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<PAGE> PAGE 7
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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 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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015 A000501 PUTNAM FIDUCIARY TRUST COMPANY
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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015 A000601 PUTNAM FIDUCIARY TRUST COMPANY
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<PAGE> PAGE 26
049 000600 N
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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015 A000701 PUTNAM FIDUCIARY TRUST COMPANY
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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015 A000801 PUTNAM FIDUCIARY TRUST COMPANY
015 B000801 C
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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015 A000901 PUTNAM FIDUCIARY TRUST COMPANY
015 B000901 C
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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015 A001101 PUTNAM FIDUCIARY TRUST COMPANY
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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SIGNATURE PAUL BUCUVALAS
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Financial Data Schedule Putnam Variable
Trust Global Growth Fund
</LEGEND>
<CIK> 0000822671
<NAME> PUTNAM VARIABLE TRUST
<SERIES>
<NUMBER> 11
<NAME> PVT GLOBAL GROWTH
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<PERIOD-END> DEC-31-1996
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
<NUMBER> 11
<NAME> PVT VOYAGER FUND
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> GROWTH AND INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-END> DEC-31-1996
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<GROSS-EXPENSE> 23,450,809
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<PER-SHARE-NII> .65
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<PER-SHARE-DIVIDEND> (.51)
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<PER-SHARE-NAV-END> 24.56
<EXPENSE-RATIO> .54
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> HIGH YIELD FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
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<PER-SHARE-NAV-END> 12.96
<EXPENSE-RATIO> .76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> U.S. GOVERNMENT AND HIGH QUALITY BOND FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
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<ACCUMULATED-NET-GAINS> 0
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<OTHER-INCOME> 0
<EXPENSES-NET> 5,076,442
<NET-INVESTMENT-INCOME> 48,638,504
<REALIZED-GAINS-CURRENT> 4,973,541
<APPREC-INCREASE-CURRENT> 35,405,059
<NET-CHANGE-FROM-OPS> 18,206,986
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (45,290,232)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,831,570
<NUMBER-OF-SHARES-REDEEMED> (4,843,984)
<SHARES-REINVESTED> 3,626,120
<NET-CHANGE-IN-ASSETS> 31,899,449
<ACCUMULATED-NII-PRIOR> 44,995,834
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (10,350,821)
<GROSS-ADVISORY-FEES> 4,628,688
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,143,364
<AVERAGE-NET-ASSETS> 750,099,761
<PER-SHARE-NAV-BEGIN> 13.74
<PER-SHARE-NII> .81
<PER-SHARE-GAIN-APPREC> (.52)
<PER-SHARE-DIVIDEND> (.82)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.21
<EXPENSE-RATIO> .69
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 432,417,732
<INVESTMENTS-AT-VALUE> 432,417,732
<RECEIVABLES> 5,280,901
<ASSETS-OTHER> 557
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 437,699,190
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 566,889
<TOTAL-LIABILITIES> 566,889
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 437,132,301
<SHARES-COMMON-STOCK> 437,132,301
<SHARES-COMMON-PRIOR> 263,213,299
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 437,132,301
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 20,504,430
<OTHER-INCOME> 0
<EXPENSES-NET> 2,004,533
<NET-INVESTMENT-INCOME> 18,499,897
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 18,499,897
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (18,499,897)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 833,765,470
