# EDGAR Filing Document

**Accession Number:** 0001016073
**File Stem:** 0002066578-25-000374
**Filing Date:** 2025-8
**Character Count:** 42834
**Document Hash:** 8d0cdaa44814515c7cc3a3447d6bba70
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-000374.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0002066578-25-000374

**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:** 251255210

**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 EMERGING MARKETS GROWTH FUND (Series ID: S000001909)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000005025 | Investor Share Class      | DREGX           |
| C000190956 | Institutional Share Class | DIEMX           |

## 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 Emerging Markets Growth Fund

- **b. EDGAR series identifier (if any):** S000001909

- **c. LEI of Series:** 2549003SIJKOXIAOFO04

**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:** $3698956786.40

**Total Liabilities:** $3320339.17

**Net Assets:** $3695636447.23

**Cash Not Reported:** $1667123.58

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000005025 | 0.87%                | 4.39%                | 6.81%                |
| Class ID C000190956 | 0.89%                | 4.41%                | 6.84%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-53681812.60            | $79844293.36                               |
| Month 2  | $13862853.21             | $127029559.84                              |
| Month 3  | $17528673.81             | $214232411.10                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Firstrand Ltd                                                  | Firstrand Ltd ZAR0.01                                                  | CUSIP: S5202Z131<br>LEI: 529900XYOP8CUZU7R671 | Long             | EC               | CORP              | ZA        |   4443322 | NS      | $18994488.48  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Sung Kwang Bend Co Ltd.                                        | Sung Kwang Bend Co Ltd. KRW500                                         | CUSIP: Y82409106<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     42072 | NS      | $927286.54    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Mazagon Dock Shipbuilders Ltd                                  | Mazagon Dock Shipbuilders Ltd INR5(POST SUBD)                          | CUSIP: Y590BQ103<br>LEI: 335800UWDDBKMF92JF96 | Long             | EC               | CORP              | IN        |    273225 | NS      | $10336802.06  | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Finance Ltd.                                             | Bajaj Finance Ltd. INR1(POST SUBD)                                     | CUSIP: Y0547D153<br>LEI: 335800YTEXC3DO4Z6F68 | Long             | EC               | CORP              | IN        |   2750570 | NS      | $30039950.52  | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| KT&G Corp.                                                     | KT&G Corp. KRW5000                                                     | CUSIP: Y49904108<br>LEI: 988400ZJV6ISYBLQX875 | Long             | EC               | CORP              | KR        |    143640 | NS      | $13557679.44  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| BYD Co Ltd.                                                    | BYD Co Ltd. 'H'CNY1                                                    | CUSIP: Y1023R104<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |   1234500 | NS      | $19221206.12  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Ultratech Cement Ltd.                                          | Ultratech Cement Ltd. INR10                                            | CUSIP: Y9046E109<br>LEI: 335800PC9O9B4BQHG814 | Long             | EC               | CORP              | IN        |    175336 | NS      | $24731174.36  | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Consultancy Services Ltd.                                 | Tata Consultancy Services Ltd. INR1                                    | CUSIP: Y85279100<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |    336486 | NS      | $13587467.47  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Capitec Bank Holdings Ltd                                      | Capitec Bank Holdings Ltd ZAR0.01                                      | CUSIP: S15445109<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |     98785 | NS      | $19751655.75  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd.                                       | Reliance Industries Ltd. INR10(100%DEMAT)                              | CUSIP: Y72596102<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |   2878903 | NS      | $50390072.34  | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Macquarie Korea Infrastructure Fund                            | Macquarie Korea Infrastructure Fund NPV                                | CUSIP: Y53643105<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |   1282504 | NS      | $10903125.56  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Impala Platinum Holdings Ltd                                   | Impala Platinum Holdings Ltd NPV                                       | CUSIP: S37840113<br>LEI: 254900BZFIFB4PD2Z778 | Long             | EC               | CORP              | ZA        |   3127354 | NS      | $28100066.67  | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Bank Co Ltd.                                   | China Merchants Bank Co Ltd. 