<PAGE> PAGE 1
000 A000000 12/31/96
000 C000000 913130
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE MONTGOMERY FUNDS II
001 B000000 811-8064
001 C000000 4152486293
002 A000000 101 CALIFORNIA STREET
002 B000000 SAN FRANCISCO
002 C000000 CA
002 D010000 94111
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 MONTG INST'L SER: EMERGING MARKETS PORTFOLIO
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C020400 MONTGOMERY ASSET ALLOCATION FUND
007 C030400 N
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 MONTGOMERY ASSET MANAGEMENT, L.P.
008 B00AA01 A
008 C00AA01 801-36790
008 D01AA01 SAN FRANCISCO
008 D02AA01 CA
008 D03AA01 94111
010 A00AA01 MONTGOMERY ASSET MANAGEMENT, L.P.
010 B00AA01 36790
010 C01AA01 SAN FRANCISCO
010 C02AA01 CA
010 C03AA01 94111
011 A00AA01 MONTGOMERY SECURITIES
011 B00AA01 8-04357
011 C01AA01 SAN FRANCISCO
011 C02AA01 CA
<PAGE> PAGE 2
011 C03AA01 94111
012 A00AA01 DST SYSTEMS, INC.
012 B00AA01 84-999
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64141
012 C04AA01 6073
013 A00AA01 DELOITTE & TOUCHE LLP
013 B01AA01 SAN FRANCISCO
013 B02AA01 CA
013 B03AA01 94105
014 A00AA01 MONTGOMERY SECURITIES
014 B00AA01 8-04357
015 A00AA01 MORGAN STANLEY TRUST
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 11201
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 22
019 C00AA00 MONTGOMERY
020 A000001 BARING SECURITIES INC.
020 B000001 04-2455153
020 C000001 109
020 A000002 PEREGRINE
020 C000002 79
020 A000003 UNION BANK OF SWITZERLAND
020 C000003 73
020 A000004 MERRILL LYNCH PIERCE FENNER & SMITH INC.
020 B000004 13-5674085
020 C000004 56
020 A000005 WARBURG (S.G.), COMPANY
020 B000005 13-3340045
020 C000005 52
020 A000006 PHILEO ALLIED
020 C000006 49
020 A000007 CIMB
020 C000007 48
020 A000008 FLEMING
020 C000008 36
020 A000009 CREDIT LYONNAIS
020 C000009 33
020 A000010 MORGAN GRENFELL
020 C000010 31
021 000000 1085
022 A000001 BEAR STEARNS & COMPANY INC.
022 B000001 13-4946705
022 C000001 1778289
022 D000001 18118
<PAGE> PAGE 3
022 A000002 PAINE WEBBER
022 B000002 13-2638166
022 C000002 547910
022 D000002 2992
022 A000003 HSBC SECURITIES
022 C000003 459541
022 D000003 1267
022 A000004 DONALDSON, LUFKIN & JENRETTE
022 B000004 13-2741729
022 C000004 428793
022 D000004 10260
022 A000005 CHASE MANHATTAN BANK N.A.
022 B000005 13-2633612
022 C000005 416096
022 D000005 739
022 A000006 NIKKO SECURITIES
022 C000006 175204
022 D000006 0
022 A000007 CHEMICAL BANK
022 B000007 13-2638166
022 C000007 144927
022 D000007 0
022 A000008 BZW SECURITIES INC.
022 B000008 13-3551367
022 C000008 56743
022 D000008 28411
022 A000009 MORGAN STANLEY & CO. INC.
022 B000009 13-2655998
022 C000009 16195
022 D000009 4015
022 A000010 GREENWICH SECURITIES INC.
022 B000010 13-2697091
022 C000010 18744
022 D000010 0
023 C000000 4118560
023 D000000 115086
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
<PAGE> PAGE 4
026 G010000 N
026 G020000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 N
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
<PAGE> PAGE 5
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
077 A000000 Y
077 O000000 Y
077 Q010000 Y
078 000000 N
080 A00AA00 GULF INSURANCE COMPANY
080 C00AA00 3450
081 A00AA00 Y
081 B00AA00 3
082 A00AA00 Y
082 B00AA00 25
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 3024
028 A020100 0
028 A030100 0
028 A040100 0
028 B010100 0
028 B020100 0
028 B030100 0
028 B040100 0
<PAGE> PAGE 6
