<SEC-DOCUMENT>0001193125-14-444816.txt : 20150416
<SEC-HEADER>0001193125-14-444816.hdr.sgml : 20150416
<ACCEPTANCE-DATETIME>20141217110001
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER: 0001193125-14-444816
CONFORMED SUBMISSION TYPE: CORRESP
PUBLIC DOCUMENT COUNT: 3
FILED AS OF DATE: 20141217
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: DRIEHAUS MUTUAL FUNDS
CENTRAL INDEX KEY: 0001016073
IRS NUMBER: 000000000
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: CORRESP
BUSINESS ADDRESS:
STREET 1: 25 EAST ERIE ST
STREET 2: 25 EAST ERIE STREET
CITY: CHICAGO
STATE: IL
ZIP: 60611
BUSINESS PHONE: 3125873800
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<TD VALIGN="bottom">222 NORTH LASALLE STREET</TD></TR>
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<TD VALIGN="bottom">CHICAGO, ILLINOIS 60601</TD></TR>
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<TD VALIGN="bottom">T: +1 (312) 609 7500</TD></TR>
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<TD VALIGN="bottom">F: +1 (312) 609 5005</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">JENNIFER M. GOODMAN</P></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">+1 (312) 609 7732</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt"> </FONT></TD>
<TD VALIGN="bottom">CHICAGO • NEW YORK • WASHINGTON, DC</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">jgoodman@vedderprice.com</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt"> </FONT></TD>
<TD VALIGN="bottom">LONDON • SAN FRANCISCO • LOS ANGELES</TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-size:8pt"> </FONT></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">December 17, 2014</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms. Stephanie Hui </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Investment Management </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top">Driehaus Mutual Funds (the “Registrant” or the “Trust”) <U> </U></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>File
No. 333-200108
</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms. Hui: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of the Registrant, this letter is in response to the comments you and Christina D’Angelo Fettig provided on December 10,
2014 regarding the registration statement on Form <FONT STYLE="white-space:nowrap">N-14</FONT> filed on November 12, 2014 (the “N-14”) relating to the issuance of shares of beneficial interest in connection with the reorganization of
the Driehaus International Discovery Fund (“Target Fund”) into the Driehaus International Small Cap Growth Fund (“Acquiring Fund”), each a series of the Registrant. As you requested, this letter is being filed via EDGAR. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"><B>Comment:</B> Please provide an accounting survivor analysis. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> The analysis
has been provided as Appendix A to this letter. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"><B>Comment:</B> In the President’s letter and throughout the N-14 where applicable, please clarify that the reorganization will (vs. intends to) qualify as a tax-free reorganization for federal income tax purposes.
</TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> The disclosure has been revised accordingly to state that the reorganization will not occur unless the
Funds receive an opinion of counsel to the effect that it qualifies as a tax-free reorganization for federal income tax purposes. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
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</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms. Stephanie Hui </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities
and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 17, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"><B>Comment:</B> In the second Q&A and the Synopsis, please note the difference between the Funds’ investment strategies. In addition, please note in the Q&A, that the total expense ratio of the combined
fund is expected to be higher than the Target Fund. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> The disclosure has been revised to highlight the
difference in the Funds’ investment strategies and to note that the total expense ratio of the combined fund is expected to be higher than the Target Fund. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"><B>Comment:</B> In the fifth Q&A and throughout the N-14 where applicable, please clarify that the reorganization would not occur earlier than March 9, 2015. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> The disclosure has been revised to clarify that the reorganization would not occur earlier than March 9, 2015. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"><B>Comment:</B> In the last Q&A and throughout the N-14 where applicable, please clarify what other action the Board may take should shareholders not approve the reorganization. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> The disclosure has been revised to state that should shareholders not approve the reorganization, the Board may take other
action such as liquidating the Target Fund. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top"><B>Comment:</B> In the N-14, please specify what the total expenses associated with the reorganization are expected to be. In addition, please note in the seventh Q&A and throughout the N-14 where applicable, that
the Adviser will pay the costs associated with the reorganization regardless of whether it closes. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Response:</B>
Disclosure has been added specifying the total expenses associated with the reorganization and that the Adviser will pay the costs associated with the reorganization regardless of whether it closes. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(7)</TD>
<TD ALIGN="left" VALIGN="top"><B>Comment:</B> If any repositioning of the Target Fund will occur, please state in the N-14 where applicable: the % of the portfolio that will be repositioned, the brokerage costs associated with such repositioning and
the estimated capital gains associated with such sales. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> Disclosure regarding the repositioning has been
added under the Synopsis and on page 12. </P>
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</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms. Stephanie Hui </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities
and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 17, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3 </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(8)</TD>
<TD ALIGN="left" VALIGN="top"><B>Comment:</B> On page ii, please disclose that the audited financial statements of the Funds included in the December 31, 2013 Annual Report are incorporated by reference. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> This disclosure has been added to page ii. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(9)</TD>
