<PAGE> PAGE 1
000 A000000 04/30/97
000 C000000 0000806390
000 D000000 N
000 E000000 F
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 STATE STREET RESEARCH FINANCIAL TRUST
001 B000000 811-4911
001 C000000 6173571200
002 A000000 ONE FINANCIAL CENTER
002 B000000 BOSTON
002 C000000 MA
002 D010000 02111
002 D020000 2690
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 4
007 C010100 1
007 C020100 STATE STREET RESEARCH GOVERNMENT INCOME FUND
007 C030100 N
007 C010200 2
007 C020200 SSR STRATEGIC PORTFOLIOS: MODERATE
007 C030200 N
007 C010300 3
007 C020300 SSR STRATEGIC PORTFOLIOS: AGGRESSIVE
007 C030300 N
007 C010400 4
007 C020400 SSR STRATEGIC PORTFOLIOS: CONSERVATIVE
007 C030400 N
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 22
019 C00AA00 STATESTRES
020 A000001 MORGAN STANLEY & CO., INC
020 B000001 13-2655998
020 C000001 12
020 A000002 UBS SECURITIES
020 B000002 13-2932996
020 C000002 7
<PAGE> PAGE 2
020 A000003 DONALDSON, LUFKIN & JENRETTE
020 B000003 13-2741729
020 C000003 7
020 A000004 SALOMON BROTHERS INC.
020 B000004 13-3082694
020 C000004 6
020 A000005 INSTINET, INC.
020 B000005 13-3443395
020 C000005 5
020 A000006 SMITH BARNEY INC
020 B000006 13-1912900
020 C000006 5
020 A000007 KLEINWORT BENSON NORTH AMERICA INC.
020 B000007 13-2647786
020 C000007 5
020 A000008 GOLDMAN SACHS CO.
020 B000008 13-5108880
020 C000008 5
020 A000009 SANFORD C. BERNSTEIN & CO., INC
020 B000009 13-2625874
020 C000009 5
020 A000010 OPPENHEIMER & CO. INC.
020 B000010 13-2798343
020 C000010 4
021 000000 123
022 A000001 AMERICAN EXPRESS CREDIT CORP
022 C000001 350224
022 D000001 0
022 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000002 13-5674085
022 C000002 258520
022 D000002 0
022 A000003 FORD MOTOR CREDIT CO.
022 C000003 233016
022 D000003 0
022 A000004 CHEVRON OIL FINANCE CORP
022 C000004 164203
022 D000004 0
022 A000005 GENERAL ELECTRIC CAPITAL CORP
022 C000005 85929
022 D000005 0
022 A000006 HOUSEHOLD FINANCE CORP
022 C000006 82418
022 D000006 0
022 A000007 J.P. MORGAN SECURITIES INC
022 B000007 13-3224016
022 C000007 70589
022 D000007 0
022 A000008 BENEFICIAL CORP.
022 C000008 66269
022 D000008 0
<PAGE> PAGE 3
022 A000009 CS FIRST BOSTON CORP
022 B000009 13-5659485
022 C000009 66144
022 D000009 0
022 A000010 ASSOCIATES CORP OF NORTH AMERICA
022 C000010 48006
022 D000010 0
023 C000000 1524512
023 D000000 874
024 00AA00 Y
025 A00AA01 LEHMAN BROTHERS INC.
025 B00AA01 13-2518466
025 C00AA01 D
025 D00AA01 3231
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
077 A000000 N
078 000000 N
080 A00AA00 FEDERAL INSURANCE COMPANY
080 C00AA00 15000
081 A00AA00 Y
081 B00AA00 26
082 A00AA00 Y
082 B00AA00 100
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 5044
028 A020100 1472
028 A030100 0
028 A040100 13668
<PAGE> PAGE 4
028 B010100 5468
028 B020100 1463
028 B030100 0
028 B040100 10619
028 C010100 5158
028 C020100 1459
028 C030100 0
028 C040100 14294
028 D010100 4941
028 D020100 1445
028 D030100 0
028 D040100 12359
028 E010100 4463
028 E020100 1427
028 E030100 0
028 E040100 11521
028 F010100 966
028 F020100 5507
028 F030100 0
028 F040100 12699
028 G010100 26040
028 G020100 12773
028 G030100 0
028 G040100 75160
028 H000100 14428
029 000100 Y
030 A000100 236
030 B000100 4.50
030 C000100 0.00
031 A000100 29
031 B000100 0
032 000100 51
033 000100 156
034 000100 Y
035 000100 194
036 A000100 N
036 B000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 Y
041 000100 Y
