Driehaus Mutual Funds · 497 · On 7/7/00

Filed On 7/7/00 6:24pm ET   ·   SEC File 333-05265   ·   Accession Number 913849-0-144

Definitive Material   ·   Rule 497
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 497         Supplement to Prospectus Dated 5/01/00                 2     11K 

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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.                                                  

Dates Referenced Herein   and   Documents Incorporated By Reference

				Referenced-On Page
This 497 Filing		Date		First		Last			Other Filings
		5/1/00		1
		6/28/00		1
Filed On		7/7/00
Filed As Of		7/10/00		1		2
		7/31/00		1		2
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