# EDGAR Filing Document

**Accession Number:** 0000081264
**File Stem:** 0001133228-25-014159
**Filing Date:** 2025-12
**Character Count:** 389245
**Document Hash:** 5a932d5af563c417f4a5db05d8c625f0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-014159.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001133228-25-014159

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 55

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**EFFECTIVENESS DATE**: 20251229

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00653
- **FILM NUMBER:** 251607345

**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'? 2025-11-1874200164200_PutnamIncomeFund_ClassA_TSRAnnual

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, NY 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: **October 31, 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](img2199_202405220716489.jpg) |
| Class A [PINCX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Income Fund for the period November 1, 2024, to October 31, 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class A | $75 | 0.73% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class A shares of Putnam Income Fund returned 6.47%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index, which returned 6.16% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Corporate credit exposures across investment-grade and high-yield contributed to performance, as spreads tightened over the period. |
| ↑ | Commercial mortgage-backed securities (CMBS). Availability of financing is much improved as floating-rate private label CMBS (Single asset single borrower 'SASB') and private credit have helped fill the void left by regional banks. Commercial real estate is showing signs of improvement and rising transaction volumes are providing more price transparency. Payoff and refinancing rates continued to surprise to the upside amongst all property types. |
| ↑ | Residential mortgage-backed securities contributed to performance. U.S. homeowner balance sheets remain well positioned, supported by locked in home price appreciation, lower household leverage, strong underwriting standards, and a relatively healthy labor market. Housing supply has increased from the historical lows, driven by new homes supply particularly in southern states. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Term structure exposure was the largest detractor from relative returns. The Treasury yield curve steepened during the period as intermediate- and long-term rates rose while short-term rates fell. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized futures and interest rate swaps for hedging term structure risk and for yield curve positioning. In aggregate these derivatives detracted from performance.

Putnam Income Fund PAGE 1 38901-ATSA-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,600 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 10/31/2015 — 10/31/2025

![image](ts5838img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 6.47 | -0.25 | 2.15 |
| **Class A (with sales charge)**  | 2.21 | -1.06 | 1.74 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1033035454 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1182 |
| **Total Management Fee Paid** | $2814455 |
| **Portfolio Turnover Rate** | 431% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5838img004.jpg)

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

Putnam Income Fund PAGE 2 38901-ATSA-1225

------

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Income Fund PAGE 3 38901-ATSA-1225

960098241023210231114771202811914988299621115611878100001043710531103151150212214121551024910286113701207133.327.410.56.14.53.92.72.22.00.27.2 ------

---

| | |
|:---|:---|
| **Putnam Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PUICX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Income Fund for the period November 1, 2024, to October 31, 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class C | $153 | 1.49% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class C shares of Putnam Income Fund returned 5.54%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index, which returned 6.16% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Corporate credit exposures across investment-grade and high-yield contributed to performance, as spreads tightened over the period. |
| ↑ | Commercial mortgage-backed securities (CMBS). Availability of financing is much improved as floating-rate private label CMBS (Single asset single borrower 'SASB') and private credit have helped fill the void left by regional banks. Commercial real estate is showing signs of improvement and rising transaction volumes are providing more price transparency. Payoff and refinancing rates continued to surprise to the upside amongst all property types. |
| ↑ | Residential mortgage-backed securities contributed to performance. U.S. homeowner balance sheets remain well positioned, supported by locked in home price appreciation, lower household leverage, strong underwriting standards, and a relatively healthy labor market. Housing supply has increased from the historical lows, driven by new homes supply particularly in southern states. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Term structure exposure was the largest detractor from relative returns. The Treasury yield curve steepened during the period as intermediate- and long-term rates rose while short-term rates fell. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized futures and interest rate swaps for hedging term structure risk and for yield curve positioning. In aggregate these derivatives detracted from performance.

Putnam Income Fund PAGE 1 38901-ATSC-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 10/31/2015 — 10/31/2025

![image](ts5839img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 5.54 | -0.98 | 1.55 |
| **Class C (with sales charge)**  | 4.56 | -0.98 | 1.55 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Class C share performance reflects conversion to class A shares after eight years.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1033035454 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1182 |
| **Total Management Fee Paid** | $2814455 |
| **Portfolio Turnover Rate** | 431% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5839img004.jpg)

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

Putnam Income Fund PAGE 2 38901-ATSC-1225

------

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Income Fund PAGE 3 38901-ATSC-1225

10000101741050710429116081206611878977397771094911658100001043710531103151150212214121551024910286113701207133.327.410.56.14.53.92.72.22.00.27.2 ------

---

| | |
|:---|:---|
| **Putnam Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class M [PNCMX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Income Fund for the period November 1, 2024, to October 31, 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class M | $101 | 0.98% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class M shares of Putnam Income Fund returned 6.31%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index, which returned 6.16% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Corporate credit exposures across investment-grade and high-yield contributed to performance, as spreads tightened over the period. |
| ↑ | Commercial mortgage-backed securities (CMBS). Availability of financing is much improved as floating-rate private label CMBS (Single asset single borrower 'SASB') and private credit have helped fill the void left by regional banks. Commercial real estate is showing signs of improvement and rising transaction volumes are providing more price transparency. Payoff and refinancing rates continued to surprise to the upside amongst all property types. |
| ↑ | Residential mortgage-backed securities contributed to performance. U.S. homeowner balance sheets remain well positioned, supported by locked in home price appreciation, lower household leverage, strong underwriting standards, and a relatively healthy labor market. Housing supply has increased from the historical lows, driven by new homes supply particularly in southern states. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Term structure exposure was the largest detractor from relative returns. The Treasury yield curve steepened during the period as intermediate- and long-term rates rose while short-term rates fell. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized futures and interest rate swaps for hedging term structure risk and for yield curve positioning. In aggregate these derivatives detracted from performance.

Putnam Income Fund PAGE 1 38901-ATSM-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,675 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class M** 10/31/2015 — 10/31/2025

![image](ts5840img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class M**  | 6.31 | -0.48 | 1.92 |
| **Class M (with sales charge)**  | 2.85 | -1.13 | 1.58 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1033035454 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1182 |
| **Total Management Fee Paid** | $2814455 |
| **Portfolio Turnover Rate** | 431% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5840img004.jpg)

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

Putnam Income Fund PAGE 2 38901-ATSM-1225

------

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Income Fund PAGE 3 38901-ATSM-1225

967598891026210242114561197911839978398411100211696100001043710531103151150212214121551024910286113701207133.327.410.56.14.53.92.72.22.00.27.2 ------

---

| | |
|:---|:---|
| **Putnam Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PIFRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Income Fund for the period November 1, 2024, to October 31, 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class R | $102 | 0.99% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class R shares of Putnam Income Fund returned 6.09%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index, which returned 6.16% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Corporate credit exposures across investment-grade and high-yield contributed to performance, as spreads tightened over the period. |
| ↑ | Commercial mortgage-backed securities (CMBS). Availability of financing is much improved as floating-rate private label CMBS (Single asset single borrower 'SASB') and private credit have helped fill the void left by regional banks. Commercial real estate is showing signs of improvement and rising transaction volumes are providing more price transparency. Payoff and refinancing rates continued to surprise to the upside amongst all property types. |
| ↑ | Residential mortgage-backed securities contributed to performance. U.S. homeowner balance sheets remain well positioned, supported by locked in home price appreciation, lower household leverage, strong underwriting standards, and a relatively healthy labor market. Housing supply has increased from the historical lows, driven by new homes supply particularly in southern states. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Term structure exposure was the largest detractor from relative returns. The Treasury yield curve steepened during the period as intermediate- and long-term rates rose while short-term rates fell. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized futures and interest rate swaps for hedging term structure risk and for yield curve positioning. In aggregate these derivatives detracted from performance.

Putnam Income Fund PAGE 1 38901-ATSR-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 10/31/2015 — 10/31/2025

![image](ts5841img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 6.09 | -0.48 | 1.91 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1033035454 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1182 |
| **Total Management Fee Paid** | $2814455 |
| **Portfolio Turnover Rate** | 431% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5841img004.jpg)

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

Putnam Income Fund PAGE 2 38901-ATSR-1225

------

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Income Fund PAGE 3 38901-ATSR-1225

1000010229106041058011854123821225510122101811139212086100001043710531103151150212214121551024910286113701207133.327.410.56.14.53.92.72.22.00.27.2 ------

---

| | |
|:---|:---|
| **Putnam Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PINFX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Income Fund for the period November 1, 2024, to October 31, 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class R5 | $46 | 0.45% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class R5 shares of Putnam Income Fund returned 6.65%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index, which returned 6.16% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Corporate credit exposures across investment-grade and high-yield contributed to performance, as spreads tightened over the period. |
| ↑ | Commercial mortgage-backed securities (CMBS). Availability of financing is much improved as floating-rate private label CMBS (Single asset single borrower 'SASB') and private credit have helped fill the void left by regional banks. Commercial real estate is showing signs of improvement and rising transaction volumes are providing more price transparency. Payoff and refinancing rates continued to surprise to the upside amongst all property types. |
| ↑ | Residential mortgage-backed securities contributed to performance. U.S. homeowner balance sheets remain well positioned, supported by locked in home price appreciation, lower household leverage, strong underwriting standards, and a relatively healthy labor market. Housing supply has increased from the historical lows, driven by new homes supply particularly in southern states. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Term structure exposure was the largest detractor from relative returns. The Treasury yield curve steepened during the period as intermediate- and long-term rates rose while short-term rates fell. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized futures and interest rate swaps for hedging term structure risk and for yield curve positioning. In aggregate these derivatives detracted from performance.

Putnam Income Fund PAGE 1 38901-ATSR5-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R5** 10/31/2015 — 10/31/2025

![image](ts5842img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R5**  | 6.65 | 0.06 | 2.46 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1033035454 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1182 |
| **Total Management Fee Paid** | $2814455 |
| **Portfolio Turnover Rate** | 431% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5842img004.jpg)

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

Putnam Income Fund PAGE 2 38901-ATSR5-1225

------

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Income Fund PAGE 3 38901-ATSR5-1225

1000010266107231075912094127091264910515106261195112746100001043710531103151150212214121551024910286113701207133.327.410.56.14.53.92.72.22.00.27.2 ------

---

| | |
|:---|:---|
| **Putnam Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PINHX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Income Fund for the period November 1, 2024, to October 31, 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class R6 | $39 | 0.38% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class R6 shares of Putnam Income Fund returned 6.67%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index, which returned 6.16% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Corporate credit exposures across investment-grade and high-yield contributed to performance, as spreads tightened over the period. |
| ↑ | Commercial mortgage-backed securities (CMBS). Availability of financing is much improved as floating-rate private label CMBS (Single asset single borrower 'SASB') and private credit have helped fill the void left by regional banks. Commercial real estate is showing signs of improvement and rising transaction volumes are providing more price transparency. Payoff and refinancing rates continued to surprise to the upside amongst all property types. |
| ↑ | Residential mortgage-backed securities contributed to performance. U.S. homeowner balance sheets remain well positioned, supported by locked in home price appreciation, lower household leverage, strong underwriting standards, and a relatively healthy labor market. Housing supply has increased from the historical lows, driven by new homes supply particularly in southern states. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Term structure exposure was the largest detractor from relative returns. The Treasury yield curve steepened during the period as intermediate- and long-term rates rose while short-term rates fell. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized futures and interest rate swaps for hedging term structure risk and for yield curve positioning. In aggregate these derivatives detracted from performance.

Putnam Income Fund PAGE 1 38901-ATSR6-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 10/31/2015 — 10/31/2025

![image](ts5843img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 6.67 | 0.12 | 2.52 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1033035454 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1182 |
| **Total Management Fee Paid** | $2814455 |
| **Portfolio Turnover Rate** | 431% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5843img004.jpg)

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

Putnam Income Fund PAGE 2 38901-ATSR6-1225

------

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Income Fund PAGE 3 38901-ATSR6-1225

1000010280107371077312136127501269110556106831200512806100001043710531103151150212214121551024910286113701207133.327.410.56.14.53.92.72.22.00.27.2 ------

---

| | |
|:---|:---|
| **Putnam Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PNCYX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Income Fund for the period November 1, 2024, to October 31, 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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>  |
| Class Y | $50 | 0.48% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended October 31, 2025, Class Y shares of Putnam Income Fund returned 6.75%. The Fund compares its performance to the Bloomberg U.S. Aggregate Index, which returned 6.16% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Corporate credit exposures across investment-grade and high-yield contributed to performance, as spreads tightened over the period. |
| ↑ | Commercial mortgage-backed securities (CMBS). Availability of financing is much improved as floating-rate private label CMBS (Single asset single borrower 'SASB') and private credit have helped fill the void left by regional banks. Commercial real estate is showing signs of improvement and rising transaction volumes are providing more price transparency. Payoff and refinancing rates continued to surprise to the upside amongst all property types. |
| ↑ | Residential mortgage-backed securities contributed to performance. U.S. homeowner balance sheets remain well positioned, supported by locked in home price appreciation, lower household leverage, strong underwriting standards, and a relatively healthy labor market. Housing supply has increased from the historical lows, driven by new homes supply particularly in southern states. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Term structure exposure was the largest detractor from relative returns. The Treasury yield curve steepened during the period as intermediate- and long-term rates rose while short-term rates fell. |

---

**Use of derivatives and the impact on performance:**

The Fund utilized futures and interest rate swaps for hedging term structure risk and for yield curve positioning. In aggregate these derivatives detracted from performance.

Putnam Income Fund PAGE 1 38901-ATSY-1225

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class Y** 10/31/2015 — 10/31/2025

![image](ts5844img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class Y**  | 6.75 | 0.04 | 2.43 |
| **Bloomberg U.S. Aggregate Index**  | 6.16 | -0.24 | 1.90 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1033035454 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1182 |
| **Total Management Fee Paid** | $2814455 |
| **Portfolio Turnover Rate** | 431% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5844img004.jpg)

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

Putnam Income Fund PAGE 2 38901-ATSY-1225

------

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by March 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Income Fund PAGE 3 38901-ATSY-1225

1000010268107101074412088126871261510473105981190712710100001043710531103151150212214121551024910286113701207133.327.410.56.14.53.92.72.22.00.27.2 ------

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

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Gregory G. McGreevey and Manoj P. Singh possess the technical attributes identified in Item 3 to Form N-CSR to qualify as "audit committee financial experts," and has designated Gregory G. McGreevey and Manoj P. Singh as the Audit Committee's financial experts. Gregory G. McGreevey and Manoj P. Singh are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending October 31, 2024 and October 31, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $133,574 in October 31, 2024 and $102,319 in October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in October 31, 2024 and $0 in October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $11,021 in October 31, 2024 and $18,369 in October 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in October 31, 2024 and $0 in October 31, 2025.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies of the Audit, Compliance and Risk Committee. The Audit, Compliance and Risk Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds' independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.

The Audit, Compliance and Risk Committee also has adopted a policy to pre-approve the engagement by the fund's investment manager and certain of its affiliates of the fund's independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by the fund's investment manager or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $872,036 in October 31, 2024 and $1,820,011 in October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) 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

#### Annual
\|

October

31,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 45
Notes

to

Financial

Statements

#### 50
Report

of

Independent

Registered

Public

Accounting

Firm

#### 67
Tax

Information

#### 68
Changes

In

and

Disagreements

with

Accountants

#### 69
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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$5.25

$5.05

$5.47

$6.88

$7.31

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.23 0.23 0.23 0.19 0.16 Net

realized

and

unrealized

gains

(losses)

...........

0.09 0.36 (0.17)

(1.33)

(0.22)

Total

from

investment

operations

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

0.32 0.59 0.06 (1.14)

(0.06)

Less

distributions

from:

Net

investment

income

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

(0.44)

(0.39)

(0.48)

(0.27)

(0.14)

Net

realized

gains

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

—

—

—

—

(0.23)

Total

distributions

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

(0.44)

(0.39)

(0.48)

(0.27)

(0.37)

Net

asset

value,

end

of

year

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

$5.13

$5.25

$5.05

$5.47

$6.88

Total

return

c

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

6.47%

11.99%

0.80%

(17.05)%

(0.94)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.84%

0.86%

0.87%

0.86%

0.83%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.73%

0.74%

0.75%

0.75%

0.73%

Net

investment

income

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

4.49%

4.41%

4.32%

3.06%

2.30%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$390,257

$407,325

$421,321

$489,179

$705,423

Portfolio

turnover

rate

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

431%

900%

1123%

865%

1038%

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.

d

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.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$5.19

$4.99

$5.41

$6.81

$7.23

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.19 0.19 0.19 0.14 0.11 Net

realized

and

unrealized

gains

(losses)

...........

0.08 0.37 (0.17)

(1.32)

(0.21)

Total

from

investment

operations

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

0.27 0.56 0.02 (1.18)

(0.10)

Less

distributions

from:

Net

investment

income

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

(0.40)

(0.36)

(0.44)

(0.22)

(0.09)

Net

realized

gains

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

—

—

—

—

(0.23)

Total

distributions

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

(0.40)

(0.36)

(0.44)

(0.22)

(0.32)

Net

asset

value,

end

of

year

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

$5.06

$5.19

$4.99

$5.41

$6.81

Total

return

c

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

5.54%

11.32%

0.04%

(17.72)%

(1.56)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.59%

1.61%

1.62%

1.61%

1.58%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

1.49%

1.49%

1.50%

1.50%

1.48%

Net

investment

income

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

3.74%

3.66%

3.60%

2.27%

1.55%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$19,743

$26,518

$29,291

$40,130

$75,865

Portfolio

turnover

rate

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

431%

900%

1123%

865%

1038%

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.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Income

Fund

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### M

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$5.03

$4.85

$5.27

$6.65

$7.08

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.21 0.21 0.21 0.17 0.14 Net

realized

and

unrealized

gains

(losses)

...........

0.08 0.35 (0.16)

(1.29)

(0.21)

Total

from

investment

operations

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

0.29 0.56 0.05 (1.12)

(0.07)

Less

distributions

from:

Net

investment

income

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

(0.42)

(0.38)

(0.47)

(0.26)

(0.13)

Net

realized

gains

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

—

—

—

—

(0.23)

Total

distributions

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

(0.42)

(0.38)

(0.47)

(0.26)

(0.36)

Net

asset

value,

end

of

year

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

$4.90

$5.03

$4.85

$5.27

$6.65

Total

return

c

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

6.31%

11.80%

0.59%

(17.36)%

(1.16)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.09%

1.11%

1.12%

1.11%

1.08%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.98%

0.99%

1.00%

1.00%

0.98%

Net

investment

income

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

4.24%

4.16%

4.06%

2.82%

2.05%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$30,493

$32,682

$34,081

$38,812

$53,418

Portfolio

turnover

rate

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

431%

900%

1123%

865%

1038%

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.

d

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.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$5.18

$4.98

$5.40

$6.81

$7.23

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.21 0.21 0.22 0.17 0.14 Net

realized

and

unrealized

gains

(losses)

...........

0.08 0.37 (0.17)

(1.32)

(0.20)

Total

from

investment

operations

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

0.29 0.58 0.05 (1.15)

(0.06)

Less

distributions

from:

Net

investment

income

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

(0.42)

(0.38)

(0.47)

(0.26)

(0.13)

Net

realized

gains

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

—

—

—

—

(0.23)

Total

distributions

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

(0.42)

(0.38)

(0.47)

(0.26)

(0.36)

Net

asset

value,

end

of

year

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

$5.05

$5.18

$4.98

$5.40

$6.81

Total

return

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

6.09%

11.90%

0.58%

(17.41)%

(1.03)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.09%

1.11%

1.12%

1.11%

1.08%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

0.99%

0.99%

1.00%

1.00%

0.98%

Net

investment

income

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

4.24%

4.15%

4.09%

2.82%

2.05%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$4,237

$4,715

$6,266

$7,488

$11,023

Portfolio

turnover

rate

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

431%

900%

1123%

865%

1038%

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Income

Fund

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$5.34

$5.12

$5.54

$6.97

$7.39

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.25 0.25 0.25 0.21 0.18 Net

realized

and

unrealized

gains

(losses)

...........

0.08 0.38 (0.17)

(1.35)

(0.20)

Total

from

investment

operations

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

0.33 0.63 0.08 (1.14)

(0.02)

Less

distributions

from:

Net

investment

income

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

(0.45)

(0.41)

(0.50)

(0.29)

(0.17)

Net

realized

gains

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

—

—

—

—

(0.23)

Total

distributions

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

(0.45)

(0.41)

(0.50)

(0.29)

(0.40)

Net

asset

value,

end

of

year

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

$5.22

$5.34

$5.12

$5.54

$6.97

Total

return

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

6.65%

12.47%

1.05%

(16.87)%

(0.48)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.56%

0.57%

0.57%

0.56%

0.55%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

0.45%

0.45%

0.45%

0.45%

0.45%

Net

investment

income

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

4.78%

4.70%

4.58%

3.38%

2.57%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$3,518

$3,327

$3,173

$4,572

$5,843

Portfolio

turnover

rate

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

431%

900%

1123%

865%

1038%

#### 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
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.

Annual

Report

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$5.38

$5.16

$5.58

$7.02

$7.44

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.25 0.25 0.26 0.22 0.19 Net

realized

and

unrealized

gains

(losses)

...........

0.08 0.39 (0.17)

(1.37)

(0.21)

Total

from

investment

operations

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

0.33 0.64 0.09 (1.15)

(0.02)

Less

distributions

from:

Net

investment

income

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

(0.45)

(0.42)

(0.51)

(0.29)

(0.17)

Net

realized

gains

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

—

—

—

—

(0.23)

Total

distributions

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

(0.45)

(0.42)

(0.51)

(0.29)

(0.40)

Net

asset

value,

end

of

year

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

$5.26

$5.38

$5.16

$5.58

$7.02

Total

return

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

6.67%

12.58%

1.20%

(16.83)%

(0.46)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.49%

0.50%

0.50%

0.49%

0.48%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

0.38%

0.38%

0.38%

0.38%

0.38%

Net

investment

income

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

4.85%

4.74%

4.66%

3.45%

2.65%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$105,691

$122,354

$170,838

$158,971

$202,650

Portfolio

turnover

rate

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

431%

900%

1123%

865%

1038%

#### 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
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Income

Fund

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$5.39

$5.17

$5.58

$7.02

$7.44

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.25 0.25 0.26 0.21 0.18 Net

realized

and

unrealized

gains

(losses)

...........

0.09 0.38 (0.17)

(1.37)

(0.21)

Total

from

investment

operations

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

0.34 0.63 0.09 (1.16)

(0.03)

Less

distributions

from:

Net

investment

income

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

(0.45)

(0.41)

(0.50)

(0.28)

(0.16)

Net

realized

gains

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

—

—

—

—

(0.23)

Total

distributions

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

(0.45)

(0.41)

(0.50)

(0.28)

(0.39)

Net

asset

value,

end

of

year

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

$5.28

$5.39

$5.17

$5.58

$7.02

Total

return

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

6.75%

12.35%

1.19%

(16.97)%

(0.57)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.59%

0.61%

0.62%

0.61%

0.58%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

0.48%

0.49%

0.50%

0.50%

0.48%

Net

investment

income

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

4.74%

4.67%

4.62%

3.25%

2.55%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$479,096

$536,620

$591,001

$1,223,027

$2,411,628

Portfolio

turnover

rate

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

431%

900%

1123%

865%

1038%

#### 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
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Income

Fund

Schedule

of

Investments,

October

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Management

#### Investment

#### Companies

#### 2.5%

#### Capital

#### Markets

#### 2.5%
a

Franklin

Ultra

Short

Bond

ETF

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

United

States

1,013,480

$

25,418,078

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $25,217,931)
..................

#### 25,418,078

#### Principal

#### Amount

#### \*

#### Corporate

#### Bonds

#### 40.3%

#### Aerospace

#### &

#### Defense

#### 1.4%
b

BAE

Systems

plc

,

Senior

Bond,

144A,

5.3%,

3/26/34

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

United

Kingdom

1,100,000

1,141,874

Senior

Note,

144A,

5.125%,

3/26/29

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

United

Kingdom

1,745,000

1,798,650

Boeing

Co.

(The)

,

Senior

Bond,

2.95%,

2/01/30

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

United

States

145,000

136,961

Senior

Bond,

3.625%,

2/01/31

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

United

States

475,000

455,639

Senior

Bond,

6.125%,

2/15/33

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

United

States

1,472,000

1,586,844

Senior

Bond,

3.6%,

5/01/34

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

United

States

443,000

402,066

Senior

Bond,

3.25%,

2/01/35

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

United

States

262,000

228,498

Senior

Bond,

6.875%,

3/15/39

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

United

States

325,000

369,583

Senior

Bond,

3.375%,

6/15/46

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

United

States

797,000

570,925

Senior

Bond,

3.9%,

5/01/49

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

United

States

122,000

92,521

Senior

Bond,

6.858%,

5/01/54

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

United

States

767,000

873,934

Senior

Bond,

3.95%,

8/01/59

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

United

States

1,095,000

789,881

Senior

Note,

2.196%,

2/04/26

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

United

States

1,424,000

1,416,450

Senior

Note,

2.7%,

2/01/27

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

United

States

584,000

573,159

Senior

Note,

6.259%,

5/01/27

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

United

States

36,000

37,004

Senior

Note,

6.298%,

5/01/29

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

United

States

55,000

58,364

b

Bombardier,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

6/15/33

.........

Canada

605,000

635,854

Howmet

Aerospace,

Inc.

,

Senior

Bond,

6.75%,

1/15/28

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

United

States

397,000

419,410

Senior

Bond,

5.95%,

2/01/37

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

United

States

453,000

493,440

Senior

Note,

3%,

1/15/29

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

United

States

1,183,000

1,143,497

b

Spirit

AeroSystems,

Inc.

,

Secured

Note

,

144A,

9.75 %

,

11/15/30

.

United

States

968,000

1,064,722

b

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

6.875 %

,

12/15/30

United

States

100,000

103,912

14,393,188

#### Automobile

#### Components

#### 0.0%

#### †
b,c

IHO

Verwaltungs

GmbH

,

Senior

Secured

Note

,

144A,

PIK,

6.375 %

,

5/15/29

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

Germany

250,000

249,284

#### Automobiles

#### 0.3%
b

Hyundai

Capital

America

,

Senior

Bond,

144A,

6.375%,

4/08/30

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

United

States

181,000

193,521

Senior

Note,

144A,

6.5%,

1/16/29

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

United

States

1,195,000

1,268,072

Senior

Note,

144A,

5.35%,

3/19/29

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

United

States

918,000

943,440

Senior

Note,

144A,

4.55%,

9/26/29

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

United

States

485,000

486,239

Senior

Note,

144A,

5.4%,

1/08/31

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

United

States

481,000

496,019

3,387,291

#### Banks

#### 6.2%
b

Australia

&

New

Zealand

Banking

Group

Ltd.

,

Sub.

Bond,

144A,

4.4%,

5/19/26

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

Australia

482,000

482,419

Sub.

Bond,

144A,

2.57%

to

11/24/30,

FRN

thereafter,

11/25/35

Australia

1,145,000

1,026,345

Banco

Santander

SA

,

Sub.

Bond

,

5.179 %

,

11/19/25

.........