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 99
042 E000100 1
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 1235
<PAGE> PAGE 5
044 000100 678
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 1.3
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 42.6
062 N000100 33.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 23.1
062 R000100 0.0
063 A000100 0
063 B000100 8.9
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
071 A000100 323756
071 B000100 333077
071 C000100 651301
071 D000100 50
072 A000100 6
072 B000100 25425
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 2183
072 G000100 0
072 H000100 0
072 I000100 400
072 J000100 120
072 K000100 0
072 L000100 68
072 M000100 14
072 N000100 24
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 21
072 S000100 6
072 T000100 1235
072 U000100 0
<PAGE> PAGE 6
072 V000100 0
072 W000100 19
072 X000100 4090
072 Y000100 0
072 Z000100 21335
072AA000100 1293
072BB000100 0
072CC010100 0
072CC020100 13724
072DD010100 21874
072DD020100 0
072EE000100 0
073 A010100 0.4200
073 A020100 0.3600
073 B000100 0.0000
073 C000100 0.0000
074 A000100 3
074 B000100 0
074 C000100 9590
074 D000100 643653
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 15796
074 K000100 0
074 L000100 12205
074 M000100 12
074 N000100 681259
074 O000100 24181
074 P000100 911
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 8
074 R040100 3705
074 S000100 0
074 T000100 652454
074 U010100 53512
074 U020100 0
074 V010100 12.20
074 V020100 12.16
074 W000100 0.0000
074 X000100 17920
074 Y000100 0
075 A000100 0
075 B000100 671804
076 000100 0.00
028 A010200 749
028 A020200 0
<PAGE> PAGE 7
028 A030200 0
028 A040200 335
028 B010200 662
028 B020200 3213
028 B030200 0
028 B040200 3179
028 C010200 949
028 C020200 0
028 C030200 0
028 C040200 495
028 D010200 864
028 D020200 0
028 D030200 0
028 D040200 344
028 E010200 864
028 E020200 188
028 E030200 0
028 E040200 566
028 F010200 1038
028 F020200 0
028 F030200 0
028 F040200 992
028 G010200 5126
028 G020200 3401
028 G030200 0
028 G040200 5911
028 H000200 0
029 000200 N
030 A000200 0
030 B000200 0.00
030 C000200 0.00
031 A000200 0
031 B000200 0
032 000200 0
033 000200 0
034 000200 N
035 000200 0
036 B000200 0
037 000200 N
038 000200 0
039 000200 N
040 000200 Y
041 000200 Y
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
<PAGE> PAGE 8
043 000200 0
044 000200 0
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 7.1
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 19.2
062 N000200 9.5
062 O000200 0.0
062 P000200 2.9
062 Q000200 10.6
062 R000200 50.7
063 A000200 0
063 B000200 9.3
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 Y
067 000200 Y
068 A000200 N
068 B000200 N
069 000200 N
071 A000200 25671
071 B000200 25493
071 C000200 42254
071 D000200 60
072 A000200 6
072 B000200 774
072 C000200 144
072 D000200 0
072 E000200 0
072 F000200 147
072 G000200 0
072 H000200 0
072 I000200 88
072 J000200 70
072 K000200 0
072 L000200 20
072 M000200 8
072 N000200 14
<PAGE> PAGE 9
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 13
072 S000200 5
072 T000200 0
072 U000200 8
072 V000200 0
072 W000200 4
072 X000200 377
072 Y000200 149
072 Z000200 690
072AA000200 1998
072BB000200 0
072CC010200 0
072CC020200 774
072DD010200 1026
072DD020200 0
072EE000200 2788
073 A010200 0.2500
073 A020200 0.0000
073 B000200 0.6900
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 2816
074 D000200 19284
074 E000200 0
074 F000200 23179
