# EDGAR Filing Document

**Accession Number:** 0001016073
**File Stem:** 0002066578-26-000381
**Filing Date:** 2026-2
**Character Count:** 45116
**Document Hash:** 3b7e4eb7b03a67da40d15b9d1933c6a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-000381.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0002066578-26-000381

**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:** 26675210

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60611

  - **Telephone number:** 312 587 3800

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-12-31

**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:** $343322799.17

**Total Liabilities:** $1409312.15

**Net Assets:** $341913487.02

**Cash Not Reported:** $1489591.23

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000050883 | 0.09%                | -0.78%               | 1.44%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1429058.85              | $-1152313.46                               |
| Month 2  | $1264849.86              | $-3975099.28                               |
| Month 3  | $6111820.29              | $-1888221.98                               |

### Schedule of Portfolio Investments

| Name                                                 | Title                                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HD Hyundai Marine Solution Co Ltd.                   | HD Hyundai Marine Solution Co Ltd. KRW500                     | CUSIP: Y3820S103<br>LEI: 988400NV4TGR7O3GJM74 | Long             | EC               | CORP              | KR        |     18766 | NS      | $2514587.58   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Boardwalk Real Estate Investment Trust               | Boardwalk Real Estate Investment Trust TRUST UNITS            | CUSIP: 096631106<br>LEI: 549300RMNRTTJRCOYW23 | Long             | EC               | CORP              | CA        |     63174 | NS      | $2967804.10   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| SSP Group PLC                                        | SSP Group PLC ORD GBP0.01085                                  | CUSIP: G8402N125<br>LEI: 213800QGNIWTXFMENJ24 | Long             | EC               | CORP              | GB        |   1152250 | NS      | $3196087.74   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Cognyte Software Limited                             | Cognyte Software Limited ORD SHS                              | CUSIP: M25133105<br>LEI: 2549006L803IRJC67B33 | Long             | EC               | CORP              | IL        |    181473 | NS      | $1705846.20   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovzon AB (publ)                                      | Ovzon AB (publ) NPV                                           | CUSIP: W6S046104<br>LEI: 549300U82F1HQRSTYZ66 | Long             | EC               | CORP              | SE        |    531992 | NS      | $2444347.36   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Alzchem Group Ag                                     | Alzchem Group Ag NPV (POST SPLIT)                             | CUSIP: D0R02K100<br>LEI: 8945004EL7WZK3ERG181 | Long             | EC               | CORP              | DE        |      9506 | NS      | $1717099.16   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Superloop Ltd.                                       | Superloop Ltd. NPV                                            | CUSIP: Q8800A112<br>LEI: 529900A6RVCX545NWC88 | Long             | EC               | CORP              | AU        |   1640690 | NS      | $2834109.82   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Hexacom Ltd.                                  | Bharti Hexacom Ltd. INR5                                      | CUSIP: Y0R86G121<br>LEI: 335800GJ4U5YVWJGAP02 | Long             | EC               | CORP              | IN        |    101289 | NS      | $2058847.50   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Games Workshop Group PLC                             | Games Workshop Group PLC ORD GBP0.05                          | CUSIP: G3715N102<br>LEI: 213800RP9QJQYGWHNT41 | Long             | EC               | CORP              | GB        |     11247 | NS      | $2861292.09   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinaxis Inc                                          | Kinaxis Inc COM NPV                                           | CUSIP: 49448Q109<br>LEI: 5299009VAZ14K7PFUQ15 | Long             | EC               | CORP              | CA        |     34411 | NS      | $4339263.33   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Zegona Communications plc                            | Zegona Communications plc ORD GBP0.01                         | CUSIP: G7605F103<br>LEI: 213800ASI1VZL2ED4S65 | Long             | EC               | CORP              | GB        |    128265 | NS      | $2403369.83   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Bechtle AG                                           | Bechtle AG NPV                                                | CUSIP: D0873U103<br>LEI: 529900HA2QT774RUXW59 | Long             | EC               | CORP              | DE        |     33113 | NS      | $1686585.16   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Sopra Steria Group SA                                | Sopra Steria Group SA EUR1.00                                 | CUSIP: