<PAGE> PAGE 1
000 B000000 12/31/94
000 C000000 0000868480
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 PUTNAM GROWTH FUND
001 B000000 811-6203
001 C000000 6172921471
002 A000000 ONE POST OFFICE SQUARE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003 000000 Y
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, INC.
012 B000001 84-401299
012 C010001 BOSTON
012 C020001 MA
012 C030001 02109
013 A000001 COOPERS & LYBRAND
013 B010001 BOSON
013 B020001 MA
<PAGE> PAGE 2
013 B030001 02119
015 A000001 PUTNAM FIDUCIARY TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02109
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 86
019 C000000 PUTNAMFUND
020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000001 13-5674085
020 C000001 1
020 A000002 ROBERT FLEMING
020 B000002 13-3298866
020 C000002 0
020 A000003 SMITH BARNEY SHEARSON
020 B000003 13-2518466
020 C000003 0
020 A000004 GOLDMAN SACHS & CO.
020 B000004 13-5108880
020 C000004 0
020 A000005 PAINE WEBBER INC.
020 B000005 13-2638166
020 C000005 0
020 A000006 SALOMON BROTHERS
020 B000006 13-3082694
020 C000006 0
020 A000007 MOORS & COBOT
020 B000007 04-2644584
020 C000007 0
020 A000008 A.G. EDWARDS & SONS
020 B000008 43-0895477
020 C000008 0
020 A000009 FIRST BOSTON CORP.
020 B000009 13-5659485
020 C000009 0
020 A000010 MORGAN STANLEY & CO.
020 B000010 13-2655998
020 C000010 0
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022 A000001 SHEARSON LEHMAN BROTHERS INC.
022 B000001 13-2518466
022 C000001 1116
022 D000001 78
022 A000002 MERRILL LYNCH PIERCE FENNER & SMITH
022 B000002 13-5674085
022 C000002 290
022 D000002 319
022 A000003 J.P. MORGAN SECURITIES
<PAGE> PAGE 3
022 B000003 13-5123346
022 C000003 440
022 D000003 24
022 A000004 HERZOG HEINE & GEDULD
022 B000004 13-1955436
022 C000004 270
022 D000004 135
022 A000005 BT SECURITIES
022 B000005 13-3311934
022 C000005 405
022 D000005 0
022 A000006 SMITH BARNEY SHEARSON
022 B000006 13-2518466
022 C000006 100
022 D000006 92
022 A000007 MORGAN STANLEY & CO.
022 B000007 13-2655998
022 C000007 146
022 D000007 21
022 A000008 GOLDMAN SACHS & CO.
022 B000008 13-5108880
022 C000008 107
022 D000008 59
022 A000009 COWEN & CO.
022 B000009 13-3038622
022 C000009 51
022 D000009 57
022 A000010 FIRST BOSTON CORP.
022 B000010 13-5659485
022 C000010 17
022 D000010 92
023 C000000 3538
023 D000000 1448
024 000000 N
025 A000001 DELETE
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
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026 G010000 Y
026 G020000 Y
<PAGE> PAGE 4
026 H000000 N
027 000000 Y
028 A010000 33
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<PAGE> PAGE 5
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<PAGE> PAGE 6
054 L000000 Y
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<PAGE> PAGE 7
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 N
070 L020000 Y
070 M010000 N
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070 N010000 N
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<PAGE> PAGE 8
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<PAGE> PAGE 9
080 A000000 FEDERAL INSURANCE COMPANUY
080 B000000 NATIONAL UNION FIRE INSURANCE COMPANY
080 C000000 50000
081 A000000 Y
081 B000000 82
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
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SIGNATURE GORDON H. SILVER
TITLE EXECUTIVE VICE PRES.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM Putnam Growth Fund AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE
TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 3,244,552
<INVESTMENTS-AT-VALUE> 3,517,795
<RECEIVABLES> 104,396
<ASSETS-OTHER> 566
<OTHER-ITEMS-ASSETS> 11,358
<TOTAL-ASSETS> 3,634,115
<PAYABLE-FOR-SECURITIES> 411,840
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32,701
<TOTAL-LIABILITIES> 444,541
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,886,882
<SHARES-COMMON-STOCK> 327,039
<SHARES-COMMON-PRIOR> 281,200
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 29,434
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 273,258
<NET-ASSETS> 3,189,574
<DIVIDEND-INCOME> 22,322
<INTEREST-INCOME> 302
<OTHER-INCOME> 0
<EXPENSES-NET> 27,996
<NET-INVESTMENT-INCOME> (5,372)
<REALIZED-GAINS-CURRENT> 144,641
<APPREC-INCREASE-CURRENT> (126,638)
<NET-CHANGE-FROM-OPS> 12,631
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,089)
<DISTRIBUTIONS-OF-GAINS> (169,709)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 78,823
<NUMBER-OF-SHARES-REDEEMED> (50,565)
<SHARES-REINVESTED> 17,582
<NET-CHANGE-IN-ASSETS> 294,955
<ACCUMULATED-NII-PRIOR> (1,053)
<ACCUMULATED-GAINS-PRIOR> 56,813
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 19,793
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 27,996
<AVERAGE-NET-ASSETS> 3,045,130
<PER-SHARE-NAV-BEGIN> 10.29
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> .05
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> (.56)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.75
<EXPENSE-RATIO> .92
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
