Driehaus Emerging Markets Small Cap Growth Fund (Unaudited) Security Portfolio for 4/30/2021

Quantity ID Security Description Market Value ARGENTINA 544,760.86 2,377 GLOB GLOBANT SA 544,760.86 AUSTRALIA 577,480.18 136,297 LYC AU LYNAS CORP LTD 577,480.18 BRAZIL 8,840,440.91 24,900 BIDI11 BZ BANCO INTER SA-UNITS 1,077,171.79 58,600 BRAP4 BZ BRADESPAR SA -PREF 766,798.54 363,400 ENJU3 BZ ENJOEI.COM.BR ATIVIDADES DE 964,018.00 199,200 LWSA3 BZ LOCAWEB SERVICOS DE INTERNET 1,070,800.16 242,600 CASH3 BZ MELIUZ SA - ON 1,478,274.31 175,900 GOAU4 BZ METALURGICA GERDAU SA-PREF 480,870.94 248,500 ORVR3 BZ ORIZON VALORIZACAO DE RESIDU 969,836.44 135,300 PETZ3 BZ PET CENTER COMERCIO E PARTIC 602,019.68 136,900 TOTS3 BZ TOTVS SA 784,294.70 84,400 VAMO3 BZ VAMOS LOCACAO DE CAMINHOES M 646,356.35 CANADA 1,528,412.47 23,130 BLDP BALLARD POWER SYSTEMS INC 505,853.10 72,666 IVN CN IVANHOE MINES LTD-CL A 512,560.89 29,548 MAG MAG SILVER CORP 509,998.48 CHINA 16,962,309.49 2,286,000 2600 HK ALUMINUM CORP OF CHINA LTD-H 1,191,889.55 16,800 601799 C1 CHANGZHOU XINGYU AUTOMOTIV-A 504,610.06 9,329 DQ DAQO NEW ENERGY CORP-ADR 750,891.21 293,252 002747 C2 ESTUN AUTOMATION CO LTD-A 1,459,576.13 8,802 GDS GDS HOLDINGS LTD - ADR 730,301.94 95,000 002074 C2 GOTION HIGH-TECH CO LTD-A 509,974.50 153,200 6078 HK HYGEIA HEALTHCARE HOLDINGS C 1,205,049.07 102,500 1801 HK INNOVENT BIOLOGICS INC 1,113,707.32 53,421 601100 C1 JIANGSU HENGLI HYDRAULIC C-A 709,913.62 371,000 268 HK KINGDEE INTERNATIONAL SFTWR 1,227,472.56 660,000 3913 HK KWG Living Group Holdings Ltd 676,334.84 86,549 2331 HK LI NING CO LTD 706,408.75 182,906 601615 C1 MING YANG SMART ENERGY GRO-A 501,391.09 19,531 NIU NIU TECHNOLOGIES-SPONS ADR 729,678.16 64,600 3759 HK PHARMARON BEIJING CO LTD-H 1,339,777.93 19,900 603605 C1 PROYA COSMETICS CO LTD-A 561,960.13 231,000 1516 HK SUNAC SERVICES HOLDINGS LTD 719,667.85 141,700 002353 C2 YANTAI JEREH OILFIELD-A 722,787.15 773,000 1458 HK ZHOU HEI YA INTERNATIONAL HO 947,373.43 471,800 1157 HK ZOOMLION HEAVY INDUSTRY - H 653,544.20 CYPRUS 1,307,262.60 22,617 TCS LI TCS GROUP HOLDING -REG S 1,307,262.60

