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<PAGE> PAGE 6
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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SIGNATURE KAREN JACOPPO-WOOD
TITLE VP/ASST SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000913130
<NAME> THE MONTGOMERY FUNDS II
<SERIES>
<NUMBER> 04
<NAME> U.S. ASSET ALLOCATION, R
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<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 77,061,164
<INVESTMENTS-AT-VALUE> 81,199,261
<RECEIVABLES> 230,096
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 90,799
<TOTAL-ASSETS> 81,520,156
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 330,661
<TOTAL-LIABILITIES> 330,661
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77,396,130
<SHARES-COMMON-STOCK> 4,838,742
<SHARES-COMMON-PRIOR> 6,711,450
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<NET-ASSETS> 81,189,495
<DIVIDEND-INCOME> 3,117,168
<INTEREST-INCOME> 3,100
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<NET-INVESTMENT-INCOME> 2,867,104
<REALIZED-GAINS-CURRENT> 1,328,853
<APPREC-INCREASE-CURRENT> 4,581,206
<NET-CHANGE-FROM-OPS> 8,777,163
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,412,395)
<DISTRIBUTIONS-OF-GAINS> (17,925,911)
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<NUMBER-OF-SHARES-SOLD> 871,727
<NUMBER-OF-SHARES-REDEEMED> (4,248,757)
<SHARES-REINVESTED> 1,504,322
<NET-CHANGE-IN-ASSETS> (46,956,500)
<ACCUMULATED-NII-PRIOR> 1,771,623
<ACCUMULATED-GAINS-PRIOR> 19,956,327
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 92,861
<GROSS-EXPENSE> 460,757
<AVERAGE-NET-ASSETS> 101,199,252
<PER-SHARE-NAV-BEGIN> 19.08
<PER-SHARE-NII> 0.48
<PER-SHARE-GAIN-APPREC> 1.23
<PER-SHARE-DIVIDEND> (0.93)
<PER-SHARE-DISTRIBUTIONS> (3.09)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.77
<EXPENSE-RATIO> 0.25
</TABLE>
<TABLE> <S> <C>
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<NAME> THE MONTGOMERY FUNDS II
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<NAME> U.S. ASSET ALLOCATION, P
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<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 77,061,164
<INVESTMENTS-AT-VALUE> 81,199,261
<RECEIVABLES> 230,096
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 90,799
<TOTAL-ASSETS> 81,520,156
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 330,661
<TOTAL-LIABILITIES> 330,661
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77,396,130
<SHARES-COMMON-STOCK> 3,362
<SHARES-COMMON-PRIOR> 3,714
<ACCUMULATED-NII-CURRENT> 811,588
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,156,320)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,138,097
<NET-ASSETS> 81,189,495
<DIVIDEND-INCOME> 3,117,168
<INTEREST-INCOME> 3,100
<OTHER-INCOME> 0
<EXPENSES-NET> (253,164)
<NET-INVESTMENT-INCOME> 2,867,104
<REALIZED-GAINS-CURRENT> 1,328,853
<APPREC-INCREASE-CURRENT> 4,581,206
<NET-CHANGE-FROM-OPS> 8,777,163
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,284)
<DISTRIBUTIONS-OF-GAINS> (11,455)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,078
<NUMBER-OF-SHARES-REDEEMED> (2,344)
<SHARES-REINVESTED> 914
<NET-CHANGE-IN-ASSETS> (46,956,500)
<ACCUMULATED-NII-PRIOR> 1,771,623
<ACCUMULATED-GAINS-PRIOR> 19,956,327
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 92,861
<GROSS-EXPENSE> 460,757
<AVERAGE-NET-ASSETS> 68,847
<PER-SHARE-NAV-BEGIN> 19.11
<PER-SHARE-NII> (0.44)
<PER-SHARE-GAIN-APPREC> 1.17
<PER-SHARE-DIVIDEND> (0.89)
<PER-SHARE-DISTRIBUTIONS> (3.09)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.74
<EXPENSE-RATIO> 0.58
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001011378
<NAME> Montgomery Institutional Series
<SERIES>
<NUMBER> 01
<NAME> International Growth Portfolio
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Jun-30-1999
<PERIOD-START> Jul-01-1998
<PERIOD-END> Jun-30-1999
<INVESTMENTS-AT-COST> 150,050,376
<INVESTMENTS-AT-VALUE> 153,745,437
<RECEIVABLES> 1,643,932
<ASSETS-OTHER> 24,016
<OTHER-ITEMS-ASSETS> 3
<TOTAL-ASSETS> 155,887,103
<PAYABLE-FOR-SECURITIES> 5,567,107
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,488,981
<TOTAL-LIABILITIES> 7,056,088
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 142,929,874
<SHARES-COMMON-STOCK> 14,617,450
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 318,558
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,946,140
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,636,443
<NET-ASSETS> 148,831,015
<DIVIDEND-INCOME> 1,373,266
<INTEREST-INCOME> 516,936
<OTHER-INCOME> 0
