Fremont Mutual Funds
Semi-Annual Report
April 30, 1996
<PAGE>
Fremont Funds Logo
A MESSAGE FROM DAVID L. REDO - PRESIDENT AND CEO OF FREMONT INVESTMENT
ADVISORS, INC.
June 26, 1996
Dear Fellow Shareholder:
We are pleased to send you this report discussing the performance of the
eight Fremont Mutual Funds for the six-month period ended April 30, 1996. And,
since we are enjoying an exciting period of growth at Fremont Funds, we want
to alert you to a number of changes that will help us better serve your
investing needs.
NEW FUND:
- We launched the Fremont Emerging Markets Fund on June 24th. You will be
receiving more information about the ninth fund in our mutual fund
family in the weeks to come.
EXPANDED CUSTOMER SERVICE:
- On May 20th, we opened our newest Fremont Investor Center in
Gaithersburg, MD. Patty Schinzing, manager of the new Investor Center,
can be reached toll-free at 888-373-6684. Fremont Funds also has
Investor Centers in San Francisco and Houston.
- In July, the San Francisco-based investment management and sales and
marketing areas will relocate to new headquarters on the 26th floor at
333 Market Street. The San Francisco Investor Center will continue to
serve your needs at the 50 Beale Street location.
SIX-MONTH PERFORMANCE HIGHLIGHTS:
- The Fremont Money Market Fund was among the top-performing taxable
money market funds in the country.
- The Fremont U.S. Micro-Cap Fund produced excellent performance and was
featured in USA Today and Financial Planning magazine. The Micro-Cap
Fund was also named "One of the five best funds you (probably) never
heard of" in SmartMoney magazine's April edition.
Thank you for investing with us. We appreciate your trust and confidence,
and encourage you to call us at 800-548-4539 (press 1) with any questions you
may have about Fremont Funds.
Sincerely,
/s/ David L. Redo
David L. Redo
Chief Executive Officer
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<PAGE>
TABLE OF CONTENTS
Questions and Answers
Global Fund........................................................... 5
International Growth Fund............................................. 8
International Small Cap Fund......................................... 10
U.S. Micro-Cap Fund.................................................. 12
Growth Fund.......................................................... 14
Bond Fund............................................................ 15
Money Market Fund.................................................... 17
California Intermediate Tax-Free Fund................................ 18
Statements of Investments
Global Fund.......................................................... 19
International Growth Fund............................................ 24
International Small Cap Fund......................................... 26
U.S. Micro-Cap Fund.................................................. 29
Growth Fund.......................................................... 31
Bond Fund............................................................ 33
Money Market Fund.................................................... 35
California Intermediate Tax-Free Fund................................ 36
Combined Financial Statements
Statements of Assets and Liabilities................................. 38
Statements of Operations............................................. 40
Statements of Changes in Net Assets.................................. 42
Financial Statements................................................. 46
Notes to Financial Statements....................................... 51
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<PAGE>
QUESTIONS & ANSWERS
The Fremont Asset Allocation Committee--Portfolio Managers for the Fremont
Global Fund Dave Redo, Pete Landini, Bob Haddick, Sandie Kinchen, Vince Kuhn
Q: How did the Fremont Global Fund perform during the six-month period ended
April 30, 1996?
A: The Fund produced a total return of 9.51% for the six-month period ended
April 30, 1996, due mainly to the strength of the foreign and U.S. stock
markets.
Q: How does this compare to the performance of other global flexible funds?
A: The Fund performed well within its peer group. The average return for
the funds in the Lipper Global Flexible Funds category was 9.19% for this
period.
Q: What strategies worked well for the Fund during this period?
A: U.S. and foreign stocks have been overweighted during most of the past six
months, while bonds have been underweighted. Since stocks performed much
better than bonds, our asset allocation added to total return. Southeast Asian
stocks did well over this period, and our overweighting in this region added
value.
Q: What strategies did not work well?
A: Most Latin American stock markets rebounded during this period, but the
Fund's allocation to these markets remained modest. Although most Latin
American economies are recovering, equity investments in the region remain
risky in our opinion.
Q: What impact did economic developments have upon the Fund during this period?
A: In the first part of 1996, U.S. economic indicators showed signs of
renewed growth, which raised inflation expectations and caused long-term
interest rates to rise. This rise in interest rates caused U.S. bonds to
tumble. Although U.S. and foreign stocks have performed well, further
increases in bond yields could hurt stock prices.
FREMONT GLOBAL FUND INVESTMENT RETURNS
ANNUAL RETURNS
11/18/88-10/31/89= +13.71%
11/01/89-10/31/90 -2.64%
11/01/90-10/31/91 +18.38%
11/01/91-10/31/92 +7.10%
11/01/92-10/31/93 +17.51%
11/01/93-10/31/94 +1.74%
11/01/94-10/31/95 +12.78%
11/01/95- 4/30/96= +9.51%
Average Annual +10.28% (since inception)
GROWTH OF $10,000*
Average Annual Returns for Periods Ended 4/30/96
1 5 Since Inception
year years 11/18/88
20.23% 10.87% 10.28%
S&P 500 Index ($30,687)
FREMONT GLOBAL FUND ($20,725)
Lehman Bros. Intermediate Govt./Corp. Bond Index ($18,336)
Salomon Non-U.S. Govt. Bond Index (currency-hedged) ($17,034)
EAFE Index ($14,326)
<PAGE>
<TABLE>
GROWTH OF $10,000 CHART
GLOBAL FUND
<CAPTION>
FREMONT S&P LEHMAN BROS CORP/ EAFE SAL CUR HEDGED
GLOBAL FUND 500 GOVT INTER BOND INDEX NON-US GOVT
<S> <C> <C> <C> <C> <C>
18-Nov-88 $10,000 $10,000 $10,000 $10,000 $10,000
30-Nov-88 $10,040 $10,281 $9,966 $10,161 $10,004
31-Dec-88 $10,123 $10,467 $9,975 $10,218 $10,084
31-Jan-89 $10,415 $11,223 $10,080 $10,398 $10,141
28-Feb-89 $10,325 $10,944 $10,037 $10,451 $10,055
31-Mar-89 $10,506 $11,201 $10,081 $10,246 $10,125
30-Apr-89 $10,677 $11,777 $10,282 $10,341 $10,223
31-May-89 $10,828 $12,254 $10,486 $9,779 $10,228
30-Jun-89 $10,878 $12,187 $10,750 $9,614 $10,317
31-Jul-89 $11,391 $13,281 $10,970 $10,822 $10,542
31-Aug-89 $11,512 $13,538 $10,829 $10,335 $10,551
30-Sep-89 $11,462 $13,485 $10,880 $10,806 $10,495
31-Oct-89 $11,371 $13,167 $11,110 $10,371 $10,489
30-Nov-89 $11,519 $13,439 $11,216 $10,893 $10,465
31-Dec-89 $11,735 $13,758 $11,247 $11,295 $10,500
31-Jan-90 $11,373 $12,835 $11,175 $10,874 $10,292
28-Feb-90 $11,331 $13,000 $11,217 $10,116 $10,138
31-Mar-90 $11,373 $13,341 $11,231 $9,062 $10,133
30-Apr-90 $11,203 $13,010 $11,192 $8,990 $10,125
31-May-90 $11,810 $14,278 $11,438 $10,016 $10,376
30-Jun-90 $11,842 $14,180 $11,591 $9,928 $10,430
31-Jul-90 $11,927 $14,134 $11,753 $10,068 $10,471
31-Aug-90 $11,341 $12,857 $11,704 $9,090 $10,330
30-Sep-90 $10,873 $12,224 $11,795 $7,823 $10,272
31-Oct-90 $11,070 $12,179 $11,931 $9,042 $10,567
30-Nov-90 $11,349 $12,961 $12,112 $8,509 $10,740
31-Dec-90 $11,527 $13,318 $12,278 $8,647 $10,847
31-Jan-91 $11,797 $13,907 $12,403 $8,926 $11,053
28-Feb-91 $12,270 $14,902 $12,501 $9,883 $11,216
31-Mar-91 $12,315 $15,255 $12,586 $9,290 $11,221
30-Apr-91 $12,371 $15,297 $12,724 $9,381 $11,276
31-May-91 $12,607 $15,955 $12,802 $9,479 $11,343
30-Jun-91 $12,258 $15,228 $12,811 $8,782 $11,282
31-Jul-91 $12,596 $15,940 $12,954 $9,213 $11,384
31-Aug-91 $12,810 $16,315 $13,202 $9,026 $11,531
30-Sep-91 $12,911 $16,046 $13,429 $9,535 $11,719
31-Oct-91 $13,105 $16,259 $13,582 $9,671 $11,802
30-Nov-91 $12,872 $15,604 $13,738 $9,219 $11,840
31-Dec-91 $13,676 $17,386 $14,073 $9,695 $12,051
31-Jan-92 $13,595 $17,064 $13,946 $9,488 $12,152
29-Feb-92 $13,747 $17,282 $14,001 $9,148 $12,192
31-Mar-92 $13,466 $16,945 $13,946 $8,544 $12,123
30-Apr-92 $13,501 $17,440 $14,068 $8,585 $12,160
31-May-92 $13,773 $17,533 $14,286 $9,160 $12,292
30-Jun-92 $13,655 $17,277 $14,498 $8,726 $12,342
31-Jul-92 $13,808 $17,975 $14,786 $8,502 $12,428
31-Aug-92 $13,844 $17,612 $14,934 $9,035 $12,468
30-Sep-92 $13,964 $17,815 $15,138 $8,856 $12,673
31-Oct-92 $14,035 $17,879 $14,941 $8,392 $12,889
30-Nov-92 $14,218 $18,482 $14,884 $8,471 $12,895
31-Dec-92 $14,389 $18,722 $15,083 $8,515 $13,017
31-Jan-93 $14,450 $18,858 $15,375 $8,514 $13,154
28-Feb-93 $14,609 $19,115 $15,618 $8,771 $13,395
31-Mar-93 $14,916 $19,527 $15,681 $9,536 $13,358
30-Apr-93 $14,940 $19,049 $15,806 $10,441 $13,351
31-May-93 $15,089 $19,558 $15,771 $10,662 $13,416
30-Jun-93 $15,212 $19,623 $16,019 $10,495 $13,666
31-Jul-93 $15,423 $19,526 $16,058 $10,863 $13,819
31-Aug-93 $15,896 $20,263 $16,313 $11,449 $14,091
30-Sep-93 $16,095 $20,114 $16,381 $11,192 $14,185
31-Oct-93 $16,493 $20,527 $16,425 $11,536 $14,369
30-Nov-93 $16,330 $20,342 $16,333 $10,528 $14,490
31-Dec-93 $17,209 $20,592 $16,408 $11,288 $14,763
31-Jan-94 $17,436 $21,284 $16,590 $12,242 $14,650
28-Feb-94 $16,944 $20,707 $16,344 $12,208 $14,362
31-Mar-94 $16,249 $19,808 $16,075 $11,683 $14,273
30-Apr-94 $16,312 $20,064 $15,965 $12,178 $14,194
31-May-94 $16,375 $20,392 $15,976 $12,108 $14,084
30-Jun-94 $16,198 $19,887 $15,978 $12,279 $13,930
31-Jul-94 $16,514 $20,545 $16,208 $12,397 $14,026
31-Aug-94 $16,982 $21,381 $16,259 $12,691 $13,893
30-Sep-94 $16,615 $20,864 $16,109 $12,291 $13,934
31-Oct-94 $16,780 $21,344 $16,108 $12,700 $13,982
30-Nov-94 $16,447 $20,560 $16,035 $12,089 $14,163
31-Dec-94 $16,491 $20,862 $16,091 $12,166 $14,169
31-Jan-95 $16,310 $21,403 $16,362 $11,699 $14,319
28-Feb-95 $16,516 $22,231 $16,700 $11,665 $14,501
31-Mar-95 $16,877 $22,889 $16,795 $12,392 $14,821
30-Apr-95 $17,238 $23,564 $17,004 $12,858 $15,059
31-May-95 $17,851 $24,498 $17,517 $12,705 $15,540
30-Jun-95 $18,060 $25,073 $17,635 $12,483 $15,517
31-Jul-95 $18,608 $25,908 $17,636 $13,261 $15,702
31-Aug-95 $18,568 $25,968 $17,797 $12,756 $15,813
30-Sep-95 $18,858 $27,051 $17,925 $13,004 $16,073
31-Oct-95 $18,924 $26,975 $18,124 $12,654 $16,240
30-Nov-95 $19,204 $28,161 $18,361 $13,006 $16,571
31-Dec-95 $19,669 $28,682 $18,554 $13,530 $16,710
31-Jan-96 $20,294 $29,669 $18,714 $13,586 $16,896
29-Feb-96 $20,225 $29,954 $18,495 $13,632 $16,707
31-Mar-96 $20,294 $30,241 $18,400 $13,921 $16,869
30-Apr-96 $20,725 $30,687 $18,336 $14,326 $17,034
<FN>
=Unannualized
*Assumes initial investment of $10,000 on inception date, November 18, 1988.
Performance data illustrated is historical. Past performance is not predictive
of future performance. Share price and return will vary so that a gain or loss
may be realized when shares are sold. All performance figures assume
reinvestment of dividends. Management fees and other expenses are included in
the Fund's performance; however, fees and expenses are not incorporated in the
S&P 500 Index, the Morgan Stanley Capital International EAFE Index, the
Salomon Non-U.S. Government Bond Index, or the Lehman Bros. Intermediate
Government/Corporate Bond Index.
</FN>
</TABLE>
<PAGE>
QUESTIONS & ANSWERS
The Fremont Asset Allocation Committee--Portfolio Managers for the
Fremont Global Fund Dave Redo, Pete Landini, Bob Haddick, Sandie Kinchen,
Vince Kuhn
FREMONT GLOBAL FUND (CONT'D.)
Q: What is the Fund's latest asset mix?
A: Markets may now too confidently assume that a slow-growth economic scenario
will persist throughout 1996 and beyond. An unexpected acceleration of
economic activity in the months ahead could result in higher inflation
expectations and higher interest rates, and cause a temporary decline in stock
and bond prices.
With this in mind, we recently increased the Fund's cash reserves by selling
some positions in the global bond and stock portfolios. The table below
compares the Fund's asset mix as of April 30, 1996, with its long-term neutral
mix.
Q: What is your outlook by region for stocks and bonds?
A: United States: Although we are optimistic about the prospects for U.S.
stocks over the next five years, we are somewhat cautious in the near-term.
The price/earnings ratio for the U.S. stock market is quite high on a
historical basis. High P/Es can be risky when interest rates and inflation
expectations are rising. After a sluggish 1995, there are signs that the U.S.
economy may be rebounding. If this occurs, inflation expectations and bond
yields could rise. Higher bond yields would increase the attractiveness to
investors of lower-risk fixed income securities and could draw money out of
the stock market. In addition, earnings growth should be
much slower this year than in the recent past, giving less support to stocks.
Europe: Economic growth has been very slow in Europe, lowering inflation and
allowing bond yields to decline. The German Bundesbank and other European
central banks have continuously lowered short-term interest rates in an effort
to restart economic growth. Most European stock markets have rallied
significantly over the past several quarters in anticipation of eventual
economic recovery and in response to lower short- and long-term interest
rates. Stock market valuations in several European countries are currently
high compared to historical averages.
Japan: The Japanese economy seems to be recovering from recession which we
believe will eventually lead to higher short- and long-term interest rates.
Corporate earnings should rebound this year, but stock market valuations
remain very high compared to historical averages.
<TABLE>
Fremont Global Fund Asset Mix
<CAPTION>
ASSET MIX ASSET MIX "NEUTRAL" LONG-TERM
ASSET CLASS 4/30/96 10/31/95 MIX ASSET MIX RANGES
<S> <C> <C> <C> <C>
STOCKS
U.S. 30% 35% 32.5%
Foreign 31% 35% 32.5%
Total Stocks 61% 70% 65% 40% - 75%
BONDS
U.S. 8% 10% 13%
Foreign 15% 15% 17%
Total Bonds 23% 25% 30% 12% - 55%
CASH RESERVES 16% 5% 5% 2% - 48%
TOTAL 100% 100% 100%
</TABLE>
Pie Chart:
Asset Mix as of 4/30/96
Cash Reserves (16%)
U.S. Stocks (30%)
Foreign Stocks (31%)
U.S. Bonds (8%)
Foreign Bonds (15%)
<PAGE>
QUESTIONS & ANSWERS
The Fremont Asset Allocation Committee--Portfolio Managers for the
Fremont Global Fund Dave Redo, Pete Landini, Bob Haddick, Sandie Kinchen,
Vince Kuhn
FREMONT GLOBAL FUND (CONT'D.)
Southeast Asia: Economic growth in this region has slowed a bit, but remains
quite rapid. This relatively slower growth has allowed local short-term
interest rates to decline recently. Lower U.S. bond yields and some easing of
monetary policy by the U.S. Federal Reserve in the second half of 1995 may
also have boosted the international flow of funds into the region. Earnings
growth remains high and most stock market valuations remain reasonable. We
remain attracted to the region's long-term prospects.
Latin America: Economic recovery has helped restore investor confidence in
Latin America. In addition, lower short- and long-term U.S. interest rates in
the second half of 1995 may have boosted the flow of funds into the region, as
they may have in Asia. However, Latin American stock markets continue to be
volatile and may be susceptible to ongoing political crises.
Q: What is your current outlook for the Fund?
A: We have a positive outlook for financial assets over the next several
years, and believe that moderate economic growth, with low inflation and low
interest rates, should support stock and bond prices in the years ahead.
However, we expect financial markets to experience occasional downdrafts, even
as the long-term outlook remains bright.
The Fremont Asset Allocation Committee
Dave Redo Sandie Kinchen
Pete Landini Vince Kuhn
Bob Haddick
FREMONT GLOBAL FUND
GEOGRAPHIC DIVERSIFICATION AS OF APRIL 30, 1996
GRAPHIC OF WORLD MAP.
United States/Canada 56.0%
Emerging Markets:Latin America 2.2%
United Kingdom 1.3%
Continental Europe 17.4%
Hong Kong/Singapore/Malaysia 7.5%
Japan 5.0%
Australia/New Zealand 2.6%
Other Emerging Markets: Including The Philippines, Indonesia, Thailand,
South Korea and Taiwan 8.0%
<PAGE>
QUESTIONS & ANSWERS
Andrew L. Pang, Portfolio Manager
Fremont Investment Advisors, Inc.
FREMONT INTERNATIONAL GROWTH FUND
Q: How did the Fremont International Growth Fund perform during the
six-month period ended April 30, 1996?
A: The Fund produced an unannualized total return of 11.60% for the six-month
period. This performance lags behind the 13.21% return posted by the Europe,
Australia and Far East (EAFE) Index, which was helped by strong results in
Japan, which comprises 41% of that Index.
Q: What strategies worked well for the Fund during this period?
A: The Fund's higher allocations in Hong Kong, the Netherlands, and the
Philippines helped performance. Stocks which provided attractive returns
include Cheung Kong Holdings in Hong Kong (up 27%), Aegon NV of the
Netherlands (up 26%), and C&P Homes in the Philippines (up 34%). Our cash
position was kept very low during the period, which allowed the Fund to
benefit fully in rising markets.
Q: What strategies were not successful?
A: Although we are disappointed that our underweightings in Japan, Argentina
and Mexico cost the Fund some performance during the period, we are confident
that this strategy will help performance in the months ahead. While Japan and
many Latin American countries have shown signs of economic recovery, we feel
that the outlook for equity securities in these regions is quite uncertain.
Q: What impact did economic developments have upon the Fund during this period?
A: International stocks performed well, but uncertainties persisted due
to higher U.S. interest rates caused by the unexpected strength of the U.S.
economic recovery in the first quarter of 1996. Although the markets were able
to shrug off these higher rates during the six-month period, we believe that
further rate increases could cause stock prices to suffer.
FREMONT INTERNATIONAL GROWTH FUND INVESTMENT RETURNS
ANNUAL RETURNS
3/1/94- 10/31/94= +2.30%
11/01/94-10/31/95 +0.13%
11/01/95- 4/30/96= +11.60%
Average Annual +6.37% (since inception)
GROWTH OF $10,000*
Average Annual Returns for Periods Ended 4/30/96
1 2 Since Inception
year years 3/1/94
17.86% 8.74% 6.37%
EAFE Index ($11,735)
FREMONT INTERNATIONAL GROWTH FUND ($11,431)
<PAGE>
<TABLE>
GROWTH OF $10,000 CHART
<CAPTION>
FREMONT INTERNATIONAL EAFE
GROWTH FUND
<S> <C> <C>
01-Mar-94 $10,000 $10,000
31-Mar-94 $9,634 $9,569
30-Apr-94 $9,666 $9,975
31-May-94 $9,676 $9,918
30-Jun-94 $9,488 $10,058
31-Jul-94 $9,718 $10,155
31-Aug-94 $10,178 $10,395
30-Sep-94 $10,031 $10,068
31-Oct-94 $10,230 $10,403
30-Nov-94 $9,739 $9,903
31-Dec-94 $9,689 $9,965
31-Jan-95 $9,020 $9,582
28-Feb-95 $9,198 $9,555
31-Mar-95 $9,386 $10,151
30-Apr-95 $9,699 $10,533
31-May-95 $9,950 $10,407
30-Jun-95 $10,159 $10,225
31-Jul-95 $10,734 $10,862
31-Aug-95 $10,473 $10,448
30-Sep-95 $10,546 $10,652
31-Oct-95 $10,243 $10,366
30-Nov-95 $10,148 $10,654
31-Dec-95 $10,387 $11,083
31-Jan-96 $10,746 $11,128
29-Feb-96 $10,915 $11,166
31-Mar-96 $10,999 $11,403
30-Apr-96 $11,431 $11,735
<FN>
=Unannualized
*Assumes initial investment of $10,000 on inception date, March 1, 1994.
Performance data illustrated is historical. Past performance is not predictive
of future performance. Share price and return will vary so that a gain or loss
may be realized when shares are sold. All performance figures assume
reinvestment of dividends. Management fees and other expenses are included in
the Fund's performance; however, fees and expenses are not incorporated in the
Morgan Stanley Capital International EAFE Index.
</FN>
</TABLE>
<PAGE>
QUESTIONS & ANSWERS
Andrew L. Pang, Portfolio Manager
Fremont Investment Advisors, Inc.
FREMONT INTERNATIONAL GROWTH FUND (CONT'D.)
Q: What is your current outlook for international investments?
A: We see a fairly positive environment ahead for international financial
assets, due mainly to the potential for exceptional returns in Southeast Asia.
Our overweighting in this region should contribute to fund performance in the
period ahead.
Q: What is your current strategy for the Fund?
A: Our current allocations by region include 27% in Japan, 36% in other
Asian markets, 31% in Europe and 6% cash.
In comparison to the EAFE Index, which does not include the emerging markets,
we continue to underweight the Japanese and European markets and overweight
the emerging markets of Southeast Asia. We are especially enthusiastic about
the long-term potential for growth in Southeast Asia, where we are forecasting
a 6-7% growth rate, in contrast to a 2-3% growth rate for the major
industrialized countries. We believe these markets are poised for superior
growth which will support much higher stock prices in the years ahead.
Andrew L. Pang
Portfolio Manager
FREMONT INTERNATIONAL GROWTH FUND
GEOGRAPHIC DIVERSIFICATION AS OF APRIL 30, 1996
GRAPHIC OF WORLD MAP.
United States 5.8%
Emerging Markets: Latin America 0.5%
United Kingdom 5.5%
Continental Europe 25.8%
Hong Kong/Singapore/Malaysia 14.4%
Japan 26.4%
Australia/New Zealand 2.3%
Other Emerging Markets: Including The Philippines, Thailand, Indonesia,
Taiwan and Others 19.3%
<PAGE>
QUESTIONS & ANSWERS
Dr. Gary L. Bergstrom, Portfolio Manager
Acadian Asset Management, Inc.
FREMONT INTERNATIONAL SMALL CAP FUND
Q: How did the Fremont International Small Cap Fund perform during the
six-month period ended April 30, 1996?
A: The return for the Fund over this period was 15.15%. For the same period,
the Salomon Brothers Extended Market Index of Europe and Pacific countries
(EMI EPAC), a widely followed international small cap benchmark, posted a
return of 16.80%.
Q: How did this compare to the performance of other international small
cap funds?
A: During this period, the Fund outperformed the average return for funds
comprising the Lipper International Small Company category by 1.21%.
Q: What strategies worked well for the Fund during this period?
A: Investments in several developed European markets, including Belgium,
Italy, Sweden, and Switzerland, added value versus the EMI benchmark.
Successful stock selection and a portfolio underweighting added significantly
to returns in the United Kingdom. The portfolio underweighting in Germany was
also very successful, although this was somewhat offset by the performance of
individual stocks within this market. In general, the portfolio's allocations
in emerging markets had a strong positive impact on returns, with investments
in Argentina, Mexico, South Africa, and Thailand outperforming the benchmark.
Q: What strategies were not successful?
A: The Fund underperformed the EMI benchmark in the six-month period for
two reasons: stock selection in France, and the portfolio underweighting in
Japan.
A crippling strike in France, followed by the government's abandonment of key
aspects of its economic reform program, caused smaller, economically sensitive
stocks to underperform in a highly uncertain political and economic
environment. This trend reversed itself in the first few months of 1996, but
not enough to prevent the Fund from underperforming the Index.
