# EDGAR Filing Document

**Accession Number:** 0001016073
**File Stem:** 0002066578-26-000379
**Filing Date:** 2026-2
**Character Count:** 43596
**Document Hash:** 1dbffb3c02e18dbfe068c0b29621940b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-000379.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0002066578-26-000379

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**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:** 26675209

**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:** 2025-12-31

**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:** $4124265019.91

**Total Liabilities:** $19382233.31

**Net Assets:** $4104882786.60

**Cash Not Reported:** $2214332.03

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000005025 | 4.31%                | -2.05%               | 2.01%                |
| Class ID C000190956 | 4.32%                | -2.01%               | 2.01%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $53700368.10             | $121966304.30                              |
| Month 2  | $60848940.77             | $-138986232.71                             |
| Month 3  | $41685678.90             | $20276063.85                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Axis Bank Ltd.                                                 | Axis Bank Ltd. INR2                                                    | CUSIP: Y0487S137<br>LEI: 549300HVNWMJPOFVNI41 | Long             | EC               | CORP              | IN        |   1646511 | NS      | $23282467.86  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Biologics Co Ltd                                       | Samsung Biologics Co Ltd KRW2500                                       | CUSIP: Y7T7DY103<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     15174 | NS      | $17817072.42  | 0.43%             |  |  |  | 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        |   3008872 | NS      | $32427665.72  | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharat Electronics Ltd.                                        | Bharat Electronics Ltd. INR1                                           | CUSIP: Y0881Q141<br>LEI: 335800HS8AOTM9W1F335 | Long             | EC               | CORP              | IN        |   8849235 | NS      | $39389732.84  | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Bse Limited                                                    | Bse Limited INR2                                                       | CUSIP: Y0R9BJ101<br>LEI: 335800UOTLCPTZQVDA19 | Long             | EC               | CORP              | IN        |   1201302 | NS      | $35231006.94  | 0.86%             |  |  |  | No            |                  2 | 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        |    913894 | NS      | $277723247.66 | 6.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Sociedad Quimica y Minera de Chile S A                         | Sociedad Quimica y Minera de Chile S A ADR(REPR 1 PRF SER'B')          | CUSIP: 833635105<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | EC               | CORP              | CL        |    322452 | NS      | $22184697.60  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corporation                                             | Cameco Corporation COM NPV                                             | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |    222513 | NS      | $20357714.37  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| GMR Airports Ltd.                                              | GMR Airports Ltd. INR1                                                 | CUSIP: Y2730E113<br>LEI: 3358008S2MTRWZ255P70 | Long             | EC               | CORP              | IN        |  18592168 | NS      | $21620339.46  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Abu Dhabi Commercial Bank PJSC                                 | Abu Dhabi Commercial Bank PJSC AED1                                    | CUSIP: M0152Q104<br>LEI: 213800RWVKKIRX1AUH58 | Long             | EC               | CORP              | AE        |   5345416 | NS      | $20799907.14  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Southern Copper Corporation                                    | Southern Copper Corporation COM USD0.01                                | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |    209552 | NS      | $30064425.44  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Copa Holdings SA                                               | Copa Holdings SA NPV CLASS 'A'                                         | CUSIP: P31076105<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | PA        |    283285 | NS      | $34167003.85  | 0.83%             |  |  |  | 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        |   1663270 | NS      | $17965070.94  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| BIM Birlesik Magaz                                             | BIM Birlesik Magaz TRY1                                                | CUSIP: M2014F102<br>LEI: 7890001GCDJQD8DJKE29 | Long             | EC               | CORP              | TR        |   2238413 | NS      | $27943527.03  | 0.68%             |  |  |  | No            |                  2 | 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      |
