Filed On 9/29/04 12:58pm ET · SEC File 811-05632 · Accession Number 1144204-4-15319
As Of Filer Filing As/For/On Docs:Pgs Issuer Agent
9/29/04 Fremont Mutual Funds Inc N-Q 9/29/04 2:63 1144204
Quarterly Schedule of Portfolio Holdings of a Management Investment Company · Form N-Q
Filing Table of Contents
Document/Exhibit Description Pages Size
1: N-Q Quarterly Schedule of Portfolio Holdings of a 61 401K
Management Investment Company
2: EX-99.302CERT Miscellaneous Exhibit 2 13K
N-Q · Quarterly Schedule of Portfolio Holdings of a Management Investment Company
Document Table of Contents
As filed with the Securities and Exchange Commission on September 29, 2004
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act file number 811-05632
---------
Fremont Mutual Funds, Inc.
(Exact name of registrant as specified in charter)
333 Market Street, Suite 2600
San Francisco, CA 94105
(Address of principal executive offices) (Zip code)
Tina Thomas, Secretary
Fremont Mutual Funds, Inc.
333 Market Street, Suite 2600
San Francisco, CA 94105
(Name and address of agent for service)
Copy to:
Robert A. Robertson, Esq.
Dechert LLP
4675 MacArthur Court, Suite 1400
Newport Beach, CA 92660-8842
(415) 284-8733
Registrant's telephone number, including area code
Date of fiscal year end: OCTOBER 31, 2004
----------------
Date of reporting period: JULY 31, 2004
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ITEM 1. SCHEDULE OF INVESTMENTS.
FREMONT GLOBAL FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
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Country
Shares Security Description Code Value (000s)
---------------------------------------------------------------------------------------------------------------------
COMMON STOCKS 66.9%
BUSINESS EQUIPMENT & SERVICES 3.6%
30,900 WPP Group PLC UK $ 287
9,100 Administaff, Inc.* US 121
40,100 Alloy, Inc.* US 206
12,700 Apollo Group, Inc. (Class A)* US 1,061
12,900 Calgon Carbon Corp. US 82
24,100 Centra Software, Inc.* US 50
24,500 Clean Harbors, Inc.* US 235
2,300 Computer Sciences Corp.* US 109
6,100 CoStar Group, Inc.* US 259
15,400 eBay, Inc.* US 1,206
2,700 Equifax, Inc. US 65
5,600 Equinix, Inc.* US 182
1,000 Greenfield Online, Inc.* US 16
18,300 H&R Block, Inc. US 899
14,600 Harris Interactive, Inc.* US 94
5,400 Infocrossing, Inc.* US 70
3,100 Kanbay International, Inc.* US 48
14,100 Lionbridge Technologies, Inc.* US 105
61,300 Looksmart* US 110
80,500 Office Depot, Inc.* US 1,320
9,000 Pemstar, Inc.* US 20
29,400 Pitney Bowes, Inc. US 1,241
1,100 Remedytemp, Inc. (Class A)* US 9
2,300 Ryder System, Inc. US 99
20,600 Yahoo!, Inc.* US 634
3,500 Young Broadcasting, Inc. (Class A)* US 37
--------------------
8,565
--------------------
CAPITAL GOODS 1.4%
11,200 AAON, Inc.* US 202
10,900 BHA Group Holdings, Inc. (Class A) US 414
4,800 Black & Decker Corp. US 336
19,700 Emerson Electric Co. US 1,196
2,850 Graco, Inc. US 90
2,700 Harsco Corp. US 121
9,900 IMPCO Technologies, Inc.* US 60
10,200 Johnson Controls, Inc. US 576
9,150 Northern Technologies International Corp. US 49
1,400 Rockwell Automation, Inc. US 52
2,400 Sherwin-Williams Co. (The) US 97
--------------------
3,193
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FREMONT GLOBAL FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
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Country
Shares Security Description Code Value (000s)
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CONSUMER DURABLES 1.4%
36,714 Luxottica Group ADR IT $ 629
15,300 Sony Corp. ADR JP 530
31,000 TI Automotive Ltd. (Class A)(e)* UK --
14,200 Ford Motor Co. US 209
13,100 Harley-Davidson, Inc. US 784
7,300 Harman International Industries, Inc. US 626
1,800 Maytag Corp. US 37
6,100 Nautilus Group, Inc. (The) US 113
7,660 Whirlpool Corp. US 478
--------------------
3,406
--------------------
CONSUMER NON-DURABLES 5.8%
136,965 Coca-Cola Amatil Ltd. AU 676
3,310 Nestle SA CH 843
6,280 Groupe Danone FR 518
8,760 L'Oreal SA FR 628
7,300 LVMH Moet Hennessy Louis Vuitton SA FR 498
20,683 Kao Corp. JP 513
22,450 Heineken NV NL 702
84,987 Koninklijke Ahold NV NL 635
79,800 Cadbury Schweppes PLC UK 653
64,335 Diageo PLC UK 798
66,500 Unilever PLC UK 589
11,600 Altria Group, Inc. US 552
4,200 Anheuser-Busch Cos., Inc. US 218
6,000 Avon Products, Inc. US 258
4,100 Campbell Soup Co. US 105
17,400 Coach, Inc.* US 745
6,997 Coca-Cola Co. (The) US 307
12,300 Coca-Cola Enterprises, Inc. US 251
6,000 Energizer Holdings, Inc.* US 229
2,800 Georgia-Pacific Corp. US 94
7,793 Gillette Co. (The) US 304
14,100 Gymboree Corp.* US 223
4,100 Ingram Micro, Inc. (Class A)* US 58
7,200 Kellogg Co. US 300
11,700 Kimberly-Clark Corp. US 750
12,200 Pepsi Bottling Group, Inc. US 340
5,600 PepsiAmericas, Inc. US 105
30,600 Procter & Gamble Co. US 1,596
1,900 Timberland Co. (The) (Class A)* US 110
1,000 Universal Corp. US 48
--------------------
13,646
--------------------
FREMONT GLOBAL FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
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Country
Shares Security Description Code Value (000s)
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CONSUMER SERVICES 4.4%
72,085 Television Broadcasts Ltd. HK $ 295
90,900 Reed Elsevier PLC UK 805
23,700 Caesars Entertainment, Inc.* US 349
76,240 Cendant Corp. US 1,744
53,400 Comcast Corp. (Special Class A)* US 1,431
26,800 Fox Entertainment Group, Inc. (Class A)* US 724
12,200 Gannett Co., Inc. US 1,014
30,600 International Game Technology US 990
109,800 Liberty Media Corp. (Class A)* US 931
800 Media General, Inc. (Class A) US 48
4,300 MGM Mirage* US 190
6,700 Monro Muffler, Inc.* US 148
81,500 Time Warner, Inc.* US 1,357
1,200 Viacom, Inc. (Class B) US 40
9,500 Walt Disney Co. (The) US 219
--------------------
10,285
--------------------
ENERGY 4.3%
11,760 Nexen, Inc. CA 453
6,700 Total SA ADR FR 652
14,600 Royal Dutch Petroleum Co., ADR NL 734
9,200 BP PLC ADR UK 519
6,500 Anadarko Petroleum Corp. US 389
15,100 ChevronTexaco Corp. US 1,444
12,800 ConocoPhillips US 1,008
15,200 Devon Energy Corp. US 1,056
1,100 EOG Resources, Inc. US 70
16,110 Exxon Mobil Corp. US 746
26,600 Kerr-McGee Corp. US 1,397
9,100 Occidental Petroleum Corp. US 448
15,600 Pioneer Natural Resources Co. US 562
9,000 Smith International, Inc.* US 525
--------------------
10,003
--------------------
FINANCIAL SERVICES (BANKS) 5.5%
33,100 National Australia Bank Ltd. AU 624
5,640 Bank of Nova Scotia CA 155
7,600 Deutsche Bank AG DE 530
62,400 Banco Santander Central Hispano SA ES 592
55,000 HSBC Holdings PLC HK 813
26,900 Royal Bank of Scotland Group PLC UK 756
24,100 Bank of America Corp. US 2,049
60,836 Citigroup, Inc. US 2,682
46,600 Mellon Financial Corp. US 1,281
FREMONT GLOBAL FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
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Country
Shares Security Description Code Value (000s)
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FINANCIAL SERVICES (BANKS) (CONT.)
2,100 National City Corp. US $ 77
49,700 Wachovia Corp. US 2,202
22,075 Wells Fargo & Co. US 1,267
--------------------
13,028
--------------------
FINANCIAL SERVICES (OTHER) 8.6%
10,010 Manulife Financial Corp. CA 401
4,300 Allianz AG DE 416
24,600 ING Groep NV NL 570
28,600 Allstate Corp. (The) US 1,347
15,400 AMBAC Financial Group, Inc. US 1,095
50,500 American Express Co. US 2,538
26,354 American International Group, Inc. US 1,862
800 Bear Stearns Cos., Inc. (The) US 67
17,300 Capital One Financial Corp. US 1,199
19,100 Chubb Corp. (The) US 1,314
3,900 CIT Group, Inc. US 136
1,600 Doral Financial Group US 63
22,200 Fannie Mae US 1,575
30,400 JPMorgan Chase & Co. US 1,135
4,600 Knight Trading Group, Inc. (Class A)* US 39
2,000 MBIA, Inc. US 108
21,000 Merrill Lynch & Co., Inc. US 1,044
3,380 MGIC Investment Corp. US 240
23,400 Moody's Corp. US 1,594
25,000 Morgan Stanley US 1,233
2,400 Progressive Corp. US 184
13,100 SLM Corp. US 497
6,100 St. Paul Travelers Cos., Inc. (The) US 226
34,500 Washington Mutual, Inc. US 1,339
--------------------
20,222
--------------------
HEALTH CARE 10.9%
17,700 Novartis AG CH 791
7,600 Roche Holding AG CH 750
5,610 Synthes, Inc. CH 551
9,100 Fresenius Medical Care AG DE 663
13,700 Novo-Nordisk AS (Class B) DK 698
10,732 Cie Generale d'Optiquie Essilor International SA FR 659
6,100 Sanofi-Aventis FR 403
3,000 ICON PLC ADR* IE 111
33,000 Teva Pharmaceutical Industries Ltd. ADR IL 977
11,173 Takeda Pharmaceutical Co. Ltd. JP 522
29,200 GlaxoSmithKline PLC UK 593
28,200 Smith & Nephew PLC UK 286
FREMONT GLOBAL FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Country
Shares Security Description Code Value (000s)
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HEALTH CARE (CONT.)
30,700 Abbott Laboratories US $ 1,208
1,800 Advanced Neuromodulation Systems, Inc.* US 58
6,500 Alcon, Inc. US 498
18,100 Amgen, Inc.* US 1,030
7,800 Andrx Corp.* US 202
3,200 Angiodynamics, Inc.* US 44
14,500 Anthem, Inc.* US 1,196
3,800 Apogent Technologies, Inc.* US 124
15,500 ArthroCare Corp.* US 413
4,100 Atherogenics, Inc.* US 59
3,200 Bard (C.R.), Inc. US 177
2,100 Bausch & Lomb, Inc. US 129
2,800 Baxter International, Inc. US 84
7,800 Becton, Dickinson & Co. US 368
7,100 Conceptus, Inc.* US 69
10,000 Coventry Health Care, Inc.* US 511
24,600 Eclipsys Corp.* US 369
19,800 Genentech, Inc.* US 964
19,800 Harvard Bioscience, Inc.* US 75
26,700 HCA, Inc. US 1,032
1,900 Health Net, Inc.* US 46
1,330 Hospira, Inc.* US 34
4,600 Humana, Inc.* US 83
7,500 IMS Health, Inc. US 182
14,400 Intuitive Surgical, Inc.* US 329
6,900 Johnson & Johnson US 381
22,500 Medtronic, Inc. US 1,118
33,758 Merck & Co., Inc. US 1,531
31,400 Millennium Pharmaceuticals, Inc.* US 349
9,500 Mylan Laboratories, Inc. US 141
39,962 NeoPharm, Inc.* US 252
24,200 OraSure Technologies, Inc.* US 188
6,000 PacifiCare Health Systems* US 183
1,200 Par Pharmaceutical Cos., Inc.* US 45
15,100 Perrigo Co. US 252
47,500 Pfizer, Inc. US 1,518
7,500 Quidel Corp.* US 26
19,300 Regeneration Technologies, Inc.* US 188
22,000 Stryker Corp. US 1,049
10,500 UnitedHealth Group, Inc. US 660
11,800 Varian Medical Systems, Inc.* US 814
4,500 Vital Images, Inc.* US 52
5,400 Watson Pharmaceuticals, Inc.* US 136
12,500 Wyeth US 443
--------------------
25,614
--------------------
FREMONT GLOBAL FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
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Country
Shares Security Description Code Value (000s)
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MULTI-INDUSTRY 1.6%
1,200 FMC Corp.* US $ 53
85,658 General Electric Co. US 2,848
24,200 Honeywell International, Inc. US 910
--------------------
3,811
--------------------
RAW MATERIALS 1.3%
5,100 L'Air Liquide SA FR 826
5,600 3M Co. US 461
6,300 Alcoa, Inc. US 202
11,800 Coeur d'Alene Mines Corp.* US 41
29,200 E.I. du Pont de Nemours & Co. US 1,252
4,800 Masco Corp. US 145
2,100 Timken Co. (The) US 52
--------------------
2,979
--------------------
REAL ESTATE INVESTMENT TRUSTS 0.1%
14,500 Annaly Mortgage Management, Inc. US 239
--------------------
239
--------------------
RETAIL 3.8%
1,700 AutoZone, Inc.* US 131
29,300 Bed Bath & Beyond, Inc.* US 1,037
2,300 Best Buy Co., Inc. US 111
22,400 Claire's Stores, Inc. US 516
31,420 CVS Corp. US 1,316
1,300 Design Within Reach, Inc.* US 21
8,500 Electronics Boutique Holdings Corp.* US 213
5,800 Federated Department Stores, Inc. US 278
7,800 Gap, Inc. (The) US 177
6,000 Goody's Family Clothing, Inc. US 52
18,300 Home Depot, Inc. US 617
2,900 J. Jill Group, Inc. (The)* US 54
2,600 J.C. Penney Co., Inc. US 104
9,000 Limited Brands US 184
11,000 Lowe's Cos., Inc. US 536
4,300 May Department Stores Co. US 114
9,400 McDonald's Corp. US 259
2,600 Rent-A-Center, Inc.* US 76
5,400 Saks, Inc. US 70
21,800 Starbucks Corp.* US 1,024
3,400 Target Corp. US 148
5,800 TJX Cos., Inc. US 136
15,900 Too, Inc.* US 238
FREMONT GLOBAL FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Country
Shares Security Description Code Value (000s)
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RETAIL (CONT.)
