Driehaus Emerging Markets Growth Fund (Unaudited) Security Portfolio for 7/31/2021

Quantity ID Security Description Market Value ARGENTINA 45,307,535.34 82,654 GLOB GLOBANT SA 19,767,530.64 16,281 MELI MERCADOLIBRE INC 25,540,004.70 AUSTRALIA 14,459,136.84 2,684,349 LYC AU LYNAS CORP LTD 14,459,136.84 BRAZIL 135,183,451.57 5,480,308 BPAC11 BZ BANCO BTG PACTUAL SA-UNIT 30,672,678.57 3,800,549 GGB GERDAU SA -SPON ADR 22,537,255.57 3,379,900 HAPV3 BZ HAPVIDA PARTICIPACOES E INVE 9,234,575.34 1,239,527 IGTA3 BZ IGUATEMI EMP DE SHOPPING 9,733,913.36 3,462,081 LWSA3 BZ LOCAWEB SERVICOS DE INTERNET 16,624,901.98 2,227,522 NTCO3 BZ NATURA &CO HOLDING SA 22,847,256.81 250,608 PAGS PAGSEGURO DIGITAL LTD-CL A 13,893,707.52 458,571 VALE VALE SA-SP ADR 9,639,162.42 CHINA 504,010,719.60 1,072,793 9988 HK ALIBABA GROUP HOLDING LTD 26,091,103.25 197,202 BABA ALIBABA GROUP HOLDING-SP ADR 38,491,858.38 28,193,662 2600 HK ALUMINUM CORP OF CHINA LTD-H 17,196,677.18 1,334,751 002271 C2 BEIJING ORIENTAL YUHONG-A 10,518,738.42 4,947,483 3968 HK CHINA MERCHANTS BANK-H 37,689,530.31 448,092 300750 C2 CONTEMPORARY AMPEREX TECHN-A 38,199,872.50 1,785,901 6098 HK COUNTRY GARDEN SERVICES HOLD 14,489,626.13 5,157,082 300059 C2 EAST MONEY INFORMATION CO-A 24,801,727.94 2,307,285 3606 HK FUYAO GLASS INDUSTRY GROUP-H 14,667,054.30 219,370 IMAB I-MAB-SPONSORED ADR 17,128,409.60 334,199 JD JD.COM INC-ADR 23,688,025.12 2,327,086 2331 HK LI NING CO LTD 24,525,114.49 937,399 601012 C1 LONGI GREEN ENERGY TECHNOL-A 12,474,841.95 696,000 2313 HK SHENZHOU INTERNATIONAL GROUP 15,368,845.03 573,102 603737 C1 SKSHU PAINT CO LTD-A 13,588,348.45 674,610 2382 HK SUNNY OPTICAL TECH 20,417,605.11 1,824,644 700 HK TENCENT HOLDINGS LTD 112,467,842.73 938,600 2359 HK WUXI APPTEC CO LTD-H 20,750,015.13 477,640 2269 HK WUXI BIOLOGICS CAYMAN INC 7,283,393.06 249,998 600436 C1 ZHANGZHOU PIENTZEHUANG PHA-A 14,172,090.52 CYPRUS 5,667,134.45 108,545 OZON OZON HOLDINGS PLC - ADR 5,667,134.45 FRANCE 32,742,277.34 71,525 OR FP L'OREAL 32,742,277.34 GREECE 8,358,963.20 578,534 OPAP GA OPAP SA 8,358,963.20 HONG KONG 105,703,415.47 3,610,658 1299 HK AIA GROUP LTD 43,256,436.92

