# EDGAR Filing Document

**Accession Number:** 0001016073
**File Stem:** 0002066578-25-000380
**Filing Date:** 2025-8
**Character Count:** 50178
**Document Hash:** 972a8f7eb2d6f85889fd88bf182e5475
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-000380.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0002066578-25-000380

**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:** 251255217

**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 Micro Cap Growth Fund (Series ID: S000042829)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000132648 | Driehaus Micro Cap Growth Fund | DMCRX           |

## 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 Micro Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000042829

- **c. LEI of Series:** 25490094BBGBJLBUT068

**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:** $356976548.37

**Total Liabilities:** $431159.43

**Net Assets:** $356545388.94

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000132648 | 1.75%                | 7.58%                | 7.93%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-7695928.49             | $13501793.93                               |
| Month 2  | $-1781375.26             | $25692418.53                               |
| Month 3  | $2935958.14              | $23822888.98                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Tarsus Pharmaceuticals Inc                | Tarsus Pharmaceuticals Inc COM                         | CUSIP: 87650L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     70081 | NS      | $2838981.31   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Eos Energy Enterprises Inc.               | Eos Energy Enterprises Inc. COM CL A                   | CUSIP: 29415C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1147320 | NS      | $5874278.40   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| NeuroPace Inc                             | NeuroPace Inc COM                                      | CUSIP: 641288105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94961 | NS      | $1057865.54   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Centessa Pharmaceuticals plc              | Centessa Pharmaceuticals plc SPONSORED ADS             | CUSIP: 152309100<br>LEI: 213800GIDAARDSKOI827 | Long             | EC               | CORP              | GB        |     83241 | NS      | $1093786.74   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Vital Farms Inc.                          | Vital Farms Inc. COM                                   | CUSIP: 92847W103<br>LEI: 549300S6NYY7ER3XOT61 | Long             | EC               | CORP              | US        |     59593 | NS      | $2295522.36   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Street Interactive Inc               | Rush Street Interactive Inc COM                        | CUSIP: 782011100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    361393 | NS      | $5384755.70   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Mister Car Wash Inc                       | Mister Car Wash Inc COM                                | CUSIP: 60646V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    171725 | NS      | $1032067.25   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Turbine, Inc.                     | Digital Turbine, Inc. COM USD0.0001                    | CUSIP: 25400W102<br>LEI: 549300D0WZR1VI2QGB24 | Long             | EC               | CORP              | US        |    272000 | NS      | $1604800.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphatec Holdings Inc.                    | Alphatec Holdings Inc. COM USD0.0001                   | CUSIP: 02081G201<br>LEI: 549300EZE8CQ8K65FS24 | Long             | EC               | CORP              | US        |    236932 | NS      | $2629945.20   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Merus NV                                  | Merus NV EUR0.09                                       | CUSIP: N5749R100<br>LEI: 549300W8GPUWU8QNU293 | Long             | EC               | CORP              | NL        |     54451 | NS      | $2864122.60   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| The Realreal Inc                          | The Realreal Inc COM USD0.00001                        | CUSIP: 88339P101<br>LEI: 549300O00VUGT4H1PE90 | Long             | EC               | CORP              | US        |    272866 | NS      | $1307028.14   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Sitime Corporation                        | Sitime Corporation COM                                 | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16623 | NS      | $3542028.84   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcutis Biotherapeutics Inc.              | Arcutis Biotherapeutics Inc. COM                       | CUSIP: 03969K108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    176968 | NS      | $2481091.36   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Groupon Inc                               | Groupon Inc COM NEW                                    | CUSIP: 399473206<br>LEI: 5299005W5W1R5POQJL03 | Long             | EC               | CORP              | US        |     44334 | NS      | $1482972.30   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Stride Inc                                | Stride Inc COM                                         | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |     14747 | NS      | $2141116.93   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ARS Pharmaceuticals Inc                   | ARS Pharmaceuticals Inc COM                            | CUSIP: 82835W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     76676 | NS      | $1337996.20   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Xometry Inc                               | Xometry Inc CLASS A COM                                | CUSIP: 98423F109<br>LEI: 5493006JFRGU7YRRXE44 | Long             | EC               | CORP              | US        |    118842 | NS      | $4015671.18   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Labs Pbc                           | Planet Labs Pbc COM CL A                               | CUSIP: 72703X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    525328 | NS      | $3204500.80   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| American Superconductor Corp.             | American Superconductor Corp. COM USD0.01              | CUSIP: 030111207<br>LEI: 549300S9YT8Z8LOK4452 | Long             | EC               | CORP              | US        |    138114 | NS      | $5067402.66   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Enerpac Tool Group Corp                   | Enerpac Tool Group Corp CL A COM                       | CUSIP: 292765104<br>LEI: IZW37BPZKUJE1QXGB081 | Long             | EC               | CORP              | US        |     24696 | NS      | $1001669.76   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Genius Sports Limited                     | Genius Sports Limited COM NPV                          | CUSIP: G3934V109<br>LEI: N/A                  | Long             | EC               | CORP              | GG        |    416844 | NS      | $4335177.60   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Uranium Energy Corp.                      | Uranium Energy Corp. COM USD0.001                      | CUSIP: 916896103<br>LEI: 549300VD69WD2USLIP04 | Long             | EC               | CORP              | US        |    660111 | NS      | $4488754.80   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnite Inc                               | Magnite Inc COM                                        | CUSIP: 55955D100<br>LEI: 54930018FR2YX1HHSB02 | Long             | EC               | CORP              | US        |    113854 | NS      | $2746158.48   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Gulfport Energy Operating Corp.           | Gulfport Energy Operating Corp. COMMON SHARES          | CUSIP: 402635502<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22625 | NS      | $4551471.25   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Latham Group Inc                          | Latham Group Inc COM                                   | CUSIP: 51819L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    236953 | NS      | $1511760.14   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Enovix Corporation                        | Enovix Corporation COM                                 | CUSIP: 293594107<br>LEI: 549300EC7NZGWORHYJ53 | Long             | EC               | CORP              | US        |    103638 | NS      | $1071616.92   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CorMedix Inc.                             | CorMedix Inc. COM USD0.001(POST REV SPLIT              | CUSIP: 21900C308<br>LEI: 5299006YIA3L0MBW8358 | Long             | EC               | CORP              | US        |     50338 | NS      | $620164.16    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Porch Group Inc.                          | Porch Group Inc. COM                                   | CUSIP: 733245104<br>LEI: 549300NXEI7CVW8IXQ90 | Long             | EC               | CORP              | US        |    519674 | NS      | $6126956.46   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Driven Brands Holdings Inc                | Driven Brands Holdings Inc COM                         | CUSIP: 26210V102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     87597 | NS      | $1538203.32   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ASP Isotopes Inc.                         | ASP Isotopes Inc. COM                                  | CUSIP: 00218A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    229114 | NS      | $1686279.04   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Spyre Therapeutics Inc                    | Spyre Therapeutics Inc COM NEW                         | CUSIP: 00773J202<br>LEI: 52990017AIJPRH3HQH40 | Long             | EC               | CORP              | US        |     58247 | NS      | $871957.59    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Beta Bionics Inc.                         | Beta Bionics Inc. COM                                  | CUSIP: 08659B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    125646 | NS      | $1829405.76   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Voyager Technologies Inc.                 | Voyager Technologies Inc. COM CL A                     | CUSIP: 92892B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41652 | NS      | $1634841.00   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Karman Holdings Inc.                      | Karman Holdings Inc. COMMON STOCK                      | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    105284 | NS      | $5303155.08   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury Systems Inc                       | Mercury Systems Inc COM USD0.01                        | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |     35665 | NS      | $1920916.90   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp.                      | Federal Signal Corp. COM USD1                          | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |     14508 | NS      | $1543941.36   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| BioCryst Pharmaceuticals Inc.             | BioCryst Pharmaceuticals Inc. COM USD0.01              | CUSIP: 09058V103<br>LEI: 549300Z0INP1Z5NP6J59 | Long             | EC               | CORP              | US        |    125007 | NS      | $1120062.72   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Digital Corp                      | Applied Digital Corp COM NEW                           | CUSIP: 038169207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    171378 | NS      | $1725776.46   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Ategrity Specialty Holdings LLC           | Ategrity Specialty Holdings LLC COM                    | CUSIP: 04681Y103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     61617 | NS      | $1325997.84   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Gambling.Com Group Limited                | Gambling.Com Group Limited ORDINARY SHARES             | CUSIP: G3R239101<br>LEI: 254900PUNXQ3N26IMU63 | Long             | EC               | CORP              | JE        |     87995 | NS      | $1046260.55   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave Inc                                  | Dave Inc CLASS A COM NEW                               | CUSIP: 23834J201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31294 | NS      | $8399622.54   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| GeneDx Holdings Corp                      | GeneDx Holdings Corp COM CL A                          | CUSIP: 81663L200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21518 | NS      | $1986326.58   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp.                         | Knife River Corp. COMMON STOCK                         | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21021 | NS      | $1716154.44   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Therapeutics Inc.                  | Apogee Therapeutics Inc. COM                           | CUSIP: 03770N101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     68548 | NS      | $2977039.64   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Terawulf Inc                              | Terawulf Inc COM                                       | CUSIP: 88080T104<br>LEI: 254900CVMW1SX2T78A64 | Long             | EC               | CORP              | US        |    546803 | NS      | $2394997.14   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Structure Therapeutics Inc                | Structure Therapeutics Inc SPONSORED ADS               | CUSIP: 86366E106<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     61184 | NS      | $1268956.16   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| MNTN Inc.                                 | MNTN Inc. CL A                                         | CUSIP: 55318A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54316 | NS      | $1187890.92   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solutions, Inc. | Kratos Defense & Security Solutions, Inc. COM USD0.001 | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |    120218 | NS      | $5584126.10   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Ligand Pharmaceuticals Incorporated       | Ligand Pharmaceuticals Incorporated 'B'COM USD0.001    | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |     26257 | NS      | $2984895.76   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Natural Grocers By Vitamin Cottage Inc.   | Natural Grocers By Vitamin Cottage Inc. COM USD0.001   | CUSIP: 63888U108<br>LEI: 529900P4OTXDGBUS3O87 | Long             | EC               | CORP              | US        |     37140 | NS      | $1457745.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Lending Club Corporation                  | Lending Club Corporation COM USD0.01(POST REV SPLIT)   | CUSIP: 52603A208<br>LEI: 549300YC50YO7Y1OJR92 | Long             | EC               | CORP              | US        |    267205 | NS      | $3214476.15   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| OPENLANE Inc                              | OPENLANE Inc COM USD0.01                               | CUSIP: 48238T109<br>LEI: 5493004HKD20LBSG7D03 | Long             | EC               | CORP              | US        |     71982 | NS      | $1759959.90   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds              | Northern Institutional Funds GOVT SELECT PT            | CUSIP: 665278701<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   2895071 | NS      | $2895070.87   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkami Technology Inc.                    | Alkami Technology Inc. COM                             | CUSIP: 01644J108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    157351 | NS      | $4742559.14   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ThredUP Inc.                              | ThredUP Inc. CL A                                      | CUSIP: 88556E102<br>LEI: 549300JKGKTKX3L3XK25 | Long             | EC               | CORP              | US        |    223885 | NS      | $1676898.65   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ACV Auctions Inc                          | ACV Auctions Inc COM CL A                              | CUSIP: 00091G104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    130903 | NS      | $2123246.66   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Olo Inc.                                  | Olo Inc. CL A                                          | CUSIP: 68134L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    244615 | NS      | $2177073.50   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Protagonist Therapeutics Inc              | Protagonist Therapeutics Inc COM USD0.00001            | CUSIP: 74366E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     69634 | NS      | $3848671.18   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaris Energy Infrastructure Inc         | Solaris Energy Infrastructure Inc COM USD0.01 CL A     | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |    130413 | NS      | $3689383.77   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Scholar Rock Holding Corp.                | Scholar Rock Holding Corp. COM USD0.001                | CUSIP: 80706P103<br>LEI: 549300Z1FLPGL4OWJ459 | Long             | EC               | CORP              | US        |     83241 | NS      | $2948396.22   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Optoelectronics Inc               | Applied Optoelectronics Inc COM USD0.001               | CUSIP: 03823U102<br>LEI: 529900I8U6Q5SYDNLT48 | Long             | EC               | CORP              | US        |    153705 | NS      | $3948681.45   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Crinetics Pharmaceuticals Inc.            | Crinetics Pharmaceuticals Inc. COM USD0.001            | CUSIP: 22663K107<br>LEI: 549300Q1CNFXK5P31D28 | Long             | EC               | CORP              | US        |    191377 | NS      | $5504002.52   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Bird Corp.                           | Blue Bird Corp. COM USD0.0001                          | CUSIP: 095306106<br>LEI: 5493004ZXJUUWQ65ER59 | Long             | EC               | CORP              | US        |     38006 | NS      | $1640338.96   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Rhythm Pharmaceuticals Inc                | Rhythm Pharmaceuticals Inc COM USD0.001                | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |     62987 | NS      | $3980148.53   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Aris Water Solutions Inc                  | Aris Water Solutions Inc CLASS A COM                   | CUSIP: 04041L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55820 | NS      | $1320143.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| IAMGOLD Corp                              | IAMGOLD Corp COM NPV                                   | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | CA        |    364372 | NS      | $2678134.20   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| AZZ Inc                                   | AZZ Inc COM USD1                                       | CUSIP: 002474104<br>LEI: 549300HD1X2NFLWPYC83 | Long             | EC               | CORP              | US        |     20901 | NS      | $1974726.48   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Tidewater Inc New                         | Tidewater Inc New COM USD0.001                         | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |     21951 | NS      | $1012599.63   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Construction Partners Inc.                | Construction Partners Inc. COM USD0.001 CL A           | CUSIP: 21044C107<br>LEI: 549300MHLFL4E8JLZU44 | Long             | EC               | CORP              | US        |     53742 | NS      | $5711699.76   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenon Pharmaceuticals Inc                 | Xenon Pharmaceuticals Inc COM NPV                      | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |     98033 | NS      | $3068432.90   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| BrightView Holdings Inc.                  | BrightView Holdings Inc. USD0.01                       | CUSIP: 10948C107<br>LEI: 549300F8QN8YHVI7L866 | Long             | EC               | CORP              | US        |    286183 | NS      | $4764946.95   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Semler Scientific Inc                     | Semler Scientific Inc COM USD0.001                     | CUSIP: 81684M104<br>LEI: 549300ZHL16S29QTW485 | Long             | EC               | CORP              | US        |     61645 | NS      | $2388127.30   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Lindblad Expeditions Holdings Inc.        | Lindblad Expeditions Holdings Inc. COM USD0.0001       | CUSIP: 535219109<br>LEI: 549300GSPW24GZE6R597 | Long             | EC               | CORP              | US        |    103085 | NS      | $1203001.95   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Wave Life Sciences Ltd.                   | Wave Life Sciences Ltd. COM NPV                        | CUSIP: Y95308105<br>LEI: 54930070006GPKFYZ813 | Long             | EC               | CORP              | SG        |    256513 | NS      | $1667334.50   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Rev Group Inc                             | Rev Group Inc COM USD0.001                             | CUSIP: 749527107<br>LEI: 549300SRD0SIG5ZZ3X20 | Long             | EC               | CORP              | US        |     64391 | NS      | $3064367.69   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| National Vision Holdings Inc              | National Vision Holdings Inc COM USD0.01               | CUSIP: 63845R107<br>LEI: 549300JHURCBLI5ROA42 | Long             | EC               | CORP              | US        |    161019 | NS      | $3705047.19   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Everquote Inc                             | Everquote Inc COM USD0.001 CL A                        | CUSIP: 30041R108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     61858 | NS      | $1495726.44   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Coastal Financial Corp.                   | Coastal Financial Corp. COM NPV                        | CUSIP: 19046P209<br>LEI: 549300XG5L36T6IU0B47 | Long             | EC               | CORP              | US        |     35154 | NS      | $3405367.98   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Argan Inc                                 | Argan Inc COM STK USD0.15                              | CUSIP: 04010E109<br>LEI: 529900E4KZWBV9KGBS83 | Long             | EC               | CORP              | US        |     26050 | NS      | $5743504.00   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| HCI Group, Inc.                           | HCI Group, Inc. COM NPV                                | CUSIP: 40416E103<br>LEI: 549300CZF7EZJH0MPH74 | Long             | EC               | CORP              | US        |     23001 | NS      | $3500752.20   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Adma Biologics Inc                        | Adma Biologics Inc COM USD0.0001                       | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     99757 | NS      | $1816574.97   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Arlo Technologies Inc                     | Arlo Technologies Inc COM USD0.001                     | CUSIP: 04206A101<br>LEI: 549300T4EUX2OQ75HV52 | Long             | EC               | CORP              | US        |    325515 | NS      | $5520734.40   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Edgewise Therapeutics Inc.                | Edgewise Therapeutics Inc. COM                         | CUSIP: 28036F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     88619 | NS      | $1161795.09   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Limbach Holdings Inc.                     | Limbach Holdings Inc. COM USD0.0001                    | CUSIP: 53263P105<br>LEI: 254900EW8KXT5ZTWQI30 | Long             | EC               | CORP              | US        |     25094 | NS      | $3515669.40   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Astria Therapeutics Inc                   | Astria Therapeutics Inc COM                            | CUSIP: 04635X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    231214 | NS      | $1239307.04   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Kura Sushi USA Inc.                       | Kura Sushi USA Inc. COM USD0.001 CL A                  | CUSIP: 501270102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18403 | NS      | $1584130.24   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| AvePoint Inc.                             | AvePoint Inc. COM CL A                                 | CUSIP: 053604104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    209142 | NS      | $4038532.02   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| NuScale Power Corp.                       | NuScale Power Corp. CL A COM                           | CUSIP: 67079K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62326 | NS      | $2465616.56   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| IMAX Corporation                          | IMAX Corporation COM NPV                               | CUSIP: 45245E109<br>LEI: 5493002KS2T1Q0X7VZ21 | Long             | EC               | CORP              | CA        |    123198 | NS      | $3444616.08   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolverine World Wide, Inc.                | Wolverine World Wide, Inc. COM USD1                    | CUSIP: 978097103<br>LEI: 549300OVC7PK14LQ8D87 | Long             | EC               | CORP              | US        |    135919 | NS      | $2457415.52   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Perpetua Resources Corp                   | Perpetua Resources Corp COM                            | CUSIP: 714266103<br>LEI: 529900BQBMS383SEPY05 | Long             | EC               | CORP              | CA        |    138976 | NS      | $1687168.64   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Byrna Technologies Inc.                   | Byrna Technologies Inc. COM NEW                        | CUSIP: 12448X201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100722 | NS      | $3110295.36   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Root Inc                                  | Root Inc CL A NEW                                      | CUSIP: 77664L207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21390 | NS      | $2737278.30   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Mind Medicine (MindMed) Inc.              | Mind Medicine (MindMed) Inc. COM NEW                   | CUSIP: 60255C885<br>LEI: 549300QY8KN1O6RPFJ13 | Long             | EC               | CORP              | CA        |    276364 | NS      | $1793602.36   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilysys Inc                              | Agilysys Inc COM NPV                                   | CUSIP: 00847J105<br>LEI: 5299001XWB5V3B5IPN93 | Long             | EC               | CORP              | US        |     31266 | NS      | $3584334.24   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute, Inc.       | Universal Technical Institute, Inc. COM USD0.0001      | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |    138445 | NS      | $4691901.05   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Huron Consulting Group Inc.               | Huron Consulting Group Inc. COM USD0.01                | CUSIP: 447462102<br>LEI: 549300NGVB9H6TKTLE36 | Long             | EC               | CORP              | US        |     12813 | NS      | $1762300.02   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Innodata Inc                              | Innodata Inc COM NEW                                   | CUSIP: 457642205<br>LEI: L9O7MPYIT56T6KBE0R95 | Long             | EC               | CORP              | US        |     65661 | NS      | $3363156.42   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Pathward Financial Inc                    | Pathward Financial Inc COM USD0.01                     | CUSIP: 59100U108<br>LEI: 5493004X52BH1NBLW813 | Long             | EC               | CORP              | US        |     40042 | NS      | $3168123.04   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| LIncoln Educational Services Corp.        | LIncoln Educational Services Corp. COM                 | CUSIP: 533535100<br>LEI: 549300BJ55KUY6RG7L98 | Long             | EC               | CORP              | US        |     30182 | NS      | $695695.10    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Silicon Motion Technology Corp.           | Silicon Motion Technology Corp. SPONS ADR EA REP 4 COM | CUSIP: 82706C108<br>LEI: 5299005RBVBZQJTYFC89 | Long             | EC               | CORP              | KY        |     14488 | NS      | $1089062.96   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| OneSpaWorld Holdings Ltd.                 | OneSpaWorld Holdings Ltd. COM USD0.0001                | CUSIP: P73684113<br>LEI: 5493007W8PZ8W6UC2X76 | Long             | EC               | CORP              | BS        |    118210 | NS      | $2410301.90   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc                      | Palomar Holdings Inc COM USD0.0001                     | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |     16955 | NS      | $2615308.75   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Adaptive Biotechnologies Corp             | Adaptive Biotechnologies Corp COM USD0.0001            | CUSIP: 00650F109<br>LEI: 549300ZTF7OT1FW66Q96 | Long             | EC               | CORP              | US        |    273185 | NS      | $3182605.25   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Water Products, Inc.              | Mueller Water Products, Inc. COM STK USD0.01 SER 'A'   | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |     51017 | NS      | $1226448.68   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| MYR Grp Inc                               | MYR Grp Inc COM USD0.01                                | CUSIP: 55405W104<br>LEI: 529900G1IMMZHOQ17I54 | Long             | EC               | CORP              | US        |     10159 | NS      | $1843350.55   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Calix Inc.                                | Calix Inc. COM USD0.01                                 | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |     15133 | NS      | $804924.27    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Centrus Energy Corp.                      | Centrus Energy Corp. CL A                              | CUSIP: 15643U104<br>LEI: 549300G6VDK9G8276661 | Long             | EC               | CORP              | US        |     35253 | NS      | $6457644.54   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc.                    | TransMedics Group Inc. COM NPV                         | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |     34529 | NS      | $4627231.29   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| VSE Corp.                                 | VSE Corp. COM STK USD0.05                              | CUSIP: 918284100<br>LEI: 549300QWJYQDH4U5XI15 | Long             | EC               | CORP              | US        |     33558 | NS      | $4395426.84   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CECO Environmental Corp.                  | CECO Environmental Corp. COM USD0.01                   | CUSIP: 125141101<br>LEI: 5493002CZCTL4HGLIY91 | Long             | EC               | CORP              | US        |     99594 | NS      | $2819506.14   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| The Vita Coco Company Inc                 | The Vita Coco Company Inc COM                          | CUSIP: 92846Q107<br>LEI: 54930020WXOAWHR85Y25 | Long             | EC               | CORP              | US        |    134904 | NS      | $4870034.40   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan Machinery Inc.                      | Titan Machinery Inc. COM STK USD0.0001                 | CUSIP: 88830R101<br>LEI: 549300835ZM8G0BT5C94 | Long             | EC               | CORP              | US        |     47229 | NS      | $935606.49    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| D-Wave Quantum Inc.                       | D-Wave Quantum Inc. COM                                | CUSIP: 26740W109<br>LEI: 5493001U37G4PRD4GW95 | Long             | EC               | CORP              | US        |     75132 | NS      | $1099932.48   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyward Specialty Insurance Group Inc     | Skyward Specialty Insurance Group Inc COM              | CUSIP: 830940102<br>LEI: 549300GXGXJG0YH4VN21 | Long             | EC               | CORP              | US        |     63788 | NS      | $3686308.52   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer Aviation Inc                       | Archer Aviation Inc COM CL A                           | CUSIP: 03945R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    224360 | NS      | $2434306.