# EDGAR Filing Document

**Accession Number:** 0001016073
**File Stem:** 0002066578-25-000378
**Filing Date:** 2025-8
**Character Count:** 40511
**Document Hash:** 9fa0fd50582df9950765b61a24156ad4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-000378.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0002066578-25-000378

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DRIEHAUS MUTUAL FUNDS
- **CENTRAL INDEX KEY:** 0001016073

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07655
- **FILM NUMBER:** 251255213

**BUSINESS ADDRESS:**
- **STREET 1:** 25 EAST ERIE ST
- **STREET 2:** 25 EAST ERIE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60611
- **BUSINESS PHONE:** 3125873800

**MAIL ADDRESS:**
- **STREET 1:** 25 E. ERIE STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60611

## Series and Classes Contracts Data

### Driehaus International Small Cap Growth Fund (Series ID: S000018408)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000050883 | Driehaus International Small Cap Growth Fund | DRIOX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Driehaus Mutual Funds

- **b. Investment Company Act file number:** 811-07655

- **c. CIK number of Registrant:** 0001016073

- **d. LEI of Registrant:** 25490065PZVMACERQ816

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 25 EAST ERIE STREET

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60611

  - **Telephone number:** 312 587 3800

**Item A.2. Information about the Series.**

- **a. Name of Series:** Driehaus International Small Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000018408

- **c. LEI of Series:** 254900LZAHTSMHKELS55

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $301251824.20

**Total Liabilities:** $1963352.61

**Net Assets:** $299288471.59

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000050883 | 6.01%                | 9.03%                | 6.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-811969.50              | $19238347.89                               |
| Month 2  | $3445300.34              | $16896589.36                               |
| Month 3  | $4611202.38              | $14538022.77                               |

