Driehaus Emerging Markets Small Cap Growth Fund (Unaudited) Security Portfolio for 3/31/2014 Quantity Security Description Market Value AUSTRALIA 1,690,104 Donaco International, Ltd. 2,249,230 2,249,230 AUSTRIA 139,806 C.A.T. Oil AG 2,920,851 2,920,851 BRAZIL 401,500 Aliansce Shopping Centers SA 3,140,866 175,700 Arezzo & Co. 2,144,175 348,500 Cyrela Brazil Realty SA 2,111,888 231,700 Estacio Participacoes SA 2,338,444 90,041 Linx SA 1,778,201 651,000 Marcopolo SA 1,305,443 92,400 Mills Estruturas e Servicos de Engenharia SA 1,134,537 13,953,554 BRITISH VIRGIN ISLANDS 62,937 Luxoft Holding, Inc. 2,207,201 2,207,201 CAMBODIA 5,038,577 NagaCorp, Ltd. 5,248,721 5,248,721 CANADA 225,503 Africa Oil Corp. 1,512,110 541,399 Continental Gold, Ltd. 1,870,777 176,809 Gran Tierra Energy, Inc. 1,322,531 1,017,667 Semafo, Inc. 3,590,141 8,295,560 CHINA 97,867 21Vianet Group, Inc. - ADR 2,808,783 106,000 Airtac International Group 1,098,202 4,879,940 Anton Oilfield Services Group, Ltd. 3,101,670 5,200,000 Avichina Industry & Technology - H 2,896,152 2,984,000 China Hongqiao Group, Ltd. 1,885,077 3,159,000 China Medical System Holdings, Ltd. 3,575,842 8,117,738 Coolpad Group, Ltd. 3,987,440 11,290,975 CT Environmental Group, Ltd. 8,821,415 4,820,353 Hilong Holdings, Ltd. 2,647,419 1,365,696 Travelsky Technology, Ltd. 1,211,370 197,497 Trina Solar, Ltd. - ADR 2,656,335 18,494 Vipshop Holdings, Ltd. - ADR 2,761,154 37,450,859 GREAT BRITAIN 1,201,525 Afren PLC 2,828,390 54,035 Eros International PLC 868,342 111,075 Genel Energy PLC 1,818,443 66,270 Hikma Pharmaceuticals PLC 1,835,094 7,350,270 GREECE 253,142 Diana Shipping, Inc. 3,035,173 3,035,173 HONG KONG 1,886,000 China Singyes Solar Technology Page 1 of 6 2,981,030
1,700,000 Paradise Entertainment, Ltd. 1,315,026 Page 2 of 6
5,103,334 Pax Global Technology, Ltd. 2,598,874 6,894,931 INDIA 150,806 Aurobindo Pharma, Ltd. - PNOTE 1,291,593 530,388 Crompton Greaves, Ltd. - PNOTE 1,424,516 56,843 Divi's Laboratories, Ltd. - PNOTE 1,300,045 19,857 Eicher Motors, Ltd. - PNOTE 1,982,126 79,744 Ipca Laboratories, Ltd. - PNOTE 1,128,083 123,250 Just Dial, Ltd. - PNOTE 3,197,512 395,325 Kaveri Seed Co., Ltd. - PNOTE 4,234,405 124,000 MakeMyTrip, Ltd. 3,357,920 1,112,173 SKS Microfinance - PNOTE 3,798,961 88,239 Va Tech Wabag, Ltd. - PNOTE 1,156,575 215,668 Yes Bank, Ltd. - PNOTE 1,494,838 24,366,573 INDONESIA 20,004,100 PT ACE Hardware Indonesia Tbk 1,320,693 20,841,000 PT Bumi Serpong Damai Tbk 2,999,563 4,450,700 PT Malindo Feedmill Tbk 1,283,102 3,179,966 PT Matahari Department Store Tbk 3,890,980 37,958,200 PT Pakuwon Jati Tbk 1,169,487 3,856,500 PT Tempo Scan Pacific Tbk 1,076,154 11,739,978 KENYA 22,854,400 Safaricom, Ltd. 3,266,804 3,266,804 MALAYSIA 1,090,200 Dayang Enterprise Holdings BHD 1,251,952 2,959,500 Dialog Group BHD 3,253,592 2,823,250 Oldtown BHD 1,711,847 6,217,391 