You will have to upgrade your Fusion software which is now at version 5.x. It shouldn't have any effect on your VMs.
Upgrading to Mountain Lion
To upgrade to Mountain Lion you must have Snow Leopard 10.6.8 or Lion installed. Purchase and download Mountain Lion from the App Store. Sign in using your Apple ID. Mountain Lion is $19.99 plus tax. The file is quite large, over 4 GBs, so allow some time to download. It would be preferable to use Ethernet because it is nearly four times faster than wireless.
Macs that can be upgraded to OS X Mountain Lion
1. iMac (Mid 2007 or newer)
2. MacBook (Late 2008 Aluminum, or Early 2009 or newer)
3. MacBook Pro (Mid/Late 2007 or newer)
4. MacBook Air (Late 2008 or newer)
5. Mac mini (Early 2009 or newer)
6. Mac Pro (Early 2008 or newer)
7. Xserve (Early 2009)
Are my applications compatible?