<NUMBER-OF-SHARES-REDEEMED> (678,346,365)
<SHARES-REINVESTED> 18,499,897
<NET-CHANGE-IN-ASSETS> 173,919,002
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,689,370
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,006,281
<AVERAGE-NET-ASSETS> 375,249,315
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .050
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.050)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .53
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> GLOBAL ASSET ALLOCATION FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 671,903,832
<INVESTMENTS-AT-VALUE> 754,011,178
<RECEIVABLES> 19,348,009
<ASSETS-OTHER> 6,319,398
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 779,678,585
<PAYABLE-FOR-SECURITIES> 24,562,908
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,381,418
<TOTAL-LIABILITIES> 31,944,326
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 596,185,416
<SHARES-COMMON-STOCK> 43,350,143
<SHARES-COMMON-PRIOR> 33,173,381
<ACCUMULATED-NII-CURRENT> 24,025,712
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 42,665,272
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 84,857,859
<NET-ASSETS> 747,734,259
<DIVIDEND-INCOME> 7,392,575
<INTEREST-INCOME> 17,087,758
<OTHER-INCOME> 0
<EXPENSES-NET> 5,170,434
<NET-INVESTMENT-INCOME> 19,309,899
<REALIZED-GAINS-CURRENT> 50,892,694
<APPREC-INCREASE-CURRENT> 23,367,922
<NET-CHANGE-FROM-OPS> 93,570,515
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (15,253,707)
<DISTRIBUTIONS-OF-GAINS> (28,669,963)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,924,556
<NUMBER-OF-SHARES-REDEEMED> (607,406)
<SHARES-REINVESTED> 2,859,612
<NET-CHANGE-IN-ASSETS> 212,067,879
<ACCUMULATED-NII-PRIOR> 13,978,178
<ACCUMULATED-GAINS-PRIOR> 26,478,735
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,262,397
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,213,817
<AVERAGE-NET-ASSETS> 627,181,889
<PER-SHARE-NAV-BEGIN> 16.15
<PER-SHARE-NII> .43
<PER-SHARE-GAIN-APPREC> 1.94
<PER-SHARE-DIVIDEND> (.44)
<PER-SHARE-DISTRIBUTIONS> (.83)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.25
<EXPENSE-RATIO> .83
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> NEW OPPORTUNTIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 1,526,478,214
<INVESTMENTS-AT-VALUE> 1,691,914,485
<RECEIVABLES> 9,544,774
<ASSETS-OTHER> 1,650,547
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,703,109,806
<PAYABLE-FOR-SECURITIES> 25,986,822
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,926,287
<TOTAL-LIABILITIES> 28,913,109
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,541,518,630
<SHARES-COMMON-STOCK> 97,206,802
<SHARES-COMMON-PRIOR> 32,946,981
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (3,300)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (32,755,137)
<ACCUM-APPREC-OR-DEPREC> 165,436,504
<NET-ASSETS> 1,674,196,697
<DIVIDEND-INCOME> 1,837,443
<INTEREST-INCOME> 4,586,640
<OTHER-INCOME> 0
<EXPENSES-NET> 7,879,864
<NET-INVESTMENT-INCOME> (1,455,781)
<REALIZED-GAINS-CURRENT> (30,518,402)
<APPREC-INCREASE-CURRENT> 71,887,652
<NET-CHANGE-FROM-OPS> 39,913,469
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 68,915,384
<NUMBER-OF-SHARES-REDEEMED> (4,655,563)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,159,088,073
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (2,236,510)
<GROSS-ADVISORY-FEES> 7,144,796
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,067,070
<AVERAGE-NET-ASSETS> 1,127,593,791
<PER-SHARE-NAV-BEGIN> 15.63
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> 1.60
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.22
<EXPENSE-RATIO> .72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> PVT UTILITIES GROWTH AND INCOME
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 571,549,799
<INVESTMENTS-AT-VALUE> 653,128,320
<RECEIVABLES> 5,563,723
<ASSETS-OTHER> 13,283
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 658,705,326
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,276,292
<TOTAL-LIABILITIES> 1,276,292
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 518,717,290
<SHARES-COMMON-STOCK> 44,416,497
<SHARES-COMMON-PRIOR> 39,959,075
<ACCUMULATED-NII-CURRENT> 24,041,912
