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<PAGE> PAGE 2
013 B030001 02109
013 A000002 DELETE
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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SIGNATURE PAUL BUCAVALAS
TITLE MANAGING DIRECTOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
Putnam Strategic Income Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 215,624,136
<INVESTMENTS-AT-VALUE> 205,634,634
<RECEIVABLES> 13,154,726
<ASSETS-OTHER> 649,434
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 219,438,794
<PAYABLE-FOR-SECURITIES> 3,841,161
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<OTHER-ITEMS-LIABILITIES> 1,720,903
<TOTAL-LIABILITIES> 5,562,064
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 231,857,361
<SHARES-COMMON-STOCK> 10,266,362
<SHARES-COMMON-PRIOR> 6,551,551
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (466,760)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (7,154,260)
<ACCUM-APPREC-OR-DEPREC> (10,359,611)
<NET-ASSETS> 213,876,730
<DIVIDEND-INCOME> 706,903
<INTEREST-INCOME> 15,368,044
<OTHER-INCOME> 0
<EXPENSES-NET> 3,224,259
<NET-INVESTMENT-INCOME> 12,850,688
<REALIZED-GAINS-CURRENT> (7,088,106)
<APPREC-INCREASE-CURRENT> (14,086,489)
<NET-CHANGE-FROM-OPS> (8,323,907)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5,128,659)
<DISTRIBUTIONS-OF-GAINS> (172,254)
<DISTRIBUTIONS-OTHER> (685,978)
<NUMBER-OF-SHARES-SOLD> 7,713,394
<NUMBER-OF-SHARES-REDEEMED> (4,527,889)
<SHARES-REINVESTED> 529,306
<NET-CHANGE-IN-ASSETS> 62,710,407
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> (1,544,547)
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<GROSS-ADVISORY-FEES> 1,292,627
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<PER-SHARE-NII> .60
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<PER-SHARE-DISTRIBUTIONS> (.02)
<RETURNS-OF-CAPITAL> (.08)
<PER-SHARE-NAV-END> 7.64
<EXPENSE-RATIO> 1.31
[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>
Putnam Strategic Income Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 215,624,136
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<PAID-IN-CAPITAL-COMMON> 231,857,361
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<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (466,760)
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<ACCUM-APPREC-OR-DEPREC> (10,359,611)
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,611,194
<OVERDISTRIB-NII-PRIOR> (1,544,547)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,292,627
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,244,565
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<PER-SHARE-NAV-END> 7.65
<EXPENSE-RATIO> 2.06
[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>
Putnam Strategic Income Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> ANNUAL
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> MAR-31-1999
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<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> (1,544,547)
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<GROSS-ADVISORY-FEES> 1,292,627
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,244,565
<AVERAGE-NET-ASSETS> 968,871
<PER-SHARE-NAV-BEGIN> 7.77
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> (.05)
<PER-SHARE-DIVIDEND> (.07)
<PER-SHARE-DISTRIBUTIONS> (.02)
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<PER-SHARE-NAV-END> 7.66
<EXPENSE-RATIO> .33
[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>
Putnam Strategic Income Fund
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> CLASS M
<S> <C>
<PERIOD-TYPE> ANNUAL
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<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (466,760)
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<ACCUM-APPREC-OR-DEPREC> (10,359,611)
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<NUMBER-OF-SHARES-REDEEMED> (612,585)
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<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> (1,544,547)
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<GROSS-ADVISORY-FEES> 1,292,627
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<GROSS-EXPENSE> 3,244,565
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<PER-SHARE-NAV-BEGIN> 8.70
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<PER-SHARE-NAV-END> 7.64
<EXPENSE-RATIO> 1.56
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
