DRIEHAUS MUTUAL FUNDS
NSAR-A, 1998-05-28
PREPACKAGED SOFTWARE
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<PAGE>      PAGE  1
000 A000000 03/31/98
000 C000000 0001016073
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 DRIEHAUS MUTUAL FUNDS (PORTFOLIOS 2&3 ONLY)
001 B000000 811-07655
001 C000000 3125873800
002 A000000 25 EAST ERIE STREET
002 B000000 CHICAGO
002 C000000 IL
002 D010000 60611
002 D020000 2703
003  000000 Y
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  3
007 C010100  1
007 C010200  2
007 C020200 DRIEHAUS EMERGING MARKETS GROWTH FUND
007 C030200 N
007 C010300  3
007 C020300 DRIEHAUS ASIA PACIFIC GROWTH FUND
007 C030300 N
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 DRIEHAUS CAPITAL MANAGEMENT, INC.
008 B00AA01 A
008 C00AA01 801-18439
008 D01AA01 CHICAGO
008 D02AA01 IL
008 D03AA01 60611
008 D04AA01 2703
010 A00AA01 PFPC, INC.
010 B00AA01 85-1196
010 C01AA01 WILMINGTON
010 C02AA01 DE
010 C03AA01 19809
012 A00AA01 PFPC, INC.
012 B00AA01 85-1196
<PAGE>      PAGE  2
012 C01AA01 WILMINGTON
012 C02AA01 DE
012 C03AA01 19809
013 A00AA01 ARTHUR ANDERSEN, LLP
013 B01AA01 CHICAGO
013 B02AA01 IL
013 B03AA01 60603
014 A00AA01 DRIEHAUS SECURITIES CORP.
014 B00AA01 8-24024
015 A00AA01 MORGAN STANLEY TRUST COMPANY
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 11201
015 E04AA01 X
018  00AA00 Y
019 A00AA00 N
019 B00AA00    0
020 A000001 DRIEHAUS SECURITIES CORP.
020 B000001 36-3026585
020 C000001      8
020 A000002 SOCIETE GENERALE SECURITIES, CORP.
020 B000002 13-1976032
020 C000002      8
020 A000003 CREDIT LYONNAIS SECURITIES, INC.
020 B000003 13-2602298
020 C000003      6
020 A000004 ROBERT FLEMING, INC.
020 B000004 13-3298866
020 C000004      5
020 A000005 PARIBUS CORP.
020 B000005 13-3235334
020 C000005      5
020 A000006 VICKERS BALLAS (USA), INC.
020 B000006 13-3743951
020 C000006      4
020 A000007 J.B. WERE & SON, INC.
020 B000007 13-3077027
020 C000007      3
020 A000008 DAIWA SECURITIES AMERICA, INC.
020 B000008 13-5680329
020 C000008      2
020 A000009 W.I. CARR LTD.
020 B000009 13-2927466
020 C000009      2
020 A000010 CAPEL JAMES SECURITIES INC.
020 B000010 52-1348224
020 C000010      2
021  000000       54
022 A000001 SOCIETE GENERALE SECURITIES, CORP.
022 B000001 13-1976032
<PAGE>      PAGE  3
022 C000001       111
022 D000001       130
022 A000002 DEUTSCHE MORGAN GRENFELL SECURITIES, INC.
022 B000002 13-2730828
022 C000002       207
022 D000002         0
022 A000003 MERRILL, LYNCH, PIERCE, FENNER, & SMITH, INC.
022 B000003 13-5674085
022 C000003       191
022 D000003        13
022 A000004 SMITH BARNEY, HARRIS, UPHAM & CO.
022 B000004 13-1912900
022 C000004       177
022 D000004        23
022 A000005 PARIBUS CORP.
022 B000005 13-3235334
022 C000005       184
022 D000005         0
022 A000006 KLEINWORT BENSON NORTH AMERICA, INC.
022 B000006 13-2647786
022 C000006        84
022 D000006        61
022 A000007 ROBERT FLEMING, INC.
022 B000007 13-3298866
022 C000007        88
022 D000007        21
022 A000008 HERZOG, HIENE, GEDULD, INC.
022 B000008 13-1955436
022 C000008        65
022 D000008        17
022 A000009 FIRST (THE) BOSTON CORP.
022 B000009 13-5659485
022 C000009        23
022 D000009        41
022 A000010 BEAR, STEARNS & CO.
022 B000010 13-3299429
022 C000010        62
022 D000010         0
023 C000000       1373
023 D000000        373
024  00AA00 N
025 D00AA01       0
025 D00AA02       0
025 D00AA03       0
025 D00AA04       0
025 D00AA05       0
025 D00AA06       0
025 D00AA07       0
025 D00AA08       0
026 A000000 N
026 B000000 Y
<PAGE>      PAGE  4
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 Y
029  00AA00 N
030 A00AA00      0
030 B00AA00  0.00
030 C00AA00  0.00
031 A00AA00      0
031 B00AA00      0
032  00AA00      0
033  00AA00      0
034  00AA00 N
035  00AA00      0
036 B00AA00      0
