Driehaus Frontier Emerging Markets Growth Fund (Unaudited)

Security Portfolio for 12/31/2015

Quantity ID Security Description Market ValueArgentina Argentina 1,283,724.38

7,150 BMA BANCO MACRO SA 415,558.00

15,806 GGAL GRUPO FINANCIERO GALICIA 428,026.48

21,418 PAM PAMPA ENERGIA SA 440,139.90

Bangladesh Bangladesh 2,835,122.85

9,688 BATASH BD BATA SHOE CO (BANGLADESH) 162,674.45

3,970 BRGR BD BERGER PAINTS BANGLADESH LTD 96,301.91

202,327 BXPHAR BD BEXIMCO PHARMACEUTICALS LTD 216,829.57

1,039,186 BRAC BD BRAC BANK LTD 644,897.84

5,396 BATBC BD BRITISH AMERICAN TOBACCO BAN 202,878.59

140,348 DBHF BD DELTA BRAC HOUSING FINANCE 207,280.45

368,014 IDLC BD IDLC FINANCE LTD 298,256.65

13,639 MBL BD MARICO BANGLADESH LTD 248,239.36

64,123 OLYMPI BD OLYMPIC INDUSTRIES LTD 211,795.88

79,821 SQUARE BD SQUARE PHARMACEUTICALS LTD 258,051.45

569,125 SUMITPOW BD SUMMIT POWER LTD 287,916.70

Botswana Botswana 534,024.91

2,066,739 LETSHEGO BG LETSHEGO HOLDINGS LTD 534,024.91

Colombia Colombia 34,633.03

5,034 PFDAVVND CB BANCO DAVIVIENDA SA 34,633.03

Egypt Egypt 479,755.55

63,568 CBKD LI COMMERCIAL INTL BANK 273,342.40

5,825 EFID LI EDITA FOOD INDUSTRIES 107,762.50

81,567 OCDI EY SIX OF OCTOBER DEVELOPMENT 98,650.65

England England 266,289.98

9,487 BGEO LN BGEO Group PLC 266,289.98

Georgia Georgia 86,056.27

37,661 GHG LN GEORGIA HEALTHCARE GROUP 86,056.27

Kenya Kenya 1,316,049.14

89,718 EABL KN EAST AFRICAN BREWERIES LTD 239,423.39

669,200 EQBNK KN EQUITY BANK LTD 261,661.78

30,300 JBIC KN JUBILEE HOLDINGS LTD 143,536.04

4,213,931 SAFCOM KN SAFARICOM LTD 671,427.93

Kuwait Kuwait 966,334.00

97,606 KPROJ-ML KUWAIT PROJECTS CO HOLDINGS 186,528.77

KUWAIT PROJECTS CO HOLDINGS-Pnote

78,339 NBK KK NATIONAL BANK OF KUWAIT 206,494.90

80,569 NBK-ML NATIONAL BANK OF KUWAIT 212,372.96

NATIONAL BANK OF KUWAIT-Pnote

110,651 VIVA-ML VIVA KUWAIT TELECOM CO 360,937.37

VIVA KUWAIT TELECOM CO-Pnote

Nigeria Nigeria 795,554.78

616,861 LEK LN LEKOIL LTD 169,372.37

8,871,289 ZENITHBANL ZENITH BANK PLC 626,182.41

Pakistan Pakistan 2,604,605.78

762,500 BAFL PA BANK ALFALAH LTD 209,817.64

117,500 BERG PA BERGER PAINTS PAKISTAN LTD 110,056.33

185,500 DGKC PA D.G. KHAN CEMENT 261,402.07

205,441 EFOODS PA ENGRO FOODS LTD 287,540.90

282,500 FCCL PA FAUJI CEMENT CO LTD 99,313.98

51,815 HBL PA HABIB BANK LTD 99,004.32

41,900 HCAR PA HONDA ATLAS CAR 95,589.68Page 1 of 4

247,500 HUBC PA HUB POWER COMPANY 242,454.78

52,300 LUCK PA LUCKY CEMENT 247,200.96

285,500 MLCF PA MAPLE LEAF CEMENT FACTORY 203,299.66

2,160 NESTLE PA NESTLE PAKISTAN LTD 160,863.13

296,000 PAEL PA PAK ELEKTRON LTD 176,749.32

21,600 PAKT PA PAKISTAN TOBACCO CO LTD 229,784.73

