# EDGAR Filing Document

**Accession Number:** 0000081264
**File Stem:** 0001133228-26-009335
**Filing Date:** 2026-6
**Character Count:** 306495
**Document Hash:** 89f588c593569632fdc9f44c25d1265b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-009335.hdr.sgml**: 20260622

**ACCESSION NUMBER**: 0001133228-26-009335

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260622

**DATE AS OF CHANGE**: 20260622

**EFFECTIVENESS DATE**: 20260622

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-00653
- **FILM NUMBER:** 261105967

**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'? 2026-05-2074200164200_PutnamIncomeFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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

**Putnam Income Fund**

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

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

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

Date of reporting period: **April 30, 2026**

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&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) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Income Fund for the period November 1, 2025, to April 30, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $35 | 0.71% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $992847243 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1189 |
| **Portfolio Turnover Rate** | 170% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7433img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Income Fund PAGE 1 38901-STSA-0626

35.325.210.85.94.34.22.92.32.00.96.2 ------

---

| | |
|:---|:---|
| **Putnam Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [PUICX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Income Fund for the period November 1, 2025, to April 30, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $73 | 1.46% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $992847243 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1189 |
| **Portfolio Turnover Rate** | 170% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7434img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Income Fund PAGE 1 38901-STSC-0626

35.325.210.85.94.34.22.92.32.00.96.2 ------

---

| | |
|:---|:---|
| **Putnam Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class M [PNCMX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Income Fund for the period November 1, 2025, to April 30, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class M | $48 | 0.96% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $992847243 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1189 |
| **Portfolio Turnover Rate** | 170% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7439img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Income Fund PAGE 1 38901-STSM-0626

35.325.210.85.94.34.22.92.32.00.96.2 ------

---

| | |
|:---|:---|
| **Putnam Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R [PIFRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Income Fund for the period November 1, 2025, to April 30, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R | $48 | 0.96% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $992847243 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1189 |
| **Portfolio Turnover Rate** | 170% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7437img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Income Fund PAGE 1 38901-STSR-0626

35.325.210.85.94.34.22.92.32.00.96.2 ------

---

| | |
|:---|:---|
| **Putnam Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R5 [PINFX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Income Fund for the period November 1, 2025, to April 30, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R5 | $21 | 0.43% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $992847243 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1189 |
| **Portfolio Turnover Rate** | 170% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7435img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Income Fund PAGE 1 38901-STSR5-0626

35.325.210.85.94.34.22.92.32.00.96.2 ------

---

| | |
|:---|:---|
| **Putnam Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PINHX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Income Fund for the period November 1, 2025, to April 30, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $18 | 0.37% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $992847243 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1189 |
| **Portfolio Turnover Rate** | 170% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7436img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Income Fund PAGE 1 38901-STSR6-0626

35.325.210.85.94.34.22.92.32.00.96.2 ------

---

| | |
|:---|:---|
| **Putnam Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PNCYX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Income Fund for the period November 1, 2025, to April 30, 2026.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class Y | $23 | 0.46% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $992847243 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 1189 |
| **Portfolio Turnover Rate** | 170% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7438img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Income Fund PAGE 1 38901-STSY-0626

35.325.210.85.94.34.22.92.32.00.96.2 ------

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

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

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

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

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

#### Putnam

#### Income

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

April

30,

2026

#### If

#### you

#### need

#### assistance

#### accessing

#### this

#### content,

#### please

#### reach

#### out

#### to

#### your

#### sales

#### representative

#### or

#### send

#### an

#### email

#### to

#### accessibility@franklintempleton.com

#### .

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 48
Notes

to

Financial

Statements

#### 53
Changes

In

and

Disagreements

with

Accountants

#### 70
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Putnam

Income

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$5.13

$5.25

$5.05

$5.47

$6.88

$7.31

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.10 0.23 0.23 0.23 0.19 0.16 Net

realized

and

unrealized

gains

(losses)

(0.04)

0.09 0.36 (0.17)

(1.33)

(0.22)

Total

from

investment

operations

........

0.06 0.32 0.59 0.06 (1.14)

(0.06)

Less

distributions

from:

Net

investment

income

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

(0.11)

(0.44)

(0.39)

(0.48)

(0.27)

(0.14)

Net

realized

gains

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

—

—

—

—

—

(0.23)

Total

distributions

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

(0.11)

(0.44)

(0.39)

(0.48)

(0.27)

(0.37)

Net

asset

value,

end

of

period

..........

$5.08

$5.13

$5.25

$5.05

$5.47

$6.88

Total

return

c

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

1.27%

6.47%

11.99%

0.80%

(17.05)%

(0.94)%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.81%

0.84%

0.86%

0.87%

0.86%

0.83%

Expenses

net

of

waiver

and

payments

by

affiliates

e

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

0.71%

0.73%

0.74%

0.75%

0.75%

0.73%

Net

investment

income

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

4.12%

4.49%

4.41%

4.32%

3.06%

2.30%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$365,649

$390,257

$407,325

$421,321

$489,179

$705,423

Portfolio

turnover

rate

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

170%

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$5.06

$5.19

$4.99

$5.41

$6.81

$7.23

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.08 0.19 0.19 0.19 0.14 0.11 Net

realized

and

unrealized

gains

(losses)

(0.04)

0.08 0.37 (0.17)

(1.32)

(0.21)

Total

from

investment

operations

........

0.04 0.27 0.56 0.02 (1.18)

(0.10)

Less

distributions

from:

Net

investment

income

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

(0.10)

(0.40)

(0.36)

(0.44)

(0.22)

(0.09)

Net

realized

gains

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

—

—

—

—

—

(0.23)

Total

distributions

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

(0.10)

(0.40)

(0.36)

(0.44)

(0.22)

(0.32)

Net

asset

value,

end

of

period

..........

$5.00

$5.06

$5.19

$4.99

$5.41

$6.81

Total

return

c

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

0.71%

5.54%

11.32%

0.04%

(17.72)%

(1.56)%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

1.57%

1.59%

1.61%

1.62%

1.61%

1.58%

Expenses

net

of

waiver

and

payments

by

affiliates

e

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

1.46%

1.49%

1.49%

1.50%

1.50%

1.48%

Net

investment

income

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

3.38%

3.74%

3.66%

3.60%

2.27%

1.55%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$16,904

$19,743

$26,518

$29,291

$40,130

$75,865

Portfolio

turnover

rate

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

170%

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Income

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### M

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$4.90

$5.03

$4.85

$5.27

$6.65

$7.08

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.09 0.21 0.21 0.21 0.17 0.14 Net

realized

and

unrealized

gains

(losses)

(0.04)

0.08 0.35 (0.16)

(1.29)

(0.21)

Total

from

investment

operations

........

0.05 0.29 0.56 0.05 (1.12)

(0.07)

Less

distributions

from:

Net

investment

income

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

(0.11)

(0.42)

(0.38)

(0.47)

(0.26)

(0.13)

Net

realized

gains

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

—

—

—

—

—

(0.23)

Total

distributions

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

(0.11)

(0.42)

(0.38)

(0.47)

(0.26)

(0.36)

Net

asset

value,

end

of

period

..........

$4.84

$4.90

$5.03

$4.85

$5.27

$6.65

Total

return

c

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

1.01%

6.31%

11.80%

0.59%

(17.36)%

(1.16)%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

1.06%

1.09%

1.11%

1.12%

1.11%

1.08%

Expenses

net

of

waiver

and

payments

by

affiliates

e

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

0.96%

0.98%

0.99%

1.00%

1.00%

0.98%

Net

investment

income

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

3.87%

4.24%

4.16%

4.06%

2.82%

2.05%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$29,261

$30,493

$32,682

$34,081

$38,812

$53,418

Portfolio

turnover

rate

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

170%

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$5.05

$5.18

$4.98

$5.40

$6.81

$7.23

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.10 0.21 0.21 0.22 0.17 0.14 Net

realized

and

unrealized

gains

(losses)

(0.05)

0.08 0.37 (0.17)

(1.32)

(0.20)

Total

from

investment

operations

........

0.05 0.29 0.58 0.05 (1.15)

(0.06)

Less

distributions

from:

Net

investment

income

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

(0.11)

(0.42)

(0.38)

(0.47)

(0.26)

(0.13)

Net

realized

gains

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

—

—

—

—

—

(0.23)

Total

distributions

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

(0.11)

(0.42)

(0.38)

(0.47)

(0.26)

(0.36)

Net

asset

value,

end

of

period

..........

$4.99

$5.05

$5.18

$4.98

$5.40

$6.81

Total

return

c

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

0.96%

6.09%

11.90%

0.58%

(17.41)%

(1.03)%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

1.06%

1.09%

1.11%

1.12%

1.11%

1.08%

Expenses

net

of

waiver

and

payments

by

affiliates

e

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

0.96%

0.99%

0.99%

1.00%

1.00%

0.98%

Net

investment

income

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

3.87%

4.24%

4.15%

4.09%

2.82%

2.05%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$3,929

$4,237

$4,715

$6,266

$7,488

$11,023

Portfolio

turnover

rate

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

170%

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

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Income

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R5

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$5.22

$5.34

$5.12

$5.54

$6.97

$7.39

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.11 0.25 0.25 0.25 0.21 0.18 Net

realized

and

unrealized

gains

(losses)

(0.04)

0.08 0.38 (0.17)

(1.35)

(0.20)

Total

from

investment

operations

........

0.07 0.33 0.63 0.08 (1.14)

(0.02)

Less

distributions

from:

Net

investment

income

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

(0.12)

(0.45)

(0.41)

(0.50)

(0.29)

(0.17)

Net

realized

gains

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

—

—

—

—

—

(0.23)

Total

distributions

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

(0.12)

(0.45)

(0.41)

(0.50)

(0.29)

(0.40)

Net

asset

value,

end

of

period

..........

$5.17

$5.22

$5.34

$5.12

$5.54

$6.97

Total

return

c

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

1.39%

6.65%

12.47%

1.05%

(16.87)%

(0.48)%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.54%

0.56%

0.57%

0.57%

0.56%

0.55%

Expenses

net

of

waiver

and

payments

by

affiliates

e

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

0.43%

0.45%

0.45%

0.45%

0.45%

0.45%

Net

investment

income

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

4.40%

4.78%

4.70%

4.58%

3.38%

2.57%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$3,677

$3,518

$3,327

$3,173

$4,572

$5,843

Portfolio

turnover

rate

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

170%

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

is

not

annualized

for

periods

less

than

one

year.

#### d
Ratios

are

annualized

for

periods

less

than

one

year.

#### e
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$5.26

$5.38

$5.16

$5.58

$7.02

$7.44

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.12 0.25 0.25 0.26 0.22 0.19 Net

realized

and

unrealized

gains

(losses)

(0.05)

0.08 0.39 (0.17)

(1.37)

(0.21)

Total

from

investment

operations

........