F20906115<br>LEI: 96950020QIOHAAK9V551 | Long             | EC               | CORP              | FR        |      7812 | NS      | $1414352.26   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | Vienna Insurance Group AG Wiener Versicherung Gruppe NPV (BR) | CUSIP: A9142L128<br>LEI: 549300JCRU23I1THU176 | Long             | EC               | CORP              | AT        |     18641 | NS      | $1468097.43   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| DO & CO AG                                           | DO & CO AG NPV                                                | CUSIP: A1447E107<br>LEI: 5299002NFQKOBT1E8569 | Long             | EC               | CORP              | AT        |     24048 | NS      | $5850071.02   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Bam Groep NV                             | Koninklijke Bam Groep NV EUR0.10                              | CUSIP: N0157T177<br>LEI: 724500V38C5KTDY5BS93 | Long             | EC               | CORP              | NL        |    418495 | NS      | $4563932.07   | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Odfjell Drilling Limited                             | Odfjell Drilling Limited USD0.01                              | CUSIP: G67180102<br>LEI: 529900M08ZU24JXMPB85 | Long             | EC               | CORP              | BM        |    209491 | NS      | $1812571.96   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Xenon Pharmaceuticals Inc                            | Xenon Pharmaceuticals Inc COM NPV                             | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |     59228 | NS      | $2654598.96   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Orica Ltd.                                           | Orica Ltd. NPV                                                | CUSIP: Q7160T109<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    200568 | NS      | $3239381.90   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| GCC, S.A.B. de C.V.                                  | GCC, S.A.B. de C.V. COM MXN0.4 144A/REG S                     | CUSIP: P4948S124<br>LEI: 254900WY9XL8033CKX68 | Long             | EC               | CORP              | MX        |    223886 | NS      | $2269755.83   | 0.66%             |  |  |  | Yes           |                  1 | On Loan: No      |
| NOF Corp.                                            | NOF Corp. NPV                                                 | CUSIP: J58934100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     98900 | NS      | $1906190.65   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Resonac Holdings Corp.                               | Resonac Holdings Corp. NPV                                    | CUSIP: J75046136<br>LEI: 5493006AIPA1V92YPP18 | Long             | EC               | CORP              | JP        |     66300 | NS      | $2764408.54   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Mineral Resources Ltd.                               | Mineral Resources Ltd. NPV                                    | CUSIP: Q60976109<br>LEI: 5299007V1ACKFFX2P066 | Long             | EC               | CORP              | AU        |    106908 | NS      | $3859167.61   | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyoda Gosei Co Ltd                                  | Toyoda Gosei Co Ltd NPV                                       | CUSIP: J91128108<br>LEI: 353800ZV4HXVM4DWPO50 | Long             | EC               | CORP              | JP        |     80800 | NS      | $2037029.02   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| China Resources Beer Holdings Co Ltd.                | China Resources Beer Holdings Co Ltd. NPV                     | CUSIP: Y15037107<br>LEI: 254900OH02Y7OS7RNG48 | Long             | EC               | CORP              | HK        |    455000 | NS      | $1536668.68   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Azbil Corp.                                          | Azbil Corp. NPV                                               | CUSIP: J0370G106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    648300 | NS      | $5895777.73   | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Yaskawa Electric Corp.                               | Yaskawa Electric Corp. NPV                                    | CUSIP: J9690T102<br>LEI: 3538003K39GR98R0CK58 | Long             | EC               | CORP              | JP        |    170800 | NS      | $5192556.55   | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Yokogawa Electric Corporation                        | Yokogawa Electric Corporation NPV                             | CUSIP: J97272124<br>LEI: 529900MV0U7C9WWF4L22 | Long             | EC               | CORP              | JP        |    131100 | NS      | $4204451.26   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Nkt AS                                               | Nkt AS DKK20                                                  | CUSIP: K7037A107<br>LEI: 529900197LKWCEQ0NL18 | Long             | EC               | CORP              | DK        |     29123 | NS      | $3636792.50   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| De'Longhi S.p.A.                                     | De'Longhi S.p.A. NPV                                          | CUSIP: T3508H102<br>LEI: 8156000E09A52C4F8A38 | Long             | EC               | CORP              | IT        |     52532 | NS      | $2236291.12   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| LPP SA                                               | LPP SA PLN2.00                                                | CUSIP: X5053G103<br>LEI: 259400NUS7MKGPJL4752 | Long             | EC               | CORP              | PL        |       326 | NS      | $1883705.18   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Fluidra SA                                           | Fluidra SA EUR1                                               | CUSIP: E52619108<br>LEI: 95980020140005026620 | Long             | EC               | CORP              | ES        |    224674 | NS      | $6086878.64   | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Lotes Co Ltd.                                        | Lotes Co Ltd. TWD10                                           | CUSIP: Y53302116<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     45000 | NS      | $1855423.66   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Spirax Group PLC                                     | Spirax Group PLC ORD GBP0.269230769                           | CUSIP: G83561129<br>LEI: 213800WFVZQMHOZP2W17 | Long             | EC               | CORP              | GB        |     47063 | NS      | $4301418.96   | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Direcional Engenharia SA                             | Direcional Engenharia SA COM NPV                              | CUSIP: P3561Q100<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   1291736 | NS      | $3329546.98   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Babcock International Group PLC                      | Babcock International Group PLC ORD GBP0.60                   | CUSIP: G0689Q152<br>LEI: 213800TSKOLX4EU6L377 | Long             | EC               | CORP              | GB        |    211449 | NS      | $3523757.68   | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Cranswick PLC                                        | Cranswick PLC ORD GBP0.10                                     | CUSIP: G2504J108<br>LEI: 549300LDZLPU51XOSK43 | Long             | EC               | CORP              | GB        |     55635 | NS      | $3715913.37   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| RS Group plc                                         | RS Group plc ORD GBP0.10                                      | CUSIP: G29848101<br>LEI: 549300KVXDURRKVW7R37 | Long             | EC               | CORP              | GB        |    276422 | NS      | $2317561.89   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Smiths Group PLC                                     | Smiths Group PLC ORD GBP0.375                                 | CUSIP: G82401111<br>LEI: 213800MJL6IPZS3ASA11 | Long             | EC               | CORP              | GB        |    302593 | NS      | $9571095.26   | 2.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Senior PLC                                           | Senior PLC GBP0.10                                            | CUSIP: G8031U102<br>LEI: 5493002HQHWN5JQHKQ51 | Long             | EC               | CORP              | GB        |   1686080 | NS      | $4433333.65   | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                         | Northern Institutional Funds GOVT SELECT PT                   | CUSIP: 665278701<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   7171170 | NS      | $7171169.52   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Food & Life Companies Ltd.                           | Food & Life Companies Ltd. NPV                                | CUSIP: J1358G100<br>LEI: 529900CWF7GCVZKS5M87 | Long             | EC               | CORP              | JP        |     29900 | NS      | $1508328.65   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Thangamayil Jewellery Ltd.                           | Thangamayil Jewellery Ltd. INR10                              | CUSIP: Y87281104<br>LEI: 335800NK8SU8YY8XAS29 | Long             | EC               | CORP              | IN        |     38536 | NS      | $1382830.58   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Cairn Homes PLC                                      | Cairn Homes PLC ORD EUR0.001                                  | CUSIP: G1858L107<br>LEI: 635400DPX6WP2KKDOA83 | Long             | EC               | CORP              | IE        |   1018869 | NS      | $2478705.66   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Netcompany Group AS                                  | Netcompany Group AS DKK1                                      | CUSIP: K7020C102<br>LEI: 5299006DEGAWX1Z1X779 | Long             | EC               | CORP              | DK        |     61234 | NS      | $3425554.49   | 1.00%             |  |  |  | Yes           |                  2 | On Loan: No      |
