FREMONT MUTUAL FUNDS, INC.
SUPPLEMENT DATED APRIL 23, 1997
TO THE PROSPECTUS DATED MARCH 1, 1997
Effective April 23, 1997, Morgan Grenfell Capital
Management, Inc. ("Morgan Grenfell") no longer serves as Sub-
Advisor to the Fremont U.S. Micro-Cap Fund (the "Fund"). Fund
management is now handled directly and completely by Fremont
Investment Advisors, Inc. (the "Advisor") in association with Mr.
Robert E. Kern, formerly with Morgan Grenfell and now associated
with the Advisor. Mr. Kern has been responsible for the day-to-
day portfolio management of the Fund since inception and is
expected to continue in that role.
<PAGE>