FREMONT INTERNATIONAL SMALL CAP FUND INVESTMENT RETURNS
ANNUAL RETURNS
6/30/94- 10/31/94= -1.40%
11/01/94-10/31/95 -7.96%
11/01/95- 4/30/96= +15.15%
Average Annual +2.43% (since inception)
GROWTH OF $10,000*
Average Annual Returns for Periods Ended 4/30/96
1 Since Inception
year 6/30/94
16.75% 2.43%
Salomon Brothers EMI Index ($11,252)
FREMONT INTERNATIONAL SMALL CAP FUND ($10,450)
<PAGE>
<TABLE>
GROWTH OF $10,000 CHART
<CAPTION>
FREMONT INTERNATIONAL SOLOMON
SMALL CAP FUND EMI INDEX
<S> <C> <C>
30-Jun-94 $10,000 $10,000
31-Jul-94 $10,130 $10,114
31-Aug-94 $10,370 $10,221
30-Sep-94 $9,920 $9,929
31-Oct-94 $9,860 $10,109
30-Nov-94 $9,310 $9,478
31-Dec-94 $9,020 $9,605
31-Jan-95 $8,540 $9,293
28-Feb-95 $8,460 $9,157
31-Mar-95 $8,650 $9,546
30-Apr-95 $8,950 $9,833
31-May-95 $9,180 $9,660
30-Jun-95 $9,090 $9,542
31-Jul-95 $9,600 $10,098
31-Aug-95 $9,390 $9,842
30-Sep-95 $9,430 $9,919
31-Oct-95 $9,075 $9,634
30-Nov-95 $9,004 $9,736
31-Dec-95 $9,270 $10,109
31-Jan-96 $9,870 $10,288
29-Feb-96 $10,043 $10,449
31-Mar-96 $10,236 $10,689
30-Apr-96 $10,450 $11,252
<FN>
=Unannualized
*Assumes initial investment of $10,000 on inception date, June 30, 1994.
Performance data illustrated is historical. Past performance is not predictive
of future performance. Share price and return will vary so that a gain or loss
may be realized when shares are sold. All performance figures assume
reinvestment of dividends. Management fees and other expenses are included in
the Fund's performance; however, fees and expenses are not incorporated in the
Salomon Brothers Extended Market Index.
</FN>
</TABLE>
<PAGE>
QUESTIONS & ANSWERS
Dr. Gary L. Bergstrom, Portfolio Manager
Acadian Asset Management, Inc.
FREMONT INTERNATIONAL SMALL CAP FUND (CONT'D.)
In Japan, stock selection was quite successful as smaller stocks had a robust
recovery in a period of increasing economic optimism. However, the portfolio's
underweighting in this market reduced its returns in comparison to EMI, since
Japan outperformed the benchmark over the six-month period.
Q: What is your current outlook for international small cap stocks?
A: We expect that international equities will outperform U.S. equities over
the course of the year--in contrast to the recent very strong performance of
the U.S.--in view of their more attractive valuation levels and their earlier
position in the economic and corporate profits expansion cycle.
Moderate economic growth in Europe and Japan should continue, and should help
the performance of value-focused, economically sensitive stocks in the
portfolio. We continue to find smaller stocks especially attractive. Despite
their excellent returns over the last several months, they are still deeply
under-valued after more than five years of underperforming their large-cap
counterparts. The sector's strong year-to-date performance could signal the
start of a prolonged upturn.
In addition, we note the highly attractive characteristics of smaller stocks
in the emerging markets. After two years of underperforming the developed
markets, earnings gains have generally continued to be strong, and stock
values in the emerging markets are low.
Moreover, we strongly believe the emerging markets serve a very important role
in international equity portfolios by providing diversification and the
potential for high long-term returns.
Dr. Gary L. Bergstrom
Portfolio Manager
ABOUT THE SUB-ADVISOR:
Acadian Asset Management, Inc. manages over $2 billion in international small
cap portfolios.
Graphic of world map.
FREMONT INTERNATIONAL SMALL CAP FUND
GEOGRAPHIC DIVERSIFICATION AS OF APRIL 30, 1996
United States/Canada 10.0%
Emerging Markets: Latin America 9.3%
United Kingdom 10.6%
Continental Europe 20.8%
Hong Kong/Singapore/Malaysia 10.3%
Japan 21.5%
Australia/New Zealand 2.5%
Other Emerging Markets: Including Thailand, Greece, South Africa, Czech
Republic, Portugal and Others 15.0%
<PAGE>
QUESTIONS & ANSWERS
Robert E. Kern, Portfolio Manager
Morgan Grenfell Capital Management, Inc.
FREMONT U.S. MICRO-CAP FUND
Q: How did the Fremont U.S. Micro-Cap Fund perform during the six-month
period ended April 30, 1996?
A: The Fund posted a total return of 38.08%, significantly greater than the
18.43% return recorded by the Russell 2000 index, which is representative of
the universe of smaller companies.
Q: How did this compare to the performance of other micro-cap funds?
A: Our performance exceeded that of most other micro-cap funds, and continued
the trend of relative outperformance established in fiscal 1995.
Q: What strategies worked well for the Fund during this period?
A: The Fund's performance can be viewed as the net result of selecting
successful micro-cap investments and minimizing investment in non-performers.
A measure of our success can be seen by noting the ratio of realized and
unrealized gains relative to losses. During the six-month period, dollar gains
exceeded losses by a ratio of over 20 to 1.
Ten investments in the following sectors contributed the Fund's largest dollar
gains during the first half of fiscal 1996: Technology (4); Service Companies
(3); Capital Goods (2); and Health Care (1).
Q: What strategies were not successful?
A: Semiconductor-related investments in the technology sector underperformed
due to the slowdown experienced by many semiconductor companies. Also, Credit
Sensitive investments were adversely affected by the rise in interest rates
since the beginning of the year.
Q: What impact did economic developments have upon the Fund this year?
A: The investment environment for equities has been favorable despite the rise
in long-term interest rates since the beginning of the year. Investors
continue to be attracted to companies with prospects for strong earnings
gains, and this has translated into superior performance by many of the Fund's
micro-cap holdings. During the first half of fiscal 1996, four different
micro-cap sectors produced returns exceeding 50%--Technology, Health Care,
Service Companies, and Capital Goods.
FREMONT U.S. MICRO-CAP FUND INVESTMENT RETURNS
ANNUAL RETURNS
6/30/94- 10/31/94= +3.60%
11/01/94-10/31/95 +38.68%
11/01/95- 4/30/96= +38.08%
Average Annual +45.28% (since inception)
GROWTH OF $10,000*
Average Annual Returns for Periods Ended 4/30/96
1 Since Inception
year 6/30/94
74.14% 45.28%
FREMONT MICRO-CAP FUND ($19,839)
Russell 2000 Index ($14,930)
<PAGE>
<TABLE>
GROWTH OF $10,000 CHART
<CAPTION>
FREMONT U.S. RUSSELL
MICRO-CAP FUND 2000 INDEX
<S> <C> <C>
30-Jun-94 $10,000 $10,000
31-Jul-94 $10,220 $10,164
31-Aug-94 $10,320 $10,730
30-Sep-94 $10,470 $10,694
31-Oct-94 $10,360 $10,651
30-Nov-94 $10,000 $10,221
31-Dec-94 $10,150 $10,494
31-Jan-95 $10,350 $10,362
28-Feb-95 $10,671 $10,793
31-Mar-95 $11,122 $10,978
30-Apr-95 $11,392 $11,222
31-May-95 $11,913 $11,415
30-Jun-95 $12,495 $12,007
31-Jul-95 $13,346 $12,699
31-Aug-95 $14,188 $12,961
30-Sep-95 $14,549 $13,193
31-Oct-95 $14,368 $12,602
30-Nov-95 $15,020 $13,133
31-Dec-95 $15,635 $13,479
31-Jan-96 $16,174 $13,465
29-Feb-96 $17,250 $13,885
31-Mar-96 $17,810 $14,172
30-Apr-96 $19,839 $14,930
<FN>
=Unannualized
*Assumes initial investment of $10,000 on inception date, June 30, 1994.
Performance data illustrated is historical. Past performance is not predictive
of future performance. Share price and return will vary so that a gain or loss
may be realized when shares are sold. All performance figures assume
reinvestment of dividends. Management fees and other expenses are included in
the Fund's performance; however, fees and expenses are not incorporated in the
Russell 2000 Index.
</FN>
</TABLE>
<PAGE>
QUESTIONS & ANSWERS
Robert E. Kern, Portfolio Manager
Morgan Grenfell Capital Management, Inc.
FREMONT U.S. MICRO-CAP FUND (CONT'D.)
Q: Since they are not widely followed, and their pricing does not consider all
the pertinent facts, micro-cap stocks represent the most inefficient portion
of the stock market. How can they provide investors with a potential benefit?
A: While larger companies are usually widely followed and their growth
prospects are generally well-known, many successful micro-cap companies have
the potential to attract increasing investor interest and investment research
coverage by brokerage firms. This combination of increased investor awareness
and brokerage firm sponsorship helps increase the potential appreciation for
the stock of notable micro-cap companies.
Q: What is your current outlook for micro-cap stocks?
A: As recognition of micro-cap stocks as a separate asset class continues to
increase, the benefits of micro-cap investment management are becoming more
apparent to institutional investors and investment advisors.
A key positive in the outlook for micro-cap investing is the high level of
entrepreneurial activity in the United States, and the large number of
micro-cap companies "going public." This is dramatically expanding the already
large universe of investment opportunities.
Q: What is your current strategy for the Fund?
A: The micro-cap investment universe contains over 4,000 companies and
provides tremendous opportunity for us to select successful micro-cap
companies early in their growth cycle. Thus, our investment strategy continues
to focus on individual stock selection.
Q: Will the Fremont U.S. Micro-Cap Fund close to new investors at a
certain asset level?
A: Although enjoying rapid growth, the Fund's level of assets is currently
only approaching $70 million. This represents a relatively small amount of
assets relative to the Fund's investment management resources and our
experience in managing micro-cap assets.
Regarding a decision to close the Fund to new investors at a future date, we
will review this issue periodically, based on the size of the Fund and the
investment opportunities within the micro-cap investment universe.
Robert E. Kern
Portfolio Manager
ABOUT THE SUB-ADVISOR:
Morgan Grenfell Capital Management, Inc. manages over $600 million in small
and micro-cap stocks.
FREMONT GROWTH FUND INVESTMENT RETURNS
ANNUAL RETURNS
8/14/92- 10/31/92= +2.00%
11/01/92- 10/31/93 +12.80%
11/01/93- 10/31/94 +1.72%
11/01/94-10/31/95 +28.12%
11/01/95- 4/30/96= +10.15%
Average Annual +14.48% (since inception)
GROWTH OF $10,000*
Average Annual Returns for Periods Ended 4/30/96
1 3 Since Inception
year years 8/14/92
31.40% 15.90% 14.48%
S&P 500 Index ($17,203)
FREMONT GROWTH FUND ($16,517)
<PAGE>
<TABLE>
GROWTH OF $10,000 CHART
<CAPTION>
FREMONT GROWTH FUND S&P 500
<S> <C> <C>
14-Aug-92 $10,000 $10,000
31-Aug-92 $9,899 $9,873
30-Sep-92 $10,091 $9,987
31-Oct-92 $10,200 $10,023
30-Nov-92 $10,655 $10,361
31-Dec-92 $10,822 $10,495
31-Jan-93 $10,954 $10,572
28-Feb-93 $10,843 $10,716
31-Mar-93 $11,005 $10,947
30-Apr-93 $10,609 $10,679
31-May-93 $10,863 $10,964
30-Jun-93 $10,945 $11,000
31-Jul-93 $10,935 $10,946
31-Aug-93 $11,302 $11,359
30-Sep-93 $11,414 $11,276
31-Oct-93 $11,506 $11,507
30-Nov-93 $11,270 $11,404
31-Dec-93 $11,516 $11,544
31-Jan-94 $11,907 $11,932
28-Feb-94 $11,536 $11,608
31-Mar-94 $10,929 $11,104
30-Apr-94 $11,052 $11,248
31-May-94 $11,093 $11,432
30-Jun-94 $10,722 $11,149
31-Jul-94 $11,155 $11,518
31-Aug-94 $11,724 $11,986
30-Sep-94 $11,476 $11,696
31-Oct-94 $11,704 $11,965
30-Nov-94 $11,335 $11,526
31-Dec-94 $11,563 $11,695
31-Jan-95 $11,609 $11,998
28-Feb-95 $11,987 $12,463
31-Mar-95 $12,307 $12,832
30-Apr-95 $12,570 $13,210
31-May-95 $12,982 $13,733
30-Jun-95 $13,622 $14,056
31-Jul-95 $14,228 $14,524
31-Aug-95 $14,423 $14,558
30-Sep-95 $14,983 $15,164
31-Oct-95 $14,995 $15,122
30-Nov-95 $15,477 $15,787
31-Dec-95 $15,449 $16,079
31-Jan-96 $15,898 $16,632
29-Feb-96 $16,092 $16,792
31-Mar-96 $16,032 $16,953
30-Apr-96 $16,517 $17,203
<FN>
=Unannualized
*Assumes initial investment of $10,000 on inception date, August 14, 1992.
Performance data illustrated is historical. Past performance is not predictive
of future performance. Share price and return will vary so that a gain or loss
may be realized when shares are sold. All performance figures assume
reinvestment of dividends. Management fees and other expenses are included in
the Fund's performance; however, fees and expenses are not incorporated in the
S&P 500 Index.
</FN>
</TABLE>
<PAGE>
QUESTIONS & ANSWERS
W. Kent Copa, CFA, Fremont Investment Advisors, Inc.
Eugene C. Sit, CFA, Sit Investment Associates, Inc.
FREMONT GROWTH FUND
Q: How did the Fremont Growth Fund perform in the six-month period ended
April 30, 1996?
A: The Fund produced an unannualized total return of 10.15%, which lagged the
total return of 13.76% posted by the S&P 500 Index for this period. On a
longer-term basis, (12 months ended April 30, 1996), the Fund's total return
of 31.40% outpaced the 30.22% return of the S&P 500 Index.
Q: What strategies worked well for the Fund during this period?
A: The Fund's investments in manufacturers of internet-related
telecommunication equipment performed extremely well in the six-month period.
The top performers included Ascend Communications (up 89%), U.S. Robotics (up
69%), and Stratacom (up 69%).
Q: What strategies did not work well?
A: The Fund's investments in certain technology-related areas proved very
disappointing. Computer chip manufacturers were hit especially hard, due to an
oversupply of chips. Computer manufacturers also suffered. During the
six-month period, stocks which hurt fund performance included Applied
Materials (down 20%), LSI Logic (down 23%), and Micron Technology (down 48%).
Q: What impact did economic developments have upon the Fund during this period?
A: In December 1995, the Federal Reserve Board continued to feel that the U.S.
economy was slowing too much, so interest rates were cut again. In the first
part of 1996, however, economic indicators showed signs of unexpected
strength. As a result, inflation expectations grew, and caused interest rates
to rise which contributed to the volatility of the stock market.
Q: What is your current strategy for the Fund?
A: Our broadly diversified portfolio of growth stocks is very attractive based
on both earnings growth and valuations relative to value stocks. On April 30,
1996, the Fund was fully invested, with only 3% in cash reserves for liquidity
purposes.
W. Kent Copa, CFA
Eugene C. Sit, CFA
Portfolio Managers
<PAGE>
QUESTIONS & ANSWERS
Bill Gross, Portfolio Manager
Pacific Investment Management Company
FREMONT BOND FUND
Q: How did the Fremont Bond Fund perform during the six-month period
ended April 30, 1996?
A: Over the past six months, interest rates have risen by approximately 60
basis points (0.6%). During this period, the Fund returned 1.14%, which was 62
basis points (0.62%) higher than the Lehman Brothers Aggregate Index.
Q: What strategies worked well for the Fund during this period?
A: Our choice of bond sectors, or types, helped our performance. For example,
the interest rate paid on the mortgage-backed bonds we owned was higher than
the rate paid for corporate or U.S. Treasury bonds. This yield advantage more
than compensated for the negative price effect of the increase in the expected
average lives of both fixed and adjustable rate mortgages.
Our investment in lower rated (BB) corporate bonds also helped performance.
The growth scare that spooked the bond market caused a flight from high
quality into lower quality credits, which provided a strong relative return
for these bonds during the period.
On the foreign front, our German Bond holdings made a significant contribution
to performance, given their higher yields, positive hedging benefit, and
superior price performance relative to U.S. Treasuries.
Finally, our position in dollar-denominated Latin American bonds worked well,
as growing financial stability and increased investor confidence in the region
caused meaningful price gains.
FREMONT BOND FUND INVESTMENT RETURNS
ANNUAL RETURNS
4/30/93- 10/31/93= +5.15%
11/01/93- 10/31/94 -4.42%
11/01/94-10/31/95 +16.49%
11/01/95- 4/30/96= +1.14%
Average Annual +5.79% (since inception)
GROWTH OF $10,000*
Average Annual Returns for Periods Ended 4/30/96
1 3 Since Inception
year years 4/30/93
9.40% 5.79% 5.79%
FREMONT BOND FUND ($11,840)
Lehman Bros. Aggregate Bond Index ($11,757)
<PAGE>
<TABLE>
GROWTH OF $10,000 CHART
<CAPTION>
FREMONT LEHMAN BROS
BOND FUND AGGREGATE BOND INDEX
<S> <C> <C>
30-Apr-93 $10,000 $10,000
31-May-93 $9,963 $10,013
30-Jun-93 $10,182 $10,194
31-Jul-93 $10,198 $10,252
31-Aug-93 $10,415 $10,432
30-Sep-93 $10,481 $10,460
31-Oct-93 $10,515 $10,499
30-Nov-93 $10,366 $10,410
31-Dec-93 $10,437 $10,466
31-Jan-94 $10,585 $10,607
28-Feb-94 $10,388 $10,423
31-Mar-94 $10,147 $10,166
30-Apr-94 $10,049 $10,085
31-May-94 $9,959 $10,083
30-Jun-94 $10,025 $10,061
31-Jul-94 $10,205 $10,261
31-Aug-94 $10,230 $10,274
30-Sep-94 $10,106 $10,123
31-Oct-94 $10,050 $10,114
30-Nov-94 $10,020 $10,091
31-Dec-94 $10,018 $10,161
31-Jan-95 $10,242 $10,362
28-Feb-95 $10,522 $10,609
31-Mar-95 $10,621 $10,674
30-Apr-95 $10,823 $10,823
31-May-95 $11,228 $11,242
30-Jun-95 $11,299 $11,324
31-Jul-95 $11,263 $11,299
31-Aug-95 $11,397 $11,436
30-Sep-95 $11,530 $11,547
31-Oct-95 $11,707 $11,697
30-Nov-95 $11,954 $11,872
31-Dec-95 $12,146 $12,038
31-Jan-96 $12,269 $12,118
29-Feb-96 $11,935 $11,907
31-Mar-96 $11,893 $11,824
30-Apr-96 $11,840 $11,757
<FN>
=Unannualized
*Assumes initial investment of $10,000 on inception date, April 30, 1993.
Performance data illustrated is historical. Past performance is not predictive
of future performance. Share price and return will vary so that a gain or loss
may be realized when shares are sold. All performance figures assume
reinvestment of dividends. Management fees and other expenses are included in
the Fund's performance; however, fees and expenses are not incorporated in the
Lehman Bros. Aggregate Bond Index.
</FN>
</TABLE>
<PAGE>
QUESTIONS & ANSWERS
Bill Gross, Portfolio Manager
Pacific Investment Management Company
FREMONT BOND FUND (cont'd.)
Q: What strategies were not successful?
A: We maintained our bullish posture on interest rates and held longer
maturity bonds than those in the index, based on our forecast for low growth
and inflation, and our positive view of the bond market. Unfortunately, the
longer duration reduced our relative performance in the rising rate
environment.
Q: What is your current outlook for the bond market?
A: We expect continued sub-par economic growth and moderate inflation to
send interest rates of all maturities lower during the remainder of 1996.
Q: What is your current strategy for the Fund?
A: We will maintain our above-index duration target to position the Fund for
rising bond prices in a falling rate environment. As for our maturity mix, we
will focus on intermediate (between two and five years) maturities to take
advantage of what we view as an attractive risk premium and unrealistic
expectation for monetary tightening embedded in these yields.
Bill Gross
Portfolio Manager
ABOUT THE SUB-ADVISOR:
Pacific Investment Management Co. (PIMCO) manages over $75 billion for
institutions and is the sub-advisor for the Bond Fund.
Portfolio Credit Quality of Fremont Bond Fund as of 4/30/96
PIE CHART:
AA (4%)
BBB (10%)
BB (5%)
AAA (81%)
<PAGE>
FREMONT MONEY MARKET FUND INVESTMENT RETURNS
ANNUAL RETURNS
11/18/88- 10/31/89= +8.52%
11/01/89-10/31/90 +7.99%
11/01/90-10/31/91 +6.51%
11/01/91-10/31/92 +3.73%
11/01/92-10/31/93 +2.66%
11/01/93-10/31/94 +3.49%
11/01/94-10/31/95 +5.84%
11/01/95- 4/30/96= +2.67%
Average Annual +5.55% (since inception)
GROWTH OF $10,000*
Average Annual Returns for Periods Ended 4/30/96
1 5 Since Inception
year years 11/18/88
5.67% 4.26% 5.55%
U.S. 91-Day T-Bill Index ($14,978)
FREMONT MONEY MARKET FUND ($14,947)
Donoghue First Tier Taxable Average ($14,584)
<PAGE>
<TABLE>
GROWTH OF $10,000 CHART
<CAPTION>
FREMONT MONEY 90 DAY DONOGHUE FIRST TIER
MARKET FUND US T-BILLS TAXABLE PRIME AVG.
<S> <C> <C> <C>
18-Nov-88 $10,000 $10,000 $10,000
30-Nov-88 $10,027 $10,026 $10,025
31-Dec-88 $10,096 $10,093 $10,090
31-Jan-89 $10,170 $10,163 $10,159
28-Feb-89 $10,237 $10,236 $10,228
31-Mar-89 $10,315 $10,311 $10,300
30-Apr-89 $10,389 $10,383 $10,377
31-May-89 $10,475 $10,457 $10,452
30-Jun-89 $10,552 $10,526 $10,528
31-Jul-89 $10,630 $10,592 $10,600
31-Aug-89 $10,705 $10,661 $10,670
30-Sep-89 $10,775 $10,731 $10,741
31-Oct-89 $10,852 $10,813 $10,812
30-Nov-89 $10,924 $10,887 $10,881
31-Dec-89 $10,993 $10,955 $10,949
31-Jan-90 $11,067 $11,027 $11,017
28-Feb-90 $11,132 $11,093 $11,084
31-Mar-90 $11,202 $11,168 $11,152
30-Apr-90 $11,276 $11,240 $11,221
31-May-90 $11,350 $11,317 $11,291
30-Jun-90 $11,420 $11,390 $11,360
31-Jul-90 $11,498 $11,465 $11,429
31-Aug-90 $11,573 $11,540 $11,498
30-Sep-90 $11,640 $11,610 $11,567
31-Oct-90 $11,719 $11,682 $11,636
30-Nov-90 $11,792 $11,751 $11,704
31-Dec-90 $11,867 $11,821 $11,773
31-Jan-91 $11,941 $11,888 $11,839
28-Feb-91 $12,005 $11,946 $11,901
31-Mar-91 $12,065 $12,008 $11,959
30-Apr-91 $12,134 $12,066 $12,015
31-May-91 $12,195 $12,124 $12,068
30-Jun-91 $12,249 $12,180 $12,121
31-Jul-91 $12,312 $12,238 $12,174
31-Aug-91 $12,369 $12,296 $12,227
30-Sep-91 $12,427 $12,350 $12,278
31-Oct-91 $12,482 $12,404 $12,328
30-Nov-91 $12,531 $12,454 $12,375
31-Dec-91 $12,584 $12,500 $12,422
31-Jan-92 $12,630 $12,543 $12,464
29-Feb-92 $12,668 $12,582 $12,502
31-Mar-92 $12,708 $12,625 $12,540
30-Apr-92 $12,744 $12,666 $12,576
31-May-92 $12,779 $12,707 $12,612
30-Jun-92 $12,817 $12,745 $12,647
31-Jul-92 $12,852 $12,784 $12,680
31-Aug-92 $12,885 $12,819 $12,711
30-Sep-92 $12,917 $12,852 $12,741
31-Oct-92 $12,947 $12,884 $12,769
30-Nov-92 $12,978 $12,916 $12,798
31-Dec-92 $13,008 $12,951 $12,828
31-Jan-93 $13,036 $12,986 $12,857
28-Feb-93 $13,062 $13,016 $12,885
31-Mar-93 $13,093 $13,048 $12,912
30-Apr-93 $13,122 $13,080 $12,939
31-May-93 $13,148 $13,113 $12,967
30-Jun-93 $13,178 $13,147 $12,994
31-Jul-93 $13,208 $13,181 $13,021
31-Aug-93 $13,235 $13,215 $13,049
30-Sep-93 $13,263 $13,248 $13,076
31-Oct-93 $13,291 $13,282 $13,104
30-Nov-93 $13,320 $13,315 $13,132
31-Dec-93 $13,351 $13,351 $13,161
31-Jan-94 $13,379 $13,385 $13,189
28-Feb-94 $13,406 $13,418 $13,218
31-Mar-94 $13,437 $13,455 $13,248
30-Apr-94 $13,470 $13,496 $13,281
31-May-94 $13,512 $13,540 $13,317
30-Jun-94 $13,556 $13,586 $13,356
31-Jul-94 $13,603 $13,636 $13,397
31-Aug-94 $13,651 $13,687 $13,439
30-Sep-94 $13,701 $13,737 $13,485
31-Oct-94 $13,755 $13,794 $13,532
30-Nov-94 $13,812 $13,852 $13,582
31-Dec-94 $13,880 $13,915 $13,636
31-Jan-95 $13,943 $13,979 $13,694
28-Feb-95 $14,006 $14,041 $13,754
31-Mar-95 $14,081 $14,110 $13,816
30-Apr-95 $14,145 $14,177 $13,877
31-May-95 $14,216 $14,247 $13,939
30-Jun-95 $14,289 $14,314 $14,000
31-Jul-95 $14,355 $14,384 $14,060
31-Aug-95 $14,423 $14,452 $14,120
30-Sep-95 $14,492 $14,517 $14,180
31-Oct-95 $14,558 $14,583 $14,239
30-Nov-95 $14,624 $14,652 $14,299
31-Dec-95 $14,695 $14,733 $14,359
31-Jan-96 $14,760 $14,800 $14,418
29-Feb-96 $14,821 $14,860 $14,474
31-Mar-96 $14,885 $14,915 $14,530
30-Apr-96 $14,947 $14,978 $14,584
<FN>
=Unannualized
*Assumes initial investment of $10,000 on inception date, November 18, 1988.
