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cik0001016073:C000101771Member 2026-01-01 2026-06-30 0001016073 cik0001016073:C000176647Member 2026-01-01 2026-06-30 0001016073 cik0001016073:C000050883Member 2026-01-01 2026-06-30 0001016073 cik0001016073:C000249377Member 2026-01-01 2026-06-30 0001016073 cik0001016073:C000132648Member 2026-01-01 2026-06-30 0001016073 cik0001016073:C000190999Member 2026-01-01 2026-06-30 0001016073 cik0001016073:C000190998Member 2026-01-01 2026-06-30 0001016073 cik0001016073:C000219126Member 2026-01-01 2026-06-30 iso4217:USD pure cik0001016073:Holding N-CSRS false 0001016073 N-1A 0.079 0.053 0.1810 0.049 0.1540 0.273 0.196 0.139 0.083 0.442 0.254 0.105 0.083 0.079 0.053 0.1810 0.105 0.049 0.1540 0.273 0.196 0.139 0.442 0.254 0.078 0.050 0.050 0.2230 0.041 0.0810 0.216 0.181 0.132 0.099 0.395 0.172 0.139 0.110 0.048 0.043 0.552 0.105 0.066 0.042 0.229 0.075 0.065 0.061 0.047 0.041 0.0200 0.330 0.161 0.107 0.087 0.068 0.052 0.052 0.044 0.042 0.2640 0.045 0.042 0.0530 0.200 0.167 0.108 0.289 0.184 0.145 0.108 0.082 0.049 0.1580 0.118 0.083 0.077 0.077 0.049 0.048 0.117 0.059 0.059 0.0210 0.256 0.134 0.232 0.208 0.174 0.130 0.067 0.044 0.0730 0.907 0.058 0.0340 0.312 0.226 0.200 0.077 0.105 0.067 0.040 0.0500 0.902 0.047 0.0400 0.281 0.267 0.179 0.267 0.179 0.105 0.067 0.040 0.0500 0.281 0.902 0.047 0.0400 0.078 0.0480 0.931 0.0800 0.355 0.250 0.202 0.078 Driehaus Mutual Funds 2026-06-30 Driehaus Emerging Markets Growth Fund Institutional Class DIEMX This semi-annual shareholder report contains important information about the Driehaus Emerging Markets Growth Fund's Institutional Class (“Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund atwww.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111. www.driehaus.com/fund-resources 1-800-560-6111 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; margin-top: 0; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54);">What were the Fund costs for the last six months?</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="break-after: avoid; border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; padding: 6pt 3pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: right; padding: 6pt 3pt 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Cost of a $10,000 Investment</div></td><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: right; padding: 6pt 3pt 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); vertical-align: bottom;">Driehaus Emerging Markets Growth Fund (Institutional Class/DIEMX)</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;">$</div>47</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;">0.83<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="letter-spacing: 0px; top: 0px;display:inline;">*</div></td></tr></table><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 7.5pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; line-height: normal; font-style: normal; color: rgb(0, 0, 0); text-align: left; padding: 0px;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="font-style:italic;display:inline;"><div style=";display:inline;vertical-align: super;font-size:8.3px">*</div></div></div></td><td style="font-weight: normal; font-size: 7.5pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; line-height: normal; font-style: normal; color: rgb(0, 0, 0); text-align: left; padding: 0px;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="font-style:italic;display:inline;">Annualized.</div></div></td></tr></table> 47 0.0083 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54); margin-top: 6pt;">Key Fund Statistics</div><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">$</div>5,085,811,838</td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);">92</td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period (not annualized)</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);">57<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 5085811838 92 0.57 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; margin-top: 0; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54);">Graphical Representation of Holdings</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;">The tables below show the investment makeup of the Fund, representing percentage of total<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>net assets of the Fund.</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); display: flex; margin-bottom: 8pt;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto; padding-left: 0;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">TOP TEN HOLDINGS</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">9.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Samsung Electronics Co. Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">8.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">SK hynix, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">6.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Northern Institutional U.S. Government Select Portfolio (Shares Class), 3.53%</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">5.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Taiwan Semiconductor Manufacturing Co. Ltd. - SP ADR</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Tencent Holdings Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">ASE Technology Holding Co. Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">OTP Bank Nyrt.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">CTBC Financial Holding Co. Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Credicorp Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 10pt;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">INDUSTRY SECTOR ALLOCATION</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 0; padding-right: 10pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3435057.jpg" style="width: 172.8pt;"/> </div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto; border-right-color: initial; border-right-style: none; border-right-width: initial;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 10pt; padding-right: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">GEOGRAPHIC ALLOCATION</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 0; padding-right: 0;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3435046.jpg" style="width: 172.8pt;"/> </div></div></div> <div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">TOP TEN HOLDINGS</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">9.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Samsung Electronics Co. Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">8.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">SK hynix, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">6.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Northern Institutional U.S. Government Select Portfolio (Shares Class), 3.53%</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">5.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Taiwan Semiconductor Manufacturing Co. Ltd. - SP ADR</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Tencent Holdings Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">ASE Technology Holding Co. Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">OTP Bank Nyrt.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">CTBC Financial Holding Co. Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Credicorp Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div> 0.098 0.087 0.067 0.054 0.037 0.028 0.027 0.017 0.017 0.017 Driehaus Emerging Markets Growth Fund Investor Class DREGX This semi-annual shareholder report contains important information about the Driehaus Emerging Markets Growth Fund's Investor Class (“Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund atwww.