028 C010100 0
028 C020100 0
028 C030100 0
028 C040100 0
028 D010100 0
028 D020100 0
028 D030100 0
028 D040100 0
028 E010100 2706
028 E020100 0
028 E030100 0
028 E040100 0
028 F010100 859
028 F020100 2074
028 F030100 0
028 F040100 0
028 G010100 6589
028 G020100 2074
028 G030100 0
028 G040100 0
028 H000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 Y
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 500000
048 A020100 1.250
048 B010100 500000
048 B020100 1.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 100000
048 K020100 0.900
<PAGE> PAGE 7
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 2000000
066 A000100 Y
066 C000100 Y
067 000100 N
068 A000100 N
068 B000100 Y
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 Y
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 Y
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
<PAGE> PAGE 8
071 A000100 105670
071 B000100 99703
071 C000100 253422
071 D000100 39
072 A000100 6
072 B000100 352
072 C000100 1931
072 D000100 0
072 E000100 0
072 F000100 2150
072 G000100 67
072 H000100 0
072 I000100 4
072 J000100 273
072 K000100 0
072 L000100 0
072 M000100 3
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 22
072 S000100 13
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 69
072 X000100 2601
072 Y000100 913
072 Z000100 595
072AA000100 130
072BB000100 0
072CC010100 0
072CC020100 5076
072DD010100 2731
072DD020100 0
072EE000100 0
073 A010100 0.4846
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 5996
074 B000100 8689
074 C000100 0
074 D000100 2277
074 E000100 37985
074 F000100 215713
074 G000100 0
074 H000100 0
074 I000100 1869
074 J000100 2275
<PAGE> PAGE 9
074 K000100 0
074 L000100 2036
074 M000100 1720
074 N000100 278560
074 O000100 4164
074 P000100 17
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 1920
074 S000100 0
074 T000100 272459
074 U010100 5698
074 U020100 0
074 V010100 47.82
074 V020100 0.00
074 W000100 0.0000
074 X000100 31
074 Y000100 0
075 A000100 266791
075 B000100 0
076 000100 0.00
028 A010400 4561
028 A020400 0
028 A030400 0
028 A040400 5870
028 B010400 4991
028 B020400 0
028 B030400 0
028 B040400 2154
028 C010400 4420
028 C020400 0
028 C030400 0
028 C040400 2438
028 D010400 5424
028 D020400 10100
028 D030400 0
028 D040400 4172
028 E010400 5106
028 E020400 0
028 E030400 0
028 E040400 4532
028 F010400 4210
028 F020400 4416
028 F030400 0
028 F040400 5104
028 G010400 28712
028 G020400 14516
028 G030400 0
028 G040400 24270
<PAGE> PAGE 10
028 H000400 0
037 000400 N
038 000400 0
039 000400 N
040 000400 Y
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.000
048 A010400 500000
048 A020400 0.800
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 500000
048 K020400 0.650
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 Y
060 B000400 Y
061 000400 1000
066 A000400 Y
066 G000400 Y
067 000400 Y
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 N
<PAGE> PAGE 11
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 N
070 M010400 Y
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 Y
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 131276
071 B000400 118340
071 C000400 126292
071 D000400 94
072 A000400 6
072 B000400 2458
072 C000400 340
072 D000400 0
072 E000400 0
072 F000400 693
072 G000400 48
072 H000400 0
072 I000400 157
072 J000400 11
072 K000400 0
072 L000400 19
072 M000400 4
072 N000400 26
072 O000400 0
072 P000400 76
<PAGE> PAGE 12