Performance data illustrated is historical. Past performance is not predictive
of future performance. All performance figures assume reinvestment of
dividends. Management fees and other expenses are included in the Fund's
performance; however, fees and expenses are not incorporated in the U.S.
91-Day T-Bill Index. An investment in the Fund is neither insured nor
guaranteed by the U.S. Government. The Fund seeks to maintain a stable $1.00
share price although there is no assurance that it will be able to do so.
</FN>
</TABLE>
<PAGE>
QUESTIONS & ANSWERS
Norman Gee, Portfolio Manager
Fremont Investment Advisors, Inc.
FREMONT MONEY MARKET FUND
Q: How did the Fremont Money Market Fund perform during the six-month
period ended April 30, 1996?
A: The Fund produced an unannualized total return of 2.67% for the six-month
period ended April 30, 1996, in comparison to the Donoghue First Tier Taxable
Average, which posted a return of 2.43%.
Q: How did this compare to the performance of other money market funds?
A: Our Fund continues to be ranked in the top 5% of taxable money market
funds for the six-month period.
Q: What strategies worked well for the Fund during this period?
A: We were able to maintain higher yields for a longer period of time by
keeping the average maturity of instruments in our portfolio slightly longer
than that of the average money market fund, and by spreading out the
maturities.
Q: What strategies were not successful?
A: The strength of the U.S. economy was extremely difficult to predict
during the first six months of fiscal year 1996. In hindsight, the Fund would
have done better if we had further lengthened the average maturity at the
start of the fiscal year.
Q: What is your current outlook for the money markets?
A: We believe the Federal Reserve has reached its goal of slowing the economy
to a sustainable growth rate. As a result, we continue to expect short term
interest rates to remain flat for the next few months. The longer term outlook
is more difficult to predict, but we are looking for flat to rising rates,
probably later in 1996.
Q: What is your current strategy for the Fund?
A: Our immediate strategy is to maximize yields in the Fund by keeping the
Fund's average maturity longer than that of the average money market fund.
Norman Gee
Portfolio Manager
<PAGE>
QUESTIONS & ANSWERS
William M. Feeney, Portfolio Manager
Fremont Investment Advisors, Inc.
FREMONT CALIFORNIA INTERMEDIATE TAX-FREE FUND
Q: How did the Fremont California Intermediate Tax-Free Fund perform during
the six-month period ended April 30, 1996?
A: In the first three months of our fiscal year (November through
January), the U.S. economy grew slowly, resulting in lower interest rates and
higher bond prices. But in February and March, U.S. economic growth appeared
to accelerate and caused investors to worry about future inflation. Interest
rates rose in reaction, and bonds gave back some gains. Despite this
volatility, the Cal Tax-Free Fund posted a six-month unannualized total return
of 1.17%. In comparison, the Lehman Brothers Municipal 5-Year State General
Obligation (G.O.) Index gained 1.55% for the six-month period. The difference
between these returns can be explained by the longer average maturity of the
bond portfolio held by our Fund.
Q: What is your outlook for the California economy and the Fund?
A: California has slowly emerged from a severe economic recession, and is
demonstrating a more positive financial position. Employment is growing at
twice the national average, and the state has regained most of the jobs lost
during the recession. California's accelerated economic activity and
strengthened financial situation should become more widely recognized, opening
up the possibility of higher bond ratings.
Q: What is your current strategy for the Fund?
A: Our portfolio structure has remained relatively unchanged during the past
six months. Essential purpose bonds (e.g. water & sewer, electric utilities,
and transportation) comprise 70% of the portfolio, and general obligation
bonds (backed by the full faith and credit of the issuing municipality)
comprise 14% of the portfolio.
As a defensive measure against rising interest rates, the average
maturity of the Fund was decreased in recent months to about seven years.
William M. Feeney
Portfolio Manager
FREMONT CALIFORNIA INTERMEDIATE TAX-FREE FUND INVESTMENT RETURNS
ANNUAL RETURNS
11/16/90- 10/31/91= +9.36%
11/01/91-10/31/92 +7.37%
11/01/92-10/31/93 +11.37%
11/01/93-10/31/94 -3.94%
11/01/94-10/31/95 +12.77%
11/01/95- 4/30/96= +1.17%
Average Annual +6.82% (since inception)
GROWTH OF $10,000*
Average Annual Returns for Periods Ended 4/30/96
1 5 Since Inception
year years 11/16/90
7.08% 6.48% 6.82%
FREMONT CALIFORNIA INTERMEDIATE TAX-FREE FUND ($14,330)
Lehman Bros. 5-Yr State G.O. Index ($14,299)
<PAGE>
<TABLE>
GROWTH OF $10,000 CHART
<CAPTION>
FREMONT CA INTER LEHMAN MUNI 5 YR
TAX-FREE FUND STATE G.O. INDEX
<S> <C> <C>
16-Nov-90 $10,000 $10,000
30-Nov-90 $10,064 $10,067
31-Dec-90 $10,105 $10,102
31-Jan-91 $10,273 $10,250
28-Feb-91 $10,364 $10,340
31-Mar-91 $10,370 $10,313
30-Apr-91 $10,467 $10,456
31-May-91 $10,530 $10,508
30-Jun-91 $10,496 $10,493
31-Jul-91 $10,603 $10,598
31-Aug-91 $10,737 $10,731
30-Sep-91 $10,881 $10,860
31-Oct-91 $10,936 $10,945
30-Nov-91 $10,953 $10,979
31-Dec-91 $11,187 $11,226
31-Jan-92 $11,218 $11,246
29-Feb-92 $11,222 $11,253
31-Mar-92 $11,188 $11,211
30-Apr-92 $11,270 $11,306
31-May-92 $11,373 $11,413
30-Jun-92 $11,535 $11,572
31-Jul-92 $11,871 $11,876
31-Aug-92 $11,747 $11,787
30-Sep-92 $11,831 $11,862
31-Oct-92 $11,741 $11,821
30-Nov-92 $11,906 $11,962
31-Dec-92 $12,004 $12,049
31-Jan-93 $12,155 $12,180
28-Feb-93 $12,518 $12,495
31-Mar-93 $12,325 $12,357
30-Apr-93 $12,434 $12,432
31-May-93 $12,460 $12,475
30-Jun-93 $12,666 $12,641
31-Jul-93 $12,629 $12,642
31-Aug-93 $12,889 $12,817
30-Sep-93 $13,069 $12,915
31-Oct-93 $13,076 $12,930
30-Nov-93 $12,964 $12,899
31-Dec-93 $13,198 $13,078
31-Jan-94 $13,354 $13,202
28-Feb-94 $13,007 $12,943
31-Mar-94 $12,664 $12,653
30-Apr-94 $12,717 $12,779
31-May-94 $12,795 $12,854
30-Jun-94 $12,714 $12,820
31-Jul-94 $12,915 $12,954
31-Aug-94 $12,945 $13,016
30-Sep-94 $12,765 $12,920
31-Oct-94 $12,561 $12,847
30-Nov-94 $12,354 $12,750
31-Dec-94 $12,552 $12,866
31-Jan-95 $12,830 $13,001
28-Feb-95 $13,208 $13,195
31-Mar-95 $13,356 $13,323
30-Apr-95 $13,382 $13,356
31-May-95 $13,745 $13,646
30-Jun-95 $13,652 $13,665
31-Jul-95 $13,771 $13,856
31-Aug-95 $13,920 $13,979
30-Sep-95 $13,978 $14,023
31-Oct-95 $14,165 $14,081
30-Nov-95 $14,313 $14,205
31-Dec-95 $14,421 $14,286
31-Jan-96 $14,583 $14,464
29-Feb-96 $14,519 $14,412
31-Mar-96 $14,326 $14,326
30-Apr-96 $14,330 $14,299
<FN>
=Unannualized
*Assumes initial investment of $10,000 on inception date, November 16, 1990.
Performance data illustrated is historical. Past performance is not predictive
of future performance. Share price and return will vary so that a gain or loss
may be realized when shares are sold. All performance figures assume
reinvestment of dividends. Management fees and other expenses are included in
the Fund's performance; however, fees and expenses are not incorporated in the
Lehman Bros. 5-Year State G.O. Index.
</FN>
</TABLE>
<PAGE>
<TABLE>
FREMONT GLOBAL FUND
April 30, 1996 (Unaudited)
STATEMENT OF INVESTMENTS
IN SECURITIES AND NET ASSETS
<CAPTION>
Country Value
Shares Security Description Code (Note 1)
<S> <C> <C> <C>
STOCKS - 61.3%
BUSINESS EQUIPMENT & SERVICES - 1.8%
2,800 Sodexho SA FR $ 1,109,710
143,000 Kyowa Exeo Corp. JP 1,485,537
20,000 Reuters Holdings PLC, ADR UK 1,352,500
26,200 Automatic Data Processing, Inc. US 1,018,525
20,300 Dun & Bradstreet Corp. US 1,235,763
* 7,000 Federal Express Corp. US 565,250
26,601 First Data Corp. US 2,021,652
21,600 WMX Technologies, Inc. US 750,600
------------
9,539,537
------------
CAPITAL GOODS - 3.9%
3,000 Mannesmann AG GM 1,026,824
3,500 Siemens AG GM 1,913,124
1,521,000 PT Dynaplast (Foreign Registered) ID 1,388,072
8,400 Kyocera Corp., ADR JP 1,267,350
206,000 Mitsubishi Heavy Industries JP 1,833,729
60,000 Cemex SA (Class B), ADR MX 508,698
1,254,000 IJM Corp. Berhad MY 2,413,859
160,000 Steel & Tube Holdings Ltd. NZ 867,926
36,210 Cementos Lima, ADR PE 420,431
19 Zardoya-Otis SP 1,879
40,000 Autoliv AB SW 2,181,411
9,000 Caterpillar, Inc. US 576,000
24,300 Emerson Electric Co. US 2,032,088
57,500 General Electric Co. US 4,456,250
------------
20,887,641
------------
CONSUMER DURABLES - 1.5%
3,360 Daimler-Benz AG GM 1,833,306
2,700 Volkswagen AG GM 926,259
31,000 Fukoku Co. Ltd. JP 543,626
33,000 Murata Manufacturing Co. Ltd. JP 1,276,912
33,000 Sony Corp., ADR JP 2,128,500
112,000 Suzuki Motor Co. Ltd. JP 1,419,681
------------
8,128,284
------------
CONSUMER NON-DURABLES - 9.6%
15,760 LVMH FR 4,029,927
440 LVMH, ADR FR 22,440
2,880,000 Pacific Andes International
Holdings Ltd. HK 510,077
200,000 PT Indofood Sukses Makmur
(Foreign Registered) ID 921,194
500,000 PT Indofood Sukses Makmur
(Local Shares) ID 2,302,985
20,000 Coca-Cola Femsa SA de CV, ADR MX 537,500
10,600 Unilever NV (New York Shares) NL 1,446,900
250,000 Cervecer Backus & Johnston PE 336,002
418,450 San Miguel Corp. (Class B) PH 1,312,408
2,000,000 Universal Robina Corp. PH 1,013,578
76,000 Cerebos Pacific Ltd. SG 686,486
108,000 Fraser & Neave Ltd. SG 1,198,293
600 Nestle SA (Registered Shares) SZ 666,345
100,000 Srithai Superware Co. Ltd.
(Foreign Registered) TH 752,401
* 135,796 President Enterprises, GDR TW 2,376,430
170,000 Associated British Foods PLC UK 1,019,670
24,600 Anheuser Busch Cos., Inc. US 1,651,275
<PAGE>
<CAPTION>
Country Value
Shares Security Description Code (Note 1)
<S> <C> <C> <C>
CONSUMER NON-DURABLES (CONTINUED)
22,900 Archer Daniels Midland Co. US $ 432,238
20,800 Campbell Soup Co. US 1,300,000
55,600 Coca-Cola Co. US 4,531,400
14,800 Colgate Palmolive Co. US 1,134,050
11,700 CPC International US 808,762
28,900 Eastman Kodak Co. US 2,210,850
26,900 General Mills, Inc. US 1,492,950
39,600 Gillette Co. US 2,138,400
31,800 Heinz (H.J.) & Co. US 1,077,225
18,700 Kellogg Co. US 1,334,712
69,900 Pepsico, Inc. US 4,438,650
50,400 Philip Morris Cos., Inc. US 4,542,300
50,500 Procter & Gamble Co. US 4,267,250
34,500 Sara Lee Corp. US 1,069,500
------------
51,562,198
------------
CONSUMER SERVICES - 3.3%
22,000 News Corp. Ltd., ADR AU 517,000
190,820 Village Roadshow Ltd. (Preferred) AU 600,358
3,000 H.I.S. Co. Ltd. JP 176,126
35,000 Secom Co. JP 2,468,430
20,000 Sega Enterprises Ltd. JP 1,017,870
10,000 Sega Enterprises Ltd., ADR JP 127,444
265,000 Genting Berhad MY 2,380,494
70,600 Elsevier NV NL 1,063,390
7,813 Wolters Kluwer NV NL 854,326
9,840 Wolters Kluwer NV, ADR NL 1,074,165
280,000 Helicopter Line Ltd. (The) NZ 615,238
180,000 Rentokil Group PLC UK 1,037,604
* 28,500 CUC International, Inc. US 936,937
40,386 Disney (Walt) Co. US 2,503,932
30,625 Mattel, Inc. US 796,250
4,300 Washington Post Co. (Class B) US 1,264,200
------------
17,433,764
------------
ENERGY - 0.5%
50,000 YPF Sociedad, ADR AR 1,093,750
* 15 Petrofina SA (Warrants 06/03/97) BE 156
8,200 Amoco Corp. US 598,600
16,000 Chevron Corp. US 928,000
------------
2,620,506
------------
FINANCIAL SERVICES - 7.6%
62,859 Lend Lease Corp. Ltd. AU 959,170
200,000 Westpac Banking Corp. Ltd. AU 972,176
380,000 Cheung Kong (Holdings) Ltd. HK 2,714,180
770,000 Citic Pacific Ltd. HK 3,026,127
1,398,000 JCG Holdings Ltd. HK 1,292,219
968,500 PT Lippo Bank (Foreign Registered) ID 2,204,445
150,000 Instituto Mobiliare Italiano SPA IT 1,191,067
150,000 Arab Malaysian Finance Berhad
(Foreign Registered) MY 691,771
200,000 Commerce Asset Holding Berhad MY 1,363,490
32,811 Aegon NV, ADR NL 1,579,029
409,000 City Developments SG 3,578,023
91,250 Development Bank of Singapore
(Foreign Registered) SG 1,155,228
95,833 Overseas Chinese Banking Corp. Ltd.
(Foreign Registered) SG 1,315,488
129,899 United Overseas Bank Ltd.
(Foreign Registered) SG 1,265,732
<FN>
*Non-income producing
securities The accompanying notes are an integral part of these financial
statements.
</FN>
<PAGE>
<CAPTION>
FREMONT GLOBAL FUND
April 30, 1996 (Unaudited)
Country Value
Shares Security Description Code (Note 1)
<S> <C> <C> <C>
FINANCIAL SERVICES (CONTINUED)
170,900 Bangkok Bank Ltd. (Foreign Registered) TH $ 2,476,959
600,000 Krung Thai Bank Public Co. Ltd.
(Foreign Registered) TH 2,946,243
120,000 Siam Commercial Bank
(Foreign Registered) TH 1,767,746
194,280 Thai Farmers Bank Co. Ltd.
(Foreign Registered) TH 2,231,114
135,426 HSBC Holdings PLC (Hong Kong Shares) UK 2,022,120
36,700 American International Group, Inc. US 3,353,462
4,000 General Re Corp. US 571,500
31,200 MBNA Corp. US 885,300
34,800 Norwest Corp. US 1,257,150
-----------
40,819,739
-----------
HEALTH CARE - 7.4%
3,000 Gehe AG GM 1,732,937
* 749 Gehe AG, New GM 426,783
400,250 PT Dankos Laboratories (Foreign Shares) ID 979,783
22,000 Towa Pharmaceutical Co. Ltd. JP 584,989
8,000 Astra AB "A" Free SW 355,511
30,000 Astra AB "B" Free SW 1,324,323
240 Roche Holding AG SZ 1,884,680
670 Sandoz AG (Registered Shares) SZ 730,615
61,000 Abbott Laboratories US 2,478,125
24,500 American Home Products Corp. US 2,584,750
* 21,200 Boston Scientific Corp. US 914,250
38,600 Bristol-Myers Squibb Co. US 3,174,850
6,700 Cardinal Health, Inc. US 420,425
38,000 Columbia HCA Healthcare Corp. US 2,018,750
* 8,100 Forest Laboratories, Inc. (Class A) US 373,613
48,500 Johnson & Johnson US 4,486,250
42,600 Lilly (Eli) & Co. US 2,513,400
23,200 Medtronic, Inc. US 1,232,500
74,800 Merck & Co. US 4,525,400
47,800 Pfizer, Inc. US 3,292,225
33,700 Schering Plough Corp. US 1,933,537
13,500 Warner-Lambert Co. US 1,508,625
-----------
39,476,321
-----------
MISCELLANEOUS - 0.2%
100,900 BZW Taiwan Index Fund Ltd. TW 1,198,692
-----------
1,198,692
-----------
MULTI-INDUSTRY - 3.1%
35,000 Rhodia-Ster SA, GDR BR 292,782
2,400 Viag AG GM 936,257
* 685 Viag AG (New) GM 267,223
560,000 Hutchison Whampoa HK 3,474,978
3,896,000 Yue Yuen Industrial Holdings HK 946,890
350,000 Hong Leong Industries Berhad MY 1,894,851
1,240,000 Renong Berhad MY 2,158,165
* 248,000 Renong Berhad (Rights) MY 99,455
* 155,000 Renong Berhad (Warrants Exp. 03/15/01) MY 43,511
963,000 Comfort Group Ltd. SG 876,700
110,000 Cycle & Carriage Ltd. SG 1,330,014
22,000 Allied-Signal, Inc. US 1,278,750
41,000 Minnesota Mining & Manufacturing Co. US 2,695,750
-----------
16,295,326
-----------
<PAGE>
<CAPTION>
Country Value
Shares Security Description Code (Note 1)
<S> <C> <C> <C>
RAW MATERIALS - 1.8%
18,900 Broken Hill Proprietary Co. Ltd.,
ADR AU $ 1,167,075
20,000 Companhia Siderurgica Tubarao, ADR BR 478,934
776,000 Asiatic Development Berhad MY 862,015
24,567 Hansol Paper Ltd., GDR SK 509,765
* 11,875 Hansol Paper Ltd., GDR SK 246,406
6,400 Du Pont (E.I.) de Nemours & Co. US 514,400
69,300 Engelhard Corp. US 1,741,163
* 12,200 FMC Corp. US 846,375
11,800 Great Lakes Chemical Corp. US 805,350
11,400 Monsanto Co. US 1,727,100
14,500 Nucor Corp. US 815,625
-----------
9,714,208
-----------
RETAIL - 3.6%
* 55,000 Makro Atacadista BR 421,284
7,350 Hermes International FR 1,946,257
600,000 PT Hero Supermarket
(Foreign Registered) ID 695,727
29,000 Ito-Yokado Co. Ltd. JP 1,705,313
45,100 Seven Eleven Japan JP 3,185,046
* 200,000 Cifra SA de CV MX 269,275
* 335,000 Cifra SA de CV, ADR MX 459,285
45,100 Home Depot, Inc. US 2,136,613
58,400 McDonalds Corp. US 2,795,900
* 19,100 Safeway, Inc. US 644,625
* 16,500 Stop & Shop Cos., Inc. US 542,437
186,000 Wal Mart Stores, Inc. US 4,440,750
-----------
19,242,512
-----------
SHELTER - 2.2%
522,000 PT Jaya Real Property
(Foreign Registered) ID 1,815,847
45,000 Empresas ICA Sociedad Controladora
SA de CV, ADR MX 624,375
28,000 Kimberly-Clark de Mexico SA MX 512,594
750,000 Ayala Land, Inc. PH 1,161,790
3,200,000 C & P Homes, Inc. PH 2,753,873
*4,375,000 Filinvest Land, Inc. PH 2,259,036
* 150,000 Nawarat Patanakarn Public Co. Ltd.
(Local Shares) TH 493,020
27,376 Kimberly-Clark Corp. US 1,988,182
-----------
11,608,717
-----------
TECHNOLOGY - 7.4%
110,000 Canon, Inc. JP 2,180,605
18,900 Hirose Electronics JP 1,163,631
40,000 Hoya Corp. JP 1,410,531
14,000 TDK Corp. JP 799,238
600,000 Informatics Holdings Ltd. SG 234,708
32,079 Samsung Electronics Ltd., GDS
(1/2 Non-Voting) SK 1,315,239
3,384 Samsung Electronics Ltd., GDS
(1/2 Voting) SK 252,954
9,944 Samsung Electronics Ltd., New GDS
(1/2 Non-Voting) SK 377,872
1,049 Samsung Electronics Ltd., New GDS
(1/2 Voting) SK 66,087
47,250 Advanced Information Services
(Foreign Registered) TH 800,832
* 57,900 AirTouch Communications, Inc. US 1,809,375
23,400 Amp, Inc. US 1,047,150
<FN>
*Non-income producing securities
The accompanying notes are an integral part of these financial statements.
</FN>
<PAGE>
<CAPTION>
FREMONT GLOBAL FUND
April 30, 1996 (Unaudited)
Country Value
Shares Security Description Code (Note 1)
<S> <C> <C> <C>
TECHNOLOGY (CONTINUED)
* 20,900 Applied Materials, Inc. US $ 836,000
* 46,700 Cisco Systems, Inc. US 2,422,563
* 24,100 Compaq Computer Corp. US 1,123,663
21,400 Computer Associates International,
Inc. US 1,570,225
40,000 Hewlett-Packard Co. US 4,235,000
61,900 Intel Corp. US 4,193,725
5,000 International Business Machines US 537,500
* 12,000 Litton Industries, Inc. US 544,500
* 43,500 Microsoft Corp. US 4,931,813
49,300 Motorola, Inc. US 3,019,625
* 54,450 Oracle Systems Corp. US 1,837,688
* 19,700 Sun Microsystems, Inc. US 1,068,725
20,100 Texas Instruments, Inc. US 1,135,650
8,100 United Technologies Corp. US 895,050
-----------
39,809,949
-----------
TRANSPORTATION - 0.7%
32,000 Grupo Casa Autrey SP, ADR MX 732,000
125,000 Keppel Corp. SG 1,129,090
8,500 Keppel Corp. (Convertible Loan
Stock) SG 12,695
* 8,500 Keppel Corp. (Warrants 06/30/97) SG 40,505
13,800 Burlington Northern Sante Fe US 1,207,500
15,200 CSX Corp. US 779,000
-----------
3,900,790
-----------
UTILITIES - 6.7%
10,000 Telecom de Argentina, ADR AR 452,500
8,900 Telefonica de Argentina SA, ADR AR 260,325
7,000 Companhia Telecomunicacion Chile,
ADR CL 638,750
50,000 Enersis SA, ADR CL 1,487,500
40,000 RWE AG GM 1,552,586
504,576 Hong Kong & China Gas Co. HK 828,425
900,000 Hong Kong Telecommunications HK 1,716,158
37,500 Hong Kong Telecommunications , ADR HK 712,500
28,400 PT Indonesia Satellite, ADR ID 990,450
*1,020,000 Telecom Italia Mobile SPA IT 2,253,422
255 Nippon Telegraph & Telephone JP 1,970,979
40,000 Telefonos de Mexico SA (Class L),
ADR MX 1,360,000
22,100 Telecom of New Zealand, ADR NZ 1,491,750
235,365 Manila Electric Co. (Class B) PH 2,196,560
250,000 CPT Telefonica del Peru SA PE 552,981
* 545,486 Tele 2000 PE 884,820
14,900 Philippine Long Distance Telephone
Co. PH 757,965
70,000 Korea Electric Power Corp., ADR SK 1,942,500
113,200 Northern Electric PLC (Preferred) UK 173,157
30,000 Vodafone Group PLC, ADR UK 1,203,750
35,400 Ameritech Corp. US 2,066,475
72,300 AT&T Corp. US 4,428,375
27,300 Bell Atlantic Corp. US 1,774,500
18,300 Bellsouth Corp. US 732,000
23,400 Frontier Corp. US 740,025
64,200 GTE Corp. US 2,784,675
-----------
35,953,128
-----------
TOTAL STOCKS (Cost $271,171,032) $328,191,312
------------
<PAGE>
<CAPTION>
Value
Face Amount/Issuer/Coupon Rate/Stated Maturity (Note 1)
<S> <C> <C>
BONDS - 22.0%
CORPORATE BONDS - 2.8%
2,000,000 BankAmerica Corp., 8.125%, 08/15/04
(Callable 08/15/99 @ 100) $ 2,040,000
1,600,000 Chrysler Corp., 10.400%, 08/01/99
(Callable 08/01/97 @ 100) 1,675,760
2,500,000 General Electric Capital Corp.,
8.850%, 03/01/07
(Putable 03/01/97 @ 100) 2,816,300
3,000,000 General Motors Acceptance Corp.,
7.500%, 07/24/00 3,076,740
2,000,000 Pohang Iron & Steel Co. Ltd., 7.375%,
05/15/05 1,973,540
3,000,000 Societe Generale NY, 9.875%, 07/15/03 3,424,350
154,924 Zions Auto Trust, 5.650%, 06/15/99 154,344
-----------
15,161,034
-----------
MORTGAGE BACKED SECURITIES - 0.3%
1,818,993 FNMA CMO, 1992-137BA REMIC,
3.500%, 01/25/17 1,732,591
-----------
1,732,591
-----------
U.S. GOVERNMENT & AGENCY BONDS - 2.9%
Federal Home Loan Mortgage Corp.