'H'CNY1                                   | CUSIP: Y14896115<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |   4767000 | NS      | $33440324.36  | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Industrial & Commercial Bank of China Ltd.                     | Industrial & Commercial Bank of China Ltd. 'H'CNY1                     | CUSIP: Y3990B112<br>LEI: 5493002ERZU2K9PZDL40 | Long             | EC               | CORP              | CN        |  89799000 | NS      | $71305417.16  | 1.93%             |  |  |  | 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        |   2802670 | NS      | $24854583.48  | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Delta Electronics Inc.                                         | Delta Electronics Inc. TWD10                                           | CUSIP: Y20263102<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |   2663000 | NS      | $37683984.82  | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| HD Korea Shipbuilding & Offshore Engineering Co Ltd.           | HD Korea Shipbuilding & Offshore Engineering Co Ltd. KRW5000           | CUSIP: Y3838M106<br>LEI: 988400DPTJ9KH5R6W540 | Long             | EC               | CORP              | KR        |     97979 | NS      | $26458340.71  | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc.                                                  | SK Hynix Inc. KRW5000                                                  | CUSIP: Y8085F100<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |    487722 | NS      | $105095122.78 | 2.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Korea Electric Power Corp.                                     | Korea Electric Power Corp. KRW5000                                     | CUSIP: Y48406105<br>LEI: 988400QG33WS7JEIV602 | Long             | EC               | CORP              | KR        |    447402 | NS      | $12928673.03  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Hanwha Aerospace Co Ltd                                        | Hanwha Aerospace Co Ltd KRW5000                                        | CUSIP: Y7470L102<br>LEI: 9884001NSUA8FQKQWR25 | Long             | EC               | CORP              | KR        |     29190 | NS      | $18317521.56  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Divis Laboratories Ltd.                                        | Divis Laboratories Ltd. INR2                                           | CUSIP: Y2076F112<br>LEI: 335800C1DHFG1C9T1M03 | Long             | EC               | CORP              | IN        |    237867 | NS      | $18898238.52  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.                   | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10                     | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   3318400 | NS      | $121351744.65 | 3.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd.                                             | Bharti Airtel Ltd. INR5                                                | CUSIP: Y0885K108<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |   2431498 | NS      | $57004208.16  | 1.54%             |  |  |  | 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        |    174448 | NS      | $27901213.12  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ZhongAn Online P & C Insurance Co Ltd.                         | ZhongAn Online P & C Insurance Co Ltd. CNY1                            | CUSIP: Y989DF109<br>LEI: 5299006845ISFI2WAI41 | Long             | EC               | CORP              | CN        |   9935900 | NS      | $23229994.89  | 0.63%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Itau Unibanco Holding SA                                       | Itau Unibanco Holding SA ADR EACH REPR 1 PRF NPV                       | CUSIP: 465562106<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EC               | CORP              | BR        |   5305240 | NS      | $36022579.60  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Mahindra & Mahindra Ltd.                                       | Mahindra & Mahindra Ltd. INR5                                          | CUSIP: Y54164150<br>LEI: 3358003B573EV4KB4Z02 | Long             | EC               | CORP              | IN        |   1232160 | NS      | $45734374.32  | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| BDO Unibank Inc.                                               | BDO Unibank Inc. PHP10                                                 | CUSIP: Y07775102<br>LEI: 3FGIIBS1PEI1FYQBGN97 | Long             | EC               | CORP              | PH        |   6085196 | NS      | $16506511.84  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Hanwha Aerospace Co Ltd                                        | Hanwha Aerospace Co Ltd KRW5000 SUBS RTS(02/07/25                      | CUSIP: Y374EK102<br>LEI: 9884001NSUA8FQKQWR25 | Long             | EC               | CORP              | KR        |      2257 | NS      | $452369.96    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Credicorp Ltd.                                                 | Credicorp Ltd. COM USD5                                                | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |    191901 | NS      | $42893711.52  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte S.A.B. de C.V.                        | Grupo Financiero Banorte S.A.B. de C.V. COM NPV SERIES O               | CUSIP: P49501201<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |   4634057 | NS      | $42523822.90  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.                   | Taiwan Semiconductor Manufacturing Co., Ltd. SPON ADS REP 5 ORD TWD10  | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   1174889 | NS      | $266100609.61 | 7.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Fomento Economico Mexicano S A B de C V                        | Fomento Economico Mexicano S A B de C V SPON ADR RP 10 UTS(1B&2D-B&    | CUSIP: 344419106<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |     59042 | NS      | $6080145.16   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd.                                                | ICICI Bank Ltd. SPON ADR EACH REP 2 ORD SHS                            | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |   2559489 | NS      | $86101209.96  | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Galicia S.A.                                  | Grupo Financiero Galicia S.A. SPON ADR EACH REP 10 CL B                | CUSIP: 399909100<br>LEI: 5299008H3AXIXV5G3C23 | Long             | EC               | CORP              | AR        |    501475 | NS      | $25269325.25  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd.                                                 | HDFC Bank Ltd. SPON ADS EACH REP 3 ORD SHS                             | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    663346 | NS      | $50858737.82  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corporation                                             | Cameco Corporation COM NPV                                             | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |    675773 | NS      | $50162629.79  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Corporacion Inmobiliaria Vesta S A B De C V                    | Corporacion Inmobiliaria Vesta S A B De C V COM NPV                    | CUSIP: P9781N108<br>LEI: 4469000001BIRIFZJ959 | Long             | EC               | CORP              | MX        |   3413757 | NS      | $9392857.47   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Kotak Mahindra Bank Ltd.                                       | Kotak Mahindra Bank Ltd. INR5                                          | CUSIP: Y4964H150<br>LEI: 335800E6GTTXKHXE2I75 | Long             | EC               | CORP              | IN        |    715579 | NS      | $18053382.92  | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Aldar Properties                                               | Aldar Properties AED1                                                  | CUSIP: M0517N101<br>LEI: 98450048CD8AEF13B480 | Long             | EC               | CORP              | AE        |  14390217 | NS      | $34968185.66  | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Southern Copper Corporation                                    | Southern Copper Corporation COM USD0.01                                | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |    385579 | NS      | $39009027.43  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Arca Continental S.A.B. de C.V.                                | Arca Continental S.A.B. de C.V. COM NPV                                | CUSIP: P0448R103<br>LEI: 254900U2BSJCQHJCXN24 | Long             | EC               | CORP              | MX        |   1611009 | NS      | $17067792.33  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Polyus Public Joint Stock Company                              | Polyus Public Joint Stock Company RUB1(RUB)                            | CUSIP: X59432108<br>LEI: 549300FUXVT7TF6ZKV71 | Long             | EC               | CORP              | RU        |    637510 | NS      | $0.01         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Bank Polska Kasa Opieki SA                                     | Bank Polska Kasa Opieki SA PLN1.00                                     | CUSIP: X0R77T117<br>LEI: 5493000LKS7B3UTF7H35 | Long             | EC               | CORP              | PL        |    229126 | NS      | $11801008.52  | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Accton Technology Corp.                                        | Accton Technology Corp. TWD10                                          | CUSIP: Y0002S109<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |   1176000 | NS      | $29392663.04  | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Chunghwa Telecom Co Ltd.                                       | Chunghwa Telecom Co Ltd. TWD10                                         | CUSIP: Y1613J108<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |   3718000 | NS      | $17197767.52  | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| CTBC Financial Holding Co Ltd.                                 | CTBC Financial Holding Co Ltd. TWD10                                   | CUSIP: Y15093100<br>LEI: 549300IWDYIFW6JXM387 | Long             | EC               | CORP              | TW        |  30389000 | NS      | $45481134.73  | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                                   | Northern Institutional Funds GOVT SELECT PT                            | CUSIP: 665278701<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        | 107948814 | NS      | $107948813.51 | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Trip.com Group Ltd.                                            | Trip.com Group Ltd. ADS                                                | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |    236460 | NS      | $13866014.40  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc.                                                    | JD.com Inc. USD0.00002 A CLASS                                         | CUSIP: G8208B101<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | KY        |    942500 | NS      | $15393205.25  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Xiaomi Corp.                                                   | Xiaomi Corp. USD0.0000025 B CLASS                                      | CUSIP: G9830T106<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               | CORP              | KY        |   6876400 | NS      | $52932716.72  | 1.43%             |  |  |  | Yes           |                  2 | On Loan: No      |
