PUTNAM OTC EMERGING GROWTH FUND
NSAR-B, 1997-09-30
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SIGNATURE   PAUL BUCUVALIS                               
TITLE       VICE PRESIDENT      
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
Putnam OTC Emerging Growth Fund
</LEGEND>
<RESTATED> 
<SERIES>
   <NUMBER> 4
   <NAME> CLASS A
       
<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 OTC Emerging Growth Fund
</LEGEND>
<RESTATED> 
<SERIES>
   <NUMBER> 4
   <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 OTC Emerging Growth Fund
</LEGEND>
<RESTATED> 
<SERIES>
   <NUMBER> 4
   <NAME> CLASS M
       
<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
Putnam OTC Emerging Growth Fund
</LEGEND>
<RESTATED> 
<SERIES>
   <NUMBER> 4
   <NAME> CLASS Y
       
<S>                             <C>
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<PER-SHARE-DISTRIBUTIONS>                        (1.08)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                             $16.08
<EXPENSE-RATIO>                                    .91
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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