# EDGAR Filing Document

**Accession Number:** 0001016073
**File Stem:** 0002066578-26-000380
**Filing Date:** 2026-2
**Character Count:** 22740
**Document Hash:** ba38ca2da7be2114d37d32cb5e6c9178
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-000380.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0002066578-26-000380

**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:** 26675208

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

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

## Series and Classes Contracts Data

### Driehaus International Developed Equity Fund (Series ID: S000084840)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60611

  - **Telephone number:** 312 587 3800

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

- **a. Name of Series:** Driehaus International Developed Equity Fund

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

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

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

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

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

**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:** $3547950.06

**Total Liabilities:** $40770.15

**Net Assets:** $3507179.91

**Cash Not Reported:** $4.08

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000249377 | 0.81%                | -0.65%               | 1.21%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $13581.39                | $10834.12                                  |
| Month 2  | $3953.41                 | $-25852.72                                 |
| Month 3  | $-8556.14                | $49848.05                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Northern Institutional Funds             | Northern Institutional Funds TREAS PRT PRMR       | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    216880 | NS      | $216880.07    | 6.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                              | Shopify Inc COM NPV CL A                          | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |       300 | NS      | $48304.25     | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| L'Oreal S.A.                             | L'Oreal S.A. EUR0.20                              | CUSIP: F58149133<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |        87 | NS      | $37350.49     | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| ABN AMRO Bank N.V.                       | ABN AMRO Bank N.V. DR EACH REP SHS                | CUSIP: N0162C102<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | EC               | CORP              | NL        |      1644 | NS      | $57439.54     | 1.64%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Infineon Technologies AG                 | Infineon Technologies AG ORD NPV (REGD)           | CUSIP: D35415104<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |       649 | NS      | $28316.49     | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Philips NV                   | Koninklijke Philips NV EUR0.20                    | CUSIP: N7637U112<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | EC               | CORP              | NL        |      3038 | NS      | $82722.33     | 2.36%             |  |  |  | No            |                  2 | On Loan: No      |
| MTU Aero Engines AG                      | MTU Aero Engines AG NPV (REGD)                    | CUSIP: D5565H104<br>LEI: 529900807L67JY81RD65 | Long             | EC               | CORP              | DE        |       175 | NS      | $72542.44     | 2.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Legrand SA                               | Legrand SA EUR4                                   | CUSIP: F56196185<br>LEI: 969500XXRPGD7HCAFA90 | Long             | EC               | CORP              | FR        |       275 | NS      | $40882.26     | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Nintendo Co Ltd.                         | Nintendo Co Ltd. NPV                              | CUSIP: J51699106<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |       800 | NS      | $54011.66     | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Smiths Group PLC                         | Smiths Group PLC ORD GBP0.375                     | CUSIP: G82401111<br>LEI: 213800MJL6IPZS3ASA11 | Long             | EC               | CORP              | GB        |      3902 | NS      | $123421.28    | 3.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Halma PLC                                | Halma PLC ORD GBP0.10                             | CUSIP: G42504103<br>LEI: 2138007FRGLUR9KGBT40 | Long             | EC               | CORP              | GB        |      1640 | NS      | $77842.40     | 2.22%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                          | AstraZeneca PLC ORD USD0.25                       | CUSIP: G0593M107<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |       448 | NS      | $82906.59     | 2.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Natural Resources Limited       | Canadian Natural Resources Limited COM NPV        | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |      1000 | NS      | $33871.26     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Sanso Holdings Corp.              | Nippon Sanso Holdings Corp. NPV                   | CUSIP: J5545N100<br>LEI: 353800F1K6653B4VPY57 | Long             | EC               | CORP              | JP        |      1800 | NS      | $53773.34     | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                             | UBS Group AG USD0.10 (REGD)                       | CUSIP: H42097107<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |      2186 | NS      | $100937.68    | 2.