Page 1 of 4 GREAT BRITAIN 1,278,218.10 69,277 CWR LN CERES POWER HOLDINGS PLC 1,278,218.10 HONG KONG 4,090,409.70 133,000 9926 HK AKESO INC 911,750.50 359,000 9922 HK JIUMAOJIU INTERNATIONAL HOLD 1,502,043.70 499,000 2314 HK LEE & MAN PAPER MANUFACTURIN 434,904.58 84,800 2400 HK XD INC 735,255.38 1,038,000 3868 HK XINYI ENERGY HOLDINGS LTD 506,455.54 INDIA 21,131,510.85 9,950 AFFLE IN AFFLE INDIA LTD 741,886.02 28,459 AMBER IN AMBER ENTERPRISES INDIA LTD 1,190,765.52 23,878 APHS IN APOLLO HOSPITALS ENTERPRISE 1,030,745.62 641,387 AL IN ASHOK LEYLAND LTD 975,858.98 88,292 AUBANK IN AU SMALL FINANCE BANK LTD 1,197,092.79 24,803 AZRE AZURE POWER GLOBAL LTD 577,661.87 256,553 BURGERKI IN BURGER KING INDIA LTD 449,740.55 104,642 CROMPTON IN CROMPTON GREAVES CONSUMER EL 543,747.08 23,975 DIXON IN DIXON TECHNOLOGIES INDIA LTD 1,359,993.99 13,591 DLPL IN DR LAL PATHLABS LTD 538,098.83 27,087 GPL IN GODREJ PROPERTIES LTD 500,381.33 62,853 GUJGA IN GUJARAT GAS LTD 450,528.87 8,603 INMART IN INDIAMART INTERMESH LTD 923,179.80 14,562 INDIGOPN IN INDIGO PAINTS LTD 455,206.87 188,586 IGL IN INDRAPRASTHA GAS LTD 1,295,768.94 14,310 INFOE IN INFO EDGE INDIA LTD 949,466.50 33,532 JKCE IN JK CEMENT LTD 1,270,433.76 12,648 JUBI IN JUBILANT FOODWORKS LTD 493,762.48 125,989 KSCL IN KAVERI SEED CO LTD 1,027,931.45 389,770 MAXHEALT IN MAX HEALTHCARE INSTITUTE LTD 1,194,212.44 19,850 MTCL IN MINDTREE LTD 564,367.34 75,678 RLXF IN RELAXO FOOTWEARS LTD 893,914.28 14,536 SRF IN SRF LTD 1,262,040.16 28,044 SI IN SUPREME INDUSTRIES LTD 775,963.83 62,704 SYNG IN SYNGENE INTERNATIONAL LTD 468,761.55 INDONESIA 857,662.31 4,728,600 MDKA IJ MERDEKA COPPER GOLD TBK PT 857,662.31 KAZAKHSTAN 2,266,951.20 14,595 80TE LN KASPI.KZ JSC-144A 1,036,974.75 45,303 KAP LI NAC KAZATOMPROM JSC-GDR 1,229,976.45 MEXICO 1,717,122.14 2,968 ASR GRUPO AEROPORTUARIO SUR-ADR 504,856.80 304,700 TRAXIONA MM GRUPO TRAXION SAB DE CV 488,404.45 133,000 Q* MM QUALITAS CONTROLADORA SAB CV 723,860.89 POLAND 476,857.50 7,345 DNP PW DINO POLSKA SA 476,857.50 RUSSIA 2,048,591.88 511,526 DSKY RU DETSKY MIR PJSC - BOARD 1,026,782.56

Page 2 of 4 93,529,457 HYDR RU RUSHYDRO PJSC 1,021,809.32 SOUTH AFRICA 491,103.73 26,230 IMP SJ IMPALA PLATINUM HOLDINGS LTD 491,103.73 SOUTH KOREA 6,464,842.31 11,110 336260 KS DOOSAN FUEL CELL CO LTD 450,452.64 8,140 058470 KS LEENO INDUSTRIAL INC 1,192,808.02 11,774 060250 KS NHN KCP CORP 539,824.70 25,098 030190 KS NICE INFORMATION SERVICE CO 494,130.62 8,657 140860 KS PARK SYSTEMS CORP 1,128,480.24 10,777 131970 KS TESNA INC 473,283.09 5,657 064760 KS TOKAI CARBON KOREA CO LTD 996,274.83 26,048 240810 KS WONIK IPS CO LTD 1,189,588.17 SWITZERLAND 495,433.15 81,754 FXPO LN FERREXPO PLC 495,433.15 TAIWAN 18,179,083.10 117,000 2345 TT ACCTON TECHNOLOGY CORP 1,324,801.32 29,000 3152 TT ADVANCED CERAMIC X CORP 550,833.41 41,000 1590 TT AIRTAC INTERNATIONAL GROUP 1,711,184.47 33,000 6533 TT ANDES TECHNOLOGY CORP 581,871.97 10,000 5274 TT ASPEED TECHNOLOGY INC 746,450.89 73,000 2360 TT CHROMA ATE INC 504,451.42 71,000 1476 TT ECLAT TEXTILE COMPANY LTD 1,359,456.43 621,000 2520 TT KINDOM DEVELOPMENT CO LTD 965,475.39 433,643 2337 TT MACRONIX INTERNATIONAL 704,098.08 134,000 1477 TT MAKALOT INDUSTRIAL CO LTD 1,174,375.86 79,000 8464 TT NIEN MADE ENTERPRISE CO LTD 1,274,303.39 11,455 4966 TT PARADE TECHNOLOGIES LTD 561,673.20 80,000 2379 TT REALTEK SEMICONDUCTOR CORP 1,509,193.48 16,000 6415 TT SILERGY CORP 1,644,487.62 154,000 3023 TT SINBON ELECTRONINCS CO LTD 1,426,824.04 25,550 6409 TT VOLTRONIC POWER TECHNOLOGY 1,161,252.98 75,000 3105 TT WIN SEMICONDUCTORS CORP 978,349.15 THAILAND 1,503,162.11 7,618,000 CHG-R TB CHULARAT HOSPITAL PCL-NVDR 763,329.11 520,600 STGT-R TB SRI TRANG GLOVES THAILA-NVDR 739,833.00 VIETNAM 3,665,804.30 636,200 ACB VN ASIA COMMERCIAL BANK 952,734.62 478,754 FPT VN FPT CORP 1,787,314.59 704,635 MBB VN MILITARY COMMERCIAL JOINT 925,755.09

Stock Total: 94,427,418.89 Cash: 5,092,831.66 Portfolio Total: 99,520,250.55

Source: Driehaus Capital Management LLC

Page 3 of 4 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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