037  00AA00 N
038  00AA00      0
039  00AA00 N
040  00AA00 N
042 A00AA00   0
042 B00AA00   0
042 C00AA00   0
042 D00AA00   0
042 E00AA00   0
042 F00AA00   0
042 G00AA00   0
042 H00AA00   0
043  00AA00      0
044  00AA00      0
045  00AA00 Y
046  00AA00 N
047  00AA00 Y
048  00AA00  1.500
048 A01AA00        0
048 A02AA00 0.000
048 B01AA00        0
048 B02AA00 0.000
048 C01AA00        0
048 C02AA00 0.000
048 D01AA00        0
048 D02AA00 0.000
048 E01AA00        0
048 E02AA00 0.000
048 F01AA00        0
048 F02AA00 0.000
048 G01AA00        0
048 G02AA00 0.000
<PAGE>      PAGE  5
048 H01AA00        0
048 H02AA00 0.000
048 I01AA00        0
048 I02AA00 0.000
048 J01AA00        0
048 J02AA00 0.000
048 K01AA00        0
048 K02AA00 0.000
049  00AA00 N
050  00AA00 N
051  00AA00 N
052  00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056  00AA00 Y
057  00AA00 N
058 A00AA00 N
059  00AA00 Y
060 A00AA00 N
060 B00AA00 N
061  00AA00   100000
062 A00AA00 N
062 B00AA00   0.0
062 C00AA00   0.0
062 D00AA00   0.0
062 E00AA00   0.0
062 F00AA00   0.0
062 G00AA00   0.0
062 H00AA00   0.0
062 I00AA00   0.0
062 J00AA00   0.0
062 K00AA00   0.0
062 L00AA00   0.0
<PAGE>      PAGE  6
062 M00AA00   0.0
062 N00AA00   0.0
062 O00AA00   0.0
062 P00AA00   0.0
062 Q00AA00   0.0
062 R00AA00   0.0
063 A00AA00   0
063 B00AA00  0.0
066 A00AA00 Y
066 B00AA00 Y
066 C00AA00 N
066 D00AA00 N
066 E00AA00 N
066 F00AA00 N
066 G00AA00 N
067  00AA00 N
068 A00AA00 N
068 B00AA00 Y
069  00AA00 N
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 Y
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 Y
070 D02AA00 N
070 E01AA00 Y
070 E02AA00 N
070 F01AA00 Y
070 F02AA00 N
070 G01AA00 Y
070 G02AA00 N
070 H01AA00 Y
070 H02AA00 N
070 I01AA00 Y
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 Y
070 L01AA00 Y
070 L02AA00 Y
070 M01AA00 Y
070 M02AA00 Y
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
<PAGE>      PAGE  7
070 Q01AA00 Y
070 Q02AA00 N
070 R01AA00 Y
070 R02AA00 N
077 A000000 N
078  000000 N
080 A00AA00 RELIANCE INSURANCE COMPANY
080 C00AA00  1000000
081 A00AA00 N
081 B00AA00   0
082 A00AA00 N
082 B00AA00        0
083 A00AA00 N
083 B00AA00        0
084 A00AA00 N
084 B00AA00        0
085 A00AA00 Y
085 B00AA00 N
086 A010000      0
086 A020000      0
086 B010000      0
086 B020000      0
086 C010000      0
086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
028 A010200         0
028 A020200         0
028 A030200         0
028 A040200         0
028 B010200         0
028 B020200         0
028 B030200         0
028 B040200         0
028 C010200         0
028 C020200         0
028 C030200         0
028 C040200         0
028 D010200      1740
028 D020200         0
028 D030200         0
028 D040200         0
028 E010200         0
028 E020200         0
028 E030200         0
028 E040200         0
028 F010200      1975
<PAGE>      PAGE  8
028 F020200         0
028 F030200         0
028 F040200         0
028 G010200      3715
028 G020200         0
028 G030200         0
028 G040200         0
028 H000200         0
071 A000200      4910
071 B000200      1388
071 C000200      1607
071 D000200   86
072 A000200  3
072 B000200        7
072 C000200        4
072 D000200        0
072 E000200        0
072 F000200        8
072 G000200       29
072 H000200        0
072 I000200        1
072 J000200       11
072 K000200        0
072 L000200        1
072 M000200        1
072 N000200        1
072 O000200        0
072 P000200        0
072 Q000200        0
072 R000200        3
072 S000200        3
072 T000200        0
072 U000200        1
072 V000200        0
072 W000200        1
072 X000200       60
072 Y000200       46
072 Z000200       -3
072AA000200       52
072BB000200      103
072CC010200      172
072CC020200        0
072DD010200        0
072DD020200        0
072EE000200        0
073 A010200   0.0000