11,600 Tweeter Home Entertainment Group, Inc.* US $ 55
2,466 Wal-Mart Stores, Inc. US 131
36,200 Yum! Brands, Inc. US 1,390
--------------------
8,988
--------------------
SHELTER 0.4%
400 NVR, Inc.* US 186
12,100 Pulte Corp. US 661
--------------------
847
--------------------
TECHNOLOGY (COMPONENTS) 3.5%
28,300 Exfo Electro-Optical Engineering, Inc.* CA 133
7,000 Kyocera Corp. JP 540
4,200 Actel Corp.* US 63
14,400 Advanced Micro Devices, Inc.* US 180
28,700 Anaren Microwave, Inc.* US 344
25,000 Arrow Electronics, Inc.* US 592
11,400 Avnet, Inc.* US 221
15,600 Catalyst Semiconductor, Inc.* US 91
95,600 Cisco Systems, Inc.* US 1,994
9,400 Corning, Inc.* US 116
12,100 EMC Corp.* US 133
12,900 Genesis Microchip, Inc.* US 148
18,600 hi/fn, inc.* US 170
24,312 Identix, Inc.* US 131
12,973 Intel Corp. US 316
11,500 Interlink Electronics, Inc.* US 102
8,700 Leadis Technology, Inc.* US 96
45,000 Marvell Technology Group Ltd* US 1,045
5,400 MEMC Electronic Materials, Inc.* US 49
21,700 Microtune, Inc.* US 97
2,400 National Semiconductor Corp.* US 41
3,100 NCR Corp.* US 144
6,800 Power Integrations, Inc.* US 137
5,000 Qualcomm, Inc. US 345
18,500 Sirenza Microdevices, Inc.* US 90
4,400 Thomas & Betts Corp. US 116
25,100 Trident Microsystems, Inc.* US 306
16,600 Vishay Intertechnology, Inc.* US 257
11,100 Woodhead Industries, Inc. US 166
--------------------
8,163
--------------------
FREMONT GLOBAL FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Country
Shares Security Description Code Value (000s)
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TECHNOLOGY (EQUIPMENT) 4.4%
20,000 Vestas Wind Systems AS DK $ 255
46,000 Ceragon Networks Ltd.* IL 221
22,600 RIT Technologies Ltd.* IL 31
99,000 Telefonaktiebolaget LM Ericsson (Class B) SE 264
11,800 Apple Computer, Inc.* US 382
10,800 Applied Materials, Inc.* US 183
12,400 ATMI, Inc.* US 252
14,400 AudioCodes Ltd.* US 153
4,000 Audiovox Corp.* US 69
6,700 August Technology Corp.* US 69
8,400 Carrier Access Corp.* US 63
9,500 COMARCO, Inc.* US 67
26,800 Computer Access Technology Corp.* US 114
39,992 Dell, Inc.* US 1,419
10,200 FormFactor, Inc.* US 205
4,600 General Dynamics Corp. US 455
10,300 Hewlett-Packard Co. US 208
3,289 International Business Machines Corp. US 286
23,900 Intevac, Inc.* US 105
8,200 L-3 Communications Holdings, Inc. US 501
2,600 Lexmark International, Inc. (Class A)* US 230
53,400 Motorola, Inc. US 851
23,800 NetScout Systems, Inc.* US 146
17,400 Northrop Grumman Corp. US 915
11,000 Rimage Corp.* US 150
700 Stratasys, Inc.* US 18
24,800 Sunrise Telecom, Inc. US 62
4,800 Tellabs, Inc.* US 43
11,114 Texas Instruments, Inc. US 237
17,300 Tut Systems, Inc.* US 32
33,200 TVI Corp.* US 137
12,300 United Technologies Corp. US 1,150
5,200 Western Digital Corp.* US 36
8,900 X-Rite, Inc. US 133
67,800 Xerox Corp.* US 940
--------------------
10,382
--------------------
TECHNOLOGY (SOFTWARE) 2.2%
8,700 SAP AG ADR DE 348
8,700 Activision, Inc.* US 127
6,100 Adobe Systems, Inc. US 257
6,400 Autodesk, Inc. US 257
2,600 Citrix Systems, Inc.* US 46
67,231 Microsoft Corp. US 1,913
18,734 Oracle Corp.* US 197
FREMONT GLOBAL FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Shares/ Country
Face Amount Security Description Code Value (000s)
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TECHNOLOGY (SOFTWARE) (CONT.)
18,700 Pervasive Software, Inc.* US $ 114
31,600 Symantec Corp.* US 1,478
18,200 Tier Technologies, Inc. (Class B)* US 150
5,900 Websense, Inc.* US 225
--------------------
5,112
--------------------
TRANSPORTATION 0.2%
2,500 Alaska Air Group, Inc.* US 52
2,000 Burlington Northern Santa Fe Corp. US 71
1,000 FedEx Corp. US 82
2,300 United Parcel Service, Inc. (Class B) US 166
--------------------
371
--------------------
UTILITIES 3.5%
32,900 Vodafone Group PLC ADR UK 715
23,000 CenturyTel, Inc. US 713
11,400 Constellation Energy Group, Inc. US 439
80,200 Exelon Corp. US 2,799
28,400 FirstEnergy Corp. US 1,110
76,000 Nextel Communications, Inc. (Class A)* US 1,730
10,200 PanAmSat Corp.* US 237
20,200 Sprint Corp. - FON Group US 377
5,712 Verizon Communications, Inc. US 220
--------------------
8,340
--------------------
TOTAL COMMON STOCKS (COST $142,144) 157,194
--------------------
BONDS 29.6%
FOREIGN CORPORATE BONDS 7.0%
AU$ 2,000,000 GE Capital Australia Funding Pty Ltd., 7.000%, 09/15/09 1,449
1,000,000 Eurofima, 6.500%, 08/22/11 718
1,000,000 Pacific Life funding LLC, 6.500%, 04/15/08 708
DM 2,000,000 Deutsche Bahn Finance BV, 5.000%, 06/10/08 1,292
(euro) 1,000,000 Fidelity International Ltd., 6.250%, 03/21/12 1,315
1,000,000 Deutsche Hypo, 5.750%, 07/19/10 1,323
1,500,000 France Telecom, 6.750%, 03/14/08 2,007
1,500,000 Pemex Project Funding Master Trust, 6.625%, 04/04/10 1,917
(pound) 500,000 Ford Credit Canada, 7.250%, 12/07/07 933
500,000 BK Nederlandse Gemeeten, 5.625%, 02/08/11 913
(Yen) 100,000,000 Deutsche Telekom, 1.500%, 06/15/05 910
100,000,000 Petroliam Nasional BHD, 3.600%, 06/12/06 947
100,000,000 Banque Central de Tunisie, 3.300%, 08/02/10 930
$ 1,000,000 Kazkommerts International BV, 7.875%, 04/07/14** 952
--------------------
16,314
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FREMONT GLOBAL FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
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Face Amount Security Description Value (000s)
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FOREIGN GOVERNMENT BONDS 15.1%
CN$ 152,943 Canada Government, 3.000%, 12/01/36(f) $ 133
1,401,962 Canada Government, 4.000%, 12/01/31(f) 1,414
2,933,889 Canada Government, 4.250%, 12/01/21(f) 2,842
1,602,224 Canada Government, 4.250%, 12/01/26(f) 1,618
(euro) 1,000,000 Bonos Y Oblig Del Estado, 5.500%, 07/30/17 1,326
1,000,000 Government of Finland, 5.750%, 02/23/11 1,336
82,904 Government of France, 2.500%, 07/25/13(f) 104
4,040,288 Government of France, 3.000%, 07/25/09(f) 5,218
3,154,689 Government of France, 3.000%, 07/25/12(f) 4,134
600,015 Government of France, 3.150%, 07/25/32(f) 841
1,119,970 Government of France, 3.400%, 07/25/29(f) 1,606
1,000,470 Government of France, 8.500%, 10/25/19(f) 1,722
(pound) 1,000,000 U.K. Gilt, 4.000%, 03/07/09 1,737
200,000 U.K. Gilt, 2.500%, 05/20/09 862
70,000 U.K. Gilt, 2.500%, 08/16/13 270
980,000 U.K. Gilt, 2.500%, 07/26/16 4,180
260,000 U.K. Gilt, 2.500%, 07/17/24 974
350,000 U.K. Gilt, 4.125%, 07/22/30 1,277
NK 7,500,000 Norway Government Bond, 5.000%, 05/15/15 1,119
5,000,000 Norway Government Bond, 6.000%, 05/16/11 792
SG$ 1,000,000 Government of Singapore, 3.750%, 09/01/16 582
1,500,000 Government of Singapore, 4.375%, 01/15/09 950
$ 267,000 United Mexican States, 5.875%, 01/15/14 262
170,000 United Mexican States, 8.375%, 01/14/11 195
--------------------
35,494
--------------------
U.S. CORPORATE BONDS 1.8%
(euro) 1,500,000 General Electric Capital Corp., 5.750%, 11/20/08 1,963
NZ$ 1,000,000 General Motors Acceptance Corp., 7.500%, 12/01/06 628
$ 250,000 Delta Airlines, Inc., 6.417%, 07/02/12 259
1,000,000 General Electric Capital Corp., 3.250%, 04/15/13 968
500,000 Glencore Funding LLC, 6.000%, 04/15/14** 471
--------------------
4,289
--------------------
U.S. GOVERNMENT & AGENCIES 5.7%
1,000,000 FHLB, 3.500%, 06/18/13 963
1,029,400 U.S. Treasury Inflation Indexed Bond, 1.875%, 07/15/13(f) 1,025
1,977,773 U.S. Treasury Inflation Indexed Bond, 3.625%, 01/15/08(f) 2,165
2,564,655 U.S. Treasury Inflation Indexed Bond, 3.875%, 04/15/29(f) 3,249
5,420,638 U.S. Treasury Inflation Indexed Bond, 3.500%, 01/15/11(f) 6,048
--------------------
13,450
--------------------
TOTAL BONDS (COST $61,147) 69,547
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FREMONT GLOBAL FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
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Face Amount Security Description Value (000s)
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SHORT-TERM INVESTMENTS 3.4%
$ 5,700,000 UBS Finance (Delaware) LLC, CP, 1.320%(a),08/02/04 $ 5,700
2,324,205 Repurchase Agreement, State Street Bank, 0.770%, 08/02/04
(Maturity Value $2,324) (Cost $2,324) Collateral: FHLB,
0.000%, 08/17/04; FHLMC, 0.000, 10/12/04; FNMA, 0.000%,
10/15/04; FNMA, 3.250%, 08/15/08, FNMA, 7.250%, 01/15/10;
FNMA, 6.000%, 05/15/11; FNMA, 4.375%, 07/17/13; (Collateral
Value $2,392) 2,324
--------------------
TOTAL SHORT-TERM INVESTMENTS (COST $8,024) 8,024
--------------------
TOTAL INVESTMENTS (COST $211,315++), 99.9% 234,765
--------------------
OTHER ASSETS AND LIABILITIES, NET, 0.1% 193
--------------------
NET ASSETS, 100.0% $ 234,958
====================
++ At July 31, 2004, the aggregate unrealized appreciation and depreciation of
securities, based on their cost for federal income tax purposes, were as
follows:
Cost of investments for tax purposes $ 212,033
====================
Gross tax unrealized appreciation $ 27,073
Gross tax unrealized depreciation (4,341)
--------------------
Net tax unrealized appreciation $ 22,732
====================
FOR FOOTNOTE REFERENCES, SEE "NOTES TO SCHEDULES OF INVESTMENTS IN SECURITIES
AND NET ASSETS."
FREMONT INTERNATIONAL GROWTH FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
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Country
Shares Security Description Code Value (000s)
------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS 99.4%
BUSINESS EQUIPMENT & SERVICES 1.1%
59,000 WPP Group PLC UK $ 548
---------------------
548
---------------------
CONSUMER DURABLES 4.5%
70,500 Luxottica Group ADR IT 1,208
29,450 Sony Corp. ADR JP 1,020
53,800 TI Automotive Ltd. (Class A)(e)* UK --
---------------------
2,228
---------------------
CONSUMER NON-DURABLES 27.3%
263,000 Coca-Cola Amatil Ltd. AU 1,298
6,400 Nestle SA CH 1,630
11,860 Groupe Danone FR 978
16,900 L'Oreal SA FR 1,212
14,100 LVMH Moet Hennessy Louis Vuitton SA FR 963
38,300 Kao Corp. JP 949
42,950 Heineken NV NL 1,343
163,186 Koninklijke Ahold NV NL 1,219
152,400 Cadbury Schweppes PLC UK 1,246
123,552 Diageo PLC UK 1,533
130,700 Unilever PLC UK 1,157
---------------------
13,528
---------------------
CONSUMER SERVICES 4.3%
145,080 Television Broadcasts Ltd. HK 594
174,510 Reed Elsevier PLC UK 1,546
---------------------
2,140
---------------------
ENERGY 9.1%
19,420 Nexen, Inc. CA 747
13,450 Total SA ADR FR 1,309
28,650 Royal Dutch Petroleum Co. ADR NL 1,441
17,800 BP PLC ADR UK 1,003
---------------------
4,500
---------------------
FINANCIAL SERVICES (BANKS) 13.3%
62,600 National Australia Bank Ltd. AU 1,179
11,600 Bank of Nova Scotia CA 319
14,250 Deutsche Bank AG DE 993
118,800 Banco Santander Central Hispano SA ES 1,127
106,400 HSBC Holdings PLC HK 1,572
50,400 Royal Bank of Scotland Group PLC UK 1,416
---------------------
6,606
---------------------
FREMONT INTERNATIONAL GROWTH FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Country
Shares Security Description Code Value (000s)
------------------------------------------------------------------------------------------------------------------------------
FINANCIAL SERVICES (OTHER) 5.3%
19,090 Manulife Financial Corp. CA $ 764
7,850 Allianz AG DE 759
48,000 ING Groep NV NL 1,112
---------------------
2,635
---------------------
HEALTH CARE 22.9%
33,600 Novartis AG CH 1,502
15,000 Roche Holding AG CH 1,480
10,600 Synthes, Inc. CH 1,041
17,200 Fresenius Medical Care AG DE 1,253
25,600 Novo-Nordisk AS (Class B) DK 1,305
21,133 Cie Generale d'Optiquie Essilor International SA FR 1,298
11,540 Sanofi-Aventis FR 763
2,000 Luxottica Group IT 34
21,143 Takeda Pharmaceutical Co. Ltd. JP 989
56,900 GlaxoSmithKline PLC UK 1,155
54,130 Smith & Nephew PLC UK 548
---------------------
11,368
---------------------
RAW MATERIALS 3.1%
9,557 L'Air Liquide SA FR 1,548
---------------------
1,548
---------------------
TECHNOLOGY (COMPONENTS) 2.3%
14,700 Kyocera Corp. JP 1,134
---------------------
1,134
---------------------
TECHNOLOGY (EQUIPMENT) 2.0%
38,870 Vestas Wind Systems AS DK 496
189,000 Telefonaktiebolaget LM Ericsson (Class B) SE 505
---------------------
1,001
---------------------
TECHNOLOGY (SOFTWARE) 1.4%
17,050 SAP AG ADR DE 682
---------------------
682
---------------------
UTILITIES 2.8%
62,800 Vodafone Group PLC ADR UK 1,365
---------------------
1,365
---------------------
TOTAL COMMON STOCKS (COST $46,136) 49,283
---------------------
FREMONT INTERNATIONAL GROWTH FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Country
Face Amount Security Description Code Value (000s)
------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENT 0.5%
$ 239,354 Repurchase Agreement, State Street Bank, 0.770%, 08/02/04
(Maturity Value $239) (Cost $239) Collateral: FNMA, 6.625%,
11/15/10 (Collateral Value $248) $ 239
---------------------
TOTAL SHORT-TERM INVESTMENT (COST $239) 239
---------------------
TOTAL INVESTMENTS (COST $46,375++), 99.9% 49,522
---------------------
OTHER ASSETS AND LIABILITIES, NET, 0.1% 51
---------------------
NET ASSETS, 100.0% $ 49,573
=====================
++ At July 31, 2004, the aggregate unrealized appreciation and depreciation of
securities, based on their cost for federal income tax purposes, were as
follows:
Cost of investments for tax purposes $ 46,503
=====================
Gross tax unrealized appreciation $ 4,560
Gross tax unrealized depreciation (1,541)
---------------------
Net tax unrealized appreciation $ 3,019
=====================
FOR FOOTNOTE REFERENCES, SEE "NOTES TO SCHEDULES OF INVESTMENTS IN SECURITIES
AND NET ASSETS."
FREMONT LARGE CAP VALUE FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Shares Security Description Value (000s)
------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS 96.8%
BUSINESS EQUIPMENT & SERVICES 0.9%
2,890 Fiserv, Inc.* $ 99
---------------------
99
---------------------
CAPITAL GOODS 2.5%
3,000 American Standard Cos., Inc.* 114
800 Ingersoll-Rand Co. 55
1,600 Johnson Controls, Inc. 90
---------------------
259
---------------------
CONSUMER NON-DURABLES 8.0%
4,600 Altria Group, Inc. 219
2,110 Anheuser-Busch Cos., Inc. 110
4,120 Avon Products, Inc. 177
1,080 Coca-Cola Co. (The) 47
950 Dean Foods Co.* 35
1,000 PepsiCo, Inc. 50
3,900 Procter & Gamble Co. 203
---------------------
841
---------------------
CONSUMER SERVICES 8.4%
2,000 Carnival Corp. 93
4,560 Clear Channel Communications, Inc. 163
4,300 Comcast Corp. (Class A)* 118
2,750 Royal Caribbean Cruises Ltd. 118
4,700 Time Warner, Inc.* 78
8,460 Viacom, Inc. (Class B) 284
1,400 Westwood One, Inc.* 33
---------------------
887
---------------------
CONSUMER DURABLES 1.9%
3,250 Harley-Davidson, Inc. 195
---------------------
195
---------------------
ENERGY 13.5%
1,700 Baker Hughes, Inc. 69
5,900 BP PLC ADR* 333
5,500 ConocoPhillips 433
3,760 Exxon Mobil Corp. 174
2,630 Halliburton Co. 84
1,070 Kerr-McGee Corp. 56
2,625 Nabors Industries Ltd.* 122
FREMONT LARGE CAP VALUE FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Shares Security Description Value (000s)
------------------------------------------------------------------------------------------------------------------------
ENERGY (CONT.)
