# EDGAR Filing Document

**Accession Number:** 0001016073
**File Stem:** 0002066578-25-000379
**Filing Date:** 2025-8
**Character Count:** 20713
**Document Hash:** 7993a964748f6df7225d8734dd5824e9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-000379.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0002066578-25-000379

**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:** 251255215

**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 Developed Equity Fund (Series ID: S000084840)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000249377 | Driehaus International Developed Equity Fund | DIDEX           |

## 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 Developed Equity Fund

- **b. EDGAR series identifier (if any):** S000084840

- **c. LEI of Series:** 2549001C7ZE337FT6B66

**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:** $2818468.22

**Total Liabilities:** $25475.59

**Net Assets:** $2792992.63

**Cash Not Reported:** $4.71

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000249377 | 6.99%                | 5.01%                | 3.49%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-8295.26                | $152295.92                                 |
| Month 2  | $29250.44                | $79693.01                                  |
| Month 3  | $33976.17                | $58124.09                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Nintendo Co Ltd.                         | Nintendo Co Ltd. NPV                              | CUSIP: J51699106<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |       800 | NS      | $76823.87     | 2.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp.                         | Sony Group Corp. NPV                              | CUSIP: J76379106<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |      1500 | NS      | $39000.49     | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                          | AstraZeneca PLC ORD USD0.25                       | CUSIP: G0593M107<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |       326 | NS      | $45369.15     | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Sartorius Stedim Biotech SA              | Sartorius Stedim Biotech SA EUR0.20               | CUSIP: F8005V210<br>LEI: 52990006IVXY7GCSSR39 | Long             | EC               | CORP              | FR        |       285 | NS      | $68189.80     | 2.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Compass Group PLC                        | Compass Group PLC ORD GBP0.1105                   | CUSIP: G23296208<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |       563 | NS      | $19069.94     | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Kion Group AG                            | Kion Group AG NPV                                 | CUSIP: D4S14D103<br>LEI: 5299005KY91C4C6U9H17 | Long             | EC               | CORP              | DE        |       838 | NS      | $46808.82     | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Shopify Inc                              | Shopify Inc COM NPV CL A                          | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |       300 | NS      | $34601.06     | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology S.A.                  | Spotify Technology S.A. COM EUR0.000625           | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |        38 | NS      | $29158.92     | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Thomson Reuters Corp                     | Thomson Reuters Corp COM                          | CUSIP: 884903808<br>LEI: 549300561UZND4C7B569 | Long             | EC               | CORP              | CA        |       261 | NS      | $52485.58     | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                             | Barclays PLC ORD GBP0.25                          | CUSIP: G08036124<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |     13798 | NS      | $63757.40     | 2.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Kerry Group PLC                          | Kerry Group PLC 'A'ORD EUR0.125                   | CUSIP: G52416107<br>LEI: 635400TLVVBNXLFHWC59 | Long             | EC               | CORP              | IE        |       306 | NS      | $33808.84     | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                   | SAP SE ORD NPV                                    | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |       377 | NS      | $115278.87    | 4.13%             |  |  |  | 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        |       700 | NS      | $30370.45     | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Energy AG                        | Siemens Energy AG NPV                             | CUSIP: D6T47E106<br>LEI: 5299005CHJZ14D4FDJ62 | Long             | EC               | CORP              | DE        |       575 | NS      | $67206.54     | 2.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Carl Zeiss Meditec AG                    | Carl Zeiss Meditec AG NPV                         | CUSIP: D14895102<br>LEI: 529900GRL4MZ8NMOOK95 | Long             | EC               | CORP              | DE        |       387 | NS      | $26061.93     | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG                      | Deutsche Telekom AG NPV(REGD)                     | CUSIP: D2035M136<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |      1557 | NS      | $56991.81     | 2.04%             |  |  |  | No            |                  2 | On Loan: No      |
| MTU Aero Engines AG                      | MTU Aero Engines AG NPV (REGD)                    | CUSIP: D5565H104<br>LEI: 529900807L67JY81RD65 | Long             | EC               | CORP              | DE        |       243 | NS      | $107953.61    | 3.87%             |  |  |  | No            |                  2 | On Loan: No      |
| BASF SE                                  | BASF SE NPV                                       | CUSIP: D06216317<br>LEI: 529900PM64WH8AF1E917 | Long             | EC               | CORP              | DE        |      1051 | NS      | $51981.96     | 1.86%             |  |  |  | No            |                  2 | On Loan: No      |
| UniCredit S.p.A.                         | UniCredit S.p.A. NPV                              | CUSIP: T9T23L642<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |       484 | NS      | $32468.36     | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd.                                 | Sea Ltd. ADS EACH REP ONE CL A SHS                | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |       256 | NS      | $40944.64     | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Axa SA                                   | Axa SA EUR2.29                                    | CUSIP: F06106102<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |      1079 | NS      | $52984.35     | 1.