Fremont Mutual Funds, Inc.

                       Supplement dated November 30, 2000
                                     to the
                       Prospectus dated February 10, 2000

FREMONT GLOBAL FUND:

Effective  September  5,  2000,  William  Powers,  Managing  Director,   assumed
management responsibilities for the portfolio of the Fremont Global Fund managed
by Sub-Advisor,  Pacific Investment  Management Company (PIMCO). Mr. Powers is a
senior member of PIMCO's portfolio management and investment strategy groups and
has been employed by PIMCO for over 10 years.

FREMONT EMERGING MARKETS FUND:

Effective  November 21, 2000,  BDT  Investment  Management  Limited (BDT Invest)
became sub-advisor to the Fremont Emerging Markets Fund.

Henry Thornton, co-founder and CEO of BDT Invest, has managed the Fund since its
inception in June 1996.  He has over 15 years of  experience  investing in Asian
and Emerging Market securities.

Prior to  co-founding  BDT Invest in June 2000,  Mr.  Thornton was employed as a
portfolio  manager by the Fund's  previous  sub-advisor,  CMG First  State (Hong
Kong) LLC. As a result of a series of corporate  acquisitions,  three  different
firms: CMG First State (Hong Kong) LLC (1999-2000);  Nicholas-Applegate  Capital
Management  (Hong Kong)  (1997-1999);  and Credit Lyonnais  International  Asset
Management (HK) Limited (1996-1997) have served as sub-advisor to the Fund since
its inception in 1996. Mr. Thornton was an employee of each  sub-advisor and was
responsible for management of the Fund.

FREMONT U.S. MICRO-CAP FUND:

Effective  March 10,  2000,  the Fremont U.S.  Micro-Cap  Fund was closed to new
investors.  Shareholders  who owned shares of the Fund as of March 10, 2000, may
purchase  additional shares in their existing  accounts.  Financial advisors and
institutions  that  have  existing  client  assets  in the Fund may add to their
client  accounts  as  well as open  new  accounts  for  other  clients.  Fremont
Investment Advisors,  Inc., as the advisor of the Fund, may reopen and close the
Fund to certain types of new investors in the future.

After March  10th,  shareholders  that own other  Fremont  Mutual  Funds may not
exchange  these shares into the Fremont U.S.  Micro-Cap Fund unless they have an
existing Fremont U.S. Micro-Cap Fund account.