1,200 Noble Energy, Inc. $ 66
1,670 Occidental Petroleum Corp. 82
---------------------
1,419
---------------------
FINANCIAL SERVICES (BANKS) 9.3%
4,125 Bank of America Corp. 351
9,200 Citigroup, Inc. 406
7,100 MBNA Corp. 175
1,160 Wachovia Corp. 51
---------------------
983
---------------------
FINANCIAL SERVICES (OTHER) 17.0%
5,150 ACE Ltd. 209
1,450 Aflac, Inc. 58
1,000 Allstate Corp. (The) 47
6,200 American International Group, Inc. 438
2,460 Axis Capital Holdings Ltd. 63
4,250 Fannie Mae 302
10,428 JP Morgan Chase & Co. 389
1,000 Merrill Lynch & Co., Inc. 50
1,920 Metlife, Inc.* 69
2,220 Morgan Stanley 110
1,150 PMI Group, Inc. (The) 47
---------------------
1,782
---------------------
HEALTH CARE 12.0%
1,900 Anthem, Inc.* 157
4,885 Boston Scientific Corp.* 187
2,000 Caremark Rx, Inc.* 61
1,200 Forest Laboratories, Inc.* 60
2,550 HCA, Inc. 99
2,200 Health Management Associates, Inc. (Class A) 44
850 Johnson & Johnson 47
10,150 Pfizer, Inc. 324
1,710 Wellpoint Health Networks, Inc.* 173
3,010 Wyeth 107
---------------------
1,259
---------------------
MULTI-INDUSTRY 2.6%
8,285 General Electric Co. 276
---------------------
276
---------------------
FREMONT LARGE CAP VALUE FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Shares Security Description Value (000s)
------------------------------------------------------------------------------------------------------------------------
RAW MATERIALS 1.3%
855 Air Products & Chemicals, Inc. $ 44
1,450 Alcoa, Inc. 46
1,150 E.I. du Pont de Nemours & Co. 49
---------------------
139
---------------------
RETAIL 3.8%
1,420 Bed Bath & Beyond, Inc.* 50
5,875 Home Depot, Inc. 198
2,040 Lowe's Cos., Inc. 99
1,440 Wendy's International, Inc. 52
---------------------
399
---------------------
TECHNOLOGY (EQUIPMENT) 4.0%
950 Affiliated Computer Services, Inc. (Class A)* 49
2,470 Applied Materials, Inc.* 42
9,905 Hewlett-Packard Co. 200
1,300 Northrop Grumman Corp. 68
700 United Technologies Corp. 65
---------------------
424
---------------------
TECHNOLOGY (SOFTWARE) 2.9%
700 First Data Corp. 31
9,560 Microsoft Corp. 272
---------------------
303
---------------------
TRANSPORTATION 3.8%
4,300 Burlington Northern Santa Fe Corp. 153
4,350 Union Pacific Corp. 245
---------------------
398
---------------------
UTILITIES 4.9%
2,000 Constellation Energy Group, Inc. 77
1,300 Entergy Corp. 75
2,600 Exelon Corp. 91
3,250 SBC Communications, Inc. 82
5,000 Sprint Corp. 93
2,400 Verizon Communications, Inc. 93
---------------------
511
---------------------
TOTAL COMMON STOCKS (COST $8,643) 10,174
---------------------
FREMONT LARGE CAP VALUE FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Face Amount Security Description Value (000s)
------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENT 3.5%
$ 368,279 Repurchase Agreement, State Street Bank, 0.770%, 08/02/04
(Maturity Value $368) (Cost $368) Collateral: FNMA, 0.000%,
09/21/04 (Collateral Value $379) $ 368
---------------------
TOTAL SHORT-TERM INVESTMENT (COST $368) 368
---------------------
TOTAL INVESTMENTS (COST $9,011++), 100.3% 10,542
---------------------
OTHER ASSETS AND LIABILITIES, NET, (0.3)% (30)
---------------------
NET ASSETS, 100.0% $ 10,512
=====================
++ At July 31, 2004, the aggregate unrealized appreciation and depreciation of
securities, based on their cost for federal income tax purposes, were as
follows:
Cost of investments for tax purposes $ 9,011
=====================
Gross tax unrealized appreciation $ 1,689
Gross tax unrealized depreciation (158)
---------------------
Net tax unrealized appreciation $ 1,531
=====================
FOR FOOTNOTE REFERENCES, SEE "NOTES TO SCHEDULES OF INVESTMENTS IN SECURITIES
AND NET ASSETS."
FREMONT LARGE CAP GROWTH FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Shares Security Description Value (000s)
-----------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS 97.6%
BUSINESS EQUIPMENT & SERVICES 6.9%
11,000 Apollo Group, Inc. (Class A)* $ 919
10,900 eBay, Inc.* 854
---------------------
1,773
---------------------
CONSUMER DURABLES 3.9%
8,900 Harley-Davidson, Inc. 533
5,500 Harman International Industries, Inc. 472
---------------------
1,005
---------------------
CONSUMER NON-DURABLES 8.2%
11,500 Avon Products, Inc. 495
16,700 Coach, Inc.* 715
17,400 Procter & Gamble Co. 907
---------------------
2,117
---------------------
CONSUMER SERVICES 3.3%
26,400 International Game Technology 854
---------------------
854
---------------------
ENERGY 1.6%
7,200 Smith International, Inc.* 420
---------------------
420
---------------------
FINANCIAL SERVICES (BANKS) 3.3%
18,900 Wachovia Corp. 837
---------------------
837
---------------------
FINANCIAL SERVICES (OTHER) 14.6%
12,000 AMBAC Financial Group, Inc. 853
17,800 American Express Co. 894
14,500 Capital One Financial Corp. 1,005
15,000 Moody's Corp. 1,021
---------------------
3,773
---------------------
HEALTH CARE 22.4%
5,700 Alcon, Inc. 437
13,300 Amgen, Inc.* 756
14,800 Genentech, Inc.* 720
15,900 Medtronic, Inc. 790
21,250 Pfizer, Inc. 679
20,400 Stryker Corp. 973
FREMONT LARGE CAP GROWTH FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Shares/
Face Amount Security Description Value (000s)
-----------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (CONT.)
27,800 Teva Pharmaceutical Industries Ltd. ADR $ 823
8,500 Varian Medical Systems, Inc.* 587
---------------------
5,765
---------------------
MULTI-INDUSTRY 2.8%
21,500 General Electric Co. 715
---------------------
715
---------------------
RETAIL 9.1%
20,800 Bed Bath & Beyond, Inc.* 736
14,800 Lowe's Cos., Inc. 721
19,000 Starbucks Corp.* 892
---------------------
2,349
---------------------
TECHNOLOGY (COMPONENTS) 5.8%
38,300 Cisco Systems, Inc.* 799
29,400 Marvell Technology Group Ltd* 683
---------------------
1,482
---------------------
TECHNOLOGY (EQUIPMENT) 6.0%
25,300 Dell, Inc.* 897
10,500 L-3 Communications Holdings, Inc. 642
---------------------
1,539
---------------------
TECHNOLOGY (SOFTWARE) 7.4%
30,700 Microsoft Corp. 874
22,200 Symantec Corp.* 1,038
---------------------
1,912
---------------------
UTILITIES 2.3%
26,000 Nextel Communications, Inc. (Class A)* 592
---------------------
592
---------------------
TOTAL COMMON STOCKS (COST $21,238) 25,133
---------------------
SHORT-TERM INVESTMENT 2.5%
$ 648,486 Repurchase Agreement, State Street Bank, 0.770%, 08/02/04
(Maturity Value $649) (Cost $648) Collateral: FNMA, 7.250%,
01/15/10 (Collateral Value $663) 648
---------------------
TOTAL SHORT-TERM INVESTMENT (COST $648) 648
---------------------
FREMONT LARGE CAP GROWTH FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Value (000s)
-----------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (COST $21,886++), 100.1% $ 25,781
---------------------
OTHER ASSETS AND LIABILITIES, NET, (0.1)% (22)
---------------------
NET ASSETS, 100.0% $ 25,759
=====================
++ At July 31, 2004, the aggregate unrealized appreciation and depreciation of
securities, based on their cost for federal income tax purposes, were as
follows:
Cost of investments for tax purposes $ 21,906
=====================
Gross tax unrealized appreciation $ 4,174
Gross tax unrealized depreciation (299)
---------------------
Net tax unrealized appreciation $ 3,875
=====================
FOR FOOTNOTE REFERENCES, SEE "NOTES TO SCHEDULES OF INVESTMENTS IN SECURITIES
AND NET ASSETS."
FREMONT STRUCTURED CORE FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Shares Security Description Value (000s)
-------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS 99.6%
BUSINESS EQUIPMENT & SERVICES 3.7%
3,600 Computer Sciences Corp.* $ 170
4,200 Equifax, Inc. 101
26,200 H&R Block, Inc. 1,287
3,500 Ryder System, Inc. 150
30,000 Yahoo!, Inc.* 924
---------------------
2,632
---------------------
CAPITAL GOODS 2.6%
7,300 Black & Decker Corp. 510
4,350 Graco, Inc. 137
3,900 Harsco Corp. 175
15,000 Johnson Controls, Inc. 847
2,100 Rockwell Automation, Inc. 79
3,600 Sherwin-Williams Co. (The) 145
---------------------
1,893
---------------------
CONSUMER DURABLES 0.6%
21,600 Ford Motor Co. 318
2,700 Maytag Corp. 55
1,400 Whirlpool Corp. 87
---------------------
460
---------------------
CONSUMER NON-DURABLES 8.7%
12,600 Altria Group, Inc. 600
7,200 Anheuser-Busch Cos., Inc. 374
9,600 Avon Products, Inc. 413
6,300 Campbell Soup Co. 161
10,400 Coca-Cola Co. (The) 456
18,000 Coca-Cola Enterprises, Inc. 367
8,800 Energizer Holdings, Inc.* 335
4,100 Georgia-Pacific Corp. 138
12,000 Gillette Co. (The) 468
6,000 Ingram Micro, Inc. (Class A)* 85
11,000 Kellogg Co. 458
17,100 Kimberly-Clark Corp. 1,096
17,900 Pepsi Bottling Group, Inc. 499
8,600 PepsiAmericas, Inc. 161
6,800 Procter & Gamble Co. 355
2,900 Timberland Co. (The) (Class A)* 168
1,400 Universal Corp. 68
---------------------
6,202
---------------------
FREMONT STRUCTURED CORE FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Shares Security Description Value (000s)
-------------------------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES 4.3%
34,700 Caesars Entertainment, Inc.* $ 511
30,800 Cendant Corp. 705
38,000 Fox Entertainment Group, Inc. (Class A)* 1,027
1,100 Media General, Inc. (Class A) 66
6,300 MGM Mirage* 278
8,000 Time Warner, Inc.* 133
1,900 Viacom, Inc. (Class B) 64
14,200 Walt Disney Co. (The) 328
---------------------
3,112
---------------------
ENERGY 8.7%
9,900 Anadarko Petroleum Corp. 592
7,800 ChevronTexaco Corp. 746
18,000 ConocoPhillips 1,418
1,600 EOG Resources, Inc. 102
25,100 Exxon Mobil Corp. 1,162
13,800 Kerr-McGee Corp. 724
12,900 Occidental Petroleum Corp. 636
23,400 Pioneer Natural Resources Co. 844
---------------------
6,224
---------------------
FINANCIAL SERVICES (BANKS) 11.8%
13,400 Bank of America Corp. 1,139
42,800 Citigroup, Inc. 1,887
70,400 Mellon Financial Corp. 1,935
3,200 National City Corp. 117
32,100 Wachovia Corp. 1,422
33,200 Wells Fargo & Co. 1,906
---------------------
8,406
---------------------
FINANCIAL SERVICES (OTHER) 10.3%
16,775 American International Group, Inc. 1,185
1,200 Bear Stearns Cos., Inc. (The) 100
5,700 CIT Group, Inc. 198
2,400 Doral Financial Group 94
9,500 Fannie Mae 674
43,800 JPMorgan Chase & Co. 1,635
7,400 Knight Trading Group, Inc. (Class A)* 63
3,000 MBIA, Inc. 162
10,200 Merrill Lynch & Co., Inc. 507
5,900 Moody's Corp. 402
7,000 Morgan Stanley 345
3,600 Progressive Corp. (The) 276
19,200 SLM Corp. 728
FREMONT STRUCTURED CORE FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Shares Security Description Value (000s)
-------------------------------------------------------------------------------------------------------------------------------
FINANCIAL SERVICES (OTHER) (CONT.)
9,000 St. Paul Travelers Cos., Inc. (The) $ 334
17,100 Washington Mutual, Inc. 663
---------------------
7,366
---------------------
HEALTH CARE 11.9%
11,200 Andrx Corp.* 291
5,500 Apogent Technologies, Inc.* 179
3,100 Bausch & Lomb, Inc. 191
4,100 Baxter International, Inc. 123
11,400 Becton, Dickinson & Co. 538
4,800 C.R. Bard, Inc. 265
17,300 Coventry Health Care, Inc.* 884
2,400 Health Net, Inc.* 58
1,950 Hospira, Inc.* 51
6,400 Humana, Inc.* 116
10,900 IMS Health, Inc. 264
9,000 Johnson & Johnson 497
23,700 Merck & Co., Inc. 1,075
46,800 Millennium Pharmaceuticals, Inc.* 520
14,100 Mylan Laboratories, Inc. 209
8,400 PacifiCare Health Systems* 257
1,800 Par Pharmaceutical Cos., Inc.* 68
22,200 Perrigo Co. 370
18,400 Pfizer, Inc. 588
17,800 UnitedHealth Group, Inc. 1,120
8,200 Watson Pharmaceuticals, Inc.* 207
18,300 Wyeth 648
---------------------
8,519
---------------------
MULTI-INDUSTRY 1.9%
1,700 FMC Corp.* 75
38,500 General Electric Co. 1,280
---------------------
1,355
---------------------
RAW MATERIALS 1.8%
8,200 3M Co. 675
9,400 Alcoa, Inc. 301
17,000 Coeur d'Alene Mines Corp.* 59
7,000 Masco Corp. 212
3,100 Timken Co. (The) 77
---------------------
1,324
---------------------
REAL ESTATE INVESTMENT TRUSTS 0.5%
21,000 Annaly Mortgage Management, Inc. 347
---------------------
347
---------------------
FREMONT STRUCTURED CORE FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Shares Security Description Value (000s)
-------------------------------------------------------------------------------------------------------------------------------
RETAIL 6.7%
2,600 AutoZone, Inc.* $ 201
3,300 Best Buy Co., Inc. 159
31,800 Claire's Stores, Inc. 733
8,900 Federated Department Stores, Inc. 426
11,500 Gap, Inc. (The) 261
7,100 Hollywood Entertainment Corp.* 92
26,750 Home Depot, Inc. 902
4,300 J.C. Penney Co., Inc. (Holding Co.) 172
13,200 Limited Brands 270
6,300 May Department Stores Co. (The) 167
13,800 McDonald's Corp. 380
4,000 Rent-A-Center, Inc.* 117
7,800 Saks, Inc. 102
5,000 Target Corp. 218
8,500 TJX Cos., Inc. 199
3,600 Wal-Mart Stores, Inc. 191
4,900 Yum! Brands, Inc. 188
---------------------
4,778
---------------------
SHELTER 0.3%
400 NVR, Inc.* 186
---------------------
186
---------------------
TECHNOLOGY (COMPONENTS) 6.8%
21,800 Advanced Micro Devices, Inc.* 272
35,800 Arrow Electronics, Inc.* 847
15,600 Avnet, Inc.* 303
57,900 Cisco Systems, Inc.* 1,208
13,400 Corning, Inc.* 166
17,800 EMC Corp.* 195
19,600 Intel Corp. 478
8,600 MEMC Electronic Materials, Inc.* 78
3,400 National Semiconductor Corp.* 58
4,600 NCR Corp.* 214
7,000 Qualcomm, Inc. 484
6,550 Thomas & Betts Corp. 172
23,800 Vishay Intertechnology, Inc.* 369
---------------------
4,844
---------------------
TECHNOLOGY (EQUIPMENT) 8.2%
17,000 Apple Computer, Inc.* 550
15,800 Applied Materials, Inc.* 268
7,800 Dell, Inc.* 277
7,000 General Dynamics Corp. 692
15,100 Hewlett-Packard Co. 304
5,000 International Business Machines Corp. 435
FREMONT STRUCTURED CORE FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Shares/
Face Amount Security Description Value (000s)
-------------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY (EQUIPMENT) (CONT.)
