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To: marc ultra who wrote (2717)	1/6/1999 9:11:00 PM
From: marc ultra	Read Replies (2) \| Respond to of 15132

re:montgomery emerging growth and small cap opportunities merger Here is the response I got from Montgomery concerning my expressed unhappiness about the merger This letter is in regard to your comments about the proposed merger of the Montgomery Small Cap Opportunities Fund and the Montgomery U.S. Emerging Growth Fund. The decision to merge these two Funds was reached after much discussion among the Fund's management team, its Board of Directors and senior management of Montgomery Asset Management. We strongly believe that the proposed reorganization is in the best interest of the shareholders of both of these Funds. By reorganizing the Montgomery Small Cap Opportunities Fund into the Montgomery U.S. Emerging Growth Fund, the Fund's managers believe they will be able to focus the efforts of our Growth team on one small cap product, and provide the Management Team the opportunity to capitalize on the many exciting prospects in the small and micro cap sectors. While we acknowledge your comments about burgeoning asset levels, if the reorganization is approved please be assured that the new Fund will continue to monitor its asset levels to ensure that they remain manageable. We hope that this letter has been responsive to your questions and concerns. If you have any further questions, please contact a Shareholder Service Representative at 800-572-3863, option 4. Sincerely, Terry Flynn Supervisor, Shareholder Services