PUTNAM INVESTMENT FUNDS
NSAR-A/A, EX-27, 2000-10-27
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
Putnam Small Cap Value Fund Fund
</LEGEND>
<SERIES>
   <NUMBER> 4
   <NAME> CLASS A

<S>                             <C>
<PERIOD-TYPE>                   SEMI
<FISCAL-YEAR-END>                          FEB-29-2000
<PERIOD-END>                               AUG-31-2000
<INVESTMENTS-AT-COST>                      240,559,628
<INVESTMENTS-AT-VALUE>                     263,517,348
<RECEIVABLES>                                3,479,137
<ASSETS-OTHER>                                 136,007
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                             267,132,492
<PAYABLE-FOR-SECURITIES>                     2,377,878
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      919,548
<TOTAL-LIABILITIES>                          3,297,426
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   238,967,955
<SHARES-COMMON-STOCK>                       13,517,642
<SHARES-COMMON-PRIOR>                        8,379,088
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                       (181,440)
<ACCUMULATED-NET-GAINS>                      2,090,831
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    22,957,720
<NET-ASSETS>                               263,835,066
<DIVIDEND-INCOME>                            1,366,633
<INTEREST-INCOME>                              160,185
<OTHER-INCOME>                                       0
<EXPENSES-NET>                               1,708,288
<NET-INVESTMENT-INCOME>                      (181,440)
<REALIZED-GAINS-CURRENT>                     2,163,441
<APPREC-INCREASE-CURRENT>                   18,441,696
<NET-CHANGE-FROM-OPS>                       20,423,667
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      6,633,904
<NUMBER-OF-SHARES-REDEEMED>                (1,495,350)
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                     112,806,581
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                       (72,850)
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          838,650
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                              1,734,836
<AVERAGE-NET-ASSETS>                       117,696,901
<PER-SHARE-NAV-BEGIN>                            10.01
<PER-SHARE-NII>                                    .01
<PER-SHARE-GAIN-APPREC>                           0.98
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.00
<EXPENSE-RATIO>                                    .67
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0


</TABLE>


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