# EDGAR Filing Document

**Accession Number:** 0000081264
**File Stem:** 0001133228-25-006844
**Filing Date:** 2025-6
**Character Count:** 287009
**Document Hash:** e81bf6770c51831f08f1eef5e5603a3d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006844.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001133228-25-006844

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**EFFECTIVENESS DATE**: 20250627

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM INCOME FUND
- **CENTRAL INDEX KEY:** 0000081264

**ORGANIZATION NAME:**
- **EIN:** 046013712
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00653
- **FILM NUMBER:** 251084515

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172921000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PUTNAM INCOME FUND INC/PRED/
- **DATE OF NAME CHANGE:** 19821109

## Series and Classes Contracts Data

### PUTNAM INCOME FUND (Series ID: S000006155)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000016962 | Class A Shares | PINCX           |
| C000016964 | Class C Shares | PUICX           |
| C000016965 | Class M Shares | PNCMX           |
| C000016966 | Class R Shares | PIFRX           |
| C000016967 | Class Y Shares | PNCYX           |
| C000118063 | Class R5       |  |
| C000118064 | Class R6       |  |

?xml version='1.0' encoding='ASCII'? 2025-05-2374200164200_PutnamIncomeFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-00653**

 **Putnam Income Fund**

(Exact name of registrant as specified in charter)

**100 Federal Street, Boston, Massachusetts 02110**

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

Registrant's telephone number, including area code: **(617) 292-1000**

Date of fiscal year end: **October 31**

Date of reporting period: **April 30, 2025**

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Putnam Income Fund**  | ![image](i202405220716489.jpg) |
| Class A [PINCX] | ![image](i202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Income Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $37 | 0.74% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1042405574 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 1146 |
| **Portfolio Turnover Rate** | 348% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4116img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Income Fund PAGE 1 38901-STSA-0625

32.030.211.46.64.74.41.31.30.90.27.0 ------

---

| | |
|:---|:---|
| **Putnam Income Fund**  | ![image](i202405220716489.jpg) |
| Class C [PUICX] | ![image](i202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Income Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $75 | 1.49% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1042405574 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 1146 |
| **Portfolio Turnover Rate** | 348% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4118img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Income Fund PAGE 1 38901-STSC-0625

32.030.211.46.64.74.41.31.30.90.27.0 ------

---

| | |
|:---|:---|
| **Putnam Income Fund**  | ![image](i202405220716489.jpg) |
| Class M [PNCMX] | ![image](i202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Income Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class M | $50 | 0.99% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1042405574 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 1146 |
| **Portfolio Turnover Rate** | 348% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4119img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Income Fund PAGE 1 38901-STSM-0625

32.030.211.46.64.74.41.31.30.90.27.0 ------

---

| | |
|:---|:---|
| **Putnam Income Fund**  | ![image](i202405220716489.jpg) |
| Class R [PIFRX] | ![image](i202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Income Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $50 | 0.99% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1042405574 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 1146 |
| **Portfolio Turnover Rate** | 348% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4120img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Income Fund PAGE 1 38901-STSR-0625

32.030.211.46.64.74.41.31.30.90.27.0 ------

---

| | |
|:---|:---|
| **Putnam Income Fund**  | ![image](i202405220716489.jpg) |
| Class R5 [PINFX] | ![image](i202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Income Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R5 | $23 | 0.45% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1042405574 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 1146 |
| **Portfolio Turnover Rate** | 348% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4121img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Income Fund PAGE 1 38901-STSR5-0625

32.030.211.46.64.74.41.31.30.90.27.0 ------

---

| | |
|:---|:---|
| **Putnam Income Fund**  | ![image](i202405220716489.jpg) |
| Class R6 [PINHX] | ![image](i202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Income Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $19 | 0.38% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1042405574 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 1146 |
| **Portfolio Turnover Rate** | 348% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4122img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Income Fund PAGE 1 38901-STSR6-0625

32.030.211.46.64.74.41.31.30.90.27.0 ------

---

| | |
|:---|:---|
| **Putnam Income Fund**  | ![image](i202405220716489.jpg) |
| Class Y [PNCYX] | ![image](i202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Income Fund for the period November 1, 2024, to April 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class Y | $25 | 0.49% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1042405574 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 1146 |
| **Portfolio Turnover Rate** | 348% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4123img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Putnam Income Fund PAGE 1 38901-STSY-0625

32.030.211.46.64.74.41.31.30.90.27.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Putnam

#### Income

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

April

30,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 43
Notes

to

Financial

Statements

#### 48
Changes

In

and

Disagreements

with

Accountants

#### 65
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Putnam

Income

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$5.25

$5.05

$5.47

$6.88

$7.31

$7.25

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.12 0.23 0.23 0.19 0.16 0.16 Net

realized

and

unrealized

gains

(losses)

—

c

0.36 (0.17)

(1.33)

(0.22)

0.17 Total

from

investment

operations

........

0.12 0.59 0.06 (1.14)

(0.06)

0.33 Less

distributions

from:

Net

investment

income

..............

(0.32)

(0.39)

(0.48)

(0.27)

(0.14)

(0.06)

Net

realized

gains

.................

—

—

—

—

(0.23)

(0.21)

Total

distributions

...................

(0.32)

(0.39)

(0.48)

(0.27)

(0.37)

(0.27)

Net

asset

value,

end

of

period

..........

$5.05

$5.25

$5.05

$5.47

$6.88

$7.31

Total

return

d

.......................

2.53%

11.99%

0.80%

(17.05)%

(0.94)%

4.80%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.86%

0.86%

0.87%

0.86%

0.83%

0.84%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.74%

0.74%

0.75%

0.75%

0.73%

0.74%

Net

investment

income

...............

4.69%

4.41%

4.32%

3.06%

2.30%

2.19%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$386,352

$407,325

$421,321

$489,179

$705,423

$814,135

Portfolio

turnover

rate

................

348%

900%

1123%

865%

1038%

1025%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$5.19

$4.99

$5.41

$6.81

$7.23

$7.18

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.10 0.19 0.19 0.14 0.11 0.10 Net

realized

and

unrealized

gains

(losses)

(0.01)

0.37 (0.17)

(1.32)

(0.21)

0.17 Total

from

investment

operations

........

0.09 0.56 0.02 (1.18)

(0.10)

0.27 Less

distributions

from:

Net

investment

income

..............

(0.30)

(0.36)

(0.44)

(0.22)

(0.09)

(0.01)

Net

realized

gains

.................

—

—

—

—

(0.23)

(0.21)

Total

distributions

...................

(0.30)

(0.36)

(0.44)

(0.22)

(0.32)

(0.22)

Net

asset

value,

end

of

period

..........

$4.98

$5.19

$4.99

$5.41

$6.81

$7.23

Total

return

c

.......................

1.96%

11.32%

0.04%

(17.72)%

(1.56)%

3.95%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.61%

1.61%

1.62%

1.61%

1.58%

1.59%

Expenses

net

of

waiver

and

payments

by

affiliates

e

..........................

1.49%

1.49%

1.50%

1.50%

1.48%

1.49%

Net

investment

income

...............

3.94%

3.66%

3.60%

2.27%

1.55%

1.46%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$22,110

$26,518

$29,291

$40,130

$75,865

$120,340

Portfolio

turnover

rate

................

348%

900%

1123%

865%

1038%

1025%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Income

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### M

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$5.03

$4.85

$5.27

$6.65

$7.08

$7.03

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.11 0.21 0.21 0.17 0.14 0.14 Net

realized

and

unrealized

gains

(losses)

—

c

0.35 (0.16)

(1.29)

(0.21)

0.17 Total

from

investment

operations

........

0.11 0.56 0.05 (1.12)

(0.07)

0.31 Less

distributions

from:

Net

investment

income

..............

(0.32)

(0.38)

(0.47)

(0.26)

(0.13)

(0.05)

Net

realized

gains

.................

—

—

—

—

(0.23)

(0.21)

Total

distributions

...................

(0.32)

(0.38)

(0.47)

(0.26)

(0.36)

(0.26)

Net

asset

value,

end

of

period

..........

$4.82

$5.03

$4.85

$5.27

$6.65

$7.08

Total

return

d

.......................

2.30%

11.80%

0.59%

(17.36)%

(1.16)%

4.57%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.11%

1.11%

1.12%

1.11%

1.08%

1.09%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.99%

0.99%

1.00%

1.00%

0.98%

0.99%

Net

investment

income

...............

4.44%

4.16%

4.06%

2.82%

2.05%

1.97%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$30,582

$32,682

$34,081

$38,812

$53,418

$60,661

Portfolio

turnover

rate

................

348%

900%

1123%

865%

1038%

1025%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$5.18

$4.98

$5.40

$6.81

$7.23

$7.18

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.11 0.21 0.22 0.17 0.14 0.14 Net

realized

and

unrealized

gains

(losses)

—

c

0.37 (0.17)

(1.32)

(0.20)

0.17 Total

from

investment

operations

........

0.11 0.58 0.05 (1.15)

(0.06)

0.31 Less

distributions

from:

Net

investment

income

..............

(0.32)

(0.38)

(0.47)

(0.26)

(0.13)

(0.05)

Net

realized

gains

.................

—

—

—

—

(0.23)

(0.21)

Total

distributions

...................

(0.32)

(0.38)

(0.47)

(0.26)

(0.36)

(0.26)

Net

asset

value,

end

of

period

..........

$4.97

$5.18

$4.98

$5.40

$6.81

$7.23

Total

return

d

.......................

2.23%

11.90%

0.58%

(17.41)%

(1.03)%

4.46%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.11%

1.11%

1.12%

1.11%

1.08%

1.09%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.99%

0.99%

1.00%

1.00%

0.98%

0.99%

Net

investment

income

...............

4.44%

4.15%

4.09%

2.82%

2.05%

1.95%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$4,878

$4,715

$6,266

$7,488

$11,023

$11,932

Portfolio

turnover

rate

................

348%

900%

1123%

865%

1038%

1025%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Income

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$5.34

$5.12

$5.54

$6.97

$7.39

$7.33

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.13 0.25 0.25 0.21 0.18 0.18 Net

realized

and

unrealized

gains

(losses)

(0.01)

0.38 (0.17)

(1.35)

(0.20)

0.18 Total

from

investment

operations

........

0.12 0.63 0.08 (1.14)

(0.02)

0.36 Less

distributions

from:

Net

investment

income

..............

(0.33)

(0.41)

(0.50)

(0.29)

(0.17)

(0.09)

Net

realized

gains

.................

—

—

—

—

(0.23)

(0.21)

Total

distributions

...................

(0.33)

(0.41)

(0.50)

(0.29)

(0.40)

(0.30)

Net

asset

value,

end

of

period

..........

$5.13

$5.34

$5.12

$5.54

$6.97

$7.39

Total

return

c

.......................

2.42%

12.47%

1.05%

(16.87)%

(0.48)%

5.09%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.57%

0.57%

0.57%

0.56%

0.55%

0.55%

Expenses

net

of

waiver

and

payments

by

affiliates

e

..........................

0.45%

0.45%

0.45%

0.45%

0.45%

0.45%

Net

investment

income

...............

4.98%

4.70%

4.58%

3.38%

2.57%

2.48%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$3,494

$3,327

$3,173

$4,572

$5,843

$5,408

Portfolio

turnover

rate

................

348%

900%

1123%

865%

1038%

1025%

#### a
The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### b
Based

on

average

daily

shares

outstanding.

#### c
Total

return

is

not

annualized

for

periods

less

than

one

year.

#### d
Ratios

are

annualized

for

periods

less

than

one

year.

#### e
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$5.38

$5.16

$5.58

$7.02

$7.44

$7.38

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.13 0.25 0.26 0.22 0.19 0.18 Net

realized

and

unrealized

gains

(losses)

(0.01)

0.39 (0.17)

(1.37)

(0.21)

0.18 Total

from

investment

operations

........

0.12 0.64 0.09 (1.15)

(0.02)

0.36 Less

distributions

from:

Net

investment

income

..............

(0.33)

(0.42)

(0.51)

(0.29)

(0.17)

(0.09)

Net

realized

gains

.................

—

—

—

—

(0.23)

(0.21)

Total

distributions

...................

(0.33)

(0.42)

(0.51)

(0.29)

(0.40)

(0.30)

Net

asset

value,

end

of

period

..........

$5.17

$5.38

$5.16

$5.58

$7.02

$7.44

Total

return

c

.......................

2.44%

12.58%

1.20%

(16.83)%

(0.46)%

5.06%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.50%

0.50%

0.50%

0.49%

0.48%

0.48%

Expenses

net

of

waiver

and

payments

by

affiliates

e

..........................

0.38%

0.38%

0.38%

0.38%

0.38%

0.38%

Net

investment

income

...............

5.05%

4.74%

4.66%

3.45%

2.65%

2.51%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$104,916

$122,354

$170,838

$158,971

$202,650

$187,674

Portfolio

turnover

rate

................

348%

900%

1123%

865%

1038%

1025%

#### a
The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### b
Based

on

average

daily

shares

outstanding.

#### c
Total

return

is

not

annualized

for

periods

less

than

one

year.

#### d
Ratios

are

annualized

for

periods

less

than

one

year.

#### e
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Income

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$5.39

$5.17

$5.58

$7.02

$7.44

$7.38

Income

from

investment

operations

a

:

Net

investment

income

b

.............

0.13 0.25 0.26 0.21 0.18 0.17 Net

realized

and

unrealized

gains

(losses)

—

c

0.38 (0.17)

(1.37)

(0.21)

0.18 Total

from

investment

operations

........

0.13 0.63 0.09 (1.16)

(0.03)

0.35 Less

distributions

from:

Net

investment

income

..............

(0.33)

(0.41)

(0.50)

(0.28)

(0.16)

(0.08)

Net

realized

gains

.................

—

—

—

—

(0.23)

(0.21)

Total

distributions

...................

(0.33)

(0.41)

(0.50)

(0.28)

(0.39)

(0.29)

Net

asset

value,

end

of

period

..........

$5.19

$5.39

$5.17

$5.58

$7.02

$7.44

Total

return

d

.......................

2.58%

12.35%

1.19%

(16.97)%

(0.57)%

4.95%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.61%

0.61%

0.62%

0.61%

0.58%

0.59%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.49%

0.49%

0.50%

0.50%

0.48%

0.49%

Net

investment

income

...............

4.94%

4.67%

4.62%

3.25%

2.55%

2.36%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$490,074

$536,620

$591,001

$1,223,027

$2,411,628

$2,708,880

Portfolio

turnover

rate

................

348%

900%

1123%

865%

1038%

1025%

#### a
The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

#### b
Based

on

average

daily

shares

outstanding.

c

Amount

rounds

to

less

than

$0.01

per

share.

#### d
Total

return

is

not

annualized

for

periods

less

than

one

year.

#### e
Ratios

are

annualized

for

periods

less

than

one

year.

#### f
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Income

Fund

Schedule

of

Investments

(unaudited),

April

30,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Management

#### Investment

#### Companies

#### 1.7%

#### Capital

#### Markets

#### 1.7%
a

Franklin

Ultra

Short

Bond

ETF

..........................

United

States

691,980

$

17,289,120

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $17,212,580)

#### ..................

#### 17,289,120

#### Principal

#### Amount

#### \*

#### Corporate

#### Bonds

#### 39.1%

#### Aerospace

#### &

#### Defense

#### 1.2%
b

BAE

Systems

plc

,

Senior

Bond,

144A,

5.5%,

3/26/54

.....................

United

Kingdom

900,000

875,032

Senior

Note,

144A,

5.125%,

3/26/29

...................

United

Kingdom

1,745,000

1,782,265

Boeing

Co.

(The)

,

Senior

Bond,

2.95%,

2/01/30

.........................

United

States

145,000

133,148

Senior

Bond,

3.625%,

2/01/31

........................

United

States

475,000

444,046

Senior

Bond,

6.125%,

2/15/33

........................

United

States

1,472,000

1,528,079

Senior

Bond,

3.375%,

6/15/46

........................

United

States

797,000

530,384

Senior

Bond,

5.805%,

5/01/50

........................

United

States

91,000

85,365

Senior

Bond,

6.858%,

5/01/54

........................

United

States

767,000

820,011

Senior

Bond,

3.95%,

8/01/59

.........................

United

States

1,095,000

730,698

Senior

Note,

2.196%,

2/04/26

........................

United

States

1,424,000

1,395,470

Senior

Note,

2.7%,

2/01/27

..........................

United

States

584,000

564,458

Senior

Note,

6.259%,

5/01/27

........................

United

States

36,000

37,095

Senior

Note,

6.298%,

5/01/29

........................

United

States

55,000

57,871

Senior

Note,

6.528%,

5/01/34

........................

United

States

262,000

281,619

Howmet

Aerospace,

Inc.

,

Senior

Bond,

6.75%,

1/15/28

.........................

United

States

397,000

420,210

Senior

Bond,

5.95%,

2/01/37

.........................

United

States

453,000

471,961

Senior

Note,

3%,

1/15/29

...........................

United

States

1,183,000

1,125,154

b

Spirit

AeroSystems,

Inc.

,

Secured

Note

,

144A,

9.75 %

,

11/15/30

.

United

States

968,000

1,072,696

b

TransDigm

,

Inc.

,

Senior

Secured

Note

,

144A,

6.875 %

,

12/15/30

United

States

100,000

103,114

12,458,676

#### Automobile

#### Components

#### 0.0%

#### †
b,c

IHO

Verwaltungs

GmbH

,

Senior

Secured

Note

,

144A,

PIK,

6.375 %

,

5/15/29

...................................

Germany

250,000

242,382

#### Automobiles

#### 0.3%
b

Hyundai

Capital

America

,

Senior

Bond,

144A,

6.375%,

4/08/30

...................

United

States

181,000

189,378

Senior

Note,

144A,

6.5%,

1/16/29

.....................

United

States

1,195,000

1,248,520

Senior

Note,

144A,

5.35%,

3/19/29

....................

United

States

918,000

925,512

Senior

Note,

144A,

4.55%,

9/26/29

....................

United

States

485,000

475,259

Senior

Note,

144A,

5.4%,

1/08/31

.....................

United

States

481,000

483,736

3,322,405

#### Banks

#### 6.3%
b

Australia

&

New

Zealand

Banking

Group

Ltd.

,

Sub.

Bond,

144A,

4.4%,

5/19/26

......................

Australia

482,000

480,224

Sub.

Bond,

144A,

2.57%

to

11/24/30,

FRN

thereafter,

11/25/35

Australia

1,145,000

992,432

Banco

Santander

SA

,

Sub.

Bond

,

5.179 %

,

11/19/25

.........

Spain

4,600,000

4,605,946

Bank

of

America

Corp.

,

Senior

Bond,

2.496%

to

2/12/30,

FRN

thereafter,

2/13/31

...

United

States

1,325,000

1,199,708

Senior

Note,

6.204%

to

11/09/27,

FRN

thereafter,

11/10/28

..

United

States

375,000

390,418

Sub.

Bond,

5.425%

to

8/14/34,

FRN

thereafter,

8/15/35

.....

United

States

1,798,000

1,760,498

Sub.

Bond,

3.846%

to

3/07/32,

FRN

thereafter,

3/08/37

.....

United

States

2,220,000

1,980,270

L,

Sub.

Bond,

4.183%,

11/25/27

......................

United

States

3,510,000

3,492,246

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

Bank

of

Nova

Scotia

(The)

,

Junior

Sub.

Bond,

7.35%

to

4/26/30,

FRN

thereafter,

4/27/85

.

Canada

1,620,000

$

1,606,989

Senior

Note,

1.3%,

6/11/25

..........................

Canada

1,010,000

1,006,189

Barclays

plc

,

Senior

Note

,

5.367%

to

2/24/30,

FRN

thereafter

,

2/25/31

.........................................

United

Kingdom

1,190,000

1,206,337

b

BNP

Paribas

SA

,

Sub.

Bond

,

144A,

4.375 %

,

5/12/26

.........

France

636,000

632,119

b

BPCE

SA

,

Sub.

Bond

,

144A,

3.648%

to

1/13/32,

FRN

thereafter

,

1/14/37

.........................................

France

577,000

496,318

b

CaixaBank

SA

,

Senior

Non-Preferred

Note

,

144A,

5.673%

to

3/14/29,

FRN

thereafter

,

3/15/30

......................

Spain

810,000

835,679

Citigroup,

Inc.

,

d

CC,

Junior

Sub.

Bond,

7.125%

to

8/14/29,

FRN

thereafter,

Perpetual

.......................................

United

States

1,367,000

1,351,629

d

X,

Junior

Sub.

Bond,

3.875%

to

2/17/26,

FRN

thereafter,

Perpetual

.......................................

United

States

1,275,000

1,243,198

Sub.

Bond,

4.45%,

9/29/27

..........................

United

States

3,482,000

3,472,128

Sub.

Bond,

4.75%,

5/18/46

..........................

United

States

386,000

319,742

b

Commonwealth

Bank

of

Australia

,

Sub.

Bond,

144A,

4.5%,

12/09/25

.....................

Australia

401,000

399,919

Sub.

Bond,

144A,

2.688%,

3/11/31

....................

Australia

500,000

440,436

Sub.

Bond,

144A,

5.837%,

3/13/34

....................

Australia

855,000

872,799

Fifth

Third

Bancorp

,

Senior

Note,

6.339%

to

7/26/28,

FRN

thereafter,

7/27/29

....

United

States

591,000

619,911

Senior

Note,

4.895%

to

9/05/29,

FRN

thereafter,

9/06/30

....

United

States

470,000

469,026

First-Citizens

Bank

&

Trust

Co.

,

Sub.

Bond

,

6.125 %

,

3/09/28

...

United

States

2,279,000

2,352,795

ING

Groep

NV

,

Senior

Note

,

6.083%

to

9/10/26,

FRN

thereafter

,

9/11/27

.........................................

Netherlands

1,625,000

1,658,233

b

Intesa

Sanpaolo

SpA

,

Sub.

Bond

,

144A,

4.198%

to

5/31/31,

FRN

thereafter

,

6/01/32

.................................

Italy

1,520,000

1,360,259

JPMorgan

Chase

&

Co.

,

e

W,

Junior

Sub.

Bond,

FRN,

5.585%,

(3-month

SOFR

+

1.262%),

5/15/47

.................................

United

States

740,000

653,313

Senior

Bond,

5.294%

to

7/21/34,

FRN

thereafter,

7/22/35

...

United

States

1,354,000

1,356,688

Senior

Bond,

5.502%

to

1/23/35,

FRN

thereafter,

1/24/36

...

United

States

636,000

647,351

Senior

Note,

4.323%

to

4/25/27,

FRN

thereafter,

4/26/28

....

United

States

5,131,000

5,125,943

Senior

Note,

5.14%

to

1/23/30,

FRN

thereafter,

1/24/31

.....

United

States

1,619,000

1,653,914

Sub.

Bond,

2.956%

to

5/12/30,

FRN

thereafter,

5/13/31

.....

United

States

2,057,000

1,881,080

Sub.

Bond,

5.717%

to

9/13/32,

FRN

thereafter,

9/14/33

.....

United

States

647,000

667,604

Lloyds

Banking

Group

plc

,

Sub.

Bond

,

3.369%

to

12/13/41,

FRN

thereafter

,

12/14/46

................................

United

Kingdom

1,772,000

1,234,792

Mitsubishi

UFJ

Financial

Group,

Inc.

,

Senior

Bond

,

3.85 %

,

3/01/26

.........................................

Japan

747,000

744,064

PNC

Financial

Services

Group,

Inc.

(The)

,

Sub.

Bond

,

4.626%

to

6/05/32,

FRN

thereafter

,

6/06/33

......................

United

States

2,951,000

2,794,460

Royal

Bank

of

Canada

,

Sub.

Bond

,

4.65 %

,

1/27/26

..........

Canada

922,000

922,134

Toronto-Dominion

Bank

(The)

,

Junior

Sub.

Bond

,

8.125%

to

10/30/27,

FRN

thereafter

,

10/31/82

.....................

Canada

885,000

916,935

e

Truist

Bank

,

Sub.

Bond

,

FRN

,

4.632 %

,

(5-year

CMT

T-Note

+

1.15 %),

9/17/29

...................................

United

States

410,000

401,448

Truist

Financial

Corp.

,

Senior

Bond,

5.711%

to

1/23/34,

FRN

thereafter,

1/24/35

...

United

States

893,000

908,790

Senior

Note,

5.435%

to

1/23/29,

FRN

thereafter,

1/24/30

....

United

States

1,143,000

1,168,135

US

Bancorp

,

Sub.

Bond

,

2.491%

to

11/02/31,

FRN

thereafter

,

11/03/36

........................................

United

States

734,000

607,651

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

Wells

Fargo

&

Co.

,

d

BB,

Junior

Sub.

Bond,

3.9%

to

3/14/26,

FRN

thereafter,

Perpetual

.......................................

United

States

476,000

$

467,807

Senior

Bond,

3.584%

to

5/21/27,

FRN

thereafter,

5/22/28

...

United

States

2,660,000

2,612,419

Senior

Note,

5.574%

to

7/24/28,

FRN

thereafter,

7/25/29

....

United

States

2,647,000

2,723,942

Westpac

Banking

Corp.

,

Sub.

Bond

,

4.421 %

,

7/24/39

........

Australia

470,000

418,432

63,152,350

#### Biotechnology

#### 0.3%
AbbVie,

Inc.

,

Senior

Bond,

5.05%,

3/15/34

.........................