122,700 UBL PA UNITED BANK LTD 181,528.28

Poland Poland 277,147.34

6,248 KRU PW KRUK SA 277,147.34

Qatar Qatar 198,334.23

3,338 QEWS QD QATAR ELECTRICITY & WATER CO 198,334.23

Romania Romania 1,503,273.55

1,165,697 ALBZ RO ALBALACT SA 95,313.41

578,669 TLV RO BANCA TRANSILVANIA 338,162.84

136,330 BRD RO BRD 396,703.66

2,468,481 FP RO SC FONDUL PROPRIETATEA SA 480,844.01

2,886 TGN RO TRANSGAZ SA MEDIAS 192,249.63

Saudi Arabia Saudi Arabia 196,375.05

3,400 BUPA MS-A BUPA 104,083.11

BUPA ARABIA FOR COOPERATIVE-PNOTE MSCO

3,481 SCH-MS-144A SAUDI CO FOR HARDWARE LLC 92,291.94

SAUDI CO FOR HARDWARE LLC - PNOTE 144A

Senegal Senegal 276,095.68

6,666 SNTS BC SONATEL 276,095.68

Sri Lanka Sri Lanka 932,514.05

56,423 CCS SL CEYLON COLD STORES PLC 164,907.70

72,846 LLUB SL CHEVRON LUBRICANTS LANKA PLC 173,719.40

130,547 COMB SL COMMERCIAL BANK OF CEYLON PL 126,881.73

150,055 DIST SL DISTILLERIES CO OF SRI LANKA 255,899.70

327,793 HEMS SL HEMAS HOLDINGS PLC 211,105.52

SAMP SL SAMPATH BANK PLC 0.00

Tanzania Tanzania 199,066.85

29,053 TBL TZ TANZANIA BREWERIES LTD 199,066.85

Thailand Thailand 508,338.61

1,868,700 BEAUTY-RTB BEAUTY COMMUNITY PCL 298,597.33

414,700 GL-R TB GROUP LEASE PUBLIC CO L 209,741.28

Togo Togo 142,728.01

1,691,072 ETI NL ECOBANK TRANSNATIONAL INC 142,728.01

7,573 KER PW KERNEL HOLDING SA 92,861.03

United Arab Emirates United Arab Emirates 549,866.88

47,880 ADCB UH ABU DHABI COMMERCIAL BANK 85,905.04

163,429 ARMX UH ARAMEX PJSC 140,603.23

31,385 ETISALATUH EMIRATES TELECOM GROUP CO 137,571.06

27,584 FGB UH FIRST GULF BANK 95,000.71

7,327 NMC LN NMC HEALTH PLC 90,786.84

USA USA 515,540.92

41,948 AGRO ADECOAGRO SA 515,540.92

Vietnam Vietnam 1,695,710.70

85,680 VCB-MACQ BANK FOR FOREIGN TRADE JSC 167,282.74

BANK FOR FOREIGN TRADE JSC- PNOTE

102,870 VCB VN BANK FOR FOREIGN TRADE JSC 200,844.70

93,200 CII-MACQ HO CHI MINH CITY 89,531.65

HO CHI MINH CITY - MACQ Pnote

89,920 CII VN HO CHI MINH CITY INFRASTRUCT 86,380.79

53,190 NLG-MACQ NAM LONG INVESTMENT CORP 53,935.14

NAM LONG INVESTMENT CORP - PNOTE

161,080 NLG VN NAM LONG INVESTMENT CORP 163,336.63

77,400 NT2 VN PETROVIETNAM NHON TRACH 2 PO 91,565.04

379,653 SSI-MACQ SAIGON SECURITIES INC 374,840.91Page 2 of 4

SAIGON SECURITIES INC - PNOTE

137,942 VIC-JPM Vingroup JSC 280,362.43

Vingroup JSC-JPM Pnote

30,890 VIC VN VINGROUP JSC 62,782.88

232,000 VND-MACQ VNDIRECT SECURIT 124,847.79VNDIRECT SECURIT ‐ MACQ Pnote

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Stock Total: 18,290,003.57

Cash: 1,297,080.96

Portfolio Total: 19,587,084.53

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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