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

Quantity ID Security Description Market Value ARGENTINA 568,483.32 2,377 GLOB GLOBANT SA 568,483.32 AUSTRALIA 1,207,746.53 224,219 LYC AU LYNAS CORP LTD 1,207,746.53 BRAZIL 11,654,658.96 74,700 BIDI11 BZ BANCO INTER SA-UNITS 1,015,601.59 55,200 BLAU3 BZ BLAU FARMACEUTICA SA 548,052.03 474,900 CBAV3 BZ COMPANHIA BRASILEIRA DE ALUM 1,025,800.41 201,600 LWSA3 BZ LOCAWEB SERVICOS DE INTERNET 968,082.56 74,800 CASH3 BZ MELIUZ SA - ON 972,295.88 276,200 GOAU4 BZ METALURGICA GERDAU SA-PREF 755,695.29 282,700 ORVR3 BZ ORIZON VALORIZACAO DE RESIDU 1,491,051.50 216,600 PETZ3 BZ PET CENTER COMERCIO E PARTIC 956,520.90 100,000 SMFT3 BZ SMARTFIT - ORDINARY 527,816.45 190,100 TOTS3 BZ TOTVS SA 1,285,887.39 307,692 TTEN3 BZ TRES TENTOS AGROINDUSTRIAL S 667,579.24 102,800 VAMO3 BZ VAMOS LOCACAO DE CAMINHOES M 1,440,275.72 CANADA 1,537,593.46 207,160 IVN CN IVANHOE MINES LTD-CL A 1,537,593.46 CHINA 11,913,484.60 2,286,000 2600 HK ALUMINUM CORP OF CHINA LTD-H 1,394,341.90 83,463 300685 C2 AMOY DIAGNOSTICS CO LTD-A 1,063,922.81 189,500 300012 C2 CENTRE TESTING INTL GROUP-A 796,884.44 38,281 601799 C1 CHANGZHOU XINGYU AUTOMOTIV-A 1,221,958.60 368,078 002747 C2 ESTUN AUTOMATION CO LTD-A 2,224,556.41 95,000 002074 C2 GOTION HIGH-TECH CO LTD-A 803,989.90 124,000 6078 HK HYGEIA HEALTHCARE HOLDINGS C 1,237,423.03 47,000 1801 HK INNOVENT BIOLOGICS INC 479,304.86 86,549 2331 HK LI NING CO LTD 912,138.24 20,700 3759 HK PHARMARON BEIJING CO LTD-H 453,095.10 19,800 603605 C1 PROYA COSMETICS CO LTD-A 494,056.97 141,700 002353 C2 YANTAI JEREH OILFIELD-A 831,812.34 CYPRUS 726,033.44 8,777 TCS LI TCS GROUP HOLDING -REG S 726,033.44 GREAT BRITAIN 542,532.99 38,683 CWR LN CERES POWER HOLDINGS PLC 542,532.99 HONG KONG 2,414,934.73 156,000 9926 HK AKESO INC 1,034,827.54 1,896,000 2343 HK PACIFIC BASIN SHIPPING LTD 844,168.50 838,000 3868 HK XINYI ENERGY HOLDINGS LTD 535,938.69 26,399,959.42 20,117 POWERIND IN ABB POWER PRODUCTS & SYSTEMS 520,557.62 11,963 APHS IN ENTERPRISE 648,669.01

