# EDGAR Filing Document

**Accession Number:** 0001016073
**File Stem:** 0002066578-25-000375
**Filing Date:** 2025-8
**Character Count:** 36784
**Document Hash:** b7be435dc7be0b6d1d362ff57828e35c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-000375.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0002066578-25-000375

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DRIEHAUS MUTUAL FUNDS
- **CENTRAL INDEX KEY:** 0001016073

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07655
- **FILM NUMBER:** 251255211

**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 Small Cap Growth Fund (Series ID: S000032990)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000101771 | Driehaus Emerging Markets Small Cap Growth Fund | DRESX           |

## 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 Small Cap Growth Fund

- **b. EDGAR series identifier (if any):** S000032990

- **c. LEI of Series:** 5493001F16KE3LRUVP27

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

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

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $128041505.11

**Total Liabilities:** $865550.40

**Net Assets:** $127175954.71

**Cash Not Reported:** $1171252.70

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000101771 | 2.42%                | 6.14%                | 6.77%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2250191.55             | $5431286.23                                |
| Month 2  | $857384.16               | $6411629.50                                |
| Month 3  | $3838703.72              | $4743646.83                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Chalet Hotels Limited                      | Chalet Hotels Limited INR10                                                         | CUSIP: Y1R93H110<br>LEI: 335800Q9XDG5J8BS1M67 | Long             | EC               | CORP              | IN        |    109836 | NS      | $1180461.06   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Cury Construtora E Incorporadora SA        | Cury Construtora E Incorporadora SA COM NPV                                         | CUSIP: P3R15G105<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    387656 | NS      | $2111983.51   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Inter & Co Inc.                            | Inter & Co Inc. BDR EACH REP 1 COM A                                                | CUSIP: P5R6LZ109<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    291663 | NS      | $2158041.01   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| BBB Foods Inc                              | BBB Foods Inc CL A COM                                                              | CUSIP: G0896C103<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |     66370 | NS      | $1842431.20   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Asia Commercial Bk                         | Asia Commercial Bk VND10000                                                         | CUSIP: Y0324N101<br>LEI: 5493001VSLUXY7LJS086 | Long             | EC               | CORP              | VN        |   1465900 | NS      | $1195289.74   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Akeso Inc.                                 | Akeso Inc. USD0.00001                                                               | CUSIP: G0146B103<br>LEI: 254900ECWYGR3QW5GF30 | Long             | EC               | CORP              | KY        |     57000 | NS      | $670781.47    | 0.53%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Companhia Brasileira de Aluminio           | Companhia Brasileira de Aluminio COM NPV                                            | CUSIP: P3059U100<br>LEI: 5493001QYTIDILBVYO18 | Long             | EC               | CORP              | BR        |   1542900 | NS      | $1365951.11   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Jyoti Cnc Automation Ltd.                  | Jyoti Cnc Automation Ltd. INR2                                                      | CUSIP: Y447AW120<br>LEI: 335800QTPXPMUX9DFI48 | Long             | EC               | CORP              | IN        |    113567 | NS      | $1402910.86   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Ground Services Co                   | Saudi Ground Services Co SAR10                                                      | CUSIP: M8255M102<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |     99655 | NS      | $1300196.70   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Angel One Limited                          | Angel One Limited INR10.00                                                          | CUSIP: Y0R6LV109<br>LEI: 3358003DRK7SFA3Q3214 | Long             | EC               | CORP              | IN        |     15905 | NS      | $542759.41    | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Orizon Valorizacao de Residuos SA          | Orizon Valorizacao de Residuos SA COM NPV                                           | CUSIP: P7376G108<br>LEI: 894500ACAMVLSLV62B28 | Long             | EC               | CORP              | BR        |    236000 | NS      | $2351703.45   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Kfin Technologies Ltd.                     | Kfin Technologies Ltd. INR10                                                        | CUSIP: Y4S976105<br>LEI: 335800GNCGJJ76Z17N17 | Long             | EC               | CORP              | IN        |     95631 | NS      | $1504064.98   | 1.18%             |  |  |  | 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        |    130014 | NS      | $2090704.53   | 1.64%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Emirates Central Cooling Systems Corp.     | Emirates Central Cooling Systems Corp. AED0.1                                       | CUSIP: M4R2AB109<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |   2603336 | NS      | $1176587.67   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Strides Pharma Science Ltd                 | Strides Pharma Science Ltd INR10                                                    | CUSIP: Y8175G117<br>LEI: 335800WHFYXUCHR9DD10 | Long             | EC               | CORP              | IN        |    124189 | NS      | $1303306.43   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinik Co                                   | Kinik Co TWD10                                                                      | CUSIP: Y4789C113<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     64000 | NS      | $702856.19    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| China National Building Material Co Ltd.   | China National Building Material Co Ltd. 'H'CNY1                                    | CUSIP: Y15045100<br>LEI: 52990085PGF8YEPLBZ26 | Long             | EC               | NUSS              | CN        |   3366000 | NS      | $1611108.54   | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Sung Kwang Bend Co Ltd.                    | Sung Kwang Bend Co Ltd. KRW500                                                      | CUSIP: Y82409106<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     55940 | NS      | $1232943.74   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Sobha Limited                              | Sobha Limited INR10                                                                 | CUSIP: Y806AJ100<br>LEI: 3358009VFP3MXXLJDN54 | Long             | EC               | CORP              | IN        |     58508 | NS      | $1003311.41   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Bls International Services Ltd             | Bls International Services Ltd INR1                                                 | CUSIP: Y0R18P124<br>LEI: 335800SN9BX5PUTSHV77 | Long             | EC               | CORP              | IN        |    213428 | NS      | $918598.81    | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Kaynes Technology India Private Limited    | Kaynes Technology India Private Limited INR10                                       | CUSIP: Y459GV105<br>LEI: 335800BMPIF3PQ2IPI37 | Long             | EC               | CORP              | IN        |     18010 | NS      | $1282099.86   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Azad Engineering Pvt Ltd.                  | Azad Engineering Pvt Ltd. INR2                                                      | CUSIP: Y0S2C4107<br>LEI: 3358006TNGEH6SXUN490 | Long             | EC               | CORP              | IN        |     84146 | NS      | $1634037.64   | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Military Commercial Joint Stock Bank       | Military Commercial Joint Stock Bank VND10000                                       | CUSIP: Y6050Q101<br>LEI: 5493007XE88E8JRNTJ93 | Long             | EC               | CORP              | VN        |   1275000 | NS      | $1347848.67   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Hitachi Energy India Limited               | Hitachi Energy India Limited INR2                                                   | CUSIP: Y000XZ109<br>LEI: 549300ASJQYQLII9F213 | Long             | EC               | CORP              | IN        |     11442 | NS      | $2669808.09   | 2.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Signature Global (India) Private Limited   | Signature Global (India) Private Limited INR1                                       | CUSIP: Y7939W111<br>LEI: 335800W546JCVSM7EX05 | Long             | EC               | CORP              | IN        |     85289 | NS      | $1230016.27   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Prio SA                                    | Prio SA COM NPV                                                                     | CUSIP: P7S19Q109<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    100300 | NS      | $781265.94    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Max Healthcare Institute Ltd.              | Max Healthcare Institute Ltd. INR10                                                 | CUSIP: Y5S464109<br>LEI: 3358005LALYV4GZOYF67 | Long             | EC               | CORP              | IN        |     89498 | NS      | $1331733.75   | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Nuvama Wealth Management Ltd.              | Nuvama Wealth Management Ltd. INR10                                                 | CUSIP: Y2R495101<br>LEI: 3358002Y23HZBJW49C38 | Long             | EC               | CORP              | IN        |     19097 | NS      | $1834908.02   | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| MLP Saglik Hizmetleri AS                   | MLP Saglik Hizmetleri AS TRY1                                                       | CUSIP: M7030H107<br>LEI: 789000M2LTGHSXVOQL65 | Long             | EC               | CORP              | TR        |     75312 | NS      | $646284.11    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Syariah Indonesia Tbk                 | Bank Syariah Indonesia Tbk IDR500                                                   | CUSIP: Y0R8KR105<br>LEI: 9845009CD3B814E04066 | Long             | EC               | CORP              | ID        |   5004500 | NS      | $795787.82    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Parkin Co.                                 | Parkin Co. AED0.02                                                                  | CUSIP: M75283107<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |    904482 | NS      | $1600694.09   | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Mazagon Dock Shipbuilders Ltd              | Mazagon Dock Shipbuilders Ltd INR5(POST SUBD)                                       | CUSIP: Y590BQ103<br>LEI: 335800UWDDBKMF92JF96 | Long             | EC               | CORP              | IN        |     40239 | NS      | $1522344.51   | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Alsea S.A.B. de C.V.                       | Alsea S.A.B. de C.V. COM NPV                                                        | CUSIP: P0212A104<br>LEI: 4469000001BJLPKNUN21 | Long             | EC               | CORP              | MX        |    264500 | NS      | $720293.64    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Korea Aerospace Industries Ltd.            | Korea Aerospace Industries Ltd. KRW5000                                             | CUSIP: Y4838Q105<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     14534 | NS      | $965175.78    | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| ASPEED Technology Inc.                     | ASPEED Technology Inc. TWD10                                                        | CUSIP: Y04044106<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     18000 | NS      | $2927234.19   | 2.30%             |  |  |  | No            |                  2 | On Loan: No      |