| BELIMO Holding AG                                    | BELIMO Holding AG CHF0.05 (REGD)                              | CUSIP: H07171129<br>LEI: 506700339DLX749VEM23 | Long             | EC               | CORP              | CH        |      2392 | NS      | $2337135.98   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Autostore Holdings Ltd.                              | Autostore Holdings Ltd. USD0.01                               | CUSIP: G0670A109<br>LEI: 549300KYN3M0LSM5A413 | Long             | EC               | CORP              | BM        |   2642907 | NS      | $3068192.94   | 0.90%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Sigmaroc Plc                                         | Sigmaroc Plc ORD GBP0.01                                      | CUSIP: G81267109<br>LEI: 213800Q3CJUERBGD1E44 | Long             | EC               | CORP              | GB        |   4757629 | NS      | $8140647.09   | 2.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Capstone Copper Corp                                 | Capstone Copper Corp COM                                      | CUSIP: 14071L108<br>LEI: 549300III6KGKKC42W63 | Long             | EC               | CORP              | CA        |    389000 | NS      | $3905446.07   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Groupe Dynamite Inc                                  | Groupe Dynamite Inc SUB VTG SH                                | CUSIP: 39944C100<br>LEI: 894500PR7X62F01X8R60 | Long             | EC               | CORP              | CA        |     29900 | NS      | $1800905.61   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| FlatexDEGIRO SE                                      | FlatexDEGIRO SE NPV (REG)                                     | CUSIP: D3690M106<br>LEI: 529900IRBZTADXJB6757 | Long             | EC               | CORP              | DE        |     77416 | NS      | $3316650.85   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Trustpilot Group PLC                                 | Trustpilot Group PLC ORD GBP0.01                              | CUSIP: G91044100<br>LEI: 2138002ILUNMGNPSGG46 | Long             | EC               | CORP              | GB        |    558210 | NS      | $1236049.46   | 0.36%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Pepco Group NV                                       | Pepco Group NV EUR0.01                                        | CUSIP: G6999C106<br>LEI: 213800OVMJPFP79OB449 | Long             | EC               | CORP              | NL        |    347962 | NS      | $2894652.55   | 0.85%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Catapult Sports Ltd.                                 | Catapult Sports Ltd. NPV                                      | CUSIP: Q2159P101<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    950374 | NS      | $2631736.66   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco BPM S.p.A.                                     | Banco BPM S.p.A. NPV                                          | CUSIP: T1708N101<br>LEI: 815600E4E6DCD2D25E30 | Long             | EC               | CORP              | IT        |    127788 | NS      | $1940452.48   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Home First Finance Company India Limited             | Home First Finance Company India Limited INR2                 | CUSIP: Y3269P107<br>LEI: 335800LHIN24IFBBN535 | Long             | EC               | CORP              | IN        |    101254 | NS      | $1243278.08   | 0.36%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Icici Lombard Gen Insurance Co Ltd                   | Icici Lombard Gen Insurance Co Ltd INR10                      | CUSIP: Y3R55N101<br>LEI: 335800ZZITZ7ZZZ2ZX87 | Long             | EC               | CORP              | IN        |     78024 | NS      | $1705968.35   | 0.50%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Friedrich Vorwerk Group SE                           | Friedrich Vorwerk Group SE NPV                                | CUSIP: D2R9Z3109<br>LEI: 529900NBM89YAM5ENI18 | Long             | EC               | CORP              | DE        |     46607 | NS      | $4415529.88   | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Rvrc Holding Ab                                      | Rvrc Holding Ab NPV                                           | CUSIP: W7282E108<br>LEI: 549300YU7003VHQV3J57 | Long             | EC               | CORP              | SE        |    168717 | NS      | $1213853.68   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Net Protections Holdings Inc                         | Net Protections Holdings Inc NPV                              | CUSIP: J48895106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    511100 | NS      | $1709204.56   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| DormaKaba Holding AG                                 | DormaKaba Holding AG CHF0.01 'B'(REGD)                        | CUSIP: H1955W104<br>LEI: 529900QMU5ZH99KMQK13 | Long             | EC               | CORP              | CH        |     62320 | NS      | $5041833.04   | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Baycurrent Inc.                                      | Baycurrent Inc. NPV                                           | CUSIP: J0433F103<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     35500 | NS      | $1471961.23   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| ConvaTec Group PLC                                   | ConvaTec Group PLC ORD GBP0.1                                 | CUSIP: G23969101<br>LEI: 213800LS272L4FIDOH92 | Long             | EC               | CORP              | GB        |    787699 | NS      | $2571769.53   | 0.75%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Wiwynn Corp.                                         | Wiwynn Corp. TWD10                                            | CUSIP: Y9673D101<br>LEI: 254900FV2R15PMKXFL69 | Long             | EC               | CORP              | TW        |     40000 | NS      | $5698665.08   | 1.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Stoneco Ltd                                          | Stoneco Ltd COM USD0.000079365 CL A                           | CUSIP: G85158106<br>LEI: 549300O1A9LEF0XZCR35 | Long             | EC               | CORP              | KY        |    131689 | NS      | $1947680.31   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Hitachi Energy India Limited                         | Hitachi Energy India Limited INR2                             | CUSIP: Y000XZ109<br>LEI: 549300ASJQYQLII9F213 | Long             | EC               | CORP              | IN        |      7908 | NS      | $1611931.78   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Montana Aerospace AG                                 | Montana Aerospace AG CHF1.00                                  | CUSIP: H55555108<br>LEI: 506700YRG9330Q97U450 | Long             | EC               | CORP              | CH        |    105866 | NS      | $3765027.14   | 1.10%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Lifedrink Co Inc                                     | Lifedrink Co Inc NPV                                          | CUSIP: J38829107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     88100 | NS      | $975856.54    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Alk-Abello A/S                                       | Alk-Abello A/S SER'B'DKK0.50                                  | CUSIP: K03294137<br>LEI: 529900SGCREUZCZ7P020 | Long             | EC               | CORP              | DK        |     54077 | NS      | $1935268.90   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Auto1 Group                                          | Auto1 Group NPV                                               | CUSIP: D0R06D102<br>LEI: 391200S2LPXG5ZD5G304 | Long             | EC               | CORP              | DE        |     94133 | NS      | $2984698.21   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Saipem SPA                                           | Saipem SPA NPV (POST SPLIT)                                   | CUSIP: T82000257<br>LEI: 549300PHV8MBDHWB8X12 | Long             | EC               | CORP              | IT        |   1272777 | NS      | $3603230.87   | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Melrose Industries PLC                               | Melrose Industries PLC ORD GBP0.001                           | CUSIP: G5973J210<br>LEI: 213800RGNXXZY2M7TR85 | Long             | EC               | CORP              | GB        |    886590 | NS      | $6992486.89   | 2.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Lottomatica Group SpA                                | Lottomatica Group SpA NPV                                     | CUSIP: T64384109<br>LEI: 549300R72LKEGT4EX026 | Long             | EC               | CORP              | IT        |     29446 | NS      | $771697.58    | 0.23%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Qoria Ltd                                            | Qoria Ltd NPV                                                 | CUSIP: Q3689D170<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   4280856 | NS      | $1663728.42   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Kier Group PLC                                       | Kier Group PLC ORD GBP0.01                                    | CUSIP: G52549105<br>LEI: 2138002RKCU2OM4Y7O48 | Long             | EC               | CORP              | GB        |   1218181 | NS      | $3630552.10   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Currys PLC                                           | Currys PLC ORD GBP0.001                                       | CUSIP: G2601D103<br>LEI: 2138001E12GWLLDQQF16 | Long             | EC               | CORP              | GB        |   1766317 | NS      | $2991859.18   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Greencore Group PLC                                  | Greencore Group PLC ORD GBP0.01 (CDI)                         | CUSIP: G40866124<br>LEI: 635400GGBEWULJXM5868 | Long             | EC               | CORP              | IE        |   1115184 | NS      | $3812523.98   | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CAE Inc                                              | CAE Inc COM NPV                                               | CUSIP: 124765108<br>LEI: 549300FFM2BEH2GF1E44 | Long             | EC               | CORP              | CA        |    157400 | NS      | $4786620.52   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Gildan Activewear Inc.                               | Gildan Activewear Inc. COM NPV                                | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |     60800 | NS      | $3800249.17   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Maple Leaf Foods Inc.                                | Maple Leaf Foods Inc. COM NPV                                 | CUSIP: 564905107<br>LEI: 549300LX07S5J8F76F37 | Long             | EC               | CORP              | CA        |    152000 | NS      | $2760817.46   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| LEG Immobilien SE                                    | LEG Immobilien SE NPV                                         | CUSIP: D4960A103<br>LEI: 391200SO40AKONBO0Z96 | Long             | EC               | CORP              | DE        |     32143 | NS      | $2344379.51   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Burberry Group PLC                                   | Burberry Group PLC ORD GBP0.0005                              | CUSIP: G1700D105<br>LEI: 213800PE1KEFCNFR1R50 | Long             | EC               | CORP              | GB        |     94893 | NS      | $1613565.81   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Growthpoint Properties Ltd                           | Growthpoint Properties Ltd NPV                                | CUSIP: S3373C239<br>LEI: 37890019DD1E46632291 | Long             | EC               | CORP              | ZA        |   2558229 | NS      | $2653457.24   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Forvia SE                                            | Forvia SE EUR7                                                | CUSIP: F3445A108<br>LEI: 969500F0VMZLK2IULV85 | Long             | EC               | CORP              | FR        |    112636 | NS      | $1787399.36   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Aixtron SE                                           | Aixtron SE ORD NPV                                            | CUSIP: D0257Y135<br>LEI: 5299004UJ4D51M25LD67 | Long             | EC               | CORP              | DE        |     93527 | NS      | $1877786.90   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Salzgitter AG                                        | Salzgitter AG ORD NPV                                         | CUSIP: D80900109<br>LEI: 529900E12Z6HXIMHFA15 | Long             | EC               | CORP              | DE        |     84655 | NS      | $3959658.22   | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Wienerberger AG                                      | Wienerberger AG NPV                                           | CUSIP: A95384110<br>LEI: 529900VXIFBHO0SW2I31 | Long             | EC               | CORP              | AT        |     60877 | NS      | $2172295.32   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Vicat SA                                             | Vicat SA EUR4                                                 | CUSIP: F18060107<br>LEI: 9695009YI1863TOVDP79 | Long             | EC               | CORP              | FR        |     37155 | NS      | $3306436.88   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Buzzi S.p.A.                                         | Buzzi S.p.A. NPV                                              | CUSIP: T2320M109<br>LEI: 5299003DX5YLKSVJ6K59 | Long             | EC               | CORP              | IT        |     75949 | NS      | $4591201.89   | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Nokian Renkaat Oyj (Nokia Tyres)                     | Nokian Renkaat Oyj (Nokia Tyres) NPV                          | CUSIP: X5862L103<br>LEI: 743700YQIO8Y4L4WKR40 | Long             | EC               | CORP              | FI        |     67761 | NS      | $750018.61    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| PVA Tepla Ag                                         | PVA Tepla Ag ORD NPV                                          | CUSIP: D8313K106<br>LEI: 5299002Y7DARXV2Y4R82 | Long             | EC               | CORP              | DE        |     74467 | NS      | $1977770.14   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Tecnicas Reunidas SA                                 | Tecnicas Reunidas SA EUR0.1                                   | CUSIP: E9055J108<br>LEI: 213800JEZBUPZKWJGF49 | Long             | EC               | CORP              | ES        |    120290 | NS      | $3889800.16   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Verbio SE                                            | Verbio SE NPV (BR)                                            | CUSIP: D86145105<br>LEI: 529900W51PINCFFALS96 | Long             | EC               | CORP              | DE        |     31023 | NS      | $766825.84    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Cosmo Pharmaceuticals N.V.                           | Cosmo Pharmaceuticals N.V. EUR0.26 (REGD)                     | CUSIP: N22785104<br>LEI: 724500OX0EBQRYTVV639 | Long             | EC               | CORP              | NL        |     17079 | NS      | $2249477.39   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Aritzia Inc                                          | Aritzia Inc SUB VTG SHS                                       | CUSIP: 04045U102<br>LEI: 549300U83HKFRL1EX527 | Long             | EC               | CORP              | CA        |     73200 | NS      | $6258438.67   | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| KT Corp.                                             | KT Corp. KRW5000                                              | CUSIP: Y49915104<br>LEI: 9884005ACF8449EANY26 | Long             | EC               | NUSS              | KR        |     84022 | NS      | $3065550.97   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Asics Corp                                           | Asics Corp NPV                                                | CUSIP: J03234150<br>LEI: 3538002LJMRZ83SU0B85 | Long             | EC               | CORP              | JP        |     59100 | NS      | $1418782.35   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Intecc Co Ltd.                                 | Asahi Intecc Co Ltd. NPV                                      | CUSIP: J0279C107<br>LEI: 353800J3AV2SCNIO8L39 | Long             | EC               | CORP              | JP        |    174700 | NS      | $3274836.14   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Katitas Co Ltd.                                      | Katitas Co Ltd. NPV                                           | CUSIP: J30978100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    178100 | NS      | $3621741.41   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Harmonic Drive Systems Inc.                          | Harmonic Drive Systems Inc. NPV                               | CUSIP: J1886F103<br>LEI: 353800XFIX2EUARGOE85 | Long             | EC               | CORP              | JP        |    160000 | NS      | $3862948.03   | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Leeno Industrial                                     | Leeno Industrial KRW100                                       | CUSIP: Y5254W104<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     48786 | NS      | $2045627.66   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| AUB Group Ltd.                                       | AUB Group Ltd. NPV                                            | CUSIP: Q0647P113<br>LEI: 5493005X7SUBQF3OEG82 | Long             | EC               | CORP              | AU        |    149695 | NS      | $3076888.07   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| China National Building Material Co Ltd.             | China National Building Material Co Ltd. 'H'CNY1              | CUSIP: Y15045100<br>LEI: 52990085PGF8YEPLBZ26 | Long             | EC               | CORP              | CN        |   3980000 | NS      | $2620620.84   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| CKD Corporation                                      | CKD Corporation NPV                                           | CUSIP: J08022113<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    119200 | NS      | $2331114.10   | 0.68%             |  |  |  | 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        |    295228 | NS      | $2429981.42   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Daifuku Co Ltd.                                      | Daifuku Co Ltd. NPV                                           | CUSIP: J08988107<br>LEI: 3538006FG1W4X3MYHL36 | Long             | EC               | CORP              | JP        |     74600 | NS      | $2348086.03   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Sky Perfect Jsat Corp.                               | Sky Perfect Jsat Corp. NPV                                    | CUSIP: J75606103<br>LEI: 5299009SAF34W9TVEF26 | Long             | EC               | CORP              | JP        |    137700 | NS      | $1759840.84   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Kokuyo Co Ltd                                        | Kokuyo Co Ltd NPV                                             | CUSIP: J35544105<br>LEI: 3538001EN1YX65H42410 | Long             | EC               | CORP              | JP        |    576600 | NS      | $3221502.62   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Metso Oyj                                            | Metso Oyj NPV                                                 | CUSIP: X5404W104<br>LEI: 549300R0VN9C371W0E07 | Long             | EC               | CORP              | FI        |    258308 | NS      | $4494344.26   | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| NICHIAS Corporation                                  | NICHIAS Corporation NPV                                       | CUSIP: J49205107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     66630 | NS      | $2879179.38   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Sunny Optical Technology (Group) Co Ltd.             | Sunny Optical Technology (Group) Co Ltd. HKD0.10              | CUSIP: G8586D109<br>LEI: 3003004QIVP0DFVVWM94 | Long             | EC               | CORP              | KY        |    320400 | NS      | $2705662.19   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Seiko Group Corp.                                    | Seiko Group Corp. NPV                                         | CUSIP: J7029N101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     45000 | NS      | $2093488.65   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| LivaNova PLC                                         | LivaNova PLC ORD GBP1.00 (DI)                                 | CUSIP: G5509L101<br>LEI: 2138001K2FX6SHK2B339 | Long             | EC               | CORP              | GB        |     64619 | NS      | $3976007.07   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Scout24 SE                                           | Scout24 SE NPV                                                | CUSIP: D345XT105<br>LEI: 5493007EIKM2ENQS7U66 | Long             | EC               | CORP              | DE        |     11895 | NS      | $1194733.13   | 0.35%             |  |  |  | Yes           |                  2 | 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