3,000,000 8.375%, 03/15/10 (Callable 03/15/00 @ 100) 3,092,820
Federal National Mortgage Association
2,000,000 7.700%, 08/10/04 (Callable 08/10/99 @ 100) 2,021,560
3,000,000 8.400%, 10/25/04 (Callable 10/25/99 @ 100) 3,119,070
U.S. Treasury Notes
3,000,000 7.125%, 02/29/00 3,077,820
4,000,000 7.500%, 02/15/05 4,210,640
-----------
15,521,910
-----------
FOREIGN BONDS - 16.0%
Government of Australia
AUS$ 4,000,000 8.750%, 01/15/01 3,191,254
4,000,000 9.500%, 08/15/03 3,296,557
European Investment Bank
CAN$ 4,000,000 7.750%, 04/22/03 2,958,124
4,000,000 8.500%, 08/30/05 3,020,516
Government of Canada
CAN$ 4,000,000 7.500%, 03/01/01 2,984,549
Japan Highway Public Corp.
CAN$ 2,000,000 7.875%, 09/27/02 1,489,155
Oesterreichische Kontrollbank
(Republic of Austria)
CAN$ 2,000,000 9.000%, 06/19/02 1,567,145
Republic of Finland
CAN$ 2,000,000 9.500%, 09/15/04 1,584,578
Toyko Electric Power
CAN$ 2,000,000 10.500%, 06/14/01 1,648,805
Kingdom of Denmark
DKK 32,000,000 8.000%, 11/15/01 5,859,117
20,000,000 7.000%, 12/15/04 3,399,169
20,000,000 8.000%, 03/15/06 3,576,502
<FN>
*Non-income producing securities
The accompanying notes are an integral part of these financial statements.
</FN>
<PAGE>
<CAPTION>
FREMONT GLOBAL FUND
April 30, 1996 (Unaudited)
Value
Face Amount/Issuer/Coupon Rate/Stated Maturity (Note 1)
<S> <C> <C>
FOREIGN BONDS (CONTINUED)
Federal Republic of Germany
DM 3,000,000 6.750%, 04/22/03 $ 2,053,844
4,000,000 7.500%, 11/11/04 2,830,725
4,500,000 6.875%, 05/12/05 3,056,948
6,000,000 6.000%, 01/05/06 3,828,928
Treuhandanstalt
DM 3,000,000 7.750%, 10/01/02 2,163,231
World Bank
DM 3,000,000 6.125%, 09/27/02 1,994,642
Kingdom of Spain
ESP 400,000,000 10.900%, 08/30/2003 3,471,670
Government of France
FF 20,000,000 8.500%, 11/25/02 4,408,124
15,000,000 8.500%, 04/25/03 3,311,605
Government of Italy
ITL 6,000,000,000 9.500%, 02/01/01 3,905,931
4,500,000,000 10.500%, 09/01/05 3,030,881
Government of Netherlands
NLG 6,000,000 6.500%, 04/15/03 3,632,436
5,000,000 6.750%, 11/15/05 3,023,527
5,000,000 6.000%, 01/15/06 2,864,149
Republic of Argentina
US$ 6,000,000 5.000%, 03/31/23 (Callable Semiannually
in May or November @ 100) 3,273,600
United Mexican States
US$ 6,000,000 6.250%, 12/31/19
(Callable at any time @ 100) 3,967,500
------------
85,393,212
------------
TOTAL BONDS (Cost $115,741,648) 117,808,747
------------
<CAPTION>
Value
Face Amount/Issuer/Discount Rate/Stated Maturity (Note 1)
<S> <C> <C>
SHORT TERM SECURITIES - 16.0%
19,304,600 Benchmark Diversifed Assets Fund 19,304,600
5,000,000 AKZO Nobel North America, Inc.,
CP, 5.330%, 05/21/96 4,985,194
5,000,000 Associates Corp. of North America,
CP, 5.330% 05/15/96 4,989,636
5,000,000 Daimler-Benz North America Corp.,
CP, 5.300%, 05/20/96 4,986,014
5,000,000 Ford Motor Credit Corp., CP, 5.290%,
05/31/96 4,977,958
5,000,000 General Electric Capital Corp.,
CP, 5.290%, 06/05/96 4,974,285
5,000,000 Goldman Sachs & Co., CP, 5.300%,
05/30/96 4,978,653
5,000,000 Merrill Lynch & Co., Inc., CP, 5.290%,
05/29/96 4,979,428
5,000,000 Mitsui & Co., CP, 5.400%, 05/09/96 4,994,000
5,000,000 P.H.H. Corp., CP, 5.370%, 05/08/96 4,994,779
** 5,000,000 Rexam PLC, CP, 5.300%, 05/28/96 4,980,125
5,000,000 Sonoco Products, Inc., CP, 5.330%,
05/02/96 4,999,260
<PAGE>
<CAPTION>
Value
Face Amount/Issuer/Discount Rate/Stated Maturity (Note 1)
<S> <C> <C>
SHORT TERM SECURITIES (CONTINUED)
** 5,000,000 Sony Capital Corp., CP, 5.280%,
06/27/96 $ 4,958,200
6,300,000 Toshiba International Finance PLC (UK),
CP, 5.400%, 06/07/96 6,265,036
--------------
TOTAL SHORT TERM SECURITIES (Cost $85,367,168) 85,367,168
--------------
TOTAL INVESTMENTS (Cost $472,279,848), 99.3% 531,367,227
OTHER ASSETS AND LIABILITIES, NET, 0.7% 3,488,863
--------------
NET ASSETS, 100.0% $534,856,090
==============
PORTFOLIO ABBREVIATIONS:
ADR - American Depository Receipt
CP - Commercial Paper
CMO - Collateralized Mortgage Obligation
FNMA - Federal National Mortgage Association
GDR - Global Depository Receipt
GDS - Global Depository Share
REMIC - Real Estate Mortgage Investment Conduit
CURRENCY ABBREVIATIONS:
AUS$ - Australian Dollar
CAN$ - Canadian Dollar
DKK - Danish Kroner
DM - German Deutschemark
ESP - Spanish Peseta
FF - French Franc
ITL - Italian Lira
NLG - Netherlands Guilder
US$ - US Dollar
<FN>
** These securities are generally issued to institutional investors.
Any resale must be in an exempt transaction pursuant to Section 4(2) of the
Securities Act of 1933.
The accompanying notes are an integral part of these financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FREMONT GLOBAL FUND
April 30, 1996 (Unaudited)
COUNTRY DIVERSIFICATION
Country % Of
Code Country Name Net Assets
<S> <C> <C>
AR Argentina 0.3%
AU Australia 2.0%
BR Brazil 0.2%
CN Canada 3.0%
CL Chile 0.4%
DK Denmark 2.5%
FR France 2.9%
GM Germany 5.6%
HK Hong Kong 2.9%
ID Indonesia 2.1%
IT Italy 1.4%
JP Japan 5.0%
MY Malaysia 2.2%
MX Mexico 0.9%
NL Netherlands 3.0%
NZ New Zealand 0.6%
PE Peru 0.4%
PH Philippines 2.2%
SG Singapore 2.4%
SK South Korea 0.9%
SP Spain 0.7%
SW Sweden 0.7%
SZ Switzerland 0.6%
TW Taiwan 0.7%
TH Thailand 2.1%
UK United Kingdom 1.3%
US United States 53.0%
------
TOTAL 100.0%
======
<FN>
The accompanying notes are an integral part of these financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
FREMONT INTERNATIONAL GROWTH FUND
April 30, 1996 (Unaudited)
STATEMENT OF INVESTMENTS
IN SECURITIES AND NET ASSETS
<CAPTION>
Country Value
Shares Security Description Code (Note 1)
<S> <C> <C> <C>
STOCKS - 96.9%
BUSINESS EQUIPMENT & SERVICES - 3.3%
825 Sodexho SA FR $ 326,968
41,000 Kyowa Exeo Corp. JP 425,923
8,000 Reuters Holdings PLC, ADR UK 541,000
-----------
1,293,891
-----------
CAPITAL GOODS - 8.1%
800 Siemens AG GM 437,285
175,000 PT Dynaplast (Foreign Registered) ID 159,706
14,000 Kyocera Corp. JP 1,051,418
6,000 Mabuchi Motors Co. JP 368,263
16,000 Raito Kogyo Co. JP 317,179
1,500 Shinkawa JP 42,030
15,300 Autoliv AB SW 834,390
-----------
3,210,271
-----------
CONSUMER DURABLES - 6.4%
1,200 Volkswagen AG GM 411,671
15,000 Matsushita-Kotobuki Electronics JP 400,286
10,000 Murata Manufacturing Co. Ltd. JP 386,943
17,600 Rinnai Corp. JP 439,476
6,000 Sony Corp. JP 388,849
8,000 Sony Corp., ADR JP 516,000
-----------
2,543,225
-----------
CONSUMER NON-DURABLES - 6.5%
2,500 LVMH FR 639,265
120,000 PT Budi Acid Jaya (Local Shares) ID 347,864
28,000 Alpine Electronics, Inc. JP 549,726
150,000 San Miguel Corp. (Class B) PH 470,453
* 33,791 President Enterprises, GDR TW 591,343
-----------
2,598,651
-----------
CONSUMER SERVICES - 7.9%
50,338 News Corp. Ltd. AU 295,366
25,383 News Corp. Ltd. (Preferred) AU 130,771
43,022 Village Roadshow Ltd. (Preferred) AU 135,356
8,000 Secom Co. JP 564,213
66,000 Genting Berhad MY 592,878
7,574 Wolters Kluwer NV NL 828,192
105,000 Rentokil Group PLC UK 605,269
-----------
3,152,045
-----------
FINANCIAL SERVICES - 15.0%
160,000 Reinsurance Australia Corp. Ltd. AU 414,040
80,000 Westpac Banking Corp. Ltd. AU 388,870
90,000 Cheung Kong (Holdings) Ltd. HK 642,832
130,000 Citic Pacific Ltd. HK 510,905
700,000 JCG Holdings Ltd. HK 647,034
250,000 PT Lippo Bank (Foreign Registered) ID 569,036
14,085 Aegon NV, ADR NL 677,841
70,000 City Developments SG 612,375
42,600 Bangkok Bank Ltd.(Foreign Registered) TH 617,428
<PAGE>
<CAPTION>
Country Value
Shares Security Description Code (Note 1)
<S> <C> <C> <C>
FINANCIAL SERVICES (CONTINUED)
30,000 Thai Farmers Bank Co. Ltd.
(Foreign Registered) TH $ 344,520
34,800 HSBC Holdings PLC (Hong Kong Shares) UK 519,618
----------
5,944,499
----------
HEALTH CARE - 11.0%
1,050 Gehe AG GM 606,528
* 262 Gehe AG, New GM 149,289
300,000 PT Dankos Laboratories
(Foreign Registered) ID 734,378
40,000 Banyu Pharmaceutical Co. JP 575,649
35,200 Santen Pharmaceutical Co. JP 821,920
20,800 Astra AB B Free SW 918,197
73 Roche Holding AG SZ 573,257
----------
4,379,218
----------
MULTI-INDUSTRY - 5.9%
98,000 Hutchison Whampoa HK 608,121
2,700,000 Yue Yuen Industrial Holdings HK 656,213
360,000 Renong Berhad MY 626,564
* 72,000 Renong Berhad (Rights) MY 28,874
* 45,000 Renong Berhad (Warrants Exp. 03/15/01) MY 12,632
494,000 International UNP Holdings
(Canadian Shares) PO 145,043
300,000 Comfort Group Ltd. SG 273,115
----------
2,350,562
----------
RAW MATERIALS - 2.2%
160,000 QNI Ltd. AU 396,421
* 20,400 Concordia Paper Holdings Ltd., ADR HK 142,800
15,355 Hansol Paper Ltd., GDR SK 318,616
----------
857,837
----------
RETAIL - 5.3%
1,950 Hermes International FR 516,354
3,600 Autobacs Seven Co. JP 341,387
2,200 Ito Yokado Co. Ltd., ADR JP 518,100
16,989 Ceteco Holdings, ADS NL 718,974
----------
2,094,815
----------
SHELTER - 3.3%
500,000 C & P Homes, Inc. PH 430,293
*1,100,000 Filinvest Land, Inc. PH 567,986
* 100,000 Nawarat Patanakarn Public Co. Ltd.
(Local Shares) TH 328,680
----------
1,326,959
----------
TECHNOLOGY - 11.2%
1,450 Rexel SA FR 347,495
5,500 SAP AG (Preferred) GM 730,650
1,000 Advantest Corp. JP 49,464
8,100 Canon, Inc., ADR JP 805,950
25,000 Hoya Corp. JP 881,582
<FN>
*Non-income producing securities
The accompanying notes are an integral part of these financial statements.
</FN>
<PAGE>
<CAPTION>
FREMONT INTERNATIONAL GROWTH FUND
April 30, 1996 (Unaudited)
Country Value
Shares Security Description Code (Note 1)
<S> <C> <C> <C>
TECHNOLOGY (CONTINUED)
18,000 NTT Data Communications Systems Co. JP $ 627,877
600,000 Informatics Holdings Ltd. SG 234,708
4,478 Samsung Electronics Ltd., GDS
(1/2 Non-Voting) SK 183,598
1,347 Samsung Electronics Ltd., New GDS SK 51,186
30,900 Advanced Information Services
(Foreign Registered) TH 523,718
----------
4,436,228
----------
UTILITIES - 10.8%
8,541 Companhia Energetica de Minas Gerais,
ADR BR 212,457
13,000 VEBA AG GM 646,454
* 220,000 Telecom Italia SPA IT 308,525
* 260,000 Telecom Italia Mobile SPA IT 574,402
51 Nippon Telegraph & Telephone JP 394,196
5,700 Telecom of New Zealand, ADR NZ 384,750
57,750 Manila Electric Co. (Class B) PH 538,956
7,100 Philippine Long Distance Telephone Co. PH 361,178
13,000 Vodafone Group PLC, ADR UK 521,625
300,000 Datacraft Asia Ltd. SG 336,000
----------
4,278,543
----------
TOTAL STOCKS (COST $33,062,420) 38,466,744
----------
<CAPTION>
Country Value
Face Amount/Issuer/Coupon Rate/Stated Maturity Code (Note 1)
<S> <C> <C> <C>
CONVERTIBLE BONDS - 0.8%
250,000 United Micro Electronics,
1.250%, 06/08/04 TW 308,125
----------
TOTAL CONVERTIBLE BONDS (COST $388,502) 308,125
----------
<CAPTION>
Country Value
Face Amount/Issuer Code (Note 1)
<S> <C> <C> <C>
SHORT TERM SECURITIES - 5.1%
2,011,466 Benchmark Diversified Assets Fund US 2,011,466
----------
TOTAL SHORT TERM SECURITIES (COST $2,011,466) 2,011,466
----------
TOTAL INVESTMENTS (COST $35,462,388), 102.8% 40,786,335
OTHER ASSETS AND LIABILITIES, NET, (2.8)% (1,114,433)
----------
NET ASSETS, 100.0% $39,671,902
===========
PORTFOLIO ABBREVIATIONS:
ADR - American Depository Receipt
ADS - American Depository Shares
GDR - Global Depository Receipt
GDS - Global Depository Shares
<PAGE>
<CAPTION>
COUNTRY DIVERSIFICATION
Country % Of
Code Country Name Net Assets
<S> <C> <C>
AU Australia 1.3%
BR Brazil 0.5%
FR France 4.6%
GM Germany 7.5%
HK Hong Kong 8.1%
ID Indonesia 4.6%
IT Italy 2.2%
JP Japan 26.4%
MY Malaysia 3.1%
NL Netherlands 5.6%
NZ New Zealand 1.0%
PH Philippines 6.0%
PO Poland 0.4%
SG Singapore 3.2%
SK South Korea 1.4%
SW Sweden 4.4%
SZ Switzerland 1.5%
TW Taiwan 2.3%
TH Thailand 4.6%
UK United Kingdom 5.5%
US United States 5.8%
------
TOTAL 100.0%
======
<FN>
*Non-income producing securities
The accompanying notes are an integral part of these financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
FREMONT INTERNATIONAL SMALL CAP FUND
April 30, 1996 (Unaudited)
STATEMENT OF INVESTMENTS
IN SECURITIES AND NET ASSETS
<CAPTION>
Country Value
Shares Security Description Code (Note 1)
<S> <C> <C> <C>
STOCKS - 95.9%
BUSINESS EQUIPMENT & SERVICES - 4.0%
5,000 Aida Engineering JP $ 47,653
6,000 Kyudenko Co. Ltd. JP 88,063
43,800 APV PLC UK 62,708
6,700 Cowie Group PLC UK 38,723
----------
237,147
----------
CAPITAL GOODS - 5.9%
7,980,000 CIA de Acos Especiais Itabira Acesita BR 30,007
* 356 Skoda Koncern Plzen AS CZ 10,066
20 Campagnie Fives-Lille FR 2,112
* 600 Legris Industries FR 29,710
* 1,800 Bremer Vulkan Verbund AG GM 1,976
200 Felten & Guilleaume Energietechnik AG GM 24,439
10,000 Bunka Shutter Co. JP 76,245
1,000 Inaba Denkisangyo Co. JP 21,730
3,000 Marufuji Sheet Piling JP 22,788
3,000 Seirei Industry JP 16,011
1,000 Taikisha Ltd. JP 19,061
6,700 Steel & Tube Holdings Ltd. NZ 36,344
24,300 Howden Group PLC UK 26,734
5,600 Wagon Industrial Holdings PLC UK 35,783
----------
353,006
----------
CONSUMER DURABLES - 2.4%
* 8,799 CIA Interamericana de Automotive AR 50,864
5,000 Tachi-S Co. JP 47,605
4,100 Toyota South Africa Ltd. SA 24,146
58,658 Arcelik AS TU 6,779
6,100 Adwest Group UK 13,422
----------
142,816
----------
CONSUMER NON-DURABLES - 7.6%
*1,300,000 Bombril SA (Preferred) BR 22,279
*9,800,000 Perdigao SA Comercio e Industria
(Preferred) BR 17,586
* 100,000 Sao Paulo Alpargatas SA BR 9,275
* 107 Cokoladovny AS CZ 14,086
100 Holsten-Brauerei AG GM 21,564
1,100 Hellenic Sugar Industry SA GR 10,314
7,000 Lai Sun Garment International Ltd. HK 8,099
8,000 PT Chareon Pokphand Indonesia
(Foreign Registered) ID 15,976
17,000 PT Japfa Comfeed Indonesia
(Foreign Registered) ID 11,864
4,000 Daito Gyorui Co. JP 18,070
9,000 Kanematsu Corp. JP 43,317
6,000 Marudai Food Co. Ltd. JP 47,748
11,000 Prima Meat Packers JP 48,225
1,000 Sanyo Coca-Cola Bottling JP 14,868
53,000 Grupo Industrial Maseca SA de CV
(Series B) MX 51,767
8,000 Nanyang Press Berhad MY 24,062
3,400 Lion Nathan Ltd. NZ 8,475
11,000 GP Batteries International Ltd. SG 27,170
900 American Standard Sanitaryware Ltd.
(Foreign Registered) TH 15,325
2,600 Karat Sanitaryware Co. Ltd.
(Foreign Registered) TH 9,833
<PAGE>
<CAPTION>
Country Value
Shares Security Description Code (Note 1)
<S> <C> <C> <C>
CONSUMER NON-DURABLES (CONTINUED)
8,000 Tat Konserve Sanayii AS TU $ 4,304
3,600 Alexandra Workwear UK 8,301
--------
452,508
--------
CONSUMER SERVICES - 1.9%
850 Gaumont FR 68,888
* 1,100 Delta Dairy SA GR 10,133
400 Unicer-Uniao Cervejeira SA
(Registered Shares) PT 7,207
11,000 Sun International Bophuthatswana Ltd. SA 13,921
6,000 Hotel Properties SG 11,607
--------
111,756
--------
ENERGY - 4.9%
5,311 CIA Naviera Perez Co. (Class B) AR 33,251
5,300,000 Petrobas Distribuidora SA BR 111,669
30,000 Uniao de Industrias Petroquimicas SA BR 25,707
100 Elf Gabon FR 20,928
2,000 Itochu Fuel Corp. JP 19,442
2,000 Kamei Corp. JP 24,780
* 1,325 Energy Africa Ltd. SA 3,213
3,700 Engen Ltd. SA 20,722
56,000 Petrol Ofisi AS TU 15,994
* 59,000 Turcas Petroculuk AS TU 18,026
--------
293,732
--------
FINANCIAL SERVICES (BANKS) - 8.8%
14,800 Advance Bank of Australia Ltd. AU 60,999
5,600 Bank of Melbourne Ltd. AU 31,714
* 550 Credit Lyonnais FR 18,351
900 Parisienne de Reescompt FR 77,988
1,466 Credit Bank of Athens
(Registered Shares) GR 73,375
1,700 National Bank of Greece
(Registered Shares) GR 82,245
12,000 MBF Capital Berhad MY 17,998
300 KAS Associatie NV NL 10,684
* 20,580 Union Bank of the Philippines PH 25,189
2,100 Banco Totta & Acores
(Registered Shares) PT 40,379
* 45,000 Bangkok Bank of Commerce Public
Co. Ltd. (Local Shares) TH 28,958
13,800 First Bangkok City Bank Public Co. Ltd.
(Foreign Registered) TH 27,324
418,000 Yapi Ve Kredi Bankasi SA TU 28,318
--------
523,522
--------
FINANCIAL SERVICES (OTHER) - 14.1%
1,200 London Insurance Group CN 24,443
4,411 Credit Foncier de France FR 53,708
950 Credit National FR 74,309
350 Societe Financiere Interbail SA FR 17,121
212,400 Century City International Holdings
Ltd. HK 48,876
27,500 Tai Cheung Holdings HK 24,353
15,000 Life Co. Ltd. JP 72,194
10,000 Nippon Shinpan Co. JP 74,434
19,000 Rashid Hussein Berhad MY 67,052
2,120 Assurantieconcern Stad Rotterdam NL 71,166
110 Swiss Life Insurance & Pension SZ 42,019
<FN>
*Non-income producing securities
The accompanying notes are an integral part of these financial statements.
</FN>
<PAGE>
<CAPTION>
FREMONT INTERNATIONAL SMALL CAP FUND
April 30, 1996 (Unaudited)
Country Value
Shares Security Description Code (Note 1)
<S> <C> <C> <C>
FINANCIAL SERVICES (OTHER) (CONTINUED)
2,800 Phatra Thanakit Co. Ltd.
(Foreign Registered) TH $ 24,394
* 12,600 Union Asia Finance Co. Ltd.
(Local Shares) TH 51,393
31,700 E D & F Man Group PLC UK 81,215
23,400 Invesco PLC UK 88,868
9,100 Lloyd Thompson Group PLC UK 23,314
---------
838,859
---------
HEALTH CARE - 1.1%
100 Andreae-Noris Zahn AG GM 30,712
90 Galenica Holdings AG
(Registered Shares) SZ 37,057
---------
67,769
---------
MULTI-INDUSTRY - 12.1%
1,400 Marine-Wendel FR 115,628
2,000 Suntelephone Co. Ltd. JP 15,726
115,000 Berjaya Group Berhad MY 84,396
15,000 Oriental Holdings Berhad MY 91,434
700 Hollandsche Benton Groep NV NL 120,146
400 Internatio-Muller NV NL 34,748
16,000 Haw Par Brothers International Ltd. SG 40,512
36,400 Babcock International Group PLC UK 63,085
8,900 Goode Durrant PLC UK 44,396
25,000 Wassall PLC UK 113,029
---------
723,100
---------
RAW MATERIALS - 10.7%
* 29,120 Aluar Aluminio Argentina SA (Class B) AR 65,528
1,400,000 CIA Petroquimica Sul-Copesul BR 77,201
9,300,000 Fertilizantes Fosfatdos (Preferred) BR 33,752
* 18,400 Stelco, Inc. CN 91,841
* 116 Sepap AS CZ 5,849
* 221 Synthesia AS CZ 4,657
400 Nord Est FR 10,855
250 Sommer Allibert FR 71,373
400 Hellas Can Packaging SA GR 8,535
6,000 Chugoku Marine Paints JP 34,024
* 6,000 Empaques Ponderosa SA (Series B) MX 12,142
6,100 Portucel Industrial Empresa PT 37,690
8,900 Hartebeesfontein Gold Mining Co. Ltd. SA 32,167
3,000 Randfontein Estates Gold Mining Co.
Witwatersrand Ltd. SA 23,383
500 Western Deep Levels Ltd. SA 25,058
* 15,800 Ercros SA SP 11,040
4,500 National Petrochemical Co.
