FREMONT MUTUAL FUNDS


THE FOLLOWING SUPPLEMENTS the Fremont Global Fund description ON PAGES 2 AND 3.

Fremont Investment Advisors, Inc. ("the Advisor") has allocated a portion of the
Fremont Global Fund's (the "Fund") assets to each of three new sub-advisors. The
Advisor selected these  sub-advisors based on its own analyses and experience in
determining  which   sub-advisors  will  most  likely  make  specific  portfolio
securities  selection  which,  in the  aggregate,  will  achieve the desired and
defined  objectives  of the  Fund.  The  Advisor  will  continue  to have  asset
allocation  responsibility and management over the current portfolio managers to
the Fund, as well as oversight  over the new  sub-advisors.  The portion of Fund
assets  allocated by the Advisor to the  sub-advisors may be reallocated (or new
sub-advisors introduced in response to changing market conditions or sub-advisor
performance), in an attempt to improve the Fund's overall performance.

Effective  April 19, 1999,  Mellon Capital  Management  Corporation  and Pacific
Investment  Management  Company  were  engaged by the Advisor to manage  certain
sectors  of the  Fund.  The  Advisor  and its team of  portfolio  managers  will
continue to oversee the Fund as a whole.

   Mellon Capital Management Corporation ("Mellon Capital"),  595 Market Street,
   Suite 3000, San Francisco,  California,  94105,  was founded in 1983 and is a
   leading innovator in the investment  industry with over $74 billion in assets
   under  management  as of December  31,  1998.  Mellon  Capital  uses  global,
   quantitatively  based  investment  strategies  in  managing  assets  for both
   institutional  and private  investors.  Mellon Capital's mutual fund business
   includes  The Dreyfus  Corporation,  Founders  Asset  Management  and, in the
   European community, Newton Management Limited.

   Mellon Capital utilizes a global tactical asset allocation strategy ("GTAA").
   This asset  allocation  model first actively  allocates assets across equity,
   fixed-income  and money market  securities and then across the markets of the
   United States,  United Kingdom,  Japan,  France,  Germany,  The  Netherlands,
   Switzerland,  Austria and Canada.  Each of these  three asset  categories  is
   represented in Mellon Capital's  portion of Fund assets by a broad holding of
   marketable  securities,  generally  reflecting  components  of  broad  market
   indices.

   Lex C. Huberts will manage Mellon Capital's portion of Fund assets, using the
   GTAA  strategy.  Mr.  Huberts is Director of Asset  Allocation  Strategies at
   Mellon Capital,  and is responsible for its U.S. and global asset  allocation
   strategies (totaling $24 billion).  He also manages the applicable investment
   departments.  Mr.  Huberts  has 14  years  of  investment  experience,  which
   includes developing and implementing value-added investment strategies. Prior
   to joining  Mellon  Capital,  eight years of Mr.  Huberts'  experience in the
   investment industry consists of the following positions: with Concord Capital
   in San Mateo,  California as a Quantitative  Analyst and Investment  Advisor;
   with Zacks Investment Research in Chicago as a Consultant;  with Amro Bank in
   Amsterdam,  The  Netherlands  as  Strategist,  and with the Dutch Ministry of
   Finance as a Policy Advisor. Mr. Huberts is a Chartered Financial Analyst.

   Pacific Investment  Management  Company ("PIMCO"),  840 Newport Center Drive,
   Newport Beach,  California,  92660, is a leading  institutional money manager
   with over $158 billion assets under management as of December 31, 1998. PIMCO
   was  established  in 1971  to  offer  separate  account  management  services
   primarily for employee benefit plans, endowments and foundations.

   In managing its portion of Fund  assets,  PIMCO will invest in a portfolio of
   fixed-income  securities denominated in major foreign currencies,  baskets of
   foreign currencies and the U.S. dollar. Under normal circumstances,  at least
   65% of the portfolio's assets will be invested in fixed-income  securities of
   issuers  located in at least three  countries (one of which may be the United
   States). Depending on PIMCO's outlook for interest rates and currency trends,
   investments  in the securities of issuers  located  outside the United States
   will normally vary between 25% and 75% of the portfolio's  assets.  PIMCO may
   also invest up to 10% of its assets in corporate debt securities  rated below
   investment  grade;  however,  these  securities  must be rated B or higher by
   Moody's or S&P.  Based on PIMCO's  forecast for interest  rates,  the average
   duration of the  securities in the portfolio  will  generally be vary between
   three to six years.

   Lee R. Thomas III, Managing Director of PIMCO, will manage PIMCO's portion of
   Fund assets. Mr. Thomas, who joined PIMCO in 1995, was previously  associated
   with  Investcorp,  an  international  investment  bank,  as a  member  of its
   management  committee and was responsible  for global  securities and foreign
   exchange trading. Prior to Investcorp,  he was associated with Goldman Sachs,
   where he was an executive director in the fixed-income division in its London
   office.

On June 11,  1999,  Fremont  Global  Fund  shareholders  voted to  approve a new
sub-advisory  arrangement  in which Kern  Capital  Management  LLC will  provide
investment sub-advisory services to the Fund.

   Kern Capital  Management  LLC ("KCM"),  114 W. 47th Street,  Suite 1926,  New
   York,  New York,  10036,  was founded in 1997 and is  partially  owned by the
   Advisor.  KCM is an investment  management firm specializing in small cap and
   micro-cap  companies,  and had  approximately  $405  million in assets  under
   management as of December 31, 1998.

