Fremont Mutual Funds, Inc.

                         Supplement Dated April 19, 2002
                                       to
                         Prospectus Dated March 1, 2002

Fremont International Growth Fund

The  following  describes  the Fremont  International  Growth Fund Fund's policy
regarding fees imposed on short-term trading:

Effective  April 19, 2002, the Fremont  International  Growth Fund will impose a
short-term  redemption  fee on shares  purchased and held less than 30 days. The
fee is 2% of the redemption value and is deducted from the redemption proceeds.

The fee is retained by the Fund for the benefit of its  long-term  shareholders.
It is enacted to discourage  short-term  trading of the Fund by market timers or
other  investors  who do not share the  long-term  strategy of the Fund,  and to
reduce the expenses of long-term  shareholders  for the trading  costs and other
costs associated with short-term investment in the Fund.

The "first in, first out" (FIFO) method is used to determine the holding period;
this means that if you bought  shares on different  days,  the shares  purchased
first will be  redeemed  first for the  purpose of  determining  whether the fee
applies.

A redemption fee will not be charged on:

     o    shares acquired by reinvestment of dividends or  distributions  from a
          Fund,

     o    shares held in an account of a qualified  retirement  plan,  such as a
          401(k) plan, or purchased through certain intermediaries.


Fremont Bond Fund

The  following  sentence  found on page 18 of the  prospectus  under the heading
Principal Strategy has been amended to read:

"Normally,  the Fund  will  invest  at least  80% of its net  assets  (including
borrowing for investment purposes) in these types of bonds."

Fremont U. S. Small Cap Fund

The following  table should be included in the  Comparative  Returns  section on
page 12 of the prospectus:

Average Annual Returns for the periods ended December 31, 2001

Russell 2000 Index (Does not reflect deductions for fees, expenses or taxes.)

            Since
          ----------
     1 year       9/24/97
     2.49%        3.26%