| HD Hyundai Marine Solution Co Ltd.         | HD Hyundai Marine Solution Co Ltd. KRW500                                           | CUSIP: Y3820S103<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     17923 | NS      | $2717305.76   | 2.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Bradespar SA                               | Bradespar SA PRF NPV                                                                | CUSIP: P1808W104<br>LEI: 9598001UD1DHEH3PZ471 | Long             | EP               | CORP              | BR        |    360900 | PA      | $1046212.11   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Growthpoint Properties Ltd                 | Growthpoint Properties Ltd NPV                                                      | CUSIP: S3373C239<br>LEI: 37890019DD1E46632291 | Long             | EC               | CORP              | ZA        |   2182553 | NS      | $1650085.81   | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Copa Holdings SA                           | Copa Holdings SA NPV CLASS 'A'                                                      | CUSIP: P31076105<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | PA        |     18052 | NS      | $1985178.44   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Hiwin Technologies Corp.                   | Hiwin Technologies Corp. TWD10                                                      | CUSIP: Y3226A102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     84000 | NS      | $604316.38    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Triveni Turbine Ltd.                       | Triveni Turbine Ltd. INR1                                                           | CUSIP: Y89735107<br>LEI: 335800CN8OF2ECX4NK89 | Long             | EC               | CORP              | IN        |    218959 | NS      | $1564159.13   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Cibanco S.A. Institucion de Banca Multiple | Cibanco S.A. Institucion de Banca Multiple CBFI (MACQUARIE MEX REAL EST) 144A/REG S | CUSIP: P3515D155<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    412015 | NS      | $659592.88    | 0.52%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Shakti Pumps India                         | Shakti Pumps India INR10                                                            | CUSIP: Y7683A117<br>LEI: 335800R6YAMINK91XI22 | Long             | EC               | CORP              | IN        |     87342 | NS      | $963092.81    | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Kaspi.Kz JSC                               | Kaspi.Kz JSC NPV                                                                    | CUSIP: Y4S4E7114<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | KZ        |     15190 | NS      | $1289479.10   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Pegasus Have Tasimaciligi AS               | Pegasus Have Tasimaciligi AS TRY1                                                   | CUSIP: M7846J107<br>LEI: 789000B1MW5PQ58A8T03 | Long             | EC               | CORP              | TR        |     97956 | NS      | $632480.96    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Henan Pinggao Electric Co., Ltd.           | Henan Pinggao Electric Co., Ltd. 'A'CNY1                                            | CUSIP: Y3122A107<br>LEI: 300300PSM0I8NOJ2Y515 | Long             | EC               | CORP              | CN        |    746600 | NS      | $1604664.74   | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Uno Minda Ltd.                             | Uno Minda Ltd. INR2                                                                 | CUSIP: Y6S358119<br>LEI: 335800Y2G59FEIQRLG14 | Long             | EC               | CORP              | IN        |    130877 | NS      | $1684824.11   | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Xinyi Glass Holdings Ltd.                  | Xinyi Glass Holdings Ltd. HKD0.1                                                    | CUSIP: G9828G108<br>LEI: 52990082YXVVZFK1QJ17 | Long             | EC               | CORP              | KY        |   1197000 | NS      | $1153265.00   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Pampa Energia SA                           | Pampa Energia SA SPON ADS EA REPR 25 ORD SHS                                        | CUSIP: 697660207<br>LEI: 254900QNIK0CVURGML24 | Long             | EC               | CORP              | AR        |     21253 | NS      | $1474533.14   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Actinver SA                          | Banco Actinver SA CBFI (PROLOGIS PROPERTY MEXICO SA DE CV)                          | CUSIP: P4559M101<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    433667 | NS      | $1635105.66   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Lig Nex1 Co Ltd                            | Lig Nex1 Co Ltd KRW5000                                                             | CUSIP: Y5277W107<br>LEI: 988400VTP0QVY3OIY652 | Long             | EC               | CORP              | KR        |      3355 | NS      | $1340793.58   | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| GDS Holdings Ltd.                          | GDS Holdings Ltd. SPON ADS EACH REP 8 ORD CL                                        | CUSIP: 36165L108<br>LEI: 391200MGV8DDCHTN2R77 | Long             | EC               | CORP              | KY        |     54004 | NS      | $1650902.28   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| HD Hyundai Electric Co Ltd.                | HD Hyundai Electric Co Ltd. KRW5000                                                 | CUSIP: Y3R1DD103<br>LEI: 988400CSDKM9UHLHGB91 | Long             | EC               | CORP              | KR        |      5408 | NS      | $2027388.99   | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Transformers And R                         | Transformers And R INR1                                                             | CUSIP: Y8T395116<br>LEI: 335800CLAIFWDACD5H92 | Long             | EC               | CORP              | IN        |    241252 | NS      | $1377507.45   | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyosung Heavy Industries Corporation       | Hyosung Heavy Industries Corporation KRW5000                                        | CUSIP: Y3R1E4102<br>LEI: 988400IDLF9EQ95M0928 | Long             | EC               | CORP              | KR        |      2522 | NS      | $1660996.16   | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Oswal Pumps Ltd.                           | Oswal Pumps Ltd. INR1                                                               | CUSIP: Y658A9115<br>LEI: N/A                  | Long             | EC               | CORP              | IN        |    207501 | NS      | $1704092.28   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds               | Northern Institutional Funds GOVT SELECT PT                                         | CUSIP: 665278701<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   1538779 | NS      | $1538779.46   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Xtalpi Holdings Ltd.                       | Xtalpi Holdings Ltd. USD0.00001                                                     | CUSIP: G7S12M105<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   1208000 | NS      | $895388.69    | 0.70%             |  |  |  | Yes           |                  2 | On Loan: No      |
| VISHAL MEGA MART LIMITED                   | VISHAL MEGA MART LIMITED INR10                                                      | CUSIP: Y73033105<br>LEI: 335800AL4QPSIFSU3936 | Long             | EC               | CORP              | IN        |   1226952 | NS      | $1916126.72   | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Hochschild Mining PLC                      | Hochschild Mining PLC ORD GBP0.01                                                   | CUSIP: G4611M107<br>LEI: 549300JK10TVQ3CCJQ89 | Long             | EC               | CORP              | GB        |    157367 | NS      | $554678.91    | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| BOC Aviation Ltd.                          | BOC Aviation Ltd. NPV                                                               | CUSIP: Y09292106<br>LEI: 254900H06V5RMEB3KE72 | Long             | EC               | CORP              | SG        |    230200 | NS      | $1908695.68   | 1.50%             |  |  |  | Yes           |                  2 | On Loan: No      |
| RAS Al Khaimah Pro                         | RAS Al Khaimah Pro AED1                                                             | CUSIP: M81868107<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |   1777651 | NS      | $697532.40    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Alamos Gold Inc.                           | Alamos Gold Inc. COM NPV CL A                                                       | CUSIP: 011532108<br>LEI: 549300TDOX73YGYXE959 | Long             | EC               | CORP              | CA        |     22435 | NS      | $595873.60    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Santos Brasil Participacoes SA             | Santos Brasil Participacoes SA COM NPV                                              | CUSIP: P8338G103<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    695900 | NS      | $1767576.52   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Truworths International Ltd.               | Truworths International Ltd. ZAR0.00015                                             | CUSIP: S8793H130<br>LEI: 37890099AFD770037522 | Long             | EC               | CORP              | ZA        |    174902 | NS      | $705585.02    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Lynas Rare Earths Ltd.                     | Lynas Rare Earths Ltd. NPV                                                          | CUSIP: Q5683J210<br>LEI: 529900SGT9M1FJPXXI35 | Long             | EC               | CORP              | AU        |    402573 | NS      | $2294754.95   | 1.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Aditya Birla Real Estate Ltd.              | Aditya Birla Real Estate Ltd. INR10                                                 | CUSIP: Y12504125<br>LEI: 3358002623R2H9GZNE81 | Long             | EC               | CORP              | IN        |     48785 | NS      | $1386552.16   | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| King Slide Works                           | King Slide Works TWD10                                                              | CUSIP: Y4771C113<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     22000 | NS      | $1531480.37   | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| United Breweries Ltd.                      | United Breweries Ltd. INR1                                                          | CUSIP: Y9181N153<br>LEI: 335800ADAMN6EW1GCZ31 | Long             | EC               | CORP              | IN        |     76837 | NS      | $1748578.86   | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Radico Khaitan Ltd                         | Radico Khaitan Ltd INR2                                                             | CUSIP: Y7174A147<br>LEI: 335800P7T5DW332M7E19 | Long             | EC               | CORP              | IN        |     63935 | NS      | $1951359.06   | 1.