.47% |
| Construction Materials | &nbsp;&nbsp;6.00% |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;1.23% |
| Diversified Real Estate Investment Trusts | &nbsp;&nbsp;1.25% |
| Diversified Telecommunication Services | &nbsp;&nbsp;2.46% |
| Electrical Equipment | &nbsp;&nbsp;2.78% |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;4.71% |
| Energy Equipment & Services | &nbsp;&nbsp;4.26% |
| Entertainment | &nbsp;&nbsp;0.51% |
| Financial Services | &nbsp;&nbsp;0.51% |
| Food Products | &nbsp;&nbsp;3.33% |
| Health Care Equipment & Supplies | &nbsp;&nbsp;2.79% |
| Health Care Providers & Services | &nbsp;&nbsp;0.94% |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;3.00% |
| Household Durables | &nbsp;&nbsp;2.10% |

---

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60% |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23% |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07% |
| Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% |
| Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.73% |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63% |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| Residential Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15% |
| Specialized Real Estate Investment Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38% |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07% |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54% |
| Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% |
| Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% |
| TOTAL | &nbsp;&nbsp;100.00% |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus International Developed Equity Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **COMMON STOCKS — 92.39%** | **COMMON STOCKS — 92.39%** | **COMMON STOCKS — 92.39%** |
| **EUROPE — 66.33%** | **EUROPE — 66.33%** | **EUROPE — 66.33%** |
| &nbsp;&nbsp;**Germany — 21.90%** | &nbsp;&nbsp;**Germany — 21.90%** | &nbsp;&nbsp;**Germany — 21.90%** |
| &nbsp;&nbsp;&nbsp;&nbsp;adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;$52988 |
| &nbsp;&nbsp;&nbsp;&nbsp;BASF SE | &nbsp;&nbsp;&nbsp;1051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carl Zeiss Meditec AG (Bearer) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;1557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23171 |
| &nbsp;&nbsp;&nbsp;&nbsp;KION Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46809 |
| &nbsp;&nbsp;&nbsp;&nbsp;MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nordex SE <sup>\*</sup> | &nbsp;&nbsp;&nbsp;3192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63338 |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens Energy AG <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67206 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611781 |
| &nbsp;&nbsp;**United Kingdom — 17.89%** | &nbsp;&nbsp;**United Kingdom — 17.89%** | &nbsp;&nbsp;**United Kingdom — 17.89%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45369 |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;13798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Halma PLC | &nbsp;&nbsp;&nbsp;1373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60349 |
| &nbsp;&nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64641 |
| &nbsp;&nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41949 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp;6086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Smiths Group PLC | &nbsp;&nbsp;&nbsp;3272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22824 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499538 |
| &nbsp;&nbsp;**France — 6.11%** | &nbsp;&nbsp;**France — 6.11%** | &nbsp;&nbsp;**France — 6.11%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AXA SA | &nbsp;&nbsp;&nbsp;1079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52984 |
| &nbsp;&nbsp;&nbsp;&nbsp;Danone SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68191 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170760 |
| &nbsp;&nbsp;**Switzerland — 5.15%** | &nbsp;&nbsp;**Switzerland — 5.15%** | &nbsp;&nbsp;**Switzerland — 5.15%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA - A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82959 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143703 |
| &nbsp;&nbsp;**Ireland — 4.14%** | &nbsp;&nbsp;**Ireland — 4.14%** | &nbsp;&nbsp;**Ireland — 4.14%** |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kerry Group PLC - A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33809 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115688 |
| &nbsp;&nbsp;**Netherlands — 3.93%** | &nbsp;&nbsp;**Netherlands — 3.93%** | &nbsp;&nbsp;**Netherlands — 3.93%** |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109783 |
| &nbsp;&nbsp;**Spain — 3.49%** | &nbsp;&nbsp;**Spain — 3.49%** | &nbsp;&nbsp;**Spain — 3.49%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;1966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30273 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cellnex Telecom SA <sup>1,2,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indra Sistemas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30370 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97401 |
| &nbsp;&nbsp;**Italy — 2.04%** | &nbsp;&nbsp;**Italy — 2.04%** | &nbsp;&nbsp;**Italy — 2.04%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Saipem SpA | &nbsp;&nbsp;&nbsp;9001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24607 |
| &nbsp;&nbsp;&nbsp;&nbsp;UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32468 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57075 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;**Denmark — 1.68%** | &nbsp;&nbsp;**Denmark — 1.68%** | &nbsp;&nbsp;**Denmark — 1.68%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S - B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677 | &nbsp;&nbsp;$46912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total EUROPE<br> (Cost $1,557,088) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852641 |
| **FAR EAST — 17.97%** | **FAR EAST — 17.97%** | **FAR EAST — 17.97%** |
| &nbsp;&nbsp;**Japan — 16.51%** | &nbsp;&nbsp;**Japan — 16.51%** | &nbsp;&nbsp;**Japan — 16.51%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Daifuku Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nintendo Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76824 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nippon Sanso Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pan Pacific International Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82548 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tokyo Electron Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yaskawa Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461112 |
| &nbsp;&nbsp;**Singapore — 1.46%** | &nbsp;&nbsp;**Singapore — 1.46%** | &nbsp;&nbsp;**Singapore — 1.46%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. - ADR <sup>3,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total FAR EAST<br> (Cost $410,564) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502057 |
| **NORTH AMERICA — 8.09%** | **NORTH AMERICA — 8.09%** | **NORTH AMERICA — 8.09%** |
| &nbsp;&nbsp;**Canada — 7.05%** | &nbsp;&nbsp;**Canada — 7.05%** | &nbsp;&nbsp;**Canada — 7.05%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollarama, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84540 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Thomson Reuters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52485 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196770 |
| &nbsp;&nbsp;**United States — 1.04%** | &nbsp;&nbsp;**United States — 1.04%** | &nbsp;&nbsp;**United States — 1.04%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology SA <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total NORTH AMERICA<br> (Cost $187,361) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMON STOCKS<br> (Cost $2,155,013) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2580627 |
| **SHORT TERM INVESTMENTS — 6.83%** | **SHORT TERM INVESTMENTS — 6.83%** | **SHORT TERM INVESTMENTS — 6.83%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional Treasury Portfolio (Premier Class), 4.16% <sup>4</sup><br> (Cost $190,591) | &nbsp;&nbsp;190591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190591 |
| &nbsp;&nbsp;TOTAL INVESTMENTS<br> (Cost $2,345,604) | &nbsp;&nbsp;&nbsp;&nbsp;99.22% | &nbsp;&nbsp;$2771218 |
| &nbsp;&nbsp;Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21875 |
| Net Assets | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;$2793093 |

---

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

ADR American Depositary Receipt <br> PLC Public Limited Company

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

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus International Developed Equity Fund

#### Schedule of Investments

#### June 30, 2025 (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 $36,758, which represents 1% of Net Assets (see Note F in the Notes to Financial Statements).

<sup>2</sup> Restricted securities - The Fund may own investment securities that have other legal or contractual limitations. At June 30, 2025, the value of restricted securities amounted to $36,758 or 1% of net assets.

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

<u>*Restricted Security* </u> <u>*Acquisition Date* </u> <u>*Acquisition Cost* </u> <br> Cellnex Telecom SA 10/10/24-6/6/25 181,392

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

<sup>3</sup> Foreign security denominated and/or traded in U.S. dollars. <br> <sup>4</sup> 7 day current yield as of June 30, 2025 is disclosed. <br> <sup>\*</sup> Non-income producing security.

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| **Security Type** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;92.39% |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.83% |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp;**99.22%** |
| Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% |
| **Net Assets** | &nbsp;&nbsp;**100.00%** |

---

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

---

| | |
|:---|:---|
| **Regional Weightings** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Europe | &nbsp;&nbsp;66.33% |
| Far East | &nbsp;&nbsp;17.97% |
| North America | &nbsp;&nbsp;14.92% |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus International Developed Equity Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Aerospace & Defense | &nbsp;&nbsp;6.75% |
| Banks | &nbsp;&nbsp;6.67% |
| Broadline Retail | &nbsp;&nbsp;5.98% |
| Capital Markets | &nbsp;&nbsp;2.32% |
| Chemicals | &nbsp;&nbsp;3.89% |
| Construction Materials | &nbsp;&nbsp;2.93% |
| Diversified Telecommunication Services | &nbsp;&nbsp;3.36% |
| Electrical Equipment | &nbsp;&nbsp;4.68% |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;2.16% |
| Energy Equipment & Services | &nbsp;&nbsp;0.88% |
| Entertainment | &nbsp;&nbsp;5.25% |
| Food Products | &nbsp;&nbsp;2.98% |
| Health Care Equipment & Supplies | &nbsp;&nbsp;0.93% |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;0.68% |
| Household Durables | &nbsp;&nbsp;1.40% |
| Industrial Conglomerates | &nbsp;&nbsp;3.61% |

---

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33% |
| Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41% |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.21% |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.83% |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31% |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38% |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45% |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13% |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08% |
| Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% |
| TOTAL | &nbsp;&nbsp;100.00% |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Micro Cap Growth Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **COMMON STOCKS — 99.54%** | **COMMON STOCKS — 99.54%** | **COMMON STOCKS — 99.54%** |
| **INDUSTRIALS — 28.04%** | **INDUSTRIALS — 28.04%** | **INDUSTRIALS — 28.04%** |
| &nbsp;&nbsp;**Aerospace & Defense — 6.63%** | &nbsp;&nbsp;**Aerospace & Defense — 6.63%** | &nbsp;&nbsp;**Aerospace & Defense — 6.63%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Archer Aviation, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;224360 | &nbsp;&nbsp;$2434306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Byrna Technologies, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3110295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Karman Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;105284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5303155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;120218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5584126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redwire Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;139948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2281152 |
| &nbsp;&nbsp;&nbsp;&nbsp;TAT Technologies Ltd. <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Voyager Technologies, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23653537 |
| &nbsp;&nbsp;**Commercial Services & Supplies — 4.88%** | &nbsp;&nbsp;**Commercial Services & Supplies — 4.88%** | &nbsp;&nbsp;**Commercial Services & Supplies — 4.88%** |
| &nbsp;&nbsp;&nbsp;&nbsp;ACV Auctions, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;130903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2123247 |
| &nbsp;&nbsp;&nbsp;&nbsp;BrightView Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;286183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4764947 |
| &nbsp;&nbsp;&nbsp;&nbsp;CECO Environmental Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2819506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Driven Brands Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538203 |
| &nbsp;&nbsp;&nbsp;&nbsp;OPENLANE, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759960 |
| &nbsp;&nbsp;&nbsp;&nbsp;VSE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4395427 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17401290 |
| &nbsp;&nbsp;**Construction & Engineering — 4.72%** | &nbsp;&nbsp;**Construction & Engineering — 4.72%** | &nbsp;&nbsp;**Construction & Engineering — 4.72%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Argan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5743504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction Partners, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5711700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Limbach Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3515669 |
| &nbsp;&nbsp;&nbsp;&nbsp;MYR Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843351 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16814224 |
| &nbsp;&nbsp;**Electrical Equipment — 4.06%** | &nbsp;&nbsp;**Electrical Equipment — 4.06%** | &nbsp;&nbsp;**Electrical Equipment — 4.06%** |
| &nbsp;&nbsp;&nbsp;&nbsp;American Superconductor Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;138114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5067403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enovix Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;103638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Eos Energy Enterprises, Inc. <sup>\*</sup> | &nbsp;&nbsp;1147320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5874278 |
| &nbsp;&nbsp;&nbsp;&nbsp;NuScale Power Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2465617 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14478915 |
| &nbsp;&nbsp;**Professional Services — 3.43%** | &nbsp;&nbsp;**Professional Services — 3.43%** | &nbsp;&nbsp;**Professional Services — 3.43%** |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackSky Technology, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;144638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2976650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Huron Consulting Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Innodata, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4302019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Planet Labs PBC <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;525328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3204501 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12245470 |
| &nbsp;&nbsp;**Machinery — 2.38%** | &nbsp;&nbsp;**Machinery — 2.38%** | &nbsp;&nbsp;**Machinery — 2.38%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Blue Bird Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543941 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mueller Water Products, Inc. - A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226448 |
| &nbsp;&nbsp;&nbsp;&nbsp;REV Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3064368 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8476766 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;**Trading Companies & Distributors — 1.39%** | &nbsp;&nbsp;**Trading Companies & Distributors — 1.39%** | &nbsp;&nbsp;**Trading Companies & Distributors — 1.39%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Titan Machinery, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;47229 | &nbsp;&nbsp;$935607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xometry, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;118842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4015671 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4951278 |
| &nbsp;&nbsp;**Building Products — 0.55%** | &nbsp;&nbsp;**Building Products — 0.55%** | &nbsp;&nbsp;**Building Products — 0.55%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AZZ, Inc. | &nbsp;&nbsp;&nbsp;20901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total INDUSTRIALS<br> (Cost $74,784,257) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99996206 |
| **HEALTH CARE — 21.13%** | **HEALTH CARE — 21.13%** | **HEALTH CARE — 21.13%** |
| &nbsp;&nbsp;**Biotechnology — 11.59%** | &nbsp;&nbsp;**Biotechnology — 11.59%** | &nbsp;&nbsp;**Biotechnology — 11.59%** |
| &nbsp;&nbsp;&nbsp;&nbsp;ADMA Biologics, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;99757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apogee Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;68548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2977040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;176968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2481091 |
| &nbsp;&nbsp;&nbsp;&nbsp;ARS Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;76676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Astria Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;231214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239307 |
| &nbsp;&nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;125007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Centessa Pharmaceuticals PLC - ADR <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;83241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093787 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cidara Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;25775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;191377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5504002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kiniksa Pharmaceuticals International PLC <sup>1,\*</sup> | &nbsp;&nbsp;105610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Korro Bio, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;13195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merus NV <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;54451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2864123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;43440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;69634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3848671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;62987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3980148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;83241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2948396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spyre Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;58247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals, Inc. <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;98033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3068433 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41320777 |
| &nbsp;&nbsp;**Pharmaceuticals — 4.58%** | &nbsp;&nbsp;**Pharmaceuticals — 4.58%** | &nbsp;&nbsp;**Pharmaceuticals — 4.58%** |
| &nbsp;&nbsp;&nbsp;&nbsp;CorMedix, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;50338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620164 |
| &nbsp;&nbsp;&nbsp;&nbsp;Edgewise Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;88619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161795 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;26257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2984896 |
| &nbsp;&nbsp;&nbsp;&nbsp;MBX Biosciences, Inc. <sup>\*</sup> | &nbsp;&nbsp;110889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mind Medicine MindMed, Inc. <sup>1,\*</sup> | &nbsp;&nbsp;276364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Septerna, Inc. <sup>\*</sup> | &nbsp;&nbsp;145858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Structure Therapeutics, Inc. - ADR <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;61184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;70081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2838981 |
| &nbsp;&nbsp;&nbsp;&nbsp;WaVe Life Sciences Ltd. <sup>1,\*</sup> | &nbsp;&nbsp;256513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1667335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;254079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186549 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16329241 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies — 3.51%** | &nbsp;&nbsp;**Health Care Equipment & Supplies — 3.51%** | &nbsp;&nbsp;**Health Care Equipment & Supplies — 3.51%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;236932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Beta Bionics, Inc. <sup>\*</sup> | &nbsp;&nbsp;125646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1829406 |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Micro Cap Growth Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;NeuroPace, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;94961 | &nbsp;&nbsp;$1057866 |
| &nbsp;&nbsp;&nbsp;&nbsp;Semler Scientific, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;61645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2388127 |
| &nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;34529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4627231 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12532575 |
| &nbsp;&nbsp;**Life Sciences Tools & Services — 0.89%** | &nbsp;&nbsp;**Life Sciences Tools & Services — 0.89%** | &nbsp;&nbsp;**Life Sciences Tools & Services — 0.89%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp. <sup>\*</sup> | &nbsp;&nbsp;273185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3182605 |
| &nbsp;&nbsp;**Health Care Providers & Services — 0.56%** | &nbsp;&nbsp;**Health Care Providers & Services — 0.56%** | &nbsp;&nbsp;**Health Care Providers & Services — 0.56%** |
| &nbsp;&nbsp;&nbsp;&nbsp;GeneDx Holdings Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;21518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total HEALTH CARE<br> (Cost $63,857,204) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75351524 |
| **INFORMATION TECHNOLOGY — 13.50%** | **INFORMATION TECHNOLOGY — 13.50%** | **INFORMATION TECHNOLOGY — 13.50%** |
| &nbsp;&nbsp;**Software — 8.75%** | &nbsp;&nbsp;**Software — 8.75%** | &nbsp;&nbsp;**Software — 8.75%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Agilysys, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;31266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3584334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alkami Technology, Inc. <sup>\*</sup> | &nbsp;&nbsp;157351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4742559 |
| &nbsp;&nbsp;&nbsp;&nbsp;AvePoint, Inc. <sup>\*</sup> | &nbsp;&nbsp;209142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4038532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core Scientific, Inc. <sup>\*</sup> | &nbsp;&nbsp;317711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5423327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital Turbine, Inc. <sup>\*</sup> | &nbsp;&nbsp;272000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604800 |
| &nbsp;&nbsp;&nbsp;&nbsp;D-Wave Quantum, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;75132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099933 |
| &nbsp;&nbsp;&nbsp;&nbsp;Olo, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;244615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2177074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Porch Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;519674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6126956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Terawulf, Inc. <sup>\*</sup> | &nbsp;&nbsp;546803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2394997 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31192512 |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 1.63%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 1.63%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 1.63%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Arlo Technologies, Inc. <sup>\*</sup> | &nbsp;&nbsp;325515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5520734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gauzy Ltd. <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;35134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296531 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5817265 |
| &nbsp;&nbsp;**Communications Equipment — 1.33%** | &nbsp;&nbsp;**Communications Equipment — 1.33%** | &nbsp;&nbsp;**Communications Equipment — 1.33%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Optoelectronics, Inc. <sup>\*</sup> | &nbsp;&nbsp;153705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3948682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Calix, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;15133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804924 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4753606 |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 1.30%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 1.30%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 1.30%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Silicon Motion Technology Corp. - ADR <sup>1</sup> | &nbsp;&nbsp;&nbsp;14488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089063 |
| &nbsp;&nbsp;&nbsp;&nbsp;SiTime Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;16623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3542029 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4631092 |
| &nbsp;&nbsp;**IT Services — 0.49%** | &nbsp;&nbsp;**IT Services — 0.49%** | &nbsp;&nbsp;**IT Services — 0.49%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Applied Digital Corp. <sup>\*</sup> | &nbsp;&nbsp;171378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total INFORMATION TECHNOLOGY<br> (Cost $34,169,122) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48120251 |
| **FINANCIALS — 11.75%** | **FINANCIALS — 11.75%** | **FINANCIALS — 11.75%** |
| &nbsp;&nbsp;**Insurance — 5.15%** | &nbsp;&nbsp;**Insurance — 5.15%** | &nbsp;&nbsp;**Insurance — 5.15%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Ategrity Specialty Holdings LLC <sup>\*</sup> | &nbsp;&nbsp;&nbsp;61617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;62333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2339357 |
| &nbsp;&nbsp;&nbsp;&nbsp;HCI Group, Inc. | &nbsp;&nbsp;&nbsp;23001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500752 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;Palomar Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;16955 | &nbsp;&nbsp;$2615309 |
| &nbsp;&nbsp;&nbsp;&nbsp;Root, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;21390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2737278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;63788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3686309 |
| &nbsp;&nbsp;&nbsp;&nbsp;TWFG, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;61446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150610 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18355613 |
| &nbsp;&nbsp;**Consumer Finance — 3.26%** | &nbsp;&nbsp;**Consumer Finance — 3.26%** | &nbsp;&nbsp;**Consumer Finance — 3.26%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Dave, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;31294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8399623 |
| &nbsp;&nbsp;&nbsp;&nbsp;LendingClub Corp. <sup>\*</sup> | &nbsp;&nbsp;267205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3214476 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11614099 |
| &nbsp;&nbsp;**Banks — 1.84%** | &nbsp;&nbsp;**Banks — 1.84%** | &nbsp;&nbsp;**Banks — 1.84%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Coastal Financial Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;35154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3405368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;40042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3168123 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6573491 |
| &nbsp;&nbsp;**Financial Services — 1.50%** | &nbsp;&nbsp;**Financial Services — 1.50%** | &nbsp;&nbsp;**Financial Services — 1.50%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Sezzle, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;29769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5336093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total FINANCIALS<br> (Cost $24,417,623) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41879296 |
| **CONSUMER DISCRETIONARY — 9.99%** | **CONSUMER DISCRETIONARY — 9.99%** | **CONSUMER DISCRETIONARY — 9.99%** |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 3.51%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 3.51%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 3.51%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Genius Sports Ltd. <sup>1,\*</sup> | &nbsp;&nbsp;416844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4335178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kura Sushi USA, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;18403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;103085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rush Street Interactive, Inc. <sup>\*</sup> | &nbsp;&nbsp;361393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5384756 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12507066 |
| &nbsp;&nbsp;**Diversified Consumer Services — 3.08%** | &nbsp;&nbsp;**Diversified Consumer Services — 3.08%** | &nbsp;&nbsp;**Diversified Consumer Services — 3.08%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Lincoln Educational Services Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;30182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mister Car Wash, Inc. <sup>\*</sup> | &nbsp;&nbsp;171725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032067 |
| &nbsp;&nbsp;&nbsp;&nbsp;OneSpaWorld Holdings Ltd. <sup>1</sup> | &nbsp;&nbsp;118210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410302 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stride, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;14747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2141117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Universal Technical Institute, Inc. <sup>\*</sup> | &nbsp;&nbsp;138445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4691901 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10971082 |
| &nbsp;&nbsp;**Specialty Retail — 1.88%** | &nbsp;&nbsp;**Specialty Retail — 1.88%** | &nbsp;&nbsp;**Specialty Retail — 1.88%** |
| &nbsp;&nbsp;&nbsp;&nbsp;National Vision Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;161019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3705047 |
| &nbsp;&nbsp;&nbsp;&nbsp;The RealReal, Inc. <sup>\*</sup> | &nbsp;&nbsp;272866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307028 |
| &nbsp;&nbsp;&nbsp;&nbsp;ThredUp, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;223885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676899 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6688974 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.69%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.69%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 0.69%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Wolverine World Wide, Inc. | &nbsp;&nbsp;135919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2457416 |
| &nbsp;&nbsp;**Leisure Products — 0.42%** | &nbsp;&nbsp;**Leisure Products — 0.42%** | &nbsp;&nbsp;**Leisure Products — 0.42%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Latham Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;236953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511760 |
| &nbsp;&nbsp;**Broadline Retail — 0.41%** | &nbsp;&nbsp;**Broadline Retail — 0.41%** | &nbsp;&nbsp;**Broadline Retail — 0.41%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Groupon, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;44334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total CONSUMER DISCRETIONARY<br> (Cost $29,693,084) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35619270 |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Micro Cap Growth Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **ENERGY — 6.64%** | **ENERGY — 6.64%** | **ENERGY — 6.64%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 4.95%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 4.95%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 4.95%** |
| &nbsp;&nbsp;&nbsp;&nbsp;BKV Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;53628 | &nbsp;&nbsp;$1293507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Centrus Energy Corp. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;35253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6457645 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gulfport Energy Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;22625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4551471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lightbridge Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;64220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Uranium Energy Corp. <sup>\*</sup> | &nbsp;&nbsp;660111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4488755 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17649999 |
| &nbsp;&nbsp;**Energy Equipment & Services — 1.69%** | &nbsp;&nbsp;**Energy Equipment & Services — 1.69%** | &nbsp;&nbsp;**Energy Equipment & Services — 1.69%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Aris Water Solutions, Inc. - A | &nbsp;&nbsp;&nbsp;55820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc. | &nbsp;&nbsp;130413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3689384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tidewater, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;21951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6022127 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total ENERGY<br> (Cost $17,650,659) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23672126 |
| **CONSUMER STAPLES — 2.81%** | **CONSUMER STAPLES — 2.81%** | **CONSUMER STAPLES — 2.81%** |
| &nbsp;&nbsp;**Beverages — 1.37%** | &nbsp;&nbsp;**Beverages — 1.37%** | &nbsp;&nbsp;**Beverages — 1.37%** |
| &nbsp;&nbsp;&nbsp;&nbsp;The Vita Coco Co., Inc. <sup>\*</sup> | &nbsp;&nbsp;134904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4870034 |
| &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.80%** | &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.80%** | &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 0.80%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardian Pharmacy Services, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;66247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411724 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage, Inc. | &nbsp;&nbsp;&nbsp;37140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457745 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2869469 |
| &nbsp;&nbsp;**Food Products — 0.64%** | &nbsp;&nbsp;**Food Products — 0.64%** | &nbsp;&nbsp;**Food Products — 0.64%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Vital Farms, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;59593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2295522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total CONSUMER STAPLES<br> (Cost $8,180,518) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10035025 |
| **COMMUNICATION SERVICES — 2.78%** | **COMMUNICATION SERVICES — 2.78%** | **COMMUNICATION SERVICES — 2.78%** |
| &nbsp;&nbsp;**Media — 1.40%** | &nbsp;&nbsp;**Media — 1.40%** | &nbsp;&nbsp;**Media — 1.40%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Gambling.com Group Ltd. <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;87995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Magnite, Inc. <sup>\*</sup> | &nbsp;&nbsp;113854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2746158 |
| &nbsp;&nbsp;&nbsp;&nbsp;MNTN, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;54316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187891 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4980310 |
| &nbsp;&nbsp;**Entertainment — 0.96%** | &nbsp;&nbsp;**Entertainment — 0.96%** | &nbsp;&nbsp;**Entertainment — 0.96%** |
| &nbsp;&nbsp;&nbsp;&nbsp;IMAX Corp. <sup>1,\*</sup> | &nbsp;&nbsp;123198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3444616 |
| &nbsp;&nbsp;**Interactive Media & Services — 0.42%** | &nbsp;&nbsp;**Interactive Media & Services — 0.42%** | &nbsp;&nbsp;**Interactive Media & Services — 0.42%** |
| &nbsp;&nbsp;&nbsp;&nbsp;EverQuote, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;61858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495727 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMUNICATION SERVICES<br> (Cost $8,520,259) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9920653 |
| **MATERIALS — 2.18%** | **MATERIALS — 2.18%** | **MATERIALS — 2.18%** |
| &nbsp;&nbsp;**Metals & Mining — 1.23%** | &nbsp;&nbsp;**Metals & Mining — 1.23%** | &nbsp;&nbsp;**Metals & Mining — 1.23%** |
| &nbsp;&nbsp;&nbsp;&nbsp;IAMGOLD Corp. <sup>1,\*</sup> | &nbsp;&nbsp;364372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2678134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Perpetua Resources Corp. <sup>1,\*</sup> | &nbsp;&nbsp;138976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1687169 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4365303 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;**Construction Materials — 0.48%** | &nbsp;&nbsp;**Construction Materials — 0.48%** | &nbsp;&nbsp;**Construction Materials — 0.48%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Knife River Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21021 | &nbsp;&nbsp;$1716154 |
| &nbsp;&nbsp;**Chemicals — 0.47%** | &nbsp;&nbsp;**Chemicals — 0.47%** | &nbsp;&nbsp;**Chemicals — 0.47%** |
| &nbsp;&nbsp;&nbsp;&nbsp;ASP Isotopes, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;229114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total MATERIALS<br> (Cost $7,389,766) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7767736 |
| **REAL ESTATE — 0.72%** | **REAL ESTATE — 0.72%** | **REAL ESTATE — 0.72%** |
| &nbsp;&nbsp;**Real Estate Management & Development — 0.72%** | &nbsp;&nbsp;**Real Estate Management & Development — 0.72%** | &nbsp;&nbsp;**Real Estate Management & Development — 0.72%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Landbridge Co. LLC - A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total REAL ESTATE<br> (Cost $2,183,353) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMON STOCKS<br> (Cost $270,845,845) |  | &nbsp;&nbsp;&nbsp;&nbsp;354912286 |
| **SHORT TERM INVESTMENTS — 0.81%** | **SHORT TERM INVESTMENTS — 0.81%** | **SHORT TERM INVESTMENTS — 0.81%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional U.S. Government Select Portfolio (Shares Class), 4.23% <sup>2</sup><br> (Cost $2,895,071) | &nbsp;&nbsp;2895071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2895071 |
| &nbsp;&nbsp;TOTAL INVESTMENTS<br> (Cost $273,740,916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.35% | &nbsp;&nbsp;$357807357 |
| &nbsp;&nbsp;Liabilities In Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1253839) |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;$356553518 |