United

States

261,000

263,288

Senior

Note,

4.8%,

3/15/29

..........................

United

States

1,018,000

1,038,507

Amgen,

Inc.

,

Senior

Bond,

5.65%,

3/02/53

.........................

United

States

686,000

658,893

Senior

Note,

5.25%,

3/02/30

.........................

United

States

1,361,000

1,400,127

3,360,815

#### Broadline

#### Retail

#### 0.1%
b

Wayfair

LLC

,

Senior

Secured

Note

,

144A,

7.75 %

,

9/15/30

.....

United

States

1,080,000

988,015

#### Building

#### Products

#### 0.0%

#### †
b

Builders

FirstSource

,

Inc.

,

Senior

Bond

,

144A,

6.375 %

,

6/15/32

.

United

States

105,000

105,704

b

Standard

Industries,

Inc.

,

Senior

Bond

,

144A,

4.375 %

,

7/15/30

.

United

States

120,000

112,034

217,738

#### Capital

#### Markets

#### 3.3%
Ares

Capital

Corp.

,

Senior

Note,

3.875%,

1/15/26

........................

United

States

5,612,000

5,568,834

Senior

Note,

7%,

1/15/27

...........................

United

States

218,000

224,109

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25 %

,

3/15/27

..

United

States

874,000

842,244

Deutsche

Bank

AG

,

Senior

Non-Preferred

Note,

2.129%

to

11/23/25,

FRN

thereafter,

11/24/26

................................

Germany

904,000

889,741

Senior

Non-Preferred

Note,

2.311%

to

11/15/26,

FRN

thereafter,

11/16/27

........................................

Germany

345,000

332,272

Sub.

Bond,

4.875%

to

11/30/27,

FRN

thereafter,

12/01/32

...

Germany

470,000

459,376

d

Goldman

Sachs

Group,

Inc.

(The)

,

U

,

Junior

Sub.

Bond

,

3.65%

to

8/09/26,

FRN

thereafter

,

Perpetual

.....................

United

States

350,000

335,410

Intercontinental

Exchange,

Inc.

,

Senior

Bond,

1.85%,

9/15/32

.........................

United

States

400,000

327,904

Senior

Note,

4.35%,

6/15/29

.........................

United

States

655,000

656,607

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

5/01/33

...............................

United

States

1,370,000

1,377,481

Jefferies

Financial

Group,

Inc.

,

Senior

Note,

5.03%,

3/16/26

.........................

United

States

1,230,000

1,233,197

Senior

Note,

6.2%,

4/14/34

..........................

United

States

733,000

743,241

b

KKR

Group

Finance

Co.

VI

LLC

,

Senior

Bond

,

144A,

3.75 %

,

7/01/29

.........................................

United

States

1,161,000

1,122,747

LPL

Holdings,

Inc.

,

Senior

Note,

6.75%,

11/17/28

........................

United

States

855,000

909,136

Senior

Note,

5.2%,

3/15/30

..........................

United

States

779,000

786,807

Morgan

Stanley

,

Senior

Note,

5.123%

to

1/31/28,

FRN

thereafter,

2/01/29

....

United

States

1,276,000

1,296,451

Senior

Note,

5.23%

to

1/14/30,

FRN

thereafter,

1/15/31

.....

United

States

340,000

346,761

Sub.

Bond,

4.35%,

9/08/26

..........................

United

States

5,792,000

5,783,955

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Capital

#### Markets
(continued)

Morgan

Stanley,

(continued)

Sub.

Bond,

5.942%

to

2/06/34,

FRN

thereafter,

2/07/39

.....

United

States

1,201,000

$

1,209,610

b

MSCI,

Inc.

,

Senior

Bond,

144A,

3.625%,

9/01/30

...................

United

States

2,688,000

2,486,200

Senior

Bond,

144A,

3.875%,

2/15/31

...................

United

States

460,000

427,268

Nasdaq,

Inc.

,

Senior

Bond

,

5.55 %

,

2/15/34

................

United

States

33,000

33,899

S&P

Global,

Inc.

,

Senior

Bond

,

2.5 %

,

12/01/29

.............

United

States

840,000

777,418

b

UBS

Group

AG

,

Senior

Note,

144A,

2.193%

to

6/04/25,

FRN

thereafter,

6/05/26

Switzerland

4,913,000

4,900,570

Senior

Note,

144A,

1.305%

to

2/01/26,

FRN

thereafter,

2/02/27

Switzerland

617,000

601,226

33,672,464

#### Chemicals

#### 1.1%
b

Axalta

Coating

Systems

LLC

,

Senior

Note

,

144A,

3.375 %

,

2/15/29

.........................................

United

States

240,000

222,549

Celanese

US

Holdings

LLC

,

Senior

Bond,

6.629%,

7/15/32

........................

United

States

391,000

384,669

Senior

Note,

1.4%,

8/05/26

..........................

United

States

238,000

227,235

Senior

Note,

6.415%,

7/15/27

........................

United

States

2,118,000

2,137,070

Senior

Note,

6.58%,

7/15/29

.........................

United

States

645,000

651,334

Senior

Note,

6.8%,

11/15/30

.........................

United

States

720,000

720,436

b

CF

Industries,

Inc.

,

Senior

Bond

,

144A,

4.5 %

,

12/01/26

.......

United

States

42,000

41,946

DuPont

de

Nemours,

Inc.

,

Senior

Bond

,

5.419 %

,

11/15/48

.....

United

States

1,969,000

1,924,650

Huntsman

International

LLC

,

Senior

Bond,

4.5%,

5/01/29

..........................

United

States

1,371,000

1,292,985

Senior

Bond,

5.7%,

10/15/34

.........................

United

States

1,720,000

1,552,777

International

Flavors

&

Fragrances,

Inc.

,

Senior

Bond,

4.45%,

9/26/28

.........................

United

States

619,000

616,440

Senior

Bond,

5%,

9/26/48

...........................

United

States

302,000

251,571

b

Senior

Bond,

144A,

2.3%,

11/01/30

....................

United

States

264,000

229,875

b

Senior

Note,

144A,

1.23%,

10/01/25

...................

United

States

218,000

214,102

Nutrien

Ltd.

,

Senior

Bond

,

4.2 %

,

4/01/29

..................

Canada

333,000

328,746

Westlake

Corp.

,

Senior

Bond

,

2.875 %

,

8/15/41

.............

United

States

891,000

588,202

11,384,587

#### Commercial

#### Services

#### &

#### Supplies

#### 0.2%
b

Aramark

Services,

Inc.

,

Senior

Bond

,

144A,

%

,

2/01/28

......

United

States

109,000

107,363

b

GFL

Environmental,

Inc.

,

Senior

Secured

Note

,

144A,

3.5 %

,

9/01/28

.........................................

United

States

115,000

109,150

Republic

Services,

Inc.

,

Senior

Note

,

%

,

11/15/29

..........

United

States

772,000

790,503

Waste

Connections,

Inc.

,

Senior

Bond,

4.25%,

12/01/28

........................

United

States

179,000

178,980

Senior

Bond,

5%,

3/01/34

...........................

United

States

1,036,000

1,040,250

2,226,246

#### Communications

#### Equipment

#### 0.1%
Cisco

Systems,

Inc.

,

Senior

Bond

,

5.05 %

,

2/26/34

...........

United

States

872,000

882,916

#### Construction

#### &

#### Engineering

#### 0.2%
MasTec

,

Inc.

,

Senior

Note

,

5.9 %

,

6/15/29

.................

United

States

1,758,000

1,798,707

#### Consumer

#### Finance

#### 1.5%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond,

3.3%,

1/30/32

..........................

Ireland

1,581,000

1,397,603

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Consumer

#### Finance
(continued)

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust,

(continued)

Senior

Bond,

3.4%,

10/29/33

.........................

Ireland

345,000

$

296,709

Senior

Note,

4.875%,

4/01/28

........................

Ireland

150,000

150,925

Senior

Note,

5.1%,

1/19/29

..........................

Ireland

1,240,000

1,253,957

Senior

Note,

4.625%,

9/10/29

........................

Ireland

565,000

560,960

b

Aircastle

Ltd.

/

Aircastle

Ireland

DAC

,

Senior

Note

,

144A,

5.25 %

,

3/15/30

.........................................

United

States

695,000

689,422

Ally

Financial,

Inc.

,

Senior

Bond,

8%,

11/01/31

..........................

United

States

544,000

602,736

Senior

Note,

4.75%,

6/09/27

.........................

United

States

382,000

380,375

American

Express

Co.

,

Senior

Note

,

5.098%

to

2/15/27,

FRN

thereafter

,

2/16/28

.................................

United

States

524,000

530,790

Capital

One

Financial

Corp.

,

Senior

Note,

7.624%

to

10/29/30,

FRN

thereafter,

10/30/31

..

United

States

1,068,000

1,190,295

Sub.

Bond,

4.2%,

10/29/25

..........................

United

States

875,000

873,308

Sub.

Bond,

2.359%

to

7/28/31,

FRN

thereafter,

7/29/32

.....

United

States

642,000

528,638

Ford

Motor

Credit

Co.

LLC

,

Senior

Note,

5.8%,

3/05/27

..........................

United

States

970,000

964,795

Senior

Note,

4.125%,

8/17/27

........................

United

States

805,000

772,194

General

Motors

Financial

Co.,

Inc.

,

Senior

Note,

5.8%,

1/07/29

..........................

United

States

1,056,000

1,078,101

Senior

Note,

4.9%,

10/06/29

.........................

United

States

389,000

382,772

b

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note,

144A,

5.15%,

3/17/30

....................

United

Kingdom

758,000

744,607

Senior

Note,

144A,

6.5%,

3/26/31

.....................

United

Kingdom

447,000

459,533

OneMain

Finance

Corp.

,

Senior

Note

,

7.5 %

,

5/15/31

.........

United

States

955,000

969,482

13,827,202

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.4%
b

7-Eleven,

Inc.

,

Senior

Note

,

144A,

1.3 %

,

2/10/28

............

United

States

2,634,000

2,408,758

b

Alimentation

Couche-Tard,

Inc.

,

Senior

Bond,

144A,

3.55%,

7/26/27

....................

Canada

1,437,000

1,407,579

Senior

Bond,

144A,

2.95%,

1/25/30

....................

Canada

916,000

847,134

4,663,471

#### Containers

#### &

#### Packaging

#### 0.5%
Berry

Global,

Inc.

,

Senior

Secured

Note,

1.57%,

1/15/26

..................

United

States

715,000

697,270

Senior

Secured

Note,

1.65%,

1/15/27

..................

United

States

3,143,000

2,983,310

Senior

Secured

Note,

5.5%,

4/15/28

...................

United

States

263,000

269,006

b

Senior

Secured

Note,

144A,

4.875%,

7/15/26

............

United

States

208,000

207,711

WestRock

MWV

LLC

,

Senior

Bond

,

8.2 %

,

1/15/30

...........

United

States

426,000

486,590

4,643,887

#### Distributors

#### 0.0%

#### †
b

RB

Global

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75 %

,

3/15/31

..

Canada

95,000

99,725

#### Diversified

#### REITs

#### 0.8%
GLP

Capital

LP

/

GLP

Financing

II,

Inc.

,

Senior

Bond,

4%,

1/15/31

...........................

United

States

377,000

349,991

Senior

Bond,

6.75%,

12/01/33

........................

United

States

650,000

685,895

Senior

Note,

5.375%,

4/15/26

........................

United

States

1,625,000

1,621,931

VICI

Properties

LP

,

Senior

Bond,

5.75%,

4/01/34

.........................

United

States

460,000

462,897

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Diversified

#### REITs
(continued)

VICI

Properties

LP,

(continued)

Senior

Note,

4.75%,

2/15/28

.........................

United

States

1,339,000

$

1,340,506

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note,

144A,

3.75%,

2/15/27

....................

United

States

844,000

829,183

Senior

Note,

144A,

4.5%,

1/15/28

.....................

United

States

1,605,000

1,580,774

Senior

Note,

144A,

3.875%,

2/15/29

...................

United

States

972,000

931,789

7,802,966

#### Diversified

#### Telecommunication

#### Services

#### 0.6%
AT&T,

Inc.

,

Senior

Bond,

4.35%,

3/01/29

.........................

United

States

1,525,000

1,523,090

Senior

Bond,

2.55%,

12/01/33

........................

United

States

774,000

638,977

Senior

Bond,

4.5%,

3/09/48

..........................

United

States

356,000

290,646

Senior

Note,

1.65%,

2/01/28

.........................

United

States

305,000

284,728

Senior

Note,

4.1%,

2/15/28

..........................

United

States

474,000

472,414

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond

,

144A,

4.75 %

,

2/01/32

...............................

United

States

1,075,000

973,794

Sprint

Capital

Corp.

,

Senior

Bond

,

6.875 %

,

11/15/28

.........

United

States

1,702,000

1,820,908

6,004,557

#### Electric

#### Utilities

#### 3.0%
American

Electric

Power

Co.,

Inc.

,

Senior

Bond,

5.625%,

3/01/33

........................

United

States

572,000

586,565

N,

Senior

Note,

1%,

11/01/25

........................

United

States

515,000

505,954

b

American

Transmission

Systems,

Inc.

,

Senior

Bond

,

144A,

2.65 %

,

1/15/32

...................................

United

States

430,000

373,712

Duke

Energy

Corp.

,

Senior

Bond,

5.45%,

6/15/34

.........................

United

States

1,774,000

1,804,535

Senior

Bond,

5.8%,

6/15/54

..........................

United

States

1,267,000

1,215,548

Senior

Note,

4.85%,

1/05/29

.........................

United

States

85,000

86,185

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

3.65 %

,

2/01/29

........

United

States

758,000

743,252

b

Enel

Finance

International

NV

,

Senior

Bond,

144A,

2.5%,

7/12/31

.....................

Italy

785,000

682,766

Senior

Bond,

144A,

7.5%,

10/14/32

....................

Italy

1,255,000

1,420,808

Eversource

Energy

,

Senior

Note

,

5.45 %

,

3/01/28

............

United

States

1,078,000

1,104,758

Exelon

Corp.

,

Senior

Bond,

5.625%,

6/15/35

........................

United

States

709,000

716,415

Senior

Note,

5.15%,

3/15/29

.........................

United

States

1,242,000

1,270,275

FirstEnergy

Transmission

LLC

,

Senior

Note

,

4.55 %

,

1/15/30

...

United

States

425,000

421,042

Georgia

Power

Co.

,

Senior

Bond,

4.7%,

5/15/32

..........................

United

States

401,000

398,609

Senior

Bond,

4.95%,

5/17/33

.........................

United

States

829,000

827,425

Senior

Bond,

5.25%,

3/15/34

.........................

United

States

297,000

300,033

IPALCO

Enterprises,

Inc.

,

Senior

Secured

Note

,

4.25 %

,

5/01/30

United

States

1,500,000

1,431,272

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond,

5.9%,

3/15/55

..........................

United

States

805,000

785,298

Senior

Note,

5.3%,

3/15/32

..........................

United

States

2,585,000

2,639,461

b

NRG

Energy,

Inc.

,

Senior

Bond,

144A,

6.25%,

11/01/34

...................

United

States

980,000

979,244

Senior

Secured

Note,

144A,

2%,

12/02/25

...............

United

States

868,000

852,091

Oncor

Electric

Delivery

Co.

LLC

,

Senior

Secured

Bond

,

4.95 %

,

9/15/52

.........................................

United

States

1,648,000

1,454,385

Pacific

Gas

and

Electric

Co.

,

Senior

Bond,

5.9%,

6/15/32

..........................

United

States

1,117,000

1,132,791

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Electric

#### Utilities
(continued)

Pacific

Gas

and

Electric

Co.,

(continued)

Senior

Bond,

6.95%,

3/15/34

.........................

United

States

543,000

$

582,800

Senior

Bond,

4.95%,

7/01/50

.........................

United

States

545,000

439,655

Senior

Bond,

6.75%,

1/15/53

.........................

United

States

245,000

247,006

Senior

Note,

6.1%,

1/15/29

..........................

United

States

1,834,000

1,896,324

PG&E

Corp.

,

Senior

Secured

Bond

,

5.25 %

,

7/01/30

.........

United

States

115,000

110,891

Southern

Co.

(The)

,

Senior

Bond,

5.7%,

3/15/34

..........................

United

States

642,000

664,309

Senior

Note,

5.5%,

3/15/29

..........................

United

States

763,000

792,178

Virginia

Electric

and

Power

Co.

,

Senior

Bond

,

5.05 %

,

8/15/34

..

United

States

691,000

684,184

b

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

4.375%,

5/01/29

...................

United

States

115,000

110,725

Senior

Secured

Bond,

144A,

4.3%,

7/15/29

..............

United

States

915,000

895,318

Senior

Secured

Bond,

144A,

6.95%,

10/15/33

............

United

States

1,188,000

1,276,514

Senior

Secured

Bond,

144A,

6%,

4/15/34

...............

United

States

769,000

777,478

Senior

Secured

Note,

144A,

3.7%,

1/30/27

..............

United

States

904,000

888,617

Xcel

Energy,

Inc.

,

Senior

Bond,

5.45%,

8/15/33

.........................

United

States

880,000

883,884

Senior

Bond,

5.6%,

4/15/35

..........................

United

States

1,590,000

1,606,460

33,588,767

#### Electrical

#### Equipment

#### 0.1%
b

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125 %

,

11/15/28

........................................

United

States

1,555,000

1,503,608

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.1%
Flex

Ltd.

,

Senior

Note

,

5.25 %

,

1/15/32

...................

United

States

1,255,000

1,233,837

#### Energy

#### Equipment

#### &

#### Services

#### 0.0%

#### †
Patterson-UTI

Energy,

Inc.

,

Senior

Bond

,

5.15 %

,

11/15/29

.....

United

States

403,000

389,836

#### Entertainment

#### 0.4%
Netflix,

Inc.

,

Senior

Bond,

5.4%,

8/15/54

..........................

United

States

503,000

488,516

b

Senior

Bond,

144A,

5.375%,

11/15/29

..................

United

States

2,729,000

2,843,115

Warnermedia

Holdings,

Inc.

,

Senior

Note

,

4.279 %

,

3/15/32

....

United

States

1,648,000

1,411,742

4,743,373

#### Financial

#### Services

#### 0.1%
b

Benteler

International

AG

,

Senior

Secured

Note

,

144A,

10.5 %

,

5/15/28

.........................................

Austria

225,000

229,953

Corebridge

Financial,

Inc.

,

Senior

Note

,

3.85 %

,

4/05/29

.......

United

States

1,209,000

1,172,430

Global

Payments,

Inc.

,

Senior

Note

,

1.2 %

,

3/01/26

..........

United

States

286,000

277,073

Petronas

Capital

Ltd.

,

b

Senior

Note,

144A,

4.95%,

1/03/31

....................

Malaysia

430,000

436,505

2,115,961

#### Food

#### Products

#### 0.8%
b

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625 %

,

7/01/29

...................................

United

States

1,160,000

1,216,429

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note,

3%,

2/02/29

...........................

United

States

1,324,000

1,245,553

Senior

Note,

5.75%,

4/01/33

.........................

United

States

300,000

306,439

Senior

Note,

6.75%,

3/15/34

.........................

United

States

1,183,000

1,283,436

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Food

#### Products
(continued)

b

JBS

USA

LUX

SARL

/

JBS

USA

Food

Co.

/

JBS

USA

Foods

Group

,

Senior

Bond

,

144A,

5.95 %

,

4/20/35

..............

United

States

1,040,000

$

1,071,282

b

Mars,

Inc.

,

Senior

Bond,

144A,

5.65%,

5/01/45

....................

United

States

595,000

591,314

Senior

Bond,

144A,

5.7%,

5/01/55

.....................

United

States

485,000

478,416

Senior

Bond,

144A,

5.8%,

5/01/65

.....................

United

States

305,000

300,863

Senior

Note,

144A,

4.65%,

4/20/31

....................

United

States

363,000

366,008

Senior

Note,

144A,

5%,

3/01/32

......................

United

States

495,000

499,212

Senior

Note,

144A,

5.2%,

3/01/35

.....................

United

States

645,000

647,805

8,006,757

#### Gas

#### Utilities

#### 0.0%

#### †
CenterPoint

Energy

Resources

Corp.

,

Senior

Bond

,

5.4 %

,

7/01/34

.........................................

United

States

469,000

474,285

#### Ground

#### Transportation

#### 0.7%
b

Ashtead

Capital,

Inc.

,

Senior

Bond,

144A,

4.375%,

8/15/27

...................

United

Kingdom

1,995,000

1,979,503

Senior

Bond,

144A,

2.45%,

8/12/31

....................

United

Kingdom

505,000

429,642

Senior

Bond,

144A,

5.95%,

10/15/33

...................

United

Kingdom

370,000

374,541

b

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Note

,

144A,

4.4 %

,

7/01/27

...............................

United

States

1,546,000

1,540,455

Ryder

System,

Inc.

,

Senior

Note

,

4.95 %

,

9/01/29

............

United

States

759,000

765,332

b

SMBC

Aviation

Capital

Finance

DAC

,

Senior

Note

,

144A,

5.3 %

,

4/03/29

.........................................

Ireland

1,402,000

1,420,695

6,510,168

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.0%

#### †
GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

4.8 %

,

8/14/29

.

United

States

413,000

416,114

b

Medline

Borrower

LP

,

Senior

Secured

Note

,

144A,

3.875 %

,

4/01/29

.........................................

United

States

115,000

107,390

523,504

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1.1%
Centene

Corp.

,

Senior

Note

,

2.625 %

,

8/01/31

..............

United

States

1,380,000

1,166,653

CVS

Health

Corp.

,

Junior

Sub.

Bond,

7%

to

3/09/30,

FRN

thereafter,

3/10/55

...

United

States

1,425,000

1,445,019

Senior

Bond,

4.78%,

3/25/38

.........................

United

States

1,802,000

1,626,040

b

DaVita

,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

9/01/32

...........

United

States

960,000

969,985

HCA,

Inc.

,

Senior

Bond,

5.25%,

6/15/26

.........................

United

States

597,000

598,739

Senior

Bond,

4.5%,

2/15/27

..........................

United

States

302,000

301,457

Senior

Bond,

5.6%,

4/01/34

..........................

United

States

731,000

735,065

Senior

Bond,

6%,

4/01/54

...........................

United

States

962,000

915,724

Senior

Note,

3.625%,

3/15/32

........................

United

States

334,000

303,083

Humana,

Inc.

,

Senior

Bond,

2.15%,

2/03/32

.........................

United

States

409,000

336,710

Senior

Note,

5.75%,

3/01/28

.........................

United

States

1,700,000

1,751,447

Icon

Investments

Six

DAC

,

Senior

Secured

Note,

5.809%,

5/08/27

.................

United

States

874,000

891,706

Senior

Secured

Note,

5.849%,

5/08/29

.................

United

States

406,000

415,938

Tenet

Healthcare

Corp.

,

Senior

Secured

Note

,

6.75 %

,

5/15/31

..

United

States

235,000

241,066

11,698,632

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.0%
b

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

3.5 %

,

2/15/29

...............................

Canada

115,000

$

107,655

b

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75 %

,

6/15/31

......

United

States

115,000

107,328

b

Caesars

Entertainment,

Inc.

,

Senior

Note,

144A,

6%,

10/15/32

.....................

United

States

1,000,000

943,369

Senior

Secured

Note,

144A,

7%,

2/15/30

................

United

States

100,000

102,427

b

Carnival

Corp.

,

Senior

Note,

144A,

5.75%,

3/15/30

....................

United

States

135,000

134,146

Senior

Secured

Note,

144A,

4%,

8/01/28

................

United

States

3,214,000

3,067,586

Hyatt

Hotels

Corp.

,

Senior

Note,

5.25%,

6/30/29

.........................

United

States

460,000

461,702

Senior

Note,

5.375%,

12/15/31

.......................

United

States

310,000

308,355

Las

Vegas

Sands

Corp.

,

Senior

Note

,

3.5 %

,

8/18/26

.........

United

States

769,000

752,405

b

Light

&

Wonder

International,

Inc.

,

Senior

Note

,

144A,

7.25 %

,

11/15/29

........................................

United

States

230,000

234,717

b

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note,

144A,

6.25%,

3/15/32

....................

United

States

1,719,000

1,746,225

Senior

Note,

144A,

6%,

2/01/33

......................

United

States

981,000

984,377

b

Viking

Cruises

Ltd.

,

Senior

Note

,

144A,

9.125 %

,

7/15/31

......

United

States

1,000,000

1,070,035

10,020,327

#### Household

#### Durables

#### 0.6%
DR

Horton,

Inc.

,

Senior

Bond,

5%,

10/15/34

..........................

United

States

2,787,000

2,706,943

Senior

Bond,

5.5%,

10/15/35

.........................

United

States

1,115,000

1,116,927

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond

,

144A,

5.125 %

,

8/01/30

.........................................

United

States

255,000

247,305

Toll

Brothers

Finance

Corp.

,

Senior

Bond,

4.35%,

2/15/28

.........................

United

States

773,000

766,139

Senior

Bond,

3.8%,

11/01/29

.........................

United

States

864,000

828,177

5,665,491

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.5%
b

AES

Andes

SA

,

Senior

Note

,

144A,

6.25 %

,

3/14/32

..........

Chile

200,000

200,211

AES

Corp.

