<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 6
042 F000100 0
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<PAGE> PAGE 7
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070 I010100 N
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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 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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SIGNATURE PAUL BUCAVALAS
TITLE MANAGING DIRECTOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Growth Opportunities Fund
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS A
<S> <C>
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[AVG-DEBT-OUTSTANDING] 0
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Growth Opportunities Fund
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS B
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Growth Opportunities Fund
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 3,937,644,710
<INVESTMENTS-AT-VALUE> 5,503,868,231
<RECEIVABLES> 72,554,895
<ASSETS-OTHER> 1,591,406
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,578,014,532
<PAYABLE-FOR-SECURITIES> 39,383,144
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18,965,836
<TOTAL-LIABILITIES> 58,348,980
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,046,159,179
<SHARES-COMMON-STOCK> 6,548,699
<SHARES-COMMON-PRIOR> 3,269,086
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (20,451,647)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (72,497,838)
<ACCUM-APPREC-OR-DEPREC> 1,566,455,858
<NET-ASSETS> 5,519,665,552
<DIVIDEND-INCOME> 5,342,487
<INTEREST-INCOME> 2,300,022
<OTHER-INCOME> 0
<EXPENSES-NET> 28,094,156
<NET-INVESTMENT-INCOME> (20,451,647)
<REALIZED-GAINS-CURRENT> (36,772,805)
<APPREC-INCREASE-CURRENT> 1,147,442,528
<NET-CHANGE-FROM-OPS> 1,090,218,076
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,545,336
<NUMBER-OF-SHARES-REDEEMED> (265,723)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,450,362,380
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (4,504,565)
<GROSS-ADVISORY-FEES> 11,010,462
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 28,328,074
<AVERAGE-NET-ASSETS> 112,002,957
<PER-SHARE-NAV-BEGIN> 21.50
<PER-SHARE-NII> (.17)
<PER-SHARE-GAIN-APPREC> 6.89
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 28.22
<EXPENSE-RATIO> 0.87
[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
<LEGEND>
Putnam Growth Opportunities Fund
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 3,937,644,710
<INVESTMENTS-AT-VALUE> 5,503,868,231
<RECEIVABLES> 72,554,895
<ASSETS-OTHER> 1,591,406
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,578,014,532
<PAYABLE-FOR-SECURITIES> 39,383,144
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18,965,836
<TOTAL-LIABILITIES> 58,348,980
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,046,159,179
<SHARES-COMMON-STOCK> 5,083,946
<SHARES-COMMON-PRIOR> 4,230,688
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (20,451,647)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (72,497,838)
<ACCUM-APPREC-OR-DEPREC> 1,566,455,858
<NET-ASSETS> 5,519,665,552
<DIVIDEND-INCOME> 5,342,487
<INTEREST-INCOME> 2,300,022
<OTHER-INCOME> 0
<EXPENSES-NET> 28,094,156
<NET-INVESTMENT-INCOME> (20,451,647)
<REALIZED-GAINS-CURRENT> (36,772,805)
<APPREC-INCREASE-CURRENT> 1,147,442,528
<NET-CHANGE-FROM-OPS> 1,090,218,076
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,444,192
<NUMBER-OF-SHARES-REDEEMED> (590,934)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,450,362,380
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (35,725,033)
<GROSS-ADVISORY-FEES> 11,010,462
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 28,328,074
<AVERAGE-NET-ASSETS> 112,833,899
<PER-SHARE-NAV-BEGIN> 21.34
<PER-SHARE-NII> (.14)
<PER-SHARE-GAIN-APPREC> 6.83
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 28.03
<EXPENSE-RATIO> 0.75
[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
<LEGEND>
Putnam Growth Opportunities Fund
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> CLASS Y
<S> <C>
<PERIOD-TYPE> SEMI