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111. www.driehaus.com/fund-resources 1-800-560-6111 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; margin-top: 0; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54);">What were the Fund costs for the last six months?</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="break-after: avoid; border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; padding: 6pt 3pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: right; padding: 6pt 3pt 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Cost of a $10,000 Investment</div></td><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: right; padding: 6pt 3pt 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); vertical-align: bottom;">Driehaus Emerging Markets Growth Fund (Investor Class/DREGX)</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;">$</div>60</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;">1.06<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="letter-spacing: 0px; top: 0px;display:inline;">*</div></td></tr></table><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 7.5pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; line-height: normal; font-style: normal; color: rgb(0, 0, 0); text-align: left; padding: 0px;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="font-style:italic;display:inline;"><div style=";display:inline;vertical-align: super;font-size:8.3px">*</div></div></div></td><td style="font-weight: normal; font-size: 7.5pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; line-height: normal; font-style: normal; color: rgb(0, 0, 0); text-align: left; padding: 0px;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="font-style:italic;display:inline;">Annualized.</div></div></td></tr></table> 60 0.0106 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54); margin-top: 6pt;">Key Fund Statistics</div><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">$</div>5,085,811,838</td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);">92</td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period (not annualized)</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);">57<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 5085811838 92 0.57 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; margin-top: 0; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54);">Graphical Representation of Holdings</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;">The tables below show the investment makeup of the Fund, representing perc<div style="display:inline;">en</div>tage of <div style="display:inline;">to</div>tal<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>net a<div style="display:inline;">ssets</div> of the Fund.</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); display: flex; margin-bottom: 8pt;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto; padding-left: 0;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">TOP TEN HOLDINGS</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">9.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Samsung Electronics Co. Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">8.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">SK hynix, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">6.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Northern Institutional U.S. Government Select Portfolio (Shares Class), 3.53%</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">5.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Taiwan Semiconductor Manufacturing Co. Ltd. - SP ADR</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Tencent Holdings Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">ASE Technology Holding Co. Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">OTP Bank Nyrt.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">CTBC Financial Holding Co. Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Credicorp Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 10pt;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">INDUSTRY SECTOR ALLOCATION</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 0; padding-right: 10pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3435012.jpg" style="width: 172.8pt;"/> </div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto; border-right-color: initial; border-right-style: none; border-right-width: initial;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 10pt; padding-right: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">GEOGRAPHIC ALLOCATION</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 0; padding-right: 0;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3435023.jpg" style="width: 172.8pt;"/> </div></div></div> <div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">TOP TEN HOLDINGS</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">9.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Samsung Electronics Co. Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">8.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">SK hynix, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">6.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Northern Institutional U.S. Government Select Portfolio (Shares Class), 3.53%</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">5.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Taiwan Semiconductor Manufacturing Co. Ltd. - SP ADR</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">3.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Tencent Holdings Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">ASE Technology Holding Co. Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">OTP Bank Nyrt.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">CTBC Financial Holding Co. Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Credicorp Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div> 0.098 0.087 0.067 0.054 0.037 0.028 0.027 0.017 0.017 0.017 Driehaus Emerging Markets Small CapGrowth Fund Driehaus Emerging Markets Small CapGrowth Fund DRESX This semi-annual shareholder report contains important information about the Driehaus Emerging Markets Small Cap Growth Fund (“Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund atwww.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111. www.driehaus.com/fund-resources 1-800-560-6111 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; margin-top: 0; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54);">What were the Fund costs for the last six months?</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="break-after: avoid; border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; padding: 6pt 3pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund</div></td><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: right; padding: 6pt 3pt 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Cost of a $10,000 Investment</div></td><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: right; padding: 6pt 3pt 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); vertical-align: bottom;">Driehaus Emerging Markets Small Cap Growth Fund (DRESX)</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;">$</div>66</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;">1.24<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="letter-spacing: 0px; top: 0px;display:inline;">*</div></td></tr></table><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 7.5pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; line-height: normal; font-style: normal; color: rgb(0, 0, 0); text-align: left; padding: 0px;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="font-style:italic;display:inline;"><div style=";display:inline;vertical-align: super;font-size:8.3px">*</div></div></div></td><td style="font-weight: normal; font-size: 7.5pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; line-height: normal; font-style: normal; color: rgb(0, 0, 0); text-align: left; padding: 0px;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="font-style:italic;display:inline;">Annualized.