Rule 497(e)
File Nos. 33-34841 and 811-6011
The Montgomery Funds
Supplement dated December 10, 1998
to the Combined Prospectus for Class R Shares
(dated October 31, 1998)
For the Montgomery Small Cap Fund
Effective December 1, 1998, the Small Cap Fund reopened to new investors.
From time to time, Montgomery may again close or open the Small Cap Fund to
new investors at its discretion.
For the Montgomery Small Cap Opportunities Fund and the Montgomery U.S.
Emerging Growth Fund
The Small Cap Opportunities Fund is expected to be reorganized into the
U.S. Emerging Growth Fund during the first quarter of 1999. Following the
reorganization, shareholders of the Small Cap Opportunities Fund would
become shareholders of the U.S. Emerging Growth Fund. The Small Cap
Opportunities Fund would then cease operations. The reorganization is
subject to approval by the shareholders of the Small Cap Opportunities
Fund. Proxy materials containing detailed information and seeking approval
of the reorganization will be sent to those shareholders.
For the Montgomery Latin America Fund
Effective December 15, 1998, the Latin America Fund will be closed to
additional investments. On January 29, 1999, the Latin America Fund will
redeem all remaining shares. Checks for the proceeds will be sent to
remaining shareholders. The Latin America Fund will then cease operations.
For the Select 50 Fund and the U.S. Asset Allocation Fund
The full Investment Oversight Committee of Montgomery Asset Management is
now responsible for overseeing investment decisions of the Select 50 Fund
and allocating assets among the underlying funds for the U.S. Asset
Allocation Fund.
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