Spain

4,600,000

4,600,999

Bank

of

America

Corp.

,

Senior

Bond,

2.496%

to

2/12/30,

FRN

thereafter,

2/13/31

...

United

States

1,325,000

1,230,567

Senior

Note,

6.204%

to

11/09/27,

FRN

thereafter,

11/10/28

..

United

States

375,000

390,062

Sub.

Bond,

5.425%

to

8/14/34,

FRN

thereafter,

8/15/35

.....

United

States

1,798,000

1,839,087

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

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

America

Corp.,

(continued)

Sub.

Bond,

3.846%

to

3/07/32,

FRN

thereafter,

3/08/37

.....

United

States

2,598,000

$

2,438,531

L,

Sub.

Bond,

4.183%,

11/25/27

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

United

States

3,510,000

3,512,588

Bank

of

Nova

Scotia

(The)

,

Junior

Sub.

Bond

,

7.35%

to

4/26/30,

FRN

thereafter

,

4/27/85

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

Canada

1,620,000

1,694,829

Barclays

plc

,

Senior

Note

,

5.367%

to

2/24/30,

FRN

thereafter

,

2/25/31

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

United

Kingdom

1,190,000

1,227,704

b

BNP

Paribas

SA

,

Sub.

Bond

,

144A,

4.375 %

,

5/12/26

.........

France

636,000

635,217

b

BPCE

SA

,

Sub.

Bond

,

144A,

3.648%

to

1/13/32,

FRN

thereafter

,

1/14/37

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

France

577,000

524,077

b

CaixaBank

SA

,

Senior

Non-Preferred

Note,

144A,

4.634%

to

7/02/28,

FRN

thereafter,

7/03/29

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

Spain

965,000

972,119

Senior

Non-Preferred

Note,

144A,

5.673%

to

3/14/29,

FRN

thereafter,

3/15/30

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

Spain

810,000

842,261

Citigroup,

Inc.

,

d

CC,

Junior

Sub.

Bond,

7.125%

to

8/14/29,

FRN

thereafter,

Perpetual

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

United

States

1,367,000

1,412,026

d

GG,

Junior

Sub.

Bond,

6.875%

to

8/14/30,

FRN

thereafter,

Perpetual

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

United

States

1,849,000

1,907,140

Sub.

Bond,

4.45%,

9/29/27

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

United

States

3,482,000

3,493,757

Sub.

Bond,

4.75%,

5/18/46

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

United

States

386,000

343,950

b

Commonwealth

Bank

of

Australia

,

Sub.

Bond,

144A,

4.5%,

12/09/25

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

Australia

401,000

400,972

Sub.

Bond,

144A,

2.688%,

3/11/31

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

Australia

500,000

454,830

Sub.

Bond,

144A,

5.837%,

3/13/34

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

Australia

855,000

905,368

Fifth

Third

Bancorp

,

Senior

Note,

6.339%

to

7/26/28,

FRN

thereafter,

7/27/29

....

United

States

591,000

621,459

Senior

Note,

4.895%

to

9/05/29,

FRN

thereafter,

9/06/30

....

United

States

470,000

476,731

First-Citizens

Bank

&

Trust

Co.

,

Sub.

Bond

,

6.125 %

,

3/09/28

...

United

States

2,279,000

2,360,843

ING

Groep

NV

,

Senior

Note

,

6.083%

to

9/10/26,

FRN

thereafter

,

9/11/27

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

Netherlands

1,625,000

1,649,719

b

Intesa

Sanpaolo

SpA

,

Sub.

Bond

,

144A,

4.198%

to

5/31/31,

FRN

thereafter

,

6/01/32

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

Italy

1,520,000

1,441,416

JPMorgan

Chase

&

Co.

,

e

W,

Junior

Sub.

Bond,

FRN,

5.473%,

(3-month

SOFR

+

1.262%),

5/15/47

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

United

States

740,000

656,508

Senior

Bond,

5.294%

to

7/21/34,

FRN

thereafter,

7/22/35

...

United

States

1,354,000

1,400,614

Senior

Bond,

5.502%

to

1/23/35,

FRN

thereafter,

1/24/36

...

United

States

636,000

667,656

Senior

Note,

4.323%

to

4/25/27,

FRN

thereafter,

4/26/28

....

United

States

5,131,000

5,148,285

Senior

Note,

5.14%

to

1/23/30,

FRN

thereafter,

1/24/31

.....

United

States

1,619,000

1,673,184

Sub.

Bond,

2.956%

to

5/12/30,

FRN

thereafter,

5/13/31

.....

United

States

2,057,000

1,934,524

Sub.

Bond,

5.717%

to

9/13/32,

FRN

thereafter,

9/14/33

.....

United

States

647,000

687,381

Sub.

Bond,

5.576%

to

7/22/35,

FRN

thereafter,

7/23/36

.....

United

States

415,000

430,567

Lloyds

Banking

Group

plc

,

Sub.

Bond

,

3.369%

to

12/13/41,

FRN

thereafter

,

12/14/46

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

United

Kingdom

1,772,000

1,318,454

Mitsubishi

UFJ

Financial

Group,

Inc.

,

Senior

Bond

,

3.85 %

,

3/01/26

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

Japan

747,000

746,570

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond,

5.373%

to

7/20/35,

FRN

thereafter,

7/21/36

...

United

States

285,000

292,878

Sub.

Bond,

4.626%

to

6/05/32,

FRN

thereafter,

6/06/33

.....

United

States

2,951,000

2,931,353

Royal

Bank

of

Canada

,

Sub.

Bond

,

4.65 %

,

1/27/26

..........

Canada

922,000

922,511

Toronto-Dominion

Bank

(The)

,

Junior

Sub.

Bond

,

8.125%

to

10/30/27,

FRN

thereafter

,

10/31/82

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

Canada

885,000

935,872

e

Truist

Bank

,

Sub.

Bond

,

FRN

,

4.632 %

,

(5-year

CMT

T-Note

+

1.15 %),

9/17/29

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

United

States

410,000

411,511

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

Truist

Financial

Corp.

,

Senior

Bond,

5.711%

to

1/23/34,

FRN

thereafter,

1/24/35

...

United

States

893,000

$

936,291

Senior

Note,

5.435%

to

1/23/29,

FRN

thereafter,

1/24/30

....

United

States

1,143,000

1,181,584

US

Bancorp

,

Sub.

Bond

,

2.491%

to

11/02/31,

FRN

thereafter

,

11/03/36

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

United

States

734,000

634,549

Wells

Fargo

&

Co.

,

d

BB,

Junior

Sub.

Bond,

3.9%

to

3/14/26,

FRN

thereafter,

Perpetual

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

United

States

476,000

473,165

Senior

Note,

5.574%

to

7/24/28,

FRN

thereafter,

7/25/29

....

United

States

2,647,000

2,740,055

Westpac

Banking

Corp.

,

Sub.

Bond

,

4.421 %

,

7/24/39

........

Australia

470,000

438,523

63,447,051

#### Biotechnology

#### 0.3%
AbbVie,

Inc.

,

Senior

Bond,

5.05%,

3/15/34

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

United

States

261,000

268,595

Senior

Note,

4.8%,

3/15/29

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

United

States

1,018,000

1,041,838

Amgen,

Inc.

,

Senior

Bond,

5.65%,

3/02/53

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

United

States

686,000

685,093

Senior

Note,

5.25%,

3/02/30

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

United

States

1,361,000

1,412,867

3,408,393

#### Broadline

#### Retail

#### 0.1%
b

Wayfair

LLC

,

Senior

Secured

Note

,

144A,

7.75 %

,

9/15/30

.....

United

States

1,080,000

1,141,973

#### Building

#### Products

#### 0.0%

#### †
b

Builders

FirstSource,

Inc.

,

Senior

Bond

,

144A,

6.75 %

,

5/15/35

..

United

States

70,000

73,584

Carlisle

Cos.,

Inc.

,

Senior

Bond

,

5.25 %

,

9/15/35

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

United

States

445,000

452,960

b

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

1/31/31

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

United

States

15,000

15,309

Senior

Secured

Note,

144A,

6.125%,

7/31/32

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

United

States

70,000

71,843

b

Standard

Industries,

Inc.

,

Senior

Bond

,

144A,

4.375 %

,

7/15/30

.

United

States

120,000

115,827

729,523

#### Capital

#### Markets

#### 3.1%
Ares

Capital

Corp.

,

Senior

Note,

3.875%,

1/15/26

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

United

States

5,612,000

5,606,678

Senior

Note,

7%,

1/15/27

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

United

States

218,000

223,955

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25 %

,

3/15/27

..

United

States

874,000

857,877

Deutsche

Bank

AG

,

Senior

Non-Preferred

Note,

2.129%

to

11/23/25,

FRN

thereafter,

11/24/26

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

Germany

904,000

902,783

Senior

Non-Preferred

Note,

2.311%

to

11/15/26,

FRN

thereafter,

11/16/27

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

Germany

542,000

531,169

Goldman

Sachs

Group,

Inc.

(The)

,

d

U,

Junior

Sub.

Bond,

3.65%

to

8/09/26,

FRN

thereafter,

Perpetual

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

United

States

350,000

344,320

Senior

Note,

4.153%

to

10/20/28,

FRN

thereafter,

10/21/29

..

United

States

1,133,000

1,129,828

Intercontinental

Exchange,

Inc.

,

Senior

Bond,

1.85%,

9/15/32

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

United

States

400,000

340,258

Senior

Note,

4.35%,

6/15/29

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

United

States

655,000

660,850

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

5/01/33

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

United

States

1,370,000

1,430,198

Jefferies

Financial

Group,

Inc.

,

Senior

Note,

4.5%,

9/15/26

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

United

States

1,355,000

1,361,357

Senior

Note,

6.2%,

4/14/34

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

United

States

733,000

769,511

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

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)

b

KKR

Group

Finance

Co.

VI

LLC

,

Senior

Bond

,

144A,

3.75 %

,

7/01/29

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

United

States

1,161,000

$

1,140,377

LPL

Holdings,

Inc.

,

Senior

Note,

6.75%,

11/17/28

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

United

States

855,000

912,173

Senior

Note,

5.2%,

3/15/30

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

United

States

779,000

796,147

Morgan

Stanley

,

Senior

Note,

5.123%

to

1/31/28,

FRN

thereafter,

2/01/29

....

United

States

1,276,000

1,302,583

Senior

Note,

5.23%

to

1/14/30,

FRN

thereafter,

1/15/31

.....

United

States

340,000

351,101

Sub.

Bond,

4.35%,

9/08/26

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

United

States

5,792,000

5,803,500

Sub.

Bond,

5.948%

to

1/18/33,

FRN

thereafter,

1/19/38

.....

United

States

78,000

81,841

Sub.

Bond,

5.942%

to

2/06/34,

FRN

thereafter,

2/07/39

.....

United

States

1,201,000

1,261,007

b

MSCI,

Inc.

,

Senior

Bond,

144A,

3.625%,

9/01/30

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

United

States

3,124,000

2,973,449

Senior

Bond,

144A,

3.875%,

2/15/31

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

United

States

460,000

440,293

Nasdaq,

Inc.

,

Senior

Bond

,

5.55 %

,

2/15/34

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

United

States

33,000

34,647

S&P

Global,

Inc.

,

Senior

Bond

,

2.5 %

,

12/01/29

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

United

States

840,000

790,556

b

UBS

Group

AG

,

Senior

Note

,

144A,

1.305%

to

2/01/26,

FRN

thereafter

,

2/02/27

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

Switzerland

617,000

612,372

30,658,830

#### Chemicals

#### 0.3%
Celanese

US

Holdings

LLC

,

Senior

Note,

1.4%,

8/05/26

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

United

States

238,000

232,000

Senior

Note,

6.665%,

7/15/27

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

United

States

1,251,000

1,284,986

b

CF

Industries,

Inc.

,

Senior

Bond

,

144A,

4.5 %

,

12/01/26

.......

United

States

42,000

42,033

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

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

United

States

135,000

131,145

Huntsman

International

LLC

,

Senior

Bond

,

4.5 %

,

5/01/29

.....

United

States

1,371,000

1,267,912

2,958,076

#### Commercial

#### Services

#### &

#### Supplies

#### 0.2%
b

Aramark

Services,

Inc.

,

Senior

Bond

,

144A,

%

,

2/01/28

......

United

States

109,000

108,968

b

GFL

Environmental,

Inc.

,

Senior

Secured

Note

,

144A,

3.5 %

,

9/01/28

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

United

States

115,000

112,549

Republic

Services,

Inc.

,

Senior

Note

,

%

,

11/15/29

..........

United

States

772,000

799,456

Waste

Connections,

Inc.

,

Senior

Bond,

4.25%,

12/01/28

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

United

States

179,000

180,005

Senior

Bond,

5%,

3/01/34

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

United

States

1,036,000

1,060,039

2,261,017

#### Communications

#### Equipment

#### 0.2%
Motorola

Solutions,

Inc.

,

Senior

Bond,

2.3%,

11/15/30

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

United

States

250,000

226,369

Senior

Note,

4.85%,

8/15/30

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

United

States

287,000

292,814

Senior

Note,

5.2%,

8/15/32

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

United

States

978,000

1,007,034

1,526,217

#### Construction

#### &

#### Engineering

#### 0.2%
MasTec,

Inc.

,

Senior

Note

,

5.9 %

,

6/15/29

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

United

States

1,758,000

1,838,161

#### Consumer

#### Finance

#### 1.7%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond,

3.3%,

1/30/32

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

Ireland

1,581,000

1,459,541

Senior

Bond,

3.4%,

10/29/33

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

Ireland

345,000

311,419

Senior

Note,

4.875%,

4/01/28

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

Ireland

150,000

152,334

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

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

Note,

5.1%,

1/19/29

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

Ireland

1,240,000

$

1,268,761

Senior

Note,

4.625%,

9/10/29

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

Ireland

565,000

569,998

b

Aircastle

Ltd.

/

Aircastle

Ireland

DAC

,

Senior

Note

,

144A,

5.25 %

,

3/15/30

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

United

States

695,000

709,776

Ally

Financial,

Inc.

,

Senior

Bond,

8%,

11/01/31

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

United

States

544,000

619,557

Senior

Note,

4.75%,

6/09/27

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

United

States

382,000

384,425

American

Express

Co.

,

Senior

Note

,

5.098%

to

2/15/27,

FRN

thereafter

,

2/16/28

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

United

States

524,000

530,600

b

Avolon

Holdings

Funding

Ltd.

,

Senior

Note,

144A,

5.75%,

11/15/29

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

Ireland

1,173,000

1,216,766

Senior

Note,

144A,

4.9%,

10/10/30

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

Ireland

1,225,000

1,231,259

Capital

One

Financial

Corp.

,

Senior

Note,

4.493%

to

9/10/30,

FRN

thereafter,

9/11/31

....

United

States

145,000

143,976

Senior

Note,

7.624%

to

10/29/30,

FRN

thereafter,

10/30/31

..

United

States

1,068,000

1,204,834

Sub.

Bond,

2.359%

to

7/28/31,

FRN

thereafter,

7/29/32

.....

United

States

642,000

558,008

Ford

Motor

Credit

Co.

LLC

,

Senior

Note,

5.8%,

3/05/27

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

United

States

970,000

981,155

Senior

Note,

4.125%,

8/17/27

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

United

States

805,000

795,148

General

Motors

Financial

Co.,

Inc.

,

Senior

Bond,

5.45%,

9/06/34

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

United

States

480,000

486,060

Senior

Note,

4.2%,

10/27/28

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

United

States

315,000

314,294

Senior

Note,

5.8%,

1/07/29

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

United

States

1,056,000

1,100,381

Senior

Note,

4.9%,

10/06/29

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

United

States

389,000

394,762

b

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note,

144A,

5.15%,

3/17/30

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

United

Kingdom

758,000

767,336

Senior

Note,

144A,

6.5%,

3/26/31

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

United

Kingdom

447,000

477,263

OneMain

Finance

Corp.

,

Senior

Note

,

7.5 %

,

5/15/31

.........

United

States

955,000

998,392

16,676,045

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.4%
b

7-Eleven,

Inc.

,

Senior

Bond,

144A,

1.8%,

2/10/31

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

United

States

244,000

212,549

Senior

Note,

144A,

1.3%,

2/10/28

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

United

States

2,222,000

2,083,458

b

Alimentation

Couche-Tard,

Inc.

,

Senior

Bond,

144A,

3.55%,

7/26/27

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

Canada

1,437,000

1,425,378

Senior

Bond,

144A,

2.95%,

1/25/30

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

Canada

916,000

866,963

4,588,348

#### Containers

#### &

#### Packaging

#### 0.5%
Berry

Global,

Inc.

,

Senior

Secured

Note,

1.57%,

1/15/26

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

United

States

715,000

710,762

Senior

Secured

Note,

1.65%,

1/15/27

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

United

States

3,143,000

3,042,671

Senior

Secured

Note,

5.5%,

4/15/28

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

United

States

263,000

270,580

WestRock

MWV

LLC

,

Senior

Bond

,

8.2 %

,

1/15/30

...........

United

States

426,000

485,843

4,509,856

#### Distributors

#### 0.0%

#### †
b

RB

Global

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75 %

,

3/15/31

..

Canada

95,000

99,264

#### Diversified

#### REITs

#### 0.6%
GLP

Capital

LP

/

GLP

Financing

II,

Inc.

,

Senior

Bond,

4%,

1/15/31

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

United

States

377,000

360,913

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

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)

GLP

Capital

LP

/

GLP

Financing

II,

Inc.,

(continued)

Senior

Bond,

6.75%,

12/01/33

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

United

States

650,000

$

705,651

VICI

Properties

LP

,

Senior

Bond,

5.75%,

4/01/34

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

United

States

460,000

475,907

Senior

Note,

4.75%,

2/15/28

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

United

States

1,339,000

1,350,943

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note,

144A,

3.75%,

2/15/27

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

United

States

844,000

835,988

Senior

Note,

144A,

4.5%

,

1/15/28

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

United

States

1,605,000

1,605,409

Senior

Note,

144A,

3.875%,

2/15/29

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

United

States

972,000

950,101

6,284,912

#### Diversified

#### Telecommunication

#### Services

#### 0.6%
AT&T,

Inc.

,

Senior

Bond,

4.35%,

3/01/29

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

United

States

1,525,000

1,530,103

Senior

Bond,

2.55%,

12/01/33

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

United

States

774,000

657,613

Senior

Bond,

4.5%,

3/09/48

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

United

States

356,000

300,472

Senior

Note,

1.65%,

2/01/28

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

United

States

305,000

289,172

Senior

Note,

4.1%,

2/15/28

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

United

States

474,000

473,238

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond

,

144A,

4.75 %

,

2/01/32

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

United

States

1,075,000

974,121

Sprint

Capital

Corp.

,

Senior

Bond

,

6.875 %

,

11/15/28

.........

United

States

1,702,000

1,828,932

6,053,651

#### Electric

#### Utilities

#### 3.7%
American

Electric

Power

Co.,

Inc.

,

C,

Junior

Sub.

Bond,

5.8%

to

3/14/31,

FRN

thereafter,

3/15/56

United

States

1,280,000

1,283,489

D,

Junior

Sub.

Bond,

6.05%

to

3/14/36,

FRN

thereafter,

3/15/56

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

United

States

425,000

430,748

Senior

Bond,

5.625%,

3/01/33

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

United

States

572,000

603,270

N,

Senior

Note,

1%,

11/01/25

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

United

States

515,000

515,000

b

American

Transmission

Systems,

Inc.

,

Senior

Bond

,

144A,

2.65 %

,

1/15/32

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

United

States

430,000

388,211

DTE

Electric

Co.

,

Senior

Bond

,

5.25 %

,

5/15/35

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

United

States

750,000

774,986

Duke

Energy

Corp.

,

Senior

Bond,

5.45%,

6/15/34

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

United

States

1,774,000

1,850,958

Senior

Bond,

5.8%,

6/15/54

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

United

States

1,267,000

1,281,572

Senior

Note,

4.85%,

1/05/29

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

United

States

85,000

86,630

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

3.65 %

,

2/01/29

........

United

States

758,000

750,030

b

Enel

Finance

International

NV

,

Senior

Bond,

144A,

2.5%,

7/12/31

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

Italy

785,000

702,871

Senior

Bond,

144A,

7.5%,

10/14/32

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

Italy

1,255,000

1,448,403

Eversource

Energy

,

Senior

Note

,

5.45 %

,

3/01/28

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

United

States

1,078,000

1,105,981

Exelon

Corp.

,

Senior

Bond,

5.625%,

6/15/35

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

United

States

709,000

743,165

Senior

Note,

5.15%,

3/15/29

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

United

States

1,242,000

1,277,802

FirstEnergy

Transmission

LLC

,

Senior

Note

,

4.55 %

,

1/15/30

...

United

States

425,000

427,934

Georgia

Power

Co.

,

Senior

Bond,

4.7%,

5/15/32

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

United

States

401,000

406,754

Senior

Bond,

4.95%,

5/17/33

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

United

States

829,000

846,738

Senior

Bond,

5.25%,

3/15/34

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

United

States

297,000

306,764

IPALCO

Enterprises,

Inc.

,

Senior

Secured

Note

,

4.25 %

,

5/01/30

United

States

1,500,000

1,468,841

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond,

5.9%,

3/15/55

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

United

States

805,000

833,486

Senior

Note,

5.3%,

3/15/32

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

United

States

2,585,000

2,697,742

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Electric

#### Utilities
(continued)

b

NRG

Energy,

Inc.

,

Senior

Bond,

144A,

6.25%,

11/01/34

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

United

States

980,000

$

1,009,715

Senior

Secured

Note,

144A,

2%,

12/02/25

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

United

States

868,000

865,246

Oncor

Electric

Delivery

Co.

LLC

,

Senior

Secured

Bond

,

4.95 %

,

9/15/52

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

United

States

1,648,000

1,511,257

Pacific

Gas

and

Electric

Co.

,

Senior

Bond,

5.9%,

6/15/32

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

United

States

1,117,000

1,169,715

Senior

Bond,

6.95%,

3/15/34

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

United

States

543,000

603,184

Senior

Bond,

4.95%,

7/01/50

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

United

States

545,000

469,553

Senior

Bond,

6.75%,

1/15/53

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

United

States

245,000

265,031

Senior

Note,

6.1%,

1/15/29

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

United

States

1,834,000

1,913,875

PG&E

Corp.

,

Senior

Secured

Bond

,

5.25 %

,

7/01/30

.........

United

States

115,000

113,876

Southern

Co.

(The)

,

Senior

Bond,

5.7%,

3/15/34

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

United

States

642,000

678,052

Senior

Note,

5.5%,

3/15/29

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

United

States

763,000

793,615

Virginia

Electric

and

Power

Co.

,

Senior

Bond,

5.05%,

8/15/34

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

United

States

691,000

701,634

C,

Senior

Bond,

4.9%,

9/15/35

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

United

States

1,370,000

1,366,609

b

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

4.375%,

5/01/29

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

United

States

115,000

112,988

Senior

Secured

Bond,

144A,

4.3%,

7/15/29

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

United

States

915,000

906,369

Senior

Secured

Bond,

144A,

6.95%,

10/15/33

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

United

States

1,188,000

1,322,464

Senior

Secured

Bond,

144A,

6%,

4/15/34

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

United

States

769,000

807,309

Senior

Secured

Note,

144A,

3.7%,

1/30/27

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

United

States

904,000

897,186

Senior

Secured

Note,

144A,

4.6%,

10/15/30

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

United

States

250,000

248,546

Xcel

Energy,

Inc.

,

Senior

Bond,

5.45%,

8/15/33

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

United

States

880,000

912,870

Senior

Bond,

5.6%,

4/15/35

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

United

States

1,590,000

1,650,647

38,551,116

#### Electrical

#### Equipment

#### 0.2%
b

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125 %

,

11/15/28

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

United

States

2,007,000

1,979,132

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.1%
f

Amphenol

Corp.

,

Senior

Note

,

4.4 %

,

2/15/33

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

United

States

1,075,000

1,063,338

#### Energy

#### Equipment

#### &

#### Services

#### 0.0%

#### †
Patterson-UTI

Energy,

Inc.

,

Senior

Bond

,

5.15 %

,

11/15/29

.....

United

States

403,000

404,466

#### Entertainment

#### 0.1%
b

Netflix,

Inc.

,

Senior

Bond

,

144A,

5.375 %

,

11/15/29

..........

United

States

1,365,000

1,425,637

#### Financial

#### Services

#### 0.3%
Corebridge

Financial,

Inc.

,

Senior

Note

,

3.85 %

,

4/05/29

.......

United

States

1,209,000

1,192,589

Global

Payments,

Inc.

,

Senior

Note

,

1.2 %

,

3/01/26

..........

United

States

286,000

282,944

Petronas

Capital

Ltd.

,

b

Senior

Note,

144A,

4.95%,

1/03/31

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

Malaysia

930,000

961,253

b

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/33

.......

United

States

1,180,000

1,230,716

3,667,502

#### Food

#### Products

#### 0.9%
b

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625 %

,

7/01/29

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

United

States

1,160,000

1,207,856

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

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)

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note,

3%,

2/02/29

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

United

States

1,324,000

$

1,269,756

Senior

Note,

5.75%,

4/01/33

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

United

States

300,000

312,707

Senior

Note,

6.75%,

3/15/34

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

United

States

1,183,000

1,305,888

b

JBS

USA

LUX

SARL

/

JBS

USA

Food

Co.

/

JBS

USA

Foods

Group,

Inc.

,

Senior

Bond

,

144A,

5.95 %

,

4/20/35

...........

United

States

1,040,000

1,089,473

Kellanova

,

Senior

Bond,

4.5%,

4/01/46

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

United

States

153,000

135,271

B,

Senior

Bond,

7.45%,

4/01/31

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

United

States

241,000

277,510

Kraft

Heinz

Foods

Co.

,

Senior

Bond,

6.875%,

1/26/39

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

United

States

330,000

368,165

Senior

Bond,

4.625%,

10/01/39

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

United

States

330,000

300,596

b

Mars,

Inc.

,

Senior

Bond,

144A,

5.65%,

5/01/45

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

United

States

595,000

606,820

Senior

Bond,

144A,

5.7%,

5/01/55

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

United

States

1,120,000

1,140,410

Senior

Bond,

144A,

5.8%,

5/01/65

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

United

States

305,000

314,004

Senior

Note,

144A,

4.65%,

4/20/31

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

United

States

126,000

128,496

Senior

Note,

144A,

5%,

3/01/32

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

United

States

495,000

508,846

Senior

Note,

144A,

5.2%,

3/01/35

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

United

States

645,000

662,262

9,628,060

#### Gas

#### Utilities

#### 0.1%
CenterPoint

Energy

Resources

Corp.

,

Senior

Bond

,

5.4 %

,

7/01/34

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

United

States

469,000

486,427

#### Ground

#### Transportation

#### 0.7%
b

Ashtead

Capital,

Inc.