<TD ALIGN="left" VALIGN="top"><B>Comment:</B> In the Synopsis under “federal income taxes,” please note that any repositioning, if applicable, may result in the Target Fund realizing capital gains and estimate the resulting realized
capital gains and whether they would be offset by any capital losses and capital loss carryforwards. </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> This
disclosure has been added to the Synopsis. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(10)</TD>
<TD ALIGN="left" VALIGN="top"><B>Comment:</B> Please remove footnote 2 to the Annual Fund Operating Expenses table on page 5. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> This footnote has been removed. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(11)</TD>
<TD ALIGN="left" VALIGN="top"><B>Comment:</B> On pages 6-7, please clarify that the portfolio managers will continue to manage the Acquiring Fund following the reorganization. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> Language has been added to clarify that the portfolio managers will continue to manage the Acquiring Fund following the
reorganization. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(12)</TD>
<TD ALIGN="left" VALIGN="top"><B>Comment:</B> Please note the following comments to the pro formas: </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) In
the pro forma statement of operations, footnote “a” should only be tied to the investment advisory fee and not the administration or transfer agency fees. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) After the schedule of investments, please note in narrative form whether any securities of the Target Fund would need to
be sold and provide a list of those securities. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Please add a footnote about the use of estimates. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) In Note 5, please add applicable disclosure regarding repositioning. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) In Note 6, please clarify that the reorganization will be tax-free. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Response:</B> The Registrant has incorporated all of these comments. </P>
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</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms. Stephanie Hui </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities
and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 17, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 4 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* *
* </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any questions regarding these responses, please call me at (312) 609-7732. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P><DIV ALIGN="right">
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<TD VALIGN="top">Very truly yours,</TD></TR>
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<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Jennifer M. Goodman</TD></TR>
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<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Jennifer M. Goodman</TD></TR>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Appendix A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Surviving Fund Analysis </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Board of Trustees of Driehaus Mutual Funds has approved the reorganization of the Driehaus International Discovery Fund
(“DRIDX”) into the Driehaus International Small Cap Growth Fund (“DRIOX” and together with DRIDX, the “Funds”) pursuant to an Agreement and Plan of Reorganization dated October 23, 2014. This memo sets forth the
rationale for DRIOX to be the accounting survivor of the reorganization based on the factors discussed below<SUP STYLE="font-size:85%; vertical-align:top">1</SUP>. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"><U>Investment Adviser</U> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Driehaus Capital Management LLC (“DCM” or the
“Adviser”) is the adviser to both DRIDX and DRIOX and will continue as adviser to DRIOX after the merger. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"><U>Investment Objectives, Policies and Restrictions</U> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Both Funds have the same investment
objective of maximizing capital appreciation, which they pursue using a growth style of investing. They each invest in equity securities of non-U.S. companies and the Adviser makes investment decisions using the same investment philosophy. The key
difference between the two Funds is that DRIDX has no restriction on the market capitalization of the companies whose securities it may buy, while DRIOX, under normal market conditions, must invest at least 80% of its net assets (plus the amount of
borrowings for investment purposes) in equity securities of non-U.S. small-capitalization companies at the time of investment. The Funds’ risks, policies and restrictions are otherwise substantially similar. Following the merger, the combined
fund will continue to follow the policy of investing at least 80% of its net assets (plus the amount of borrowings for investment purposes) in equity securities of non-U.S. small-capitalization companies at the time of investment. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"><U>Expense Structure and Expense Ratios</U> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The expense structure subsequent to the merger
will be that of DRIOX, including the DRIOX management fee of 1.50%. It is anticipated that the non-management fee expenses of the merged Funds will be lower than those of each Fund currently. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"><U>Asset Size</U> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of September 30, 2014, the net assets of DRIDX were $98.4 million
and the net assets of DRIOX were $235.1 million. Typically, as here, the larger fund in a reorganization is the accounting survivor. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"><U>Portfolio Composition</U> </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This factor is discussed above in Investment Objectives, Policies
and Restrictions. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP> </TD>
<TD ALIGN="left" VALIGN="top">See <I>AICPA Audit and Accounting Guide for Investment Companies</I> as of May 1, 2014 (factors to determine accounting survivor). </TD></TR></TABLE>
<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Conclusion</U>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based on review of the factors above, the Adviser has concluded that DRIOX is the accounting survivor of the reorganization and the performance
of DRIOX will continue to be used going forward. </P>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>