---

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

ADR American Depositary Receipt <br> PLC Public Limited Company

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

<sup>1</sup> Foreign security denominated and/or traded in U.S. dollars. <br> <sup>2</sup> 7 day current yield as of June 30, 2025 is disclosed. <br> <sup>\*</sup> Non-income producing security.

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| **Security Type** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;99.54% |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% |
| **Total Investments** | &nbsp;&nbsp;**100.35%** |
| Liabilities In Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35)% |
| **Net Assets** | &nbsp;&nbsp;**100.00%** |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Micro Cap Growth Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp;6.63% |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp;1.84% |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1.37% |
| Biotechnology | &nbsp;&nbsp;11.59% |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;0.41% |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp;0.55% |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;0.47% |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;4.88% |
| Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.33% |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;4.72% |
| Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.48% |
| Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;3.26% |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp;3.08% |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;4.06% |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;1.63% |
| Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;1.69% |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.96% |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;1.50% |
| Food Products | &nbsp;&nbsp;&nbsp;&nbsp;0.64% |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;3.51% |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;0.56% |

---

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51% |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15% |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% |
| Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% |
| Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38% |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95% |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.58% |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43% |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75% |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88% |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% |
| Liabilities In Excess of Other Assets | &nbsp;&nbsp;&nbsp;&nbsp;(0.35)% |
| TOTAL | &nbsp;&nbsp;100.00% |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Small Cap Growth Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **COMMON STOCKS — 99.56%** | **COMMON STOCKS — 99.56%** | **COMMON STOCKS — 99.56%** |
| **INDUSTRIALS — 24.98%** | **INDUSTRIALS — 24.98%** | **INDUSTRIALS — 24.98%** |
| &nbsp;&nbsp;**Aerospace & Defense — 12.46%** | &nbsp;&nbsp;**Aerospace & Defense — 12.46%** | &nbsp;&nbsp;**Aerospace & Defense — 12.46%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AeroVironment, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;50228 | &nbsp;&nbsp;$14312469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;25486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21100879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;37123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18136442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Embraer SA - SP ADR <sup>1</sup> | &nbsp;&nbsp;193993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11040142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Karman Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;340150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17133355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc. <sup>\*</sup> | &nbsp;&nbsp;355371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16506983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leonardo DRS, Inc. | &nbsp;&nbsp;242292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11261732 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loar Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;96679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8330829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rocket Lab Corp. <sup>\*</sup> | &nbsp;&nbsp;269320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9633576 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;127456407 |
| &nbsp;&nbsp;**Machinery — 6.68%** | &nbsp;&nbsp;**Machinery — 6.68%** | &nbsp;&nbsp;**Machinery — 6.68%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Crane Co. | &nbsp;&nbsp;&nbsp;72891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13841272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Esab Corp. | &nbsp;&nbsp;&nbsp;53738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6478116 |
| &nbsp;&nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;57973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11123279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp;&nbsp;72280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7692038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flowserve Corp. | &nbsp;&nbsp;157976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8270044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC <sup>1,\*</sup> | &nbsp;&nbsp;322753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7433002 |
| &nbsp;&nbsp;&nbsp;&nbsp;JBT Marel Corp. | &nbsp;&nbsp;&nbsp;70052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8424453 |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;30434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5103173 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68365377 |
| &nbsp;&nbsp;**Construction & Engineering — 2.79%** | &nbsp;&nbsp;**Construction & Engineering — 2.79%** | &nbsp;&nbsp;**Construction & Engineering — 2.79%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction Partners, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;108850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11568578 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dycom Industries, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;12590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3076870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;60014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13847030 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28492478 |
| &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;FTAI Aviation Ltd. | &nbsp;&nbsp;&nbsp;94297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10847927 |
| &nbsp;&nbsp;**Professional Services — 0.84%** | &nbsp;&nbsp;**Professional Services — 0.84%** | &nbsp;&nbsp;**Professional Services — 0.84%** |
| &nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;113716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4979624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Planet Labs PBC <sup>\*</sup> | &nbsp;&nbsp;592960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3617056 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8596680 |
| &nbsp;&nbsp;**Commercial Services & Supplies — 0.65%** | &nbsp;&nbsp;**Commercial Services & Supplies — 0.65%** | &nbsp;&nbsp;**Commercial Services & Supplies — 0.65%** |
| &nbsp;&nbsp;&nbsp;&nbsp;ACV Auctions, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;407509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6609796 |
| &nbsp;&nbsp;**Electrical Equipment — 0.50%** | &nbsp;&nbsp;**Electrical Equipment — 0.50%** | &nbsp;&nbsp;**Electrical Equipment — 0.50%** |
| &nbsp;&nbsp;&nbsp;&nbsp;NEXTracker, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;93562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5086966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total INDUSTRIALS<br> (Cost $174,809,693) |  | &nbsp;&nbsp;&nbsp;&nbsp;255455631 |
| **HEALTH CARE — 21.38%** | **HEALTH CARE — 21.38%** | **HEALTH CARE — 21.38%** |
| &nbsp;&nbsp;**Biotechnology — 13.95%** | &nbsp;&nbsp;**Biotechnology — 13.95%** | &nbsp;&nbsp;**Biotechnology — 13.95%** |
| &nbsp;&nbsp;&nbsp;&nbsp;ADMA Biologics, Inc. <sup>\*</sup> | &nbsp;&nbsp;380432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6927667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alkermes PLC <sup>1,\*</sup> | &nbsp;&nbsp;168635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4824647 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apogee Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;217356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9439771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc. <sup>\*</sup> | &nbsp;&nbsp;269549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11639126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;513211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14759948 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;Kymera Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;172055 | &nbsp;&nbsp;$7508480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Merus NV <sup>1,\*</sup> | &nbsp;&nbsp;152878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8041383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc. <sup>\*</sup> | &nbsp;&nbsp;115297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19478275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nuvalent, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;44124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3366661 |
| &nbsp;&nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;67397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3725032 |
| &nbsp;&nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;143282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6997893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;165125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10434249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp. <sup>\*</sup> | &nbsp;&nbsp;135894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4813365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Soleno Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;78366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6565504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Spyre Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;200206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2997084 |
| &nbsp;&nbsp;&nbsp;&nbsp;TG Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;164762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5929784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical, Inc. <sup>\*</sup> | &nbsp;&nbsp;123882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4504350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals, Inc. <sup>1,\*</sup> | &nbsp;&nbsp;341924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10702221 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;142655440 |
| &nbsp;&nbsp;**Pharmaceuticals — 3.07%** | &nbsp;&nbsp;**Pharmaceuticals — 3.07%** | &nbsp;&nbsp;**Pharmaceuticals — 3.07%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;45535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4753399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;64287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4718666 |
| &nbsp;&nbsp;&nbsp;&nbsp;Edgewise Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;235860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3092125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Septerna, Inc. <sup>\*</sup> | &nbsp;&nbsp;413422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4369870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;91070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3689246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Verona Pharma PLC - ADR <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;68999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6525925 |
| &nbsp;&nbsp;&nbsp;&nbsp;WaVe Life Sciences Ltd. <sup>1,\*</sup> | &nbsp;&nbsp;655558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4261127 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31410358 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies — 2.30%** | &nbsp;&nbsp;**Health Care Equipment & Supplies — 2.30%** | &nbsp;&nbsp;**Health Care Equipment & Supplies — 2.30%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;78556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8114049 |
| &nbsp;&nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;32941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5071596 |
| &nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;76763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10287010 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23472655 |
| &nbsp;&nbsp;**Health Care Providers & Services — 2.06%** | &nbsp;&nbsp;**Health Care Providers & Services — 2.06%** | &nbsp;&nbsp;**Health Care Providers & Services — 2.06%** |
| &nbsp;&nbsp;&nbsp;&nbsp;GeneDx Holdings Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;34967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3227804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. <sup>\*</sup> | &nbsp;&nbsp;343536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17877613 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21105417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total HEALTH CARE<br> (Cost $199,198,511) |  | &nbsp;&nbsp;&nbsp;&nbsp;218643870 |
| **INFORMATION TECHNOLOGY — 20.57%** | **INFORMATION TECHNOLOGY — 20.57%** | **INFORMATION TECHNOLOGY — 20.57%** |
| &nbsp;&nbsp;**Software — 9.59%** | &nbsp;&nbsp;**Software — 9.59%** | &nbsp;&nbsp;**Software — 9.59%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Alkami Technology, Inc. <sup>\*</sup> | &nbsp;&nbsp;220007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6631011 |
| &nbsp;&nbsp;&nbsp;&nbsp;AvePoint, Inc. <sup>\*</sup> | &nbsp;&nbsp;278762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5382894 |
| &nbsp;&nbsp;&nbsp;&nbsp;CommVault Systems, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;90365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15753331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core Scientific, Inc. <sup>\*</sup> | &nbsp;&nbsp;583395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9958553 |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd. <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;60739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24713484 |
| &nbsp;&nbsp;&nbsp;&nbsp;D-Wave Quantum, Inc. <sup>\*</sup> | &nbsp;&nbsp;152706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235616 |
| &nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc. | &nbsp;&nbsp;&nbsp;41815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9376177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Monday.com Ltd. <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;27699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8710782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nutanix, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;125026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9556987 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rubrik, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;63658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5703120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98021955 |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Small Cap Growth Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 5.46%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 5.46%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 5.46%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Astera Labs, Inc. <sup>\*</sup> | &nbsp;&nbsp;165899 | &nbsp;&nbsp;$15000587 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd. <sup>1,\*</sup> | &nbsp;&nbsp;217005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20092493 |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;53203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7623458 |
| &nbsp;&nbsp;&nbsp;&nbsp;SiTime Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;61835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13175802 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55892340 |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 4.49%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 4.49%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 4.49%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Celestica, Inc. <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;63810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9961379 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. <sup>\*</sup> | &nbsp;&nbsp;115278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10283950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;42092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12403671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mirion Technologies, Inc. <sup>\*</sup> | &nbsp;&nbsp;396936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8546032 |
| &nbsp;&nbsp;&nbsp;&nbsp;OSI Systems, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;20925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4705196 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45900228 |
| &nbsp;&nbsp;**Communications Equipment — 1.03%** | &nbsp;&nbsp;**Communications Equipment — 1.03%** | &nbsp;&nbsp;**Communications Equipment — 1.03%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;110929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10544911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total INFORMATION TECHNOLOGY<br> (Cost $167,722,118) |  | &nbsp;&nbsp;&nbsp;&nbsp;210359434 |
| **CONSUMER DISCRETIONARY — 12.06%** | **CONSUMER DISCRETIONARY — 12.06%** | **CONSUMER DISCRETIONARY — 12.06%** |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 5.48%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 5.48%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 5.48%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cava Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;63353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5336223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dutch Bros, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;194827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13320322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;373830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11338264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Planet Fitness, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;61559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6713009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sportradar Group AG - A <sup>1,\*</sup> | &nbsp;&nbsp;457565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12848425 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Cheesecake Factory, Inc. | &nbsp;&nbsp;103508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6485812 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56042055 |
| &nbsp;&nbsp;**Diversified Consumer Services — 2.74%** | &nbsp;&nbsp;**Diversified Consumer Services — 2.74%** | &nbsp;&nbsp;**Diversified Consumer Services — 2.74%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;67225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8553037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;39393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7445277 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stride, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;82925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12039880 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28038194 |
| &nbsp;&nbsp;**Specialty Retail — 2.06%** | &nbsp;&nbsp;**Specialty Retail — 2.06%** | &nbsp;&nbsp;**Specialty Retail — 2.06%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;54509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8285368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carvana Co. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;37962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12791676 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21077044 |
| &nbsp;&nbsp;**Broadline Retail — 1.17%** | &nbsp;&nbsp;**Broadline Retail — 1.17%** | &nbsp;&nbsp;**Broadline Retail — 1.17%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;90404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11913439 |
| &nbsp;&nbsp;**Automobile Components — 0.61%** | &nbsp;&nbsp;**Automobile Components — 0.61%** | &nbsp;&nbsp;**Automobile Components — 0.61%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Modine Manufacturing Co. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;62876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6193286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total CONSUMER DISCRETIONARY<br> (Cost $86,667,227) |  | &nbsp;&nbsp;&nbsp;&nbsp;123264018 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **FINANCIALS — 7.61%** | **FINANCIALS — 7.61%** | **FINANCIALS — 7.61%** |
| &nbsp;&nbsp;**Insurance — 3.76%** | &nbsp;&nbsp;**Insurance — 3.76%** | &nbsp;&nbsp;**Insurance — 3.76%** |
| &nbsp;&nbsp;&nbsp;&nbsp;HCI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67091 | &nbsp;&nbsp;$10211250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Palomar Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11634769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;201809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11662542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Slide Insurance Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;228398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4947101 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38455662 |
| &nbsp;&nbsp;**Consumer Finance — 1.90%** | &nbsp;&nbsp;**Consumer Finance — 1.90%** | &nbsp;&nbsp;**Consumer Finance — 1.90%** |
| &nbsp;&nbsp;&nbsp;&nbsp;LendingClub Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;477900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5749137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Upstart Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;210526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13616822 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19365959 |
| &nbsp;&nbsp;**Financial Services — 1.36%** | &nbsp;&nbsp;**Financial Services — 1.36%** | &nbsp;&nbsp;**Financial Services — 1.36%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Paymentus Holdings, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;333798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10931884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Remitly Global, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;156752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2942235 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13874119 |
| &nbsp;&nbsp;**Capital Markets — 0.59%** | &nbsp;&nbsp;**Capital Markets — 0.59%** | &nbsp;&nbsp;**Capital Markets — 0.59%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Marex Group PLC <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;153795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6070289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total FINANCIALS<br> (Cost $65,419,821) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77766029 |
| **ENERGY — 5.87%** | **ENERGY — 5.87%** | **ENERGY — 5.87%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.39%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.39%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.39%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cameco Corp. <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;160260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11896100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gulfport Energy Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13713960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Uranium Energy Corp. <sup>\*</sup> | &nbsp;&nbsp;1330833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9049664 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34659724 |
| &nbsp;&nbsp;**Energy Equipment & Services — 2.48%** | &nbsp;&nbsp;**Energy Equipment & Services — 2.48%** | &nbsp;&nbsp;**Energy Equipment & Services — 2.48%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Archrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;163070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4049028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aris Water Solutions, Inc. - A | &nbsp;&nbsp;&nbsp;&nbsp;125503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2968146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;295225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8351916 |
| &nbsp;&nbsp;&nbsp;&nbsp;TechnipFMC PLC <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;192264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6621572 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weatherford International PLC <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3388479 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25379141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total ENERGY<br> (Cost $46,119,133) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60038865 |
| **MATERIALS — 2.93%** | **MATERIALS — 2.93%** | **MATERIALS — 2.93%** |
| &nbsp;&nbsp;**Metals & Mining — 2.44%** | &nbsp;&nbsp;**Metals & Mining — 2.44%** | &nbsp;&nbsp;**Metals & Mining — 2.44%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15189569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corp. <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;344046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9770906 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24960475 |
| &nbsp;&nbsp;**Construction Materials — 0.49%** | &nbsp;&nbsp;**Construction Materials — 0.49%** | &nbsp;&nbsp;**Construction Materials — 0.49%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Knife River Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5028534 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total MATERIALS<br> (Cost $18,009,512) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29989009 |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Small Cap Growth Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **CONSUMER STAPLES — 2.83%** | **CONSUMER STAPLES — 2.83%** | **CONSUMER STAPLES — 2.83%** |
| &nbsp;&nbsp;**Personal Care Products — 1.20%** | &nbsp;&nbsp;**Personal Care Products — 1.20%** | &nbsp;&nbsp;**Personal Care Products — 1.20%** |
| &nbsp;&nbsp;&nbsp;&nbsp;BellRing Brands, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86529 | &nbsp;&nbsp;$5012625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oddity Tech Ltd. - A <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7292063 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12304688 |
| &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 1.16%** | &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 1.16%** | &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 1.16%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7040500 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Chefs' Warehouse, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4839861 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11880361 |
| &nbsp;&nbsp;**Tobacco — 0.47%** | &nbsp;&nbsp;**Tobacco — 0.47%** | &nbsp;&nbsp;**Tobacco — 0.47%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4765554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total CONSUMER STAPLES<br> (Cost $19,460,190) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28950603 |
| **COMMUNICATION SERVICES — 1.33%** | **COMMUNICATION SERVICES — 1.33%** | **COMMUNICATION SERVICES — 1.33%** |
| &nbsp;&nbsp;**Media — 1.01%** | &nbsp;&nbsp;**Media — 1.01%** | &nbsp;&nbsp;**Media — 1.01%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Magnite, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;424948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10249746 |
| &nbsp;&nbsp;**Diversified Telecommunication Services — 0.32%** | &nbsp;&nbsp;**Diversified Telecommunication Services — 0.32%** | &nbsp;&nbsp;**Diversified Telecommunication Services — 0.32%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3287081 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMUNICATION SERVICES<br> (Cost $8,439,304) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13536827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMON STOCKS<br> (Cost $785,845,509) |  | &nbsp;&nbsp;&nbsp;1018004286 |
| **SHORT TERM INVESTMENTS — 0.41%** | **SHORT TERM INVESTMENTS — 0.41%** | **SHORT TERM INVESTMENTS — 0.41%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional U.S. Government Select Portfolio (Shares Class), 4.23% <sup>2</sup><br> (Cost $4,231,143) | &nbsp;&nbsp;4231143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4231143 |
| &nbsp;&nbsp;TOTAL INVESTMENTS<br> (Cost $790,076,652) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.97% | &nbsp;&nbsp;$1022235429 |
| &nbsp;&nbsp;Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312166 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;$1022547595 |

---

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

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

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

<sup>1</sup> Foreign security denominated and/or traded in U.S. dollars. <br> <sup>2</sup> 7 day current yield as of June 30, 2025 is disclosed. <br> <sup>\*</sup> Non-income producing security.

