PUTNAM OTC EMERGING GROWTH FUND
NSAR-A, 1995-03-29
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<PAGE>      PAGE  1
000 A000000 01/31/95
000 C000000 0000703969
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 PUTNAM OTC EMERGING GROWTH FUND
001 B000000 811-3512
001 C000000 6172921000
002 A000000 ONE POST OFFICE SQUARE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
007 C010100  1
007 C010200  2
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A000001 PUTNAM INVESTMENT MANAGEMENT, INC.
008 B000001 A
008 C000001 801-7974
008 D010001 BOSTON
008 D020001 MA
008 D030001 02109
011 A000001 PUTNAM MUTUAL FUNDS CORP.
011 B000001 8-5088
011 C010001 BOSTON
011 C020001 MA
011 C030001 02109
012 A000001 PUTNAM INVESTOR SERVICES
012 B000001 84-401299
012 C010001 BOSTON
012 C020001 MA
012 C030001 02109
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
<PAGE>      PAGE  2
015 C020001 MA
015 C030001 02110
015 E010001 X
015 A000002 BROWN BROTHERS HARRIMAN & CO.
015 B000002 C
015 C010002 BOSTON
015 C020002 MA
015 C030002 02109
015 E010002 X
018  000000 Y
019 A000000 Y
019 B000000   89
019 C000000 PUTNAMFUND
020 A000001 AG EDWARDS & SONS, INC.
020 B000001 43-0895477
020 C000001     56
020 A000002 BEAR STEARNS & CO.
020 B000002 13-4946705
020 C000002     34
020 A000003 FIRST BOSTON CORP.
020 B000003 13-5659485
020 C000003     26
020 A000004 SALOMON BROTHERS, INC.
020 B000004 13-3082694
020 C000004     22
020 A000005 BANKERS TRUST EQUITY
020 B000005 13-4941247
020 C000005     20
020 A000006 MIDLAND WALWYN
020 B000006 13-5680570
020 C000006     18
020 A000007 PAINE WEBBER, INC. \
020 B000007 13-2638166
020 C000007     15
020 A000008 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
020 B000008 13-2741729
020 C000008      9
020 A000009 LEHMAN BROTHERS
020 B000009 13-2518466
020 C000009      9
020 A000010 KIDDER PEABODY & CO.
020 B000010 13-5650440
020 C000010      8
021  000000      339
022 A000001 SHEARSON LEHMAN BROTHERS, INC.
022 B000001 13-2518466
022 C000001   1086314
022 D000001      1798
022 A000002 GOLDMAN SACHS & CO.
022 B000002 13-5108880
022 C000002    390484
<PAGE>      PAGE  3
022 D000002      6362
022 A000003 BT SECURITIES
022 B000003 13-3311934
022 C000003    330550
022 D000003       200
022 A000004 PRUDENTIAL SECURITIES
022 B000004 22-2347336
022 C000004    119081
022 D000004      3584
022 A000005 NOMURA SECURITIES, INC.
022 B000005 13-2642206
022 C000005     50000
022 D000005         0
022 A000006 JP MORGAN SECURITIES
022 B000006 13-3224016
022 C000006     45747
022 D000006       715
022 A000007 SMITH BARNEY SHEARSON
022 B000007 13-1912900
022 C000007     11295
022 D000007     13871
022 A000008 MORGAN STANLEY & CO.
022 B000008 13-2655998
022 C000008     15469
022 D000008      5704
022 A000009 ALEX BROWN & SONS
022 B000009 52-0256630
022 C000009      8896
022 D000009     13286
022 A000010 TRUSTER SINGER CORP,
022 B000010 13-2901399
022 C000010     11780
022 D000010      8452
023 C000000    2265136
023 D000000     189222
028 A010000     59074
028 A020000         0
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028 B040000     36927
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028 C030000         0
028 C040000     46327
028 D010000     57900
028 D020000         1
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028 D040000     52093
<PAGE>      PAGE  4
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030 A000000    752
030 B000000  5.75
030 C000000  0.00
031 A000000    126
031 B000000      0
032  000000    626
033  000000      0
034  000000 Y
035  000000      0
036 A000000 N
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038  000000      0
039  000000 N
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042 A000000   0
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042 C000000 100
042 D000000   0
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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080 B000000 NATIONAL UNION FIRE INSURANCE COMPANY
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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 Class A AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                                                 <C>
<PERIOD-TYPE>                                      SEMI
<FISCAL-YEAR-END>                           JUL-31-1994
<PERIOD-END>                                JAN-31-1995
<INVESTMENTS-AT-COST>                       458,237,878
<INVESTMENTS-AT-VALUE>                      566,085,251
<RECEIVABLES>                                34,003,004
<ASSETS-OTHER>                                      985
<OTHER-ITEMS-ASSETS>                                  0
<TOTAL-ASSETS>                              600,089,240