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| TAT Technologies                          | TAT Technologies ORD NEW                               | CUSIP: M8740S227<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     45342 | NS      | $1384744.68   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Kiniksa Pharmaceuticals International PLC | Kiniksa Pharmaceuticals International PLC ORD SHS CL A | CUSIP: G52694109<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |    105610 | NS      | $2922228.70   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| BKV Corporation                           | BKV Corporation COM                                    | CUSIP: 05603J108<br>LEI: 549300S3T4Z01TRFU656 | Long             | EC               | CORP              | US        |     53628 | NS      | $1293507.36   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| TWFG Inc.                                 | TWFG Inc. COM CL A                                     | CUSIP: 87318A101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     61446 | NS      | $2150610.00   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardian Pharmacy Services Inc.           | Guardian Pharmacy Services Inc. CL A                   | CUSIP: 40145W101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     66247 | NS      | $1411723.57   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Lightbridge Corporation                   | Lightbridge Corporation COM                            | CUSIP: 53224K302<br>LEI: 5493005PY54DR0JRCW56 | Long             | EC               | CORP              | US        |     64220 | NS      | $858621.40    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Bowhead Specialty Holdings Inc            | Bowhead Specialty Holdings Inc COM SHS                 | CUSIP: 10240L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62333 | NS      | $2339357.49   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Korro Bio Inc                             | Korro Bio Inc COM                                      | CUSIP: 500946108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13195 | NS      | $164805.55    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Praxis Precision Medicines Inc            | Praxis Precision Medicines Inc COM NEW                 | CUSIP: 74006W207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43440 | NS      | $1826652.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Scientific Inc                       | Core Scientific Inc COM                                | CUSIP: 21874A106<br>LEI: 549300NY2WTA02KF7L12 | Long             | EC               | CORP              | US        |    317711 | NS      | $5423326.77   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackSky Technology Inc                   | BlackSky Technology Inc CL A NEW                       | CUSIP: 09263B207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    144638 | NS      | $2976650.04   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Septerna Inc.                             | Septerna Inc. COM                                      | CUSIP: 81734D104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    145858 | NS      | $1541719.06   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Gauzy Ltd.                                | Gauzy Ltd. SHS                                         | CUSIP: M4757U106<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     35134 | NS      | $296530.96    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Redwire Corporation                       | Redwire Corporation COM                                | CUSIP: 75776W103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    139948 | NS      | $2281152.40   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Sezzle Inc.                               | Sezzle Inc. COM                                        | CUSIP: 78435P105<br>LEI: 9845000CA64541AE3I35 | Long             | EC               | CORP              | US        |     29769 | NS      | $5336093.25   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Cidara Therapeutics Inc                   | Cidara Therapeutics Inc COM NEW                        | CUSIP: 171757206<br>LEI: 549300IHQ9Z7RI1X2D22 | Long             | EC               | CORP              | US        |     25775 | NS      | $1255500.25   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| LandBridge Company LLC                    | LandBridge Company LLC CL A                            | CUSIP: 514952100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37736 | NS      | $2550198.88   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| MBX Biosciences, Inc.                     | MBX Biosciences, Inc. COM                              | CUSIP: 55287L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    110889 | NS      | $1265243.49   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Xeris Biopharma Holdings Inc              | Xeris Biopharma Holdings Inc COM                       | CUSIP: 98422E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    254079 | NS      | $1186548.93   | 0.33%             |  |  |  | No            |                  1 | 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