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| **Security Type** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;99.56% |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp;**99.97%** |
| Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% |
| **Net Assets** | &nbsp;&nbsp;**100.00%** |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Small Cap Growth Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Aerospace & Defense | &nbsp;&nbsp;12.46% |
| Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;0.61% |
| Biotechnology | &nbsp;&nbsp;13.95% |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;1.17% |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;0.59% |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.03% |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;2.79% |
| Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.49% |
| Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;1.16% |
| Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp;2.74% |
| Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;0.32% |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.50% |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;4.49% |
| Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;2.48% |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;1.36% |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;2.30% |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;2.06% |

---

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.48% |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76% |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.68% |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44% |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39% |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07% |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.46% |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.59% |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06% |
| Tobacco | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% |
| Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% |
| TOTAL | &nbsp;&nbsp;100.00% |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Small/Mid Cap Growth Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **COMMON STOCKS — 99.46%** | **COMMON STOCKS — 99.46%** | **COMMON STOCKS — 99.46%** |
| **INDUSTRIALS — 22.29%** | **INDUSTRIALS — 22.29%** | **INDUSTRIALS — 22.29%** |
| &nbsp;&nbsp;**Aerospace & Defense — 10.64%** | &nbsp;&nbsp;**Aerospace & Defense — 10.64%** | &nbsp;&nbsp;**Aerospace & Defense — 10.64%** |
| &nbsp;&nbsp;&nbsp;&nbsp;AeroVironment, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;2377 | &nbsp;&nbsp;$677326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;2269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878596 |
| &nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;6475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932788 |
| &nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;2211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;2892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leonardo DRS, Inc. | &nbsp;&nbsp;15439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717605 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loar Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;4814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414822 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rocket Lab Corp. <sup>\*</sup> | &nbsp;&nbsp;10940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391324 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6630933 |
| &nbsp;&nbsp;**Construction & Engineering — 4.21%** | &nbsp;&nbsp;**Construction & Engineering — 4.21%** | &nbsp;&nbsp;**Construction & Engineering — 4.21%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;1334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715304 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;3215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215527 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;3005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693344 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2624175 |
| &nbsp;&nbsp;**Machinery — 2.98%** | &nbsp;&nbsp;**Machinery — 2.98%** | &nbsp;&nbsp;**Machinery — 2.98%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Crane Co. | &nbsp;&nbsp;&nbsp;4485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flowserve Corp. | &nbsp;&nbsp;&nbsp;7681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402100 |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;1576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606445 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860202 |
| &nbsp;&nbsp;**Trading Companies & Distributors — 2.49%** | &nbsp;&nbsp;**Trading Companies & Distributors — 2.49%** | &nbsp;&nbsp;**Trading Companies & Distributors — 2.49%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Core & Main, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;12612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761135 |
| &nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation Ltd. | &nbsp;&nbsp;&nbsp;2901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333731 |
| &nbsp;&nbsp;&nbsp;&nbsp;QXO, Inc. <sup>\*</sup> | &nbsp;&nbsp;21330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459448 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554314 |
| &nbsp;&nbsp;**Professional Services — 1.97%** | &nbsp;&nbsp;**Professional Services — 1.97%** | &nbsp;&nbsp;**Professional Services — 1.97%** |
| &nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383743 |
| &nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;6820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298648 |
| &nbsp;&nbsp;&nbsp;&nbsp;UL Solutions, Inc. - A | &nbsp;&nbsp;&nbsp;7495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546086 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228477 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total INDUSTRIALS<br> (Cost $9,182,451) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13898101 |
| **INFORMATION TECHNOLOGY — 19.65%** | **INFORMATION TECHNOLOGY — 19.65%** | **INFORMATION TECHNOLOGY — 19.65%** |
| &nbsp;&nbsp;**Software — 9.27%** | &nbsp;&nbsp;**Software — 9.27%** | &nbsp;&nbsp;**Software — 9.27%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Circle Internet Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;1346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244016 |
| &nbsp;&nbsp;&nbsp;&nbsp;CommVault Systems, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;4362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760428 |
| &nbsp;&nbsp;&nbsp;&nbsp;Confluent, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;12406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core Scientific, Inc. <sup>\*</sup> | &nbsp;&nbsp;23503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401196 |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software Ltd. <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;3813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551433 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;3162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Monday.com Ltd. <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;1632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nutanix, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;9102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rubrik, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;3064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274504 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5781330 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 4.65%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 4.65%** | &nbsp;&nbsp;**Semiconductors & Semiconductor Equipment — 4.65%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Astera Labs, Inc. <sup>\*</sup> | &nbsp;&nbsp;12970 | &nbsp;&nbsp;$1172747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd. <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;9803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907660 |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;2167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310509 |
| &nbsp;&nbsp;&nbsp;&nbsp;SiTime Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;2384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507983 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2898899 |
| &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 3.51%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 3.51%** | &nbsp;&nbsp;**Electronic Equipment, Instruments & Components — 3.51%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Celestica, Inc. <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;3897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;7509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fabrinet <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;2067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609103 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301238 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188580 |
| &nbsp;&nbsp;**IT Services — 1.31%** | &nbsp;&nbsp;**IT Services — 1.31%** | &nbsp;&nbsp;**IT Services — 1.31%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Twilio, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;6588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819284 |
| &nbsp;&nbsp;**Communications Equipment — 0.91%** | &nbsp;&nbsp;**Communications Equipment — 0.91%** | &nbsp;&nbsp;**Communications Equipment — 0.91%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;5941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total INFORMATION TECHNOLOGY<br> (Cost $9,297,098) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12252845 |
| **CONSUMER DISCRETIONARY — 16.24%** | **CONSUMER DISCRETIONARY — 16.24%** | **CONSUMER DISCRETIONARY — 16.24%** |
| &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 6.00%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 6.00%** | &nbsp;&nbsp;**Hotels, Restaurants & Leisure — 6.00%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cava Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;4083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dutch Bros, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;12382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846557 |
| &nbsp;&nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;23758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Planet Fitness, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;5568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607191 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sportradar Group AG - A <sup>1,\*</sup> | &nbsp;&nbsp;22101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Viking Holdings Ltd. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;6813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363065 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3738014 |
| &nbsp;&nbsp;**Specialty Retail — 4.74%** | &nbsp;&nbsp;**Specialty Retail — 4.74%** | &nbsp;&nbsp;**Specialty Retail — 4.74%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;3122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carvana Co. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;4588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545973 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chewy, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;11112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Five Below, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;3526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462541 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2956651 |
| &nbsp;&nbsp;**Diversified Consumer Services — 1.74%** | &nbsp;&nbsp;**Diversified Consumer Services — 1.74%** | &nbsp;&nbsp;**Diversified Consumer Services — 1.74%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Duolingo, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;1157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;3235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611415 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085808 |
| &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.44%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.44%** | &nbsp;&nbsp;**Textiles, Apparel & Luxury Goods — 1.44%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Amer Sports, Inc. <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;7912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306669 |
| &nbsp;&nbsp;&nbsp;&nbsp;On Holding AG - A <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;4907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;3829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336225 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898303 |
| &nbsp;&nbsp;**Automobile Components — 0.93%** | &nbsp;&nbsp;**Automobile Components — 0.93%** | &nbsp;&nbsp;**Automobile Components — 0.93%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Modine Manufacturing Co. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;5877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578885 |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Small/Mid Cap Growth Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;**Broadline Retail — 0.87%** | &nbsp;&nbsp;**Broadline Retail — 0.87%** | &nbsp;&nbsp;**Broadline Retail — 0.87%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;4127 | &nbsp;&nbsp;$543856 |
| &nbsp;&nbsp;**Household Durables — 0.52%** | &nbsp;&nbsp;**Household Durables — 0.52%** | &nbsp;&nbsp;**Household Durables — 0.52%** |
| &nbsp;&nbsp;&nbsp;&nbsp;SharkNinja, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;3269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total CONSUMER DISCRETIONARY<br> (Cost $7,860,481) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10125115 |
| **HEALTH CARE — 16.11%** | **HEALTH CARE — 16.11%** | **HEALTH CARE — 16.11%** |
| &nbsp;&nbsp;**Biotechnology — 10.18%** | &nbsp;&nbsp;**Biotechnology — 10.18%** | &nbsp;&nbsp;**Biotechnology — 10.18%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;1956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Apogee Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;10377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Argenx SE - ADR <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ascendis Pharma A/S - ADR <sup>1,\*</sup> | &nbsp;&nbsp;&nbsp;4789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;9083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392204 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;29887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exelixis, Inc. <sup>\*</sup> | &nbsp;&nbsp;10421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;2657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;8990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518771 |
| &nbsp;&nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;5769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281758 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals, Inc. <sup>1,\*</sup> | &nbsp;&nbsp;11965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374505 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6349702 |
| &nbsp;&nbsp;**Health Care Equipment & Supplies — 4.11%** | &nbsp;&nbsp;**Health Care Equipment & Supplies — 4.11%** | &nbsp;&nbsp;**Health Care Equipment & Supplies — 4.11%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;2833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insulet Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;2931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Penumbra, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;2912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747306 |
| &nbsp;&nbsp;&nbsp;&nbsp;TransMedics Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;4490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601705 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2562494 |
| &nbsp;&nbsp;**Health Care Providers & Services — 1.44%** | &nbsp;&nbsp;**Health Care Providers & Services — 1.44%** | &nbsp;&nbsp;**Health Care Providers & Services — 1.44%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc. <sup>\*</sup> | &nbsp;&nbsp;17234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896857 |
| &nbsp;&nbsp;**Pharmaceuticals — 0.38%** | &nbsp;&nbsp;**Pharmaceuticals — 0.38%** | &nbsp;&nbsp;**Pharmaceuticals — 0.38%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;3279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total HEALTH CARE<br> (Cost $8,467,215) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10049731 |
| **FINANCIALS — 7.44%** | **FINANCIALS — 7.44%** | **FINANCIALS — 7.44%** |
| &nbsp;&nbsp;**Financial Services — 3.75%** | &nbsp;&nbsp;**Financial Services — 3.75%** | &nbsp;&nbsp;**Financial Services — 3.75%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Affirm Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;12342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Chime Financial, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;7568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paymentus Holdings, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;22239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Toast, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;11254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498439 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2341264 |
| &nbsp;&nbsp;**Capital Markets — 3.08%** | &nbsp;&nbsp;**Capital Markets — 3.08%** | &nbsp;&nbsp;**Capital Markets — 3.08%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Robinhood Markets, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;12347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156050 |
| &nbsp;&nbsp;&nbsp;&nbsp;StoneX Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;3132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc. - A | &nbsp;&nbsp;&nbsp;3255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476532 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918032 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;**Consumer Finance — 0.61%** | &nbsp;&nbsp;**Consumer Finance — 0.61%** | &nbsp;&nbsp;**Consumer Finance — 0.61%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Upstart Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;5892 | &nbsp;&nbsp;$381095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total FINANCIALS<br> (Cost $3,012,948) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4640391 |
| **ENERGY — 5.20%** | **ENERGY — 5.20%** | **ENERGY — 5.20%** |
| &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.89%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.89%** | &nbsp;&nbsp;**Oil, Gas & Consumable Fuels — 3.89%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Antero Resources Corp. <sup>\*</sup> | &nbsp;&nbsp;26900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083532 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cameco Corp. <sup>1</sup> | &nbsp;&nbsp;10347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768057 |
| &nbsp;&nbsp;&nbsp;&nbsp;NexGen Energy Ltd. <sup>1,\*</sup> | &nbsp;&nbsp;82553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572918 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2424507 |
| &nbsp;&nbsp;**Energy Equipment & Services — 1.31%** | &nbsp;&nbsp;**Energy Equipment & Services — 1.31%** | &nbsp;&nbsp;**Energy Equipment & Services — 1.31%** |
| &nbsp;&nbsp;&nbsp;&nbsp;TechnipFMC PLC <sup>1</sup> | &nbsp;&nbsp;16935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weatherford International PLC <sup>1</sup> | &nbsp;&nbsp;&nbsp;4637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233288 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816529 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total ENERGY<br> (Cost $2,322,881) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3241036 |
| **MATERIALS — 4.58%** | **MATERIALS — 4.58%** | **MATERIALS — 4.58%** |
| &nbsp;&nbsp;**Metals & Mining — 3.16%** | &nbsp;&nbsp;**Metals & Mining — 3.16%** | &nbsp;&nbsp;**Metals & Mining — 3.16%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Alamos Gold, Inc. - A <sup>1</sup> | &nbsp;&nbsp;14509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385359 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;3926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;2823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502043 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1972470 |
| &nbsp;&nbsp;**Chemicals — 1.07%** | &nbsp;&nbsp;**Chemicals — 1.07%** | &nbsp;&nbsp;**Chemicals — 1.07%** |
| &nbsp;&nbsp;&nbsp;&nbsp;The Mosaic Co. | &nbsp;&nbsp;18244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665541 |
| &nbsp;&nbsp;**Construction Materials — 0.35%** | &nbsp;&nbsp;**Construction Materials — 0.35%** | &nbsp;&nbsp;**Construction Materials — 0.35%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Knife River Corp. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;2691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total MATERIALS<br> (Cost $2,257,581) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2857704 |
| **CONSUMER STAPLES — 4.40%** | **CONSUMER STAPLES — 4.40%** | **CONSUMER STAPLES — 4.40%** |
| &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 2.13%** | &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 2.13%** | &nbsp;&nbsp;**Consumer Staples Distribution & Retail — 2.13%** |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;3274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;4133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680457 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325877 |
| &nbsp;&nbsp;**Personal Care Products — 1.23%** | &nbsp;&nbsp;**Personal Care Products — 1.23%** | &nbsp;&nbsp;**Personal Care Products — 1.23%** |
| &nbsp;&nbsp;&nbsp;&nbsp;BellRing Brands, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;4197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243132 |
| &nbsp;&nbsp;&nbsp;&nbsp;elf Beauty, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;4201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522773 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765905 |
| &nbsp;&nbsp;**Beverages — 1.04%** | &nbsp;&nbsp;**Beverages — 1.04%** | &nbsp;&nbsp;**Beverages — 1.04%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings, Inc. <sup>\*</sup> | &nbsp;&nbsp;14028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total CONSUMER STAPLES<br> (Cost $2,013,241) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2742541 |
| **COMMUNICATION SERVICES — 2.73%** | **COMMUNICATION SERVICES — 2.73%** | **COMMUNICATION SERVICES — 2.73%** |
| &nbsp;&nbsp;**Entertainment — 2.73%** | &nbsp;&nbsp;**Entertainment — 2.73%** | &nbsp;&nbsp;**Entertainment — 2.73%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;4186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016570 |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Small/Mid Cap Growth Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3784 | &nbsp;&nbsp;$688499 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMUNICATION SERVICES<br> (Cost $1,284,143) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705069 |
| **UTILITIES — 0.52%** | **UTILITIES — 0.52%** | **UTILITIES — 0.52%** |
| &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers — 0.52%** | &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers — 0.52%** | &nbsp;&nbsp;**Independent Power and Renewable Electricity Producers — 0.52%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total UTILITIES<br> (Cost $331,818) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325156 |
| **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;CoStar Group, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total REAL ESTATE<br> (Cost $185,799) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMON STOCKS<br> (Cost $46,215,656) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62027674 |
| **SHORT TERM INVESTMENTS — 0.39%** | **SHORT TERM INVESTMENTS — 0.39%** | **SHORT TERM INVESTMENTS — 0.39%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional Government Portfolio (Shares Class), 4.15% <sup>2</sup><br> (Cost $242,173) | &nbsp;&nbsp;242173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242173 |
| &nbsp;&nbsp;TOTAL INVESTMENTS<br> (Cost $46,457,829) | &nbsp;&nbsp;&nbsp;&nbsp;99.85% | &nbsp;&nbsp;$62269847 |
| &nbsp;&nbsp;Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92039 |
| Net Assets | &nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;$62361886 |

---

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

ADR American Depositary Receipt <br> PLC Public Limited Company

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

<sup>1</sup> Foreign security denominated and/or traded in U.S. dollars. <br> <sup>2</sup> 7 day current yield as of June 30, 2025 is disclosed. <br> <sup>\*</sup> Non-income producing security.

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| **Security Type** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;99.46% |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp;**99.85%** |
| Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% |
| **Net Assets** | &nbsp;&nbsp;**100.00%** |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Small/Mid Cap Growth Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Aerospace & Defense | &nbsp;&nbsp;10.64% |
| Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp;0.93% |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1.04% |
| Biotechnology | &nbsp;&nbsp;10.18% |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp;0.87% |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;3.08% |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1.07% |
| Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.91% |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp;4.21% |
| Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;0.35% |
| Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;0.61% |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp;2.13% |
| Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp;1.74% |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;3.51% |
| Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp;1.31% |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;2.73% |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;3.75% |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;4.11% |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;1.44% |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;6.00% |

---

---

| | |
|:---|:---|
| **Industry** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31% |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98% |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16% |
| Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.89% |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38% |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97% |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65% |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.27% |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74% |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49% |
| Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% |
| TOTAL | &nbsp;&nbsp;100.00% |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Event Driven Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **BANK LOANS — 7.24%** | **BANK LOANS — 7.24%** | **BANK LOANS — 7.24%** |
| &nbsp;&nbsp;**Leisure Facilities & Services — 2.10%** | &nbsp;&nbsp;**Leisure Facilities & Services — 2.10%** | &nbsp;&nbsp;**Leisure Facilities & Services — 2.10%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Finance US, Inc., Initial Term Loan <br> 9.57%, (1-Month USD CME Term SOFR+525 basis points), 12/2/31 <sup>1</sup> | &nbsp;&nbsp;$2424807 | &nbsp;&nbsp;$2421776 |
| &nbsp;&nbsp;**Leisure Products — 2.56%** | &nbsp;&nbsp;**Leisure Products — 2.56%** | &nbsp;&nbsp;**Leisure Products — 2.56%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Recess Holdings, Inc., Initial Term Loan <br> 8.03%, (3-Month USD CME Term SOFR+375 basis points), 2/20/30 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2946812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2953089 |
| &nbsp;&nbsp;**Telecommunications — 2.58%** | &nbsp;&nbsp;**Telecommunications — 2.58%** | &nbsp;&nbsp;**Telecommunications — 2.58%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Subsea Communications Holding, Inc., 2024 Term Loan <br> 8.33%, (3-Month USD CME Term SOFR+400 basis points), 1/30/31 <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2952180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2968181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total BANK LOANS<br> (Cost $8,277,714) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8343046 |
| **CORPORATE BONDS — 15.61%** | **CORPORATE BONDS — 15.61%** | **CORPORATE BONDS — 15.61%** |
| &nbsp;&nbsp;**Electric Utilities — 8.14%** | &nbsp;&nbsp;**Electric Utilities — 8.14%** | &nbsp;&nbsp;**Electric Utilities — 8.14%** |
| &nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. <br> 10.25%, (U.S. Treasury Yield Curve Rate CMT 5Y + 592 basis points), 3/15/28 <sup>2,3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2933580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257540 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp. <br> 7.00%, (U.S. Treasury Yield Curve Rate CMT 5Y + 574 basis points), 12/15/26 <sup>2,3,4,5,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6122800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9380340 |
| &nbsp;&nbsp;**Insurance — 3.02%** | &nbsp;&nbsp;**Insurance — 3.02%** | &nbsp;&nbsp;**Insurance — 3.02%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Genworth Holdings, Inc. <br> 6.59%, (CME Term SOFR 3M + 226 basis points), 11/15/36 <sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4071000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3477348 |
| &nbsp;&nbsp;**Real Estate Investment Trusts — 3.65%** | &nbsp;&nbsp;**Real Estate Investment Trusts — 3.65%** | &nbsp;&nbsp;**Real Estate Investment Trusts — 3.65%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Properties Trust <br> 8.63%, 11/15/31 <sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3916000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4204108 |
| &nbsp;&nbsp;**Technology Hardware — 0.80%** | &nbsp;&nbsp;**Technology Hardware — 0.80%** | &nbsp;&nbsp;**Technology Hardware — 0.80%** |
| &nbsp;&nbsp;&nbsp;&nbsp;NCR Atleos Corp. <br> 9.50%, 4/1/29 <sup>2,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total CORPORATE BONDS<br> (Cost $16,936,868) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17989568 |
| **COMMON STOCKS — 58.10%** | **COMMON STOCKS — 58.10%** | **COMMON STOCKS — 58.10%** |
| &nbsp;&nbsp;**Asset Management — 23.19%** | &nbsp;&nbsp;**Asset Management — 23.19%** | &nbsp;&nbsp;**Asset Management — 23.19%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Archimedes Tech SPAC Partners II Co. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2637396 |
| &nbsp;&nbsp;&nbsp;&nbsp;Armada Acquisition Corp. II - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586504 |
| &nbsp;&nbsp;&nbsp;&nbsp;BERTO ACQUISITION CORP. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710693 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| &nbsp;&nbsp;&nbsp;&nbsp;Blue Water Acquisition Corp. III <sup>\*</sup> | &nbsp;&nbsp;&nbsp;86524 | &nbsp;&nbsp;$865672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bold Eagle Acquisition Corp. - A <sup>\*</sup> | &nbsp;&nbsp;307977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3224519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cannae Holdings, Inc. | &nbsp;&nbsp;215142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4485711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cantor Equity Partners III, Inc. - A <sup>\*</sup> | &nbsp;&nbsp;&nbsp;36114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Churchill Capital Corp. X <sup>\*</sup> | &nbsp;&nbsp;&nbsp;40708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dynamix Corp. <sup>\*</sup> | &nbsp;&nbsp;269909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750373 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gesher Acquisition Corp. II - A <sup>\*</sup> | &nbsp;&nbsp;186949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1897532 |
| &nbsp;&nbsp;&nbsp;&nbsp;K&F Growth Acquisition Corp. II - A <sup>\*</sup> | &nbsp;&nbsp;289109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2943130 |
| &nbsp;&nbsp;&nbsp;&nbsp;NewHold Investment Corp. III - A <sup>\*</sup> | &nbsp;&nbsp;187950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oaktree Acquisition Corp. III Life Sciences - A <sup>\*</sup> | &nbsp;&nbsp;277370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2906838 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26720114 |
| &nbsp;&nbsp;**Banking — 4.46%** | &nbsp;&nbsp;**Banking — 4.46%** | &nbsp;&nbsp;**Banking — 4.46%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Blue Foundry Bancorp <sup>\*</sup> | &nbsp;&nbsp;536852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5137674 |
| &nbsp;&nbsp;**Biotechnology & Pharmaceuticals — 11.36%** | &nbsp;&nbsp;**Biotechnology & Pharmaceuticals — 11.36%** | &nbsp;&nbsp;**Biotechnology & Pharmaceuticals — 11.36%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Apogee Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;23003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc. <sup>\*</sup> | &nbsp;&nbsp;137630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3958239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Septerna, Inc. <sup>\*</sup> | &nbsp;&nbsp;157778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1667714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Viridian Therapeutics, Inc. <sup>\*</sup> | &nbsp;&nbsp;148439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals, Inc. <sup>7,\*</sup> | &nbsp;&nbsp;140314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4391828 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13091978 |
| &nbsp;&nbsp;**Commercial Support Services — 2.31%** | &nbsp;&nbsp;**Commercial Support Services — 2.31%** | &nbsp;&nbsp;**Commercial Support Services — 2.31%** |
| &nbsp;&nbsp;&nbsp;&nbsp;GXO Logistics, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;54699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2663841 |
| &nbsp;&nbsp;**Food — 0.98%** | &nbsp;&nbsp;**Food — 0.98%** | &nbsp;&nbsp;**Food — 0.98%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Kellanova | &nbsp;&nbsp;&nbsp;14145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124952 |
| &nbsp;&nbsp;**Industrial Intermediate Products — 2.37%** | &nbsp;&nbsp;**Industrial Intermediate Products — 2.37%** | &nbsp;&nbsp;**Industrial Intermediate Products — 2.37%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Hillman Solutions Corp. <sup>\*</sup> | &nbsp;&nbsp;382366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2730093 |
| &nbsp;&nbsp;**Industrial Support Services — 3.26%** | &nbsp;&nbsp;**Industrial Support Services — 3.26%** | &nbsp;&nbsp;**Industrial Support Services — 3.26%** |
| &nbsp;&nbsp;&nbsp;&nbsp;WillScot Holdings Corp. <sup>6</sup> | &nbsp;&nbsp;137030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3754622 |
| &nbsp;&nbsp;**Leisure Facilities & Services — 6.96%** | &nbsp;&nbsp;**Leisure Facilities & Services — 6.96%** | &nbsp;&nbsp;**Leisure Facilities & Services — 6.96%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Golden Entertainment, Inc. | &nbsp;&nbsp;125982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3707650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lucky Strike Entertainment Corp. | &nbsp;&nbsp;253889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2318007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Penn Entertainment, Inc. <sup>\*</sup> | &nbsp;&nbsp;111534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993113 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8018770 |
| &nbsp;&nbsp;**Medical Equipment & Devices — 0.17%** | &nbsp;&nbsp;**Medical Equipment & Devices — 0.17%** | &nbsp;&nbsp;**Medical Equipment & Devices — 0.17%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Beta Bionics, Inc. <sup>\*</sup> | &nbsp;&nbsp;&nbsp;13335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194158 |
| &nbsp;&nbsp;**Specialty Finance — 2.31%** | &nbsp;&nbsp;**Specialty Finance — 2.31%** | &nbsp;&nbsp;**Specialty Finance — 2.31%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Jefferson Capital, Inc. <sup>\*</sup> | &nbsp;&nbsp;144454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665176 |
| &nbsp;&nbsp;**Technology Hardware — 0.73%** | &nbsp;&nbsp;**Technology Hardware — 0.73%** | &nbsp;&nbsp;**Technology Hardware — 0.73%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Juniper Networks, Inc. | &nbsp;&nbsp;&nbsp;20917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total COMMON STOCKS<br> (Cost $71,458,568) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66936594 |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Event Driven Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **RIGHTS — 0.21%** | **RIGHTS — 0.21%** | **RIGHTS — 0.21%** |
| &nbsp;&nbsp;**Asset Management — 0.21%** | &nbsp;&nbsp;**Asset Management — 0.21%** | &nbsp;&nbsp;**Asset Management — 0.21%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Bold Eagle Acquisition Corp. <br> <sup>\*</sup> | &nbsp;&nbsp;$532713 | &nbsp;&nbsp;$167272 |
| &nbsp;&nbsp;&nbsp;&nbsp;K&F Growth Acquisition Corp. II <br> <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73603 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total RIGHTS<br> (Cost $—) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240875 |
| **SOVEREIGN BONDS — 3.95%** | **SOVEREIGN BONDS — 3.95%** | **SOVEREIGN BONDS — 3.95%** |
| &nbsp;&nbsp;**Transportation & Logistics — 3.95%** | &nbsp;&nbsp;**Transportation & Logistics — 3.95%** | &nbsp;&nbsp;**Transportation & Logistics — 3.95%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Danaos Corp. <br> 8.50%, 3/1/28 <sup>2,4,7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4489000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4547110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total SOVEREIGN BONDS<br> (Cost $4,500,100) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4547110 |
| **WARRANTS — 0.38%** | **WARRANTS — 0.38%** | **WARRANTS — 0.38%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Archimedes Tech SPAC Partners II Co., Exp. 4/2/30, Strike $11.50 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Armada Acquisition Corp. II , Exp. 4/28/30, Strike $11.50 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7894 |
| &nbsp;&nbsp;&nbsp;&nbsp;BERTO ACQUISITION CORP., Exp. 4/28/30, Strike $11.50 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bridger Aerospace Group Holdings, Inc., Exp. 12/31/27, Strike $11.50 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Calidi Biotherapeutics, Inc., Exp. 9/10/26, Strike $115.00 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dynamix Corp., Exp. 12/6/29, Strike $11.50 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gesher Acquisition Corp. II, Exp. 3/12/30, Strike $11.50 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Haymaker Acquisition Corp. 4, Exp. 5/31/28, Strike $11.50 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25957 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inspirato, Inc., Exp. 1/1/30, Strike $11.50 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 |
| &nbsp;&nbsp;&nbsp;&nbsp;NewHold Investment Corp. III, Exp. 3/3/32, Strike $0.00 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37601 |
| &nbsp;&nbsp;&nbsp;&nbsp;Oaktree Acquisition Corp. III Life Sciences, Exp. 12/6/29, Strike $11.50 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya Technologies Ltd., Exp. 5/31/27, Strike $0.00 <sup>7,\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolution Medicines, Inc., Exp. 11/14/28, Strike $11.50 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7204 |
| &nbsp;&nbsp;&nbsp;&nbsp;SomaLogic, Inc., Exp. 12/31/27, Strike $11.50 <sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total WARRANTS<br> (Cost $9,328) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437551 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Shares,<br> Principal<br> Amount, or<br> Number of<br> Contracts* | &nbsp;&nbsp;*Value* |
| **SHORT TERM INVESTMENTS — 9.01%** | **SHORT TERM INVESTMENTS — 9.01%** | **SHORT TERM INVESTMENTS — 9.01%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Institutional Treasury Portfolio (Premier Class), 4.16% <sup>8</sup><br> (Cost $10,386,156) | &nbsp;&nbsp;10386156 | &nbsp;&nbsp;$10386156 |
| &nbsp;&nbsp;TOTAL INVESTMENTS<br> (Cost $111,568,734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94.50% | &nbsp;&nbsp;$108880900 |
| &nbsp;&nbsp;Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6336195 |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00% | &nbsp;&nbsp;$115217095 |
| **INVESTMENT SECURITIES SOLD SHORT — (0.64)%** | **INVESTMENT SECURITIES SOLD SHORT — (0.64)%** | **INVESTMENT SECURITIES SOLD SHORT — (0.64)%** |
| **CORPORATE BONDS — (0.64)%** | **CORPORATE BONDS — (0.64)%** | **CORPORATE BONDS — (0.64)%** |
| &nbsp;&nbsp;**Real Estate Investment Trusts — (0.64)%** | &nbsp;&nbsp;**Real Estate Investment Trusts — (0.64)%** | &nbsp;&nbsp;**Real Estate Investment Trusts — (0.64)%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Properties Trust<br> 4.75%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;(744000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(733716) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total CORPORATE BONDS<br> (Proceeds $713,929) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(733716) |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENT SECURITIES SOLD SHORT<br> (Proceeds $713,929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64)% | &nbsp;&nbsp;$(733716) |

---

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

CMT Constant Maturity

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

<sup>1</sup> Bank loans in which the Fund invests pay interest at rates which are periodically predetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate ("LIBOR"), (ii) the prime rate offered by one or more United States banks or (iii) the certificate of deposit rate. Certain bank loans are subject to a LIBOR floor that establishes a minimum LIBOR rate. The interest rate shown reflects the rate in effect at June 30, 2025. Bank loans generally are subject to mandatory and/or optional repayment. As a result, the actual remaining maturity may be substantially less than the stated maturities shown.

