Fremont Mutual Funds, Inc.
Supplement dated September 19, 1997
to Prospectus dated March 1, 1997

The Advisor to the Emerging Markets Fund has voluntarily waived its advisory fee
and absorbed  all other  operating  expenses  since the Fund's  commencement  of
operations on June 24, 1996.  Beginning  September 19, 1997, the Advisor will no
longer waive all fees and expenses of the Fund.  The Fund will remain subject to
a voluntary annual expense limitation of 1.50% of average net assets.

As of September 19, 1997, the Annual Fund Operating Expenses (as a percentage of
net assets) are estimated as follows:

                       Management     12b-1      Other        Total Fund
                       Fee            Fees       Expenses     Operating Expenses
                       ---            ----       --------     ------------------
Emerging Markets                               
Fund                   1.00%          0.25%      0.25%        1.50%
                                              
The Advisor has voluntarily  limited total annual operating expenses to 1.50% of
average net assets.  Without this  limitation,  the  management  fee, 12b-1 fee,
other expenses and total  operating  expenses would be 1.00%,  0.25%,  0.70% and
1.95%, respectively.