# EDGAR Filing Document

**Accession Number:** 0001016073
**File Stem:** 0001145549-23-006899
**Filing Date:** 2023-2
**Character Count:** 38409
**Document Hash:** af046fe4de3672cb57b111eec15bc940
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-006899.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001145549-23-006899

**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:** 23645872

**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 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:** 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:** $105421978.19

**Total Liabilities:** $2790837.47

**Net Assets:** $102631140.72

**Cash Not Reported:** $363584.28

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000101771 | 0.18%                | 6.34%                | -1.91%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-272578.62              | $492862.76                                 |
| Month 2  | $-1434116.30             | $7811949.24                                |
| Month 3  | $-1456453.52             | $-551058.26                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Prestige Estate Projects Limited                      | Prestige Estate Projects Limited INR10                                              | CUSIP: Y707AN101<br>LEI: 335800HHEBP52VZLTU94 | Long             | EC               | CORP              | IN        |    181278 | NS      | $1015730.89   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Oberoi Realty Ltd                                     | Oberoi Realty Ltd INR10                                                             | CUSIP: Y6424D109<br>LEI: 335800TCKG1XQXN51L44 | Long             | EC               | CORP              | IN        |     99520 | NS      | $1044099.89   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Yihai International Holding Ltd                       | Yihai International Holding Ltd USD0.00001                                          | CUSIP: G98419107<br>LEI: 3003004D79NRTSL70K40 | Long             | EC               | CORP              | KY        |    233000 | NS      | $823885.87    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Varun Beverages Ltd.                                  | Varun Beverages Ltd. INR10                                                          | CUSIP: Y9T53H101<br>LEI: 33580058NWEMWBDNMD48 | Long             | EC               | CORP              | IN        |     62913 | NS      | $1005748.68   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Suzhou Maxwell Technologies Co Ltd                    | Suzhou Maxwell Technologies Co Ltd A CNY1                                           | CUSIP: Y831GX101<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     20380 | NS      | $1207373.62   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Masan Group Corp                                      | Masan Group Corp VND10000                                                           | CUSIP: Y5825M106<br>LEI: 254900M1892CMJ87XD24 | Long             | EC               | CORP              | VN        |    278280 | NS      | $1097774.76   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| APL Apollo Tubes                                      | APL Apollo Tubes INR2.00 POST SUB                                                   | CUSIP: Y0181Q148<br>LEI: 335800ZU4GXSB7Q4IU95 | Long             | EC               | CORP              | IN        |     75927 | NS      | $1002203.36   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Companhia Brasileira de Aluminio                      | Companhia Brasileira de Aluminio COM NPV                                            | CUSIP: P3059U100<br>LEI: 5493001QYTIDILBVYO18 | Long             | EC               | CORP              | BR        |    524600 | NS      | $1131150.60   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Qatar Gas Transport Co. (Nakilat)                     | Qatar Gas Transport Co. (Nakilat) QAR1                                              | CUSIP: M8178L108<br>LEI: N/A                  | Long             | EC               | CORP              | QA        |    948814 | NS      | $956899.88    | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Bangchak Corporation Public Company Limited           | Bangchak Corporation Public Company Limited NON VTG DEP RCPT REP 1 ORD THB1         | CUSIP: Y0559Y129<br>LEI: 254900M7L6ML94L1YX58 | Long             | EC               | CORP              | TH        |    780800 | NS      | $710125.60    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ASPEED Technology Inc.                                | ASPEED Technology Inc. TWD10                                                        | CUSIP: Y04044106<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     22700 | NS      | $1244473.00   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| China MeiDong Auto Holdings Ltd.                      | China MeiDong Auto Holdings Ltd. HKD0.1                                             | CUSIP: G21192102<br>LEI: 875500GUQWEG1PXVMG17 | Long             | EC               | CORP              | KY        |    416000 | NS      | $853803.43    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Estun Automation Co Ltd                               | Estun Automation Co Ltd A CNY1                                                      | CUSIP: Y6196S102<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    199678 | NS      | $622728.12    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Offcn Education Technology Co Ltd.                    | Offcn Education Technology Co Ltd. 'A'CNY1                                          | CUSIP: Y9717Y103<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   1069600 | NS      | $712379.42    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Wuhan Dr Laser Technology Corporation Limited         | Wuhan Dr Laser Technology Corporation Limited A CNY1                                | CUSIP: Y9715F106<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     41600 | NS      | $754002.62    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| PetroReconcavo SA                                     | PetroReconcavo SA COM NPV                                                           | CUSIP: P7S19P135<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    189500 | NS      | $1184546.82   | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Man Wah Holdings Ltd.                                 | Man Wah Holdings Ltd. HKD0.4                                                        | CUSIP: G5800U107<br>LEI: 52990005BW6K71UPKX41 | Long             | EC               | CORP              | BM        |    782800 | NS      | $779244.76    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Lojas Renner SA                                       | Lojas Renner SA COM NPV                                                             | CUSIP: P6332C102<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    230300 | NS      | $892606.14    | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Cibanco S.A. Institucion de Banca Multiple            | Cibanco S.A. Institucion de Banca Multiple CBFI (MACQUARIE MEX REAL EST) 144A/REG S | CUSIP: P3515D155<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    393400 | NS      | $579405.23    | 0.56%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Abdullah Al Othaim                                    | Abdullah Al Othaim SAR10                                                            | CUSIP: M008AM109<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |     18191 | NS      | $504716.89    | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Jiangsu Hengli Hydraulic Co Ltd.                      | Jiangsu Hengli Hydraulic Co Ltd. 'A'CNY1                                            | CUSIP: Y443AC115<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    187350 | NS      | $1701907.81   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Yangtze Optical Fibre & Cable Joint Stock Ltd Co.     | Yangtze Optical Fibre & Cable Joint Stock Ltd Co. CNY1 H                            | CUSIP: Y9737F100<br>LEI: 52990001VWJO1YB9S047 | Long             | EC               | CORP              | CN        |    650000 | NS      | $1157524.55   | 1.13%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Filo Mining Corp                                      | Filo Mining Corp COM NPV                                                            | CUSIP: 31730E101<br>LEI: 54930049JO3VWJU1B514 | Long             | EC               | CORP              | CA        |     44900 | NS      | $770661.74    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovent Biologics Inc                                | Innovent Biologics Inc USD0.00001                                                   | CUSIP: G4818G101<br>LEI: 25490058ONL9SCIE1R22 | Long             | EC               | CORP              | KY        |    272500 | NS      | $1169535.39   | 1.14%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Proya Cosmetics Co Ltd.                               | Proya Cosmetics Co Ltd. A CNY1                                                      | CUSIP: Y7S88X100<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     92020 | NS      | $2216941.12   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Orizon Valorizacao de Residuos SA                     | Orizon Valorizacao de Residuos SA COM NPV                                           | CUSIP: P7376G108<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    140000 | NS      | $897072.13    | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Parade Technologies Ltd.                              | Parade Technologies Ltd. TWD10                                                      | CUSIP: G6892A108<br>LEI: 529900D9FDQHQKAQLY02 | Long             | EC               | CORP              | KY        |     37455 | NS      | $941995.90    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivanhoe Mines Ltd                                     | Ivanhoe Mines Ltd COM NPV CL'A'                                                     | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |    191494 | NS      | $1513283.46   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Mobile World Investment Corporation                   | Mobile World Investment Corporation VND10000                                        | CUSIP: Y604K2105<br>LEI: N/A                  | Long             | EC               | CORP              | VN        |    936000 | NS      | $1822490.27   | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Wilcon Depot Inc                                      | Wilcon Depot Inc PHP1                                                               | CUSIP: Y9584X105<br>LEI: N/A                  | Long             | EC               | CORP              | PH        |    861200 | NS      | $456544.58    | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| KPIT Technologies Limited                             | KPIT Technologies Limited INR10                                                     | CUSIP: Y4984V106<br>LEI: 3358009MOTWWU66WMV49 | Long             | EC               | CORP              | IN        |    275917 | NS      | $2348779.73   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Longshine Technology Group Co Limited                 | Longshine Technology Group Co Limited A CNY1                                        | CUSIP: Y5324Y106<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    153125 | NS      | $484153.16    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Hygeia Healthcare Holdings Co Limited                 | Hygeia Healthcare Holdings Co Limited USD0.00001                                    | CUSIP: G4712E103<br>LEI: 2549001Z9KHQTRR29237 | Long             | EC               | CORP              | KY        |    296600 | NS      | $2127949.06   | 2.07%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Dixon Technologies (India) Pvt Ltd                    | Dixon Technologies (India) Pvt Ltd INR2.00 (POST SUBD)                              | CUSIP: Y2R8Y5112<br>LEI: 335800D7XO7AVXXJ8575 | Long             | EC               | CORP              | IN        |     24638 | NS      | $1162837.36   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Arabian Drilling Co.                                  | Arabian Drilling Co. SAR10                                                          | CUSIP: M00018107<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |     24855 | NS      | $744724.06    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Engineering Co.,Ltd                           | Samsung Engineering Co.,Ltd KRW5000                                                 | CUSIP: Y7472L100<br>LEI: 988400HDAY5KIVHGZ188 | Long             | EC               | CORP              | KR        |     57753 | NS      | $1021694.02   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Pacific Basin Shipping Limited                        | Pacific Basin Shipping Limited USD0.01                                              | CUSIP: G68437139<br>LEI: 254900LNPK737X4Y3V26 | Long             | EC               | CORP              | BM        |   2439000 | NS      | $824931.30    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Leeno Industrial                                      | Leeno Industrial KRW500                                                             | CUSIP: Y5254W104<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      9687 | NS      | $1197023.69   | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Thai Oil Public Co Ltd.                               | Thai Oil Public Co Ltd. THB10(NVDR)                                                 | CUSIP: Y8620B127<br>LEI: 549300HG5527UPZLTT69 | Long             | EC               | CORP              | TH        |    651500 | NS      | $1058087.92   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharat Forge Ltd                                      | Bharat Forge Ltd INR2                                                               | CUSIP: Y08825179<br>LEI: 3358009U5Z2BU2X3L230 | Long             | EC               | CORP              | IN        |     95660 | NS      | $1017363.12   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| TVS Motor Company Limited                             | TVS Motor Company Limited INR1                                                      | CUSIP: Y9014B103<br>LEI: 335800URVL13UQEWM152 | Long             | EC               | CORP              | IN        |     97090 | NS      | $1273800.15   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Gloria Material Technology Corp.                      | Gloria Material Technology Corp. TWD10                                              | CUSIP: Y2726B107<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    433000 | NS      | $523367.12    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| NagaCorp Ltd.                                         | NagaCorp Ltd. HKD0.0125                                                             | CUSIP: G6382M109<br>LEI: 549300MMNKN0RBJELS20 | Long             | EC               | CORP              | KY        |    613339 | NS      | $540618.71    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Indian Hotels Co                                      | Indian Hotels Co INR1 (POST SUBDIVISION)                                            | CUSIP: Y3925F147<br>LEI: 33580076CH5SBY5HWA22 | Long             | EC               | CORP              | IN        |    131901 | NS      | $508041.26    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Praj Industries                                       | Praj Industries INR2                                                                | CUSIP: Y70770139<br>LEI: 335800REA5D98T7WI642 | Long             | EC               | CORP              | IN        |    193832 | NS      | $834440.55    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanwha Solutions Corp.                                | Hanwha Solutions Corp. KRW5000                                                      | CUSIP: Y3065K104<br>LEI: 549300M2V0ZS71BRNR68 | Long             | EC               | CORP              | KR        |     35380 | NS      | $1209771.73   | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Posco Chemical Co Ltd                                 | Posco Chemical Co Ltd KRW500                                                        | CUSIP: Y70754109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      4564 | NS      | $652002.97    | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Yageo Corp                                            | Yageo Corp TWD10                                                                    | CUSIP: Y9723R100<br>LEI: 5493001P0TOZH7GGNQ21 | Long             | EC               | CORP              | TW        |     59000 | NS      | $865741.57    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Voltronic Power Technology Corp.                      | Voltronic Power Technology Corp. TWD10                                              | CUSIP: Y937BE103<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     25550 | NS      | $1284337.33   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Centre Testing International Group Co Ltd.            | Centre Testing International Group Co Ltd. 'A'CNY1                                  | CUSIP: Y1252N105<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    189500 | NS      | $607887.28    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Merdeka Copper Gold Tbk PT                            | Merdeka Copper Gold Tbk PT IDR20                                                    | CUSIP: Y60132100<br>LEI: 894500DF5TJXCOE26L58 | Long             | EC               | CORP              | ID        |   6252000 | NS      | $1654616.35   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Gujarat Fluorochemicals Ltd.                          | Gujarat Fluorochemicals Ltd. INR1                                                   | CUSIP: Y4R879102<br>LEI: N/A                  | Long             | EC               | CORP              | IN        |     20074 | NS      | $754819.28    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Jiumaojiu International Holdings Ltd.                 | Jiumaojiu International Holdings Ltd. USD0.0000001                                  | CUSIP: G5141L105<br>LEI: 6556009ZSGTEPL7MEK84 | Long             | EC               | CORP              | KY        |    463000 | NS      | $1236770.46   | 1.21%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Vamos Locacao De Caminhoes Maquinas E Equipamentos SA | Vamos Locacao De Caminhoes Maquinas E Equipamentos SA COM NPV                       | CUSIP: P9680U112<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    545000 | NS      | $1304665.59   | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| FPT Corp.                                             | FPT Corp. VND10000                                                                  | CUSIP: Y26333107<br>LEI: N/A                  | Long             | EC               | CORP              | VN        |    660680 | NS      | $2305948.35   | 2.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Lotes Co Ltd                                          | Lotes Co Ltd TWD10                                                                  | CUSIP: Y53302116<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     45000 | NS      | $1209350.75   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Sinbon Electronics Co., Ltd.                          | Sinbon Electronics Co., Ltd. TWD10                                                  | CUSIP: Y7989R103<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    180000 | NS      | $1610515.53   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Military Commercial Joint Stock Bank                  | Military Commercial Joint Stock Bank VND10000                                       | CUSIP: Y6050Q101<br>LEI: 5493007XE88E8JRNTJ93 | Long             | EC               | CORP              | VN        |    669588 | NS      | $519679.81    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Silergy Corporation                                   | Silergy Corporation TWD2.5                                                          | CUSIP: G8190F102<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     74000 | NS      | $1050934.59   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Syngene International Ltd                             | Syngene International Ltd INR10                                                     | CUSIP: Y8T288113<br>LEI: 335800FFAWRC77Z2EY68 | Long             | EC               | CORP              | IN        |    182927 | NS      | $1294728.69   | 1.26%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Leejam Sports Company JSC                             | Leejam Sports Company JSC SAR10                                                     | CUSIP: M4319P108<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |     23242 | NS      | $520143.04    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Ming Yang Smart Energy Group Limited                  | Ming Yang Smart Energy Group Limited A CNY1                                         | CUSIP: Y60373100<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    415800 | NS      | $1510869.00   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Devyani International Ltd.                            | Devyani International Ltd. INR1                                                     | CUSIP: Y2R58Y114<br>LEI: 335800QL2YIWJ1DFK350 | Long             | EC               | CORP              | IN        |    324351 | NS      | $708647.93    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| SITC International Holdings Co Ltd.                   | SITC International Holdings Co Ltd. HKD0.10                                         | CUSIP: G8187G105<br>LEI: 529900JUV4MOM9CE3V12 | Long             | EC               | CORP              | KY        |    428000 | NS      | $951909.24    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Arezzo Industria E                                    | Arezzo Industria E COM NPV                                                          | CUSIP: P04508100<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     28000 | NS      | $415292.72    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumber Alfaria                                        | Sumber Alfaria IDR10                                                                | CUSIP: Y71362118<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |   4798200 | NS      | $816780.47    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Petro Rio SA                                          | Petro Rio SA COM NPV                                                                | CUSIP: P7S19Q109<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    197700 | NS      | $1392552.22   | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Navin Fluorine Int                                    | Navin Fluorine Int INR2                                                             | CUSIP: Y62120137<br>LEI: 335800OVIUAAKYG44C59 | Long             | EC               | CORP              | IN        |     24570 | NS      | $1208527.41   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Max Healthcare Institute Ltd.                         | Max Healthcare Institute Ltd. INR10                                                 | CUSIP: Y5S464109<br>LEI: 3358005LALYV4GZOYF67 | Long             | EC               | CORP              | IN        |    418607 | NS      | $2224086.87   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Bethel Automotive Safety System Co Ltd.               | Bethel Automotive Safety System Co Ltd. A CNY1                                      | CUSIP: Y0875L108<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     67206 | NS      | $771471.55    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Shenzhen Kedali Industry Co Ltd                       | Shenzhen Kedali Industry Co Ltd A CNY1                                              | CUSIP: Y774C5108<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     47100 | NS      | $804975.91    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Nantong Jianghai C                                    | Nantong Jianghai C 'A'CNY1                                                          | CUSIP: Y619A3102<br>LEI: 655600C7JLS3EH5G9P95 | Long             | EC               | CORP              | CN        |    254300 | NS      | $818316.53    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Akeso Inc.                                            | Akeso Inc. USD0.00001                                                               | CUSIP: G0146B103<br>LEI: 254900ECWYGR3QW5GF30 | Long             | EC               | CORP              | KY        |    288000 | NS      | $1586583.73   | 1.55%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Motherson Sumi Wiring India Ltd.                      | Motherson Sumi Wiring India Ltd. INR1                                               | CUSIP: Y613MV100<br>LEI: 335800Y5S92WUOZT3C60 | Long             | EC               | CORP              | IN        |   1680483 | NS      | $1184239.80   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Abu Dhabi Ports Company PJSC                          | Abu Dhabi Ports Company PJSC AED1                                                   | CUSIP: M0153A108<br>LEI: 213800F5LEV1NQJ68T87 | Long             | EC               | CORP              | AE        |    807845 | NS      | $1262601.51   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Bradespar SA                                          | Bradespar SA PRF NPV                                                                | CUSIP: P1808W104<br>LEI: 9598001UD1DHEH3PZ471 | Long             | EP               | CORP              | BR        |    158500 | PA      | $883217.23    | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Inst Fds                                     | Northern Inst Fds GOVT SELECT PT                                                    | CUSIP: 665278701<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   6732347 | NS      | $6732347.29   | 6.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Rainbow Childrens Medicare Ltd.                       | Rainbow Childrens Medicare Ltd. INR10                                               | CUSIP: Y2745K104<br>LEI: 894500O094S259NC7H64 | Long             | EC               | CORP              | IN        |    111279 | NS      | $994287.89    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| AU Small Finance Bank Limited                         | AU Small Finance Bank Limited INR10                                                 | CUSIP: Y0R772123<br>LEI: 3358006J6L5P5MWKCU97 | Long             | EC               | CORP              | IN        |    199545 | NS      | $1578535.30   | 1.54%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Sunresin New Materials Co. Ltd.,Xi'an                 | Sunresin New Materials Co. Ltd.,Xi'an CNY1 A                                        | CUSIP: Y8240K101<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    189944 | NS      | $1901434.61   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| PB Fintech Ltd.                                       | PB Fintech Ltd. INR2.00                                                             | CUSIP: Y67616287<br>LEI: 98450083AC6B01HF1F87 | Long             | EC               | CORP              | IN        |    181608 | NS      | $984103.30    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Ningbo Orient Wires & Cables Co., Ltd.                | Ningbo Orient Wires & Cables Co., Ltd. 'A'CNY1                                      | CUSIP: Y6365U102<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    113200 | NS      | $1104529.25   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Campus Activewear Ltd                                 | Campus Activewear Ltd INR5                                                          | CUSIP: Y1080S128<br>LEI: 3358004PT3NRFB1FYG32 | Long             | EC               | CORP              | IN        |    142931 | NS      | $714136.70    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Milkyway Chemical Supply Chain Service Co.,Ltd        | Milkyway Chemical Supply Chain Service Co.,Ltd A CNY1                               | CUSIP: Y6035A106<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     38500 | NS      | $646088.01    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Al Nahdi Medical Co.                                  | Al Nahdi Medical Co. SAR10                                                          | CUSIP: M7068U103<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |     42681 | NS      | $1894521.41   | 1.85%             |  |  |  | No            |                  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        |   3688182 | NS      | $1426024.73   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Mipo Dockyard Co.Ltd                          | Hyundai Mipo Dockyard Co.Ltd KRW5000                                                | CUSIP: Y3844T103<br>LEI: 988400L1JDH871AJTA03 | Long             | EC               | CORP              | KR        |     16892 | NS      | $1131091.23   | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| SLC Agricola Sa                                       | SLC Agricola Sa COM NPV                                                             | CUSIP: P8711D107<br>LEI: 54930017BQDYJPIJXG79 | Long             | EC               | CORP              | BR        |    162000 | NS      | $1436789.04   | 1.40%             |  |  |  | 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        |     32956 | NS      | $1052614.64   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Bosideng International Holdings Ltd.                  | Bosideng International Holdings Ltd. USD0.00001                                     | CUSIP: G12652106<br>LEI: 254900G7F1RDM4B3S169 | Long             | EC               | CORP              | KY        |   2468000 | NS      | $1173062.41   | 1.14%             |  |  |  | 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