<sup>2</sup> Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $19,059,330, which represents 17% of Net Assets (see Note F in the Notes to Financial Statements).

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

<sup>4</sup> Restricted securities - The Fund may own investment securities that have other legal or contractual limitations. At June 30, 2025, the value of restricted securities amounted to $19,059,330 or 17% of net assets.

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

---

| | | |
|:---|:---|:---|
| *Restricted Security* | &nbsp;&nbsp;*Acquisition Date* | &nbsp;&nbsp;*Acquisition Cost* |
| NCR Atleos Corp., 9.50%, 4/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/27/2024 | &nbsp;&nbsp;&nbsp;&nbsp;898879 |
| NRG Energy, Inc., 10.25%, 3/15/28 | &nbsp;&nbsp;11/8/23-11/20/23 | &nbsp;&nbsp;2889576 |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Event Driven Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
| *Restricted Security* | &nbsp;&nbsp;*Acquisition Date* | &nbsp;&nbsp;*Acquisition Cost* |
| Service Properties Trust, 8.63%, 11/15/31 | &nbsp;&nbsp;&nbsp;4/9/24-4/16/24 | &nbsp;&nbsp;4138895 |
| Vistra Corp., 7.00%, 12/15/26 | &nbsp;&nbsp;12/8/21-11/7/22 | &nbsp;&nbsp;5708045 |
| Danaos Corp., 8.50%, 3/01/28 | &nbsp;&nbsp;&nbsp;7/3/23-4/17/24 | &nbsp;&nbsp;4506286 |

---

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

<sup>5</sup> Variable rate security. Rates disclosed as of June 30, 2025.

<sup>6</sup> All or a portion of this security is pledged as collateral for short sales or derivatives transactions.

<sup>7</sup> Foreign security denominated and/or traded in U.S. dollars.

<sup>8</sup> 7 day current yield as of June 30, 2025 is disclosed.

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

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| **Security Type** | &nbsp;&nbsp;**Percent of<br> Net Assets** |
| Bank Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.24% |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp;15.61% |
| Sovereign Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95% |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;58.10% |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38% |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01% |
| **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp;**94.50%** |
| Other Assets In Excess of Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% |
| **Net Assets** | &nbsp;&nbsp;**100.00%** |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Event Driven Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

#### TOTAL RETURN SWAPS

#### OTC SWAP CONTRACTS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Rate Index/Pay Rate** | **Receive<br> Rate/Receive<br> Rate Index** | **Maturity<br> Date** | **Counterparty** | **Currency** | **Notional<br> Amount** | **Value** | **Upfront<br> Premiums<br> Paid/<br> (Received)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| GSCBDNYB Basket\* | Financing Index: 1-Day US Federal Fund Effective Rate - 0.60% (Monthly) | 2/11/2026 | GSC | USD | 1726323 | $15729 | $— | $15729 |
| MSXXBIOH Basket\*\* | Financing Index: 1-Day US Federal Fund Effective Rate - 0.35% (Monthly) | 5/4/2026 | MS | USD | 7995687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134288 |
| Subtotal Appreciation |  |  |  |  |  | $150017 | $— | $150017 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Rate Index/Pay Rate** | **Receive<br> Rate/Receive<br> Rate Index** | **Maturity<br> Date** | **Counterparty** | **Currency** | **Notional<br> Amount** | **Value** | **Upfront<br> Premiums<br> Paid/<br> (Received)** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| GSUCDHY1 Basket\*\*\* | Financing Index: 1-Day US Federal Fund Effective Rate - 1.30% (At Maturity) | 8/5/2025 | GSC | USD | 10157902 | $(225007) | $— | $(225007) |
| MSDRCASI Basket\*\*\*\* | Financing Index: 1-Day US Federal Fund Effective Rate - 0.35% (Monthly) | 5/4/2026 | MS | USD | &nbsp;&nbsp;&nbsp;&nbsp;236327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54977) |
| MSHEWSC Basket\*\*\*\*\* | Financing Index: 1-Day US Federal Fund Effective Rate - 0.35% (Monthly) | 5/4/2026 | MS | USD | &nbsp;&nbsp;&nbsp;1666969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90840) |
| SPDR S&P Regional Banking ETF | Financing Index: 1-Day US Federal Fund Effective Rate - 0.50% (Monthly) | 5/15/2026 | MS | USD | &nbsp;&nbsp;&nbsp;1427402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17570) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17570) |
| Subtotal Depreciation |  |  |  |  |  | $(388394) | $— | $(388394) |
| **Net Total Return Swaps outstanding at June 30, 2025** | **Net Total Return Swaps outstanding at June 30, 2025** | **Net Total Return Swaps outstanding at June 30, 2025** | **Net Total Return Swaps outstanding at June 30, 2025** | **Net Total Return Swaps outstanding at June 30, 2025** | **Net Total Return Swaps outstanding at June 30, 2025** | **$(238377)** | **$—** | **$(238377)** |
| GSC – Goldman Sachs International | GSC – Goldman Sachs International | GSC – Goldman Sachs International |  |  |  |  |  |  |
| MS – Morgan Stanley | MS – Morgan Stanley | MS – Morgan Stanley |  |  |  |  |  |  |

---

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

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Event Driven Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

\* GSCBDNYB Basket consists of a portfolio of:

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

---

| | | | |
|:---|:---|:---|:---|
| **Underlying Components** | **Shares** | **Value** | **Weight** |
| &nbsp;&nbsp;&nbsp;&nbsp;Valley National Bancorp. | 85214 | $760963 | &nbsp;&nbsp;&nbsp;44.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp. | &nbsp;&nbsp;&nbsp;3978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278456 | &nbsp;&nbsp;&nbsp;16.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. | &nbsp;&nbsp;&nbsp;9208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248073 | &nbsp;&nbsp;&nbsp;14.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;4554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142076 | &nbsp;&nbsp;&nbsp;&nbsp;8.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northfield Bancorp, Inc. | &nbsp;&nbsp;&nbsp;7308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83899 | &nbsp;&nbsp;&nbsp;&nbsp;4.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;ConnectOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;3153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73023 | &nbsp;&nbsp;&nbsp;&nbsp;4.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flushing Financial Corp. | &nbsp;&nbsp;&nbsp;5348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63529 | &nbsp;&nbsp;&nbsp;&nbsp;3.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62148 | &nbsp;&nbsp;&nbsp;&nbsp;3.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bankwell Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14156 | &nbsp;&nbsp;&nbsp;&nbsp;0.82% |
|  |  | $1726323 | 100.00% |

---

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Underlying Components** | **Shares** | **Value** | **Weight** |
| &nbsp;&nbsp;&nbsp;&nbsp;Grail, Inc. | &nbsp;&nbsp;&nbsp;1306 | $67164 | &nbsp;&nbsp;&nbsp;0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66364 | &nbsp;&nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Legenf Biotech Corp. | &nbsp;&nbsp;&nbsp;1825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64765 | &nbsp;&nbsp;&nbsp;0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63166 | &nbsp;&nbsp;&nbsp;0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;CareDx, Inc. | &nbsp;&nbsp;&nbsp;3192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62366 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Veracyte, Inc. | &nbsp;&nbsp;&nbsp;2307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62366 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;ADMA Biologics, Inc. | &nbsp;&nbsp;&nbsp;3425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62366 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62366 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcellx, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62366 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Moderna, Inc. | &nbsp;&nbsp;&nbsp;2260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62366 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exact Sciences Corp. | &nbsp;&nbsp;&nbsp;1174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62366 | &nbsp;&nbsp;&nbsp;0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;CRISPR Therapeutics AG | &nbsp;&nbsp;&nbsp;1266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61567 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agios Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;1851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61567 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vericel Corp. | &nbsp;&nbsp;&nbsp;1447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61567 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;BioNTech SE | &nbsp;&nbsp;&nbsp;&nbsp;578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61567 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Immunovant, Inc. | &nbsp;&nbsp;&nbsp;3848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61567 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc. | &nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61567 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;1114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61567 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61567 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Beam Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;3619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61567 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61567 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61567 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exelixis, Inc. | &nbsp;&nbsp;&nbsp;1397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61567 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amicus Therapeutics, Inc. | 10745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61567 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;ARS Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;3528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61567 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Caris Life Sciences, Inc. | &nbsp;&nbsp;&nbsp;2304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61567 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vera Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;2613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61567 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apogee Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;1418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61567 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61567 | &nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;3897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61567 | &nbsp;&nbsp;&nbsp;0.77% |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Event Driven Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | | | |
|:---|:---|:---|:---|
| **Underlying Components** | **Shares** | **Value** | **Weight** |
| &nbsp;&nbsp;&nbsp;&nbsp;Incyte Corp. | &nbsp;&nbsp;&nbsp;&nbsp;892 | $60767 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60767 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ardelyx, Inc. | 15502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60767 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;89bio, Inc. | &nbsp;&nbsp;&nbsp;6188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60767 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60767 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60767 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Summit Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;2856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60767 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;1244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60767 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60767 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;UroGen Pharma Ltd. | &nbsp;&nbsp;&nbsp;4436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60767 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cytokinetics, Inc. | &nbsp;&nbsp;&nbsp;1839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60767 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;CG oncology, Inc. | &nbsp;&nbsp;&nbsp;2337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60767 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ascendis Pharma A.S. | &nbsp;&nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60767 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;MoonLake Immunotherapeutics | &nbsp;&nbsp;&nbsp;1287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60767 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60767 | &nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;Twist Bioscience Corp. | &nbsp;&nbsp;&nbsp;1630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59968 | &nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;1153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59968 | &nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc. | &nbsp;&nbsp;&nbsp;4052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59968 | &nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alkermes PLC | &nbsp;&nbsp;&nbsp;2096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59968 | &nbsp;&nbsp;&nbsp;0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Akebia Therapeutics, Inc. | 16475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59968 | &nbsp;&nbsp;&nbsp;0.75% |
|  |  | $3079139 | 38.51% |

---

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal Amount** | **Value** | **Weight** |
| &nbsp;&nbsp;&nbsp;&nbsp;Viking Cruises Ltd. 9.125% 7/15/2031 144A | 343764 | $367535 | &nbsp;&nbsp;&nbsp;&nbsp;3.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spirit Aerosystems, Inc. 9.375% 11/30/2029 144A | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367370 | &nbsp;&nbsp;&nbsp;&nbsp;3.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ncl Corporation Ltd. 7.75% 2/15/2029 144A | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358195 | &nbsp;&nbsp;&nbsp;&nbsp;3.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chart Industries, Inc. 7.5% 1/1/2030 144A | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356885 | &nbsp;&nbsp;&nbsp;&nbsp;3.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Transdigm, Inc. 6.875% 12/15/2030 144A | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351946 | &nbsp;&nbsp;&nbsp;&nbsp;3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rolls-Royce PLC 5.75% 10/15/2027 144A | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351839 | &nbsp;&nbsp;&nbsp;&nbsp;3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Weatherford International Ltd. 8.625% 4/30/2030 144A | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349852 | &nbsp;&nbsp;&nbsp;&nbsp;3.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wesco Distribution, Inc. 7.25% 6/15/2028 144A | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348429 | &nbsp;&nbsp;&nbsp;&nbsp;3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Emerald Debt Merger Sub LLC 6.625% 12/15/2030 144A | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344458 | &nbsp;&nbsp;&nbsp;&nbsp;3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mauser Packaging Solutions Holding Co. 7.875% 8/15/2026 144A | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343358 | &nbsp;&nbsp;&nbsp;&nbsp;3.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Transocean, Inc. 8.00% 2/1/2027 144A | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342795 | &nbsp;&nbsp;&nbsp;&nbsp;3.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. 6.75% 7/1/2036 | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342564 | &nbsp;&nbsp;&nbsp;&nbsp;3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp. 6.00% 5/1/2029 144A | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342203 | &nbsp;&nbsp;&nbsp;&nbsp;3.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wynn Las Vegas LLC 5.25% 5/15/2027 144A | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340041 | &nbsp;&nbsp;&nbsp;&nbsp;3.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aramark Services, Inc. 5.00% 2/1/2028 144A | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337356 | &nbsp;&nbsp;&nbsp;&nbsp;3.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mgm Resorts International 4.75% 10/15/2028 | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331540 | &nbsp;&nbsp;&nbsp;&nbsp;3.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gfl Environmental, Inc. 4.75% 6/15/2029 144A | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331516 | &nbsp;&nbsp;&nbsp;&nbsp;3.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;Imola Merger Corp. 4.75% 5/15/2029 144A | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327129 | &nbsp;&nbsp;&nbsp;&nbsp;3.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. 3.90% 8/8/2029 | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323753 | &nbsp;&nbsp;&nbsp;&nbsp;3.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc. 4.625% 11/15/2029 144A | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323355 | &nbsp;&nbsp;&nbsp;&nbsp;3.25% |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Event Driven Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal Amount** | **Value** | **Weight** |
| &nbsp;&nbsp;&nbsp;&nbsp;Yum! Brands, Inc. 4.625% 1/31/2032 | 343764 | $322292 | &nbsp;&nbsp;&nbsp;&nbsp;3.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies BV 4.00% 4/15/2029 144A | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316672 | &nbsp;&nbsp;&nbsp;&nbsp;3.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Petsmart LLC 7.75% 2/15/2029 144A | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315782 | &nbsp;&nbsp;&nbsp;&nbsp;3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;1011778 B.C. Unlimited Liability Co. 4.00% 10/15/2030 144A | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311911 | &nbsp;&nbsp;&nbsp;&nbsp;3.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Builders Firstsource, Inc. 4.25% 2/1/2032 144A | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308532 | &nbsp;&nbsp;&nbsp;&nbsp;3.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton Domestic Operating Co., Inc. 3.625% 2/15/2032 144A | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301976 | &nbsp;&nbsp;&nbsp;&nbsp;3.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;Standard Building Solutions, Inc. 3.375% 1/15/2031 144A | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299319 | &nbsp;&nbsp;&nbsp;&nbsp;3.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ball Corp. 3.125% 9/15/2031 | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298212 | &nbsp;&nbsp;&nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC 6.75% 1/15/2030 144A | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297913 | &nbsp;&nbsp;&nbsp;&nbsp;2.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ardagh Metal Packaging Finance USA LLC 4.00% 9/1/2029 144A | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293482 | &nbsp;&nbsp;&nbsp;&nbsp;2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. 8.25% 1/15/2029 144A | 343764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0.00% |
|  |  | $9948210 | 100.00% |

---

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Underlying Components** | **Shares** | **Value** | **Weight** |
| &nbsp;&nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | 354 | $27745 | &nbsp;&nbsp;&nbsp;11.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18292 | &nbsp;&nbsp;&nbsp;&nbsp;7.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Red Rock Resorts, Inc. | 332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17252 | &nbsp;&nbsp;&nbsp;&nbsp;7.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Travel + Leisure Co. | 297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15338 | &nbsp;&nbsp;&nbsp;&nbsp;6.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;MGM Resorts International | 439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15101 | &nbsp;&nbsp;&nbsp;&nbsp;6.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp. | 496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13943 | &nbsp;&nbsp;&nbsp;&nbsp;5.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | 182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13163 | &nbsp;&nbsp;&nbsp;&nbsp;5.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Game Technology PLC | 747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11816 | &nbsp;&nbsp;&nbsp;&nbsp;5.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Marriott International, Inc. | &nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11060 | &nbsp;&nbsp;&nbsp;&nbsp;4.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10068 | &nbsp;&nbsp;&nbsp;&nbsp;4.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portillo's, Inc. | 816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9524 | &nbsp;&nbsp;&nbsp;&nbsp;4.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd. | 463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9382 | &nbsp;&nbsp;&nbsp;&nbsp;3.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8366 | &nbsp;&nbsp;&nbsp;&nbsp;3.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8177 | &nbsp;&nbsp;&nbsp;&nbsp;3.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;DraftKings, Inc. | 181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7775 | &nbsp;&nbsp;&nbsp;&nbsp;3.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | &nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6972 | &nbsp;&nbsp;&nbsp;&nbsp;2.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyatt Hotels Corp. | &nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6783 | &nbsp;&nbsp;&nbsp;&nbsp;2.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;Airbnb, Inc. | &nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6381 | &nbsp;&nbsp;&nbsp;&nbsp;2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dine Brands Global, Inc. | 214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5199 | &nbsp;&nbsp;&nbsp;&nbsp;2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4963 | &nbsp;&nbsp;&nbsp;&nbsp;2.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp. | 564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4537 | &nbsp;&nbsp;&nbsp;&nbsp;1.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bloomin' Brands, Inc. | 522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4490 | &nbsp;&nbsp;&nbsp;&nbsp;1.90% |
|  |  | $236327 | 100.00% |

---

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

\*\*\*\*\* MSHEWSC Basket consists of a portfolio of Common Stocks:

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

---

| | | | |
|:---|:---|:---|:---|
| **Underlying Components** | **Shares** | **Value** | **Weight** |
| &nbsp;&nbsp;&nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;160 | $120522 | &nbsp;&nbsp;&nbsp;&nbsp;7.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ferguson PLC | &nbsp;&nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109020 | &nbsp;&nbsp;&nbsp;&nbsp;6.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;API Group Corp. | 2093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106853 | &nbsp;&nbsp;&nbsp;&nbsp;6.41% |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Event Driven Fund

#### Schedule of Investments

#### June 30, 2025 (unaudited)

------

---

| | | | |
|:---|:---|:---|:---|
| **Underlying Components** | **Shares** | **Value** | **Weight** |
| &nbsp;&nbsp;&nbsp;&nbsp;McGrath RentalCorp. | &nbsp;&nbsp;&nbsp;&nbsp;898 | $104185 | &nbsp;&nbsp;&nbsp;&nbsp;6.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;AECOM | &nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92017 | &nbsp;&nbsp;&nbsp;&nbsp;5.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92017 | &nbsp;&nbsp;&nbsp;&nbsp;5.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;GMS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86849 | &nbsp;&nbsp;&nbsp;&nbsp;5.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ryder System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79014 | &nbsp;&nbsp;&nbsp;&nbsp;4.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems U.S.A, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75680 | &nbsp;&nbsp;&nbsp;&nbsp;4.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;MasTec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73180 | &nbsp;&nbsp;&nbsp;&nbsp;4.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72680 | &nbsp;&nbsp;&nbsp;&nbsp;4.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68846 | &nbsp;&nbsp;&nbsp;&nbsp;4.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63511 | &nbsp;&nbsp;&nbsp;&nbsp;3.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;Air Lease Corp. | 1017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59511 | &nbsp;&nbsp;&nbsp;&nbsp;3.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pitney Bowes, Inc. | 4889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53343 | &nbsp;&nbsp;&nbsp;&nbsp;3.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flour Corp. | &nbsp;&nbsp;&nbsp;&nbsp;904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46342 | &nbsp;&nbsp;&nbsp;&nbsp;2.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;Core & Main, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45675 | &nbsp;&nbsp;&nbsp;&nbsp;2.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41007 | &nbsp;&nbsp;&nbsp;&nbsp;2.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40174 | &nbsp;&nbsp;&nbsp;&nbsp;2.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | 1323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39841 | &nbsp;&nbsp;&nbsp;&nbsp;2.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fasteral Co. | &nbsp;&nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35173 | &nbsp;&nbsp;&nbsp;&nbsp;2.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29839 | &nbsp;&nbsp;&nbsp;&nbsp;1.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;AerCap Holdings N.V. | &nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27338 | &nbsp;&nbsp;&nbsp;&nbsp;1.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;Atkore, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25171 | &nbsp;&nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23504 | &nbsp;&nbsp;&nbsp;&nbsp;1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20670 | &nbsp;&nbsp;&nbsp;&nbsp;1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trex Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12836 | &nbsp;&nbsp;&nbsp;&nbsp;0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11169 | &nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;nVent Electric PLC | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11002 | &nbsp;&nbsp;&nbsp;&nbsp;0.66% |
|  |  | $1666969 | 100.00% |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

#### Statements of Assets and Liabilities

#### June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Driehaus Emerging Markets Growth Fund* | &nbsp;&nbsp;*Driehaus Emerging Markets Small Cap Growth Fund* |
| ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments, at cost | &nbsp;&nbsp;$2636398526 | &nbsp;&nbsp;$101690507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments securities, at fair value | &nbsp;&nbsp;$3595941662 | &nbsp;&nbsp;$126078733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term securities, at fair value<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107948814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrant securities, at fair value<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at fair value<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1546762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on open OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposit at broker for securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14687647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for foreign capital gains taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2361154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for interest and dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8602198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSETS | &nbsp;&nbsp;&nbsp;&nbsp;3731299168 | &nbsp;&nbsp;&nbsp;&nbsp;130161750 |
| LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investment securities sold short, proceeds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investment securities sold short, at fair value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash overdraft | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized depreciation on open OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3527665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21789946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2307200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to broker | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fees payable, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105663 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for interest and dividends on securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued shareholder services plan fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued administration and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued foreign capital gains taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8281928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36919878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3084117 |
| NET ASSETS | &nbsp;&nbsp;$3694379290 | &nbsp;&nbsp;$127077633 |
| NET ASSETS CONSISTED OF THE FOLLOWING AT JUNE 30, 2025: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in-capital | &nbsp;&nbsp;$2981683890 | &nbsp;&nbsp;$117319766 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (deficit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712695400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9757867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;$3694379290 | &nbsp;&nbsp;$127077633 |
| &nbsp;&nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;$— | &nbsp;&nbsp;$127077633 |
| &nbsp;&nbsp;&nbsp;&nbsp;SHARES OUTSTANDING (Unlimited shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5301952 |
| &nbsp;&nbsp;&nbsp;&nbsp;NET ASSET VALUE | &nbsp;&nbsp;$— | &nbsp;&nbsp;$23.97 |
| INVESTOR CLASS SHARES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;$571798359 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;SHARES OUTSTANDING (Unlimited shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13815310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;NET ASSET VALUE | &nbsp;&nbsp;$41.39 | &nbsp;&nbsp;$— |
| INSTITUTIONAL CLASS SHARES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NET ASSETS | &nbsp;&nbsp;$3122580931 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;SHARES OUTSTANDING (Unlimited shares authorized, no par value) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74889035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;NET ASSET VALUE | &nbsp;&nbsp;$41.70 | &nbsp;&nbsp;$— |

---

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

<sup>1</sup> The cost of short-term securities was $107,948,814, $1,538,779, $2,325,070, $0, $190,591, $2,895,071, $4,231,143, $242,173 and $10,386,156, respectively.

