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<PAGE> PAGE 2
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013 A000002 DELETE
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<PAGE> PAGE 3
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<PAGE> PAGE 5
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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> semi
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 238,420,682
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<NET-INVESTMENT-INCOME> 8,562,055
<REALIZED-GAINS-CURRENT> (4,988,080)
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<ACCUMULATED-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 768,551
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<EXPENSE-RATIO> .61
[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>
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<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 238,420,682
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[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>
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<EXPENSE-RATIO> .98
[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>
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<PERIOD-END> SEP-30-1999
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[AVG-DEBT-OUTSTANDING] 0
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