(The)

,

Senior

Note,

1.375%,

1/15/26

........................

United

States

236,000

230,170

Senior

Note,

2.45%,

1/15/31

.........................

United

States

841,000

720,304

b

Alexander

Funding

Trust

II

,

Senior

Secured

Note

,

144A,

7.467 %

,

7/31/28

.........................................

United

States

798,000

847,689

Constellation

Energy

Generation

LLC

,

Senior

Bond,

6.125%,

1/15/34

........................

United

States

320,000

336,523

Senior

Bond,

6.5%,

10/01/53

.........................

United

States

785,000

813,651

Senior

Bond,

5.75%,

3/15/54

.........................

United

States

485,000

458,700

Senior

Note,

5.6%,

3/01/28

..........................

United

States

1,245,000

1,286,609

4,893,857

#### Industrial

#### REITs

#### 0.1%
Prologis

LP

,

Senior

Bond

,

%

,

3/15/34

....................

United

States

987,000

978,412

#### Insurance

#### 1.4%
Aon

Global

Ltd.

,

Senior

Bond

,

4.25 %

,

12/12/42

.............

United

States

820,000

665,515

Arthur

J

Gallagher

&

Co.

,

Senior

Note

,

4.85 %

,

12/15/29

......

United

States

695,000

704,028

b

Athene

Global

Funding

,

Secured

Bond,

144A,

2.55%,

11/19/30

.................

United

States

391,000

344,674

Secured

Note,

144A,

1.73%,

10/02/26

..................

United

States

1,031,000

991,464

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Insurance
(continued)

b

Athene

Global

Funding,

(continued)

Secured

Note,

144A,

5.526%,

7/11/31

..................

United

States

1,439,000

$

1,462,983

Secured

Note,

144A,

5.322%,

11/13/31

.................

United

States

871,000

870,055

Athene

Holding

Ltd.

,

Senior

Bond

,

5.875 %

,

1/15/34

..........

United

States

469,000

475,410

CNA

Financial

Corp.

,

Senior

Bond

,

5.125 %

,

2/15/34

.........

United

States

537,000

530,568

CNO

Financial

Group,

Inc.

,

Senior

Bond,

5.25%,

5/30/25

.........................

United

States

360,000

359,990

Senior

Bond,

6.45%,

6/15/34

.........................

United

States

1,875,000

1,936,422

b

CNO

Global

Funding

,

Secured

Note,

144A,

2.65%,

1/06/29

...................

United

States

307,000

285,443

Secured

Note,

144A,

4.95%,

9/09/29

...................

United

States

332,000

332,752

b

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.2 %

,

6/24/29

United

States

917,000

933,260

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

6.5 %

,

6/04/29

.......

United

States

1,104,000

1,125,775

Fairfax

Financial

Holdings

Ltd.

,

Senior

Note

,

4.85 %

,

4/17/28

...

Canada

784,000

790,239

Fidelity

National

Financial,

Inc.

,

Senior

Bond

,

3.2 %

,

9/17/51

...

United

States

645,000

380,824

b

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

5.467 %

,

12/08/28

........................................

United

States

885,000

918,383

13,107,785

#### Interactive

#### Media

#### &

#### Services

#### 0.4%
Meta

Platforms,

Inc.

,

Senior

Bond,

5.4%,

8/15/54

..........................

United

States

1,482,000

1,427,230

Senior

Bond,

5.75%,

5/15/63

.........................

United

States

1,758,000

1,759,818

Senior

Bond,

5.55%,

8/15/64

.........................

United

States

369,000

355,380

b

Snap,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/33

............

United

States

1,000,000

999,580

4,542,008

#### IT

#### Services

#### 0.1%
b

Gartner,

Inc.

,

Senior

Bond,

144A,

3.75%,

10/01/30

...................

United

States

1,063,000

979,528

Senior

Note,

144A,

3.625%,

6/15/29

...................

United

States

185,000

173,702

1,153,230

#### Leisure

#### Products

#### 0.2%
Brunswick

Corp.

,

Senior

Bond,

2.4%,

8/18/31

..........................

United

States

867,000

707,372

Senior

Bond,

5.1%,

4/01/52

..........................

United

States

1,039,000

772,620

Senior

Note,

5.85%,

3/18/29

.........................

United

States

830,000

841,347

b

Mattel,

Inc.

,

Senior

Note

,

144A,

3.75 %

,

4/01/29

.............

United

States

110,000

103,723

2,425,062

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.1%
Illumina,

Inc.

,

Senior

Note

,

4.65 %

,

9/09/26

................

United

States

819,000

819,380

#### Machinery

#### 0.2%
Oshkosh

Corp.

,

Senior

Bond

,

4.6 %

,

5/15/28

...............

United

States

1,176,000

1,172,584

b

Terex

Corp.

,

Senior

Note

,

144A,

%

,

5/15/29

...............

United

States

110,000

105,328

Westinghouse

Air

Brake

Technologies

Corp.

,

Senior

Bond

,

5.611 %

,

3/11/34

...................................

United

States

1,209,000

1,242,794

2,520,706

#### Media

#### 0.7%
Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond,

5.05%,

3/30/29

..................

United

States

299,000

298,713

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Media
(continued)

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.,

(continued)

Senior

Secured

Bond,

4.8%,

3/01/50

...................

United

States

245,000

$

182,641

Senior

Secured

Note,

4.908%,

7/23/25

.................

United

States

155,000

154,803

b

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875 %

,

8/15/27

..................

United

States

73,000

70,619

Discovery

Communications

LLC

,

Senior

Bond

,

4.9 %

,

3/11/26

..

United

States

1,256,000

1,255,215

Interpublic

Group

of

Cos.,

Inc.

(The)

,

Senior

Bond

,

2.4 %

,

3/01/31

United

States

391,000

342,639

b

McGraw-Hill

Education,

Inc.

,

Senior

Secured

Note

,

144A,

5.75 %

,

8/01/28

.........................................

United

States

52,000

50,993

b

News

Corp.

,

Senior

Note

,

144A,

3.875 %

,

5/15/29

...........

United

States

113,000

106,455

Paramount

Global

,

Senior

Bond,

4.2%,

6/01/29

..........................

United

States

1,100,000

1,062,341

Senior

Bond,

4.95%,

1/15/31

.........................

United

States

215,000

208,077

Senior

Bond,

4.375%,

3/15/43

........................

United

States

630,000

454,148

Senior

Note,

3.7%,

6/01/28

..........................

United

States

974,000

947,181

b

Sirius

XM

Radio

LLC

,

Senior

Bond

,

144A,

4.125 %

,

7/01/30

....

United

States

125,000

111,956

Time

Warner

Cable

Enterprises

LLC

,

Senior

Secured

Bond

,

8.375 %

,

7/15/33

...................................

United

States

1,556,000

1,772,019

7,017,800

#### Metals

#### &

#### Mining

#### 0.4%
Commercial

Metals

Co.

,

Senior

Bond

,

4.375 %

,

3/15/32

.......

United

States

115,000

104,627

b

Glencore

Funding

LLC

,

Senior

Bond,

144A,

2.5%,

9/01/30

.....................

Australia

1,493,000

1,323,789

Senior

Bond,

144A,

5.634%,

4/04/34

...................

Australia

984,000

984,588

Senior

Note,

144A,

6.125%,

10/06/28

..................

Australia

721,000

753,136

Senior

Note,

144A,

6.375%,

10/06/30

..................

Australia

1,027,000

1,094,838

b

Hudbay

Minerals,

Inc.

,

Senior

Note

,

144A,

6.125 %

,

4/01/29

....

Canada

105,000

104,647

4,365,625

#### Multi-Utilities

#### 0.6%
Ameren

Corp.

,

Senior

Note

,

%

,

1/15/29

..................

United

States

757,000

768,352

DTE

Energy

Co.

,

Senior

Bond

,

5.85 %

,

6/01/34

.............

United

States

684,000

705,448

NiSource,

Inc.

,

Senior

Note

,

5.2 %

,

7/01/29

................

United

States

855,000

874,533

Puget

Sound

Energy,

Inc.

,

Senior

Bond

,

5.448 %

,

6/01/53

.....

United

States

684,000

646,785

Sempra,

Inc.

,

Senior

Bond,

3.25%,

6/15/27

.........................

United

States

1,336,000

1,298,808

Senior

Bond,

5.5%,

8/01/33

..........................

United

States

850,000

856,195

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

4.95 %

,

9/15/34

.

United

States

340,000

330,613

5,480,734

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 3.5%
b

Aker

BP

ASA

,

Senior

Bond

,

144A,

5.8 %

,

10/01/54

...........

Norway

947,000

829,750

b

Antero

Resources

Corp.

,

Senior

Note

,

144A,

5.375 %

,

3/01/30

..

United

States

90,000

87,180

Canadian

Natural

Resources

Ltd.

,

Senior

Bond,

7.2%,

1/15/32

..........................

Canada

856,000

931,123

b

Senior

Note,

144A,

5%,

12/15/29

.....................

Canada

935,000

932,535

Cheniere

Energy

Partners

LP

,

Senior

Bond,

3.25%,

1/31/32

.........................

United

States

562,000

493,646

Senior

Note,

4.5%,

10/01/29

.........................

United

States

2,912,000

2,846,116

Senior

Note,

4%,

3/01/31

...........................

United

States

72,000

67,322

b

Civitas

Resources,

Inc.

,

Senior

Note

,

144A,

8.75 %

,

7/01/31

....

United

States

225,000

214,150

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

b

Columbia

Pipelines

Operating

Co.

LLC

,

Senior

Bond,

144A,

6.544%,

11/15/53

..................

United

States

574,000

$

585,516

Senior

Note,

144A,

5.927%,

8/15/30

...................

United

States

915,000

957,403

Diamondback

Energy,

Inc.

,

Senior

Bond

,

6.25 %

,

3/15/33

......

United

States

1,599,000

1,670,677

b

DT

Midstream,

Inc.

,

Senior

Secured

Bond

,

144A,

5.8 %

,

12/15/34

United

States

1,515,000

1,502,374

Eastern

Energy

Gas

Holdings

LLC

,

Senior

Bond,

5.8%,

1/15/35

..........................

United

States

1,055,000

1,089,716

Senior

Bond,

5.65%,

10/15/54

........................

United

States

405,000

381,665

Enbridge,

Inc.

,

Senior

Note

,

1.6 %

,

10/04/26

...............

Canada

456,000

437,932

Energy

Transfer

LP

,

d

B,

Junior

Sub.

Bond,

6.625%

to

2/14/28,

FRN

thereafter,

Perpetual

.......................................

United

States

1,817,000

1,751,165

Senior

Bond,

5.75%,

2/15/33

.........................

United

States

388,000

393,589

Senior

Note,

2.9%,

5/15/25

..........................

United

States

368,000

367,712

Senior

Note,

5.25%,

7/01/29

.........................

United

States

1,424,000

1,443,825

b

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

4.25 %

,

2/15/30

.........................................

United

States

115,000

108,068

b

KazMunayGas

National

Co.

JSC

,

Senior

Bond

,

Reg

S,

5.375 %

,

4/24/30

.........................................

Kazakhstan

400,000

391,545

Kinder

Morgan,

Inc.

,

Senior

Bond,

7.75%,

1/15/32

.........................

United

States

1,976,000

2,242,525

Senior

Note,

5%,

2/01/29

...........................

United

States

128,000

129,352

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875 %

,

6/15/30

......

United

States

105,000

102,698

Occidental

Petroleum

Corp.

,

Senior

Bond,

7.5%,

5/01/31

..........................

United

States

32,000

34,183

Senior

Bond,

6.2%,

3/15/40

..........................

United

States

93,000

85,564

Senior

Note,

8.5%,

7/15/27

..........................

United

States

2,685,000

2,841,157

Senior

Note,

5.2%,

8/01/29

..........................

United

States

328,000

323,471

ONEOK,

Inc.

,

Senior

Bond,

6.35%,

1/15/31

.........................

United

States

310,000

327,906

Senior

Bond,

6.05%,

9/01/33

.........................

United

States

964,000

989,522

Senior

Note,

4.75%,

10/15/31

........................

United

States

665,000

648,945

Senior

Note,

6.1%,

11/15/32

.........................

United

States

906,000

941,432

b

Senior

Note,

144A,

6.5%,

9/01/30

.....................

United

States

85,000

89,885

Ovintiv

,

Inc.

,

Senior

Bond,

8.125%,

9/15/30

........................

United

States

57,000

63,348

Senior

Bond,

6.25%,

7/15/33

.........................

United

States

133,000

131,180

Senior

Bond,

6.5%,

8/15/34

..........................

United

States

389,000

386,352

Senior

Note,

5.65%,

5/15/28

.........................

United

States

2,036,000

2,074,316

Petrobras

Global

Finance

BV

,

Senior

Bond

,

6.5 %

,

7/03/33

.....

Brazil

100,000

101,140

b

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Bond,

144A,

5.584%,

10/01/34

..................

Canada

624,000

603,770

Senior

Note,

144A,

5.026%,

10/01/29

..................

Canada

1,325,000

1,314,748

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond,

5%,

1/15/28

...........................

United

States

1,076,000

1,075,905

Senior

Bond,

4.875%,

2/01/31

........................

United

States

938,000

912,775

b

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5 %

,

10/15/29

........................................

United

States

110,000

101,195

b

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Note

,

144A,

6.25 %

,

1/15/30

...................................

United

States

2,600,000

2,603,289

b

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note

,

144A,

8.375 %

,

6/01/31

.........................................

United

States

230,000

222,016

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.6 %

,

3/15/35

........

United

States

975,000

$

983,919

36,813,602

#### Paper

#### &

#### Forest

#### Products

#### 0.0%

#### †
b

Georgia-Pacific

LLC

,

Senior

Note

,

144A,

0.95 %

,

5/15/26

......

United

States

457,000

441,111

#### Passenger

#### Airlines

#### 0.2%
b

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021 %

,

10/20/29

........................................

United

States

1,790,000

1,737,262

#### Personal

#### Care

#### Products

#### 0.3%
Haleon

US

Capital

LLC

,

Senior

Note

,

3.375 %

,

3/24/27

.......

United

States

1,331,000

1,310,995

Kenvue

,

Inc.

,

Senior

Note

,

4.9 %

,

3/22/33

.................

United

States

1,720,000

1,741,736

3,052,731

#### Pharmaceuticals

#### 0.7%
Bristol-Myers

Squibb

Co.

,

Senior

Bond,

5.2%,

2/22/34

..........................

United

States

744,000

754,764

Senior

Note,

4.9%,

2/22/29

..........................

United

States

1,685,000

1,726,871

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond,

4.75%,

5/19/33

.........................

United

States

613,000

605,538

Senior

Bond,

5.3%,

5/19/53

..........................

United

States

854,000

791,472

Pharmacia

LLC

,

Senior

Bond

,

6.6 %

,

12/01/28

..............

United

States

1,780,000

1,916,235

Royalty

Pharma

plc

,

Senior

Bond,

5.4%,

9/02/34

..........................

United

States

1,168,000

1,160,422

Senior

Note,

5.15%,

9/02/29

.........................

United

States

982,000

992,695

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note,

5.125%,

5/09/29

........................

Israel

200,000

194,565

Senior

Note,

8.125%,

9/15/31

........................

Israel

220,000

242,492

Wyeth

LLC

,

Senior

Bond

,

5.95 %

,

4/01/37

.................

United

States

233,000

245,668

Zoetis,

Inc.

,

Senior

Bond

,

%

,

5/15/30

....................

United

States

244,000

216,773

8,847,495

#### Professional

#### Services

#### 0.2%
Paychex,

Inc.

,

Senior

Note

,

5.1 %

,

4/15/30

.................

United

States

1,510,000

1,533,114

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.5%
Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

,

Senior

Note

,

3.875 %

,

1/15/27

...................................

United

States

2,814,000

2,795,015

Broadcom,

Inc.

,

Senior

Note

,

5.05 %

,

7/12/29

...............

United

States

434,000

442,624

b

Foundry

JV

Holdco

LLC

,

Senior

Secured

Note,

144A,

5.5%,

1/25/31

..............

United

States

365,000

369,889

Senior

Secured

Note,

144A,

5.9%,

1/25/33

..............

United

States

550,000

561,447

Marvell

Technology,

Inc.

,

Senior

Note,

5.75%,

2/15/29

.........................

United

States

637,000

659,421

Senior

Note,

5.95%,

9/15/33

.........................

United

States

520,000

538,435

5,366,831

#### Software

#### 0.6%
Atlassian

Corp.

,

Senior

Bond,

5.5%,

5/15/34

..........................

United

States

172,000

173,148

Senior

Note,

5.25%,

5/15/29

.........................

United

States

520,000

529,025

Oracle

Corp.

,

Senior

Bond,

2.875%,

3/25/31

........................

United

States

842,000

757,860

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Software
(continued)

Oracle

Corp.,

(continued)

Senior

Bond,

3.65%,

3/25/41

.........................

United

States

1,308,000

$

1,000,379

Senior

Bond,

4%,

11/15/47

..........................

United

States

48,000

35,629

Senior

Bond,

3.95%,

3/25/51

.........................

United

States

330,000

238,546

Senior

Note,

1.65%,

3/25/26

.........................

United

States

337,000

328,497

Senior

Note,

2.3%,

3/25/28

..........................

United

States

2,276,000

2,153,134

ServiceNow,

Inc.

,

Senior

Bond

,

1.4 %

,

9/01/30

..............

United

States

412,000

353,548

Synopsys,

Inc.

,

Senior

Bond,

5.15%,

4/01/35

.........................

United

States

1,185,000

1,187,987

Senior

Bond,

5.7%,

4/01/55

..........................

United

States

90,000

87,063

VMware

LLC

,

Senior

Note

,

1.4 %

,

8/15/26

.................

United

States

466,000

447,437

7,292,253

#### Specialized

#### REITs

#### 1.2%
American

Tower

Corp.

,

Senior

Bond,

2.9%,

1/15/30

..........................

United

States

1,095,000

1,014,568

Senior

Bond,

2.7%,

4/15/31

..........................

United

States

1,651,000

1,469,268

Senior

Note,

2.75%,

1/15/27

.........................

United

States

1,724,000

1,675,246

Crown

Castle,

Inc.

,

Senior

Bond,

3.65%,

9/01/27

.........................

United

States

953,000

932,227

Senior

Bond,

3.8%,

2/15/28

..........................

United

States

777,000

759,327

Senior

Note,

4.9%,

9/01/29

..........................

United

States

1,151,000

1,154,198

EPR

Properties

,

Senior

Bond,

4.5%,

6/01/27

..........................

United

States

407,000

400,292

Senior

Bond,

3.6%,

11/15/31

.........................

United

States

498,000

440,634

Equinix,

Inc.

,

Senior

Bond,

3.2%,

11/18/29

.........................

United

States

2,563,000

2,412,827

Senior

Note,

1%,

9/15/25

...........................

United

States

268,000

264,262

Extra

Space

Storage

LP

,

Senior

Note

,

5.9 %

,

1/15/31

.........

United

States

1,255,000

1,311,116

SBA

Communications

Corp.

,

Senior

Note

,

3.125 %

,

2/01/29

....

United

States

120,000

111,310

11,945,275

#### Specialty

#### Retail

#### 0.2%
AutoNation,

Inc.

,

Senior

Bond

,

4.5 %

,

10/01/25

.............

United

States

226,000

225,400

Dick's

Sporting

Goods,

Inc.

,

Senior

Bond

,

4.1 %

,

1/15/52

......

United

States

1,055,000

723,747

Home

Depot,

Inc.

(The)

,

Senior

Bond

,

5.3 %

,

6/25/54

.........

United

States

747,000

709,969

b

PetSmart,

Inc.

/

PetSmart

Finance

Corp.

,

Senior

Secured

Note

,

144A,

4.75 %

,

2/15/28

...............................

United

States

275,000

263,143

1,922,259

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.3%
Hewlett

Packard

Enterprise

Co.

,

Senior

Bond,

5%,

10/15/34

..........................

United

States

457,000

441,384

Senior

Bond,

5.6%,

10/15/54

.........................

United

States

913,000

842,927

Senior

Note,

4.55%,

10/15/29

........................

United

States

786,000

778,899

Senior

Note,

4.85%,

10/15/31

........................

United

States

914,000

903,299

2,966,509

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.2%
Tapestry,

Inc.

,

Senior

Bond,

3.05%,

3/15/32

.........................

United

States

250,000

216,482

Senior

Bond,

5.5%,

3/11/35

..........................

United

States

841,000

819,481

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods
(continued)

Tapestry,

Inc.,

(continued)

Senior

Note,

5.1%,

3/11/30

..........................

United

States

694,000

$

697,211

1,733,174

#### Tobacco

#### 0.3%
Philip

Morris

International,

Inc.

,

Senior

Note,

5.125%,

2/15/30

........................

United

States

2,232,000

2,290,587

Senior

Note,

4.375%,

4/30/30

........................

United

States

390,000

387,777

Senior

Note,

4.75%,

11/01/31

........................

United

States

780,000

783,165

3,461,529

#### Trading

#### Companies

#### &

#### Distributors

#### 0.5%
Air

Lease

Corp.

,

Senior

Bond,

4.625%,

10/01/28

.......................

United

States

1,045,000

1,044,837

Senior

Bond,

3.25%,

10/01/29

........................

United

States

780,000

733,504

Senior

Note,

5.85%,

12/15/27

........................

United

States

1,494,000

1,539,716

b

Aviation

Capital

Group

LLC

,

Senior

Note,

144A,

5.375%,

7/15/29

...................

United

States

1,552,000

1,567,580

Senior

Note,

144A,

5.125%,

4/10/30

...................

United

States

960,000

950,589

b

Boise

Cascade

Co.

,

Senior

Note

,

144A,

4.875 %

,

7/01/30

.....

United

States

110,000

103,990

b

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

5.5 %

,

7/15/27

........

United

States

105,000

103,922

b

Imola

Merger

Corp.

,

Senior

Secured

Note

,

144A,

4.75 %

,

5/15/29

United

States

115,000

109,963

6,154,101

#### Transportation

#### Infrastructure

#### 0.0%

#### †
b,d

DP

World

Salaam

,

Junior

Sub.

Bond

,

Reg

S,

6%

to

12/31/25,

FRN

thereafter

,

Perpetual

...........................

United

Arab

Emirates

310,000

309,729

#### Wireless

#### Telecommunication

#### Services

#### 0.9%
Rogers

Communications,

Inc.

,

Senior

Bond,

4.5%,

3/15/43

..........................

Canada

348,000

288,740

Senior

Bond,

4.3%,

2/15/48

..........................

Canada

118,000

91,136

Senior

Note,

5%,

2/15/29

...........................

Canada

1,882,000

1,898,605

Senior

Note,

3.8%,

3/15/32

..........................

Canada

580,000

530,383

Sub.

Bond,

7.125%

to

4/14/35,

FRN

thereafter,

4/15/55

.....

Canada

765,000

762,718

NC5,

Sub.

Bond,

7%

to

4/14/30,

FRN

thereafter,

4/15/55

....

Canada

1,535,000

1,547,392

T-Mobile

USA,

Inc.

,

Senior

Bond,

5.05%,

7/15/33

.........................

United

States

1,054,000

1,047,606

Senior

Bond,

5.75%,

1/15/54

.........................

United

States

243,000

234,848

Senior

Note,

3.75%,

4/15/27

.........................

United

States

1,976,000

1,955,147

Senior

Note,

3.375%,

4/15/29

........................

United

States

1,307,000

1,246,012

Senior

Note,

3.875%,

4/15/30

........................

United

States

34,000

32,818

b

Vmed

O2

UK

Financing

I

plc

,

Senior

Secured

Bond

,

144A,

4.75 %

,

7/15/31

.........................................

United

Kingdom

210,000

184,791

9,820,196

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $411,357,615)
...................................

#### 407,925,425
f

#### Senior

#### Floating

#### Rate

#### Interests

#### 1.1%

#### Aerospace

#### &

#### Defense

#### 0.1%
g

TransDigm

,

Inc.,

First

Lien,

CME

Term

Loan,

L,

6.799%,

(3-month

SOFR

+

2.5%),

1/19/32

.............................

United

States

1,074,600

1,064,918

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

f

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

#### Building

#### Products

#### 0.0%

#### †
g

TAMKO

Building

Products

LLC,

First

Lien,

2024

CME

Term

Loan,

7.054%,

(1-month

SOFR

+

2.75%;

3-month

SOFR

+

2.75%),

9/20/30

.........................................

United

States

349,125

$

348,833

#### Chemicals

#### 0.0%

#### †
g

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B2,

7.554%,

(3-month

SOFR

+

3.25%),

4/03/28

..

Netherlands

103,692

103,174

#### Food

#### Products

#### 0.2%
g,h

Chobani

LLC,

First

Lien,

2025

New

CME

Term

Loan,

6.822%,

(1-month

SOFR

+

2.5%),

10/25/27

.....................

United

States

1,390,000

1,391,446

#### Ground

#### Transportation

#### 0.1%
g

Genesee

&

Wyoming,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.049%,

(3-month

SOFR

+

1.75%),

4/10/31

..............

United

States

1,074,600

1,062,414

g

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.2%
Caesars

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

6.563%,

(3-month

SOFR

+

2.25%),

2/06/31

..............

United

States

1,074,573

1,059,797

h

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

7.822%,

(1-month

SOFR

+

3.5%),

1/29/29

...............

