# EDGAR Filing Document

**Accession Number:** 0001016073
**File Stem:** 0002066578-25-000376
**Filing Date:** 2025-8
**Character Count:** 37395
**Document Hash:** 528dae4970462df82ab60832d0e362aa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-000376.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0002066578-25-000376

**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:** 251255212

**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 Global Fund (Series ID: S000056073)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000176647 | Driehaus Global Fund | DMAGX           |

## 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 Global Fund

- **b. EDGAR series identifier (if any):** S000056073

- **c. LEI of Series:** 549300U2TZRP2QFY9584

**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:** $67983658.45

**Total Liabilities:** $87198.29

**Net Assets:** $67896460.16

**Cash Not Reported:** $12087.35

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000176647 | 3.07%                | 6.87%                | 6.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-204844.48              | $1960657.18                                |
| Month 2  | $72015.49                | $3808794.21                                |
| Month 3  | $944267.08               | $3309806.61                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Novartis AG                                    | Novartis AG CHF0.49 (REGD)                                      | CUSIP: H5820Q150<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |      4288 | NS      | $520465.05    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| BHP Group Ltd.                                 | BHP Group Ltd. NPV                                              | CUSIP: Q1498M100<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |     19362 | NS      | $463581.81    | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Adyen NV                                       | Adyen NV EUR0.01                                                | CUSIP: N3501V104<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |       220 | NS      | $404038.24    | 0.60%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Prosus NV                                      | Prosus NV EUR0.05 (N SHARES)                                    | CUSIP: N7163R103<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |      5992 | NS      | $336190.21    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                      | Shell PLC ORD EUR0.07                                           | CUSIP: G80827101<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     41015 | NS      | $1440426.30   | 2.12%             |  |  |  | No            |                  2 | On Loan: No      |
| US Foods Holding Corp                          | US Foods Holding Corp COM USD0.01                               | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |      3825 | NS      | $294563.25    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                                 | Cloudflare Inc COM USD0.001 CL A                                | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |      3975 | NS      | $778424.25    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Arm Holdings PLC                               | Arm Holdings PLC SPONSORED ADS                                  | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Long             | EC               | CORP              | GB        |      2099 | NS      | $339492.26    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                            | Arista Networks Inc COM SHS                                     | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      3930 | NS      | $402078.30    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Take-Two Interactive Software Inc.             | Take-Two Interactive Software Inc. COM USD0.01                  | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |      2680 | NS      | $650838.00    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                    | Capital One Financial Corp. COM USD0.01                         | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      3627 | NS      | $771680.52    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies Inc                         | Roper Technologies Inc COM USD0.01                              | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |       594 | NS      | $336702.96    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co.                                   | Southern Co. COM USD5                                           | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     13456 | NS      | $1235664.48   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corporation                            | Stryker Corporation COM USD0.10                                 | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |      1541 | NS      | $609665.83    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Incorporated            | Vertex Pharmaceuticals Incorporated COM USD0.01                 | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |       551 | NS      | $245305.20    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                    | Walmart Inc COM USD0.10                                         | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      5954 | NS      | $582182.12    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                                | AstraZeneca PLC SPON ADR EACH REP 0.50 ORD                      | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      9515 | NS      | $664908.20    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology S.A.                        | Spotify Technology S.A. COM EUR0.000625                         | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |      1006 | NS      | $771944.04    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                   | Broadcom Inc COM USD0.001                                       | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      3966 | NS      | $1093227.90   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc                          | Uber Technologies Inc COM USD0.00001                            | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      4824 | NS      | $450079.20    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                      | Linde PLC COM EUR0.001                                          | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |      1859 | NS      | $872205.62    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                                   | Barclays PLC ORD GBP0.25                                        | CUSIP: G08036124<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |     71888 | NS      | $332177.96    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| First Citizens Bancshares Inc (North Carolina) | First Citizens Bancshares Inc (North Carolina) CLASS'A'COM USD1 | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |       254 | NS      | $496943.38    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc.                        | Intuitive Surgical Inc. COM USD0.001                            | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |       930 | NS      | $505371.30    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Servicenow Inc                                 | Servicenow Inc COM USD0.001                                     | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       619 | NS      | $636381.52    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                         | SAP SE ORD NPV                                                  | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      2080 | NS      | $636021.34    | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Veolia Environnement S.A.                      | Veolia Environnement S.A. EUR5                                  | CUSIP: F9686M107<br>LEI: 969500LENY69X51OOT31 | Long             | EC               | CORP              | FR        |     10076 | NS      | $359732.14    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Indra Sistemas S.A.                            | Indra Sistemas S.A. EUR0.20 SER 'A'                             | CUSIP: E6271Z155<br>LEI: 95980020140005308793 | Long             | EC               | CORP              | ES        |      8665 | NS      | $375942.76    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Telenor ASA                                    | Telenor ASA ORD NOK6                                            | CUSIP: R21882106<br>LEI: 549300IM1QSBY4SLPM26 | Long             | EC               | CORP              | NO        |     27680 | NS      | $431038.40    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Southern Copper Corporation                    | Southern Copper Corporation COM USD0.01                         | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |     10293 | NS      | $1041342.81   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc.                                  | Prologis Inc. COM USD0.01                                       | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |      2815 | NS      | $295912.80    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Energy AG                              | Siemens Energy AG NPV                                           | CUSIP: D6T47E106<br>LEI: 5299005CHJZ14D4FDJ62 | Long             | EC               | CORP              | DE        |     11962 | NS      | $1398129.72   | 2.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Astera Labs Inc                                | Astera Labs Inc COM                                             | CUSIP: 04626A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3367 | NS      | $304444.14    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MTU Aero Engines AG                            | MTU Aero Engines AG NPV (REGD)                                  | CUSIP: D5565H104<br>LEI: 529900807L67JY81RD65 | Long             | EC               | CORP              | DE        |      1630 | NS      | $724133.29    | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Exxon Mobil Corp.                              | Exxon Mobil Corp. COM NPV                                       | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      5920 | NS      | $638176.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Affirm Holdings Inc                            | Affirm Holdings Inc COM CL A                                    | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10654 | NS      | $736617.56    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corporation                       | Lam Research Corporation COM NEW                                | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      9283 | NS      | $903607.22    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Applovin Corp.                                 | Applovin Corp. COM CL A                                         | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |       988 | NS      | $345879.04    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc                            | Coinbase Global Inc COM CL A                                    | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |      2171 | NS      | $760913.79    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Chartered PLC                         | Standard Chartered PLC ORD USD0.50                              | CUSIP: G84228157<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | EC               | CORP              | GB        |     31747 | NS      | $525366.75    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| London Stock Exchange Group PLC                | London Stock Exchange Group PLC ORD GBP0.06918604               | CUSIP: G5689U103<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |      2210 | NS      | $323206.37    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                                   | Unilever PLC ORD GBP0.031111                                    | CUSIP: G92087165<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |      5487 | NS      | $334851.10    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| British American Tobacco PLC                   | British American Tobacco PLC ORD GBP0.25                        | CUSIP: G1510J102<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |      8831 | NS      | $419882.00    | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Relx PLC                                       | Relx PLC ORD GBP0.1444                                          | CUSIP: G7493L105<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |     12650 | NS      | $685600.68    | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| EQT Corporation                                | EQT Corporation COM NPV                                         | CUSIP: 26884L109<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | EC               | CORP              | US        |     12557 | NS      | $732324.24    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Sartorius Stedim Biotech SA                    | Sartorius Stedim Biotech SA EUR0.20                             | CUSIP: F8005V210<br>LEI: 52990006IVXY7GCSSR39 | Long             | EC               | CORP              | FR        |      1891 | NS      | $452445.29    | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Axon Enterprise Inc                            | Axon Enterprise Inc COM USD0.00001                              | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |      1277 | NS      | $1057279.38   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry Inc                                   | Tapestry Inc COM USD0.01                                        | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |      4682 | NS      | $411126.42    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                               | Amazon.com, Inc. COM USD0.01                                    | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      5317 | NS      | $1166496.63   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc.                    | Advanced Micro Devices Inc. COM USD0.01                         | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      4690 | NS      | $665511.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                         | Agnico Eagle Mines Ltd COM NPV                                  | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |      3100 | NS      | $369336.52    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                     | Apple Inc. COM USD0.00001                                       | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      2478 | NS      | $508411.26    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Credicorp Ltd.                                 | Credicorp Ltd. COM USD5                                         | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |      2511 | NS      | $561258.72    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| The Boeing Company                             | The Boeing Company COM USD5.00                                  | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      2719 | NS      | $569712.07    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey'S General Stores Inc.                    | Casey'S General Stores Inc. COM NPV                             | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |      1348 | NS      | $687843.96    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Leonardo S.p.A.                                | Leonardo S.p.A. NPV                                             | CUSIP: T6S996112<br>LEI: 529900X4EEX1U9LN3U39 | Long             | EC               | CORP              | IT        |      5667 | NS      | $319771.14    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| UniCredit S.p.A.                               | UniCredit S.p.A. NPV                                            | CUSIP: T9T23L642<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |      8177 | NS      | $548540.87    | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Motorola Solutions Inc                         | Motorola Solutions Inc COM USD0.01                              | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |      1347 | NS      | $566359.62    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| The Mosaic Company                             | The Mosaic Company COM USD0.01                                  | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |     11800 | NS      | $430464.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Cyberark Software Ltd.                         | Cyberark Software Ltd. COM ILS0.01                              | CUSIP: M2682V108<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |      1588 | NS      | $646125.44    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Lonza Group AG                                 | Lonza Group AG CHF1 (REGD)                                      | CUSIP: H50524133<br>LEI: 549300EFW4H2TCZ71055 | Long             | EC               | CORP              | CH        |       896 | NS      | $640786.46    | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Philip Morris International Inc.               | Philip Morris International Inc. COM NPV                        | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      4499 | NS      | $819402.87    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Fitness Inc.                            | Planet Fitness Inc. COM USD0.0001 A                             | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |      5782 | NS      | $630527.10    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                   | Northern Institutional Funds GOVT SELECT PT                     | CUSIP: 665278701<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   2325070 | NS      | $2325070.03   | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd.                          | Tencent Holdings Ltd. HKD0.00002                                | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |     19653 | NS      | $1266353.12   | 1.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                             | Meta Platforms Inc COM USD0.000006 CL 'A'                       | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      1988 | NS      | $1467322.92   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Vonovia SE                                     | Vonovia SE NPV                                                  | CUSIP: D9581T100<br>LEI: 5299005A2ZEP6AP7KM81 | Long             | EC               | CORP              | DE        |     15888 | NS      | $563283.43    | 0.83%             |  |  |  | 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        |    105254 | NS      | $1394894.25   | 2.05%             |  |  |  | No            |                  2 | On Loan: No      |
| CACI International Inc.                        | CACI International Inc. CLASS'A'COM USD0.10                     | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |       837 | NS      | $398997.90    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                             | Coca-Cola Co (The) COM USD0.25                                  | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |      7012 | NS      | $496099.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                          | Bank of America Corp. COM USD0.01                               | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     11236 | NS      | $531687.52    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                                  | Netflix, Inc. COM USD0.001                                      | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       646 | NS      | $865077.98    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services, Inc.                          | Quanta Services, Inc. COM USD0.00001                            | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |      2702 | NS      | $1021572.16   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                   | NVIDIA Corp. COM USD0.001                                       | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     20338 | NS      | $3213200.62   | 4.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte S.A.B. de C.V.        | Grupo Financiero Banorte S.A.B. de C.V. COM NPV SERIES O        | CUSIP: P49501201<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     36600 | NS      | $335855.15    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                           | JPMorgan Chase & Co. COM USD1.00                                | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      5339 | NS      | $1547829.49   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Curtiss-Wright Corp.                           | Curtiss-Wright Corp. COM USD1                                   | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |       859 | NS      | $419664.45    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd.                                | ICICI Bank Ltd. SPON ADR EACH REP 2 ORD SHS                     | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |     27345 | NS      | $919885.80    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                                | Eli Lilly & Co. COM NPV                                         | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      1336 | NS      | $1041452.08   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                                | Microsoft Corp. COM USD0.00000625                               | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      5790 | NS      | $2880003.90   | 4.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG                            | Deutsche Telekom AG NPV(REGD)                                   | CUSIP: D2035M136<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |      9900 | NS      | $362375.67    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| BASF SE                                        | BASF SE NPV                                                     | CUSIP: D06216317<br>LEI: 529900PM64WH8AF1E917 | Long             | EC               | CORP              | DE        |     10334 | NS      | $511114.75    | 0.75%             |  |  |  | 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        |     42300 | NS      | $576700.95    | 0.85%             |  |  |  | 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        |     19600 | NS      | $674143.51    | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Hitachi Ltd.                                   | Hitachi Ltd. NPV                                                | CUSIP: J20454112<br>LEI: 549300T6IPOCDWLKC615 | Long             | EC               | CORP              | JP        |     11900 | NS      | $345865.81    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Geberit AG                                     | Geberit AG CHF0.10 (REGD)                                       | CUSIP: H2942E124<br>LEI: 52990093Z5OHD6T7BS47 | Long             | EC               | CORP              | CH        |       348 | NS      | $274065.61    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Nintendo Co Ltd.                               | Nintendo Co Ltd. NPV                                            | CUSIP: J51699106<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |     10100 | NS      | $969901.39    | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Sanso Holdings Corp.                    | Nippon Sanso Holdings Corp. NPV                                 | CUSIP: J5545N100<br>LEI: 353800F1K6653B4VPY57 | Long             | EC               | CORP              | JP        |     11400 | NS      | $431393.21    | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Danone SA                                      | Danone SA EUR0.25                                               | CUSIP: F12033134<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |      9705 | NS      | $794095.54    | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp.                               | Sony Group Corp. NPV                                            | CUSIP: J76379106<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |     19800 | NS      | $514806.46    | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Mercadolibre Inc                               | Mercadolibre Inc COM USD0.001                                   | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       210 | NS      | $548862.30    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.   | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10              | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     24168 | NS      | $883808.15    | 1.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Zillow Group Inc                               | Zillow Group Inc COM USD0.0001 CLASS C                          | CUSIP: 98954M200<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |      7305 | NS      | $511715.25    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                  | Alphabet Inc. CAP STK USD0.001 CL A                             | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      6224 | NS      | $1096855.52   | 1.62%             |  |  |  | No            |                  1 | 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