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

<sup>3</sup> The cost of foreign currency was $1,541,153, $1,179,283, $12,052, $168,023, $5, $0, $0, $0 and $0, respectively.

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

#### Statements of Assets and Liabilities

#### June 30, 2025 (unaudited)

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Driehaus Global Fund* | &nbsp;&nbsp;*Driehaus International Small Cap Growth Fund* | &nbsp;&nbsp;*Driehaus International Developed Equity Fund* | &nbsp;&nbsp;*Driehaus Micro Cap Growth Fund* | &nbsp;&nbsp;*Driehaus Small Cap Growth Fund* | &nbsp;&nbsp;*Driehaus Small/Mid Cap Growth Fund* | &nbsp;&nbsp;*Driehaus Event Driven Fund* |
| &nbsp;&nbsp;&nbsp;&nbsp;$45602812 | &nbsp;&nbsp;$223181334 | &nbsp;&nbsp;$2155013 | &nbsp;&nbsp;$270845845 | &nbsp;&nbsp;$785845509 | &nbsp;&nbsp;$46215656 | &nbsp;&nbsp;$101173250 |
| &nbsp;&nbsp;&nbsp;&nbsp;$65355853 | &nbsp;&nbsp;$298768173 | &nbsp;&nbsp;$2580627 | &nbsp;&nbsp;$354912286 | &nbsp;&nbsp;$1018004286 | &nbsp;&nbsp;$62027674 | &nbsp;&nbsp;$98057193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2895071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4231143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10386156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4917407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7328333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5026222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3861450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68216194 | &nbsp;&nbsp;&nbsp;&nbsp;307389208 | &nbsp;&nbsp;&nbsp;&nbsp;2818576 | &nbsp;&nbsp;&nbsp;&nbsp;357984890 | &nbsp;&nbsp;&nbsp;&nbsp;1027822846 | &nbsp;&nbsp;&nbsp;&nbsp;62749363 | &nbsp;&nbsp;&nbsp;&nbsp;120044486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5407939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3950224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3312904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8021550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5275251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4827391 |
| $67890083 | &nbsp;&nbsp;$299367658 | &nbsp;&nbsp;$2793093 | &nbsp;&nbsp;$356553518 | &nbsp;&nbsp;$1022547595 | &nbsp;&nbsp;$62361886 | &nbsp;&nbsp;$115217095 |
| &nbsp;&nbsp;&nbsp;&nbsp;$43914007 | &nbsp;&nbsp;$245930377 | &nbsp;&nbsp;$2383975 | &nbsp;&nbsp;$265227797 | &nbsp;&nbsp;$915718755 | &nbsp;&nbsp;$53250987 | &nbsp;&nbsp;$120724991 |
| &nbsp;&nbsp;&nbsp;&nbsp;23976076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53437281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91325721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106828840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9110899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5507896) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$67890083 | &nbsp;&nbsp;$299367658 | &nbsp;&nbsp;$2793093 | &nbsp;&nbsp;$356553518 | &nbsp;&nbsp;$1022547595 | &nbsp;&nbsp;$62361886 | &nbsp;&nbsp;$115217095 |
| &nbsp;&nbsp;&nbsp;&nbsp;$67890083 | &nbsp;&nbsp;$299367658 | &nbsp;&nbsp;$2793093 | &nbsp;&nbsp;$356553518 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$62361886 | &nbsp;&nbsp;$115217095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3859682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27029158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26445854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3387823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9311332 |
| &nbsp;&nbsp;&nbsp;&nbsp;$17.59 | &nbsp;&nbsp;$11.08 | &nbsp;&nbsp;$12.15 | &nbsp;&nbsp;$13.48 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$18.41 | &nbsp;&nbsp;$12.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$100233331 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4613116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$21.73 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$922314264 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41558932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$22.19 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

#### Statements of Operations

#### June 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*Driehaus Emerging Markets Growth Fund* | &nbsp;&nbsp;*Driehaus Emerging Markets Small Cap Growth Fund* |
| INVESTMENT INCOME: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | &nbsp;&nbsp;$38300 | &nbsp;&nbsp;$157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50392752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rebates on short sales, net of fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50431052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006477 |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13529085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder services fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custody fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit and tax fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal and state registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and interest on short positions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16063480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees recoupment (reimbursement) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46133) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees paid indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15989480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34441572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274964 |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on transactions from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(49554251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7979382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1714596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;(51268847) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7942823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;425386591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3833868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;425563002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3826338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;374294155 | &nbsp;&nbsp;&nbsp;&nbsp;11769161 |
| NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | &nbsp;&nbsp;$408735727 | &nbsp;&nbsp;$12044125 |

---

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

<sup>1</sup> Net of $4,361,086, $122,098, $43,109, $400,565, $4,781, $0, $10,829, $93 and $0 of non-reclaimable foreign taxes withheld, respectively.

<sup>2</sup> Net realized gain (loss) on transactions from investments are net of $575,158, $(172102), $(1527), $(158322), $0, $0, $0, $0 and $0 of foreign capital gains taxes, respectively.

<sup>3</sup> Change in net unrealized appreciation (depreciation) on investments are net of $(2097606), $742,812, $0, $(28547), $0, $0, $0, $0 and $0 of change in deferred foreign capital gains taxes, respectively.

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

#### Statements of Operations

#### June 30, 2025 (unaudited)

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Driehaus Global Fund* | &nbsp;&nbsp;*Driehaus International Small Cap Growth Fund* | &nbsp;&nbsp;*Driehaus International Developed Equity Fund* | &nbsp;&nbsp;*Driehaus Micro Cap Growth Fund* | &nbsp;&nbsp;*Driehaus Small Cap Growth Fund* | &nbsp;&nbsp;*Driehaus Small/Mid Cap Growth Fund* | &nbsp;&nbsp;*Driehaus Event Driven Fund* |
| $— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2319951 |
| &nbsp;&nbsp;&nbsp;&nbsp;560725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3004402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65874 | &nbsp;&nbsp;&nbsp;&nbsp;1094976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3004402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65874 | &nbsp;&nbsp;&nbsp;&nbsp;3451095 |
| &nbsp;&nbsp;&nbsp;&nbsp;197083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7692 | &nbsp;&nbsp;&nbsp;&nbsp;1908056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2841468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54119 | &nbsp;&nbsp;&nbsp;&nbsp;2075461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3417804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232951 | &nbsp;&nbsp;&nbsp;&nbsp;1352191 |
| &nbsp;&nbsp;&nbsp;&nbsp;(35692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(45214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18375) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8791 | &nbsp;&nbsp;&nbsp;&nbsp;2010404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3310473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226068 | &nbsp;&nbsp;&nbsp;&nbsp;1333816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16141 | &nbsp;&nbsp;&nbsp;&nbsp;(1653780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2082106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160194) | &nbsp;&nbsp;&nbsp;&nbsp;2117279 |
| &nbsp;&nbsp;2369662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8323351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54190 | &nbsp;&nbsp;&nbsp;&nbsp;1334842 | &nbsp;&nbsp;&nbsp;&nbsp;(42235018) | &nbsp;&nbsp;&nbsp;&nbsp;(3549218) | &nbsp;&nbsp;&nbsp;&nbsp;(3728915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2972758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2377430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8346782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54469 | &nbsp;&nbsp;&nbsp;&nbsp;1334842 | &nbsp;&nbsp;&nbsp;&nbsp;(42235018) | &nbsp;&nbsp;&nbsp;&nbsp;(3549218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(459851) |
| &nbsp;&nbsp;5029853 | &nbsp;&nbsp;&nbsp;&nbsp;49227108 | &nbsp;&nbsp;&nbsp;&nbsp;378281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(635577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8471619) | &nbsp;&nbsp;&nbsp;&nbsp;2739832 | &nbsp;&nbsp;&nbsp;&nbsp;(6591394) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64213) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(491045) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5030757 | &nbsp;&nbsp;&nbsp;&nbsp;49256675 | &nbsp;&nbsp;&nbsp;&nbsp;378253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(635577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8471619) | &nbsp;&nbsp;&nbsp;&nbsp;2739832 | &nbsp;&nbsp;&nbsp;&nbsp;(6886077) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7408187 | &nbsp;&nbsp;&nbsp;&nbsp;57603457 | &nbsp;&nbsp;&nbsp;&nbsp;432722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699265 | &nbsp;&nbsp;&nbsp;&nbsp;(50706637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(809386) | &nbsp;&nbsp;&nbsp;&nbsp;(7345928) |
| $7741509 | &nbsp;&nbsp;$59126338 | &nbsp;&nbsp;$448863 | &nbsp;&nbsp;$(954515) | &nbsp;&nbsp;$(52788743) | &nbsp;&nbsp;$(969580) | &nbsp;&nbsp;$(5228649) |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

#### Statements of Changes in Net Assets

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*Driehaus Emerging Markets Growth Fund* | &nbsp;&nbsp;*Driehaus Emerging Markets Growth Fund* | &nbsp;&nbsp;*Driehaus Emerging Markets Small Cap Growth Fund* | &nbsp;&nbsp;*Driehaus Emerging Markets Small Cap Growth Fund* |
|  | &nbsp;&nbsp;*For the six months ended<br> June 30, 2025<br> (unaudited)* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the six months ended<br> June 30, 2025<br> (unaudited)* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$34441572 | &nbsp;&nbsp;$40866685 | &nbsp;&nbsp;$274964 | &nbsp;&nbsp;$799696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51268847) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117683177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7942823 | &nbsp;&nbsp;&nbsp;&nbsp;11965492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425563002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46735512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3826338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2295872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408735727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205285374 | &nbsp;&nbsp;&nbsp;&nbsp;12044125 | &nbsp;&nbsp;&nbsp;&nbsp;15061060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from distributable earnings to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(850001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4974827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29013147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33987974) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(850001) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax return of capital distributions to<br> shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 tax return of capital<br> distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital share transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6739048 | &nbsp;&nbsp;&nbsp;&nbsp;25165916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33295823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98501713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412114994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793652342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4760557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25779820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(16588671) | &nbsp;&nbsp;&nbsp;&nbsp;(23020844) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88428098) | &nbsp;&nbsp;&nbsp;&nbsp;(150088585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;(216448403) | &nbsp;&nbsp;&nbsp;&nbsp;(378298870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140534316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394306977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9849623) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2858083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549270043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565604377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2194502 | &nbsp;&nbsp;&nbsp;&nbsp;17069142 |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;$3145109247 | &nbsp;&nbsp;$2579504870 | &nbsp;&nbsp;$124883131 | &nbsp;&nbsp;$107813989 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | &nbsp;&nbsp;$3694379290 | &nbsp;&nbsp;$3145109247 | &nbsp;&nbsp;$127077633 | &nbsp;&nbsp;$124883131 |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

#### Statements of Changes in Net Assets

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Driehaus Global Fund* | *Driehaus Global Fund* | &nbsp;&nbsp;*Driehaus International Small Cap Growth Fund* | &nbsp;&nbsp;*Driehaus International Small Cap Growth Fund* | &nbsp;&nbsp;*Driehaus International Developed Equity Fund* | &nbsp;&nbsp;*Driehaus International Developed Equity Fund* |
| *For the six months ended<br> June 30, 2025<br> (unaudited)* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the six months ended<br> June 30, 2025<br> (unaudited)* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the six months ended<br> June 30, 2025<br> (unaudited)* | &nbsp;&nbsp;*For the period<br> April 30, 2024\*<br> through<br> December 31,<br> 2024* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$333322 | &nbsp;&nbsp;$325398 | &nbsp;&nbsp;$1522881 | &nbsp;&nbsp;$1476414 | &nbsp;&nbsp;$16141 | &nbsp;&nbsp;$6677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2377430 | &nbsp;&nbsp;&nbsp;&nbsp;7341760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8346782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9087934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88610) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5030757 | &nbsp;&nbsp;&nbsp;&nbsp;5872527 | &nbsp;&nbsp;&nbsp;&nbsp;49256675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4121272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7741509 | &nbsp;&nbsp;&nbsp;&nbsp;13539685 | &nbsp;&nbsp;&nbsp;&nbsp;59126338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6443076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34599) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(4955080) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1199995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(4955080) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1199995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383110 | &nbsp;&nbsp;&nbsp;&nbsp;2908752 | &nbsp;&nbsp;&nbsp;&nbsp;38755874 | &nbsp;&nbsp;&nbsp;&nbsp;39002575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690887 | &nbsp;&nbsp;&nbsp;&nbsp;1923334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1005988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1610038) | &nbsp;&nbsp;&nbsp;&nbsp;(4615812) | &nbsp;&nbsp;&nbsp;&nbsp;(34679351) | &nbsp;&nbsp;&nbsp;&nbsp;(30273335) | &nbsp;&nbsp;&nbsp;&nbsp;(152579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82813) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(226928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(701072) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4076523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9881546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538308 | &nbsp;&nbsp;&nbsp;&nbsp;1845667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7514581 | &nbsp;&nbsp;&nbsp;&nbsp;7883533 | &nbsp;&nbsp;&nbsp;&nbsp;63202861 | &nbsp;&nbsp;&nbsp;&nbsp;15124627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987171 | &nbsp;&nbsp;&nbsp;&nbsp;1805922 |
| &nbsp;&nbsp;&nbsp;&nbsp;$60375502 | &nbsp;&nbsp;$52491969 | &nbsp;&nbsp;$236164797 | &nbsp;&nbsp;$221040170 | &nbsp;&nbsp;$1805922 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;$67890083 | &nbsp;&nbsp;$60375502 | &nbsp;&nbsp;$299367658 | &nbsp;&nbsp;$236164797 | &nbsp;&nbsp;$2793093 | &nbsp;&nbsp;$1805922 |

---

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

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

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

#### Statements of Changes in Net Assets

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*Driehaus Micro Cap Growth Fund* | &nbsp;&nbsp;*Driehaus Micro Cap Growth Fund* | &nbsp;&nbsp;*Driehaus Small Cap Growth Fund* | &nbsp;&nbsp;*Driehaus Small Cap Growth Fund* |
|  | &nbsp;&nbsp;*For the six months ended<br> June 30, 2025<br> (unaudited)* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the six months ended<br> June 30, 2025<br> (unaudited)* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* |
| INCREASE (DECREASE) IN NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;$(1653780) | &nbsp;&nbsp;$(2674719) | &nbsp;&nbsp;$(2082106) | &nbsp;&nbsp;$(2891574) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334842 | &nbsp;&nbsp;&nbsp;&nbsp;44733696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42235018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67734820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(635577) | &nbsp;&nbsp;&nbsp;&nbsp;29233175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8471619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103418081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(954515) | &nbsp;&nbsp;&nbsp;&nbsp;71292152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52788743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168261327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions from distributable earnings to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(11281404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1400015) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10599987) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(11281404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12000002) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax return of capital distributions to<br> shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 tax return of capital<br> distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital share transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;78362574 | &nbsp;&nbsp;&nbsp;&nbsp;58923803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16841695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57373567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215483779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389897770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8955773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9312979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;(19088131) | &nbsp;&nbsp;&nbsp;&nbsp;(52086614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37268199) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44235033) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(122185221) | &nbsp;&nbsp;&nbsp;&nbsp;(129133050) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;59275924 | &nbsp;&nbsp;&nbsp;&nbsp;15792962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72872054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284613348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;58321409 | &nbsp;&nbsp;&nbsp;&nbsp;75803710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20083311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440874673 |
| NET ASSETS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | &nbsp;&nbsp;$298232109 | &nbsp;&nbsp;$222428399 | &nbsp;&nbsp;$1002464284 | &nbsp;&nbsp;$561589611 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | &nbsp;&nbsp;$356553518 | &nbsp;&nbsp;$298232109 | &nbsp;&nbsp;$1022547595 | &nbsp;&nbsp;$1002464284 |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

#### Statements of Changes in Net Assets

------

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

---

| | | | |
|:---|:---|:---|:---|
| *Driehaus Small/Mid Cap Growth Fund* | *Driehaus Small/Mid Cap Growth Fund* | &nbsp;&nbsp;*Driehaus Event Driven Fund* | &nbsp;&nbsp;*Driehaus Event Driven Fund* |
| *For the six months ended<br> June 30, 2025<br> (unaudited)* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the six months ended<br> June 30, 2025<br> (unaudited)* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(160194) | &nbsp;&nbsp;$(205194) | &nbsp;&nbsp;$2117279 | &nbsp;&nbsp;$7588655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3549218) | &nbsp;&nbsp;&nbsp;&nbsp;1033606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(459851) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(856906) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2739832 | &nbsp;&nbsp;&nbsp;&nbsp;9754469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6886077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(552529) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(969580) | &nbsp;&nbsp;&nbsp;&nbsp;10582881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5228649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6179220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3000005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3000005) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12024300 | &nbsp;&nbsp;&nbsp;&nbsp;42514457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22010016 | &nbsp;&nbsp;&nbsp;&nbsp;61146951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2960256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9609324) | &nbsp;&nbsp;&nbsp;&nbsp;(6732826) | &nbsp;&nbsp;&nbsp;&nbsp;(124792257) | &nbsp;&nbsp;&nbsp;&nbsp;(60764134) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414976 | &nbsp;&nbsp;&nbsp;&nbsp;35958559 | &nbsp;&nbsp;&nbsp;&nbsp;(102782241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3343073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445396 | &nbsp;&nbsp;&nbsp;&nbsp;46341440 | &nbsp;&nbsp;&nbsp;&nbsp;(108010890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6522288 |
| &nbsp;&nbsp;&nbsp;&nbsp;$60916490 | &nbsp;&nbsp;$14575050 | &nbsp;&nbsp;$223227985 | &nbsp;&nbsp;$216705697 |
| &nbsp;&nbsp;&nbsp;&nbsp;$62361886 | &nbsp;&nbsp;$60916490 | &nbsp;&nbsp;$115217095 | &nbsp;&nbsp;$223227985 |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

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

#### Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*For the six<br> month period<br> January 1, 2025<br> through<br> June 30, 2025<br> (unaudited)* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2023* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2022* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2021* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2020* |
| Net asset value, beginning of period | &nbsp;&nbsp;$36.84 | &nbsp;&nbsp;$34.58 | &nbsp;&nbsp;$31.69 | &nbsp;&nbsp;$41.20 | &nbsp;&nbsp;$49.09 | &nbsp;&nbsp;$39.53 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.78 |
| LESS DISTRIBUTIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.22) |
| Redemption fees added to paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>2</sup> |
| Net asset value, end of period | &nbsp;&nbsp;$41.39 | &nbsp;&nbsp;$36.84 | &nbsp;&nbsp;$34.58 | &nbsp;&nbsp;$31.69 | &nbsp;&nbsp;$41.20 | &nbsp;&nbsp;$49.09 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.35%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22.54)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.31% |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | &nbsp;&nbsp;$571798 | &nbsp;&nbsp;$562555 | &nbsp;&nbsp;$570927 | &nbsp;&nbsp;$572323 | &nbsp;&nbsp;$844522 | &nbsp;&nbsp;$951998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203% |

---

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

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

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

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

<sup>5</sup> Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.01%, 0.01%, 0.01%, 0.01%, 0.01% and 0.00% for the years 2020, 2021, 2022, 2023, 2024 and for the six month period ended June 30, 2025.

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

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

#### Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*For the six<br> month period<br> January 1, 2025<br> through<br> June 30, 2025<br> (unaudited)* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2023* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2022* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2021* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2020* |
| Net asset value, beginning of period | &nbsp;&nbsp;$37.07 | &nbsp;&nbsp;$34.80 | &nbsp;&nbsp;$31.88 | &nbsp;&nbsp;$41.36 | &nbsp;&nbsp;$49.14 | &nbsp;&nbsp;$39.48 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88 |
| LESS DISTRIBUTIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.22) |
| Redemption fees added to paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>2</sup> |
| Net asset value, end of period | &nbsp;&nbsp;$41.70 | &nbsp;&nbsp;$37.07 | &nbsp;&nbsp;$34.80 | &nbsp;&nbsp;$31.88 | &nbsp;&nbsp;$41.36 | &nbsp;&nbsp;$49.14 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.49%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22.36)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.67)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.60% |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | &nbsp;&nbsp;$3122581 | &nbsp;&nbsp;$2582554 | &nbsp;&nbsp;$2008578 | &nbsp;&nbsp;$1484392 | &nbsp;&nbsp;$1482582 | &nbsp;&nbsp;$1331263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203% |

---

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

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

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

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

<sup>5</sup> Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.01%, 0.01%, 0.01%, 0.01%, 0.01% and 0.00% for the years 2020, 2021, 2022, 2023, 2024 and for the six month period ended June 30, 2025.

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Emerging Markets Small Cap Growth Fund

#### Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*For the six<br> month period<br> January 1, 2025<br> through<br> June 30, 2025<br> (unaudited)* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2023* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2022* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2021* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2020* |
| Net asset value, beginning of period | &nbsp;&nbsp;$21.69 | &nbsp;&nbsp;$19.00 | &nbsp;&nbsp;$17.43 | &nbsp;&nbsp;$22.11 | &nbsp;&nbsp;$19.08 | &nbsp;&nbsp;$14.38 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 |
| LESS DISTRIBUTIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |
| Redemption fees added to paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value, end of period | &nbsp;&nbsp;$23.97 | &nbsp;&nbsp;$21.69 | &nbsp;&nbsp;$19.00 | &nbsp;&nbsp;$17.43 | &nbsp;&nbsp;$22.11 | &nbsp;&nbsp;$19.08 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.51%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21.17)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.56% |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | &nbsp;&nbsp;$127078 | &nbsp;&nbsp;$124883 | &nbsp;&nbsp;$107814 | &nbsp;&nbsp;$102629 | &nbsp;&nbsp;$116644 | &nbsp;&nbsp;$89729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248% |

---

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

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

<sup>2</sup> Not annualized.

<sup>3</sup> Annualized.

<sup>4</sup> Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.00%, 0.01%, 0.00%, 0.00%, 0.00% and 0.00% for the years 2020, 2021, 2022, 2023, 2024 and for the six month period ended June 30, 2025.

<sup>5</sup> Effective December 31, 2020, the Adviser contractually agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual Fund operating expenses (other than interest, taxes, brokerage commissions, dividends and interest on short sales, other investment-related expenses, acquired fund fees and expenses, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund's business) would not exceed the Fund's operating expense cap of 1.24% of average daily net assets until April 30, 2026. From November 1, 2018, to December 31, 2020, the annual operating expense limitation was 1.45%.

<sup>6</sup> Such ratios are after administrative and transfer agent waivers and adviser expense reimbursements and recoupments, when applicable. BNY Mellon Investment Servicing (US) Inc., the prior administrative agent and transfer agent, waived a portion of its fees beginning with the Fund's commencement of operations, August 22, 2011 through July 31, 2020.

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Global Fund

#### Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*For the six<br> month period<br> January 1, 2025<br> through<br> June 30, 2025<br> (unaudited)* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2023* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2022* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2021* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2020* |
| Net asset value, beginning of period | &nbsp;&nbsp;$15.57 | &nbsp;&nbsp;$13.34 | &nbsp;&nbsp;$11.33 | &nbsp;&nbsp;$14.25 | &nbsp;&nbsp;$15.17 | &nbsp;&nbsp;$11.94 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59 |
| LESS DISTRIBUTIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| Redemption fees added to paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value, end of period | &nbsp;&nbsp;$17.59 | &nbsp;&nbsp;$15.57 | &nbsp;&nbsp;$13.34 | &nbsp;&nbsp;$11.33 | &nbsp;&nbsp;$14.25 | &nbsp;&nbsp;$15.17 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.97%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18.86)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.09% |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | &nbsp;&nbsp;$67890 | &nbsp;&nbsp;$60376 | &nbsp;&nbsp;$52492 | &nbsp;&nbsp;$46642 | &nbsp;&nbsp;$57728 | &nbsp;&nbsp;$53221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135% |

---

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

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

<sup>2</sup> Not annualized.