0.07 0.33 0.64 0.09 (1.15)

(0.02)

Less

distributions

from:

Net

investment

income

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

(0.12)

(0.45)

(0.42)

(0.51)

(0.29)

(0.17)

Net

realized

gains

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

—

—

—

—

—

(0.23)

Total

distributions

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

(0.12)

(0.45)

(0.42)

(0.51)

(0.29)

(0.40)

Net

asset

value,

end

of

period

..........

$5.21

$5.26

$5.38

$5.16

$5.58

$7.02

Total

return

c

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

1.40%

6.67%

12.58%

1.20%

(16.83)%

(0.46)%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.48%

0.49%

0.50%

0.50%

0.49%

0.48%

Expenses

net

of

waiver

and

payments

by

affiliates

e

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

0.37%

0.38%

0.38%

0.38%

0.38%

0.38%

Net

investment

income

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

4.46%

4.85%

4.74%

4.66%

3.45%

2.65%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$107,184

$105,691

$122,354

$170,838

$158,971

$202,650

Portfolio

turnover

rate

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

170%

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

is

not

annualized

for

periods

less

than

one

year.

#### d
Ratios

are

annualized

for

periods

less

than

one

year.

#### e
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Income

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$5.28

$5.39

$5.17

$5.58

$7.02

$7.44

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.11 0.25 0.25 0.26 0.21 0.18 Net

realized

and

unrealized

gains

(losses)

(0.05)

0.09 0.38 (0.17)

(1.37)

(0.21)

Total

from

investment

operations

........

0.06 0.34 0.63 0.09 (1.16)

(0.03)

Less

distributions

from:

Net

investment

income

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

(0.12)

(0.45)

(0.41)

(0.50)

(0.28)

(0.16)

Net

realized

gains

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

—

—

—

—

—

(0.23)

Total

distributions

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

(0.12)

(0.45)

(0.41)

(0.50)

(0.28)

(0.39)

Net

asset

value,

end

of

period

..........

$5.22

$5.28

$5.39

$5.17

$5.58

$7.02

Total

return

c

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

1.16%

6.75%

12.35%

1.19%

(16.97)%

(0.57)%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.56%

0.59%

0.61%

0.62%

0.61%

0.58%

Expenses

net

of

waiver

and

payments

by

affiliates

e

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

0.46%

0.48%

0.49%

0.50%

0.50%

0.48%

Net

investment

income

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

4.37%

4.74%

4.67%

4.62%

3.25%

2.55%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$466,243

$479,096

$536,620

$591,001

$1,223,027

$2,411,628

Portfolio

turnover

rate

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

170%

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

is

not

annualized

for

periods

less

than

one

year.

#### d
Ratios

are

annualized

for

periods

less

than

one

year.

#### e
Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Putnam

Income

Fund

Schedule

of

Investments

(unaudited),

April

30,

2026

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Management

#### Investment

#### Companies

#### 2.5%

#### Capital

#### Markets

#### 2.5%
a

Franklin

Ultra

Short

Bond

ETF

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

United

States

1,013,480

$

25,357,270

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 25,217,931

####)
..................

#### 25,357,270

#### Principal

#### Amount

#### \*

#### Corporate

#### Bonds

#### 44.1%

#### Aerospace

#### &

#### Defense

#### 1.5%
b

BAE

Systems

plc

,

Senior

Bond

,

144A,

5.3 %

,

3/26/34

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

United

Kingdom

1,100,000

1,123,493

Senior

Note

,

144A,

5.125 %

,

3/26/29

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

United

Kingdom

1,745,000

1,781,490

Boeing

Co.

(The)

,

Senior

Bond

,

2.95 %

,

2/01/30

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

United

States

145,000

137,069

Senior

Bond

,

3.625 %

,

2/01/31

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

United

States

475,000

453,277

Senior

Bond

,

6.125 %

,

2/15/33

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

United

States

1,472,000

1,574,314

Senior

Bond

,

3.6 %

,

5/01/34

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

United

States

443,000

398,296

Senior

Bond

,

3.25 %

,

2/01/35

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

United

States

262,000

226,775

Senior

Bond

,

6.875 %

,

3/15/39

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

United

States

325,000

360,376

Senior

Bond

,

3.375 %

,

6/15/46

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

United

States

797,000

549,818

Senior

Bond

,

3.9 %

,

5/01/49

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

United

States

122,000

89,709

Senior

Bond

,

6.858 %

,

5/01/54

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

United

States

767,000

852,568

Senior

Bond

,

3.95 %

,

8/01/59

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

United

States

1,095,000

761,147

Senior

Note

,

2.7 %

,

2/01/27

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

United

States

584,000

577,309

Senior

Note

,

6.259 %

,

5/01/27

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

United

States

36,000

36,615

Senior

Note

,

6.298 %

,

5/01/29

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

United

States

55,000

57,696

b

Bombardier,

Inc.

,

Senior

Bond

,

144A,

7.45 %

,

5/01/34

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

Canada

420,000

462,979

Senior

Note

,

144A,

6.75 %

,

6/15/33

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

Canada

605,000

631,592

b

Honeywell

Aerospace,

Inc.

,

Senior

Bond

,

144A,

4.95 %

,

3/16/36

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

United

States

715,000

707,157

Senior

Bond

,

144A,

5.732 %

,

3/16/56

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

United

States

405,000

398,617

Senior

Bond

,

144A,

5.852 %

,

3/16/66

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

United

States

275,000

270,891

Senior

Note

,

144A,

4.6 %

,

3/16/33

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

United

States

360,000

355,575

Howmet

Aerospace,

Inc.

,

Senior

Bond

,

4.75 %

,

4/15/36

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

United

States

165,000

160,347

Senior

Bond

,

5.95 %

,

2/01/37

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

United

States

453,000

482,138

Senior

Note

,

%

,

1/15/29

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

United

States

1,183,000

1,141,126

b

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

6.875 %

,

12/15/30

United

States

985,000

1,015,963

14,606,337

#### Automobile

#### Components

#### 0.1%
b

Forvia

SE

,

Senior

Note

,

144A,

6.75 %

,

9/15/33

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

France

1,050,000

1,053,567

#### Automobiles

#### 0.3%
b

Hyundai

Capital

America

,

Senior

Bond

,

144A,

6.375 %

,

4/08/30

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

United

States

181,000

190,253

Senior

Note

,

144A,

6.5 %

,

1/16/29

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

United

States

1,195,000

1,248,429

Senior

Note

,

144A,

5.35 %

,

3/19/29

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

United

States

918,000

934,721

Senior

Note

,

144A,

4.55 %

,

9/26/29

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

United

States

485,000

483,077

Senior

Note

,

144A,

5.4 %

,

1/08/31

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

United

States

481,000

490,566

3,347,046

#### Banks

#### 5.6%
b

Australia

&

New

Zealand

Banking

Group

Ltd.

,

Sub.

Bond

,

144A,

4.4 %

,

5/19/26

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

Australia

482,000

482,112

Sub.

Bond

,

144A,

2.57%

to

11/24/30,

FRN

thereafter

,

11/25/35

Australia

1,145,000

1,028,437

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

Bank

of

America

Corp.

,

Senior

Bond

,

2.496%

to

2/12/30,

FRN

thereafter

,

2/13/31

...

United

States

1,325,000

$

1,227,297

Senior

Note

,

6.204%

to

11/09/27,

FRN

thereafter

,

11/10/28

..

United

States

375,000

384,866

Sub.

Bond

,

5.425%

to

8/14/34,

FRN

thereafter

,

8/15/35

.....

United

States

1,798,000

1,804,915

Sub.

Bond

,

3.846%

to

3/07/32,

FRN

thereafter

,

3/08/37

.....

United

States

2,598,000

2,414,226

L

,

Sub.

Bond

,

4.183 %

,

11/25/27

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

United

States

3,510,000

3,503,199

Bank

of

Nova

Scotia

(The)

,

Junior

Sub.

Bond

,

7.35%

to

4/26/30,

FRN

thereafter

,

4/27/85

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

Canada

1,620,000

1,677,879

b

Banque

Federative

du

Credit

Mutuel

SA

,

Senior

Preferred

Note

,

144A,

4.541 %

,

1/15/31

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

France

760,000

751,352

Barclays

plc

,

Senior

Note

,

5.367%

to

2/24/30,

FRN

thereafter

,

2/25/31

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

United

Kingdom

1,190,000

1,211,600

b

BNP

Paribas

SA

,

Sub.

Bond

,

144A,

4.375 %

,

5/12/26

.........

France

636,000

636,000

b

BPCE

SA

,

Sub.

Bond

,

144A,

3.648%

to

1/13/32,

FRN

thereafter

,

1/14/37

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

France

577,000

520,775

b

CaixaBank

SA

,

Senior

Non-Preferred

Note

,

144A,

4.634%

to

7/02/28,

FRN

thereafter

,

7/03/29

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

Spain

965,000

966,058

Senior

Non-Preferred

Note

,

144A,

5.673%

to

3/14/29,

FRN

thereafter

,

3/15/30

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

Spain

810,000

830,939

Citigroup,

Inc.

,

c

Junior

Sub.

Bond

,

6.625%

to

2/14/31,

FRN

thereafter

,

Perpetual

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

United

States

845,000

855,856

c

CC

,

Junior

Sub.

Bond

,

7.125%

to

8/14/29,

FRN

thereafter

,

Perpetual

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

United

States

1,367,000

1,387,940

c

GG

,

Junior

Sub.

Bond

,

6.875%

to

8/14/30,

FRN

thereafter

,

Perpetual

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

United

States

1,849,000

1,878,495

Sub.

Bond

,

4.45 %

,

9/29/27

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

United

States

3,482,000

3,484,007

Sub.

Bond

,

4.75 %

,

5/18/46

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

United

States

386,000

326,847

b

Commonwealth

Bank

of

Australia

,

Sub.

Bond

,

144A,

2.688 %

,

3/11/31

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

Australia

500,000

452,854

Sub.

Bond

,

144A,

5.837 %

,

3/13/34

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

Australia

855,000

886,084

Fifth

Third

Bancorp

,

Senior

Note

,

6.339%

to

7/26/28,

FRN

thereafter

,

7/27/29

....

United

States

591,000

612,162

Senior

Note

,

4.895%

to

9/05/29,

FRN

thereafter

,

9/06/30

....

United

States

470,000

471,855

First-Citizens

Bank

&

Trust

Co.

,

Sub.

Bond

,

6.125 %

,

3/09/28

...

United

States

2,279,000

2,335,509

ING

Groep

NV

,

Senior

Note

,

6.083%

to

9/10/26,

FRN

thereafter

,

9/11/27

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

Netherlands

1,625,000

1,633,965

JPMorgan

Chase

&

Co.

,

d

W

,

Junior

Sub.