(Foreign Registered) TH 7,974
30,000 Cimentas TU 7,771
17,500 Hickson International PLC UK 20,835
7,200 McKechnie Group UK 56,315
---------
637,990
---------
RETAIL - 5.1%
200 Kaufring AG GM 11,501
3,000 Fuji Co. Ltd. JP 52,609
1,000 Joshin Denki Co. JP 13,533
10,000 Kotobukiya Co. Ltd. JP 74,815
2,000 Oak & Co. JP 14,410
* 42,000 Controladora Comercial Mexicana
SA de CV (Series B) MX 38,076
<PAGE>
<CAPTION>
Country Value
Shares Security Description Code (Note 1)
<S> <C> <C> <C>
RETAIL (CONTINUED)
20,400 Acma Ltd. SG $ 60,939
12,700 East Asiatic Public Co. Ltd.
(Local Shares) TH 15,465
9,100 Saha Pathana Inter-Holding Ltd.
(Foreign Registered) TH 21,622
----------
302,970
----------
SHELTER - 10.6%
700 Bau Holding AG AS 32,966
* 5,000 Brasilit SA BR 6,553
* 56 Inzenyrske a Prumslove Stavby AS CZ 6,313
1,200 Societe Generale d'Enterprises SA FR 26,251
4,250 AGIV AG GM 90,813
89,000 Kumagai Gumi HK 82,266
12,000 Daikyo, Inc. JP 89,664
1,100 Daito Trust Construction JP 16,250
17,000 Fujita Corp. JP 84,737
8,000 SXL Corp. JP 84,632
4,800 Vitro SA MX 11,073
4,400 Boskalis Westminster NL 64,989
4,700 Alfred McAlpine Group PLC UK 13,458
8,500 Ashtead Group PLC UK 24,595
----------
634,560
----------
TECHNOLOGY - 2.0%
* 322 SPT Telecom AS CZ 39,432
8,000 Citizen Watch Co. Ltd. JP 69,764
1,100 Alphatec Electronics Public Co. Ltd.
(Foreign Registered) TH 12,023
----------
121,219
----------
TRANSPORTATION - 1.7%
5,000 Nippon Konpo Unyu Soko JP 45,032
25,000 Hai Sun Hup Group Ltd. SG 18,314
37,000 Neptune Orient Lines Ltd. SG 41,053
----------
104,399
----------
UTILITIES - 3.0%
3,100 Telecom de Argentina SA (Class B) AR 14,076
2,500,000 Companhia Energetica de Minas Gerais BR 64,897
* 741 Ceske Energeticke Zavody AS CZ 28,424
6,700 Hyder PLC UK 74,215
----------
181,612
----------
TOTAL STOCKS (Cost $5,478,145) 5,726,965
----------
<CAPTION>
Country Value
Face Amount/Issuer Code (Note 1)
<S> <C> <C>
SHORT TERM SECURITIES - 5.9%
351,852 Benchmark Diversified Assets Fund US 351,852
---------
TOTAL SHORT TERM SECURITIES (Cost $351,852) 351,852
---------
TOTAL INVESTMENTS (Cost $5,829,997), 101.8% 6,078,817
OTHER ASSETS AND LIABILITIES, NET, (1.8)% (108,889)
---------
TOTAL NET ASSETS, 100.0% $ 5,969,928
===========
<FN>
*Non-income producing securities
The accompanying notes are an integral part of these financial statements.
</FN>
<PAGE>
<CAPTION>
FREMONT INTERNATIONAL SMALL CAP FUND
April 30, 1996 (Unaudited)
COUNTRY DIVERSIFICATION
Country % Of
Code Country Name Net Assets
<S> <C> <C>
AR Argentina 2.8%
AS Austria 0.6%
AU Australia 1.7%
BE Belgium 1.3%
BR Brazil 4.5%
CN Canada 1.8%
CZ Czech Republic 1.8%
FR France 9.3%
GM Germany 3.0%
GR Greece 3.2%
HK Hong Kong 2.8%
ID Indonesia 0.5%
IT Italy 0.1%
JP Japan 21.5%
MX Mexico 2.0%
MY Malaysia 4.8%
NL Netherlands 4.2%
NO Norway 0.1%
NZ New Zealand 0.8%
PH Philippines 0.4%
PT Portugal 1.5%
SA South Africa 2.6%
SG Singapore 2.7%
SP Spain 0.2%
SZ Switzerland 2.0%
TH Thailand 3.6%
TU Turkey 1.4%
UK United Kingdom 10.6%
US United States 8.2%
------
TOTAL 100.0%
======
</TABLE>
<PAGE>
<TABLE>
FREMONT U.S. MICRO-CAP FUND
April 30, 1996 (Unaudited)
STATEMENT OF INVESTMENTS
IN SECURITIES AND NET ASSETS
<CAPTION>
Value
Shares Security Description (Note 1)
<S> <C> <C>
STOCKS - 72.2%
BUSINESS EQUIPMENT & SERVICES - 7.4%
* 16,500 A+ Network, Inc. $ 243,375
* 18,100 HA-LO Industries, Inc. 615,400
* 18,500 IntelliQuest Information Group, Inc. 712,250
* 10,000 NuCo2, Inc. 272,500
* 52,000 Richey Electronics, Inc. 676,000
----------
2,519,525
----------
CAPITAL GOODS - 5.6%
* 60,000 Adept Technology, Inc. 1,155,000
* 27,600 Miller Industries, Inc. 769,350
----------
1,924,350
----------
CONSUMER NON-DURABLES - 6.2%
* 43,300 Conso Products Co. 681,975
* 52,500 Genesco, Inc. 321,563
* 3,300 Longhorn Steaks, Inc. 89,512
* 17,400 Nor'Wester Brewing Co. 107,119
* 21,250 Sonic Corp. 403,750
* 37,900 Sport-Haley, Inc. 497,437
----------
2,101,356
----------
CONSUMER SERVICES - 5.2%
38,400 Barefoot, Inc. 477,600
* 40,100 Damark International, Inc. (Class A) 456,138
* 7,500 Infonautics, Inc. (Class A) 99,375
* 25,800 Saga Communications, Inc. (Class A) 625,650
* 12,500 Vacation Break USA, Inc. 118,750
----------
1,777,513
----------
ENERGY - 6.4%
* 5,100 Alamco, Inc. 52,275
* 46,000 Cairn Energy USA Inc. 569,250
* 30,100 Core Laboratories NV 387,538
71,300 Lomak Petroleum, Inc. 953,637
* 8,500 Numar Corp. 130,687
4,500 World Fuel Services Corp. 77,625
----------
2,171,012
----------
FINANCIAL SERVICES - 2.7%
* 39,100 BankUnited Financial Corp. 303,025
* 4,200 Calumet Bancorp, Inc. 116,550
4,500 ISB Financial Corp. 69,750
4,500 Life Bancorp, Inc. 64,125
* 10,000 PennFed Financial Services, Inc. 152,500
8,000 Sirrom Capital Corp. 202,000
----------
907,950
----------
<PAGE>
<CAPTION>
Value
Shares Security Description (Note 1)
<S> <C> <C>
HEALTH CARE - 13.2%
* 9,000 ArthroCare Corp. $ 227,250
* 76,700 Cytel Corp. 508,138
* 23,250 Cytyc Corp. 514,406
* 4,900 Enterprise Systems, Inc. 164,150
* 55,500 FemRx, Inc. 645,187
* 101,200 Gensia, Inc. 506,000
* 10,500 Incyte Pharmaceuticals, Inc. 337,313
* 8,500 Penederm, Inc. 144,500
* 56,500 Perseptive Biosystems, Inc. 402,562
* 4,000 Pharmacopeia, Inc. 107,500
* 22,500 SangStat Medical Corp. 376,875
* 7,100 Spine-Tech, Inc. 205,900
* 28,600 Unison Healthcare Corp. 346,775
----------
4,486,556
----------
RAW MATERIALS - 0.1%
1,001 Delta & Pine Land Co. 44,647
----------
44,647
----------
RETAIL - 1.1%
* 4,400 Chico's Fas, Inc. 29,700
* 18,700 Party City Corp. 331,925
----------
361,625
----------
SHELTER - 1.6%
* 52,700 D.R. Horton, Inc. 527,000
5,000 Engle Homes, Inc. 41,875
----------
568,875
----------
TECHNOLOGY (EQUIPMENT) - 14.3%
* 40,000 Ade Corp. 640,000
* 20,900 Applied Signal Technology, Inc. 91,438
* 41,400 CEM Corp. 558,900
* 56,500 Micrel, Inc. 960,500
* 32,000 NUKO Information Systems, Inc. 464,000
* 65,000 PCD, Inc. 877,500
* 30,000 PRI Automation, Inc. 847,500
* 10,000 Sipex Corp. 205,000
* 6,800 SQA, Inc. 222,700
----------
4,867,538
----------
TECHNOLOGY (SOFTWARE) - 8.4%
* 24,700 Meta-Software, Inc. 444,600
* 23,500 MetaTools, Inc. 658,000
* 17,300 OrCAD, Inc. 231,387
* 35,800 State of the Art, Inc. 528,050
* 32,000 Truevision, Inc. 272,000
* 16,000 Veritas Software Corp. 726,000
----------
2,860,037
----------
TOTAL STOCKS (Cost $20,273,855) 24,590,984
----------
<FN>
*Non-income producing securities
The accompanying notes are an integral part of these financial statements.
</FN>
<PAGE>
<CAPTION>
FREMONT U.S. MICRO-CAP FUND
April 30, 1996 (Unaudited)
Value
Face Amount/Issuer/Discount Rate/Stated Maturity (Note 1)
<S> <C> <C>
SHORT TERM SECURITIES - 29.6%
3,099,107 Benchmark Diversified Assets Fund $3,099,107
1,000,000 Federal Home Loan Bank, Discount Note
5.200%, 05/01/96 1,000,000
1,000,000 Federal Home Loan Bank, Discount Note
5.150%, 05/07/96 999,142
1,500,000 Federal Home Loan Bank, Discount Note
5.160%, 05/23/96 1,495,270
1,000,000 Federal Home Loan Bank, Discount Note
5.160%, 05/31/96 995,700
1,500,000 Federal National Mortgage Association
Discount Note, 5.160%, 05/17/96 1,496,560
1,000,000 Federal National Mortgage Association
Discount Note, 5.180%, 06/04/96 995,108
-----------
TOTAL SHORT TERM SECURITIES (Cost $10,080,887) 10,080,887
-----------
TOTAL INVESTMENTS (Cost $30,354,742), 101.8% 34,671,871
OTHER ASSETS AND LIABILITIES, NET, (1.8)% (605,224)
-----------
TOTAL NET ASSETS, 100.0% $34,066,647
===========
</TABLE>
<PAGE>
<TABLE>
FREMONT GROWTH FUND
April 30, 1996 (Unaudited)
<CAPTION>
STATEMENT OF INVESTMENTS
IN SECURITIES AND NET ASSETS
Country Value
Shares Security Description Code (Note 1)
<S> <C> <C> <C>
STOCKS - 96.7%
BUSINESS EQUIPMENT & SERVICES - 5.8%
7,200 Automatic Data Processing, Inc. US $ 279,900
* 14,000 Ceridian Corp. US 668,500
* 3,500 Computer Sciences Corp. US 259,000
4,400 Dun & Bradstreet Corp. US 267,850
14,200 First Data Corp. US 1,079,223
8,400 General Motors Corp. (Class E) US 473,550
* 9,000 Office Depot, Inc. US 201,375
5,500 Paychex, Inc. US 372,625
5,700 WMX Technologies, Inc. US 198,075
-----------
3,800,098
-----------
CAPITAL GOODS - 4.7%
5,300 Emerson Electric Co. US 443,212
19,300 General Electric Co. US 1,495,749
3,800 Illinois Tool Works, Inc. US 255,550
* 8,000 Owens-Corning Fiberglass Corp. US 322,000
5,700 PPG Industries, Inc. US 288,563
7,000 Sundstrand Corp. US 257,250
-----------
3,062,324
-----------
CONSUMER DURABLES - 1.0%
2,800 Goodyear Tire & Rubber Co. US 145,950
12,000 Harley-Davidson, Inc. US 529,500
-----------
675,450
-----------
CONSUMER NON-DURABLES - 15.7%
5,100 Anheuser Busch Cos., Inc. US 342,337
4,900 Campbell Soup Co. US 306,250
19,400 Coca-Cola Co. US 1,581,100
3,700 Colgate Palmolive Co. US 283,513
5,000 ConAgra, Inc. US 193,125
3,100 CPC International US 214,287
6,500 Eastman Kodak Co. US 497,250
5,200 General Mills, Inc. US 288,600
18,300 Gillette Co. US 988,200
7,050 Heinz (H.J.) & Co. US 238,819
4,400 Kellogg Co. US 314,050
1,500 Nike, Inc. (Class B) US 131,250
15,500 Pepsico, Inc. US 984,250
19,100 Philip Morris Cos., Inc. US 1,721,388
2,500 Pioneer Hi-Bred International, Inc. US 139,375
16,900 Procter & Gamble Co. US 1,428,050
3,500 Ralston Purina Group US 204,313
8,800 Sara Lee Corp. US 272,800
7,300 UST, Inc. US 233,600
-----------
10,362,557
-----------
<PAGE>
<CAPTION>
Country Value
Shares Security Description Code (Note 1)
<S> <C> <C> <C>
CONSUMER SERVICES - 4.7%
* 21,600 CUC International, Inc. US $ 710,100
13,972 Disney (Walt) Co. US 866,264
3,900 Gannett Co., Inc. US 266,663
10,500 Marriott International, Inc. US 511,875
8,500 Mattel, Inc. US 221,000
* 3,500 Promus Hotel Corp. US 99,313
* 5,500 Viacom, Inc. (Class B) US 225,500
600 Washington Post Co. (Class B) US 176,400
----------
3,077,115
----------
ENERGY - 1.8%
3,000 British Petroleum Co. PLC, ADR UK 327,750
1,900 Atlantic Richfield Co. US 223,725
3,000 Baker Hughes, Inc. US 95,250
4,500 Schlumberger Ltd. US 397,125
8,500 Union Texas Petroleum Holdings, Inc. US 164,688
----------
1,208,538
----------
FINANCIAL SERVICES - 6.8%
14,100 American International Group, Inc. US 1,288,388
6,000 Citicorp US 472,500
5,000 Exel Ltd. US 360,000
5,500 Federal Home Loan Mortgage Corp. US 458,562
4,000 Franklin Resources, Inc. US 229,000
6,150 MBNA Corp. US 174,506
8,500 Mercury General Corp. US 380,375
8,000 MGIC Investment Corp. US 434,000
20,000 Norwest Corp. US 722,500
----------
4,519,831
----------
HEALTH CARE - 18.4%
5,000 SmithKline Beecham PLC, ADR UK 270,000
14,000 Abbott Laboratories US 568,750
6,200 American Home Products Corp. US 654,100
* 11,000 Amgen, Inc. US 632,500
2,200 Becton Dickinson & Co. US 177,375
* 4,000 Boston Scientific Corp. US 172,500
9,300 Bristol-Myers Squibb Co. US 764,925
8,300 Columbia HCA Healthcare Corp. US 440,937
4,500 HBO & Co. US 534,375
* 10,500 Healthsouth Rehabilitation Corp. US 389,812
18,400 Johnson & Johnson US 1,702,000
11,100 Lilly (Eli) & Co. US 654,900
13,600 Medtronic, Inc. US 722,500
18,000 Merck & Co. US 1,089,000
21,000 Pfizer, Inc. US 1,446,375
7,800 Schering Plough Corp. US 447,525
9,000 Stryker Corp. US 435,375
11,700 United Healthcare Corp. US 684,450
3,400 Warner-Lambert Co. US 379,950
----------
12,167,349
----------
<FN>
*Non-income producing securities
The accompanying notes are an integral part of these financial statements.
</FN>
<PAGE>
<CAPTION>
FREMONT U.S. MICRO-CAP FUND
April 30, 1996 (Unaudited)
Country Value
Shares Security Description Code (Note 1)
<S> <C> <C> <C>
MULTI-INDUSTRY - 2.1%
7,000 Alco Standard Corp. US $ 405,125
5,400 Allied-Signal, Inc. US 313,875
8,900 Minnesota Mining & Manufacturing Co. US 585,175
3,500 Whitman Corp. US 88,375
-----------
1,392,550
-----------
RAW MATERIALS - 2.8%
4,000 Potash Corp. of Saskatchewan CN 282,000
* 5,400 Alumax, Inc. US 180,900
2,300 Du Pont (E.I.) de Nemours & Co. US 184,862
18,000 Engelhard Corp. US 452,250
5,000 Monsanto Co. US 757,500
-----------
1,857,512
-----------
RETAIL - 5.2%
* 11,500 Federated Department Stores, Inc. US 383,812
6,200 Gap, Inc. US 186,775
18,000 Home Depot, Inc. US 852,749
* 4,000 Kohls Corp. US 137,500
12,300 McDonalds Corp. US 588,863
* 5,600 Safeway, Inc. US 189,000
39,300 Wal Mart Stores, Inc. US 938,288
5,300 Walgreen Co. US 169,600
-----------
3,446,587
-----------
SHELTER - 0.7%
5,900 Kimberly-Clark Corp. US 428,488
-----------
428,488
-----------
TECHNOLOGY (COMPONENTS) - 9.6%
* 10,700 3Com Corp. US 493,538
5,200 Amp, Inc. US 232,700
* 9,300 Applied Materials, Inc. US 372,000
* 32,000 Cisco Systems, Inc. US 1,660,000
21,300 Intel Corp. US 1,443,075
* 11,500 LSI Logic Corp. US 414,000
4,500 Micron Technology, Inc. US 163,688
10,900 Motorola, Inc. US 667,625
3,800 Raytheon Co. US 192,375
* 1,500 Stratacom, Inc. US 78,000
4,000 Texas Instruments, Inc. US 226,000
* 1,000 U.S. Robotics Corp. US 156,500
* 6,500 Xilinx, Inc. US 239,688
-----------
6,339,189
-----------
TECHNOLOGY (EQUIPMENT) - 5.3%
* 23,900 AirTouch Communications, Inc. US 746,875
* 1,000 Ascend Communications, Inc. US 61,500
7,700 Boeing Co. US 632,362
* 5,400 Compaq Computer Corp. US 251,775
11,700 Hewlett-Packard Co. US 1,238,738
1,600 International Business Machines US 172,000
* 3,800 Sun Microsystems, Inc. US 206,150
* 4,000 Tellabs, Inc. US 221,000
-----------
3,530,400
-----------
<PAGE>
<CAPTION>
Country Value
Shares Security Description Code (Note 1)
<S> <C> <C> <C>
TECHNOLOGY (SOFTWARE) - 6.2%
10,000 Computer Associates International,
Inc. US $ 733,749
* 16,700 Microsoft Corp. US 1,893,363
* 26,700 Oracle Systems Corp. US 901,125
* 13,500 Parametric Technology Corp. US 543,375
-------------
4,071,612
-------------
TRANSPORTATION - 0.6%
2,900 Burlington Northern Sante Fe US 253,750
2,400 Union Pacific Corp. US 163,500
-------------
417,250
-------------
UTILITIES - 5.3%
9,800 Ameritech Corp. US 572,075
17,400 AT&T Corp. US 1,065,750
8,000 Bell Atlantic Corp. US 520,000
4,100 Enron Corp. US 165,025
16,200 GTE Corp. US 702,675
6,400I llinova Corp. US 163,200
9,500 MCI Communications Corp. US 279,656
-------------
3,468,381
-------------
TOTAL STOCKS (Cost $52,332,420) 63,825,231
-------------
<CAPTION>
Country Value
Face Amount/Issuer Code (Note 1)
<S> <C> <C> <C>
SHORT TERM SECURITIES - 3.1%
2,020,332 Benchmark Diversified Assets Fund US 2,020,332
-------------
TOTAL SHORT TERM SECURITIES (COST $2,020,332) 2,020,332
-------------
TOTAL INVESTMENTS (COST $54,352,752), 99.8% 65,845,563
OTHER ASSETS AND LIABILITIES, NET, 0.2% 126,347
-------------
NET ASSETS, 100.0% $ 65,971,910
=============
<CAPTION>
COUNTRY DIVERSIFICATION
Country % Of
Code Country Name Net Assets
<S> <C> <C>
CN Canada 0.4%
UK United Kingdom 0.9%
US United States 98.7%
------
TOTAL 100.0%
======
PORTFOLIO ABBREVIATIONS:
ADR - American Depository Receipt
<FN>
*Non-income producing securities
The accompanying notes are an integral part of these financial statements.
</FN>
</TABLE>
<PAGE>
FREMONT BOND FUND
April 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS
Coupon Maturity Value
Principal Issuer Rate Date (Note 1)
<S> <C> <C> <C> <C> <C>
BONDS - 105.2%
COLLATERALIZED MORTGAGE OBLIGATIONS - 44.5%
278,432 Collateralized Mortgage Obligaton Trust CMO, 5-Z2.............. 9.400% 08/01/16 $ 278,334
508,313 Collateralized Mortgage Securities Corp. CMO, J-5Z, REMIC...... 7.985% 05/01/17 508,115
1,459,458 FHLMC CMO, 1018 0Z, PAC-1 (11) REMIC........................... 7.000% 11/15/20 1,363,805
230,843 FNMA CMO, 1990-142J, REMIC..................................... 9.250% 12/25/03 230,409
200,000 FNMA CMO, 1993-11J, PAC REMIC.................................. 7.500% 02/25/08 198,094
751,195 FNMA CMO, 1990-53G, PAC REMIC.................................. 8.000% 12/25/18 757,294
15,000,000 FNMA CMO, 1992-131KA, PAC (11) REMIC........................... 8.000% 01/25/22 15,159,300
1,613,946 MDC Mortgage Funding Corp. CMO, P-4Z........................... 9.500% 11/20/17 1,610,912
1,000,000 Morgan Stanley Mortgage Trust CMO, 40-8, PAC (11) REMIC........ 7.000% 07/20/21 952,490
7,651,872 Prudential Bache CMO Trust, 14-G, REMIC........................ 8.400% 03/20/21 7,810,888
664,482 Resolution Trust Corp. CMO, 1992-M4 A1 REMIC................... 8.000% 09/25/21 671,957
1,257,082 Ryland Mortgage Securities Corp. CMO, 1993-8-A, REMIC.......... 7.870% 09/25/23 1,275,938
754,276 Saxon Mortgage Securities Corp. CMO, 1992-1 A1, ARM REMIC...... 7.856% 09/25/22 761,112
3,000,000 Securitized Asset Sales, lnc. CMO, 1993-2A9, PAC (11) REMIC.... 6.200% 07/25/08 2,875,290
-----------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS 34,453,938
-----------
FIXED RATE AND ADJUSTABLE RATE MORTGAGE SECURITIES - 38.9%
733,090 FHLMC.......................................................... 8.250% 08/01/17 749,497
2,000,000 FHLMC TBA...................................................... 8.000% 05/13/26 2,021,875
1,248,885 FNMA ARM....................................................... 7.337% 11/01/23 1,285,765
1,899,812 FNMA ARM....................................................... 6.262% 01/01/26 1,892,688
4,067,396 FNMA ARM....................................................... 6.308% 12/01/27 4,052,143
5,683,791 GNMA II ARM.................................................... 7.250% 09/20/24 5,725,112
2,264,682 GNMA .......................................................... 7.000% 01/15/26 2,179,049
7,825,570 GNMA .......................................................... 7.000% 02/15/26 7,529,670
5,000,000 GNMA TBA ...................................................... 6.500% 05/20/26 4,681,250
-----------
TOTAL FIXED RATE AND ADJUSTABLE RATE MORTGAGE SECURITIES 30,117,049
-----------
CORPORATE BONDS - 10.2%
260,000 CMS Energy Corp., (Callable 10/01/97 @ 101.65)................. 9.875% 10/01/99 270,400
907,000 Delta Air Lines, Inc. (Sinking Fund Bond)...................... 9.450% 02/14/06 978,852
1,825,000 Delta Air Lines, Inc. (Sinking Fund Bond)...................... 9.450% 02/26/06 1,970,715
2,000,000 Time Warner, Inc............................................... 7.450% 02/01/98 2,022,920
375,000 Time Warner, Inc., FRN (Callable 08/15/96 @ 101.5)............. 6.210% 08/15/00 377,752
225,000 Time Warner, Inc............................................... 7.975% 08/15/04 224,867
450,000 Time Warner, Inc............................................... 8.110% 08/15/06 450,482
450,000 Time Warner, Inc............................................... 8.180% 08/15/07 445,950
1,000,000 United Airlines................................................ 10.670% 05/01/04 1,159,947
-----------
TOTAL CORPORATE BONDS 7,901,885
-----------
FOREIGN BONDS - 9.7%
CAN$ 2,500,000 Government of Canada........................................... 8.750% 12/01/05 1,951,866
DM 2,800,000 Federal Republic of Germany.................................... 6.250% 01/04/24 1,646,316
US$ 1,980,000 Republic of Argentina, FRN..................................... 6.313% 03/31/19 1,512,225
US$ 3,000,000 United Mexican States (Callable Semiannually in June or
December @ 100) 6.547% 12/31/19 2,407,500
-----------
TOTAL FOREIGN BONDS 7,517,907
-----------
U.S. GOVERNMENT AGENCY BONDS - 1.0%
290,000 Federal Home Loan Bank (Callable 10/29/96 @ 100)............... 6.380% 04/29/03 279,534
500,000 Federal Home Loan Mortgage Corp., (Callable 07/02/96 @ 100).... 6.390% 07/02/03 481,170
-----------
TOTAL U.S. GOVERNMENT AGENCY BONDS 760,704
-----------
<FN>
The accompanying notes are an integral part of these financial statements.
