PUTNAM INVESTMENT FUNDS
NSAR-B, EX-27, 2000-09-27
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
Putnam Research Fund
</LEGEND>
<SERIES>
   <NUMBER> 5
   <NAME> CLASS A

<S>                             <C>
<PERIOD-TYPE>                   ANNUAL
FISCAL-YEAR-END>                          JUL-31-2000
<PERIOD-END>                              JUL-31-2000
<INVESTMENTS-AT-COST>                    1,922,724,727
<INVESTMENTS-AT-VALUE>                   2,041,945,125
<RECEIVABLES>                               32,543,811
<ASSETS-OTHER>                                     968
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                           2,074,489,904
<PAYABLE-FOR-SECURITIES>                    40,184,348
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    6,240,896
<TOTAL-LIABILITIES>                         46,425,244
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                 1,746,859,481
<SHARES-COMMON-STOCK>                       48,869,854
<SHARES-COMMON-PRIOR>                       28,671,369
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                    162,048,917
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                   119,156,262
<NET-ASSETS>                             2,028,064,660
<DIVIDEND-INCOME>                           15,442,676
<INTEREST-INCOME>                              997,143
<OTHER-INCOME>                                       0
<EXPENSES-NET>                              22,248,659
<NET-INVESTMENT-INCOME>                    (5,808,840)
<REALIZED-GAINS-CURRENT>                   197,905,812
<APPREC-INCREASE-CURRENT>                   49,846,417
<NET-CHANGE-FROM-OPS>                      241,943,389
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                  (34,762,869)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                     28,760,900
<NUMBER-OF-SHARES-REDEEMED>               (10,515,408)
<SHARES-REINVESTED>                          1,952,993
<NET-CHANGE-IN-ASSETS                      983,336,122
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                   48,029,952
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                        9,330,111
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                             22,593,058
<AVERAGE-NET-ASSETS>                       685,004,173
<PER-SHARE-NAV-BEGIN>                            16.60
<PER-SHARE-NII>                                    .01
<PER-SHARE-GAIN-APPREC>                           3.10
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                       (1.02)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              18.69
<EXPENSE-RATIO>                                   1.07
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>


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