</div></div></td></tr></table> 66 0.0124 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54); margin-top: 6pt;">Key Fund Statistics</div><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">$</div>161,645,665</td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);">86</td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period (not annualized)</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);">53<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 161645665 86 0.53 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; margin-top: 0; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54);">Graphical Representation of Holdings</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;">The tables below show the investment makeup of the Fund, representing percentage of total<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>net a<div style="display:inline;">ss</div>ets of the Fund.</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); display: flex; margin-bottom: 8pt;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto; padding-left: 0;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">TOP TEN HOLDINGS</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Northern Institutional U.S. Government Select Portfolio (Shares Class), 3.53%</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">6.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Hyosung Heavy Industries Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Vista Energy SAB de CV - ADR</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">HPSP Co. Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Orizon Valorizacao de Residuos SA</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Hitachi Energy India Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Kinik Co.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">GE Vernova T&amp;D India Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Mega Union Technology, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Aditya Infotech Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 10pt;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">INDUSTRY SECTOR ALLOCATION</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 0; padding-right: 10pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3435156.jpg" style="width: 172.8pt;"/> </div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto; border-right-color: initial; border-right-style: none; border-right-width: initial;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 10pt; padding-right: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">GEOGRAPHIC ALLOCATION</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 0; padding-right: 0;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3435167.jpg" style="width: 172.8pt;"/> </div></div></div> <div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">TOP TEN HOLDINGS</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Northern Institutional U.S. Government Select Portfolio (Shares Class), 3.53%</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">6.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Hyosung Heavy Industries Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Vista Energy SAB de CV - ADR</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">HPSP Co. Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Orizon Valorizacao de Residuos SA</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Hitachi Energy India Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Kinik Co.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">GE Vernova T&amp;D India Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Mega Union Technology, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Aditya Infotech Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div> 0.067 0.029 0.023 0.023 0.023 0.019 0.019 0.018 0.017 0.017 Driehaus Global Fund Driehaus Global Fund DMAGX This semi-annual shareholder report contains important information about the Driehaus Global Fund (“Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111. www.driehaus.com/fund-resources 1-800-560-6111 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; margin-top: 0; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54);">What were the Fund costs for the last six months?</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="break-after: avoid; border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; padding: 6pt 3pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund</div></td><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: right; padding: 6pt 3pt 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Cost of a $10,000 Investment</div></td><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: right; padding: 6pt 3pt 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); vertical-align: bottom;">Driehaus Global Fund (DMAGX)</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;">$</div>41</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;">0.75<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="letter-spacing: 0px; top: 0px;display:inline;">*</div></td></tr></table><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 7.5pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; line-height: normal; font-style: normal; color: rgb(0, 0, 0); text-align: left; padding: 0px;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="font-style:italic;display:inline;"><div style=";display:inline;vertical-align: super;font-size:8.3px">*</div></div></div></td><td style="font-weight: normal; font-size: 7.5pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; line-height: normal; font-style: normal; color: rgb(0, 0, 0); text-align: left; padding: 0px;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="font-style:italic;display:inline;">Annualized.</div></div></td></tr></table> 41 0.0075 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54); margin-top: 6pt;">Key Fund Statistics</div><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">$</div>89,917,657</td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);">102</td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period (not annualized)</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);">56<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 89917657 102 0.56 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; margin-top: 0; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54);">Graphical Representation of Holdings</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;">The tables below show the investment makeup of the Fund, representing percentage of total<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>net assets of the Fund.</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); display: flex; margin-bottom: 8pt;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto; padding-left: 0;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">TOP TEN HOLDINGS</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Alphabet, Inc. - A</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">4.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">NVIDIA Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">3.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Amazon.com, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">3.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Northern Institutional U.S. Government Select Portfolio (Shares Class), 3.53%</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">3.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Ibiden Co. Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Eli Lilly &amp; Co.