Driehaus Emerging Markets Small Cap Growth Fund (Unaudited) Security Portfolio for 1/31/2021

Quantity ID Security Description Market Value ARGENTINA 359,040.00 1,870 GLOB GLOBANT SA 359,040.00 AUSTRALIA 495,171.30 136,297 LYC AU LYNAS CORP LTD 495,171.30 BRAZIL 8,464,719.34 32,176 AZUL AZUL SA 706,263.20 42,200 BIDI11 BZ BANCO INTER SA-UNITS 1,020,099.43 31,600 BRAP4 BZ BRADESPAR SA -PREF 359,639.58 137,000 CYRE3 BZ CYRELA BRAZIL REALTY SA EMP 642,508.31 77,800 LWSA3 BZ LOCAWEB SERVICOS DE INTERNET 1,465,877.47 78,800 LOGG3 BZ LOG COMMERCIAL PROPERTIES E 481,032.27 336,300 GOAU4 BZ METALURGICA GERDAU SA-PREF 648,456.52 269,000 PETZ3 BZ PET CENTER COMERCIO E PARTIC 1,057,042.08 150,000 RAPT4 BZ RANDON PARTICIPACOES SA-PREF 384,088.17 136,900 TOTS3 BZ TOTVS SA 706,593.55 175,000 VAMO3 BZ VAMOS LOCACAO DE CAMINHOES M 993,118.76 CANADA 2,356,777.31 48,479 BLDP BALLARD POWER SYSTEMS INC 1,656,527.43 35,618 MAG MAG SILVER CORP 700,249.88 CAYMAN ISLANDS 465,860.46 11,269 DADA DADA NEXUS LTD-ADR 465,860.46 CHINA 12,520,804.82 35,648 300685 C2 AMOY DIAGNOSTICS CO LTD-A 410,244.86 28,200 601799 C1 CHANGZHOU XINGYU AUTOMOTIV-A 931,685.63 9,190 DQ DAQO NEW ENERGY CORP-ADR 809,271.40 8,802 GDS GDS HOLDINGS LTD - ADR 911,535.12 120,900 002074 C2 GOTION HIGH-TECH CO LTD-A 682,094.85 45,500 1801 HK INNOVENT BIOLOGICS INC 517,209.10 53,421 601100 C1 JIANGSU HENGLI HYDRAULIC C-A 965,874.71 211,000 268 HK KINGDEE INTERNATIONAL SFTWR 845,218.27 347,706 601615 C1 MING YANG SMART ENERGY GRO-A 1,082,538.51 11,516 NIU NIU TECHNOLOGIES-SPONS ADR 503,594.68 37,500 603605 C1 PROYA COSMETICS CO LTD-A 1,076,377.19 24,744 300724 C2 SHENZHEN SC NEW ENERGY TEC-A 507,833.18 63,600 300699 C2 WEIHAI GUANGWEI COMPOSITES-A 871,536.44 271,000 520 HK XIABUXIABU CATERING MANAGEME 598,976.05 46,557 603338 C1 ZHEJIANG DINGLI MACHINERY -A 834,662.98 711,400 1157 HK ZOOMLION HEAVY INDUSTRY - H 972,151.85 GREAT BRITAIN 992,622.88 54,893 CWR LN CERES POWER HOLDINGS PLC 992,622.88 HONG KONG 11,083,860.26 71,000 9926 HK AKESO INC 493,771.88 1,744,000 3998 HK BOSIDENG INTL HLDGS LTD 771,140.31