MEXICO 795,867 Alsea de Mexico SAB de CV 2,886,469 353,260 Banregio Grupo Financiero SAB de CV 2,052,374 740,600 Qualitas Controladora SAB de CV 2,014,945 6,953,788 NIGERIA 5,786,540 Guaranty Trust Bank PLC 894,013 15,619,928 Zenith Bank PLC 1,892,751 2,786,764 NORWAY 993,583 DNO International ASA 3,791,605 3,791,605 PAKISTAN 731,417 Lucky Cement 2,358,318 2,358,318 PHILIPPINES 11,478,300 Emperador, Inc. 2,989,554 26,998,069 Megaworld Corp. 2,522,509 338,260 Philippine Seven Corp. 744,029 1,138,600 Puregold Price Club, Inc. 1,117,146 280,490 Security Bank Corp. 662,993 16,104,797 Vista Land & Lifescapes, Inc. 1,892,570 9,928,800 QATAR 87,011 Gulf International Services 1,875,829 1,875,829 SAUDI ARABIA 97,634 Al Khaleej Training and Education Co. - PNOTE 1,640,095 106,646 Al Tayyar - PNOTE 3,241,740 254,501 Aldrees Petroleum and Transp. Page Serv. 3 of 6Co. - PNO 2,687,276
440,617 Bank Al-Jazira - PNOTE 4,910,941 Page 4 of 6
98,971 Dallah Healthcare Holding - PNOTE 2,348,691 561,347 Emaar Economic City - PNOTE 2,574,450 81,162 Jarir Marketing Co. - PNOTE 4,458,083 94,025 Saudi Airlines Catering Co. - PNOTE 3,948,683 25,809,958 SINGAPORE 2,895,000 IGG, Inc. 2,623,845 2,623,845 SOUTH AFRICA 169,167 Clicks Group, Ltd. 1,053,277 201,140 Coronation Fund Managers, Ltd. 1,891,419 131,148 Mr. Price Group, Ltd. 1,960,867 4,905,563 SOUTH KOREA 43,051 Amicogen, Inc 2,818,972 133,880 Hans BioMed Corp. 2,201,043 38,680 Hansae Co., Ltd. 815,788 23,865 Hotel Shilla Co., Ltd. 1,930,365 46,510 I-Sens, Inc. 2,315,778 1,994 Kolao Holdings 46,363 23,645 Mando Corp. 2,998,802 103,721 Paradise Co., Ltd. 3,161,958 34,770 Youngone Corp. 1,291,891 17,580,961 SRI LANKA 1,689,221 Commercial Bank of Ceylon PLC 1,589,703 1,695,335 Hatton National Bank PLC 1,945,679 814,836 John Keells Holdings, Ltd. 1,415,209 4,950,591 TAIWAN 1,218,000 Epistar Corp. 2,923,760 48,000 Hermes Microvision, Inc. 1,922,995 1,370,000 Hota Industrial Manufacturing Co., Ltd. 2,388,868 726,000 Vanguard International Semiconductor Corp. 1,082,354 8,317,977 THAILAND 1,110,300 BEC World Public Co., Ltd.- NVDR 1,865,331 680,900 Bumrungrad Hospital Public Co., Ltd. - NVDR 2,020,241 3,605,100 MC Group Public Co., Ltd. - NVDR 1,789,214 3,845,984 Sino Thai Eng. & Construction Public Co., Ltd. - 1,908,765 7,583,552 TURKEY 83,156 Otokar Otomotiv Ve Savunma Sanayi AS 2,137,487 320,747 Ulker Biskuvi Sanayi 2,256,037 4,393,524 UNITED STATES 35,401 At Home Corp. - A 1,359,752-12,000 EEM US 04/19/14 P35 (24,000) 5,000 EEM US 04/19/14 P40 180,000 10,000 EEM US 04/19/14 P41 720,000-5,000 FXI US 04/19/14 P30 (5,000) 5,000 FXI US 04/19/14 P32.5 30,000 15,000 FXI US 04/19/14 P35 600,000 4,019,000 Nexteer Automotive Group, Ltd. 3,145,147 10,000 SPY US 04/19/14 P180 430,000 6,435,899 TOTAL : 245,494,066 Page 5 of 6
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. Page 6 of 6