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Seagate Technology Holdings PLC</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Disco Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">ASML Holding NV</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 10pt;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">INDUSTRY SECTOR ALLOCATION</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 0; padding-right: 10pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3435129.jpg" style="width: 172.8pt;"/> </div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto; border-right-color: initial; border-right-style: none; border-right-width: initial;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 10pt; padding-right: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">GEOGRAPHIC ALLOCATION</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 0; padding-right: 0;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3435118.jpg" style="width: 172.8pt;"/> </div></div></div> <div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">TOP TEN HOLDINGS</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Alphabet, Inc. - A</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">4.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">NVIDIA Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">3.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Amazon.com, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">3.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Northern Institutional U.S. Government Select Portfolio (Shares Class), 3.53%</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">3.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Ibiden Co. Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Taiwan Semiconductor Manufacturing Co. Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Eli Lilly &amp; Co.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Seagate Technology Holdings PLC</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Disco Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">ASML Holding NV</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div> 0.041 0.035 0.035 0.031 0.028 0.022 0.021 0.017 0.016 0.016 Driehaus International Small Cap Growth Fund Driehaus International Small Cap Growth Fund DRIOX This semi-annual shareholder report contains important information about the Driehaus International Small Cap Growth Fund (“Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111. www.driehaus.com/fund-resources 1-800-560-6111 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; margin-top: 0; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54);">What were the Fund costs for the last six months?</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="break-after: avoid; border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; padding: 6pt 3pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund</div></td><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: right; padding: 6pt 3pt 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Cost of a $10,000 Investment</div></td><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: right; padding: 6pt 3pt 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); vertical-align: bottom;">Driehaus International Small Cap Growth Fund (DRIOX)</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;">$</div>58</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;">1.12<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="letter-spacing: 0px; top: 0px;display:inline;">*</div></td></tr></table><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 7.5pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; line-height: normal; font-style: normal; color: rgb(0, 0, 0); text-align: left; padding: 0px;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="font-style:italic;display:inline;"><div style=";display:inline;vertical-align: super;font-size:8.3px">*</div></div></div></td><td style="font-weight: normal; font-size: 7.5pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; line-height: normal; font-style: normal; color: rgb(0, 0, 0); text-align: left; padding: 0px;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="font-style:italic;display:inline;">Annualized.</div></div></td></tr></table> 58 0.0112 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54); margin-top: 6pt;">Key Fund Statistics</div><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">$</div>311,165,267</td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);">114</td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period (not annualized)</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);">46<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 311165267 114 0.46 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; margin-top: 0; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54);">Graphical Representation of Holdings</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;">The tables below show the investment makeup of the Fund, representing percentage of total<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>net assets of the Fund.</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); display: flex; margin-bottom: 8pt;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto; padding-left: 0;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">TOP TEN HOLDINGS</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">AT&amp;S Austria Technologie &amp; Systemtechnik AG</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">3.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">SigmaRoc PLC</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Smiths Group PLC</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Omron Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Resonac Holdings Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Azbil Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Seiko Group Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">PVA TePla AG</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Senior PLC</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Asahi Intecc Co. Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 10pt;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">INDUSTRY SECTOR ALLOCATION</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 0; padding-right: 10pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3435084.jpg" style="width: 172.8pt;"/> </div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto; border-right-color: initial; border-right-style: none; border-right-width: initial;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 10pt; padding-right: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">GEOGRAPHIC ALLOCATION</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 0; padding-right: 0;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3435095.jpg" style="width: 172.8pt;"/> </div></div></div> <div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">TOP TEN HOLDINGS</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">AT&amp;S Austria Technologie &amp; Systemtechnik AG</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">3.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">SigmaRoc PLC</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Smiths Group PLC</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Omron Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Resonac Holdings Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Azbil Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Seiko Group Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">PVA TePla AG</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Senior PLC</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Asahi Intecc Co. Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div> 0.035 0.021 0.02 0.02 0.02 0.018 0.017 0.016 0.016 0.016 Driehaus International Developed Equity Fund Driehaus International Developed Equity Fund DIDEX This semi-annual shareholder report contains important information about the Driehaus International Developed Equity Fund (“Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111. www.driehaus.com/fund-resources 1-800-560-6111 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; margin-top: 0; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54);">What were the Fund costs for the last six months?</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="break-after: avoid; border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; padding: 6pt 3pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund</div></td><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: right; padding: 6pt 3pt 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Cost of a $10,000 Investment</div></td><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: right; padding: 6pt 3pt 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); vertical-align: bottom;">Driehaus International Developed Equity Fund (DIDEX)</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;">$</div>42</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;">0.80<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="letter-spacing: 0px; top: 0px;display:inline;">*</div></td></tr></table><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 7.5pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; line-height: normal; font-style: normal; color: rgb(0, 0, 0); text-align: left; padding: 0px;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="font-style:italic;display:inline;"><div style=";display:inline;vertical-align: super;font-size:8.3px">*</div></div></div></td><td style="font-weight: normal; font-size: 7.5pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; line-height: normal; font-style: normal; color: rgb(0, 0, 0); text-align: left; padding: 0px;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="font-style:italic;display:inline;">Annualized.</div></div></td></tr></table> 42 0.008 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54); margin-top: 6pt;">Key Fund Statistics</div><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">$</div>3,759,264</td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);">60</td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period (not annualized)</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);">50<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 3759264 60 0.50 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; margin-top: 0; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54);">Graphical Representation of Holdings</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;">The tables below show the investment makeup of the Fund, representing percentage of total<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>net assets of the Fund.</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); display: flex; margin-bottom: 8pt;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto; padding-left: 0;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">TOP TEN HOLDINGS</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">ASML Holding NV</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">6.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Infineon Technologies AG</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">4.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Northern Institutional Treasury Portfolio, 3.51%</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">3.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Tokyo Electron Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">3.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Japan Tobacco, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Ryohin Keikaku Co. Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">ICON PLC</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Cie Financiere Richemont SA - A</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Panasonic Holdings Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">UBS Group AG</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 10pt;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">INDUSTRY SECTOR ALLOCATION</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 0; padding-right: 10pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3435228.jpg" style="width: 172.8pt;"/> </div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto; border-right-color: initial; border-right-style: none; border-right-width: initial;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 10pt; padding-right: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">GEOGRAPHIC ALLOCATION</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 0; padding-right: 0;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3435239.jpg" style="width: 172.8pt;"/> </div></div></div> <div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">TOP TEN HOLDINGS</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">ASML Holding NV</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">6.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Infineon Technologies AG</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">4.3<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Northern Institutional Treasury Portfolio, 3.51%</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">3.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Tokyo Electron Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">3.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Japan Tobacco, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Ryohin Keikaku Co. Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">ICON PLC</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Cie Financiere Richemont SA - A</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Panasonic Holdings Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">UBS Group AG</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div> 0.062 0.043 0.036 0.031 0.029 0.029 0.026 0.024 0.024 0.024 Driehaus Micro Cap Growth Fund Driehaus Micro Cap Growth Fund DMCRX This semi-annual shareholder report contains important information about the Driehaus Micro Cap Growth Fund (“Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111. www.driehaus.com/fund-resources 1-800-560-6111 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; margin-top: 0; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54);">What were the Fund costs for the last six months?</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="break-after: avoid; border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; padding: 6pt 3pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund</div></td><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: right; padding: 6pt 3pt 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Cost of a $10,000 Investment</div></td><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: right; padding: 6pt 3pt 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); vertical-align: bottom;">Driehaus Micro Cap Growth Fund (DMCRX)</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;">$</div>78</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;">1.34<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="letter-spacing: 0px; top: 0px;display:inline;">*</div></td></tr></table><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 7.5pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; line-height: normal; font-style: normal; color: rgb(0, 0, 0); text-align: left; padding: 0px;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="font-style:italic;display:inline;"><div style=";display:inline;vertical-align: super;font-size:8.3px">*</div></div></div></td><td style="font-weight: normal; font-size: 7.5pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; line-height: normal; font-style: normal; color: rgb(0, 0, 0); text-align: left; padding: 0px;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="font-style:italic;display:inline;">Annualized.