</FN>
<PAGE>
<CAPTION>
FREMONT BOND FUND
April 30, 1996 (Unaudited)
Coupon Maturity Value
Principal Issuer Rate Date (Note 1)
<S> <C> <C> <C> <C> <C>
STRIPPED MORTGAGE SECURITIES - 0.9%
5,140,293 FNMA lnterest Only, 1994-27WB, PAC-1 REMIC....................... 6.500% 06/25/14 $ 412,843
275,815 FNMA Principal Only, G93-12B, PAC (11) REMIC.............................. 02/25/23 260,990
-----------
TOTAL STRIPPED MORTGAGE SECURITIES 673,833
-----------
TOTAL BONDS (Cost $81,457,849) 81,425,316
-----------
OTHER SECURITIES - 2.2%
368,628 Benchmark Diversified Assets Fund.......................................................... 368,628
7,000,000 Call Option on U.S. Treasury Note, 5.625%, 11/30/00,
Strike @ 91.953125, Exp. 06/25/96..................................................... 344,820
20,000 Long Island Lighting Co., Convertible Preferred Stock...................................... 462,500
+ 190,000 U.S. Treasury Bill............................................... 4.730% 05/23/96 189,451
+ 45,000 U.S. Treasury Bill............................................... 4.750% 05/23/96 44,869
+ 215,000 U.S. Treasury Bill............................................... 4.775% 05/23/96 214,373
+ 65,000 U.S. Treasury Bill............................................... 4.960% 08/29/96 63,923
-----------
TOTAL OTHER SECURITIES (COST $1,779,863) 1,688,564
-----------
TOTAL INVESTMENTS (COST $83,237,712), 107.4% 83,113,880
TOTAL OTHER ASSETS AND LIABILITIES, NET, (7.4)% (5,724,175)
-----------
NET ASSETS, 100.0% $77,389,705
===========
PORTFOLIO ABBREVIATIONS
ARM - Adjustable Rate Mortgage
CMO - Collateralized Mortgage Obligation
FHLMC - Federal Home Loan Mortgage Corp.
FNMA - Federal National Mortgage Association
FRN - Floating Rate Note
GNMA - Government National Mortgage Association
REMIC - Real Estate Mortgage Investment Conduit
TBA - To Be Announced
<FN>
+ On deposit with broker for initial margin on futures contracts (Note 1).
The accompanying notes are an integral part of these financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
FREMONT MONEY MARKET FUND
April 30, 1996 (Unaudited)
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS
<CAPTION>
Discount Maturity Value
Principal Issuer Rate Date (Note 1)
<S> <C> <C> <C> <C>
COMMERCIAL PAPER - 85.6%
5,000,000 AKZO Nobel, Inc. ....................... 5.100% 05/01/96 $5,000,000
5,000,000 AKZO Nobel, Inc. ....................... 5.300% 07/23/96 4,938,903
10,000,000 B.B.V. Finance (Delaware), Inc.......... 4.970% 07/03/96 9,913,025
5,000,000 Bank One Corp........................... 5.320% 06/13/96 4,968,228
10,000,000 BTR Dunlop Finance, Inc................. 5.090% 05/31/96 9,957,583
8,000,000 C.I.T. Group Holdings, Inc.............. 5.320% 05/02/96 7,998,818
10,000,000 Cargill Financial Services Corp. *...... 5.070% 07/24/96 9,881,700
2,000,000 Columbia University, Trustees of ....... 5.330% 05/17/96 1,995,262
5,000,000 Consolidated Rail Corp. *............... 5.170% 05/01/96 5,000,000
10,000,000 Consolidation Coal Co................... 5.330% 05/08/96 9,989,636
10,000,000 Daimler-Benz North America Corp. *...... 5.290% 05/23/96 9,967,672
5,000,000 Dairy Investments (Bermuda) Ltd......... 5.280% 06/03/96 4,975,800
9,000,000 Electricite de France................... 5.030% 05/15/96 8,982,395
5,000,000 Ford Motor Credit Corp.................. 5.280% 05/09/96 4,994,133
5,000,000 General Electric Capital Corp........... 5.260% 05/15/96 4,989,772
5,000,000 Hitachi America Ltd..................... 5.270% 09/16/96 4,898,992
5,000,000 Hitachi America Ltd..................... 5.250% 10/07/96 4,884,063
10,000,000 Merrill Lynch & Co., Inc. .............. 5.170% 06/21/96 9,926,758
8,500,000 Mitsubishi International Corp........... 5.070% 05/16/96 8,482,044
5,000,000 Mitsui & Co. (U.S.A.), Inc. ............ 5.360% 08/05/96 4,928,533
5,000,000 Mitsui & Co. (U.S.A.), Inc. ............ 5.370% 08/19/96 4,917,958
10,000,000 Morgan (J.P.) & Co., Inc. .............. 4.960% 06/12/96 9,942,133
10,000,000 Penney (J.C.) Funding Corp.............. 5.280% 05/28/96 9,960,400
5,000,000 Rexam PLC *............................. 5.300% 05/29/96 4,979,389
10,000,000 Sonoco Products, Inc.................... 5.300% 05/30/96 9,957,306
5,000,000 Sony Capital Corp. *.................... 5.330% 05/07/96 4,995,558
5,000,000 Stanford, Leland Junior University...... 5.240% 07/11/96 4,948,328
6,519,000 Sumitomo Corp. of America............... 5.300% 06/05/96 6,485,409
10,000,000 Sweden, Kingdom of...................... 5.250% 12/18/96 9,663,125
10,000,000 Swedish Export Credit Corp.............. 5.180% 05/28/96 9,961,150
5,000,000 Toshiba America, Inc.................... 5.230% 07/01/96 4,955,690
5,700,000 Toshiba International Finance PLC (UK) . 5.290% 07/12/96 5,639,694
4,500,000 Transamerica Finance Corp............... 5.330% 05/08/96 4,495,336
5,000,000 Unilever Capital Corp. *................ 5.210% 12/05/96 4,842,253
8,000,000 Wool International ..................... 5.050% 05/10/96 7,989,900
10,000,000 Yale University ........................ 5.270% 07/18/96 9,885,817
-----------
TOTAL COMMERCIAL PAPER 250,292,763
===========
OTHER SHORT TERM SECURITIES - 14.2%
Benchmark Diversified Assets Fund....... 1,545,855
10,000,000 Bayerische Verinsbank AG, Yankee CD +... 5.260% 03/06/97 10,000,000
10,000,000 Berliner Handels-und Frankfurt Bank,
Eurodollar TD + 5.750% 05/01/96 10,000,000
10,000,000 Federal Home Loan Bank, AN +............ 5.415% 01/17/97 10,000,000
10,000,000 Federal National Mortgage Association, MTN + 5.710% 06/10/96 9,999,040
------------
TOTAL OTHER SHORT TERM SECURITIES....... 41,544,895
------------
TOTAL INVESTMENTS (Cost $291,837,658), 99.8% 291,837,658
OTHER ASSETS AND LIABILITIES, NET 0.2%.. 725,376
------------
NET ASSETS, 100.0%...................... $292,563,034
============
PORTFOLIO ABBREVIATIONS:
AN - Agency Note MTN - Medium Term Note
CD - Certificate of Deposit TD - Time Deposit
<FN>
*These securities are generally issued to institutional investors. Any resale
must be in an exempt transaction pursuant to Section 4(2) of the Securities
Act of 1933.
+ The rate indicated for these securities is the stated coupon rate.
The accompanying notes are an integral part of these financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
FREMONT CALIFORNIA INTERMEDIATE TAX-FREE FUND
April 30, 1996 (Unaudited)
STATEMENT OF INVESTMENTS IN SECURITIES AND NET ASSETS
Coupon Maturity Value
Principal Issuer Rate Date (Note 1)
<S> <C> <C> <C> <C>
MUNICIPAL BONDS - 94.2%
1,000,000 California State Dept. of Veterans Affairs, Home Purchase
Revenue 1991 Ser. A................................................ 6.450% 08/01/00 $ 1,034,490
500,000 California State Dept. of Water Resources, Central Valley
Project Ser. M..................................................... 4.800% 12/01/07 474,760
1,000,000 California State Dept. of Water Resources, Central Valley
Project Revenue Ser. H............................................. 6.400% 12/01/00 1,082,460
California State GO
1,000,000 Various Purpose.................................................. 6.400% 08/01/96 1,006,700
1,000,000 Various Purpose.................................................. 6.500% 08/01/97 1,032,720
1,000,000 California State Public Works Board, Lease Revenue Dept. of
Corrections, Madera County State Prison 1990 Ser. A ............... 6.700% 09/01/97 1,036,170
1,000,000 California State Public Works Board, Lease Revenue Dept. of
Corrections, Prison D.............................................. 5.100% 06/01/06 965,400
1,000,000 California State Public Works Board, Lease Revenue Refunding, Trustees
of The California State University, 1995 Ser. B ..................... 5.600% 04/01/06 1,003,720
1,000,000 Contra Costa Transportation Authority, Sales Tax Revenue 1991 Ser. A 6.400% 03/01/01 1,077,400
1,000,000 Contra Costa Water Authority, Water Treatment Revenue
Refunding 1993 Ser. A (FGIC Insured)................................. 5.300% 10/01/05 1,021,400
1,000,000 Contra Costa Water District, Water Revenue Ser. F (FGIC Insured)..... 5.250% 10/01/08 990,520
1,000,000 East Bay MUD, Water System Subordinated Revenue Ser. 1994 ........... 8.500% 06/01/98 1,085,910
1,000,000 City of Irvine, Assessment District No. 89-10, Limited Obligation
Refunding Improvement (MBIA Insured) ................................ 4.200% 09/02/05 905,430
1,000,000 Los Angeles Dept. of Water & Power, Electric Plant Revenue Refunding 5.500% 09/01/07 1,013,400
1,000,000 Los Angeles Dept. of Water & Power, Electric Plant Revenue .......... 4.700% 10/15/06 953,120
1,000,000 Los Angeles Dept. of Water & Power, Waterworks Revenue Refunding..... 5.625% 04/15/08 1,015,080
1,000,000 City of Los Angeles, 1990 Solid Waste Collection Project COP Revenue. 6.400% 11/01/97 1,035,260
750,000 Los Angeles County Sanitation District Finance Authority, 1993 Ser. A 5.250% 10/01/06 757,463
1,000,000 Metropolitan Water District of Southern California,
Waterworks GO Refunding 1993 Ser. A ................................. 5.250% 03/01/05 1,022,990
1,000,000 Modesto High School District, 1993 GO Refunding (FGIC Insured)....... 5.300% 08/01/04 1,027,830
1,000,000 Modesto Irrigation District Finance Authority, Domestic
Water Project Revenue 1992 Ser. A (AMBAC Insured) ................... 5.650% 09/01/03 1,052,920
500,000 M-S-R Public Power Agency, San Juan Project Revenue Ser. D (AMBAC
Insured)............................................................ 6.300% 07/01/98 516,210
1,000,000 M-S-R Public Power Agency, San Juan Project Revenue Ser. F........... 5.650% 07/01/03 1,051,900
1,000,000 Northern California Power Agency, Geothermal Project #3 Revenue
Ser. A.............................................................. 5.600% 07/01/06 1,013,070
1,000,000 Orange County Local Transportation Authority,
Measure M Sales Tax Revenue First Ser. 1992 ......................... 6.000% 02/15/06 1,032,780
1,000,000 Orange County Local Transportation Authority,
Measure M Sales Tax Revenue Second Senior Ser. 1994 (FGIC Insured)... 5.000% 02/15/08 968,330
500,000 Orange County Water District, COP 1990 Project A .................... 6.500% 08/15/98 526,460
500,000 City of Pasadena, Electric Works Revenue Ser. 1990................... 6.500% 08/01/99 533,250
1,500,000 City of Pasadena, GO Refunding Police and Jail Building 1993......... 5.000% 06/01/07 1,495,515
1,000,000 Rancho Cucamonga RDA, 1994 Tax Allocation Refunding (MBIA Insured)... 5.000% 09/01/07 976,690
1,000,000 City of Riverside, Electric Revenue 1991............................. 6.100% 10/01/00 1,063,230
1,000,000 City of Riverside, Electric Revenue Refunding 1993................... 5.000% 10/01/06 987,580
1,000,000 Sacramento County Sanitation District Finance Authority, Revenue
(MBIA Insured)...................................................... 5.000% 12/01/08 962,430
1,000,000 Sacramento MUD, Electric Revenue 1991 Ser. Y ........................ 6.250% 09/01/00 1,070,000
1,000,000 San Bernardino County Transportation Authority,
Sales Tax Revenue 1992 Ser. A (FGIC Insured)......................... 6.000% 03/01/03 1,068,860
1,000,000 City and County of San Francisco International Airport,
Revenue Second Ser. Issue 1 (AMBAC Insured).......................... 6.100% 05/01/03 1,076,240
1,000,000 City and County of San Francisco RDA, Lease Revenue Ser. 1991
(George R. Moscone Convention Center) (AMBAC Insured) ............... 6.200% 10/01/00 1,069,260
1,000,000 City and County of San Francisco Sewer,
Revenue Refunding Ser. 1992 (AMBAC Insured).......................... 5.800% 10/01/05 1,055,300
1,000,000 San Francisco, CA Bay Area Rapid Transit, Sales Tax Revenue Refunding 6.400% 07/01/97 1,029,690
1,000,000 San Jose, CA Finance Authority, Convention Center
Revenue Refunding Project Ser. C (MBIA Insured)...................... 5.750% 09/01/03 1,038,670
<FN>
The accompanying notes are an integral part of these financial statements.
</FN>
<PAGE>
<CAPTION>
FREMONT CALIFORNIA INTERMEDIATE TAX-FREE FUND
April 30, 1996 (Unaudited)
Coupon Maturity Value
Principal Issuer Rate Date (Note 1)
<S> <C> <C> <C> <C>
MUNICIPAL BONDS (CONTINUED)
1,000,000 Santa Margarita/Dana Point Authority Orange County, Revenue Bond
Ser. A.............................................................. 5.375% 08/01/04 $ 1,028,770
Southern California Public Power Authority
1,000,000 Mead-Phoenix Project Revenue 1994 Ser. A (AMBAC Insured).......... 4.750% 07/01/08 929,400
1,000,000 Mead-Phoenix Project Revenue 1994 Ser. A (AMBAC Insured).......... 4.750% 07/01/09 911,470
1,000,000 Palo Verde Power Projects Revenue 1993 Ser. A .................... 5.100% 07/01/06 995,620
500,000 City of Stockton, 1990 Wastewater System Project COP (AMBAC Insured). 6.700% 09/01/98 529,340
500,000 City of Stockton, 1990 Wastewater System Project COP (AMBAC Insured). 6.800% 09/01/99 535,000
1,000,000 University of California, Housing System Revenue 1993 Ser. A
(MBIA Insured)...................................................... 5.500% 11/01/08 1,004,040
500,000 University of California, Research Facilities Revenue 1995 Ser. C
(AMBAC Insured)..................................................... 5.100% 09/01/07 490,395
1,000,000 West & Central Basin Finance Authority, West Basin Water
Revenue Refunding Project (AMBAC Insured) ........................... 5.125% 08/01/06 1,002,040
1,500,000 Yucaipa School Facilities Finance Authority, 1995
Sweetwater Refunding (MBIA Insured) ................................. 6.000% 09/01/10 1,540,575
-----------
TOTAL MUNICIPAL BONDS (COST $46,929,657)............................. 48,097,258
-----------
SHORT TERM SECURITIES - 4.3%
2,181,796 Provident Institutional Fund: Municipal Fund for California Investors, Inc. .................... 2,181,796
-----------
TOTAL SHORT TERM SECURITIES (COST $2,181,796) 2,181,796
-----------
TOTAL INVESTMENTS (COST $49,111,453), 98.5% 50,279,054
OTHER ASSETS AND LIABILITIES, NET, 1.5% 781,383
-----------
NET ASSETS, 100.0% $ 51,060,437
============
PORTFOLIO ABBREVIATIONS:
AMBAC - American Municipal Bond Assurance Corp.
COP - Certificates of Participation
FGIC - Financial Guaranty Insurance Corp.
GO - General Obligation
MBIA - Municipal Bond Investor Assurance Corp.
MUD - Municipal Utility District
RDA - Redevelopment Agency
<FN>
The accompanying notes are an integral part of these financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
<PAGE>
<CAPTION>
FREMONT MUTUAL FUNDS, INC.
April 30, 1996 (Unaudited)
STATEMENTS OF ASSETS AND LIABILITIES
International International
Global Growth Small Cap
Fund Fund Fund
<S> <C> <C> <C>
Assets:
Investments in securities at cost $472,279,848 $ 35,462,388 $ 5,829,997
============ ============ ============
Investments in securities at value (Note 1) 531,367,227 40,786,335 6,078,817
Securities lending collateral 35,205,696 3,183,521 75,993
Cash -- -- 332,333
Dividends and interest receivable 3,749,789 66,612 23,147
Receivable for securities sold 2,476,599 -- 406,890
Receivable from sale of fund shares 918,451 315,639 46,715
Other receivables -- 14,422 334
Unrealized appreciation on foreign currency contracts 947,852 -- --
Prepaid expense 47,040 -- --
Unamortized organization costs (Note 3) -- -- --
------------ ------------ ------------
Total assets 574,712,654 44,366,529 6,964,229
------------ ------------ ------------
Liabilities:
Unrealized depreciation on foreign currency contracts 2,895 7,069 --
Liabilities for securities lending collateral 35,205,696 3,183,521 75,993
Variation margin payable -- -- --
Dividends payable to shareholders 195,537 -- --
Payable for securities purchased 3,728,507 1,458,914 909,743
Payable for fund shares redeemed 229,466 158 8
Accrued expenses:
Investment advisory and administrative fees 328,275 44,965 8,557
Shareholder servicing fees 6,500 -- --
Custody fees 79,788 -- --
Accounting fees 31,600 -- --
Audit and legal fees 15,250 -- --
Other payables 33,050 -- --
------------ ------------ ------------
Total liabilities 39,856,564 4,694,627 994,301
------------ ------------ ------------
Net assets $534,856,090 $ 39,671,902 $ 5,969,928
============ ============ ============
Net assets consist of:
Paid in capital $450,072,825 $ 35,813,196 $ 5,563,932
Undistributed net investment income (loss) 175,965 52,295 (9,671)
Unrealized appreciation (depreciation) on investments 59,087,379 5,323,947 248,820
Unrealized appreciation (depreciation) on foreign currency
contracts and other assets and liabilities 865,184 (10,684) (7,508)
Accumulated net realized gain (loss) 24,654,737 (1,506,852) 174,355
------------ ------------ ------------
Net assets $534,856,090 $ 39,671,902 $ 5,969,928
============ ============ ============
Shares of capital stock outstanding 36,236,401 3,660,067 580,664
============ ============ ============
Net asset value per share $ 14.76 $ 10.84 $ 10.28
============ ============ ============
<PAGE>
<CAPTION>
STATEMENTS OF ASSETS AND LIABILITIES
California
U.S. Money Intermediate
Micro-Cap Growth Bond Market Tax-Free
Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C>
Assets:
Investments in securities at cost $ 30,354,742 $ 54,352,752 $ 83,237,712 $291,837,658 $ 49,111,453
============ ============ ============ ============ ============
Investments in securities at value (Note 1) 34,671,871 65,845,563 83,113,880 291,837,658 50,279,054
Securities lending collateral 2,928,168 2,663,297 -- -- --
Cash -- -- 798 -- 198,419
Dividends and interest receivable 10,634 65,339 989,772 772,000 645,584
Receivable for securities sold 531,145 259,688 -- -- --
Receivable from sale of fund shares 773,647 4,168 71,411 1,832,961 1,950
Other receivables 11,188 -- -- -- --
Unrealized appreciation on foreign currency contracts -- -- 239,489 -- --
Prepaid expense -- 32,011 14,632 45,139 6,406
Unamortized organization costs (Note 3) -- 3,687 3,598 -- --
------------ ------------ ------------ ------------ ------------
Total assets 38,926,653 68,873,753 84,433,580 294,487,758 51,131,413
------------ ------------ ------------ ------------ ------------
Liabilities:
Unrealized depreciation on foreign currency contracts -- -- 80,048 -- --
Liabilities for securities lending collateral 2,928,168 2,663,297 -- -- --
Variation margin payable -- -- 75,000 -- --
Dividends payable to shareholders -- -- 11,346 10,784 29,410
Payable for securities purchased 1,851,547 141,459 6,785,390 -- --
Payable for fund shares redeemed 43,547 11,095 38,228 1,811,099 8
Accrued expenses:
Investment advisory and administrative fees 36,744 35,246 26,250 50,846 12,781
Shareholder servicing fees -- 2,300 2,500 4,000 2,200
Custody fees -- 16,306 12,150 14,033 6,068
Accounting fees -- 4,277 6,389 13,981 4,805
Audit and legal fees -- 5,800 5,524 5,650 4,047
Other payables -- 22,063 1,050 14,331 11,657
------------ ------------ ------------ ------------ ------------
Total liabilities 4,860,006 2,901,843 7,043,875 1,924,724 70,976
------------ ------------ ------------ ------------ ------------
Net assets $ 34,066,647 $ 65,971,910 $ 77,389,705 $292,563,034 $ 51,060,437
============ ============ ============ ============ ============
Net assets consist of:
Paid in capital $ 27,693,522 $ 50,865,958 $ 77,802,129 $292,563,034 $ 49,828,805
Undistributed net investment income (loss) (36,293) 136,767 -- -- --
Unrealized appreciation (depreciation) on investments 4,317,129 11,492,811 (601,488) -- 1,167,601
Unrealized appreciation (depreciation) on foreign
currency contracts and other assets and liabilities -- -- 158,337 -- --
Accumulated net realized gain (loss) 2,092,289 3,476,374 30,727 -- 64,031
------------ ------------ ------------ ------------ ------------
Net assets $ 34,066,647 $ 65,971,910 $ 77,389,705 $292,563,034 $ 51,060,437
============ ============ ============ ============ ============
Shares of capital stock outstanding 1,778,402 4,847,770 8,001,946 292,563,034 4,773,848
============ ============ ============ ============ ============
Net asset value per share $ 19.16 $ 13.61 $ 9.67 $ 1.00 $ 10.70
============ ============ ============ ============ ============
<FN>
The accompanying notes are an integral part of these financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
International International
Global Growth Small Cap
Fund Fund Fund
<S> <C> <C> <C>
Investment income:
Interest $ 5,352,441 $ 21,621 $ 6,683
Dividends 2,743,456 152,339 58,793
----------- ----------- -----------
Total income* 8,095,897 173,960 65,476
----------- ----------- -----------
Expenses:
Investment advisory and administrative fees (Note 2) 1,919,535 266,650 60,730
Shareholders servicing fees 44,704 -- --
Custody fees 79,758 -- --
Accounting fees 82,951 -- --
Audit and legal fees 20,833 -- --
Directors' fees (Note 2) 1,027 -- --
Registration fees 19,434 -- --
Other 37,588 -- --
----------- ----------- -----------
Total expenses before reductions 2,205,830 266,650 60,730
Expenses waived by Advisor -- -- (12,632)
----------- ----------- -----------
Total net expenses 2,205,830 266,650 48,098
----------- ----------- -----------
Net investment income (loss) 5,890,067 (92,690) 17,378
----------- ----------- -----------
Realized and unrealized gain (loss) from investments
and foreign currency:
Net realized gain (loss) from:
Investments 20,637,630 979,441 227,663
Transactions in written options -- -- --
Foreign currency transactions 3,418,880 (49,217) (9,423)
Net increase (decrease) in unrealized appreciation
(depreciation) on:
Investments 15,405,235 3,264,411 465,392
Translation of assets and liabilities in foreign currencies 826,726 (11,345) (6,562)
----------- ----------- -----------
Net realized and unrealized gain (loss) from investments
and foreign currency 40,288,471 4,183,290 677,070
----------- ----------- -----------
Net increase in net assets resulting from operations $46,178,538 $ 4,090,600 $ 694,448
=========== =========== ===========
<PAGE>
<CAPTION>
STATEMENTS OF OPERATIONS
California
U.S. Money Intermediate
Micro-Cap Growth Bond Market Tax-Free
Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C>
Investment income:
Interest $ 89,588 $ 78,073 $ 3,131,036 $ 8,040,399 $ 1,363,288
Dividends 8,679 430,224 17,625 -- --
----------- ----------- ----------- ----------- -----------
Total income* 98,267 508,297 3,148,661 8,040,399 1,363,288
----------- ----------- ----------- ----------- -----------
Expenses:
Investment advisory and administrative fees (Note 2) 169,863 211,733 240,101 526,848 133,588
Shareholders servicing fees -- 14,922 12,756 22,984 12,290
Custody fees -- 13,047 14,900 13,800 5,859
Accounting fees -- 12,932 18,000 41,621 13,835
Audit and legal fees -- 10,287 11,585 13,067 10,733
Directors' fees (Note 2) -- 1,027 1,027 1,027 1,027
Registration fees -- 12,360 6,528 26,674 2,519
Other -- 3,057 893 165 502
----------- ----------- ----------- ----------- -----------
Total expenses before reductions 169,863 279,365 305,790 646,186 180,353
Expenses waived by Advisor (35,303) -- (65,395) (214,850) (55,624)
----------- ----------- ----------- ----------- -----------
Total net expenses 134,560 279,365 240,395 431,336 124,729
----------- ----------- ----------- ----------- -----------
Net investment income (loss) (36,293) 228,932 2,908,266 7,609,063 1,238,559
----------- ----------- ----------- ----------- -----------
Realized and unrealized gain (loss) from investments
and foreign currency:
Net realized gain (loss) from:
Investments 2,097,409 3,421,739 552,611 -- 63,767
Transactions in written options -- -- 23,043 -- --
Foreign currency transactions -- -- 114,667 -- --
Net increase (decrease) in unrealized appreciation
(depreciation) on:
Investments 3,369,249 2,445,109 (2,679,737) -- (725,070)
Translation of assets and liabilities in foreign
currencies -- -- 181,801 -- --
----------- ----------- ----------- ----------- -----------
Net realized and unrealized gain (loss) from investments
and foreign currency 5,466,658 5,866,848 (1,807,615) -- (661,303)
----------- ----------- ----------- ----------- -----------
Net increase in net assets resulting from operations $ 5,430,365 $ 6,095,780 $ 1,100,651 $ 7,609,063 $ 577,256
=========== =========== =========== =========== ===========
<FN>
* Net of foreign taxes withheld of $164,621 for the Global Fund, $19,961 for
the International Growth Fund and $5,715 for the International Small Cap Fund.