United

States

997,429

974,055

Penn

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.822%,

(1-month

SOFR

+

2.5%),

5/03/29

......................

United

States

122,790

122,568

2,156,420

a

a

a

a

a

a

#### Household

#### Durables

#### 0.1%
g

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

7.549%,

(3-month

SOFR

+

3.25%),

1/16/32

.....................

Netherlands

970,225

948,598

#### Insurance

#### 0.1%
g

USI,

Inc.,

First

Lien,

2024-D

CME

Term

Loan,

6.549%,

(3-month

SOFR

+

2.25%),

11/21/29

...........................

United

States

1,064,650

1,059,423

g

#### Media

#### 0.0%

#### †
DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

9.791%,

(3-month

SOFR

+

5.25%),

8/02/29

.......

United

States

33,832

32,830

Gray

Media,

Inc.,

First

Lien,

CME

Term

Loan,

D,

7.438%,

(1-month

SOFR

+

3%),

12/01/28

......................

United

States

103,121

95,550

128,380

a

a

a

a

a

a

#### Paper

#### &

#### Forest

#### Products

#### 0.1%
g

Glatfelter

Corp.,

First

Lien,

CME

Term

Loan,

8.563%,

(3-month

SOFR

+

4.25%),

11/04/31

...........................

United

States

1,082,288

1,039,337

g

#### Software

#### 0.1%
Proofpoint,

Inc.,

First

Lien,

CME

Term

Loan,

7.322%,

(1-month

SOFR

+

3%),

8/31/28

...............................

United

States

103,159

102,662

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.32%,

(1-month

SOFR

+

3%),

2/10/31

...............................

United

States

1,049,712

1,047,329

1,149,991

a

a

a

a

a

a

#### Specialty

#### Retail

#### 0.1%
g

PetSmart

LLC,

First

Lien,

Initial

CME

Term

Loan,

8.172%,

(1-month

SOFR

+

3.75%),

2/11/28

.....................

United

States

1,074,433

1,062,120

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $11,655,588)
........................

#### 11,515,054
Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 1.6%
b

Bank

Gospodarstwa

Krajowego

,

Senior

Bond

,

Reg

S,

5.375 %

,

5/22/33

.........................................

Poland

400,000

$

403,037

b

Benin

Government

Bond

,

Senior

Bond,

Reg

S,

4.875%,

1/19/32

..................

Benin

131,000

EUR

130,214

Senior

Bond,

Reg

S,

4.95%,

1/22/35

...................

Benin

210,000

EUR

192,414

Brazil

Government

Bond

,

Senior

Bond,

3.875%,

6/12/30

........................

Brazil

288,000

269,327

Senior

Bond,

3.75%,

9/12/31

.........................

Brazil

750,000

675,025

b

Bulgaria

Government

Bond

,

Senior

Bond

,

Reg

S,

%

,

3/05/37

..

Bulgaria

300,000

290,705

Chile

Government

Bond

,

Senior

Bond,

5.65%,

1/13/37

.........................

Chile

200,000

204,982

Senior

Note,

4.85%,

1/22/29

.........................

Chile

230,000

233,266

Colombia

Government

Bond

,

Senior

Bond,

3.875%,

4/25/27

........................

Colombia

200,000

195,340

Senior

Bond,

3.125%,

4/15/31

........................

Colombia

200,000

161,478

Senior

Bond,

7.5%,

2/02/34

..........................

Colombia

560,000

546,820

b

Comision

Federal

de

Electricidad

,

Senior

Bond

,

Reg

S,

3.875 %

,

7/26/33

.........................................

Mexico

400,000

329,790

b

Corp.

Nacional

del

Cobre

de

Chile

,

Senior

Bond

,

144A,

6.33 %

,

1/13/35

.........................................

Chile

260,000

269,776

b

Dominican

Republic

Government

Bond

,

Senior

Bond

,

Reg

S,

4.875 %

,

9/23/32

...................................

Dominican

Republic

640,000

576,160

b

Electricite

de

France

SA

,

d

Junior

Sub.

Bond,

144A,

9.125%

to

6/14/33,

FRN

thereafter,

Perpetual

........................................

France

210,000

235,405

Senior

Bond,

144A,

5.75%,

1/13/35

....................

France

1,110,000

1,132,493

Senior

Bond,

144A,

4.75%,

10/13/35

...................

France

1,114,000

1,058,088

b

Guatemala

Government

Bond

,

Senior

Bond,

Reg

S,

6.6%,

6/13/36

....................

Guatemala

480,000

480,847

Senior

Note,

144A,

7.05%,

10/04/32

....................

Guatemala

320,000

336,517

b

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25 %

,

6/16/29

Hungary

350,000

350,004

b

Indonesia

Government

Bond

,

Senior

Bond

,

Reg

S,

4.35 %

,

1/08/27

.........................................

Indonesia

675,000

674,540

b

Ivory

Coast

Government

Bond

,

Senior

Bond

,

Reg

S,

6.125 %

,

6/15/33

.........................................

Ivory

Coast

750,000

647,258

b

Kazakhstan

Government

Bond

,

Senior

Bond

,

Reg

S,

4.714 %

,

4/09/35

.........................................

Kazakhstan

250,000

241,846

Mexico

Government

Bond

,

Senior

Bond

,

2.659 %

,

5/24/31

.....

Mexico

1,050,000

894,504

Panama

Government

Bond

,

Senior

Note

,

7.5 %

,

3/01/31

......

Panama

530,000

551,242

b

Paraguay

Government

Bond

,

Senior

Bond

,

144A,

3.849 %

,

6/28/33

.........................................

Paraguay

690,000

621,518

Peru

Government

Bond

,

Senior

Bond

,

2.783 %

,

1/23/31

.......

Peru

720,000

639,055

b

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

,

Senior

Bond

,

Reg

S,

5.45 %

,

5/21/28

...................

Indonesia

350,000

356,297

Petroleos

Mexicanos

,

Senior

Note

,

6.7 %

,

2/16/32

...........

Mexico

200,000

171,557

Philippine

Government

Bond

,

Senior

Bond

,

5.5 %

,

2/04/35

.....

Philippines

460,000

474,666

b

Power

Finance

Corp.

Ltd.

,

Senior

Bond

,

Reg

S,

3.95 %

,

4/23/30

.

India

350,000

332,352

b

Romanian

Government

Bond

,

Senior

Bond,

Reg

S,

3%,

2/14/31

......................

Romania

420,000

349,977

Senior

Bond,

Reg

S,

7.125%,

1/17/33

..................

Romania

370,000

373,798

Senior

Bond,

Reg

S,

6.125%,

1/22/44

..................

Romania

200,000

170,738

South

Africa

Government

Bond

,

Senior

Bond,

4.85%,

9/27/27

.........................

South

Africa

200,000

196,524

Senior

Bond,

4.85%,

9/30/29

.........................

South

Africa

330,000

311,401

Senior

Bond,

5%,

10/12/46

...........................

South

Africa

300,000

200,214

b

Southern

Gas

Corridor

CJSC

,

Senior

Bond

,

Reg

S,

6.875 %

,

3/24/26

.........................................

Azerbaijan

320,000

323,448

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities
(continued)

c

Uruguay

Government

Bond

,

Senior

Bond

,

PIK,

7.875 %

,

1/15/33

Uruguay

650,000

$

763,913

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $16,412,140)
............

#### 16,366,536

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.0%

#### †
U.S.

Treasury

Bonds

,

i

4.5%,

5/15/38

....................................

United

States

135,000

137,343

i

2.875%,

5/15/43

..................................

United

States

186,000

144,721

i

U.S.

Treasury

Notes

,

4.125 %,

9/30/27

....................

United

States

171,000

173,191

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $455,255)
..................

#### 455,255

#### Asset-Backed

#### Securities

#### 14.0%

#### Banks

#### 0.6%
Capital

One

Multi-Asset

Execution

Trust

,

2022-A2

,

A

,

3.49 %

,

5/15/27

.

.........................................

United

States

5,944,000

5,941,330

#### Capital

#### Markets

#### 0.2%
b,g

Magnetite

XL

Ltd.

,

2024-40A

,

A1

,

144A,

FRN

,

5.706 %

,

(3-month

SOFR

+

1.45 %),

7/15/37

.

............................

United

States

2,000,000

2,002,661

#### Commercial

#### Services

#### &

#### Supplies

#### 0.1%
b,g

Trestles

CLO

IV

Ltd.

,

2021-4A

,

A

,

144A,

FRN

,

5.701 %

,

(3-month

SOFR

+

1.432 %),

7/21/34

.

...........................

United

States

1,350,000

1,353,248

#### Consumer

#### Finance

#### 3.4%
American

Express

Credit

Account

Master

Trust

,

2022-3

,

A

,

3.75 %

,

8/15/27

.

.........................................

United

States

5,554,000

5,540,878

BA

Credit

Card

Trust

,

2024-A1

,

A

,

4.93 %

,

5/15/29

.

..........

United

States

5,680,000

5,777,704

Capital

One

Prime

Auto

Receivables

Trust

,

2022-1

,

A3

,

3.17 %

,

4/15/27

.

.........................................

United

States

2,142,525

2,130,567

b

Carvana

Auto

Receivables

Trust

,

2023-P3

,

A3

,

144A,

5.82 %

,

8/10/28

.

.........................................

United

States

952,646

960,072

Discover

Card

Execution

Note

Trust

,

2022-A3

,

A3

,

3.56 %

,

7/15/27

.

.........................................

United

States

5,958,000

5,944,660

GM

Financial

Consumer

Automobile

Receivables

Trust

,

2023-1,

A3,

4.66%,

2/16/28

..........................

United

States

729,059

729,621

2024-2,

A3,

5.1%,

3/16/29

...........................

United

States

2,147,000

2,170,277

b

Golden

Credit

Card

Trust

,

2022-4A

,

A

,

144A,

4.31 %

,

9/15/27

.

..

Canada

5,492,000

5,485,193

Harley-Davidson

Motorcycle

Trust

,

2024-A

,

A3

,

5.37 %

,

3/15/29

.

United

States

1,500,000

1,520,727

Hyundai

Auto

Receivables

Trust

,

2023-A,

A3,

4.58%,

4/15/27

..........................

United

States

1,636,488

1,635,502

2024-A,

A3,

4.99%,

2/15/29

..........................

United

States

2,750,000

2,779,689

Toyota

Auto

Receivables

Owner

Trust

,

2023-C

,

A3

,

5.16 %

,

4/17/28

.

.........................................

United

States

920,000

925,377

35,600,267

a

a

a

a

a

a

#### Financial

#### Services

#### 9.7%
b,g

AGL

Core

CLO

Ltd.

,

2024-31A

,

A

,

144A,

FRN

,

5.669 %

,

(3-month

SOFR

+

1.4 %),

7/20/37

.

.....................

United

States

750,000

751,396

b,g

AIMCO

CLO

Ltd.

,

2022-17A

,

A1R

,

144A,

FRN

,

5.622 %

,

(3-month

SOFR

+

1.35 %),

7/20/37

.

....................

Jersey

1,850,000

1,854,378

b,g

Allegro

CLO

XII

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.709 %

,

(3-month

SOFR

+

1.44 %),

7/21/37

.

....................

United

States

800,000

800,179

b,g

Apex

Credit

CLO

Ltd.

,

2024-2A

,

A

,

144A,

FRN

,

5.802 %

,

(3-month

SOFR

+

1.52 %),

7/25/37

.

............................

United

States

1,500,000

1,498,392

b,g

Bain

Capital

CLO

Ltd.

,

2024-1A

,

A1

,

144A,

FRN

,

5.811 %

,

(3-month

SOFR

+

1.55 %),

4/16/37

.

....................

Jersey

551,000

550,200

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,g

Bain

Capital

Credit

CLO

Ltd.

,

2022-2A

,

A1

,

144A,

FRN

,

5.592 %

,

(3-month

SOFR

+

1.32 %),

4/22/35

.

....................

United

States

900,000

$

898,444

b

Bayview

Opportunity

Master

Fund

VII

Trust

,

2023-1A

,

A

,

144A,

6.93 %

,

10/28/60

.

..................................

United

States

1,028,770

1,054,409

b,g

BDS

Ltd.

,

2021-FL10,

A,

144A,

FRN,

5.784%,

(1-month

SOFR

+

1.464%),

12/16/36

........................................

United

States

828,445

827,405

2021-FL9,

A,

144A,

FRN,

5.504%,

(1-month

SOFR

+

1.184%),

11/16/38

........................................

United

States

131,706

130,909

b,g

Birch

Grove

CLO

Ltd.

,

2021-2A

,

A1R

,

144A,

FRN

,

5.669 %

,

(3-month

SOFR

+

1.4 %),

10/19/37

.

....................

United

States

1,750,000

1,754,439

b,g

Birch

Grove

CLO

Ltd.

,

2024-8A

,

A1

,

144A,

FRN

,

5.899 %

,

(3-month

SOFR

+

1.63 %),

4/20/37

.

....................

Jersey

1,500,000

1,504,413

b,g

Black

Diamond

CLO

Ltd.

,

2021-1A

,

A1A

,

144A,

FRN

,

5.784 %

,

(3-month

SOFR

+

1.512 %),

11/22/34

.

...................

United

States

400,000

400,000

b,g

BRAVO

Residential

Funding

Trust

,

2021-HE2

,

B1

,

144A,

FRN

,

6.754 %

,

(30-day

SOFR

Average

+

2.4 %),

11/25/69

.

........

United

States

3,000,000

2,993,049

CarMax

Auto

Owner

Trust

,

2024-2

,

A3

,

5.5 %

,

1/16/29

.

........

United

States

1,592,000

1,618,534

b,g

Cathedral

Lake

VIII

Ltd.

,

2021-8A

,

A1

,

144A,

FRN

,

5.751 %

,

(3-month

SOFR

+

1.482 %),

1/20/35

.

...................

United

States

1,880,000

1,885,018

b,g

CBAM

Ltd.

,

2017-2A,

AR,

144A,

FRN,

5.731%,

(3-month

SOFR

+

1.452%),

7/17/34

.........................................

United

States

1,650,000

1,653,142

2020-12A,

AR,

144A,

FRN,

5.711%,

(3-month

SOFR

+

1.442%),

7/20/34

.........................................

United

States

750,000

750,000

b

Chase

Auto

Owner

Trust

,

2024-1A

,

A3

,

144A,

5.13 %

,

5/25/29

.

..

United

States

4,211,000

4,254,656

b,g

CIFC

Funding

Ltd.

,

2014-2RA,

AR,

144A,

FRN,

5.635%,

(3-month

SOFR

+

1.36%),

10/24/37

........................................

United

States

1,500,000

1,497,225

2020-1A,

A1R,

144A,

FRN,

5.668%,

(3-month

SOFR

+

1.412%),

7/15/36

..................................

United

States

2,520,000

2,524,365

2021-4A,

AR,

144A,

FRN,

5.639%,

(3-month

SOFR

+

1.36%),

7/23/37

.........................................

United

States

1,650,000

1,643,277

b

Citizens

Auto

Receivables

Trust

,

2023-2,

A3,

144A,

5.83%,

2/15/28

.....................

United

States

500,000

504,459

g

2024-2,

A2B,

144A,

FRN,

4.885%,

(30-day

SOFR

Average

+

0.54%),

11/16/26

..................................

United

States

657,252

657,355

b,g

Crown

Point

CLO

Ltd.

,

2021-10A

,

A

,

144A,

FRN

,

5.701 %

,

(3-month

SOFR

+

1.432 %),

7/20/34

.

...................

United

States

250,000

250,541

b,g

Diameter

Capital

CLO

Ltd.

,

2024-7A

,

A1A

,

144A,

FRN

,

5.749 %

,

(3-month

SOFR

+

1.48 %),

7/20/37

.

....................

United

States

1,600,000

1,602,977

b,g

Elevation

CLO

Ltd.

,

2018-10A,

AR,

144A,

FRN,

5.189%,

(3-month

SOFR

+

0.92%),

10/20/31

........................................

United

States

1,244,047

1,241,362

2021-13A,

A1R,

144A,

FRN,

5.316%,

(3-month

SOFR

+

1.06%),

7/15/34

...................................

United

States

700,000

696,947

b,g

Ellington

CLO

III

Ltd.

,

2018-3A

,

B

,

144A,

FRN

,

6.531 %

,

(3-month

SOFR

+

2.262 %),

7/20/30

.

...........................

United

States

1,500,000

1,505,738

b,g

Elmwood

CLO

Ltd.

,

2024-3A

,

A

,

144A,

FRN

,

5.789 %

,

(3-month

SOFR

+

1.52 %),

4/18/37

.

....................

United

States

1,250,000

1,251,966

b,g

Elmwood

CLO

Ltd.

,

2024-9RA

,

AR

,

144A,

FRN

,

5.649 %

,

(3-month

SOFR

+

1.38 %),

10/21/37

.

...................

United

States

1,500,000

1,494,952

b,g

Elmwood

CLO

I

Ltd.

,

2019-1A

,

A1RR

,

144A,

FRN

,

5.789 %

,

(3-month

SOFR

+

1.52 %),

4/20/37

.

....................

United

States

1,400,000

1,403,209

b,g

Elmwood

CLO

III

Ltd.

,

2019-3A

,

A1RR

,

144A,

FRN

,

5.649 %

,

(3-month

SOFR

+

1.38 %),

7/18/37

.

....................

United

States

1,700,000

1,700,425

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

Ford

Credit

Auto

Owner

Trust

,

2024-A,

A3,

5.09%,

12/15/28

.........................

United

States

5,827,000

$

5,899,399

2024-B,

A3,

5.1%,

4/15/29

...........................

United

States

3,669,000

3,720,878

b,g

GoldenTree

Loan

Management

US

CLO

Ltd.

,

2021-9A

,

AR

,

144A,

FRN

,

5.769 %

,

(3-month

SOFR

+

1.5 %),

4/20/37

.

.....

United

States

1,500,000

1,504,866

b

GreenState

Auto

Receivables

Trust

,

2024-1A

,

A3

,

144A,

5.19 %

,

1/16/29

.

.........................................

United

States

2,000,000

2,013,373

b,g

Hayfin

US

XIV

Ltd.

,

2021-14A

,

A1

,

144A,

FRN

,

5.761 %

,

(3-month

SOFR

+

1.492 %),

7/20/34

.

...........................

United

States

1,650,000

1,652,496

Honda

Auto

Receivables

Owner

Trust

,

2023-3

,

A3

,

5.41 %

,

2/18/28

.

.........................................

United

States

3,273,000

3,297,322

b,g

ICG

US

CLO

Ltd.

,

2017-1A

,

ARR

,

144A,

FRN

,

5.714 %

,

(3-month

SOFR

+

1.432 %),

7/28/34

.

...........................

United

States

2,500,000

2,505,408

b,g

Jamestown

CLO

IX

Ltd.

,

2016-9A,

A1RR,

144A,

FRN,

5.783%,

(3-month

SOFR

+

1.502%),

7/25/34

..................................

United

States

1,000,000

1,002,706

2016-9A,

A2RR,

144A,

FRN,

6.393%,

(3-month

SOFR

+

2.112%),

7/25/34

..................................

United

States

700,000

694,824

b,g

KKR

CLO

Ltd.

,

2022-43A

,

A1R

,

144A,

FRN

,

6.006 %

,

(3-month

SOFR

+

1.75 %),

1/15/36

.

............................

Jersey

1,150,000

1,152,709

b,g

KKR

CLO

Ltd.

,

2023-52A

,

A2

,

144A,

FRN

,

6.511 %

,

(3-month

SOFR

+

2.25 %),

7/16/36

.

............................

United

States

250,000

250,901

b

LAD

Auto

Receivables

Trust

,

2023-3A

,

A3

,

144A,

6.12 %

,

9/15/27

.

United

States

848,346

851,166

b,g

LCM

Ltd.

,

41A

,

A1

,

144A,

FRN

,

5.716 %

,

(3-month

SOFR

+

1.46 %),

4/15/36

.

..................................

Jersey

500,000

499,079

b,g

Magnetite

XXXVII

Ltd.

,

2023-37A

,

A

,

144A,

FRN

,

5.919 %

,

(3-month

SOFR

+

1.65 %),

10/20/36

.

...................

United

States

500,000

502,447

b,g

MF1

Ltd.

,

2021-FL6

,

A

,

144A,

FRN

,

5.534 %

,

(1-month

SOFR

+

1.214 %),

7/16/36

.

.................................

United

States

228,033

227,907

b,g

MF1

Multi-family

Housing

Mortgage

Loan

Trust

,

2021-FL5

,

A

,

144A,

FRN

,

5.293 %

,

(1-month

SOFR

+

0.964 %),

7/15/36

.

...

United

States

53,479

53,340

b,g

Nassau

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.808 %

,

(3-month

SOFR

+

1.552 %),

1/15/35

.

................................

United

States

249,457

249,948

b,g

Neuberger

Berman

CLO

XVII

Ltd.

,

2014-17A

,

AR3

,

144A,

FRN

,

5.672 %

,

(3-month

SOFR

+

1.4 %),

7/22/38

.

...............

United

States

1,000,000

997,239

b

NRZ

Excess

Spread-Collateralized

Notes

,

2020-PLS1

,

A

,

144A,

3.844 %

,

12/25/25

.

.................................

United

States

415,828

411,172

b,g

Oaktree

CLO

Ltd.

,

2021-1A

,

A1R

,

144A,

FRN

,

5.606 %

,

(3-month

SOFR

+

1.35 %),

1/15/38

.

............................

United

States

1,089,000

1,083,530

b,g

Palmer

Square

CLO

Ltd.

,

2021-3A

,

B

,

144A,

FRN

,

6.168 %

,

(3-month

SOFR

+

1.912 %),

1/15/35

.

...................

United

States

2,925,000

2,930,537

b,g

Park

Avenue

Institutional

Advisers

CLO

Ltd.

,

2021-1A

,

A1A

,

144A,

FRN

,

5.921 %

,

(3-month

SOFR

+

1.652 %),

1/20/34

.

........

United

States

500,000

500,968

b,g

Ready

Capital

Mortgage

Financing

LLC

,

2021-FL7,

A,

144A,

FRN,

5.641%,

(1-month

SOFR

+

1.314%),

11/25/36

........................................

United

States

348,833

347,939

2021-FL7,

AS,

144A,

FRN,

5.941%,

(1-month

SOFR

+

1.614%),

11/25/36

........................................

United

States

3,900,000

3,894,899

b,g

Rockland

Park

CLO

Ltd.

,

2021-1A

,

B

,

144A,

FRN

,

6.181 %

,

(3-month

SOFR

+

1.912 %),

4/20/34

.

...................

United

States

2,000,000

2,003,795

b,g

RR

Ltd.

,

2024-29RA

,

A1R

,

144A,

FRN

,

5.646 %

,

(3-month

SOFR

+

1.39 %),

7/15/39

.

............................

United

States

1,150,000

1,152,964

b,g

Shackleton

XIV

CLO

Ltd.

,

2019-14A

,

BR

,

144A,

FRN

,

6.331 %

,

(3-month

SOFR

+

2.062 %),

7/20/34

.

...................

United

States

1,650,000

1,653,906

b,g

Signal

Peak

CLO

Ltd.

,

2018-5A

,

A1R

,

144A,

FRN

,

5.832 %

,

(3-month

SOFR

+

1.55 %),

4/25/37

.

....................

United

States

1,900,000

1,901,898

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,g

Sound

Point

CLO

XXVI

Ltd.

,

2020-1A

,

AR

,

144A,

FRN

,

5.701 %

,

(3-month

SOFR

+

1.432 %),

7/20/34

.

...................

United

States

2,460,000

$

2,456,484

b,g

Sound

Point

CLO

XXXII

Ltd.

,

2021-4A

,

A

,

144A,

FRN

,

5.693 %

,

(3-month

SOFR

+

1.412 %),

10/25/34

.

..................

United

States

1,000,000

1,000,266

b,g

Symphony

CLO

XXXII

Ltd.

,

2022-32A

,

A1

,

144A,

FRN

,

5.599 %

,

(3-month

SOFR

+

1.32 %),

4/23/35

.

....................

United

States

750,000

749,066

b,g

TCW

CLO

Ltd.

,

2021-2A

,

AS

,

144A,

FRN

,

5.723 %

,

(3-month

SOFR

+

1.442 %),

7/25/34

.

...........................

United

States

1,500,000

1,503,257

b,g

TICP

CLO

XII

Ltd.

,

2018-12A

,

BR

,

144A,

FRN

,

6.168 %

,

(3-month

SOFR

+

1.912 %),

7/15/34

.

...........................

United

States

1,950,000

1,953,692

b,g

Trinitas

CLO

XVIII

Ltd.

,

2021-18A

,

A1

,

144A,

FRN

,

5.701 %

,

(3-month

SOFR

+

1.432 %),

1/20/35

.

...................

United

States

750,000

749,257

b,g

Venture

XIX

CLO

Ltd.

,

2014-19A

,

ARR

,

144A,

FRN

,

5.778 %

,

(3-month

SOFR

+

1.522 %),

1/15/32

.

...................

United

States

152,198

152,402

b,g

Venture

XV

CLO

Ltd.

,

2013-15A

,

AR3

,

144A,

FRN

,

5.698 %

,

(3-month

SOFR

+

1.442 %),

7/15/32

.

...................

United

States

839,406

840,988

b,g

Voya

CLO

Ltd.

