MONTGOMERY FUNDS III
NSAR-A, 1999-08-30
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<PAGE>      PAGE  1
000 A000000 06/30/99
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001 A000000 THE MONTGOMERY FUNDS III
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<PAGE>      PAGE  5
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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  17
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074 S000400        0
074 T000400     1928
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074 U020400        0
074 V010400     9.05
074 V020400     0.00
074 W000400   0.0000
074 X000400        1
074 Y000400        0
075 A000400        0
075 B000400     1873
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
<CIK> 000930648
<NAME> THE MONTGOMERY FUNDS-VARIABLE SERIES
<SERIES>
   <NUMBER> 04
   <NAME> SMALL CAP OPPORTUNITIES
<MULTIPLIER> 1

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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 000930648
<NAME> THE MONTGOMERY FUNDS-VARIABLE SERIES
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   <NAME> EMERGING MARKETS PORTFOLIO
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 000930948
<NAME> THE MONTGOMERY FUNDS-VARIABLE SERIES
<SERIES>
   <NUMBER> 01
   <NAME> GROWTH PORTFOLIO
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