MONTGOMERY FUNDS I, 497, 1999-03-11

MONTGOMERY FUNDS I
497, 1999-03-11

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                                                                     RULE 497(e)
                                                 File Nos. 33-34841 and 811-6011

                              THE MONTGOMERY FUNDS

                    Supplement dated March 15, 1999, to the
                       Prospectus dated January 31, 1999


For the Montgomery California Tax-Free Money Fund--Class R Shares

Effective April 1, 1999, the California  Tax-Free Money Fund will invest in only
those  municipal  securities  that provide  income  exempt from the  alternative
minimum tax.