<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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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
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<CIK> 0001016073
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<NAME> DRIEHAUS EMERGING MARKETS GROWTH FUND
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<TABLE> <S> <C>
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<CIK> 0001016073
<NAME> DRIEHAUSE MUTUAL FUNDS
<SERIES>
<NUMBER> 03
<NAME> DRIEHAUS ASIA PACIFIC GROWTH FUND
<S> <C>
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<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> OCT-01-1998
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<SHARES-COMMON-PRIOR> 431617
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> (706277)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 868601
<NET-ASSETS> 4964903
<DIVIDEND-INCOME> 5460
<INTEREST-INCOME> 6901
<OTHER-INCOME> 0
<EXPENSES-NET> (32552)
<NET-INVESTMENT-INCOME> (20191)
<REALIZED-GAINS-CURRENT> 79581
<APPREC-INCREASE-CURRENT> 713320
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<NUMBER-OF-SHARES-SOLD> 69795
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<NET-CHANGE-IN-ASSETS> 1382710
<ACCUMULATED-NII-PRIOR> (8979)
<ACCUMULATED-GAINS-PRIOR> (785857)
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 92580
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<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001016073
<NAME> DRIEHAUS MUTUAL FUNDS
<SERIES>
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<NAME> DRIEHAUS EUROPEAN OPPORTUNITY FUND
<S> <C>
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<CIK> 0001016073
<NAME> DRIEHAUS MUTUAL FUNDS
<SERIES>
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<NAME> DRIEHAUS INTERNATIONAL DISCOVERY FUND
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<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> DEC-31-1998
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<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
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<GROSS-EXPENSE> 0
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<EXPENSE-RATIO> 0
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</TABLE>
EXHIBIT INDEX
Exhibit A: Attachment to item 77B:
Accountant's report on internal control(2).
- ---------------------------------------------------------
Exhibit A:
To the Board of Trustees of
Driehaus International Discovery Fund and
Driehaus European Opportunity Fund:
In planning and performing our audits of the financial
statements of DRIEHAUS INTERNATIONAL DISCOVERY FUND and
DRIEHAUS EUROPEAN OPPORTUNITY FUND as of December 31, 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 International Discovery Fund and
Driehaus European Opportunity 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 controls. Generally, controls 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 controls include the
safeguarding of assets against unauthorized acquisition,
use or disposition.
Because of inherent limitations in internal control, error
or fraud 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 one or more of the internal control components
does not reduce to a relatively low level the risk that
misstatements caused by error or fraud 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 controls for
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 1998.
This report is intended solely for the information and use
of management, the Board of Trustees and the Securities and
Exchange Commission.
Arthur Andersen LLP
Chicago, Illinois
February 19, 1999
To the Board of Trustees of
Driehaus International Growth Fund,
Driehaus Asia Pacific Growth Fund and
Driehaus Emerging Markets Growth Fund:
In planning and performing our audits of the financial
statements of DRIEHAUS INTERNATIONAL GROWTH FUND for the
period from September 1, 1998 to December 31, 1998, and
DRIEHAUS ASIA PACIFIC GROWTH FUND and DRIEHAUS EMERGING
MARKETS GROWTH FUND for the period from October 1, 1998 to
December 31, 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 International Growth Fund,
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 controls. Generally, controls 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 controls include the safeguarding of
assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control, error
or fraud 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 one or more of the internal control components
does not reduce to a relatively low level the risk that
misstatements caused by error or fraud 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 controls for
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 1998.
This report is intended solely for the information and use
of management, the Board of Trustees and the Securities and
Exchange Commission.
Arthur Andersen LLP
Chicago, Illinois
February 19, 1999