073 A020200   0.0000
073 B000200   0.0000
073 C000200   0.0000
074 A000200      426
074 B000200        0
<PAGE>      PAGE  9
074 C000200        0
074 D000200        0
074 E000200        0
074 F000200     3642
074 G000200        0
074 H000200        0
074 I000200        0
074 J000200       63
074 K000200       18
074 L000200        7
074 M000200       31
074 N000200     4187
074 O000200      312
074 P000200       33
074 Q000200        0
074 R010200        0
074 R020200        0
074 R030200        0
074 R040200       21
074 S000200        0
074 T000200     3821
074 U010200      362
074 U020200        0
074 V010200    10.55
074 V020200     0.00
074 W000200   0.0000
074 X000200        5
074 Y000200        0
075 A000200        0
075 B000200     2111
076  000200     0.00
028 A010300         0
028 A020300         0
028 A030300         0
028 A040300         0
028 B010300         0
028 B020300         0
028 B030300         0
028 B040300         0
028 C010300         0
028 C020300         0
028 C030300         0
028 C040300         0
028 D010300      1000
028 D020300         0
028 D030300         0
028 D040300         0
028 E010300       515
028 E020300         0
028 E030300         0
028 E040300         0
<PAGE>      PAGE  10
028 F010300      1680
028 F020300         0
028 F030300         0
028 F040300         0
028 G010300      3195
028 G020300         0
028 G030300         0
028 G040300         0
028 H000300         0
071 A000300      4041
071 B000300       974
071 C000300      1166
071 D000300   83
072 A000300  3
072 B000300        6
072 C000300        7
072 D000300        0
072 E000300        0
072 F000300        6
072 G000300       29
072 H000300        0
072 I000300        1
072 J000300       13
072 K000300        0
072 L000300        1
072 M000300        1
072 N000300        1
072 O000300        0
072 P000300        0
072 Q000300        0
072 R000300        4
072 S000300        3
072 T000300        0
072 U000300        1
072 V000300        0
072 W000300        1
072 X000300       61
072 Y000300       48
072 Z000300        2
072AA000300       57
072BB000300      100
072CC010300       13
072CC020300        0
072DD010300        0
072DD020300        0
072EE000300        0
073 A010300   0.0000
073 A020300   0.0000
073 B000300   0.0000
073 C000300   0.0000
074 A000300      414
<PAGE>      PAGE  11
074 B000300        0
074 C000300        0
074 D000300        0
074 E000300        0
074 F000300     3038
074 G000300        0
074 H000300        0
074 I000300        0
074 J000300      126
074 K000300       21
074 L000300       10
074 M000300       30
074 N000300     3639
074 O000300      416
074 P000300       33
074 Q000300        0
074 R010300        0
074 R020300        0
074 R030300        0
074 R040300       36
074 S000300        0
074 T000300     3154
074 U010300      317
074 U020300        0
074 V010300     9.95
074 V020300     0.00
074 W000300   0.0000
074 X000300        8
074 Y000300        0
075 A000300        0
075 B000300     1582
076  000300     0.00
SIGNATURE   KATHY THREN                                  
TITLE       COUNSEL             
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001016073
<NAME> DRIEHAUS MUTUAL FUNDS
<SERIES>
   <NUMBER> 02
   <NAME> DRIEHAUS EMERGING MARKETS GROWTH FUND
       
<S>                             <C>
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          SEP-30-1998
<PERIOD-END>                               MAR-31-1998
<INVESTMENTS-AT-COST>                          3470667
<INVESTMENTS-AT-VALUE>                         3642470
<RECEIVABLES>                                    88301
<ASSETS-OTHER>                                  456532
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 4187303
<PAYABLE-FOR-SECURITIES>                        311453
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        54376
