<PAGE> PAGE 1
000 B000000 06/30/98
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 4152486659
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 4
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 U.S. 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, LLC
008 B00AA01 A
008 C00AA01 801-36790
008 D01AA01 SAN FRANCISCO
008 D02AA01 CA
008 D03AA01 94111
010 A00AA01 MONTGOMERY ASSET MANAGEMENT, LLC
010 B00AA01 36790
010 C01AA01 SAN FRANCISCO
010 C02AA01 CA
010 C03AA01 94111
011 A00AA01 FUNDS DISTRIBUTOR, INC.
011 B00AA01 8-20518
011 C01AA01 BOSTON
011 C02AA01 MA
<PAGE> PAGE 2
011 C03AA01 02109
012 A00AA01 DST SYSTEMS, INC.
012 B00AA01 84-999
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64141
012 C04AA01 6073
013 A00AA01 PRICE WATERHOUSE COOPERS LLP
013 B01AA01 SAN FRANCISCO
013 B02AA01 CA
013 B03AA01 94104
014 A00AA01 BANKHAUS BAUER AKTIENGESELLSCHAFT
014 B00AA01 8-99999
014 A00AA02 CAISSE CENTRALE DE REESCOMPRE, S.A.
014 B00AA02 8-99999
014 A00AA03 CCR-GESTION
014 B00AA03 8-99999
014 A00AA04 CB FINANCE COMPANY B.V.
014 B00AA04 8-99999
014 A00AA05 COMMERZBANK OVERSEAS FINANCE N.V.
014 B00AA05 8-99999
014 A00AA06 COMDIRECT BANK GMBH
014 B00AA06 8-99999
014 A00AA07 COMMERZ FINANCIAL PRODUCTS GMBH
014 B00AA07 8-99999
014 A00AA08 COMMERZ FINANCIAL PRODUCTS S.A.
014 B00AA08 8-99999
014 A00AA09 COMMERZ FINANCIAL PRODUCTS USA INC.
014 B00AA09 8-99999
014 A00AA10 COMMERZ FUTURES CORPORATION
014 B00AA10 8-99999
014 A00AA11 COMMERZBANK CAPITAL MARKETS CORPORATION
014 B00AA11 8-39399
014 A00AA12 COMMERZBANK EUROPE (IRELAND)
014 B00AA12 8-99999
014 A00AA13 COMMERZBANK EUROPE (IRELAND) FINANCE PLC
014 B00AA13 8-99999
014 A00AA14 COMMERZBANK INTERNATIONAL S.A.
014 B00AA14 8-99999
014 A00AA15 COMMERZBANK U.S. FINANCE, INC.
014 B00AA15 8-99999
014 A00AA16 COMMERZBANK (BUDAPEST) RT.
014 B00AA16 8-99999
014 A00AA17 COMMERZBANK (NEDERLAND) N.V.
014 B00AA17 8-99999
014 A00AA18 COMMERZ (EAST ASIA) LTD.
014 B00AA18 8-99999
014 A00AA19 COMMERZBANK (SOUTH EAST ASIA) LTD.
014 B00AA19 8-99999
014 A00AA20 COMMERZBANK (SWITZERLAND) LTD.
014 B00AA20 8-99999
<PAGE> PAGE 3
014 A00AA21 HYPOTHEKENBANK IN ESSEN AG
014 B00AA21 8-99999
014 A00AA22 INDUGEST S.A.R.L.
014 B00AA22 8-99999
014 A00AA23 RHEINHYP RHEINISCHE HYPOTHEKENBANK AKTIENGESE
014 B00AA23 8-99999
014 A00AA24 VON DER HEYDT-KERSTEN & SOHNE
014 B00AA24 8-99999
014 A00AA25 WOODCOMMERZ N.V.
014 B00AA25 8-99999
014 A00AA26 DEUTSCHE SCHIFFSBANK AKTIENGESELLSCHAFT
014 B00AA26 8-99999
014 A00AA27 BANK ROZWOJU EKSPORTU S.A.
014 B00AA27 8-99999
014 A00AA28 CAPITAL INVESTMENT TRUST CORPORATION
014 B00AA28 8-99999
014 A00AA29 COMMERZ SECURITIES (JAPAN) COMPANY LTD.
014 B00AA29 8-99999
014 A00AA30 HISPANO COMMERZBANK (GIBRALTAR) LTD.
014 B00AA30 8-99999
014 A00AA31 KOREA INTERNATIONAL MERCHANT BANK LTD.
014 B00AA31 8-99999
014 A00AA32 P.T. BANK FINCONESIA
014 B00AA32 8-99999
014 A00AA33 UNIBANCO HOLDINGS S.A.
014 B00AA33 8-99999
014 A00AA34 ABC GESTION
014 B00AA34 8-99999
014 A00AA35 CCR-TITRISATION
014 B00AA35 8-99999
014 A00AA36 WOOD SECURITIES BV
014 B00AA36 8-99999
014 A00AA37 MAM SECURITIES, LLC
014 B00AA37 8-49303
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 27
019 C00AA00 MONTGOMERY
020 A000001 MERRILL LYNCH PIERCE FENNER & SMITH INC.
020 B000001 13-5674085
020 C000001 101
020 A000002 CAPEL (JAMES)
020 B000002 52-1488224
020 C000002 82
020 A000003 FLEMING
<PAGE> PAGE 4
020 C000003 67
020 A000004 MORGAN STANLEY & CO. INC.
020 B000004 13-2655998
020 C000004 58
020 A000005 W.I. CARR (AMERICA) LTD.
020 B000005 13-2927466
020 C000005 52
020 A000006 SANTANDER INVESTMENT
020 C000006 49
020 A000007 CREDIT LYONNAIS SECURITIES
020 B000007 13-2602298
020 C000007 43
020 A000008 GLOBAL SECURITIES
