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Exhibit 23(d)(iv)
[Driehaus Logo]
[Letterhead of Driehaus Capital Management, Inc.]
February 16, 2000
Xxxxxxx X. Xxxxxxxx, President
DRIEHAUS MUTUAL FUNDS
00 Xxxx Xxxx Xxxxxx
Xxxxxxx, XX 000000
Re: FEE CAPS
Dear Xxxxxxx:
This letter is to set forth the agreement between Driehaus Mutual Funds, on
behalf of each of its series discussed below (collectively, the "Funds"), and
Driehaus Capital Management, Inc. ("DCM") regarding the payment of "total annual
fund operating expenses" (as defined in Form N-1A). DCM serves as the investment
adviser to the Funds pursuant to a contract with Driehaus Mutual Funds. As
consideration hereunder, DCM hereby agrees to absorb other operating expenses to
the extent necessary to ensure that total annual fund operating expenses (after
all waivers) will not exceed, for each of the four affected Funds, the
respective amount indicated below:
- Driehaus International Discovery Fund, 2.40%;
- Driehaus European Opportunity Fund, 2.10%;
- Driehaus Asia Pacific Growth Fund, 2.50%; and
- Driehaus Emerging Markets Growth Fund, 2.50%;
of average net assets for the twelve month period ending June 30, 2001.
If the foregoing agreement meets with your approval, then please indicate
Driehaus Mutual Funds agreement and acceptance by execution below.
Very truly yours,
/s/ Xxxxxx X. Xxxxx AGREED AND ACCEPTED:
DRIEHAUS MUTUAL FUNDS
Xxxxxx X. Xxxxx By: /s/ Xxxxxxx X. Xxxxxxxx
President -----------------------------------
Driehaus Capital Management, Inc. Name: Xxxxxxx X. Xxxxxxxx
Title: President
