# EDGAR Filing Document

**Accession Number:** 0001016073
**File Stem:** 0001145549-23-006895
**Filing Date:** 2023-2
**Character Count:** 41235
**Document Hash:** ce62177e9d9f511f31ca05346524bd22
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-006895.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001145549-23-006895

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DRIEHAUS MUTUAL FUNDS
- **CENTRAL INDEX KEY:** 0001016073
- **IRS NUMBER:** 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:** 23645859

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60611

  - **Telephone number:** 312 587 3800

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

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

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

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

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

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-30

**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:** $216905959.09

**Total Liabilities:** $249204.20

**Net Assets:** $216656754.89

**Cash Not Reported:** $16271.05

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000050883 | 6.54%                | 10.05%               | -0.81%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2152159.80             | $14763391.90                               |
| Month 2  | $-4590073.66             | $25653922.37                               |
| Month 3  | $-2738895.99             | $887594.33                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Coface SA                                                   | Coface SA EUR2.00                                                   | CUSIP: F22736106<br>LEI: 96950025N07LTJYFSN57 | Long             | EC               | CORP              | FR        |    154743 | NS      | $2010926.11   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| ISS A/S                                                     | ISS A/S DKK1                                                        | CUSIP: K5591Y107<br>LEI: 213800LEZA58SZNCBN19 | Long             | EC               | CORP              | DK        |    228624 | NS      | $4847745.03   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Fuchs Petrolub SE                                           | Fuchs Petrolub SE NON VTG PRF NPV (REG)                             | CUSIP: D27462379<br>LEI: 529900SNF9E1P5ZO4P98 | Long             | EP               | CORP              | DE        |     45443 | PA      | $1592619.70   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Corbion N.V.                                                | Corbion N.V. EUR0.25                                                | CUSIP: N2334V109<br>LEI: 724500BKS1TSAVLTWG46 | Long             | EC               | CORP              | NL        |     42256 | NS      | $1440216.74   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Note Ab                                                     | Note Ab NPV                                                         | CUSIP: W656LL104<br>LEI: 54930038JVQ3CMTEO084 | Long             | EC               | CORP              | SE        |     52853 | NS      | $906643.32    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Inst Fds                                           | Northern Inst Fds GOVT SELECT PT                                    | CUSIP: 665278701<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   3195337 | NS      | $3195336.94   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Autohome Inc.                                               | Autohome Inc. SPON ADS EACH REP 1 ORD SHS                           | CUSIP: 05278C107<br>LEI: 529900NYB6ZGZN3MVT56 | Long             | EC               | CORP              | KY        |     25853 | NS      | $791101.80    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| DO & CO AG                                                  | DO & CO AG NPV                                                      | CUSIP: A1447E107<br>LEI: 5299002NFQKOBT1E8569 | Long             | EC               | CORP              | AT        |     31357 | NS      | $2973956.70   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Finecobank S.p.A.                                           | Finecobank S.p.A. EUR0.33                                           | CUSIP: T4R999104<br>LEI: 549300L7YCATGO57ZE10 | Long             | EC               | CORP              | IT        |     97418 | NS      | $1618442.74   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Aker Solution ASA                                           | Aker Solution ASA NOK1.08                                           | CUSIP: R0138P118<br>LEI: 5967007LIEEXZXG42836 | Long             | EC               | CORP              | NO        |    610934 | NS      | $2332285.20   | 1.08%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Xenon Pharmaceuticals Inc                                   | Xenon Pharmaceuticals Inc COM NPV                                   | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |     54828 | NS      | $2161868.04   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morinaga & Co., Ltd.                                        | Morinaga & Co., Ltd. NPV                                            | CUSIP: J46367108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     67700 | NS      | $2024706.64   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| GCC, S.A.B. de C.V.                                         | GCC, S.A.B. de C.V. COM MXN0.4 144A/REG S                           | CUSIP: P4948S124<br>LEI: 254900WY9XL8033CKX68 | Long             | EC               | CORP              | MX        |    164686 | NS      | $1096892.51   | 0.51%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Gerresheimer AG                                             | Gerresheimer AG NPV (BR)                                            | CUSIP: D2852S109<br>LEI: 5299006GD4UWSYZOKC28 | Long             | EC               | CORP              | DE        |     31242 | NS      | $2100220.46   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| IHI Corp.                                                   | IHI Corp. NPV                                                       | CUSIP: J2398N113<br>LEI: 549300ETQIESIUQ2OE26 | Long             | EC               | CORP              | JP        |    122800 | NS      | $3597729.35   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Sundrug Co Ltd                                              | Sundrug Co Ltd NPV                                                  | CUSIP: J78089109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    118600 | NS      | $3537938.13   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokai Carbon Co Ltd                                         | Tokai Carbon Co Ltd NPV                                             | CUSIP: J85538106<br>LEI: 5299002HKWA5B57KLT43 | Long             | EC               | CORP              | JP        |    156300 | NS      | $1277887.08   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Azbil Corp.                                                 | Azbil Corp. NPV                                                     | CUSIP: J0370G106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     56500 | NS      | $1431442.40   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Yokogawa Electric Corporation                               | Yokogawa Electric Corporation NPV                                   | CUSIP: J97272124<br>LEI: 529900MV0U7C9WWF4L22 | Long             | EC               | CORP              | JP        |    203100 | NS      | $3257585.34   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| M&A Capital Partners Co Ltd                                 | M&A Capital Partners Co Ltd NPV                                     | CUSIP: J39187109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     42200 | NS      | $1483945.44   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Pets At Home Group PLC                                      | Pets At Home Group PLC ORD GBP0.01                                  | CUSIP: G7041J107<br>LEI: 2138003Y9ULD24PD3J93 | Long             | EC               | CORP              | GB        |    235066 | NS      | $805943.17    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Unibrew A/S                                           | Royal Unibrew A/S DKK2                                              | CUSIP: K8390X122<br>LEI: 529900D69KFL8IAP8Q63 | Long             | EC               | CORP              | DK        |     18202 | NS      | $1297784.68   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Siegfried Holding AG                                        | Siegfried Holding AG CHF18.0 (REGD)                                 | CUSIP: H75942153<br>LEI: 506700J9QD6IF3937W06 | Long             | EC               | CORP              | CH        |      2007 | NS      | $1331633.05   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecan Group AG                                              | Tecan Group AG CHF0.10 (REGD)                                       | CUSIP: H84774167<br>LEI: 529900CSN9R3BLETSL26 | Long             | EC               | CORP              | CH        |      7506 | NS      | $3347725.52   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Edenred SA                                                  | Edenred SA EUR2                                                     | CUSIP: F3192L109<br>LEI: 9695006LOD5B2D7Y0N70 | Long             | EC               | CORP              | FR        |     42606 | NS      | $2320514.46   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexatronic Group AB                                         | Hexatronic Group AB NPV                                             | CUSIP: W4580A169<br>LEI: 2138001VSY1B4U9JLM82 | Long             | EC               | CORP              | SE        |    368946 | NS      | $5004797.03   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumber Alfaria                                              | Sumber Alfaria IDR10                                                | CUSIP: Y71362118<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |   6751000 | NS      | $1149198.65   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaztransport Et Technigaz SA                                | Gaztransport Et Technigaz SA EUR0.01                                | CUSIP: F42674113<br>LEI: 969500BVOHVZUUFWDT54 | Long             | EC               | CORP              | FR        |     20101 | NS      | $2147408.25   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Genus PLC                                                   | Genus PLC ORD GBP0.10                                               | CUSIP: G3827X105<br>LEI: 54930022EOITNKSIGH56 | Long             | EC               | CORP              | GB        |     28719 | NS      | $1036039.96   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Balfour Beatty PLC                                          | Balfour Beatty PLC GBP0.50                                          | CUSIP: G3224V108<br>LEI: CT4UIJ3TUKGYYHMENQ17 | Long             | EC               | CORP              | GB        |    425961 | NS      | $1738523.85   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Glanbia PLC                                                 | Glanbia PLC ORD EUR0.06                                             | CUSIP: G39021103<br>LEI: 635400SRMCBHVMSKJS84 | Long             | EC               | CORP              | IE        |    224545 | NS      | $2794233.95   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Cranswick PLC                                               | Cranswick PLC ORD GBP0.10                                           | CUSIP: G2504J108<br>LEI: 549300LDZLPU51XOSK43 | Long             | EC               | CORP              | GB        |     26495 | NS      | $985918.27    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| RS Group plc                                                | RS Group plc ORD GBP0.10                                            | CUSIP: G29848101<br>LEI: 549300KVXDURRKVW7R37 | Long             | EC               | CORP              | GB        |    221782 | NS      | $2401044.79   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| WH Smith PLC                                                | WH Smith PLC ORD GBP0.220895                                        | CUSIP: G8927V149<br>LEI: 2138001KJNGUJ34G7X91 | Long             | EC               | CORP              | GB        |    143813 | NS      | $2580992.39   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Serco Group PLC                                             | Serco Group PLC GBP0.02                                             | CUSIP: G80400107<br>LEI: 549300PT2CIHYN5GWJ21 | Long             | EC               | CORP              | GB        |   2155194 | NS      | $4048981.19   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Embraer S.A.                                                | Embraer S.A. SPON ADS EACH REP 4 ORD SHS                            | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |     93363 | NS      | $1020457.59   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinaxis Inc                                                 | Kinaxis Inc COM NPV                                                 | CUSIP: 49448Q109<br>LEI: 5299009VAZ14K7PFUQ15 | Long             | EC               | CORP              | CA        |     36911 | NS      | $4141174.31   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Kusuri No Aoki Holdings Co Ltd                              | Kusuri No Aoki Holdings Co Ltd NPV                                  | CUSIP: J37526100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     29900 | NS      | $1749710.45   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Trainline PLC                                               | Trainline PLC ORD GBP0.01                                           | CUSIP: G8992Y119<br>LEI: 213800HO26VXTFJ4MO71 | Long             | EC               | CORP              | GB        |    295156 | NS      | $979852.10    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SMA Solar Technology AG                                     | SMA Solar Technology AG NPV (BR)                                    | CUSIP: D7008K108<br>LEI: 529900Q6JQHI8X451Q21 | Long             | EC               | CORP              | DE        |     33416 | NS      | $2391235.15   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Calbee Inc.                                                 | Calbee Inc. NPV                                                     | CUSIP: J05190103<br>LEI: 529900CIHZID6O8LJH81 | Long             | EC               | CORP              | JP        |     52200 | NS      | $1190051.81   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsonite International SA                                  | Samsonite International SA USD0.01                                  | CUSIP: L80308106<br>LEI: 549300UULS5HYFJSEL12 | Long             | EC               | CORP              | LU        |   1256700 | NS      | $3308609.37   | 1.53%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Banco Del Bajio, S.A., Institucion De Banca                 | Banco Del Bajio, S.A., Institucion De Banca COM MXN2 SER'O'         | CUSIP: P1R2ZN117<br>LEI: 4469000001BD95FFLY16 | Long             | EC               | CORP              | MX        |    721546 | NS      | $2272778.26   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BAWAG Group AG                                              | BAWAG Group AG NPV                                                  | CUSIP: A0997C107<br>LEI: 529900S9YO2JHTIIDG38 | Long             | EC               | CORP              | AT        |     48489 | NS      | $2584871.65   | 1.19%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Befesa SA                                                   | Befesa SA NPV                                                       | CUSIP: L0R30V103<br>LEI: 222100VXGA8L6J4ZWG61 | Long             | EC               | CORP              | LU        |     20372 | NS      | $982632.83    | 0.45%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Abcam PLC                                                   | Abcam PLC ADS                                                       | CUSIP: 000380204<br>LEI: 213800B9N83DSNT33F79 | Long             | EC               | CORP              | GB        |    307651 | NS      | $4787049.56   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BELIMO Holding AG                                           | BELIMO Holding AG CHF0.05 (REGD)                                    | CUSIP: H07171129<br>LEI: 506700339DLX749VEM23 | Long             | EC               | CORP              | CH        |      2685 | NS      | $1277672.63   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corporation                                          | Cameco Corporation COM NPV                                          | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     62100 | NS      | $1407569.42   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Trican Well Servic                                          | Trican Well Servic COM NPV                                          | CUSIP: 895945103<br>LEI: 5493003PMAE3KEW1DL91 | Long             | EC               | CORP              | CA        |    666300 | NS      | $1801076.81   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Nice Limited                                                | Nice Limited ADR-EACH REPR 1 ORD ILS1                               | CUSIP: 653656108<br>LEI: 254900YTY4EF5Z4W0A51 | Long             | EC               | CORP              | IL        |     13240 | NS      | $2546052.00   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Pason System Incor                                          | Pason System Incor COM NPV                                          | CUSIP: 702925108<br>LEI: 984500DC6T2FLR969F65 | Long             | EC               | CORP              | CA        |    219400 | NS      | $2582892.17   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Major Drilling Group Intl Inc                               | Major Drilling Group Intl Inc COM NPV                               | CUSIP: 560909103<br>LEI: 549300O1MNHCX2FUBC21 | Long             | EC               | CORP              | CA        |    257033 | NS      | $1997036.31   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Monotaro CoLtd                                              | Monotaro CoLtd NPV                                                  | CUSIP: J46583100<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    186590 | NS      | $2640183.10   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Ergomed Plc                                                 | Ergomed Plc ORD GBP0.01                                             | CUSIP: G3R92F103<br>LEI: 213800BVS8I9VMC1AP84 | Long             | EC               | CORP              | GB        |     74879 | NS      | $1151477.68   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Boardwalk Real Estate Investment Trust                      | Boardwalk Real Estate Investment Trust TRUST UNITS                  | CUSIP: 096631106<br>LEI: 549300KXE6YWGWBI0U31 | Long             | EC               | CORP              | CA        |     50374 | NS      | $1838985.83   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| OCI NV                                                      | OCI NV EUR0.02                                                      | CUSIP: N6667A111<br>LEI: 549300NCMRGIBJYUOE57 | Long             | EC               | CORP              | NL        |     49457 | NS      | $1769296.54   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Huhtamaki Oyj                                               | Huhtamaki Oyj SER'I'NPV                                             | CUSIP: X33752100<br>LEI: 5493007050SJVMXN6L29 | Long             | EC               | CORP              | FI        |     32930 | NS      | $1127997.46   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Indra Sistemas S.A.                                         | Indra Sistemas S.A. EUR0.20 SER 'A'                                 | CUSIP: E6271Z155<br>LEI: 95980020140005308793 | Long             | EC               | CORP              | ES        |    192765 | NS      | $2197577.52   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Schibsted ASA                                               | Schibsted ASA SER'A'NOK0.50                                         | CUSIP: R75677105<br>LEI: 5967007LIEEXZXHT0O36 | Long             | EC               | CORP              | NO        |     84734 | NS      | $1604417.46   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Lotus Bakeries                                              | Lotus Bakeries NPV                                                  | CUSIP: B5783H102<br>LEI: 5493004C0K34IFI67I03 | Long             | EC               | CORP              | BE        |       511 | NS      | $3457039.90   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Yellow Cake PLC                                             | Yellow Cake PLC ORD GBP0.01                                         | CUSIP: G98334108<br>LEI: 213800CVMYUGOA9EZY95 | Long             | EC               | CORP              | JE        |    284724 | NS      | $1289437.28   | 0.60%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Vallourec SA                                                | Vallourec SA EUR0.02                                                | CUSIP: F96708270<br>LEI: 969500P2Q1B47H4MCJ34 | Long             | EC               | CORP              | FR        |    309095 | NS      | $4059784.26   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Sendas Distribuidora S.A.                                   | Sendas Distribuidora S.A. COM NPV                                   | CUSIP: P8T81L100<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    457500 | NS      | $1690630.45   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Rheinmetall AG                                              | Rheinmetall AG NPV                                                  | CUSIP: D65111102<br>LEI: 5299001OU9CSE29O6S05 | Long             | EC               | CORP              | DE        |     11889 | NS      | $2367780.36   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| GFT Technologies SE                                         | GFT Technologies SE NPV                                             | CUSIP: D2823P101<br>LEI: 5299002FNBSGW23ULF72 | Long             | EC               | CORP              | DE        |     65457 | NS      | $2378823.88   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Ipsos                                                       | Ipsos EUR0.25                                                       | CUSIP: F5310M109<br>LEI: 9695002OY2X35E9X8W87 | Long             | EC               | CORP              | FR        |     53227 | NS      | $3333145.47   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Leonardo S.p.A.                                             | Leonardo S.p.A. EUR4.40                                             | CUSIP: T6S996112<br>LEI: 529900X4EEX1U9LN3U39 | Long             | EC               | CORP              | IT        |    378702 | NS      | $3267375.54   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordex SE                                                   | Nordex SE NPV                                                       | CUSIP: D5736K135<br>LEI: 529900HVDYCUWVD0OE76 | Long             | EC               | CORP              | DE        |    169021 | NS      | $2388256.73   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Burckhardt Compression Holding AG                           | Burckhardt Compression Holding AG CHF2.50                           | CUSIP: H12013100<br>LEI: 5067004N56DLX7GY3E95 | Long             | EC               | CORP              | CH        |      2646 | NS      | $1576754.45   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| M. Dias Branco Sa Industria E Comercio De Alimentos, Brazil | M. Dias Branco Sa Industria E Comercio De Alimentos, Brazil COM NPV | CUSIP: P64876108<br>LEI: 894500SZMRHGUL2PHQ60 | Long             | EC               | CORP              | BR        |    194400 | NS      | $1319652.24   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Hoshizaki Corp.                                             | Hoshizaki Corp. NPV                                                 | CUSIP: J23254105<br>LEI: 5299001QAMLGU3SRBG20 | Long             | EC               | CORP              | JP        |     93100 | NS      | $3302198.26   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Hugo Boss AG                                                | Hugo Boss AG NPV (REGD)                                             | CUSIP: D34902102<br>LEI: 529900LFVU534EBRXD13 | Long             | EC               | CORP              | DE        |     51131 | NS      | $2964349.15   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Kindred Group PLC                                           | Kindred Group PLC SDR EACH REP 1 GBP0.000625                        | CUSIP: X4S1CH103<br>LEI: 213800D1MJVOT6SNBX11 | Long             | EC               | CORP              | MT        |    164332 | NS      | $1710274.24   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| AK Medical Holdings Ltd                                     | AK Medical Holdings Ltd HKD0.01                                     | CUSIP: G02014101<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |   1102000 | NS      | $1382185.52   | 0.64%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Fugro N.V.                                                  | Fugro N.V. EUR0.05                                                  | CUSIP: N3385Q312<br>LEI: 7245000R8GNBSDTSZ396 | Long             | EC               | CORP              | NL        |    270984 | NS      | $3248838.21   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| KT Corp.                                                    | KT Corp. KRW5000                                                    | CUSIP: Y49915104<br>LEI: 9884005ACF8449EANY26 | Long             | EC               | NUSS              | KR        |     63528 | NS      | $1700345.59   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Giant Manufacturing Co Ltd.                                 | Giant Manufacturing Co Ltd. TWD10                                   | CUSIP: Y2708Z106<br>LEI: 549300M7TYVF50B2GY12 | Long             | EC               | CORP              | TW        |    293125 | NS      | $1912172.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Net One Systems Co., Ltd.                                   | Net One Systems Co., Ltd. NPV                                       | CUSIP: J48894109<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     94700 | NS      | $2475015.24   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Asics Corp                                                  | Asics Corp NPV                                                      | CUSIP: J03234150<br>LEI: 3538002LJMRZ83SU0B85 | Long             | EC               | CORP              | JP        |    188000 | NS      | $4174276.14   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| INDOSAT Tbk, PT                                             | INDOSAT Tbk, PT IDR100(A SERIES + B SERIES)                         | CUSIP: Y7127S120<br>LEI: 254900YJOUDT9FUSHL33 | Long             | EC               | CORP              | ID        |   2214200 | NS      | $878283.92    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Paladin Energy Ltd.                                         | Paladin Energy Ltd. NPV                                             | CUSIP: Q7264T104<br>LEI: 549300M44UTJAP8J6B37 | Long             | EC               | CORP              | AU        |   1367534 | NS      | $651759.91    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Leeno Industrial                                            | Leeno Industrial KRW500                                             | CUSIP: Y5254W104<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      9210 | NS      | $1138080.74   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Capcom Co Ltd                                               | Capcom Co Ltd NPV                                                   | CUSIP: J05187109<br>LEI: 529900JJWQKXS3TC8744 | Long             | EC               | CORP              | JP        |     83800 | NS      | $2688189.58   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Cochlear