Law Offices of
Paul, Hastings, Janofsky & Walker LLP
345 California Street
San Francisco, California 94104-2635
Telephone (415) 835-1600
Facsimile (415) 217-5333
Internet www.phjw.com
January 13, 2000
VIA EDGAR
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Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Rule 497(e)--The Montgomery Funds
Montgomery Growth 20 Portfolio
Montgomery International 20 Portfolio
File Nos. 33-34841 and 811-6011
Ladies and Gentleman:
Pursuant to Rule 497(e) under the Securities Act of 1933, as amended,
enclosed for filing is a supplement dated January 13, 2000 to the Prospectus
dated December 31, 1999 for the Montgomery Growth 20 Portfolio and the
Montgomery International Growth 20 Portfolio, two series of the Registrant. The
enclosed supplement contains an appropriate reference on its face to Rule 497(e)
in accordance with Rule 497(g).
Please direct any inquiries regarding this filing to the undersigned
(415) 835-1649.
Very truly yours,
/s/ Thao H. Ngo
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Thao H. Ngo
for PAUL, HASTINGS, JANOFSKY & WALKER LLP
<PAGE>
Rule 497(e)
File Nos. 33-34841 and 811-6011
THE MONTGOMERY FUNDS
Supplement dated January 13, 2000
to the Prospectus dated December 31, 1999
For Shareholders in the Montgomery Growth 20 Portfolio
and Montgomery International 20 Portfolio only
Prospective and current investors in these Portfolios should understand that the
portfolio managers may sell stocks "short" (selling a security a Portfolio does
not own) in an effort to partially hedge the Portfolios' other investments or to
garner returns from insights made from research. Neither Portfolio expects to
make significant use of short sales, but the portfolio managers may, from time
to time, engage in short sales when believed to be appropriate.
Short sales are speculative investments and will cause a Portfolio to lose money
if the value of a security does not go down as the portfolio managers expect. In
addition, the use of short sales may cause a Portfolio to have expenses that are
higher than other equity funds not using short sales.