,

Senior

Bond,

144A,

4.375%,

8/15/27

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

United

Kingdom

1,995,000

1,992,680

Senior

Bond,

144A,

2.45%,

8/12/31

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

United

Kingdom

505,000

448,138

Senior

Bond,

144A,

5.95%,

10/15/33

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

United

Kingdom

370,000

391,404

b

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Note

,

144A,

4.4 %

,

7/01/27

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

United

States

1,546,000

1,550,019

Ryder

System,

Inc.

,

Senior

Note

,

4.95 %

,

9/01/29

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

United

States

759,000

776,555

b

SMBC

Aviation

Capital

Finance

DAC

,

Senior

Note

,

144A,

5.3 %

,

4/03/29

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

Ireland

1,402,000

1,441,449

6,600,245

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.0%

#### †
GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

4.8 %

,

8/14/29

.

United

States

413,000

421,506

b

Medline

Borrower

LP

,

Senior

Secured

Note

,

144A,

3.875 %

,

4/01/29

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

United

States

115,000

111,772

533,278

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1.2%
Centene

Corp.

,

Senior

Note

,

2.625 %

,

8/01/31

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

United

States

1,380,000

1,185,054

CVS

Health

Corp.

,

Junior

Sub.

Bond,

7%

to

3/09/30,

FRN

thereafter,

3/10/55

...

United

States

1,425,000

1,499,422

Senior

Bond,

4.78%,

3/25/38

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

United

States

1,802,000

1,694,053

Senior

Note,

5%,

9/15/32

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

United

States

757,000

769,228

b

DaVita,

Inc.

,

Senior

Note,

144A,

6.875%,

9/01/32

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

United

States

960,000

995,530

Senior

Note,

144A,

6.75%,

7/15/33

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

United

States

25,000

25,942

HCA,

Inc.

,

Senior

Bond,

5.25%,

6/15/26

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

United

States

597,000

597,606

Senior

Bond,

4.5%,

2/15/27

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

United

States

302,000

302,484

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

HCA,

Inc.,

(continued)

Senior

Bond,

5.6%,

4/01/34

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

United

States

731,000

$

761,289

Senior

Bond,

6%,

4/01/54

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

United

States

962,000

975,867

Senior

Note,

3.625%,

3/15/32

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

United

States

334,000

314,445

Senior

Note,

4.6%,

11/15/32

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

United

States

525,000

521,895

Humana,

Inc.

,

Senior

Note

,

5.75 %

,

3/01/28

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

United

States

1,700,000

1,753,922

Icon

Investments

Six

DAC

,

Senior

Secured

Note,

5.809%,

5/08/27

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

United

States

874,000

892,511

Senior

Secured

Note,

5.849%,

5/08/29

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

United

States

406,000

424,291

Tenet

Healthcare

Corp.

,

Senior

Secured

Note

,

6.75 %

,

5/15/31

..

United

States

235,000

244,011

12,957,550

#### Health

#### Care

#### Technology

#### 0.0%

#### †
b

IQVIA,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

6/01/32

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

United

States

365,000

380,883

#### Hotel

#### &

#### Resort

#### REITs

#### 0.0%

#### †
b

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note

,

144A,

6.5 %

,

6/15/33

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

United

States

80,000

82,628

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.4%
b

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

3.5 %

,

2/15/29

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

Canada

115,000

110,942

b

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75 %

,

6/15/31

......

United

States

115,000

110,817

b

Caesars

Entertainment,

Inc.

,

Senior

Note,

144A,

6%,

10/15/32

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

United

States

1,000,000

954,838

Senior

Secured

Note,

144A,

7%,

2/15/30

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

United

States

100,000

102,955

b

Carnival

Corp.

,

Senior

Note,

144A,

5.125%,

5/01/29

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

United

States

1,310,000

1,327,014

Senior

Note,

144A,

5.75%,

3/15/30

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

United

States

1,325,000

1,365,611

Senior

Note,

144A,

5.75%,

8/01/32

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

United

States

840,000

863,968

Senior

Secured

Note,

144A,

4%,

8/01/28

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

United

States

3,214,000

3,163,734

Hyatt

Hotels

Corp.

,

Senior

Note,

5.25%,

6/30/29

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

United

States

460,000

473,247

Senior

Note,

5.375%,

12/15/31

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

United

States

310,000

317,649

Las

Vegas

Sands

Corp.

,

Senior

Note

,

3.5 %

,

8/18/26

.........

United

States

769,000

763,254

Royal

Caribbean

Cruises

Ltd.

,

Senior

Bond,

5.375%,

1/15/36

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

United

States

290,000

292,116

b

Senior

Note,

144A,

6.25%,

3/15/32

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

United

States

1,719,000

1,774,472

b

Senior

Note,

144A,

6%,

2/01/33

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

United

States

981,000

1,007,442

b

Viking

Cruises

Ltd.

,

Senior

Note

,

144A,

9.125 %

,

7/15/31

......

United

States

1,000,000

1,072,039

13,700,098

#### Household

#### Durables

#### 0.6%
DR

Horton,

Inc.

,

Senior

Bond,

5%,

10/15/34

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

United

States

1,392,000

1,408,635

Senior

Bond,

5.5%,

10/15/35

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

United

States

2,510,000

2,607,772

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond

,

144A,

5.125 %

,

8/01/30

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

United

States

255,000

254,885

Toll

Brothers

Finance

Corp.

,

Senior

Bond,

4.35%,

2/15/28

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

United

States

773,000

775,521

Senior

Bond,

3.8%,

11/01/29

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

United

States

864,000

847,457

5,894,270

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.6%
b

AES

Andes

SA

,

Senior

Note

,

144A,

6.25 %

,

3/14/32

..........

Chile

450,000

469,882

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

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)

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers
(continued)

AES

Corp.

(The)

,

Senior

Note

,

1.375 %

,

1/15/26

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

United

States

236,000

$

234,524

b

Alexander

Funding

Trust

II

,

Senior

Secured

Note

,

144A,

7.467 %

,

7/31/28

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

United

States

1,423,000

1,520,297

Constellation

Energy

Generation

LLC

,

Senior

Bond,

6.125%,

1/15/34

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

United

States

320,000

348,338

Senior

Bond,

6.5%,

10/01/53

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

United

States

785,000

869,533

Senior

Bond,

5.75%,

3/15/54

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

United

States

485,000

492,653

Senior

Note,

5.6%,

3/01/28

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

United

States

1,245,000

1,287,076

Southern

Power

Co.

,

B,

Senior

Bond,

4.9%,

10/01/35

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

United

States

360,000

356,423

A,

Senior

Note,

4.25%,

10/01/30

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

United

States

200,000

198,931

5,777,657

#### Insurance

#### 1.4%
Aon

Global

Ltd.

,

Senior

Bond

,

4.25 %

,

12/12/42

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

United

States

820,000

697,942

Arthur

J

Gallagher

&

Co.

,

Senior

Note

,

4.85 %

,

12/15/29

......

United

States

695,000

709,867

b

Athene

Global

Funding

,

Secured

Bond,

144A,

2.55%,

11/19/30

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

United

States

391,000

353,975

Secured

Note,

144A,

1.73%,

10/02/26

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

United

States

1,031,000

1,008,473

Secured

Note,

144A,

5.526%,

7/11/31

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

United

States

1,439,000

1,481,263

Secured

Note,

144A,

5.322%,

11/13/31

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

United

States

871,000

889,861

Athene

Holding

Ltd.

,

Senior

Bond

,

5.875 %

,

1/15/34

..........

United

States

469,000

487,191

Brown

&

Brown,

Inc.

,

Senior

Bond,

5.55%,

6/23/35

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

United

States

541,000

557,171

Senior

Note,

4.9%,

6/23/30

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

United

States

1,124,000

1,139,930

Senior

Note,

5.25%,

6/23/32

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

United

States

405,000

415,395

CNA

Financial

Corp.

,

Senior

Bond

,

5.125 %

,

2/15/34

.........

United

States

537,000

540,982

b

CNO

Global

Funding

,

Secured

Note,

144A,

2.65%,

1/06/29

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

United

States

307,000

291,374

Secured

Note,

144A,

4.95%,

9/09/29

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

United

States

332,000

338,189

b

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.2 %

,

6/24/29

United

States

917,000

942,181

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

6.5 %

,

6/04/29

.......

United

States

1,104,000

1,153,374

Fairfax

Financial

Holdings

Ltd.

,

Senior

Note

,

4.85 %

,

4/17/28

...

Canada

504,000

510,697

b

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

5.467 %

,

12/08/28

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

United

States

885,000

917,568

12,435,433

#### Interactive

#### Media

#### &

#### Services

#### 0.5%
Meta

Platforms,

Inc.

,

Senior

Bond,

5.625%,

11/15/55

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

United

States

1,540,000

1,529,701

Senior

Bond,

5.75%,

5/15/63

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

United

States

1,758,000

1,754,032

Senior

Bond,

5.55%,

8/15/64

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

United

States

369,000

357,605

Senior

Note,

4.6%,

11/15/32

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

United

States

800,000

804,256

b

Snap,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/33

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

United

States

1,000,000

1,023,675

5,469,269

#### IT

#### Services

#### 0.3%
b

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

7/01/32

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

United

States

2,110,000

2,017,612

b

Gartner,

Inc.

,

Senior

Bond,

144A,

3.75%,

10/01/30

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

United

States

1,063,000

1,006,044

Senior

Note,

144A,

3.625%,

6/15/29

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

United

States

185,000

177,653

3,201,309

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Leisure

#### Products

#### 0.2%
Brunswick

Corp.

,

Senior

Bond,

2.4%,

8/18/31

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

United

States

867,000

$

754,645

Senior

Bond,

5.1%,

4/01/52

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

United

States

1,039,000

839,109

Senior

Note,

5.85%,

3/18/29

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

United

States

830,000

857,773

b

Mattel,

Inc.

,

Senior

Note

,

144A,

3.75 %

,

4/01/29

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

United

States

110,000

106,759

2,558,286

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.1%
Illumina,

Inc.

,

Senior

Note

,

4.65 %

,

9/09/26

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

United

States

819,000

821,345

#### Machinery

#### 0.1%
Oshkosh

Corp.

,

Senior

Bond

,

4.6 %

,

5/15/28

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

United

States

1,176,000

1,186,319

b

Terex

Corp.

,

Senior

Note

,

144A,

%

,

5/15/29

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

United

States

110,000

108,060

1,294,379

#### Media

#### 0.5%
Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond,

5.05%,

3/30/29

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

United

States

299,000

302,071

Senior

Secured

Bond,

5.85%,

12/01/35

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

United

States

415,000

414,034

Senior

Secured

Bond,

4.8%,

3/01/50

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

United

States

245,000

191,853

b

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor,

Inc.

,

Senior

Secured

Note

,

144A,

5.875 %

,

8/15/27

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

United

States

30,000

30,020

Interpublic

Group

of

Cos.,

Inc.

(The)

,

Senior

Bond

,

2.4 %

,

3/01/31

United

States

391,000

350,307

b

McGraw-Hill

Education,

Inc.

,

Senior

Secured

Note

,

144A,

5.75 %

,

8/01/28

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

United

States

52,000

51,933

Paramount

Global

,

Senior

Bond,

4.2%,

6/01/29

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

United

States

1,100,000

1,077,633

Senior

Bond,

4.95%,

1/15/31

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

United

States

215,000

210,890

Senior

Bond,

4.375%,

3/15/43

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

United

States

630,000

477,398

Senior

Note,

3.7%,

6/01/28

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

United

States

319,000

312,869

b

Sirius

XM

Radio

LLC

,

Senior

Bond

,

144A,

4.125 %

,

7/01/30

....

United

States

125,000

117,768

Time

Warner

Cable

Enterprises

LLC

,

Senior

Secured

Bond

,

8.375 %

,

7/15/33

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

United

States

1,937,000

2,247,448

5,784,224

#### Metals

#### &

#### Mining

#### 0.4%
Commercial

Metals

Co.

,

Senior

Bond

,

4.375 %

,

3/15/32

.......

United

States

115,000

108,774

b

Glencore

Funding

LLC

,

Senior

Bond,

144A,

2.5%,

9/01/30

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

Australia

1,493,000

1,366,577

Senior

Bond,

144A,

5.634%,

4/04/34

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

Australia

984,000

1,026,583

Senior

Note,

144A,

6.125%,

10/06/28

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

Australia

721,000

757,679

Senior

Note,

144A,

6.375%,

10/06/30

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

Australia

1,027,000

1,108,081

b

Hudbay

Minerals,

Inc.

,

Senior

Note

,

144A,

6.125 %

,

4/01/29

....

Canada

92,000

93,223

4,460,917

#### Multi-Utilities

#### 0.7%
Ameren

Corp.

,

Senior

Note

,

%

,

1/15/29

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

United

States

757,000

776,130

Dominion

Energy,

Inc.

,

Junior

Sub.

Bond

,

6.2%

to

2/14/36,

FRN

thereafter

,

2/15/56

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

United

States

620,000

627,336

DTE

Energy

Co.

,

Senior

Bond

,

5.85 %

,

6/01/34

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

United

States

684,000

727,518

NiSource,

Inc.

,

Senior

Note

,

5.2 %

,

7/01/29

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

United

States

855,000

882,676

Puget

Sound

Energy,

Inc.

,

Senior

Bond

,

5.448 %

,

6/01/53

.....

United

States

684,000

671,735

Sempra,

Inc.

,

Senior

Bond,

3.25%,

6/15/27

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

United

States

1,336,000

1,314,295

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

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)

#### Multi-Utilities
(continued)

Sempra,

Inc.,

(continued)

Senior

Bond,

5.5%,

8/01/33

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

United

States

850,000

$

889,358

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

4.95 %

,

9/15/34

.

United

States

340,000

342,211

6,231,259

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 3.3%
b

Aker

BP

ASA

,

Senior

Bond

,

144A,

5.8 %

,

10/01/54

...........

Norway

947,000

877,925

b

Antero

Resources

Corp.

,

Senior

Note

,

144A,

5.375 %

,

3/01/30

..

United

States

90,000

90,686

Canadian

Natural

Resources

Ltd.

,

Senior

Bond,

7.2%,

1/15/32

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

Canada

856,000

963,182

b

Senior

Note,

144A,

5%,

12/15/29

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

Canada

935,000

955,370

Cheniere

Energy

Partners

LP

,

Senior

Bond,

3.25%,

1/31/32

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

United

States

562,000

513,707

Senior

Note,

4.5%,

10/01/29

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

United

States

2,912,000

2,913,695

Senior

Note,

4%,

3/01/31

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

United

States

72,000

69,544

b

Columbia

Pipelines

Operating

Co.

LLC

,

Senior

Note

,

144A,

5.927 %

,

8/15/30

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

United

States

915,000

968,892

Diamondback

Energy,

Inc.

,

Senior

Bond

,

6.25 %

,

3/15/33

......

United

States

1,599,000

1,720,322

b

DT

Midstream,

Inc.

,

Senior

Secured

Bond

,

144A,

5.8 %

,

12/15/34

United

States

1,515,000

1,568,406

Eastern

Energy

Gas

Holdings

LLC

,

Senior

Bond,

5.8%,

1/15/35

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

United

States

1,055,000

1,113,401

Senior

Bond,

5.65%,

10/15/54

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

United

States

405,000

398,888

Enbridge,

Inc.

,

Senior

Note

,

1.6 %

,

10/04/26

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

Canada

456,000

445,808

Energy

Transfer

LP

,

d

B,

Junior

Sub.

Bond,

6.625%

to

2/14/28,

FRN

thereafter,

Perpetual

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

United

States

1,817,000

1,816,795

Senior

Bond,

5.75%,

2/15/33

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

United

States

388,000

406,377

Senior

Note,

5.25%,

7/01/29

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

United

States

1,424,000

1,465,676

b

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

4.25 %

,

2/15/30

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

United

States

115,000

112,103

b

KazMunayGas

National

Co.

JSC

,

Senior

Bond

,

Reg

S,

5.375 %

,

4/24/30

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

Kazakhstan

600,000

617,192

Kinder

Morgan,

Inc.

,

Senior

Bond,

7.75%,

1/15/32

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

United

States

1,976,000

2,288,148

Senior

Note,

5%,

2/01/29

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

United

States

128,000

130,911

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875 %

,

6/15/30

......

United

States

105,000

105,865

Occidental

Petroleum

Corp.

,

Senior

Bond,

7.5%,

5/01/31

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

United

States

20,000

22,406

Senior

Bond,

6.2%,

3/15/40

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

United

States

93,000

95,333

Senior

Note,

8.5%,

7/15/27

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

United

States

2,685,000

2,829,568

Senior

Note,

5.2%,

8/01/29

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

United

States

328,000

335,139

ONEOK,

Inc.

,

Senior

Bond,

6.35%,

1/15/31

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

United

States

310,000

332,103

Senior

Note,

4.75%,

10/15/31

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

United

States

665,000

665,347

b

Senior

Note,

144A,

6.5%,

9/01/30

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

United

States

85,000

90,978

b

Pertamina

Hulu

Energi

PT

,

Senior

Note

,

144A,

5.25 %

,

5/21/30

.

Indonesia

500,000

510,970

b

Raizen

Fuels

Finance

SA

,

Senior

Note

,

144A,

6.25 %

,

7/08/32

..

Brazil

460,000

391,575

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note,

5.026%,

10/01/29

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

Canada

1,325,000

1,339,205

Senior

Note,

5.584%,

10/01/34

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

Canada

624,000

626,620

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond,

5%,

1/15/28

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

United

States

1,076,000

1,077,080

Senior

Bond,

4.875%,

2/01/31

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

United

States

938,000

940,449

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

b

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5 %

,

10/15/29

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

United

States

110,000

$

106,717

b

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Note

,

144A,

6.25 %

,

1/15/30

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

United

States

2,600,000

2,654,384

b

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note

,

144A,

8.375 %

,

6/01/31

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

United

States

230,000

236,329

Viper

Energy

Partners

LLC

,

Senior

Bond,

5.7%,

8/01/35

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

United

States

618,000

630,613

Senior

Note,

4.9%,

8/01/30

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

United

States

583,000

588,524

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.6 %

,

3/15/35

........

United

States

975,000

1,012,263

34,028,496

#### Paper

#### &

#### Forest

#### Products

#### 0.2%
b

Georgia-Pacific

LLC

,

Senior

Note,

144A,

0.95%,

5/15/26

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

United

States

457,000

449,699

Senior

Note,

144A,

4.95%,

6/30/32

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

United

States

805,000

825,694

b

Magnera

Corp.

,

Senior

Note

,

144A,

4.75 %

,

11/15/29

.........

United

States

1,130,000

942,121

2,217,514

#### Passenger

#### Airlines

#### 0.2%
b

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021 %

,

10/20/29

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

United

States

1,790,000

1,785,648

#### Personal

#### Care

#### Products

#### 0.3%
Haleon

US

Capital

LLC

,

Senior

Note

,

3.375 %

,

3/24/27

.......

United

States

1,331,000

1,319,593

Kenvue,

Inc.

,

Senior

Note,

4.85%,

5/22/32

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

United

States

460,000

466,187

Senior

Note,

4.9%,

3/22/33

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

United

States

1,720,000

1,738,754

3,524,534

#### Pharmaceuticals

#### 1.0%
Bristol-Myers

Squibb

Co.

,

Senior

Bond,

5.2%,

2/22/34

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

United

States

744,000

773,213

Senior

Note,

4.9%,

2/22/29

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

United

States

1,685,000

1,729,532

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond,

4.75%,

5/19/33

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

United

States

613,000

620,608

Senior

Bond,

5.3%,

5/19/53

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

United

States

854,000

826,658

Pharmacia

LLC

,

Senior

Bond

,

6.6 %

,

12/01/28

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

United

States

1,780,000

1,911,277

Royalty

Pharma

plc

,

Senior

Bond,

5.4%,

9/02/34

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

United

States

1,168,000

1,194,557

Senior

Bond,

5.2%,

9/25/35

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

United

States

260,000

260,577

Senior

Note,

5.15%,

9/02/29

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

United

States

982,000

1,007,435

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note,

5.125%,

5/09/29

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

Israel

200,000

201,399

Senior

Note,

8.125%,

9/15/31

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

Israel

220,000

252,448

Wyeth

LLC

,

Senior

Bond

,

5.95 %

,

4/01/37

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

United

States

233,000

252,614

Zoetis,

Inc.

,

Senior

Bond,

2%,

5/15/30

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

United

States

244,000

222,317

Senior

Bond,

5%,

8/17/35

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

United

States

2,335,000

2,359,914

11,612,549

#### Professional

#### Services

#### 0.2%
b

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

6/15/33

..

United

States

195,000

202,989

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

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)

#### Professional

#### Services
(continued)

Paychex,

Inc.

,

Senior

Note

,

5.1 %

,

4/15/30

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

United

States

1,510,000

$

1,553,047

1,756,036

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.5%
Broadcom,

Inc.

,

Senior

Note

,

5.05 %

,

7/12/29

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

United

States

434,000

447,029

b

Foundry

JV

Holdco

LLC

,

Senior

Secured

Note,

144A,

5.5%,

1/25/31

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

United

States

365,000

378,802

Senior

Secured

Note,

144A,

6.15%,

1/25/32

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

United

States

1,392,000

1,485,193

Senior

Secured

Note,

144A,

5.9%,

1/25/33

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

United

States

550,000

579,434

Intel

Corp.

,

Senior

Bond

,

4.15 %

,

8/05/32

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

United

States

1,685,000

1,628,290

Marvell

Technology,

Inc.

,

Senior

Note,

5.75%,

2/15/29

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

United

States

637,000

665,317

Senior

Note,

4.75%,

7/15/30

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

United

States

135,000

136,675

Senior

Note,

5.95%,

9/15/33

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

United

States

520,000

556,036

5,876,776

#### Software

#### 0.7%
Oracle

Corp.

,

Senior

Bond,

2.875%,

3/25/31

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

United

States

842,000

767,750

Senior

Bond,

3.65%,

3/25/41

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

United

States

1,308,000

1,016,368

Senior

Bond,

4%,

11/15/47

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

United

States

48,000

35,870

Senior

Bond,

3.95%,

3/25/51

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

United

States

330,000

235,438

Senior

Note,

1.65%,

3/25/26

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

United

States

337,000

333,738

Senior

Note,

2.3%,

3/25/28

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

United

States

2,276,000

2,177,026

Senior

Note,

4.45%,

9/26/30

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

United

States

570,000

565,425

Senior

Note,

4.8%,

9/26/32

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

United

States

760,000

752,394

ServiceNow,

Inc.

,

Senior

Bond

,

1.4 %

,

9/01/30

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

United

States

412,000

361,288

Synopsys,

Inc.

,

Senior

Bond,

5.15%,

4/01/35

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

United

States

1,185,000

1,204,242

Senior

Bond,

5.7%,

4/01/55

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

United

States

90,000

90,994

VMware

LLC

,

Senior

Note

,

1.4 %

,

8/15/26

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

United

States

466,000

456,453

7,996,986

#### Specialized

#### REITs

#### 1.1%
American

Tower

Corp.

,

Senior

Bond,

2.9%,

1/15/30

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

United

States

1,095,000

1,034,134

Senior

Bond,

2.7%,

4/15/31

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

United

States

1,651,000

1,507,589

Senior

Note,

2.75%,

1/15/27

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

United

States

1,724,000

1,695,490

Crown

Castle,

Inc.

,

Senior

Bond,

3.65%,

9/01/27

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

United

States

953,000

943,454

Senior

Bond,

3.8%,

2/15/28

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

United

States

777,000

768,884

Senior

Note,

4.9%,

9/01/29

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

United

States

1,151,000

1,168,030

EPR

Properties

,

Senior

Bond,

4.5%,

6/01/27

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

United

States

407,000

407,139

Senior

Bond,

3.6%,

11/15/31

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

United

States

498,000

460,142

Equinix,

Inc.

,

Senior

Bond

,

3.2 %

,

11/18/29

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

United

States

2,563,000

2,460,000

Extra

Space

Storage

LP

,

Senior

Note

,

5.9 %

,

1/15/31

.........

United

States

1,255,000

1,333,787

SBA

Communications

Corp.

,

Senior

Note

,

3.125 %

,

2/01/29

....

United

States

120,000

113,532

11,892,181

#### Specialty

#### Retail

#### 0.2%
Bath

&

Body

Works,

Inc.

,

Senior

Bond

,

6.875 %

,

11/01/35

.....

United

States

1,000,000

1,047,348

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Specialty

#### Retail
(continued)

Dick's

Sporting

Goods,

Inc.

,

Senior

Bond,

3.15%,

1/15/32

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

United

States

730,000

$

670,479

Senior

Bond,

4.1%,

1/15/52

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

United

States

1,055,000

787,835

2,505,662

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.3%
Hewlett

Packard

Enterprise

Co.

,

Senior

Note,

4.55%,

10/15/29

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

United

States

786,000

790,714

Senior

Note,

4.85%,

10/15/31

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

United

States

914,000

923,763

b

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note

,

144A,

5.875 %

,

7/15/30

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

United

States

890,000

914,075

2,628,552

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.2%
PVH

Corp.

,

Senior

Note

,

5.5 %

,

6/13/30

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

United

States

88,000

89,669

Tapestry,

Inc.

,

Senior

Bond,

3.05%,

3/15/32

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

United

States

250,000

226,064

Senior

Bond,

5.5%,

3/11/35

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

United

States

841,000

856,880

Senior

Note,

5.1%,

3/11/30

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

United

States

694,000

711,147

1,883,760

#### Tobacco

#### 0.4%
BAT

Capital

Corp.

,

Senior

Note

,

4.625 %

,

3/22/33

...........

United

Kingdom

1,185,000

1,171,060

Philip

Morris

International,

Inc.

,

Senior

Note,

5.125%,

2/15/30

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

United

States

2,232,000

2,304,756

Senior

Note,

4.375%,

4/30/30

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

United

States

390,000

391,573

Senior

Note,

4.75%,

11/01/31

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

United

States

780,000

793,918

4,661,307

#### Trading

#### Companies

#### &

#### Distributors

#### 0.5%
Air

Lease

Corp.

,

Senior

Note

,

5.85 %

,

12/15/27

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

United

States

1,494,000

1,535,992

b

Aviation

Capital

Group

LLC

,

Senior

Note,

144A,

5.375%,

7/15/29

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

United

States

1,552,000

1,588,809

Senior

Note,

144A,

5.125%,

4/10/30

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

United

States

960,000

974,886

b

Boise

Cascade

Co.

,

Senior

Note

,

144A,

4.875 %

,

7/01/30

.....

United

States

110,000

108,626

b

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

5.5 %

,

7/15/27

........

United

States

105,000

105,046

b

Imola

Merger

Corp.

,

Senior

Secured

Note

,

144A,

4.75 %

,

5/15/29

United

States

115,000

113,455

4,426,814

#### Wireless

#### Telecommunication

#### Services

#### 1.0%
Rogers

Communications,

Inc.

,

Senior

Note,

5%,

2/15/29

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

Canada

1,882,000

1,916,826

Senior

Note,

3.8%,

3/15/32

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

Canada

580,000

546,853

Sub.

Bond,

7.125%

to

4/14/35,

FRN

thereafter,

4/15/55

.....

Canada

765,000

819,151

NC5,

Sub.

Bond,

7%

to

4/14/30,

FRN

thereafter,

4/15/55

....