<PAYABLE-FOR-SECURITIES>                     14,042,775
<SENIOR-LONG-TERM-DEBT>                               0
<OTHER-ITEMS-LIABILITIES>                     4,794,911
<TOTAL-LIABILITIES>                          18,837,686
<SENIOR-EQUITY>                                       0
<PAID-IN-CAPITAL-COMMON>                    448,671,033
<SHARES-COMMON-STOCK>                        47,188,505
<SHARES-COMMON-PRIOR>                        40,664,721
<ACCUMULATED-NII-CURRENT>                             0
<OVERDISTRIBUTION-NII>                        2,219,697
<ACCUMULATED-NET-GAINS>                      26,952,845
<OVERDISTRIBUTION-GAINS>                              0
<ACCUM-APPREC-OR-DEPREC>                    107,847,373
<NET-ASSETS>                                581,251,554
<DIVIDEND-INCOME>                               585,565
<INTEREST-INCOME>                               521,359
<OTHER-INCOME>                                        0
<EXPENSES-NET>                                3,326,621
<NET-INVESTMENT-INCOME>                     (2,219,697)
<REALIZED-GAINS-CURRENT>                     34,171,377
<APPREC-INCREASE-CURRENT>                    34,857,857
<NET-CHANGE-FROM-OPS>                        66,809,537
<EQUALIZATION>                                        0
<DISTRIBUTIONS-OF-INCOME>                             0
<DISTRIBUTIONS-OF-GAINS>                   (36,729,076)
<DISTRIBUTIONS-OTHER>                                 0
<NUMBER-OF-SHARES-SOLD>                      27,540,565
<NUMBER-OF-SHARES-REDEEMED>                (24,390,060)
<SHARES-REINVESTED>                           3,373,279
<NET-CHANGE-IN-ASSETS>                      126,430,610
<ACCUMULATED-NII-PRIOR>                               0
<ACCUMULATED-GAINS-PRIOR>                    34,639,288
<OVERDISTRIB-NII-PRIOR>                               0
<OVERDIST-NET-GAINS-PRIOR>                            0
<GROSS-ADVISORY-FEES>                         1,891,829
<INTEREST-EXPENSE>                                    0
<GROSS-EXPENSE>                               3,326,621
<AVERAGE-NET-ASSETS>                        480,269,879
<PER-SHARE-NAV-BEGIN>                             10.15
<PER-SHARE-NII>                                   (.04)
<PER-SHARE-GAIN-APPREC>                            1.42
<PER-SHARE-DIVIDEND>                                  0
<PER-SHARE-DISTRIBUTIONS>                         (.86)
<RETURNS-OF-CAPITAL>                                  0
<PER-SHARE-NAV-END>                               10.67
<EXPENSE-RATIO>                                     .57
<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>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM Putnam OTC Emerging Growth Fund Class B AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
<S>                                                 <C>
<PERIOD-TYPE>                                      SEMI
<FISCAL-YEAR-END>                           JUL-31-1994
<PERIOD-END>                                JAN-31-1995
<INVESTMENTS-AT-COST>                       458,237,878
<INVESTMENTS-AT-VALUE>                      566,085,251
<RECEIVABLES>                                34,003,004
<ASSETS-OTHER>                                      985
<OTHER-ITEMS-ASSETS>                                  0
<TOTAL-ASSETS>                              600,089,240
<PAYABLE-FOR-SECURITIES>                     14,042,775
<SENIOR-LONG-TERM-DEBT>                               0
<OTHER-ITEMS-LIABILITIES>                     4,794,911
<TOTAL-LIABILITIES>                          18,837,686
<SENIOR-EQUITY>                                       0
<PAID-IN-CAPITAL-COMMON>                    448,671,033
<SHARES-COMMON-STOCK>                         7,375,492
<SHARES-COMMON-PRIOR>                         4,187,198
<ACCUMULATED-NII-CURRENT>                             0
<OVERDISTRIBUTION-NII>                        2,219,697
<ACCUMULATED-NET-GAINS>                      26,952,845
<OVERDISTRIBUTION-GAINS>                              0
<ACCUM-APPREC-OR-DEPREC>                    107,847,373
<NET-ASSETS>                                581,251,554
<DIVIDEND-INCOME>                               585,565
<INTEREST-INCOME>                               521,359
<OTHER-INCOME>                                        0
<EXPENSES-NET>                                3,326,621
<NET-INVESTMENT-INCOME>                     (2,219,697)
<REALIZED-GAINS-CURRENT>                     34,171,377
<APPREC-INCREASE-CURRENT>                    34,857,857
<NET-CHANGE-FROM-OPS>                        66,809,537
<EQUALIZATION>                                        0
<DISTRIBUTIONS-OF-INCOME>                             0
<DISTRIBUTIONS-OF-GAINS>                    (5,126,420)