</div></div></td></tr></table> 78 0.0134 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54); margin-top: 6pt;">Key Fund Statistics</div><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">$</div>596,755,835</td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);">132</td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period (not annualized)</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);">59<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 596755835 132 0.59 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; margin-top: 0; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54);">Graphical Representation of Holdings</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;">The tables below show the investment makeup of the Fund, representing percentage of total<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>net assets of the Fund.</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); display: flex; margin-bottom: 8pt;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto; padding-left: 0;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">TOP TEN HOLDINGS</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Definium Therapeutics, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Praxis Precision Medicines, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Spyre Therapeutics, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Ultra Clean Holdings, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Cardinal Infrastructure Group, Inc. - A</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">CECO Environmental Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">nLight, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Xometry, Inc. - A</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Silicon Motion Technology Corp. - ADR</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Edgewise Therapeutics, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 10pt;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">INDUSTRY SECTOR ALLOCATION</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 0; padding-right: 10pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3434913.jpg" style="width: 172.8pt;"/> </div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto; border-right-color: initial; border-right-style: none; border-right-width: initial;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 10pt; padding-right: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">GEOGRAPHIC ALLOCATION</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 0; padding-right: 0;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3434902.jpg" style="width: 172.8pt;"/> </div></div></div> <div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">TOP TEN HOLDINGS</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Definium Therapeutics, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Praxis Precision Medicines, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Spyre Therapeutics, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Ultra Clean Holdings, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Cardinal Infrastructure Group, Inc. - A</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">CECO Environmental Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">nLight, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Xometry, Inc. - A</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Silicon Motion Technology Corp. - ADR</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Edgewise Therapeutics, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.4<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div> 0.024 0.021 0.02 0.019 0.019 0.017 0.016 0.015 0.014 0.014 Driehaus Small Cap Growth Fund Institutional Class DNSMX This semi-annual shareholder report contains important information about the Driehaus Small Cap Growth Fund's Institutional Class (“Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund atwww.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111. www.driehaus.com/fund-resources 1-800-560-6111 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; margin-top: 0; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54);">What were the Fund costs for the last six months?</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="break-after: avoid; border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; padding: 6pt 3pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: right; padding: 6pt 3pt 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Cost of a $10,000 Investment</div></td><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: right; padding: 6pt 3pt 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); vertical-align: bottom;">Driehaus Small Cap Growth Fund (Institutional Class/DNSMX)</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;">$</div>39</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;">0.69<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="letter-spacing: 0px; top: 0px;display:inline;">*</div></td></tr></table><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 7.5pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; line-height: normal; font-style: normal; color: rgb(0, 0, 0); text-align: left; padding: 0px;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="font-style:italic;display:inline;"><div style=";display:inline;vertical-align: super;font-size:8.3px">*</div></div></div></td><td style="font-weight: normal; font-size: 7.5pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; line-height: normal; font-style: normal; color: rgb(0, 0, 0); text-align: left; padding: 0px;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="font-style:italic;display:inline;">Annualized.</div></div></td></tr></table> 39 0.0069 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54); margin-top: 6pt;">Key Fund Statistics</div><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">$</div>1,627,010,538</td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);">123</td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period (not annualized)</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);">73<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 1627010538 123 0.73 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; margin-top: 0; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54);">Graphical Representation of Holdings</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;">The tables below show the investment makeup of the Fund, representing percentage of total<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>net assets of the Fund.</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); display: flex; margin-bottom: 8pt;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto; padding-left: 0;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">TOP TEN HOLDINGS</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Northern Institutional U.S. Government Select Portfolio (Shares Class), 3.53%</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Vicor Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Guardant Health, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Silicon Motion Technology Corp. - ADR</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Apogee Therapeutics, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Praxis Precision Medicines, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Definium Therapeutics, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Planet Labs PBC</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Spyre Therapeutics, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Curtiss-Wright Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 10pt;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">INDUSTRY SECTOR ALLOCATION</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 