The accompanying notes are an integral part of these financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Fremont MUTUAL FUNDS, INC.
April 30, 1996 (Unaudited)
STATEMENTS OF CHANGES IN NET ASSETS
International
Global Growth
Fund Fund
Six Months Year Six Months Year
Ended Ended Ended Ended
4/30/96 10/31/95 4/30/96 10/31/95
<S> <C> <C> <C> <C>
Increase (decrease) in net assets from:
Net investment income (loss) $ 5,890,067 $ 13,562,581 (92,690) $ 348,359
Net realized gain (loss) from investments and
transactions in written options 20,637,630 23,444,879 979,441 (948,173)
Net realized gain (loss) from foreign currency transactions 3,418,880 (435,755) (49,217) (53,746)
Net unrealized appreciation (depreciation) on investments 15,405,235 18,907,997 3,264,411 601,879
Net unrealized appreciation (depreciation) on translation of
assets and liabilities in foreign currencies 826,726 (44,605) (11,345) (47)
------------- ------------- ------------ -------------
Net increase (decrease) in net assets resulting from operations 46,178,538 55,435,097 4,090,600 (51,728)
------------- ------------- ------------ -------------
Distributions to shareholders:
From net investment income (8,111,814) (16,914,918) (25,060) (269,553)
From net realized gains (19,404,727) (1,140,840) -- --
------------- ------------- ------------ -------------
Total distributions (27,516,541) (18,055,758) (25,060) (269,553)
------------- ------------- ------------ -------------
Capital share transactions:
Proceeds from shares sold 46,697,577 110,900,850 4,161,208 4,286,553
Payments for shares redeemed (39,330,819) (136,942,988) (735,884) (1,803,707)
Reinvested dividends 26,472,479 17,395,011 25,025 269,162
------------- ------------- ------------ -------------
Total capital share transactions 33,839,237 (8,647,127) 3,450,349 2,752,008
Net increase (decrease) in net assets 52,501,234 28,732,212 7,515,889 2,430,727
Net assets at beginning of period 482,354,856 453,622,644 32,156,013 29,725,286
------------- ------------- ------------ -------------
Net assets at end of period** $ 534,856,090 $ 482,354,856 $ 39,671,902 $ 32,156,013
============= ============= ============ =============
Capital transactions in shares:
Sold 3,212,215 8,368,781 422,417 433,837
Redeemed (2,702,715) (10,326,949) (74,125) (188,969)
Reinvested dividends 1,853,636 1,282,980 2,541 27,727
------------- ------------- ------------ -------------
Net increase (decrease) in capital share transactions 2,363,136 (675,188) 350,833 272,595
============= ============= ============ =============
<PAGE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
International U.S.
Small Cap Micro-Cap
Fund Fund
Six Months Year Six Months Year
Ended Ended Ended Ended
4/30/96 10/31/95 4/30/96 10/31/95
<S> <C> <C> <C> <C>
Increase (decrease) in net assets from:
Net investment income (loss) $ 17,378 $ 45,740 $ (36,293) $ (25,196)
Net realized gain (loss) from investments and
transactions in written options 227,663 (21,568) 2,097,409 347,186
Net realized gain (loss) from foreign currency transactions (9,423) (14,440) -- --
Net unrealized appreciation (depreciation) on investments 465,392 (203,902) 3,369,249 888,690
Net unrealized appreciation (depreciation) on translation of
assets and liabilities in foreign currencies (6,562) 10,337 -- --
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting from operations 694,448 (183,833) 5,430,365 1,210,680
------------ ------------ ------------ ------------
Distributions to shareholders:
From net investment income (36,497) (35,036) -- --
From net realized gains -- -- (323,213) --
------------ ------------ ------------ ------------
Total distributions (36,497) (35,036) (323,213) --
------------ ------------ ------------ ------------
Capital share transactions:
Proceeds from shares sold 1,488,808 2,849,192 26,581,857 6,143,180
Payments for shares redeemed (442,555) (172,610) (5,728,456) (1,614,127)
Reinvested dividends 20,865 19,578 313,977 --
------------ ------------ ------------ ------------
Total capital share transactions 1,067,118 2,696,160 21,167,378 4,529,053
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 1,725,069 2,477,291 26,274,530 5,739,733
Net assets at beginning of period 4,244,859 1,767,568 7,792,117 2,052,384
------------ ------------ ------------ ------------
Net assets at end of period** $ 5,969,928 $ 4,244,859 $ 34,066,647 $ 7,792,117
============ ============ ============ ============
Capital transactions in shares:
Sold 152,992 308,867 1,563,263 462,168
Redeemed (46,062) (18,867) (349,108) (117,136)
Reinvested dividends 2,288 2,175 20,793 --
------------ ------------ ------------ ------------
Net increase (decrease) in capital share transactions 109,218 292,175 1,234,948 345,032
============ ============ ============ ============
<PAGE>
<CAPTION>
Fremont MUTUAL FUNDS, INC.
April 30, 1996 (Unaudited)
STATEMENTS OF CHANGES IN NET ASSETS
Growth Bond
Fund Fund
Six Months Year Six Months Year
Ended Ended Ended Ended
4/30/96 10/31/95 4/30/96 10/31/95
<S> <C> <C> <C> <C>
Increase (decrease) in net assets from:
Net investment income (loss) $ 228,932 $ 398,651 $ 2,908,266 $ 4,585,884
Net realized gain (loss) from investments and
transactions in written options 3,421,739 3,482,283 575,654 2,230,265
Net realized gain (loss) from foreign currency transactions -- -- 114,667 82,647
Net unrealized appreciation (depreciation) on investments 2,445,109 6,445,736 (2,679,737) 3,540,395
Net unrealized appreciation (depreciation) on translation of
assets and liabilities in foreign currencies -- -- 181,801 (23,464)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting from operations 6,095,780 10,326,670 1,100,651 10,415,727
Distributions to shareholders:
From net investment income (101,474) (505,139) (3,188,090) (4,531,238)
From net realized gains (3,508,522) (241,849) (1,968,201) --
------------ ------------ ------------ ------------
Total distributions (3,609,996) (746,988) (5,156,291) (4,531,238)
------------ ------------ ------------ ------------
Capital share transactions:
Proceeds from shares sold 16,934,706 32,879,457 11,892,548 25,537,155
Payments for shares redeemed (16,651,049) (10,815,329) (21,831,981) (13,731,939)
Reinvested dividends 3,570,050 744,451 5,042,107 4,408,916
------------ ------------ ------------ ------------
Total capital share transactions 3,853,707 22,808,579 (4,897,326) 16,214,132
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 6,339,491 32,388,261 (8,952,966) 22,098,621
Net assets at beginning of period 59,632,419 27,244,158 86,342,671 64,244,050
------------ ------------ ------------ ------------
Net assets at end of period** $ 65,971,910 $ 59,632,419 $ 77,389,705 $ 86,342,671
============ ============ ============ ============
Capital transactions in shares:
Sold 1,285,774 2,872,926 1,176,573 2,579,889
Redeemed (1,283,349) (981,267) (2,198,129) (1,429,749)
Reinvested dividends 280,444 68,568 501,526 454,805
------------ ------------ ------------ ------------
Net increase (decrease) in capital share transactions 282,869 1,960,227 (520,030) 1,604,945
============ ============ ============ ============
<FN>
**Net assets at April 30, 1996 and October 31, 1995, respectively, include
undistributed net investment income (loss) of $175,965 and $2,004,174 for the
Global Fund, $52,295 and $170,045 for the International Growth Fund, $(9,671)
and $9,448 for the International Small Cap Fund, $(36,293) and $-- for the
U.S. Micro-Cap Fund, and $136,767 and $9,309 for the Growth Fund. There was no
undistributed income for the Bond Fund at April 30, 1996, and at October 31,
1995, undistributed income was $86,546.
The accompanying notes are an integral part of these financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
Fremont MUTUAL FUNDS, INC.
April 30, 1996 (Unaudited)
STATEMENTS OF CHANGES IN NET ASSETS
California
Intermediate
Money Tax-Free
Market Fund
Six Months Year Six Months Year
Ended Ended Ended Ended
4/30/96 10/31/95 4/30/96 10/31/95
<S> <C> <C> <C> <C>
Increase (decrease) in net assets from:
Net investment income $ 7,609,063 $ 16,288,897 $ 1,238,559 $ 2,782,365
Net realized gain from investments -- -- 63,767 119,954
Net unrealized appreciation (depreciation) on investments -- -- (725,070) 3,671,361
------------- ------------- ------------- -------------
Net increase in net assets resulting from operations 7,609,063 16,288,897 577,256 6,573,680
------------- ------------- ------------- -------------
Distributions to shareholders:
From net investment income (7,609,063) (16,288,897) (1,238,559) (2,782,365)
From net realized gains -- -- (119,954) (4,639)
------------- ------------- ------------- -------------
Total distributions (7,609,063) (16,288,897) (1,358,513) (2,787,004)
------------- ------------- ------------- -------------
Capital share transactions:
Proceeds from shares sold 116,962,235 297,387,013 2,071,530 2,822,896
Payments for shares redeemed (131,201,088) (238,529,846) (1,711,000) (17,111,368)
Reinvested dividends 7,490,275 16,015,143 1,167,963 2,510,108
------------- ------------- ------------- -------------
Total capital share transactions (6,748,578) 74,872,310 1,528,493 (11,778,364)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets (6,748,578) 74,872,310 747,236 (7,991,688)
Net assets at beginning of period 299,311,612 224,439,302 50,313,201 58,304,889
------------- ------------- ------------- -------------
Net assets at end of period**$ 292,563,034 $ 299,311,612 $ 51,060,437 $ 50,313,201
============= ============= ============= =============
Capital transactions in shares:
Sold 116,962,235 297,387,013 190,047 270,058
Redeemed (131,201,088) (238,529,846) (157,317) (1,629,211)
Reinvested dividends 7,490,275 16,015,143 107,342 239,479
------------- ------------- ------------- -------------
Net increase (decrease) in capital share transactions (6,748,578) 74,872,310 140,072 (1,119,674)
============= ============= ============= =============
<FN>
**There was no undistributed net investment income for the Money Market Fund
or the California Intermediate Tax-Free Fund at April 30, 1996 nor at October
31, 1995.
The accompanying notes are an integral part of these financial statements.
</FN>
</TABLE>
<PAGE>
This page has been left blank intentionally.
<PAGE>
<TABLE>
FREMONT MUTUAL FUNDS, INC.
Financial Highlights - April 30, 1996
GLOBAL FUND
<CAPTION>
(Unaudited)
Six Months Ended Years ended October 31
April 30, 1996 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C> <C>
Selected Per Share Data
for one share outstanding during the period
Net asset value, beginning of period $14.24 $13.13 $13.17 $11.52 $11.25 $9.93
------- ------- ------- ------- ------- ------
Income from Investment Operations
Net investment income .18 .40 .26 .32 .39 .47
Net realized and unrealized gain (loss) 1.14 1.24 (.03) 1.67 .40 1.34
------- ------- ------- ------- ------- ------
Total investment operations 1.32 1.64 .23 1.99 .79 1.81
------- ------- ------- ------- ------- ------
Less Distributions
From net investment income (.23) (.50) (.14) (.26) (.40) (.45)
From net realized gains (.57) (.03) (.13) (.08) (.11) (.04)
Return of capital -- -- -- -- (.01) --
------- ------- ------- ------- ------- ------
Total distributions (.80) (.53) (.27) (.34) (.52) (.49)
------- ------- ------- ------- ------- ------
Net asset value, end of period $14.76 $14.24 $13.13 $13.17 $11.52 $11.25
======= ======= ======= ======= ======= ======
Total Return 9.51% 12.78% 1.74% 17.51% 7.10% 18.38%
Ratios and Supplemental Data
Net assets, end of period (000s omitted) $534,856 $482,355 $453,623 $186,325 $101,839 $74,502
Ratio of expenses to average net assets .86%* .88% .95% .99% 1.09% 1.12%
Ratio of net investment income to average
net assets 2.31%* 2.98% 2.47% 2.89% 3.41% 4.34%
Portfolio turnover rate 46%* 83% 52% 40% 50% 81%
Average commission rate paid $.0299 -- -- -- -- --
<FN>
*Annualized
</FN>
<PAGE>
<CAPTION>
INTERNATIONAL GROWTH FUND
(Unaudited) Year Period from
Six Months Ended Ended March 1, 1994 to
April 30, 1996 October 31, 1995 October 31, 1994
<S> <C> <C> <C>
Selected Per Share Data
for one share outstanding during the period
Net asset value, beginning of period $9.72 $9.79 $9.57
------ ------ ------
Income from Investment Operations
Net investment income (loss) (.03) .10 .02
Net realized and unrealized gain (loss) 1.16 (.09) .20
------ ------ ------
Total investment operations 1.13 .01 .22
------ ------ ------
Less Distributions
From net investment income (.01) (.08) --
From net realized gains -- -- --
------ ------ ------
Total distributions (.01) (.08) --
------ ------ ------
Net asset value, end of period $10.84 $9.72 $9.79
======== ======= =======
Total Return 11.60% 0.13% 2.30%
Ratios and Supplemental Data
Net assets, end of period (000s omitted) $39,672 $32,156 $29,725
Ratio of expenses to average net assets 1.50%* 1.50% 1.50%*
Ratio of net investment income (loss) to average
net assets -.53%* 1.19% .35%*
Portfolio turnover rate 72%* 32% 44%*
Average commission rate paid $.0176 -- --
<FN>
*Annualized
The accompanying notes are an integral part of these financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
INTERNATIONAL SMALL CAP FUND
<CAPTION>
(Unaudited) Year Period from
Six Months Ended Ended June 30, 1994 to
April 30, 1996 October 31, 1995 October 31, 1994
<S> <C> <C> <C>
Selected Per Share Data
for one share outstanding during the period
Net asset value, beginning of period $9.00 $9.86 $10.00
------ ------ ------
Income from Investment Operations
Net investment income (loss) (a) .04 .10 (.01)
Net realized and unrealized gain (loss) 1.31 (.88) (.13)
------ ------ ------
Total investment operations 1.35 (.78) (.14)
------ ------ ------
Less Distributions
From net investment income (.07) (.08) --
From net realized gains -- -- --
------ ------ ------
Total distributions (.07) (.08) --
------ ------ ------
Net asset value, end of period $10.28 $9.00 $9.86
====== ====== ======
Total Return # 15.15% -7.96% -1.40%
Ratios and Supplemental Data
Net assets, end of period (000s omitted) $5,970 $4,245 $1,768
Ratio of expenses to average net assets (a) 1.98%* 2.06% 2.50%*
Ratio of net investment income (loss) to
average net assets (a) .71%* 1.67% -.28%*
Portfolio turnover rate 92%* 96% --
Average commission rate paid $.0004 -- --
<FN>
*Annualized
(a) Management fees have been voluntarily waived from February 1, 1995
onwards. If fees had been charged fully, net investment income per share,
ratio of expenses to average net assets and ratio of net investment income to
average net assets would have been $.01, 2.50% and 0.19%, respectively, for
the six months ended April 30, 1996, and $.07, 2.50% and 1.23%, respectively,
for the year ended October 31, 1995.
# Total return would have been lower had the advisor not waived expenses.
</FN>
<PAGE>
<CAPTION>
U.S. MICRO-CAP FUND
(Unaudited) Year Period from
Six Months Ended Ended June 30, 1994 to
April 30, 1996 October 31, 1995 October 31, 1994
<S> <C> <C> <C>
Selected Per Share Data
for one share outstanding during the period
Net asset value, beginning of period $14.34 $10.34 $10.00
------ ------ ------
Income from Investment Operations
Net investment income (loss) (a) (.02) (.05) .02
Net realized and unrealized gain (loss) 5.34 4.05 .34
------ ------ ------
Total investment operations 5.32 4.00 .36
------ ------ ------
Less Distributions
From net investment income -- -- (.02)
From net realized gains (.50) -- --
------ ------ ------
Total distributions (.50) -- (.02)
------ ------ ------
Net asset value, end of period $19.16 $14.34 $10.34
====== ====== ======
Total Return # 38.08% 38.68% 3.60%
Ratios and Supplemental Data
Net assets, end of period (000s omitted) $34,067 $7,792 $2,052
Ratio of expenses to average net assets (a) 1.98%* 2.04% 2.50%*
Ratio of net investment income (loss) to average
net assets (a) -.53%* -.67% .68%*
Portfolio turnover rate 111%* 144% 129%*
Average commission rate paid $.0561 -- --
<FN>
*Annualized
(a) Management fees have been voluntarily waived from February 1, 1995
onwards. If fees had been charged fully, net investment income per share,
ratio of expenses to average net assets and ratio of net investment income to
average net assets would have been -$.04, 2.50% and -1.05%, respectively, for
the six months ended April 30, 1996 and $-, 2.50% and -1.13%, respectively,
for the year ended October 31, 1995.
# Total return would have been lower had the advisor not waived expenses.
The accompanying notes are an integral part of these financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GROWTH FUND
(Unaudited) Period from
Six Months Ended Years ended October 31 August 14, 1992
April 30, 1996 1995 1994 1993 to October 31, 1992
<S> <C> <C> <C> <C> <C>
Selected Per Share Data
for one share outstanding during the period
Net asset value, beginning of period $13.06 $10.46 $11.25 $10.08 $ 9.92
------ ------ ------ ------ -------
Income from Investment Operations
Net investment income(a) .05 .13 .21 .13 .02
Net realized and unrealized gain (loss) 1.23 2.74 (.02) 1.16 .18
------ ------ ------ ------ -------
Total investment operations 1.28 2.87 .19 1.29 .20
------ ------ ------ ------ -------
Less Distributions
From net investment income (.02) (.17) (.18) (.12) (.04)
From net realized gains (.71) (.10) (.80) -- --
------ ------ ------ ------ -------
Total distributions (.73) (.27) (.98) (.12) (.04)
------ ------ ------ ------ -------
Net asset value, end of period $13.61 $13.06 $10.46 $11.25 $10.08
====== ====== ====== ====== ======
Total Return # 10.15% 28.12% 1.72% 12.80% 2.00%
Ratios and Supplemental Data
Net assets, end of period (000s omitted) $65,972 $59,632 $27,244 $42,306 $32,388
Ratio of expenses to average net assets(a) .86%* .97% .94% .87% .94%*
Ratio of net investment income to average net assets(a) .70%* 1.02% 1.31% 1.19% 1.08%*
Portfolio turnover rate 63%* 108% 55% 44% 49%*
Average commission rate paid $.0476 -- -- -- --
<FN>
*Annualized
(a) Management and other expenses charged since the Fund's inception have
been phased-in over time. If fees had been charged fully, net investment
income per share, ratio of expenses to average net assets, and ratio of net
investment income to average net assets would have been $.12, 1.01% and .98%,
respectively, for the year ended October 31, 1995; $.19, 1.08% and 1.17%,
respectively, for the year ended October 31, 1994; $.11, 1.02% and 1.04%,
respectively, for the year ended October 31, 1993; and $.02, 1.18% and 0.84%,
respectively, for the period from August 14, 1992 to October 31, 1992.
# Total return would have been lower had the advisor not waived expenses.
</FN>
<PAGE>
<CAPTION>
BOND FUND
(Unaudited) Period from
Six Months Ended Years ended October 31 April 30, 1993
April 30, 1996 1995 1994 to October 31, 1993
<S> <C> <C> <C> <C>
Selected Per Share Data
for one share outstanding during the period
Net asset value, beginning of period $10.13 $9.29 $10.27 $10.04
------ ----- ------ ------
Income from Investment Operations
Net investment income(a) .35 .65 .53 .27
Net realized and unrealized gain (loss) (.22) .83 (.98) .24
------ ----- ------ ------
Total investment operations .13 1.48 (.45) .51
------ ----- ------ ------
Less Distributions
From net investment income (.37) (.64) (.53) (.27)
From net realized gains (.22) -- -- (.01)
------ ----- ------ ------
Total distributions (.59) (.64) (.53) (0.28)
------ ----- ------ ------
Net asset value, end of period $9.67 $10.13 $9.29 $10.27
====== ====== ====== ======
Total Return # 1.14% 16.49% -4.42% 5.15%
Ratios and Supplemental Data
Net assets, end of period (000s omitted) $77,390 $86,343 $64,244 $11,738
Ratio of expenses to average net assets(a) .55%* .60% .66% .50%*
Ratio of net investment income to average net assets(a) 6.68%* 6.69% 5.76% 5.35%*
Portfolio turnover rate 162%* 21% 205% 13%*
<FN>
*Annualized
(a)Management and other expenses charged since the Fund's inception have been
phased in over time. If fees had been charged fully, net investment income per
share, ratio of expenses to average net assets and ratio of net investment
income to average net assets would have been $.34, .70% and 6.53%,
respectively, for the six months ended April 30, 1996; $.64, .75%, and 6.54%,
respectively, for the year ended October 31, 1995; $.50, 1.04%, and 5.38%,
respectively, for the year ended October 31, 1994; and $.23, 1.23% and 4.62%,
respectively, for the period from April 30, 1993 to October 31, 1993.
#Total return would have been lower had the advisor not waived expenses.
The accompanying notes are an integral part of these financial statements.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MONEY MARKET FUND
(Unaudiated)
Six Months Ended Years ended October 31
April 30, 1996 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C> <C>
Selected Per Share Data
for one share outstanding during the period
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- ----- -----
Income from Investment Operations
Net investment income(a) .03 .06 .03 .03 .04 .06
----- ----- ----- ----- ----- -----
Total investment operations .03 .06 .03 .03 .04 .06
----- ----- ----- ----- ----- -----
Less Distributions
From net investment income (.03) (.06) (.03) (.03) (.04) (.06)
----- ----- ----- ----- ----- -----
Total distributions (.03) (.06) (.03) (.03) (.04) (.06)
----- ----- ----- ----- ----- -----
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
===== ===== ===== ===== ===== =====
Total Return # 2.67% 5.84% 3.49% 2.66% 3.73% 6.51%
Ratios and Supplemental Data
Net assets, end of period (000s omitted) $292,563 $299,312 $224,439 $24,207 $31,832 $33,814
Ratio of expenses to average net assets(a) .30%* .30% .46% .67% .70% .51%
Ratio of net investment income to average net assets(a) 5.32%* 5.70% 4.02% 2.62% 3.70% 6.44%
<FN>
*Annualized
(a) Administrative fees have been voluntarily waived from April 1, 1990
onwards. If fees had been charged fully, net investment income per share,
ratio of expenses to average net assets and ratio of net investment income to
average net assets would have been $.03, .45% and 5.17%, respectively, for the
six months ended April 30, 1996; $.06, .45% and 5.55%, respectively, for the
year ended October 31, 1995; $.03, .61% and 3.87%, respectively, for the year
ended October 31, 1994; $.03, .82% and 2.47%, respectively, for the year ended
October 31, 1993; $.04, .85% and 3.55%, respectively, for the year ended
October 31, 1992; and $.06, .66% and 6.29%, respectively, for the year ended
October 31, 1991.
# Total return would have been lower had the advisor not waived expenses.
</FN>
</TABLE>
<PAGE>
<TABLE>
CALIFORNIA INTERMEDIATE TAX-FREE FUND
<CAPTION>
(Unaudited) Period from
Six Months Years ended October 31 November 16, 1990
April 30, 1996 1995 1994 1993 1992 to October 31, 1991
<S> <C> <C> <C> <C> <C> <C>
Selected Per Share Data
for one share outstanding during the period
Net asset value, beginning of period $10.86 $10.13 $11.10 $10.55 $10.39 $10.11
------ ------ ------ ------ ------ ------
Income from Investment Operations
Net investment income(a) .26 .53 .53 .55 .57 .58
Net realized and unrealized gain (loss) (.13) .73 (.97) .62 .19 .34
------ ------ ------ ------ ------ ------
Total investment operations .13 1.26 (.44) 1.17 .76 .92
------ ------ ------ ------ ------ ------
Less Distributions
From net investment income (.26) (.53) (.53) (.55) (.57) (.58)
From net realized gains (.03) -- -- (.07) (.03) (.06)
------ ------ ------ ------ ------ ------
Total distributions (.29) (.53) (.53) (.62) (.60) (.64)
------ ------ ------ ------ ------ ------
Net asset value, end of period $10.70 $10.86 $10.13 $11.10 $10.55 $10.39
====== ====== ====== ====== ====== ======
Total Return # 1.17% 12.77% -3.94% 11.37% 7.37% 9.36%
Ratios and Supplemental Data
Net assets, end of period (000s omitted) $51,060 $50,313 $58,305 $59,716 $44,305 $33,572
Ratio of expenses to average net assets(a) .49%* .50% .51% .50% .54% .36%*
Ratio of net investment income to average
net assets(a) 4.86%* 5.08% 4.94% 5.05% 5.38% 5.88%*
Portfolio turnover rate 4%* 18% 21% 26% 18% 41%*
<FN>
*Annualized
(a) Management and other expenses charged since the Fund's inception have been
phased-in over time. If fees had been charged fully, net investment income per
share, ratio of expenses to average net assets, and ratio of net investment
income to average net assets would have been $.25, .71% and 4.64%,
respectively, for the six months ended April 30, 1996; $.51, .72% and 4.86%,
respectively, for the year ended October 31, 1995; $.51, .71% and 4.74%,
respectively, for the year ended October 31, 1994; $.53, .71% and 4.84%,
respectively, for the year ended October 31, 1993; and $.54, .83% and 5.09%,
respectively, for the year ended October 31, 1992; and $.53, .88% and 5.36%,
respectively, for the period from November 16, 1990 to October 31, 1991.