<DISTRIBUTIONS-OTHER>                                 0
<NUMBER-OF-SHARES-SOLD>                       4,704,164
<NUMBER-OF-SHARES-REDEEMED>                 (1,986,439)
<SHARES-REINVESTED>                             470,569
<NET-CHANGE-IN-ASSETS>                      126,430,610
<ACCUMULATED-NII-PRIOR>                               0
<ACCUMULATED-GAINS-PRIOR>                    34,639,288
<OVERDISTRIB-NII-PRIOR>                               0
<OVERDIST-NET-GAINS-PRIOR>                            0
<GROSS-ADVISORY-FEES>                         1,891,829
<INTEREST-EXPENSE>                                    0
<GROSS-EXPENSE>                               3,326,621
<AVERAGE-NET-ASSETS>                         61,295,714
<PER-SHARE-NAV-BEGIN>                             10.06
<PER-SHARE-NII>                                   (.06)
<PER-SHARE-GAIN-APPREC>                            1.39
<PER-SHARE-DIVIDEND>                                  0
<PER-SHARE-DISTRIBUTIONS>                         (.86)
<RETURNS-OF-CAPITAL>                                  0
<PER-SHARE-NAV-END>                               10.53
<EXPENSE-RATIO>                                     .96
<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>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM Putnam OTC Emerging Growth Fund Class M AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
          
<S>                                                 <C>
<PERIOD-TYPE>                                      SEMI
<FISCAL-YEAR-END>                           JUL-31-1994
<PERIOD-END>                                JAN-31-1995
<INVESTMENTS-AT-COST>                       458,237,878
<INVESTMENTS-AT-VALUE>                      566,085,251
<RECEIVABLES>                                34,003,004
<ASSETS-OTHER>                                      985
<OTHER-ITEMS-ASSETS>                                  0
<TOTAL-ASSETS>                              600,089,240
<PAYABLE-FOR-SECURITIES>                     14,042,775
<SENIOR-LONG-TERM-DEBT>                               0
<OTHER-ITEMS-LIABILITIES>                     4,794,911
<TOTAL-LIABILITIES>                          18,837,686
<SENIOR-EQUITY>                                       0
<PAID-IN-CAPITAL-COMMON>                    448,671,033
<SHARES-COMMON-STOCK>                             7,737
<SHARES-COMMON-PRIOR>                                 0
<ACCUMULATED-NII-CURRENT>                             0
<OVERDISTRIBUTION-NII>                        2,219,697
<ACCUMULATED-NET-GAINS>                      26,952,845
<OVERDISTRIBUTION-GAINS>                              0
<ACCUM-APPREC-OR-DEPREC>                    107,847,373
<NET-ASSETS>                                581,251,554
<DIVIDEND-INCOME>                               585,565
<INTEREST-INCOME>                               521,359
<OTHER-INCOME>                                        0
<EXPENSES-NET>                                3,326,621
<NET-INVESTMENT-INCOME>                     (2,219,697)
<REALIZED-GAINS-CURRENT>                     34,171,377
<APPREC-INCREASE-CURRENT>                    34,857,857
<NET-CHANGE-FROM-OPS>                        66,809,537
<EQUALIZATION>                                        0
<DISTRIBUTIONS-OF-INCOME>                             0
<DISTRIBUTIONS-OF-GAINS>                        (2,324)
<DISTRIBUTIONS-OTHER>                                 0
<NUMBER-OF-SHARES-SOLD>                           7,510
<NUMBER-OF-SHARES-REDEEMED>                           0
<SHARES-REINVESTED>                                 227
<NET-CHANGE-IN-ASSETS>                      126,430,610
<ACCUMULATED-NII-PRIOR>                               0
<ACCUMULATED-GAINS-PRIOR>                             0
<OVERDISTRIB-NII-PRIOR>                               0
<OVERDIST-NET-GAINS-PRIOR>                            0
<GROSS-ADVISORY-FEES>                         1,891,829
<INTEREST-EXPENSE>                                    0
<GROSS-EXPENSE>                               3,326,621
<AVERAGE-NET-ASSETS>                             50,866
<PER-SHARE-NAV-BEGIN>                             11.10
<PER-SHARE-NII>                                   (.02)
<PER-SHARE-GAIN-APPREC>                             .45
<PER-SHARE-DIVIDEND>                                  0
<PER-SHARE-DISTRIBUTIONS>                         (.86)
<RETURNS-OF-CAPITAL>                                  0
<PER-SHARE-NAV-END>                               10.67
<EXPENSE-RATIO>                                     .32
<AVG-DEBT-OUTSTANDING>                                0
<AVG-DEBT-PER-SHARE>                                  0
        

</TABLE>


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