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 399
074 K000200 46
074 L000200 338
074 M000200 45
074 N000200 46107
074 O000200 220
074 P000200 80
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 101
074 S000200 0
074 T000200 45706
074 U010200 4221
074 U020200 0
074 V010200 10.83
074 V020200 0.00
074 W000200 0.0000
<PAGE> PAGE 10
074 X000200 10
074 Y000200 0
075 A000200 0
075 B000200 45315
076 000200 0.00
028 A010300 1337
028 A020300 0
028 A030300 0
028 A040300 294
028 B010300 885
028 B020300 7939
028 B030300 0
028 B040300 6234
028 C010300 1271
028 C020300 0
028 C030300 0
028 C040300 386
028 D010300 1071
028 D020300 0
028 D030300 0
028 D040300 222
028 E010300 980
028 E020300 0
028 E030300 0
028 E040300 511
028 F010300 824
028 F020300 81
028 F030300 0
028 F040300 609
028 G010300 6368
028 G020300 8020
028 G030300 0
028 G040300 8256
028 H000300 0
029 000300 N
030 A000300 0
030 B000300 0.00
030 C000300 0.00
031 A000300 0
031 B000300 0
032 000300 0
033 000300 0
034 000300 N
035 000300 0
036 B000300 0
037 000300 N
038 000300 0
039 000300 N
040 000300 Y
041 000300 Y
042 A000300 22
<PAGE> PAGE 11
042 B000300 12
042 C000300 0
042 D000300 0
042 E000300 31
042 F000300 0
042 G000300 35
042 H000300 0
043 000300 0
044 000300 87
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 8.4
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 7.0
062 N000300 2.0
062 O000300 0.0
062 P000300 4.4
062 Q000300 6.3
062 R000300 71.9
063 A000300 0
063 B000300 9.0
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 Y
067 000300 Y
068 A000300 N
068 B000300 N
069 000300 N
071 A000300 39632
071 B000300 40603
071 C000300 58538
071 D000300 68
072 A000300 6
072 B000300 709
072 C000300 265
072 D000300 0
072 E000300 0
072 F000300 240
072 G000300 0
<PAGE> PAGE 12
072 H000300 0
072 I000300 51
072 J000300 84
072 K000300 0
072 L000300 14
072 M000300 7
072 N000300 7
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 14
072 S000300 4
072 T000300 0
072 U000300 4
072 V000300 0
072 W000300 4
072 X000300 429
072 Y000300 77
072 Z000300 622
072AA000300 4102
072BB000300 0
072CC010300 0
072CC020300 1859
072DD010300 962
072DD020300 0
072EE000300 7790
073 A010300 0.1800
073 A020300 0.1300
073 B000300 1.4800
073 C000300 0.0000
074 A000300 81
074 B000300 0
074 C000300 4867
074 D000300 12622
074 E000300 0
074 F000300 46131
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 494
074 K000300 21
074 L000300 299
074 M000300 71
074 N000300 64586
074 O000300 258
074 P000300 84
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 103
<PAGE> PAGE 13
074 S000300 0
074 T000300 64141
074 U010300 5662
074 U020300 0
074 V010300 11.33
074 V020300 0.00
074 W000300 0.0000
074 X000300 5
074 Y000300 0
075 A000300 0
075 B000300 63922
076 000300 0.00
028 A010400 325
028 A020400 0
028 A030400 0
028 A040400 194
028 B010400 258
028 B020400 1870
028 B030400 0
028 B040400 1073
028 C010400 446
028 C020400 0
028 C030400 0
028 C040400 203
028 D010400 426
028 D020400 0
028 D030400 0
028 D040400 133
028 E010400 480
028 E020400 0
028 E030400 0
028 E040400 466
028 F010400 251
028 F020400 87
028 F030400 0
028 F040400 338
028 G010400 2186
028 G020400 1957
028 G030400 0
028 G040400 2407
028 H000400 0
029 000400 N
030 A000400 0
030 B000400 0.00
030 C000400 0.00
031 A000400 0
031 B000400 0
032 000400 0
033 000400 0
034 000400 N
035 000400 0
<PAGE> PAGE 14
036 B000400 0
037 000400 N
038 000400 0
039 000400 N
040 000400 Y
041 000400 Y
042 A000400 22
042 B000400 12
042 C000400 0