020 C000008 42
020 A000009 HOARE GOVETT
020 C000009 29
020 A000010 SALOMON BROTHERS
020 C000010 27
021 000000 950
022 A000001 BEAR STEARNS & COMPANY INC.
022 B000001 13-4946705
022 C000001 476335
022 D000001 408
022 A000002 CHASE MANHATTAN BANK N.A.
022 B000002 13-2633612
022 C000002 230446
022 D000002 0
022 A000003 BZW SECURITIES INC.
022 B000003 13-3551367
022 C000003 155634
022 D000003 0
022 A000004 NOMURA SECURITIES INTERNATIONAL, INC.
022 B000004 13-2642206
022 C000004 85379
022 D000004 0
022 A000005 PAINE WEBBER INC.
022 B000005 13-2638166
022 C000005 76211
022 D000005 0
022 A000006 GREENWICH SECURITIES INC.
022 B000006 13-2697091
022 C000006 54597
022 D000006 0
022 A000007 BARING SECURITIES INC.
022 B000007 04-2455153
022 C000007 12208
022 D000007 32096
022 A000008 UBS SECURITIES INC.
022 B000008 13-2932996
022 C000008 0
022 D000008 3473
<PAGE> PAGE 5
022 A000009 MORGAN STANLEY & CO. INC.
022 B000009 13-2655998
022 C000009 2031
022 D000009 964
022 A000010 FIRST BOSTON CORPORATION
022 B000010 13-5659485
022 C000010 867
022 D000010 9297
023 C000000 1126500
023 D000000 46238
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
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
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
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
<PAGE> PAGE 6
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 B000000 Y
077 Q010000 Y
078 000000 N
080 A00AA00 NATIONAL UNION INSURANCE COMPANY
080 C00AA00 4000
081 A00AA00 Y
081 B00AA00 1
082 A00AA00 Y
082 B00AA00 10
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 180
028 A020100 0
028 A030100 0
028 A040100 7849
028 B010100 6202
028 B020100 0
028 B030100 0
028 B040100 0
028 C010100 500
028 C020100 0
028 C030100 0
028 C040100 2160
028 D010100 150
028 D020100 0
028 D030100 0
<PAGE> PAGE 7
028 D040100 0
028 E010100 500
028 E020100 0
028 E030100 0
028 E040100 0
028 F010100 0
028 F020100 0
028 F030100 0
028 F040100 1280
028 G010100 7532
028 G020100 0
028 G030100 0
028 G040100 11289
028 H000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 N
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 0
044 000100 0
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
<PAGE> PAGE 8
048 J020100 0.000
048 K010100 100000
048 K020100 0.900
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 N
053 C000100 N
054 A000100 Y
054 B000100 Y
054 C000100 Y
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 Y
054 H000100 Y
054 I000100 N
054 J000100 Y
054 K000100 N
054 L000100 Y
054 M000100 Y
054 N000100 N
054 O000100 N
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
<PAGE> PAGE 9
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 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
070 N010100 Y
070 N020100 Y
070 O010100 Y
070 O020100 Y
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 262003
071 B000100 276184
071 C000100 251925
071 D000100 104
072 A000100 12
072 B000100 632
072 C000100 5292
072 D000100 0
072 E000100 0
072 F000100 3536
072 G000100 134
072 H000100 0
072 I000100 5
072 J000100 565
072 K000100 0
072 L000100 0
072 M000100 6
072 N000100 0
072 O000100 0
072 P000100 17
072 Q000100 0
072 R000100 46
072 S000100 31
072 T000100 0
072 U000100 8
072 V000100 0
<PAGE> PAGE 10
072 W000100 100
072 X000100 4448
072 Y000100 1090
072 Z000100 2566
072AA000100 0
072BB000100 29436
072CC010100 0
072CC020100 95234
072DD010100 3560
072DD020100 0
072EE000100 855
073 A010100 0.6400
073 A020100 0.0000
073 B000100 0.1500
073 C000100 0.0000
074 A000100 922
074 B000100 6946
074 C000100 0
074 D000100 0
074 E000100 22161
074 F000100 168685
074 G000100 0
074 H000100 0
074 I000100 876
074 J000100 1394
074 K000100 0
074 L000100 717
074 M000100 5
074 N000100 201706