Bond

,

FRN

,

4.914 %

,

(3-month

SOFR

+

1.262 %),

5/15/47

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

United

States

740,000

667,308

Senior

Bond

,

5.294%

to

7/21/34,

FRN

thereafter

,

7/22/35

...

United

States

1,354,000

1,369,436

Senior

Bond

,

5.502%

to

1/23/35,

FRN

thereafter

,

1/24/36

...

United

States

636,000

651,514

Senior

Note

,

4.323%

to

4/25/27,

FRN

thereafter

,

4/26/28

....

United

States

5,131,000

5,129,065

Senior

Note

,

5.14%

to

1/23/30,

FRN

thereafter

,

1/24/31

.....

United

States

1,619,000

1,648,121

Sub.

Bond

,

2.956%

to

5/12/30,

FRN

thereafter

,

5/13/31

.....

United

States

2,057,000

1,920,165

Sub.

Bond

,

5.717%

to

9/13/32,

FRN

thereafter

,

9/14/33

.....

United

States

647,000

671,536

Sub.

Bond

,

5.576%

to

7/22/35,

FRN

thereafter

,

7/23/36

.....

United

States

415,000

421,221

Lloyds

Banking

Group

plc

,

Sub.

Bond

,

3.369%

to

12/13/41,

FRN

thereafter

,

12/14/46

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

United

Kingdom

1,772,000

1,291,524

PNC

Financial

Services

Group,

Inc.

(The)

,

Senior

Bond

,

5.373%

to

7/20/35,

FRN

thereafter

,

7/21/36

...

United

States

285,000

286,540

Sub.

Bond

,

4.626%

to

6/05/32,

FRN

thereafter

,

6/06/33

.....

United

States

2,951,000

2,871,939

Toronto-Dominion

Bank

(The)

,

Junior

Sub.

Bond

,

8.125%

to

10/30/27,

FRN

thereafter

,

10/31/82

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

Canada

885,000

921,121

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Banks
(continued)

d

Truist

Bank

,

Sub.

Bond

,

FRN

,

4.632 %

,

(5-year

CMT

T-Note

+

1.15 %),

9/17/29

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

United

States

410,000

$

407,449

Truist

Financial

Corp.

,

Senior

Bond

,

5.711%

to

1/23/34,

FRN

thereafter

,

1/24/35

...

United

States

893,000

919,269

Senior

Note

,

5.435%

to

1/23/29,

FRN

thereafter

,

1/24/30

....

United

States

1,143,000

1,169,793

US

Bancorp

,

Sub.

Bond

,

2.491%

to

11/02/31,

FRN

thereafter

,

11/03/36

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

United

States

734,000

638,097

Wells

Fargo

&

Co.

,

Senior

Note

,

5.574%

to

7/24/28,

FRN

thereafter

,

7/25/29

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

United

States

2,647,000

2,705,642

Westpac

Banking

Corp.

,

Sub.

Bond

,

4.421 %

,

7/24/39

........

Australia

470,000

423,330

55,878,299

#### Beverages

#### 0.0%

#### †
Keurig

Dr.

Pepper,

Inc.

,

Senior

Bond

,

5.3 %

,

3/15/34

.........

United

States

465,000

464,094

#### Biotechnology

#### 0.4%
AbbVie,

Inc.

,

Senior

Bond

,

5.05 %

,

3/15/34

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

United

States

261,000

264,717

Senior

Bond

,

4.75 %

,

3/15/36

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

United

States

185,000

180,972

Senior

Note

,

4.8 %

,

3/15/29

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

United

States

1,018,000

1,032,917

Senior

Note

,

4.4 %

,

3/15/33

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

United

States

540,000

530,272

Amgen,

Inc.

,

Senior

Bond

,

5.65 %

,

3/02/53

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

United

States

686,000

660,118

Senior

Note

,

5.25 %

,

3/02/30

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

United

States

1,361,000

1,395,706

4,064,702

#### Broadline

#### Retail

#### 0.5%
Amazon.com,

Inc.

,

Senior

Bond

,

4.875 %

,

3/13/36

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

United

States

648,000

638,745

Senior

Bond

,

5.8 %

,

3/13/56

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

United

States

90,000

88,644

Senior

Bond

,

6.05 %

,

3/13/76

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

United

States

580,000

571,934

Senior

Note

,

4.55 %

,

3/13/33

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

United

States

440,000

434,857

b

Match

Group

Holdings

II

LLC

,

Senior

Bond

,

144A,

4.125 %

,

8/01/30

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

United

States

1,010,000

949,189

b

Wayfair

LLC

,

Senior

Secured

Note

,

144A,

7.75 %

,

9/15/30

.....

United

States

1,800,000

1,868,758

4,552,127

#### Building

#### Products

#### 0.1%
Carlisle

Cos.,

Inc.

,

Senior

Bond

,

5.25 %

,

9/15/35

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

United

States

445,000

447,408

b

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

5.875 %

,

1/31/31

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

United

States

15,000

15,005

Senior

Secured

Note

,

144A,

6.125 %

,

7/31/32

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

United

States

70,000

70,202

b

Standard

Industries,

Inc.

,

Senior

Bond

,

144A,

4.375 %

,

7/15/30

.

United

States

1,085,000

1,036,555

1,569,170

#### Capital

#### Markets

#### 2.6%
Ares

Capital

Corp.

,

Senior

Note

,

%

,

1/15/27

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

United

States

218,000

220,910

Blackstone

Private

Credit

Fund

,

Senior

Note

,

3.25 %

,

3/15/27

..

United

States

874,000

859,952

Deutsche

Bank

AG

,

Senior

Non-Preferred

Note

,

2.311%

to

11/15/26,

FRN

thereafter

,

11/16/27

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

Germany

542,000

535,611

Goldman

Sachs

Group,

Inc.

(The)

,

c

U

,

Junior

Sub.

Bond

,

3.65%

to

8/09/26,

FRN

thereafter

,

Perpetual

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

United

States

350,000

349,111

Senior

Bond

,

5.065%

to

1/20/36,

FRN

thereafter

,

1/21/37

...

United

States

380,000

371,643

Senior

Note

,

4.153%

to

10/20/28,

FRN

thereafter

,

10/21/29

..

United

States

1,133,000

1,121,325

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Capital

#### Markets
(continued)

Goldman

Sachs

Group,

Inc.

(The),

(continued)

Senior

Note

,

5.094%

to

4/19/33,

FRN

thereafter

,

4/20/34

....

United

States

305,000

$

304,369

Intercontinental

Exchange,

Inc.

,

Senior

Bond

,

1.85 %

,

9/15/32

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

United

States

400,000

338,491

Senior

Note

,

4.35 %

,

6/15/29

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

United

States

655,000

653,911

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

5/01/33

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

United

States

1,370,000

1,408,156

Jefferies

Financial

Group,

Inc.

,

Senior

Note

,

4.5 %

,

9/15/26

....

United

States

1,355,000

1,355,876

b

KKR

Group

Finance

Co.

VI

LLC

,

Senior

Bond

,

144A,

3.75 %

,

7/01/29

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

United

States

1,161,000

1,127,787

LPL

Holdings,

Inc.

,

Senior

Note

,

6.75 %

,

11/17/28

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

United

States

855,000

895,275

Senior

Note

,

5.2 %

,

3/15/30

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

United

States

779,000

786,806

Morgan

Stanley

,

Senior

Bond

,

5.073%

to

1/29/36,

FRN

thereafter

,

1/30/37

...

United

States

570,000

557,936

Senior

Bond

,

5.9%

to

3/12/46,

FRN

thereafter

,

3/13/47

.....

United

States

575,000

576,400

Senior

Note

,

5.123%

to

1/31/28,

FRN

thereafter

,

2/01/29

....

United

States

1,276,000

1,289,371

Senior

Note

,

5.23%

to

1/14/30,

FRN

thereafter

,

1/15/31

.....

United

States

340,000

345,722

Senior

Note

,

4.493%

to

1/15/31,

FRN

thereafter

,

1/16/32

....

United

States

570,000

560,990

Senior

Note

,

4.708%

to

3/11/31,

FRN

thereafter

,

3/12/32

....

United

States

820,000

813,853

Sub.

Bond

,

4.35 %

,

9/08/26

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

United

States

5,792,000

5,790,928

Sub.

Bond

,

5.948%

to

1/18/33,

FRN

thereafter

,

1/19/38

.....

United

States

78,000

80,383

Sub.

Bond

,

5.942%

to

2/06/34,

FRN

thereafter

,

2/07/39

.....

United

States

1,201,000

1,237,144

b

MSCI,

Inc.

,

Senior

Bond

,

144A,

3.625 %

,

9/01/30

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

United

States

3,124,000

2,958,039

Senior

Bond

,

144A,

3.875 %

,

2/15/31

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

United

States

460,000

436,920

Nasdaq,

Inc.

,

Senior

Bond

,

5.55 %

,

2/15/34

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

United

States

33,000

34,102

S&P

Global,

Inc.

,

Senior

Bond

,

2.5 %

,

12/01/29

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

United

States

840,000

788,455

b

StoneX

Group,

Inc.

,

Secured

Note

,

144A,

7.875 %

,

3/01/31

....

United

States

985,000

1,037,784

26,837,250

#### Chemicals

#### 0.0%

#### †
FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

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

United

States

65,000

43,122

#### Commercial

#### Services

#### &

#### Supplies

#### 0.4%
b

GFL

Environmental,

Inc.

,

Senior

Note

,

144A,

4.375 %

,

8/15/29

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

United

States

1,145,000

1,120,927

Senior

Secured

Note

,

144A,

3.5 %

,

9/01/28

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

United

States

115,000

112,338

Republic

Services,

Inc.

,

Senior

Note

,

%

,

11/15/29

..........

United

States

772,000

788,358

Waste

Connections,

Inc.

,

Senior

Bond

,

4.25 %

,

12/01/28

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

United

States

179,000

179,016

Senior

Bond

,

%

,

3/01/34

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

United

States

1,036,000

1,044,072

Senior

Bond

,

4.8 %

,

7/15/36

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

United

States

670,000

656,139

3,900,850

#### Communications

#### Equipment

#### 0.2%
Motorola

Solutions,

Inc.

,

Senior

Bond

,

2.3 %

,

11/15/30

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

United

States

250,000

225,938

Senior

Bond

,

5.4 %

,

4/15/34

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

United

States

940,000

952,849

Senior

Note

,

4.85 %

,

8/15/30

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

United

States

287,000

289,404

1,468,191

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Construction

#### &

#### Engineering

#### 0.2%
MasTec,

Inc.