042 D000400 0
042 E000400 31
042 F000400 0
042 G000400 35
042 H000400 0
043 000400 0
044 000400 87
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 4.5
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 35.0
062 N000400 16.0
062 O000400 0.0
062 P000400 2.5
062 Q000400 17.3
062 R000400 24.7
063 A000400 0
063 B000400 9.0
066 A000400 Y
066 B000400 N
066 C000400 N
066 D000400 N
066 E000400 N
066 F000400 N
066 G000400 Y
067 000400 Y
068 A000400 N
068 B000400 N
069 000400 N
071 A000400 15796
071 B000400 13731
071 C000400 32301
071 D000400 43
<PAGE> PAGE 15
072 A000400 6
072 B000400 842
072 C000400 71
072 D000400 0
072 E000400 0
072 F000400 102
072 G000400 0
072 H000400 0
072 I000400 38
072 J000400 57
072 K000400 0
072 L000400 11
072 M000400 7
072 N000400 7
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 12
072 S000400 5
072 T000400 0
072 U000400 4
072 V000400 0
072 W000400 4
072 X000400 247
072 Y000400 94
072 Z000400 760
072AA000400 1257
072BB000400 0
072CC010400 0
072CC020400 688
072DD010400 948
072DD020400 0
072EE000400 1716
073 A010400 0.3000
073 A020400 0.1900
073 B000400 0.5500
073 C000400 0.0000
074 A000400 61
074 B000400 0
074 C000400 1366
074 D000400 24197
074 E000400 0
074 F000400 8454
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 342
074 K000400 32
074 L000400 390
074 M000400 47
074 N000400 34889
<PAGE> PAGE 16
074 O000400 554
074 P000400 53
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 94
074 S000400 0
074 T000400 34188
074 U010400 3254
074 U020400 0
074 V010400 10.51
074 V020400 0.00
074 W000400 0.0000
074 X000400 5
074 Y000400 0
075 A000400 0
075 B000400 33888
076 000400 0.00
SIGNATURE DOUGLAS A. ROMICH
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000806390
<NAME> STATE STREET RESEARCH FINANCIAL TRUST
<SERIES>
<NUMBER> 041
<NAME> STATE STREET RESEARCH STRATEGIC PORT: CONSERVATIVE CL. A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 32,807,445
<INVESTMENTS-AT-VALUE> 34,016,431
<RECEIVABLES> 764,439
<ASSETS-OTHER> 108,076
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 34,888,946
<PAYABLE-FOR-SECURITIES> 554,186
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 147,208
<TOTAL-LIABILITIES> 701,394
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,556,451
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 50,023
<ACCUMULATED-NII-CURRENT> 223,114
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,198,638
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,209,349
<NET-ASSETS> 34,187,552
<DIVIDEND-INCOME> 70,832
<INTEREST-INCOME> 842,092
<OTHER-INCOME> 0
<EXPENSES-NET> 153,051
<NET-INVESTMENT-INCOME> 759,873
<REALIZED-GAINS-CURRENT> 1,256,604
<APPREC-INCREASE-CURRENT> (688,118)
<NET-CHANGE-FROM-OPS> 1,328,359
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9,655)
<DISTRIBUTIONS-OF-GAINS> (27,562)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (50,023)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 400,102
<ACCUMULATED-NII-PRIOR> 410,962
<ACCUMULATED-GAINS-PRIOR> 1,658,025
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 101,664
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 246,620
<AVERAGE-NET-ASSETS> 33,888,000
<PER-SHARE-NAV-BEGIN> 11.03
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> 0.08
<PER-SHARE-DIVIDEND> (0.19)
<PER-SHARE-DISTRIBUTIONS> (0.55)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.58
<EXPENSE-RATIO> 1.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000806390
