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> 02
<NAME> EMERGING MARKETS PORTFOLIO
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 06-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> JUN-30-2000
<INVESTMENTS-AT-COST> 124,246,555
<INVESTMENTS-AT-VALUE> 142,600,306
<RECEIVABLES> 6,600,824
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1,892,514
<TOTAL-ASSETS> 151,093,644
<PAYABLE-FOR-SECURITIES> 4,214,091
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 803,651
<TOTAL-LIABILITIES> 5,017,742
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 156,035,696
<SHARES-COMMON-STOCK> 14,262,248
<SHARES-COMMON-PRIOR> 12,078,046
<ACCUMULATED-NII-CURRENT> (336,624)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (27,747,095)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18,123,925
<NET-ASSETS> 146,075,902
<DIVIDEND-INCOME> 995,228
<INTEREST-INCOME> 178,793
<OTHER-INCOME> 0
<EXPENSES-NET> (1,358,973)
<NET-INVESTMENT-INCOME> (185,252)
<REALIZED-GAINS-CURRENT> 11,801,851
<APPREC-INCREASE-CURRENT> (19,617,306)
<NET-CHANGE-FROM-OPS> (8,000,707)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,137,961
<NUMBER-OF-SHARES-REDEEMED> (10,953,759)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 14,879,328
<ACCUMULATED-NII-PRIOR> (151,372)
<ACCUMULATED-GAINS-PRIOR> (39,548,946)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 904,218
<INTEREST-EXPENSE> 415
<GROSS-EXPENSE> 1,358,973
<AVERAGE-NET-ASSETS> 145,440,467
<PER-SHARE-NAV-BEGIN> 10.86
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> (0.61)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.24
<EXPENSE-RATIO> 1.48
</TABLE>