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Chroma Ate Inc                             | Chroma Ate Inc TWD10                                                                | CUSIP: Y1604M102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    135000 | NS      | $2044016.35   | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| TAV Havalimanlari Holding AS               | TAV Havalimanlari Holding AS TRY1                                                   | CUSIP: M8782T109<br>LEI: 789000PBM9TT5D88M597 | Long             | EC               | CORP              | TR        |    164291 | NS      | $1091468.15   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Supreme Industries Ltd. (The)              | Supreme Industries Ltd. (The) INR2                                                  | CUSIP: Y83139140<br>LEI: 33580094NA85GD34LN25 | Long             | EC               | CORP              | IN        |     19229 | NS      | $984867.97    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Heavy Industries Co Ltd.           | Samsung Heavy Industries Co Ltd. KRW1000                                            | CUSIP: Y7474M106<br>LEI: 988400OSK0T9LDTWNC20 | Long             | EC               | CORP              | KR        |    101458 | NS      | $1254621.96   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| The Foschini Group Limited                 | The Foschini Group Limited ORD ZAR0.0125                                            | CUSIP: S29260155<br>LEI: 3789PTO7LG718IG59F97 | Long             | EC               | CORP              | ZA        |    126693 | NS      | $922587.68    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Aegis Logistics Ltd.                       | Aegis Logistics Ltd. INR1                                                           | CUSIP: Y0018C122<br>LEI: 335800R6OF8UV8J3G994 | Long             | EC               | CORP              | IN        |    150953 | NS      | $1365968.99   | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Public Power Corp                          | Public Power Corp EUR2.48                                                           | CUSIP: X7023M103<br>LEI: 213800T9Y5XCOVRZ4Y57 | Long             | EC               | CORP              | GR        |    115064 | NS      | $1880435.58   | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| FPT Corp.                                  | FPT Corp. VND10000                                                                  | CUSIP: Y26333107<br>LEI: N/A                  | Long             | EC               | CORP              | VN        |    333849 | NS      | $1510424.53   | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Brigade Enterprises Ltd.                   | Brigade Enterprises Ltd. INR10                                                      | CUSIP: Y0970Q101<br>LEI: 335800QDUUQVHS6II245 | Long             | EC               | CORP              | IN        |     88775 | NS      | $1149368.53   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Stoneco Ltd                                | Stoneco Ltd COM USD0.000079365 CL A                                                 | CUSIP: G85158106<br>LEI: 549300O1A9LEF0XZCR35 | Long             | EC               | CORP              | KY        |    109779 | NS      | $1760855.16   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Clicks Group Ltd.                          | Clicks Group Ltd. ZAR0.01                                                           | CUSIP: S17249111<br>LEI: 378900E967958A677472 | Long             | EC               | CORP              | ZA        |     72543 | NS      | $1519024.70   | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| SITC International Holdings Co Ltd.        | SITC International Holdings Co Ltd. HKD0.10                                         | CUSIP: G8187G105<br>LEI: 529900JUV4MOM9CE3V12 | Long             | EC               | CORP              | KY        |    368000 | NS      | $1179805.59   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercorp Financial Services Inc           | Intercorp Financial Services Inc COM NPV                                            | CUSIP: P5626F128<br>LEI: 5299004181WFTEWB1398 | Long             | EC               | CORP              | PA        |     44559 | NS      | $1699034.67   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Catrion Catering Holding Co.               | Catrion Catering Holding Co. SAR10.00                                               | CUSIP: M8234B102<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |     47236 | NS      | $1521348.11   | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Impala Platinum Holdings Ltd               | Impala Platinum Holdings Ltd NPV                                                    | CUSIP: S37840113<br>LEI: 254900BZFIFB4PD2Z778 | Long             | EC               | CORP              | ZA        |    229523 | NS      | $2062322.21   | 1.62%             |  |  |  | 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        |     53018 | NS      | $2534790.58   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Gujarat Fluorochemicals Ltd.               | Gujarat Fluorochemicals Ltd. INR1                                                   | CUSIP: Y4R879102<br>LEI: 335800AQPB19VEXI8M93 | Long             | EC               | CORP              | IN        |     30690 | NS      | $1299583.41   | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Silergy Corporation                        | Silergy Corporation TWD2.5                                                          | CUSIP: G8190F102<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    115000 | NS      | $1400841.97   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-31

**Name of Applicant:** Driehaus Mutual Funds

**Signature:** Robert M. Kurinsky

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

**Title:** Vice President and Treasurer