# Total return would have been lower had the advisor not waived expenses. The
accompanying notes are an integral part of these financial statements.
</FN>
</TABLE>
<PAGE>
This page has been left blank intentionally.
<PAGE>
FREMONT MUTUAL FUNDS, INC.
Notes to Financial Statements - April 30, 1996 (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES
Fremont Mutual Funds, Inc. (the Corporation) is an open-end, diversified
investment company authorized to issue ten billion shares of $.0001 par value
capital stock. These shares are currently offered in eight series:
n the FREMONTGLOBALFUND
n the FREMONTINTERNATIONAL GROWTHFUND
n the FREMONTINTERNATIONAL SMALL CAP FUND
n the FREMONT U.S. MICRO-CAP FUND
n the FREMONTGROWTHFUND
n the FREMONTBONDFUND
n the FREMONTMONEYMARKETFUND
n the FREMONT CALIFORNIA INTERMEDIATE TAX-FREE FUND
(the California Intermediate Tax-Free Fund is available only to residents
of Arizona, California, Colorado, Nevada, New Mexico, Oregon, Texas, Utah and
Washington)
Each of the Funds maintains a totally separate investment portfolio.
Significant accounting policies followed by the Funds are summarized
below. The policies are in conformity with generally accepted accounting
principles for investment companies.
Several funds were offered on a private placement basis to qualified
investors prior to their registration for sale under the Securities Act
of 1933 and subsequent offering to the general public. The funds and
their respective registration dates are as follows :
REGISTRATION DATE UNDER
INVESTMENT COMPANY SECURITIES ACT
ACT OF 1940 OF 1933
FUND
International Growth February 1, 1994 March 1, 1994
Growth May 11, 1992 August 14, 1992
Bond March 1, 1993 April 30, 1993
California Tax-Free July 2, 1990 November 16, 1990
Because the dates on which the shares were offered for public sale do not
coincide with the dates these funds began operations, the Financial
Highlights contained in this report for these funds reflect information
only from public offer date as required by the Securities and Exchange
Commission.
A. Security Valuations
Investments, including options, are stated at value based on recorded
closing sales on a national securities exchange or, in the absence of
a recorded sale, at the mean between the last reported bid and asked
prices or at fair value as determined by the Board of Directors.
Short-term notes and similar securities are included in investments
at amortized cost, which approximates value. Securities which are
primarily traded on foreign exchanges are generally valued at the
preceding closing values of such securities on their respective
exchanges or the most recent price available where no closing value
is available.
Securities in the Money Market Fund have a remaining maturity of not
more than 397 days and its entire portfolio has a weighted average
maturity of not more than 90 days. As such, all of the Fund's
securities are valued at amortized cost, which approximates value. If
the Fund's portfolio had a remaining weighted average maturity of
greater than 90 days the portfolio would be stated at value based on
recorded closing sales on a national securities exchange or, in the
absence of a recorded sale, at the mean between the bid and asked
prices.
B. Security Transactions
Security transactions are accounted for as of trade date. Realized
gains and losses on security transactions are determined on the basis
of specific identification for both financial statement and federal
income tax purposes.
C. Investment Income, Expenses and Distributions
Dividends are recorded on the ex-dividend date, except that certain
dividends from foreign securities in the Global Fund, the
International Growth Fund and the International Small Cap Fund are re
cord ed when the Fund is informed of the ex-dividend date. Interest
income and estimated expenses are accrued daily. Bond discount and
premium are amortized as required by the Internal Revenue Code.
Distributions to shareholders are recorded on the ex-dividend date.
<PAGE>
D. Expense Allocation
The Corporation accounts for the assets of each Fund separately and
allocates general expenses of the Corporation to each Fund based upon
the relative net assets of each Fund or the nature of the services
performed and their applicability to each Fund.
E. Income Taxes
The Funds' policy is to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to
distribute all taxable income and net capital gains, if any, to share
holders. Therefore, no income tax provision is required. Each Fund is
treated as a separate entity in the determination of compliance with
the Internal Revenue Code and distributes taxable income and net
realized gains, if any, in accordance with schedules described in
their respective Prospectuses. The portfolio of the California
Intermediate Tax-Free Fund is composed solely of issues that qualify
for tax-exempt status for both Federal and State of California income
tax purposes.
Income dividends and capital gain distributions paid to shareholders
are determined in accordance with income tax regulations which may
differ from generally accepted accounting principles and, therefore,
may differ from the information presented in the financial
statements. These differences are generally referred to as "book/tax"
differences and are primarily due to differing treatments for foreign
currency transactions, losses deferred due to wash sale rules,
classification of gains/losses related to paydowns and certain
futures and options transactions.
Permanent book/tax differences causing payments to shareholders of
income dividends which are in excess of the net investment income
reported in the financial statements will result in reclassification
of such excess to paid in capital from undistributed net investment
income. Temporary book/tax differences, which will reverse in
subsequent periods, will not be reclassified and will remain in
undistributed net investment income. Any taxable income or gain
remaining at fiscal year end is distributed in the following year.
For Federal income tax purposes, certain funds have capital loss
carryovers at April 30, 1996. Capital loss carryovers result when a
fund has net capital losses during a tax year. These are carried over
to subsequent years and may reduce distributions of realized gains in
those years. Unused capital loss carryovers expire in eight years.
The following funds have capital loss carryovers at April 30, 1996
which expire in the years indicated.
FUND AMOUNT EXPIRES IN:
International Growth $1,334,365 2002
948,173 2003
International Small Cap 21,571 2003
Until such capital loss carryovers are offset or expire, it is
unlikely that the Board of Directors will authorize a distribution of
any net realized gains.
F. Foreign Currency Translation
The market values of foreign securities, currency holdings, and other
assets and liabilities of the Global Fund, the International Growth
Fund, the International Small Cap Fund and the Bond Fund are
translated to U.S. dollars based on the daily exchange rates.
Purchases and sales of securities, income and expenses are translated
at the exchange rate on the transaction date. Income and withholding
taxes are translated at prevailing exchange rates when accrued or
incurred.
For those Funds which are allowed by the terms of their respective
prospectuses to invest in securities and other transactions
denominated in foreign currencies, currency gain (loss) will occur
when such securities and transactions are translated into U.S.
dollars.
Certain transactions which result in realized currency gain (loss)
are reported on the Statements of Operations as Realized Gain (Loss)
from Foreign Currency Transactions. These are: currency gain (loss)
from the sale or maturity of forward currency contracts and from the
disposition of foreign currency; and the realization of currency
fluctuations between trade and settlement dates on security
transactions and between accrual and receipt dates on net investment
income.
Realized currency gain (loss) from the sale, maturity or disposition
of foreign securities is not separately reported from the economic or
market component of the gain (loss) and is included under the caption
Realized Gain (Loss) from Investments. Activity related to foreign
currency futures and options on foreign currency is, likewise,
reported under this heading, as these instruments are used to hedge
the foreign currency risks associated with investing in foreign
securities. Consistent with the method of reporting realized currency
gain (loss), unrealized currency gain (loss) on investments is not
separately reported from the underlying economic or market component,
but included under the caption Net Unrealized Appreciation
(Depreciation) on Investments. Unrealized currency gain (loss) on
other net assets is reported under Net Unrealized Appreciation
(Depreciation) on Translation of Assets and Liabilities in Foreign
Currencies.
<PAGE>
G. Forward Foreign Currency Contracts
A forward foreign currency contract is an obligation to purchase or
sell a currency against another currency at a future date and price
as agreed upon by the parties. These contracts are traded
over-the-counter and not on organized commodities or securities
exchanges. Losses may arise due to changes in the value of the
foreign currencies or if the counterparty does not perform under the
contract.
The Funds may and do use forward foreign currency contracts to
facilitate the settlement of foreign securities. A commitment by a
Fund to purchase a currency forward allows the Fund to have the local
currency on hand to settle foreign security purchases on the payment
date. Likewise, a commitment to sell a currency forward allows the
Fund to take the foreign currency proceeds from the sale of foreign
securities and exchange it for U.S. dollars at a predetermined price.
In addition, the Global Fund and the Bond Fund use such contracts to
manage their respective currency exposure. Contracts to receive
generally are used to acquire exposure to foreign currencies, while
contracts to deliver are used to hedge a fund's investments against
currency fluctuations. A contract to receive or deliver can also be
used to offset a previous contract.
The market risk involved in these contracts is in excess of the
amounts reflected in the Funds' Statements of Assets and Liabilities
since only the change in the underlying values is reflected (as an
asset where there is appreciation or as a liability if depreciated)
and not the actual underlying values. At April 30, 1996 the
underlying values for open foreign currency contracts were as
follows:\
<TABLE>
NET UNREALIZED
SETTLEMENT TO RECEIVE INITIAL CURRENT APPRECIATION
DATE (TO DELIVER) VALUE VALUE (DEPRECIATION)
<S> <C> <C> <C> <C> <C> <C>
Global Fund 05/22/96 CAN$ (21,000,000) $(15,429,831) $(15,430,863) $ (1,032)
05/22/96 DKK (75,000,000) (12,931,034) (12,715,547) 215,487
05/03/96 DM (3,349,400) (2,195,099) (2,188,650) 6,449
05/22/96 DM (34,000,000) (22,636,485) (22,231,958) 404,527
05/22/96 FF (39,000,000) (7,662,083) (7,550,073) 112,010
05/22/96 ESP (435,000,000) (3,455,947) (3,421,601) 34,346
05/22/96 NLG (16,000,000) (9,523,810) (9,352,115) 171,695
05/03/96 ITL 3,433,135,000 2,195,100 2,198,438 3,338
05/03/96 ITL 1,356,566,450 869,499 868,689 (810)
05/02/96 THB 8,574,244 340,248 339,541 (707)
05/03/96 THB 4,190,995 166,309 165,963 (346)
---------
$ 944,957
=========
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
International
Growth Fund 05/02/96 AUD$ 1,553,650 $ 1,229,092 $ 1,222,023 $ (7,069)
==========
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
Bond Fund 10/21/96 CAN$ (1,000,000) $ (734,916) $ (736,377) $ (1,461)
05/01/97 CAN$ (1,000,000) (737,463) (737,463) --
12/09/96 DM (591,840) (420,565) (392,304) 28,261
01/16/97 DM (6,116,000) (4,274,233) (4,063,005) 211,228
01/16/97 DM 3,600,000 2,470,152 2,391,565 (78,587)
-----------
$ 159,441
===========
AUD$ - Australian Dollar, CAN$ - Canadian Dollar, DKK - Danish Krone,
DM - Deutschemark, ESP - Spanish Peseta, FF - French Franc, ITL -
Italian Lira, NLG - Netherlands Gilder, THB - Thailand Baht
H. Futures
A futures contract is an agreement between two parties to buy or sell a
security or financial interest at a set price on a future date and is
standardized and exchange-traded. Upon entering into such a contract, the
purchaser is required to pledge to the broker an amount of cash or
securities equal to the minimum "initial margin" requirements of the
exchange on which the contract is traded. Pursuant to the contract, the
purchaser agrees to receive from or pay to the broker an amount of cash
equal to the daily fluctuation in value of the contract. Such receipts or
payments are known as "variation margin" and are recorded by the purchaser
as unrealized gains or losses. When the contract is closed, the purchaser
records a realized gain or loss equal to the difference between the value
of the contract at the time it was opened and the value at the time it was
closed. The Funds use futures contracts to hedge foreign currency and
interest rate risks.
</TABLE>
<PAGE>
At April 30, 1996, the following Fund had futures contracts outstanding:
<TABLE>
NET
CONTRACTS EXPIRATION INITIAL CURRENT UNREALIZED
TO BUY DATE VALUE VALUE DEPRECIATION
<S> <C> <C> <C> <C> <C>
Bond Fund
5 yr. U.S. Treasury Note 70 Jun 96 $7,453,906 $7,414,531 $ (39,375)
10 yr. U.S. Treasury Note 25 Jun 96 2,721,094 2,687,500 (33,594)
30 yr. U.S. Treasury Bond 70 Jun 96 8,045,625 7,640,938 (404,687)
---------
$(477,656)
=========
At April 30, 1996, $515,000 par value of U.S. Treasury Bills were
held by brokers to satisfy the initial margin requirements related to
these contracts.
I. Securities Lending
All the Funds are authorized to make loans of their portfolio
securities to broker-dealers or to other institutional investors up
to 33-1/3% of their respective net assets. The borrower must maintain
with the Funds' custodian collateral consisting of cash, cash
equivalents or U.S. Government securities equal to at least 100% of
the value of the borrowed securities, plus any accrued but unpaid
distributions. The collateral is invested in a money market fund that
meets the criteria of Section 2(a)-7 of the 1940 Act.
The Funds receive a portion of the income earned on the collateral.
For the six months ended April 30, 1996, transactions in securities
lending resulted in fee income to the Global, International Growth,
International Small Cap, U.S. Micro-Cap and Growth Funds of $36,625,
$5,866, $480, $3,995 and $2,668, respectively.
The market value of the securities on loan and the collateral balance
held by the Funds as of April 30, 1996 were as follows:
<CAPTION>
Market Value Collateral Value
<S> <C> <C>
Global Fund $34,297,071 $35,205,696
International Growth Fund 3,068,797 3,183,521
International Small Cap 72,374 75,993
U.S. Micro-Cap Fund 2,870,753 2,928,168
Growth Fund 2,611,075 2,663,297
2. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
Investment Advisor
The Funds each have entered into an investment management agreement with
Fremont Investment Advisors, Inc. (the Advisor), a wholly owned
subsidiary of Fremont Investors, Inc. (formerly The Fremont Group, Inc.).
Under these agreements, the Advisor supervises and implements each Fund's
investment activities and provides administrative services as necessary
to conduct Fund business. For its advisory and administrative services,
the Advisor receives a fee based on the average daily net assets of the
Funds as described below.
<CAPTION>
Advisory Fee Administrative Fee
<S> <C> <C>
Global Fund .60% on all net assets .15% on all net assets
International Growth Fund 1.50% on all net assets --
International Small Cap Fund (*) 2.50% on first $30 million --
2.00% on next $70 million --
1.50% on balance over $100 million --
U.S. Micro-Cap Fund (*) 2.50% on first $30 million --
2.00% on next $70 million --
1.50% on balance over $100 million --
Growth Fund .50% on all net assets .15% on all net assets
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Advisory Fee Administrative Fee
<S> <C> <C>
Bond Fund(*) .40% on all net assets .15% on all net assets
Money Market Fund(*) .30% on first $50 million .15% on all net assets
.20% on balance over $50 million
California Intermediate Tax-Free Fund(*) .40% on first $25 million .15% on all net assets
.35% on next $25 million
.30% on next $50 million
.25% on next $50 million
.20% on balance over $150 million
<FN>
(*) The Advisor has voluntarily waived some of its fees for these Funds. All
fees waived in the past will not be recouped in the future and, as these
waivers are voluntary, they may be changed in the future.
For the International Small Cap Fund and the U.S. Micro-Cap Fund, the
Advisor is voluntarily limiting the advisory fee to a reduced rate of 1.98% of
net assets.
For the Bond Fund and the Money Market Fund, the Advisor is voluntarily
waiving the administrative fee in its entirety.
For the California Intermediate Tax-Free Fund, the advisory and
administrative fees are charged at voluntarily reduced rates of .30% and
.005% of net assets, respectively.
Selected per share data and operating ratios have been disclosed both before
and after the impact of these various waivers under each Fund's Financial
Highlights table.
Under the terms of the Advisory agreements, the Advisor receives a single
management fee from the International Growth Fund, the International Small Cap
Fund, and the U.S. Micro-Cap Fund, and is obligated to pay all expenses of
these Funds except extraordinary expenses (as determined by a majority of the
disinterested directors) and interest, brokerage commissions, and other
transaction charges relating to the investing activities of those Funds.
Each Fund is also required to comply with the limitations set forth in the
laws, regulations, and administrative interpretations of the states in which
it is registered. For the six months ended April 30, 1996, no reimbursements
were required or made to any Fund by the Advisor to comply with these
limitations.
</FN>
</TABLE>
<TABLE>
Other Related Parties
At April 30, 1996, Fremont Investors, Inc. and its affiliated companies
including their employee retirement plans, its principal shareholder, Stephen
D. Bechtel, Jr., and members of his family, including trusts, owned directly
or indirectly the following approximate percentages of the various Funds:
% OF SHARES
OUTSTANDING
Global Fund 61%
International Growth Fund 85%
International Small Cap Fund 18%
U.S. Micro-Cap Fund 5%
Growth Fund 68%
Bond Fund 90%
Money Market Fund 81%
California Intermediate Tax-Free Fund 63%
Certain officers and/or directors of the Funds are also officers and/or
directors of the Advisor and/or Fremont Investors, Inc.
3. ORGANIZATION COSTS
Costs incurred by each Fund, if any, in connection with its organization have
been deferred and are amortized on a straight-line basis over a period of five
years (60 months).
<PAGE>
<CAPTION>
4. PURCHASES AND SALES/MATURITIES OF INVESTMENT SECURITIES
Aggregate purchases and aggregate proceeds from sales and maturities of
securities for the six months ended April 30, 1996 were as follows:
<CAPTION>
PURCHASES PROCEEDS
<S> <C> <C>
LONG TERM SECURITIES EXCLUDING US GOVERNMENT SECURITIES:
Global Fund $ 106,348,260 $ 145,925,979
International Growth Fund 16,552,492 12,524,588
International Small Cap Fund 2,991,599 2,118,427
U.S. Micro-Cap Fund 18,781,567 6,530,391
Growth Fund 20,794,805 19,677,700
Bond Fund 3,521,413 12,489,040
California Intermediate Tax-Free Fund 1,053,452 1,131,986
LONG TERM US GOVERNMENT SECURITIES:
Global Fund $ 5,112 $ 3,602,426
Bond Fund 75,612,671 49,209,228
Transactions in written put and call options for the six months ended
April 30, 1996 for the Bond Fund were as follows:
<CAPTION>
AMOUNT OF NUMBER OF
PREMIUMS CONTRACTS
<S> <C> <C>
Options outstanding at October 31, 1995 $ 23,748 70
Options sold -- --
Options cancelled in closing purchase transactions -- --
Options expired prior to exercise (23,748) (70)
Options exercised -- --
----------- ------
Options outstanding at April 30, 1996 $ -- --
=========== ======
5. PORTFOLIO CONCENTRATIONS
Although each Fund has a diversified investment portfolio, there are certain
investment concentrations of risk which may subject each Fund more
significantly to economic changes occurring in certain segments or industries.
6. UNREALIZED APPRECIATION (DEPRECIATION) - TAXBASIS
At April 30, 1996, the cost of securities for Federal income tax purposes and
the gross aggregate unrealized appreciation and/or depreciation based on that
cost were as follows:
<CAPTION>
GROSS AGGREGATE UNREALIZED
COST APPRECIATION DEPRECIATION NET
<S> <C> <C> <C> <C>
Global Fund $ 472,408,012 $ 66,695,429 $ (7,736,214) $ 58,959,215
International Growth Fund 35,462,388 6,796,768 (1,472,821) 5,323,947
International Small Cap Fund 5,829,997 557,545 (308,725) 248,820
U.S. Micro-Cap Fund 30,359,862 4,683,984 (371,975) 4,312,009
Growth Fund 54,394,629 12,505,102 (1,054,168) 11,450,934
Bond Fund 83,237,712 1,423,045 (1,546,877) (123,832)
Money Market Fund 291,837,658 -- -- --
California Intermediate Tax-Free Fund 49,111,453 1,525,502 (357,901) 1,167,601
</TABLE>
<PAGE>
50 Beale Street, Suite 100
San Francisco, CA 94105
bulk rate
U.S. Postage
paid
k/p corporation
94578
BR008-16600-9606
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000837389
<NAME> FREMONT MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 1
<NAME> FREMONT GLOBAL FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 472,279,848
<INVESTMENTS-AT-VALUE> 531,367,227
<RECEIVABLES> 7,144,839
<ASSETS-OTHER> 36,153,548
<OTHER-ITEMS-ASSETS> 47,040
<TOTAL-ASSETS> 574,712,654
<PAYABLE-FOR-SECURITIES> 3,728,507
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 36,128,057
<TOTAL-LIABILITIES> 39,856,564
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 450,072,825
<SHARES-COMMON-STOCK> 36,236,401
<SHARES-COMMON-PRIOR> 33,873,265
<ACCUMULATED-NII-CURRENT> 175,965
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 24,654,737
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 59,952,563
<NET-ASSETS> 534,856,090
<DIVIDEND-INCOME> 2,743,456
<INTEREST-INCOME> 5,352,441
<OTHER-INCOME> 0
<EXPENSES-NET> 2,205,830
<NET-INVESTMENT-INCOME> 5,890,067
<REALIZED-GAINS-CURRENT> 24,056,510
<APPREC-INCREASE-CURRENT> 16,231,961
<NET-CHANGE-FROM-OPS> 46,178,538
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,111,814
<DISTRIBUTIONS-OF-GAINS> 19,404,727
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,212,215
<NUMBER-OF-SHARES-REDEEMED> 2,702,715
<SHARES-REINVESTED> 1,853,636
<NET-CHANGE-IN-ASSETS> 52,501,234
<ACCUMULATED-NII-PRIOR> 2,004,174
<ACCUMULATED-GAINS-PRIOR> 20,396,492
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,919,535
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,205,830
<AVERAGE-NET-ASSETS> 509,025,000
<PER-SHARE-NAV-BEGIN> 14.24
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> 1.14
<PER-SHARE-DIVIDEND> .23
<PER-SHARE-DISTRIBUTIONS> .57
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.76
<EXPENSE-RATIO> .86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000837389
<NAME> FREMONT MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 6
<NAME> FREMONT INTERNATIONAL GROWTH FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 35,462,388
<INVESTMENTS-AT-VALUE> 40,786,335
<RECEIVABLES> 396,673
<ASSETS-OTHER> 3,183,521
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 44,366,529
<PAYABLE-FOR-SECURITIES> 1,458,914
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,235,713
<TOTAL-LIABILITIES> 4,694,627
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35,813,196
<SHARES-COMMON-STOCK> 3,660,067
<SHARES-COMMON-PRIOR> 3,309,234
<ACCUMULATED-NII-CURRENT> 52,295
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,506,852)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,313,263
<NET-ASSETS> 39,671,902
<DIVIDEND-INCOME> 152,339
<INTEREST-INCOME> 21,621
<OTHER-INCOME> 0
<EXPENSES-NET> 266,650
<NET-INVESTMENT-INCOME> (92,690)
<REALIZED-GAINS-CURRENT> 930,224
<APPREC-INCREASE-CURRENT> 3,253,066
<NET-CHANGE-FROM-OPS> 4,090,600
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 25,060
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 422,417
<NUMBER-OF-SHARES-REDEEMED> 74,125
<SHARES-REINVESTED> 2,541
<NET-CHANGE-IN-ASSETS> 7,515,889
<ACCUMULATED-NII-PRIOR> 170,045
<ACCUMULATED-GAINS-PRIOR> (2,437,076)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 266,650
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 266,650
<AVERAGE-NET-ASSETS> 35,396,000
<PER-SHARE-NAV-BEGIN> 9.72
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> 1.16
<PER-SHARE-DIVIDEND> .01
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.84
<EXPENSE-RATIO> 1.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000837389
<NAME> FREMONT MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 8
<NAME> FREMONT INTERNATIONAL SMALL CAP FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 5,829,997
<INVESTMENTS-AT-VALUE> 6,078,817
<RECEIVABLES> 477,086
<ASSETS-OTHER> 408,326
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,964,229
<PAYABLE-FOR-SECURITIES> 909,743
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 84,558
<TOTAL-LIABILITIES> 994,301
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,563,932
<SHARES-COMMON-STOCK> 580,664
<SHARES-COMMON-PRIOR> 471,446
<ACCUMULATED-NII-CURRENT> (9,671)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 174,355
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 241,312
<NET-ASSETS> 5,969,928
<DIVIDEND-INCOME> 58,793
<INTEREST-INCOME> 6,683
<OTHER-INCOME> 0
<EXPENSES-NET> 48,098
<NET-INVESTMENT-INCOME> 17,378
<REALIZED-GAINS-CURRENT> 218,240
<APPREC-INCREASE-CURRENT> 458,830
<NET-CHANGE-FROM-OPS> 694,448
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 36,497
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 152,992
<NUMBER-OF-SHARES-REDEEMED> 46,062
<SHARES-REINVESTED> 2,288
<NET-CHANGE-IN-ASSETS> 1,725,069
<ACCUMULATED-NII-PRIOR> (43,885)
<ACCUMULATED-GAINS-PRIOR> (217,518)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 60,730
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 60,730
<AVERAGE-NET-ASSETS> 4,934,000
<PER-SHARE-NAV-BEGIN> 9.00
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> 1.31
<PER-SHARE-DIVIDEND> .07
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.28
<EXPENSE-RATIO> 1.98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000837389
<NAME> FREMONT MUTUAL FUNDS, INC.
<SERIES>
<NUMBER> 7
<NAME> FREMONT U.S. MICRO-CAP FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-01-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> 30,354,742
<INVESTMENTS-AT-VALUE> 34,671,871
<RECEIVABLES> 1,326,614
<ASSETS-OTHER> 2,928,168
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38,926,653
<PAYABLE-FOR-SECURITIES> 1,851,547
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,008,459
<TOTAL-LIABILITIES> 4,860,006
<SENIOR-EQUITY> 0
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