4,000 Lexmark International, Inc. (Class A)* $ 354
78,100 Motorola, Inc. 1,244
24,400 Northrop Grumman Corp. 1,283
6,600 Tellabs, Inc.* 59
17,050 Texas Instruments, Inc. 364
7,900 Western Digital Corp.* 55
---------------------
5,885
---------------------
TECHNOLOGY (SOFTWARE) 3.5%
12,675 Activision, Inc.* 186
9,000 Adobe Systems, Inc. 380
9,600 Autodesk, Inc. 386
4,000 Citrix Systems, Inc.* 70
35,600 Microsoft Corp. 1,013
28,900 Oracle Corp.* 304
3,000 Symantec Corp.* 140
---------------------
2,479
---------------------
TRANSPORTATION 0.5%
3,800 Alaska Air Group, Inc.* 79
1,600 Burlington Northern Santa Fe Corp. 57
3,400 United Parcel Service, Inc. (Class B) 245
---------------------
381
---------------------
UTILITIES 6.8%
33,800 CenturyTel, Inc. 1,047
15,000 Constellation Energy Group, Inc. 578
61,000 Exelon Corp. 2,129
14,900 PanAmSat Corp.* 346
29,200 Sprint Corp. - FON Group 545
5,300 Verizon Communications, Inc. 204
---------------------
4,849
---------------------
TOTAL COMMON STOCKS (COST $62,797) 71,242
---------------------
SHORT-TERM INVESTMENT 0.5%
$ 353,167 Repurchase Agreement, State Street Bank, 0.770%, 08/02/04
(Maturity Value $353) (Cost $353) Collateral: FHLB, 2.500%,
01/16/09 (Collateral Value $363) 353
---------------------
TOTAL SHORT-TERM INVESTMENT (COST $353) 353
---------------------
FREMONT STRUCTURED CORE FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Value (000s)
-------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (COST $63,150++), 100.1% $ 71,595
---------------------
OTHER ASSETS AND LIABILITIES, NET, (0.1)% (63)
---------------------
NET ASSETS, 100.0% $ 71,532
=====================
++ At July 31, 2004, the aggregate unrealized appreciation and depreciation of
securities, based on their cost for federal income tax purposes, were as
follows:
Cost of investments for tax purposes $ 63,378
=====================
Gross tax unrealized appreciation $ 9,750
Gross tax unrealized depreciation (1,533)
---------------------
Net tax unrealized appreciation $ 8,217
=====================
FOR FOOTNOTE REFERENCES, SEE "NOTES TO SCHEDULES OF INVESTMENTS IN SECURITIES
AND NET ASSETS."
FREMONT U.S. SMALL CAP FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Shares Security Description Value (000s)
-------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS 96.2%
BUSINESS EQUIPMENT & SERVICES 25.1%
13,200 ACE Cash Express, Inc.* $ 305
12,300 Advisory Board Co. (The)* 393
44,400 Alliance Data Systems Corp.* 1,763
19,300 Arbitron, Inc.* 664
9,200 Certegy, Inc. 349
4,200 Cognex Corp. 126
18,800 Corporate Executive Board Co. 1,066
100,100 Dobson Communications Corp. (Class A)* 267
11,500 Entercom Communications Corp.* 442
20,200 Getty Images, Inc.* 1,103
15,000 Intrado, Inc.* 157
58,100 LCC International, Inc. (Class A)* 214
37,515 Lodgenet Entertainment Corp.* 611
10,300 Macrovision Corp.* 223
18,000 Marvel Enterprises, Inc.* 235
13,800 Mettler-Toledo International, Inc.* 575
18,300 Mobile Mini, Inc.* 501
10,400 MTC Technologies, Inc.* 260
28,700 Orbital Sciences Corp.* 329
36,700 PTEK Holdings, Inc.* 422
28,600 Radio One, Inc. (Class D)* 435
59,600 Sapient Corp.* 417
33,100 SCP Pool Corp. 1,365
12,500 Stericycle, Inc.* 613
21,300 Tetra Tech, Inc.* 344
---------------------
13,179
---------------------
CONSUMER DURABLES 0.7%
12,800 Central Garden & Pet Co.* 363
---------------------
363
---------------------
CONSUMER NON-DURABLES 1.8%
12,900 John B. Sanfilippo & Son, Inc.* 342
11,500 NBTY, Inc.* 250
16,000 United Natural Foods, Inc.* 347
---------------------
939
---------------------
CONSUMER SERVICES 8.4%
28,700 Alliance Gaming Corp.* 408
31,900 AMC Entertainment, Inc.* 609
8,600 Carmike Cinemas, Inc. 294
17,000 Corinthian Colleges, Inc.* 318
47,900 Education Management Corp.* 1,330
9,600 Intersections, Inc.* 140
FREMONT U.S. SMALL CAP FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Shares Security Description Value (000s)
-------------------------------------------------------------------------------------------------------------------------------
CONSUMER SERVICES (CONT.)
7,900 Kerzner International Ltd.* $ 371
17,100 Monro Muffler, Inc.* 378
14,300 Resources Connection, Inc.* 555
---------------------
4,403
---------------------
ENERGY 4.8%
20,000 Denbury Resources, Inc.* 437
7,000 Evergreen Resources, Inc.* 286
7,100 Houston Exploration Co. 383
9,200 Hydril Co.* 328
14,100 Patina Oil & Gas Corp. 416
22,600 Patterson-UTI Energy, Inc. 412
8,500 Universal Compression Holdings, Inc.* 279
---------------------
2,541
---------------------
FINANCIAL SERVICES (BANKS) 6.1%
2,400 Boston Private Financial Holdings, Inc. 56
22,587 CVB Financial Corp. 467
21,200 Investors Financial Services Corp. 968
13,200 PrivateBancorp, Inc. 370
19,300 Texas Capital Bancshares, Inc.* 318
13,500 UCBH Holdings, Inc. 528
9,400 Wintrust Financial Corp. 498
---------------------
3,205
---------------------
FINANCIAL SERVICES (OTHER) 4.3%
17,700 Argonaut Group, Inc.* 332
16,400 Jackson Hewitt Tax Service, Inc.* 285
13,100 Jefferies Group, Inc. 411
3,400 Markel Corp.* 961
7,200 Piper Jaffray Cos., Inc.* 293
---------------------
2,282
---------------------
HEALTH CARE 19.0%
16,100 American Dental Partners, Inc.* 286
13,000 Atrix Laboratories, Inc.* 419
9,480 Bio-Rad Laboratories, Inc. (Class A)* 497
20,000 Bradley Pharmaceuticals, Inc.* 471
67,050 DaVita, Inc.* 2,036
33,000 Ligand Pharmaceuticals, Inc. (Class B)* 456
18,000 Magellan Health Services, Inc.* 613
11,500 Molina Healthcare, Inc.* 382
9,600 Orthofix International NV* 292
14,600 Par Pharmaceutical Cos., Inc.* 550
10,300 Pediatrix Medical Group, Inc.* 651
24,075 Protein Design Labs, Inc.* 390
FREMONT U.S. SMALL CAP FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Shares Security Description Value (000s)
-------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (CONT.)
39,300 Province Healthcare Co.* $ 571
20,000 QLT, Inc.* 359
17,900 Respironics, Inc.* 997
19,300 VCA Antech, Inc.* 811
60,000 XOMA Corp.* 218
---------------------
9,999
---------------------
RETAIL 2.4%
14,000 Advance Auto Parts* 520
24,450 Rent-A-Center, Inc.* 717
---------------------
1,237
---------------------
TECHNOLOGY (COMPONENTS) 0.9%
12,700 Microsemi Corp.* 156
15,600 Semtech Corp.* 310
---------------------
466
---------------------
TECHNOLOGY (EQUIPMENT) 9.6%
19,200 Cymer, Inc.* 550
6,100 FormFactor, Inc.* 122
8,300 Gentex Corp. 297
25,100 Integrated Circuit Systems, Inc.* 600
11,600 Photon Dynamics, Inc.* 319
23,500 Photronics, Inc.* 340
40,900 Remec, Inc.* 191
11,000 SafeNet, Inc.* 320
51,300 Skyworks Solutions, Inc.* 430
13,100 Spectrasite, Inc.* 563
12,200 Standard Microsystems Corp.* 210
14,600 Supertex, Inc.* 244
24,700 West Corp.* 619
14,600 Zoran Corp.* 258
---------------------
5,063
---------------------
TECHNOLOGY (SOFTWARE) 10.2%
7,000 Anteon International Corp.* 218
41,500 Aspen Technology, Inc.* 246
75,100 Citadel Security Software, Inc.* 173
400 Digital River, Inc.* 11
10,300 eCollege.com, Inc. 123
24,200 Embarcadero Technologies, Inc.* 184
24,200 Epicor Software Corp.* 300
22,000 Global Payments, Inc. 1,004
29,100 Henry (Jack) & Associates, Inc. 560
21,800 IMPAC Medical Systems, Inc.* 325
51,220 Informatica Corp.* 311
FREMONT U.S. SMALL CAP FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Shares/
Face Amount Security Description Value (000s)
-------------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY (SOFTWARE) (CONT.)
1,200 Kronos, Inc.* $ 53
36,400 Lawson Software, Inc.* 258
19,000 Macromedia, Inc.* 384
7,500 National Instruments Corp. 218
18,600 NDCHealth Corp. 391
31,300 PDF Solutions, Inc.* 257
11,200 Ritchie Bros. Auctioneers, Inc. 331
1,400 Serena Software, Inc.* 22
---------------------
5,369
---------------------
TRANSPORTATION 2.8%
10,700 Overnite Corp. 320
22,200 Pacer International, Inc.* 350
9,719 PAM Transportation Services, Inc.* 179
11,700 UTI Worldwide, Inc. 602
---------------------
1,451
---------------------
UTILITIES 0.1%
43,600 Primus Telecommunications Group, Inc.* 71
---------------------
71
---------------------
TOTAL COMMON STOCKS (COST $43,265) 50,568
---------------------
SHORT-TERM INVESTMENTS 3.7%
417 Fremont Money Market Fund(c) -- ***
$ 1,948,738 Repurchase Agreement, State Street Bank, 0.770%, 08/02/04
(Maturity Value $1,949) (Cost $1,949) Collateral: FHLB, 0.000%,
08/17/04 (Collateral Value $1,993) 1,949
---------------------
TOTAL SHORT-TERM INVESTMENTS (COST $1,949) 1,949
---------------------
TOTAL INVESTMENTS (COST $45,214++), 99.9% 52,517
---------------------
OTHER ASSETS AND LIABILITIES, NET, 0.1% 50
---------------------
NET ASSETS, 100.0% $ 52,567
=====================
++ At July 31, 2004, the aggregate unrealized appreciation and depreciation of
securities, based on their cost for federal income tax purposes, were as
follows:
Cost of investments for tax purposes $ 45,364
=====================
Gross tax unrealized appreciation $ 10,657
Gross tax unrealized depreciation (3,504)
---------------------
Net tax unrealized appreciation $ 7,153
=====================
FOR FOOTNOTE REFERENCES, SEE "NOTES TO SCHEDULES OF INVESTMENTS IN SECURITIES
AND NET ASSETS."
FREMONT U.S. MICRO-CAP FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Shares Security Description Value (000s)
----------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS 93.7%
BUSINESS EQUIPMENT & SERVICES 15.1%
409,500 Administaff, Inc.* $ 5,446
1,700,900 Alloy, Inc.* 8,751
619,900 Calgon Carbon Corp. 3,924
934,800 Centra Software, Inc.* 1,954
1,112,600 Clean Harbors, Inc.(b)* 10,681
280,600 CoStar Group, Inc.* 11,912
249,600 Equinix, Inc.* 8,112
42,700 Greenfield Online, Inc.* 691
674,000 Harris Interactive, Inc.* 4,320
195,400 Infocrossing, Inc.* 2,538
135,200 Kanbay International, Inc.* 2,097
683,800 Lionbridge Technologies, Inc.* 5,088
2,854,000 Looksmart* 5,109
391,800 Pemstar, Inc.* 862
82,400 Remedytemp, Inc. (Class A)* 700
166,800 Young Broadcasting, Inc. (Class A)* 1,783
---------------------
73,968
---------------------
CAPITAL GOODS 6.0%
503,700 AAON, Inc.* 9,067
421,300 BHA Group Holdings, Inc. (Class A)(b) 15,988
390,800 IMPCO Technologies, Inc.* 2,376
330,450 Northern Technologies International Corp.(b) 1,768
---------------------
29,199
---------------------
CONSUMER DURABLES 1.0%
272,300 Nautilus Group, Inc. (The) 5,043
---------------------
5,043
---------------------
CONSUMER NON-DURABLES 2.1%
654,600 Gymboree Corp.* 10,362
---------------------
10,362
---------------------
CONSUMER SERVICES 1.3%
296,250 Monro Muffler, Inc.* 6,550
---------------------
6,550
---------------------
HEALTH CARE 20.2%
84,400 Advanced Neuromodulation Systems, Inc.* 2,705
143,300 Angiodynamics, Inc.* 1,949
682,400 ArthroCare Corp.* 18,172
191,800 Atherogenics, Inc.* 2,758
326,000 Conceptus, Inc.* 3,179
1,075,300 Eclipsys Corp.* 16,140
922,100 Harvard Bioscience, Inc.* 3,515
FREMONT U.S. MICRO-CAP FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Shares Security Description Value (000s)
----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (CONT.)
134,900 ICON PLC ADR* $ 4,985
663,600 Intuitive Surgical, Inc.* 15,183
1,528,520 NeoPharm, Inc.(b)* 9,630
1,104,200 OraSure Technologies, Inc.* 8,558
361,200 Quidel Corp.* 1,253
889,300 Regeneration Technologies, Inc.* 8,644
194,900 Vital Images, Inc.* 2,241
---------------------
98,912
---------------------
RETAIL 6.1%
57,200 Design Within Reach, Inc.* 924
408,300 Electronics Boutique Holdings Corp.* 10,252
277,500 Goody's Family Clothing, Inc. 2,420
134,300 J. Jill Group, Inc. (The)* 2,494
739,800 Too, Inc.* 11,082
547,400 Tweeter Home Entertainment Group, Inc.* 2,584
---------------------
29,756
---------------------
TECHNOLOGY (COMPONENTS) 18.9%
192,200 Actel Corp.* 2,887
1,113,400 Anaren, Inc.(b)* 13,350
701,000 Catalyst Semiconductor, Inc.* 4,094
1,279,000 Exfo Electro-Optical Engineering, Inc.(b)* 6,011
575,100 Genesis Microchip, Inc.* 6,608
857,400 hi/fn, inc.(b)* 7,845
1,142,868 Identix, Inc.* 6,160
514,200 Interlink Electronics, Inc.* 4,576
392,000 Leadis Technology, Inc.* 4,312
988,800 Microtune, Inc.* 4,400
300,900 Power Integrations, Inc.* 6,072
832,300 Sirenza Microdevices, Inc.* 4,045
1,152,800 Trident Microsystems, Inc.(b)* 14,076
523,500 Woodhead Industries, Inc. 7,847
---------------------
92,283
---------------------
TECHNOLOGY (EQUIPMENT) 18.8%
555,800 ATMI, Inc.* 11,316
640,300 AudioCodes Ltd.* 6,787
181,000 Audiovox Corp.* 3,135
299,600 August Technology Corp.* 3,101
372,700 Carrier Access Corp.* 2,773
2,131,800 Ceragon Networks Ltd.(b)* 10,233
469,900 COMARCO, Inc.(b)* 3,289
1,209,500 Computer Access Technology Corp.(b)* 5,165
468,500 FormFactor, Inc.* 9,408
1,076,900 Intevac, Inc.(b)* 4,738
1,105,000 NetScout Systems, Inc.* 6,796
FREMONT U.S. MICRO-CAP FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Shares/
Face Amount Security Description Value (000s)
----------------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY (EQUIPMENT) (CONT.)