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Evonik Industries AG                     | Evonik Industries AG NPV                          | CUSIP: D2R90Y117<br>LEI: 41GUOJQTALQHLF39XJ34 | Long             | EC               | CORP              | DE        |      1107 | NS      | $22869.05     | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Saipem SPA                               | Saipem SPA NPV (POST SPLIT)                       | CUSIP: T82000257<br>LEI: 549300PHV8MBDHWB8X12 | Long             | EC               | CORP              | IT        |      9001 | NS      | $24606.94     | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                         | Novo Nordisk A/S SER'B'DKK0.1                     | CUSIP: K72807140<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |       677 | NS      | $46912.07     | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                             | Unilever PLC ORD GBP0.031111                      | CUSIP: G92087165<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |       374 | NS      | $22823.82     | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Smiths Group PLC                         | Smiths Group PLC ORD GBP0.375                     | CUSIP: G82401111<br>LEI: 213800MJL6IPZS3ASA11 | Long             | EC               | CORP              | GB        |      3272 | NS      | $100922.72    | 3.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Relx PLC                                 | Relx PLC ORD GBP0.1444                            | CUSIP: G7493L105<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |       774 | NS      | $41949.01     | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Halma PLC                                | Halma PLC ORD GBP0.10                             | CUSIP: G42504103<br>LEI: 2138007FRGLUR9KGBT40 | Long             | EC               | CORP              | GB        |      1373 | NS      | $60349.01     | 2.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA       | Banco Bilbao Vizcaya Argentaria SA EUR0.49        | CUSIP: E11805103<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |      1966 | NS      | $30273.00     | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Infineon Technologies AG                 | Infineon Technologies AG ORD NPV (REGD)           | CUSIP: D35415104<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |       543 | NS      | $23170.93     | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Nordex SE                                | Nordex SE NPV                                     | CUSIP: D5736K135<br>LEI: 529900HVDYCUWVD0OE76 | Long             | EC               | CORP              | DE        |      3192 | NS      | $63337.66     | 2.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Pan Pacific International Holdings Corp. | Pan Pacific International Holdings Corp. NPV      | CUSIP: J6352W100<br>LEI: 529900QLHJM2E18A5763 | Long             | EC               | CORP              | JP        |      2400 | NS      | $82548.18     | 2.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Heavy Industries Ltd.         | Mitsubishi Heavy Industries Ltd. NPV              | CUSIP: J44002178<br>LEI: 353800TJ98PCAZROVE69 | Long             | EC               | CORP              | JP        |      1900 | NS      | $47546.34     | 1.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Sanso Holdings Corp.              | Nippon Sanso Holdings Corp. NPV                   | CUSIP: J5545N100<br>LEI: 353800F1K6653B4VPY57 | Long             | EC               | CORP              | JP        |      1500 | NS      | $56762.27     | 2.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Danone SA                                | Danone SA EUR0.25                                 | CUSIP: F12033134<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |       606 | NS      | $49584.95     | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Electron Ltd.                      | Tokyo Electron Ltd. NPV                           | CUSIP: J86957115<br>LEI: 549300H5LSF8DP3RIJ34 | Long             | EC               | CORP              | JP        |       100 | NS      | $19150.95     | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Yaskawa Electric Corp.                   | Yaskawa Electric Corp. NPV                        | CUSIP: J9690T102<br>LEI: 3538003K39GR98R0CK58 | Long             | EC               | CORP              | JP        |      1800 | NS      | $40703.77     | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH PLC                                  | CRH PLC ORD EUR 0.32 (DI)                         | CUSIP: G25508105<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |       887 | NS      | $81878.73     | 2.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Lonza Group AG                           | Lonza Group AG CHF1 (REGD)                        | CUSIP: H50524133<br>LEI: 549300EFW4H2TCZ71055 | Long             | EC               | CORP              | CH        |       116 | NS      | $82958.96     | 2.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Dollarama Inc                            | Dollarama Inc COM NPV                             | CUSIP: 25675T107<br>LEI: 5493002GJ0NJP1HI0C79 | Long             | EC               | CORP              | CA        |       600 | NS      | $84539.75     | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Adidas AG                                | Adidas AG NPV (REGD)                              | CUSIP: D0066B185<br>LEI: 549300JSX0Z4CW0V5023 | Long             | EC               | CORP              | DE        |       227 | NS      | $52988.60     | 1.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Rolls-Royce Holdings PLC                 | Rolls-Royce Holdings PLC ORD GBP0.20              | CUSIP: G76225104<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |      6086 | NS      | $80655.61     | 2.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Compagnie Financiere Richemont Sa        | Compagnie Financiere Richemont Sa CHF1 (REGD)     | CUSIP: H25662182<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |       321 | NS      | $60743.75     | 2.17%             |  |  |  | No            |                  2 | On Loan: No      |
| London Stock Exchange Group PLC          | London Stock Exchange Group PLC ORD GBP0.06918604 | CUSIP: G5689U103<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |       442 | NS      | $64641.28     | 2.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Natural Resources Limited       | Canadian Natural Resources Limited COM NPV        | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |       800 | NS      | $25144.12     | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                        | ASML Holding N.V. EUR0.09                         | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |       137 | NS      | $109783.16    | 3.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Cellnex Telecom S.A.U                    | Cellnex Telecom S.A.U EUR0.25                     | CUSIP: E2R41M104<br>LEI: 5493008T4YG3AQUI7P67 | Long             | EC               | CORP              | ES        |       944 | NS      | $36757.70     | 1.32%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.      | Mitsubishi UFJ Financial Group Inc. NPV           | CUSIP: J44497105<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |      4400 | NS      | $59987.81     | 2.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Daifuku Co Ltd.                          | Daifuku Co Ltd. NPV                               | CUSIP: J08988107<br>LEI: 3538006FG1W4X3MYHL36 | Long             | EC               | CORP              | JP        |      1500 | NS      | $38588.92     | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds             | Northern Institutional Funds TREAS PRT PRMR       | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    190591 | NS      | $190591.46    | 6.82%             |  |  |  | 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