072 Q000400 0
072 R000400 15
072 S000400 6
072 T000400 0
072 U000400 5
072 V000400 0
072 W000400 43
072 X000400 1103
072 Y000400 121
072 Z000400 1816
072AA000400 4293
072BB000400 0
072CC010400 0
072CC020400 392
072DD010400 2908
072DD020400 1
072EE000400 11979
073 A010400 0.3909
073 A020400 0.3430
073 B000400 1.6621
073 C000400 0.0000
074 A000400 0
074 B000400 11699
074 C000400 1000
074 D000400 70436
074 E000400 0
074 F000400 71504
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 1062
074 K000400 0
074 L000400 1932
074 M000400 15
074 N000400 157648
074 O000400 14496
074 P000400 109
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 702
074 S000400 0
074 T000400 142341
074 U010400 7867
074 U020400 3
074 V010400 18.09
074 V020400 18.12
074 W000400 0.0000
074 X000400 7018
074 Y000400 0
<PAGE> PAGE 13
075 A000400 137291
075 B000400 0
076 000400 0.00
SIGNATURE MARY JANE FROSS
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> MONTGOMERY II INSTIT SERIES EMERG MKTS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 246,655,380
<INVESTMENTS-AT-VALUE> 266,533,485
<RECEIVABLES> 4,311,102
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 7,715,657
<TOTAL-ASSETS> 278,560,244
<PAYABLE-FOR-SECURITIES> 4,163,682
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,937,010
<TOTAL-LIABILITIES> 6,100,692
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 267,015,196
<SHARES-COMMON-STOCK> 5,697,799
<SHARES-COMMON-PRIOR> 5,518,032
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (940,908)
<ACCUMULATED-NET-GAINS> (13,339,035)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,724,299
<NET-ASSETS> 272,459,552
<DIVIDEND-INCOME> 1,931,405
<INTEREST-INCOME> 351,621
<OTHER-INCOME> 0
<EXPENSES-NET> 1,687,853
<NET-INVESTMENT-INCOME> 595,173
<REALIZED-GAINS-CURRENT> 130,240
<APPREC-INCREASE-CURRENT> (5,076,468)
<NET-CHANGE-FROM-OPS> (4,351,055)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,730,875)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 135,256
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 44,511
<NET-CHANGE-IN-ASSETS> 1,581,592
<ACCUMULATED-NII-PRIOR> 1,194,794
<ACCUMULATED-GAINS-PRIOR> (13,469,275)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,149,820
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,600,978
<AVERAGE-NET-ASSETS> 266,791,307
<PER-SHARE-NAV-BEGIN> 49.09
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> (0.90)
<PER-SHARE-DIVIDEND> (0.48)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 47.82
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>042
<NAME>MONTGOMERY ASSET ALLOCATION CL-P
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 142,379,734
<INVESTMENTS-AT-VALUE> 154,639,032
<RECEIVABLES> 2,993,981
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 15,087
<TOTAL-ASSETS> 157,648,100
<PAYABLE-FOR-SECURITIES> 14,495,844
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 811,370
<TOTAL-LIABILITIES> 15,307,214
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 51,964
<SHARES-COMMON-STOCK> 2,626
<SHARES-COMMON-PRIOR> 2,200
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (90,252)
<ACCUMULATED-NET-GAINS> 1,094,135
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,259,298
<NET-ASSETS> 47,573
<DIVIDEND-INCOME> 340,314
<INTEREST-INCOME> 2,457,738
<OTHER-INCOME> 0
<EXPENSES-NET> 982,212
<NET-INVESTMENT-INCOME> 1,815,840
<REALIZED-GAINS-CURRENT> 4,293,222
<APPREC-INCREASE-CURRENT> (392,117)