<EXPENSES-NET> (709,335)
<NET-INVESTMENT-INCOME> 1,180,867
<REALIZED-GAINS-CURRENT> 1,083,288
<APPREC-INCREASE-CURRENT> 3,636,443
<NET-CHANGE-FROM-OPS> 5,900,598
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,146,917
<NUMBER-OF-SHARES-REDEEMED> (1,529,467)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 148,831,015
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 591,014
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 861,125
<AVERAGE-NET-ASSETS> 78,815,073
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<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 0.10
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.18
<EXPENSE-RATIO> 0.90
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001011378
<NAME> The Montgomery Funds II
<SERIES>
<NUMBER> 01
<NAME> Institutional Series: Emerging Markets
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Jun-30-1999
<PERIOD-START> Jul-01-1998
<PERIOD-END> Jun-30-1999
<INVESTMENTS-AT-COST> 81,372,734
<INVESTMENTS-AT-VALUE> 98,724,880
<RECEIVABLES> 5,050,958
<ASSETS-OTHER> 34,000
<OTHER-ITEMS-ASSETS> 3,794,617
<TOTAL-ASSETS> 107,570,455
<PAYABLE-FOR-SECURITIES> 519,620
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,423,940
<TOTAL-LIABILITIES> 3,943,560
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 160,008,673
<SHARES-COMMON-STOCK> 2,654,716
<SHARES-COMMON-PRIOR> 5,549,105
<ACCUMULATED-NII-CURRENT> (991,799)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (72,630,882)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,274,903
<NET-ASSETS> 103,660,895
<DIVIDEND-INCOME> 3,298,231
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (2,176,397)
<NET-INVESTMENT-INCOME> 1,121,834
<REALIZED-GAINS-CURRENT> (43,102,142)
<APPREC-INCREASE-CURRENT> 48,228,963
<NET-CHANGE-FROM-OPS> 6,248,655
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12,952)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 111,839
<NUMBER-OF-SHARES-REDEEMED> (3,006,528)
<SHARES-REINVESTED> 300
<NET-CHANGE-IN-ASSETS> (93,917,214)
<ACCUMULATED-NII-PRIOR> (196,482)
<ACCUMULATED-GAINS-PRIOR> (31,432,938)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,664,737
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,625,455
<AVERAGE-NET-ASSETS> 150,002,609
<PER-SHARE-NAV-BEGIN> 35.61
<PER-SHARE-NII> 0.38
<PER-SHARE-GAIN-APPREC> 3.06
<PER-SHARE-DIVIDEND> 0.00
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 39.05
<EXPENSE-RATIO> 1.45
</TABLE>
To the Board of Trustees of
The Montgomery Funds II
<TABLE>
<C><S>
In planning and performing our audits of the financial statements of Montgomery Global Long-Short Fund,
Montgomery U.S. Asset Allocation Fund, Montgomery Institutional Series: Emerging Markets Portfolio,
Montgomery Institutional Series: International Growth Portfolio, Montgomery Institutional Series:
Emerging Markets Focus Portfolio, Montgomery Institutional Series: Macro Cap Systematic Value
Portfolio, Montgomery Institutional Series: Small Cap Systematic Value Portfolio (seven portfolios of The
Montgomery Funds II) (collectively the "Funds") for the periods ended June 30, 1999, we considered their
internal control, including control activities for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The management of the Funds is responsible for establishing and maintaining internal control. In fulfilling
this responsibility, estimates and judgments by management are required to assess the expected benefits and
related costs of controls. Generally, controls that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur and not be detected. Also,
projection of any evaluation of internal control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of internal control would not necessarily disclose all matters in internal control that
might be material weaknesses under standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or operation of one or more of the
internal control components does not reduce to a relatively low level the risk that misstatements caused by
error or fraud in amounts that would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal control and its operation, including
controls for safeguarding securities, that we consider to be material weaknesses as defined above as of June
30, 1999.
This report is intended solely for the information and use of management and the Board of Trustees of The
Montgomery Funds II and the Securities and Exchange Commission and is not intended to be and should
not be used by anyone other than these specified parties.
August 18, 1999
</TABLE>