<TOTAL-LIABILITIES>                             365829
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       3714540
<SHARES-COMMON-STOCK>                           362333
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                       (3040)
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (63096)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        173070
<NET-ASSETS>                                   3821474
<DIVIDEND-INCOME>                                 4664
<INTEREST-INCOME>                                 6612
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   14316
<NET-INVESTMENT-INCOME>                         (3040)
<REALIZED-GAINS-CURRENT>                       (63096)
<APPREC-INCREASE-CURRENT>                       173070
<NET-CHANGE-FROM-OPS>                           106934
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         362333
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                         3821474
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                             7808
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  68348
<AVERAGE-NET-ASSETS>                           2111162
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                  (.01)
<PER-SHARE-GAIN-APPREC>                            .56
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.55
<EXPENSE-RATIO>                                   2.75
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0001016073
<NAME> DRIEHAUS MUTUAL FUNDS
<SERIES>
   <NUMBER> 03
   <NAME> DRIEHAUS ASIA PACIFIC GROWTH FUND
       
<S>                             <C>
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          SEP-30-1998
<PERIOD-END>                               MAR-31-1998
<INVESTMENTS-AT-COST>                          3024847
<INVESTMENTS-AT-VALUE>                         3037681
<RECEIVABLES>                                   156970
<ASSETS-OTHER>                                  444149
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 3638800
<PAYABLE-FOR-SECURITIES>                        416180
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        68767
<TOTAL-LIABILITIES>                             484947
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       3195436
<SHARES-COMMON-STOCK>                           316918
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                         1817
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (48287)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                          4887
<NET-ASSETS>                                   3153853
<DIVIDEND-INCOME>                                 7490
<INTEREST-INCOME>                                 5837
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   11510
<NET-INVESTMENT-INCOME>                           1817
<REALIZED-GAINS-CURRENT>                       (48287)
<APPREC-INCREASE-CURRENT>                         4887
<NET-CHANGE-FROM-OPS>                          (41583)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         316918
<NUMBER-OF-SHARES-REDEEMED>                          0
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                         3153853
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                             5852
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  68563
<AVERAGE-NET-ASSETS>                           1582310
<PER-SHARE-NAV-BEGIN>                            10.00
<PER-SHARE-NII>                                    .01
<PER-SHARE-GAIN-APPREC>                          (.06)
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.95
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<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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