<NAME> STATE STREET RESEARCH FINANCIAL TRUST
<SERIES>
<NUMBER> 043
<NAME> STATE STREET RESEARCH STRATEGIC PORT: CONSERVATIVE CL. C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 32,807,445
<INVESTMENTS-AT-VALUE> 34,016,431
<RECEIVABLES> 764,439
<ASSETS-OTHER> 108,076
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 34,888,946
<PAYABLE-FOR-SECURITIES> 554,186
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 147,208
<TOTAL-LIABILITIES> 701,394
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,556,451
<SHARES-COMMON-STOCK> 3,253,755
<SHARES-COMMON-PRIOR> 3,039,822
<ACCUMULATED-NII-CURRENT> 223,114
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,198,638
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,209,349
<NET-ASSETS> 34,187,552
<DIVIDEND-INCOME> 70,832
<INTEREST-INCOME> 842,092
<OTHER-INCOME> 0
<EXPENSES-NET> 153,051
<NET-INVESTMENT-INCOME> 759,873
<REALIZED-GAINS-CURRENT> 1,256,604
<APPREC-INCREASE-CURRENT> (688,118)
<NET-CHANGE-FROM-OPS> 1,328,359
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (938,066)
<DISTRIBUTIONS-OF-GAINS> (1,686,429)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 204,673
<NUMBER-OF-SHARES-REDEEMED> (177,833)
<SHARES-REINVESTED> 187,093
<NET-CHANGE-IN-ASSETS> 400,102
<ACCUMULATED-NII-PRIOR> 410,962
<ACCUMULATED-GAINS-PRIOR> 1,658,025
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 101,664
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 246,620
<AVERAGE-NET-ASSETS> 33,888,000
<PER-SHARE-NAV-BEGIN> 10.93
<PER-SHARE-NII> 0.24
<PER-SHARE-GAIN-APPREC> 0.19
<PER-SHARE-DIVIDEND> (0.30)
<PER-SHARE-DISTRIBUTIONS> (0.55)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.51
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000806390
<NAME> STATE STREET RESEARCH FINANCIAL TRUST
<SERIES>
<NUMBER> 031
<NAME> STATE STREET RESEARCH STRATEGIC PORT: AGGRESSIVE CL. A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 57,831,836
<INVESTMENTS-AT-VALUE> 63,619,712
<RECEIVABLES> 814,592
<ASSETS-OTHER> 151,740
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 64,586,044
<PAYABLE-FOR-SECURITIES> 258,469
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 186,843
<TOTAL-LIABILITIES> 445,312
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 54,096,688
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 50,022
<ACCUMULATED-NII-CURRENT> 266,953
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,984,019
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,793,072
<NET-ASSETS> 64,140,732
<DIVIDEND-INCOME> 265,054
<INTEREST-INCOME> 709,185
<OTHER-INCOME> 0
<EXPENSES-NET> 351,753
<NET-INVESTMENT-INCOME> 622,486
<REALIZED-GAINS-CURRENT> 4,101,624
<APPREC-INCREASE-CURRENT> (1,859,178)
<NET-CHANGE-FROM-OPS> 2,864,932
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7,266)
<DISTRIBUTIONS-OF-GAINS> (80,854)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,328
<NUMBER-OF-SHARES-REDEEMED> (59,010)
<SHARES-REINVESTED> 660
<NET-CHANGE-IN-ASSETS> 246,033
<ACCUMULATED-NII-PRIOR> 606,033
<ACCUMULATED-GAINS-PRIOR> 7,672,002
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 239,709
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 429,255
<AVERAGE-NET-ASSETS> 63,922,400
<PER-SHARE-NAV-BEGIN> 12.45
<PER-SHARE-NII> 0.10
<PER-SHARE-GAIN-APPREC> 0.41
<PER-SHARE-DIVIDEND> (0.13)
<PER-SHARE-DISTRIBUTIONS> (1.48)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.35
<EXPENSE-RATIO> 1.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000806390