,

Senior

Note

,

5.9 %

,

6/15/29

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

United

States

1,758,000

$

1,812,976

#### Consumer

#### Finance

#### 2.1%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Bond

,

3.3 %

,

1/30/32

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

Ireland

1,581,000

1,445,464

Senior

Bond

,

3.4 %

,

10/29/33

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

Ireland

345,000

306,714

Senior

Note

,

4.875 %

,

4/01/28

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

Ireland

150,000

150,930

Senior

Note

,

5.1 %

,

1/19/29

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

Ireland

1,240,000

1,256,039

Senior

Note

,

4.125 %

,

2/28/29

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

Ireland

260,000

256,842

Senior

Note

,

4.625 %

,

9/10/29

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

Ireland

565,000

564,099

b

Aircastle

Ltd.

/

Aircastle

Ireland

DAC

,

Senior

Note

,

144A,

5.25 %

,

3/15/30

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

United

States

695,000

702,218

Ally

Financial,

Inc.

,

Senior

Bond

,

%

,

11/01/31

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

United

States

544,000

607,841

Senior

Note

,

4.75 %

,

6/09/27

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

United

States

382,000

383,120

American

Express

Co.

,

Senior

Note

,

5.098%

to

2/15/27,

FRN

thereafter

,

2/16/28

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

United

States

524,000

527,145

b

Avolon

Holdings

Funding

Ltd.

,

Senior

Note

,

144A,

5.75 %

,

11/15/29

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

Ireland

1,173,000

1,202,351

Senior

Note

,

144A,

4.9 %

,

10/10/30

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

Ireland

1,225,000

1,219,054

Capital

One

Financial

Corp.

,

Senior

Note

,

4.493%

to

9/10/30,

FRN

thereafter

,

9/11/31

....

United

States

145,000

142,703

Senior

Note

,

7.624%

to

10/29/30,

FRN

thereafter

,

10/30/31

..

United

States

1,068,000

1,179,322

Sub.

Bond

,

2.359%

to

7/28/31,

FRN

thereafter

,

7/29/32

.....

United

States

642,000

553,513

b

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/32

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

United

States

1,160,000

1,190,312

Senior

Note

,

144A,

6.125 %

,

5/01/34

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

United

States

700,000

698,928

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

5.8 %

,

3/05/27

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

United

States

970,000

977,030

Senior

Note

,

4.125 %

,

8/17/27

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

United

States

805,000

795,646

General

Motors

Financial

Co.,

Inc.

,

Senior

Bond

,

5.45 %

,

9/06/34

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

United

States

480,000

480,030

Senior

Note

,

4.2 %

,

10/27/28

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

United

States

315,000

312,483

Senior

Note

,

5.8 %

,

1/07/29

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

United

States

1,056,000

1,086,760

Senior

Note

,

4.9 %

,

10/06/29

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

United

States

389,000

391,595

b

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

8.25 %

,

5/15/30

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

United

States

870,000

910,926

b

Macquarie

Airfinance

Holdings

Ltd.

,

Senior

Note

,

144A,

5.15 %

,

3/17/30

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

United

Kingdom

758,000

755,278

Senior

Note

,

144A,

6.5 %

,

3/26/31

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

United

Kingdom

447,000

467,394

OneMain

Finance

Corp.

,

Senior

Note

,

7.5 %

,

5/15/31

.........

United

States

1,820,000

1,867,063

20,430,800

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.5%
b

7-Eleven,

Inc.

,

Senior

Bond

,

144A,

1.8 %

,

2/10/31

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

United

States

244,000

212,637

Senior

Note

,

144A,

1.3 %

,

2/10/28

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

United

States

2,222,000

2,103,708

b

Alimentation

Couche-Tard,

Inc.

,

Senior

Bond

,

144A,

3.55 %

,

7/26/27

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

Canada

1,437,000

1,422,194

Senior

Bond

,

144A,

2.95 %

,

1/25/30

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

Canada

916,000

864,751

b

US

Foods,

Inc.

,

Senior

Note

,

144A,

4.625 %

,

6/01/30

.........

United

States

1,045,000

1,022,825

5,626,115

#### Containers

#### &

#### Packaging

#### 0.5%
AptarGroup,

Inc.

,

Senior

Note

,

4.75 %

,

3/30/31

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

United

States

585,000

581,061

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Containers

#### &

#### Packaging
(continued)

Berry

Global,

Inc.

,

Senior

Secured

Note

,

1.65 %

,

1/15/27

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

United

States

3,143,000

$

3,083,539

Senior

Secured

Note

,

5.5 %

,

4/15/28

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

United

States

263,000

267,959

WestRock

MWV

LLC

,

Senior

Bond

,

8.2 %

,

1/15/30

...........

United

States

426,000

477,193

4,409,752

#### Diversified

#### REITs

#### 0.5%
VICI

Properties

LP

,

Senior

Bond

,

5.75 %

,

4/01/34

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

United

States

460,000

467,244

Senior

Note

,

4.75 %

,

2/15/28

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

United

States

1,339,000

1,341,326

b

VICI

Properties

LP

/

VICI

Note

Co.,

Inc.

,

Senior

Note

,

144A,

3.75 %

,

2/15/27

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

United

States

844,000

838,141

Senior

Note

,

144A,

4.5 %

,

1/15/28

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

United

States

1,605,000

1,595,881

Senior

Note

,

144A,

3.875 %

,

2/15/29

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

United

States

972,000

947,009

5,189,601

#### Diversified

#### Telecommunication

#### Services

#### 1.2%
AT&T,

Inc.

,

Senior

Bond

,

4.35 %

,

3/01/29

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

United

States

1,525,000

1,523,778

Senior

Bond

,

2.55 %

,

12/01/33

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

United

States

774,000

654,645

Senior

Bond

,

5.125 %

,

4/30/36

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

United

States

480,000

472,312

Senior

Bond

,

4.5 %

,

3/09/48

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

United

States

356,000

285,099

Senior

Bond

,

6.2 %

,

10/30/56

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

United

States

390,000

386,600

Senior

Note

,

1.65 %

,

2/01/28

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

United

States

305,000

291,257

Senior

Note

,

4.1 %

,

2/15/28

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

United

States

474,000

472,313

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond

,

144A,

4.75 %

,

2/01/32

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

United

States

1,075,000

963,361

b

Cipher

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.125 %

,

11/15/30

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

United

States

2,190,000

2,272,693

b

RD

Michigan

Property

Owner

I

LLC

,

Senior

Secured

Bond

,

144A,

7.5 %

,

3/30/45

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

United

States

1,315,000

1,315,397

Sprint

Capital

Corp.

,

Senior

Bond

,

6.875 %

,

11/15/28

.........

United

States

1,702,000

1,797,298

b

SV

RNO

Property

Owner

LLC

,

Senior

Secured

Note

,

144A,

5.875 %

,

3/01/31

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

United

States

665,000

652,896

Verizon

Communications,

Inc.

,

Senior

Bond

,

5.25 %

,

4/02/35

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

United

States

263,000

263,047

Senior

Bond

,

5.875 %

,

11/30/55

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

United

States

355,000

343,319

Senior

Note

,

4.75 %

,

1/15/33

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

United

States

524,000

517,247

12,211,262

#### Electric

#### Utilities

#### 3.8%
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

1,273,675

D

,

Junior

Sub.

Bond

,

6.05%

to

3/14/36,

FRN

thereafter

,

3/15/56

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

United

States

425,000

423,850

Senior

Bond

,

5.625 %

,

3/01/33

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

United

States

572,000

591,776

b

American

Transmission

Systems,

Inc.

,

Senior

Bond

,

144A,

2.65 %

,

1/15/32

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

United

States

430,000

385,700

DTE

Electric

Co.

,

Senior

Bond

,

5.25 %

,

5/15/35

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

United

States

1,030,000

1,045,003

A

,

Senior

Bond

,

4.85 %

,

3/01/36

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

United

States

550,000

537,990

Duke

Energy

Corp.

,

Senior

Bond

,

5.75 %

,

9/15/33

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

United

States

1,774,000

1,855,774

Senior

Bond

,

5.8 %

,

6/15/54

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

United

States

1,267,000

1,212,955

Senior

Note

,

4.85 %

,

1/05/29

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

United

States

85,000

85,848

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Electric

#### Utilities
(continued)

Duke

Energy

Ohio,

Inc.

,

Senior

Bond

,

3.65 %

,

2/01/29

........

United

States

758,000

$

745,018

b

Enel

Finance

International

NV

,

Senior

Bond

,

144A,

2.5 %

,

7/12/31

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

Italy

785,000

699,656

Senior

Bond

,

144A,

7.5 %

,

10/14/32

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

Italy

1,255,000

1,417,739

Eversource

Energy

,

Senior

Note

,

5.45 %

,

3/01/28

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

United

States

1,078,000

1,094,451

Exelon

Corp.

,

Senior

Bond

,

5.625 %

,

6/15/35

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

United

States

709,000

727,526

Senior

Note

,

5.15 %

,

3/15/29

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

United

States

1,242,000

1,265,372

FirstEnergy

Transmission

LLC

,

Senior

Note

,

4.55 %

,

1/15/30

...

United

States

425,000

424,772

Georgia

Power

Co.

,

Senior

Bond

,

4.7 %

,

5/15/32

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

United

States

401,000

402,524

Senior

Bond

,

4.95 %

,

5/17/33

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

United

States

829,000

835,205

Senior

Bond

,

5.25 %

,

3/15/34

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

United

States

297,000

302,753

IPALCO

Enterprises,

Inc.

,

Senior

Secured

Note

,

4.25 %

,

5/01/30

United

States

1,500,000

1,449,091

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Bond

,

5.9 %

,

3/15/55

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

United

States

805,000

789,310

Senior

Note

,

5.3 %

,

3/15/32

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

United

States

2,585,000

2,652,966

NRG

Energy,

Inc.

,

b

Senior

Bond

,

144A,

6.25 %

,

11/01/34

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

United

States

980,000

992,034

Senior

Note

,

5.75 %

,

1/15/28

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

United

States

920,000

921,462

Oncor

Electric

Delivery

Co.

LLC

,

Senior

Secured

Bond

,

4.95 %

,

9/15/52

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

United

States

1,648,000

1,444,050

Pacific

Gas

and

Electric

Co.

,

Senior

Bond

,

5.9 %

,

6/15/32

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

United

States

1,117,000

1,160,722

Senior

Bond

,

6.95 %

,

3/15/34

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

United

States

543,000

595,481

Senior

Bond

,

4.95 %

,

7/01/50

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

United

States

545,000

452,956

Senior

Bond

,

6.75 %

,

1/15/53

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

United

States

245,000

256,009

Senior

Note

,

6.1 %

,

1/15/29

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

United

States

1,834,000

1,895,774

PG&E

Corp.

,

Senior

Secured

Bond

,

5.25 %

,

7/01/30

.........

United

States

115,000

113,892

Southern

Co.

(The)

,

Senior

Bond

,

5.7 %

,

3/15/34

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

United

States

642,000

665,909

Senior

Note

,

5.5 %

,

3/15/29

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

United

States

763,000

784,665

Virginia

Electric

and

Power

Co.

