<PAGE>
Monument Series Fund, Inc.
Supplement Dated March 20, 1998
to the Prospectus Dated January 2, 1998
Effective March 23, 1998, the following information replaces the section
entitled "BUYING, REDEEMING, AND EXCHANGING SHARES - Public Offering Price"
as found on page 12 of the current prospectus for Monument Washington
Regional Growth Fund and Monument Washington Regional Aggressive Growth Fund,
(each a "Fund"; collectively, the "Funds"):
<TABLE>
<CAPTION>
SALES CHARGE AS A PERCENTAGE OF AMOUNT PAID TO
------------------------------- DEALERS AS A
AMOUNT OF PURCHASE AT THE OFFERING NET AMOUNT PERCENTAGE OF
PUBLIC OFFERING PRICE PRICE INVESTED OFFERING PRICE
- --------------------- ----- -------- --------------
<S> <C> <C> <C>
$50,000 or less 4.75% 4.99% 4.00%
Over $50,000 through $100,000 3.50% 3.63% 3.00%
Over $100,000 through $1,000,000 2.50% 2.56% 2.25%
Above $1,000,000 0.25% 0.25% 0.25%
</TABLE>
