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<PAGE> PAGE 2
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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001016073
<NAME> DRIEHAUS MUTUAL FUNDS
<SERIES>
<NUMBER> 01
<NAME> DRIEHAUS INTERNATIONAL GROWTH FUND
<S> <C>
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<PERIOD-END> AUG-31-1998
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<INVESTMENTS-AT-VALUE> 215719296
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<EXPENSES-NET> (4181514)
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</TABLE>
EXHIBIT INDEX
EXHIBIT A:
ATTACHMENT TO ITEM 77B: ACCOUNTANT'S REPORT ON INTERNAL CONTROL
- -----------------------------------------------------------------------
EXHIBIT A:
In planning and performing our audit of the financial statements of DRIEHAUS
INTERNATIONAL GROWTH FUND for the year ended August 31, 1998, we considered
its 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 International 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 August 31,
1998.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
Arthur Anderson LLP
Chicago, Illinois
October 23, 1998