,

2024-4A

,

A1

,

144A,

FRN

,

5.619 %

,

(3-month

SOFR

+

1.35 %),

7/20/37

.

............................

United

States

1,850,000

1,838,059

b,g

Wind

River

CLO

Ltd.

,

2021-4A

,

A

,

144A,

FRN

,

5.701 %

,

(3-month

SOFR

+

1.432 %),

1/20/35

.

...........................

United

States

1,200,000

1,199,751

b,g

Wise

CLO

Ltd.

,

2023-2A,

A,

144A,

FRN,

6.056%,

(3-month

SOFR

+

1.8%),

1/15/37

.........................................

Jersey

1,500,000

1,506,333

2024-2A,

A,

144A,

FRN,

5.716%,

(3-month

SOFR

+

1.46%),

7/15/37

.........................................

Jersey

750,000

748,127

100,809,059

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $144,515,334)
............................

#### 145,706,565

#### Commercial

#### Mortgage-Backed

#### Securities

#### 5.7%

#### Financial

#### Services

#### 5.7%
b,g

AREIT

Trust

,

2022-CRE6

,

A

,

144A,

FRN

,

5.6 %

,

(30-day

SOFR

Average

+

1.25 %),

1/20/37

...........................

United

States

521,462

518,294

j

Banc

of

America

Commercial

Mortgage

Trust

,

2015-UBS7

,

B

,

FRN

,

4.465 %

,

9/15/48

..............................

United

States

4,306,000

4,097,886

j,k

BANK

,

2018-BN13,

XA,

IO,

FRN,

0.598%,

8/15/61

..............

United

States

166,114,717

2,083,278

2020-BN26,

XA,

IO,

FRN,

1.306%,

3/15/63

..............

United

States

38,345,781

1,680,067

j

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust

,

2016-

UB10

,

C

,

FRN

,

4.984 %

,

7/15/49

.......................

United

States

167,000

159,939

b

Barclays

Commercial

Mortgage

Trust

,

2019-C5,

D,

144A,

2.5%,

11/15/52

.....................

United

States

528,000

419,841

j

2019-C5,

F,

144A,

FRN,

2.702%,

11/15/52

...............

United

States

4,179,000

2,255,073

j,k

BBCMS

Mortgage

Trust

,

2024-5C29

,

XA

,

IO,

FRN

,

1.822 %

,

9/15/57

.........................................

United

States

22,884,792

1,393,503

b,j

CFCRE

Commercial

Mortgage

Trust

,

2011-C2,

D,

144A,

FRN,

5.08%,

12/15/47

...............

United

States

113,793

109,906

2011-C2,

E,

144A,

FRN,

5.08%,

12/15/47

................

United

States

175,000

162,593

j

Citigroup

Commercial

Mortgage

Trust

,

2016-P6

,

B

,

FRN

,

4.294 %

,

12/10/49

........................................

United

States

1,631,000

1,486,352

COMM

Mortgage

Trust

,

b,j

2012-CR1,

D,

144A,

FRN,

5.274%,

5/15/45

..............

United

States

953,063

863,992

b

2012-LC4,

E,

144A,

4.25%,

12/10/44

...................

United

States

1,918,000

244,286

j

2014-CR17,

C,

FRN,

4.941%,

5/10/47

..................

United

States

634,000

582,301

b,j

2014-CR17,

D,

144A,

FRN,

5.004%,

5/10/47

.............

United

States

233,000

190,567

b,j

2014-CR19,

D,

144A,

FRN,

4.661%,

8/10/47

.............

United

States

583,126

561,216

j,k

2014-UBS4,

XA,

IO,

FRN,

0.919%,

8/10/47

..............

United

States

3,751,827

14,192

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

COMM

Mortgage

Trust,

(continued)

j

2014-UBS6,

C,

FRN,

4.398%,

12/10/47

.................

United

States

264,063

$

260,861

j,k

2019-GC44,

XA,

IO,

FRN,

0.725%,

8/15/57

..............

United

States

84,787,096

1,670,730

b,j,k

Credit

Suisse

Commercial

Mortgage

Trust

,

2007-C2

,

AX

,

IO,

144A,

FRN

,

0.03 %

,

1/15/49

..........................

United

States

5,851,467

944

j

CSAIL

Commercial

Mortgage

Trust

,

2015-C1,

C,

FRN,

3.958%,

4/15/50

....................

United

States

1,507,000

1,375,590

k

2019-C17,

XA,

IO,

FRN,

1.461%,

9/15/52

................

United

States

55,149,354

2,403,541

j,k

CSMC

Trust

,

2016-NXSR

,

XA

,

IO,

FRN

,

0.784 %

,

12/15/49

....

United

States

87,898,475

531,127

b,j

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.531 %

,

8/10/44

.........................................

United

States

2,977,719

2,876,000

j,k

GS

Mortgage

Securities

Trust

,

2014-GC22,

XA,

IO,

FRN,

0.744%,

6/10/47

..............

United

States

13,132,333

77,076

2014-GC26,

XA,

IO,

FRN,

0.587%,

11/10/47

.............

United

States

31,637

b,j

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

2012-C6,

E,

144A,

FRN,

5.129%,

5/15/45

...............

United

States

614,000

595,480

2012-LC9,

D,

144A,

FRN,

3.69%,

12/15/47

..............

United

States

737,000

702,052

l

2013-LC11,

E,

144A,

FRN,

3.25%,

4/15/46

...............

United

States

2,038,000

88,806

j

JPMBB

Commercial

Mortgage

Securities

Trust

,

2013-C12,

C,

FRN,

4.071%,

7/15/45

...................

United

States

135,715

130,483

b

2013-C14,

D,

144A,

FRN,

4.173%,

8/15/46

..............

United

States

917,000

710,189

k

2014-C22,

XA,

IO,

FRN,

0.549%,

9/15/47

................

United

States

1,542,418

k

2014-C25,

XA,

IO,

FRN,

0.618%,

11/15/47

...............

United

States

4,881,659

j

JPMDB

Commercial

Mortgage

Securities

Trust

,

2018-C8,

C,

FRN,

4.915%,

6/15/51

....................

United

States

387,000

346,058

k

2019-COR6,

XA,

IO,

FRN,

1.039%,

11/13/52

.............

United

States

65,959,699

2,048,418

j

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

b

2012-C5,

E,

144A,

FRN,

4.798%,

8/15/45

...............

United

States

534,143

524,021

b

2013-C10,

F,

144A,

FRN,

4.112%,

7/15/46

...............

United

States

2,331,000

187,231

k

2015-C26,

XA,

IO,

FRN,

1.034%,

10/15/48

...............

United

States

22,153,551

514

2015-C27,

C,

FRN,

4.631%,

12/15/47

..................

United

States

3,614,000

3,412,251

Morgan

Stanley

Capital

I

Trust

,

2015-UBS8,

A4,

3.809%,

12/15/48

.....................

United

States

403,000

399,912

j

2015-UBS8,

B,

FRN,

4.315%,

12/15/48

.................

United

States

319,000

306,043

j,k

2016-BNK2,

XA,

IO,

FRN,

1.075%,

11/15/49

.............

United

States

21,686,327

219,823

j,k

2016-UB12,

XA,

IO,

FRN,

0.767%,

12/15/49

.............

United

States

60,498,849

418,483

j,k

2018-H3,

XA,

IO,

FRN,

0.962%,

7/15/51

.................

United

States

48,768,980

948,898

j,k

2018-H4,

XA,

IO,

FRN,

0.968%,

12/15/51

................

United

States

51,852,312

1,274,830

j

2018-L1,

C,

FRN,

4.939%,

10/15/51

....................

United

States

341,000

312,424

b,g

Multi-family

Connecticut

Avenue

Securities

Trust

,

2019-01,

M10,

144A,

FRN,

7.718%,

(30-day

SOFR

Average

+

3.364%),

10/25/49

.................................

United

States

2,667,356

2,673,322

2020-01,

M10,

144A,

FRN,

8.218%,

(30-day

SOFR

Average

+

3.864%),

3/25/50

..................................

United

States

3,123,122

3,177,645

b,l

TIAA

Real

Estate

CDO

Ltd.

,

2003-1A

,

E

,

144A,

%

,

12/28/38

..

United

States

1,661,295

j,k

UBS

Commercial

Mortgage

Trust

,

2017-C7,

XA,

IO,

FRN,

1.124%,

12/15/50

................

United

States

56,055,397

1,224,799

2018-C12,

XA,

IO,

FRN,

1.019%,

8/15/51

................

United

States

104,127,584

2,456,682

j,k

Wachovia

Bank

Commercial

Mortgage

Trust

,

2006-C29

,

IO,

FRN

,

0.488 %

,

11/15/48

..................................

United

States

64,155

Wells

Fargo

Commercial

Mortgage

Trust

,

2015-C31,

AS,

4.049%,

11/15/48

......................

United

States

712,000

704,608

j

2015-LC20,

C,

FRN,

4.056%,

4/15/50

..................

United

States

731,649

702,376

j,k

2017-C41,

XA,

IO,

FRN,

1.301%,

11/15/50

...............

United

States

76,326,553

1,755,572

j

2018-C46,

C,

FRN,

5.118%,

8/15/51

...................

United

States

412,000

380,344

j,k

2019-C50,

XA,

IO,

FRN,

1.571%,

5/15/52

................

United

States

42,667,216

1,795,223

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

Wells

Fargo

Commercial

Mortgage

Trust,

(continued)

j,k

2020-C55,

XA,

IO,

FRN,

1.399%,

2/15/53

................

United

States

62,316,521

$

2,975,751

j

2020-C57,

C,

FRN,

4.157%,

8/15/53

...................

United

States

1,121,000

1,006,377

j

WFRBS

Commercial

Mortgage

Trust

,

2013-C11,

B,

FRN,

3.714%,

3/15/45

....................

United

States

982,363

967,331

k

2013-C14,

XA,

IO,

FRN,

0.456%,

6/15/46

................

United

States

1,511,591

2014-C21,

C,

FRN,

4.234%,

8/15/47

...................

United

States

1,285,000

1,228,826

k

2014-C22,

XA,

IO,

FRN,

0.393%,

9/15/57

................

United

States

3,273,547

661

k

2014-C23,

XA,

IO,

FRN,

0.215%,

10/15/57

...............

United

States

5,157,489

59,695,007

a

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $66,502,979)
..............

#### 59,695,007

#### Mortgage-Backed

#### Securities

#### 45.5%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 2.1%
FHLMC

Pool,

Year,

3%,

7/01/34

-

5/01/35

...............

United

States

1,471,553

1,409,906

FHLMC

Pool,

Year,

2%,

2/01/51

-

5/01/51

...............

United

States

1,547,132

1,238,611

FHLMC

Pool,

Year,

2.5%,

4/01/43

-

1/01/52

.............

United

States

2,980,354

2,527,235

FHLMC

Pool,

Year,

3%,

10/01/46

.....................

United

States

1,066,602

949,401

FHLMC

Pool,

Year,

3.5%,

4/01/42

-

2/01/47

.............

United

States

2,065,136

1,906,986

FHLMC

Pool,

Year,

4%,

12/01/44

-

7/01/49

..............

United

States

2,226,732

2,115,621

FHLMC

Pool,

Year,

4.5%,

8/01/44

-

11/01/49

............

United

States

355,252

348,011

FHLMC

Pool,

Year,

5%,

3/01/41

-

7/01/52

...............

United

States

950,646

938,244

FHLMC

Pool,

Year,

5.5%,

9/01/53

.....................

United

States

4,468,425

4,506,359

FHLMC

Pool,

Year,

5.5%,

9/01/53

-

11/01/53

............

United

States

3,227,237

3,244,277

FHLMC

Pool,

Year,

6%,

9/01/53

......................

United

States

2,456,703

2,510,796

21,695,447

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 26.5%
FNMA,

3.5%,

2/01/47

-

6/01/56

.........................

United

States

3,236,080

2,941,021

FNMA,

3.5%,

9/01/57

................................

United

States

5,113,458

4,611,944

FNMA,

4%,

1/01/45

-

1/01/57

..........................

United

States

3,426,944

3,216,127

FNMA,

Year,

2%,

2/01/37

...........................

United

States

4,208,064

3,856,884

FNMA,

Year,

2%,

3/01/37

...........................

United

States

3,323,318

3,049,011

FNMA,

Year,

2.5%,

9/01/36

.........................

United

States

3,952,124

3,702,687

FNMA,

Year,

3%,

5/01/37

...........................

United

States

1,651,126

1,568,655

FNMA,

Year,

3.5%,

6/01/31

.........................

United

States

126,608

125,424

FNMA,

Year,

1.5%,

11/01/41

.........................

United

States

6,858,594

5,636,710

FNMA,

Year,

2%,

9/01/50

-

4/01/52

....................

United

States

3,259,280

2,616,222

FNMA,

Year,

2.5%,

12/01/50

-

2/01/52

.................

United

States

4,286,332

3,602,174

FNMA,

Year,

3%,

9/01/42

-

4/01/52

....................

United

States

8,616,431

7,691,434

FNMA,

Year,

3.5%,

5/01/42

-

4/01/52

..................

United

States

3,457,965

3,191,631

FNMA,

Year,

4%,

8/01/44

-

11/01/49

...................

United

States

2,244,041

2,121,343

FNMA,

Year,

4.5%,

7/01/44

-

11/01/49

.................

United

States

1,280,797

1,252,177

FNMA,

Year,

5%,

3/01/40

-

9/01/52

....................

United

States

7,675,479

7,586,512

FNMA,

Year,

5.5%,

8/01/53

.........................

United

States

4,307,658

4,342,632

FNMA,

Year,

5.5%,

1/01/33

-

9/01/53

..................

United

States

523,216

528,894

FNMA,

Year,

5.5%,

11/01/53

.........................

United

States

5,275,244

5,312,918

FNMA,

Year,

6%,

2/01/36

-

4/01/53

....................

United

States

1,156,077

1,201,332

m

Uniform

Mortgage-Backed

Securities,

1.5%,

TBA,

5/25/40

.....

United

States

8,000,000

7,063,322

m

Uniform

Mortgage-Backed

Securities,

2%,

TBA,

5/25/40

......

United

States

7,000,000

6,360,876

m

Uniform

Mortgage-Backed

Securities,

2%,

TBA,

5/25/55

......

United

States

69,000,000

54,746,532

m

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

5/25/40

.....

United

States

3,000,000

2,788,397

m

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

5/25/55

.....

United

States

34,000,000

28,270,431

m

Uniform

Mortgage-Backed

Securities,

3%,

TBA,

5/25/40

......

United

States

1,000,000

949,570

m

Uniform

Mortgage-Backed

Securities,

3%,

TBA,

5/25/55

......

United

States

9,000,000

7,812,132

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate
(continued)

m

Uniform

Mortgage-Backed

Securities,

3.5%,

TBA,

5/25/40

.....

United

States

1,000,000

$

963,582

m

Uniform

Mortgage-Backed

Securities,

4%,

TBA,

5/25/55

......

United

States

11,000,000

10,252,862

m

Uniform

Mortgage-Backed

Securities,

4.5%,

TBA,

5/25/55

.....

United

States

5,000,000

4,782,423

m

Uniform

Mortgage-Backed

Securities,

5.5%,

TBA,

5/25/55

.....

United

States

19,000,000

18,961,952

m

Uniform

Mortgage-Backed

Securities,

6%,

TBA,

5/25/55

......

United

States

63,000,000

63,917,748

m

Uniform

Mortgage-Backed

Securities,

6.5%,

TBA,

5/25/55

.....

United

States

1,000,000

1,029,926

276,055,485

n

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Adjustable

#### Rate

#### 0.1%
GNMA

II,

4.085%

-

4.7%,

5/20/65

-

8/20/65

................

United

States

219,646

217,948

GNMA

II,

6.392%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

12/20/68

...................

United

States

928,033

967,997

1,185,945

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 16.8%
GNMA

I,

Single-family,

Year,

3.5%,

11/15/47

.............

United

States

42,274

39,093

GNMA

I,

Single-family,

Year,

5%,

6/15/40

...............

United

States

1,062,781

1,074,978

GNMA

I,

Single-family,

Year,

6.5%,

3/15/31

-

10/15/31

......

United

States

65,354

67,338

GNMA

II,

Year,

3.5%,

9/20/48

........................

United

States

893,367

820,676

GNMA

II,

Year,

4.5%,

7/20/52

........................

United

States

620,119

599,095

GNMA

II,

Year,

5.5%,

7/20/53

........................

United

States

1,276,184

1,297,354

m

GNMA

II,

Single-family,

Year,

2%,

5/15/55

...............

United

States

13,000,000

10,609,095

GNMA

II,

Single-family,

Year,

2.5%,

2/20/53

.............

United

States

1,856,205

1,596,581

m

GNMA

II,

Single-family,

Year,

2.5%,

5/15/55

.............

United

States

21,000,000

17,900,836

GNMA

II,

Single-family,

Year,

3%,

3/20/43

-

2/20/53

.......

United

States

3,293,896

2,909,332

m

GNMA

II,

Single-family,

Year,

3%,

5/15/55

...............

United

States

14,000,000

12,397,206

GNMA

II,

Single-family,

Year,

3.5%,

11/20/47

-

3/20/50

.....

United

States

4,650,743

4,238,989

m

GNMA

II,

Single-family,

Year,

3.5%,

5/15/55

.............

United

States

7,000,000

6,359,917

GNMA

II,

Single-family,

Year,

4%,

2/20/48

-

9/20/49

.......

United

States

4,099,752

3,822,733

m

GNMA

II,

Single-family,

Year,

4%,

5/15/55

...............

United

States

10,000,000

9,309,575

GNMA

II,

Single-family,

Year,

4.5%,

5/20/44

-

1/20/50

......

United

States

2,633,011

2,599,553

m

GNMA

II,

Single-family,

Year,

4.5%,

5/15/55

.............

United

States

36,000,000

34,467,149

GNMA

II,

Single-family,

Year,

5%,

7/20/41

-

10/20/49

......

United

States

3,216,982

3,207,397

m

GNMA

II,

Single-family,

Year,

5%,

5/15/55

...............

United

States

4,000,000

3,924,643

GNMA

II,

Single-family,

Year,

5.5%,

1/20/49

-

8/20/53

......

United

States

5,419,837

5,491,314

m

GNMA

II,

Single-family,

Year,

5.5%,

5/15/55

.............

United

States

31,000,000

30,993,097

GNMA

II,

Single-family,

Year,

6%,

12/20/48

-

11/20/53

......

United

States

10,987,084

11,279,728

GNMA

II,

Single-family,

Year,

6.5%,

8/20/53

-

9/20/53

......

United

States

9,387,235

9,763,930

174,769,609

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $476,091,457)
.........................

#### 473,706,486

#### Municipal

#### Bonds

#### 0.3%

#### California

#### 0.1%
State

of

California

,

GO

,

7.5 %

,

4/01/34

....................

United

States

770,000

895,599

#### Ohio

#### 0.1%
Ohio

State

University

(The)

,

Revenue

,

2010

C

,

4.91 %

,

6/01/40

.

United

States

845,000

830,540

#### Texas

#### 0.1%
North

Texas

Tollway

Authority

,

North

Texas

Tollway

System

,

Revenue,

First

Tier

,

2009

B

,

6.718 %

,

1/01/49

.............

United

States

675,000

750,969

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $2,293,195)
.....................................

#### 2,477,108
Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities

#### 8.0%

#### Financial

#### Services

#### 8.0%
b

A&D

Mortgage

Trust

,

2023-NQM4

,

A2

,

144A,

7.826 %

,

9/25/68

.

United

States

667,893

$

681,797

b

Angel

Oak

Mortgage

Trust

,

2023-3,

A1,

144A,

4.8%,

9/26/67

......................

United

States

1,182,935

1,172,207

2024-9,

A1,

144A,

5.138%,

9/25/69

....................

United

States

870,049

865,907

b,j

Arroyo

Mortgage

Trust

,

2019-3,

M1,

144A,

FRN,

4.204%,

10/25/48

...............

United

States

3,050,000

2,757,289

2020-1,

A3,

144A,

FRN,

3.328%,

3/25/55

................

United

States

150,000

134,389

b,j

BRAVO

Residential

Funding

Trust

,

2020-RPL1

,

M1

,

144A,

FRN

,

3.25 %

,

5/26/59

...................................

United

States

5,430,000

5,140,584

b,j

Bunker

Hill

Loan

Depositary

Trust

,

2020-1

,

A3

,

144A,

FRN

,

3.253 %

,

2/25/55

...................................

United

States

2,100,000

1,981,072

b,g

Chevy

Chase

Funding

LLC

,

2004-3A

,

A2

,

144A,

FRN

,

4.741 %

,

(1-month

SOFR

+

0.414 %),

8/25/35

....................

United

States

397,804

379,410

b

Citigroup

Mortgage

Loan

Trust

,

2022-A

,

A1

,

144A,

6.17 %

,

9/25/62

United

States

437,827

437,733

b

COLT

Mortgage

Loan

Trust

,

j

2020-2,

A2,

144A,

FRN,

3.094%,

3/25/65

................

United

States

62,543

61,964

j

2021-1,

B1,

144A,

FRN,

3.144%,

6/25/66

................

United

States

2,996,000

2,180,072

2023-3,

A1,

144A,

7.18%,

9/25/68

.....................

United

States

981,930

996,084

b,g

Connecticut

Avenue

Securities

Trust

,

2019-HRP1,

M2,

144A,

FRN,

6.618%,

(30-day

SOFR

Average

+

2.264%),

11/25/39

................................

United

States

101,694

101,886

2021-R03,

1M2,

144A,

FRN,

6.004%,

(30-day

SOFR

Average

+

1.65%),

12/25/41

..................................

United

States

123,000

123,328

2022-R01,

1M2,

144A,

FRN,

6.254%,

(30-day

SOFR

Average

+

1.9%),

12/25/41

...................................

United

States

215,000

216,122

2022-R02,

2M1,

144A,

FRN,

5.554%,

(30-day

SOFR

Average

+

1.2%),

1/25/42

....................................

United

States

67,485

67,453

2022-R02,

2M2,

144A,

FRN,

7.354%,

(30-day

SOFR

Average

+

3%),

1/25/42

.....................................

United

States

1,549,000

1,581,273

2022-R03,

1M1,

144A,

FRN,

6.454%,

(30-day

SOFR

Average

+

2.1%),

3/25/42

....................................

United

States

145,286

146,601

2022-R03,

1M2,

144A,

FRN,

7.854%,

(30-day

SOFR

Average

+

3.5%),

3/25/42

....................................

United

States

38,000

39,302

2022-R04,

1M1,

144A,

FRN,

6.354%,

(30-day

SOFR

Average

+

2%),

3/25/42

.....................................

United

States

124,105

125,071

2022-R04,

1M2,

144A,

FRN,

7.454%,

(30-day

SOFR

Average

+

3.1%),

3/25/42

....................................

United

States

53,000

54,478

2022-R05,

2M1,

144A,

FRN,

6.254%,

(30-day

SOFR

Average

+

1.9%),

4/25/42

....................................

United

States

655,323

657,470

2022-R06,

1M1,

144A,

FRN,

7.104%,

(30-day

SOFR

Average

+

2.75%),

5/25/42

...................................

United

States

579,980

591,069

2022-R07,

1M1,

144A,

FRN,

7.303%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

...................................

United

States

636,867

652,401

2022-R08,

1M1,

144A,

FRN,

6.904%,

(30-day

SOFR

Average

+

2.55%),

7/25/42

...................................

United

States

397,886

406,154

2023-R01,

1M1,

144A,

FRN,

6.753%,

(30-day

SOFR

Average

+

2.4%),

12/25/42

...................................

United

States

16,335

16,723

2023-R02,

1M1,

144A,

FRN,

6.654%,

(30-day

SOFR

Average

+

2.3%),

1/25/43

....................................

United

States

32,254

32,896

2023-R06,

1M1,

144A,

FRN,

6.054%,

(30-day

SOFR

Average

+

1.7%),

7/25/43

....................................

United

States

569,427

571,796

2023-R07,

2M1,

144A,

FRN,

6.303%,

(30-day

SOFR

Average

+

1.95%),

9/25/43

...................................

United

States

31,416

31,612

2024-R02,

1M1,

144A,

FRN,

5.454%,

(30-day

SOFR

Average

+

1.1%),

2/25/44

....................................

United

States

6,852

6,834

2024-R03,

2M1,

144A,

FRN,

5.503%,

(30-day

SOFR

Average

+

1.15%),

3/25/44

...................................

United

States

31,795

31,760

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,g

Connecticut

Avenue

Securities

Trust,

(continued)

2024-R04,

1M1,

144A,

FRN,

5.454%,

(30-day

SOFR

Average

+

1.1%),

5/25/44

....................................

United

States

62,381

$

62,342

2024-R06,

1A1,

144A,

FRN,

5.504%,

(30-day

SOFR

Average

+

1.15%),

9/25/44

...................................

United

States

111,311

111,153

2024-R06,

1M1,

144A,

FRN,

5.404%,

(30-day

SOFR

Average

+

1.05%),

9/25/44

...................................

United

States

24,000

23,974

b

Cross

Mortgage

Trust

,

2024-H3,

A1,

144A,

6.272%,

6/25/69

...................

United

States

605,258

611,720

2024-H4,

A1,

144A,

6.147%,

7/25/69

...................

United

States

1,353,761

1,367,347

b,j

Deephaven

Residential

Mortgage

Trust

,

2022-3

,

A3

,

144A,

FRN

,

5.3 %

,

7/25/67

....................................