0; padding-right: 10pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3434985.jpg" style="width: 172.8pt;"/> </div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto; border-right-color: initial; border-right-style: none; border-right-width: initial;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 10pt; padding-right: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">GEOGRAPHIC ALLOCATION</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 0; padding-right: 0;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3434974.jpg" style="width: 172.8pt;"/> </div></div></div> <div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">TOP TEN HOLDINGS</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Northern Institutional U.S. Government Select Portfolio (Shares Class), 3.53%</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Vicor Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Guardant Health, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Silicon Motion Technology Corp. - ADR</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Apogee Therapeutics, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Praxis Precision Medicines, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Definium Therapeutics, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Planet Labs PBC</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Spyre Therapeutics, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Curtiss-Wright Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div> 0.027 0.02 0.02 0.019 0.018 0.017 0.017 0.017 0.017 0.015 Driehaus Small Cap Growth Fund Investor Class DVSMX This semi-annual shareholder report contains important information about the Driehaus Small Cap Growth Fund's Investor Class (“Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111. www.driehaus.com/fund-resources 1-800-560-6111 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; margin-top: 0; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54);">What were the Fund costs for the last six months?</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="break-after: avoid; border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; padding: 6pt 3pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund (Class)</div></td><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: right; padding: 6pt 3pt 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Cost of a $10,000 Investment</div></td><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: right; padding: 6pt 3pt 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); vertical-align: bottom;">Driehaus Small Cap Growth Fund (Investor Class/DVSMX)</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;">$</div>50</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;">0.90<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="letter-spacing: 0px; top: 0px;display:inline;">*</div></td></tr></table><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 7.5pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; line-height: normal; font-style: normal; color: rgb(0, 0, 0); text-align: left; padding: 0px;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="font-style:italic;display:inline;"><div style=";display:inline;vertical-align: super;font-size:8.3px">*</div></div></div></td><td style="font-weight: normal; font-size: 7.5pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; line-height: normal; font-style: normal; color: rgb(0, 0, 0); text-align: left; padding: 0px;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="font-style:italic;display:inline;">Annualized.</div></div></td></tr></table> 50 0.009 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54); margin-top: 6pt;">Key Fund Statistics</div><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">$</div>1,627,010,538</td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);">123</td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period (not annualized)</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);">73<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 1627010538 123 0.73 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; margin-top: 0; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54);">Graphical Representation of Holdings</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;">The tables below show the investment makeup of the Fund, representing percentage of total<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>net assets of the Fund.</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); display: flex; margin-bottom: 8pt;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto; padding-left: 0;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">TOP TEN HOLDINGS</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Northern Institutional U.S. Government Select Portfolio (Shares Class), 3.53%</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Vicor Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Guardant Health, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Silicon Motion Technology Corp. - ADR</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Apogee Therapeutics, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Praxis Precision Medicines, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Definium Therapeutics, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Planet Labs PBC</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Spyre Therapeutics, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Curtiss-Wright Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 10pt;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">INDUSTRY SECTOR ALLOCATION</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 0; padding-right: 10pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3434940.jpg" style="width: 172.8pt;"/> </div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto; border-right-color: initial; border-right-style: none; border-right-width: initial;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 10pt; padding-right: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">GEOGRAPHIC ALLOCATION</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 0; padding-right: 0;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3434951.jpg" style="width: 172.8pt;"/> </div></div></div> <div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">TOP TEN HOLDINGS</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Northern Institutional U.S. Government Select Portfolio (Shares Class), 3.53%</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Vicor Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Guardant Health, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.0<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Silicon Motion Technology Corp. - ADR</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.9<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Apogee Therapeutics, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Praxis Precision Medicines, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Definium Therapeutics, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Planet Labs PBC</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Spyre Therapeutics, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Curtiss-Wright Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.5<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div> 0.027 0.02 0.02 0.019 0.018 0.017 0.017 0.017 0.017 0.015 Driehaus Small/Mid Cap Growth Fund Driehaus Small/Mid Cap Growth Fund DSMDX This semi-annual shareholder report contains important information about the Driehaus Small/Mid Cap Growth Fund (“Fund”) for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at www.driehaus.com/fund-resources. You can also request this information by contacting us at 1-800-560-6111. www.driehaus.com/fund-resources 1-800-560-6111 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; margin-top: 0; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54);">What were the Fund costs for the last six months?