   KCM manages its  portion of Fund  assets in two market  sectors,  a small cap
   account and a micro-cap  account.  These accounts invest in equity securities
   of U.S. companies with relatively small capitalization. The small cap account
   will  consist of  companies  with  market  capitalizations  ranging  from $10
   million to $2 billion.  The micro-cap  account will consist of companies with
   market capitalizations of less than $550 million.

   The portfolio  management team for the small cap and micro-cap sectors of the
   Fund consists of Robert E. Kern Jr., David G. Kern, and Judy R. Finger, whose
   investment experience is as follows:

   Robert E. Kern,  president  and CEO of KCM,  has over 30 years of  investment
   management  experience.  Prior to co-founding KCM, Bob Kern was employed as a
   portfolio  manager by Morgan  Grenfell  Asset  Management,  Inc. from 1986 to
   1997, where he was the head of its small capitalization equities team.

   David G. Kern,  executive  vice  president and  co-founder of KCM, was a vice
   president at Founders Asset Management,  Inc. from 1995 to 1997, where he was
   the  portfolio  manager  for the  Founders  Discovery  Fund,  a  mutual  fund
   dedicated  to investing in small cap and  micro-cap  stocks.  David Kern also
   served as vice  president  and assistant  portfolio  manager for the Delaware
   Management  Company of Philadelphia,  Pennsylvania from 1990 through 1994. He
   received his Chartered Financial Analyst designation in 1993.

   Judy R. Finger,  senior vice president of KCM,  joined KCM in 1997. From 1995
   to 1997,  she was vice  president  and  assistant  portfolio  manager for the
   Delaware   Management   Company  of  Philadelphia,   Pennsylvania,   and  was
   responsible  for more than $500  million in micro-,  small and mid-cap  stock
   investments.  She was  also  employed  as a  senior  analyst  at  Fred  Alger

   Management  located in New York from 1992 to 1995. She received her Chartered
   Financial Analyst designation in 1994.

Effect on Aggregate Fees: As compensation  for their services,  the Advisor (not
the Fund) pays each  sub-advisor an annual fee calculated as a percentage of the
average  daily net assets of the  portion of Fund  assets that is managed by the
sub-advisor (see table below). The Advisor reserves the authority to increase or
decrease the amount of Fund assets managed by each sub-advisor.

Mellon Capital Management Corporation       0.50% on the first $100 million;
                                            0.40% on the next $100 million;
                                            0.30% on the next $100  million;
                                            0.20% on the remaining balance
- --------------------------------------------------------------------------------
Pacific Investment Management Company       0.30%
- --------------------------------------------------------------------------------
Kern Capital Management LLC                 0.50%

THE FOLLOWING SUPPLEMENTS the Fremont Emerging Markets Fund description ON PAGES
8 AND 9.

Effective May 3, 1999,  Nicholas-Applegate  Capital  Management  (Hong Kong) LLC
("NACM"),  the sub-advisor to the Fremont Emerging Markets Fund was acquired by,
and became a member,  of the Colonial  Limited group of companies.  The acquired
NACM entity now operates under the name CMG First State (Hong Kong) LLC ("CMG"),
3/F-30 Cannon Street,  London,  EC4M6YQ,  United Kingdom. Henry Thornton and his
entire team in Asia and the U.K. will continue with the new  organization  under
the Colonial  Limited  ownership and will  continue to be the portfolio  manager
responsible for the day-to-day management of the Fremont Emerging Markets Fund.

Colonial Limited is a diverse international financial services group. Founded in
Australia in 1873,  Colonial  Limited has  operated in New  Zealand,  the United
Kingdom and the Fiji Islands for more than 100 years. During the past decade, it
has expanded into Hong Kong,  Indonesia,  Malaysia,  Thailand,  the Philippines,
mainland China,  Vietnam and, more recently,  Singapore.  Colonial operates core
businesses in life insurance,  pensions,  banking and fund management.  Colonial
was ranked the top funds  management  group in Australia in 1998 and at December
31,  1998 had  client  funds  under  discretionary  management  of over US$ 17.5
billion.

Currently,  the Advisor's management fee is 1.00% per annum, based on the Fund's
average  daily net  assets  and is paid  monthly.  CMG's fees of are paid by the
Advisor and not by the Fund.  There will be no increase in advis ory fees to the
Fund and its shareholders. The Advisor will pay CMG a fee computed at the annual
rate of 0.50% (50 basis  points) of the average  daily net assets of the portion
of Fund assets  allocated to CMG. The Advisor or the Fund upon 30 days'  written
notice may terminate the portfolio  management  agreement  with CMG. The Advisor
has day-to-day authority to increase or decrease the amount of Fund assets under
management by CMG.


THE FOLLOWING INFORMATION SUPPLEMENTS "MONITORING YOUR INVESTMENT," ON PAGE 32.

Managing Your Account Online at www.fremontfunds.com

Fremont  offers Online  Account Access 24 hours a day, seven days a week, at our
secure Web site www.fremontfunds.com. As a shareholder, you can:

+  Check your current Fremont Funds account balance.
+  View your entire portfolio of Fremont Funds accounts.
+  Buy, exchange*, or sell shares.
+  View up to 80 previous transactions.
+  Order duplicate confirmation statements.
+  Order duplicate tax forms.
+  Reorder  checkbooks.  (Available  only for the Fremont Money Market,  Fremont
   Bond Fund, and Fremont California Intermediate Tax-Free Fund.)

*Some restrictions may apply.

The  Fremont  Funds  Web  site  also  provides  in-depth   information  to  help
shareholders track their mutual fund investments, including:

+ Daily fund prices and  performance
+ Fund  portfolio  data and  prospectuses
+ Portfolio manager  biographies and commentaries
+ Fund distribution  schedules
+ Account applications and forms
+ Feature articles