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<PAGE> PAGE 2
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<PAGE> PAGE 12
SIGNATURE MARY JANE MALONEY
TITLE MANAGER
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EXHIBIT INDEX
Exhibit A:
Attachment to item 77B: Accountant's report on internal control
- -------------------------------------------------------------------------
Exhibit A
To the Board of Trustees of
Driehaus Asia Pacific Growth Fund and Driehaus Emerging Markets Growth Fund:
In planning and performing our audits of the financial statements of DRIEHAUS
ASIA PACIFIC GROWTH FUND and DRIEHAUS EMERGING MARKETS GROWTH FUND for the
period from December 31, 1997 (commencement of operations) to September 30,
1998, we considered their internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, not to provide assurance on internal
control.
The management of Driehaus Asia Pacific Growth Fund and Driehaus Emerging
Markets Growth Fund is responsible for establishing and maintaining internal
control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
control activities. Generally, control activities that are relevant to an
audit pertain to the entity's objective of preparing financial statements for
external purposes that are fairly presented in conformity with generally
accepted accounting principles. Those control activities include the
safeguarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of any
specific internal control components does not reduce to a relatively low level
the risk that errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and not be
detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control, including control activities for safeguarding securities,
that we consider to be material weaknesses as defined above as of September
30, 1998.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
Arthur Anderson LLP
Chicago, Illinois
November 20, 1998