### Schedule of Portfolio Investments

| Name                                     | Title                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Sopra Steria Group SA                    | Sopra Steria Group SA EUR1.00                       | CUSIP: F20906115<br>LEI: 96950020QIOHAAK9V551 | Long             | EC               | CORP              | FR        |     11079 | NS      | $2701220.26   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Bam Groep NV                 | Koninklijke Bam Groep NV EUR0.10                    | CUSIP: N0157T177<br>LEI: 724500V38C5KTDY5BS93 | Long             | EC               | CORP              | NL        |    264655 | NS      | $2360813.26   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Tecnicas Reunidas SA                     | Tecnicas Reunidas SA EUR0.1                         | CUSIP: E9055J108<br>LEI: 213800JEZBUPZKWJGF49 | Long             | EC               | CORP              | ES        |    169844 | NS      | $3922366.37   | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| ABC-Mart Inc.                            | ABC-Mart Inc. NPV                                   | CUSIP: J00056101<br>LEI: 353800AXWW4CMTSJWL33 | Long             | EC               | CORP              | JP        |     74800 | NS      | $1536678.62   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Merus NV                                 | Merus NV EUR0.09                                    | CUSIP: N5749R100<br>LEI: 549300W8GPUWU8QNU293 | Long             | EC               | CORP              | NL        |     40365 | NS      | $2123199.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Fuchs SE                                 | Fuchs SE NON VTG PRF NPV (REG)                      | CUSIP: D27462379<br>LEI: 529900SNF9E1P5ZO4P98 | Long             | EP               | CORP              | DE        |     47085 | PA      | $2602272.64   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Opera Limited                            | Opera Limited SPON ADS EACH REP 2 ORD SHS           | CUSIP: 68373M107<br>LEI: 5493001ULS7KDNNZ3W51 | Long             | EC               | CORP              | KY        |     86268 | NS      | $1630465.20   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Stoneco Ltd                              | Stoneco Ltd COM USD0.000079365 CL A                 | CUSIP: G85158106<br>LEI: 549300O1A9LEF0XZCR35 | Long             | EC               | CORP              | KY        |     98566 | NS      | $1580998.64   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinaxis Inc                              | Kinaxis Inc COM NPV                                 | CUSIP: 49448Q109<br>LEI: 5299009VAZ14K7PFUQ15 | Long             | EC               | CORP              | CA        |     22911 | NS      | $3407333.01   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Shurgard Self Storage Ltd                | Shurgard Self Storage Ltd NPV                       | CUSIP: G81317102<br>LEI: 549300J0UEIKU81XO336 | Long             | EC               | CORP              | GG        |     26610 | NS      | $1162497.59   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| APL Apollo Tubes Ltd.                    | APL Apollo Tubes Ltd. INR2.00 POST SUB              | CUSIP: Y0181Q148<br>LEI: 335800ZU4GXSB7Q4IU95 | Long             | EC               | CORP              | IN        |     79125 | NS      | $1604697.26   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| BELIMO Holding AG                        | BELIMO Holding AG CHF0.05 (REGD)                    | CUSIP: H07171129<br>LEI: 506700339DLX749VEM23 | Long             | EC               | CORP              | CH        |      2128 | NS      | $2169075.10   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Sigmaroc Plc                             | Sigmaroc Plc ORD GBP0.01                            | CUSIP: G81267109<br>LEI: 213800Q3CJUERBGD1E44 | Long             | EC               | CORP              | GB        |   3843317 | NS      | $5679618.23   | 1.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Capstone Copper Corp                     | Capstone Copper Corp COM                            | CUSIP: 14071L108<br>LEI: 549300III6KGKKC42W63 | Long             | EC               | CORP              | CA        |    358000 | NS      | $2197818.98   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Boardwalk Real Estate Investment Trust   | Boardwalk Real Estate Investment Trust TRUST UNITS  | CUSIP: 096631106<br>LEI: 549300KXE6YWGWBI0U31 | Long             | EC               | CORP              | CA        |     58174 | NS      | $2989974.86   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognyte Software Limited                 | Cognyte Software Limited ORD SHS                    | CUSIP: M25133105<br>LEI: 2549006L803IRJC67B33 | Long             | EC               | CORP              | IL        |    166984 | NS      | $1542932.16   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Trustpilot Group PLC                     | Trustpilot Group PLC ORD GBP0.01                    | CUSIP: G91044100<br>LEI: 2138002ILUNMGNPSGG46 | Long             | EC               | CORP              | GB        |    301880 | NS      | $1004560.49   | 0.34%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Xenon Pharmaceuticals Inc                | Xenon Pharmaceuticals Inc COM NPV                   | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |     46088 | NS      | $1442554.40   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Intermediate Capital Group PLC           | Intermediate Capital Group PLC ORD GBP0.2625        | CUSIP: G4807D192<br>LEI: 549300OGASR5WRKJ8R68 | Long             | EC               | RF                | GB        |    134921 | NS      | $3578901.04   | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Alzchem Group Ag                         | Alzchem Group Ag NPV (POST SPLIT)                   | CUSIP: D0R02K100<br>LEI: 8945004EL7WZK3ERG181 | Long             | EC               | CORP              | DE        |     16880 | NS      | $2763657.37   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Friedrich Vorwerk Group SE               | Friedrich Vorwerk Group SE NPV                      | CUSIP: D2R9Z3109<br>LEI: 529900NBM89YAM5ENI18 | Long             | EC               | CORP              | DE        |     42141 | NS      | $2911942.05   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Hitachi Energy India Limited             | Hitachi Energy India Limited INR2                   | CUSIP: Y000XZ109<br>LEI: 549300ASJQYQLII9F213 | Long             | EC               | CORP              | IN        |      7276 | NS      | $1697738.48   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Montana Aerospace AG                     | Montana Aerospace AG CHF1.00                        | CUSIP: H55555108<br>LEI: 506700YRG9330Q97U450 | Long             | EC               | CORP              | CH        |     48189 | NS      | $1577016.02   | 0.53%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Alk-Abello A/S                           | Alk-Abello A/S SER'B'DKK0.50                        | CUSIP: K03294137<br>LEI: 529900SGCREUZCZ7P020 | Long             | EC               | CORP              | DK        |     49760 | NS      | $1468141.47   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Scout24 SE                               | Scout24 SE NPV                                      | CUSIP: D345XT105<br>LEI: 5493007EIKM2ENQS7U66 | Long             | EC               | CORP              | DE        |     42518 | NS      | $5869560.76   | 1.96%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Max Healthcare Institute Ltd.            | Max Healthcare Institute Ltd. INR10                 | CUSIP: Y5S464109<br>LEI: 3358005LALYV4GZOYF67 | Long             | EC               | CORP              | IN        |    188900 | NS      | $2810839.40   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Auto1 Group                              | Auto1 Group NPV                                     | CUSIP: D0R06D102<br>LEI: 391200S2LPXG5ZD5G304 | Long             | EC               | CORP              | DE        |    242656 | NS      | $7856088.27   | 2.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Saipem SPA                               | Saipem SPA NPV (POST SPLIT)                         | CUSIP: T82000257<br>LEI: 549300PHV8MBDHWB8X12 | Long             | EC               | CORP              | IT        |   1171161 | NS      | $3201721.39   | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Games Workshop Group PLC                 | Games Workshop Group PLC ORD GBP0.05                | CUSIP: G3715N102<br>LEI: 213800RP9QJQYGWHNT41 | Long             | EC               | CORP              | GB        |     10349 | NS      | $2303510.22   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| DO & CO AG                               | DO & CO AG NPV                                      | CUSIP: A1447E107<br>LEI: 5299002NFQKOBT1E8569 | Long             | EC               | CORP              | AT        |     22128 | NS      | $4727204.58   | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Wix.com Limited                          | Wix.com Limited COM ILS0.01                         | CUSIP: M98068105<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |     13316 | NS      | $2110053.36   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Elevator                         | Hyundai Elevator KRW5000                            | CUSIP: Y3835T104<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     23884 | NS      | $1518642.40   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Fujitec Co Ltd                           | Fujitec Co Ltd NPV                                  | CUSIP: J15414113<br>LEI: 353800YTI2P5MIZAV086 | Long             | EC               | CORP              | JP        |     86950 | NS      | $3735148.70   | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Fukuoka Financial Group Inc.             | Fukuoka Financial Group Inc. NPV                    | CUSIP: J17129107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     62800 | NS      | $1677810.53   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Metso Oyj                                | Metso Oyj NPV                                       | CUSIP: X5404W104<br>LEI: 549300R0VN9C371W0E07 | Long             | EC               | CORP              | FI        |    307009 | NS      | $3978785.13   | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| GCC, S.A.B. de C.V.                      | GCC, S.A.B. de C.V. COM MXN0.4 144A/REG S           | CUSIP: P4948S124<br>LEI: 254900WY9XL8033CKX68 | Long             | EC               | CORP              | MX        |    206086 | NS      | $1980081.80   | 0.66%             |  |  |  | Yes           |                  1 | On Loan: No      |