074 O000100 3819
074 P000100 76
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 233
074 S000100 0
074 T000100 197578
074 U010100 5549
074 U020100 0
074 V010100 35.61
074 V020100 0.00
074 W000100 0.0000
074 X000100 25
074 Y000100 0
075 A000100 0
075 B000100 267162
076 000100 0.00
028 A010400 3784
028 A020400 0
028 A030400 0
<PAGE> PAGE 11
028 A040400 4544
028 B010400 2173
028 B020400 0
028 B030400 0
028 B040400 5573
028 C010400 2751
028 C020400 0
028 C030400 0
028 C040400 5381
028 D010400 2494
028 D020400 0
028 D030400 0
028 D040400 6687
028 E010400 2465
028 E020400 0
028 E030400 0
028 E040400 4093
028 F010400 2418
028 F020400 0
028 F030400 0
028 F040400 6439
028 G010400 16085
028 G020400 0
028 G030400 0
028 G040400 32717
028 H000400 0
037 000400 N
038 000400 0
039 000400 Y
040 000400 Y
041 000400 Y
042 A000400 0
042 B000400 0
042 C000400 0
042 D000400 100
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 0
044 000400 0
045 000400 N
048 000400 0.000
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
<PAGE> PAGE 12
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 0
048 K020400 0.000
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 N
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
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 Y
070 L010400 Y
<PAGE> PAGE 13
070 L020400 Y
070 M010400 Y
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 256588
071 B000400 127791
071 C000400 152132
071 D000400 84
072 A000400 12
072 B000400 0
072 C000400 4566
072 D000400 0
072 E000400 0
072 F000400 0
072 G000400 0
072 H000400 0
072 I000400 284
072 J000400 0
072 K000400 0
072 L000400 52
072 M000400 6
072 N000400 33
072 O000400 0
072 P000400 16
072 Q000400 0
072 R000400 5
072 S000400 11
072 T000400 0
072 U000400 6
072 V000400 0
072 W000400 14
072 X000400 427
072 Y000400 72
072 Z000400 4211
072AA000400 14738
072BB000400 0
072CC010400 0
072CC020400 15590
072DD010400 10519
072DD020400 6
072EE000400 11772
073 A010400 1.6300
<PAGE> PAGE 14
073 A020400 1.5800
073 B000400 1.8300
073 C000400 0.0000
074 A000400 180
074 B000400 0
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 128185
074 J000400 56
074 K000400 0
074 L000400 50
074 M000400 6
074 N000400 128477
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 331
074 S000400 0
074 T000400 128146
074 U010400 6711
074 U020400 4
074 V010400 19.08
074 V020400 19.11
074 W000400 0.0000
074 X000400 5846
074 Y000400 0
075 A000400 0
075 B000400 135712
076 000400 0.00
SIGNATURE KAREN JACOPPO-WOOD
TITLE VP/ASST SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> MONTGOMERY II INSTIT SERIES EMERG MKTS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 229,142,320
<INVESTMENTS-AT-VALUE> 198,192,006
<RECEIVABLES> 2,111,934
<ASSETS-OTHER> 1,398,122
<OTHER-ITEMS-ASSETS> 3,848
<TOTAL-ASSETS> 201,705,910
<PAYABLE-FOR-SECURITIES> 3,819,795
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 308,006
<TOTAL-LIABILITIES> 4,127,801
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 260,161,589
<SHARES-COMMON-STOCK> 5,549,105
<SHARES-COMMON-PRIOR> 5,710,734
<ACCUMULATED-NII-CURRENT> (196,482)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (31,432,938)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (30,954,060)
<NET-ASSETS> 197,578,109
<DIVIDEND-INCOME> 5,291,687
<INTEREST-INCOME> 632,189
<OTHER-INCOME> 0
<EXPENSES-NET> 3,357,494
<NET-INVESTMENT-INCOME> 2,566,382
<REALIZED-GAINS-CURRENT> (29,436,439)
<APPREC-INCREASE-CURRENT> (95,233,904)
<NET-CHANGE-FROM-OPS> (122,103,961)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,559,976)
<DISTRIBUTIONS-OF-GAINS> (854,895)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 839,837
<NUMBER-OF-SHARES-REDEEMED> (1,075,255)
<SHARES-REINVESTED> 73,789
