# EDGAR Filing Document

**Accession Number:** 0001016073
**File Stem:** 0001145549-23-006896
**Filing Date:** 2023-2
**Character Count:** 45678
**Document Hash:** 90bac3fc4842990f92d4f7519ca82908
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-006896.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001145549-23-006896

**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:** 23645858

**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 Emerging Markets Opportunities Fund (Series ID: S000056073)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000176647 | Driehaus Emerging Markets Opportunities 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 Emerging Markets Opportunities Fund

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

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

**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:** $46821455.35

**Total Liabilities:** $182362.94

**Net Assets:** $46639092.41

**Cash Not Reported:** $39615.29

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 696.822669921605 | **10-Year:** 1063.944026723329 | **30-Year:** 3.833800859603

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 25.547543471088 | **5-Year:** 454.185662391730 | **10-Year:** 331.158182314687 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000176647 | -0.18%               | 9.59%                | -2.68%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-565440.78              | $460047.62                                 |
| Month 2  | $-208745.82              | $4258281.76                                |
| Month 3  | $105492.91               | $-1513902.67                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Qatar National Bank QPSC                                       | Qatar National Bank QPSC QAR1                                          | CUSIP: M81802106<br>LEI: 549300FFSRVBS0SQXY75 | Long             | EC               | CORP              | QA        |      57501 | NS      | $285022.94    | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Limited                                       | Tencent Holdings Limited HKD0.00002                                    | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |      30053 | NS      | $1285986.33   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Rumo SA                                                        | Rumo SA COM NPV                                                        | CUSIP: P8S114104<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |      54700 | NS      | $193212.09    | 0.41%             |  |  |  | No            |                  2 | 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        |      41524 | NS      | $908960.36    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| America Movil S.A.B. de C.V.                                   | America Movil S.A.B. de C.V. ADR EACH REP 20 SHS'L'NPV                 | CUSIP: 02364W105<br>LEI: 5493000FNR3UCEAONM59 | Long             | EC               | CORP              | MX        |      15626 | NS      | $284393.20    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                                                  | HDFC Bank Ltd SPON ADS EACH REP 3 ORD SHS                              | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |       7431 | NS      | $508354.71    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco do Brasil S.A.                                           | Banco do Brasil S.A. COM NPV                                           | CUSIP: P11427112<br>LEI: QE0Q0253K88YAGNPE356 | Long             | EC               | CORP              | BR        |      41000 | NS      | $265246.44    | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| ASPEED Technology Inc.                                         | ASPEED Technology Inc. TWD10                                           | CUSIP: Y04044106<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |       4000 | NS      | $219290.40    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group                                             | KB Financial Group KRW5000                                             | CUSIP: Y46007103<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |       8371 | NS      | $320715.22    | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd, Hong Kong                                       | AIA Group Ltd, Hong Kong NPV                                           | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |      51200 | NS      | $569366.28    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| L'Oreal S.A.                                                   | L'Oreal S.A. EUR0.20                                                   | CUSIP: F58149133<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |        651 | NS      | $232473.49    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Pricesmart Inc                                                 | Pricesmart Inc COM USD0.0001                                           | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |       6121 | NS      | $372034.38    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Lojas Renner SA                                                | Lojas Renner SA COM NPV                                                | CUSIP: P6332C102<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |      50800 | NS      | $196892.71    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Arabia PJSC                                                | Air Arabia PJSC AED1                                                   | CUSIP: M0367N110<br>LEI: 21380058Y5RCZI2HBX17 | Long             | EC               | CORP              | AE        |     983661 | NS      | $575851.21    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                                              | ASML Holding N.V. EUR0.09                                              | CUSIP: N07059202<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |        876 | NS      | $472420.44    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivanhoe Mines Ltd                                              | Ivanhoe Mines Ltd COM NPV CL'A'                                        | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |      46700 | NS      | $369047.27    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD Co Ltd.                                                    | BYD Co Ltd. 'H'CNY1                                                    | CUSIP: Y1023R104<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |       6561 | NS      | $161893.11    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| PTT Exploration and Production Public Co Ltd.                  | PTT Exploration and Production Public Co Ltd. THB1(NVDR)               | CUSIP: Y7145P140<br>LEI: 2549001O8YYGP5N7Q076 | Long             | EC               | CORP              | TH        |      51400 | NS      | $261934.46    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Ping An Insurance (Group) Company of China Ltd.                | Ping An Insurance (Group) Company of China Ltd. 'H' CNY1               | CUSIP: Y69790106<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |      47000 | NS      | $311007.05    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Industries Ltd.                                       | Reliance Industries Ltd. INR10(100%DEMAT)                              | CUSIP: Y72596102<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |      24096 | NS      | $741899.33    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Leeno Industrial                                               | Leeno Industrial KRW500                                                | CUSIP: Y5254W104<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |       2632 | NS      | $325236.54    | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Negara Indonesia (Persero) Tbk PT                         | Bank Negara Indonesia (Persero) Tbk PT LKD SHS(IDR7500 & IDR375)       | CUSIP: Y74568166<br>LEI: 549300HZ8J3MLVXQ8F85 | Long             | EC               | CORP              | ID        |     941200 | NS      | $557736.95    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie Korea Infrastructure Fund                            | Macquarie Korea Infrastructure Fund NPV                                | CUSIP: Y53643105<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      44563 | NS      | $390971.72    | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Airports of Thailand Public Co Ltd.                            | Airports of Thailand Public Co Ltd. THB1.00(NVDR)                      | CUSIP: Y0028Q129<br>LEI: 5299006VS4CU6LW0TY22 | Long             | EC               | CORP              | TH        |     201600 | NS      | $436552.62    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| China Resources Land Limited                                   | China Resources Land Limited ORD HKD0.10                               | CUSIP: G2108Y105<br>LEI: 5299001HL0TU7X15HK51 | Long             | EC               | CORP              | HK        |      80000 | NS      | $366410.65    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Electronics Inc.                                         | Delta Electronics Inc. TWD10                                           | CUSIP: Y20263102<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |      35986 | NS      | $335442.37    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Hon Hai Precision Industry Co Ltd.                             | Hon Hai Precision Industry Co Ltd. TWD10                               | CUSIP: Y36861105<br>LEI: 30030004CM3GSZXX7O56 | Long             | EC               | CORP              | TW        |     121103 | NS      | $393622.67    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc.                                                  | SK Hynix Inc. KRW5000                                                  | CUSIP: Y8085F100<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |       4341 | NS      | $259001.65    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Mipo Dockyard Co.Ltd                                   | Hyundai Mipo Dockyard Co.Ltd KRW5000                                   | CUSIP: Y3844T103<br>LEI: 988400L1JDH871AJTA03 | Long             | EC               | CORP              | KR        |       4806 | NS      | $321810.59    | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Kia Corp.                                                      | Kia Corp. KRW5000                                                      | CUSIP: Y47601102<br>LEI: 988400V8MJK9N7OI5X76 | Long             | EC               | CORP              | KR        |       3738 | NS      | $175874.81    | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Card Co Ltd                                            | Samsung Card Co Ltd KRW5000                                            | CUSIP: Y7T70U105<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      14533 | NS      | $340050.07    | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| DLF Ltd.                                                       | DLF Ltd. INR2                                                          | CUSIP: Y2089H105<br>LEI: 335800PJLUEOB8914F48 | Long             | EC               | CORP              | IN        |      80179 | NS      | $363436.78    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharti Airtel Ltd.                                             | Bharti Airtel Ltd. INR5                                                | CUSIP: Y0885K108<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |      46201 | NS      | $450170.75    | 0.97%             |  |  |  | No            |                  1 | 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        |      12079 | NS      | $385803.26    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Beigene Limited                                                | Beigene Limited SPON ADS EACH REPR 13 ORD                              | CUSIP: 07725L102<br>LEI: 549300JFUK6FRD5MH739 | Long             | EC               | CORP              | KY        |        934 | NS      | $205423.96    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Postal Savings Bank of China Co Ltd.                           | Postal Savings Bank of China Co Ltd. 'H' CNY1                          | CUSIP: Y6987V108<br>LEI: 300300C1040311005298 | Long             | EC               | NUSS              | CN        |     792000 | NS      | $492117.69    | 1.06%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Meli Kaszek Pioneer Corporation                                | Meli Kaszek Pioneer Corporation COM USD0.0001 CL A                     | CUSIP: G5S74L106<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      18498 | NS      | $184425.06    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Sitios Latinoamerica S.A.B. De C.V                             | Sitios Latinoamerica S.A.B. De C.V COM SER 'B-1' NPV                   | CUSIP: P87026103<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |      15626 | NS      | $7377.37      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LI Ning Co Ltd                                                 | LI Ning Co Ltd HKD0.1                                                  | CUSIP: G5496K124<br>LEI: 529900T77L2FV3FZ3U81 | Long             | EC               | CORP              | KY        |      57684 | NS      | $500687.47    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Telecom Company                                          | Saudi Telecom Company SAR10                                            | CUSIP: M8T596104<br>LEI: 21380028ATJ79OTA9W17 | Long             | EC               | CORP              | SA        |      50559 | NS      | $492000.08    | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Central Asia Tbk PT                                       | Bank Central Asia Tbk PT IDR12.50                                      | CUSIP: Y7123P138<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |     848045 | NS      | $465764.24    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Hospitals Enterprise Ltd.                               | Apollo Hospitals Enterprise Ltd. INR5                                  | CUSIP: Y0187F112<br>LEI: 3358005YT7JQCWYLTG43 | Long             | EC               | CORP              | IN        |       4666 | NS      | $252538.16    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM Systems Inc.                                              | EPAM Systems Inc. COM USD0.001                                         | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |        522 | NS      | $171080.28    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp Del                                         | Liberty Media Corp Del COM USD0.01 SERIES C                            | CUSIP: 531229854<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | EC               | CORP              | US        |       6877 | NS      | $411107.06    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum China Holdings Inc                                         | Yum China Holdings Inc COM USD0.01                                     | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |       6053 | NS      | $330796.45    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Meituan                                                        | Meituan USD0.00001 B CLASS                                             | CUSIP: G59669104<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | KY        |      34452 | NS      | $771097.68    | 1.65%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Peru (Republic of)                                             | PERU 6.95 08/12/31 REGS                                                | CUSIP: 715638BE1<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    2500000 | PA      | $619841.60    | 1.33%             | 2031-08-12      | Fixed         | 6.95%                 | Yes           |                  2 | On Loan: No      |
| Makemytrip Ltd                                                 | Makemytrip Ltd USD0.0005                                               | CUSIP: V5633W109<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | MU        |      12310 | NS      | $339386.70    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Hankook Tire & Technology Co Ltd.                              | Hankook Tire & Technology Co Ltd. KRW500                               | CUSIP: Y3R57J108<br>LEI: 9884001BIEVM09M7AH02 | Long             | EC               | CORP              | KR        |      12863 | NS      | $317636.71    | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Saudi Arabia (Kingdom of)                                      | KSA 2.75 02/03/32 REGS                                                 | CUSIP: M6320UAW9<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     400000 | PA      | $349464.80    | 0.75%             | 2032-02-03      | Fixed         | 2.75%                 | Yes           |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                 | MEX 4.875 05/19/33                                                     | CUSIP: 91087BAT7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     300000 | PA      | $275451.93    | 0.59%             | 2033-05-19      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Samsonite International SA                                     | Samsonite International SA USD0.01                                     | CUSIP: L80308106<br>LEI: 549300UULS5HYFJSEL12 | Long             | EC               | CORP              | LU        |     362154 | NS      | $953470.29    | 2.04%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Abu Dhabi (Emirate of)                                         | ADGB 1.625 06/02/28 REGS                                               | CUSIP: M0152WAP6<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |     250000 | PA      | $219863.00    | 0.47%             | 2028-06-02      | Fixed         | 1.62%                 | Yes           |                  2 | On Loan: No      |