| NOF Corp.                                | NOF Corp. NPV                                       | CUSIP: J58934100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    165400 | NS      | $3169517.22   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryohin Keikaku Co Ltd.                   | Ryohin Keikaku Co Ltd. NPV                          | CUSIP: J6571N105<br>LEI: 549300PMNF56J66BY371 | Long             | EC               | CORP              | JP        |    130000 | NS      | $6234637.44   | 2.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Resonac Holdings Corp.                   | Resonac Holdings Corp. NPV                          | CUSIP: J75046136<br>LEI: 5493006AIPA1V92YPP18 | Long             | EC               | CORP              | JP        |    105100 | NS      | $2435285.39   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Azbil Corp.                              | Azbil Corp. NPV                                     | CUSIP: J0370G106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    565200 | NS      | $5359584.61   | 1.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Yokogawa Electric Corporation            | Yokogawa Electric Corporation NPV                   | CUSIP: J97272124<br>LEI: 529900MV0U7C9WWF4L22 | Long             | EC               | CORP              | JP        |    120700 | NS      | $3224363.03   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Cosmax Inc.                              | Cosmax Inc. KRW500                                  | CUSIP: Y1R696106<br>LEI: 988400ZU10J4AP3M4Y14 | Long             | EC               | CORP              | KR        |     17192 | NS      | $3548860.00   | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| DormaKaba Holding AG                     | DormaKaba Holding AG CHF0.10 'B'(REGD)              | CUSIP: H1956E103<br>LEI: 529900QMU5ZH99KMQK13 | Long             | EC               | CORP              | CH        |      5734 | NS      | $5243248.33   | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Tecan Group AG                           | Tecan Group AG CHF0.10 (REGD)                       | CUSIP: H84774167<br>LEI: 529900CSN9R3BLETSL26 | Long             | EC               | CORP              | CH        |      9011 | NS      | $1844074.79   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Fluidra SA                               | Fluidra SA EUR1                                     | CUSIP: E52619108<br>LEI: 95980020140005026620 | Long             | EC               | CORP              | ES        |    164257 | NS      | $4118033.71   | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Lotes Co Ltd.                            | Lotes Co Ltd. TWD10                                 | CUSIP: Y53302116<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     41000 | NS      | $1898446.83   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Direcional Engenharia SA                 | Direcional Engenharia SA COM NPV                    | CUSIP: P3561Q100<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    546812 | NS      | $4098246.79   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| HD Hyundai Marine Solution Co Ltd.       | HD Hyundai Marine Solution Co Ltd. KRW500           | CUSIP: Y3820S103<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     17267 | NS      | $2617849.61   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Babcock International Group PLC          | Babcock International Group PLC ORD GBP0.60         | CUSIP: G0689Q152<br>LEI: 213800TSKOLX4EU6L377 | Long             | EC               | CORP              | GB        |    148136 | NS      | $2333130.60   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Cranswick PLC                            | Cranswick PLC ORD GBP0.10                           | CUSIP: G2504J108<br>LEI: 549300LDZLPU51XOSK43 | Long             | EC               | CORP              | GB        |     51194 | NS      | $3760349.14   | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Smiths Group PLC                         | Smiths Group PLC ORD GBP0.375                       | CUSIP: G82401111<br>LEI: 213800MJL6IPZS3ASA11 | Long             | EC               | CORP              | GB        |    260105 | NS      | $8022770.19   | 2.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Filtronic PLC                            | Filtronic PLC ORD GBP0.001                          | CUSIP: G3430A104<br>LEI: 213800PDQ9V2ZNCDO264 | Long             | EC               | CORP              | GB        |    892540 | NS      | $1941601.15   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Food & Life Companies Ltd.               | Food & Life Companies Ltd. NPV                      | CUSIP: J1358G100<br>LEI: 529900CWF7GCVZKS5M87 | Long             | EC               | CORP              | JP        |     75500 | NS      | $3671365.56   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Cairn Homes PLC                          | Cairn Homes PLC ORD EUR0.001                        | CUSIP: G1858L107<br>LEI: 635400DPX6WP2KKDOA83 | Long             | EC               | CORP              | IE        |    937524 | NS      | $2371256.85   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Netcompany Group AS                      | Netcompany Group AS DKK1                            | CUSIP: K7020C102<br>LEI: 5299006DEGAWX1Z1X779 | Long             | EC               | CORP              | DK        |     56345 | NS      | $2412392.58   | 0.81%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Flatexdegiro AG                          | Flatexdegiro AG NPV (REG)                           | CUSIP: D3690M106<br>LEI: 529900IRBZTADXJB6757 | Long             | EC               | CORP              | DE        |     62823 | NS      | $1778963.32   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Catapult Group International Ltd         | Catapult Group International Ltd NPV                | CUSIP: Q2159P101<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    795391 | NS      | $3066402.33   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Aritzia Inc                              | Aritzia Inc SUB VTG SHS                             | CUSIP: 04045U102<br>LEI: 549300U83HKFRL1EX527 | Long             | EC               | CORP              | CA        |     67300 | NS      | $3486700.94   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco BPM S.p.A.                         | Banco BPM S.p.A. NPV                                | CUSIP: T1708N101<br>LEI: 815600E4E6DCD2D25E30 | Long             | EC               | CORP              | IT        |     96541 | NS      | $1126877.28   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Daifuku Co Ltd.                          | Daifuku Co Ltd. NPV                                 | CUSIP: J08988107<br>LEI: 3538006FG1W4X3MYHL36 | Long             | EC               | CORP              | JP        |    151900 | NS      | $3907771.51   | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Icici Lombard Gen Insurance Co Ltd       | Icici Lombard Gen Insurance Co Ltd INR10            | CUSIP: Y3R55N101<br>LEI: 335800ZZITZ7ZZZ2ZX87 | Long             | EC               | CORP              | IN        |     71795 | NS      | $1708105.87   | 0.57%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Siegfried Holding AG                     | Siegfried Holding AG CHF0.72 (REGD)                 | CUSIP: H7593W109<br>LEI: 506700J9QD6IF3937W06 | Long             | EC               | CORP              | CH        |     17085 | NS      | $1924943.58   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Baycurrent Inc.                          | Baycurrent Inc. NPV                                 | CUSIP: J0433F103<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     32700 | NS      | $1682233.48   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| ConvaTec Group PLC                       | ConvaTec Group PLC ORD GBP0.1                       | CUSIP: G23969101<br>LEI: 213800LS272L4FIDOH92 | Long             | EC               | CORP              | GB        |   1572198 | NS      | $6227551.93   | 2.08%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Land Securities Group PLC                | Land Securities Group PLC ORD GBP0.106666666        | CUSIP: G5375M142<br>LEI: 213800V8IAVKS37D6B88 | Long             | EC               | CORP              | GB        |    238548 | NS      | $2071984.01   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Wiwynn Corp.                             | Wiwynn Corp. TWD10                                  | CUSIP: Y9673D101<br>LEI: 254900FV2R15PMKXFL69 | Long             | EC               | CORP              | TW        |     37000 | NS      | $3212892.47   | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Kraken Robotics Inc                      | Kraken Robotics Inc COM                             | CUSIP: 50077N102<br>LEI: 529900IX6H61N726FS70 | Long             | EC               | CORP              | CA        |    432400 | NS      | $974825.04    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Superloop Ltd.                           | Superloop Ltd. NPV                                  | CUSIP: Q8800A112<br>LEI: 529900A6RVCX545NWC88 | Long             | EC               | CORP              | AU        |   1989568 | NS      | $3946252.06   | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Hexacom Ltd.                      | Bharti Hexacom Ltd. INR5                            | CUSIP: Y0R86G121<br>LEI: 335800GJ4U5YVWJGAP02 | Long             | EC               | CORP              | IN        |     93203 | NS      | $2119560.99   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Aryzta AG                                | Aryzta AG CHF0.80 (REGD)                            | CUSIP: H0336C126<br>LEI: 549300W2PUDQQVRD8W85 | Long             | EC               | CORP              | CH        |     16230 | NS      | $1657384.70   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Senior PLC                               | Senior PLC GBP0.10                                  | CUSIP: G8031U102<br>LEI: 5493002HQHWN5JQHKQ51 | Long             | EC               | CORP              | GB        |   1376590 | NS      | $3479815.06   | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Currys PLC                               | Currys PLC ORD GBP0.001                             | CUSIP: G2601D103<br>LEI: 2138001E12GWLLDQQF16 | Long             | EC               | CORP              | GB        |   1625297 | NS      | $2716776.05   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Sulzer AG                                | Sulzer AG CHF0.01 (REGD)                            | CUSIP: H83580284<br>LEI: 529900NZ6MAST5IJF669 | Long             | EC               | CORP              | CH        |     18410 | NS      | $3326937.69   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| CAE Inc                                  | CAE Inc COM NPV                                     | CUSIP: 124765108<br>LEI: 549300FFM2BEH2GF1E44 | Long             | EC               | CORP              | CA        |     89900 | NS      | $2634778.04   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Gildan Activewear Inc.                   | Gildan Activewear Inc. COM NPV                      | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |     50200 | NS      | $2473596.48   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| LEG Immobilien SE                        | LEG Immobilien SE NPV                               | CUSIP: D4960A103<br>LEI: 391200SO40AKONBO0Z96 | Long             | EC               | CORP              | DE        |     29577 | NS      | $2632693.44   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Kion Group AG                            | Kion Group AG NPV                                   | CUSIP: D4S14D103<br>LEI: 5299005KY91C4C6U9H17 | Long             | EC               | CORP              | DE        |     90472 | NS      | $5053564.03   | 1.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Marks & Spencer Group PLC                | Marks & Spencer Group PLC ORD GBP0.01               | CUSIP: G5824M107<br>LEI: 213800EJP14A79ZG1X44 | Long             | EC               | CORP              | GB        |    775241 | NS      | $3773116.44   | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Element Fleet Management Corp            | Element Fleet Management Corp COM NPV               | CUSIP: 286181201<br>LEI: 5493000PGBS1C22ELQ16 | Long             | EC               | CORP              | CA        |    104700 | NS      | $2622593.72   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Growthpoint Properties Ltd               | Growthpoint Properties Ltd NPV                      | CUSIP: S3373C239<br>LEI: 37890019DD1E46632291 | Long             | EC               | CORP              | ZA        |   2353983 | NS      | $1779692.84   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Indra Sistemas S.A.                      | Indra Sistemas S.A. EUR0.20 SER 'A'                 | CUSIP: E6271Z155<br>LEI: 95980020140005308793 | Long             | EC               | CORP              | ES        |     52125 | NS      | $2261513.74   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Aixtron SE                               | Aixtron SE ORD NPV                                  | CUSIP: D0257Y135<br>LEI: 5299004UJ4D51M25LD67 | Long             | EC               | CORP              | DE        |     81624 | NS      | $1501405.90   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Bilfinger SE                             | Bilfinger SE NPV                                    | CUSIP: D11648108<br>LEI: 529900H0HULEN2BZ4604 | Long             | EC               | CORP              | DE        |     23923 | NS      | $2302767.52   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Salzgitter AG                            | Salzgitter AG ORD NPV                               | CUSIP: D80900109<br>LEI: 529900E12Z6HXIMHFA15 | Long             | EC               | CORP              | DE        |     48598 | NS      | $1176700.92   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Carl Zeiss Meditec AG                    | Carl Zeiss Meditec AG NPV                           | CUSIP: D14895102<br>LEI: 529900GRL4MZ8NMOOK95 | Long             | EC               | CORP              | DE        |     35151 | NS      | $2367191.03   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Wienerberger AG                          | Wienerberger AG NPV                                 | CUSIP: A95384110<br>LEI: 529900VXIFBHO0SW2I31 | Long             | EC               | CORP              | AT        |     79681 | NS      | $2977838.78   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Vicat SA                                 | Vicat SA EUR4                                       | CUSIP: F18060107<br>LEI: 9695009YI1863TOVDP79 | Long             | EC               | CORP              | FR        |     34189 | NS      | $2368751.22   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Buzzi S.p.A.                             | Buzzi S.p.A. NPV                                    | CUSIP: T2320M109<br>LEI: 5299003DX5YLKSVJ6K59 | Long             | EC               | CORP              | IT        |     69885 | NS      | $3875828.51   | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| CTS Eventim AG & Co. KGaA                | CTS Eventim AG & Co. KGaA NPV                       | CUSIP: D1648T108<br>LEI: 529900FDHSN08UBJII80 | Long             | EC               | CORP              | DE        |     12513 | NS      | $1556000.20   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Nordex SE                                | Nordex SE NPV                                       | CUSIP: D5736K135<br>LEI: 529900HVDYCUWVD0OE76 | Long             | EC               | CORP              | DE        |    210725 | NS      | $4181337.01   | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Hoshizaki Corp.                          | Hoshizaki Corp. NPV                                 | CUSIP: J23254105<br>LEI: 5299001QAMLGU3SRBG20 | Long             | EC               | CORP              | JP        |     12900 | NS      | $444508.93    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| KT Corp.                                 | KT Corp. KRW5000                                    | CUSIP: Y49915104<br>LEI: 9884005ACF8449EANY26 | Long             | EC               | NUSS              | KR        |     83710 | NS      | $3426350.78   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Asics Corp                               | Asics Corp NPV                                      | CUSIP: J03234150<br>LEI: 3538002LJMRZ83SU0B85 | Long             | EC               | CORP              | JP        |     87200 | NS      | $2223633.35   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Modec Inc(Japan)                         | Modec Inc(Japan) NPV                                | CUSIP: J4636K109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    136400 | NS      | $5846508.23   | 1.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Worley Ltd.                              | Worley Ltd. NPV                                     | CUSIP: Q9858A103<br>LEI: 549300XDR86FY8OLGP97 | Long             | EC               | CORP              | AU        |    224782 | NS      | $1935608.03   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Harmonic Drive Systems Inc.              | Harmonic Drive Systems Inc. NPV                     | CUSIP: J1886F103<br>LEI: 353800XFIX2EUARGOE85 | Long             | EC               | CORP              | JP        |     67800 | NS      | $1313405.02   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Leeno Industrial                         | Leeno Industrial KRW100                             | CUSIP: Y5254W104<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     37305 | NS      | $1402707.22   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| AUB Group Ltd.                           | AUB Group Ltd. NPV                                  | CUSIP: Q0647P113<br>LEI: 5493005X7SUBQF3OEG82 | Long             | EC               | CORP              | AU        |    137743 | NS      | $3223327.04   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| China National Building Material Co Ltd. | China National Building Material Co Ltd. 'H'CNY1    | CUSIP: Y15045100<br>LEI: 52990085PGF8YEPLBZ26 | Long             | EC               | NUSS              | CN        |   3280000 | NS      | $1569945.33   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| United Breweries Ltd.                    | United Breweries Ltd. INR1                          | CUSIP: Y9181N153<br>LEI: 335800ADAMN6EW1GCZ31 | Long             | EC               | CORP              | IN        |     71622 | NS      | $1629901.15   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Indian Hotels Co Ltd. (The)              | Indian Hotels Co Ltd. (The) INR1 (POST SUBDIVISION) | CUSIP: Y3925F147<br>LEI: 33580076CH5SBY5HWA22 | Long             | EC               | CORP              | IN        |    271657 | NS      | $2409103.31   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| NICHIAS Corporation                      | NICHIAS Corporation NPV                             | CUSIP: J49205107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     61330 | NS      | $2346727.98   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Kier Group PLC                           | Kier Group PLC ORD GBP0.01                          | CUSIP: G52549105<br>LEI: 2138002RKCU2OM4Y7O48 | Long             | EC               | CORP              | GB        |   1140756 | NS      | $3268133.52   | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Greencore Group PLC                      | Greencore Group PLC ORD GBP0.01 (CDI)               | CUSIP: G40866124<br>LEI: 635400GGBEWULJXM5868 | Long             | EC               | CORP              | IE        |   1507797 | NS      | $4832697.29   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyosung Heavy Industries Corporation     | Hyosung Heavy Industries Corporation KRW5000        | CUSIP: Y3R1E4102<br>LEI: 988400IDLF9EQ95M0928 | Long             | EC               | CORP              | KR        |      3888 | NS      | $2560647.53   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Lottomatica Group SpA                    | Lottomatica Group SpA NPV                           | CUSIP: T64384109<br>LEI: 549300R72LKEGT4EX026 | Long             | EC               | CORP              | IT        |    107374 | NS      | $2980569.95   | 1.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Kokuyo Co Ltd                            | Kokuyo Co Ltd NPV                                   | CUSIP: J35544105<br>LEI: 3538001EN1YX65H42410 | Long             | EC               | CORP              | JP        |    267600 | NS      | $1535195.97   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Sunny Optical Technology (Group) Co Ltd. | Sunny Optical Technology (Group) Co Ltd. HKD0.10    | CUSIP: G8586D109<br>LEI: 3003004QIVP0DFVVWM94 | Long             | EC               | CORP              | KY        |    294800 | NS      | $2618260.97   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-31

**Name of Applicant:** Driehaus Mutual Funds

**Signature:** Robert M. Kurinsky

**Name of Signer:** Robert M. Kurinsky

**Title:** Vice President and Treasurer