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<PAGE> PAGE 7
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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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<PAGE> PAGE 22
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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
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EXHIBIT INDEX
Exhibit A: Attachment to item 77B:
Accountants report on internal control
- -------------------------------------------------------
Exhibit A:
To the Board of Trustees of
Driehaus International Growth Fund,
Driehaus International Discovery Fund,
Driehaus European Opportunities Fund,
Driehaus Asia Pacific Growth Fund, and
Driehaus Emerging Markets Growth Fund:
In planning and performing our audits of DRIEHAUS INTERNATIONAL
GROWTH FUND, DRIEHAUS INTERNATIONAL DISCOVERY FUND, DRIEHAUS
EUROPEAN OPPORTUNITIES FUND, DRIEHAUS ASIA PACIFIC GROWTH FUND,
AND DRIEHAUS EMERGING MARKETS GROWTH FUND (the Funds), for the
year ended December 31, 1999, 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 the internal control structure.
The management of the Funds 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 them to future periods is subject to the risk that
they 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 the specific
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 and its operation, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 1999.
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 23, 2000