Ltd                                                | Cochlear Ltd ORD NPV                                                | CUSIP: Q25953102<br>LEI: 5493001OLLWY8KV5UC08 | Long             | EC               | CORP              | AU        |      7713 | NS      | $1071915.03   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Fujitec Co Ltd                                              | Fujitec Co Ltd NPV                                                  | CUSIP: J15414113<br>LEI: 353800YTI2P5MIZAV086 | Long             | EC               | CORP              | JP        |     50150 | NS      | $1145226.68   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldwin Inc                                                 | Goldwin Inc NPV                                                     | CUSIP: J17472101<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     25700 | NS      | $1870123.44   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Fukuoka Financial Group Inc                                 | Fukuoka Financial Group Inc NPV                                     | CUSIP: J17129107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    135700 | NS      | $3107120.54   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Metso Outotec Corporation                                   | Metso Outotec Corporation NPV                                       | CUSIP: X5404W104<br>LEI: 549300R0VN9C371W0E07 | Long             | EC               | CORP              | FI        |    517047 | NS      | $5319982.42   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| NICHIAS Corporation                                         | NICHIAS Corporation NPV                                             | CUSIP: J49205107<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     61330 | NS      | $1103790.46   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Minebea MIitsumi Inc                                        | Minebea MIitsumi Inc NPV                                            | CUSIP: J42884130<br>LEI: 353800CCB0CZ75YZ4010 | Long             | EC               | CORP              | JP        |     73654 | NS      | $1106156.92   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Flughafen Zurich AG                                         | Flughafen Zurich AG CHF10(REGD) POST SPLIT                          | CUSIP: H26552135<br>LEI: 529900PFO97GCN5SYB55 | Long             | EC               | CORP              | CH        |     12915 | NS      | $1998741.69   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| K92 Mng Inc                                                 | K92 Mng Inc COM NPV                                                 | CUSIP: 499113108<br>LEI: 254900EA8H0X9FEVZU11 | Long             | EC               | CORP              | CA        |    175254 | NS      | $992760.84    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Electric & Energy Systems Co., Ltd.                 | Hyundai Electric & Energy Systems Co., Ltd. KRW5000                 | CUSIP: Y3R1DD103<br>LEI: 988400CSDKM9UHLHGB91 | Long             | EC               | CORP              | KR        |     49164 | NS      | $1658199.43   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Jiumaojiu International Holdings Ltd.                       | Jiumaojiu International Holdings Ltd. USD0.0000001                  | CUSIP: G5141L105<br>LEI: 6556009ZSGTEPL7MEK84 | Long             | EC               | CORP              | KY        |    427000 | NS      | $1140606.88   | 0.53%             |  |  |  | Yes           |                  1 | On Loan: No      |
| OSB Group PLC                                               | OSB Group PLC ORD GBP0.01                                           | CUSIP: G6S36L101<br>LEI: 213800ZBKL9BHSL2K459 | Long             | EC               | CORP              | GB        |    539269 | NS      | $3128052.79   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| ConvaTec Group PLC                                          | ConvaTec Group PLC ORD GBP0.1                                       | CUSIP: G23969101<br>LEI: 213800LS272L4FIDOH92 | Long             | EC               | CORP              | GB        |   1076384 | NS      | $3026811.10   | 1.40%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Network International Holdings PLC                          | Network International Holdings PLC ORD GBP0.10                      | CUSIP: G6457T104<br>LEI: 213800XVRNKWENNLKK60 | Long             | EC               | CORP              | GB        |    299027 | NS      | $1077295.99   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Precision Drilling Corporation                              | Precision Drilling Corporation COM NEW                              | CUSIP: 74022D407<br>LEI: 549300WF2OE8T5BP4B84 | Long             | EC               | CORP              | CA        |     58700 | NS      | $4496142.54   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Max Healthcare Institute Ltd.                               | Max Healthcare Institute Ltd. INR10                                 | CUSIP: Y5S464109<br>LEI: 3358005LALYV4GZOYF67 | Long             | EC               | CORP              | IN        |    230697 | NS      | $1225708.53   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Visional Inc.                                               | Visional Inc. NPV                                                   | CUSIP: J94590106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     20100 | NS      | $1335507.47   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-31

**Name of Applicant:** Driehaus Mutual Funds

**Signature:** Robert M. Kurinsky

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

**Title:** Vice President and Treasurer