Page 1 of 3 1,394,000 291 HK China Resources Beer Holdings 10,431,030.15 2,011,001 27 HK GALAXY ENTERTAINMENT GROUP L 13,637,589.38 1,160,149 9999 HK NETEASE INC 23,214,475.25 848,386 669 HK TECHTRONIC INDUSTRIES CO 15,163,883.77 HUNGARY 32,593,922.93 604,330 OTP HB OTP BANK PLC 32,593,922.93 INDIA 333,533,479.05 494,947 APHS IN APOLLO HOSPITALS ENTERPRISE 26,837,480.95 4,719,112 AL IN ASHOK LEYLAND LTD 8,421,663.29 477,284 APNT IN ASIAN PAINTS LTD 18,974,949.27 259,899 AZRE AZURE POWER GLOBAL LTD 6,770,368.95 844,167 HAVL IN HAVELLS INDIA LTD 13,313,936.70 361,681 HDB HDFC BANK LTD-ADR 25,523,828.17 4,632,626 HNDL IN HINDALCO INDUSTRIES LTD 27,690,546.87 230,345 HUVR IN HINDUSTAN UNILEVER LTD 7,222,522.17 709,499 HDFC IN HOUSING DEVELOPMENT FINANCE 23,274,789.81 2,982,084 IBN ICICI BANK LTD-SPON ADR 55,436,941.56 2,119,382 IGL IN INDRAPRASTHA GAS LTD 15,885,040.79 4,247,258 MSS IN MOTHERSON SUMI SYSTEMS LTD 13,375,595.14 1,399,455 RIL IN RELIANCE INDUSTRIES LTD 38,276,029.85 1,485,263 SBICARD IN SBI CARDS & PAYMENT SERVICES 20,692,688.49 747,970 TCS IN TATA CONSULTANCY SVCS LTD 31,837,097.04 INDONESIA 33,500,969.79 13,080,460 BBCA IJ BANK CENTRAL ASIA TBK PT 26,997,526.84 5,239,891 ARTO IJ BANK JAGO TBK PT 6,503,442.95 JAPAN 14,219,314.71 63,984 6954 JP FANUC CORP 14,219,314.71 MEXICO 41,397,892.59 4,595,473 GFNORTEO MM GRUPO FINANCIERO BANORTE-O 29,729,608.19 861,128 TV GRUPO TELEVISA SA-SPON ADR 11,668,284.40 NETHERLANDS 52,532,485.10 53,208 ASML NA ASML HOLDING NV 40,332,396.75 104,731 HEIA NA HEINEKEN NV 12,200,088.35 RUSSIA 126,620,848.65 6,182,560 ALRS RU ALROSA AO 10,953,932.13 421,702 LKOD LI LUKOIL PJSC - SPON ADR 36,139,861.40 92,435 PLZL RU POLYUS PJSC 17,706,520.54 2,175,683 SBER LI SBERBANK PAO -SPONSORED ADR 36,225,121.95 376,791 YNDX YANDEX NV-A 25,595,412.63 SAUDI ARABIA 11,470,810.97 1,234,437 ARAMCO AB SAUDI ARABIAN OIL CO 11,470,810.97 SINGAPORE 28,202,287.68 102,123 SE SEA LTD-ADR 28,202,287.68 SOUTH AFRICA 15,526,420.37 139,838 CPI SJ CAPITEC BANK HOLDINGS LTD 15,526,420.37 205,147,882.83 172,450 035720 KS CORP 22,038,817.66

Page 2 of 3 23,640 323410 KS KAKAOBANK CORP 801,530.10 373,952 105560 KS KB FINANCIAL GROUP INC 16,677,885.33 246,477 000270 KS CORP 17,913,911.93 17,468 051910 KS LG CHEM LTD 12,786,834.18 1,000,206 088980 KS MACQUARIE KOREA INFRA FUND 10,695,530.37 1,820,375 005930 KS ELECTRONICS CO LTD 124,233,373.26 TAIWAN 324,085,251.36 537,165 1590 TT AIRTAC INTERNATIONAL GROUP 17,268,418.93 2,807,790 5871 TT CHAILEASE HOLDING CO LTD 23,243,460.93 3,757,640 2308 TT DELTA ELECTRONICS INC 38,564,015.02 3,674,640 2317 TT HON HAI PRECISION INDUSTRY 14,454,153.41 527,543 2454 TT MEDIATEK INC 17,166,605.76 920,113 9914 TT MERIDA INDUSTRY CO LTD 11,022,272.66 120,609 6415 TT SILERGY CORP 16,237,900.41 1,364,950 TSM TAIWAN SEMICONDUCTOR-SP ADR 159,207,768.00 5,156,412 3037 TT UNIMICRON TECHNOLOGY CORP 26,920,656.24 UNITED STATES 157,660,618.48 177,390 BLL BALL CORP 14,347,303.20 71,810 EPAM EPAM SYSTEMS INC 40,199,238.00 329,361 FCX FREEPORT-MCMORAN INC 12,548,654.10 375,048 FWONK LIBERTY MEDIA CORP-LIBERTY-C 17,601,002.64 154,028 NVDA NVIDIA CORP 30,033,919.72 174,238 V VISA INC-CLASS A SHARES 42,930,500.82 VIETNAM 4,908,176.90 840,800 MSN VN MASAN GROUP CORP 4,908,176.90

Stock Total: 2,232,832,995.22 Cash: 209,378,083.58 Portfolio Total: 2,442,211,078.80

Source: Driehaus Capital Management LLC The portfolio represents holdings for the Driehaus Emerging Markets Growth Fund (the "Fund") as of the specified date. The Fund assumes no obligation to update or supplement the holdings to reflect subsequent changes. The holdings posted may not represent current or future portfolio composition or holdings and are subject to change without notice. Information on particular holdings may be withheld if it is in the Fund’s best interest to do so. The holdings are unaudited and are provided for general information on the Fund. For more information please contact us at 800-560-6111. For information regarding the Fund's policy for valuation of investments and other significant accounting policies, please refer to the Fund's recent Semi-Annual or Annual financial statements.

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