<NAME> STATE STREET RESEARCH FINANCIAL TRUST
<SERIES>
<NUMBER> 033
<NAME> STATE STREET RESEARCH STRATEGIC PORT: AGGRESSIVE CL. C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 57,831,836
<INVESTMENTS-AT-VALUE> 63,619,712
<RECEIVABLES> 814,592
<ASSETS-OTHER> 151,740
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 64,586,044
<PAYABLE-FOR-SECURITIES> 258,469
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 186,843
<TOTAL-LIABILITIES> 445,312
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 54,096,688
<SHARES-COMMON-STOCK> 5,662,158
<SHARES-COMMON-PRIOR> 5,089,802
<ACCUMULATED-NII-CURRENT> 266,953
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,984,019
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,793,072
<NET-ASSETS> 64,140,732
<DIVIDEND-INCOME> 265,054
<INTEREST-INCOME> 709,185
<OTHER-INCOME> 0
<EXPENSES-NET> 351,753
<NET-INVESTMENT-INCOME> 622,486
<REALIZED-GAINS-CURRENT> 4,101,624
<APPREC-INCREASE-CURRENT> (1,859,178)
<NET-CHANGE-FROM-OPS> 2,864,932
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (954,300)
<DISTRIBUTIONS-OF-GAINS> (7,708,753)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 529,047
<NUMBER-OF-SHARES-REDEEMED> (667,157)
<SHARES-REINVESTED> 710,466
<NET-CHANGE-IN-ASSETS> 246,033
<ACCUMULATED-NII-PRIOR> 606,033
<ACCUMULATED-GAINS-PRIOR> 7,672,002
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 239,709
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 429,255
<AVERAGE-NET-ASSETS> 63,922,400
<PER-SHARE-NAV-BEGIN> 12.43
<PER-SHARE-NII> 0.11
<PER-SHARE-GAIN-APPREC> 0.45
<PER-SHARE-DIVIDEND> (0.18)
<PER-SHARE-DISTRIBUTIONS> (1.48)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.33
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000806390
<NAME> STATE STREET RESEARCH FINANCIAL TRUST
<SERIES>
<NUMBER> 011
<NAME> STATE STREET RESEARCH GOVERNMENT INCOME FUND CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 651,412,672
<INVESTMENTS-AT-VALUE> 653,243,608
<RECEIVABLES> 28,000,784
<ASSETS-OTHER> 14,583
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 681,258,975
<PAYABLE-FOR-SECURITIES> 24,181,218
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,623,684
<TOTAL-LIABILITIES> 28,804,902
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 736,300,165
<SHARES-COMMON-STOCK> 44,079,825
<SHARES-COMMON-PRIOR> 46,990,520
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (438,047)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (85,356,055)
<ACCUM-APPREC-OR-DEPREC> 1,948,010
<NET-ASSETS> 652,454,073
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 25,425,260
<OTHER-INCOME> 0
<EXPENSES-NET> 4,090,045
<NET-INVESTMENT-INCOME> 21,335,215
<REALIZED-GAINS-CURRENT> 1,292,628
<APPREC-INCREASE-CURRENT> (13,724,100)
<NET-CHANGE-FROM-OPS> 8,903,743
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (18,426,308)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 981,914
<NUMBER-OF-SHARES-REDEEMED> (4,739,944)
<SHARES-REINVESTED> 847,335
<NET-CHANGE-IN-ASSETS> (49,317,856)
<ACCUMULATED-NII-PRIOR> 100,856
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (86,648,683)
<GROSS-ADVISORY-FEES> 2,183,363
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,090,045
<AVERAGE-NET-ASSETS> 671,803,692
<PER-SHARE-NAV-BEGIN> 12.43
<PER-SHARE-NII> 0.40
<PER-SHARE-GAIN-APPREC> (0.22)
<PER-SHARE-DIVIDEND> (0.41)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.20
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000806390
