<PAGE> PAGE 1
000 B000000 12/31/94
000 C000000 0000075170
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 T. ROWE PRICE OTC FUND, INC.
001 B000000 811-696
001 C000000 4105472000
002 A000000 100 EAST PRATT STREET
002 B000000 BALTIMORE
002 C000000 MD
002 D010000 21202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 63
019 C00AA00 TROWEPRICE
020 A000001 INSTINET
020 B000001 13-3443395
020 C000001 77
020 A000002 BRIDGE TRADING
020 B000002 43-1450530
020 C000002 10
020 A000003 ROBERT BAIRD
020 B000003 39-6037917
020 C000003 7
020 A000004 MONTGOMERY SECURITIES
020 B000004 94-1701676
020 C000004 5
020 A000005 PRUDENTIAL SECURITIES
020 B000005 22-2347336
020 C000005 5
020 A000006 DONALDSON LUFKIN
020 B000006 13-2741729
020 C000006 3
020 A000007 C.L. KING
020 B000007 13-2700327
020 C000007 3
020 A000008 DEUTSCHE BANK
020 B000008 13-6124068
020 C000008 3
020 A000009 PAINNE WEBER
<PAGE> PAGE 2
020 B000009 13-2638166
020 C000009 2
020 A000010 ROBERT BRANDT
020 B000010 95-2650507
020 C000010 2
021 000000 123
022 A000001 GOLDMAN SACHS
022 B000001 13-5108880
022 C000001 222800
022 D000001 1939
022 A000002 BANKERS TRUST
022 B000002 13-4941247
022 C000002 221148
022 D000002 0
022 A000003 JP MORGAN
022 B000003 13-3224016
022 C000003 110034
022 D000003 0
022 A000004 LEHMAN BROTHERS
022 B000004 13-2518466
022 C000004 78107
022 D000004 4841
022 A000005 FIRST BOSTON
022 B000005 13-5659485
022 C000005 47315
022 D000005 609
022 A000006 MERRILL LYNCH
022 B000006 13-5674085
022 C000006 25830
022 D000006 6759
022 A000007 BP AMERICAN
022 B000007 34-1152832
022 C000007 27622
022 D000007 0
022 A000008 SMITH BARNEY SHEARSON
022 B000008 13-1912900
022 C000008 7542
022 D000008 1927
022 A000009 MORGAN STANLEY
022 B000009 13-2655998
022 C000009 3313
022 D000009 4474
022 A000010 PAINE WEBBER
022 B000010 13-2638166
022 C000010 2833
022 D000010 3762
023 C000000 783190
023 D000000 49820
028 A01AA00 467
028 A02AA00 0
028 A03AA00 0
<PAGE> PAGE 3
028 A04AA00 1423
028 B01AA00 2641
028 B02AA00 0
028 B03AA00 0
028 B04AA00 3940
028 C01AA00 1403
028 C02AA00 0
028 C03AA00 0
028 C04AA00 3617
028 D01AA00 3412
028 D02AA00 0
028 D03AA00 0
028 D04AA00 2229
028 E01AA00 4966
028 E02AA00 0
028 E03AA00 0
028 E04AA00 2528
028 F01AA00 9339
028 F02AA00 18722
028 F03AA00 0
028 F04AA00 2433
028 G01AA00 22228
028 G02AA00 18722
028 G03AA00 0
028 G04AA00 16170
028 H00AA00 0
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 Y
070 B02AA00 N
070 C01AA00 Y
070 C02AA00 N
070 D01AA00 Y
<PAGE> PAGE 4
070 D02AA00 N
070 E01AA00 Y
070 E02AA00 N
070 F01AA00 Y
070 F02AA00 N
070 G01AA00 Y
070 G02AA00 N
070 H01AA00 Y
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 Y
070 K01AA00 Y
070 K02AA00 N
070 L01AA00 Y
070 L02AA00 Y
070 M01AA00 Y
070 M02AA00 Y
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 Y
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
071 A00AA00 75242
071 B00AA00 90443
071 C00AA00 179476
071 D00AA00 42
072 A00AA00 12
072 B00AA00 889
072 C00AA00 1720
072 D00AA00 0
072 E00AA00 0
072 F00AA00 1534
072 G00AA00 0
072 H00AA00 0
072 I00AA00 347
072 J00AA00 63
072 K00AA00 23
072 L00AA00 27
072 M00AA00 13
072 N00AA00 33
072 O00AA00 0
072 P00AA00 0
072 Q00AA00 85
072 R00AA00 19
<PAGE> PAGE 5
072 S00AA00 13
072 T00AA00 0
072 U00AA00 0
072 V00AA00 32
072 W00AA00 -48
072 X00AA00 2141
072 Y00AA00 0
072 Z00AA00 468
072AA00AA00 20036
072BB00AA00 0
072CC01AA00 0
072CC02AA00 20462
072DD01AA00 383
072DD02AA00 0
072EE00AA00 19961
073 A01AA00 0.0300
073 A02AA00 0.0000
073 B00AA00 1.5600
073 C00AA00 0.0000
074 A00AA00 0
074 B00AA00 0
074 C00AA00 24411
074 D00AA00 3732
074 E00AA00 893
074 F00AA00 172086
074 G00AA00 0
074 H00AA00 0
074 I00AA00 0
074 J00AA00 796
074 K00AA00 0
074 L00AA00 1272
074 M00AA00 1
074 N00AA00 203191
074 O00AA00 4368
074 P00AA00 166
074 Q00AA00 0
074 R01AA00 0
074 R02AA00 0
074 R03AA00 0
074 R04AA00 1931
074 S00AA00 0
074 T00AA00 196726
074 U01AA00 14253
074 U02AA00 0
074 V01AA00 13.80
074 V02AA00 0.00
074 W00AA00 0.0000
074 X00AA00 19192
074 Y00AA00 0
075 A00AA00 0
075 B00AA00 193302
<PAGE> PAGE 6
076 00AA00 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 50000000
081 A00AA00 Y
081 B00AA00 56
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
025 A000101 MORGAN STANLEY
025 B000101 13-2655998
025 C000101 D
025 D000101 1001
025 A000102 DELETE
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
SIGNATURE JAMES S. RIEPE
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000075170
<NAME> T. ROWE PRICE OTC FUND, INC.
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 167675
<INVESTMENTS-AT-VALUE> 201122
<RECEIVABLES> 2068
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 203190
<PAYABLE-FOR-SECURITIES> 4368
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2096
<TOTAL-LIABILITIES> 6464
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 157450
<SHARES-COMMON-STOCK> 14253441
<SHARES-COMMON-PRIOR> 13296602
<ACCUMULATED-NII-CURRENT> 85
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5744
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 33447
<NET-ASSETS> 196726
<DIVIDEND-INCOME> 1720
<INTEREST-INCOME> 889
<OTHER-INCOME> 0
<EXPENSES-NET> 2141
<NET-INVESTMENT-INCOME> 468
<REALIZED-GAINS-CURRENT> 20036
<APPREC-INCREASE-CURRENT> (20462)
<NET-CHANGE-FROM-OPS> 42
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 383
<DISTRIBUTIONS-OF-GAINS> 19961
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2284
<NUMBER-OF-SHARES-REDEEMED> (2695)
<SHARES-REINVESTED> 1367
<NET-CHANGE-IN-ASSETS> (7883)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 5669
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1534
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2141
<AVERAGE-NET-ASSETS> 193302
<PER-SHARE-NAV-BEGIN> 15.39
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> (.04)
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> (1.56)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.8
<EXPENSE-RATIO> 1.11
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
