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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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SIGNATURE RICHARD INGRAM
TITLE PRESIDENT/TREASURER
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 01
<NAME> MONTGOMERY III VARIABLE SERIES GROWTH
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> MONTGOMERY III VARIABLE SERIES EMERGING MARKETS
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<NAME> MONTGOMERY III VARIABLE SERIES INTL SMALL CAP
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