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008 D020001 MA
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011 A000001 PUTNAM MUTUAL FUNDS CORP.
011 B000001 8-5088
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011 C020001 MA
011 C030001 02109
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012 B000001 84-401299
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015 A000001 STATE STREET BANK AND TRUST COMPANY
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<PAGE> PAGE 2
015 C020001 MA
015 C030001 02110
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015 A000002 BROWN BROTHERS HARRIMAN & CO.
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015 C020002 MA
015 C030002 02109
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020 A000001 PAINE WEBBER, INC.
020 B000001 13-2638266
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020 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000002 13-5674085
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020 A000003 A.G. EDWARD & SONS, INC.
020 B000003 43-0895477
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020 A000004 SHEARSON LEHMAN BROTHERS, INC.
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020 A000005 ADAMS HARKNESS & HILL, INC.
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022 C000004 94457
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022 C000005 78728
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022 B000006 13-2642206
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022 A000008 MONTGOMERY SECURITIES
022 B000008 94-1701676
022 C000008 7411
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<PAGE> PAGE 9
SIGNATURE GORDON H. SILVER
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM PUTNAM OTC EMERGING GROWTH FUND ANNUAL REPORT (CLASS A) AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUL-31-1994
<PERIOD-END> JUL-31-1994
<INVESTMENTS-AT-COST> $360,939,426
<INVESTMENTS-AT-VALUE> $433,928,942
<RECEIVABLES> $28,159,698
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<OTHER-ITEMS-ASSETS> $0
<TOTAL-ASSETS> $462,089,209
<PAYABLE-FOR-SECURITIES> $6,305,124
<SENIOR-LONG-TERM-DEBT> $0
<OTHER-ITEMS-LIABILITIES> $963,141
<TOTAL-LIABILITIES> $7,268,265
<SENIOR-EQUITY> $0
<PAID-IN-CAPITAL-COMMON> $347,192,140
<SHARES-COMMON-STOCK> 40,664,721
<SHARES-COMMON-PRIOR> 34,004,481
<ACCUMULATED-NII-CURRENT> $0
<OVERDISTRIBUTION-NII> $0
<ACCUMULATED-NET-GAINS> $34,639,288
<OVERDISTRIBUTION-GAINS> $0
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<NET-ASSETS> $454,820,944
<DIVIDEND-INCOME> $585,277
<INTEREST-INCOME> $258,420
<OTHER-INCOME> $0
<EXPENSES-NET> $5,145,676
<NET-INVESTMENT-INCOME> ($4,301,979)
<REALIZED-GAINS-CURRENT> $48,499,047
<APPREC-INCREASE-CURRENT> ($31,492,905)
<NET-CHANGE-FROM-OPS> $12,704,163
<EQUALIZATION> $0
<DISTRIBUTIONS-OF-INCOME> ($40,874,837)
<DISTRIBUTIONS-OF-GAINS> $0
<DISTRIBUTIONS-OTHER> $0
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<NUMBER-OF-SHARES-REDEEMED> 32,315,571
<SHARES-REINVESTED> 3,401,323
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM PUTNAM OTC EMERGING GROWTH FUND ANNUAL REPORT (CLASS B) AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUL-31-1994
<PERIOD-END> JUL-31-1994
<INVESTMENTS-AT-COST> $360,939,426
<INVESTMENTS-AT-VALUE> $433,928,942
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<PAID-IN-CAPITAL-COMMON> $347,192,140
<SHARES-COMMON-STOCK> 4,187,198
<SHARES-COMMON-PRIOR> 42,496
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<OVERDISTRIBUTION-GAINS> $0
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<NET-INVESTMENT-INCOME> ($4,301,979)
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<NUMBER-OF-SHARES-SOLD> 5,142,922
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<SHARES-REINVESTED> 70,735
<NET-CHANGE-IN-ASSETS> $89,966,381
<ACCUMULATED-NII-PRIOR> $0
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<OVERDISTRIB-NII-PRIOR> ($8,612,015)
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<GROSS-ADVISORY-FEES> $3,021,394
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<GROSS-EXPENSE> $5,145,676
<AVERAGE-NET-ASSETS> $18,198,452
<PER-SHARE-NAV-BEGIN> $10.70
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<PER-SHARE-NAV-END> $10.06
<EXPENSE-RATIO> 2
<AVG-DEBT-OUTSTANDING> $0
<AVG-DEBT-PER-SHARE> $0
</TABLE>