<NET-CHANGE-IN-ASSETS> (136,602,588)
<ACCUMULATED-NII-PRIOR> 1,620,507
<ACCUMULATED-GAINS-PRIOR> 756,771
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,536,299
<INTEREST-EXPENSE> 16,546
<GROSS-EXPENSE> 4,447,505
<AVERAGE-NET-ASSETS> 267,161,978
<PER-SHARE-NAV-BEGIN> 58.52
<PER-SHARE-NII> 0.32
<PER-SHARE-GAIN-APPREC> (22.44)
<PER-SHARE-DIVIDEND> (0.64)
<PER-SHARE-DISTRIBUTIONS> (0.15)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 35.61
<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> 041
<NAME> MONTGOMERY U.S. ASSET ALLOCATION FUND-CLASS R SHAR
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 128,861,173
<INVESTMENTS-AT-VALUE> 128,184,621
<RECEIVABLES> 56,115
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 235,768
<TOTAL-ASSETS> 128,476,504
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 330,509
<TOTAL-LIABILITIES> 330,509
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121,709,631
<SHARES-COMMON-STOCK> 6,711,450
<SHARES-COMMON-PRIOR> 6,397,093
<ACCUMULATED-NII-CURRENT> 1,771,592
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,274,295
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (676,552)
<NET-ASSETS> 128,075,020
<DIVIDEND-INCOME> 4,566,573
<INTEREST-INCOME> (8,015)
<OTHER-INCOME> 0
<EXPENSES-NET> 355,283
<NET-INVESTMENT-INCOME> 4,211,290
<REALIZED-GAINS-CURRENT> (14,738,037)
<APPREC-INCREASE-CURRENT> (15,589,537)
<NET-CHANGE-FROM-OPS> 3,359,790
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10,518,904)
<DISTRIBUTIONS-OF-GAINS> (11,764,751)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,182,888
<NUMBER-OF-SHARES-REDEEMED> (3,086,435)
<SHARES-REINVESTED> 1,217,904
<NET-CHANGE-IN-ASSETS> 858,000
<ACCUMULATED-NII-PRIOR> 1,505,327
<ACCUMULATED-GAINS-PRIOR> 8,887,667
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 427,061
<AVERAGE-NET-ASSETS> 135,633,554
<PER-SHARE-NAV-BEGIN> 19.89
<PER-SHARE-NII> 1.66
<PER-SHARE-GAIN-APPREC> 0.99
<PER-SHARE-DIVIDEND> (1.63)
<PER-SHARE-DISTRIBUTIONS> (1.83)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.08
<EXPENSE-RATIO> 0.26
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 042
<NAME> MONTGOMERY U.S. ASSET ALLOCATION FUND-CLASS P SHAR
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 128,861,173
<INVESTMENTS-AT-VALUE> 128,184,621
<RECEIVABLES> 56,115
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 235,768
<TOTAL-ASSETS> 128,476,504
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 330,509
<TOTAL-LIABILITIES> 330,509
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 67,030
<SHARES-COMMON-STOCK> 3,714
<SHARES-COMMON-PRIOR> 3,734
<ACCUMULATED-NII-CURRENT> 1,771,592
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,274,295
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (676,552)
<NET-ASSETS> 70,975
<DIVIDEND-INCOME> 4,566,573
<INTEREST-INCOME> (8,015)
<OTHER-INCOME> 0
<EXPENSES-NET> 355,283
<NET-INVESTMENT-INCOME> 4,211,290
<REALIZED-GAINS-CURRENT> (14,738,037)
<APPREC-INCREASE-CURRENT> (15,589,537)
<NET-CHANGE-FROM-OPS> 3,359,790
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,926)
<DISTRIBUTIONS-OF-GAINS> (6,851)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 334
<NUMBER-OF-SHARES-REDEEMED> (1,074)
<SHARES-REINVESTED> 720
<NET-CHANGE-IN-ASSETS> 858,000
<ACCUMULATED-NII-PRIOR> 1,505,327
<ACCUMULATED-GAINS-PRIOR> 8,887,667
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 427,061
<AVERAGE-NET-ASSETS> 78,782
<PER-SHARE-NAV-BEGIN> 19.89
<PER-SHARE-NII> 1.62
<PER-SHARE-GAIN-APPREC> 1.01
<PER-SHARE-DIVIDEND> (1.58)
<PER-SHARE-DISTRIBUTIONS> (1.83)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 19.11
<EXPENSE-RATIO> 0.51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