Canada

1,535,000

1,606,920

T-Mobile

USA,

Inc.

,

Senior

Bond,

5.05%,

7/15/33

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

United

States

334,000

339,771

Senior

Bond,

5.75%,

1/15/54

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

United

States

243,000

242,097

Senior

Note,

3.75%,

4/15/27

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

United

States

1,976,000

1,965,335

Senior

Note,

3.375%,

4/15/29

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

United

States

1,307,000

1,270,669

Senior

Note,

3.875%,

4/15/30

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

United

States

34,000

33,313

Senior

Note,

6.7%,

12/15/33

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

United

States

705,000

788,868

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

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)

#### Wireless

#### Telecommunication

#### Services
(continued)

b

Vmed

O2

UK

Financing

I

plc

,

Senior

Secured

Bond

,

144A,

4.75 %

,

7/15/31

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

United

Kingdom

210,000

$

194,527

9,724,330

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $410,913,728)
...................................

#### 416,120,933
g

#### Senior

#### Floating

#### Rate

#### Interests

#### 3.3%

#### Aerospace

#### &

#### Defense

#### 0.1%
h

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

L,

6.502%,

(3-month

SOFR

+

2.5%),

1/19/32

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

United

States

1,069,200

1,071,109

#### Air

#### Freight

#### &

#### Logistics

#### 0.0%

#### †
h

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B,

7.002%,

(3-month

SOFR

+

3%),

3/18/30

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

United

States

268,523

264,048

#### Broadline

#### Retail

#### 0.1%
f,h

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B8,

6.017%,

(12-month

SOFR

+

2.25%),

9/29/32

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

Netherlands

457,217

458,075

#### Building

#### Products

#### 0.0%

#### †
h

TAMKO

Building

Products

LLC,

First

Lien,

2024

CME

Term

Loan,

6.663%,

(3-month

SOFR

+

2.75%;

6-month

SOFR

+

2.75%),

9/20/30

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

United

States

347,375

348,785

#### Capital

#### Markets

#### 0.1%
f,h

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan,

6.197%,

(3-month

SOFR

+

2%),

12/15/31

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

United

States

1,000,000

991,935

h

#### Chemicals

#### 0.0%

#### †
Albaugh

LLC,

First

Lien,

Initial

CME

Term

Loan,

7.715%,

(1-month

SOFR

+

3.75%),

4/06/29

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

United

States

299,225

295,734

Nouryon

Finance

BV,

First

Lien,

November

2024

Dollar

CME

Term

Loan,

B2,

7.162%,

(3-month

SOFR

+

3.25%),

4/03/28

..

Netherlands

103,172

103,221

398,955

a

a

a

a

a

a

h

#### Commercial

#### Services

#### &

#### Supplies

#### 0.2%
Clean

Harbors,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

5.465%,

(1-month

SOFR

+

1.5%),

9/24/32

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

United

States

998,594

1,003,512

f

Prime

Security

Services

Borrower

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan,

B2,

5.856%,

(1-month

SOFR

+

1.75%),

3/08/32

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

United

States

1,000,000

995,625

1,999,137

a

a

a

a

a

a

#### Containers

#### &

#### Packaging

#### 0.1%
h

Owens-Brockway

Glass

Container,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

6.838%,

(3-month

SOFR

+

3%),

9/30/32

.........

United

States

494,560

494,352

h

#### Electric

#### Utilities

#### 0.2%
f

Alpha

Generation

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

5.965%,

(1-month

SOFR

+

2%),

9/30/31

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

United

States

1,000,000

1,002,385

f

Constellation

Renewables

LLC,

First

Lien,

CME

Term

Loan,

6.449%,

(3-month

SOFR

+

2.25%),

12/15/27

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

United

States

630,738

631,132

1,633,517

a

a

a

a

a

a

h

#### Entertainment

#### 0.2%
Live

Nation

Entertainment,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B,

5.767%,

(12-month

SOFR

+

2%),

10/21/32

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

United

States

813,008

814,024

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

g

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

h

#### Entertainment
(continued)

f

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1,

6.829%,

(1-month

SOFR

+

2.75%),

3/13/28

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

United

States

1,000,000

$

979,820

1,793,844

a

a

a

a

a

a

h

#### Financial

#### Services

#### 0.2%
Colossus

Acquireco

LLC,

First

Lien,

Initial

CME

Term

Loan,

5.87%,

(1-day

SOFR

+

1.75%),

7/30/32

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

United

States

1,000,000

996,785

f

Corpay

Technologies

Operating

Co.

LLC,

First

Lien,

CME

Term

Loan,

B,

5.509%,

(12-month

SOFR

+

1.75%),

10/04/32

.....

United

States

354,610

354,500

f

GC

Ferry

Acquisition

I,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.711%,

(3-month

SOFR

+

3.5%),

8/16/32

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

United

States

854,167

853,872

2,205,157

a

a

a

a

a

a

#### Ground

#### Transportation

#### 0.2%
h

Genesee

&

Wyoming,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

5.752%,

(3-month

SOFR

+

1.75%),

4/10/31

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

United

States

2,069,200

2,066,438

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.1%
f,h

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

CME

Term

Loan,

5.965%,

(1-month

SOFR

+

2%),

10/23/28

...........

United

States

1,000,000

1,001,915

h

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.7%
1011778

BC

ULC,

First

Lien,

CME

Term

Loan,

B5,

5.715%,

(1-month

SOFR

+

1.75%),

9/20/30

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

Canada

997,475

995,964

Caesars

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

6.215%,

(1-month

SOFR

+

2.25%),

2/06/31

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

United

States

1,069,146

1,061,795

f

Entain

Holdings

Gibraltar

Ltd.,

First

Lien,

CME

Term

Loan,

B,

6.252%,

(3-month

SOFR

+

2.25%),

10/31/29

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

United

Kingdom

1,000,000

1,001,645

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

7.215%,

(1-month

SOFR

+

3.25%),

1/29/29

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

United

States

992,288

992,541

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

5.752%,

(3-month

SOFR

+

1.75%),

12/02/30

......

Ireland

1,000,000

997,250

f

Penn

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.465%,

(1-month

SOFR

+

2.5%),

5/03/29

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

United

States

1,122,159

1,125,632

f

Raising

Cane's

Restaurants

LLC,

First

Lien,

CME

Term

Loan,

B,

5.683%,

(12-month

SOFR

+

2%),

10/25/32

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

United

States

709,939

709,790

6,884,617

a

a

a

a

a

a

#### Household

#### Durables

#### 0.1%
h

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

7.252%,

(3-month

SOFR

+

3.25%),

1/16/32

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

Netherlands

965,361

969,237

h

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.2%
f

Calpine

Corp.,

First

Lien,

2024

CME

Term

Loan,

5.715%,

(1-month

SOFR

+

1.75%),

1/31/31

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

United

States

1,000,000

1,000,275

f

Talen

Energy

Supply

LLC,

First

Lien,

CME

Term

Loan,

B,

5.759%,

(12-month

SOFR

+

2%),

10/12/32

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

United

States

1,012,732

1,013,365

2,013,640

a

a

a

a

a

a

#### Insurance

#### 0.1%
h

USI,

Inc.,

First

Lien,

2024-D

CME

Term

Loan,

6.252%,

(3-month

SOFR

+

2.25%),

11/21/29

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

United

States

1,059,300

1,061,816

h

#### Media

#### 0.2%
f

Charter

Communications

Operating

LLC,

First

Lien,

CME

Term

Loan

B5,

6.235%,

(3-month

SOFR

+

2.25%),

12/15/31

......

United

States

1,000,000

999,490

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

g

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

h

#### Media
(continued)

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

9.82%,

(3-month

SOFR

+

5.25%),

8/02/29

........

United

States

32,116

$

32,210

f

Nexstar

Media,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.465%,

(1-month

SOFR

+

2.5%),

6/28/32

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

United

States

1,000,000

1,002,110

2,033,810

a

a

a

a

a

a

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.1%
f,h

CQP

Holdco

LP,

First

Lien,

Initial

CME

Term

Loan,

6.002%,

(3-month

SOFR

+

2%),

12/31/30

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

United

States

1,000,000

1,003,010

h

#### Passenger

#### Airlines

#### 0.1%
AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

2025

Incremental

CME

Term

Loan,

7.134%,

(3-month

SOFR

+

3.25%),

5/28/32

.....

United

States

119,400

119,997

f

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan,

6.134%,

(3-month

SOFR

+

2.25%),

4/20/28

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

United

States

1,000,000

1,002,275

1,122,272

a

a

a

a

a

a

#### Professional

#### Services

#### 0.1%
f,h

SS&C

Technologies,

Inc.,

First

Lien,

CME

Term

Loan,

B8,

5.683%,

(12-month

SOFR

+

2%),

5/09/31

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

United

States

975,610

978,863

h

#### Software

#### 0.2%
f

Gen

Digital,

Inc.,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan,

B,

5.715%,

(1-month

SOFR

+

1.75%),

4/16/32

United

States

1,000,000

999,530

Proofpoint,

Inc.,

First

Lien,

CME

Term

Loan,

6.965%,

(1-month

SOFR

+

3%),

8/31/28

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

United

States

102,638

103,267

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.338%,

(3-month

SOFR

+

2.5%),

2/10/31

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

United

States

1,047,068

1,048,131

2,150,928

a

a

a

a

a

a

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.0%

#### †
h

Samsonite

Group

SA,

First

Lien,

CME

Term

Loan,

B,

5.683%,

(12-month

SOFR

+

2%),

10/01/32

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

United

States

387,597

388,081

#### Trading

#### Companies

#### &

#### Distributors

#### 0.0%

#### †
f,h

QXO

Building

Products,

Inc.,

First

Lien,

CME

Term

Loan,

B,

6.183%,

(12-month

SOFR

+

2.5%),

4/30/32

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

United

States

174,673

175,184

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $33,476,398)
........................

#### 33,508,725

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 2.6%
b

Bank

Gospodarstwa

Krajowego

,

Senior

Bond

,

Reg

S,

5.375 %

,

5/22/33

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

Poland

400,000

418,455

b

Benin

Government

Bond

,

Senior

Bond,

Reg

S,

4.875%,

1/19/32

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

Benin

431,000

EUR

477,287

Senior

Bond,

Reg

S,

4.95%,

1/22/35

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

Benin

210,000

EUR

226,726

Brazil

Government

Bond

,

Senior

Bond,

3.875%,

6/12/30

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

Brazil

1,188,000

1,142,143

Senior

Bond,

6%,

10/20/33

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

Brazil

290,000

297,250

b

Bulgaria

Government

Bond

,

Senior

Bond,

Reg

S,

5%,

3/05/37

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

Bulgaria

300,000

301,781

Senior

Note,

Reg

S,

3.625%,

9/05/32

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

Bulgaria

200,000

EUR

238,905

Chile

Government

Bond

,

Senior

Bond,

5.65%,

1/13/37

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

Chile

200,000

212,240

Senior

Note,

4.85%,

1/22/29

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

Chile

530,000

542,667

Colombia

Government

Bond

,

Senior

Bond,

3.125%,

4/15/31

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

Colombia

700,000

615,720

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities
(continued)

Colombia

Government

Bond,

(continued)

Senior

Bond,

7.5%,

2/02/34

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

Colombia

560,000

$

595,252

Comision

Federal

de

Electricidad

,

b

Senior

Bond,

Reg

S,

3.875%,

7/26/33

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

Mexico

800,000

709,050

Corp.

Nacional

del

Cobre

de

Chile

,

b

Senior

Bond,

144A,

6.33%,

1/13/35

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

Chile

510,000

545,394

b

Dominican

Republic

Government

Bond

,

Senior

Bond,

Reg

S,

5.95%,

1/25/27

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

Dominican

Republic

600,000

609,480

Senior

Bond,

Reg

S,

4.875%,

9/23/32

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

Dominican

Republic

640,000

614,752

b

Eagle

Funding

Luxco

SARL

,

Senior

Note

,

144A,

5.5 %

,

8/17/30

.

Mexico

350,000

356,003

Ecopetrol

SA

,

Senior

Bond

,

4.625 %

,

11/02/31

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

Colombia

340,000

305,208

b,d

Electricite

de

France

SA

,

Junior

Sub.

Bond

,

144A,

9.125%

to

6/14/33,

FRN

thereafter

,

Perpetual

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

France

210,000

243,404

b

Guatemala

Government

Bond

,

Senior

Bond,

Reg

S,

6.6%,

6/13/36

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

Guatemala

780,000

842,400

Senior

Note,

144A,

7.05%,

10/04/32

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

Guatemala

720,000

797,850

b

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25 %

,

6/16/29

Hungary

650,000

665,172

Indonesia

Government

Bond

,

b

Senior

Bond,

Reg

S,

4.35%,

1/08/27

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

Indonesia

1,075,000

1,080,023

b

Ivory

Coast

Government

Bond

,

Senior

Bond

,

Reg

S,

6.125 %

,

6/15/33

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

Ivory

Coast

810,000

789,863

b

Kazakhstan

Government

Bond

,

Senior

Bond

,

Reg

S,

4.714 %

,

4/09/35

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

Kazakhstan

650,000

643,260

Mexico

Government

Bond

,

Senior

Bond

,

2.659 %

,

5/24/31

.....

Mexico

1,250,000

1,120,375

Panama

Government

Bond

,

Senior

Note,

7.5%,

3/01/31

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

Panama

830,000

920,885

b

Paraguay

Government

Bond

,

Senior

Bond,

144A,

3.849%,

6/28/33

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

Paraguay

690,000

651,877

Senior

Bond,

Reg

S,

4.7%,

3/27/27

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

Paraguay

650,000

654,641

Peru

Government

Bond

,

Senior

Bond

,

2.783 %

,

1/23/31

.......

Peru

1,420,000

1,316,056

b

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

,

Senior

Bond

,

Reg

S,

5.45 %

,

5/21/28

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

Indonesia

650,000

667,776

Petroleos

Mexicanos

,

Senior

Note

,

6.7 %

,

2/16/32

...........

Mexico

360,000

359,916

Philippines

Government

Bond

,

Senior

Bond,

5.5%,

2/04/35

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

Philippines

910,000

970,018

b

Power

Finance

Corp.

Ltd.

,

Senior

Bond

,

Reg

S,

3.95 %

,

4/23/30

.

India

700,000

682,661

b

Romania

Government

Bond

,

Senior

Bond,

Reg

S,

5.625%,

2/22/36

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

Romania

600,000

EUR

682,200

Senior

Note,

144A,

3%,

2/27/27

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

Romania

950,000

933,110

South

Africa

Government

Bond

,

Senior

Bond,

4.85%,

9/27/27

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

South

Africa

550,000

556,860

Senior

Bond,

4.85%,

9/30/29

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

South

Africa

330,000

330,096

Senior

Bond,

5.875%,

4/20/32

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

South

Africa

210,000

216,656

b

Southern

Gas

Corridor

CJSC

,

Senior

Bond

,

Reg

S,

6.875 %

,

3/24/26

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

Azerbaijan

620,000

626,804

Turkiye

Government

Bond

,

Senior

Bond

,

5.95 %

,

1/15/31

......

Turkiye

910,000

911,243

c

Uruguay

Government

Bond

,

Senior

Bond

,

PIK,

7.875 %

,

1/15/33

Uruguay

1,300,000

1,564,628

b

Uzbekistan

Government

Bond

,

Senior

Note

,

144A,

6.9 %

,

2/28/32

Uzbekistan

560,000

608,417

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $26,007,468)
............

#### 27,044,504
Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

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

#### 12.7%

#### Capital

#### Markets

#### 0.2%
b,h

Magnetite

XL

Ltd.

,

2024-40A

,

A1

,

144A,

FRN

,

5.355 %

,

(3-month

SOFR

+

1.45 %),

7/15/37

.

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

United

States

2,000,000

$

2,009,092

#### Commercial

#### Services

#### &

#### Supplies

#### 0.1%
b,h

Trestles

CLO

IV

Ltd.

,

2021-4A

,

A

,

144A,

FRN

,

5.302 %

,

(3-month

SOFR

+

1.432 %),

7/21/34

.

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

United

States

1,350,000

1,351,501

#### Consumer

#### Finance

#### 2.5%
BA

Credit

Card

Trust

,

2024-A1

,

A

,

4.93 %

,

5/15/29

.

..........

United

States

5,680,000

5,768,828

Capital

One

Prime

Auto

Receivables

Trust

,

2022-1,

A3,

3.17%,

4/15/27

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

United

States

766,455

765,202

f

2025-1,

A3,

3.85%,

7/15/30

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

United

States

605,000

605,911

b

Carvana

Auto

Receivables

Trust

,

2023-P3

,

A3

,

144A,

5.82 %

,

8/10/28

.

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

United

States

593,559

597,355

GM

Financial

Consumer

Automobile

Receivables

Trust

,

2023-1,

A3,

4.66%,

2/16/28

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

United

States

431,996

433,054

2024-2,

A3,

5.1%,

3/16/29

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

United

States

2,147,000

2,164,213

Harley-Davidson

Motorcycle

Trust

,

2024-A

,

A3

,

5.37 %

,

3/15/29

.

United

States

1,437,914

1,451,333

Hyundai

Auto

Receivables

Trust

,

2023-A,

A3,

4.58%,

4/15/27

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

United

States

692,220

692,870

2024-A,

A3,

4.99%,

2/15/29

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

United

States

4,042,000

4,078,237

h

2025-C,

A2B,

FRN,

4.584%,

(30-day

SOFR

Average

+

0.35%),

7/17/28

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

United

States

3,863,000

3,865,832

Toyota

Auto

Receivables

Owner

Trust

,

2023-C,

A3,

5.16%,

4/17/28

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

United

States

677,401

681,378

2024-A,

A3,

4.83%,

10/16/28

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

United

States

2,744,790

2,760,542

h

2025-D,

A2B,

FRN,

4.497%,

(30-day

SOFR

Average

+

0.32%),

8/15/28

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

United

States

1,044,000

1,044,321

World

Omni

Auto

Receivables

Trust

,

2025-C

,

A3

,

4.08 %

,

11/15/30

.

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

United

States

1,037,000

1,040,852

25,949,928

a

a

a

a

a

a

#### Financial

#### Services

#### 9.9%
b,h

AGL

Core

CLO

Ltd.

,

2024-31A

,

A

,

144A,

FRN

,

5.284 %

,

(3-month

SOFR

+

1.4 %),

7/20/37

.

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

United

States

750,000

752,414

b,h

AIMCO

CLO

Ltd.

,

2022-17A

,

A1R

,

144A,

FRN

,

5.207 %

,

(3-month

SOFR

+

1.35 %),

7/20/37

.

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

Jersey

1,850,000

1,855,107

b,h

Allegro

CLO

XII

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.31 %

,

(3-month

SOFR

+

1.44 %),

7/21/37

.

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

United

States

800,000

801,982

b,h

Apex

Credit

CLO

Ltd.

,

2024-2A

,

A

,

144A,

FRN

,

5.378 %

,

(3-month

SOFR

+

1.52 %),

7/25/37

.

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

United

States

1,500,000

1,504,787

b,h

Bain

Capital

CLO

Ltd.

,

2024-1A

,

A1

,

144A,

FRN

,

5.444 %

,

(3-month

SOFR

+

1.55 %),

4/16/37

.

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

Jersey

551,000

552,944

b,h

Bain

Capital

Credit

CLO

Ltd.

,

2022-2A

,

A1R

,

144A,

FRN

,

5.007 %

,

(3-month

SOFR

+

1.15 %),

4/22/35

.

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

United

States

900,000

900,852

b

Bank

of

America

Auto

Trust

,

2023-2A

,

A4

,

144A,

5.66 %

,

11/15/29

.

United

States

882,000

897,916

b

Bayview

Opportunity

Master

Fund

VII

Trust

,

2023-1A

,

A

,

144A,

6.93 %

,

10/28/60

.

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

United

States

1,028,770

1,058,155

b,h

BDS

Ltd.

,

2021-FL10

,

A

,

144A,

FRN

,

5.488 %

,

(1-month

SOFR

+

1.464 %),

12/16/36

.

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

United

States

403,451

403,823

b,h

Beechwood

Park

CLO

Ltd.

,

2019-1A

,

A2RR

,

144A,

FRN

,

Zero

Cpn.,

(3-month

SOFR

+

1.33 %),

1/17/35

.

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

Jersey

2,500,000

2,500,000

b,h

Birch

Grove

CLO

Ltd.

,

2021-2A

,

A1R

,

144A,

FRN

,

5.284 %

,

(3-month

SOFR

+

1.4 %),

10/19/37

.

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

United

States

1,750,000

1,755,743

b,h

Birch

Grove

CLO

Ltd.

,

2024-8A

,

A1

,

144A,

FRN

,

5.514 %

,

(3-month

SOFR

+

1.63 %),

4/20/37

.

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

Jersey

1,500,000

1,507,208

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,h

Black

Diamond

CLO

Ltd.

,

2021-1A

,

A1AR

,

144A,

FRN

,

5.107 %

,

(3-month

SOFR

+

1.25 %),

11/22/34

.

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

United

States

400,000

$

400,474

b,h

BRAVO

Residential

Funding

Trust

,

2025-HE1

,

A1

,

144A,

FRN

,

5.533 %

,

(30-day

SOFR

Average

+

1.35 %),

9/25/72

.

........

United

States

1,196,000

1,196,894

CarMax

Auto

Owner

Trust

,

2024-2

,

A3

,

5.5 %

,

1/16/29

.

........

United

States

1,592,000

1,614,017

b,h

Cathedral

Lake

VIII

Ltd.

,

2021-8A

,

A1

,

144A,

FRN

,

5.366 %

,

(3-month

SOFR

+

1.482 %),

1/20/35

.

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

United

States

1,880,000

1,882,279

b,h

CBAM

Ltd.

,

2017-2A,

AR,

144A,

FRN,

5.333%,

(3-month

SOFR

+

1.452%),

7/17/34

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

United

States

1,650,000

1,651,877

2020-12A,

AR,

144A,

FRN,

5.326%,

(3-month

SOFR

+

1.442%),

7/20/34

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

United

States

750,000

750,844

b

Chase

Auto

Owner

Trust

,

2024-1A

,

A3

,

144A,

5.13 %

,

5/25/29

.

..

United

States

3,926,115

3,960,127

b,h

CIFC

Funding

Ltd.

,

2014-2RA,

AR,

144A,

FRN,

5.225%,

(3-month

SOFR

+

1.36%),

10/24/37

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

United

States

1,500,000

1,504,444

2020-1A,

A1R,

144A,

FRN,

5.316%,

(3-month

SOFR

+

1.412%),

7/15/36

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

United

States

2,520,000

2,523,136

2021-4A,

AR,

144A,

FRN,

5.22%,

(3-month

SOFR

+

1.36%),

7/23/37

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

United

States

1,650,000

1,654,578

2021-7A,

AR,

144A,

FRN,

4.95%,

(3-month

SOFR

+

1.09%),

1/23/35

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

United

States

3,967,000

3,969,847

b

Citizens

Auto

Receivables

Trust

,

2023-2

,

A3

,

144A,

5.83 %

,

2/15/28

.

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

United

States

330,298

332,767

b

Compass

Datacenters

Issuer

II

LLC

,

2024-2A,

A1,

144A,

5.022%,

8/25/49

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

United

States

1,451,000

1,458,956

2025-1A,

A1,

144A,

5.316%,

5/25/50

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

United

States

504,000

512,271

f

2025-2A,

A1,

144A,

4.926%,

11/25/50

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

United

States

2,094,000

2,101,210

b,h

Crown

Point

CLO

Ltd.

,

2021-10A

,

A

,

144A,

FRN

,

5.316 %

,

(3-month

SOFR

+

1.432 %),

7/20/34

.

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

United

States

250,000

250,276

b

DataBank

Issuer

II

LLC

,

2025-1A

,

A2

,

144A,

5.18 %

,

9/27/55

.

...

United

States

2,660,000

2,665,822

b,h

Diameter

Capital

CLO

Ltd.

,

2024-7A

,

A1A

,

144A,

FRN

,

5.364 %

,

(3-month

SOFR

+

1.48 %),

7/20/37

.

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

United

States

1,600,000

1,607,320

b,h

Elevation

CLO

Ltd.

,

2018-10A,

AR,

144A,

FRN,

4.804%,

(3-month

SOFR

+

0.92%),

10/20/31

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

United

States

235,417

235,673

2021-13A,

A1R,

144A,

FRN,

4.965%,

(3-month

SOFR

+

1.06%),

7/15/34

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

United

States

700,000

700,412

b,h

Elmwood

CLO

Ltd.

,

2024-3A

,

A

,

144A,

FRN

,

5.404 %

,

(3-month

SOFR

+

1.52 %),

4/18/37

.

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

United

States

1,250,000

1,255,625

b,h

Elmwood

CLO

Ltd.

,

2024-9RA

,

AR

,

144A,

FRN

,

5.25 %

,

(3-month

SOFR

+

1.38 %),

10/21/37

.

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

United

States

1,500,000

1,504,264

b,h

Elmwood

CLO

I

Ltd.

,

2019-1A

,

A1RR

,

144A,

FRN

,

5.404 %

,

(3-month

SOFR

+

1.52 %),

4/20/37

.

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

United

States

1,400,000

1,405,567

b,h

Elmwood

CLO

III

Ltd.

,

2019-3A

,

A1RR

,

144A,

FRN

,

5.264 %

,

(3-month

SOFR

+

1.38 %),

7/18/37

.

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

United

States

1,700,000

1,704,859

b

FIGRE

Trust

,

2025-FL1

,

A1

,

144A,

5.265 %

,

7/25/55

.

.........

United

States

302,632

303,292

Ford

Credit

Auto

Owner

Trust

,

2024-A,

A3,

5.09%,

12/15/28

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

United

States

5,827,000

5,877,221

2024-B,

A3,

5.1%,

4/15/29

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

United

States

3,669,000

3,717,531

b,h

GoldenTree

Loan

Management

US

CLO

Ltd.

,

2021-9A

,

AR

,

144A,

FRN

,

5.384 %

,

(3-month

SOFR

+

1.5 %),

4/20/37

.

.....

United

States

1,500,000

1,507,275

b

GreenState

Auto

Receivables

Trust

,

2024-1A

,

A3

,

144A,

5.19 %

,

1/16/29

.

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

United

States

2,000,000

2,014,431

b

GS

Mortgage-Backed

Securities

Trust

,

2025-CES2

,

A1

,

144A,

5.18 %

,

9/25/55

.

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

United

States

222,091

222,379

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

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)

Honda

Auto

Receivables

Owner

Trust

,

2023-3

,

A3

,

5.41 %

,

2/18/28

.

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

United

States

2,061,987

$

2,077,446

b,h

ICG

US

CLO

Ltd.

,

2017-1A

,

ARR

,

144A,

FRN

,

5.291 %

,

(3-month

SOFR

+

1.432 %),

7/28/34

.

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

United

States

2,500,000

2,501,222

b,h

KKR

CLO

Ltd.

,

2022-43A

,

A1R

,

144A,

FRN

,

5.655 %

,

(3-month

SOFR

+

1.75 %),

1/15/36

.

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

Jersey

1,150,000

1,153,842

b

LAD

Auto

Receivables

Trust

,

2023-3A

,

A3

,

144A,

6.12 %

,

9/15/27

.