<sup>3</sup> Annualized.

<sup>4</sup> Effective April 30, 2023, the Adviser contractually agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual Fund operating expenses (other than interest, taxes, brokerage commissions, dividends and interest on short sales, other investment-related expenses, acquired fund fees and expenses, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund's business) would not exceed the Fund's operating expense cap of 0.75% of average daily net assets until April 30, 2026. From May 1, 2019 to April 29, 2023, the annual operating expense limitation was 0.99%.

<sup>5</sup> Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.00%, 0.01%, 0.01%, 0.01%, 0.01% and 0.01% for the years 2020, 2021, 2022, 2023, 2024 and for the six month period ended June 30, 2025.

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus International Small Cap Growth Fund

#### Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*For the six<br> month period<br> January 1, 2025<br> through<br> June 30, 2025<br> (unaudited)* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2023* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2022* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2021* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2020* |
| Net asset value, beginning of period | &nbsp;&nbsp;$8.97 | &nbsp;&nbsp;$8.74 | &nbsp;&nbsp;$7.90 | &nbsp;&nbsp;$11.06 | &nbsp;&nbsp;$12.59 | &nbsp;&nbsp;$10.52 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 |
| LESS DISTRIBUTIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.04) |
| Redemption fees added to paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>1</sup> |
| Net asset value, end of period | &nbsp;&nbsp;$11.08 | &nbsp;&nbsp;$8.97 | &nbsp;&nbsp;$8.74 | &nbsp;&nbsp;$7.90 | &nbsp;&nbsp;$11.06 | &nbsp;&nbsp;$12.59 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.52%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24.40)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.71% |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | &nbsp;&nbsp;$299368 | &nbsp;&nbsp;$236165 | &nbsp;&nbsp;$221040 | &nbsp;&nbsp;$216814 | &nbsp;&nbsp;$332312 | &nbsp;&nbsp;$288855 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104% |

---

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

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

<sup>2</sup> Not annualized.

<sup>3</sup> Annualized.

<sup>4</sup> Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.00%, 0.01%, 0.01%, 0.01%, 0.01% and 0.01% for the years 2020, 2021, 2022, 2023, 2024 and for the six month period ended June 30, 2025.

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus International Developed Equity Fund

#### Financial Highlights

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;*For the six<br> month period<br> January 1, 2025<br> through<br> June 30, 2025<br> (unaudited)* | &nbsp;&nbsp;*For the period<br> April 30, 2024\*<br> through<br> December 31, 2024* |
| Net asset value, beginning of period | &nbsp;&nbsp;$9.92 | &nbsp;&nbsp;$10.00 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) |
| LESS DISTRIBUTIONS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| Net asset value, end of period | &nbsp;&nbsp;$12.15 | &nbsp;&nbsp;$9.92 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.48%<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51)%<sup>1</sup> |
| RATIOS/SUPPLEMENTAL DATA: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | &nbsp;&nbsp;$2793 | &nbsp;&nbsp;$1806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.92%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.05%<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49%<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62%<sup>1</sup> |

---

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

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

<sup>1</sup> Not annualized.

<sup>2</sup> Annualized.

<sup>3</sup> The Adviser contractually agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual Fund operating expenses (other than interest, taxes, brokerage commissions and other portfolio transaction expenses, capital expenditures, and extraordinary expenses) would not exceed the Fund's operating expense cap of 0.80% of average daily net assets until April 30, 2027.

<sup>4</sup> Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.07% for the period April 30, 2024 (Commencement of Operations) through December 31, 2024 and 0.00% for the six month period ended June 30, 2025.

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Micro Cap Growth Fund

#### Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*For the six<br> month period<br> January 1, 2025<br> through<br> June 30, 2025<br> (unaudited)* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2023* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2022* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2021* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2020* |
| Net asset value, beginning of period | &nbsp;&nbsp;$13.96 | &nbsp;&nbsp;$11.10 | &nbsp;&nbsp;$10.05 | &nbsp;&nbsp;$16.33 | &nbsp;&nbsp;$19.99 | &nbsp;&nbsp;$12.95 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00 |
| LESS DISTRIBUTIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.96) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.96) |
| Redemption fees added to paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>1</sup> |
| Net asset value, end of period | &nbsp;&nbsp;$13.48 | &nbsp;&nbsp;$13.96 | &nbsp;&nbsp;$11.10 | &nbsp;&nbsp;$10.05 | &nbsp;&nbsp;$16.33 | &nbsp;&nbsp;$19.99 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.44)%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33.53)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.60% |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | &nbsp;&nbsp;$356554 | &nbsp;&nbsp;$298232 | &nbsp;&nbsp;$222428 | &nbsp;&nbsp;$176208 | &nbsp;&nbsp;$341269 | &nbsp;&nbsp;$334391 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.08)%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.98)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.10)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.87)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.26)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.33)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141% |

---

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

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

<sup>2</sup> Not annualized.

<sup>3</sup> Annualized.

<sup>4</sup> Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.03%, 0.03%, 0.05%, 0.05%, 0.04%, and 0.04% for the years 2020, 2021, 2022, 2023, 2024 and for the six month period ended June 30, 2025.

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

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

#### Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*For the six<br> month period<br> January 1, 2025<br> through<br> June 30, 2025<br> (unaudited)* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2023* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2022* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2021* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2020* |
| Net asset value, beginning of period | &nbsp;&nbsp;$22.91 | &nbsp;&nbsp;$18.17 | &nbsp;&nbsp;$15.34 | &nbsp;&nbsp;$23.76 | &nbsp;&nbsp;$23.62 | &nbsp;&nbsp;$15.37 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18)<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.80 |
| LESS DISTRIBUTIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.55) |
| Redemption fees added to paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value, end of period | &nbsp;&nbsp;$21.73 | &nbsp;&nbsp;$22.91 | &nbsp;&nbsp;$18.17 | &nbsp;&nbsp;$15.34 | &nbsp;&nbsp;$23.76 | &nbsp;&nbsp;$23.62 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.15)%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34.11)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.77% |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | &nbsp;&nbsp;$100233 | &nbsp;&nbsp;$129482 | &nbsp;&nbsp;$91508 | &nbsp;&nbsp;$67143 | &nbsp;&nbsp;$96371 | &nbsp;&nbsp;$28088 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96%<sup>6,7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11%<sup>6,7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%<sup>6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64)%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52)%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54)%<sup>6,7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97)%<sup>6,7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.04)%<sup>6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164% |

---

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

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

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

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

<sup>5</sup> Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.02%, 0.02%, 0.04%, 0.03%, 0.02% and 0.02% for the years 2020, 2021, 2022, 2023, 2024 and for the six month period ended June 30, 2025.

<sup>6</sup> The Adviser contractually agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual operating expenses for the Investor Class (other than interest, taxes, brokerage commissions and other portfolio transaction expenses, capital expenditures, and extraordinary expenses) would not exceed the Investor Class's operating expense cap of 1.20% of average daily net assets until April 30, 2023.

<sup>7</sup> Such ratios are after administrative and transfer agent waivers and adviser expense reimbursements and recoupments, when applicable. BNY Mellon Investment Servicing (US) Inc., the prior administrative agent and transfer agent, waived a portion of its fees beginning with the Fund's commencement of operations, August 21, 2017 through July 31, 2020.

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

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

#### Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*For the six<br> month period<br> January 1, 2025<br> through<br> June 30, 2025<br> (unaudited)* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2023* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2022* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2021* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2020* |
| Net asset value, beginning of period | &nbsp;&nbsp;$23.37 | &nbsp;&nbsp;$18.53 | &nbsp;&nbsp;$15.64 | &nbsp;&nbsp;$24.15 | &nbsp;&nbsp;$23.88 | &nbsp;&nbsp;$15.47 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11)<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.96 |
| LESS DISTRIBUTIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.55) |
| Redemption fees added to paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value, end of period | &nbsp;&nbsp;$22.19 | &nbsp;&nbsp;$23.37 | &nbsp;&nbsp;$18.53 | &nbsp;&nbsp;$15.64 | &nbsp;&nbsp;$24.15 | &nbsp;&nbsp;$23.88 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.05)%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33.93)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.39% |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | &nbsp;&nbsp;$922315 | &nbsp;&nbsp;$872982 | &nbsp;&nbsp;$470082 | &nbsp;&nbsp;$386295 | &nbsp;&nbsp;$512941 | &nbsp;&nbsp;$327155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71%<sup>6,7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71%<sup>6,7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81%<sup>6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.41)%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29)%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28)%<sup>6,7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58)%<sup>6,7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64)%<sup>6,7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164% |

---

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

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

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

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

<sup>5</sup> Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.01%, 0.02%, 0.04%, 0.03%, 0.02% and 0.02% for the years 2020, 2021, 2022, 2023, 2024 and for the six month period ended June 30, 2025.

<sup>6</sup> The Adviser contractually agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual operating expenses for the Institutional Class (other than interest, taxes, brokerage commissions and other portfolio transaction expenses, capital expenditures, and extraordinary expenses) would not exceed the Institutional Class's operating expense cap of 0.95% of average daily net assets until April 30, 2023.

<sup>7</sup> Such ratios are after administrative and transfer agent waivers and adviser expense reimbursements and recoupments, when applicable. BNY Mellon Investment Servicing (US) Inc., the prior administrative agent and transfer agent, waived a portion of its fees beginning with the Fund's commencement of operations, August 21, 2017 through July 31, 2020.

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Small/Mid Cap Growth Fund

#### Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*For the six<br> month period<br> January 1, 2025<br> through<br> June 30, 2025<br> (unaudited)* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2023* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2022* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2021* | &nbsp;&nbsp;*For the period<br> May 1, 2020\*<br> through<br> December 31,<br> 2020* |
| Net asset value, beginning of period | &nbsp;&nbsp;$18.88 | &nbsp;&nbsp;$14.99 | &nbsp;&nbsp;$12.41 | &nbsp;&nbsp;$18.75 | &nbsp;&nbsp;$17.19 | &nbsp;&nbsp;$10.00 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.43 |
| LESS DISTRIBUTIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| Redemption fees added to paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net asset value, end of period | &nbsp;&nbsp;$18.41 | &nbsp;&nbsp;$18.88 | &nbsp;&nbsp;$14.99 | &nbsp;&nbsp;$12.41 | &nbsp;&nbsp;$18.75 | &nbsp;&nbsp;$17.19 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.49)%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31.45)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.23%<sup>2</sup> |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | &nbsp;&nbsp;$62362 | &nbsp;&nbsp;$60916 | &nbsp;&nbsp;$14575 | &nbsp;&nbsp;$12933 | &nbsp;&nbsp;$23174 | &nbsp;&nbsp;$14845 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%<sup>3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57)%<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48)%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70)%<sup>6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73)%<sup>3,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96%<sup>2</sup> |

---

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

<sup>\*</sup> Fund commenced operations on May 1, 2020.

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

<sup>2</sup> Not annualized.

<sup>3</sup> Annualized.

<sup>4</sup> Such ratios are after administrative and transfer agent waivers and adviser expense reimbursements, when applicable. BNY Mellon Investment Servicing (US) Inc., the prior administrative agent and transfer agent, and The Northern Trust Company, the current administrative agent and transfer agent, waived a portion of their fees beginning with the Fund's commencement of operations, May 1, 2020 through July 31, 2020. Effective September 7, 2023, the Adviser contractually agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual Fund operating expenses (other than interest, taxes, brokerage commissions and other portfolio transaction expenses, capital expenditures, and extraordinary expenses) would not exceed the Fund's operating expense cap of 0.80% of average daily net assets until April 30, 2026. Prior to September 7, 2023, the annual expense limitation was 0.95%.

<sup>5</sup> Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.00%, 0.01%, 0.04%, 0.01%, 0.02% and 0.01% for the years 2020, 2021, 2022, 2023, 2024 and for the six month period ended June 30, 2025.

<sup>6</sup> Such ratios are after administrative and transfer agent waivers and adviser expense reimbursements and recoupments, when applicable. BNY Mellon Investment Servicing (US) Inc., the prior administrative agent and transfer agent, waived a portion of its fees beginning with the Fund's commencement of operations, May 1, 2020 through July 31, 2020.

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Event Driven Fund

#### Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;*For the six<br> month period<br> January 1, 2025<br> through<br> June 30, 2025<br> (unaudited)* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2024* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2023* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2022* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2021* | &nbsp;&nbsp;*For the year<br> ended<br> December 31,<br> 2020* |
| Net asset value, beginning of period | &nbsp;&nbsp;$12.57 | &nbsp;&nbsp;$12.36 | &nbsp;&nbsp;$11.79 | &nbsp;&nbsp;$13.29 | &nbsp;&nbsp;$13.93 | &nbsp;&nbsp;$11.55 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86 |
| LESS DISTRIBUTIONS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) |
| Net asset value, end of period | &nbsp;&nbsp;$12.37 | &nbsp;&nbsp;$12.57 | &nbsp;&nbsp;$12.36 | &nbsp;&nbsp;$11.79 | &nbsp;&nbsp;$13.29 | &nbsp;&nbsp;$13.93 |
| Total Return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.59)%<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.98)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.84% |
| RATIOS/SUPPLEMENTAL DATA: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets, end of period (000's) | &nbsp;&nbsp;$115217 | &nbsp;&nbsp;$223228 | &nbsp;&nbsp;$216706 | &nbsp;&nbsp;$204289 | &nbsp;&nbsp;$203635 | &nbsp;&nbsp;$142064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (including dividends and interest on short positions and interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets<sup>3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34%<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136% |

---

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

<sup>1</sup> Not annualized.

<sup>2</sup> Annualized.

<sup>3</sup> The ratio for the fund includes the effect of dividends and interest on short positions, and interest expense which increased the expense ratios by 0.13%, 0.10%, 0.30%, 0.21%, 0.09% and 0.08% for the years 2020, 2021, 2022, 2023, 2024 and for the six month period ended June 30, 2025.

<sup>4</sup> Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the fund includes the effect of fees paid indirectly which impacted the expense ratios by 0.02%, 0.07%, 0.03%, 0.01%, 0.01% and 0.02% for the years 2020, 2021, 2022, 2023, 2024 and for the six month period ended June 30, 2025.

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

#### Notes to Financial Statements (unaudited)

------

A. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

#### Organization
The Driehaus Mutual Funds (the "Trust") is an open-end registered management investment company under the Investment Company Act of 1940 (the "1940 Act"), as amended, organized as a Delaware statutory trust, with eight separate series currently in operation. The Trust was organized under an Agreement and Declaration of Trust dated May 31, 1996, as subsequently amended and restated as of June 6, 2013, and as further amended to date, and may issue an unlimited number of full and fractional units of beneficial interest (shares) without par value. The nine series (each a "Fund", and collectively, the "Funds") included in this report are as follows:

---

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

---

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

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

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

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

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

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

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

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

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

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

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

------

The presentation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses. Actual results may differ from those estimates. The Funds, which are investment companies within the scope of Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2013-08, follow accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, *Financial Services-Investment Companies.*

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

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

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

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

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

------

management may consider in its ongoing assessments may include, but are not limited to, actual or upcoming financing or third-party sale transactions, current or forecasted performance, or regulatory approval status updates. It is possible that estimated values may differ significantly from the values that would have been used had a ready market existed for the investments, and such differences could be material.

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

Level 1 – quoted prices for active markets for identical securities

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

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

The following is a summary of the inputs used to value the Emerging Markets Growth Fund's investments as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | &nbsp;&nbsp;**Total<br> Value at<br> June 30, 2025** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Africa | &nbsp;&nbsp;$136796140 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$136796140 | &nbsp;&nbsp;$— |
| &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;62521124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62521124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;47370257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47370257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;37862706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37862706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;45623973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22066617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23557356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;57166171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31444359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25721812 | &nbsp;&nbsp;&nbsp;&nbsp;&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;910564153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76691927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833872226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;25731495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25731495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;575549543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136959948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438589595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;30121481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30121481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16506512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16506512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;27901213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27901213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;337228879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337228879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;569432939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256878163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312554776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;12702436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12702436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Middle East |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28333562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14649527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13684035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86374882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86374882 | &nbsp;&nbsp;&nbsp;&nbsp;&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;285694009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285694009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&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;265985238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265985238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;36022579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36022579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Rights |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Far East | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452370 | &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;107948814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107948814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;$3703890476 | &nbsp;&nbsp;$1262242394 | &nbsp;&nbsp;$2441648082 | &nbsp;&nbsp;$— |

---

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

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

------

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

The following is a summary of the inputs used to value the Emerging Markets Small Cap Growth Fund's investments as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | &nbsp;&nbsp;**Total<br> Value at<br> June 30, 2025** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Africa |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | &nbsp;&nbsp;$6859605 | &nbsp;&nbsp;$1628172 | &nbsp;&nbsp;$5231433 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4805348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4805348 | &nbsp;&nbsp;&nbsp;&nbsp;&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;2294755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2294755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;10166758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8515856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;40547147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38843055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;1908696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;11199226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11199226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;8751640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7809904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;4053563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4053563 | &nbsp;&nbsp;&nbsp;&nbsp;&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;6916305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6916305 | &nbsp;&nbsp;&nbsp;&nbsp;&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;9973266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9973266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&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;15470945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15470945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;1046212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;1538779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;$127617512 | &nbsp;&nbsp;$33954104 | &nbsp;&nbsp;$93663408 | &nbsp;&nbsp;$— |

---

The following is a summary of the inputs used to value the Global Fund's investments as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | &nbsp;&nbsp;**Total<br> Value at<br> June 30, 2025** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France | &nbsp;&nbsp;$1606273 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1606273 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4195058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4195058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;872206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;868312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;740228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;431039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;1435317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;6460805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5456405 | &nbsp;&nbsp;&nbsp;&nbsp;&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;463582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;1266353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;919886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;3512811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3512811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | &nbsp;&nbsp;**Total<br> Value at<br> June 30, 2025** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | &nbsp;&nbsp;$883808 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$883808 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;Middle East | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&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;40116848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40116848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&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;561259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;2325070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;$67680923 | &nbsp;&nbsp;$46445794 | &nbsp;&nbsp;$21235129 | &nbsp;&nbsp;$— |

---

The following is a summary of the inputs used to value the International Small Cap Growth Fund's investments as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | &nbsp;&nbsp;**Total<br> Value at<br> June 30, 2025** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Africa | &nbsp;&nbsp;$1728735 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1728735 | &nbsp;&nbsp;$— |
| &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;7484356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7484356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;3769430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3769430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;3864855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3864855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;4924853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4924853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;40830071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40830071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;6997683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4694322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2303361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;10864753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10864753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;4355608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2293215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;1583782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;10006968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10006968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;17234763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17234763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;48725586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48725586 | &nbsp;&nbsp;&nbsp;&nbsp;&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;100164182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100164182 | &nbsp;&nbsp;&nbsp;&nbsp;&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;3548436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3548436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&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;23510819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23510819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&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;5516312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5516312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;Europe | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2527772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2527772 | &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;$298768173 | &nbsp;&nbsp;$40916064 | &nbsp;&nbsp;$257852109 | &nbsp;&nbsp;$— |

---

The following is a summary of the inputs used to value the International Developed Equity Fund's investments as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | &nbsp;&nbsp;**Total<br> Value at<br> June 30, 2025** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe | &nbsp;&nbsp;$1852641 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1852641 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;Far East |  |  |  |  |

---

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | &nbsp;&nbsp;**Total<br> Value at<br> June 30, 2025** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | &nbsp;&nbsp;$461112 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$461112 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&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;225929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;190591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;$2771218 | &nbsp;&nbsp;$457465 | &nbsp;&nbsp;$2313753 | &nbsp;&nbsp;$— |

---

The following is a summary of the inputs used to value the Micro Cap Growth Fund's investments as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets<sup>\*</sup>** | &nbsp;&nbsp;**Total<br> Value at<br> June 30, 2025** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Common Stocks | &nbsp;&nbsp;$354912286 | &nbsp;&nbsp;$354912286 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2895071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2895071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;$357807357 | &nbsp;&nbsp;$357807357 | &nbsp;&nbsp;$— | &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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets<sup>\*</sup>** | &nbsp;&nbsp;**Total<br> Value at<br> June 30, 2025** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Common Stocks | &nbsp;&nbsp;$1018004286 | &nbsp;&nbsp;$1018004286 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4231143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4231143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;$1022235429 | &nbsp;&nbsp;$1022235429 | &nbsp;&nbsp;$— | &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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets<sup>\*</sup>** | &nbsp;&nbsp;**Total<br> Value at<br> June 30, 2025** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Common Stocks | &nbsp;&nbsp;$62027674 | &nbsp;&nbsp;$62027674 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Short Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;$62269847 | &nbsp;&nbsp;$62269847 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

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

\* See Schedule of Investments for industry breakout.

The following is a summary of the inputs used to value the Event Driven Fund's investments as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets<sup>\*</sup>** | &nbsp;&nbsp;**Total<br> Value at<br> June 30, 2025** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Bank Loans | &nbsp;&nbsp;$8343046 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$8343046 | &nbsp;&nbsp;$— |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66936594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66936594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets<sup>\*</sup>** | &nbsp;&nbsp;**Total<br> Value at<br> June 30, 2025** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| Corporate Bonds | &nbsp;&nbsp;$17989568 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$17989568 | &nbsp;&nbsp;$— |
| Rights |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset Management | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73603 | &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;10386156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10386156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Sovereign Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4547110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4547110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134474 | &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;$108880900 | &nbsp;&nbsp;$77793099 | &nbsp;&nbsp;$31087801 | &nbsp;&nbsp;$— |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** |  |  |  |  |
| Corporate Bonds Sold Short | &nbsp;&nbsp;$(733716) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(733716) | &nbsp;&nbsp;$— |
| Total | &nbsp;&nbsp;$(733716) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(733716) | &nbsp;&nbsp;$— |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** |  |  |  |  |
| Total Return Swaps<sup>\*\*</sup> | &nbsp;&nbsp;$150017 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$150017 | &nbsp;&nbsp;$— |
| Total Return Swaps - Liabilities<sup>\*\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(388394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(388394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Other Financial Instruments | &nbsp;&nbsp;$(238377) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(238377) | &nbsp;&nbsp;$— |

---

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

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

As of June 30, 2025, none of the Funds held Level 3 investments, other than as disclosed for Emerging Markets Growth Fund.

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

The Fund is required to establish a margin account with the broker lending the security sold short. While the short sale is outstanding, the broker retains the proceeds of the short sale and the Fund must maintain a deposit with the broker consisting of cash and securities having a value equal to a specified percentage of the value of the securities sold short. Such deposit is included in "Collateral held at custodian for the benefit of brokers" in the Statement of Assets and Liabilities. The Fund is obligated to pay any dividends or interest due on securities sold short. Such dividends and interest are recorded as an expense to the Fund in the Statement of Operations.

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

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

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

------

Each Fund is subject to accounting standards that establish a minimum threshold for recognizing, and a system for measuring, the benefits of a tax position taken or expected to be taken in a tax return. Taxable years ending 2024, 2023, 2022, and 2021 remain open to Federal and state audit. As of December 31, 2024, management has evaluated the application of these standards to each Fund, and has determined that no provision for income tax is required in each Fund's financial statements for uncertain tax provisions. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year, the Funds did not incur any interest or penalties. The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Foreign taxes are provided for based on the Funds' understanding of the tax rules and regulations that exist in the foreign markets in which they invest. Any deferred foreign capital gains tax is accrued based upon net unrealized gains, and is payable upon sale of such investment.

