Report of Independent Accountants
To the Board of Directors and
Shareholders
of Fremont Mutual Funds, Inc.
In planning and performing our audit of
the financial statements of Fremont
Mutual Funds, Inc. (the "Company") for
the year ended October 31, 2000, we
considered its internal control, including
control activities for 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 the Company 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 fraud may occur and
not be detected. Also, projection of any
evaluation of internal control to future
periods is subject to the risk that controls
may become inadequate because of
changes in conditions or that the
effectiveness of their design and
operation may deteriorate.
Our consideration of internal control
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 one or more of the
internal control components does not
reduce to a relatively low level the risk
that misstatements caused by error or
fraud 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 and its operation,
including controls for safeguarding
securities, that we consider to be material
weaknesses as defined above as of
October 31, 2000.
This report is intended solely for the
information and use of the Board of
Directors, management and the Securities
and Exchange Commission and is not
intended to be and should not be used by
anyone other than these specified parties.
PricewaterhouseCoopers LLP
San Francisco, California
December 19, 2000