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 33,091,203
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 81,578,629
<NET-ASSETS> 657,429,034
<DIVIDEND-INCOME> 21,542,299
<INTEREST-INCOME> 7,236,255
<OTHER-INCOME> 0
<EXPENSES-NET> 4,161,474
<NET-INVESTMENT-INCOME> 24,617,080
<REALIZED-GAINS-CURRENT> 38,108,934
<APPREC-INCREASE-CURRENT> 25,666,317
<NET-CHANGE-FROM-OPS> 88,392,331
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (21,053,914)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,898,033
<NUMBER-OF-SHARES-REDEEMED> (3,062,600)
<SHARES-REINVESTED> 1,621,989
<NET-CHANGE-IN-ASSETS> 126,968,348
<ACCUMULATED-NII-PRIOR> 20,548,328
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (5,084,797)
<GROSS-ADVISORY-FEES> 3,753,576
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,263,621
<AVERAGE-NET-ASSETS> 583,764,996
<PER-SHARE-NAV-BEGIN> 13.28
<PER-SHARE-NII> .54
<PER-SHARE-GAIN-APPREC> 1.49
<PER-SHARE-DIVIDEND> (.51)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.80
<EXPENSE-RATIO> .73
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> ASIA PACIFIC GROWTH FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 123,733,344
<INVESTMENTS-AT-VALUE> 131,187,264
<RECEIVABLES> 2,582,598
<ASSETS-OTHER> 785,354
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 134,555,216
<PAYABLE-FOR-SECURITIES> 3,676,841
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 330,791
<TOTAL-LIABILITIES> 4,007,632
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 122,862,310
<SHARES-COMMON-STOCK> 11,855,445
<SHARES-COMMON-PRIOR> 2,448,848
<ACCUMULATED-NII-CURRENT> 1,775,888
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,367,199)
<ACCUM-APPREC-OR-DEPREC> 8,276,585
<NET-ASSETS> 130,547,584
<DIVIDEND-INCOME> 1,297,226
<INTEREST-INCOME> 409,923
<OTHER-INCOME> 0
<EXPENSES-NET> 987,250
<NET-INVESTMENT-INCOME> 719,899
<REALIZED-GAINS-CURRENT> (963,524)
<APPREC-INCREASE-CURRENT> 7,632,514
<NET-CHANGE-FROM-OPS> 7,388,889
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (807,399)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21,918,203
<NUMBER-OF-SHARES-REDEEMED> (12,587,259)
<SHARES-REINVESTED> 75,653
<NET-CHANGE-IN-ASSETS> 105,502,971
<ACCUMULATED-NII-PRIOR> 260,391
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (281,037)
<GROSS-ADVISORY-FEES> 681,628
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,050,724
<AVERAGE-NET-ASSETS> 85,263,452
<PER-SHARE-NAV-BEGIN> 10.23
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> .88
<PER-SHARE-DIVIDEND> (.15)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.01
<EXPENSE-RATIO> 1.23
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> PVT DIVERSIFIED INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 486,151,609
<INVESTMENTS-AT-VALUE> 495,768,815
<RECEIVABLES> 12,231,432
<ASSETS-OTHER> 1,622,695
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 509,622,942
<PAYABLE-FOR-SECURITIES> 9,966,968
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,844,659
<TOTAL-LIABILITIES> 14,811,627
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 455,103,573
<SHARES-COMMON-STOCK> 43,893,169
<SHARES-COMMON-PRIOR> 27,533,478
<ACCUMULATED-NII-CURRENT> 27,720,672
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,741,650
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,245,420
<NET-ASSETS> 494,811,315
<DIVIDEND-INCOME> 651,106
<INTEREST-INCOME> 31,966,129
<OTHER-INCOME> 0
<EXPENSES-NET> 3,176,869
<NET-INVESTMENT-INCOME> 29,440,366
<REALIZED-GAINS-CURRENT> 4,102,132
<APPREC-INCREASE-CURRENT> 2,848,823
<NET-CHANGE-FROM-OPS> 36,391,321
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (20,930,343)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,338,498
<NUMBER-OF-SHARES-REDEEMED> (3,002,500)
<SHARES-REINVESTED> 2,023,693
<NET-CHANGE-IN-ASSETS> 191,090,522
<ACCUMULATED-NII-PRIOR> 19,613,479
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (1,680,317)
<GROSS-ADVISORY-FEES> 2,766,551
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,283,075
<AVERAGE-NET-ASSETS> 395,017,400
<PER-SHARE-NAV-BEGIN> 11.03
<PER-SHARE-NII> .80
<PER-SHARE-GAIN-APPREC> .11
<PER-SHARE-DIVIDEND> (.67)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.27
<EXPENSE-RATIO> .83
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