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

For the year ended December 31, 2024, reclassifications were recorded to distributable earnings (deficit) and paid-in capital for any permanent tax differences. These reclassifications relate primarily to certain non-deductible expenses and distributions paid in excess of the Subchapter M requirement. Results of operations and net assets were not affected by these reclassifications.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Emerging Markets Growth Fund** | &nbsp;&nbsp;**Emerging Markets Small Cap Growth Fund** | &nbsp;&nbsp;**Global<br> Fund** | &nbsp;&nbsp;**International Small Cap Growth Fund** | &nbsp;&nbsp;**International Developed Equity Fund** |
| Paid-in capital | &nbsp;&nbsp;$(455425) | &nbsp;&nbsp;$(82) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Total distributable earnings (deficit) | &nbsp;&nbsp;&nbsp;&nbsp;455425 | &nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Micro Cap Growth Fund** | &nbsp;&nbsp;**Small Cap Growth Fund** | &nbsp;&nbsp;**Small/Mid Cap Growth Fund** | &nbsp;&nbsp;**Event<br> Driven<br> Fund** |
| Paid-in capital | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$639 |
| Total distributable earnings (deficit) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(639) |

---

Accumulated capital losses represent net capital loss carryovers that may be available for an unlimited period to offset future realized capital gains and thereby reduce future capital gains distributions. Capital loss carryovers retain the character of the original loss. The following table shows the amounts of capital loss carryovers, if any, by each of the applicable Funds as of December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Not Subject to Expiration** | &nbsp;&nbsp;**Not Subject to Expiration** |
| **Fund** | &nbsp;&nbsp;**Short-Term** | &nbsp;&nbsp;**Long-Term** |
| **Emerging Markets Growth Fund** | &nbsp;&nbsp;$202616964 | &nbsp;&nbsp;$— |
| **Emerging Markets Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21197244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Global Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **International Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31783127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **International Developed Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Micro Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60691032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Small/Mid Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2347261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Event Driven Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5939192 |

---

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

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

------

During the year ended December 31, 2024, the Emerging Markets Growth Fund, Emerging Markets Small Cap Growth Fund, Global Fund, International Small Cap Growth Fund, Micro Cap Growth Fund, Small Cap Growth Fund, Small/Mid Cap Growth Fund and Event Driven Fund utilized $(121,414,610), $(12,529,425), $(1,041,006), $(8,670,241), $(19,120,137), $(64,185,181), $(1,156,752) and $(699,748), respectively, of capital loss carryforwards.

Pursuant to Federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain ordinary losses between November 1 and December 31 as occurring on the first day of the following tax year. For the year ended December 31, 2024, the following qualified late-year ordinary losses were deferred and recognized on January 1, 2025:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Total<br> Ordinary Loss<br> Deferral** | &nbsp;&nbsp;**Total** |
| **Emerging Markets Growth Fund** | &nbsp;&nbsp;$2198095 | &nbsp;&nbsp;$2198095 |
| **Emerging Markets Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64591 |
| **Global Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **International Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **International Developed Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Micro Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Small/Mid Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Event Driven Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

#### Distributions to Shareholders
The tax character of distributions paid during the years ended December 31, 2024, and December 31, 2023, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Long-Term<br> Capital Gain** | &nbsp;&nbsp;**Return<br> of Capital** | &nbsp;&nbsp;**Total<br> Distributions** |
| **Emerging Markets Growth Fund** | 2024 | $33987974 | $— | $— | $33987974 |
| **Emerging Markets Growth Fund** | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000030 |
| **Emerging Markets Small Cap Growth Fund** | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850001 |
| **Emerging Markets Small Cap Growth Fund** | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149999 |
| **Global Fund** | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2892981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4955080 |
| **Global Fund** | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760000 |
| **International Small Cap Growth Fund** | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199995 |
| **International Small Cap Growth Fund** | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500006 |
| **International Developed Equity Fund** | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5146 |
| **Micro Cap Growth Fund** | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5343643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5937761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11281404 |
| **Micro Cap Growth Fund** | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999999 |
| **Small Cap Growth Fund** | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000002 |
| **Small Cap Growth Fund** | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2744143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2999991 |
| **Small/Mid Cap Growth Fund** | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 |
| **Small/Mid Cap Growth Fund** | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Event Driven Fund** | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000005 |
| **Event Driven Fund** | 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9649997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9649997 |

---

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

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

------

As of December 31, 2024, the components of net assets on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Emerging Markets Growth Fund** | &nbsp;&nbsp;**Emerging Markets Small Cap Growth Fund** | &nbsp;&nbsp;**Global<br> Fund** | &nbsp;&nbsp;**International Small Cap Growth Fund** | &nbsp;&nbsp;**International Developed Equity Fund** |
| Undistributed ordinary income | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$638608 | &nbsp;&nbsp;$2496849 | &nbsp;&nbsp;$58 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Accumulated earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2496849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2841149574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127169389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44140935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241853854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845667 |
| Accumulated capital and other losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204815059) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21261835) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31783127) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78303) |
| Unrealized appreciation (depreciation) on investments, securities sold short, warrants and swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508774732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18975577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14633731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23597221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38500 |
| Net assets | &nbsp;&nbsp;$3145109247 | &nbsp;&nbsp;$124883131 | &nbsp;&nbsp;$60375502 | &nbsp;&nbsp;$236164797 | &nbsp;&nbsp;$1805922 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Micro Cap Growth Fund** | &nbsp;&nbsp;**Small Cap Growth Fund** | &nbsp;&nbsp;**Small/Mid Cap Growth Fund** | &nbsp;&nbsp;**Event<br> Driven<br> Fund** |
| Undistributed ordinary income | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4893507 | &nbsp;&nbsp;$351348 | &nbsp;&nbsp;$5266353 |
| Undistributed long-term capital gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13314686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Accumulated earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13314686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4893507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5266353 |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205951873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842846701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50836011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223507232 |
| Accumulated capital and other losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60691032) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2347261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5939192) |
| Unrealized appreciation (depreciation) on investments, securities sold short, warrants and swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78965550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215415108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12076392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393592 |
| Net assets | &nbsp;&nbsp;$298232109 | &nbsp;&nbsp;$1002464284 | &nbsp;&nbsp;$60916490 | &nbsp;&nbsp;$223227985 |

---

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

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

------

The aggregate cost of investments and the composition of unrealized appreciation and depreciation on investments and net unrealized appreciation and/or depreciation on derivatives for Federal income tax purposes as of June 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Tax Cost Basis** | &nbsp;&nbsp;**Gross<br> Appreciation** | &nbsp;&nbsp;**Gross<br> Depreciation** | &nbsp;&nbsp;**Net<br> Appreciation/<br> Depreciation** |
| **Emerging Markets Growth Fund** | &nbsp;&nbsp;$2759501965 | &nbsp;&nbsp;$984041444 | &nbsp;&nbsp;$(39652933) | &nbsp;&nbsp;$944388511 |
| **Emerging Markets Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104201909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27429100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4013497) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23415603 |
| **Global Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48218538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19625666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19462385 |
| **International Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225780193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75619014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2631034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72987980 |
| **International Developed Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2359289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44346) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411929 |
| **Micro Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280437024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88106368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10736035) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77370333 |
| **Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816194111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232210197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26168879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206041318 |
| **Small/Mid Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47859241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15260250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(849644) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14410606 |
| **Event Driven Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113658047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3961095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9710335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5749240) |

---

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

#### Foreign Currency Spot Contracts
The Funds enter into foreign currency spot contracts to facilitate transactions in foreign currency denominated securities. These spot contracts are typically open for 2 to 5 days, depending on the settlement terms of the underlying security transaction. On June 30, 2025, the Funds had foreign currency spot contracts outstanding under which they are obligated to exchange currencies at specified future dates. The net unrealized appreciation or depreciation on spot contracts is reflected as receivable for investment securities sold or payable for investment securities purchased in the Statements of Assets and Liabilities.

#### Foreign Currency Translation
The value of securities, currencies and other assets and liabilities not denominated in U.S. dollars are translated into U.S. dollar values based upon the current rates of exchange on the date of the Funds' valuations.

Net realized foreign exchange gains or losses which are reported by the Funds result from currency gains and losses on transaction hedges arising from changes in exchange rates between the trade and settlement dates on forward contract transactions, and the difference between the amounts accrued for dividends, interest, and foreign taxes and the amounts actually received or paid in U.S. dollars for these items. Net unrealized foreign exchange gains and losses result from changes in the U.S. dollar value of assets and liabilities (other than investments in securities), which are denominated in foreign currencies, as a result of changes in exchange rates.

Net realized gain (loss) on foreign currency contracts on portfolio hedges result from the use of forward contracts to hedge portfolio positions denominated or quoted in a particular currency in order to reduce or limit exposure in that currency.

The Funds do not isolate that portion of the results of operations which results from fluctuations in foreign exchange rates on investments. These fluctuations are included with the net realized gain (loss) on investments and the net change in unrealized appreciation (depreciation) on investments.

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

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

------

#### Operating Segments
In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Treasurer and Assistant Treasurer of the Funds' act together as the Funds' CODM. Each individual Fund represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Funds' long-term strategic asset allocation is pre-determined in accordance with the Funds' single investment objective which is executed by each Funds' portfolio managers as a team. The financial information in the form of each Funds' portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Funds' comparative benchmarks and to make resource allocation decisions for the Funds' single segment, is consistent with that presented within each Funds' financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

#### Securities Transactions, Income and Commitments
The Trust records security transactions on trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis. Premiums on securities are amortized over the period remaining until first call date, if any, or if none, the remaining life of the security and discounts are accreted over the remaining life of the security for financial reporting purposes. Withholding taxes on foreign dividends and interest have been provided for in accordance with the Trust's understanding of the applicable country's tax rules and rates. Non-cash dividends are recognized as investment income at the fair value of the property received.

Pursuant to the terms of certain of the senior unsecured loan agreements, certain Funds may have unfunded loan commitments, which are callable on demand. Each such Fund will have available with its custodian, cash and/or liquid securities having an aggregate value at least equal to the amount of the unfunded senior loan commitments. At June 30, 2025, the Funds had no unfunded senior loan commitments.

Certain Funds may invest in early-stage companies that may require additional contributions or funding if certain performance milestones are met. Management continuously assesses whether these companies will achieve these performance milestones and considers the impact of these commitments as they become due. Additionally, in connection with certain investments a Fund may provide commitments for future investments. At June 30, 2025, the Funds had no such outstanding commitments.

B. INVESTMENTS IN DERIVATIVES

Certain Funds use derivative instruments such as swaps, futures, options, swaptions, and forward foreign currency contracts in connection with their respective investment strategies. During the period January 1, 2025, through June 30, 2025, the Event Driven Fund primarily utilized: 1) total return swaps to gain exposure to certain sectors and manage volatility; and 2) options, including warrants, to both hedge exposure and provide exposure to certain market segments or specific securities. Detail regarding each derivative type is included below.

#### Swap Contracts
The Event Driven Fund engages in various swap transactions, including forward rate agreements and interest rate, currency, volatility, index, and total return swaps, primarily to manage duration and yield curve risk, or as alternatives to direct investments. Swaps that are centrally cleared are exposed to the creditworthiness of the clearing organizations (and, consequentially, that of their members generally, banks and broker-dealers) involved in the transaction. Centrally cleared swaps are valued daily and unrealized gains or losses are recorded in a variation margin account. The Fund receives from or pays to the clearing organization a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss.

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

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

------

Interest rate swaps are agreements between two parties to exchange cash flows based on a notional principal amount. A Fund may elect to pay a fixed rate and receive a floating rate or receive a fixed rate and pay a floating rate on a notional principal amount. The net interest received or paid on interest rate swap agreements is accrued daily as interest income/expense. Interest rate swaps are marked-to-market daily using fair value estimates provided by an independent pricing service. Changes in value, including accrued interest, are recorded as changes in net unrealized appreciation (depreciation) on the Statements of Operations. Unrealized appreciation is reported as an asset and unrealized depreciation is reported as a liability on the Statements of Assets and Liabilities. Gains or losses are realized upon termination of the contracts. The risk of loss under a swap contract may exceed the amount recorded as an asset or a liability.

Total return swap contracts are arrangements to exchange a market or security linked return for a periodic payment, based on a notional principal amount, in order to hedge sector exposure and to manage exposure to specific sectors or industries and/or to gain exposure to specific markets/countries and to specific sectors/industries. To the extent that the total return of the security, index, or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment from or make a payment to the counterparty. Total return swap contracts are marked to market daily based upon quotations from market makers and the change, if any, is recorded as a change in net unrealized appreciation (depreciation) on the Statements of Operations. Unrealized appreciation is reported as an asset and unrealized depreciation is reported as a liability on the Statements of Assets and Liabilities. Payments received or made are recorded as realized gains or losses. Gains or losses are realized upon termination of the contracts. Each Fund's maximum risk of loss from counterparty risk is the fair value of the contract.

Volatility swaps are forward contracts on the future realized volatility of an underlying instrument. Volatility swaps are generally used to speculate on future volatility levels, trade the spread between realized and implied volatility or hedge volatility exposure of other positions. Changes in value are recorded as changes in net unrealized appreciation (depreciation) on the Statements of Operations. Unrealized gains are reported as an asset and unrealized losses are reported as a liability on the Statements of Assets and Liabilities. Gains or losses are realized upon termination of the contracts. The risk of loss under a volatility swap contract is dependent upon the volatility of the underlying instrument.

Under the terms of a credit default swap, one party acts as a guarantor receiving a periodic payment that is a fixed percentage applied to a notional amount. In return, the party agrees to purchase the notional amount of the underlying instrument, at par, if a credit event occurs during the term of the contract. A Fund may enter into credit default swaps in which the Fund acts as guarantor (a seller of protection), and may enter into credit default swaps in which the counterparty acts as guarantor (a buyer of protection). Premiums paid to or by the Funds are accrued daily and included in net realized gain (loss) on swap contracts. The contracts are marked-to-market daily using fair value estimates provided by an independent pricing service. Changes in value are recorded as unrealized appreciation (depreciation) on the Statements of Operations. Unrealized gains are reported as an asset and unrealized losses are reported as a liability on the Statements of Assets and Liabilities. Gains or losses are realized upon termination of the contracts. The risk of loss under a swap contract may exceed the amount recorded as an asset or a liability. The notional amount of a swap contract is the reference amount pursuant to which the counterparties make payments. For swaps in which the referenced obligation is an index, in the event of default of any debt security included in the corresponding index, the Fund pays or receives the percentage of the corresponding index that the defaulted security comprises (1) multiplied by the notional value and (2) multiplied by the ratio of one minus the ratio of the market value of the defaulted debt security to its par value.

Risks associated with swap contracts include changes in the returns of underlying instruments and/or interest rates, failure of the counterparties to perform under the contracts' terms and the possible lack of liquidity with respect to the contracts. For centrally cleared swap contracts, counterparty risk is limited due to the role of the clearinghouse. Credit default swaps can involve greater risks than if an investor had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to counterparty credit risk, leverage risk, hedging risk, correlation risk, and liquidity risk. The Funds disclose swap contracts on a gross basis, with no netting of contracts held with the same counterparty.

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

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

------

#### Options Contracts
The Funds may use options contracts, which include warrants, to hedge downside risk, produce incremental earnings or protect against market changes in the value of equities or interest rates. The Funds may write covered call and put options on futures, swaps, securities, or currencies the Funds own or in which they may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Schedules of Investments. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, swap, security or currency transaction to determine the realized gain or loss. A Fund, as a writer of an option, has no control over whether the underlying future, swap, security, or currency may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the future, swap, security, or currency underlying the written option. The risk exists that a Fund may not be able to enter into a closing transaction because of an illiquid market. In addition, to the extent a Fund purchases an over-the-counter ("OTC") option, it is subject to credit risk that the counterparty to the trade does not perform under the contract's terms. The Funds are not subject to credit risk on OTC options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Funds may also purchase put and call options. Purchasing call options tends to increase a Fund's exposure to the underlying instrument. Purchasing put options tends to decrease a Fund's exposure to the underlying instrument. A Fund pays a premium, which is included in its Schedule of Investments as an investment and subsequently marked-to-market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, swap, security or currency transaction to determine the realized gain or loss. When entering into purchased option contracts, a Fund bears the risk of securities prices moving unexpectedly, in which case, a Fund may not achieve the anticipated benefits of the purchased option contracts; however, the risk of loss is limited to the premium paid.

#### Forward Foreign Currency Contracts
Certain Funds use forward foreign currency contracts to manage foreign currency, to produce incremental earnings or to hedge existing positions. A forward foreign currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are principally traded in the inter-bank market conducted directly between currency traders (usually large commercial banks) and their customers.

The market value of a forward foreign currency contract fluctuates with changes in currency exchange rates. Outstanding forward foreign currency contracts are valued daily at current market rates and the resulting change in market value is recorded as change in net unrealized appreciation or depreciation on the Statements of Operations. When a forward foreign currency contract is settled, the Fund records a realized gain or loss equal to the difference between the value at the time the forward foreign currency contract was opened and the value at the time it was settled. A forward foreign currency contract may involve market risk in excess of the unrealized appreciation (depreciation) reflected on the Statements of Assets and Liabilities. In addition, the Funds could be exposed to credit risk if the counterparties are unable or unwilling to meet the terms of the contracts or market risk if the value of the foreign currency changes unfavorably.

#### Equity Certificates
Certain Funds may invest in equity certificates, which allow the Funds to participate in the appreciation (depreciation) of the underlying security without actually owning the underlying security. These instruments are purchased pursuant to an agreement with a financial institution and are valued at a calculated market price based on the value of the underlying security in accordance with the agreement. These equity certificates are subject to the credit risk of the issuing financial institution. There is no off-balance sheet risk associated with equity certificates and the Funds' potential loss is limited to the purchase price of the securities. The Funds are exposed to credit risk associated with the counterparty to the transaction, which is monitored by the Funds' management on a periodic basis. A Fund's equity certificates are not subject to any master netting agreement.

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

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

------

#### Derivative Investment Holdings Categorized by Risk Exposure
Each Fund is subject to the FASB's "Disclosures about Derivative Instruments and Hedging Activities" (the "Derivatives Statement"). The Derivatives Statement amends and expands disclosures about derivative instruments and hedging activities. The Derivatives Statement is intended to improve financial reporting about derivative instrument by requiring enhanced disclosures to enable investors to better understand how and why the Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Funds' financial position and results of operations. Each Fund's derivative holdings do not qualify for hedge accounting treatment and as such are recorded at current fair value.

The following table sets forth the fair value and the location in the Statements of Assets and Liabilities of the Event Driven Fund's derivative contracts by primary risk exposure as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset derivatives** | &nbsp;&nbsp;**Asset derivatives** |
| **Risk exposure category** | &nbsp;&nbsp;**Statements of Assets and Liabilities location** | &nbsp;&nbsp;**Fair Value** |
| Equity contracts | &nbsp;&nbsp;Warrant securities, at fair value | &nbsp;&nbsp;$437551 |
| Equity contracts | &nbsp;&nbsp;Unrealized appreciation on open OTC swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150017 |
| **Total** |  | &nbsp;&nbsp;$587568 |

---

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Liabilities derivatives** | &nbsp;&nbsp;**Liabilities derivatives** |
| **Risk exposure category** | &nbsp;&nbsp;**Statements of Assets and Liabilities location** | &nbsp;&nbsp;**Fair Value** |
| Equity contracts | &nbsp;&nbsp;Unrealized depreciation on open OTC swap contracts | &nbsp;&nbsp;$388394 |
| **Total** |  | &nbsp;&nbsp;$388394 |

---

The following table sets forth the Event Driven Fund's net realized gain (loss) by primary risk exposure and by type of derivative contract for the period January 1, 2025 through June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Amount of net realized gain (loss) on derivatives** | **Amount of net realized gain (loss) on derivatives** | **Amount of net realized gain (loss) on derivatives** |
|  | &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Risk exposure category** |
| **Derivative** | &nbsp;&nbsp;**Equity<br> contracts** | &nbsp;&nbsp;**Total** |
| Warrants | $166145 | $166145 |
| Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2972758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2972758 |
| **Total** | &nbsp;&nbsp; $3138903 | &nbsp;&nbsp; $3138903 |

---

The following table sets forth the Event Driven Fund's change in net unrealized appreciation (depreciation) by primary risk exposure and by type of derivative contract for the period January 1, 2025 through June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Change in net unrealized appreciation (depreciation) on derivatives** | **Change in net unrealized appreciation (depreciation) on derivatives** | **Change in net unrealized appreciation (depreciation) on derivatives** |
|  | &nbsp;&nbsp;**Risk exposure category** | &nbsp;&nbsp;**Risk exposure category** |
| **Derivative** | &nbsp;&nbsp;**Equity<br> contracts** | &nbsp;&nbsp;**Total** |
| Warrants | $260575 | $260575 |
| Swap contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(491045) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(491045) |
| **Total** | &nbsp;&nbsp; $(230470) | &nbsp;&nbsp; $(230470) |

---

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

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

------

The gross notional amount and/or the number of contracts for the Event Driven Fund as of June 30, 2025, are included on the Schedule of Investments. The quarterly average values of derivative investments for the period January 1, 2025 through June 30, 2025, is set forth in the table below:

---

| | | |
|:---|:---|:---|
| **Quarterly Derivative Averages** | **Quarterly Derivative Averages** | **Quarterly Derivative Averages** |
| **Derivative** | &nbsp;&nbsp;**Quarterly Average** | &nbsp;&nbsp;**$ Amount/<br> Number** |
| Warrants | &nbsp;&nbsp;number of contracts | &nbsp;&nbsp;&nbsp;&nbsp;1189711 |
| Swap contracts | &nbsp;&nbsp;gross notional amount | &nbsp;&nbsp;$32037421 |

---

#### Disclosures about Offsetting Assets and Liabilities
The Funds are party to various agreements, including International Swaps and Derivatives Association Agreements and related Credit Support Annexes ("Master Netting Agreements" or "MNA"), which govern the terms of certain transactions with select counterparties. MNAs are designed to reduce counterparty risk associated with the relevant transactions by establishing credit protection mechanisms and providing standardization as a means of improving legal certainty. As MNAs are specific to the unique operations of different asset types, they allow each Fund to close out and net its total exposure to a counterparty in the event of default with respect to all of the transactions governed under a single agreement with that counterparty. MNAs can also help reduce counterparty risk by specifying collateral posting requirements at pre-arranged exposure levels. Securities and cash pledged as collateral are reflected as assets in the Statements of Assets and Liabilities as either a component of "Investment securities at fair value" or "Deposits at broker for securities sold short".

For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to MNAs or similar arrangements on the Statements of Assets and Liabilities. The settlement of futures contracts, swap contracts and exchange-traded purchased options is guaranteed by the clearinghouse or exchange the instrument is traded on and is not subject to arrangements with particular counterparties. For that reason, these instruments are excluded from the below disclosure.

The following table presents the Event Driven Fund's financial and derivative assets subject to Master Netting Agreements by type, net of amounts available for offset under a MNA and net of the related collateral received by the Event Driven Fund as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Unrealized Appreciation on Open OTC Swap Contracts** | **Unrealized Appreciation on Open OTC Swap Contracts** | **Unrealized Appreciation on Open OTC Swap Contracts** | **Unrealized Appreciation on Open OTC Swap Contracts** | **Unrealized Appreciation on Open OTC Swap Contracts** |
| **Counterparty** | &nbsp;&nbsp;**Gross Amounts of Derivatives<br> Assets Presented in the Statement<br> of Assets and Liabilities** | &nbsp;&nbsp;**Derivatives Available for Offset** | &nbsp;&nbsp;**Collateral Received/<br> (Pledged)** | &nbsp;&nbsp;**Net Amount** |
| GSC | $15729 | $(15729) | $— | $— |
| MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | $150017 | $(150017) | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents the Event Driven Fund's financial and derivative liabilities subject to Master Netting Agreements by type, net of amounts available for offset under a MNA and net of the related collateral received by the Event Driven Fund as of June 30, 2025: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents the Event Driven Fund's financial and derivative liabilities subject to Master Netting Agreements by type, net of amounts available for offset under a MNA and net of the related collateral received by the Event Driven Fund as of June 30, 2025: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents the Event Driven Fund's financial and derivative liabilities subject to Master Netting Agreements by type, net of amounts available for offset under a MNA and net of the related collateral received by the Event Driven Fund as of June 30, 2025: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents the Event Driven Fund's financial and derivative liabilities subject to Master Netting Agreements by type, net of amounts available for offset under a MNA and net of the related collateral received by the Event Driven Fund as of June 30, 2025: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents the Event Driven Fund's financial and derivative liabilities subject to Master Netting Agreements by type, net of amounts available for offset under a MNA and net of the related collateral received by the Event Driven Fund as of June 30, 2025: |

---

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Unrealized Depreciation on Open OTC Swap Contracts** | **Unrealized Depreciation on Open OTC Swap Contracts** | **Unrealized Depreciation on Open OTC Swap Contracts** | **Unrealized Depreciation on Open OTC Swap Contracts** | **Unrealized Depreciation on Open OTC Swap Contracts** |
| **Counterparty** | &nbsp;&nbsp;**Gross Amounts of Derivatives<br> Liabilities Presented in the Statement<br> of Assets and Liabilities** | &nbsp;&nbsp;**Derivatives Available for Offset** | &nbsp;&nbsp;**Collateral Received/<br> (Pledged)** | &nbsp;&nbsp;**Net Amount** |
| GSC | $(225007) | $15729 | $— | $(209278) |
| MS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29099) |
| Total | $(388394) | $150017 | $— | $(238377) |

---

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

Driehaus Capital Management LLC ("DCM" or the "Adviser"), a registered investment adviser, serves as the investment adviser and valuation designee to the Funds. As of June 30, 2025, the Driehaus Trust Company ("DTC") has authority over a controlling interest in the Adviser through management control of the Adviser's direct owner, Driehaus Capital Holdings LLLP. As of June 30, 2025, DTC and other affiliates together had authority over a controlling interest in the Global Fund, the International Developed Equity Fund, the Small/Mid Cap Growth Fund and substantial, non-controlling interests in certain other Funds.