United

States

2,441,621

2,468,229

b,j

Ellington

Financial

Mortgage

Trust

,

2020-1

,

A2

,

144A,

FRN

,

3.149 %

,

5/25/65

...................................

United

States

131,000

128,116

j

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

,

b

2019-2,

M,

144A,

FRN,

4.75%,

8/25/58

.................

United

States

539,000

519,630

2019-3,

M,

FRN,

4.75%,

10/25/58

.....................

United

States

3,845,934

3,751,996

b

2019-4,

M,

144A,

FRN,

4.5%,

2/25/59

..................

United

States

2,024,000

1,883,513

g

FHLMC

STACR

Debt

Notes

,

2015-DNA3

,

M3

,

FRN

,

9.168 %

,

(30-

day

SOFR

Average

+

4.814 %),

4/25/28

.................

United

States

49,264

50,048

b,g

FHLMC

STACR

REMIC

Trust

,

2021-DNA5,

M2,

144A,

FRN,

6.004%,

(30-day

SOFR

Average

+

1.65%),

1/25/34

.................................

United

States

17,845

17,904

2021-DNA6,

M2,

144A,

FRN,

5.854%,

(30-day

SOFR

Average

+

1.5%),

10/25/41

.................................

United

States

121,963

121,846

2021-DNA7,

M2,

144A,

FRN,

6.154%,

(30-day

SOFR

Average

+

1.8%),

11/25/41

..................................

United

States

394,000

395,478

2021-HQA4,

M1,

144A,

FRN,

5.304%,

(30-day

SOFR

Average

+

0.95%),

12/25/41

................................

United

States

31,223

31,003

2021-HQA4,

M2,

144A,

FRN,

6.704%,

(30-day

SOFR

Average

+

2.35%),

12/25/41

................................

United

States

3,732,140

3,757,472

2022-DNA2,

M1A,

144A,

FRN,

5.654%,

(30-day

SOFR

Average

+

1.3%),

2/25/42

..................................

United

States

5,763

5,761

2022-DNA3,

M1A,

144A,

FRN,

6.354%,

(30-day

SOFR

Average

+

2%),

4/25/42

....................................

United

States

4,530

4,585

2022-DNA3,

M1B,

144A,

FRN,

7.254%,

(30-day

SOFR

Average

+

2.9%),

4/25/42

..................................

United

States

10,000

10,274

2022-DNA4,

M1A,

144A,

FRN,

6.554%,

(30-day

SOFR

Average

+

2.2%),

5/25/42

..................................

United

States

22,980

23,338

2022-DNA5,

M1A,

144A,

FRN,

7.304%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

.................................

United

States

29,236

29,829

2022-DNA6,

M1A,

144A,

FRN,

6.504%,

(30-day

SOFR

Average

+

2.15%),

9/25/42

.................................

United

States

168,789

169,981

2022-DNA6,

M1B,

144A,

FRN,

8.054%,

(30-day

SOFR

Average

+

3.7%),

9/25/42

..................................

United

States

27,000

28,290

2022-HQA1,

M1A,

144A,

FRN,

6.454%,

(30-day

SOFR

Average

+

2.1%),

3/25/42

..................................

United

States

4,775

4,798

2022-HQA1,

M2,

144A,

FRN,

9.604%,

(30-day

SOFR

Average

+

5.25%),

3/25/42

.................................

United

States

6,323,000

6,708,329

2022-HQA2,

M1B,

144A,

FRN,

8.354%,

(30-day

SOFR

Average

+

4%),

7/25/42

....................................

United

States

1,000,000

1,053,583

2022-HQA3,

M1A,

144A,

FRN,

6.654%,

(30-day

SOFR

Average

+

2.3%),

8/25/42

..................................

United

States

804,895

816,859

2023-DNA1,

M1A,

144A,

FRN,

6.453%,

(30-day

SOFR

Average

+

2.1%),

3/25/43

..................................

United

States

62,614

63,680

2023-HQA2,

M1A,

144A,

FRN,

6.354%,

(30-day

SOFR

Average

+

2%),

6/25/43

....................................

United

States

46,279

46,536

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,g

FHLMC

STACR

REMIC

Trust,

(continued)

2023-HQA3,

A1,

144A,

FRN,

6.204%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

..................................

United

States

95,648

$

96,522

2023-HQA3,

M1,

144A,

FRN,

6.204%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

.................................

United

States

28,326

28,469

2024-DNA1,

A1,

144A,

FRN,

5.704%,

(30-day

SOFR

Average

+

1.35%),

2/25/44

...................................

United

States

110,273

110,399

2024-DNA2,

A1,

144A,

FRN,

5.604%,

(30-day

SOFR

Average

+

1.25%),

5/25/44

...................................

United

States

116,908

116,903

FNMA

,

2003-34

,

P1

,

Strip

,

4/25/43

......................

United

States

51,889

47,093

g

FNMA

Connecticut

Avenue

Securities

,

2016-C01,

1M2,

FRN,

11.218%,

(30-day

SOFR

Average

+

6.864%),

8/25/28

..................................

United

States

11,526

11,889

2017-C06,

1M2B,

FRN,

7.118%,

(30-day

SOFR

Average

+

2.764%),

2/25/30

..................................

United

States

8,554

8,576

2018-C02,

2M2,

FRN,

6.668%,

(30-day

SOFR

Average

+

2.314%),

8/25/30

..................................

United

States

7,085

7,198

2018-C05,

1M2,

FRN,

6.818%,

(30-day

SOFR

Average

+

2.464%),

1/25/31

..................................

United

States

827,745

834,713

b

GCAT

Trust

,

2020-NQM2

,

A3

,

144A,

3.935 %

,

4/25/65

........

United

States

1,267,809

1,232,430

b

GS

Mortgage-Backed

Securities

Trust

,

j

2020-RPL1,

M2,

144A,

FRN,

3.79%,

7/25/59

.............

United

States

1,125,000

970,338

2024-RPL4,

A1,

144A,

3.9%,

9/25/61

...................

United

States

483,760

469,641

b

J.P.

Morgan

Mortgage

Trust

,

2024-VIS2

,

A1

,

144A,

5.853 %

,

11/25/64

........................................

United

States

493,265

497,231

b,j

Morgan

Stanley

Resecuritization

Trust

,

2015-R4

,

CB1

,

144A,

FRN

,

4.368 %

,

8/26/47

..............................

United

States

1,331,219

1,325,256

b,g

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

2024-3

,

AF

,

144A,

FRN

,

5.704 %

,

(30-day

SOFR

Average

+

1.35 %),

7/25/54

United

States

230,050

227,831

b

NYMT

Loan

Trust

,

2022-SP1

,

A1

,

144A,

5.25 %

,

7/25/62

......

United

States

2,797,015

2,788,670

b

OBX

Trust

,

2023-NQM7

,

A1

,

144A,

6.844 %

,

4/25/63

.........

United

States

1,252,405

1,266,549

b,j

PRKCM

Trust

,

2023-AFC2

,

A1

,

144A,

FRN

,

6.482 %

,

6/25/58

...

United

States

4,434,001

4,457,013

b,j

RMF

Proprietary

Issuance

Trust

,

2022-3

,

A

,

144A,

FRN

,

%

,

8/25/62

.........................................

United

States

1,895,860

1,823,344

b

Saluda

Grade

Alternative

Mortgage

Trust

,

2024-RTL4

,

A1

,

144A,

7.5 %

,

2/25/30

....................................

United

States

1,898,000

1,902,155

b,g

Station

Place

Securitization

Trust

,

2024-10,

A,

144A,

FRN,

5.223%,

(1-month

SOFR

+

0.9%),

10/27/25

........................................

United

States

4,000,000

4,014,013

2024-2,

A,

144A,

FRN,

5.223%,

(1-month

SOFR

+

0.9%),

6/22/25

.........................................

United

States

3,840,000

3,843,227

2024-5,

A,

144A,

FRN,

5.223%,

(1-month

SOFR

+

0.9%),

8/04/25

.........................................

United

States

3,620,000

3,618,219

b,j

Towd

Point

Mortgage

Trust

,

2015-6,

M1,

144A,

FRN,

3.75%,

4/25/55

................

United

States

75,969

75,715

2018-5,

M1,

144A,

FRN,

3.25%,

7/25/58

................

United

States

209,000

175,583

2019-2,

A2,

144A,

FRN,

3.75%,

12/25/58

................

United

States

327,000

294,622

b

Verus

Securitization

Trust

,

2024-1

,

A1

,

144A,

5.712 %

,

1/25/69

.

United

States

1,706,232

1,709,283

b

Visio

Trust

,

2022-1

,

A2

,

144A,

5.85 %

,

8/25/57

..............

United

States

1,338,645

1,333,920

g

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

2005-AR13,

A1B2,

FRN,

5.301%,

(1-month

SOFR

+

0.974%),

10/25/45

........................................

United

States

625,999

609,383

2005-AR13,

A1C4,

FRN,

5.301%,

(1-month

SOFR

+

0.974%),

10/25/45

........................................

United

States

2,192,304

2,121,624

2005-AR17,

A1B2,

FRN,

5.261%,

(1-month

SOFR

+

0.934%),

12/25/45

........................................

United

States

1,132,569

1,013,000

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

g

WaMu

Mortgage

Pass-Through

Certificates

Trust,

(continued)

2005-AR2,

2A1B,

FRN,

5.181%,

(1-month

SOFR

+

0.854%),

1/25/45

.........................................

United

States

220,593

$

216,158

83,757,318

a

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $83,392,053)
...............

#### 83,757,318

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 5.3%

#### Financial

#### Services

#### 5.3%
FHLMC

,

g

3065,

DC,

FRN,

6.482%,

(30-day

SOFR

Average

+

19.517%),

3/15/35

.........................................

United

States

119,150

124,616

j

3117,

AF,

FRN,

0%,

2/15/36

..........................

United

States

6,996

6,131

3369,

BO,

Strip,

9/15/37

.............................

United

States

2,220

1,880

3391,

Strip,

4/15/37

................................

United

States

29,671

25,796

g

3408,

EK,

FRN,

7.85%,

(30-day

SOFR

Average

+

25.332%),

4/15/37

.........................................

United

States

185,609

218,041

k

4018,

DI,

IO,

4.5%,

7/15/41

..........................

United

States

117,779

2,545

g

406,

F30,

FRN,

5.504%,

(30-day

SOFR

Average

+

1.15%),

10/25/53

........................................

United

States

1,997,778

2,008,171

k

4132,

IP,

IO,

4.5%,

11/15/42

..........................

United

States

523,982

40,140

g,k

4839,

WS,

IO,

FRN,

1.641%,

(30-day

SOFR

Average

+

5.986%),

8/15/56

..................................

United

States

13,085,760

1,930,597

k

5050,

IM,

IO,

3.5%,

10/25/50

.........................

United

States

2,359,225

470,393

k

5349,

IB,

IO,

4%,

12/15/46

...........................

United

States

3,389,216

725,734

b,g

FHLMC,

Multi-family

Structured

Pass-Through

Certificates

,

2021-

MN3

,

M2

,

144A,

FRN

,

8.354 %

,

(30-day

SOFR

Average

+

%),

11/25/51

........................................

United

States

478,000

497,874

FNMA

,

2006-84,

OT,

Strip,

9/25/36

..........................

United

States

3,210

2,680

2007-14,

KO,

Strip,

3/25/37

..........................

United

States

27,468

23,112

k

2012-128,

QI,

IO,

3.5%,

6/25/42

.......................

United

States

1,194,397

44,503

k

2015-33,

AI,

IO,

5%,

6/25/45

.........................

United

States

6,878,936

911,992

k

2017-72,

ID,

IO,

4.5%,

9/25/47

........................

United

States

11,103,278

2,147,723

k

2021-12,

NI,

IO,

2.5%,

3/25/51

........................

United

States

24,023,238

3,973,451

k

2023-49,

IA,

IO,

3%,

8/25/46

.........................

United

States

4,163,941

536,844

k

2023-49,

IB,

IO,

3.5%,

3/25/47

........................

United

States

3,358,517

529,173

k

409,

C24,

IO,

4.5%,

4/25/42

..........................

United

States

3,183,407

664,778

b

FREMF

Mortgage

Trust

,

j

2015-K51,

B,

144A,

FRN,

4.095%,

10/25/48

..............

United

States

1,402,000

1,392,009

g

2018-KF43,

B,

144A,

FRN,

6.598%,

(30-day

SOFR

Average

+

2.264%),

1/25/28

..................................

United

States

2,579,818

2,487,234

GNMA

,

k

2009-79,

IC,

IO,

6%,

8/20/39

.........................

United

States

2,398,304

278,220

k

2010-9,

UI,

IO,

5%,

1/20/40

..........................

United

States

2,489,901

515,015

j,k

2010-H19,

GI,

IO,

FRN,

1.455%,

8/20/60

................

United

States

3,428,277

121,032

g,k

2011-70,

YI,

IO,

FRN,

0.15%,

(1-month

SOFR

+

4.886%),

12/20/40

........................................

United

States

2,955,466

21,834

k

2012-113,

ID,

IO,

3.5%,

9/20/42

.......................

United

States

6,233,344

964,793

k

2012-136,

IO,

3.5%,

11/20/42

.........................

United

States

4,971,891

671,990

k

2012-38,

MI,

IO,

4%,

3/20/42

.........................

United

States

11,173,278

1,970,943

k

2013-164,

CI,

IO,

3%,

11/16/28

.......................

United

States

831,703

18,445

k

2014-100,

JI,

IO,

3.5%,

7/16/29

.......................

United

States

1,266,302

43,162

k

2014-102,

IG,

IO,

3.5%,

3/16/41

.......................

United

States

474,983

10,789

k

2014-180,

IO,

5%,

12/20/44

..........................

United

States

5,869,295

1,173,031

k

2014-30,

KI,

IO,

3%,

2/16/29

.........................

United

States

409,954

8,672

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

GNMA,

(continued)

k

2014-5,

LI,

IO,

3%,

1/16/29

..........................

United

States

397,000

$

8,388

k

2014-71,

BI,

IO,

4.5%,

5/20/29

........................

United

States

9,744

k

2014-76,

IO,

5%,

5/20/44

............................

United

States

1,531,559

323,111

j,k

2014-H11,

GI,

IO,

FRN,

1.542%,

6/20/64

................

United

States

17,525,462

433,194

k

2015-52,

KI,

IO,

3.5%,

11/20/40

.......................

United

States

1,248,871

60,837

k

2015-53,

MI,

IO,

4%,

4/16/45

.........................

United

States

5,492,895

1,096,707

j,k

2015-H01,

CI,

IO,

FRN,

1.587%,

12/20/64

...............

United

States

2,149,399

49,606

j,k

2015-H04,

AI,

IO,

FRN,

1.628%,

12/20/64

...............

United

States

9,783,530

296,458

j,k

2015-H10,

CI,

IO,

FRN,

1.807%,

4/20/65

................

United

States

8,953,548

222,970

j,k

2015-H12,

AI,

IO,

FRN,

1.837%,

5/20/65

................

United

States

6,837,582

153,497

j,k

2015-H12,

EI,

IO,

FRN,

1.722%,

4/20/65

................

United

States

10,107,152

214,039

j,k

2015-H12,

GI,

IO,

FRN,

1.816%,

5/20/65

................

United

States

10,647,021

347,881

j,k

2015-H16,

XI,

IO,

FRN,

2.991%,

7/20/65

................

United

States

5,917,962

316,919

j,k

2015-H20,

AI,

IO,

FRN,

1.829%,

8/20/65

................

United

States

8,413,958

213,109

j,k

2015-H25,

AI,

IO,

FRN,

1.62%,

9/20/65

.................

United

States

7,505,199

110,851

j,k

2015-H25,

CI,

IO,

FRN,

2.26%,

10/20/65

................

United

States

6,101,243

242,317

j,k

2015-H26,

DI,

IO,

FRN,

2.383%,

10/20/65

...............

United

States

5,518,119

262,673

j,k

2016-H11,

HI,

IO,

FRN,

1.973%,

1/20/66

................

United

States

4,861,330

116,721

j,k

2016-H23,

NI,

IO,

FRN,

3.027%,

10/20/66

...............

United

States

12,171,663

528,859

j,k

2016-H24,

JI,

IO,

FRN,

2.788%,

11/20/66

................

United

States

5,147,876

292,636

j,k

2017-H08,

NI,

IO,

FRN,

2.298%,

3/20/67

................

United

States

5,003,147

162,495

j,k

2017-H10,

MI,

IO,

FRN,

1.222%,

4/20/67

................

United

States

6,797,792

201,249

j,k

2017-H12,

QI,

IO,

FRN,

1.744%,

5/20/67

................

United

States

7,336,779

291,989

j,k

2017-H18,

CI,

IO,

FRN,

2.589%,

9/20/67

................

United

States

6,434,834

422,636

j,k

2017-H23,

BI,

IO,

FRN,

1.904%,

11/20/67

...............

United

States

7,995,276

286,119

j,k

2018-H02,

EI,

IO,

FRN,

2.331%,

1/20/68

................

United

States

7,862,117

362,585

j,k

2018-H17,

GI,

IO,

FRN,

2.528%,

10/20/68

...............

United

States

11,852,840

443,071

g,k

2019-121,

SD,

IO,

FRN,

1.567%,

(1-month

SOFR

+

5.886%),

10/20/49

........................................

United

States

2,477,485

294,145

g,k

2019-125,

SG,

IO,

FRN,

1.617%,

(1-month

SOFR

+

5.936%),

10/20/49

........................................

United

States

3,526,976

433,650

g,k

2019-65,

BS,

IO,

FRN,

1.667%,

(1-month

SOFR

+

5.986%),

5/20/49

.........................................

United

States

5,799,790

624,570

k

2019-83,

IO,

4.5%,

6/20/49

..........................

United

States

7,552,466

1,597,528

j,k

2019-H02,

DI,

IO,

FRN,

2.741%,

11/20/68

...............

United

States

9,453,717

429,230

j,k

2019-H14,

IB,

IO,

FRN,

2.583%,

8/20/69

................

United

States

11,599,517

523,962

g,k

2020-112,

MS,

IO,

FRN,

1.867%,

(1-month

SOFR

+

6.186%),

8/20/50

.........................................

United

States

4,351,512

657,626

k

2020-123,

NI,

IO,

2.5%,

8/20/50

.......................

United

States

14,393,160

2,129,763

k

2020-151,

MI,

IO,

2.5%,

10/20/50

......................

United

States

25,213,627

3,832,832

j,k

2020-H02,

GI,

IO,

FRN,

2.599%,

1/20/70

................

United

States

14,761,044

748,887

k

2021-91,

AI,

IO,

3.5%,

5/20/51

........................

United

States

15,691,150

2,924,827

g

2023-140,

JS,

FRN,

5.225%,

(30-day

SOFR

Average

+

16.05%),

9/20/53

..................................

United

States

1,103,606

1,137,684

g

2023-152,

FB,

FRN,

5.5%,

(30-day

SOFR

Average

+

1.15%),

4/20/51

.........................................

United

States

2,791,928

2,839,765

g,k

2023-19,

S,

IO,

FRN,

1.617%,

(1-month

SOFR

+

5.936%),

11/20/49

........................................

United

States

16,849,465

2,084,137

g

2023-66,

PS,

FRN,

4.5%,

(30-day

SOFR

Average

+

15.375%),

5/20/53

.........................................

United

States

3,019,753

3,220,271

55,503,305

a

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $60,047,978)
.......

#### 55,503,305

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $1,289,936,174)

#### ...........................

#### 1,274,397,179

#### a
Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Short

#### Term

#### Investments

#### 8.6%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 1.3%
o,p

U.S.

Treasury

Bills,

4.13%,

10/02/25

.....................

United

States

13,700,000

$

13,460,913

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $13,466,301)

#### ...............

#### 13,460,913

#### Shares

#### Money

#### Market

#### Funds

#### 7.3%
a,q

Putnam

Short

Term

Investment

Fund,

Class

P,

4.468%

.......

United

States

75,789,919

75,789,919

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $75,789,919)

#### ................................

#### 75,789,919

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $89,256,220

####)
..............................

#### 89,250,832

#### a

#### Total

#### Investments

#### (Cost

#### $1,379,192,394)

#### 130.9%

#### ..............................

#### $1,363,648,011

#### TBA

#### Sale

#### Commitments

#### (8.6)%

#### ..............................................

#### (89,667,127)

#### Other

#### Assets,

#### less

#### Liabilities

#### (22.3)%

#### ........................................

#### (231,575,310)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $1,042,405,574

#### a

#### Principal

#### Amount

#### \*
r

#### TBA

#### Sale

#### Commitments

#### (8.6)%

#### Mortgage-Backed

#### Securities

#### (8.6)%

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### (7.5)%
Uniform

Mortgage-Backed

Securities

,

5%,

TBA,

5/25/55

..................................

United

States

(16,000,000)

(15,664,809)

5.5%,

TBA,

5/25/55

................................

United

States

(63,000,000)

(62,873,841)

(78,538,650)

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### (1.1)%
GNMA

II,

Single-family,

Year,

6%,

5/15/55

...............

United

States

(11,000,000)

(11,128,477)

#### Total

#### TBA

#### Sale

#### Commitments

#### (Proceeds

#### $(89,309,063))

#### ........................

#### $(89,667,127)
Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

At

April

30,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

1(e).

\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

(g)

regarding

investments

in

affiliated

management

investment

companies.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

April

30,

2025,

the

aggregate

value

of

these

securities

was

$305,918,488,

representing

29.3%

of

net

assets.

c

Income

may

be

received

in

additional

securities

and/or

cash.

d

Perpetual

security

with

no

stated

maturity

date.

e

The

coupon

rate

shown

represents

the

rate

at

period

end.

f

See

Note

(f)

regarding

senior

floating

rate

interests.

g

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

h

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

(d).

i

This

security

was

pledged,

or

purchased

with

cash

that

was

pledged,

to

the

Fund

for

collateral

on

certain

derivative

contracts.

See

Note

1(e).

j

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

k

Investment

in

an

interest-only

security

entitles

holders

to

receive

only

the

interest

payment

on

the

underlying

instruments.

The

principal

amount

shown

is

the

notional

amount

of

the

underlying

instruments.

l

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

.

m

Security

purchased

on

a

to-be-announced

(TBA)

basis.

See

Note

(d).

n

Adjustable

Rate

Mortgage-Backed

Security

(ARM);

the

rate

shown

is

the

effective

rate

at

period

end.

ARM

rates

are

not

based

on

a

published

reference

rate

and

spread;

they

are

based

on

the

weighted

average

rates

of

the

underlying

mortgage

loans,

less

the

applicable

servicing

and

guarantee

fees

(MBS

margin).

o

The

rate

shown

represents

the

yield

at

period

end.

p

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

April

30,

2025,

the

value

of

this

security

pledged

amounted

to

$8,991,395,

representing

0.9%

net

assets.

q

The

rate

shown

is

the

annualized

seven-day

yield

at

period

end.

r

Security

sold

on

a

to-be-announced

(TBA)

basis

resulting

in

a

short

position.

As

such,

the

Fund

is

not

subject

to

fees

and

expenses

associated

with

short

sale

transactions.

#### Futures

#### Contracts

#### Description

#### Type

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### \*

#### Expiration

#### Date

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### Interest

#### rate

#### contracts
U.S.

Treasury

Year

Notes

....................

Long

$

48,815,156

6/18/25

$

1,032,719

U.S.

Treasury

Year

Ultra

Notes

................

Long

551

63,218,641

6/18/25

1,129,720

U.S.

Treasury

Year

Notes

.....................

Long

41,421,539

6/30/25

393,033

U.S.

Treasury

Year

Notes

.....................

Long

1,408

153,747,001

6/30/25

3,088,861

U.S.

Treasury

Long

Bonds

.....................

Long

26,590,500

6/18/25

142,103

U.S.

Treasury

Ultra

Bonds

......................

Long

40,303,406

6/18/25

(60,442)

Total

Futures

Contracts

......................................................................

$5,725,994

\*

As

of

period

end.

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

April

30,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(e).

At

April

30,

2025,

the

Fund

had

the

following

forward

premium

swap

options

contracts

outstanding.

See

Note

1(e).

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
Euro

.............

MSCO

Sell

262,800

283,445

6/18/25

$

—

$

(15,170)

Total

Forward

Exchange

Contracts

...................................................

—

$(15,170)

Net

unrealized

appreciation

(depreciation)

............................................