Page 1 of 4 134,000 357 HK HAINAN MEILAN INTERNATIONA-H 776,347.17 97,800 6078 HK HYGEIA HEALTHCARE HOLDINGS C 751,250.70 660,000 3913 HK KWG Living Group Holdings Ltd 695,476.09 764,000 2314 HK LEE & MAN PAPER MANUFACTURIN 669,919.39 138,549 2331 HK LI NING CO LTD 863,133.92 218,000 425 HK MINTH GROUP LTD 995,056.69 591,000 2689 HK NINE DRAGONS PAPER HOLDINGS 910,440.03 31,400 3759 HK PHARMARON BEIJING CO LTD-H 601,597.69 349,000 1516 HK SUNAC SERVICES HOLDINGS LTD 981,291.72 121,600 2400 HK XD INC 1,035,187.50 1,126,000 3868 HK XINYI ENERGY HOLDINGS LTD 694,509.74 773,000 1458 HK ZHOU HEI YA INTERNATIONAL HO 844,737.43 15,216,160.98 8,654 AFFLE IN AFFLE INDIA LTD 431,509.37 35,320 AMBER IN AMBER ENTERPRISES INDIA LTD 1,244,036.52 95,319 ANGELBRK IN ANGEL BROKING LTD 446,078.88 19,689 APHS IN ENTERPRISE 689,796.38 641,387 AL IN LTD 970,656.86 38,906 AUBANK IN AU SMALL FINANCE BANK LTD 464,534.05 16,876 AZRE AZURE POWER GLOBAL LTD 639,769.16 632,136 BURGERKI IN BURGER KING INDIA LTD 1,192,186.32 132,316 CROMPTON IN CROMPTON GREAVES CONSUMER EL 774,016.88 53,549 IN DABUR INDIA LTD 377,026.33 5,806 DIXON IN INDIA LTD 1,120,689.13 13,591 DLPL IN DR LAL PATHLABS LTD 417,669.60 170,042 GUJGA IN LTD 860,818.54 188,586 IGL IN LTD 1,328,845.18 22,986 INFOE IN INFO EDGE INDIA LTD 1,372,700.41 14,162 JKCE IN JK CEMENT LTD 412,950.35 12,648 JUBI IN JUBILANT FOODWORKS LTD 448,128.65 19,850 MTCL IN LTD 446,459.37 8,708 SRF IN SRF LTD 639,791.36 121,230 SYNG IN SYNGENE INTERNATIONAL LTD 938,497.64 INDONESIA 1,395,182.57 4,130,100 ACES IJ ACE HARDWARE INDONESIA 458,267.89 1,940,100 BTPS IJ Bank BTPN Syariah Tbk PT 468,846.26 1,194,000 INCO IJ VALE INDONESIA TBK 468,068.42 KAZAKHSTAN 1,333,835.95 7,381 80TE LN KASPI.KZ JSC-144A 464,633.95 50,535 KAP LI NAC KAZATOMPROM JSC-GDR 869,202.00 MEXICO 1,826,586.46 14,620 OMAB GRUPO AEROPORTUARIO CEN-ADR 681,730.60 217,300 Q* MM QUALITAS CONTROLADORA SAB CV 1,144,855.86 POLAND 939,843.87 13,383 DNP PW DINO POLSKA SA 939,843.87 RUSSIA 2,174,270.33 636,503 DSKY RU DETSKY MIR PJSC - BOARD 1,207,362.80

Page 2 of 4 93,529,457 HYDR RU RUSHYDRO PJSC 966,907.53 SOUTH AFRICA 847,181.27 62,733 IMP SJ IMPALA PLATINUM HOLDINGS LTD 847,181.27 SOUTH KOREA 8,681,129.35 16,841 336260 KS DOOSAN FUEL CELL CO LTD 836,232.17 9,083 012510 KS DUZONBIZON CO LTD 809,202.20 3,228 145020 KS HUGEL INC 564,980.31 10,531 058470 KS LEENO INDUSTRIAL INC 1,437,793.15 17,444 060250 KS NHN KCP CORP 910,142.28 42,137 030190 KS NICE INFORMATION SERVICE CO 801,041.25 18,046 131970 KS TESNA INC 825,952.48 8,128 064760 KS TOKAI CARBON KOREA CO LTD 1,034,674.48 34,312 240810 KS WONIK IPS CO LTD 1,461,111.03 TAIWAN 14,694,201.94 85,000 2345 TT ACCTON TECHNOLOGY CORP 815,925.03 29,000 3152 TT ADVANCED CERAMIC X CORP 468,963.40 22,000 1590 TT AIRTAC INTERNATIONAL GROUP 782,741.89 35,000 3661 TT ALCHIP TECHNOLOGIES LTD 1,027,314.19 54,000 6533 TT ANDES TECHNOLOGY CORP 759,055.60 10,000 5274 TT ASPEED TECHNOLOGY INC 708,721.14 90,000 2360 TT CHROMA ATE INC 604,731.27 71,000 1476 TT ECLAT TEXTILE COMPANY LTD 1,025,915.35 592,643 2337 TT MACRONIX INTERNATIONAL 828,282.98 134,000 1477 TT MAKALOT INDUSTRIAL CO LTD 896,948.56 10,056 1477 TT-R Makalot Industrial Co Ltd - Rights 18,673.76 72,000 8464 TT NIEN MADE ENTERPRISE CO LTD 947,815.48 31,455 4966 TT PARADE TECHNOLOGIES LTD 1,348,703.88 9,000 6415 TT SILERGY CORP 839,229.39 105,000 3023 TT SINBON ELECTRONINCS CO LTD 938,195.84 270,000 3037 TT UNIMICRON TECHNOLOGY CORP 830,995.21 14,550 6409 TT VOLTRONIC POWER TECHNOLOGY 662,836.75 81,000 3105 TT WIN SEMICONDUCTORS CORP 1,189,152.22 THAILAND 691,408.29 520,600 STGT-R TB SRI TRANG GLOVES THAILA-NVDR 691,408.29 TURKEY 689,201.16 114,599 MGROS TI MIGROS TICARET A.S 689,201.16 VIETNAM 3,700,089.93 955,000 ACB VN ASIA COMMERCIAL BANK 1,219,263.91 478,754 FPT VN FPT CORP 1,467,366.28 934,735 MBB VN MILITARY COMMERCIAL JOINT 1,013,459.74

Stock Total: 88,927,948.47 Cash: 1,676,049.39 Portfolio Total: 90,603,997.86

Page 3 of 4 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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