| National Bank of Greece SA                                     | National Bank of Greece SA EUR1.00 (POST CONS)                         | CUSIP: X56533189<br>LEI: 5UMCZOEYKCVFAW8ZLO05 | Long             | EC               | CORP              | GR        |   4025817 | NS      | $51332189.10  | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Powszechny Zaklad Ubezpieczen SA                               | Powszechny Zaklad Ubezpieczen SA PLN0.10                               | CUSIP: X6919T107<br>LEI: QLPCKOOKVX32FUELX240 | Long             | EC               | CORP              | PL        |   1490338 | NS      | $26061697.46  | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi National Bank (the)                                      | Saudi National Bank (the) SAR10                                        | CUSIP: M7S2CL107<br>LEI: 5586006ZEFQ542K7CY16 | Long             | EC               | CORP              | SA        |   1421191 | NS      | $13684034.55  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Music Entertainment Group                              | Tencent Music Entertainment Group SPON ADS EA REP 2 ORD SHS            | CUSIP: 88034P109<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | KY        |   1554403 | NS      | $30295314.47  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Ping An Insurance (Group) Company of China Ltd.                | Ping An Insurance (Group) Company of China Ltd. 'H' CNY1               | CUSIP: Y69790106<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |   5691500 | NS      | $36330661.15  | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| B3 S.A. - Brasil, Bolsa, Balcao                                | B3 S.A. - Brasil, Bolsa, Balcao COM NPV                                | CUSIP: P1909G107<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | EC               | CORP              | BR        |  11541600 | NS      | $30887497.75  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc.                                                   | NetEase Inc. USD0.0001                                                 | CUSIP: G6427A102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |   2192800 | NS      | $59094575.26  | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Wiwynn Corp.                                                   | Wiwynn Corp. TWD10                                                     | CUSIP: Y9673D101<br>LEI: 254900FV2R15PMKXFL69 | Long             | EC               | CORP              | TW        |    226000 | NS      | $19624694.54  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Stoneco Ltd                                                    | Stoneco Ltd COM USD0.000079365 CL A                                    | CUSIP: G85158106<br>LEI: 549300O1A9LEF0XZCR35 | Long             | EC               | CORP              | KY        |   2425356 | NS      | $38902710.24  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd.                                     | Alibaba Group Holding Ltd. USD0.000003125                              | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |   6827900 | NS      | $96655408.01  | 2.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Telefonica Brasil S.A                                          | Telefonica Brasil S.A COM NPV                                          | CUSIP: P9T369176<br>LEI: 529900MTGG2HSDBIWG79 | Long             | EC               | CORP              | BR        |   3379900 | NS      | $19278699.27  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Max Healthcare Institute Ltd.                                  | Max Healthcare Institute Ltd. INR10                                    | CUSIP: Y5S464109<br>LEI: 3358005LALYV4GZOYF67 | Long             | EC               | CORP              | IN        |   2433513 | NS      | $36210768.79  | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Biologics Co Ltd                                       | Samsung Biologics Co Ltd KRW2500                                       | CUSIP: Y7T7DY103<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     17469 | NS      | $12819060.82  | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhen Inovance Technology Co Ltd.                           | Shenzhen Inovance Technology Co Ltd. 'A'CNY1                           | CUSIP: Y7744Z101<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   3865472 | NS      | $34851358.45  | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharat Electronics Ltd.                                        | Bharat Electronics Ltd. INR1                                           | CUSIP: Y0881Q141<br>LEI: 335800HS8AOTM9W1F335 | Long             | EC               | CORP              | IN        |  10464727 | NS      | $51464906.84  | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                                      | Shell PLC ORD EUR0.07                                                  | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    318729 | NS      | $11193603.20  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd.                                          | Tencent Holdings Ltd. HKD0.00002                                       | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |   4576745 | NS      | $294905373.72 | 7.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Alamos Gold Inc.                                               | Alamos Gold Inc. COM NPV CL A                                          | CUSIP: 011532108<br>LEI: 549300TDOX73YGYXE959 | Long             | EC               | CORP              | CA        |    409196 | NS      | $10868245.76  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Dubai Electricity & Water Authority PJSC                       | Dubai Electricity & Water Authority PJSC AED0.01                       | CUSIP: M2R81J103<br>LEI: 213800K4OJF8DKATLT41 | Long             | EC               | CORP              | AE        |  22076729 | NS      | $16953459.03  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Arm Holdings PLC                                               | Arm Holdings PLC SPONSORED ADS                                         | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Long             | EC               | CORP              | GB        |    194413 | NS      | $31444358.62  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| ASPEED Technology Inc.                                         | ASPEED Technology Inc. TWD10                                           | CUSIP: Y04044106<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    194000 | NS      | $31549079.65  | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Santos Brasil Participacoes SA                                 | Santos Brasil Participacoes SA COM NPV                                 | CUSIP: P8338G103<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   4674256 | NS      | $11872546.58  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Hong Kong Exchanges & Clearing Ltd.                            | Hong Kong Exchanges & Clearing Ltd. NPV                                | CUSIP: Y3506N139<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |    478400 | NS      | $25731495.33  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Jiangsu Hengrui Pharmaceuticals Co Ltd.                        | Jiangsu Hengrui Pharmaceuticals Co Ltd. 'A'CNY1                        | CUSIP: Y4446S105<br>LEI: 2549003BT1XS3SE3E448 | Long             | EC               | CORP              | CN        |   4271196 | NS      | $30940624.22  | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Shriram Finance Ltd.                                           | Shriram Finance Ltd. INR2 (POST SUBD)                                  | CUSIP: Y775S1107<br>LEI: 335800TM2YO24B76XL26 | Long             | EC               | CORP              | IN        |   2347146 | NS      | $19354820.13  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                              | HSBC Holdings PLC ORD USD0.50(HONG KONG REG)                           | CUSIP: G4634U169<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |   1200800 | NS      | $14528209.50  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Realtek Semiconductor Corp.                                    | Realtek Semiconductor Corp. TWD10                                      | CUSIP: Y7220N101<br>LEI: 5299002E7F36O00MYY75 | Long             | EC               | CORP              | TW        |    529000 | NS      | $10273706.94  | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| PetroChina Co Ltd.                                             | PetroChina Co Ltd. 'H'CNY1                                             | CUSIP: Y6883Q104<br>LEI: 529900RPY4YG47TRSV05 | Long             | EC               | NUSS              | CN        |  27148000 | NS      | $23395525.48  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Advanced Info Service Public Co Ltd.                           | Advanced Info Service Public Co Ltd. THB1(NVDR)                        | CUSIP: Y0014U175<br>LEI: 529900DU2YW1NO5RMU78 | Long             | EC               | CORP              | TH        |   1482000 | NS      | $12702435.34  | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| MTN Group Ltd                                                  | MTN Group Ltd ZAR0.0001                                                | CUSIP: S8039R108<br>LEI: 2549009JD6Q6XHZS5E05 | Long             | EC               | CORP              | ZA        |   2610283 | NS      | $20778457.88  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Mining Group Co Ltd.                                     | Zijin Mining Group Co Ltd. 'H'CNY0.1                                   | CUSIP: Y9892H107<br>LEI: 836800JRNL2393Z2I561 | Long             | EC               | CORP              | CN        |   8444000 | NS      | $21716378.39  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Mobis Co Ltd.                                          | Hyundai Mobis Co Ltd. KRW5000                                          | CUSIP: Y3849A109<br>LEI: 988400HJA9E0ZVDHRS65 | Long             | EC               | CORP              | KR        |    105735 | NS      | $22431490.50  | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP | Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP COM NPV | CUSIP: P2R268136<br>LEI: 254900UOXRZRS2TNWP19 | Long             | EC               | CORP              | BR        |   1810600 | NS      | $39860460.14  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd.                                    | Samsung Electronics Co Ltd. KRW100                                     | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |   2336260 | NS      | $103313205.35 | 2.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Mercadolibre Inc                                               | Mercadolibre Inc COM USD0.001                                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |     24156 | NS      | $63134846.28  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale S.A.                                                      | Vale S.A. SPONS ADS REPR 1 COM NPV                                     | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |   1938710 | NS      | $18824874.10  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Adani Ports And Special Economic Zone Ltd.                     | Adani Ports And Special Economic Zone Ltd. LIMITED                     | CUSIP: Y00130107<br>LEI: 335800QOAXP5TM7OYP69 | Long             | EC               | CORP              | IN        |   2242462 | NS      | $37928844.90  | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| The Mosaic Company                                             | The Mosaic Company COM USD0.01                                         | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |    564548 | NS      | $20594711.04  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola HBC AG                                               | Coca-Cola HBC AG ORD CHF6.70(CDI)                                      | CUSIP: H1512E100<br>LEI: 549300EFP3TNG7JGVE49 | Long             | EC               | CORP              | CH        |    450922 | NS      | $23557355.80  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Lig Nex1 Co Ltd                                                | Lig Nex1 Co Ltd KRW5000                                                | CUSIP: Y5277W107<br>LEI: 988400VTP0QVY3OIY652 | Long             | EC               | CORP              | KR        |     26217 | NS      | $10477372.68  | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| BeOne Medicines Ltd.                                           | BeOne Medicines Ltd. SPON ADS EACH REPR 13 ORD                         | CUSIP: 07725L102<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |     91158 | NS      | $22066617.06  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corporation                                       | Lam Research Corporation COM NEW                                       | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |    245941 | NS      | $23939896.94  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| OTP Bank PLC                                                   | OTP Bank PLC HUF100                                                    | CUSIP: X60746181<br>LEI: 529900W3MOO00A18X956 | Long             | EC               | CORP              | HU        |    592646 | NS      | $47370257.00  | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Opap SA                                                        | Opap SA EUR0.30 (CR)                                                   | CUSIP: X3232T104<br>LEI: 213800M4NRGFJCI34834 | Long             | EC               | CORP              | GR        |    493432 | NS      | $11188935.17  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Etihad Etisalat Co                                             | Etihad Etisalat Co SAR10                                               | CUSIP: M4100E106<br>LEI: 2549007BA9ABDE3HVK79 | Long             | EC               | CORP              | SA        |    926527 | NS      | $14649527.02  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Central Asia Tbk PT                                       | Bank Central Asia Tbk PT IDR12.50                                      | CUSIP: Y7123P138<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |  56349475 | NS      | $30121480.89  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Full Truck Alliance Co Ltd                                     | Full Truck Alliance Co Ltd SPONSORED ADS                               | CUSIP: 35969L108<br>LEI: 984500884LB1DP8DAC57 | Long             | EC               | CORP              | KY        |   2754496 | NS      | $32530597.76  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Laopu Gold Co Ltd.                                             | Laopu Gold Co Ltd. CNY1 H                                              | CUSIP: Y5S72L108<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    158800 | NS      | $20459456.10  | 0.55%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Direcional Engenharia SA                                       | Direcional Engenharia SA COM NPV                                       | CUSIP: P3561Q100<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   2585084 | NS      | $19374688.57  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Emaar Properties PJSC                                          | Emaar Properties PJSC AED1                                             | CUSIP: M4025S107<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |   9287485 | NS      | $34453237.53  | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Naspers Limited                                                | Naspers Limited NPV (POST REV SPLIT)                                   | CUSIP: S53435111<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |    157594 | NS      | $49171471.62  | 1.33%             |  |  |  | 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