# EDGAR Filing Document

**Accession Number:** 0001016073
**File Stem:** 0002066578-26-000385
**Filing Date:** 2026-2
**Character Count:** 34433
**Document Hash:** 75d547e6847ce6719abd2867c99408a9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-000385.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0002066578-26-000385

**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:** 26675214

**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:** 2025-12-31

**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:** $138828484.56

**Total Liabilities:** $243034.01

**Net Assets:** $138585450.55

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000101771 | 4.84%                | -1.81%               | 1.16%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2275919.07              | $4241864.51                                |
| Month 2  | $1470365.75              | $-3938565.13                               |
| Month 3  | $1645994.38              | $-900445.24                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Saudi Ground Services Co                  | Saudi Ground Services Co SAR10                             | CUSIP: M8255M102<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |     99655 | NS      | $964818.15    | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyosung Heavy Industries Corporation      | Hyosung Heavy Industries Corporation KRW5000               | CUSIP: Y3R1E4102<br>LEI: 988400IDLF9EQ95M0928 | Long             | EC               | CORP              | KR        |      2070 | NS      | $2557159.58   | 1.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Hochschild Mining PLC                     | Hochschild Mining PLC ORD GBP0.01                          | CUSIP: G4611M107<br>LEI: 549300JK10TVQ3CCJQ89 | Long             | EC               | CORP              | GB        |    100878 | NS      | $693508.62    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Chalet Hotels Limited                     | Chalet Hotels Limited INR10                                | CUSIP: Y1R93H110<br>LEI: 335800Q9XDG5J8BS1M67 | Long             | EC               | CORP              | IN        |    151248 | NS      | $1464697.45   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Grenergy Renovables Sa                    | Grenergy Renovables Sa EUR0.35                             | CUSIP: E5R20V102<br>LEI: 959800M1FVPL5BMW3R13 | Long             | EC               | CORP              | ES        |      7996 | NS      | $806556.49    | 0.58%             |  |  |  | No            |                  2 | 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        |    164413 | NS      | $1397974.18   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Data Patterns India Limited               | Data Patterns India Limited INR2                           | CUSIP: Y2000Q101<br>LEI: 894500IFAYOMBFJ0QB53 | Long             | EC               | CORP              | IN        |     41294 | NS      | $1207167.27   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| BBB Foods Inc                             | BBB Foods Inc CL A COM                                     | CUSIP: G0896C103<br>LEI: N/A                  | Long             | EC               | CORP              | VG        |     25839 | NS      | $862764.21    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| RAS Al Khaimah Pro                        | RAS Al Khaimah Pro AED1                                    | CUSIP: M81868107<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |   3357575 | NS      | $1233694.23   | 0.89%             |  |  |  | No            |                  2 | 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      | $1011589.47   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Advanced Energy Solution Holding Co. Ltd. | Advanced Energy Solution Holding Co. Ltd. TWD10            | CUSIP: G0097V108<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     49000 | NS      | $2077424.96   | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Anand Rathi Wealth Ltd.                   | Anand Rathi Wealth Ltd. INR5                               | CUSIP: Y0R8ZN108<br>LEI: 984500F6VS94CFBA2E48 | Long             | EC               | CORP              | IN        |     51160 | NS      | $1769935.66   | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Mega Union Technology Inc.                | Mega Union Technology Inc. TWD10                           | CUSIP: Y593AH108<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     30000 | NS      | $660227.07    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Hindustan Copper Limited                  | Hindustan Copper Limited INR5(DEMAT)                       | CUSIP: Y3213W117<br>LEI: 33580013OQMTB8N3IV37 | Long             | EC               | CORP              | IN        |    314448 | NS      | $1814218.63   | 1.31%             |  |  |  | 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      | $3003491.12   | 2.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Kfin Technologies Ltd.                    | Kfin Technologies Ltd. INR10                               | CUSIP: Y4S976105<br>LEI: 335800GNCGJJ76Z17N17 | Long             | EC               | CORP              | IN        |     95631 | NS      | $1153909.75   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| KRN Heat Exchanger & Refrigeration Ltd.   | KRN Heat Exchanger & Refrigeration Ltd. INR10              | CUSIP: Y4997K105<br>LEI: 3358007L1G6EOZQYBZ22 | Long             | EC               | CORP              | IN        |     61335 | NS      | $497235.11    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Uno Minda Ltd.                            | Uno Minda Ltd. INR2                                        | CUSIP: Y6S358119<br>LEI: 335800Y2G59FEIQRLG14 | Long             | EC               | CORP              | IN        |     95248 | NS      | $1362622.89   | 0.98%             |  |  |  | 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      | $1596416.50   | 1.15%             |  |  |  | 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      | $1091590.07   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Stoneco Ltd                               | Stoneco Ltd COM USD0.000079365 CL A                        | CUSIP: G85158106<br>LEI: 549300O1A9LEF0XZCR35 | Long             | EC               | CORP              | KY        |    109779 | NS      | $1623631.41   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Hitachi Energy India Limited              | Hitachi Energy India Limited INR2                          | CUSIP: Y000XZ109<br>LEI: 549300ASJQYQLII9F213 | Long             | EC               | CORP              | IN        |     11442 | NS      | $2332286.73   | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Prio SA                                   | Prio SA COM NPV                                            | CUSIP: P7S19Q109<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    100300 | NS      | $753822.39    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Vishal Mega Mart Ltd.                     | Vishal Mega Mart Ltd. INR10                                | CUSIP: Y73033105<br>LEI: 335800AL4QPSIFSU3936 | Long             | EC               | CORP              | IN        |   1226952 | NS      | $1863270.26   | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Blackbuck Ltd.                            | Blackbuck Ltd. INR1                                        | CUSIP: Y988QU104<br>LEI: 3358003IBMJFDHOYF615 | Long             | EC               | CORP              | IN        |    233795 | NS      | $1767595.14   | 1.28%             |  |  |  | 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        |    455017 | NS      | $2676515.37   | 1.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Nuvama Wealth Management Ltd.             | Nuvama Wealth Management Ltd. INR2 (POST SUBD)             | CUSIP: Y6S0DB119<br>LEI: 3358002Y23HZBJW49C38 | Long             | EC               | CORP              | IN        |     95485 | NS      | $1572425.81   | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Syariah Indonesia Tbk                | Bank Syariah Indonesia Tbk IDR500                          | CUSIP: Y0R8KR105<br>LEI: 9845009CD3B814E04066 | Long             | EC               | CORP              | ID        |   7343100 | NS      | $979314.25    | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Daqo New Energy Corp.                     | Daqo New Energy Corp. SPON ADS EACH REP 5 ORD SHS          | CUSIP: 23703Q203<br>LEI: 529900711JBZ5O7VA827 | Long             | EC               | CORP              | KY        |     80606 | NS      | $2377877.00   | 1.72%             |  |  |  | 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        |      4568 | NS      | $2453236.51   | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Atour Lifestyle Holdings Ltd.             | Atour Lifestyle Holdings Ltd. SPONSORED ADS                | CUSIP: 04965M106<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     52023 | NS      | $2049706.20   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Azad Engineering Pvt Ltd.                 | Azad Engineering Pvt Ltd. INR2                             | CUSIP: Y0S2C4107<br>LEI: 3358006TNGEH6SXUN490 | Long             | EC               | CORP              | IN        |     92861 | NS      | $1709959.81   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Max Healthcare Institute Ltd.             | Max Healthcare Institute Ltd. INR10                        | CUSIP: Y5S464109<br>LEI: 3358005LALYV4GZOYF67 | Long             | EC               | CORP              | IN        |     89498 | NS      | $1040989.74   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Parkin Co.                                | Parkin Co. AED0.02                                         | CUSIP: M75283107<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |    904482 | NS      | $1400179.12   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HD Hyundai Marine Solution Co Ltd.        | HD Hyundai Marine Solution Co Ltd. KRW500                  | CUSIP: Y3820S103<br>LEI: 988400NV4TGR7O3GJM74 | Long             | EC               | CORP              | KR        |     17923 | NS      | $2401628.12   | 1.73%             |  |  |  | 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        |    301100 | NS      | $747353.38    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Elevator                          | Hyundai Elevator KRW5000                                   | CUSIP: Y3835T104<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     22174 | NS      | $1357198.86   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| King Slide Works                          | King Slide Works TWD10                                     | CUSIP: Y4771C113<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      9000 | NS      | $1074686.23   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| TAV Havalimanlari Holding AS              | TAV Havalimanlari Holding AS TRY1                          | CUSIP: M8782T109<br>LEI: 789000PBM9TT5D88M597 | Long             | EC               | CORP              | TR        |    257918 | NS      | $1790000.02   | 1.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Supreme Industries Ltd. (The)             | Supreme Industries Ltd. (The) INR2                         | CUSIP: Y83139140<br>LEI: 33580094NA85GD34LN25 | Long             | EC               | CORP              | IN        |     19389 | NS      | $724016.49    | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Shanghai Microport Medbot (Group) Co Ltd  | Shanghai Microport Medbot (Group) Co Ltd CNY1 H            | CUSIP: Y768JD106<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    580500 | NS      | $1818674.72   | 1.31%             |  |  |  | Yes           |                  2 | On Loan: No      |
| BOC Aviation Ltd.                         | BOC Aviation Ltd. NPV                                      | CUSIP: Y09292106<br>LEI: 254900H06V5RMEB3KE72 | Long             | EC               | CORP              | SG        |    230200 | NS      | $2155512.31   | 1.56%             |  |  |  | Yes           |                  2 | On Loan: No      |