491,900 Rimage Corp.(b)* $ 6,690
876,900 RIT Technologies Ltd.(b)* 1,210
32,700 Stratasys, Inc.* 858
1,140,500 Sunrise Telecom, Inc. 2,829
794,300 Tut Systems, Inc.* 1,485
1,562,600 TVI Corp.(b)* 6,438
394,300 X-Rite, Inc. 5,891
---------------------
92,142
---------------------
TECHNOLOGY (SOFTWARE) 4.2%
780,900 Pervasive Software, Inc.* 4,771
760,600 Tier Technologies, Inc. (Class B)* 6,275
247,500 Websense, Inc.* 9,452
---------------------
20,498
---------------------
TOTAL COMMON STOCKS (COST $465,969) 458,713
---------------------
SHORT-TERM INVESTMENTS 6.6%
22,873,386 Fremont Money Market Fund(c) 22,873
$ 9,170,829 Repurchase Agreement, State Street Bank, 0.770%, 08/02/04
(Maturity Value $9,171) (Cost $9,171) Collateral: FNMA, 0.000%,
08/18/04 (Collateral Value $9,357) 9,171
---------------------
TOTAL SHORT-TERM INVESTMENTS (COST $32,044) 32,044
---------------------
TOTAL INVESTMENTS (COST $498,013++), 100.3% 490,757
---------------------
OTHER ASSETS AND LIABILITIES, NET, (0.3)% (1,271)
---------------------
NET ASSETS, 100.0% $ 489,486
=====================
++ At July 31, 2004, the aggregate unrealized appreciation and
depreciation of securities, based on their cost for federal income tax
purposes, were as follows:
Cost of investments for tax purposes $ 501,759
=====================
Gross tax unrealized appreciation $ 61,210
Gross tax unrealized depreciation (72,212)
---------------------
Net tax unrealized depreciation $ (11,002)
=====================
FOR FOOTNOTE REFERENCES, SEE "NOTES TO SCHEDULES OF INVESTMENTS IN SECURITIES
AND NET ASSETS."
FREMONT REAL ESTATE SECURITIES FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Shares Security Description Value (000s)
--------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS 98.1%
REITS (APARTMENT) 19.0%
20,390 Avalonbay Communities, Inc. $ 1,187
21,300 BRE Properties, Inc. (Class A) 738
15,814 Camden Property Trust 712
34,500 Equity Residential 1,019
4,190 Essex Property Trust, Inc. 276
22,600 Post Properties, Inc. 633
18,110 United Dominion Realty Trust, Inc. 351
---------------------
4,916
---------------------
REITs (DIVERSIFIED) 3.8%
16,780 Vornado Realty Trust 975
---------------------
975
---------------------
REITs (HEALTH CARE) 3.5%
12,100 Health Care Property Investors, Inc. 302
23,600 Ventas, Inc. 602
---------------------
904
---------------------
REITs (HOTEL) 5.5%
19,900 Hersha Hospitality Trust 197
19,900 Highland Hospitality Corp. 207
38,100 Host Marriot Corp.* 493
36,100 Strategic Hotel Capital, Inc. 522
---------------------
1,419
---------------------
REITs (INDUSTRIAL) 6.0%
15,310 Catellus Development Corp. 383
34,300 Prologis 1,168
---------------------
1,551
---------------------
REITs (MALL) 15.2%
25,400 General Growth Properties, Inc. 764
22,530 Macerich Co. (The) 1,079
9,600 Mills Corp. (The) 438
21,700 Pennsylvania Real Estate Investment Trust 757
17,400 Simon Property Group, Inc. 898
---------------------
3,936
---------------------
REITs (OFFICE) 20.1%
9,000 Alexandria Real Estate Equities, Inc. 541
15,740 Arden Realty, Inc. 478
16,360 Boston Properties, Inc. 865
19,500 Brandywine Realty Trust 532
12,900 Brookfield Properties Corp. 395
16,300 CarrAmerica Realty Corp. 497
FREMONT REAL ESTATE SECURITIES FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Shares/
Face Amount Security Description Value (000s)
--------------------------------------------------------------------------------------------------------------------------------
REITS (OFFICE) (CONT.)
13,000 Equity Office Properties Trust $ 337
18,600 Highwoods Properties, Inc. 431
12,150 SL Green Realty Corp. 597
34,000 Trizec Properties, Inc. 546
---------------------
5,219
---------------------
REITs (OFFICE/INDUSTRIAL) 3.8%
18,100 First Potomac Realty Trust 358
22,900 Reckson Associates Realty Corp. 634
---------------------
992
---------------------
REITs (SELF STORAGE) 3.2%
12,300 Public Storage, Inc. 580
7,000 Shurgard Storage Centers, Inc. (Class A) 259
---------------------
839
---------------------
REITs (SHOPPING CENTER) 9.4%
28,700 Developers Diversified Realty Corp. 1,030
10,300 Federal Realty Investment Trust 435
11,200 Kimco Realty Corp. 539
14,200 Weingarten Realty Investors 437
---------------------
2,441
---------------------
REITs (SPECIALTY) 2.1%
3,700 Entertainment Properties Trust 131
8,400 Global Signal, Inc. 173
12,800 One Liberty Properties, Inc. 236
---------------------
540
---------------------
REOCs (HOTEL) 6.5%
25,700 Hilton Hotels Corp. 458
27,000 Starwood Hotels & Resorts Worldwide, Inc. 1,215
---------------------
1,673
---------------------
TOTAL COMMON STOCKS (COST $24,340) 25,405
---------------------
SHORT-TERM INVESTMENT 2.0%
$ 518,082 Repurchase Agreement, State Street Bank, 0.770%, 08/02/04
(Maturity Value $518) (Cost $518) Collateral: FNMA, 6.625%,
11/15/10 (Collateral Value $529) 518
---------------------
TOTAL SHORT-TERM INVESTMENT (COST $518) 518
---------------------
FREMONT REAL ESTATE SECURITIES FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Value (000s)
--------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (COST $24,858++), 100.1% $ 25,923
---------------------
OTHER ASSETS AND LIABILITIES, NET, (0.1)% (25)
---------------------
NET ASSETS, 100.0% $ 25,898
=====================
++ At July 31, 2004, the aggregate unrealized appreciation and depreciation of
securities, based on their cost for federal income tax purposes, were as
follows:
Cost of investments for tax purposes $ 24,995
=====================
Gross tax unrealized appreciation $ 1,244
Gross tax unrealized depreciation (316)
---------------------
Net tax unrealized appreciation $ 928
=====================
FOR FOOTNOTE REFERENCES, SEE "NOTES TO SCHEDULES OF INVESTMENTS IN SECURITIES
AND NET ASSETS."
FREMONT BOND FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Interest Maturity
Face Amount Issuer Rate Date Value (000s)
------------------------------------------------------------------------------------------------------------------------------------
BONDS 40.6%
COLLATERALIZED MORTGAGE OBLIGATIONS 7.5%
$ 1,324,241 Amortizing Residential Collateral Trust 2002-BC4 A
FRN(d) 2.129% 07/25/32 $ 1,326
155,425 Bear Stearns Adjustable Rate Mortgage Trust 2002-2
A1 FRN(d) 4.322% 11/25/30 156
265,715 Bear Stearns Asset Backed Securities, Inc. 2001-A
AIII FRN(d) 1.630% 02/15/31 266
1,405,642 CDC Mortgage Capital Trust 2002-HE2 A FRN(d) 2.100% 01/25/33 1,408
185,636 Countrywide Asset-Backed Certificates 2000-2 AV1
FRN(d) 1.550% 06/25/31 186
3,991,876 EMC Mortgage Loan Trust 2001-A A FRN(d)** 3.950% 05/25/40 4,004
106,288 FHLMC 1018 O 7.000% 11/15/20 106
1,664,983 FHLMC 2247 Z 7.500% 08/15/30 1,715
226,349 FHLMC 2248 FB FRN(d) 1.810% 09/15/30 227
14,341,742 FHLMC 2351 AZ 6.500% 08/15/31 15,237
71,186 FHLMC 2504 L 5.500% 03/15/15 72
303,881 FHLMC 2535 DT 5.000% 09/15/16 311
199,198 First Nationwide Trust 2001-4 3A5 FRN(d) 1.920% 09/25/31 200
100,000 FNMA 1993-11 J 7.500% 02/25/08 108
10,982,892 FNMA 2003-25 KP 5.000% 04/25/33 10,887
2,618,358 FNMA G93-21 Z 7.200% 05/25/23 2,802
3,589,862 Government National Mortgage Association 1998-15 C 6.500% 06/20/28 3,757
6,670,169 Government National Mortgage Association 2001-16Z 6.750% 10/16/40 7,141
800,000 GS Mortgage Securities Corp. II 2001-1285 A2** 6.526% 08/15/18 878
335,307 Nationslink Funding Corp. 1999-SL A4 6.654% 11/10/30 355
141,345 PNC Mortgage Securities Corp. 1999-4 1A8 6.200% 06/25/29 142
1,380,308 Prime Mortgage Trust 2004-CL1 1A2(d) 1.520% 02/25/34 1,379
324,913 Prime Mortgage Trust 2004-CL1 2A2(d) 1.520% 02/25/19 326
123,717 Prudential Home Mortgage Securities 1993-20 A11 7.000% 06/25/08 124
4,077,042 Structured Asset Mortgage Investments, Inc. 2002-AR3
A1 FRN(d) 2.140% 09/19/32 4,087
32,360 Structured Asset Securities Corp. 2001-1 3A 7.000% 02/25/16 32
577,230 Structured Asset Securities Corp. 2001-21A 1A1 FRN(d) 6.250% 01/25/32 600
1,232,493 Structured Asset Securities Corp. 2002-13 3A1 FRN(d) 1.569% 06/25/17 1,235
418,193 Structured Asset Securities Corp. 2002-HF1 A FRN(d) 2.130% 01/25/33 418
582,540 United Mortgage Securities Corp. 1993-1 AA 4.707% 09/25/33 587
87,637 Washington Mutual 2001-1 A 4.171% 01/25/41 88
----------------
60,160
----------------
FOREIGN CORPORATE BONDS 0.7%
350,000 Deutsche Telekom International Finance BV 7.750% 06/15/05 367
(euro) 1,800,000 Lloyds TSB Capital 1 7.375% 02/07/49 2,533
$ 1,000,000 Royal Bank of Scotland 9.118% 03/31/49 1,211
1,200,000 UFJ Finance Aruba AEC 6.750% 07/15/13 1,291
----------------
5,402
----------------
FOREIGN GOVERNMENT BONDS 2.8%
5,090,000 Republic of Brazil 11.000% 01/11/12 5,344
500,000 Republic of Brazil 12.250% 03/06/30 541
400,017 Republic of Brazil FRN(d) 2.063% 04/15/09 375
FREMONT BOND FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Interest Maturity
Face Amount Issuer Rate Date Value (000s)
------------------------------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT BONDS (CONT.)
$ 624,000 Republic of Brazil FRN(d) 2.125% 04/15/06 $ 620
58,825 Republic of Brazil FRN(d) 3.250% 04/15/09 55
600,000 Republic of Panama 8.250% 04/22/08 658
200,000 Republic of Panama 8.875% 09/30/27 202
1,900,000 Republic of Peru 9.875% 02/06/15 2,047
6,800,000 Republic of Peru 144A** 9.125% 02/21/12 7,140
1,860,000 United Mexican States 6.375% 01/16/13 1,903
1,000,000 United Mexican States 7.500% 01/14/12 1,102
1,000,000 United Mexican States 8.000% 09/24/22 1,072
600,000 United Mexican States 8.375% 01/14/11 688
200,000 United Mexican States 9.875% 02/01/10 244
300,000 United Mexican States 11.375% 09/15/16 426
----------------
22,417
----------------
MORTGAGE BACKED OBLIGATIONS 14.4%
2,344,767 Bear Stearns ARM Trust 5.219% 04/25/33 2,345
207,545 Bear Stearns ARM Trust 5.373% 10/25/32 209
449,510 Bear Stearns ARM Trust 5.658% 02/25/33 451
69,423 Bear Stearns ARM Trust 6.164% 08/25/32 69
753,790 CS First Boston Mortgage Securities Corp. 5.761% 10/25/32 765
3,940,590 CS First Boston Mortgage Securities Corp. 144A** 2.361% 08/25/33 3,946
14,225 FH ARM(d) 7.834% 07/01/30 14
1,847,660 FHLMC 5.000% 10/01/18 1,864
1,944,811 FHLMC 5.000% 11/01/18 1,962
818,703 FHLMC 6.000% 02/01/16 - 09/01/16 855
1,956,314 FHLMC 6.500% 01/01/26 - 08/01/32 2,048
13,571,718 FNMA 5.000% 12/01/17 - 05/01/34 13,563
28,836,978 FNMA 5.500% 11/01/16 - 05/01/34 29,517
8,811,618 FNMA 6.000% 04/01/16 - 11/01/33 9,211
4,288,081 FNMA ARM(d) 4.199% 05/01/36 4,402
2,473,823 FNMA ARM(d) 4.300% 05/01/36 2,551
33,252 FNMA ARM(d) 4.418% 11/01/23 34
7,500,000 FNMA TBA 5.000% 08/12/34 7,312
30,200,000 FNMA TBA 5.500% 08/12/34 30,285
1,228,342 FNMA Whole Loan 6.500% 12/25/42 1,289
712,343 GNMA II ARM(d) 1.000% 05/20/34 701
83,270 GNMA II ARM(d) 1.000% 06/20/34 82
133,335 GNMA II ARM(d) 4.375% 03/20/24 133
1,076,893 GNMA II ARM(d) 5.000% 11/20/29 1,083
22,993 GNMA II ARM(d) 5.375% 04/20/21 23
106,719 GNMA II ARM(d) 5.625% 11/20/24 108
57,250 GNMA II ARM(d) 5.625% 10/20/25 58
78,064 GNMA II ARM(d) 5.625% 11/20/26 79
313,015 GNMA II ARM(d) 5.625% 10/20/27 317
101,530 GNMA II ARM(d) 5.750% 08/20/25 103
1,151,072 Washington Mutual MSC Mortgage Pass-Through CTFS
FRN(d) 5.385% 02/25/31 1,179
----------------
116,558
----------------
FREMONT BOND FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Interest Maturity
Face Amount Issuer Rate Date Value (000s)
------------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS 4.3%
$ 2,600,000 Badger TOB Asset Securitization Corp. 6.000% 06/01/17 $ 2,386
1,000,000 Energy Northwest WA 5.500% 07/01/13 1,112
700,000 Energy Northwest WA 5.500% 07/01/14 780
4,000,000 Honolulu City & County HI (MBIA Insured) 5.000% 07/01/11 4,360
4,510,000 King County WA Sewer Revenue Series A (FGIC Insured) 5.000% 01/01/35 4,461
3,700,000 Las Vegas Valley NV Water District (MBIA Insured) 5.000% 06/01/27 3,695
1,500,000 New York City Municipal Water Finance Authority 5.000% 06/15/34 1,482
5,100,000 New York City Transitional Finance Authority 5.000% 02/01/33 5,039
1,050,000 New York State Environmental Facilities Corp. 8.414% 06/15/23 1,134
500,000 Orange County Sanitation District (FGIC Insured) 5.000% 02/01/33 498
500,000 State of Illinois 5.000% 03/01/34 490
900,000 State of Wisconsin (MBIA Insured) 5.000% 05/01/10 979
2,200,000 Tobacco Settlement Financing Corp. NJ 4.375% 06/01/19 2,098
950,000 Tobacco Settlement Financing Corp. NJ 6.125% 06/01/24 883
5,350,000 Tobacco Settlement Financing Corp. NJ 6.750% 06/01/39 4,807
800,000 University of Texas 5.000% 08/15/33 793
----------------
34,997
----------------
U.S. CORPORATE BONDS 2.2%
100,000 El Paso Corp. 7.875% 06/15/12 92
(euro) 1,900,000 KBC Bank Funding Trust II 6.875% 06/30/49 2,542
$ 2,400,000 Morgan Stanley Warehouse Facilities 1.390% 07/06/05 2,400
1,800,000 Pemex Project Funding Master Trust 8.000% 11/15/11 1,984
600,000 Pemex Project Funding Master Trust 8.625% 02/01/22 649
3,413,000 Qwest Capital Funding 7.250% 02/15/11 2,952
1,500,000 Sonat, Inc. 7.625% 07/15/11 1,372
6,145,000 Tennessee Gas Pipeline Co. 7.000% 10/15/28 5,492
125,000 Time Warner, Inc. 7.975% 08/15/04 125
100,000 Williams Cos., Inc. 7.625% 07/15/19 102
----------------
17,710
----------------
U.S. GOVERNMENT & AGENCIES 8.7%
