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RULE 497(e) 33-84450 811-8782 THE MONTGOMERY FUNDS Additional Supplement dated December 1, 1996 to Prospectus dated April 29, 1996 Montgomery Variable Series: Emerging Markets Fund Thomas R. Haslett no longer serves as a portfolio manager for this Fund. Josephine S. Jimenez, CFA, Bryan L. Sudweeks, Ph.D., CFA, Frank Chiang and Angeline Ee, will continue to have primary responsibility for managing this Fund. See "Management of the Fund" in the Prospectus.
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