STATE STREET RESEARCH FINANCIAL TRUST
NSAR-B, 1997-12-30
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<PAGE>      PAGE  1
000 B000000 10/31/97
000 C000000 0000806390
000 D000000 N
000 E000000 F
000 F000000 Y
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020 A000002 SMITH BARNEY INC.
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<PAGE>      PAGE  2
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<PAGE>      PAGE  3
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<PAGE>      PAGE  5
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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  14
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SIGNATURE   DOUGLAS A. ROMICH                            
TITLE       ASSISTANT TREASURER 
 


<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>
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<PER-SHARE-GAIN-APPREC>                           0.22
<PER-SHARE-DIVIDEND>                            (0.80)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.65
<EXPENSE-RATIO>                                   1.08
<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>                   YEAR
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-END>                               OCT-31-1997
<INVESTMENTS-AT-COST>                      647,562,954
<INVESTMENTS-AT-VALUE>                     666,628,432
<RECEIVABLES>                               41,250,822
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<TOTAL-ASSETS>                             708,035,078
<PAYABLE-FOR-SECURITIES>                    33,634,280
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    4,168,076
<TOTAL-LIABILITIES>                         37,802,356
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   688,551,717
<SHARES-COMMON-STOCK>                        7,709,687
<SHARES-COMMON-PRIOR>                        7,679,256
<ACCUMULATED-NII-CURRENT>                    2,339,029
<OVERDISTRIBUTION-NII>                               0
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<OVERDISTRIBUTION-GAINS>                  (39,689,487)
<ACCUM-APPREC-OR-DEPREC>                    19,031,463
<NET-ASSETS>                               670,232,722
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                           50,464,680
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               8,039,481
<NET-INVESTMENT-INCOME>                     42,425,199
<REALIZED-GAINS-CURRENT>                     8,763,745
<APPREC-INCREASE-CURRENT>                    2,557,699
<NET-CHANGE-FROM-OPS>                       53,746,643
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                  (5,410,928)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      1,428,886
<NUMBER-OF-SHARES-REDEEMED>                (1,914,285)
<SHARES-REINVESTED>                            515,830
<NET-CHANGE-IN-ASSETS>                    (31,539,207)
<ACCUMULATED-NII-PRIOR>                        100,856
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                (86,648,683)
<GROSS-ADVISORY-FEES>                        4,364,193
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              8,039,481
<AVERAGE-NET-ASSETS>                       671,414,308
<PER-SHARE-NAV-BEGIN>                            12.40
<PER-SHARE-NII>                                   0.70
<PER-SHARE-GAIN-APPREC>                           0.22
<PER-SHARE-DIVIDEND>                            (0.71)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.61
<EXPENSE-RATIO>                                   1.83
<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 S
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-END>                               OCT-31-1997
<INVESTMENTS-AT-COST>                      647,562,954
<INVESTMENTS-AT-VALUE>                     666,628,432
<RECEIVABLES>                               41,250,822
<ASSETS-OTHER>                                 155,824
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             708,035,078
<PAYABLE-FOR-SECURITIES>                    33,634,280
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    4,168,076
<TOTAL-LIABILITIES>                         37,802,356
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   688,551,717
<SHARES-COMMON-STOCK>                        2,540,378
<SHARES-COMMON-PRIOR>                          625,275
<ACCUMULATED-NII-CURRENT>                    2,339,029
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                  (39,689,487)
<ACCUM-APPREC-OR-DEPREC>                    19,031,463
<NET-ASSETS>                               670,232,722
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                           50,464,680
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               8,039,481
<NET-INVESTMENT-INCOME>                     42,425,199
<REALIZED-GAINS-CURRENT>                     8,763,745
<APPREC-INCREASE-CURRENT>                    2,557,699
<NET-CHANGE-FROM-OPS>                       53,746,643
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                  (1,061,597)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        211,412
<NUMBER-OF-SHARES-REDEEMED>                  (184,733)
<SHARES-REINVESTED>                          1,888,424
<NET-CHANGE-IN-ASSETS>                    (31,539,207)
<ACCUMULATED-NII-PRIOR>                        100,856
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                (86,648,683)
<GROSS-ADVISORY-FEES>                        4,364,193
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              8,039,481
<AVERAGE-NET-ASSETS>                       671,414,308
<PER-SHARE-NAV-BEGIN>                            12.42
<PER-SHARE-NII>                                   0.80
<PER-SHARE-GAIN-APPREC>                           0.25
<PER-SHARE-DIVIDEND>                            (0.83)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.64
<EXPENSE-RATIO>                                   0.82