4,767,919 Small Business Administration 6.344% 08/01/11 5,053
208,734 Small Business Administration 7.449% 08/01/10 229
196,180 Small Business Administration Participation
Certificates 2003-20I 1 5.130% 09/01/23 197
3,102 U.S. Treasury Inflation Indexed Bond(f) 3.000% 07/15/12 3
2,625,810 U.S. Treasury Inflation Indexed Bond(f) 3.375% 01/15/07 2,815
11,236,800 U.S. Treasury Inflation Indexed Bond(f) 3.625% 01/15/08 12,303
39,261,353 U.S. Treasury Inflation Indexed Bond(f) 3.875% 01/15/09 43,913
6,100,000 U.S. Treasury Note 2.750% 07/31/06 6,111
----------------
70,624
----------------
TOTAL BONDS (COST $321,157) 327,868
----------------
FREMONT BOND FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Contracts/
Shares/
Face Amount Issuer Value (000s)
------------------------------------------------------------------------------------------------------------------------------------
PREFERRED STOCK 0.8%
FINANCIAL SERVICES (BANKS) 0.8%
573 DG Funding Trust(g)** $ 6,160
----------------
TOTAL PREFERRED STOCK (COST $6,038) 6,160
----------------
RIGHTS 0.1%
$ 17,800,000 United Mexican States Value Recovery Right, Series C, Exp. June 2005(g) 356
11,200,000 United Mexican States Value Recovery Right, Series D, Exp. June 2006(g) 224
11,200,000 United Mexican States Value Recovery Right, Series E, Exp. June 2007(g) 185
----------------
TOTAL RIGHTS (COST $121) 765
----------------
PUT OPTION 0.0%
95 Eurodollar Futures, Strike @ 95.00, Exp. 09/13/04 1
----------------
TOTAL PUT OPTION (COST $1) 1
----------------
MUNICIPAL FUNDS 1.4%
37,500 Dreyfus Municipal Income, Inc. 364
55,000 Managed Municipal Portfolio Income 592
53,800 MFS Municipal Income Trust 407
44,000 MuniEnhanced Fund, Inc. 457
25,000 Muniholdings Florida Insured Fund 356
51,900 MuniHoldings Insured Fund II, Inc. 658
55,000 MuniVest Fund, Inc. 487
55,000 MuniYield Fund, Inc. 720
55,000 MuniYield Quality Fund II, Inc. 662
55,000 MuniYield Quality Fund, Inc. 760
55,000 Nuveen Performance Plus Municipal Fund 776
55,000 Nuveen Premium Income Municipal Fund 2 758
55,000 Nuveen Premium Income Municipal Fund 4 667
55,000 Nuveen Quality Income Municipal Fund 770
48,000 Putnam Municipal Bond Fund 589
15,600 Salomon Brothers Municipal Partners Fund, Inc. 206
55,000 Scudder Municipal Income Trust 655
45,600 Van Kampen Municipal Opportunity Trust II 625
55,000 Van Kampen Trust for Investment Grade Municipals 817
14,200 Van Kampen Value Municipal Income Trust 199
----------------
TOTAL MUNICIPAL FUNDS (COST $11,638) 11,525
----------------
FREMONT BOND FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Interest Maturity
Face Amount Issuer Rate Date Value (000s)
------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS 62.7%
$ 22,400,000 Bank of Ireland, CP 1.255%(a) 09/01/04 $ 22,377
1,700,000 Bank of Ireland, CP 1.280%(a) 09/08/04 1,698
12,200,000 Barclays US Funding LLC, CP 1.110%(a) 08/26/04 12,191
2,900,000 Barclays US Funding LLC, CP 1.280%(a) 09/21/04 2,895
16,400,000 CDC Commercial Paper Corp., CP 1.250%(a) 09/16/04 16,374
3,000,000 CDC Commercial Paper Corp., CP 1.260%(a) 09/22/04 2,995
16,100,000 Citibank NA, CD 1.560% 10/25/04 16,100
8,300,000 Danske Corp., CP 1.270%(a) 09/20/04 8,286
8,100,000 FHLB, DN 1.410%(a) 09/15/04 8,086
1,100,000 FHLMC, DN 1.125%(a) 08/10/04 1,100
4,900,000 FHLMC, DN 1.150%(a) 08/17/04 4,898
3,400,000 FHLMC, DN 1.079%(a) 08/23/04 3,397
8,100,000 FHLMC, DN 1.180%(a) 08/24/04 8,094
5,500,000 FHLMC, DN 1.210%(a) 08/31/04 5,495
16,400,000 FHLMC, DN 1.200%(a) 09/13/04 16,377
8,100,000 FHLMC, DN 1.445%(a) 09/14/04 8,086
12,400,000 FHLMC, DN 1.435%(a) 09/21/04 12,375
2,200,000 FHLMC, DN 1.465%(a) 09/28/04 2,195
8,100,000 FHLMC, DN 1.437%(a) 09/30/04 8,080
12,000,000 FHLMC, DN 1.500%(a) 10/19/04 11,961
1,100,000 FHLMC, DN 1.500%(a) 10/19/04 1,096
8,100,000 FHLMC, DN 1.560%(a) 10/20/04 8,072
15,600,000 FHLMC, DN 1.545%(a) 10/25/04 15,543
1,200,000 FHLMC, DN 1.545%(a) 11/12/04 1,195
8,100,000 FHLMC, DN 1.570%(a) 11/15/04 8,063
7,900,000 FHLMC, DN 1.579%(a) 11/22/04 7,861
19,200,000 FNMA, DN 1.125%(a) 08/11/04 19,195
16,400,000 FNMA, DN 1.150%(a) 08/18/04 16,392
4,100,000 FNMA, DN 1.180%(a) 08/25/04 4,097
8,200,000 FNMA, DN 1.185%(a) 08/25/04 8,194
34,100,000 FNMA, DN 1.130% - 1.430%(a) 09/08/04 34,053
23,900,000 FNMA, DN 1.414% - 1.435%(a) 09/22/04 23,852
8,100,000 FNMA, DN 1.526%(a) 10/20/04 8,072
7,800,000 FNMA, DN 1.530%(a) 10/20/04 7,774
16,200,000 FNMA, DN 1.180%(a) 11/01/04 16,135
5,100,000 General Electric Capital Corp., CP 1.140%(a) 09/03/04 5,095
12,200,000 General Electric Capital Corp., CP 1.580%(a) 11/01/04 12,151
7,200,000 General Electric Capital Corp., CP 1.590%(a) 11/10/04 7,168
2,100,000 Rabobank USA Financial Corp., CP 1.110%(a) 08/23/04 2,099
7,200,000 Royal Bank of Scotland PLC, CP 1.110%(a) 08/25/04 7,195
23,000,000 Svenska Handelsbanken, CP 1.090%(a) 08/03/04 22,999
100,000 Svenska Handelsbanken, CP 1.250%(a) 09/01/04 100
1,500,000 Svenska Handelsbanken, CP 1.295%(a) 09/24/04 1,497
13,500,000 Total Fina Elf SA, CP 1.310% 08/02/04 13,500
1,100,000 Toyota Motor Credit Corp., CP 1.480%(a) 09/22/04 1,098
16,200,000 U.S. Treasury Bill 1.233%(a) 09/09/04 16,179
7,925,000 U.S. Treasury Bill+ 1.171% - 1.391%(a) 09/16/04 7,911
22,500,000 U.S. Treasury Bill 1.535%(a) 12/16/04 22,369
FREMONT BOND FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Interest Maturity
Face Amount Issuer Rate Date Value (000s)
------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS (CONT.)
$ 3,120,000 U.S. Treasury Bill - WI Post Auction+ 1.133% - 1.205%(a) 09/02/04 $ 3,116
1,500,000 UBS Finance (Delaware) LLC, CP 1.345%(a) 08/26/04 1,499
4,300,000 UBS Finance (Delaware) LLC, CP 1.385%(a) 09/07/04 4,294
16,100,000 Wells Fargo Bank NA, CD 1.400% 09/01/04 16,100
4,341,644 Repurchase Agreement, State Street Bank, 0.770%,
08/02/04 (Maturity Value $4,342) (Cost $4,342)
Collateral: FHLB, 2.500%, 01/16/09 (Collateral Value
$4,432) 4,342
5,000,000 Repurchase Agreement, U.S. Treasury, 1.270%,
08/02/04 (Maturity Value $5,001) (Cost $5,000)
Collateral: U.S. Treasury Bill, 1.330%, 10/21/04
(Collateral Value $5,000) 5,000
----------------
TOTAL SHORT-TERM INVESTMENTS (COST $506,366) 506,366
----------------
TOTAL INVESTMENTS (COST $845,321++), 105.6% 852,685
----------------
OTHER ASSETS AND LIABILITIES, NET, (5.6)% (45,315)
----------------
NET ASSETS, 100.0% $ 807,370
================
SHORT SALES
Short sales open as of July 31, 2004 were as follows:
Par Value Description Proceeds (000s) Value (000s)
--------------------------------------------------------------------------------------------------------------------
$ 7,100,000 U.S. Treasury Bond, 6.250%, due 05/15/30 $ 8,042 $ 8,061
25,300,000 U.S. Treasury Bond, 5.375%, due 02/15/31 25,431 25,921
----------------------------------------
$ 33,473 $ 33,982
========================================
WRITTEN OPTIONS
The following written options were outstanding at July 31, 2004:
Number of
Contracts Name of Issuer Exercise Price Expiration Date Value (000s)
------------------------------------------------------------------------------------------------------------------------------------
Call Options:
36 U.S. Treasury Note 5 Year Futures 107.5 Sep '04 $ 3
99 U.S. Treasury Note 10 Year Futures 110 Sep '04 125
40 U.S. Treasury Note 10 Year Futures 111 Sep '04 28
24 U.S. Treasury Note 5 Year Futures 111.5 Sep '04 1
43 U.S. Treasury Note 10 Year Futures 114 Sep '04 2
133 U.S. Treasury Note 10 Year Futures 115 Sep '04 2
12,700,000 3 Month LIBOR 5.50% Jan '05 559
13,900,000 3 Month LIBOR 6.00% Jun '05 857
FREMONT BOND FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Number of
Contracts Name of Issuer Exercise Price Expiration Date Value (000s)
------------------------------------------------------------------------------------------------------------------------------------
Put Options:
99 U.S. Treasury Note 10 Year Futures 105 Sep '04 $ 2
73 U.S. Treasury Note 10 Year Futures 108 Sep '04 10
3,600,000 3 Month LIBOR 3.80% Oct '04 1
12,700,000 3 Month LIBOR 7.00% Jan '05 2
8,100,000 3 Month LIBOR 6.70% Jun '05 22
-------------
$ 1,614
=============
++ At July 31, 2004, the aggregate unrealized appreciation and depreciation of
securities, based on their cost for federal income tax purposes, were as
follows:
Cost of investments for tax purposes $ 845,351
=============
Gross tax unrealized appreciation 10,246
Gross tax unrealized depreciation (2,912)
-------------
Net tax unrealized appreciation $ 7,334
=============
FOR FOOTNOTE REFERENCES, SEE "NOTES TO SCHEDULES OF INVESTMENTS IN SECURITIES
AND NET ASSETS."
FREMONT CALIFORNIA INTERMEDIATE TAX-FREE FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Interest Maturity
Face Amount Issuer Rate Date Value (000s)
------------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS 95.8%
$ 500,000 Bay Area Government Association CA Revenue (AMBAC Insured) 5.000% 08/01/20 $ 518
1,000,000 California Educational Facilities Authority, Santa Clara University
(AMBAC Insured) 5.250% 09/01/17 1,112
1,000,000 California Infrastructure & Economic Development Bank Revenue, Bay
Area Toll Bridges - 1st Lien A (FSA Insured) 5.250% 07/01/18 1,077
1,000,000 California State Department of Water Resources, Central Valley
Project Revenue, Water Systems Series Y (FGIC Insured) 5.250% 12/01/18 1,076
500,000 California State Department of Water Resources, Power Supply Revenue
Series A (MBIA Insured) 5.000% 05/01/17 529
1,000,000 California State Department of Water Resources, Water Revenue Central
Valley Project Series Z (FGIC Insured) 5.000% 12/01/16 1,062
200,000 California State Public Works Board, Lease Revenue Dept. of General
Services - Teale Data Center B (AMBAC Insured) 5.250% 03/01/19 213
200,000 California State Public Works Board, Lease Revenue Various University
of California Project A (AMBAC Insured) 5.400% 12/01/16 215
500,000 City of Los Angeles Series A 5.000% 09/01/18 525
500,000 Contra Costa California Water District, Water Revenue Refunding,
Series K (FSA Insured) 5.000% 10/01/16 529
1,500,000 Contra Costa California Water District, Water Revenue Refunding,
Series M (FSA Insured) 5.000% 10/01/16 1,595
1,235,000 Contra Costa Water Authority (FGIC Insured) 5.000% 10/01/18 1,297
675,000 East Bay CA MUD, Water System Revenue (MBIA Insured) 5.250% 06/01/14 730
200,000 East Bay CA MUD, Water System Revenue Series 2001 (MBIA Insured) 5.250% 06/01/17 214
1,000,000 East Bay CA Regional Park District, Water System Revenue (FSA Insured) 5.000% 09/01/20 1,027
340,000 East Bay Municipal Utility District, Water System Revenue (FSA Insured) 5.000% 06/01/18 358
250,000 East Bay Municipal Utility District, Water System Revenue (MBIA Insured) 5.250% 06/01/18 266
350,000 El Paso De Robles CA Series C (MBIA Insured) 5.250% 08/01/17 376
1,000,000 Fresno CA Sewer Revenue Series A-1 (AMBAC Insured) 5.250% 09/01/19 1,106
1,000,000 Grossmont Union High School District, Election of 2004 (FSA Insured) 3.000% 08/01/05 1,015
115,000 Grossmont Union High School District, Election of 2004 (FSA Insured) 5.000% 08/01/13 126
250,000 Grossmont Union High School District, Election of 2004 (FSA Insured) 5.000% 08/01/15 268
1,050,000 Kings River Conservation District, Pine Flat Power Revenue Series E 5.125% 01/01/17 1,107
450,000 Larkspur School District Series A 5.125% 08/01/18 478
1,100,000 Lodi Unified School District (MBIA Insured) 5.000% 08/01/18 1,151
300,000 Los Angeles CA Certificate Participation Real Property Program (AMBAC
Insured) 5.250% 04/01/19 321
1,565,000 Los Angeles CA Series A (MBIA Insured) 5.000% 09/01/17 1,643
2,000,000 Los Angeles CA Series A (MBIA Insured) 5.000% 09/01/18 2,110
1,000,000 Los Angeles CA Unified School District, Election of 1997 Series F
(FSA Insured) 5.000% 07/01/16 1,066
150,000 Los Angeles Community College District Series B (FSA Insured) 5.000% 08/01/12 164
300,000 Los Angeles County Public Works Financing Authority Revenue, Regional
Park and Open Space District Series A 5.000% 10/01/04 302
2,000,000 Los Angeles County Sanitation Districts Financing Authority, Series A
(FSA Insured) 5.000% 10/01/17 2,116
1,000,000 Los Angeles County Transportation Authority, Sales Tax Revenue
(FSA Insured) 5.000% 07/01/15 1,056
300,000 Los Angeles Department of Water & Power, Power System Series A
Subseries A-2 (MBIA Insured) 5.000% 07/01/16 320
510,000 Los Angeles Department of Water & Power, Waterworks Revenue Series C
(MBIA Insured) 5.250% 07/01/18 552
1,000,000 Los Osos CA Community Services, Wastewater Assessment District
(MBIA Insured) 5.000% 09/02/17 1,066
400,000 Nevada Joint Union High School District Series A (FSA Insured) 5.000% 08/01/19 418
500,000 North Orange County Community College District, Election of 2002
Series B (FGIC Insured) 5.000% 08/01/17 533
500,000 Peralta California Community College District (AMBAC Insured) 5.350% 08/01/17 536
500,000 Redwood City School District (FGIC Insured) 5.000% 07/15/19 522
FREMONT CALIFORNIA INTERMEDIATE TAX-FREE FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Interest Maturity
Face Amount Issuer Rate Date Value (000s)
------------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS (CONT.)