,

Senior

Bond

,

5.05 %

,

8/15/34

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

United

States

691,000

692,413

Senior

Bond

,

4.95 %

,

3/15/36

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

United

States

1,060,000

1,033,802

C

,

Senior

Bond

,

4.9 %

,

9/15/35

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

United

States

1,370,000

1,340,838

b

Vistra

Operations

Co.

LLC

,

Senior

Bond

,

144A,

6.95 %

,

10/15/33

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

United

States

1,188,000

1,294,537

Senior

Bond

,

144A,

%

,

4/15/34

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

United

States

769,000

794,132

Senior

Bond

,

144A,

5.25 %

,

10/15/35

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

United

States

370,000

359,284

Senior

Note

,

144A,

3.7 %

,

1/30/27

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

United

States

904,000

899,634

Senior

Note

,

144A,

4.375 %

,

5/01/29

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

United

States

115,000

113,046

Senior

Note

,

144A,

4.6 %

,

10/15/30

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

United

States

250,000

245,526

Senior

Secured

Bond

,

144A,

4.3 %

,

7/15/29

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

United

States

915,000

898,208

Xcel

Energy,

Inc.

,

Senior

Bond

,

5.45 %

,

8/15/33

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

United

States

880,000

899,218

Senior

Bond

,

5.6 %

,

4/15/35

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

United

States

1,590,000

1,619,986

39,692,532

#### Electrical

#### Equipment

#### 0.4%
Eaton

Corp.

,

Senior

Bond

,

4.8 %

,

3/06/36

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

United

States

600,000

590,912

b

Vertiv

Group

Corp.

,

Senior

Secured

Note

,

144A,

4.125 %

,

11/15/28

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

United

States

2,007,000

1,984,188

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Electrical

#### Equipment
(continued)

Vertiv

Holdings

Co.

,

Senior

Bond

,

4.85 %

,

3/15/36

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

United

States

953,000

$

928,084

Senior

Bond

,

5.8 %

,

3/15/56

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

United

States

220,000

213,509

3,716,693

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.1%
Amphenol

Corp.

,

Senior

Note

,

4.4 %

,

2/15/33

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

United

States

1,075,000

1,051,231

#### Energy

#### Equipment

#### &

#### Services

#### 0.2%
b

Kodiak

Gas

Services

LLC

,

Senior

Note

,

144A,

6.5 %

,

10/01/33

..

United

States

895,000

915,976

Patterson-UTI

Energy,

Inc.

,

Senior

Bond

,

5.15 %

,

11/15/29

.....

United

States

403,000

403,852

b

Weatherford

International

Ltd.

,

Senior

Note

,

144A,

6.75 %

,

10/15/33

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

United

States

975,000

1,011,913

2,331,741

#### Entertainment

#### 0.2%
b

Netflix,

Inc.

,

Senior

Bond

,

144A,

5.375 %

,

11/15/29

..........

United

States

1,365,000

1,402,801

b

OAK-Eagle

Acquireco,

Inc.

,

Senior

Secured

Note

,

144A,

7.25 %

,

7/01/33

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

United

States

1,090,000

1,123,649

2,526,450

#### Financial

#### Services

#### 0.4%
Corebridge

Financial,

Inc.

,

Senior

Note

,

3.85 %

,

4/05/29

.......

United

States

1,209,000

1,183,899

b

Petronas

Capital

Ltd.

,

Senior

Note

,

144A,

4.95 %

,

1/03/31

.....

Malaysia

930,000

952,629

b

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/33

.......

United

States

1,655,000

1,677,251

3,813,779

#### Food

#### Products

#### 0.8%
JBS

NV

/

JBS

USA

Foods

Group

Holdings,

Inc.

/

JBS

USA

Food

Co.

Holdings

,

b

Senior

Bond

,

144A,

5.625 %

,

3/10/37

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

United

States

205,000

204,753

b

Senior

Bond

,

144A,

6.4 %

,

5/10/57

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

United

States

200,000

196,936

Senior

Note

,

%

,

2/02/29

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

United

States

1,324,000

1,272,438

Senior

Note

,

5.75 %

,

4/01/33

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

United

States

300,000

309,052

Senior

Note

,

6.75 %

,

3/15/34

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

United

States

110,000

119,614

Senior

Note

,

5.95 %

,

4/20/35

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

United

States

1,040,000

1,077,714

Kellanova

,

Senior

Bond

,

4.5 %

,

4/01/46

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

United

States

153,000

130,840

B

,

Senior

Bond

,

7.45 %

,

4/01/31

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

United

States

241,000

271,464

Kraft

Heinz

Foods

Co.

,

Senior

Bond

,

6.875 %

,

1/26/39

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

United

States

330,000

359,517

Senior

Bond

,

4.625 %

,

10/01/39

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

United

States

330,000

291,789

Senior

Bond

,

%

,

6/04/42

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

United

States

1,180,000

1,043,907

b

Mars,

Inc.

,

Senior

Bond

,

144A,

5.65 %

,

5/01/45

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

United

States

595,000

585,937

Senior

Bond

,

144A,

5.7 %

,

5/01/55

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

United

States

1,120,000

1,090,559

Senior

Bond

,

144A,

5.8 %

,

5/01/65

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

United

States

305,000

299,269

Senior

Note

,

144A,

4.65 %

,

4/20/31

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

United

States

126,000

127,021

Senior

Note

,

144A,

%

,

3/01/32

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

United

States

170,000

172,500

Senior

Note

,

144A,

5.2 %

,

3/01/35

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

United

States

970,000

978,992

8,532,302

#### Gas

#### Utilities

#### 0.1%
CenterPoint

Energy

Resources

Corp.

,

Senior

Bond

,

5.4 %

,

7/01/34

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

United

States

469,000

480,524

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Ground

#### Transportation

#### 0.9%
b

Ashtead

Capital,

Inc.

,

Senior

Bond

,

144A,

4.375 %

,

8/15/27

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

United

Kingdom

1,995,000

$

1,983,713

Senior

Bond

,

144A,

2.45 %

,

8/12/31

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

United

Kingdom

505,000

446,290

Senior

Bond

,

144A,

5.95 %

,

10/15/33

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

United

Kingdom

370,000

384,313

Burlington

Northern

Santa

Fe

LLC

,

Senior

Bond

,

5.55 %

,

3/15/56

United

States

510,000

493,741

b

Penske

Truck

Leasing

Co.

LP

/

PTL

Finance

Corp.

,

Senior

Note

,

144A,

4.4 %

,

7/01/27

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

United

States

1,546,000

1,543,358

Ryder

System,

Inc.

,

Senior

Note

,

4.95 %

,

9/01/29

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

United

States

759,000

769,968

b

SMBC

Aviation

Capital

Finance

DAC

,

Senior

Note

,

144A,

5.3 %

,

4/03/29

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

Ireland

1,402,000

1,422,515

Senior

Note

,

144A,

5.1 %

,

4/01/30

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

Ireland

400,000

403,390

7,447,288

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.1%
GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

4.8 %

,

8/14/29

.

United

States

413,000

416,303

b

Medline

Borrower

LP

,

Senior

Secured

Note

,

144A,

3.875 %

,

4/01/29

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

United

States

1,205,000

1,171,335

1,587,638

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1.0%
CVS

Health

Corp.

,

Junior

Sub.

Bond

,

7%

to

3/09/30,

FRN

thereafter

,

3/10/55

...

United

States

955,000

991,469

Senior

Bond

,

1.875 %

,

2/28/31

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

United

States

360,000

315,751

Senior

Bond

,

4.78 %

,

3/25/38

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

United

States

1,802,000

1,670,776

b

DaVita,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

9/01/32

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

United

States

960,000

991,518

Senior

Note

,

144A,

6.75 %

,

7/15/33

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

United

States

25,000

25,792

HCA,

Inc.

,

Senior

Bond

,

5.25 %

,

6/15/26

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

United

States

597,000

597,473

Senior

Bond

,

4.5 %

,

2/15/27

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

United

States

302,000

302,016

Senior

Bond

,

5.6 %

,

4/01/34

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

United

States

731,000

749,532

Senior

Bond

,

%

,

4/01/54

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

United

States

962,000

928,325

Senior

Note

,

3.625 %

,

3/15/32

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

United

States

334,000

311,862

Senior

Note

,

4.6 %

,

11/15/32

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

United

States

525,000

512,386

Humana,

Inc.

,

Senior

Note

,

5.75 %

,

3/01/28

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

United

States

1,700,000

1,733,653

Icon

Investments

Six

DAC

,

Senior

Secured

Note

,

5.809 %

,

5/08/27

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

United

States

874,000

880,880

Senior

Secured

Note

,

5.849 %

,

5/08/29

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

United

States

406,000

413,769

10,425,202

#### Health

#### Care

#### Technology

#### 0.1%
b

IQVIA,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

6/01/32

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

United

States

1,090,000

1,111,414

#### Hotel

#### &

#### Resort

#### REITs

#### 0.1%
b

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note

,

144A,

6.5 %

,

6/15/33

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

United

States

995,000

1,025,465

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.9%
b

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

%

,

10/15/30

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

Canada

980,000

932,860

Senior

Secured

Note

,

144A,

3.5 %

,

2/15/29

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

Canada

115,000

110,879

Airbnb,

Inc.

,

Senior

Bond

,

5.25 %

,

3/16/36

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

United

States

215,000

214,502

Senior

Note

,

4.65 %

,

3/16/31

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

United

States

425,000

424,402

b

Carnival

Corp.

,

Senior

Note

,

144A,

5.125 %

,

5/01/29

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

United

States

1,310,000

1,306,755

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

b

Carnival

Corp.,

(continued)

Senior

Note

,

144A,

5.75 %

,

3/15/30

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

United

States

1,325,000

$

1,344,934

Senior

Note

,

144A,

5.75 %

,

8/01/32

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

United

States

1,080,000

1,086,780

Senior

Secured

Note

,

144A,

%

,

8/01/28

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

United

States

3,214,000

3,139,982

b

Hilton

Domestic

Operating

Co.,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

9/15/33

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

United

States

925,000

931,720

Hyatt

Hotels

Corp.

,

Senior

Note

,

5.25 %

,

6/30/29

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

United

States

460,000

467,326

Senior

Note

,

5.375 %

,

12/15/31

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

United

States

310,000

316,059

Las

Vegas

Sands

Corp.

,

Senior

Note

,

3.5 %

,

8/18/26

.........

United

States

769,000

767,090

Marriott

International,

Inc.

,

Senior

Note

,

4.5 %

,

5/01/33

........

United

States

590,000

572,029

b

Rivers

Enterprise

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.25 %

,

10/15/30

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

United

States

910,000

926,150

b

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note

,

144A,

6.25 %

,

3/15/32

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

United

States

1,719,000

1,757,534

Senior

Note

,

144A,

%

,

2/01/33

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

United

States

981,000

996,295

b

Station

Casinos

LLC

,

Senior

Bond

,

144A,

4.625 %

,

12/01/31

...