<NAME> STATE STREET RESEARCH FINANCIAL TRUST
<SERIES>
<NUMBER> 012
<NAME> STATE STREET RESEARCH GOVERNMENT INCOME FUND CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 651,412,672
<INVESTMENTS-AT-VALUE> 653,243,608
<RECEIVABLES> 28,000,784
<ASSETS-OTHER> 14,583
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 681,258,975
<PAYABLE-FOR-SECURITIES> 24,181,218
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,623,684
<TOTAL-LIABILITIES> 28,804,902
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 736,300,165
<SHARES-COMMON-STOCK> 7,544,444
<SHARES-COMMON-PRIOR> 7,679,256
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (438,047)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (85,356,055)
<ACCUM-APPREC-OR-DEPREC> 1,948,010
<NET-ASSETS> 652,454,073
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 25,425,260
<OTHER-INCOME> 0
<EXPENSES-NET> 4,090,045
<NET-INVESTMENT-INCOME> 21,335,215
<REALIZED-GAINS-CURRENT> 1,292,628
<APPREC-INCREASE-CURRENT> (13,724,100)
<NET-CHANGE-FROM-OPS> 8,903,743
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,750,622)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 778,343
<NUMBER-OF-SHARES-REDEEMED> (1,060,407)
<SHARES-REINVESTED> 147,252
<NET-CHANGE-IN-ASSETS> (49,317,856)
<ACCUMULATED-NII-PRIOR> 100,856
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (86,648,683)
<GROSS-ADVISORY-FEES> 2,183,363
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,090,045
<AVERAGE-NET-ASSETS> 671,803,692
<PER-SHARE-NAV-BEGIN> 12.40
<PER-SHARE-NII> 0.35
<PER-SHARE-GAIN-APPREC> (0.23)
<PER-SHARE-DIVIDEND> (0.36)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.16
<EXPENSE-RATIO> 1.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000806390
<NAME> STATE STREET RESEARCH FINANCIAL TRUST
<SERIES>
<NUMBER> 013
<NAME> STATE STREET RESEARCH GOVERNMENT INCOME FUND CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 651,412,672
<INVESTMENTS-AT-VALUE> 653,243,608
<RECEIVABLES> 28,000,784
<ASSETS-OTHER> 14,583
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 681,258,975
<PAYABLE-FOR-SECURITIES> 24,181,218
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,623,684
<TOTAL-LIABILITIES> 28,804,902
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 736,300,165
<SHARES-COMMON-STOCK> 605,852
<SHARES-COMMON-PRIOR> 625,275
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (438,047)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (85,356,055)
<ACCUM-APPREC-OR-DEPREC> 1,948,010
<NET-ASSETS> 652,454,073
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 25,425,260
<OTHER-INCOME> 0
<EXPENSES-NET> 4,090,045
<NET-INVESTMENT-INCOME> 21,335,215
<REALIZED-GAINS-CURRENT> 1,292,628
<APPREC-INCREASE-CURRENT> (13,724,100)
<NET-CHANGE-FROM-OPS> 8,903,743
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (266,375)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 70,877
<NUMBER-OF-SHARES-REDEEMED> (107,472)
<SHARES-REINVESTED> 17,172
<NET-CHANGE-IN-ASSETS> (49,317,856)
<ACCUMULATED-NII-PRIOR> 100,856
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (86,648,683)
<GROSS-ADVISORY-FEES> 2,183,363
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,090,045
<AVERAGE-NET-ASSETS> 671,803,692
<PER-SHARE-NAV-BEGIN> 12.42
<PER-SHARE-NII> 0.42
<PER-SHARE-GAIN-APPREC> (0.23)
<PER-SHARE-DIVIDEND> (0.42)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.19
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000806390