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Industria De Diseno Textil SA            | Industria De Diseno Textil SA EUR0.03 (POST SUBD) | CUSIP: E6282J125<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               | CORP              | ES        |      1031 | NS      | $68009.60     | 1.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Tobacco Inc                        | Japan Tobacco Inc NPV                             | CUSIP: J27869106<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | EC               | CORP              | JP        |      2900 | NS      | $104232.69    | 2.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Electron Ltd.                      | Tokyo Electron Ltd. NPV                           | CUSIP: J86957115<br>LEI: 549300H5LSF8DP3RIJ34 | Long             | EC               | CORP              | JP        |       240 | NS      | $53454.57     | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| CRH PLC                                  | CRH PLC ORD EUR 0.32 (DI)                         | CUSIP: G25508105<br>LEI: 549300MIDJNNTH068E74 | Long             | EC               | CORP              | IE        |      1060 | NS      | $131717.20    | 3.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                              | Novartis AG CHF0.49 (REGD)                        | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |       452 | NS      | $62283.79     | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Lonza Group AG                           | Lonza Group AG CHF1 (REGD)                        | CUSIP: H50524133<br>LEI: 549300EFW4H2TCZ71055 | Long             | EC               | CORP              | CH        |        86 | NS      | $57982.92     | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| EssilorLuxottica SA                      | EssilorLuxottica SA EUR0.18                       | CUSIP: F31665106<br>LEI: 549300M3VH1A3ER1TB49 | Long             | EC               | CORP              | FR        |       125 | NS      | $39524.74     | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Dollarama Inc                            | Dollarama Inc COM NPV                             | CUSIP: 25675T107<br>LEI: 5493002GJ0NJP1HI0C79 | Long             | EC               | CORP              | CA        |       500 | NS      | $74729.52     | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BASF SE                                  | BASF SE NPV                                       | CUSIP: D06216317<br>LEI: 529900PM64WH8AF1E917 | Long             | EC               | CORP              | DE        |       624 | NS      | $32834.01     | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding N.V.                        | ASML Holding N.V. EUR0.09                         | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |       122 | NS      | $131457.47    | 3.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Heavy Industries Ltd.         | Mitsubishi Heavy Industries Ltd. NPV              | CUSIP: J44002178<br>LEI: 353800TJ98PCAZROVE69 | Long             | EC               | CORP              | JP        |      1400 | NS      | $34177.41     | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Yaskawa Electric Corp.                   | Yaskawa Electric Corp. NPV                        | CUSIP: J9690T102<br>LEI: 3538003K39GR98R0CK58 | Long             | EC               | CORP              | JP        |      2600 | NS      | $79043.60     | 2.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Adidas AG                                | Adidas AG NPV (REGD)                              | CUSIP: D0066B185<br>LEI: 549300JSX0Z4CW0V5023 | Long             | EC               | CORP              | DE        |       107 | NS      | $21173.80     | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Rolls-Royce Holdings PLC                 | Rolls-Royce Holdings PLC ORD GBP0.20              | CUSIP: G76225104<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |      4293 | NS      | $66394.31     | 1.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Compagnie Financiere Richemont Sa        | Compagnie Financiere Richemont Sa CHF1 (REGD)     | CUSIP: H25662182<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |       383 | NS      | $82594.34     | 2.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Sartorius Stedim Biotech SA              | Sartorius Stedim Biotech SA EUR0.20               | CUSIP: F8005V210<br>LEI: 52990006IVXY7GCSSR39 | Long             | EC               | CORP              | FR        |       313 | NS      | $76879.57     | 2.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Compass Group PLC                        | Compass Group PLC ORD GBP0.1105                   | CUSIP: G23296208<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |       844 | NS      | $26742.19     | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| BELIMO Holding AG                        | BELIMO Holding AG CHF0.05 (REGD)                  | CUSIP: H07171129<br>LEI: 506700339DLX749VEM23 | Long             | EC               | CORP              | CH        |        44 | NS      | $42990.80     | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Spotify Technology S.A.                  | Spotify Technology S.A. COM EUR0.000625           | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |        46 | NS      | $26712.66     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Energy AG                        | Siemens Energy AG NPV                             | CUSIP: D6T47E106<br>LEI: 5299005CHJZ14D4FDJ62 | Long             | EC               | CORP              | DE        |       724 | NS      | $101568.94    | 2.