United

States

41,063

41,086

b,h

Magnetite

XXXVII

Ltd.

,

2023-37A

,

A

,

144A,

FRN

,

5.534 %

,

(3-month

SOFR

+

1.65 %),

10/20/36

.

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

United

States

500,000

500,000

b,h

MF1

Ltd.

,

2021-FL6

,

A

,

144A,

FRN

,

5.246 %

,

(1-month

SOFR

+

1.214 %),

7/16/36

.

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

United

States

2,819

2,824

b,h

Nassau

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.456 %

,

(3-month

SOFR

+

1.552 %),

1/15/35

.

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

United

States

246,669

246,972

b,h

Neuberger

Berman

CLO

XVII

Ltd.

,

2014-17A

,

AR3

,

144A,

FRN

,

5.257 %

,

(3-month

SOFR

+

1.4 %),

7/22/38

.

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

United

States

1,000,000

1,002,927

b

NRZ

Excess

Spread-Collateralized

Notes

,

2020-PLS1

,

A

,

144A,

3.844 %

,

12/25/25

.

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

United

States

358,861

358,052

b,h

Oaktree

CLO

Ltd.

,

2021-1A

,

A1R

,

144A,

FRN

,

5.255 %

,

(3-month

SOFR

+

1.35 %),

1/15/38

.

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

United

States

1,089,000

1,091,160

b

OCCU

Auto

Receivables

Trust

,

2025-1A

,

A3

,

144A,

4.81 %

,

11/15/29

.

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

United

States

1,706,000

1,717,121

b,h

Ready

Capital

Mortgage

Financing

LLC

,

2021-FL7,

A,

144A,

FRN,

5.306%,

(1-month

SOFR

+

1.314%),

11/25/36

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

United

States

171,100

170,790

2021-FL7,

AS,

144A,

FRN,

5.606%,

(1-month

SOFR

+

1.614%),

11/25/36

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

United

States

3,900,000

3,896,141

b,h

RR

Ltd.

,

2024-29RA

,

A1R

,

144A,

FRN

,

5.295 %

,

(3-month

SOFR

+

1.39 %),

7/15/39

.

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

United

States

1,150,000

1,153,154

b,h

Signal

Peak

CLO

Ltd.

,

2018-5A

,

A1R

,

144A,

FRN

,

5.408 %

,

(3-month

SOFR

+

1.55 %),

4/25/37

.

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

United

States

1,900,000

1,909,199

b,h

Sound

Point

CLO

XXVI

Ltd.

,

2020-1A

,

AR

,

144A,

FRN

,

5.316 %

,

(3-month

SOFR

+

1.432 %),

7/20/34

.

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

United

States

2,460,000

2,462,783

b,h

Sound

Point

CLO

XXXII

Ltd.

,

2021-4A

,

A

,

144A,

FRN

,

5.27 %

,

(3-month

SOFR

+

1.412 %),

10/25/34

.

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

United

States

1,000,000

1,001,196

b,h

TICP

CLO

XII

Ltd.

,

2018-12A

,

BR

,

144A,

FRN

,

5.816 %

,

(3-month

SOFR

+

1.912 %),

7/15/34

.

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

United

States

1,950,000

1,957,654

b,h

Trinitas

CLO

XV

Ltd.

,

2021-15A

,

A1R

,

144A,

FRN

,

4.977 %

,

(3-month

SOFR

+

1.12 %),

4/22/34

.

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

United

States

2,500,000

2,502,585

b,h

Trinitas

CLO

XVIII

Ltd.

,

2021-18A

,

A1R

,

144A,

FRN

,

5.104 %

,

(3-month

SOFR

+

1.22 %),

1/20/35

.

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

United

States

750,000

750,916

b

Truist

Bank

Auto

Credit-Linked

Notes

,

2025-1

,

B

,

144A,

4.728 %

,

9/26/33

.

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

United

States

1,415,799

1,415,528

b,h

Venture

CLO

Ltd.

,

2021-41A

,

A1RR

,

144A,

FRN

,

5.014 %

,

(3-month

SOFR

+

1.13 %),

1/20/34

.

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

United

States

3,100,000

3,103,245

b,h

Venture

XIX

CLO

Ltd.

,

2014-19A

,

ARR

,

144A,

FRN

,

5.426 %

,

(3-month

SOFR

+

1.522 %),

1/15/32

.

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

United

States

87,674

87,743

b,h

Venture

XV

CLO

Ltd.

,

2013-15A

,

AR3

,

144A,

FRN

,

5.346 %

,

(3-month

SOFR

+

1.442 %),

7/15/32

.

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

United

States

569,905

570,351

b,h

Voya

CLO

Ltd.

,

2024-4A

,

A1

,

144A,

FRN

,

5.234 %

,

(3-month

SOFR

+

1.35 %),

7/20/37

.

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

United

States

1,850,000

1,855,123

b,h

Wind

River

CLO

Ltd.

,

2021-4A

,

AR

,

144A,

FRN

,

5.1 %

,

(3-month

SOFR

+

1.23 %),

1/20/35

.

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

United

States

1,200,000

1,201,465

b,h

Wise

CLO

Ltd.

,

2023-2A,

A,

144A,

FRN,

5.705%,

(3-month

SOFR

+

1.8%),

1/15/37

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

United

States

1,500,000

1,508,101

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,h

Wise

CLO

Ltd.,

(continued)

2024-2A,

A,

144A,

FRN,

5.365%,

(3-month

SOFR

+

1.46%),

7/15/37

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

United

States

750,000

$

751,313

101,966,538

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $130,525,100)
............................

#### 131,277,059

#### Commercial

#### Mortgage-Backed

#### Securities

#### 5.4%

#### Financial

#### Services

#### 5.4%
b,h

AREIT

Trust

,

2022-CRE6

,

A

,

144A,

FRN

,

5.431 %

,

(30-day

SOFR

Average

+

1.25 %),

1/20/37

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

United

States

508,956

509,394

i

Banc

of

America

Commercial

Mortgage

Trust

,

2015-UBS7

,

B

,

FRN

,

4.273 %

,

9/15/48

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

United

States

4,306,000

4,162,088

i,j

BANK

,

2018-BN13,

XA,

IO,

FRN,

0.457%,

8/15/61

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

United

States

153,396,573

1,655,502

2020-BN26,

XA,

IO,

FRN,

1.19%,

3/15/63

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

United

States

38,152,977

1,466,944

i

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust

,

2016-

UB10

,

C

,

FRN

,

4.819 %

,

7/15/49

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

United

States

167,000

161,508

b

Barclays

Commercial

Mortgage

Trust

,

2019-C5,

D,

144A,

2.5%,

11/15/52

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

United

States

528,000

402,903

i

2019-C5,

F,

144A,

FRN,

2.575%,

11/15/52

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

United

States

4,179,000

2,522,614

i,j

BBCMS

Mortgage

Trust

,

2024-5C29

,

XA

,

IO,

FRN

,

1.599 %

,

9/15/57

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

United

States

22,869,994

1,220,686

b,i

CFCRE

Commercial

Mortgage

Trust

,

2011-C2,

D,

144A,

FRN,

5.249%,

12/15/47

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

United

States

113,793

112,194

2011-C2,

E,

144A,

FRN,

5.249%,

12/15/47

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

United

States

175,000

165,620

i

Citigroup

Commercial

Mortgage

Trust

,

2016-P6

,

B

,

FRN

,

4.152 %

,

12/10/49

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

United

States

1,631,000

1,528,039

COMM

Mortgage

Trust

,

b,i

2012-CR1,

D,

144A,

FRN,

5.103%,

5/15/45

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

United

States

938,857

863,060

b

2012-LC4,

E,

144A,

4.25%,

12/10/44

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

United

States

1,918,000

246,461

i

2014-CR17,

C,

FRN,

4.781%,

5/10/47

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

United

States

634,000

586,145

b,i

2014-CR17,

D,

144A,

FRN,

4.845%,

5/10/47

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

United

States

233,000

196,482

b,i

2014-CR19,

D,

144A,

FRN,

4.425%,

8/10/47

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

United

States

47,581

46,539

i,j

2014-UBS4,

XA,

IO,

FRN,

0.744%,

8/10/47

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

United

States

3,414,081

11,504

i

2014-UBS6,

C,

FRN,

4.409%,

12/10/47

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

United

States

231,413

229,176

i,j

2019-GC44,

XA,

IO,

FRN,

0.608%,

8/15/57

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

United

States

77,642,084

1,438,933

b,i,j

Credit

Suisse

Commercial

Mortgage

Trust

,

2007-C2

,

AX

,

IO,

144A,

FRN

,

0.029 %

,

1/15/49

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

United

States

5,844,628

1,266

i

CSAIL

Commercial

Mortgage

Trust

,

2015-C1,

C,

FRN,

3.83%,

4/15/50

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

United

States

1,507,000

1,375,634

j

2019-C17,

XA,

IO,

FRN,

1.309%,

9/15/52

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

United

States

53,406,580

2,026,256

i,j

CSMC

Trust

,

2016-NXSR

,

XA

,

IO,

FRN

,

0.606 %

,

12/15/49

....

United

States

82,357,716

235,815

b,i

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.351 %

,

8/10/44

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

United

States

2,955,638

2,861,331

b,h

FNMA

Multi-family

Connecticut

Avenue

Securities

Trust

,

2019-01,

M10,

144A,

FRN,

7.547%,

(30-day

SOFR

Average

+

3.364%),

10/25/49

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

United

States

2,317,889

2,356,428

2020-01,

M10,

144A,

FRN,

8.047%,

(30-day

SOFR

Average

+

3.864%),

3/25/50

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

United

States

2,905,368

2,961,262

i,j

GS

Mortgage

Securities

Trust

,

2014-GC22

,

XA

,

IO,

FRN

,

0.582 %

,

6/10/47

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

United

States

12,320,098

69,533

b,i

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

2012-C6,

E,

144A,

FRN,

4.964%,

5/15/45

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

United

States

614,000

603,956

2012-LC9,

D,

144A,

FRN,

3.57%,

12/15/47

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

United

States

737,000

701,843

k

2013-LC11,

E,

144A,

FRN,

3.25%,

4/15/46

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

United

States

2,038,000

70,017

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

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)

i

JPMBB

Commercial

Mortgage

Securities

Trust

,

2013-C12,

C,

FRN,

3.94%,

7/15/45

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

United

States

119,088

$

114,745

b

2013-C14,

D,

144A,

FRN,

4.037%,

8/15/46

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

United

States

917,000

717,968

j

2014-C22,

XA,

IO,

FRN,

0.4%,

9/15/47

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

United

States

1,217,745

j

2014-C25,

XA,

IO,

FRN,

0.46%,

11/15/47

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

United

States

4,167,700

i

JPMDB

Commercial

Mortgage

Securities

Trust

,

2018-C8,

C,

FRN,

4.756%,

6/15/51

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

United

States

387,000

350,203

j

2019-COR6,

XA,

IO,

FRN,

0.907%,

11/13/52

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

United

States

65,742,844

1,836,888

i

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

b

2012-C5,

E,

144A,

FRN,

4.638%,

8/15/45

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

United

States

461,373

452,994

2013-C10,

B,

FRN,

3.953%,

7/15/46

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

United

States

676,356

642,544

b

2013-C10,

F,

144A,

FRN,

3.953%,

7/15/46

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

United

States

2,331,000

254,869

2015-C27,

C,

FRN,

4.461%,

12/15/47

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

United

States

3,614,000

3,530,751

Morgan

Stanley

Capital

I

Trust

,

2015-UBS8,

A4,

3.809%,

12/15/48

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

United

States

163,318

162,996

i

2015-UBS8,

B,

FRN,

4.315%,

12/15/48

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

United

States

319,000

307,698

i,j

2016-BNK2,

XA,

IO,

FRN,

0.943%,

11/15/49

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

United

States

21,387,028

155,385

i,j

2016-UB12,

XA,

IO,

FRN,

0.624%,

12/15/49

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

United

States

59,123,897

205,875

i,j

2018-H3,

XA,

IO,

FRN,

0.79%,

7/15/51

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

United

States

43,045,937

723,744

i,j

2018-H4,

XA,

IO,

FRN,

0.799%,

12/15/51

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

United

States

51,522,622

1,075,319

i

2018-L1,

C,

FRN,

4.794%,

10/15/51

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

United

States

341,000

315,751

b,k

TIAA

Real

Estate

CDO

Ltd.

,

2003-1A

,

E

,

144A,

%

,

12/28/38

..

United

States

1,661,295

i,j

UBS

Commercial

Mortgage

Trust

,

2017-C7,

XA,

IO,

FRN,

0.97%,

12/15/50

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

United

States

55,422,730

949,137

2018-C12,

XA,

IO,

FRN,

0.842%,

8/15/51

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

United

States

100,449,527

1,923,377

i,j

Wachovia

Bank

Commercial

Mortgage

Trust

,

2006-C29

,

IO,

FRN

,

0.293 %

,

11/15/48

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

United

States

45,568

Wells

Fargo

Commercial

Mortgage

Trust

,

2015-C31,

AS,

4.049%,

11/15/48

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

United

States

226,631

225,992

2015-C31,

D,

3.852%,

11/15/48

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

United

States

1,409,000

1,216,150

i

2015-LC20,

C,

FRN,

4.056%,

4/15/50

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

United

States

307,678

297,954

i,j

2017-C41,

XA,

IO,

FRN,

1.151%,

11/15/50

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

United

States

75,499,749

1,313,847

i

2018-C46,

C,

FRN,

4.953%,

8/15/51

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

United

States

412,000

387,679

i,j

2019-C50,

XA,

IO,

FRN,

1.404%,

5/15/52

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

United

States

42,263,354

1,537,072

i,j

2020-C55,

XA,

IO,

FRN,

1.267%,

2/15/53

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

United

States

62,089,310

3,390,654

i

2020-C57,

C,

FRN,

4.023%,

8/15/53

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

United

States

1,121,000

1,026,003

i

WFRBS

Commercial

Mortgage

Trust

,

2013-C11,

B,

FRN,

3.714%,

3/15/45

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

United

States

786,423

780,675

j

2013-C14,

XA,

IO,

FRN,

0.329%,

6/15/46

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

United

States

1,190,597

2014-C21,

C,

FRN,

4.234%,

8/15/47

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

United

States

1,285,000

1,209,469

j

2014-C22,

XA,

IO,

FRN,

0.24%,

9/15/57

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

United

States

3,013,201

j

2014-C23,

XA,

IO,

FRN,

0.069%,

10/15/57

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

United

States

4,664,728

55,895,545

a

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $61,615,942)
..............

#### 55,895,545

#### Mortgage-Backed

#### Securities

#### 38.4%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 2.5%
FHLMC

Pool,

Year,

3%,

7/01/34

-

5/01/35

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

United

States

1,324,382

1,279,863

FHLMC

Pool,

Year,

2%,

2/01/51

-

5/01/51

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

United

States

1,486,910

1,217,219

FHLMC

Pool,

Year,

2.5%,

4/01/43

-

1/01/52

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

United

States

2,828,397

2,458,932

FHLMC

Pool,

Year,

2.5%,

4/01/52

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

United

States

6,122,080

5,301,229

FHLMC

Pool,

Year,

3%,

10/01/46

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

United

States

1,013,772

924,966

FHLMC

Pool,

Year,

3.5%,

4/01/42

-

2/01/47

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

United

States

1,832,383

1,734,007

FHLMC

Pool,

Year,

4%,

12/01/44

-

7/01/49

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

United

States

1,952,226

1,900,993

FHLMC

Pool,

Year,

4.5%,

8/01/44

-

11/01/49

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

United

States

334,312

333,213

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate
(continued)

FHLMC

Pool,

Year,

5%,

3/01/41

-

7/01/52

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

United

States

897,297

$

902,206

FHLMC

Pool,

Year,

5.5%,

9/01/53

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

United

States

4,181,964

4,288,843

FHLMC

Pool,

Year,

5.5%,

9/01/53

-

11/01/53

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

United

States

3,009,494

3,064,063

FHLMC

Pool,

Year,

6%,

9/01/53

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

United

States

2,337,488

2,412,833

25,818,367

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 21.4%
FNMA,

3.5%,

2/01/47

-

6/01/56

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

United

States

3,128,809

2,898,594

FNMA,

3.5%,

9/01/57

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

United

States

4,956,091

4,541,355

FNMA,

4%,

1/01/45

-

1/01/57

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

United

States

3,281,111

3,131,689

FNMA,

Year,

2%,

2/01/37

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

United

States

3,882,481

3,604,392

FNMA,

Year,

2%,

3/01/37

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

United

States

3,080,677

2,863,058

FNMA,

Year,

2.5%,

9/01/36

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

United

States

3,604,589

3,417,555

FNMA,

Year,

3.5%,

6/01/31

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

United

States

106,673

105,725

FNMA,

Year,

1.5%,

11/01/41

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

United

States

6,532,827

5,540,912

FNMA,

Year,

2%,

9/01/50

-

4/01/52

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

United

States

3,126,229

2,566,288

FNMA,

Year,

2.5%,

12/01/50

-

2/01/52

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

United

States

4,096,020

3,541,182

FNMA,

Year,

3%,

9/01/42

-

4/01/52

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

United

States

8,160,537

7,464,100

FNMA,

Year,

3.5%,

5/01/42

-

4/01/52

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

United

States

3,270,142

3,085,056

FNMA,

Year,

4%,

8/01/44

-

11/01/49

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

United

States

2,107,295

2,055,160

FNMA,

Year,

4.5%,

7/01/44

-

11/01/49

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

United

States

1,197,174

1,193,790

FNMA,

Year,

5%,

3/01/40

-

9/01/52

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

United

States

7,244,577

7,297,811

FNMA,

Year,

5.5%,

8/01/53

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

United

States

4,163,217

4,224,593

FNMA,

Year,

5.5%,

1/01/33

-

9/01/53

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

United

States

487,380

498,739

FNMA,

Year,

5.5%,

11/01/53

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

United

States

4,986,962

5,088,271

FNMA,

Year,

6%,

2/01/36

-

4/01/53

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

United

States

1,124,009

1,180,283

l

Uniform

Mortgage-Backed

Securities,

1.5%,

TBA,

11/25/40

....

United

States

6,000,000

5,376,928

l

Uniform

Mortgage-Backed

Securities,

2%,

TBA,

11/25/40

.....

United

States

2,000,000

1,841,372

l

Uniform

Mortgage-Backed

Securities,

2%,

TBA,

11/25/55

.....

United

States

70,000,000

56,785,135

l

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

11/25/40

....

United

States

1,000,000

940,993

l

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

11/25/55

....

United

States

37,500,000

31,844,211

l

Uniform

Mortgage-Backed

Securities,

3%,

TBA,

11/25/40

.....

United

States

1,000,000

958,348

l

Uniform

Mortgage-Backed

Securities,

3%,

TBA,

11/25/55

.....

United

States

9,000,000

7,976,250

l

Uniform

Mortgage-Backed

Securities,

3.5%,

TBA,

11/25/40

....

United

States

1,000,000

968,774

l

Uniform

Mortgage-Backed

Securities,

4%,

TBA,

11/25/55

.....

United

States

11,000,000

10,438,360

l

Uniform

Mortgage-Backed

Securities,

4.5%,

TBA,

11/25/55

....

United

States

5,000,000

4,874,279

l

Uniform

Mortgage-Backed

Securities,

5.5%,

TBA,

11/25/55

....

United

States

7,000,000

7,073,170

l

Uniform

Mortgage-Backed

Securities,

6%,

TBA,

11/25/55

.....

United

States

18,000,000

18,408,838

l

Uniform

Mortgage-Backed

Securities,

6.5%,

TBA,

11/25/55

....

United

States

9,000,000

9,320,769

221,105,980

m

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Adjustable

#### Rate

#### 0.1%
GNMA

II,

3.854%

-

4.7%,

5/20/65

-

8/20/65

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

United

States

129,834

129,132

GNMA

II,

6.437%,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

12/20/68

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

United

States

882,524

921,593

1,050,725

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 14.4%
GNMA

I,

Single-family,

Year,

3.5%,

11/15/47

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

United

States

41,163

38,348

GNMA

I,

Single-family,

Year,

5%,

6/15/40

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

United

States

962,351

988,591

GNMA

I,

Single-family,

Year,

6.5%,

3/15/31

-

10/15/31

......

United

States

54,684

57,000

GNMA

II,

Year,

3.5%,

9/20/48

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

United

States

846,422

789,221

GNMA

II,

Year,

4.5%,

7/20/52

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

United

States

585,037

576,120

GNMA

II,

Year,

5.5%,

7/20/53

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

United

States

1,181,976

1,211,827

l

GNMA

II,

Single-family,

Year,

2%,

11/15/55

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

United

States

12,000,000

9,983,970

GNMA

II,

Single-family,

Year,

2.5%,

2/20/53

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

United

States

1,726,734

1,500,609

l

GNMA

II,

Single-family,

Year,

2.5%,

11/15/55

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

United

States

11,000,000

9,523,156

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

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)

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate
(continued)

GNMA

II,

Single-family,

Year,

3%,

3/20/43

-

2/20/53

.......

United

States

3,031,645

$

2,725,792

l

GNMA

II,

Single-family,

Year,

3%,

11/15/55

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

United

States

14,000,000

12,582,500

GNMA

II,

Single-family,

Year,

3.5%,

11/20/47

-

3/20/50

.....

United

States

4,465,346

4,109,307

l

GNMA

II,

Single-family,

Year,

3.5%,

11/15/55

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

United

States

7,000,000

6,408,729

GNMA

II,

Single-family,

Year,

4%,

2/20/48

-

9/20/49

.......

United

States

3,935,194

3,737,748

l

GNMA

II,

Single-family,

Year,

4%,

11/15/55

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

United

States

9,000,000

8,513,508

GNMA

II,

Single-family,

Year,

4.5%,

5/20/44

-

12/20/54

.....

United

States

3,663,758

3,656,745

l

GNMA

II,

Single-family,

Year,

4.5%,

11/15/55

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

United

States

19,000,000

18,546,731

GNMA

II,

Single-family,

Year,

5%,

7/20/41

-

10/20/49

......

United

States

3,023,766

3,067,528

l

GNMA

II,

Single-family,

Year,

5%,

11/15/55

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

United

States

4,000,000

3,988,310

GNMA

II,

Single-family,

Year,

5.5%,

1/20/49

-

8/20/53

......

United

States

5,308,236

5,411,693

l

GNMA

II,

Single-family,

Year,

5.5%,

11/15/55

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

United

States

30,500,000

30,756,289

GNMA

II,

Single-family,

Year,

6%,

12/20/48

-

11/20/53

......

United

States

10,250,151

10,600,685

GNMA

II,

Single-family,

Year,

6.5%,

8/20/53

-

11/15/55

.....

United

States

8,998,755

9,398,034

148,172,441

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $397,120,078)
.........................

#### 396,147,513

#### Residential

#### Mortgage-Backed

#### Securities

#### 7.3%

#### Financial

#### Services

#### 7.3%
b

A&D

Mortgage

Trust

,

2023-NQM4

,

A2

,

144A,

7.826 %

,

9/25/68

.

United

States

616,312

626,654

b

Angel

Oak

Mortgage

Trust

,

2023-3,

A1,

144A,

4.8%,

9/26/67

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

United

States

1,126,600

1,122,044

2024-9,

A1,

144A,

5.138%,

9/25/69

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

United

States

754,993

754,249

b,i

Arroyo

Mortgage

Trust

,

2019-3,

M1,

144A,

FRN,

4.204%,

10/25/48

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

United

States

3,050,000

2,877,750

2020-1,

A3,

144A,

FRN,

3.328%,

3/25/55

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

United

States

150,000

138,539

b,i

BRAVO

Residential

Funding

Trust

,

2020-RPL1

,

M1

,

144A,

FRN

,

3.25 %

,

5/26/59

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

United

States

5,430,000

5,223,578

b,i

Bunker

Hill

Loan

Depositary

Trust

,

2020-1

,

A3

,

144A,

FRN

,

3.253 %

,

2/25/55

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

United

States

2,100,000

2,040,212

b,h

Chase

Home

Lending

Mortgage

Trust

,

2025-10

,

A11

,

144A,

FRN

,

5.483 %

,

(30-day

SOFR

Average

+

1.3 %),

7/25/56

.........