Page 1 of 4 331,255 AL IN LTD 591,153.18 38,321 AUBANK IN AU SMALL FINANCE BANK LTD 628,100.84 24,803 AZRE AZURE POWER GLOBAL LTD 646,118.15 95,284 BSOFT IN BIRLASOFT LTD 514,289.04 432,296 BURGERKI IN BURGER KING INDIA LTD 1,050,604.47 190,577 CROMPTON IN CROMPTON GREAVES CONSUMER EL 1,247,464.31 23,975 DIXON IN INDIA LTD 1,386,854.60 19,267 DLPL IN DR LAL PATHLABS LTD 920,784.73 27,087 GPL IN GODREJ PROPERTIES LTD 583,254.11 8,603 INMART IN INDIAMART INTERMESH LTD 826,051.00 14,562 INDIGOPN IN INDIGO PAINTS LTD 509,782.52 188,586 IGL IN LTD 1,413,476.33 14,310 INFOE IN INDIA LTD 1,002,805.72 26,640 JKCE IN JK CEMENT LTD 1,166,750.74 18,119 JUBI IN JUBILANT FOODWORKS LTD 919,195.63 132,696 JUBLINGR IN JUBILANT INGREVIA LTD 1,057,965.96 112,261 KSCL IN KAVERI SEED CO LTD 1,086,026.94 389,770 MAXHEALT IN MAX HEALTHCARE INSTITUTE LTD 1,552,742.28 154,973 OBER IN LTD 1,400,306.99 121,578 RDCK IN RADICO KHAITAN LTD 1,475,469.89 75,678 RLXF IN RELAXO FOOTWEARS LTD 1,169,518.24 10,472 SRF IN SRF LTD 1,218,489.63 18,869 SI IN SUPREME INDUSTRIES LTD 532,510.75 117,596 SYNG IN SYNGENE INTERNATIONAL LTD 1,009,478.26 129,092 VBL IN LTD 1,321,538.48 INDONESIA 967,789.52 4,728,600 MDKA IJ MERDEKA COPPER GOLD TBK PT 967,789.52 KAZAKHSTAN 2,134,024.35 14,595 80TE LN KASPI.KZ JSC-144A 1,664,559.75 18,854 KAP LI NAC KAZATOMPROM JSC-GDR 469,464.60 MEXICO 2,166,240.75 137,000 GCC* MM GRUPO CEMENTOS CHIHUAHUA 1,116,371.49 561,800 TRAXIONA MM GRUPO TRAXION SAB DE CV 1,049,869.26 PAKISTAN 465,427.87 85,176 LUCK PA LUCKY CEMENT 465,427.87 POLAND 1,366,363.20 17,074 DNP PW DINO POLSKA SA 1,366,363.20 RUSSIA 1,757,989.89 511,526 DSKY RU DETSKY MIR PJSC - BOARD 981,119.66 70,489,994 HYDR RU RUSHYDRO PJSC 776,870.23 SOUTH KOREA 7,078,834.59 5,294 278280 KS CHUNBO CO LTD 1,038,779.23 10,344 058470 KS LEENO INDUSTRIAL INC 1,607,917.59 11,741 204320 KS MANDO CORP 627,751.80 11,774 060250 KS NHN KCP CORP 539,439.08 47,905 030190 KS NICE INFORMATION SERVICE CO 999,539.24 4,937 140860 KS PARK SYSTEMS CORP 548,531.71

Page 2 of 4 7,177 064760 KS TOKAI CARBON KOREA CO LTD 1,214,833.21 12,459 240810 KS WONIK IPS CO LTD 502,042.73 TAIWAN 15,135,059.89 141,000 2345 TT ACCTON TECHNOLOGY CORP 1,643,697.48 49,000 1590 TT AIRTAC INTERNATIONAL GROUP 1,575,219.02 23,000 6533 TT ANDES TECHNOLOGY CORP 470,445.20 13,000 5274 TT ASPEED TECHNOLOGY INC 1,043,625.96 73,000 2360 TT CHROMA ATE INC 512,944.75 50,000 1476 TT ECLAT TEXTILE COMPANY LTD 1,090,649.02 134,000 1477 TT MAKALOT INDUSTRIAL CO LTD 1,138,029.68 36,000 8464 TT NIEN MADE ENTERPRISE CO LTD 603,754.69 10,455 4966 TT PARADE TECHNOLOGIES LTD 639,300.91 29,300 2379 TT REALTEK SEMICONDUCTOR CORP 616,070.09 8,000 6415 TT SILERGY CORP 1,077,060.61 212,000 3023 TT SINBON ELECTRONINCS CO LTD 1,819,417.13 33,550 6409 TT VOLTRONIC POWER TECHNOLOGY 1,631,610.95 38,000 6669 TT WIWYNN CORP 1,273,234.40 THAILAND 1,894,333.92 7,618,000 CHG-R TB CHULARAT HOSPITAL PCL-NVDR 978,107.86 1,209,400 DOHOME-R TB DOHOME PCL-NVDR 916,226.06 TURKEY 1,088,559.24 108,099 CCOLA TI COCA-COLA ICECEK AS 1,088,559.24 VIETNAM 6,872,748.45 495,675 ACB VN ASIA COMMERCIAL BANK 819,629.01 1,077,000 DXS VN DAT XANH REAL ESTATE SERVICE 1,252,707.48 550,567 FPT VN FPT CORP 2,412,373.30 195,900 MSN VN MASAN GROUP CORP 1,143,567.86 589,457 MBB VN MILITARY COMMERCIAL JOINT 742,117.50 211,200 SSI VN SSI SECURITIES CORP 502,353.30

Stock Total: 97,892,799.12 Cash: 6,972,105.58 Portfolio Total: 104,864,904.70

Source: Driehaus Capital Management LLC The portfolio represents holdings for the Driehaus Emerging Markets Small Cap 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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