</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;">(Based on a hypothetical $10,000 investment)</div><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="break-after: avoid; border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; padding: 6pt 3pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Fund</div></td><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: right; padding: 6pt 3pt 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Cost of a $10,000 Investment</div></td><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; text-align: right; padding: 6pt 3pt 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="font-weight:bolder;display:inline;">Costs paid as a percentage of a $10,000 investment</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); vertical-align: bottom;">Driehaus Small/Mid Cap Growth Fund (DSMDX)</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;"><div style="letter-spacing: 0px; top: 0px;display:inline;">$</div>44</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal; color: rgb(0, 0, 0); vertical-align: bottom;">0.80<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div><div style="letter-spacing: 0px; top: 0px;display:inline;">*</div></td></tr></table><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 7.5pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; line-height: normal; font-style: normal; color: rgb(0, 0, 0); text-align: left; padding: 0px;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="font-style:italic;display:inline;"><div style=";display:inline;vertical-align: super;font-size:8.3px">*</div></div></div></td><td style="font-weight: normal; font-size: 7.5pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; line-height: normal; font-style: normal; color: rgb(0, 0, 0); text-align: left; padding: 0px;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;"><div style="font-style:italic;display:inline;">Annualized.</div></div></td></tr></table> 44 0.008 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54); margin-top: 6pt;">Key Fund Statistics</div><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Fund net assets</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);"><div style="letter-spacing: 0px; top: 0px;display:inline;">$</div>115,852,810</td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Total number of portfolio holdings</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);">115</td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-size: 9pt; font-family: &quot;Times New Roman&quot;; vertical-align: middle; padding: 6pt 10pt 3pt; line-height: normal; text-align: left; color: rgb(0, 0, 0); width: 40%;"><div style="font-weight:bolder;display:inline;">Portfolio turnover rate as of the end of the reporting period (not annualized)</div></td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; line-height: normal; color: rgb(0, 0, 0);">74<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table> 115852810 115 0.74 <div style="font-weight: bold; font-size: 11.52pt; font-family: 'Times New Roman'; margin-top: 0; line-height: inherit; margin-bottom: 3pt; color: rgb(21, 34, 54);">Graphical Representation of Holdings</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; margin-top: 0; line-height: 11pt; color: rgb(0, 0, 0); margin-bottom: 6pt;">The tables below show the investment makeup of the Fund, representing percentage of total<div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;"> </div>net assets of the Fund.</div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); display: flex; margin-bottom: 8pt;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto; padding-left: 0;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">TOP TEN HOLDINGS</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Northern Institutional U.S. Government Portfolio, 3.46%</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">4.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Astera Labs, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Guardant Health, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Praxis Precision Medicines, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Comfort Systems USA, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Carpenter Technology Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Curtiss-Wright Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Natera, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Silicon Motion Technology Corp. - ADR</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Credo Technology Group Holding Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; border-right-color: rgb(0, 0, 0); border-right-style: solid; border-right-width: 0.5pt; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 10pt;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">INDUSTRY SECTOR ALLOCATION</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 0; padding-right: 10pt;"><img alt="Graphical Representation - Allocation 1 Chart" src="chartimages_3435201.jpg" style="width: 172.8pt;"/> </div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); width: 33%; float: left; flex-grow: 1; flex-shrink: 1; flex-basis: auto; border-right-color: initial; border-right-style: none; border-right-width: initial;"><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 10pt; padding-right: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">GEOGRAPHIC ALLOCATION</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-left: 0; padding-right: 0;"><img alt="Graphical Representation - Allocation 2 Chart" src="chartimages_3435190.jpg" style="width: 172.8pt;"/> </div></div></div> <div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><div style="font-weight: bold; font-size: 9pt; font-family: 'Times New Roman'; line-height: inherit; letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; color: rgb(92, 132, 178); border-bottom-color: rgb(92, 132, 178); border-bottom-style: solid; border-bottom-width: 1pt; margin-top: 0;">TOP TEN HOLDINGS</div></div><div style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); padding-right: 10pt; padding-left: 0;"><table style="text-align:start; break-inside: avoid; width: 100%; border-collapse: collapse;"><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Northern Institutional U.S. Government Portfolio, 3.46%</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">4.2<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Astera Labs, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Guardant Health, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">2.1<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Praxis Precision Medicines, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Comfort Systems USA, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Carpenter Technology Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.8<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Curtiss-Wright Corp.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Natera, Inc.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Silicon Motion Technology Corp. - ADR</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.7<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr><tr style="border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 12pt; line-height: normal; text-align: left;">Credo Technology Group Holding Ltd.</td><td style="font-weight: normal; font-size: 9pt; font-family: 'Times New Roman'; color: rgb(0, 0, 0); text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt; line-height: normal;">1.6<div style="letter-spacing: 0px; top: 0px;display:inline;">%</div></td></tr></table></div> 0.042 0.027 0.021 0.018 0.018 0.018 0.017 0.017 0.017 0.016 Annualized.