If you lose something on the subway or the bus, the chances of getting it back may be slimmer than you think.

The MTA says undercover agents gave 26 items to city transit workers last year, telling them they were found on buses and trains.

But an MTA report released yesterday says only three of those items ever made it to the agency's Lost Property Unit.

Agency officials say it's not clear why all the items, which included cell phones, watches and clothing, didn't make it to the claim office. But the report says glaring problems were discovered in the way lost items are handled after being turned in.

According to the report, out of the 8,000 items received last year, only 18 percent wound up back with their original owners.

In response, the New York City Transit released a statement saying, in part: "Management in Lost & Found is currently working to revamp our procedures, systems and policies to ensure that we provide a first class customer friendly Lost & Found operation, which will reunite our customers with their lost property in an efficient and timely fashion."