# EDGAR Filing Document

**Accession Number:** 0001016073
**File Stem:** 0001145549-23-006898
**Filing Date:** 2023-2
**Character Count:** 46620
**Document Hash:** ed12b913c7d72612eb67eb1a6929dec3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-006898.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001145549-23-006898

**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:** 23645871

**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 GROWTH FUND (Series ID: S000001909)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000005025 | Investor Share Class      | DREGX           |
| C000190956 | Institutional Share Class | DIEMX           |

## 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 Growth Fund

- **b. EDGAR series identifier (if any):** S000001909

- **c. LEI of Series:** 2549003SIJKOXIAOFO04

**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:** $2078116996.20

**Total Liabilities:** $20578761.90

**Net Assets:** $2057538234.30

**Cash Not Reported:** $7699644.57

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000005025 | 0.03%                | 7.84%                | -4.14%               |
| Class ID C000190956 | 0.06%                | 7.86%                | -4.11%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-47015038.54            | $48537729.76                               |
| Month 2  | $-23427384.65            | $168122078.94                              |
| Month 3  | $-6216103.48             | $-81650592.93                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Energy Absolute Public Co Ltd.                         | Energy Absolute Public Co Ltd. THB0.10(NVDR)                          | CUSIP: Y2290P128<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |   6079000 | NS      | $17025061.35  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambev S.A.                                             | Ambev S.A. SPON ADR EACH REP 1 ORD SHS                                | CUSIP: 02319V103<br>LEI: 549300TH5Q6VRP8OT012 | Long             | EC               | CORP              | BR        |   6670077 | NS      | $18142609.44  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Biologics Co Ltd                               | Samsung Biologics Co Ltd KRW2500                                      | CUSIP: Y7T7DY103<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     10320 | NS      | $6710222.04   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Shenzhen Inovance Technology Co Ltd.                   | Shenzhen Inovance Technology Co Ltd. 'A'CNY1                          | CUSIP: Y7744Z101<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   1056109 | NS      | $10558507.34  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharat Electronics Ltd.                                | Bharat Electronics Ltd. INR1                                          | CUSIP: Y0881Q141<br>LEI: 335800HS8AOTM9W1F335 | Long             | EC               | CORP              | IN        |   9962567 | NS      | $12030224.14  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Trip.com Group Ltd                                     | Trip.com Group Ltd ADS                                                | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |    702910 | NS      | $24180104.00  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Dr Sulaiman Al Habib For Medical Service Group Company | Dr Sulaiman Al Habib For Medical Service Group Company SAR10          | CUSIP: M28438105<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |    155232 | NS      | $9064981.89   | 0.44%             |  |  |  | No            |                  2 | 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        |    139140 | NS      | $8243079.76   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Qatar National Bank QPSC                               | Qatar National Bank QPSC QAR1                                         | CUSIP: M81802106<br>LEI: 549300FFSRVBS0SQXY75 | Long             | EC               | CORP              | QA        |   2683796 | NS      | $13303132.57  | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Equatorial Energia SA                                  | Equatorial Energia SA COM NPV                                         | CUSIP: P3773H104<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   2817900 | NS      | $14433558.35  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Masan Group Corp                                       | Masan Group Corp VND10000                                             | CUSIP: Y5825M106<br>LEI: 254900M1892CMJ87XD24 | Long             | EC               | CORP              | VN        |   1769080 | NS      | $6978767.34   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore PLC                                           | Glencore PLC ORD USD0.01                                              | CUSIP: G39420107<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |   1558893 | NS      | $10410662.13  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsonite International SA                             | Samsonite International SA USD0.01                                    | CUSIP: L80308106<br>LEI: 549300UULS5HYFJSEL12 | Long             | EC               | CORP              | LU        |   6336300 | NS      | $16682057.41  | 0.81%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Telkom Indonesia(Persero) Tbk PT                       | Telkom Indonesia(Persero) Tbk PT SER'B'IDR50                          | CUSIP: Y71474145<br>LEI: 529900M5SQZAOKV1PC81 | Long             | EC               | CORP              | ID        |  50076200 | NS      | $12062678.66  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Limited                               | Tencent Holdings Limited HKD0.00002                                   | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |   1266645 | NS      | $54200517.59  | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Globant S.A                                            | Globant S.A USD1.20                                                   | CUSIP: L44385109<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | LU        |     55741 | NS      | $9373406.56   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Foshan Haitian Flavouring & Food Co Ltd.               | Foshan Haitian Flavouring & Food Co Ltd. 'A'CNY1                      | CUSIP: Y23840104<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    931232 | NS      | $10663012.96  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Rumo SA                                                | Rumo SA COM NPV                                                       | CUSIP: P8S114104<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   2840000 | NS      | $10031487.12  | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Abu Dhabi National Oil Company                         | Abu Dhabi National Oil Company AED0.08                                | CUSIP: M0153H103<br>LEI: 213800YI1ZIOJB3HLB11 | Long             | EC               | CORP              | AE        |  11375631 | NS      | $13659677.81  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Jd Health International Inc                            | Jd Health International Inc USD0.0000005                              | CUSIP: G5074A100<br>LEI: 254900OM3MAXYK8PCC84 | Long             | EC               | CORP              | KY        |   1195100 | NS      | $10924467.52  | 0.53%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Abu Dhabi Ports Company PJSC                           | Abu Dhabi Ports Company PJSC AED1                                     | CUSIP: M0153A108<br>LEI: 213800F5LEV1NQJ68T87 | Long             | EC               | CORP              | AE        |   5276411 | NS      | $8246637.03   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SCB X Public Co Ltd.                                   | SCB X Public Co Ltd. THB10 (NVDR)                                     | CUSIP: Y8620D438<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |   4185500 | NS      | $12930518.26  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Credicorp Ltd.                                         | Credicorp Ltd. COM USD5                                               | CUSIP: G2519Y108<br>LEI: 529900UYAEYQCQ2BKB17 | Long             | EC               | CORP              | BM        |    117617 | NS      | $15955922.22  | 0.78%             |  |  |  | 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        |   5340092 | NS      | $38431452.65  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.           | Taiwan Semiconductor Manufacturing Co., Ltd. SPON ADS REP 5 ORD TWD10 | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   1467094 | NS      | $109283832.06 | 5.31%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd.                                        | ICICI Bank Ltd. SPON ADR EACH REP 2 ORD SHS                           | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |   2021970 | NS      | $44260923.30  | 2.15%             |  |  |  | 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        |    556683 | NS      | $10131630.60  | 0.49%             |  |  |  | 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        |    309469 | NS      | $21170774.29  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hecla Mining Company                                   | Hecla Mining Company COM USD0.25                                      | CUSIP: 422704106<br>LEI: 5493009Y6HOBZD1QD537 | Long             | EC               | CORP              | US        |   2074756 | NS      | $11535643.36  | 0.56%             |  |  |  | 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        |    987200 | NS      | $6386616.62   | 0.31%             |  |  |  | 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        |   9046910 | NS      | $9124008.58   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Corporacion Inmobiliaria Vesta S A B De C V            | Corporacion Inmobiliaria Vesta S A B De C V COM NPV                   | CUSIP: P9781N108<br>LEI: 4469000001BIRIFZJ959 | Long             | EC               | CORP              | MX        |   5948400 | NS      | $14096790.70  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| AIER Eye Hospital Group Co Ltd.                        | AIER Eye Hospital Group Co Ltd. 'A'CNY1                               | CUSIP: Y0029J108<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   1538516 | NS      | $6876259.35   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinduoduo Inc                                          | Pinduoduo Inc SPON ADS EACH REP 4 ORD SHS                             | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | KY        |     98490 | NS      | $8031859.50   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Futu Holdings Ltd.                                     | Futu Holdings Ltd. SPON ADS CL A                                      | CUSIP: 36118L106<br>LEI: 213800X4W4ZRESFPTQ37 | Long             | EC               | CORP              | KY        |    214359 | NS      | $8713693.35   | 0.42%             |  |  |  | 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        |  19924985 | NS      | $13270520.96  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Energy Solution. Ltd.                               | LG Energy Solution. Ltd. KRW500                                       | CUSIP: Y5S5CG102<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     39740 | NS      | $13696665.37  | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| KB Financial Group                                     | KB Financial Group KRW5000                                            | CUSIP: Y46007103<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |    435594 | NS      | $16688761.63  | 0.81%             |  |  |  | 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        |   3936200 | NS      | $43772256.56  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Localiza Rent a Car SA                                 | Localiza Rent a Car SA COM NPV 144A/REG                               | CUSIP: P6330Z111<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    615300 | NS      | $6109777.90   | 0.30%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Arca Continental S.A.B. de C.V.                        | Arca Continental S.A.B. de C.V. COM NPV                               | CUSIP: P0448R103<br>LEI: 254900U2BSJCQHJCXN24 | Long             | EC               | CORP              | MX        |   1510500 | NS      | $12250502.66  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Chailease Holding Company Limited                      | Chailease Holding Company Limited TWD10                               | CUSIP: G20288109<br>LEI: 529900L76E6T0JCM3J27 | Long             | EC               | CORP              | KY        |         1 | NS      | $6.71         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Oil Company                              | Saudi Arabian Oil Company SAR10                                       | CUSIP: M8237R104<br>LEI: 5586006WD91QHB7J4X50 | Long             | EC               | CORP              | SA        |   3384804 | NS      | $29054936.27  | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Proya Cosmetics Co Ltd.                                | Proya Cosmetics Co Ltd. A CNY1                                        | CUSIP: Y7S88X100<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   1306583 | NS      | $31478130.65  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Polyus Public Joint Stock Company                      | Polyus Public Joint Stock Company RUB1(RUB)                           | CUSIP: X59432108<br>LEI: 549300FUXVT7TF6ZKV71 | Long             | EC               | CORP              | RU        |     63751 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Weg SA                                                 | Weg SA COM NPV                                                        | CUSIP: P9832B129<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   1674900 | NS      | $12166955.30  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Parade Technologies Ltd.                               | Parade Technologies Ltd. TWD10                                        | CUSIP: G6892A108<br>LEI: 529900D9FDQHQKAQLY02 | Long             | EC               | CORP              | KY        |    534000 | NS      | $13430137.79  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Ivanhoe Mines Ltd                                      | Ivanhoe Mines Ltd COM NPV CL'A'                                       | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |   1327900 | NS      | $10493744.46  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Haidilao International Holding Limited                 | Haidilao International Holding Limited USD0.000005                    | CUSIP: G4290A101<br>LEI: 3003009Q8GV4VNKZWI24 | Long             | EC               | CORP              | KY        |   3021000 | NS      | $8669634.68   | 0.42%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd.       | Shenzhen Mindray Bio-Medical Electronics Co Ltd. A CNY1               | CUSIP: Y774E3101<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    420619 | NS      | $19118055.36  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| KPIT Technologies Limited                              | KPIT Technologies Limited INR10                                       | CUSIP: Y4984V106<br>LEI: 3358009MOTWWU66WMV49 | Long             | EC               | CORP              | IN        |   1350467 | NS      | $11496027.86  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc                                            | Coupang Inc CL A                                                      | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |    739930 | NS      | $10884370.30  | 0.53%             |  |  |  | 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        |   1857700 | NS      | $6491185.44   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| KT Corp.                                               | KT Corp. KRW5000                                                      | CUSIP: Y49915104<br>LEI: 9884005ACF8449EANY26 | Long             | EC               | NUSS              | KR        |    838722 | NS      | $22448640.75  | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| UTD Tractors                                           | UTD Tractors IDR250                                                   | CUSIP: Y7146Y140<br>LEI: 529900N9ELYOWQV4FW14 | Long             | EC               | CORP              | ID        |   4983200 | NS      | $8346679.94   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Chunghwa Telecom Co Ltd.                               | Chunghwa Telecom Co Ltd. TWD10                                        | CUSIP: Y1613J108<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |   2870000 | NS      | $10551642.24  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Dabur India Ltd.                                       | Dabur India Ltd. INR1                                                 | CUSIP: Y1855D140<br>LEI: 335800MJPUA2E1FSFL38 | Long             | EC               | CORP              | IN        |   1454733 | NS      | $9872595.71   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Largan Precision Co., Ltd.                             | Largan Precision Co., Ltd. TWD10                                      | CUSIP: Y52144105<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    127000 | NS      | $8429340.66   | 0.41%             |  |  |  | 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        |   1770300 | NS      | $9021450.84   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Mandiri (Persero) Tbk PT                          | Bank Mandiri (Persero) Tbk PT IDR250                                  | CUSIP: Y7123S108<br>LEI: 549300RSKQN4Z5ZSGH94 | Long             | EC               | NUSS              | ID        |  43874100 | NS      | $27971764.41  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Larsen & Toubro Ltd.                                   | Larsen & Toubro Ltd. INR2                                             | CUSIP: Y5217N159<br>LEI: 3358003FR3JIC5FRXA90 | Long             | EC               | CORP              | IN        |    984205 | NS      | $24813910.18  | 1.21%             |  |  |  | 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        |   5641000 | NS      | $37327463.50  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Tata Consultancy Services Ltd.                         | Tata Consultancy Services Ltd. INR1                                   | CUSIP: Y85279100<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |    164639 | NS      | $6481081.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharat Forge Ltd                                       | Bharat Forge Ltd INR2                                                 | CUSIP: Y08825179<br>LEI: 3358009U5Z2BU2X3L230 | Long             | EC               | CORP              | IN        |    847104 | NS      | $9009119.48   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Macquarie Korea Infrastructure Fund                    | Macquarie Korea Infrastructure Fund NPV                               | CUSIP: Y53643105<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |   1130245 | NS      | $9916159.93   | 0.48%             |  |  |  | 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        |   9863300 | NS      | $21358380.25  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Industrial and Commercial Bank of China Ltd.           | Industrial and Commercial Bank of China Ltd. 'H'CNY1                  | CUSIP: Y3990B112<br>LEI: 5493002ERZU2K9PZDL40 | Long             | EC               | CORP              | CN        |  60252000 | NS      | $31031271.74  | 1.51%             |  |  |  | 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        |   3540000 | NS      | $16213671.22  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Electronics Inc.                                 | Delta Electronics Inc. TWD10                                          | CUSIP: Y20263102<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |   2367000 | NS      | $22063916.32  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Elbit Systems Ltd                                      | Elbit Systems Ltd ILS1                                                | CUSIP: M3760D101<br>LEI: 529900Q9CB1REUMZSS32 | Long             | EC               | CORP              | IL        |     79346 | NS      | $12904182.84  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Hanwha Solutions Corp.                                 | Hanwha Solutions Corp. KRW5000                                        | CUSIP: Y3065K104<br>LEI: 549300M2V0ZS71BRNR68 | Long             | EC               | CORP              | KR        |    529000 | NS      | $18088446.78  | 0.88%             |  |  |  | No            |                  2 | 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        |   4121000 | NS      | $13394540.52  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Minerva SA                                             | Minerva SA COM NPV                                                    | CUSIP: P6831V106<br>LEI: 391200UHL6YHY0OA1P30 | Long             | EC               | CORP              | BR        |   1508000 | NS      | $3700923.91   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Sun Pharmaceutical Industries Ltd.                     | Sun Pharmaceutical Industries Ltd. INR1(DEMAT)                        | CUSIP: Y8523Y158<br>LEI: 335800KJ7GE29LB4SS73 | Long             | EC               | CORP              | IN        |   1744833 | NS      | $21120219.58  | 1.03%             |  |  |  | No            |                  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        |    896061 | NS      | $8933728.17   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| LI Ning Co Ltd                                         | LI Ning Co Ltd HKD0.1                                                 | CUSIP: G5496K124<br>LEI: 529900T77L2FV3FZ3U81 | Long             | EC               | CORP              | KY        |   1670500 | NS      | $14499660.49  | 0.70%             |  |  |  | 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        |   4773920 | NS      | $12331520.66  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Telecom Company                                  | Saudi Telecom Company SAR10                                           | CUSIP: M8T596104<br>LEI: 21380028ATJ79OTA9W17 | Long             | EC               | CORP              | SA        |    706825 | NS      | $6878260.13   | 0.33%             |  |  |  | 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        |  37114875 | NS      | $20384273.73  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Bank Group Limited                            | Standard Bank Group Limited ZAR0.1                                    | CUSIP: S80605140<br>LEI: 2549003PEZXUT7MDBU41 | Long             | EC               | CORP              | ZA        |   1777181 | NS      | $17549809.46  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Sinbon Electronics Co., Ltd.                           | Sinbon Electronics Co., Ltd. TWD10                                    | CUSIP: Y7989R103<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    739000 | NS      | $6612060.97   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                                      | ASML Holding N.V. NY REGISTRY SHS                                     | CUSIP: N07059210<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     29915 | NS      | $16345556.00  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Kweichow Moutai Co Ltd.                                | Kweichow Moutai Co Ltd. 'A'CNY1                                       | CUSIP: Y5070V116<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     57810 | NS      | $14361648.23  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| State Bank of India                                    | State Bank of India INR1                                              | CUSIP: Y8155P103<br>LEI: 5493001JZ37UBBZF6L49 | Long             | EC               | CORP              | IN        |   3490971 | NS      | $25896396.74  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Beijing Oriental Yuhong Waterproof Technology Co Ltd.  | Beijing Oriental Yuhong Waterproof Technology Co Ltd. 'A'CNY1         | CUSIP: Y07729109<br>LEI: 300300XMIXB7STDZWT60 | Long             | EC               | CORP              | CN        |   2202500 | NS      | $10635948.76  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Beigene Limited                                        | Beigene Limited USD0.0001                                             | CUSIP: G1146Y101<br>LEI: 549300JFUK6FRD5MH739 | Long             | EC               | CORP              | KY        |    504500 | NS      | $8673926.55   | 0.42%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                              | Alibaba Group Holding Ltd USD0.000003125                              | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |   5038200 | NS      | $55671966.38  | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Hi International Holding Ltd.                    | Super Hi International Holding Ltd. USD0.000005                       | CUSIP: G8588S104<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    176000 | NS      | $224130.58    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ENN Energy Holdings Limited                            | ENN Energy Holdings Limited HKD0.10                                   | CUSIP: G3066L101<br>LEI: 549300V7BXPWT6WIPR03 | Long             | EC               | CORP              | KY        |    836000 | NS      | $11738669.78  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Emaar Properties PJSC                                  | Emaar Properties PJSC AED1                                            | CUSIP: M4025S107<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |   4728777 | NS      | $7545235.86   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Petro Rio SA                                           | Petro Rio SA COM NPV                                                  | CUSIP: P7S19Q109<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   2402300 | NS      | $16921235.16  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum China Holdings Inc                                 | Yum China Holdings Inc COM USD0.01                                    | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |    211241 | NS      | $11544320.65  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Meituan                                                | Meituan USD0.00001 B CLASS                                            | CUSIP: G59669104<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | KY        |   1880900 | NS      | $42097922.61  | 2.05%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Max Healthcare Institute Ltd.                          | Max Healthcare Institute Ltd. INR10                                   | CUSIP: Y5S464109<br>LEI: 3358005LALYV4GZOYF67 | Long             | EC               | CORP              | IN        |   2074021 | NS      | $11019411.71  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Al Nahdi Medical Co.                                   | Al Nahdi Medical Co. SAR10                                            | CUSIP: M7068U103<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |    218093 | NS      | $9680697.66   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Dubai Electricity And Water Authority                  | Dubai Electricity And Water Authority AED0.01                         | CUSIP: M2R81J103<br>LEI: 213800K4OJF8DKATLT41 | Long             | EC               | CORP              | AE        |  20458334 | NS      | $12923633.09  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Inst Fds                                      | Northern Inst Fds GOVT SELECT PT                                      | CUSIP: 665278701<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        | 104173837 | NS      | $104173837.42 | 5.06%             |  |  |  | No            |                  1 | 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        |   1821432 | NS      | $16546086.68  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Cipla Ltd.                                             | Cipla Ltd. INR2                                                       | CUSIP: Y1633P142<br>LEI: 335800KMJJYEDDK82Q34 | Long             | EC               | CORP              | IN        |   1628951 | NS      | $21185420.38  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Industries Ltd.                               | Reliance Industries Ltd. INR10(100%DEMAT)                             | CUSIP: Y72596102<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |   1389024 | NS      | $42767096.98  | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc.                                          | SK Hynix Inc. KRW5000                                                 | CUSIP: Y8085F100<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |    292479 | NS      | $17450481.97  | 0.85%             |  |  |  | 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        |    259474 | NS      | $17374423.74  | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| International Container Terminal Services Inc.         | International Container Terminal Services Inc. PHP1                   | CUSIP: Y41157101<br>LEI: 254900FU1MWK0I0Q4J61 | Long             | EC               | CORP              | PH        |   1293697 | NS      | $4643067.45   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Galaxy Entertainment Group Ltd.                        | Galaxy Entertainment Group Ltd. NPV                                   | CUSIP: Y2679D118<br>LEI: 549300ZSEBV3HR826S10 | Long             | EC               | CORP              | HK        |   3251000 | NS      | $21491598.82  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Yangzijiang Shipbuilding Holdings Ltd.                 | Yangzijiang Shipbuilding Holdings Ltd. NPV (SGD)                      | CUSIP: Y9728A102<br>LEI: 254900Z3JEM14YIGLM66 | Long             | EC               | CORP              | SG        |  10897800 | NS      | $11065408.39  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| SLC Agricola Sa                                        | SLC Agricola Sa COM NPV                                               | CUSIP: P8711D107<br>LEI: 54930017BQDYJPIJXG79 | Long             | EC               | CORP              | BR        |   1562314 | NS      | $13856269.37  | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| DLF Ltd.                                               | DLF Ltd. INR2                                                         | CUSIP: Y2089H105<br>LEI: 335800PJLUEOB8914F48 | Long             | EC               | CORP              | IN        |   4130386 | NS      | $18722286.35  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd                             | Samsung Electronics Co Ltd KRW100                                     | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |   2169784 | NS      | $95238857.27  | 4.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Mercadolibre Inc                                       | Mercadolibre Inc COM USD0.001                                         | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |     19603 | NS      | $16588842.72  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| United Overseas Bank Ltd.                              | United Overseas Bank Ltd. NPV                                         | CUSIP: Y9T10P105<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | EC               | CORP              | SG        |    730000 | NS      | $16732118.86  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale S.A.                                              | Vale S.A. SPONS ADS REPR 1 COM NPV                                    | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |    849636 | NS      | $14418322.92  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharti Airtel Ltd.                                     | Bharti Airtel Ltd. INR5                                               | CUSIP: Y0885K108<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |   1633764 | NS      | $15918979.34  | 0.77%             |  |  |  | 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        |    936970 | NS      | $29872501.78  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| New Oriental Education and Technology Group Inc        | New Oriental Education and Technology Group Inc SPON ADR              | CUSIP: 647581206<br>LEI: 529900NHZVBZQZ8EKN29 | Long             | EC               | CORP              | KY        |    372583 | NS      | $12973340.06  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Opap S.A.                                              | Opap S.A. EUR0.30 (CR)                                                | CUSIP: X3232T104<br>LEI: 213800M4NRGFJCI34834 | Long             | EC               | CORP              | GR        |    626899 | NS      | $8878177.72   | 0.43%             |  |  |  | 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