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 3,937,644,710
<INVESTMENTS-AT-VALUE> 5,503,868,231
<RECEIVABLES> 72,554,895
<ASSETS-OTHER> 1,591,406
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,578,014,532
<PAYABLE-FOR-SECURITIES> 39,383,144
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18,965,836
<TOTAL-LIABILITIES> 58,348,980
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,046,159,179
<SHARES-COMMON-STOCK> 1,682,205
<SHARES-COMMON-PRIOR> 965,776
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (20,451,647)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (72,497,838)
<ACCUM-APPREC-OR-DEPREC> 1,566,455,858
<NET-ASSETS> 5,519,665,552
<DIVIDEND-INCOME> 5,342,487
<INTEREST-INCOME> 2,300,022
<OTHER-INCOME> 0
<EXPENSES-NET> 28,094,156
<NET-INVESTMENT-INCOME> (20,451,647)
<REALIZED-GAINS-CURRENT> (36,772,805)
<APPREC-INCREASE-CURRENT> 1,147,442,528
<NET-CHANGE-FROM-OPS> 1,090,218,076
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,211,561
<NUMBER-OF-SHARES-REDEEMED> (495,132)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,450,362,380
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (35,725,033)
<GROSS-ADVISORY-FEES> 11,010,462
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 28,328,074
<AVERAGE-NET-ASSETS> 29,851,309
<PER-SHARE-NAV-BEGIN> 21.55
<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> 6.97
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 28.48
<EXPENSE-RATIO> 0.37
[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
<LEGEND>
Putnam Research Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> SEMI
FISCAL-YEAR-END> JUL-31-2000
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 1,413,679,633
<INVESTMENTS-AT-VALUE> 1,537,656,482
<RECEIVABLES> 26,582,886
<ASSETS-OTHER> 1,886
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,564,241,254
<PAYABLE-FOR-SECURITIES> 21,539,354
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,805,359
<TOTAL-LIABILITIES> 28,344,713
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,355,484,189
<SHARES-COMMON-STOCK> 39,060,172
<SHARES-COMMON-PRIOR> 28,671,369
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (2,665,744)
<ACCUMULATED-NET-GAINS> 59,101,247
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 123,976,849
<NET-ASSETS> 1,535,896,541
<DIVIDEND-INCOME> 6,223,190
<INTEREST-INCOME> 292,816
<OTHER-INCOME> 0
<EXPENSES-NET> 9,181,750
<NET-INVESTMENT-INCOME> (2,665,744)
<REALIZED-GAINS-CURRENT> 89,154,409
<APPREC-INCREASE-CURRENT> 54,667,004
<NET-CHANGE-FROM-OPS> 141,155,669
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (34,762,869)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,259,559
<NUMBER-OF-SHARES-REDEEMED> (3,823,047)
<SHARES-REINVESTED> 1,952,291
<NET-CHANGE-IN-ASSETS 491,168,003
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 48,029,952
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,768,245
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,308,968
<AVERAGE-NET-ASSETS> 565,081,171
<PER-SHARE-NAV-BEGIN> 16.60
<PER-SHARE-NII> .00
<PER-SHARE-GAIN-APPREC> 1.93
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.51
<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
<LEGEND>
Putnam Research Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> SEMI
FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 1,413,679,633
<INVESTMENTS-AT-VALUE> 1,537,656,482
<RECEIVABLES> 26,582,886
<ASSETS-OTHER> 1,886
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,564,241,254
<PAYABLE-FOR-SECURITIES> 21,539,354
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,805,359
<TOTAL-LIABILITIES> 28,344,713
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,355,484,189
<SHARES-COMMON-STOCK> 42,354,359
<SHARES-COMMON-PRIOR> 30,035,629
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (2,665,744)
<ACCUMULATED-NET-GAINS> 59,101,247
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 123,976,849
<NET-ASSETS> 1,535,896,541
<DIVIDEND-INCOME> 6,223,190
<INTEREST-INCOME> 292,816
<OTHER-INCOME> 0
<EXPENSES-NET> 9,181,750
<NET-INVESTMENT INCOME> (2,665,744)
<REALIZED-GAINS-CURRENT> 89,154,409
