DRIEHAUS MUTUAL FUNDS
SUPPLEMENT DATED JULY 10, 2000 TO
PROSPECTUS DATED MAY 1, 2000
On June 28, 2000, the Driehaus Mutual Funds' (the "Funds") Board of
Trustees authorized the adoption of a redemption fee of 2.00% of the redemption
amount for shares redeemed within 60 days of purchase, effective as to shares
purchased after July 31, 2000.
The following information replaces the first paragraph under the heading
"Investor Expenses" on pages 4, 8, 12, 16 and 20:
SHAREHOLDER FEES. All Driehaus Mutual Funds are no-load investments, so you
will not pay any shareholder fees (such as sales loads) when you buy or
sell shares of the Fund, unless you sell your shares within 60 days after
purchase, as described in the table below. There is a $25 charge for
payments of redemption proceeds by wire (which may be waived for certain
financial institutions, however, certain financial institutions may charge
an account-based service fee).
The following information replaces similar information found in the table
under the subheading "Fees and Expenses of the Fund" on pages 4, 8, 12, 16 and
20:
SHAREHOLDER FEES (fees paid directly from your investment)
Maximum Sales Charge Imposed on Purchases............................None
Maximum Deferred Sales Charge........................................None
Maximum Sales Charge Imposed on Reinvested Dividends.................None
Redemption Fee (on shares held less than 60 days for shares
purchased after July 31, 2000) (as a % of amount redeemed)........2.00%
Exchange Fee.........................................................None
The following sentence is added as the first bullet point under the
paragraph entitled "How to Purchase Shares" on page 34:
o The Funds will deduct 2.00% from the redemption amount if you sell
shares within 60 days of purchase effective as to shares purchased
after July 31, 2000.
The following sentence is added to the end of the first paragraph of the
section entitled "Purchases through Financial Institutions" under the heading
"How to Purchase Shares" on page 34:
However, the Funds will deduct 2.00% from the redemption amount if you sell
your shares within 60 days of purchase effective as to shares purchased
after July 31, 2000.
The following information replaces in its entirety the second paragraph of
the section entitled "Execution of Requests" found under the heading "General
Redemption Information" on page 36:
A redemption order will be executed at the price which is the net asset
value determined after proper redemption instructions are received, minus
the redemption fee, if applicable (see "How to Redeem Shares"). The
redemption price received depends upon the Fund's net asset value per share
at the time of redemption and any applicable redemption fee. Therefore, it
may be more or less than the price originally paid for the shares and may
result in a realized capital gain or loss.
Each Fund will deduct a redemption fee of 2.00% from the redemption amount
for shareholders who sell their shares within 60 days of purchase effective
as to shares purchased after July 31, 2000. This fee is paid to the Fund
and is designed to offset the commission costs, market impact costs, tax
consequences to the Fund, and other costs associated with fluctuations in
fund asset levels and cash flow caused by short-term shareholder trading.
Under certain circumstances, a Fund may not deduct a redemption fee.
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For shareholders who purchased shares on different days, the shares held
the longest will be redeemed first for purposes of determining whether the
redemption fee applies. The redemption fee does not apply to shares that
were acquired through reinvestment of distributions.
The following information is added to the end of the section titled
"Exchanging Shares" under the heading "Shareholder Services and Policies" on
page 37:
The 2.00% redemption fee which applies to shareholders who sell their
shares within 60 days of purchase is also applied to shareholders who
exchange their shares for other Driehaus Mutual Fund shares within 60 days
of purchase effective as to shares purchased after July 31, 2000.
There has been a change in portfolio managers for the Driehaus European
Opportunity Fund and the Driehaus International Discovery Fund. The following
information replaces in its entirety the paragraph titled "Portfolio Manager --
Driehaus International Growth Fund" on page 31:
PORTFOLIO MANAGER -- DRIEHAUS INTERNATIONAL GROWTH FUND; DRIEHAUS EUROPEAN
OPPORTUNITY FUND. Mr. William R. Andersen, a Senior Vice President of the
Adviser, has managed the Driehaus International Growth Fund since the
commencement of operations in October of 1996. Prior to the Driehaus
International Growth Fund's commencement of operations, Mr. Andersen was the
portfolio manager for the Driehaus International Large Cap Fund, L.P., the
predecessor to Driehaus International Growth Fund, from its inception in July
1990. Effective July 10, 2000, Mr. Andersen is the portfolio manager for the
Driehaus European Opportunity Fund. Mr. Andersen has primary responsibility for
making all investment decisions on behalf of the Driehaus International Growth
Fund and the Driehaus European Opportunity Fund. He is assisted by the research
department which employs specialists in various markets, including Western
Europe, Asia Pacific, and emerging markets. As the Adviser's chief investment
officer for international investing, Mr. Andersen oversees all international
investing.
The following information replaces in its entirety the paragraph titled
"Portfolio Manager -- Driehaus Asia Pacific Growth Fund" on page 31:
PORTFOLIO MANAGER -- DRIEHAUS ASIA PACIFIC GROWTH FUND; DRIEHAUS
INTERNATIONAL DISCOVERY FUND. Mr. Eric J. Ritter has managed the Driehaus Asia
Pacific Growth Fund since its inception. Effective July 10, 2000, Mr. Ritter is
a portfolio manager for the Driehaus International Discovery Fund. Mr. Ritter,
an Asia Pacific analyst with the Adviser, has responsibility for making all
investment decisions on behalf of the Driehaus Asia Pacific Growth Fund and has
certain portfolio management responsibility for the Driehaus International
Discovery Fund.
The following information replaces in its entirety the paragraph titled
"Portfolio Manager -- Driehaus Emerging Markets Growth Fund; Co-Portfolio
Manager -- Driehaus International Discovery Fund" on page 31:
PORTFOLIO MANAGER -- DRIEHAUS EMERGING MARKETS GROWTH FUND; SENIOR
PORTFOLIO MANAGER -- DRIEHAUS INTERNATIONAL DISCOVERY FUND. Since inception, Mr.
Emery R. Brewer has managed the Driehaus Emerging Markets Growth Fund and has
been a portfolio manager of Driehaus International Discovery Fund. Mr. Brewer,
an emerging markets analyst with the Adviser, has responsibility for making all
investment decisions on behalf of the Driehaus Emerging Markets Growth Fund and
has senior responsibility for the Driehaus International Discovery Fund.
The following information replaces in their entirety the sections titled
"Portfolio Manager -- Driehaus European Opportunity Fund; Co-Portfolio Manager
-- Driehaus International Discovery Fund" and "Co-Portfolio Managers -- Driehaus
International Discovery Fund" on page 32:
PORTFOLIO MANAGERS -- DRIEHAUS INTERNATIONAL DISCOVERY FUND. Effective July
10, 2000, Mr. Emery Brewer is senior portfolio manager and Mr. Eric Ritter is
portfolio manager of the Fund.