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA       | Banco Bilbao Vizcaya Argentaria SA EUR0.49        | CUSIP: E11805103<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |      2345 | NS      | $55007.19     | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Buzzi S.p.A.                             | Buzzi S.p.A. NPV                                  | CUSIP: T2320M109<br>LEI: 5299003DX5YLKSVJ6K59 | Long             | EC               | CORP              | IT        |       680 | NS      | $41106.76     | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| UniCredit S.p.A.                         | UniCredit S.p.A. NPV                              | CUSIP: T9T23L642<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |       579 | NS      | $47956.66     | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc.      | Mitsubishi UFJ Financial Group Inc. NPV           | CUSIP: J44497105<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |      5300 | NS      | $84116.69     | 2.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Daifuku Co Ltd.                          | Daifuku Co Ltd. NPV                               | CUSIP: J08988107<br>LEI: 3538006FG1W4X3MYHL36 | Long             | EC               | CORP              | JP        |       700 | NS      | $22032.98     | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Danone SA                                | Danone SA EUR0.25                                 | CUSIP: F12033134<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |       509 | NS      | $45911.34     | 1.31%             |  |  |  | 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        |       152 | NS      | $19390.64     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Montana Aerospace AG                     | Montana Aerospace AG CHF1.00                      | CUSIP: H55555108<br>LEI: 506700YRG9330Q97U450 | Long             | EC               | CORP              | CH        |      1729 | NS      | $61490.30     | 1.75%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Saipem SPA                               | Saipem SPA NPV (POST SPLIT)                       | CUSIP: T82000257<br>LEI: 549300PHV8MBDHWB8X12 | Long             | EC               | CORP              | IT        |     10736 | NS      | $30393.61     | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Melrose Industries PLC                   | Melrose Industries PLC ORD GBP0.001               | CUSIP: G5973J210<br>LEI: 213800RGNXXZY2M7TR85 | Long             | EC               | CORP              | GB        |     13103 | NS      | $103342.65    | 2.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                         | Novo Nordisk A/S SER'B'DKK0.1                     | CUSIP: K72807140<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |       662 | NS      | $33575.63     | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                             | Unilever PLC ORD GBP0.035                         | CUSIP: G92087348<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |       450 | NS      | $29401.73     | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays PLC                             | Barclays PLC ORD GBP0.25                          | CUSIP: G08036124<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |     16454 | NS      | $105324.19    | 3.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Voestalpine AG                           | Voestalpine AG NPV                                | CUSIP: A9101Y103<br>LEI: 529900ZAXBMQDIWPNB72 | Long             | EC               | CORP              | AT        |      1449 | NS      | $63814.69     | 1.82%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                   | SAP SE ORD NPV                                    | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |       181 | NS      | $43977.31     | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Airbus SE                                | Airbus SE EUR1                                    | CUSIP: N0280G100<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | NL        |       389 | NS      | $90335.14     | 2.58%             |  |  |  | No            |                  2 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE      | LVMH Moet Hennessy Louis Vuitton SE EUR0.30       | CUSIP: F58485115<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |        66 | NS      | $49746.56     | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Pan Pacific International Holdings Corp. | Pan Pacific International Holdings Corp. NPV      | CUSIP: J6352W100<br>LEI: 529900QLHJM2E18A5763 | Long             | EC               | CORP              | JP        |      5200 | NS      | $30975.90     | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp.                         | Sony Group Corp. NPV                              | CUSIP: J76379106<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |      2000 | NS      | $51301.98     | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Spirax Group PLC                         | Spirax Group PLC ORD GBP0.269230769               | CUSIP: G83561129<br>LEI: 213800WFVZQMHOZP2W17 | Long             | EC               | CORP              | GB        |       757 | NS      | $69187.56     | 1.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                                | Argenx SE EUR0.10                                 | CUSIP: N0610Q109<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |        30 | NS      | $25306.31     | 0.72%             |  |  |  | No            |                  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