United

States

803,601

804,449

b,h

Chevy

Chase

Funding

LLC

,

2004-3A

,

A2

,

144A,

FRN

,

4.406 %

,

(1-month

SOFR

+

0.414 %),

8/25/35

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

United

States

376,911

370,273

b

COLT

Mortgage

Loan

Trust

,

i

2020-2,

A2,

144A,

FRN,

3.094%,

3/25/65

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

United

States

23,295

23,214

i

2021-1,

B1,

144A,

FRN,

3.144%,

6/25/66

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

United

States

2,996,000

2,263,016

2023-3,

A1,

144A,

7.18%,

9/25/68

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

United

States

839,908

850,931

b

Cross

Mortgage

Trust

,

2024-H3,

A1,

144A,

6.272%,

6/25/69

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

United

States

525,408

531,897

2024-H4,

A1,

144A,

6.147%,

7/25/69

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

United

States

1,119,201

1,132,554

b,i

Deephaven

Residential

Mortgage

Trust

,

2022-3

,

A3

,

144A,

FRN

,

5.3 %

,

7/25/67

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

United

States

2,258,957

2,258,511

b,i

Ellington

Financial

Mortgage

Trust

,

2020-1

,

A2

,

144A,

FRN

,

3.149 %

,

5/25/65

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

United

States

131,000

129,416

i

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

,

b

2019-2,

M,

144A,

FRN,

4.75%,

8/25/58

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

United

States

524,706

510,788

2019-3,

M,

FRN,

4.75%,

10/25/58

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

United

States

3,412,503

3,356,133

b

2019-4,

M,

144A,

FRN,

4.5%,

2/25/59

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

United

States

2,024,000

1,941,755

b,h

FHLMC

STACR

REMIC

Trust

,

2021-DNA5,

M2,

144A,

FRN,

5.833%,

(30-day

SOFR

Average

+

1.65%),

1/25/34

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

United

States

12,746

12,776

2021-DNA6,

M2,

144A,

FRN,

5.683%,

(30-day

SOFR

Average

+

1.5%),

10/25/41

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

United

States

106,278

106,743

2021-DNA7,

M2,

144A,

FRN,

5.983%,

(30-day

SOFR

Average

+

1.8%),

11/25/41

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

United

States

394,000

397,540

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,h

FHLMC

STACR

REMIC

Trust,

(continued)

2021-HQA4,

M2,

144A,

FRN,

6.533%,

(30-day

SOFR

Average

+

2.35%),

12/25/41

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

United

States

3,732,140

$

3,779,701

2022-DNA2,

M1A,

144A,

FRN,

5.483%,

(30-day

SOFR

Average

+

1.3%),

2/25/42

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

United

States

3,666

3,672

2022-DNA3,

M1B,

144A,

FRN,

7.083%,

(30-day

SOFR

Average

+

2.9%),

4/25/42

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

United

States

10,000

10,390

2022-DNA5,

M1A,

144A,

FRN,

7.133%,

(30-day

SOFR

Average

+

2.95%),

6/25/42

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

United

States

22,584

23,011

2022-DNA6,

M1A,

144A,

FRN,

6.333%,

(30-day

SOFR

Average

+

2.15%),

9/25/42

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

United

States

106,224

106,835

2022-DNA6,

M1B,

144A,

FRN,

7.883%,

(30-day

SOFR

Average

+

3.7%),

9/25/42

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

United

States

27,000

28,321

2022-HQA1,

M1A,

144A,

FRN,

6.283%,

(30-day

SOFR

Average

+

2.1%),

3/25/42

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

United

States

2,541

2,549

2022-HQA1,

M2,

144A,

FRN,

9.433%,

(30-day

SOFR

Average

+

5.25%),

3/25/42

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

United

States

6,323,000

6,663,417

2022-HQA2,

M1B,

144A,

FRN,

8.183%,

(30-day

SOFR

Average

+

4%),

7/25/42

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

United

States

1,000,000

1,051,255

2023-DNA1,

M1A,

144A,

FRN,

6.287%,

(30-day

SOFR

Average

+

2.1%),

3/25/43

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

United

States

52,293

53,072

2023-HQA2,

M1A,

144A,

FRN,

6.183%,

(30-day

SOFR

Average

+

2%),

6/25/43

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

United

States

27,420

27,486

2023-HQA3,

A1,

144A,

FRN,

6.033%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

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

United

States

91,604

92,530

2023-HQA3,

M1,

144A,

FRN,

6.033%,

(30-day

SOFR

Average

+

1.85%),

11/25/43

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

United

States

21,222

21,345

2024-DNA1,

A1,

144A,

FRN,

5.533%,

(30-day

SOFR

Average

+

1.35%),

2/25/44

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

United

States

104,813

105,390

2024-DNA2,

A1,

144A,

FRN,

5.433%,

(30-day

SOFR

Average

+

1.25%),

5/25/44

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

United

States

111,126

111,711

2025-DNA3,

M1,

144A,

FRN,

5.283%,

(30-day

SOFR

Average

+

1.1%),

9/25/45

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

United

States

1,243,621

1,245,200

FNMA

,

2003-34

,

P1

,

Strip

,

4/25/43

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

United

States

49,237

45,230

h

FNMA

Connecticut

Avenue

Securities

Trust

,

2016-C01,

1M2,

FRN,

11.047%,

(30-day

SOFR

Average

+

6.864%),

8/25/28

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

United

States

7,777

7,909

2018-C02,

2M2,

FRN,

6.497%,

(30-day

SOFR

Average

+

2.314%),

8/25/30

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

United

States

6,269

6,366

b

2021-R03,

1M2,

144A,

FRN,

5.833%,

(30-day

SOFR

Average

+

1.65%),

12/25/41

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

United

States

123,000

123,668

b

2022-R02,

2M1,

144A,

FRN,

5.383%,

(30-day

SOFR

Average

+

1.2%),

1/25/42

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

United

States

19,044

19,045

b

2022-R02,

2M2,

144A,

FRN,

7.183%,

(30-day

SOFR

Average

+

3%),

1/25/42

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

United

States

1,549,000

1,584,069

b

2022-R03,

1M2,

144A,

FRN,

7.683%,

(30-day

SOFR

Average

+

3.5%),

3/25/42

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

United

States

38,000

39,283

b

2022-R04,

1M2,

144A,

FRN,

7.283%,

(30-day

SOFR

Average

+

3.1%),

3/25/42

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

United

States

53,000

54,512

b

2022-R05,

2M1,

144A,

FRN,

6.083%,

(30-day

SOFR

Average

+

1.9%),

4/25/42

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

United

States

342,596

343,481

b

2023-R01,

1M1,

144A,

FRN,

6.583%,

(30-day

SOFR

Average

+

2.4%),

12/25/42

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

United

States

14,474

14,793

b

2023-R02,

1M1,

144A,

FRN,

6.483%,

(30-day

SOFR

Average

+

2.3%),

1/25/43

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

United

States

28,363

28,962

b

2023-R06,

1M1,

144A,

FRN,

5.883%,

(30-day

SOFR

Average

+

1.7%),

7/25/43

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

United

States

436,710

438,444

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

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)

h

FNMA

Connecticut

Avenue

Securities

Trust,

(continued)

b

2023-R07,

2M1,

144A,

FRN,

6.133%,

(30-day

SOFR

Average

+

1.95%),

9/25/43

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

United

States

21,810

$

21,957

b

2024-R02,

1M1,

144A,

FRN,

5.283%,

(30-day

SOFR

Average

+

1.1%),

2/25/44

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

United

States

4,810

4,815

b

2024-R03,

2M1,

144A,

FRN,

5.333%,

(30-day

SOFR

Average

+

1.15%),

3/25/44

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

United

States

24,171

24,178

b

2024-R04,

1M1,

144A,

FRN,

5.283%,

(30-day

SOFR

Average

+

1.1%),

5/25/44

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

United

States

44,896

44,923

b

2024-R06,

1A1,

144A,

FRN,

5.333%,

(30-day

SOFR

Average

+

1.15%),

9/25/44

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

United

States

100,676

101,072

b

2024-R06,

1M1,

144A,

FRN,

5.233%,

(30-day

SOFR

Average

+

1.05%),

9/25/44

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

United

States

11,227

11,229

b

2025-R06,

1A1,

144A,

FRN,

5.083%,

(30-day

SOFR

Average

+

0.9%),

9/25/45

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

United

States

705,000

705,659

b

GCAT

Trust

,

2020-NQM2

,

A3

,

144A,

3.935 %

,

4/25/65

........

United

States

1,149,336

1,123,732

b

GS

Mortgage-Backed

Securities

Trust

,

i

2020-RPL1,

M2,

144A,

FRN,

3.765%,

7/25/59

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

United

States

1,125,000

1,002,704

2024-RPL4,

A1,

144A,

3.9%,

9/25/61

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

United

States

457,367

450,052

b

J.P.

Morgan

Mortgage

Trust

,

2024-VIS2

,

A1

,

144A,

5.853 %

,

11/25/64

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

United

States

457,118

461,411

b

MFA

Trust

,

2025-NQM3

,

A1

,

144A,

5.261 %

,

8/25/70

.........

United

States

468,527

470,170

b,i

Morgan

Stanley

Resecuritization

Trust

,

2015-R4

,

CB1

,

144A,

FRN

,

4.29 %

,

8/26/47

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

United

States

916,283

917,545

b,h

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

2024-3

,

AF

,

144A,

FRN

,

5.533 %

,

(30-day

SOFR

Average

+

1.35 %),

7/25/54

United

States

191,338

191,176

b

OBX

Trust

,

2023-NQM7,

A1,

144A,

6.844%,

4/25/63

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

United

States

1,098,704

1,113,313

h

2025-J2,

AF,

144A,

FRN,

5.483%,

(30-day

SOFR

Average

+

1.3%),

9/25/55

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

United

States

1,098,173

1,098,776

b,i

PRKCM

Trust

,

2023-AFC2

,

A1

,

144A,

FRN

,

6.482 %

,

6/25/58

...

United

States

3,672,432

3,682,337

b,i

RMF

Proprietary

Issuance

Trust

,

2022-3

,

A

,

144A,

FRN

,

%

,

8/25/62

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

United

States

1,870,618

1,848,667

b

Saluda

Grade

Alternative

Mortgage

Trust

,

2024-RTL4

,

A1

,

144A,

7.5 %

,

2/25/30

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

United

States

1,898,000

1,908,858

b,h

Station

Place

Securitization

Trust

,

2025-1,

A,

144A,

FRN,

4.915%,

(1-month

SOFR

+

0.9%),

7/23/26

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

United

States

3,380,000

3,431,707

2025-3,

A,

144A,

FRN,

4.915%,

(1-month

SOFR

+

0.9%),

9/23/26

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

United

States

3,370,000

3,381,115

2025-7,

A,

144A,

FRN,

4.891%,

(1-month

SOFR

+

0.9%),

11/24/26

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

United

States

3,403,000

3,411,266

b,i

Towd

Point

Mortgage

Trust

,

2018-5,

M1,

144A,

FRN,

3.25%,

7/25/58

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

United

States

209,000

180,180

2019-2,

A2,

144A,

FRN,

3.75%,

12/25/58

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

United

States

327,000

298,503

b

Verus

Securitization

Trust

,

2024-1

,

A1

,

144A,

5.712 %

,

1/25/69

.

United

States

1,407,231

1,416,788

b

Visio

Trust

,

2022-1

,

A2

,

144A,

5.85 %

,

8/25/57

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

United

States

1,214,731

1,211,080

h

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

2005-AR13,

A1B2,

FRN,

4.966%,

(1-month

SOFR

+

0.974%),

10/25/45

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

United

States

561,308

546,206

2005-AR13,

A1C4,

FRN,

4.966%,

(1-month

SOFR

+

0.974%),

10/25/45

........................................

United

States

1,965,750

1,900,541

2005-AR17,

A1B2,

FRN,

4.926%,

(1-month

SOFR

+

0.934%),

12/25/45

........................................

United

States

1,083,886

1,006,291

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

h

WaMu

Mortgage

Pass-Through

Certificates

Trust,

(continued)

2005-AR2,

2A1B,

FRN,

4.846%,

(1-month

SOFR

+

0.854%),

1/25/45

.........................................

United

States

182,800

$

183,615

75,654,535

a

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $74,877,920)
...............

#### 75,654,535

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 4.7%

#### Financial

#### Services

#### 4.7%
FHLMC

,

h

3065,

DC,

FRN,

6.816%,

(30-day

SOFR

Average

+

19.517%),

3/15/35

.........................................

United

States

103,735

108,224

i

3117,

AF,

FRN,

Zero

Cpn.,

2/15/36

.....................

United

States

6,291

5,567

3369,

BO,

Strip,

9/15/37

.............................

United

States

2,043

1,753

3391,

Strip,

4/15/37

................................

United

States

28,126

24,746

h

3408,

EK,

FRN,

8.297%,

(30-day

SOFR

Average

+

25.332%),

4/15/37

.........................................

United

States

168,951

203,118

j

4018,

DI,

IO,

4.5%,

7/15/41

..........................

United

States

65,873

932

h

406,

F30,

FRN,

5.333%,

(30-day

SOFR

Average

+

1.15%),

10/25/53

........................................

United

States

1,759,110

1,769,556

j

4132,

IP,

IO,

4.5%,

11/15/42

..........................

United

States

447,114

31,352

h,j

4839,

WS,

IO,

FRN,

1.752%,

(30-day

SOFR

Average

+

5.986%),

8/15/56

..................................

United

States

12,588,200

1,862,089

j

5050,

IM,

IO,

3.5%,

10/25/50

.........................

United

States

2,223,137

441,559

j

5349,

IB,

IO,

4%,

12/15/46

...........................

United

States

3,281,506

714,000

b,h

FHLMC

Multi-family

Structured

Credit

Risk

Trust

,

2021-MN3

,

M2

,

144A,

FRN

,

8.183 %

,

(30-day

SOFR

Average

+

%),

11/25/51

.

United

States

478,000

496,701

FNMA

,

2006-84,

OT,

Strip,

9/25/36

..........................

United

States

2,802

2,368

2007-14,

KO,

Strip,

3/25/37

..........................

United

States

22,163

18,896

j

2012-128,

QI,

IO,

3.5%,

6/25/42

.......................

United

States

875,823

27,911

j

2015-33,

AI,

IO,

5%,

6/25/45

.........................

United

States

6,123,840

774,281

j

2017-72,

ID,

IO,

4.5%,

9/25/47

........................

United

States

10,322,561

1,961,851

j

2021-12,

NI,

IO,

2.5%,

3/25/51

........................

United

States

23,628,122

3,836,713

j

2023-49,

IA,

IO,

3%,

8/25/46

.........................

United

States

3,834,944

491,607

j

2023-49,

IB,

IO,

3.5%,

3/25/47

........................

United

States

3,174,974

493,480

j

409,

C24,

IO,

4.5%,

4/25/42

..........................

United

States

2,985,399

604,137

b,h

FREMF

Mortgage

Trust

,

2018-KF43

,

B

,

144A,

FRN

,

6.572 %

,

(30-

day

SOFR

Average

+

2.264 %),

1/25/28

.................

United

States

2,579,818

2,504,042

GNMA

,

j

2009-79,

IC,

IO,

6%,

8/20/39

.........................

United

States

2,150,405

232,314

j

2010-9,

UI,

IO,

5%,

1/20/40

..........................

United

States

2,341,353

466,430

i,j

2010-H19,

GI,

IO,

FRN,

1.452%,

8/20/60

................

United

States

2,326,803

96,897

h,j

2011-70,

YI,

IO,

FRN,

0.15%,

(1-month

SOFR

+

4.886%),

12/20/40

........................................

United

States

2,797,567

19,647

j

2012-113,

ID,

IO,

3.5%,

9/20/42

.......................

United

States

5,825,686

866,043

j

2012-136,

IO,

3.5%,

11/20/42

.........................

United

States

4,683,572

611,234

j

2012-38,

MI,

IO,

4%,

3/20/42

.........................

United

States

10,443,200

1,830,454

j

2013-164,

CI,

IO,

3%,

11/16/28

.......................

United

States

553,375

9,030

j

2014-100,

JI,

IO,

3.5%,

7/16/29

.......................

United

States

918,680

25,312

j

2014-102,

IG,

IO,

3.5%,

3/16/41

.......................

United

States

326,383

5,373

j

2014-180,

IO,

5%,

12/20/44

..........................

United

States

5,504,364

1,091,502

j

2014-30,

KI,

IO,

3%,

2/16/29

.........................

United

States

269,448

4,098

j

2014-5,

LI,

IO,

3%,

1/16/29

..........................

United

States

250,568

3,978

j

2014-71,

BI,

IO,

4.5%,

5/20/29

........................

United

States

3,398

j

2014-76,

IO,

5%,

5/20/44

............................

United

States

1,440,185

300,334

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

GNMA,

(continued)

i,j

2014-H11,

GI,

IO,

FRN,

1.551%,

6/20/64

................

United

States

12,419,268

$

305,092

j

2015-52,

KI,

IO,

3.5%,

11/20/40

.......................

United

States

1,102,572

40,900

j

2015-53,

MI,

IO,

4%,

4/16/45

.........................

United

States

5,161,128

1,024,895

i,j

2015-H01,

CI,

IO,

FRN,

1.563%,

12/20/64

...............

United

States

1,642,394

35,875

i,j

2015-H04,

AI,

IO,

FRN,

1.582%,

12/20/64

...............

United

States

7,129,768

213,431

i,j

2015-H10,

CI,

IO,

FRN,

1.79%,

4/20/65

.................

United

States

5,195,209

136,488

i,j

2015-H12,

AI,

IO,

FRN,

1.814%,

5/20/65

................

United

States

3,835,542

102,628

i,j

2015-H12,

EI,

IO,

FRN,

1.738%,

4/20/65

................

United

States

7,446,867

137,491

i,j

2015-H12,

GI,

IO,

FRN,

1.784%,

5/20/65

................

United

States

7,711,506

247,478

i,j

2015-H16,

XI,

IO,

FRN,

1.996%,

7/20/65

................

United

States

3,906,019

215,628

i,j

2015-H20,

AI,

IO,

FRN,

1.853%,

8/20/65

................

United

States

4,947,612

152,837

i,j

2015-H25,

AI,

IO,

FRN,

1.629%,

9/20/65

................

United

States

4,673,262

69,339

i,j

2015-H25,

CI,

IO,

FRN,

2.045%,

10/20/65

...............

United

States

3,889,605

156,584

i,j

2015-H26,

DI,

IO,

FRN,

2.07%,

10/20/65

................

United

States

3,520,773

174,070

i,j

2016-H11,

HI,

IO,

FRN,

1.867%,

1/20/66

................

United

States

2,925,910

76,782

i,j

2016-H23,

NI,

IO,

FRN,

2.132%,

10/20/66

...............

United

States

8,100,895

382,062

i,j

2016-H24,

JI,

IO,

FRN,

2.117%,

11/20/66

................

United

States

3,558,129

213,804

i,j

2017-H08,

NI,

IO,

FRN,

2.208%,

3/20/67

................

United

States

3,646,201

114,965

i,j

2017-H10,

MI,

IO,

FRN,

1.854%,

4/20/67

................

United

States

5,081,555

151,512

i,j

2017-H12,

QI,

IO,

FRN,

2.386%,

5/20/67

................

United

States

5,525,366

210,478

i,j

2017-H18,

CI,

IO,

FRN,

2.39%,

9/20/67

.................

United

States

5,056,726

370,526

i,j

2017-H23,

BI,

IO,

FRN,

1.902%,

11/20/67

...............

United

States

6,338,874

219,186

i,j

2018-H02,

EI,

IO,

FRN,

2.324%,

1/20/68

................

United

States

6,709,960

282,006

i,j

2018-H17,

GI,

IO,

FRN,

1.992%,

10/20/68

...............

United

States

9,728,349

329,314

h,j

2019-121,

SD,

IO,

FRN,

1.854%,

(1-month

SOFR

+

5.886%),

10/20/49

........................................

United

States

2,364,163

300,970

h,j

2019-125,

SG,

IO,

FRN,

1.904%,

(1-month

SOFR

+

5.936%),

10/20/49

........................................

United

States

3,396,279

412,149

h,j

2019-65,

BS,

IO,

FRN,

1.954%,

(1-month

SOFR

+

5.986%),

5/20/49

.........................................

United

States

5,417,053

573,742

j

2019-83,

IO,

4.5%,

6/20/49

..........................

United

States

7,122,834

1,505,817

i,j

2019-H02,

DI,

IO,

FRN,

2.224%,

11/20/68

...............

United

States

7,759,241

326,676

i,j

2019-H14,

IB,

IO,

FRN,

2.15%,

8/20/69

.................

United

States

9,493,371

395,465

h,j

2020-112,

MS,

IO,

FRN,

2.154%,

(1-month

SOFR

+

6.186%),

8/20/50

.........................................

United

States

4,133,542

607,586

j

2020-123,

NI,

IO,

2.5%,

8/20/50

.......................

United

States

13,601,873

2,014,239

j

2020-151,

MI,

IO,

2.5%,

10/20/50

......................

United

States

23,953,669

3,566,529

i,j

2020-H02,

GI,

IO,

FRN,

2.159%,

1/20/70

................

United

States

12,267,568

588,733

j

2021-91,

AI,

IO,

3.5%,

5/20/51

........................

United

States

14,795,970

2,652,203

h

2023-140,

JS,

FRN,

5.639%,

(30-day

SOFR

Average

+

16.05%),

9/20/53

..................................

United

States

940,185

970,755

h

2023-152,

FB,

FRN,

5.334%,

(30-day

SOFR

Average

+

1.15%),

4/20/51

.........................................

United

States

2,644,718

2,691,095

h,j

2023-19,

S,

IO,

FRN,

1.904%,

(1-month

SOFR

+

5.936%),

11/20/49

........................................

United

States

15,862,953

1,869,785

h

2023-66,

PS,

FRN,

4.916%,

(30-day

SOFR

Average

+

15.375%),

5/20/53

.................................

United

States

2,853,361

2,845,998

48,622,688

a

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $50,342,312)
.......

#### 48,622,688

#### Municipal

#### Bonds

#### 0.2%

#### California

#### 0.1%
State

of

California

,

GO

,

7.5 %

,

4/01/34

....................

United

States

770,000

906,414

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Ohio

#### 0.1%
Ohio

State

University

(The)

,

Revenue

,

2010

C

,

4.91 %

,

6/01/40

.

United

States

845,000

$

834,129

#### Texas

#### 0.0%

#### †
North

Texas

Tollway

Authority

,

North

Texas

Tollway

System

,

Revenue,

First

Tier

,

2009

B

,

6.718 %

,

1/01/49

.............

United

States

675,000

762,827

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $2,293,065)
.....................................

#### 2,503,370

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $1,212,389,942)

#### ...........................

#### 1,212,192,950

#### a

#### Short

#### Term

#### Investments

#### 8.7%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 1.4%
n,o

U.S.

Treasury

Bills

,

1.9%,

11/06/25

....................................

United

States

900,000

899,715

3.61%,

1/20/26

...................................

United

States

13,400,000

13,291,967

14,191,682

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $14,185,747)

#### ...............

#### 14,191,682

#### Shares

#### Management

#### Investment

#### Companies

#### 7.3%
a,p

Putnam

Short

Term

Investment

Fund,

Class

P,

4.371%

.......

United

States

75,325,056

75,325,056

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $75,325,056)

#### ..................

#### 75,325,056

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $89,510,803

####)
..............................

#### 89,516,738

#### a

#### Total

#### Investments

#### (Cost

#### $1,301,900,745)

#### 126.1%

#### ..............................

#### $1,301,709,688

#### TBA

#### Sale

#### Commitments

#### (5.2)%

#### ..............................................

#### (53,466,812)

#### Other

#### Assets,

#### less

#### Liabilities

#### (20.9)%

#### ........................................

#### (215,207,422)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $1,033,035,454

#### a

#### Principal

#### Amount

#### \*
q

#### TBA

#### Sale

#### Commitments

#### (5.2)%

#### Mortgage-Backed

#### Securities

#### (5.2)%

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### (4.1)%
Uniform

Mortgage-Backed

Securities

,

5%,

TBA,

11/25/55

.................................

United

States

(11,000,000)

(10,946,335)

5.5%,

TBA,

11/25/55

...............................

United

States

(31,000,000)

(31,324,040)

(42,270,375)

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### (1.1)%
GNMA

II,

Single-family,

Year,

6%,

11/15/55

..............

United

States

(11,000,000)

(11,196,437)

#### Total

#### TBA

#### Sale

#### Commitments

#### (Proceeds

#### $(53,444,805))

#### ........................

#### $(53,466,812)
Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

\*

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

October

31,

2025,

the

aggregate

value

of

these

securities

was

$309,791,434,

representing

30.0%

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

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

(d).

g

See

Note

(f)

regarding

senior

floating

rate

interests.

h

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

i

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.

j

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.

k

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

.

l

Security

purchased

on

a

to-be-announced

(TBA)

basis.

See

Note

(d).

m

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).

n

The

rate

shown

represents

the

yield

at

period

end.

o

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts

and

TBA

securities.

At

October

31,

2025,

the

aggregate

value

of

these

securities

pledged

amounted

to

$10,946,965,

representing

1.1%

net

assets.

p

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

q

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.

See

Note

(d).

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

At

October

31,

2025

,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

(e).

At

October

31,

2025

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(e)

.

At

October

31,

2025,

the

Fund

had

the

following forward

premium

swap

options contracts

outstanding.

See

Note

1(e).

#### Futures

#### Contracts

#### Description

#### Type

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### \*

#### Expiration

#### Date

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### Interest

#### rate

#### contracts
U.S.

Treasury

Year

Notes

....................

Long

$

46,871,500

12/19/25

$

178,310

U.S.

Treasury

Year

Ultra

Notes

................

Long

538

62,130,594

12/19/25

670,438

U.S.

Treasury

Year

Notes

.....................

Long

31,236,328

12/31/25

(37,706)

U.S.

Treasury

Year

Notes

.....................

Long

1,294

141,318,954

12/31/25

(133,194)

U.S.

Treasury

Long

Bonds

.....................

Long

26,981,875

12/19/25

734,910

U.S.

Treasury

Ultra

Bonds

......................

Long

40,629,219

12/19/25

1,626,260

Total

Futures

Contracts

......................................................................

$3,039,018

\*

As

of

period

end.

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
Euro

.............

HSBK

Sell

1,276,400

1,508,689

12/17/25

$

33,783

$

—

Total

Forward

Exchange

Contracts

...................................................

$33,783

$—

Net

unrealized

appreciation

(depreciation)

............................................

$33,783

\*

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
3.85%/1-day

SOFR/Feb-27/(Purchased)

BNDP

2/05/26

/

3.85%

156,700,000

$

650,305

$

31,546

3.3%/1-day

SOFR/Feb-27/(Written)

BNDP

2/05/26

/

3.3%

235,050,000

(517,110)

276,478

2.91%/1-day

SOFR/Apr-52/(Purchased)

BNDP

3/31/32

/

2.91%

56,609,500

3,453,179

(1,278,726)

(4.225%)/1-day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

4.225%

8,620,800

441,385

(316,362)

3.725%/1-day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

3.725%

8,620,800

421,557

(183,477)

(4.2%)/1-day

SOFR/Aug-60/(Purchased)

BOFA

8/26/30

/

4.2%

3,430,800

427,821

(56,667)

4.2%/1-day

SOFR/Aug-60/(Purchased)

BOFA

8/26/30

/

4.2%

3,430,800

427,821

16,160

(4%)/1-day

SOFR/Dec-30/(Purchased)

CITI

12/08/25

/

4%

28,770,000

325,101

(323,196)

(4.608%)/1-day

SOFR/May-56/(Purchased)

CITI

5/26/26

/

4.608%

3,531,500

128,193

(98,828)

4.33%/1-day

SOFR/May-52/(Purchased)

DBAB

5/19/32

/

4.33%

5,542,800

694,236

(58,637)

(4.33%)/1-day

SOFR/May-52/(Purchased)

DBAB

5/19/32

/

4.33%

5,542,800

694,236

(107,082)

3.043%/1-day

SOFR/Mar-52/(Purchased)

JPHQ

3/29/32

/

3.043%

33,000,000

1,980,825

(599,237)

(4.384%)/1-day

SOFR/Feb-38/(Purchased)

MCM

1/31/28

/

4.384%

17,226,000

793,257

(335,076)

3.884%/1-day

SOFR/Feb-38/(Purchased)

MCM

1/31/28

/

3.884%

17,226,000

761,389

(70,411)

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

October

31,

2025

,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Note

(e).

#### Forward

#### Premium

#### Swap

#### Option

#### Contracts
(continued)

#### Fixed

#### right

#### or

#### obligation

#### to

#### receive

#### or

#### (pay)/

#### Floating

#### rate

#### index/Maturity

#### date

#### Counter

#### party

#### Expiration

#### date/strike

#### Notional/

#### Contract

#### amount

#### \*

#### Premium

#### receivable/
(payable)

#### Unrealized

#### appreciation/
(depreciation)

#### a
2.48%/1-day

SOFR/Feb-59/(Purchased)

MSCO

2/15/29

/

2.48%

37,620,500

$

2,334,766

$

(1,592,741)

(4.825%)/1-day

SOFR/May-57/(Purchased)

NATW

4/30/27

/

4.825%

15,152,700

548,528

(214,977)

#### Unrealized

#### appreciation

#### 324,184

#### Unrealized
(depreciation)

#### (5,235,417)

#### Total

#### $(4,911,233)
\*

In

U.S.

dollars

unless

otherwise

indicated.

#### 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

$

53,206

$

84,659

$

(31,453)

CMBX.NA.BB.6

.

(5.00)%

Monthly

GSCO

5/11/63

968,000

80,348

150,435

(70,087)

CMBX.NA.BB.6

.

(5.00)%

Monthly

JPHQ

5/11/63

953,000

79,103

490,603

(411,500)

CMBX.NA.BB.6

.