| Credicorp Ltd.                                                 | Credicorp Ltd. COM USD5                                                | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |       1880 | NS      | $255040.80    | 0.55%             |  |  |  | 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        |      89371 | NS      | $643183.18    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Mexico (United Mexican States)                                 | MBONO 8.5 11/18/38 M 30                                                | CUSIP: P6625CAM0<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   11000000 | PA      | $534648.60    | 1.15%             | 2038-11-18      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Panama (Republic of)                                           | PANAMA 2.252 09/29/32                                                  | CUSIP: 698299BN3<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     400000 | PA      | $296215.02    | 0.64%             | 2032-09-29      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                            | PEMEX 6.7 02/16/32                                                     | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |     169000 | PA      | $132731.87    | 0.28%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                 | MBONO 7.75 05/29/31 M                                                  | CUSIP: P9767HEK1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    5000000 | PA      | $237636.31    | 0.51%             | 2031-05-29      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Secretaria Tesouro Nacional                                    | BNTNF 10 01/01/27 NTNF                                                 | CUSIP: P8T60MXG3<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    2000000 | PA      | $347840.49    | 0.75%             | 2027-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                                            | PEMEX 6.5 03/13/27                                                     | CUSIP: 71654QCG5<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | NUSS              | MX        |     300000 | PA      | $273725.76    | 0.59%             | 2027-03-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Secretaria Tesouro Nacional                                    | BNTNF 10 01/01/31 NTNF                                                 | CUSIP: P8T60NEH0<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    2500000 | PA      | $413594.69    | 0.89%             | 2031-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Saudi Arabia (Kingdom of)                                      | KSA 3.25 10/22/30 REGS                                                 | CUSIP: M6320UBB4<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     500000 | PA      | $457525.00    | 0.98%             | 2030-10-22      | Fixed         | 3.25%                 | Yes           |                  2 | On Loan: No      |
| China (People's Republic Of)                                   | CGB 3.27 11/19/30 INBK                                                 | CUSIP: Y6S39BZJ2<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |    6500000 | PA      | $966060.95    | 2.07%             | 2030-11-19      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| Mexico (United Mexican States)                                 | MEX 4.5 04/22/29                                                       | CUSIP: 91087BAF7<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     260000 | PA      | $247525.62    | 0.53%             | 2029-04-22      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Qatar (State of)                                               | QATAR 3.75 04/16/30 REGS                                               | CUSIP: M8489SAP2<br>LEI: 52990074F6OJOAXK4P65 | Long             | DBT              | NUSS              | QA        |     400000 | PA      | $388234.00    | 0.83%             | 2030-04-16      | Fixed         | 3.75%                 | Yes           |                  2 | On Loan: No      |
| Dominican Republic                                             | DOMREP 4.875 09/23/32 REGS                                             | CUSIP: P3579ECH8<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     300000 | PA      | $249022.51    | 0.53%             | 2032-09-23      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |
| Chile (Republic of)                                            | CHILE 3.24 02/06/28                                                    | CUSIP: 168863CF3<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |     250000 | PA      | $231944.95    | 0.50%             | 2028-02-06      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| Indonesia (Republic of)                                        | INDOGB 7 09/15/30 FR82                                                 | CUSIP: Y6S86ZMP1<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 9000000000 | PA      | $584787.46    | 1.25%             | 2030-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Chile (Republic of)                                            | CHILE 2.45 01/31/31                                                    | CUSIP: 168863DP0<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |     300000 | PA      | $248850.53    | 0.53%             | 2031-01-31      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Abu Dhabi (Emirate of)                                         | ADGB 1.7 03/02/31 REGS                                                 | CUSIP: M0152WAM3<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |     300000 | PA      | $248162.40    | 0.53%             | 2031-03-02      | Fixed         | 1.70%                 | Yes           |                  2 | On Loan: No      |
| Oman (Sultanate Of)                                            | OMAN 6 08/01/29 REGS                                                   | CUSIP: M75242BK8<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |     300000 | PA      | $301851.00    | 0.65%             | 2029-08-01      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Colombia (Republic of)                                         | COLOM 3 01/30/30                                                       | CUSIP: 195325DR3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     300000 | PA      | $229429.66    | 0.49%             | 2030-01-30      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Oman (Sultanate Of)                                            | OMAN 6.75 10/28/27 REGS                                                | CUSIP: M75242BN2<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |     400000 | PA      | $415264.80    | 0.89%             | 2027-10-28      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Egypt (Arab Republic of)                                       | EGYPT 5.875 02/16/31 RegS                                              | CUSIP: M1487WDK8<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     200000 | PA      | $139780.00    | 0.30%             | 2031-02-16      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| Trip.com Group Ltd                                             | Trip.com Group Ltd ADS                                                 | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |      20119 | NS      | $692093.60    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                                                     | JD.com Inc USD0.00002 A CLASS                                          | CUSIP: G8208B101<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | KY        |       1783 | NS      | $50300.32     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Czech (Republic of)                                            | CZGB 2.4 09/17/25 89                                                   | CUSIP: X73311KC9<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |   10000000 | PA      | $411015.58    | 0.88%             | 2025-09-17      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Jd Health International Inc                                    | Jd Health International Inc USD0.0000005                               | CUSIP: G5074A100<br>LEI: 254900OM3MAXYK8PCC84 | Long             | EC               | CORP              | KY        |      29372 | NS      | $268490.89    | 0.58%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Dubai Electricity And Water Authority                          | Dubai Electricity And Water Authority AED0.01                          | CUSIP: M2R81J103<br>LEI: 213800K4OJF8DKATLT41 | Long             | EC               | CORP              | AE        |     554709 | NS      | $350412.48    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Poland (Republic of)                                           | POLGB 1.75 04/25/32 0432                                               | CUSIP: X8T0245B7<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    2000000 | PA      | $300090.15    | 0.64%             | 2032-04-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| LG Energy Solution. Ltd.                                       | LG Energy Solution. Ltd. KRW500                                        | CUSIP: Y5S5CG102<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |       1410 | NS      | $485966.23    | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Inst Fds                                              | Northern Inst Fds GOVT SELECT PT                                       | CUSIP: 665278701<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    3554812 | NS      | $3554812.26   | 7.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovent Biologics Inc                                         | Innovent Biologics Inc USD0.00001                                      | CUSIP: G4818G101<br>LEI: 25490058ONL9SCIE1R22 | Long             | EC               | CORP              | KY        |      98000 | NS      | $420603.55    | 0.90%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Saudi Arabian Oil Company                                      | Saudi Arabian Oil Company SAR10                                        | CUSIP: M8237R104<br>LEI: 5586006WD91QHB7J4X50 | Long             | EC               | CORP              | SA        |     108945 | NS      | $935176.76    | 2.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Czech (Republic of)                                            | CZGB 1.2 03/13/31 121                                                  | CUSIP: 999MAR112<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |    5000000 | PA      | $164545.62    | 0.35%             | 2031-03-13      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| South Africa (Republic of)                                     | SAGB 8.5 01/31/37 2037                                                 | CUSIP: S69124TY1<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    4900000 | PA      | $228919.00    | 0.49%             | 2037-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| KPIT Technologies Limited                                      | KPIT Technologies Limited INR10                                        | CUSIP: Y4984V106<br>LEI: 3358009MOTWWU66WMV49 | Long             | EC               | CORP              | IN        |      23881 | NS      | $203290.15    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| KE Holdings Inc.                                               | KE Holdings Inc. SPONSORED ADS                                         | CUSIP: 482497104<br>LEI: 254900RHVY072XPAZE03 | Long             | EC               | CORP              | KY        |      16495 | NS      | $230270.20    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Iguatemi S.A.                                                  | Iguatemi S.A. UNITS(1 COM & 2 PRF)                                     | CUSIP: P5R52Z102<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |      58600 | NS      | $204760.44    | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP | Companhia de Saneamento Basico do Estado de Sao Paulo - SABESP COM NPV | CUSIP: P2R268136<br>LEI: 254900UOXRZRS2TNWP19 | Long             | EC               | CORP              | BR        |      18800 | NS      | $202397.86    | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| SLC Agricola Sa                                                | SLC Agricola Sa COM NPV                                                | CUSIP: P8711D107<br>LEI: 54930017BQDYJPIJXG79 | Long             | EC               | CORP              | BR        |      35200 | NS      | $312191.20    | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                                     | Samsung Electronics Co Ltd KRW100                                      | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |      39540 | NS      | $1735538.84   | 3.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.                   | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10                     | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     138668 | NS      | $2023477.67   | 4.34%             |  |  |  | No            |                  1 | On Loan: No      |
| United Overseas Bank Ltd.                                      | United Overseas Bank Ltd. NPV                                          | CUSIP: Y9T10P105<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | EC               | CORP              | SG        |      16600 | NS      | $380483.80    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| China Resources Beer Holdings Co Ltd                           | China Resources Beer Holdings Co Ltd NPV                               | CUSIP: Y15037107<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |      46000 | NS      | $321480.50    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Housing Development Finance Corp Ltd.                          | Housing Development Finance Corp Ltd. INR2                             | CUSIP: Y37246207<br>LEI: 335800OX2H9AP7NHLT64 | Long             | EC               | CORP              | IN        |      12290 | NS      | $391830.10    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Grid Corporation of India Ltd.                           | Power Grid Corporation of India Ltd. INR10                             | CUSIP: Y7028N105<br>LEI: 3358009SHWZ3DZEQ4Z56 | Long             | EC               | NUSS              | IN        |     102198 | NS      | $263987.82    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| B2Gold Corp.                                                   | B2Gold Corp. COM NPV                                                   | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |      64300 | NS      | $228421.71    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Sinbon Electronics Co., Ltd.                                   | Sinbon Electronics Co., Ltd. TWD10                                     | CUSIP: Y7989R103<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      40136 | NS      | $359109.17    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Network International Holdings PLC                             | Network International Holdings PLC ORD GBP0.10                         | CUSIP: G6457T104<br>LEI: 213800XVRNKWENNLKK60 | Long             | EC               | CORP              | GB        |      79137 | NS      | $285104.60    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                                      | Alibaba Group Holding Ltd USD0.000003125                               | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |      89600 | NS      | $990077.45    | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Petro Rio SA                                                   | Petro Rio SA COM NPV                                                   | CUSIP: P7S19Q109<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     114900 | NS      | $809328.53    | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Max Healthcare Institute Ltd.                                  | Max Healthcare Institute Ltd. INR10                                    | CUSIP: Y5S464109<br>LEI: 3358005LALYV4GZOYF67 | Long             | EC               | CORP              | IN        |      57668 | NS      | $306393.92    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Al Nahdi Medical Co.                                           | Al Nahdi Medical Co. SAR10                                             | CUSIP: M7068U103<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |       3557 | NS      | $157887.88    | 0.34%             |  |  |  | No            |                  2 | 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