<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 C
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-END>                               OCT-31-1997
<INVESTMENTS-AT-COST>                      647,562,954
<INVESTMENTS-AT-VALUE>                     666,628,432
<RECEIVABLES>                               41,250,822
<ASSETS-OTHER>                                 155,824
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             708,035,078
<PAYABLE-FOR-SECURITIES>                    33,634,280
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    4,168,076
<TOTAL-LIABILITIES>                         37,802,356
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   688,551,717
<SHARES-COMMON-STOCK>                        1,291,316
<SHARES-COMMON-PRIOR>                        1,166,285
<ACCUMULATED-NII-CURRENT>                    2,339,029
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                  (39,689,487)
<ACCUM-APPREC-OR-DEPREC>                    19,031,463
<NET-ASSETS>                               670,232,722
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                           50,464,680
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               8,039,481
<NET-INVESTMENT-INCOME>                     42,425,199
<REALIZED-GAINS-CURRENT>                     8,763,745
<APPREC-INCREASE-CURRENT>                    2,557,699
<NET-CHANGE-FROM-OPS>                       53,746,643
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (880,065)
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        463,886
<NUMBER-OF-SHARES-REDEEMED>                  (436,411)
<SHARES-REINVESTED>                             97,556
<NET-CHANGE-IN-ASSETS>                    (31,539,207)
<ACCUMULATED-NII-PRIOR>                        100,856
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                (86,648,683)
<GROSS-ADVISORY-FEES>                        4,364,193
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              8,039,481
<AVERAGE-NET-ASSETS>                       671,414,308
<PER-SHARE-NAV-BEGIN>                            12.41
<PER-SHARE-NII>                                   0.70
<PER-SHARE-GAIN-APPREC>                           0.22
<PER-SHARE-DIVIDEND>                            (0.71)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.62
<EXPENSE-RATIO>                                   1.83
<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. S
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-END>                               OCT-31-1997
<INVESTMENTS-AT-COST>                       49,078,116
<INVESTMENTS-AT-VALUE>                      53,601,218
<RECEIVABLES>                                2,742,617
<ASSETS-OTHER>                                  71,678
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              56,415,513
<PAYABLE-FOR-SECURITIES>                     2,681,393
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      236,487
<TOTAL-LIABILITIES>                          2,917,880
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    43,023,906
<SHARES-COMMON-STOCK>                        4,428,943
<SHARES-COMMON-PRIOR>                        3,986,663
<ACCUMULATED-NII-CURRENT>                      449,237
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      5,494,910
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     4,529,580
<NET-ASSETS>                                53,497,633
<DIVIDEND-INCOME>                              292,752
<INTEREST-INCOME>                            1,664,157
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 486,202
<NET-INVESTMENT-INCOME>                      1,470,707
<REALIZED-GAINS-CURRENT>                     5,688,492
<APPREC-INCREASE-CURRENT>                      728,722
<NET-CHANGE-FROM-OPS>                        7,887,921
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                  (1,636,395)
<DISTRIBUTIONS-OF-GAINS>                   (2,787,815)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        930,934
<NUMBER-OF-SHARES-REDEEMED>                  (837,303)
<SHARES-REINVESTED>                            348,649
<NET-CHANGE-IN-ASSETS>                       8,508,782
<ACCUMULATED-NII-PRIOR>                        541,601
<ACCUMULATED-GAINS-PRIOR>                    2,644,453
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          315,798
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                784,417
<AVERAGE-NET-ASSETS>                        48,584,308
<PER-SHARE-NAV-BEGIN>                            11.28
<PER-SHARE-NII>                                   0.35
<PER-SHARE-GAIN-APPREC>                           1.53
<PER-SHARE-DIVIDEND>                            (0.39)
<PER-SHARE-DISTRIBUTIONS>                       (0.69)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.08
<EXPENSE-RATIO>                                   1.00
<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 PORTFOLIOS: AGGRESSIVE CL. A
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-END>                               OCT-31-1997
<INVESTMENTS-AT-COST>                       69,091,051
<INVESTMENTS-AT-VALUE>                      78,153,803
<RECEIVABLES>                                2,820,377
<ASSETS-OTHER>                                 129,504
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              81,103,684
<PAYABLE-FOR-SECURITIES>                     3,096,619
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      254,045
<TOTAL-LIABILITIES>                          3,350,664
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    57,161,239
<SHARES-COMMON-STOCK>                                0
<SHARES-COMMON-PRIOR>                           50,022
<ACCUMULATED-NII-CURRENT>                      473,826
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     11,024,948
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     9,093,007
<NET-ASSETS>                                77,753,020
<DIVIDEND-INCOME>                              515,670