(5.00)%

Monthly

MSCO

5/11/63

265,000

21,997

47,174

(25,177)

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

GSCO

11/17/59

3,191,000

649,236

611,348

37,888

CMBX.

NA.BBB-.11

..

(3.00)%

Monthly

GSCO

11/18/54

2,356,000

303,099

303,924

(825)

CMBX.

NA.BBB-.12

..

(3.00)%

Monthly

GSCO

8/17/61

2,356,000

421,567

427,614

(6,047)

CMBX.

NA.BBB-.13

..

(3.00)%

Monthly

GSCO

12/16/72

4,596,000

934,137

963,415

(29,278)

CMBX.NA.BBB-.6

(3.00)%

Monthly

JPHQ

5/11/63

2,416,000

104,124

538,787

(434,663)

CMBX.NA.BBB-.9

(3.00)%

Monthly

MSCO

9/17/58

2,356,000

437,205

423,196

14,009

#### Contracts

#### to

#### Sell

#### Protection

#### c,d

#### Traded

#### Index
CMBX.NA.BB.6

.

5.00%

Monthly

CITI

5/11/63

3,485,000

(289,272)

(605,950)

316,678

Non-

Investment

Grade

CMBX.NA.BBB-.6

3.00%

Monthly

BOFA

5/11/63

2,416,000

(104,123)

(145,536)

41,413

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$2,690,627

$3,289,669

$(599,042)

Total

Credit

Default

Swap

Contracts

....................................

$2,690,627

$

3,289,669

$(599,042)

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.

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

Putnam

Income

Fund

Schedule

of

Investments

At

October

31,

2025

,

the

Fund

had

the

following

interest

rate

swap

contracts

outstanding.

See

Note

(e).

#### Interest

#### Rate

#### Swap

#### Contracts

#### Description

#### Payment

#### Frequency

#### 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

3.58%

....

Annual

9/17/27

242,373,000

$

(542,025)

$

(316,792)

$

(225,233)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.6%

.....

Annual

9/17/27

415,000

(1,088)

(193)

(895)

Receive

Fixed

3.62%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/27

15,435,000

46,452

31,854

14,598

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.13%

....

Annual

12/17/27

10,955,000

44,116

39,216

4,900

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.15%

....

Annual

12/17/27

4,016,000

14,633

(996)

15,629

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.63%

....

Annual

9/17/30

93,356,000

(920,219)

(575,900)

(344,319)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.65%

....

Annual

9/17/30

70,000

(754)

(289)

(465)

Receive

Fixed

3.67%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/30

8,718,000

101,997

43,830

58,167

Receive

Fixed

3.18%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

12/17/30

23,271,000

(219,334)

(118,424)

(100,910)

Receive

Fixed

3.2%

...

Annual

Pay

Floating

1-day

SOFR

............

Annual

12/17/30

752,000

(6,401)

(2,685)

(3,716)

Receive

Fixed

3.833%

.

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/10/35

2,571,400

34,091

—

34,091

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.88%

....

Annual

9/17/35

41,578,000

(720,987)

(150,976)

(570,011)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.9%

.....

Annual

9/17/35

254,000

(4,833)

(1,193)

(3,640)

Receive

Fixed

3.92%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/35

3,053,000

63,246

19,326

43,920

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.53%

....

Annual

12/17/35

5,698,000

68,139

14,505

53,634

Putnam

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Interest

#### Rate

#### Swap

#### Contracts
(continued)

#### Description

#### Payment

#### Frequency

#### 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

4.03%

....

Annual

9/17/55

281,000

$

(3,891)

$

(6,910)

$

3,019

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

4.05%

....

Annual

9/17/55

243,000

(4,226)

(1,144)

(3,082)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

4.07%

....

Annual

9/17/55

19,834,000

(415,079)

(161,460)

(253,619)

Receive

Fixed

3.9%

...

Annual

Pay

Floating

1-day

SOFR

............

Annual

12/17/55

128,000

(1,042)

2,216

(3,258)

Total

Interest

Rate

Swap

Contracts

.................................

$(2,467,205)

$

(1,186,015)

$(1,281,190)

\*

In

U.S.

dollars

unless

otherwise

indicated.

See

Note

regarding

other

derivative

information.

See

A

bbreviations

on

.

Putnam

Income

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

October

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$1,201,357,758

Cost

-

Non-controlled

affiliates

(Note

g)

........................................................

100,542,987

Value

-

Unaffiliated

issuers

..................................................................

$1,200,966,554

Value

-

Non-controlled

affiliates

(Note

g)

.......................................................

100,743,134

Cash

....................................................................................

3,256,529

Receivables:

Investment

securities

sold

...................................................................

2,047,575

Receivable

for

sales

of

TBA

securities

(Note

d)

..................................................

53,444,805

Capital

shares

sold

........................................................................

1,466,510

Dividends

and

interest

.....................................................................

9,377,575

Deposits

with

brokers

for:

Centrally

cleared

swap

contracts

............................................................

7,253,060

Variation

margin

on

centrally

cleared

swap

contracts

...............................................

255,599

OTC

swap

contracts

(upfront

payments)

..........................................................

4,041,155

Unrealized

appreciation

on

OTC

forward

exchange

contracts

..........................................

33,783

Unrealized

appreciation

on

forward

premium

swap

option

contracts

.....................................

324,184

Unrealized

appreciation

on

OTC

swap

contracts

....................................................

409,988

Unrealized

appreciation

on

unfunded

loan

commitments

(Note

8)

.......................................

861

Prepaid

expenses

..........................................................................

283,319

Total

assets

..........................................................................

1,383,904,631

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

27,141,975

Payable

for

purchases

of

TBA

securities

(Note

d)

................................................

257,355,488

Capital

shares

redeemed

...................................................................

1,240,089

Management

fees

.........................................................................

292,647

Administrative

fees

........................................................................

2,974

Distribution

fees

..........................................................................

114,273

Transfer

agent

fees

........................................................................

244,154

Trustees'

fees

and

expenses

.................................................................

308,783

Variation

margin

on

futures

contracts

...........................................................

278,813

Deposits

from

brokers

for:

OTC

derivative

contracts

..................................................................

2,350,000

TBA

transactions

........................................................................

853,000

OTC

swap

contracts

(upfront

receipts)

...........................................................

751,486

Unrealized

depreciation

on

OTC

swap

contracts

....................................................

1,009,030

Unrealized

depreciation

on

forward

premium

swap

option

contracts

.....................................

5,235,417

T

BA

sale

commitments,

at

value

(proceeds

$53,444,805)

(Note

1d)

.....................................

53,466,812

Accrued

expenses

and

other

liabilities

...........................................................

224,236

Total

liabilities

.........................................................................

350,869,177

Net

assets,

at

value

.................................................................

$1,033,035,454

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$1,834,246,545

Total

distributable

earnings

(losses)

.............................................................

(801,211,091)

Net

assets,

at

value

.................................................................

$1,033,035,454

Putnam

Income

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

October

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Income

#### Fund

#### Class

#### A:
Net

assets,

at

value

.......................................................................

$390,257,320

Shares

outstanding

........................................................................

76,063,077

Net

asset

value

per

share

a,b

..................................................................

$5.13

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.00%)

b

................................

$5.34

#### Class

#### C:
Net

assets,

at

value

.......................................................................

$19,743,062

Shares

outstanding

........................................................................

3,901,439

Net

asset

value

and

maximum

offering

price

per

share

a,b

............................................

$5.06

#### Class

#### M:
Net

assets,

at

value

.......................................................................

$30,493,075

Shares

outstanding

........................................................................

6,227,800

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$4.90

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.75%)

b

................................

$5.06

#### Class

#### R:
Net

assets,

at

value

.......................................................................

$4,236,714

Shares

outstanding

........................................................................

838,820

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$5.05

#### Class

#### R5:
Net

assets,

at

value

.......................................................................

$3,517,556

Shares

outstanding

........................................................................

673,802

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$5.22

#### Class

#### R6:
Net

assets,

at

value

.......................................................................

$105,691,489

Shares

outstanding

........................................................................

20,087,908

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$5.26

#### Class

#### Y:
Net

assets,

at

value

.......................................................................

$479,096,238

Shares

outstanding

........................................................................

90,817,225

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$5.28

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

year

ended

October

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Income

#### Fund
Investment

income:

Dividends:

Non-controlled

affiliates

(Note

g)

.............................................................

$3,612,944

Interest:

(net

of

foreign

taxes

of

$104)

Unaffiliated

issuers

........................................................................

51,421,154

Total

investment

income

...................................................................

55,034,098

Expenses:

Management

fees

(Note

a)

...................................................................

3,929,957

Administrative

fees

(Note

b)

..................................................................

19,353

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

971,551

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

224,725

&nbsp;&nbsp;&nbsp;&nbsp;Class

M

................................................................................

154,244

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

................................................................................

23,575

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

601,749

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

34,860

&nbsp;&nbsp;&nbsp;&nbsp;Class

M

................................................................................

47,768

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

................................................................................

7,318

&nbsp;&nbsp;&nbsp;&nbsp;Class

R5

...............................................................................

4,123

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

...............................................................................

53,307

&nbsp;&nbsp;&nbsp;&nbsp;Class

Y

................................................................................

772,000

Custodian

fees

(Note

4)

......................................................................

67,313

Reports

to

shareholders

fees

..................................................................

103,908

Registration

and

filing

fees

....................................................................

117,999

Professional

fees

...........................................................................

284,355

Trustees'

fees

and

expenses

(Note

3f)

...........................................................

40,782

Interest

expense

...........................................................................

3,550

Other

....................................................................................

19,477

Total

expenses

.........................................................................

7,481,914

Expense

reductions

(Note

4)

...............................................................

(55,634)

Expenses

waived/paid

by

affiliates

(Note

g

and

h)

..............................................

(1,115,502)

Net

expenses

.........................................................................

6,310,778

Net

investment

income

................................................................

48,723,320

Putnam

Income

Fund

Financial

Statements

Statement

of

Operations

(continued)

for

the

year

ended

October

31,

2025

franklintempleton.com

Annual

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

......................................................................

(10,967,433)

Foreign

currency

transactions

................................................................

(4,195)

Forward

exchange

contracts

.................................................................

(46,211)

Forward

premium

swap

option

contracts

........................................................

94,661

Futures

contracts

.........................................................................

(19,159,897)

TBA

sale

commitments

.....................................................................

1,103,342

Swap

contracts

...........................................................................

30,888,348

Net

realized

gain

(loss)

..................................................................

1,908,615

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

33,808,485

Non-controlled

affiliates

(Note

g)

...........................................................

200,147

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

..............................

Unfunded

loan

commitments

(Note

8)

..........................................................

861

Forward

exchange

contracts

.................................................................

27,054

Forward

premium

swap

option

contracts

........................................................

(5,497,349)

Futures

contracts

.........................................................................

19,149,985

TBA

sale

commitments

.....................................................................

(3,106,623)

Swap

contracts

...........................................................................

(29,694,181)

Net

change

in

unrealized

appreciation

(depreciation)

............................................

14,888,755

Net

realized

and

unrealized

gain

(loss)

............................................................

16,797,370

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$65,520,690

Putnam

Income

Fund

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Income

#### Fund

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$48,723,320

$55,595,517

Net

realized

gain

(loss)

.................................................

1,908,615

18,325,312

Net

change

in

unrealized

appreciation

(depreciation)

...........................

14,888,755

72,736,812

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

65,520,690

146,657,641

Distributions

to

shareholders:

Class

A

.............................................................

(33,207,157)

(31,337,602)

Class

B

.............................................................

—

(32,538)

Class

C

.............................................................

(1,852,754)

(1,958,364)

Class

M

............................................................

(2,707,789)

(2,598,444)

Class

R

.............................................................

(392,321)

(449,746)

Class

R5

............................................................

(289,943)

(255,653)

Class

R6

............................................................

(9,244,599)

(12,497,037)

Class

Y

.............................................................

(43,678,091)

(44,050,132)

Total

distributions

to

shareholders

..........................................

(91,372,654)

(93,179,516)

Capital

share

transactions:

(Note

2)

Class

A

.............................................................

(7,782,434)

(31,030,133)

Class

B

.............................................................

—

(748,813)

Class

C

.............................................................

(6,099,060)

(3,910,087)

Class

M

............................................................

(1,295,480)

(2,665,043)

Class

R

.............................................................

(362,789)

(1,760,048)

Class

R5

............................................................

257,866

19,699

Class

R6

............................................................

(14,347,271)

(55,940,578)

Class

Y

.............................................................

(45,024,351)

(80,589,555)

Total

capital

share

transactions

............................................

(74,653,519)

(176,624,558)

Net

increase

(decrease)

in

net

assets

...................................

(100,505,483)

(123,146,433)

Net

assets:

Beginning

of

year

.......................................................

1,133,540,937

1,256,687,370

End

of

year

...........................................................

$1,033,035,454

$1,133,540,937

Putnam

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

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

franklintempleton.com

Annual

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

franklintempleton.com

Annual

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

franklintempleton.com

Annual

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

credit 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

premium

paid

or

received

is

recorded

as

an

asset

or

liability,

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

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

9 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

October

31,

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

franklintempleton.com

Annual

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

October

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

...................................

7,974,503

$40,619,370

9,496,678

$50,069,714

Shares

issued

in

reinvestment

of

distributions

..........

5,979,068

29,995,697

5,362,519

28,130,561

Shares

redeemed

...............................

(15,424,059)

(78,397,501)

(20,757,922)

(109,230,408)

Net

increase

(decrease)

..........................

(1,470,488)

$(7,782,434)

(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

...................................

549,126

$2,759,150

792,858

$4,131,626

Shares

issued

in

reinvestment

of

distributions

..........

353,231

1,747,505

347,630

1,802,294

Shares

redeemed

a

..............................

(2,113,871)

(10,605,715)

(1,896,413)

(9,844,007)

Net

increase

(decrease)

..........................

(1,211,514)

$(6,099,060)

(755,925)

$(3,910,087)

#### Class

#### M

#### Shares:
Shares

sold

...................................

2,200

$10,450

19,200

$96,088

Shares

redeemed

...............................

(267,300)

(1,305,930)

(547,500)

(2,761,131)

Net

increase

(decrease)

..........................

(265,100)

$(1,295,480)

(528,300)

$(2,665,043)

#### Class

#### R

#### Shares:
Shares

sold

...................................

190,764

$956,096

280,524

$1,465,714

Shares

issued

in

reinvestment

of

distributions

..........

77,922

384,998

84,889

438,983

Shares

redeemed

...............................

(340,294)

(1,703,883)

(712,284)

(3,664,745)

Net

increase

(decrease)

..........................

(71,608)

$(362,789)

(346,871)

$(1,760,048)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

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

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### October

#### 31,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R5

#### Shares:
Shares

sold

...................................

66,722

$345,928

55,480

$294,573

Shares

issued

in

reinvestment

of

distributions

..........

56,773

289,943

47,999

255,653

Shares

redeemed

...............................

(73,040)

(378,005)

(99,796)

(530,527)

Net

increase

(decrease)

..........................

50,455

$257,866

3,683

$19,699

#### Class

#### R6

#### Shares:
Shares

sold

...................................

6,746,082

$35,159,830

9,528,180

$51,193,925

Shares

issued

in

reinvestment

of

distributions

..........

1,545,117

7,941,599

2,119,500

11,367,166

Shares

redeemed

...............................

(10,966,570)

(57,448,700)

(21,986,227)

(118,501,669)

Net

increase

(decrease)

..........................

(2,675,371)

$(14,347,271)

(10,338,547)

$(55,940,578)

#### Class

#### Y

#### Shares:
Shares

sold

...................................

28,602,004

$150,151,901

39,290,494

$211,825,188

Shares

issued

in

reinvestment

of

distributions

..........

7,691,225

39,649,686

7,482,629

40,232,778

Shares

redeemed

...............................

(45,057,645)

(234,825,938)

(61,525,281)

(332,647,521)

Net

increase

(decrease)

..........................

(8,764,416)

$(45,024,351)

(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

franklintempleton.com

Annual

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

year

ended

October

31,

2025,

the

gross

effective

investment

management

fee

rate

was 0.373%

of

the

Fund's

average daily

net

assets.

Advisers

retained

Putnam

Management

as

subadvisor

for

the

Fund.

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

franklintempleton.com

Annual

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

year:

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

year

ended

October

31,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..............................

$20,215

CDSC

retained

..............................................................................

$11,825

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

h. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers has

contractually

agreed,

through

February

28,

2027,

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,

2027,

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

arrangements

with

PSERV

and

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

and

custodian

fees,

respectively.

During

the

year

ended

October

31,

2025,

the

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

Effective

March

10,

2025,

earned

credits

on

custodian

fees,

if

any,

are

recognized

as

income.

5. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

October

31,

2025,

the

capital

loss

carryforwards

were

as

follows:

During

the

year

ended

October

31,

2025,

the

Fund

utilized

$13,010,400

of

capital

loss

carryforwards.

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### Income

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Ultra

Short

Bond

ETF

.

$—

$25,217,931

$—

$—

$200,147

$25,418,078

1,013,480

$732,226

Putnam

Short

Term

Investment

Fund,

Class

P,

4.371%

......

112,870,623

332,572,697

(370,118,264)

—

—

75,325,056

75,325,056

2,880,718

#### Total

#### Affiliated

#### Securities

#### ...
$112,870,623

$357,790,628

$(370,118,264)

$—

$200,147

$100,743,134

$3,612,944

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

................................................................................

$

231,948,415

Long

term

................................................................................

503,482,647

Total

capital

loss

carryforwards

...............................................................

$735,431,062

3. #### Transactions

#### with

#### Affiliates
(continued)

g. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

The

tax

character

of

distributions

paid

during

the

years

ended

October

31,

2025

and

2024,

was

as

follows:

At

October

31,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

and

undistributed

ordinary

income for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

defaulted

securities

and

derivative

financial

instruments.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

year

ended

October

31,

2025,

aggregated

$5,855,896,637 and

$5,399,163,240,

respectively.

7. #### Credit

#### Risk

#### and

#### Defaulted

#### Securities
At

October

31,

2025,

the

Fund

had 7.6% 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

October

31,

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. #### Unfunded

#### Loan

#### Commitments
The

Fund

enters

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The Fund

is

obligated

to

fund

these

loan

commitments

at

the

borrowers'

discretion.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily

and

any

unrealized

appreciation

or

depreciation

is

included

in

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations.

Funded

portions

of

credit

agreements

are

presented

in

the

Schedule

of

Investments.

At

October

31,

2025,

unfunded

commitments

were

as

follows:

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

..........................................................

$91,372,654

$93,179,516

Cost

of

investments

..........................................................................

$1,314,394,158

Unrealized

appreciation

........................................................................

$29,288,656

Unrealized

depreciation

........................................................................

(97,054,948)

Net

unrealized

appreciation

(depreciation)

..........................................................

$(67,766,292)

Distributable

earnings:

Undistributed

ordinary

income

...................................................................

$1,985,012

#### Borrower

#### Unfunded

#### Commitment
GC

Ferry

Acquisition

I,

Inc.

$

145,833

5. #### Income

#### Taxes
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

9. #### Other

#### Derivative

#### Information
At

October

31,

2025,

investments

in

derivative

contracts

are

reflected

in

the Statement of

Assets

and

Liabilities

as

follows:

For

the

year

ended

October

31,

2025,

the

effect

of

derivative

contracts

in

the Statement

of

Operations

was

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
Interest

rate

contracts

.......

Variation

margin

on

futures

contracts

$

3,209,918

a

Variation

margin

on

futures

contracts

$

170,900

a

Variation

margin

on

centrally

cleared

swap

contracts

227,958

a

Variation

margin

on

centrally

cleared

swap

contracts

1,509,148

a

Unrealized

appreciation

on

forward

premium

swap

option

contracts

324,184

Unrealized

depreciation

on

forward

premium

swap

option

contracts

5,235,417

Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

33,783

Unrealized

depreciation

on

OTC

forward

exchange

contracts

—

Credit

contracts

............

OTC

swap

contracts

(upfront

payments)

4,041,155

OTC

swap

contracts

(upfront

receipts)

751,486

Unrealized

appreciation

on

OTC

swap

contracts

409,988

Unrealized

depreciation

on

OTC

swap

contracts

1,009,030

Total

....................

$8,246,986

$8,675,981

a

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

futures

contracts

and

centrally

cleared

swap

contracts

as

reported

in

the

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

year

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

#### Year

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Year

#### Putnam

#### Income

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Futures

contracts

$(19,159,897)

Futures

contracts

$19,149,985

Swap

contracts

31,898,760

Swap

contracts

(30,980,702)

Forward

premium

swap

option

contracts

94,661

Forward

premium

swap

option

contracts

(5,497,349)

Foreign

exchange

contracts

.....

Forward

exchange

contracts

(46,211)

Forward

exchange

contracts

27,054

Credit

contracts

...............

Swap

contracts

(1,010,412)

Swap

contracts

1,286,521

Total

.......................

$11,776,901

$(16,014,491)

Putnam

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

For

the

year

ended

October

31,

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:

At

October

31,

2025,

the

Fund's

OTC

derivative

assets

and

liabilities

are

as

follows:

At

October

31,

2025,

OTC

derivative

assets,

which

may

be

offset

against

the

Fund's

OTC

derivative

liabilities

and

collateral

received

from

the

counterparty,

are

as

follows:

#### Putnam

#### Income

#### Fund
Futures

contracts

..........................................................................

$

407,983,811

Swap

contracts

............................................................................

1,650,416,096

Forwards

exchange

contracts

.................................................................

838,304

Options

..................................................................................

792,376,062

#### Gross

#### Amounts

#### of

#### Assets

#### and

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Assets

#### a

#### Liabilities

#### a

#### Putnam

#### Income

#### Fund
Forward

Exchange

Contracts

.............................

$

33,783

$

—

Forward

Premium

Swap

Option

Contracts

...................

324,184

5,235,417

Swap

Contracts

.......................................

4,451,143

1,760,516

Total

.............................................

$4,809,110

$6,995,933

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

...................

$

308,024

$

(308,024)

$

—

$

—

$

—

BOFA

....................

57,573

(57,573)

—

—

—

CITI

.....................

401,337

(401,337)

—

—

—

DBAB

...................

—

—

—

—

—

GSCO

...................

2,494,624

(106,237)

—

(2,230,000)

158,387

HSBK

...................

33,783

—

—

—

33,783

JPHQ

...................

1,029,390

(1,029,390)

—

—

—

MCM

....................

—

—

—

—

—

MSCO

...................

484,379

(484,379)

—

—

—

NATW

...................

—

—

—

—

—

Total

...................

$4,809,110

$(2,386,940)

$—

$(2,230,000)

$192,170

$

9. #### Other

#### Derivative

#### Information
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

At

October

31,

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

.

10. #### 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.

#### 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

...................

$

1,278,726

$

(308,024)

$

(860,010)

$

—

$

110,692

BOFA

....................

702,042

(57,573)

(546,558)

—

97,911

CITI

.....................

1,059,427

(401,337)

(588,219)

—

69,871

DBAB

...................

165,719

—

(116,057)

—

49,662

GSCO

...................

106,237

(106,237)

—

—

—

HSBK

...................

—

—

—

—

—

JPHQ

...................

1,445,400

(1,029,390)

(416,010)

—

—

MCM

....................

405,487

—

(351,146)

—

54,341

MSCO

...................

1,617,918

(484,379)

(1,052,446)

—

81,093

NATW

...................

214,977

—

(214,977)

—

—

Total

...................

$6,995,933

$(2,386,940)

$(4,145,423)

$—

$463,570

a

In

some

instances,

the

collateral

amounts

disclosed

in

the

table

above

were

adjusted

due

to

the

requirement

to

limit

the

collateral

amounts

to

avoid

the

effect

of

overcollateralization.

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.

9. #### Other

#### Derivative

#### Information
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

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,

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.

11. #### 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

October

31,

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:

a

Management

Investment

Companies

.........

$

25,418,078

$

—

$

—

$

25,418,078

Corporate

Bonds

........................

—

416,120,933

—

416,120,933

Senior

Floating

Rate

Interests

...............

—

33,508,725

—

33,508,725

Foreign

Government

and

Agency

Securities

....

—

27,044,504

—

27,044,504

Asset-Backed

Securities

...................

—

131,277,059

—

131,277,059

Commercial

Mortgage-Backed

Securities

......

—

55,895,545

—

55,895,545

Mortgage-Backed

Securities

................

—

396,147,513

—

396,147,513

Residential

Mortgage-Backed

Securities

.......

—

75,654,535

—

75,654,535

Agency

Commercial

Mortgage-Backed

Securities

—

48,622,688

—

48,622,688

Municipal

Bonds

.........................

—

2,503,370

—

2,503,370

Short

Term

Investments

...................

75,325,056

14,191,682

—

89,516,738

Total

Investments

in

Securities

...........

$100,743,134

$1,200,966,554

$—

$1,301,709,688

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$33,783

$—

$33,783

Forward

Premium

Swap

Option

Contracts

.....

—

324,184

—

324,184

Futures

Contracts

.......................

3,209,918

—

—

3,209,918

Swap

Contracts

.........................

—

637,946

—

637,946

Unfunded

Loan

Commitments

..............

—

861

—

861

Total

Other

Financial

Instruments

.........

$3,209,918

$996,774

$—

$4,206,692

10. #### Credit

#### Facility
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

12. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within

the

Fund's

Investment

manager serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

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.

13. #### 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.

14. #### 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:
Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$

—

$

53,466,812

$

—

$

53,466,812

Forward

Premium

Swap

Option

Contracts

......

—

5,235,417

—

5,235,417

Futures

Contracts

........................

170,900

—

—

170,900

Swap

Contracts

.........................

—

2,518,178

—

2,518,178

Total

Other

Financial

Instruments

.........

$170,900

$61,220,407

$—

$61,391,307

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

11. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Abbreviations

#### Counterparty

#### BNDP
BNP

Paribas

SA

#### BOFA
Bank

of

America

NA

#### CITI
Citibank

NA

#### DBAB
Deutsche

Bank

AG

#### GSCO
Goldman

Sachs

Group,

Inc.

#### HSBK
HSBC

Bank

plc

#### JPHQ
JPMorgan

Chase

Bank

NA

#### MCM
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

#### CLO
Collateralized

Loan

Obligation

#### 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

#### FREMF
Freddie

Mac

Multifamily

Securities

#### FRN
Floating

Rate

Note

#### GNMA
Government

National

Mortgage

Association

#### GO
General

Obligation

#### IBOR
Interbank

Offered

Rate

#### IO
Interest

Only

#### MBS
Mortgage-Backed

Security

#### PIK
Payment-In-Kind

#### REIT
Real

Estate

Investment

Trust

#### REMIC
Real

Estate

Mortgage

Investment

Conduit

#### SOFR
Secured

Overnight

Financing

Rate

#### STACR
Structured

Agency

Credit

Risk

#### T-Note
Treasury

Note

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

#### Reference

#### Index

#### Reference

#### Rate
1-day

SOFR

........................