United

States

1,085,000

1,022,207

b

Viking

Cruises

Ltd.

,

Senior

Note

,

144A,

9.125 %

,

7/15/31

......

United

States

1,000,000

1,054,127

17,371,631

#### Household

#### Durables

#### 0.3%
DR

Horton,

Inc.

,

Senior

Bond

,

%

,

10/15/34

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

United

States

351,000

347,661

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond

,

144A,

5.125 %

,

8/01/30

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

United

States

1,030,000

1,026,550

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

4.35 %

,

2/15/28

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

United

States

773,000

770,269

Senior

Bond

,

3.8 %

,

11/01/29

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

United

States

864,000

842,096

2,986,576

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.6%
b

AES

Andes

SA

,

Senior

Note

,

144A,

6.25 %

,

3/14/32

..........

Chile

450,000

466,541

b

Alexander

Funding

Trust

II

,

Senior

Secured

Note

,

144A,

7.467 %

,

7/31/28

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

United

States

1,423,000

1,497,887

Constellation

Energy

Generation

LLC

,

Senior

Bond

,

6.125 %

,

1/15/34

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

United

States

320,000

343,015

Senior

Bond

,

6.5 %

,

10/01/53

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

United

States

785,000

834,422

Senior

Bond

,

5.75 %

,

3/15/54

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

United

States

485,000

474,107

Senior

Note

,

5.6 %

,

3/01/28

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

United

States

1,245,000

1,270,515

Senior

Note

,

4.4 %

,

1/15/31

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

United

States

410,000

405,834

Southern

Power

Co.

,

B

,

Senior

Bond

,

4.9 %

,

10/01/35

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

United

States

360,000

348,839

A

,

Senior

Note

,

4.25 %

,

10/01/30

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

United

States

200,000

197,685

5,838,845

#### Insurance

#### 1.3%
Aon

Global

Ltd.

,

Senior

Bond

,

4.25 %

,

12/12/42

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

United

States

820,000

684,914

Arthur

J

Gallagher

&

Co.

,

Senior

Note

,

4.85 %

,

12/15/29

......

United

States

695,000

701,906

b

Athene

Global

Funding

,

Secured

Bond

,

144A,

2.55 %

,

11/19/30

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

United

States

391,000

348,024

Secured

Note

,

144A,

5.526 %

,

7/11/31

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

United

States

1,439,000

1,447,050

Secured

Note

,

144A,

5.322 %

,

11/13/31

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

United

States

871,000

868,278

Athene

Holding

Ltd.

,

Senior

Bond

,

5.875 %

,

1/15/34

..........

United

States

469,000

472,163

Brown

&

Brown,

Inc.

,

Senior

Note

,

4.9 %

,

6/23/30

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

United

States

1,124,000

1,122,920

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Insurance
(continued)

Brown

&

Brown,

Inc.,

(continued)

Senior

Note

,

5.25 %

,

6/23/32

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

United

States

405,000

$

404,335

CNA

Financial

Corp.

,

Senior

Bond

,

5.125 %

,

2/15/34

.........

United

States

537,000

532,835

b

CNO

Global

Funding

,

Secured

Note

,

144A,

2.65 %

,

1/06/29

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

United

States

307,000

291,380

Secured

Note

,

144A,

4.95 %

,

9/09/29

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

United

States

332,000

334,543

b

Corebridge

Global

Funding

,

Secured

Note

,

144A,

5.2 %

,

6/24/29

United

States

917,000

931,306

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

6.5 %

,

6/04/29

.......

United

States

1,104,000

1,117,510

Fairfax

Financial

Holdings

Ltd.

,

Senior

Note

,

4.85 %

,

4/17/28

...

Canada

504,000

507,129

b

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

5.467 %

,

12/08/28

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

United

States

885,000

904,529

10,668,822

#### Interactive

#### Media

#### &

#### Services

#### 0.1%
Meta

Platforms,

Inc.

,

Senior

Bond

,

5.25 %

,

5/15/36

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

United

States

605,000

604,002

Senior

Bond

,

6.3 %

,

5/15/56

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

United

States

435,000

436,544

1,040,546

#### IT

#### Services

#### 0.3%
b

Beignet

Investor

LLC

,

Senior

Secured

Bond

,

144A,

6.581 %

,

5/30/49

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

United

States

535,000

552,997

b

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

7/01/32

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

United

States

2,110,000

1,959,346

2,512,343

#### Leisure

#### Products

#### 0.2%
Brunswick

Corp.

,

Senior

Bond

,

2.4 %

,

8/18/31

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

United

States

867,000

755,896

Senior

Note

,

5.85 %

,

3/18/29

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

United

States

830,000

852,159

b

Mattel,

Inc.

,

Senior

Note

,

144A,

3.75 %

,

4/01/29

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

United

States

110,000

106,767

1,714,822

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.2%
Illumina,

Inc.

,

Senior

Note

,

4.65 %

,

9/09/26

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

United

States

819,000

819,553

Thermo

Fisher

Scientific,

Inc.

,

Senior

Bond

,

4.902 %

,

2/12/36

...

United

States

495,000

490,211

1,309,764

#### Machinery

#### 0.2%
b

ESAB

Corp.

,

Senior

Note

,

144A,

5.625 %

,

4/01/31

...........

United

States

1,025,000

1,037,002

Oshkosh

Corp.

,

Senior

Bond

,

4.6 %

,

5/15/28

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

United

States

1,176,000

1,176,333

2,213,335

#### Media

#### 0.4%
Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

Corp.

,

Senior

Secured

Bond

,

5.05 %

,

3/30/29

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

United

States

299,000

299,831

Senior

Secured

Bond

,

5.85 %

,

12/01/35

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

United

States

415,000

405,158

Senior

Secured

Bond

,

3.5 %

,

6/01/41

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

United

States

485,000

336,714

Senior

Secured

Bond

,

4.8 %

,

3/01/50

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

United

States

245,000

180,224

b

Nexstar

Media,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

9/15/33

United

States

1,115,000

1,124,300

Omnicom

Group,

Inc.

,

Senior

Note

,

2.4 %

,

3/01/31

...........

United

States

391,000

349,600

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Media
(continued)

Time

Warner

Cable

Enterprises

LLC

,

Senior

Secured

Bond

,

8.375 %

,

7/15/33

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

United

States

1,937,000

$

2,194,701

4,890,528

#### Metals

#### &

#### Mining

#### 0.7%
b

Anglo

American

Capital

plc

,

Senior

Note

,

144A,

%

,

3/21/33

...

South

Africa

760,000

751,903

Commercial

Metals

Co.

,

Senior

Bond

,

4.375 %

,

3/15/32

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

United

States

115,000

108,337

Senior

Note

,

4.125 %

,

1/15/30

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

United

States

975,000

936,836

b

Glencore

Funding

LLC

,

Senior

Bond

,

144A,

2.5 %

,

9/01/30

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

Australia

1,493,000

1,359,684

Senior

Bond

,

144A,

5.634 %

,

4/04/34

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

Australia

984,000

1,011,670

Senior

Bond

,

144A,

5.508 %

,

4/01/36

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

Australia

760,000

765,628

Senior

Note

,

144A,

6.125 %

,

10/06/28

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

Australia

721,000

746,142

Senior

Note

,

144A,

6.375 %

,

10/06/30

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

Australia

1,027,000

1,089,091

6,769,291

#### Multi-Utilities

#### 0.7%
Ameren

Corp.

,

Senior

Note

,

%

,

1/15/29

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

United

States

757,000

768,538

Dominion

Energy,

Inc.

,

Junior

Sub.

Bond

,

6.2%

to

2/14/36,

FRN

thereafter

,

2/15/56

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

United

States

620,000

621,455

DTE

Energy

Co.

,

Senior

Bond

,

5.85 %

,

6/01/34

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

United

States

684,000

717,097

NiSource,

Inc.

,

Senior

Note

,

5.2 %

,

7/01/29

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

United

States

855,000

871,763

Puget

Sound

Energy,

Inc.

,

Senior

Bond

,

5.448 %

,

6/01/53

.....

United

States

684,000

648,179

Sempra,

Inc.

,

Senior

Bond

,

3.25 %

,

6/15/27

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

United

States

1,336,000

1,318,543

Senior

Bond

,

5.5 %

,

8/01/33

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

United

States

850,000

876,000

Southern

Co.

Gas

Capital

Corp.

,

Senior

Bond

,

4.95 %

,

9/15/34

.

United

States

340,000

335,412

6,156,987

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 3.7%
b

Aker

BP

ASA

,

Senior

Bond

,

144A,

5.8 %

,

10/01/54

...........

Norway

947,000

871,660

b

Antero

Resources

Corp.

,

Senior

Note

,

144A,

5.375 %

,

3/01/30

..

United

States

90,000

90,593

Canadian

Natural

Resources

Ltd.

,

Senior

Bond

,

7.2 %

,

1/15/32

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

Canada

856,000

954,259

Senior

Note

,

%

,

12/15/29

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

Canada

935,000

948,688

Cheniere

Energy

Partners

LP

,

Senior

Bond

,

3.25 %

,

1/31/32

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

United

States

562,000

514,502

Senior

Note

,

4.5 %

,

10/01/29

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

United

States

2,912,000

2,897,618

Senior

Note

,

%

,

3/01/31

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

United

States

72,000

69,441

b

Cheniere

Energy,

Inc.

,

Senior

Bond

,

144A,

5.2 %

,

7/30/36

.....

United

States

155,000

153,294

b

Columbia

Pipelines

Operating

Co.

LLC

,

Senior

Note

,

144A,

5.927 %

,

8/15/30

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

United

States

915,000

957,655

b

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

8.375 %

,

1/15/34

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

United

States

440,000

465,549

Diamondback

Energy,

Inc.

,

Senior

Bond

,

6.25 %

,

3/15/33

......

United

States

1,599,000

1,714,884

b

DT

Midstream,

Inc.

,

Senior

Bond

,

144A,

5.8 %

,

12/15/34

......

United

States

1,515,000

1,562,030

Eastern

Energy

Gas

Holdings

LLC

,

Senior

Bond

,

5.8 %

,

1/15/35

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

United

States

1,055,000

1,098,180

Senior

Bond

,

5.65 %

,

10/15/54

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

United

States

405,000

382,025

Enbridge,

Inc.

,

Senior

Note

,

1.6 %

,

10/04/26

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

Canada

456,000

451,274

Energy

Transfer

LP

,

c

B

,

Junior

Sub.

Bond

,

6.625%

to

2/14/28,

FRN

thereafter

,

Perpetual

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

United

States

1,817,000

1,838,786

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

Energy

Transfer

LP,

(continued)

Senior

Bond

,

5.75 %

,

2/15/33

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

United

States

388,000

$

404,158

Senior

Note

,

5.25 %

,

7/01/29

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

United

States

1,424,000

1,454,750

b

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

4.25 %

,

2/15/30

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

United

States

1,065,000

1,033,446

b

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Bond

,

144A,

%

,

2/01/31

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

United

States

1,430,000

1,414,045

b

KazMunayGas

National

Co.