$(15,170)

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

#### Forward

#### Premium

#### Swap

#### Option

#### Contracts

#### Fixed

#### right

#### or

#### obligation

#### to

#### receive

#### or

#### (pay)/

#### Floating

#### rate

#### index/Maturity

#### date

#### Counter

#### par

#### t

#### y

#### Expiration

#### date/strike

#### Notional/

#### Contract

#### amount

#### \*

#### Premium

#### receivable/
(payable)

#### Unrealized

#### appreciation/
(depreciation)

#### a
3.833%/1-day

SOFR/Sep-35/(Purchased)

BNDP

9/08/25

/

3.833%

2,571,400

$

61,328

$

19,966

(3.833%)/1-day

SOFR/Sep-35/(Purchased)

BNDP

9/08/25

/

3.833%

2,571,400

61,328

(26,282)

3.85%/1-day

SOFR/Feb-27/(Purchased)

BNDP

2/05/26

/

3.85%

156,700,000

650,305

795,869

3.3%/1-day

SOFR/Feb-27/(Written)

BNDP

2/05/26

/

3.3%

235,050,000

(517,110)

(791,832)

2.91%/1-day

SOFR/Apr-52/(Purchased)

BNDP

3/31/32

/

2.91%

56,609,500

3,453,179

(335,367)

(4.225%)/1-day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

4.225%

8,620,800

441,385

(202,168)

3.725%/1-day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

3.725%

8,620,800

421,557

(58,589)

1.945%/1-day

SOFR/Jun-51/(Purchased)

BZWS

6/09/31

/

1.945%

14,445,000

778,586

(383,451)

(1.945%)/1-day

SOFR/Jun-51/(Purchased)

BZWS

6/09/31

/

1.945%

14,445,000

3,062,340

1,148,032

(4%)/1-day

SOFR/Dec-30/(Purchased)

CITI

12/08/25

/

4%

28,770,000

325,101

(168,153)

3.043%/1-day

SOFR/Mar-52/(Purchased)

JPHQ

3/29/32

/

3.043%

33,000,000

1,980,825

(16,012)

(4.5%)/1-day

SOFR/Oct-30/(Written)

MCML

10/09/25

/

4.5%

28,770,000

(93,670)

57,770

2.85%/1-day

SOFR/Oct-30/(Purchased)

MCML

10/09/25

/

2.85%

28,770,000

193,696

(4,749)

(4.384%)/1-day

SOFR/Feb-38/(Purchased)

MCML

1/31/28

/

4.384%

17,226,000

793,257

(122,905)

3.884%/1-day

SOFR/Feb-38/(Purchased)

MCML

1/31/28

/

3.884%

17,226,000

761,389

149,688

(3.86%)/1-day

SOFR/Apr-38/(Purchased)

MCML

4/03/28

/

3.86%

8,000,000

440,400

21,222

3.86%/1-day

SOFR/Apr-38/(Purchased)

MCML

4/03/28

/

3.86%

8,000,000

440,400

(13,858)

(4.01%)/1-day

SOFR/Mar-52/(Purchased)

MCML

3/29/32

/

4.01%

2,377,700

285,086

11,461

4.01%/1-day

SOFR/Mar-52/(Purchased)

MCML

3/29/32

/

4.01%

2,377,700

285,086

(3,217)

2.48%/1-day

SOFR/Feb-59/(Purchased)

MSCO

2/15/29

/

2.48%

37,620,500

2,334,766

(947,646)

(4.825%)/1

day

SOFR/May-57/(Purchased)

NATW

4/30/27

/

4.825%

15,152,700

548,528

–

#### Unrealized

#### appreciation

#### 2,204,008

#### Unrealized
(depreciation)

#### (3,074,229)

#### Total

#### $(870,221)
\*

In

U.S.

dollars

unless

otherwise

indicated.

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

At

April

30,

2025,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Note

1(e).

At

April

30,

2025,

the

Fund

had

the

following

interest

rate

swap

contracts

outstanding.

See

Note

1(e).

#### Credit

#### Default

#### Swap

#### Contracts

#### Description

#### Periodic

#### Payment

#### Rate

#### Received
(Paid)

#### Payment

#### Frequency

#### Counter-

#### party

#### Maturity

#### Date

#### Notional

#### Amount
(a) #### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

#### Rating
(b) #### OTC

#### Swap

#### Contracts

#### to

#### Buy

#### Protection
(c) #### Traded

#### Index
CMBX.NA.BB.6

.

(5.00)%

Monthly

CITI

5/11/63

641,000

$

54,770

$

84,659

$

(29,889)

CMBX.NA.BB.6

.

(5.00)%

Monthly

GSCO

5/11/63

831,000

71,004

144,262

(73,258)

CMBX.NA.BB.6

.

(5.00)%

Monthly

JPHQ

5/11/63

953,000

81,429

490,603

(409,174)

CMBX.NA.BB.6

.

(5.00)%

Monthly

MSCO

5/11/63

265,000

22,643

47,174

(24,531)

CMBX.NA.BBB-.6

(3.00)%

Monthly

JPHQ

5/11/63

2,416,000

87,121

538,787

(451,666)

#### Contracts

#### to

#### Sell

#### Protection

#### (c)(d)

#### Traded

#### Index
CMBX.NA.BB.6

.

5.00%

Monthly

CITI

5/11/63

3,485,000

(297,776)

(605,950)

308,174

Non-

Investment

Grade

CMBX.

NA.BBB-.13

..

3.00%

Monthly

MSCO

12/16/72

116,000

(25,659)

(36,898)

11,239

Investment

Grade

CMBX.NA.BBB-.6

3.00%

Monthly

BOFA

5/11/63

2,416,000

(87,120)

(145,536)

58,416

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$(93,588)

$517,101

$(610,689)

Total

Credit

Default

Swap

Contracts

....................................

$(93,588)

$

517,101

$(610,689)

(a) In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

(b) Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

(c) Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

(d) The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

#### Interest

#### Rate

#### Swap

#### Contracts

#### Description

#### Payment

#### Frequency

#### Counter-

#### party

#### Maturity

#### Date

#### Notional

#### Amount

#### \*

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

aa

#### aa

#### Centrally

#### Cleared

#### Swap

#### Contracts
Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.85%

....

Annual

3/19/27

9,856,000

$

(76,032)

$

(9,823)

$

(66,209)

Receive

Fixed

3.75%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

6/18/27

535,891,000

4,917,858

860,236

4,057,622

Receive

Fixed

3.75%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/19/30

6,199,000

109,995

34,472

75,523

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

April

30,

2025,

the

Fund

had

the

following total

return swap

contracts

outstanding.

See

Note

1(e)

.

#### Interest

#### Rate

#### Swap

#### Contracts
(continued)

#### Description

#### Payment

#### Frequency

#### Counter-

#### party

#### Maturity

#### Date

#### Notional

#### Amount\*

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

aa

#### aa

#### Centrally

#### Cleared

#### Swap

#### Contracts
(continued)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.75%

....

Annual

6/18/30

60,437,000

$

(1,185,006)

$

(566,465)

$

(618,541)

Receive

Fixed

3.75%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/19/35

17,980,000

182,371

(69,099)

251,470

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.85%

....

Annual

6/18/35

85,071,000

(1,648,760)

(364,089)

(1,284,671)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.55%

....

Annual

3/19/55

32,780,000

1,579,055

2,515,570

(936,515)

Receive

Fixed

3.85%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

6/18/55

16,008,000

120,943

(6,142)

127,085

Receive

Fixed

3.825%

.

Annual

Pay

Floating

1-day

SOFR

............

Annual

5/04/57

2,924,300

—

—

—

Total

Centrally

Cleared

Swap

Contracts

...................................

$4,000,424

$2,394,660

$1,605,764

#### OTC

#### Swap

#### Contracts
Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.3%

.....

Annual

MSCO

9/21/27

700,000,000

5,617,489

(16,280,000)

21,897,489

Total

OTC

Swap

Contracts

............................................

$5,617,489

$(16,280,000)

$21,897,489

Total

Interest

Rate

Swap

Contracts

.................................

$9,617,913

$

(13,885,340)

$23,503,253

\*

In

U.S.

dollars

unless

otherwise

indicated.

#### Total

#### Return

#### Swap

#### Contracts

#### Underlying

#### Instruments

#### Financing

#### Rate

#### Payment

#### Frequency

#### Counter-

#### party

#### Maturity

#### Date

#### Notional

#### Value

#### \*

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### OTC

#### Swap

#### Contracts

#### Long
(a) Ephesus

Funding

Designated

Activity

Company

(DAC)

................................

0.165%

At

Maturity

MSCO

9/22/25

9,100,000

$

103,584

Total

Return

Swap

Contracts

....................................................................

$103,584

\*

In

U.S.

dollars

unless

otherwise

indicated.

(a) The

Fund

receives

the

total

return

on

the

underlying

instrument

and

pays

a

fixed

financing

rate.

See

Note 8 regarding

other

derivative

information.

See

A

bbreviations

on

.

Putnam

Income

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

April

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$1,286,189,895

Cost

-

Non-controlled

affiliates

(Note

g)

........................................................

93,002,499

Value

-

Unaffiliated

issuers

..................................................................

$1,270,568,972

Value

-

Non-controlled

affiliates

(Note

g)

.......................................................

93,079,039

Cash

....................................................................................

8,673,188

Receivables:

Investment

securities

sold

...................................................................

1,460,474

Receivable

for

sales

of

TBA

securities

(Note

d)

..................................................

89,309,063

Capital

shares

sold

........................................................................

940,399

Dividends

and

interest

.....................................................................

5,877,344

Deposits

with

brokers

for:

Centrally

cleared

swap

contracts

............................................................

5,764,162

Variation

margin

on

centrally

cleared

swap

contracts

...............................................

510,747

OTC

swap

contracts

(upfront

payments

$

1,305,485)

.................................................

1,305,485

Unrealized

appreciation

on

forward

premium

swap

option

contracts

.....................................

2,204,008

Unrealized

appreciation

on

OTC

swap

contracts

....................................................

22,378,902

Prepaid

expenses

..........................................................................

255,368

Total

assets

..........................................................................

1,502,327,151

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

4,808,680

Payable

for

purchases

of

TBA

securities

(Note

d)

................................................

332,609,805

Capital

shares

redeemed

...................................................................

1,878,302

Management

fees

.........................................................................

239,912

Administrative

fees

........................................................................

5,124

Distribution

fees

..........................................................................

111,708

Transfer

agent

fees

........................................................................

400,030

Trustees'

fees

and

expenses

.................................................................

285,863

Variation

margin

on

futures

contracts

...........................................................

158,143

Deposits

from

brokers

for:

OTC

derivative

contracts

..................................................................

7,770,000

OTC

swap

contracts

(upfront

receipts

$

17,068,384)

.................................................

17,068,384

Unrealized

depreciation

on

OTC

swap

contracts

....................................................

988,518

Unrealized

depreciation

on

OTC

forward

exchange

contracts

..........................................

15,170

Unrealized

depreciation

on

forward

premium

swap

option

contracts

.....................................

3,074,229

TBA

sale

commitments,

at

value

(proceeds

$89,309,063)

(Note

1d)

.....................................

89,667,127

Collateral

on

certain

derivative

contracts,

at

value

(Note

e)

...........................................

455,255

Accrued

expenses

and

other

liabilities

...........................................................

385,327

Total

liabilities

.........................................................................

459,921,577

Net

assets,

at

value

.................................................................

$1,042,405,574

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$1,860,743,518

Total

distributable

earnings

(losses)

.............................................................

(818,337,944)

Net

assets,

at

value

.................................................................

$1,042,405,574

Putnam

Income

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

April

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Income

#### Fund

#### Class

#### A:
Net

assets,

at

value

.......................................................................

$386,352,076

Shares

outstanding

........................................................................

76,559,943

Net

asset

value

per

share

a

,b

..................................................................

$5.05

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.00

%)

b

................................

$5.26

#### Class

#### C:
Net

assets,

at

value

.......................................................................

$22,109,685

Shares

outstanding

........................................................................

4,440,973

Net

asset

value

and

maximum

offering

price

per

share

a

,b

............................................

$4.98

#### Class

#### M:
Net

assets,

at

value

.......................................................................

$30,581,504

Shares

outstanding

........................................................................

6,342,900

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$4.82

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.75

%)

b

................................

$4.98

#### Class

#### R:
Net

assets,

at

value

.......................................................................

$4,877,909

Shares

outstanding

........................................................................

981,468

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$4.97

#### Class

#### R5:
Net

assets,

at

value

.......................................................................

$3,493,839

Shares

outstanding

........................................................................

680,685

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$5.13

#### Class

#### R6:
Net

assets,

at

value

.......................................................................

$104,916,132

Shares

outstanding

........................................................................

20,285,739

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$5.17

#### Class

#### Y:
Net

assets,

at

value

.......................................................................

$490,074,429

Shares

outstanding

........................................................................

94,514,435

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$5.19

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Putnam

Income

Fund

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

April

30,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Income

#### Fund
Investment

income:

Dividends:

Non-controlled

affiliates

(Note

g)

.............................................................

$1,586,462

Interest:

(net

of

foreign

taxes

of

$104)

Unaffiliated

issuers

........................................................................

27,599,391

Total

investment

income

...................................................................

29,185,853

Expenses:

Management

fees

(Note

a)

...................................................................

2,012,670

Administrative

fees

(Note

b)

..................................................................

12,225

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

486,562

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

119,541

&nbsp;&nbsp;&nbsp;&nbsp;Class

M

................................................................................

77,382

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

................................................................................

11,871

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

310,684

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

19,071

&nbsp;&nbsp;&nbsp;&nbsp;Class

M

................................................................................

24,702

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

................................................................................

3,791

&nbsp;&nbsp;&nbsp;&nbsp;Class

R5

...............................................................................

2,024

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

...............................................................................

27,149

&nbsp;&nbsp;&nbsp;&nbsp;Class

Y

................................................................................

412,291

Custodian

fees

(Note

4)

......................................................................

47,376

Reports

to

shareholders

fees

..................................................................

74,774

Registration

and

filing

fees

....................................................................

61,114

Professional

fees

...........................................................................

167,343

Trustees'

fees

and

expenses

..................................................................

18,978

Other

....................................................................................

7,451

Total

expenses

.........................................................................

3,896,999

Expense

reductions

(Note

4)

...............................................................

(8,114)

Expenses

waived/paid

by

affiliates

(Note

g

and

h)

..............................................

(631,525)

Net

expenses

.........................................................................

3,257,360

Net

investment

income

................................................................

25,928,493

Putnam

Income

Fund

Financial

Statements

Statement

of

Operations

(continued)

for

the

six

months

ended

April

30,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Income

#### Fund
Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

(18,345,064)

Foreign

currency

transactions

................................................................

(2,893)

Forward

exchange

contracts

.................................................................

16,336

Forward

premium

swap

option

contracts

........................................................

(680,482)

Futures

contracts

.........................................................................

(22,363,936)

TBA

sale

commitments

.....................................................................

2,453,144

Swap

contracts

...........................................................................

3,735,398

Net

realized

gain

(loss)

..................................................................

(35,187,497)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

15,136,086

Non-controlled

affiliates

(Note

g)

...........................................................

76,540

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

..............................

4,063,102

Forward

exchange

contracts

.................................................................

(21,899)

Forward

premium

swap

option

contracts

........................................................

(1,456,337)

Futures

contracts

.........................................................................

21,836,961

Swap

contracts

...........................................................................

(4,817,801)

Net

change

in

unrealized

appreciation

(depreciation)

............................................

34,816,652

Net

realized

and

unrealized

gain

(loss)

............................................................

(370,845)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$25,557,648

Putnam

Income

Fund

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Income

#### Fund

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$25,928,493

$55,595,517

Net

realized

gain

(loss)

.................................................

(35,187,497)

18,325,312

Net

change

in

unrealized

appreciation

(depreciation)

...........................

34,816,652

72,736,812

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

25,557,648

146,657,641

Distributions

to

shareholders:

Class

A

.............................................................

(24,731,065)

(31,337,602)

Class

B

.............................................................

—

(32,538)

Class

C

.............................................................

(1,469,862)

(1,958,364)

Class

M

............................................................

(2,039,494)

(2,598,444)

Class

R

.............................................................

(296,135)

(449,746)

Class

R5

............................................................

(210,027)

(255,653)

Class

R6

............................................................

(6,837,171)

(12,497,037)

Class

Y

.............................................................

(32,952,711)

(44,050,132)

Total

distributions

to

shareholders

..........................................

(68,536,465)

(93,179,516)

Capital

share

transactions:

(Note

2)

Class

A

.............................................................

(5,331,718)

(31,030,133)

Class

B

.............................................................

—

(748,813)

Class

C

.............................................................

(3,398,268)

(3,910,087)

Class

M

............................................................

(736,851)

(2,665,043)

Class

R

.............................................................

353,934

(1,760,048)

Class

R5

............................................................

292,545

19,699

Class

R6

............................................................

(13,355,388)

(55,940,578)

Class

Y

.............................................................

(25,980,800)

(80,589,555)

Total

capital

share

transactions

............................................

(48,156,546)

(176,624,558)

Net

increase

(decrease)

in

net

assets

...................................

(91,135,363)

(123,146,433)

Net

assets:

Beginning

of

period

.....................................................

1,133,540,937

1,256,687,370

End

of

period

..........................................................

$1,042,405,574

$1,133,540,937

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Putnam

Income

Fund (Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company.

The Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

Fund

offers seven

classes

of

shares:

Class

A,

Class

C,

Class

M,

Class

R,

Class

R5,

Class

R6

and

Class

Y. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

Effective

September

5,

2024,

all

Class

B

shares

were

converted

to

Class

A. The

following

summarizes

the Fund's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Fund's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities,

exchange

traded

funds,

and

derivative

financial

instruments

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Debt

securities

generally

trade

in

the OTC

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

are

centrally

cleared

or

trade

in

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Fund's

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Stripped

#### Securities
The

Fund

may

invest

in

stripped

securities

which

represent

a

participation

in

securities

that

may

be

structured

in

classes

with

rights

to

receive

different

portions

of

the

interest

and

principal.

Interest-only

securities

receive

all

of

the

interest

and

principal-only

securities

receive

all

of

the

principal.

If

the

interest

only

securities

experience

greater

than

anticipated

prepayments

of

principal,

the

Fund

may

fail

to

recoup

fully

its

initial

investment

in

these

securities.

Conversely,

principal-

only

securities

increase

in

value

if

prepayments

are

greater

than

anticipated

and

decline

if

prepayments

are

slower

than

anticipated.

The

fair

value

of

these

securities

is

highly

sensitive

to

changes

in

interest

rates.

d. #### Purchased

#### on

#### a

#### When-Issued,

#### Forward Commitment or

#### Delayed

#### Delivery

#### Basis

#### and

#### TBA

#### Basis
The

Fund

may

purchase

securities

on

a when-issued,

forward

commitment

or

delayed

delivery

and to-be-

announced

(TBA)

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

Collateral

has

been

pledged

and/or

received

for

open

TBA

trades.

The

Fund

may

also

enter

into

TBA

sale

commitments

to

hedge

its

portfolio

positions,

to

sell

mortgage-backed

securities

it

owns

under

delayed

delivery

arrangements

or

to

take

a

short

position

in

mortgage-backed

securities.

Proceeds

of

TBA

sale

commitments

are

not

received

until

the

contractual

settlement

date.

During

the

time

a

TBA

sale

commitment

is

outstanding,

either

equivalent

deliverable

securities

or

an

offsetting

TBA

purchase

commitment

deliverable

on

or

before

the

sale

commitment

date

are

held

as

"cover"

for

the

transaction,

or

other

liquid

assets

in

an

amount

equal

to

the

notional

value

of

the

TBA

sale

commitment

are

segregated.

If

the

TBA

sale

commitment

is

closed

through

the

acquisition

of

an

offsetting

TBA

purchase

commitment,

the

Fund

realizes

a

gain

or

loss.

If

the

Fund

delivers

securities

under

the

commitment,

the

Fund

realizes

a

gain

or

a

loss

from

the

sale

of

the

securities

based

upon

the

unit

price

established

at

the

date

the

commitment

was

entered

into.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

TBA

commitments,

which

are

accounted

for

as

purchase

and

sale

transactions,

may

be

considered

securities

themselves,

and

involve

a

risk

of

loss

due

to

changes

in

the

value

of

the

security

prior

to

the

settlement

date

as

well

as

the

risk

that

the

counterparty

to

the

transaction

will

not

perform

its

obligations.

Counterparty

risk

is

mitigated

by

having

a

master

agreement

between

the

Fund

and

the

counterparty.

Unsettled

TBA

commitments

are

valued

at

their

fair

value

according

to

the

procedures

described

in

the

Financial

Instrument

Valuation

note.

The

contract

is

marked

to

market

daily

and

the

change

in

fair

value

is

recorded

by

the

Fund

as

an

unrealized

gain

or

loss.

Based

on

market

circumstances,

the

investment

manager

will

determine

whether

to

take

delivery

of

the

underlying

securities

or

to

dispose

of

the

TBA

commitments

prior

to

settlement.

e. #### Derivative

#### Financial

#### Instruments
The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statement

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

The

Fund

attempts

to

reduce

its

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Fund

include

failure

of

the

Fund

to

maintain

certain

net

asset

levels

and/or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund's

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Fund

entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to

interest

rate

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward Commitment or

#### Delayed

#### Delivery

#### Basis

#### and

#### TBA

#### Basis
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date.

Forward

exchange

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund

entered

into

credit

default

swap

contracts

primarily

to

manage

and/or

gain

exposure

to

credit

risk.

A

credit

default

swap

is

an

agreement

between

the

Fund

and

a

counterparty

whereby

the

buyer

of

the

contract

receives

credit

protection

and

the

seller

of

the

contract

guarantees

the

credit

worthiness

of

a

referenced

debt

obligation.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

credit

default

swaps)

or

may

be

executed

in

a

multilateral

trade

facility

platform,

such

as

a

registered

exchange

(centrally

cleared

credit

default

swaps).

The

underlying

referenced

debt

obligation

may

be

a

single

issuer

of

corporate

or

sovereign

debt,

a

credit

index,

a

basket

of

issuers

or

indices,

or

a

tranche

of

a

credit

index

or

basket

of

issuers

or

indices.

In

the

event

of

a

default

of

the

underlying

referenced

debt

obligation,

the

buyer

is

entitled

to

receive

the

notional

amount

of

the

credit

default

swap

contract

from

the

seller

in

exchange

for

the

referenced

debt

obligation,

a

net

settlement

amount

equal

to

the

notional

amount

of

the

credit

default

swap

less

the

recovery

value

of

the

referenced

debt

obligation,

or

other

agreed

upon

amount.

For

centrally

cleared

credit

default

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

the

buyer

pays

the

seller

a

periodic

stream

of

payments,

provided

that

no

event

of

default

has

occurred.

Such

periodic

payments

are

accrued

daily

as

an

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Upfront

payments

and

receipts

are

reflected

in

the Statement

of

Assets

and

Liabilities

and

represent

compensating

factors

between

stated

terms

of

the

credit

default

swap

agreement

and

prevailing

market

conditions

(credit

spreads

and

other

relevant

factors).

These

upfront

payments

and

receipts

are

amortized

over

the

term

of

the

contract

as

a

realized

gain

or

loss

in

the Statement

of

Operations.

Credit

default

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund entered

into

interest

rate

swap

contracts

primarily

to

manage

interest

rate

risk.

An

interest

rate

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

cash

flows

based

on

the

difference

between

two

interest

rates,

applied

to

a

notional

amount.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

interest

rate

swaps)

or

may

be

executed

on

a

registered

exchange

(centrally

cleared

interest

rate

swaps).

For

centrally

cleared

interest

rate

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

and

to

be

received

are

accrued

daily

and

recorded

as

unrealized

appreciation

or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Interest

rate

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund

entered

into

OTC

total

return

swap

contracts

primarily

to

manage

and/or

gain exposure

to

interest rate

risk

of

an

underlying

instrument

such

as

a

stock,

bond,

index

or

basket

of

securities

or

indices.

A

total

return

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

a

return

linked

to

an

underlying

instrument

for

a

floating

or

fixed

rate

payment,

both

based

upon

a

notional

amount.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

or

received

are

accrued

daily

and

recorded

as

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

recognized

as

realized

gain

or

loss. Total

return

swap contracts outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund

purchased

or

wrote

OTC

option

contracts

primarily

to

manage

and/or

gain exposure

to

interest

rate

risk.

An

option

is

a

contract

entitling

the

holder

to

purchase

or

sell

a

specific

amount

of

shares

or

units

of

an

asset

or

notional

amount

of

a

swap

(swaption),

at

a

specified

price.

When

an

option

is

purchased

or

written,

an

amount

equal

to

the

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

premium

paid

or

received

is

recorded

as

an

asset

or

liability,

respectively.

Upon

exercise

of

an

option,

the

acquisition

cost

or

sales

proceeds

of

the

underlying

investment

is

adjusted

by

any

premium

received

or

paid.

Upon

expiration

of

an

option,

any

premium

received

or

paid

is

recorded

as

a

realized

gain

or

loss.

Upon

closing

an

option

other

than

through

expiration

or

exercise,

the

difference

between

the

premium

received

or

paid

and

the

cost

to

close

the

position

is

recorded

as

a

realized

gain

or

loss.

Option

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

See

Note

8 regarding

other

derivative

information.

f. #### Senior

#### Floating

#### Rate

#### Interests
The

Fund

invests

in

senior

secured

corporate

loans

that

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank

or

the

Secured

Overnight

Financing

Rate

(SOFR).

Senior

secured

corporate

loans

often

require

prepayment

of

principal

from

excess

cash

flows

or

at

the

discretion

of

the

borrower.

As

a

result,

actual

maturity

may

be

substantially

less

than

the

stated

maturity.

Senior

secured

corporate

loans

in

which

the Fund

invests

are

generally

readily

marketable,

but

may

be

subject

to

certain

restrictions

on

resale.

g. #### Income

#### and

#### Deferred

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and if

applicable,

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

April

30,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

h. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

The

Fund

may

receive

other

income

from

investments

in

senior

secured

corporate

loans

or

unfunded

commitments,

including

amendment

fees,

consent

fees

or

commitment

fees.

These

fees

are

recorded

as

income

when

received

by

the

Fund.