$2,000,000 Sacramento MUD, Electric Revenue 1997 Series L (MBIA Insured) 5.125% 07/01/15 $ 2,130
250,000 Sacramento Municipal Utility District, Electric Revenue Series P
(FSA Insured) 5.250% 08/15/17 268
1,800,000 San Bernardino County CA Certificates of Participation, Medical
Center Financing Project Series A (MBIA Insured) 6.500% 08/01/28 1,926
500,000 San Diego CA Unified School District Series C (FSA Insured) 5.000% 07/01/19 524
1,030,000 San Diego Unified School District Series C (FSA Insured) 5.000% 07/01/16 1,098
1,615,000 San Diego Unified School District, Election 1998 Series E (FSA Insured) 5.250% 07/01/17 1,754
500,000 San Jose CA Library, Parks & Public Safety Projects 5.000% 09/01/19 522
1,500,000 San Jose Evergreen Community College District Series A (AMBAC Insured) 5.000% 09/01/19 1,580
150,000 San Jose Evergreen Community College District, 2006 Crossover Series B 5.000% 09/01/11 165
700,000 San Jose Evergreen Community College District, 2010 Crossover Series C 5.000% 09/01/14 764
500,000 San Jose Evergreen Community College District, 2010 Crossover Series C 5.250% 09/01/16 547
500,000 San Mateo CA Union High School District, Election of 2000 Series A
(FGIC Insured) 5.375% 09/01/17 541
500,000 San Rafael City High School District, Election of 2002 Series B
(FGIC Insured) 5.000% 08/01/16 533
500,000 Santa Clara County, Fremont California Union High School District
Series B (FGIC Insured) 5.250% 09/01/19 528
490,000 Santa Clara Valley Water District, Certificates of Participation
Series A (FGIC Insured) 5.000% 02/01/17 521
655,000 Santa Clara Valley Water District, Certificates of Participation
Series A (FGIC Insured) 5.000% 02/01/18 690
730,000 Santa Rosa High School District, Election 2002 (MBIA Insured) 5.000% 08/01/19 765
500,000 State of California Economic Recovery Series A (FGIC Insured) 5.250% 07/01/14 555
1,500,000 State of California Economic Recovery Series C-1 (ST GTD Insured)(d) 1.050% 07/01/23 1,500
100,000 University of California, Multi-Purpose Projects Series H 5.000% 09/01/04 100
300,000 University of California, Series B (AMBAC Insured) 5.250% 05/15/15 327
--------------
TOTAL MUNICIPAL BONDS (COST $47,188) 48,033
--------------
SHORT-TERM INVESTMENT 4.4%
2,212,523 Provident Institutional Fund: Municipal Fund for California Investors, Inc. 2,212
--------------
TOTAL SHORT-TERM INVESTMENT (COST $2,212) 2,212
--------------
TOTAL INVESTMENTS (COST $49,400++), 100.2% 50,245
--------------
OTHER ASSETS AND LIABILITIES, NET, (0.2)% (90)
--------------
NET ASSETS, 100.0% $ 50,155
==============
At July 31, 2004, 85% of the securities in the portfolio are backed by
insurance of financial institutions and financial guaranty assurance
agencies. Insureres with a concentration greater that 25% of net assets
are as follow:
FSA, 27% and MBIA, 29%.
++ At July 31, 2004, the aggregate unrealized appreciation and depreciation
of securities, based on their cost for federal income tax purposes, were
as follows:
Cost of investments for tax purposes $ 49,403
==============
Gross tax unrealized appreciation $ 947
Gross tax unrealized depreciation (105)
--------------
Net tax unrealized appreciation $ 842
==============
FOR FOOTNOTE REFERENCES, SEE "NOTES TO SCHEDULES OF INVESTMENTS IN SECURITIES
AND NET ASSETS."
FREMONT MONEY MARKET FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Interest Maturity
Face Amount Issuer Rate Date Value (000s)
--------------------------------------------------------------------------------------------------------------------------------
COMMERCIAL PAPER 100.1%
CONSUMER DURABLES 7.7%
$ 10,000,000 American Honda Finance Corp. 1.210% 08/04/04 $ 9,999
10,000,000 American Honda Finance Corp. 1.420% 09/21/04 9,980
10,000,000 BMW US Capital Corp. 1.130% 08/13/04 9,997
10,000,000 BMW US Capital Corp. 1.470% 10/06/04 9,973
5,000,000 Sharp Electronics Corp. 1.370% 08/31/04 4,995
-----------------
44,944
-----------------
CONSUMER NON-DURABLES 9.5%
5,000,000 Canadian Wheat Board 1.580% 12/01/04 4,973
10,000,000 Canadian Wheat Board 1.580% 12/02/04 9,946
5,000,000 Cargill, Inc. 1.350% 09/08/04 4,993
10,000,000 Coca-Cola Co. 1.090% 08/06/04 9,999
5,000,000 Coca-Cola Co. 1.290% 08/20/04 4,997
10,000,000 Diageo Capital PLC** 1.210% 08/30/04 9,991
10,000,000 Nestle Capital Corp.** 1.110% 08/02/04 10,000
-----------------
54,899
-----------------
CONSUMER SERVICES 5.2%
10,000,000 Columbia University 1.080% 08/16/04 9,996
15,000,000 Columbia University 1.230% 08/27/04 14,987
5,000,000 University of California (Series B) 1.150% 08/05/04 5,000
-----------------
29,983
-----------------
FINANCIAL SERVICES (BANKS) 27.0%
10,000,000 Banque Et Caisse D'Espargne De L'Etat 1.090% 08/03/04 10,000
10,000,000 Banque Et Caisse D'Espargne De L'Etat 1.570% 10/26/04 9,963
10,000,000 Caisse Centrale Desjardins du Quebec 1.490% 10/04/04 9,974
10,000,000 Caisse Centrale Desjardins du Quebec 1.500% 10/07/04 9,973
5,800,000 Danske Corp. 1.300% 09/14/04 5,791
5,000,000 Danske Corp. 1.400% 09/13/04 4,992
10,000,000 Forenings Sparbanken AB 1.140% 08/11/04 9,997
10,000,000 HBOS Treasury Services PLC 1.100% 08/24/04 9,993
10,000,000 NBNZ International Ltd.** 1.450% 09/17/04 9,981
5,000,000 Nordea North America, Inc. 1.450% 09/16/04 4,991
10,000,000 PACCAR Financial Corp. 1.150% 08/13/04 9,997
5,000,000 PACCAR Financial Corp. 1.500% 10/18/04 4,984
10,000,000 Svenska Handelsbanken, Inc. 1.250% 09/01/04 9,979
10,000,000 Toronto Dominion Holdings, Inc. 1.280% 08/17/04 9,995
10,000,000 Toyota Credit de Puerto Rico Corp. 1.480% 09/20/04 9,980
10,000,000 Toyota Credit de Puerto Rico Corp. 1.510% 10/04/04 9,974
800,000 UBS Finance (Delaware) LLC 1.320% 08/02/04 800
FREMONT MONEY MARKET FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Interest Maturity
Face Amount Issuer Rate Date Value (000s)
--------------------------------------------------------------------------------------------------------------------------------
FINANCIAL SERVICES (BANKS) (CONT.)
$ 10,000,000 UBS Finance (Delaware) LLC 1.345% 08/26/04 $ 9,991
5,000,000 UBS Finance (Delaware) LLC 1.385% 09/07/04 4,993
-----------------
156,348
-----------------
FINANCIAL SERVICES (OTHER) 18.9%
10,000,000 Aegon Funding Corp.** 1.220% 08/26/04 9,992
10,000,000 Alliance & Leicester PLC 1.160% 08/10/04 9,997
5,000,000 Alliance & Leicester PLC 1.200% 08/19/04 4,997
5,000,000 Alliance & Leicester PLC 1.240% 08/20/04 4,997
10,000,000 CBA (Delaware) Financial, Inc. 1.190% 08/16/04 9,995
10,000,000 CBA Del Finance, Inc. 1.490% 10/12/04 9,971
10,000,000 CIT Group Holdings, Inc. 1.230% 08/25/04 9,992
10,000,000 General Electric Capital Corp. 1.580% 11/01/04 9,989
5,000,000 General Electric Capital Corp. 1.590% 11/10/04 4,993
10,000,000 KFW International Finance 1.040% 09/07/04 9,990
10,000,000 KFW International Finance 1.160% 10/01/04 9,981
5,000,000 National Rural Utilities Co-op Finance 1.470% 09/10/04 4,992
10,000,000 Societe General North America, Inc. 1.480% 09/14/04 9,982
-----------------
109,868
-----------------
FOREIGN GOVERNMENT BONDS 2.6%
5,000,000 Caisse D'Amortissement de La Dette Sociale 1.390% 09/16/04 4,991
10,000,000 Caisse D'Amortissement de La Dette Sociale 1.480% 09/21/04 9,979
-----------------
14,970
-----------------
HEALTH CARE 5.2%
10,000,000 Abbott Laboratories** 1.420% 09/14/04 9,983
10,000,000 Pfizer, Inc.** 1.120% 08/05/04 9,999
10,000,000 Pfizer, Inc. 1.140% 10/13/04 9,977
-----------------
29,959
-----------------
RAW MATERIALS 1.7%
10,000,000 Du Pont (E.I.) de Nemours & Co. 1.290% 08/23/04 9,992
-----------------
9,992
-----------------
U.S. GOVERNMENT & AGENCIES 22.3%
10,000,000 FCDN, AN 1.180% 02/15/05 9,935
5,000,000 FCDN, AN 1.270% 12/14/04 4,976
5,000,000 FCDN, AN 2.070% 07/18/05 4,899
10,000,000 FHLB, AN 1.160% 09/01/04 9,990
10,000,000 FHLB, AN 1.180% 03/22/05 9,924
10,000,000 FHLB, AN 1.260% 01/21/05 9,940
10,000,000 FHLB, AN 2.250% 06/21/05 9,996
10,000,000 FHLMC, AN 1.300% 08/12/04 9,996
10,000,000 FHLMC, AN 1.870% 05/03/05 9,858
FREMONT MONEY MARKET FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Interest Maturity
Face Amount Issuer Rate Date Value (000s)
--------------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT & AGENCIES (CONT.)
$ 10,000,000 FNMA, AN 1.280% 08/18/04 $ 9,994
10,000,000 FNMA, AN 1.320% 11/12/04 9,963
10,000,000 FNMA, AN 1.330% 08/09/04 9,997
10,000,000 FNMA, AN 1.526% 10/20/04 9,967
10,000,000 FNMA, AN 2.130% 06/24/05 9,807
-----------------
129,242
-----------------
TOTAL COMMERCIAL PAPER (COST $580,205) 580,205
-----------------
SHORT-TERM INVESTMENT 0.0%
61,461 Repurchase Agreement, State Street Bank, 0.770%, 08/02/04
(Maturity Value $61) (Cost $61) Collateral: FNMA, 0.000%,
01/05/05 (Collateral Value $65) 61
-----------------
TOTAL SHORT-TERM INVESTMENT (COST $61) 61
-----------------
TOTAL INVESTMENTS (COST $580,266++), 100.1% 580,266
-----------------
OTHER ASSETS AND LIABILITIES, NET, (0.1)% (649)
-----------------
NET ASSETS, 100.0% $ 579,617
=================
++ At July 31, 2004, the aggregate unrealized appreciation and depreciation of
securities, based on their cost for federal income tax purposes, was as follows:
Cost of investments for tax purposes $ 580,266
=================
Gross tax unrealized appreciation $ --
Gross tax unrealized depreciation --
-----------------
Net tax unrealized appreciation $ --
=================
FOR FOOTNOTE REFERENCES, SEE "NOTES TO SCHEDULES OF INVESTMENTS IN SECURITIES
AND NET ASSETS."
FREMONT INSTITUTIONAL U.S. MICRO-CAP FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Shares Security Description Value (000s)
--------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS 91.4%
BUSINESS EQUIPMENT & SERVICES 14.4%
282,300 Administaff, Inc.* $ 3,755
1,183,100 Alloy, Inc.* 6,087
431,800 Calgon Carbon Corp. 2,733
684,900 Centra Software, Inc.* 1,431
800,200 Clean Harbors, Inc.(b)* 7,682
189,600 CoStar Group, Inc.* 8,049
180,800 Equinix, Inc.* 5,876
30,900 Greenfield Online, Inc.* 500
470,600 Harris Interactive, Inc.* 3,017
84,100 Infocrossing, Inc.* 1,092
98,000 Kanbay International, Inc.* 1,520
475,500 Lionbridge Technologies, Inc.* 3,538
1,999,000 Looksmart* 3,578
269,000 Pemstar, Inc.* 592
55,400 Remedytemp, Inc. (Class A)* 471
115,300 Young Broadcasting, Inc. (Class A)* 1,233
---------------------
51,154
---------------------
CAPITAL GOODS 6.1%
378,600 AAON, Inc.* 6,815
316,500 BHA Group Holdings, Inc. (Class A)(b) 12,011
270,700 IMPCO Technologies, Inc.* 1,646
196,900 Northern Technologies International Corp.(b) 1,053
---------------------
21,525
---------------------
CONSUMER DURABLES 1.0%
196,800 Nautilus Group, Inc. (The) 3,645
---------------------
3,645
---------------------
CONSUMER NON-DURABLES 2.0%
460,300 Gymboree Corp.* 7,287
---------------------
7,287
---------------------
CONSUMER SERVICES 1.3%
211,400 Monro Muffler, Inc.* 4,674
---------------------
4,674
---------------------
HEALTH CARE 19.5%
60,250 Advanced Neuromodulation Systems, Inc.* 1,931
102,000 Angiodynamics, Inc.* 1,387
463,300 ArthroCare Corp.* 12,338
134,700 Atherogenics, Inc.* 1,937
231,600 Conceptus, Inc.* 2,258
740,700 Eclipsys Corp.* 11,118
642,200 Harvard Bioscience, Inc.* 2,448
FREMONT INSTITUTIONAL U.S. MICRO-CAP FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Shares Security Description Value (000s)
--------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (CONT.)
96,000 ICON PLC ADR* $ 3,547
473,000 Intuitive Surgical, Inc.* 10,822
1,056,141 NeoPharm, Inc.* 6,654
790,300 OraSure Technologies, Inc.* 6,125
245,500 Quidel Corp.* 852
629,200 Regeneration Technologies, Inc.* 6,116
136,000 Vital Images, Inc.* 1,564
---------------------
69,097
---------------------
RETAIL 5.9%
40,900 Design Within Reach, Inc.* 661
285,300 Electronics Boutique Holdings Corp.* 7,164
196,300 Goody's Family Clothing, Inc. 1,712
95,500 J. Jill Group, Inc. (The)* 1,773
520,600 Too, Inc.* 7,799
381,000 Tweeter Home Entertainment Group, Inc.* 1,798
---------------------
20,907
---------------------
TECHNOLOGY (COMPONENTS) 18.6%
147,300 Actel Corp.* 2,212
727,800 Anaren, Inc.* 8,726
506,500 Catalyst Semiconductor, Inc.* 2,958
917,400 Exfo Electro-Optical Engineering, Inc.* 4,312
417,400 Genesis Microchip, Inc.* 4,796
607,700 hi/fn, inc.* 5,560
793,367 Identix, Inc.* 4,276
372,500 Interlink Electronics, Inc.* 3,315
283,100 Leadis Technology, Inc.* 3,114
789,200 Microtune, Inc.* 3,512
218,100 Power Integrations, Inc.* 4,401
599,100 Sirenza Microdevices, Inc.* 2,912
818,650 Trident Microsystems, Inc.* 9,996
386,600 Woodhead Industries, Inc. 5,795
---------------------
65,885
---------------------
TECHNOLOGY (EQUIPMENT) 18.7%
397,900 ATMI, Inc.* 8,101
463,400 AudioCodes Ltd.* 4,912
129,300 Audiovox Corp.* 2,239
217,000 August Technology Corp.* 2,246
270,200 Carrier Access Corp.* 2,010
1,502,200 Ceragon Networks Ltd.(b)* 7,211
325,600 COMARCO, Inc.* 2,279
995,400 Computer Access Technology Corp.(b)* 4,250
341,600 FormFactor, Inc.* 6,859
778,100 Intevac, Inc.* 3,424
FREMONT INSTITUTIONAL U.S. MICRO-CAP FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Shares/
Face Amount Security Description Value (000s)
--------------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY (EQUIPMENT) (CONT.)