JSC

,

Senior

Bond

,

Reg

S,

5.375 %

,

4/24/30

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

Kazakhstan

600,000

611,177

Kinder

Morgan,

Inc.

,

Senior

Bond

,

7.75 %

,

1/15/32

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

United

States

1,976,000

2,263,751

Senior

Note

,

%

,

2/01/29

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

United

States

128,000

129,959

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

6.625 %

,

12/15/28

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

United

States

900,000

918,552

Senior

Note

,

144A,

5.875 %

,

6/15/30

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

United

States

105,000

105,413

Murphy

Oil

Corp.

,

Senior

Note

,

%

,

10/01/32

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

United

States

255,000

256,834

Occidental

Petroleum

Corp.

,

Senior

Bond

,

7.5 %

,

5/01/31

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

United

States

20,000

22,283

Senior

Bond

,

6.2 %

,

3/15/40

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

United

States

93,000

96,167

ONEOK,

Inc.

,

Senior

Bond

,

6.35 %

,

1/15/31

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

United

States

310,000

329,205

Senior

Note

,

4.75 %

,

10/15/31

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

United

States

665,000

661,079

b

Senior

Note

,

144A,

6.5 %

,

9/01/30

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

United

States

85,000

89,797

b

Pertamina

Hulu

Energi

PT

,

Senior

Note

,

144A,

5.25 %

,

5/21/30

.

Indonesia

500,000

505,560

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

5.026 %

,

10/01/29

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

Canada

1,325,000

1,334,709

b

Sunoco

LP

,

Senior

Note

,

144A,

6.25 %

,

7/01/33

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

United

States

1,010,000

1,032,789

Targa

Resources

Corp.

,

Senior

Note

,

4.35 %

,

4/15/31

........

United

States

470,000

460,864

Targa

Resources

Partners

LP

/

Targa

Resources

Partners

Finance

Corp.

,

Senior

Bond

,

%

,

1/15/28

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

United

States

1,076,000

1,074,621

Senior

Bond

,

4.875 %

,

2/01/31

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

United

States

938,000

937,807

Transcontinental

Gas

Pipe

Line

Co.

LLC

,

Senior

Note

,

5.1 %

,

3/15/36

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

United

States

580,000

575,714

b

Venture

Global

Calcasieu

Pass

LLC

,

Senior

Secured

Bond

,

144A,

%

,

5/01/36

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

United

States

365,000

368,012

Senior

Secured

Note

,

144A,

6.25 %

,

1/15/30

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

United

States

2,600,000

2,677,361

b

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note

,

144A,

8.375 %

,

6/01/31

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

United

States

230,000

239,914

b

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Note

,

144A,

7.5 %

,

5/01/33

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

United

States

910,000

1,009,552

Viper

Energy

Partners

LLC

,

Senior

Bond

,

5.7 %

,

8/01/35

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

United

States

618,000

627,723

Senior

Note

,

4.9 %

,

8/01/30

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

United

States

583,000

582,958

Williams

Cos.,

Inc.

(The)

,

Senior

Bond

,

5.6 %

,

3/15/35

........

United

States

975,000

999,490

37,188,128

#### Paper

#### &

#### Forest

#### Products

#### 0.2%
b

Georgia-Pacific

LLC

,

Senior

Note

,

144A,

0.95 %

,

5/15/26

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

United

States

457,000

456,435

Senior

Note

,

144A,

4.95 %

,

6/30/32

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

United

States

805,000

815,955

Senior

Note

,

144A,

4.9 %

,

5/15/33

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

United

States

700,000

698,795

1,971,185

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Passenger

#### Airlines

#### 0.2%
b

AS

Mileage

Plan

IP

Ltd.

,

Senior

Secured

Note

,

144A,

5.021 %

,

10/20/29

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

United

States

1,790,000

$

1,772,148

#### Personal

#### Care

#### Products

#### 0.4%
Haleon

US

Capital

LLC

,

Senior

Note

,

3.375 %

,

3/24/27

.......

United

States

1,331,000

1,320,177

Kenvue,

Inc.

,

Senior

Note

,

4.85 %

,

5/22/32

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

United

States

460,000

465,519

Senior

Note

,

4.9 %

,

3/22/33

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

United

States

1,720,000

1,732,146

b

Opal

Bidco

SAS

,

Senior

Secured

Note

,

144A,

6.5 %

,

3/31/32

...

France

995,000

1,013,583

4,531,425

#### Pharmaceuticals

#### 1.4%
Bristol-Myers

Squibb

Co.

,

Senior

Bond

,

5.2 %

,

2/22/34

........

United

States

744,000

762,271

Merck

&

Co.,

Inc.

,

Senior

Bond

,

4.75 %

,

12/04/35

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

United

States

450,000

440,667

Senior

Note

,

4.45 %

,

12/04/32

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

United

States

280,000

277,448

Novartis

Capital

Corp.

,

Senior

Bond

,

4.9 %

,

3/18/36

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

United

States

630,000

625,880

Senior

Bond

,

5.7 %

,

3/18/56

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

United

States

340,000

340,804

Senior

Note

,

4.1 %

,

11/05/30

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

United

States

2,005,000

1,979,319

Senior

Note

,

4.6 %

,

3/18/33

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

United

States

510,000

506,625

Pfizer

Investment

Enterprises

Pte.

Ltd.

,

Senior

Bond

,

4.75 %

,

5/19/33

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

United

States

613,000

610,591

Senior

Bond

,

5.3 %

,

5/19/53

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

United

States

854,000

791,687

Pharmacia

LLC

,

Senior

Bond

,

6.6 %

,

12/01/28

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

United

States

1,780,000

1,879,824

Royalty

Pharma

plc

,

Senior

Bond

,

5.4 %

,

9/02/34

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

United

States

1,168,000

1,184,070

Senior

Bond

,

5.2 %

,

9/25/35

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

United

States

260,000

257,752

Senior

Note

,

2.2 %

,

9/02/30

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

United

States

982,000

887,114

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Bond

,

4.1 %

,

10/01/46

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

Israel

1,015,000

782,825

Senior

Note

,

5.125 %

,

5/09/29

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

Israel

200,000

200,858

Senior

Note

,

8.125 %

,

9/15/31

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

Israel

220,000

248,422

Wyeth

LLC

,

Senior

Bond

,

5.95 %

,

4/01/37

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

United

States

233,000

248,101

Zoetis,

Inc.

,

Senior

Bond

,

%

,

5/15/30

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

United

States

244,000

221,807

Senior

Bond

,

%

,

8/17/35

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

United

States

2,335,000

2,325,990

14,572,055

#### Professional

#### Services

#### 0.2%
Paychex,

Inc.

,

Senior

Note

,

5.1 %

,

4/15/30

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

United

States

1,510,000

1,526,737

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.9%
Broadcom,

Inc.

,

Senior

Bond

,

4.95 %

,

1/15/36

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

United

States

450,000

445,748

Senior

Bond

,

5.7 %

,

1/15/56

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

United

States

65,000

64,666

Senior

Note

,

5.05 %

,

7/12/29

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

United

States

434,000

442,492

b

Foundry

JV

Holdco

LLC

,

Senior

Secured

Bond

,

144A,

6.4 %

,

1/25/38

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

United

States

480,000

513,316

Senior

Secured

Note

,

144A,

5.5 %

,

1/25/31

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

United

States

365,000

374,677

Senior

Secured

Note

,

144A,

6.15 %

,

1/25/32

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

United

States

1,392,000

1,465,487

Senior

Secured

Note

,

144A,

5.9 %

,

1/25/33

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

United

States

550,000

572,704

Intel

Corp.

,

Senior

Bond

,

4.15 %

,

8/05/32

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

United

States

1,685,000

1,621,232

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Semiconductors

#### &

#### Semiconductor

#### Equipment
(continued)

Intel

Corp.,

(continued)

Senior

Bond

,

5.3 %

,

5/15/36

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

United

States

442,887

$

441,197

Senior

Bond

,

6.125 %

,

5/15/56

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

United

States

272,420

270,580

Marvell

Technology,

Inc.

,

Senior

Bond

,

5.3 %

,

4/15/36

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

United

States

490,000

490,457

Senior

Note

,

5.75 %

,

2/15/29

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

United

States

637,000

657,611

Senior

Note

,

4.75 %

,

7/15/30

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

United

States

135,000

135,648

Senior

Note

,

5.95 %

,

9/15/33

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

United

States

520,000

549,474

b

Qnity

Electronics,

Inc.

,

Senior

Secured

Note

,

144A,

5.75 %

,

8/15/32

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

United

States

1,395,000

1,410,165

9,455,454

#### Software

#### 0.9%
Crowdstrike

Holdings,

Inc.

,

Senior

Note

,

%

,

2/15/29

.........

United

States

985,000

939,157

Oracle

Corp.

,

Senior

Bond

,

5.7 %

,

2/04/36

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

United

States

1,030,000

989,678

Senior

Bond

,

3.65 %

,

3/25/41

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

United

States

654,000

464,332

Senior

Bond

,

6.7 %

,

2/04/56

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

United

States

340,000

313,596

Senior

Note

,

2.3 %

,

3/25/28

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

United

States

2,276,000

2,173,448

Senior

Note

,

4.45 %

,

9/26/30

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

United

States

570,000

549,903

Senior

Note

,

4.8 %

,

9/26/32

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

United

States

760,000

722,943

Salesforce,

Inc.

,

Senior

Note

,

5.2 %

,

3/15/33

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

United

States

1,240,000

1,238,137

ServiceNow,

Inc.

,

Senior

Bond

,

1.4 %

,

9/01/30

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

United

States

412,000

359,098

Synopsys,

Inc.

,

Senior

Bond

,

5.15 %

,

4/01/35

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

United

States

1,981,000

1,981,914

Senior

Bond

,

5.7 %

,

4/01/55

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

United

States

90,000

86,494

VMware

LLC

,

Senior

Note

,

1.4 %

,

8/15/26

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

United

States

466,000

462,462

10,281,162

#### Specialized

#### REITs

#### 1.2%
American

Tower

Corp.

,

Senior

Bond

,

2.9 %

,

1/15/30

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

United

States

1,095,000

1,031,024

Senior

Bond

,

2.7 %

,

4/15/31

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

United

States

1,651,000

1,501,899

Senior

Note

,

2.75 %

,

1/15/27

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

United

States

1,724,000

1,707,253

Senior

Note

,

4.7 %

,

12/15/32

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

United

States

350,000

345,789

Crown

Castle,

Inc.