In return for its services to the Funds, the Adviser receives monthly fees. Emerging Markets Growth Fund pays the Adviser a monthly fee computed and accrued daily at an annual rate of 1.05% on the first $1.5 billion, 0.75% over $1.5 billion and up to $2.5 billion, and 0.50% in excess of $2.5 billion of average daily net assets. Emerging Markets Small Cap Growth Fund pays the Adviser a monthly fee computed and accrued daily at the annual rate of 1.10% of average daily net assets. Global Fund pays the Adviser a management fee computed and accrued daily at the annual rate of 0.65% of average daily net assets. International Small Cap Growth Fund pays the Adviser a monthly fee computed and accrued daily at an annual rate of 1.00% of average daily net assets. International Developed Equity Fund pays the Adviser a monthly fee computed and accrued daily at the annual rate of 0.70% of average daily net assets. Micro Cap Growth Fund pays the Adviser a monthly fee computed and accrued daily at an annual rate of 1.25% of average daily net assets. Small Cap Growth Fund and Small/Mid Cap Growth pay the Adviser a monthly fee computed and accrued daily at an annual rate of 0.60% of average daily net assets. Event Driven Fund pays the Adviser a monthly fee computed and accrued daily at the annual rate of 1.00% of average daily net assets.

DCM entered into a contractual agreement to cap Emerging Markets Small Cap Growth Fund's annual operating expenses (other than interest, taxes, brokerage commissions, dividends and interest on short sales and other portfolio transaction expenses and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund's business) at 1.24% of average daily net assets until April 30, 2026. For the period January 1, 2025 through June 30, 2025, DCM waived fees for Emerging Markets Small Cap Growth Fund totaling $46,133 under this agreement.

DCM entered into a contractual agreement to cap the Global Fund's annual ordinary operating expenses (other than interest, taxes, brokerage commissions, dividends and interest on short sales, other investment-related costs, acquired fund fees and expenses, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund's business) at 0.75% of average daily net assets until April 30, 2026. Prior to April 30, 2023, the cap was 0.99%. DCM is entitled to recoupment for previously waived fees and reimbursed expenses to the extent that the Fund's expense ratio remains below the operating expense cap in place at the time of the waiver and the current operating expense cap for a period not to exceed three years from the date on which the waiver or reimbursement was made. For the period January 1, 2025 through June 30, 2025, DCM waived fees for Global Fund totaling $35,692 under this agreement.

DCM entered into a contractual agreement to cap the International Developed Equity Fund's annual ordinary operating expenses (other than interest, taxes, brokerage commissions, dividends and interest on short sales, other investment-related costs, acquired fund fees and expenses, and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund's business) at 0.80% of average daily net assets until April 30, 2027. DCM is entitled to recoupment for previously waived fees and reimbursed expenses to the extent that the Fund's

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

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

------

expense ratio remains below the operating expense cap in place at the time of the waiver and the current operating expense cap for a period not to exceed three years from the date on which the waiver or reimbursement was made. For the period April 30, 2024 (Commencement of Operations) to June 30, 2025, DCM waived fees for International Developed Equity Fund totaling $45,214 under this agreement.

DCM entered into a contractual agreement to cap Small Cap Growth Fund's annual operating expenses (other than interest, taxes, brokerage commissions, dividends and interest on short sales and other portfolio transaction expenses and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund's business) at 1.20% of average daily net assets for the Investor Class and 0.95% of average daily net assets for the Institutional Class until April 30, 2023. DCM was entitled to recoupment for previously waived fees and reimbursed expenses to the extent that the Fund's expense ratio remained below the operating expense cap in place at the time of the waiver and the current operating expense cap for a period not to exceed three years from the date on which the waiver or reimbursement was made. For the period January 1, 2025 through June 30, 2025, DCM did not reimburse or recoup any fees for the Investor or Institutional Class shares of the Small Cap Growth Fund under this agreement, as there were no such fees or expenses outstanding on April 30, 2023.

DCM entered into a contractual agreement to cap Small/Mid Cap Growth Fund's annual operating expenses (other than interest, taxes, brokerage commissions, dividends and interest on short sales and other portfolio transaction expenses and extraordinary expenses such as litigation and other expenses not incurred in the ordinary course of the Fund's business) at 0.80% of average daily net assets until April 30, 2026. Prior to September 6, 2023, the cap was 0.95%. For a period of three years subsequent to the Fund's commencement of operations on May 1, 2020, DCM is entitled to recoupment of previously waived fees and reimbursed expenses to the extent that the expense ratio remains below the operating expense cap in place at the time of the waiver and the current operating expense cap for a period not to exceed three years from the date on which the waiver or reimbursement was made. For the period January 1, 2025 through June 30, 2025, DCM waived fees for Small/Mid Cap Growth Fund totaling $2,683 under this agreement.

The table below indicates the amount of fees available for recoupment by DCM in future periods:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period ended December 31** | &nbsp;&nbsp;**Emerging Markets Small Cap Growth Fund** | &nbsp;&nbsp;**Global Fund** | &nbsp;&nbsp;**International Developed Equity Fund** | &nbsp;&nbsp;**Small/Mid Cap Growth Fund** |
| 2026 | &nbsp;&nbsp;$125610 | &nbsp;&nbsp;$145128 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$53555 |
| 2027 | &nbsp;&nbsp;&nbsp;&nbsp;85349 | &nbsp;&nbsp;&nbsp;&nbsp;86673 | &nbsp;&nbsp;&nbsp;&nbsp;78939 | &nbsp;&nbsp;&nbsp;&nbsp;14253 |
| 2028 | &nbsp;&nbsp;&nbsp;&nbsp;46133 | &nbsp;&nbsp;&nbsp;&nbsp;35692 | &nbsp;&nbsp;&nbsp;&nbsp;45214 | &nbsp;&nbsp;&nbsp;&nbsp;2683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;$257092 | &nbsp;&nbsp;$267493 | &nbsp;&nbsp;$124153 | &nbsp;&nbsp;$70491 |

---

The Emerging Markets Growth Fund incurred $13,529,085 for investment advisory fees during the six months ended June 30, 2025, of which $2,355,397 was payable to DCM at June 30, 2025. The Emerging Markets Small Cap Growth Fund incurred $648,923 for investment advisory fees during the six months ended June 30, 2025, of which $105,663 was payable to DCM at June 30, 2025. The Global Fund incurred $197,083 for investment advisory fees during the six months ended June 30, 2025, of which $28,996 was payable to DCM at June 30, 2025. The International Small Cap Growth Fund incurred $1,319,128 for investment advisory fees during the six months ended June 30, 2025, of which $247,319 was payable to DCM at June 30, 2025. The International Developed Equity Fund incurred $7,692 for investment advisory fees during the period April 30, 2024 (Commencement of Operations) to June 30, 2025, of which $1,539 was payable to DCM at June 30, 2025. The Micro Cap Growth Fund incurred $1,908,056 for investment advisory fees during the six months ended June 30, 2025, of which $354,375 was payable to DCM at June 30, 2025. The Small Cap Growth Fund incurred $2,841,468 for investment advisory fees during the six months ended June 30, 2025, of which $485,452 was payable to DCM at June 30, 2025. The Small/Mid Cap Growth Fund incurred $169,551 for investment advisory fees during the six months ended June 30, 2025, of which $28,760 was payable to DCM at June 30, 2025. The Event Driven Fund incurred $896,622 for investment advisory fees during the six months ended June 30, 2025, of which $99,867 was payable to DCM at June 30, 2025.

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

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

------

The Funds direct certain portfolio trades, subject to obtaining the best price and execution, to brokers who have agreed to pay a portion of the Funds' operating expenses using part of the commissions generated. For the period ended June 30, 2025, these arrangements reduced the expenses of Emerging Markets Growth Fund, Emerging Markets Small Cap Growth Fund, Global Fund, International Small Cap Growth Fund, International Developed Equity Fund, Micro Cap Growth Fund, Small Cap Growth Fund, Small/Mid Cap Growth Fund and Event Driven Fund by $74,000 (0.5%), $1,600 (0.2%), $1,700 (0.6%), $9,100 (0.6%), $0 (0.0%), $65,057 (3.1%), $107,331 (3.1%), $4,200 (1.8%) and $18,375 (1.4%) respectively.

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board of Trustees. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to minimize trading costs, where permissible. For the six months ended June 30, 2025, the Funds did not engage in any purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act.

The Adviser is a party to a Fee Reimbursement Agreement ("Agreement") with the Emerging Markets Growth Fund, the Small Cap Growth Fund, and the Event Driven Fund. Under the Agreement, the Funds reimburse the Adviser for certain fees paid to intermediaries who provide shareholder administrative and/or sub-transfer agency services to the Funds. The amount to be reimbursed will not exceed 0.25% of the average daily net assets held by such intermediaries. The amounts incurred and payable to the Adviser during the period January 1, 2025, through June 30, 2025, are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Shareholder<br> services<br> plan fees** | &nbsp;&nbsp;**Accrued<br> shareholder<br> services<br> plan fees** |
| **Emerging Markets Growth Fund** | &nbsp;&nbsp;$626331 | &nbsp;&nbsp;$234734 |
| **Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23932 |
| **Event Driven Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37382 |

---

Certain officers of the Trust are also officers of DCM. The Funds pay a portion of the Chief Compliance Officer's salary. No other officers received compensation from the Funds during the period January 1, 2025, through June 30, 2025. The Independent Trustees are compensated for their services to the Trust and such compensation is reflected as Trustees' fees in the Statements of Operations.

The Northern Trust Company ("Northern") serves as fund accounting and administration services provider and transfer agent for the Funds. Under the terms of the Fund Administration and Accounting Services Agreement, Northern is entitled to receive fees, computed daily and payable monthly, based upon the average daily net assets of each Fund. The fees, excluding out of pocket expenses, range between 0.0175% and 0.045% of average daily net assets. For its services as Transfer Agent, Northern receives a fee, computed daily and payable monthly, based upon the average daily net assets of each Fund. The fees, excluding out of pocket expenses, range between 0.002% and 0.0175% of average daily net assets of each Fund.

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

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

------

D. INVESTMENT TRANSACTIONS

Purchases and sales of investment securities (excluding derivatives, short term securities and U.S. government obligations) for the six months ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** |
| **Emerging Markets Growth Fund** | &nbsp;&nbsp;2457141896 | &nbsp;&nbsp;2288465008 |
| **Emerging Markets Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48596067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51449266 |
| **Global Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33115040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34307906 |
| **International Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;149430860 | &nbsp;&nbsp;&nbsp;&nbsp;139122851 |
| **International Developed Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027330 |
| **Micro Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;249387038 | &nbsp;&nbsp;&nbsp;&nbsp;192544901 |
| **Small Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;767120024 | &nbsp;&nbsp;&nbsp;&nbsp;694158810 |
| **Small/Mid Cap Growth Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48954729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46510784 |
| **Event Driven Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49722329 | &nbsp;&nbsp;&nbsp;&nbsp;107852375 |

---

The Funds had no purchases and sales of U.S. government obligations for the six month period January 1, 2025, through June 30, 2025.

E. CAPITAL SHARE TRANSACTIONS

For the six-month period ended June 30, 2025, and the year ended December 31, 2024, transactions in capital shares (authorized shares unlimited) were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Emerging Markets Growth Fund** | &nbsp;&nbsp;**Emerging Markets Growth Fund** | &nbsp;&nbsp;**Emerging Markets Small Cap Growth Fund** | &nbsp;&nbsp;**Emerging Markets Small Cap Growth Fund** | &nbsp;&nbsp;**Global Fund** | &nbsp;&nbsp;**Global Fund** |
|  | &nbsp;&nbsp;**June 30,<br> 2025** | &nbsp;&nbsp;**December 31,<br> 2024** | &nbsp;&nbsp;**June 30,<br> 2025** | &nbsp;&nbsp;**December 31,<br> 2024** | &nbsp;&nbsp;**June 30,<br> 2025** | &nbsp;&nbsp;**December 31,<br> 2024** |
| **Fund** |  |  |  |  |  |  |
| Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;319158 | &nbsp;&nbsp;&nbsp;1162518 | &nbsp;&nbsp;&nbsp;&nbsp;86965 | &nbsp;&nbsp;&nbsp;186145 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;64819 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (775767) | (1112586) | (105397) | (308153) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (456609) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82759 | &nbsp;&nbsp;&nbsp;(18432) | &nbsp;&nbsp;&nbsp;(57189) |
| **Investor Class** |  |  |  |  |  |  |
| Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891368 | &nbsp;&nbsp;&nbsp;&nbsp;2662463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares redeemed | &nbsp;&nbsp;(2346010) | &nbsp;&nbsp;&nbsp;(4029168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net increase (decrease) | &nbsp;&nbsp;(1454642) | &nbsp;&nbsp;&nbsp;(1238145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Institutional Class** |  |  |  |  |  |  |
| Shares issued | 10939174 | &nbsp;&nbsp;&nbsp;21341470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares redeemed | &nbsp;&nbsp;(5714911) | (10086367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;5224263 | &nbsp;&nbsp;&nbsp;11946993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total net increase (decrease) | &nbsp;&nbsp;&nbsp;3769621 | &nbsp;&nbsp;&nbsp;10708848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**International Small Cap Growth Fund** | &nbsp;&nbsp;**International Small Cap Growth Fund** | &nbsp;&nbsp;**International Developed Equity Fund** | &nbsp;&nbsp;**International Developed Equity Fund** | &nbsp;&nbsp;**Micro Cap Growth Fund** | &nbsp;&nbsp;**Micro Cap Growth Fund** |
|  | &nbsp;&nbsp;**June 30,<br> 2025** | &nbsp;&nbsp;**December 31,<br> 2024** | &nbsp;&nbsp;**June 30,<br> 2025** | &nbsp;&nbsp;**December 31,<br> 2024** | &nbsp;&nbsp;**June 30,<br> 2025** | &nbsp;&nbsp;**December 31,<br> 2024** |
| **Fund** |  |  |  |  |  |  |
| Shares issued | &nbsp;&nbsp;&nbsp;4174894 | &nbsp;&nbsp;&nbsp;4150187 | &nbsp;&nbsp;&nbsp;62181 | 189684 | &nbsp;&nbsp;&nbsp;6612130 | &nbsp;&nbsp;&nbsp;4611631 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;128462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;636968 |
| Shares redeemed | (3460444) | (3266121) | (14433) | &nbsp;&nbsp;&nbsp;&nbsp;(8150) | (1530945) | (3920923) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;714450 | &nbsp;&nbsp;&nbsp;1012528 | &nbsp;&nbsp;&nbsp;47748 | 182049 | &nbsp;&nbsp;&nbsp;5081185 | &nbsp;&nbsp;&nbsp;1327676 |
| **Investor Class** |  |  |  |  |  |  |
| Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Institutional Class** |  |  |  |  |  |  |
| Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Small Cap Growth Fund** | &nbsp;&nbsp;**Small Cap Growth Fund** | &nbsp;&nbsp;**Small/Mid Cap Growth Fund** | &nbsp;&nbsp;**Small/Mid Cap Growth Fund** | &nbsp;&nbsp;**Event Driven Fund** | &nbsp;&nbsp;**Event Driven Fund** |
|  | &nbsp;&nbsp;**June 30,<br> 2025** | &nbsp;&nbsp;**December 31,<br> 2024** | &nbsp;&nbsp;**June 30,<br> 2025** | &nbsp;&nbsp;**December 31,<br> 2024** | &nbsp;&nbsp;**June 30,<br> 2025** | &nbsp;&nbsp;**December 31,<br> 2024** |
| **Fund** |  |  |  |  |  |  |
| Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;713702 | 2620995 | &nbsp;&nbsp;&nbsp;&nbsp;1801166 | &nbsp;&nbsp;&nbsp;4830493 |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;235502 |
| Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (552266) | &nbsp;&nbsp;&nbsp;(376547) | (10244295) | (4841356) |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;161436 | 2253745 | &nbsp;&nbsp;&nbsp;(8443129) | &nbsp;&nbsp;&nbsp;&nbsp;224639 |
| **Investor Class** |  |  |  |  |  |  |
| Shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822095 | &nbsp;&nbsp;&nbsp;2571149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares redeemed | &nbsp;&nbsp;(1860966) | &nbsp;&nbsp;(2016469) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net increase (decrease) | &nbsp;&nbsp;(1038871) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Institutional Class** |  |  |  |  |  |  |
| Shares issued | 10098016 | 17369079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Shares redeemed | &nbsp;&nbsp;(5887949) | &nbsp;&nbsp;(5788481) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net increase (decrease) | &nbsp;&nbsp;&nbsp;4210067 | 11974382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total net increase (decrease) | &nbsp;&nbsp;&nbsp;3171196 | 12589334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

F. RESTRICTED SECURITIES

Restricted securities are securities that are not registered for sale under the Securities Act of 1933, as amended, or applicable foreign law and that may be resold only in transactions exempt from applicable registration. Restricted securities include Rule 144A securities which may be sold normally to qualified institutional buyers. At June 30, 2025, the Funds held restricted securities as denoted on the Schedules of Investments.

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Driehaus Mutual Funds

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

------

G. LINE OF CREDIT

The Funds obtained a committed line of credit in the amount of $50,000,000. The line of credit is available primarily to meet large, unexpected shareholder redemptions subject to certain restrictions. Interest is charged at a rate per annum equal to the Federal Funds Rate in effect at the time of the borrowings plus 1.5% or 1.75%, whichever is greater. There is a commitment fee of 0.10% of the excess of the $50,000,000 committed amount over the sum of the average daily balance of any loans, which is allocated amongst the Funds based on average net assets. The Credit Agreement will expire on March 18, 2026 unless extended or renewed. The Funds did not borrow under the line of credit during the period January 1, 2025 through June 30, 2025 and thus had no outstanding balances as of that date.

H. FOREIGN INVESTMENT RISKS

To the extent a Fund invests in foreign securities, it may entail risks due to the potential for political and economic instability in the countries where the issuers of these securities are located. In addition, foreign exchange fluctuations could affect the value of positions held. These risks are generally intensified in emerging markets.

I. REDEMPTION FEES

The Driehaus Micro Cap Growth Fund will charge a redemption fee of 2.00% of the redemption amount for shares redeemed within 60 days of purchase. The Board of Trustees of the Funds eliminated the 2.00% redemption fee previously applicable to shareholders of: (i) the Driehaus Emerging Markets Growth Fund, effective February 1, 2023; and (ii) the Driehaus Emerging Markets Small Cap Growth Fund, Driehaus Global Fund, Driehaus International Small Cap Growth Fund, Driehaus Small Cap Growth Fund and the Driehaus Small/Mid Cap Growth Fund, effective October 6, 2023, who sold their shares within 60 days of purchase. Assessed redemption fees are recorded in paid-in capital and reflected in the Statements of Changes in Net Assets. The Funds had no redemption fees for the period January 1, 2025 through June 30, 2025.

J. SUBSEQUENT EVENTS

Events or transactions that occurred after the date of this report through the date the report was issued have been evaluated for potential impact to the financial statements. There are no subsequent events that require recognition or disclosure in the financial statements.

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Shareholder Information (unaudited)

------

#### TAX INFORMATION FOR THE YEAR ENDED DECEMBER 31, 2024
We are providing this information as required by the Internal Revenue Code. The amounts shown may differ from those elsewhere in this report because of differences between tax and financial reporting requirements.

The Funds designate the following amounts as a long-term capital gain distribution:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Emerging Markets Growth Fund** | &nbsp;&nbsp;**Emerging Markets Small Cap Growth Fund** | &nbsp;&nbsp;**Global Fund** | &nbsp;&nbsp;**International Small Cap Growth Fund** | &nbsp;&nbsp;**International Developed Equity Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $— | $2892981 | $— | $— |

---

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Micro Cap Growth Fund** | &nbsp;&nbsp;**Small Cap Growth Fund** | &nbsp;&nbsp;**Small/Mid Cap Growth Fund** | &nbsp;&nbsp;**Event Driven Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5937761 | $— | $— | $— |

---

For taxable non-corporate shareholders, the following percentages of income represent qualified dividend income subject to the 15% rate category:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Emerging Markets Growth Fund** | &nbsp;&nbsp;**Emerging Markets Small Cap Growth Fund** | &nbsp;&nbsp;**Global Fund** | &nbsp;&nbsp;**International Small Cap Growth Fund** | &nbsp;&nbsp;**International Developed Equity Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.00% | 85.32% | 30.86% | 100.00% | 100.00% |

---

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Micro Cap Growth Fund** | &nbsp;&nbsp;**Small Cap Growth Fund** | &nbsp;&nbsp;**Small/Mid Cap Growth Fund** | &nbsp;&nbsp;**Event Driven Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.21% | 16.42% | 80.11% | 35.22% |

---

For corporate shareholders, the following percentages of income and short-term capital gains qualified for the dividends-received deduction:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Emerging Markets Growth Fund** | &nbsp;&nbsp;**Emerging Markets Small Cap Growth Fund** | &nbsp;&nbsp;**Global Fund** | &nbsp;&nbsp;**International Small Cap Growth Fund** | &nbsp;&nbsp;**International Developed Equity Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81% | —% | 14.42% | —% | —% |

---

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Micro Cap Growth Fund** | &nbsp;&nbsp;**Small Cap Growth Fund** | &nbsp;&nbsp;**Small/Mid Cap Growth Fund** | &nbsp;&nbsp;**Event Driven Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.92% | 12.78% | 65.78% | 35.22% |

---

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies

------

Not applicable.

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Proxy Disclosures for Open-End Management Investment Companies

------

Not applicable.

------

[**Table of Contents**](#JOB_Drieh_3d2f7606-7b1d-494f-af1a-b4a6c841446b_TOC)

------

#### Statement Regarding Basis for Approval of Investment Advisory Contract

------

Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The aggregate remuneration paid to the trustees (all of whom are independent) by each Fund is reported as "Trustees fees" on the Statement of Operations under Item 7 of this Form N-CSR.

Except for a portion of the CCO's compensation, the Funds do not pay any remuneration to their officers. The aggregate remuneration paid to the Funds' Chief Compliance Officer by the Funds is reported within the "Miscellaneous" line item on the Statement of Operations under Item 7 of this Form N-CSR.

The aggregate remuneration paid to Driehaus Capital Management LLC, the Funds' investment adviser and an affiliate of the Funds' officers, is reported as "Investment advisory fees" on the Statement of Operations in Item 7 of this Form N-CSR.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16. Controls and Procedures.
(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

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#### Item 19. Exhibits
(a)(1) Not applicable to this reporting period.

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) are filed herewith.](Exhibit_a3.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) are filed herewith.](Exhibit_b.htm)

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| (Registrant)  | Driehaus Mutual Funds  |
| By (Signature and Title)  | /s/ Stephen T. Weber  |
|  | Stephen T. Weber, President  |
|  | (principal executive officer)  |
| Date  | August 29, 2025  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By (Signature and Title)  | /s/ Stephen T. Weber  |
|  | Stephen T. Weber, President  |
|  | (principal executive officer)  |
| Date  | August 29, 2025  |
| By (Signature and Title)  | /s/ Robert M. Kurinsky  |
|  | Robert M. Kurinsky, Vice President and Treasurer  |
|  | (principal financial officer)  |
| Date  | August 29, 2025  |

---

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## Ex-99.Cert

#### Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act
I, Stephen T. Weber, certify that:

1. I have reviewed this report on Form N-CSR of Driehaus Mutual Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date:  | August 29, 2025  | /s/ Stephen T. Weber  |
|  |  | Stephen T. Weber, President  |
|  |  | (principal executive officer)  |

---

I, Robert M. Kurinsky, certify that:

1. I have reviewed this report on Form N-CSR of Driehaus Mutual Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date:  | August 29, 2025  | /s/ Robert M. Kurinsky  |
|  |  | Robert M. Kurinsky, Vice President and Treasurer  |
|  |  | (principal financial officer)  |

---

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## Exhibit 99.906

#### Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act
I, Stephen T. Weber, President of Driehaus Mutual Funds (the "Registrant"), certify that:

1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date:  | August 29, 2025  | /s/ Stephen T. Weber  |
|  |  | Stephen T. Weber, President  |
|  |  | (principal executive officer)  |

---

I, Robert M. Kurinsky, Vice President and Treasurer of Driehaus Mutual Funds (the "Registrant"), certify that:

1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date:  | August 29, 2025  | /s/ Robert M. Kurinsky  |
|  |  | Robert M. Kurinsky, Vice President and Treasurer  |
|  |  | (principal financial officer)  |

---

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