Facility

fees

are

recognized

as

income

over

the

expected

term

of

the

loan.

Dividend

income

is recorded

on

the

ex-

dividend

date.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

i. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

j. #### Guarantees

#### and

#### Indemnifications
Under

the Fund's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the

Fund against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Fund

that

have

not

yet

occurred.

Currently,

the Fund

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

April

30,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

...................................

3,605,443

$18,326,151

9,496,678

$50,069,714

Shares

issued

in

reinvestment

of

distributions

..........

4,467,230

22,319,734

5,362,519

28,130,561

Shares

redeemed

...............................

(9,046,295)

(45,977,603)

(20,757,922)

(109,230,408)

Net

increase

(decrease)

..........................

(973,622)

$(5,331,718)

(5,898,725)

$(31,030,133)

#### Class

#### B

#### Shares:

#### \*
Shares

issued

in

reinvestment

of

distributions

..........

—

$—

6,257

$32,330

Shares

redeemed

...............................

—

—

(149,883)

(781,143)

Net

increase

(decrease)

..........................

—

$—

(143,626)

$(748,813)

#### Class

#### C

#### Shares:
Shares

sold

...................................

299,875

$1,510,432

792,858

$4,131,626

Shares

issued

in

reinvestment

of

distributions

..........

280,193

1,381,867

347,630

1,802,294

Shares

redeemed

a

..............................

(1,252,048)

(6,290,567)

(1,896,413)

(9,844,007)

Net

increase

(decrease)

..........................

(671,980)

$(3,398,268)

(755,925)

$(3,910,087)

#### Class

#### M

#### Shares:
Shares

sold

...................................

2,200

$10,450

19,200

$96,088

Shares

redeemed

...............................

(152,200)

(747,301)

(547,500)

(2,761,131)

Net

increase

(decrease)

..........................

(150,000)

$(736,851)

(528,300)

$(2,665,043)

#### Class

#### R

#### Shares:
Shares

sold

...................................

124,035

$620,389

280,524

$1,465,714

Shares

issued

in

reinvestment

of

distributions

..........

59,046

290,718

84,889

438,983

Shares

redeemed

...............................

(112,041)

(557,173)

(712,284)

(3,664,745)

Net

increase

(decrease)

..........................

71,040

$353,934

(346,871)

$(1,760,048)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the Fund are

also

officers

and/or

directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Fund

pays Advisers

a

management

fee

(based

on

the

Fund's

average

net

assets

and

computed

and

paid

monthly)

at

annual

rates

that

may

vary

based

on

the

average

of

the

aggregate

net

assets

of

all

open-end

mutual

funds

sponsored

by

Putnam

Management

(including

open-end

funds

managed

by

affiliates

of

Putnam

Management

that

have

been

deemed

to

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R5

#### Shares:
Shares

sold

...................................

44,343

$230,478

55,480

$294,573

Shares

issued

in

reinvestment

of

distributions

..........

41,297

210,027

47,999

255,653

Shares

redeemed

...............................

(28,302)

(147,960)

(99,796)

(530,527)

Net

increase

(decrease)

..........................

57,338

$292,545

3,683

$19,699

#### Class

#### R6

#### Shares:
Shares

sold

...................................

4,182,065

$21,800,245

9,528,180

$51,193,925

Shares

issued

in

reinvestment

of

distributions

..........

1,148,654

5,878,390

2,119,500

11,367,166

Shares

redeemed

...............................

(7,808,259)

(41,034,023)

(21,986,227)

(118,501,669)

Net

increase

(decrease)

..........................

(2,477,540)

$(13,355,388)

(10,338,547)

$(55,940,578)

#### Class

#### Y

#### Shares:
Shares

sold

...................................

16,245,385

$85,243,117

39,290,494

$211,825,188

Shares

issued

in

reinvestment

of

distributions

..........

5,821,702

29,897,211

7,482,629

40,232,778

Shares

redeemed

...............................

(27,134,293)

(141,121,128)

(61,525,281)

(332,647,521)

Net

increase

(decrease)

..........................

(5,067,206)

$(25,980,800)

(14,752,158)

$(80,589,555)

\*

Effective

September

5,

2024,

the

Fund

has

terminated

its

Class

B

shares.

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

be

sponsored

by

Putnam

Management

for

this

purpose)

(excluding

net

assets

of

such

funds

that

are

invested

in,

or

that

are

invested

in

by,

other

such

Funds

to

the

extent

necessary

to

avoid

"double

counting"

of

those

assets).

Such

annual

rates

may

vary

as

follows:

For

the

period

ended

April

30,

2025,

the

annualized

gross

effective

investment

management

fee

rate

was 0.374%

of

the

Fund's

average daily

net

assets.

Advisers

retained

Putnam

Management

as

subadvisor

for

the

Fund

pursuant

to

a

new

subadvisory

agreement.

Pursuant

to

the

agreement,

Putnam

Management

provides

certain

advisory

and

related

services

to

the

Fund.

Advisers

pays

a

monthly

fee

to

Putnam

Management

based

on

the

costs

of

Putnam

Management

in

providing

these

services

to

the

Fund,

which

may

include

a

mark-up

not

to

exceed

15%

over

such

costs.

Under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid

by

Advisers

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Fund.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by

Advisers

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

The

Fund

reimburses

Advisers

an

allocated

amount

for

the

compensation

and

related

expenses

of

certain

officers

of

the

Fund

and

their

staff

who

provide

administrative

services

to

the

Fund.

The

aggregate

amount

of

all

such

reimbursements

is

determined

annually

by

the

Trustees.

c. #### Distribution

#### Fees
The

Fund

has

adopted

distribution

plans

(the

Plans)

with

respect

to

the

following

share

classes

pursuant

to

Rule

12b–1

under

the

1940

Act.

The

purpose

of

the

Plans

is

to

compensate

Distributors

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

fund.

The

Plans

provide

payments

by

the

fund

to

Distributors

at

an

annual

rate

of

up

to

the

following

amounts

(Maximum

%)

of

the

average

net

assets

attributable

to

each

class.

The

Trustees

have

approved

payment

by

the

fund

at

the

following

annual

rate

(Approved

%)

of

the

average

net

assets

attributable

to

each

class.

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.550%

of

the

first

$5

billion,

0.500%

of

the

next

$5

billion,

0.450%

of

the

next

$10

billion,

0.400%

of

the

next

$10

billion,

0.350%

of

the

next

$50

billion,

0.330%

of

the

next

$50

billion,

0.320%

of

the

next

$100

billion,

0.315%

of

any

excess

thereafter.

#### Maximum

#### %

#### Approved

#### %
Class

A

...................................................................

0.35%

0.25%

Class

C

...................................................................

1.00%

1.00%

Class

M

..................................................................

1.00%

0.50%

Class

R

...................................................................

1.00%

0.50%

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

e. #### Transfer

#### Agent

#### Fees
PSERV,

an

affiliate

of

Advisers,

provides

investor

servicing

agent

functions

to

the

Fund.

PSERV

received

fees

for

investor

servicing

for

Class

A,

Class

C,

Class

M,

Class

R

and

Class

Y

shares

that

included

(1) a

per

account

fee

for

each

direct

and

underlying

non-defined

contribution

account

(retail

account)

of

the

Fund;

(2) a

specified

rate

of

the

Fund's

assets

attributable

to

defined

contribution

plan

accounts;

and

(3) a

specified

rate

based

on

the

average

net

assets

in

retail

accounts.

PSERV

has

agreed

that

the

aggregate

investor

servicing

fees

for

each

Fund's

retail

and

defined

contribution

accounts

for

these

share

classes

will

not

exceed

an

annual

rate

of

0.25%

of

the

Fund's

average

assets

attributable

to

such

accounts.

Class R5

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class R5

shares

at

an

annual

rate

of

0.12%.

Class R6

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class R6

shares

at

an

annual

rate

of

0.05%.

f. #### Trustee

#### Fees
The

Fund

has

adopted

a

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees

to

defer

the

receipt

of

all

or

a

portion

of

Trustees'

fees

payable

from

July

1,

1995

through

December

31,

2023. The

deferred

fees

remain

invested

in

certain

Putnam

funds

until

distribution

in

accordance

with

the

Deferral

Plan.

The

Fund

has

adopted

an

unfunded

noncontributory

defined

benefit

pension

plan

(the

Pension

Plan)

covering

all

Trustees

of

the

Fund

who

have

served

as

a

Trustee

for

at

least

five

years

and

were

first

elected

prior

to

2004. Benefits

under

the

Pension

Plan

are

equal

to

50%

of

the

Trustee's

average

annual

attendance

and

retainer

fees

for

the

three

years

ended

December

31,

2005. The

retirement

benefit

is

payable

during

a

Trustee's

lifetime,

beginning

the

year

following

retirement,

for

the

number

of

years

of

service

through

December

31,

2006. Pension

expense

for

the

Fund

is

included

in

the

Trustees' fees

and

expenses

in

the

Statement

of

Operations.

Accrued

pension

liability

is

included

in

Payable

for

Trustees' fees

and

expenses

in

the

Statement

of

Assets

and

Liabilities.

The

Trustees

have

terminated

the

Pension

Plan

with

respect

to

any

Trustee

first

elected

after

2003. g. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

April

30,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..............................

$13,042

CDSC

retained

..............................................................................

$11,190

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

h. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers has

contractually

agreed,

through

February

28,

2026,

to

waive

fees

and/or

reimburse

the

Fund's

expenses

to

the

extent

necessary

to

limit

the

cumulative

expenses

of

the

Fund,

exclusive

of

brokerage,

interest,

taxes,

investment-related

expenses,

extraordinary

expenses,

acquired

fund

fees

and

expenses

and

payments

under

the

Fund's

investor

servicing

contract,

investment

management

contract

and

distribution

plans,

on

a

fiscal

year-to-date

basis

to

an

annual

rate

of

0.20%

of

the

Fund's

average

net

assets

over

such

fiscal

year-to-date

period.

Advisers

has

also

contractually

agreed

to

waive

fees

(and,

to

the

extent

necessary,

bear

other

expenses)

of

the

Fund

through

February

28,

2026,

to

the

extent

that

total

expenses

of

the

Fund

(excluding

brokerage,

interest,

taxes,

investment-related

expenses,

payments

under

distribution

plans,

extraordinary

expenses,

payments

under

the

Fund's

investor

servicing

contract

and

acquired

fund

fees

and

expenses,

but

including

payments

under

the

Fund's

investment

management

contract)

would

exceed

an

annual

rate

of

0.33%

of

the

Fund's

average

net

assets.

4. #### Expense

#### Offset

#### Arrangement
The Fund has

entered

into

an

arrangement

with

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

custodian

expenses.

During

the

period

ended

April

30,

2025,

the

custodian

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

5. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

October

31,

2024,

the

capital

loss

carryforwards

were

as

follows:

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### Income

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Ultra

Short

Bond

ETF

.

$—

$17,212,580

$—

$—

$76,540

$17,289,120

691,980

$178,928

Putnam

Short

Term

Investment

Fund,

Class

P,

4.468%

......

112,870,623

184,218,525

(221,299,229)

—

—

75,789,919

75,789,919

1,407,534

#### Total

#### Affiliated

#### Securities

#### ...
$112,870,623

$201,431,105

$(221,299,229)

$—

$76,540

$93,079,039

$1,586,462

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

................................................................................

$

244,958,815

Long

term

................................................................................

488,863,446

Total

capital

loss

carryforwards

...............................................................

$733,822,261

3. #### Transactions

#### with

#### Affiliates
(continued)

g. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

At

April

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

April

30,

2025,

aggregated $4,327,995,457

and

$4,503,929,213,

respectively.

7. #### Credit

#### Risk

#### and

#### Defaulted

#### Securities
At

April

30,

2025,

the

Fund

had 5.6% of

its

portfolio

invested

in

high

yield

securities,

senior

secured

floating

rate

loans,

or

other

securities

rated

below

investment

grade

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

The

Fund held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

April

30,

2025,

the

aggregate

value

of

these

securities represents less

than

0.1%

of

the

Fund's net

assets.

The

Fund

discontinues

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provides

an

estimate

for

losses

on

interest

receivable.

The

securities

have

been

identified

in

the

accompanying

Schedule

of

Investments.

8. #### Other

#### Derivative

#### Information
At

April

30,

2025,

investments

in

derivative

contracts

are

reflected

in

the Statement of

Assets

and

Liabilities

as

follows:

Cost

of

investments

..........................................................................

$1,275,848,737

Unrealized

appreciation

........................................................................

$124,675,068

Unrealized

depreciation

........................................................................

(36,875,794)

Net

unrealized

appreciation

(depreciation)

..........................................................

$87,799,274

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Putnam

#### Income

#### Fund
Interest

rate

contracts

.......

Variation

margin

on

futures

contracts

$

5,786,436

a

Variation

margin

on

futures

contracts

$

60,442

a

Variation

margin

on

centrally

cleared

swap

contracts

4,511,700

b

Variation

margin

on

centrally

cleared

swap

contracts

2,905,936

b

OTC

swap

contracts

(upfront

payments)

—

OTC

swap

contracts

(upfront

receipts)

16,280,000

Unrealized

appreciation

on

OTC

swap

contracts

22,001,073

Unrealized

depreciation

on

OTC

swap

contracts

—

Unrealized

appreciation

on

forward

premium

swap

option

contracts

2,204,008

Unrealized

depreciation

on

forward

premium

swap

option

contracts

3,074,229

5. #### Income

#### Taxes
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

For

the

period

ended

April

30,

2025,

the

effect

of

derivative

contracts

in

the Statement

of

Operations

was

as

follows:

For

the

period

ended

April

30,

2025,

the

average

month

end

notional

amount

of

futures

contracts,

swap

contracts

and

options,

and

the

average month

end

contract

value

for forward

exchange

contracts,

were as

follows:

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Putnam

#### Income

#### Fund
(continued)

Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

$

—

Unrealized

depreciation

on

OTC

forward

exchange

contracts

$

15,170

Credit

contracts

............

OTC

swap

contracts

(upfront

payments)

1,305,485

OTC

swap

contracts

(upfront

receipts)

788,384

Unrealized

appreciation

on

OTC

swap

contracts

377,829

Unrealized

depreciation

on

OTC

swap

contracts

988,518

Total

....................

$36,186,531

$24,112,679

a

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

period

end

is

separately

reported

within

the

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

b

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

centrally

cleared

swap

contracts

as

reported

in

the

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

period

end

is

separately

reported

within

the

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Period

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Period

#### Putnam

#### Income

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Futures

contracts

$(22,363,936)

Futures

contracts

$21,836,961

Swap

contracts

4,737,843

Swap

contracts

(5,770,473)

Forward

premium

swap

option

contracts

(680,482)

Forward

premium

swap

option

contracts

(1,456,337)

Foreign

exchange

contracts

.....

Forward

exchange

contracts

16,336

Forward

exchange

contracts

(21,899)

Credit

contracts

...............

Swap

contracts

(1,002,445)

Swap

contracts

952,672

Total

.......................

$(19,292,684)

$15,540,924

#### Putnam

#### Income

#### Fund
Futures

contracts

..........................................................................

$

454,615,864

Swap

contracts

............................................................................

2,652,483,021

Forwards

exchange

contracts

.................................................................

293,955

Options

..................................................................................

1,105,913,086

8. #### Other

#### Derivative

#### Information
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

At

April

30,

2025,

the

Fund's

OTC

derivative

assets

and

liabilities

are

as

follows:

At

April

30,

2025,

OTC

derivative

assets,

which

may

be

offset

against

the

Fund's

OTC

derivative

liabilities

and

collateral

received

from

the

counterparty,

are

as

follows:

#### Gross

#### Amounts

#### of

#### Assets

#### and

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Assets

#### a

#### Liabilities

#### a

#### Putnam

#### Income

#### Fund
Forward

Exchange

Contracts

.............................

$

—

$

15,170

Forward

Premium

Swap

Option

Contracts

...................

2,204,008

3,074,229

Swap

Contracts

.......................................

23,684,387

18,056,902

Total

.............................................

$25,888,395

$21,146,301

a

Absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Gross

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### Instruments

#### Available

#### for

#### Offset

#### Financial

#### Instruments

#### Collateral

#### Received

#### Cash

#### Collateral

#### Received

#### a

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Putnam

#### Income

#### Fund

#### Counterparty
BNDP

...................

$

815,835

$

(815,835)

$

—

$

—

$

—

BOFA

....................

58,416

(58,416)

—

—

—

BZWS

...................

1,148,032

(383,451)

—

(748,000)

16,581

CITI

.....................

392,833

(392,833)

—

—

—

GSCO

...................

144,262

(73,258)

—

(71,004)

—

JPHQ

...................

1,029,390

(876,852)

—

(152,538)

—

MCML

...................

240,141

(144,729)

—

—

95,412

MSCO

...................

22,059,486

(17,304,245)

—

(4,755,241)

—

Total

...................

$25,888,395

$(20,049,619)

$—

$(5,726,783)

$111,993

$

8. #### Other

#### Derivative

#### Information
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

At

April

30,

2025,

OTC

derivative

liabilities,

which

may

be

offset

against

the

Fund's

OTC

derivative

assets

and

collateral

pledged

to

the

counterparty,

are

as

follows:

See

Note

1(e) regarding

derivative

financial

instruments.

See

Abbreviations

on

page

59. 9. #### Credit

#### Facility
Effective

January

31,

2025,

the

Fund,

together

with

other

U.S.

registered

and

foreign

investment

Funds

(collectively,

Borrowers)

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

reporting

period,

the

Fund

did

not

use

the

Global

Credit

Facility.

Prior

to

January

31,

2025,

the

Fund

participated,

along

with

other

Putnam

Funds,

in

a

$320

million

syndicated

unsecured

committed

line

of

credit,

provided

by

State

Street

($160

million)

and

JPMorgan

($160

million),

and

a

$235.5

million

unsecured

uncommitted

line

of

credit,

provided

by

State

Street.

Borrowings

may

have

been

made

for

temporary

or

emergency

purposes,

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Gross

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### Instruments

#### Available

#### for

#### Offset

#### Financial

#### Instruments

#### Collateral

#### Pledged

#### a,b

#### Cash

#### Collateral

#### Pledged

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Putnam

#### Income

#### Fund

#### Counterparty
BNDP

...................

$

1,153,481

$

(815,835)

$

(262,340)

$

—

$

75,306

BOFA

....................

406,293

(58,416)

(347,877)

—

—

BZWS

...................

383,451

(383,451)

—

—

—

CITI

.....................

803,992

(392,833)

(339,962)

—

71,197

GSCO

...................

73,258

(73,258)

—

—

—

JPHQ

...................

876,852

(876,852)

—

—

—

MCML

...................

144,729

(144,729)

—

—

—

MSCO

...................

17,304,245

(17,304,245)

—

—

—

Total

...................

$21,146,301

$(20,049,619)

$(950,179)

$—

$146,503

a

In

some

instances,

the

collateral

amounts

disclosed

in

the

table

above

were

adjusted

due

to

the

requirement

to

limit

collateral

amounts

to

avoid

the

effect

of

over

collateralization. Actual

collateral

received

and/or

pledged

may

be

more

than

the

amounts

disclosed

herein.

b

See

the

accompanying

Schedule

of

Investments

for

securities

pledged

as

collateral

for

derivatives.

8. #### Other

#### Derivative

#### Information
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

including

the

funding

of

shareholder

redemption

requests

and

trade

settlements.

Interest

was

charged

to

the

Fund

based

on

the

Fund's

borrowings.

A

closing

fee

equal

to

0.04%

of

the

committed

line

of

credit

and

0.04%

of

the

uncommitted

line

of

credit

was

paid

by

the

participating

Funds

and

a

$75,000

fee

was

paid

by

the

participating

Funds

to

State

Street

as

agent

of

the

syndicated

committed

line

of

credit.

In

addition,

a

commitment

fee

of

0.21%

per

annum

on

any

unutilized

portion

of

the

committed

line

of

credit

was

allocated

to

the

participating

Funds

based

on

their

relative

net

assets

and

paid

quarterly.

During

the

reporting

period,

the

Fund

had

no

borrowings

against

these

arrangements.

10. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

April

30,

2025,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Management

Investment

Companies

.........

$

17,289,120

$

—

$

—

$

17,289,120

Corporate

Bonds

........................

—

407,925,425

—

407,925,425

Senior

Floating

Rate

Interests

...............

—

11,515,054

—

11,515,054

Foreign

Government

and

Agency

Securities

....

—

16,366,536

—

16,366,536

U.S.

Government

and

Agency

Securities

.......

—

455,255

—

455,255

Asset-Backed

Securities

...................

—

145,706,565

—

145,706,565

Commercial

Mortgage-Backed

Securities

:

Financial

Services

......................

—

59,695,007

—

59,695,007

Mortgage-Backed

Securities

................

—

473,706,486

—

473,706,486

Municipal

Bonds

.........................

—

2,477,108

—

2,477,108

Residential

Mortgage-Backed

Securities

.......

—

83,757,318

—

83,757,318

Agency

Commercial

Mortgage-Backed

Securities

—

55,503,305

—

55,503,305

Short

Term

Investments

...................

75,789,919

13,460,913

—

89,250,832

Total

Investments

in

Securities

...........

$93,079,039

$1,270,568,972

$—

$1,363,648,011

Other

Financial

Instruments:

Forward

Premium

Swap

Option

Contracts

.....

$—

$2,204,008

$—

$2,204,008

Futures

Contracts

.......................

5,786,436

—

—

5,786,436

Swap

Contracts

.........................

—

26,890,602

—

26,890,602

Total

Other

Financial

Instruments

.........

$5,786,436

$29,094,610

$—

$34,881,046

#### Liabilities:
Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$

—

$

89,667,127

$

—

$

89,667,127

Forward

Exchange

Contracts

...............

—

15,170

—

15,170

Forward

Premium

Swap

Option

Contracts

......

—

3,074,229

—

3,074,229

9. #### Credit

#### Facility
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

11. #### Operating

#### Segments
The

Fund has adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Fund's

financial

position

or

results

of

operations.

The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

Fund's Investment

manager

serves

as

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

a

unified

investment

strategy.

The

CODM

uses

these

measures

to

assess

fund

performance

and

allocate

resources

effectively.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

12. #### New

#### Accounting

#### Pronouncements
In

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Tax

Disclosures.

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disaggregation

in

the

rate

reconciliation

and

income

taxes

paid

by

jurisdiction,

while

removing

certain

disclosure

requirements.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

13. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Income

#### Fund
(continued)

#### Liabilities:
(continued)

Other

Financial

Instruments:

(continued)

Futures

Contracts

........................

$60,442

$—

$—

$60,442

Swap

Contracts

.........................

—

3,894,454

—

3,894,454

Total

Other

Financial

Instruments

.........

$60,442

$96,650,980

$—

$96,711,422

10. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Abbreviations

#### Counterparty

#### BNDP
BNP

Paribas

SA

#### BOFA
Bank

of

America

NA

#### BZWS
Barclays

Bank

plc

#### CITI
Citibank

NA

#### GSCO
Goldman

Sachs

Group,

Inc.

#### JPHQ
JPMorgan

Chase

Bank

NA

#### MCML
Mizuho

Capital

Markets

LLC

#### MSCO
Morgan

Stanley

#### NATW
NatWest

Markets

Plc

#### Cu

#### r

#### rency

#### EUR
Euro

#### USD
United

States

Dollar

#### Index

#### CMBX.NA.

#### Series

#### number
CMBX

North

America

Index

#### Selected

#### Portfolio

#### CME
Chicago

Mercantile

Exchange

#### CMT
Constant

Monthly

U.S.

Treasury

Securities

Yield

Curve

Rate

Index

#### ETF
Exchange-Traded

Fund

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### FNMA
Federal

National

Mortgage

Association

#### FRN
Floating

Rate

Notes

#### GNMA
Government

National

Mortgage

Association

#### GO
General

Obligation

#### IO
Interest

Only

#### PIK
Payment-In-Kind

#### REIT
Real

Estate

Investment

Trust

#### REMICs
Real

Estate

Mortgage

Investment

Conduits

#### SOFR
Secured

Overnight

Financing

Rate

#### STACR
Structured

Agency

Credit

Risk

#### TBA
To

Be

Announced

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

#### Reference

#### Index

#### Reference

#### Rate
1-day

SOFR

........................

4.41%

Putnam

Income

Fund

franklintempleton.com

Semiannual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

38901-SFSOI

06/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure
 controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act"))
 are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based
 on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities
 Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting
 and administrative services for the Registrant that are subject to Franklin Templeton's oversight.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](pif-efp16097_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](pif-efp16097_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

**Putnam Income Fund**

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | June 26, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | June 26, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | June 26, 2025 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jonathan S. Horwitz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Income Fund**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | June 26, 2025 |
| /s/ Jonathan S. Horwitz | /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz | Jonathan S. Horwitz |
| Principal Executive Officer | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Income Fund**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | June 26, 2025 |
| /s/ Jeffrey White | /s/ Jeffrey White |
| Jeffrey White | Jeffrey White |
| Principal Financial Officer | Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jonathan S. Horwitz,** Principal Executive Officer, and **Jeffrey White,** Principal Financial Officer of **Putnam Income Fund** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **April 30, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Principal Executive Officer** <br> Putnam Income Fund  | **Principal Financial Officer**<br> Putnam Income Fund |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |
| Date: June 26, 2025 | Date: June 26, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.