<APPREC-INCREASE-CURRENT> 54,667,004
<NET-CHANGE-FROM-OPS> 141,155,669
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (37,359,407)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,136,795
<NUMBER-OF-SHARES-REDEEMED (2,854,123)
<SHARES-REINVESTED> 2,036,238
<NET-CHANGE-IN-ASSETS> 491,168,003
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 48,029,952
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,768,245
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,308,968
<AVERAGE-NET-ASSETS> 599,049,351
<PER-SHARE-NAV-BEGIN> 16.46
<PER-SHARE-NII> (.07)
<PER-SHARE-GAIN-APPREC> 1.91
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.28
<EXPENSE-RATIO> .91
[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
<LEGEND>
Putnam Research Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> SEMI
FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 1,413,679,633
<INVESTMENTS-AT-VALUE> 1,537,656,482
<RECEIVABLES> 26,582,886
<ASSETS-OTHER> 1,886
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,564,241,254
<PAYABLE-FOR-SECURITIES> 21,539,354
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,805,359
<TOTAL-LIABILITIES> 28,344,713
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,355,484,189
<SHARES-COMMON-STOCK> 3,736,924
<SHARES-COMMON-PRIOR> 1,930,976
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (2,665,744)
<ACCUMULATED-NET-GAINS> 59,101,247
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 123,976,849
<NET-ASSETS> 1,535,896,541
<DIVIDEND-INCOME> 6,223,190
<INTEREST-INCOME> 292,816
<OTHER-INCOME> 0
<EXPENSES-NET> 9,181,750
<NET-INVESTMENT-INCOME> (2,665,744)
<REALIZED-GAINS-CURRENT> 89,154,409
<APPREC-INCREASE-CURRENT> 54,667,004
<NET-CHANGE-FROM-OPS> 141,155,669
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (3,121,131)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,824,978
<NUMBER-OF-SHARES-REDEEMED> (171,308)
<SHARES-REINVESTED> 152,278
<NET-CHANGE-IN-ASSETS> 491,168,003
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 48,029,952
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,768,245
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,308,968
<AVERAGE-NET-ASSETS> 47,131,668
<PER-SHARE-NAV-BEGIN> 16.55
<PER-SHARE-NII> (.07)
<PER-SHARE-GAIN-APPREC> 1.93
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.39
<EXPENSE-RATIO> .91
[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
<LEGEND>
Putnam Research Fund
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> SEMI
FISCAL-YEAR-END> JUL-31-1999
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 1,413,679,633
<INVESTMENTS-AT-VALUE> 1,537,656,482
<RECEIVABLES> 26,582,886
<ASSETS-OTHER> 1,886
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,564,241,254
<PAYABLE-FOR-SECURITIES> 21,539,354
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,805,359
<TOTAL-LIABILITIES> 28,344,713
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,355,484,189
<SHARES-COMMON-STOCK> 3,169,993
<SHARES-COMMON-PRIOR> 2,566,348
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (2,665,744)
<ACCUMULATED-NET-GAINS> 59,101,247
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 123,976,849
<NET-ASSETS> 1,535,896,541
<DIVIDEND-INCOME> 6,223,190
<INTEREST-INCOME> 292,816
<OTHER-INCOME> 0
<EXPENSES-NET> 9,181,750
<NET-INVESTMENT-INCOME> (2,665,744)
<REALIZED-GAINS-CURRENT> 89,154,409
<APPREC-INCREASE-CURRENT> 54,667,004
<NET-CHANGE-FROM-OPS> 141,155,669
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (2,839,707)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 835,643
<NUMBER-OF-SHARES-REDEEMED> (394,862)
<SHARES-REINVESTED> 162,864
<NET-CHANGE-IN-ASSETS> 491,168,003
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 48,029,952
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,768,245
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 9,308,968
<AVERAGE-NET-ASSETS> 47,422,292
<PER-SHARE-NAV-BEGIN> 16.51
<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> 1.91
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.36
<EXPENSE-RATIO> .78
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
