<PAGE> PAGE 1
000 B000000 10/31/97
000 C000000 0000837389
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001 A000000 FREMONT MUTUAL FUNDS, INC.
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002 B000000 SAN FRANCISCO
002 C000000 CA
002 D010000 94105
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007 C020200 FREMONT MONEY MARKET FUND
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007 C010300 3
007 C020300 FREMONT CALIFORNIA INTERMEDIATE TAX-FREE FUND
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007 C010400 4
007 C020400 FREMONT GROWTH FUND
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007 C010500 5
007 C020500 FREMONT BOND FUND
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007 C010600 6
007 C020600 FREMONT INTERNATIONAL GROWTH FUND
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007 C010700 7
007 C020700 FREMONT U.S. MICRO-CAP FUND
007 C030700 N
007 C010800 8
007 C020800 FREMONT INTERNATIONAL SMALL CAP FUND
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007 C020900 FREMONT EMERGING MARKETS FUND
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007 C021000 FREMONT INSTITUTIONAL U.S. MICRO-CAP FUND
<PAGE> PAGE 2
007 C031000 N
007 C011100 11
007 C021100 FREMONT U.S. SMALL CAP FUND
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011 A00AA01 FIRST FUND DISTRIBUTORS, INC.
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011 C01AA01 PHOENIX
011 C02AA01 AZ
011 C03AA01 85018
012 A00AA01 NATIONAL FINANCIAL DATA SERVICES, INC.
012 B00AA01 84-0000000
012 C01AA01 KANSAS CITY
012 C02AA01 MO
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013 A00AA01 COOPERS & LYBRAND LLP
013 B01AA01 SAN FRANCISCO
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015 A00AA01 THE NORTHERN TRUST COMPANY
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015 C02AA01 IL
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015 D01AA02 ARGENTINA
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<PAGE> PAGE 3
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015 A00AA05 BRITISH BANK OF THE MIDDLE EAST
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015 C01AA05 MANAMA
015 D01AA05 BAHRAIN
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015 A00AA06 STANDARD CHARTERED BANK
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015 C01AA06 DHAKA
015 D01AA06 BANGLADESH
015 E04AA06 X
015 A00AA07 BANQUE BRUXELLES LAMBERT
015 B00AA07 S
015 C01AA07 BRUSSELS
015 D01AA07 BELGIUM
015 E04AA07 X
015 A00AA08 BARCLAYS BANK
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015 C01AA08 GABORONE
015 D01AA08 BOTSWANA
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015 A00AA09 BANKBOSTON
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015 C01AA09 SAO PAULO
015 D01AA09 BRAZIL
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015 A00AA10 ROYAL BANK OF CANADA
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015 D01AA10 CANADA
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015 A00AA11 CITIBANK
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<PAGE> PAGE 4
015 A00AA15 BARCALYS BANK
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015 A00AA16 CESKOSTOVENSKA OBCHODNI BANKA
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<PAGE> PAGE 5
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015 A00AA34 BANK OF TOKYO-MITSUBISHI
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 61
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<NAME> FREMONT MUTUAL FUNDS, INC.
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<NAME> FREMONT U.S. MICRO-CAP FUND
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<NAME> FREMONT MUTUAL FUNDS, INC.
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<NAME> FREMONT EMERGING MARKETS FUND
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<NAME> FREMONT MUTUAL FUNDS, INC.
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<NAME> FREMONT INSTITUTIONAL U.S. MICRO-CAP FUND
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> FREMONT MUTUAL FUNDS, INC.
<SERIES>
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<NAME> FREMONT U.S. SMALL CAP FUND
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</TABLE>
REPORT OF INDEPENDENT
ACCOUNTANTS
To the Board of Directors of
Fremont Mutual Funds, Inc.
In planning and performing our audit of the
financial statements of the eleven funds
comprising the Fremont Mutual Funds, Inc. for
the year ended October 31, 1997, we considered
their internal controls, including controls over
safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing
our opinion on the financial statements and to
comply with the requirements of Form N SAR,
not to provide assurance on internal control.
The management of Fremont Mutual Funds, Inc.
is responsible for establishing and maintaining
internal control. In fulfilling this responsibility,
estimates and judgments by management are
required to assess the expected benefits and
related costs of controls. Generally, controls that
are relevant to an audit pertain to the entity's
objective of preparing financial statements for
external purposes that are fairly presented in
conformity with generally accepted accounting
principles. Those controls include the
safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in internal
control, errors or irregularities may occur and
may not be detected. Also, projection of any
evaluation of internal control to future periods is
subject to the risk that it may become inadequate
because of changes in conditions or that the
effectiveness of the design and operation may
deteriorate.
Our consideration of internal controls would not
necessarily disclose all matters in internal control
that might be material weaknesses under
standards established by the American Institute of
Certified Public Accountants. A material
weakness is a condition in which the design or
operation of any specific internal control
component does not reduce to a relatively low
level the risk that errors or irregularities in
amounts that would be material in relation to the
financial statements being audited may occur and
not be detected within a timely period by
employees in the normal course of performing
their assigned functions. However, we noted no
matters involving internal control, including
controls over safeguarding securities, that we
consider to be material weaknesses, as defined
above, as of October 31, 1997.
This report is intended solely for the information
and use of the Board of Directors and
management of Fremont Mutual Funds, Inc. and
the Securities and Exchange Commission.
Coopers & Lybrand LLP
San Francisco, California
December 9, 1997
