FREMONT MUTUAL FUNDS, INC.

                          Supplement dated May 22, 2001
                                       to
           Prospectus dated March 1, 2001 (as amended March 12, 2001)


FREMONT GLOBAL FUND

     On April  23,  2001,  Fremont  Investment  Advisors,  Inc.  hired  Delaware
International  Advisers Ltd.  (Delaware  International) to manage a portfolio of
international  stocks for the Fremont Global Fund. The portfolio will be managed
by Delaware  International's  Equity Strategy Committee,  a team led by Clive A.
Gillmore,  deputy managing  director and head of the Emerging  Markets and Small
Cap Team. Mr. Gillmore joined Delaware  International as a portfolio  manager in
1990 after eight years of investment experience.

Recently,  Fremont  Investment  Advisors made some changes to the composition of
Fremont Global Fund's portfolio management team. Effective May 2, 2001, the team
consists of: Nancy  Tengler,  Noel DeDora,  Albert W.  Kirschbaum  and Alexandra
Kinchen.

FREMONT U.S.  MICRO-CAP  FUND,  FREMONT U.S.  SMALL CAP FUND, AND FREMONT GLOBAL
FUND

     Effective  April 1, 2001,  Judith  Finger  resigned  her  position  at Kern
Capital Management LLC (KCM),  Sub-Advisor for the Fremont U.S. Micro-Cap,  U.S.
Small Cap, and Global Funds.

     On May 14,  2001,  Jamie  Houde  joined KCM as senior  vice  president  and
collectively with Bob Kern, David Kern, and Gregory Weaver, co-manage the Funds.
From 1996 to May 2001,  Mr. Houde worked for Zurich  Scudder  Investments  as an
equity research analyst.  For a discussion of the business  experience of Robert
and  David  Kern and Greg  Weaver,  please  refer  to the  Portfolio  Management
sections on pages 13 or 15 of the Fremont Mutual Funds prospectus.

                           FREMONT MUTUAL FUNDS, INC.
                    Fremont Institutional U.S. Micro-Cap Fund

                          Supplement dated May 22, 2001
                                     to the
                         Prospectus dated March 1, 2001

     Effective  April 1, 2001,  Judith  Finger  resigned  her  position  at Kern
Capital  Management LLC (KCM),  Sub-Advisor for the Fremont  Institutional  U.S.
Micro-Cap Fund.

     On May 14,  2001,  Jamie  Houde  joined KCM as senior  vice  president  and
collectively with Bob Kern, David Kern, and Gregory Weaver, co-manage the Funds.
From 1996 to May 2001,  Mr. Houde worked for Zurich  Scudder  Investments  as an
equity research analyst.  For a discussion of the business  experience of Robert
and  David  Kern and Greg  Weaver,  please  refer  to the  Portfolio  Management
sections on page 3 of the Fremont Institutional U.S. Micro-Cap Fund prospectus.