784,600 NetScout Systems, Inc.* $ 4,825
356,000 Rimage Corp.* 4,842
423,500 RIT Technologies Ltd.* 584
23,700 Stratasys, Inc.* 622
812,100 Sunrise Telecom, Inc. 2,014
553,400 Tut Systems, Inc.* 1,035
1,085,100 TVI Corp.* 4,471
286,000 X-Rite, Inc. 4,273
---------------------
66,197
---------------------
TECHNOLOGY (SOFTWARE) 3.9%
532,000 Pervasive Software, Inc.* 3,250
516,200 Tier Technologies, Inc. (Class B)* 4,259
168,800 Websense, Inc.* 6,446
---------------------
13,955
---------------------
TOTAL COMMON STOCKS (COST $325,577) 324,326
---------------------
SHORT-TERM INVESTMENTS 8.9%
22,641,363 Fremont Money Market Fund(c) 22,641
$ 8,956,520 Repurchase Agreement, State Street Bank, 0.770%, 08/02/04
(Maturity Value $8,957) (Cost $8,957) Collateral: FNMA,
3.000%, 07/16/13 (Collateral Value $9,137) 8,957
---------------------
TOTAL SHORT-TERM INVESTMENTS (COST $31,598) 31,598
---------------------
TOTAL INVESTMENTS (COST $357,175++), 100.3% 355,924
---------------------
OTHER ASSETS AND LIABILITIES, NET, (0.3)% (1,221)
---------------------
NET ASSETS, 100.0% $ 354,703
=====================
++ At July 31, 2004, the aggregate unrealized
appreciation and depreciation of securities, based
on their cost for federal income tax purposes,
were as follows:
Cost of investments for tax purposes $ 360,193
=====================
Gross tax unrealized appreciation $ 42,184
Gross tax unrealized depreciation (46,453)
---------------------
Net tax unrealized depreciation $ (4,269)
=====================
FOR FOOTNOTE REFERENCES, SEE "NOTES TO SCHEDULES OF INVESTMENTS IN SECURITIES
AND NET ASSETS."
FREMONT INSTITUTIONAL YIELD+ FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Interest Maturity
Face Amount Issuer Rate Date Value (000s)
-----------------------------------------------------------------------------------------------------------------------------------
BONDS 98.0%
BUSINESS EQUIPMENT & SERVICES 2.9%
$ 1,000,000 Rockwell International Corp. 7.875% 02/15/05 $ 1,030
---------------------
1,030
---------------------
CONSUMER NON-DURABLES 10.0%
1,500,000 Albertson's, Inc. 6.550% 08/01/04 1,500
1,000,000 Black & Decker Corp.** 1.650% 09/23/04 998
1,000,000 ConAgra Foods, Inc. 7.400% 09/15/04 1,006
---------------------
3,504
---------------------
CONSUMER SERVICES 2.9%
1,000,000 Time Warner, Inc. 5.625% 05/01/05 1,023
---------------------
1,023
---------------------
FINANCIAL SERVICES (BANKS) 7.4%
1,500,000 Barnett Banks, Inc. 6.900% 09/01/05 1,567
1,000,000 Nordea Bank Finland PLC 6.500% 01/15/06 1,054
---------------------
2,621
---------------------
FINANCIAL SERVICES (OTHER) 43.0%
1,095,000 Ace INA Holdings, Inc. 8.200% 08/15/04 1,097
1,000,000 Allstate Corp. (The) 7.875% 05/01/05 1,040
1,395,000 Associates Corp. of North America 6.200% 05/16/05 1,437
1,000,000 Bear Stearns Cos., Inc. (The) 3.000% 03/30/06 1,001
1,500,000 CIT Group, Inc. 6.625% 06/15/05 1,553
1,000,000 DaimlerChrysler NA Holding Corp. 6.900% 09/01/04 1,003
900,000 General Motors Acceptance Corp. 1.636% 09/13/04 898
1,000,000 Home Savings of America 6.500% 08/15/04 1,001
1,000,000 Household Finance Corp. 8.000% 05/09/05 1,043
1,000,000 JP Morgan & Co., Inc. 7.625% 09/15/04 1,007
1,000,000 Metlife, Inc. 3.911% 05/15/05 1,013
1,000,000 National Rural Utilities Cooperative Finance Corp. 6.000% 05/15/06 1,052
1,000,000 St. Paul Cos., Inc. 1.530% 09/07/04 999
1,000,000 Textron Financial Corp. 1.240% 08/02/04 1,000
---------------------
15,144
---------------------
RAW MATERIALS 2.9%
1,000,000 ICI Wilmington, Inc. 6.950% 09/15/04 1,005
---------------------
1,005
---------------------
RETAIL 5.7%
1,000,000 Safeway, Inc. 2.500% 11/01/05 996
1,000,000 Volkswagen of America 1.520% 08/09/04 1,000
---------------------
1,996
---------------------
FREMONT INSTITUTIONAL YIELD+ FUND
July 31, 2004 (Unaudited)
SCHEDULE OF INVESTMENTS IN SECURITIES AND NET ASSETS
· Enlarge/Download Table
Interest Maturity
Face Amount Issuer Rate Date Value (000s)
-----------------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY (EQUIPMENT) 5.8%
$ 1,000,000 Hewlett-Packard Co. 7.150% 06/15/05 $ 1,041
1,000,000 Sun Microsystems, Inc. 7.350% 08/15/04 1,001
---------------------
2,042
---------------------
U.S. GOVERNMENT & AGENCIES 2.8%
1,000,000 FHLB 2.250% 06/21/05 1,000
---------------------
1,000
---------------------
UTILITIES 14.6%
1,000,000 AT&T Wireless Services, Inc. 6.875% 04/18/05 1,031
1,000,000 Dominion Resources, Inc. 2.800% 02/15/05 1,003
1,000,000 Nynex Capital Funding Co. 8.750% 12/01/04 1,020
1,000,000 Oneok, Inc. 7.750% 03/01/05 1,032
1,000,000 Southern New England Telecommunications Corp. 7.000% 08/15/05 1,045
---------------------
5,131
---------------------
TOTAL BONDS (COST $34,616) 34,496
---------------------
SHORT-TERM INVESTMENT 0.5%
172,850 Repurchase Agreement, State Street Bank, 0.770%,
08/02/04 (Maturity Value $173) (Cost $173)
Collateral: FHLMC, 5.500%, 09/15/11
(Collateral Value $177) 173
---------------------
TOTAL SHORT-TERM INVESTMENT (COST $173) 173
---------------------
TOTAL INVESTMENTS (COST $34,789++), 98.5% 34,669
---------------------
OTHER ASSETS AND LIABILITIES, NET, 1.5% 520
---------------------
NET ASSETS, 100.0% $ 35,189
=====================
++ At July 31, 2004, the aggregate unrealized appreciation and depreciation
of securities, based on their cost for federal income tax purposes, were
as follows:
Cost of investments for tax purposes $ 34,789
=====================
Gross tax unrealized appreciation $ 1
Gross tax unrealized depreciation (121)
---------------------
Net tax unrealized depreciation $ (120)
=====================
FOR FOOTNOTE REFERENCES, SEE "NOTES TO SCHEDULES OF INVESTMENTS IN SECURITIES
AND NET ASSETS."
FREMONT MUTUAL FUNDS, INC.
Notes to Schedules of Investments in Securities and Net Assets -
July 31, 2004 (Unaudited)
COUNTRY DIVERSIFICATION TABLE
· Enlarge/Download Table
Country Country International
Code Name Global Fund Growth Fund Bond Fund
----------------------------------------------------------------------------------------------------------------------
AU Australia 1.5% 5.0% --
AW Aruba -- -- 0.2%
BM Bermuda 0.5% -- --
BR Brazil -- -- 0.9%
CA Canada 3.4% 3.7% --
DK Denmark 0.4% 3.6% --
FI Finland 0.6% -- --
FR France 8.4% 16.3% --
DE Germany 2.0% 7.4% --
HK Hong Kong 0.5% 4.4% --
IL Israel 0.5% -- --
IT Italy 0.3% 2.5% --
JP Japan 1.3% 8.3% --
MX Mexico 1.0% -- 0.8%
NL Netherlands 2.3% 10.3% -- ***
NO Norway 0.8% -- --
PA Panama -- -- 0.1%
PU Peru -- -- 1.1%
SG Singapore 0.7% -- --
ES Spain 1.2% 2.3% --
SE Sweden 0.1% 1.0% --
CH Switzerland 1.3% 11.4% --
UK United Kingdom 6.8% 23.2% 1.3%
US United States 66.3% 0.5% 101.2%
------------------------------------------------------
99.9% 99.9% 105.6%
Other assets and liabilities, net 0.1% 0.1% (5.6%)
------------------------------------------------------
100.0% 100.0% 100.0%
======================================================
*** Less than 0.1%.
FREMONT MUTUAL FUNDS, INC.
Notes to Schedules of Investments in Securities and Net Assets -
July 31, 2004 (Unaudited)
(All dollars in thousands except par and exercise price)
The following footnotes and abbreviations relate to the Schedules of Investments
in Securities and Net Assets.
* Non-income producing security
** Security was purchased under Rule 144A of the Securities Act of 1933 or is
a private placement and, unless registered under the Act or exempted from
registration, may only be sold to qualified institutional investors.
*** Less than $1.
(a) Represents discount rate or yield to maturity at the date of acquisition.
(b) These securities represent investments in portfolio companies, 5% or more
of whose outstanding voting securities are held by the Fund, are defined
in the Investment Company Act of 1940 as "affiliated" companies. The U.S.
Micro-Cap Fund and Institutional U.S. Micro-Cap Fund had investments in
such affiliated companies. A summary of transactions for each issuer who
is an affiliate during the nine months ended July 31, 2004, follows:
FREMONT U.S. MICRO-CAP FUND
· Enlarge/Download Table
Share Aggregate Aggregate Net Share Value,
Balance, Purchase Sales Realized Balance, Jul. 31,
Issuer Oct. 31, 2003 Cost Cost Gain (Loss) Income Jul. 31, 2004 2004
------------------------------------------------------------------------------------------------------------------------------------
Anaren, Inc. 1,113,400 $ -- $ -- $ -- $ -- 1,113,400 $ 13,350
BHA Group Holdings, Inc. (Class A) 421,300 -- -- -- 211 421,300 15,988
Ceragon Networks Ltd. -- +++ 15,131 -- -- -- 2,131,800 10,233
Clean Harbors, Inc. -- +++ 8,580 796 49 -- 1,112,600 10,681
COMARCO, Inc. -- +++ 4,500 -- -- -- 469,900 3,289
Computer Access Technology Corp. -- +++ 5,699 -- -- -- 1,209,500 5,165
Exfo Electro-Optical Engineering, Inc. -- +++ 4,863 213 (7) -- 1,279,000 6,011
hi/fn, inc 808,700 2,164 646 648 -- 857,400 7,845
Intevac, Inc. -- +++ 7,787 2,069 116 -- 1,076,900 4,738
NeoPharm, Inc. 1,435,920 3,583 1,998 1,390 -- 1,528,520 9,630
Northern Technologies International Corp. 330,450 -- -- -- 17 330,450 1,768
PDF Solutions, Inc. 1,518,200 -- 10,245 6,839 -- -- ++++ -- +++
Perma-Fix Environmental Services, Inc. 1,856,400 -- 5,037 1,663 -- -- ++++ --
Rimage Corp. -- +++ 2,068 222 112 -- 491,900 6,690
RIT Technologies, Inc. 876,900 -- -- -- -- 876,900 1,210
Sensytech, Inc. 377,000 -- 3,369 1,832 -- -- ++++ -- +++
Trident Microsystems, Inc. 1,034,900 9,799 10,020 9,585 -- 1,152,800 14,076
TVI Corp. -- +++ 6,623 -- -- -- 1,562,600 6,438
Vixel Corp. 2,021,200 -- 9,751 12,482 -- -- ++++ -- +++
----------------------------------------- ----------
$ 70,797 $ 44,366 $ 34,709 $ 228 $ 117,112
========================================= ==========
+++ Issuer is not an affiliated company at October 31, 2003.
++++ Issuer is not an affiliated company at July 31, 2004.
FREMONT MUTUAL FUNDS, INC.
Notes to Schedules of Investments in Securities and Net Assets -
July 31, 2004 (Unaudited)
(All dollars in thousands except par and exercise price)
FREMONT INSTITUTIONAL U.S. MICRO-CAP FUND
· Enlarge/Download Table
Share Aggregate Aggregate Net Share Value,
Balance, Purchase Sales Realized Balance, Jul. 31,
Issuer Oct. 31, 2003 Cost Cost Gain (Loss) Income Jul. 31, 2004 2004
---------------------------------------------------------------------------------------------------------------------------------
BHA Group Holdings, Inc. (Class A) 316,500 $ -- $ -- $ -- $ 158 316,500 $ 12,011
Ceragon Networks Ltd. -- +++ 10,637 -- -- -- 1,502,200 7,211
Clean Harbors, Inc. -- +++ 6,227 573 (22) -- 800,200 7,682
Computer Access Technology Corp. -- +++ 4,680 -- -- -- 995,400 4,250
hi/fn, inc. 548,200 1,778 422 356 -- -- ++++ -- ++++
NeoPharm, Inc. 1,003,441 2,310 1,386 (893) -- -- ++++ -- ++++
Northern Technologies
International Corp. -- +++ 111 -- -- 9 196,900 1,053
PDF Solutions, Inc. 1,176,200 -- 8,049 4,251 -- -- ++++ -- ++++
Vixel Corp. 1,317,100 -- 5,658 7,513 -- -- ++++ -- ++++
-------------------------------------------- ----------
$ 25,743 $ 16,088 $ 11,205 $ 167 $ 32,207
============================================ ==========
+++ Issuer is not an affiliated company at October 31, 2003.
++++ Issuer is not an affiliated company at July 31, 2004.
(c) Affiliated issuer. Pursuant to an Exemptive Order issued by the Securities
and Exchange Commission, each Fund may invest cash in money market funds
sponsored and managed by the Advisor. The terms of such transactions are
identical to those of non-related entities.
(d) Variable rate security. The rate listed is as of July 31, 2004.
(e) Board valued security and illiquid.
(f) Inflationary Bond.
(g) Illiquid security.
+ On deposit with broker for initial margin on futures contracts.
FREMONT MUTUAL FUNDS, INC.
Notes to Schedules of Investments in Securities and Net Assets -
July 31, 2004 (Unaudited)
PORTFOLIO ABBREVIATIONS
ADR American Depository Receipt
AG Aktiengesellschaft
AMBAC American Municipal Bond Assurance Corp.
AN Agency Note
ARM Adjustable Rate Mortgage
AS Aksje Selskap
BHD Berhad
BV Betriebskostenverordnung
CD Certificate of Deposit
CP Commercial Paper
CTFS Certificates
DN Discount Note
FGIC Financial Guaranty Insurance Corp.
FHLB Federal Home Loan Bank
FHLMC Federal Home Loan Mortgage Corp.
FNMA Federal National Mortgage Association
FRN Floating Rate Note
FSA FSA Capital, Inc.
GNMA Government National Mortgage Association
LLC Limited Liability Corp.
MBIA Municipal Bond Investor Assurance Corp.
MTN Medium Term Note
MUD Municipal Utility District
NA National Association
NV Nederland
NZ New Zealand
PLC Public Limited Company
SA Sociedad Anonima
SPA Societa per Azioni
ST GTD State Guaranteed
TBA To Be Announced
TOB Tobacco
CURRENCY ABBREVIATIONS
AU$ Australian Dollar
(pound) British Pound
CN$ Canadian Dollar
DM Deutsche Mark
(euro) Euro
(Yen) Japanese Yen
NK Norwegian Kroner
NZ$ New Zealand Dollar
SG$ Singapore Dollar
$ U.S. Dollar
ITEM 2. CONTROLS AND PROCEDURES.
(a) The Registrant's President and Treasurer have concluded that the
Registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940 (the "1940 Act")) are
effective as of a date within 90 days of the filing date of the report
that includes the disclosure required by this paragraph, based on the
evaluation of these controls and procedures required by Rule 30a-3(b)
under the 1940 Act and Rules 15d-15(b) under the Securities Exchange Act
of 1934, as amended.
(b) There were no changes in the Registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act) that occurred during
the Registrant's last fiscal half-year that has materially affected, or is
reasonably likely to materially affect, the Registrant's internal control
over financial reporting.
ITEM 3. EXHIBITS.
Separate certifications for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)). Filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Fremont Mutual Funds, Inc.
----------------------------------------------------------
By (Signature and Title) /s/ Deborah L. Duncan
-----------------------------------------------
Deborah L. Duncan, President
Date September 24, 2004
------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title) /s/ Deborah L. Duncan
-----------------------------------------------
Deborah L. Duncan, President
Date September 24, 2004
------------------------------------------------------------------
By (Signature and Title) /s/ James E. Klescewski
-----------------------------------------------
James E. Klescewski, Treasurer
Date September 24, 2004
------------------------------------------------------------------
Dates Referenced Herein and Documents Incorporated By Reference
Filing Submission - Alternative Formats (Word / Rich Text, HTML, Plain Text, SGML, XML, et al.)
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