| Jiangsu Hengrui Pharmaceuticals Co Ltd.                        | Jiangsu Hengrui Pharmaceuticals Co Ltd. 'A'CNY1                        | CUSIP: Y4446S105<br>LEI: 2549003BT1XS3SE3E448 | Long             | EC               | CORP              | CN        |   3239756 | NS      | $27637158.46  | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Chunghwa Telecom Co Ltd.                                       | Chunghwa Telecom Co Ltd. TWD10                                         | CUSIP: Y1613J108<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |   2434000 | NS      | $10116940.38  | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| HCL Technologies Ltd.                                          | HCL Technologies Ltd. INR2                                             | CUSIP: Y3121G147<br>LEI: 549300C1F8OLYSOQYB65 | Long             | EC               | CORP              | IN        |    876537 | NS      | $15842001.23  | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| LG Chem Ltd                                                    | LG Chem Ltd KRW5000                                                    | CUSIP: Y52758102<br>LEI: 988400IES4EIG7O06940 | Long             | EC               | CORP              | KR        |     90806 | NS      | $21004623.37  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| ISU Petasys                                                    | ISU Petasys KRW1000                                                    | CUSIP: Y42113103<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    363604 | NS      | $30151950.54  | 0.73%             |  |  |  | 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        |  34847000 | NS      | $55678202.26  | 1.36%             |  |  |  | No            |                  2 | 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        |   6357000 | NS      | $53396923.79  | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Ibiden Co Ltd.                                                 | Ibiden Co Ltd. NPV                                                     | CUSIP: J23059116<br>LEI: 52990051DBFIQEY37C91 | Long             | EC               | CORP              | JP        |    531800 | NS      | $22969454.54  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuyao Glass Industry Group Co Ltd.                             | Fuyao Glass Industry Group Co Ltd. 'A'CNY1                             | CUSIP: Y26783103<br>LEI: 549300AS5CSLWETN0P64 | Long             | EC               | CORP              | CN        |   1646271 | NS      | $15262294.51  | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd.                                          | Tencent Holdings Ltd. HKD0.00002                                       | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |   3220345 | NS      | $247140673.73 | 6.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Globant S.A                                                    | Globant S.A USD1.20                                                    | CUSIP: L44385109<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | LU        |    286432 | NS      | $18724059.84  | 0.46%             |  |  |  | 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        |   4934762 | NS      | $45720710.38  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ASPEED Technology Inc.                                         | ASPEED Technology Inc. TWD10                                           | CUSIP: Y04044106<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    108000 | NS      | $24847596.39  | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Aldar Properties PJSC                                          | Aldar Properties PJSC AED1                                             | CUSIP: M0517N101<br>LEI: 98450048CD8AEF13B480 | Long             | EC               | CORP              | AE        |  14392573 | NS      | $34063504.38  | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Ultratech Cement Ltd.                                          | Ultratech Cement Ltd. INR10                                            | CUSIP: Y9046E109<br>LEI: 335800PC9O9B4BQHG814 | Long             | EC               | CORP              | IN        |    236478 | NS      | $31029667.28  | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Vale S.A.                                                      | Vale S.A. SPONS ADS REPR 1 COM NPV                                     | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |   2548365 | NS      | $33205195.95  | 0.81%             |  |  |  | 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        |   2831997 | NS      | $46359953.65  | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola HBC AG                                               | Coca-Cola HBC AG ORD CHF6.70(CDI)                                      | CUSIP: H1512E100<br>LEI: 549300EFP3TNG7JGVE49 | Long             | EC               | CORP              | CH        |    369167 | NS      | $19098331.31  | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Eneva SA                                                       | Eneva SA COM NPV                                                       | CUSIP: P3719N116<br>LEI: 549300T1AP7HKCABII19 | Long             | EC               | CORP              | BR        |   1779700 | NS      | $6546634.57   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| OTP Bank PLC                                                   | OTP Bank PLC HUF100                                                    | CUSIP: X60746181<br>LEI: 529900W3MOO00A18X956 | Long             | EC               | CORP              | HU        |    640493 | NS      | $68676337.70  | 1.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Etihad Etisalat Co                                             | Etihad Etisalat Co SAR10                                               | CUSIP: M4100E106<br>LEI: 2549007BA9ABDE3HVK79 | Long             | EC               | CORP              | SA        |    270247 | NS      | $4748326.22   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Central Asia Tbk PT                                       | Bank Central Asia Tbk PT IDR12.50                                      | CUSIP: Y7123P138<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |  88446675 | NS      | $42710609.17  | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Direcional Engenharia SA                                       | Direcional Engenharia SA COM NPV                                       | CUSIP: P3561Q100<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   7103952 | NS      | $18310972.15  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Emaar Properties PJSC                                          | Emaar Properties PJSC AED1                                             | CUSIP: M4025S107<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |   6902155 | NS      | $26342377.38  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                                   | Northern Institutional Funds GOVT SELECT PT                            | CUSIP: 665278701<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |  81106650 | NS      | $81106650.31  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Trip.com Group Ltd.                                            | Trip.com Group Ltd. ADS                                                | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |    418047 | NS      | $30061759.77  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Microwave Technology Inc.                            | Universal Microwave Technology Inc. TWD10                              | CUSIP: Y9273S110<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    796486 | NS      | $17196528.69  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd.                        | Contemporary Amperex Technology Co Ltd. 'A' CNY1                       | CUSIP: Y1R48E105<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |    643701 | NS      | $33847434.28  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Telefonica Brasil S.A                                          | Telefonica Brasil S.A COM NPV                                          | CUSIP: P9T369176<br>LEI: 529900MTGG2HSDBIWG79 | Long             | EC               | CORP              | BR        |   3506300 | NS      | $20993084.57  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| ASE Technology Holding Co Ltd.                                 | ASE Technology Holding Co Ltd. TWD10                                   | CUSIP: Y0249T100<br>LEI: 300300GO8QHPMV87NZ73 | Long             | EC               | CORP              | TW        |   8851000 | NS      | $69789441.99  | 1.70%             |  |  |  | No            |                  2 | On Loan: No      |
| WuXi AppTec Co Ltd.                                            | WuXi AppTec Co Ltd. CNY1 H                                             | CUSIP: Y971B1118<br>LEI: 254900OEPQLZSPLN9175 | Long             | EC               | CORP              | CN        |    896600 | NS      | $11369398.13  | 0.28%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Telkom Indonesia(Persero) Tbk PT                               | Telkom Indonesia(Persero) Tbk PT SER'B'IDR50                           | CUSIP: Y71474145<br>LEI: 529900M5SQZAOKV1PC81 | Long             | EC               | CORP              | ID        | 147647700 | NS      | $30893116.58  | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Agnico Eagle Mines Ltd                                         | Agnico Eagle Mines Ltd COM NPV                                         | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |     94200 | NS      | $15974639.90  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Daqo New Energy Corp.                                          | Daqo New Energy Corp. SPON ADS EACH REP 5 ORD SHS                      | CUSIP: 23703Q203<br>LEI: 529900711JBZ5O7VA827 | Long             | EC               | CORP              | KY        |    252926 | NS      | $7461317.00   | 0.18%             |  |  |  | No            |                  1 | 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        |   3406191 | NS      | $51952774.02  | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Hong Kong Exchanges & Clearing Ltd.                            | Hong Kong Exchanges & Clearing Ltd. NPV                                | CUSIP: Y3506N139<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |    490500 | NS      | $25663624.53  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi National Bank (the)                                      | Saudi National Bank (the) SAR10                                        | CUSIP: M7S2CL107<br>LEI: 5586006ZEFQ542K7CY16 | Long             | EC               | CORP              | SA        |   1379526 | NS      | $13922317.58  | 0.34%             |  |  |  | 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        |    205768 | NS      | $51652080.99  | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Hon Hai Precision Industry Co Ltd.                             | Hon Hai Precision Industry Co Ltd. TWD10                               | CUSIP: Y36861105<br>LEI: 30030004CM3GSZXX7O56 | Long             | EC               | CORP              | TW        |   1006000 | NS      | $7374307.44   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Mobis Co Ltd.                                          | Hyundai Mobis Co Ltd. KRW5000                                          | CUSIP: Y3849A109<br>LEI: 988400HJA9E0ZVDHRS65 | Long             | EC               | CORP              | KR        |     55651 | NS      | $14440398.49  | 0.35%             |  |  |  | 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        |   1929472 | NS      | $46447774.00  | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd.                                    | Samsung Electronics Co Ltd. KRW100                                     | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |   2362630 | NS      | $198023593.24 | 4.82%             |  |  |  | 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        |    162591 | NS      | $20741733.87  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Wiwynn Corp.                                                   | Wiwynn Corp. TWD10                                                     | CUSIP: Y9673D101<br>LEI: 254900FV2R15PMKXFL69 | Long             | EC               | CORP              | TW        |    158000 | NS      | $22509727.07  | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyosung Heavy Industries Corporation                           | Hyosung Heavy Industries Corporation KRW5000                           | CUSIP: Y3R1E4102<br>LEI: 988400IDLF9EQ95M0928 | Long             | EC               | CORP              | KR        |     16705 | NS      | $20636401.38  | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                         | Standard Chartered PLC ORD USD0.50                                     | CUSIP: G84228157<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | EC               | CORP              | GB        |   1811634 | NS      | $44204673.42  | 1.08%             |  |  |  | No            |                  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        |   4730626 | NS      | $33871283.81  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Embraer S.A.                                                   | Embraer S.A. SPON ADS EACH REP 4 ORD SHS                               | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |    430182 | NS      | $27690815.34  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Mahindra & Mahindra Ltd.                                       | Mahindra & Mahindra Ltd. INR5                                          | CUSIP: Y54164150<br>LEI: 3358003B573EV4KB4Z02 | Long             | EC               | CORP              | IN        |   1302906 | NS      | $53808804.69  | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Rede D Or Sao Luiz SA                                          | Rede D Or Sao Luiz SA COM NPV                                          | CUSIP: P79942101<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   3281500 | NS      | $24304466.01  | 0.59%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Dubai Electricity & Water Authority PJSC                       | Dubai Electricity & Water Authority PJSC AED0.01                       | CUSIP: M2R81J103<br>LEI: 213800K4OJF8DKATLT41 | Long             | EC               | NUSS              | AE        |  16072461 | NS      | $12110839.90  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Credicorp Ltd.                                                 | Credicorp Ltd. COM USD5                                                | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |    186275 | NS      | $53460925.00  | 1.30%             |  |  |  | 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        |    292729 | NS      | $29586120.03  | 0.72%             |  |  |  | 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        |   1636729 | NS      | $48774524.20  | 1.19%             |  |  |  | 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        |    504036 | NS      | $27187701.84  | 0.66%             |  |  |  | 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        |   1609086 | NS      | $58796002.44  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Fabrication Equipment Inc.                      | Advanced Micro Fabrication Equipment Inc. A CNY1                       | CUSIP: Y001DM108<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    472963 | NS      | $18652999.65  | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| NAURA Technology Group Co Ltd.                                 | NAURA Technology Group Co Ltd. 'A'CNY1                                 | CUSIP: Y0772M100<br>LEI: 300300JI5I0B95GO5C39 | Long             | EC               | CORP              | CN        |    594123 | NS      | $39025419.31  | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Bajaj Finance Ltd.                                             | Bajaj Finance Ltd. INR1(POST SUBD)                                     | CUSIP: Y0547D153<br>LEI: 335800YTEXC3DO4Z6F68 | Long             | EC               | CORP              | IN        |   1939324 | NS      | $21326722.30  | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Naspers Limited                                                | Naspers Limited NPV(POST SPLT)                                         | CUSIP: S53435129<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |    292903 | NS      | $19534142.68  | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Doosan Enerbility Co Ltd                                       | Doosan Enerbility Co Ltd KRW5000                                       | CUSIP: Y2102C109<br>LEI: 988400TK5NA3GLSTN506 | Long             | EC               | CORP              | KR        |    491691 | NS      | $25717449.99  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| KT&G Corp.                                                     | KT&G Corp. KRW5000                                                     | CUSIP: Y49904108<br>LEI: 988400ZJV6ISYBLQX875 | Long             | EC               | CORP              | KR        |    259301 | NS      | $25578197.29  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| PetroChina Co Ltd.                                             | PetroChina Co Ltd. 'H'CNY1                                             | CUSIP: Y6883Q104<br>LEI: 529900RPY4YG47TRSV05 | Long             | EC               | CORP              | CN        |  37676000 | NS      | $40610928.59  | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| MTN Group Ltd                                                  | MTN Group Ltd ZAR0.0001                                                | CUSIP: S8039R108<br>LEI: 2549009JD6Q6XHZS5E05 | Long             | EC               | CORP              | ZA        |   4793286 | NS      | $49072217.70  | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd.                                       | Reliance Industries Ltd. INR10(100%DEMAT)                              | CUSIP: Y72596102<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |   4184639 | NS      | $73225394.34  | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Hana Financial Group Inc.                                      | Hana Financial Group Inc. KRW5000                                      | CUSIP: Y29975102<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    612060 | NS      | $39934824.10  | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Impala Platinum Holdings Ltd                                   | Impala Platinum Holdings Ltd NPV                                       | CUSIP: S37840113<br>LEI: 254900BZFIFB4PD2Z778 | Long             | EC               | CORP              | ZA        |   1037983 | NS      | $16312065.93  | 0.40%             |  |  |  | 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        |   4968000 | NS      | $33796794.29  | 0.82%             |  |  |  | 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        |  54392000 | NS      | $44014329.98  | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Chroma Ate Inc                                                 | Chroma Ate Inc TWD10                                                   | CUSIP: Y1604M102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    763000 | NS      | $18871637.57  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Delta Electronics Inc.                                         | Delta Electronics Inc. TWD10                                           | CUSIP: Y20263102<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |    967000 | NS      | $29497330.97  | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Ultrapar Participacoes S.A.                                    | Ultrapar Participacoes S.A. COM NPV                                    | CUSIP: P94396127<br>LEI: 529900FU4XBXGQMLRE72 | Long             | EC               | CORP              | BR        |   2856200 | NS      | $10785080.42  | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| DISCO Corp.                                                    | DISCO Corp. NPV                                                        | CUSIP: J12327102<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     63100 | NS      | $19224189.40  | 0.47%             |  |  |  | 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        |     25498 | NS      | $7194812.86   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc.                                                  | SK Hynix Inc. KRW5000                                                  | CUSIP: Y8085F100<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |    215146 | NS      | $97434928.71  | 2.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Motor Co.                                              | Hyundai Motor Co. KRW5000                                              | CUSIP: Y38472109<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EC               | CORP              | KR        |     61684 | NS      | $12738237.87  | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Tobacco Inc                                              | Japan Tobacco Inc NPV                                                  | CUSIP: J27869106<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | EC               | CORP              | JP        |    738700 | NS      | $26550582.80  | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Korea Electric Power Corp.                                     | Korea Electric Power Corp. KRW5000                                     | CUSIP: Y48406105<br>LEI: 988400QG33WS7JEIV602 | Long             | EC               | CORP              | KR        |    680208 | NS      | $22324211.00  | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Hanwha Aerospace Co Ltd                                        | Hanwha Aerospace Co Ltd KRW5000                                        | CUSIP: Y7470L102<br>LEI: 9884001NSUA8FQKQWR25 | Long             | EC               | CORP              | KR        |     30813 | NS      | $20122418.05  | 0.49%             |  |  |  | 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        |   4216400 | NS      | $207266777.37 | 5.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd.                                             | Bharti Airtel Ltd. INR5                                                | CUSIP: Y0885K108<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |   2448369 | NS      | $57466849.63  | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Vista Energy S.A.B. de C.V.                                    | Vista Energy S.A.B. de C.V. SPON ADS EA REP 1 ORD SHS                  | CUSIP: 92837L109<br>LEI: 549300UDOHP7958KNS89 | Long             | EC               | CORP              | MX        |    204824 | NS      | $9966735.84   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc.                                                   | NetEase Inc. USD0.0001                                                 | CUSIP: G6427A102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |   2020700 | NS      | $55620160.12  | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| One 97 Communications Ltd.                                     | One 97 Communications Ltd. INR1                                        | CUSIP: Y6425F111<br>LEI: 335800ZRHU5J6GSTMI23 | Long             | EC               | CORP              | IN        |   1807336 | NS      | $26140403.86  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Grab Holdings Ltd.                                             | Grab Holdings Ltd. CLASS A ORD                                         | CUSIP: G4124C109<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | KY        |   4073140 | NS      | $20324968.60  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd.                                     | Alibaba Group Holding Ltd. USD0.000003125                              | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |   8615000 | NS      | $158179689.71 | 3.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Max Healthcare Institute Ltd.                                  | Max Healthcare Institute Ltd. INR10                                    | CUSIP: Y5S464109<br>LEI: 3358005LALYV4GZOYF67 | Long             | EC               | CORP              | IN        |    657873 | NS      | $7652003.87   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Baidu Inc.                                                     | Baidu Inc. USD0.000000625 A CLASS                                      | CUSIP: G07034104<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | KY        |   3107000 | NS      | $51095298.50  | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Nu Holdings Ltd.                                               | Nu Holdings Ltd. ORD SHS CL A                                          | CUSIP: G6683N103<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | KY        |   3126439 | NS      | $52336588.86  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** Driehaus Mutual Funds

**Signature:** Robert M. Kurinsky

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

**Title:** Vice President and Treasurer