<INTEREST-INCOME>                            1,495,176
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 765,299
<NET-INVESTMENT-INCOME>                      1,245,547
<REALIZED-GAINS-CURRENT>                    11,183,938
<APPREC-INCREASE-CURRENT>                    1,440,757
<NET-CHANGE-FROM-OPS>                       13,870,242
<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>                      13,858,321
<ACCUMULATED-NII-PRIOR>                        606,033
<ACCUMULATED-GAINS-PRIOR>                    7,672,002
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          521,687
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                888,010
<AVERAGE-NET-ASSETS>                        69,558,267
<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 PORTFOLIOS:AGGRESSIVE CL. S
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-END>                               OCT-31-1997
<INVESTMENTS-AT-COST>                       69,091,051
<INVESTMENTS-AT-VALUE>                      78,153,803
<RECEIVABLES>                                2,820,377
<ASSETS-OTHER>                                 129,504
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              81,103,684
<PAYABLE-FOR-SECURITIES>                     3,096,619
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      254,045
<TOTAL-LIABILITIES>                          3,350,664
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    57,161,239
<SHARES-COMMON-STOCK>                        5,900,731
<SHARES-COMMON-PRIOR>                        5,089,802
<ACCUMULATED-NII-CURRENT>                      473,826
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                     11,024,948
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     9,093,007
<NET-ASSETS>                                77,753,020
<DIVIDEND-INCOME>                              515,670
<INTEREST-INCOME>                            1,495,176
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 765,299
<NET-INVESTMENT-INCOME>                      1,245,547
<REALIZED-GAINS-CURRENT>                    11,183,938
<APPREC-INCREASE-CURRENT>                    1,440,757
<NET-CHANGE-FROM-OPS>                       13,870,242
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                  (1,418,981)
<DISTRIBUTIONS-OF-GAINS>                   (7,708,753)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      1,008,062
<NUMBER-OF-SHARES-REDEEMED>                  (927,982)
<SHARES-REINVESTED>                            730,849
<NET-CHANGE-IN-ASSETS>                      13,858,321
<ACCUMULATED-NII-PRIOR>                        606,033
<ACCUMULATED-GAINS-PRIOR>                    7,672,002
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          521,687
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                888,010
<AVERAGE-NET-ASSETS>                        69,558,267
<PER-SHARE-NAV-BEGIN>                            12.43
<PER-SHARE-NII>                                   0.22
<PER-SHARE-GAIN-APPREC>                           2.27
<PER-SHARE-DIVIDEND>                            (0.26)
<PER-SHARE-DISTRIBUTIONS>                       (1.48)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              13.18
<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> 041
   <NAME> STATE STREET RESEARCH STRATEGIC PORTFOLIOS: CONS. CL. A
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-END>                               OCT-31-1997
<INVESTMENTS-AT-COST>                       36,966,704
<INVESTMENTS-AT-VALUE>                      39,156,319
<RECEIVABLES>                                2,244,621
<ASSETS-OTHER>                                  67,983
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              41,468,923
<PAYABLE-FOR-SECURITIES>                     2,815,629
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      152,595
<TOTAL-LIABILITIES>                          2,968,224
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    33,181,789
<SHARES-COMMON-STOCK>                                0
<SHARES-COMMON-PRIOR>                           50,023
<ACCUMULATED-NII-CURRENT>                      458,790
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                      2,661,943
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                     2,198,177
<NET-ASSETS>                                38,500,699
<DIVIDEND-INCOME>                              131,950
<INTEREST-INCOME>                            1,781,273
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 321,344
<NET-INVESTMENT-INCOME>                      1,591,879
<REALIZED-GAINS-CURRENT>                     2,789,109
<APPREC-INCREASE-CURRENT>                      300,710
<NET-CHANGE-FROM-OPS>                        4,681,698
<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>                       4,713,249
<ACCUMULATED-NII-PRIOR>                        410,962
<ACCUMULATED-GAINS-PRIOR>                    1,658,025
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          213,881
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                494,092
<AVERAGE-NET-ASSETS>                        35,646,833
<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 PORTFOLIOS: CONS. CL. S
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          OCT-31-1997
<PERIOD-END>                               OCT-31-1997
<INVESTMENTS-AT-COST>                       36,966,704
<INVESTMENTS-AT-VALUE>                      39,156,319
<RECEIVABLES>                                2,244,621
<ASSETS-OTHER>                                  67,983
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                              41,468,923
<PAYABLE-FOR-SECURITIES>                     2,815,629
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      152,595
<TOTAL-LIABILITIES>                          2,968,224
<SENIOR-EQUITY>                                      0
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