| MLP Saglik Hizmetleri AS                  | MLP Saglik Hizmetleri AS TRY1                              | CUSIP: M7030H107<br>LEI: 789000M2LTGHSXVOQL65 | Long             | EC               | CORP              | TR        |    117974 | NS      | $1044440.95   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Jyoti Cnc Automation Ltd.                 | Jyoti Cnc Automation Ltd. INR2                             | CUSIP: Y447AW120<br>LEI: 335800QTPXPMUX9DFI48 | Long             | EC               | CORP              | IN        |     94190 | NS      | $1037340.81   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| ASPEED Technology Inc.                    | ASPEED Technology Inc. TWD10                               | CUSIP: Y04044106<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     18000 | NS      | $4141266.07   | 2.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Growthpoint Properties Ltd                | Growthpoint Properties Ltd NPV                             | CUSIP: S3373C239<br>LEI: 37890019DD1E46632291 | Long             | EC               | CORP              | ZA        |   2425963 | NS      | $2516267.73   | 1.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Budimex SA                                | Budimex SA PLN5.00                                         | CUSIP: X0788V103<br>LEI: 25940093SDJZW2C1V355 | Long             | EC               | CORP              | PL        |      7562 | NS      | $1337757.93   | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Copa Holdings SA                          | Copa Holdings SA NPV CLASS 'A'                             | CUSIP: P31076105<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | PA        |     25953 | NS      | $3130191.33   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova T&D India Ltd.                 | GE Vernova T&D India Ltd. INR2                             | CUSIP: Y2683R111<br>LEI: 549300NMRD6VZDFLN355 | Long             | EC               | CORP              | IN        |     56349 | NS      | $1963889.86   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Arabia PJSC                           | Air Arabia PJSC AED1                                       | CUSIP: M0367N110<br>LEI: 21380058Y5RCZI2HBX17 | Long             | EC               | CORP              | AE        |   1907929 | NS      | $2417691.33   | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Mexico S.A.                          | HSBC Mexico S.A. CBFI (FIBRA MACQUARIE MEXICO) 144A/REG S  | CUSIP: P3515D155<br>LEI: 549300ALY1LDVQGKWL18 | Long             | EC               | CORP              | MX        |    412015 | NS      | $773807.99    | 0.56%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Motor Oil Refineries SA                   | Motor Oil Refineries SA EUR0.75                            | CUSIP: X55904100<br>LEI: 213800U3Y9UL7Y4QVM11 | Long             | EC               | CORP              | GR        |     22274 | NS      | $821746.62    | 0.59%             |  |  |  | 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      | $1244683.26   | 0.90%             |  |  |  | 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      | $1272921.08   | 0.92%             |  |  |  | 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        |     25372 | NS      | $473041.54    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| LS Marine Solution Co Ltd.                | LS Marine Solution Co Ltd. KRW1000                         | CUSIP: Y49567103<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     34559 | NS      | $718119.37    | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinik Co                                  | Kinik Co TWD10                                             | CUSIP: Y4789C113<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    126000 | NS      | $1582534.11   | 1.14%             |  |  |  | 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               | CORP              | CN        |   3366000 | NS      | $2216334.10   | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| United Breweries Ltd.                     | United Breweries Ltd. INR1                                 | CUSIP: Y9181N153<br>LEI: 335800ADAMN6EW1GCZ31 | Long             | EC               | CORP              | IN        |     27714 | NS      | $500342.77    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Radico Khaitan Ltd                        | Radico Khaitan Ltd INR2                                    | CUSIP: Y7174A147<br>LEI: 335800P7T5DW332M7E19 | Long             | EC               | CORP              | IN        |     63935 | NS      | $2347780.64   | 1.69%             |  |  |  | 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        |     72003 | NS      | $1285993.28   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Impala Platinum Holdings Ltd              | Impala Platinum Holdings Ltd NPV                           | CUSIP: S37840113<br>LEI: 254900BZFIFB4PD2Z778 | Long             | EC               | CORP              | ZA        |     84045 | NS      | $1320780.38   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Chroma Ate Inc                            | Chroma Ate Inc TWD10                                       | CUSIP: Y1604M102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     83000 | NS      | $2052878.01   | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Sobha Limited                             | Sobha Limited INR10                                        | CUSIP: Y806AJ100<br>LEI: 3358009VFP3MXXLJDN54 | Long             | EC               | CORP              | IN        |     58508 | NS      | $949812.37    | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortis Healthcare Ltd.                    | Fortis Healthcare Ltd. INR10                               | CUSIP: Y26160104<br>LEI: 3358001Q5ZJC4M83WH02 | Long             | EC               | CORP              | IN        |    170885 | NS      | $1680687.32   | 1.21%             |  |  |  | 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      | $1881103.03   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Actinver SA                         | Banco Actinver SA CBFI (PROLOGIS PROPERTY MEXICO SA DE CV) | CUSIP: P4559M101<br>LEI: 4469000001BLWI4LQJ08 | Long             | EC               | CORP              | MX        |    443182 | NS      | $1851236.99   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Aegis Logistics Ltd.                      | Aegis Logistics Ltd. INR1                                  | CUSIP: Y0018C122<br>LEI: 335800R6OF8UV8J3G994 | Long             | EC               | CORP              | IN        |    109657 | NS      | $876275.61    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Lig Nex1 Co Ltd                           | Lig Nex1 Co Ltd KRW5000                                    | CUSIP: Y5277W107<br>LEI: 988400VTP0QVY3OIY652 | Long             | EC               | CORP              | KR        |      2264 | NS      | $659643.34    | 0.48%             |  |  |  | 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        |     51576 | NS      | $1800002.40   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Power Corp                         | Public Power Corp EUR2.48                                  | CUSIP: X7023M103<br>LEI: 213800T9Y5XCOVRZ4Y57 | Long             | EC               | CORP              | GR        |    115064 | NS      | $2458734.58   | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Doosan Bobcat Inc                         | Doosan Bobcat Inc KRW500                                   | CUSIP: Y2103B100<br>LEI: 9884007K6X0Q0112FX44 | Long             | EC               | CORP              | KR        |     42581 | NS      | $1703234.92   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Jumbo SA                                  | Jumbo SA EUR0.88                                           | CUSIP: X4114P111<br>LEI: 549300TGIVUUMY40MZ05 | Long             | EC               | CORP              | GR        |     45775 | NS      | $1500874.53   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| FPT Corp.                                 | FPT Corp. VND10000                                         | CUSIP: Y26333107<br>LEI: N/A                  | Long             | EC               | CORP              | VN        |    383926 | NS      | $1396878.54   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Asia Commercial Joint Stock Bank          | Asia Commercial Joint Stock Bank VND10000                  | CUSIP: Y0324N101<br>LEI: 5493001VSLUXY7LJS086 | Long             | EC               | CORP              | VN        |   1727800 | NS      | $1574356.49   | 1.14%             |  |  |  | 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      | $1887519.24   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Brigade Enterprises Ltd.                  | Brigade Enterprises Ltd. INR10                             | CUSIP: Y0970Q101<br>LEI: 335800QDUUQVHS6II245 | Long             | EC               | CORP              | IN        |     51123 | NS      | $503466.74    | 0.36%             |  |  |  | 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        |   1152000 | NS      | $1105634.68   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Korea Aerospace Industries Ltd.           | Korea Aerospace Industries Ltd. KRW5000                    | CUSIP: Y4838Q105<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     14534 | NS      | $1151571.63   | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Bradespar SA                              | Bradespar SA PRF NPV                                       | CUSIP: P1808W104<br>LEI: 9598001UD1DHEH3PZ471 | Long             | EP               | CORP              | BR        |    343100 | PA      | $1241926.00   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Land Mark Optoelectronics Corp            | Land Mark Optoelectronics Corp TWD10                       | CUSIP: Y51823105<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    114000 | NS      | $2224196.79   | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Clicks Group Ltd.                         | Clicks Group Ltd. ZAR0.01                                  | CUSIP: S17249111<br>LEI: 378900E967958A677472 | Long             | EC               | CORP              | ZA        |     72543 | NS      | $1478169.98   | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Universal Microwave Technology Inc.       | Universal Microwave Technology Inc. TWD10                  | CUSIP: Y9273S110<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     79716 | NS      | $1721108.07   | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Ultrapar Participacoes S.A.               | Ultrapar Participacoes S.A. COM NPV                        | CUSIP: P94396127<br>LEI: 529900FU4XBXGQMLRE72 | Long             | EC               | CORP              | BR        |    235800 | NS      | $890386.51    | 0.64%             |  |  |  | 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        |     59186 | NS      | $2879990.76   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaori Heat Treatment Co., Ltd             | Kaori Heat Treatment Co., Ltd TWD10                        | CUSIP: Y4573A125<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    103688 | NS      | $1911372.21   | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds              | Northern Institutional Funds GOVT SELECT PT                | CUSIP: 665278701<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   2446757 | NS      | $2446757.16   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Xtalpi Holdings Ltd.                      | Xtalpi Holdings Ltd. USD0.00001                            | CUSIP: G7S12M105<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   1577000 | NS      | $1921198.52   | 1.39%             |  |  |  | Yes           |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Driehaus Mutual Funds

**Signature:** Robert M. Kurinsky

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

**Title:** Vice President and Treasurer