<NAME> STATE STREET RESEARCH FINANCIAL TRUST
<SERIES>
<NUMBER> 014
<NAME> STATE STREET RESEARCH GOVERNMENT INCOME FUND CLASS D
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 651,412,672
<INVESTMENTS-AT-VALUE> 653,243,608
<RECEIVABLES> 28,000,784
<ASSETS-OTHER> 14,583
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 681,258,975
<PAYABLE-FOR-SECURITIES> 24,181,218
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,623,684
<TOTAL-LIABILITIES> 28,804,902
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 736,300,165
<SHARES-COMMON-STOCK> 1,282,089
<SHARES-COMMON-PRIOR> 1,166,285
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (438,047)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (85,356,055)
<ACCUM-APPREC-OR-DEPREC> 1,948,010
<NET-ASSETS> 652,454,073
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 25,425,260
<OTHER-INCOME> 0
<EXPENSES-NET> 4,090,045
<NET-INVESTMENT-INCOME> 21,335,215
<REALIZED-GAINS-CURRENT> 1,292,628
<APPREC-INCREASE-CURRENT> (13,724,100)
<NET-CHANGE-FROM-OPS> 8,903,743
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (430,813)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 283,893
<NUMBER-OF-SHARES-REDEEMED> (193,909)
<SHARES-REINVESTED> 25,820
<NET-CHANGE-IN-ASSETS> (49,317,856)
<ACCUMULATED-NII-PRIOR> 100,856
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (86,648,683)
<GROSS-ADVISORY-FEES> 2,183,363
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,090,045
<AVERAGE-NET-ASSETS> 671,803,692
<PER-SHARE-NAV-BEGIN> 12.41
<PER-SHARE-NII> 0.35
<PER-SHARE-GAIN-APPREC> (0.23)
<PER-SHARE-DIVIDEND> (0.36)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.17
<EXPENSE-RATIO> 1.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000806390
<NAME> STATE STREET RESEARCH FINANCIAL TRUST
<SERIES>
<NUMBER> 023
<NAME> STATE STREET RESEARCH STRATEGIC PORTFOLIOS: MODERATE CL.C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 42,250,333
<INVESTMENTS-AT-VALUE> 45,278,850
<RECEIVABLES> 782,995
<ASSETS-OTHER> 45,192
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 46,107,037
<PAYABLE-FOR-SECURITIES> 220,144
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 180,828
<TOTAL-LIABILITIES> 400,972
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 40,617,890
<SHARES-COMMON-STOCK> 4,221,426
<SHARES-COMMON-PRIOR> 3,986,663
<ACCUMULATED-NII-CURRENT> 206,188
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,854,860
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,027,127
<NET-ASSETS> 45,706,065
<DIVIDEND-INCOME> 144,042
<INTEREST-INCOME> 773,993
<OTHER-INCOME> 0
<EXPENSES-NET> 227,942
<NET-INVESTMENT-INCOME> 690,093
<REALIZED-GAINS-CURRENT> 1,998,222
<APPREC-INCREASE-CURRENT> (773,731)
<NET-CHANGE-FROM-OPS> 1,914,584
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,025,506)
<DISTRIBUTIONS-OF-GAINS> (2,787,815)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 463,933
<NUMBER-OF-SHARES-REDEEMED> (544,425)
<SHARES-REINVESTED> 315,255
<NET-CHANGE-IN-ASSETS> 717,214
<ACCUMULATED-NII-PRIOR> 541,601
<ACCUMULATED-GAINS-PRIOR> 2,644,453
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 147,275
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 376,568
<AVERAGE-NET-ASSETS> 45,315,385
<PER-SHARE-NAV-BEGIN> 11.28
<PER-SHARE-NII> 0.17
<PER-SHARE-GAIN-APPREC> 0.32
<PER-SHARE-DIVIDEND> (0.25)
<PER-SHARE-DISTRIBUTIONS> (0.69)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.83
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