<NET-CHANGE-FROM-OPS> 5,716,945
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (834)
<DISTRIBUTIONS-OF-GAINS> (3,810)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 173
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 253
<NET-CHANGE-IN-ASSETS> 9,787,552
<ACCUMULATED-NII-PRIOR> 1,002,787
<ACCUMULATED-GAINS-PRIOR> 8,779,843
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 693,300
<INTEREST-EXPENSE> 76,499
<GROSS-EXPENSE> 1,103,015
<AVERAGE-NET-ASSETS> 44,027
<PER-SHARE-NAV-BEGIN> 19.33
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> 0.58
<PER-SHARE-DIVIDEND> (0.34)
<PER-SHARE-DISTRIBUTIONS> (1.66)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 18.12
<EXPENSE-RATIO> 1.55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 1.7900
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>041
<NAME>MONTGOMERY ASSET ALLOCATION CL-R
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 142,379,734
<INVESTMENTS-AT-VALUE> 154,639,032
<RECEIVABLES> 2,993,981
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 15,087
<TOTAL-ASSETS> 157,648,100
<PAYABLE-FOR-SECURITIES> 14,495,844
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 811,370
<TOTAL-LIABILITIES> 15,307,214
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 129,025,741
<SHARES-COMMON-STOCK> 7,867,228
<SHARES-COMMON-PRIOR> 6,854,928
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (90,252)
<ACCUMULATED-NET-GAINS> 1,094,135
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,259,298
<NET-ASSETS> 142,293,313
<DIVIDEND-INCOME> 340,314
<INTEREST-INCOME> 2,457,738
<OTHER-INCOME> 0
<EXPENSES-NET> 982,212
<NET-INVESTMENT-INCOME> 1,815,840
<REALIZED-GAINS-CURRENT> 4,293,222
<APPREC-INCREASE-CURRENT> (392,117)
<NET-CHANGE-FROM-OPS> 5,716,945
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,908,045)
<DISTRIBUTIONS-OF-GAINS> (11,975,120)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,507,058
<NUMBER-OF-SHARES-REDEEMED> (1,284,025)
<SHARES-REINVESTED> 789,267
<NET-CHANGE-IN-ASSETS> 9,787,552
<ACCUMULATED-NII-PRIOR> 1,002,787
<ACCUMULATED-GAINS-PRIOR> 8,779,843
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 693,300
<INTEREST-EXPENSE> 76,499
<GROSS-EXPENSE> 1,103,015
<AVERAGE-NET-ASSETS> 137,246,980
<PER-SHARE-NAV-BEGIN> 19.33
<PER-SHARE-NII> 0.23
<PER-SHARE-GAIN-APPREC> 0.58
<PER-SHARE-DIVIDEND> (0.39)
<PER-SHARE-DISTRIBUTIONS> (1.66)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 18.09
<EXPENSE-RATIO> 1.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 1.7900
</TABLE>
The Montgomery Funds
Rule 10f-3 Transactions
Arpil 1, 1996 Through June 30, 1996
Trade $ Value Purchase
% of Fund % of
Date Security Description Broker Purchased Price
Assets TestIssue Test
ASSET ALLOCATION
4/29/96 Polycom MSCO $225,000 $9.00
0.17% 0.94%
5/7/96 Associates First CapitGSCO $522,000 $29.00
0.41% 0.64%
5/23/96 HFS Inc MSCO $899,000 $62.00
0.67% 1.46%
6/18/96 GTech Holdings Corp DLJP $977,500 $28.75
0.73% 3.75%
6/19/96 Interstate Hotels MLCO $277,200 $21.00
0.21% 1.31%
(1) - Purchase may not exceed three percent of the Fund's total
assets. Ratio is ini systems and reports are based on net assets).
If the ratio based on net asseets (obtained from First Data)
to ensure compliance. Ratios in bold indic
(2) - Represents purchases by all affiliated Funds; may not
exceed the greater of: (offering or (ii) $500,000 in principal
amount, but in no event greater than
