RULE 497(e)
33-34841
811-6011
THE MONTGOMERY FUNDS
Supplement dated September 1, 1998, to
Prospectus dated October 15, 1997, as supplemented
For the Montgomery U.S. Emerging Growth Fund--Class R Shares
Effective September 4, 1998, the U.S. Emerging Growth Fund, formerly the Micro
Cap Fund (the "Fund") will, for a limited period of time, reopen for purchases
by prospective investors.
Also effective September 4, 1998, the minimum initial investment in the Fund
will be lowered to $1,000 and the minimum subsequent investment will be reduced
to $100.
The Manager, at its discretion, may continue to close and reopen the Fund to new
investors. If the Fund is closed, only investors who maintain open accounts with
the Fund may make additional investments in the Fund.