4.22%

Putnam

Income

Fund

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

and

Shareholders

of

Putnam

Income

Fund

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Putnam

Income

Fund

(the

"Fund")

as

of

October

31,

2025,

the

related

statement

of

operations

for

the

year

ended

October

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2025

by

correspondence

with

the

custodian,

transfer

agent,

agent

banks

and

brokers;

when

replies

were

not

received

from

brokers

or

agent

banks,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Boston,

Massachusetts

December

18,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Putnam

Investments

family

of

funds

since

at

least

1957. We

have

not

been

able

to

determine

the

specific

year

we

began

serving

as

auditor.

Putnam

Income

Fund

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Fund

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Fund

hereby

reports

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

October

31,

2025:

#### Pursuant

#### to:

#### Amount

#### Reported
Qualified

Net

Interest

Income

(QII)

§871(k)(1)(C)

$39,083,574

Section

163(j)

Interest

Earned

§163(j)

$45,763,588

Putnam

Income

Fund

franklintempleton.com

Annual

Report

#### Putnam

#### Income

#### Fund

#### Trustee

#### approval

#### of

#### management

#### contracts
(unaudited)

*Consideration* 

*of* 

*your* 

*fund's* 

*management* 

*and* 

*sub-advisory* 

*contracts*

At

their

meeting

on

June

27,

2025,

the

Board

of

Trustees

("Board"

or

the

"Trustees")

of

your

fund,

including

all

of

the

Trustees

who

are

not

"interested

persons"

(as

this

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"))

of

the

Putnam

mutual

funds

and

exchange-traded

funds

(collectively,

the

"funds")

(the

"Independent

Trustees")

approved

the

continuance

of

a

management

contract

with

Franklin

Advisers,

Inc.

(the

"Advisor"),

a

subadvisory

agreement

between

the

Advisor

and

Franklin

Templeton

Investment

Management

Limited

("FTIML"),

and

a

subadvisory

agreement

between

the

Advisor

and

Putnam

Investment

Management,

LLC

("Putnam

Management"

and

together

with

FTIML,

the

"Subadvisors")

(collectively,

the

"Management

Contracts").

The

Advisor,

FTIML,

and

Putnam

Management

are

each

direct

or

indirect,

wholly-

owned

subsidiaries

of

Franklin

Resources,

Inc.

(together

with

its

subsidiaries,

"Franklin

Templeton").

*General* 

*conclusions*

The

Board

oversees

the

management

of

each

fund

and,

as

required

by

law,

determines

annually

whether

to

approve

the

continuance

of

your

fund's

management

contract

with

the

Advisor

and

the

sub-advisory

contract

with

respect

to

your

fund

between

the

Advisor

and

each

Subadvisor.

Because

the

Subadvisors

are

affiliates

of

the

Advisor

and

the

Advisor

remains

fully

responsible

for

all

services

provided

by

the

Subadvisors,

the

Trustees

did

not

attempt

to

evaluate

the

Subadvisors

as

separate

entities.

All

references

to

the

Advisor

describing

the

Board's

considerations

should

be

deemed

to

include

references

to

the

applicable

Subadvisor

as

necessary

or

appropriate

in

the

context.

The

Board,

with

the

assistance

of

its

Contract

Committee,

requests

and

evaluates

all

information

it

deems

reasonably

necessary

under

the

circumstances

in

connection

with

its

annual

contract

review.

The

Contract

Committee

consists

solely

of

Independent

Trustees.

#### 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

Putnam

Income

Fund

franklintempleton.com

Annual

Report

At

the

outset

of

the

review

process,

the

Board's

independent

staff

and

independent

legal

counsel,

as

defined

in

Rule

0-1(a)

(6) under

the

1940

Act

(their

"independent

legal

counsel"),

considered

any

possible

changes

to

the

annual

contract

review

materials

furnished

to

the

Contract

Committee

in

prior

years

and,

as

applicable,

identified

those

changes

to

the

Advisor.

Following

these

discussions

and

in

consultation

with

the

Contract

Committee,

the

Independent

Trustees'

independent

legal

counsel

submitted

an

initial

request

that

the

Advisor

and

its

affiliates

furnish

specified

information,

together

with

any

additional

information

the

Advisor

considered

relevant,

to

the

Contract

Committee.

Over

the

course

of

several

months

ending

in

June

2025,

the

Contract

Committee

met

on

a

number

of

occasions

with

representatives

of

the

Advisor,

and

separately

in

executive

session,

to

consider

the

information

that

the

Advisor

provided,

including

information

provided

in

response

to

supplemental

requests

submitted

by

independent

legal

counsel.

Throughout

this

process,

the

Contract

Committee

was

assisted

by

the

Board's

independent

staff

and

by

independent

legal

counsel.

At

the

Board's

June

2025

meeting,

the

Contract

Committee

met

in

executive

session

to

discuss

and

consider

its

recommendations

with

respect

to

the

continuance

of

the

Management

Contracts.

At

that

meeting,

the

Contract

Committee

also

met

in

executive

session

with

the

other

Independent

Trustees

to

review

a

summary

of

the

process

undertaken

by

the

Contract

Committee

and

key

information

that

the

Contract

Committee

considered

in

the

course

of

its

review.

The

Contract

Committee

then

presented

its

written

report,

which

summarized

the

key

factors

that

the

Committee

had

considered

and

set

forth

its

recommendations.

The

Contract

Committee

recommended,

and

the

Independent

Trustees

approved,

the

continuance

of

your

fund's

Management

Contracts,

effective

July

1,

2025. In

considering

the

continuance

of

the

Management

Contracts,

the

Board

took

into

account

a

number

of

factors,

including:

1. That

the

fee

schedule

in

effect

for

your

fund

represented

reasonable

compensation

in

light

of

the

nature

and

quality

of

the

services

being

provided

to

the

fund,

the

fees

paid

by

competitive

funds,

the

costs

incurred

by

the

Advisor

in

providing

services

to

the

fund

and

the

application

of

certain

reductions

and

waivers

noted

below;

2. That

the

fee

schedule

in

effect

for

your

fund

represented

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

that

may

exist

in

the

management

of

the

fund

at

current

asset

levels;

3. That

the

funds

benefited,

and

were

expected

to

continue

to

benefit,

from

Franklin

Templeton's

large

retail

and

institutional

global

distribution

capabilities

and

significant

network

of

intermediary

relationships,

which

may

provide

additional

opportunities

for

the

funds

to

increase

assets

and

reduce

the

impact

of

expenses

by

spreading

them

over

a

larger

asset

base;

4. Potential

benefits

to

shareholders

of

the

funds

that

could

result

from

the

alignment

of

certain

fund

features

and

shareholder

benefits

with

those

of

other

funds

sponsored

by

the

Advisor

and

its

affiliates

and

access

to

a

broader

array

of

investment

opportunities;

and

5. The

financial

strength,

reputation,

experience

and

resources

of

Franklin

Templeton

and

its

investment

advisory

subsidiaries.

These

conclusions

were

based

on

a

comprehensive

consideration

of

all

information

provided

to

the

Trustees

and

were

not

the

result

of

any

single

factor.

Some

of

the

factors

that

figured

particularly

in

the

Trustees'

deliberations

and

how

the

Trustees

considered

these

factors

are

described

below,

although

individual

Trustees

may

have

evaluated

the

information

presented

differently,

giving

different

weights

to

various

factors.

It

is

also

important

to

recognize

that

the

management

arrangements

for

your

fund

and

the

other

funds

are

the

result

of

many

years

of

review

and

discussion

between

the

Independent

Trustees

and

management,

occurring

both

in

connection

with

formal

contract

reviews

as

well

as

throughout

the

year

and

that

the

Trustees'

conclusions

may

be

based,

in

part,

on

their

consideration

of

fee

arrangements

in

previous

years.

For

example,

with

certain

exceptions

primarily

involving

newer

funds

(including

the

exchange-traded

funds)

or

repositioned

funds,

the

current

fee

arrangements

under

the

vast

majority

of

the

funds'

management

contracts

were

first

implemented

at

the

beginning

of

2010

following

extensive

review

by

the

Contract

Committee

and

discussions

with

management,

as

well

as

approval

by

shareholders.

Putnam

Income

Fund

franklintempleton.com

Annual

Report

*Management* 

*fee* 

*schedules* 

*and* 

*total* 

*expenses*

The

Trustees

reviewed

the

management

fee

schedules

in

effect

for

all

funds,

including

fee

levels

and

any

breakpoints.

Under

its

management

contract,

your

fund

has

the

benefit

of

breakpoints

in

its

management

fee

schedule

that

provide

shareholders

with

reduced

fee

levels

as

assets

under

management

of

other

mutual

funds

sponsored

by

the

applicable

Advisor

(or

that

have

been

deemed

to

be

sponsored

by

the

Advisor

for

the

purpose

of

the

management

fee

calculation)

increase.

The

Trustees

also

reviewed

the

total

expenses

of

each

fund,

recognizing

that

in

most

cases

management

fees

represented

the

major,

but

not

the

sole,

determinant

of

total

costs

to

fund

shareholders.

(Two

mutual

funds

and

each

of

the

exchange-traded

funds

have

implemented

(or,

in

the

case

of

ten

municipal

income

funds

that

are

converting

into

exchange-traded

funds,

will

implement)

so-

called

"all-in"

or

unitary

management

fees

covering

substantially

all

routine

fund

operating

costs.)

In

reviewing

fees

and

expenses,

the

Trustees

generally

focus

their

attention

on

material

changes

in

circumstances

—

for

example,

changes

in

assets

under

management,

changes

in

a

fund's

investment

strategy,

changes

in

the

Advisor's

operating

costs

or

profitability,

or

changes

in

competitive

practices

in

the

fund

industry

—

that

suggest

that

consideration

of

fee

changes

might

be

warranted.

The

Trustees

concluded

that

the

circumstances

did

not

indicate

that

changes

to

the

management

fee

schedule

for

your

fund

would

be

appropriate

at

this

time.

As

in

the

past,

the

Trustees

also

focused

on

the

competitiveness

of

each

fund's

total

expense

ratio.

The

Trustees,

the

Advisor

and

the

funds'

investor

servicing

agent,

Putnam

Investor

Services,

Inc.

("PSERV"),

have

implemented

expense

limitations

that

were

in

effect

during

your

fund's

fiscal

year

ending

in

2024. These

expense

limitations

were:

(i) a

contractual

expense

limitation

applicable

to

specified

mutual

funds

(including

your

fund)

of

basis

points

on

investor

servicing

fees

and

expenses

and

(ii) a

contractual

expense

limitation

applicable

to

specified

mutual

funds

(including

your

fund)

of

basis

points

on

so-called

"other

expenses"

(i.e.,

all

expenses

exclusive

of

management

fees,

distribution

fees,

investor

servicing

fees,

investment-related

expenses,

interest,

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses

and

extraordinary

expenses).

These

expense

limitations

attempt

to

maintain

competitive

expense

levels

for

the

funds.

Most

funds

(including

your

fund)

had

sufficiently

low

expenses

that

these

expense

limitations

were

not

operative

during

their

fiscal

years

ending

in

2024. The

Advisor

and

PSERV

have

agreed

to

maintain

these

expense

limitations

until

at

least

February

28,

2027. In

addition,

the

Advisor

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

of

your

fund

to

the

extent

that

the

total

annual

operating

expenses

of

the

fund

(excluding

payments

under

the

fund's

distribution

plans,

investor

servicing

fees,

brokerage,

interest,

taxes,

investment-related

expenses,

extraordinary

expenses

and

acquired

fund

fees

and

expenses)

would

exceed

an

annual

rate

of

0.33%

of

its

average

net

assets

through

at

least

February

28,

2027. During

its

fiscal

year

ending

in

2024,

your

fund's

expenses

were

reduced

as

a

result

of

this

expense

limitation.

Advisor

and

PSERV's

commitment

to

these

expense

limitation

arrangements,

which

were

intended

to

support

an

effort

to

have

the

mutual

fund

expenses

meet

competitive

standards,

was

an

important

factor

in

the

Trustees'

decision

to

approve

the

continuance

of

your

fund's

Management

Contracts.

The

Trustees

reviewed

comparative

fee

and

expense

information

for

a

custom

group

of

competitive

funds

selected

by

Broadridge

Financial

Solutions,

Inc.

("Broadridge").

This

comparative

information

included

your

fund's

percentile

ranking

for

effective

management

fees

and

total

expenses

(excluding

any

applicable

12b-1

fees),

which

provides

a

general

indication

of

your

fund's

relative

standing.

In

the

custom

peer

group,

your

fund

ranked

in

the

second

quintile

in

effective

management

fees

(determined

for

your

fund

and

the

other

funds

in

the

custom

peer

group

assuming

the

same

fund

asset

size

for

your

fund

and

the

other

funds

in

the

custom

peer

group

and

the

applicable

contractual

management

fee

schedule)

and

in

the

third

quintile

in

total

expenses

(excluding

any

applicable

12b-1

fees)

as

of

December

31,

2024. The

first

quintile

represents

the

least

expensive

funds

and

the

fifth

quintile

the

most

expensive

funds.

The

fee

and

expense

data

reported

by

Broadridge

as

of

December

31,

2024

reflected

the

most

recent

fiscal

year-end

data

available

in

Broadridge's

database

at

that

time.

Putnam

Income

Fund

franklintempleton.com

Annual

Report

In

connection

with

their

review

of

fund

management

fees

and

total

expenses,

the

Trustees

also

reviewed

the

costs

of

the

services

provided

and

the

profits

realized

by

the

Advisor

and

its

affiliates

from

their

contractual

relationships

with

the

funds.

This

information

included

trends

in

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates

relating

to

the

investment

management,

investor

servicing

and

distribution

services

provided

to

the

funds,

as

applicable.

In

this

regard,

the

Trustees

also

reviewed

an

analysis

of

the

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates,

allocated

on

a

fund-by-fund

basis,

with

respect

to

(as

applicable)

the

funds'

management,

distribution

and

investor

servicing

contracts.

For

each

fund,

the

analysis

presented

information

about

revenues,

expenses

and

profitability

in

2024

for

each

of

the

applicable

agreements

separately

and

for

the

agreements

taken

together

on

a

combined

basis.

The

Trustees

concluded

that,

at

current

asset

levels,

the

fee

schedules

in

place

for

each

of

the

funds,

including

the

fee

schedule

for

your

fund,

represented

reasonable

compensation

for

the

services

being

provided

and

represented

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

as

may

exist

in

the

management

of

the

funds

at

that

time.

The

information

examined

by

the

Trustees

in

connection

with

their

annual

contract

review

for

the

funds

included

information

regarding

services

provided

and

fees

charged

by

the

Advisor

and

certain

affiliates

to

other

clients

in

similar

asset

categories,

including

other

1940

Act

funds

advised

by

the

Advisor

but

overseen

by

a

board

of

trustees

other

than

the

Board,

sub-advised

U.S.

mutual

funds,

exchange-traded

funds,

other

U.S.

products

(such

as

collective

investment

trusts,

private

funds,

and

separately

managed

and

institutional

accounts),

non-U.S.

funds,

and

other

non-U.S.

products.

This

information

included,

for

products

that

are

managed

by

the

same

portfolio

team

in

a

similar

asset

category

to

those

of

the

funds,

comparisons

of

the

fees

charged

to

other

clients,

by

category,

with

fees

charged

to

the

funds,

as

well

as

a

detailed

assessment

of

the

differences

in

the

services

provided

to

these

clients

as

compared

to

the

services

provided

to

the

funds.

The

Trustees

observed

that

the

differences

in

fee

rates

between

these

clients

and

the

funds

are

by

no

means

uniform

when

examined

by

individual

asset

classes,

suggesting

that

differences

in

the

pricing

of

investment

management

services

to

these

types

of

clients

may

reflect,

among

other

things,

historical

competitive

forces

operating

in

separate

marketplaces,

the

characteristics

of

different

clients,

the

particulars

of

different

fee

structures,

factors

unique

to

specific

market

segments,

and

the

distinct

risks

and

costs

associated

with

providing

services

to

different

clients.

The

Trustees

considered

the

fact

that

in

many

cases

fee

rates

across

different

asset

classes

are

higher

on

average

for

1940

Act-registered

funds

than

for

other

clients,

and

the

Trustees

also

considered

the

differences

between

the

services

that

the

Advisor

provides

to

the

funds

and

those

that

it

provides

to

its

other

clients.

The

Trustees

did

not

rely

on

these

fee

comparisons

to

any

significant

extent

in

concluding

that

the

management

fees

paid

by

your

fund

are

reasonable.

*Investment* 

*performance*

The

quality

of

the

investment

process

provided

by

the

Advisor

represented

a

major

factor

in

the

Trustees'

evaluation

of

the

quality

of

services

provided

by

the

Advisor

under

your

fund's

Management

Contracts.

The

Trustees

were

assisted

in

their

review

of

the

Advisor's

investment

process

and

performance

by

the

work

of

the

investment

oversight

committees

of

the

Trustees

and

the

full

Board,

which

meet

on

a

regular

basis

with

individual

portfolio

managers

and

with

senior

investment

management

of

the

Advisor

throughout

the

year.

The

Trustees

concluded

that

the

Advisor

generally

provides

a

high-quality

investment

process

—

based

on

the

experience

and

skills

of

the

individuals

assigned

to

the

management

of

fund

portfolios,

the

resources

made

available

to

them

and

in

general

the

Advisor's

ability

to

attract

and

retain

high-quality

personnel

—

but

also

recognized

that

this

does

not

guarantee

favorable

investment

results

for

every

fund

in

every

time

period.

The

Trustees

considered

that,

in

the

aggregate,

peer-relative

and

benchmark-relative

fund

performance

was

strong

in

2024

against

a

constructive

yet

complex

investing

environment.

The

S&P

500

was

up

25%

in

2024,

but

significant

concentration

of

returns

among

large

cap

and

technology

stocks

and

periods

of

volatility

posed

challenges

in

the

market.

The

Bloomberg

Aggregate

fixed

income

index

was

up

slightly

over

1%

amidst

many

moving

pieces,

with

the

Federal

Reserve

cutting

the

Effective

Federal

Funds

rate

from

5.25%

at

year-end

2023

to

4.25%

at

year-end

2024,

with

three

cuts

in

the

latter

part

of

the

year,

while

also

trying

to

manage

inflation

concerns.

Ten-year

Treasury

yields

ended

2024

at

4.6%

up

from

3.9%

at

year-end

2023. Corporate

earnings

and

employment

figures

continued

to

generally

show

strength

during

the

year,

while

geopolitical

tensions

were

closely

watched.

Putnam

Income

Fund

franklintempleton.com

Annual

Report

For

the

one-year

period

ended

December

31,

2024,

the

Trustees

noted

that

the

funds,

on

an

asset-weighted

basis,

ranked

in

the

27th

percentile

of

their

peers

as

determined

by

Lipper

Inc.

("Lipper")

and,

on

an

asset-weighted

basis,

outperformed

their

benchmarks

by

3.0%

gross

of

fees

over

the

one-year

period.

The

Committee

also

noted

that

the

funds'

aggregate

performance

over

longer-term

periods

continued

to

be

strong,

with

the

funds,

on

an

asset-weighted

basis,

ranking

in

the

20th,

22nd

and

20th

percentiles

of

their

Lipper

peers

over

the

three-year,

five-year

and

ten-year

periods

ended

December

31,

2024,

respectively.

The

Trustees

further

noted

that

the

funds,

in

the

aggregate,

outperformed

their

benchmarks

on

a

gross

basis

for

each

of

the

three-year,

five-year

and

ten-year

periods.

The

Trustees

also

considered

the

Morningstar

Inc.

ratings

assigned

to

the

funds

and

that

funds

were

rated

four

or

five

stars

at

the

end

of

2024,

which

represented

an

increase

of

seven

funds

year-over-year.

The

Trustees

also

considered

that

funds

were

five-star

rated

at

the

end

of

2024,

which

was

also

a

year-

over-year

increase

of

seven

funds.

The

Board

noted,

however,

the

disappointing

investment

performance

of

some

funds

for

periods

ended

December

31,

2024

and

considered

information

provided

by

the

Advisor

regarding

the

factors

contributing

to

the

underperformance

and,

where

relevant,

actions

being

taken

to

improve

the

performance

of

these

particular

funds.

The

Trustees

indicated

their

intention

to

continue

to

monitor

the

performance

of

those

funds.

For

purposes

of

the

Trustees'

evaluation

of

the

funds'

investment

performance,

the

Trustees

generally

focus

on

a

competitive

industry

ranking

of

each

fund's

total

net

return

over

a

one-year,

three-year

and

five-year

period.

For

a

number

of

funds

with

relatively

unique

investment

mandates

for

which

the

Advisor

informed

the

Trustees

that

meaningful

competitive

performance

rankings

are

not

considered

to

be

available,

the

Trustees

evaluated

performance

based

on

their

total

gross

and

net

returns

and

comparisons

of

those

returns

to

the

returns

of

selected

investment

benchmarks.

In

the

case

of

your

fund,

the

Trustees

considered

that

its

class

A

share

cumulative

total

return

performance

at

net

asset

value

was

in

the

following

quartiles

of

its

Lipper

peer

group

(Lipper

Core

Bond

Funds)

for

the

one-year,

three-year

and

five-year

periods

ended

December

31,

2024

(the

first

quartile

representing

the

best-performing

funds

and

the

fourth

quartile

the

worst-performing

funds):

Over

the

one-year,

three-year

and

five-year

periods

ended

December

31,

2024,

there

were

519,

and

funds,

respectively,

in

your

fund's

Lipper

peer

group.

(When

considering

performance

information,

shareholders

should

be

mindful

that

past

performance

is

not

a

guarantee

of

future

results.)

The

Trustees

expressed

concern

about

your

fund's

significant

underperformance

relative

to

its

benchmark

for

the

five-year

period

ended

December

31,

2024. The

Trustees

noted

and

considered

the

Advisor's

observations

concerning

the

performance

of

your

fund.

In

the

Advisor's

view,

your

fund's

fourth

quartile

performance

over

the

five-year

period

was

driven

by

significant

underperformance

in

both

the

commercial

mortgage-backed

sector

as

well

as

the

prepayment

sensitive

residential

mortgage-

backed

sector.

The

Trustees

considered

that

the

pandemic

and

the

ensuing

policy

response

dramatically

changed

the

fundamental

picture

for

commercial

and

residential

real

estate.

The

Trustees

considered

that

the

Advisor

had

recalibrated

its

structured

product

models

and

moderated

your

fund's

allocation

to

structured

product

in

an

effort

to

deliver

more

resilient

performance.

The

Trustees

noted

your

fund's

top

quartile

results

over

the

one-year

and

three-year

periods.

The

Trustees

also

noted

that

as

of

March

31,

2025,

your

fund's

five-year

performance

was

no

longer

in

the

fourth

quartile.

The

Trustees

noted

that

the

Advisor

had

made

internal

promotions

and

other

portfolio

management

assignment

changes

in

2024

to

strengthen

its

investment

teams

providing

services

to

the

fund.

The

Trustees

also

noted

that

four

individuals

were

added

as

portfolio

managers,

and

that

the

Advisor

remained

confident

in

the

portfolio

managers'

stewardship

of

the

fund.

One-year

period

Three-year

period

Five-year

period

1st

1st

4th

Putnam

Income

Fund

franklintempleton.com

Annual

Report

As

a

general

matter,

the

Trustees

believe

that

cooperative

efforts

between

the

Trustees

and

the

Advisor

represent

the

most

effective

way

to

address

investment

performance

concerns

that

may

arise

from

time

to

time.

The

Trustees

noted

that

investors

in

the

Putnam

funds

have,

in

effect,

placed

their

trust

in

the

Putnam

organization,

under

the

oversight

of

the

funds'

Trustees,

to

make

appropriate

decisions

regarding

the

management

of

the

funds.

The

Trustees

also

considered

that

the

Advisor

has

made

changes

in

light

of

subpar

investment

performance

when

warranted.

Based

on

the

Advisor's

willingness

to

take

appropriate

measures

to

address

fund

performance

issues,

the

Trustees

concluded

that

it

continued

to

be

advisable

to

seek

change

within

Putnam

Management

to

address

performance

shortcomings.

In

the

Trustees'

view,

the

alternative

of

engaging

a

new

investment

adviser

for

an

underperforming

fund,

with

all

the

attendant

risks

and

disruptions,

would

not

likely

provide

any

greater

assurance

of

improved

investment

performance.

*Brokerage* 

*and* 

*soft-dollar* 

*allocations;* 

*distribution* 

*and* 

*investor* 

*servicing*

The

Trustees

considered

various

potential

benefits

that

the

Advisor

may

receive

in

connection

with

the

services

it

provides

under

the

management

contract

with

your

fund.

These

include

benefits

related

to

brokerage

allocation

and

the

use

of

soft

dollars,

whereby

a

portion

of

the

commissions

paid

by

a

fund

for

brokerage

may

be

used

to

acquire

research

services

that

are

expected

to

be

useful

to

the

Advisor

in

managing

the

assets

of

the

fund

and

of

other

clients.

Subject

to

policies

approved

by

the

Trustees,

soft

dollars

generated

by

these

means

may

be

used

to

acquire

brokerage

and

research

services

(including

proprietary

executing

broker

research,

third-party

research

and

market

data)

that

enhance

the

Advisor's

investment

capabilities

and

supplement

the

Advisor's

internal

research

efforts.

The

Trustees

indicated

their

continued

intent

to

monitor

regulatory

and

industry

developments

in

this

area

with

the

assistance

of

their

Contract

Committee.

In

addition,

with

the

assistance

of

their

Contract

Committee,

the

Trustees

indicated

their

continued

intent

to

monitor

the

allocation

of

the

funds'

brokerage

in

order

to

ensure

that

the

principle

of

seeking

best

price

and

execution

remains

paramount

in

the

portfolio

trading

process.

The

Advisor

may

also

receive

benefits

from

payments

that

funds

make

to

the

Advisor

for

distribution

services

and

investor

services.

In

conjunction

with

the

review

of

your

fund's

management

and

sub-advisory

contracts,

the

Trustees

reviewed

your

fund's

investor

servicing

agreement

with

PSERV

and

its

distributor's

contract

and

distribution

plans

with

Franklin

Distributors,

LLC

("Franklin

Distributors"),

both

of

which

are

affiliates

of

the

Advisor.

The

Trustees

concluded

that

the

fees

payable

by

the

mutual

funds

to

PSERV

and

Franklin

Distributors

for

such

services

were

fair

and

reasonable

in

relation

to

the

nature

and

quality

of

such

services,

the

fees

paid

by

competitive

funds

and

the

costs

incurred

by

PSERV

and

Franklin

Distributors

in

providing

such

services.

Furthermore,

the

Trustees

were

of

the

view

that

the

investor

services

provided

by

PSERV

were

required

for

the

operation

of

the

mutual

funds,

and

that

they

were

of

a

quality

at

least

equal

to

those

provided

by

other

providers.

38901-AFSOI

12/25©

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 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) Code of Ethics attached hereto.](pif-efp20794_ex99code.htm)

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-efp20794_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-efp20794_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** | **Putnam Income Fund** |
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | December 29, 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: | December 29, 2025 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | December 29, 2025 |

---

## Ex-99.Code

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## 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: | December 29, 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: | December 29, 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 **October 31, 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** | **Principal Financial Officer** |
| Putnam Income Fund | Putnam Income Fund |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |
| Date: December 29, 2025 | Date: December 29, 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.