,

Senior

Bond

,

3.65 %

,

9/01/27

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

United

States

953,000

942,614

Senior

Bond

,

3.8 %

,

2/15/28

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

United

States

777,000

766,586

Senior

Note

,

4.9 %

,

9/01/29

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

United

States

1,151,000

1,156,817

EPR

Properties

,

Senior

Bond

,

4.5 %

,

6/01/27

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

United

States

407,000

405,884

Senior

Bond

,

3.6 %

,

11/15/31

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

United

States

498,000

457,710

Equinix,

Inc.

,

Senior

Bond

,

3.2 %

,

11/18/29

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

United

States

2,563,000

2,447,145

Extra

Space

Storage

LP

,

Senior

Note

,

5.9 %

,

1/15/31

.........

United

States

1,255,000

1,307,478

12,070,199

#### Specialty

#### Retail

#### 0.1%
Dick's

Sporting

Goods,

Inc.

,

Senior

Bond

,

3.15 %

,

1/15/32

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

United

States

730,000

665,430

Senior

Bond

,

4.1 %

,

1/15/52

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

United

States

1,055,000

749,521

1,414,951

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.3%
Hewlett

Packard

Enterprise

Co.

,

Senior

Note

,

4.55 %

,

10/15/29

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

United

States

786,000

$

783,337

Senior

Note

,

4.85 %

,

10/15/31

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

United

States

914,000

909,013

b

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note

,

144A,

5.875 %

,

7/15/30

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

United

States

890,000

909,960

2,602,310

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.3%
b

Beach

Acquisition

Bidco

LLC

,

Senior

Secured

Note

,

144A,

5.25 %

,

7/15/32

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

United

States

945,000

EUR

1,106,358

Tapestry,

Inc.

,

Senior

Bond

,

3.05 %

,

3/15/32

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

United

States

250,000

225,611

Senior

Bond

,

5.5 %

,

3/11/35

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

United

States

841,000

845,287

Senior

Note

,

5.1 %

,

3/11/30

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

United

States

694,000

702,623

2,879,879

#### Tobacco

#### 0.7%
BAT

Capital

Corp.

,

Senior

Bond

,

4.39 %

,

8/15/37

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

United

Kingdom

642,000

584,995

Senior

Note

,

4.625 %

,

3/22/33

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

United

Kingdom

2,380,000

2,332,998

Philip

Morris

International,

Inc.

,

Senior

Note

,

5.125 %

,

2/15/30

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

United

States

2,232,000

2,279,978

Senior

Note

,

4.375 %

,

4/30/30

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

United

States

390,000

388,261

Senior

Note

,

4.75 %

,

11/01/31

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

United

States

780,000

784,956

6,371,188

#### Trading

#### Companies

#### &

#### Distributors

#### 0.7%
b

Aviation

Capital

Group

LLC

,

Senior

Note

,

144A,

5.375 %

,

7/15/29

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

United

States

1,552,000

1,577,893

Senior

Note

,

144A,

5.125 %

,

4/10/30

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

United

States

960,000

967,308

b

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

3/15/31

.......

United

States

1,045,000

1,048,131

Sumisho

Air

Lease

Corp.

,

Senior

Note

,

5.85 %

,

12/15/27

......

United

States

1,494,000

1,522,810

b

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

3/15/32

.

United

States

1,005,000

1,042,100

6,158,242

#### Wireless

#### Telecommunication

#### Services

#### 1.1%
Rogers

Communications,

Inc.

,

Senior

Note

,

%

,

2/15/29

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

Canada

1,882,000

1,898,192

Senior

Note

,

3.8 %

,

3/15/32

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

Canada

580,000

542,094

Sub.

Bond

,

7.125%

to

4/14/35,

FRN

thereafter

,

4/15/55

.....

Canada

765,000

789,674

NC5

,

Sub.

Bond

,

7%

to

4/14/30,

FRN

thereafter

,

4/15/55

....

Canada

1,535,000

1,567,634

T-Mobile

USA,

Inc.

,

Senior

Bond

,

5.05 %

,

7/15/33

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

United

States

334,000

335,644

Senior

Bond

,

%

,

2/15/36

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

United

States

915,000

895,733

Senior

Bond

,

5.75 %

,

1/15/54

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

United

States

243,000

231,433

Senior

Note

,

3.75 %

,

4/15/27

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

United

States

1,976,000

1,968,390

Senior

Note

,

3.375 %

,

4/15/29

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

United

States

1,307,000

1,268,678

Senior

Note

,

3.875 %

,

4/15/30

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

United

States

34,000

33,113

Senior

Note

,

6.7 %

,

12/15/33

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

United

States

705,000

773,835

10,304,420

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 437,353,024

####)
...................................

#### 437,780,493
Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

e

#### Senior

#### Floating

#### Rate

#### Interests

#### 3.6%

#### Aerospace

#### &

#### Defense

#### 0.1%
f

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

L

,

6.152 %

,

(1-month

SOFR

+

2.5 %),

1/19/32

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

United

States

1,063,800

$

1,066,635

f

#### Air

#### Freight

#### &

#### Logistics

#### 0.1%
Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.7 %

,

(3-month

SOFR

+

%),

3/18/30

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

United

States

267,170

268,582

Stonepeak

Nile

Parent

LLC,

First

Lien,

Amendment

No.

CME

Term

Loan

,

5.919 %

,

(3-month

SOFR

+

2.25 %),

4/09/32

.....

United

States

1,197,000

1,202,428

1,471,010

a

a

a

a

a

a

#### Automobile

#### Components

#### 0.1%
f

Allison

Transmission,

Inc.,

First

Lien,

2026

CME

Term

Loan

,

5.402 %

,

(1-month

SOFR

+

1.75 %),

1/03/33

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

United

States

468,227

471,615

#### Beverages

#### 0.1%
f

Primo

Brands

Corp.,

First

Lien,

2026

Refinancing

CME

Term

Loan

,

6.45 %

,

(3-month

SOFR

+

2.75 %),

3/31/31

..........

United

States

718,496

723,856

f

#### Biotechnology

#### 0.0%

#### †
Alkermes,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B

,

6.418 %

,

(1-month

SOFR

+

2.75 %),

8/12/31

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

United

States

110,769

111,739

g

BioMarin

Pharmaceutical,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.174 %

,

(12-month

SOFR

+

1.75 %),

1/28/33

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

United

States

377,498

379,033

Genmab

A/S,

First

Lien,

Initial

CME

Term

Loan,

B

,

6.7 %

,

(3-month

SOFR

+

%),

12/13/32

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

Denmark

145,003

146,081

636,853

a

a

a

a

a

a

#### Broadline

#### Retail

#### 0.1%
f

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B8

,

5.95 %

,

(3-month

SOFR

+

2.25 %),

9/29/32

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

Netherlands

457,217

458,189

#### Building

#### Products

#### 0.0%

#### †
f

TAMKO

Building

Products

LLC,

First

Lien,

2024

CME

Term

Loan

,

6.431 %

,

(1-month

SOFR

+

2.75;

3-month

SOFR

+

2.75;

6-month

SOFR

+

2.75),

9/20/30

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

United

States

345,625

345,950

f

#### Capital

#### Markets

#### 0.2%
CPI

Holdco

B

LLC,

First

Lien,

2025

Fourth

Amendment

Incremental

CME

Term

Loan

,

5.652 %

,

(1-month

SOFR

+

%),

5/19/31

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

United

States

1,196,962

1,198,183

Jane

Street

Group

LLC,

First

Lien,

Extended

CME

Term

Loan

,

5.673 %

,

(3-month

SOFR

+

%),

12/15/31

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

United

States

992,147

991,651

2,189,834

a

a

a

a

a

a

f

#### Chemicals

#### 0.1%
Albaugh

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.413 %

,

(1-month

SOFR

+

3.75;

3-month

SOFR

+

3.75),

4/06/29

.....

United

States

297,674

289,594

Element

Solutions,

Inc.,

First

Lien,

CME

Term

Loan,

B3

,

5.402 %

,

(1-month

SOFR

+

1.75 %),

12/18/30

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

United

States

1,000,000

1,004,465

1,294,059

a

a

a

a

a

a

f

#### Commercial

#### Services

#### &

#### Supplies

#### 0.2%
Clean

Harbors,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

5.168 %

,

(1-month

SOFR

+

1.5 %),

10/11/32

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

United

States

996,097

1,004,544

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

e

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

f

#### Commercial

#### Services

#### &

#### Supplies
(continued)

Prime

Security

Services

Borrower

LLC,

First

Lien,

2025

Incremental

CME

Term

Loan,

B2

,

5.407 %

,

(1-month

SOFR

+

1.75 %),

3/08/32

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

United

States

992,481

$

983,564

1,988,108

a

a

a

a

a

a

#### Construction

#### &

#### Engineering

#### 0.0%

#### †
f

Dycom

Industries,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.405 %

,

(1-month

SOFR

+

1.75 %),

1/27/33

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

United

States

79,646

80,343

#### Containers

#### &

#### Packaging

#### 0.1%
f

Owens-Brockway

Glass

Container,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.652 %

,

(1-month

SOFR

+

%),

9/30/32

.........

United

States

493,323

487,773

#### Diversified

#### Consumer

#### Services

#### 0.1%
f

Covista,

Inc.,

First

Lien,

2026

CME

Term

Loan

,

5.902 %

,

(1-month

SOFR

+

2.25 %),

3/02/33

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

United

States

638,889

642,684

f

#### Electric

#### Utilities

#### 0.2%
Alpha

Generation

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

5.402 %

,

(1-month

SOFR

+

1.75 %),

9/30/31

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

United

States

994,949

996,173

Constellation

Renewables

LLC,

First

Lien,

CME

Term

Loan

,

5.673 %

,

(3-month

SOFR

+

%),

12/15/27

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

United

States

630,738

631,725

1,627,898

a

a

a

a

a

a

f

#### Entertainment

#### 0.2%
Live

Nation

Entertainment,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

B

,

5.657 %

,

(1-month

SOFR

+

%),

10/21/32

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

United

States

810,976

813,003

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

6.517 %

,

(1-month

SOFR

+

2.75 %),

3/13/28

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

United

States

992,167

956,583

1,769,586

a

a

a

a

a

a

f

#### Financial

#### Services

#### 0.3%
Colossus

Acquireco

LLC,

First

Lien,

Initial

CME

Term

Loan

,

5.38 %

,

(1-day

SOFR

+

1.75 %),

7/30/32

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

United

States

995,000

996,244

Corpay

Technologies

Operating

Co.

LLC,

First

Lien,

CME

Term

Loan,

B6

,

5.402 %

,

(1-month

SOFR

+

1.75 %),

11/05/32

.....

United

States

353,723

354,028

First

Eagle

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.2 %

,

(3-month

SOFR

+

3.5 %),

8/16/32

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

United

States

852,031

851,085

Hudson

River

Trading

LLC,

First

Lien,

CME

Term

Loan,

B2

,

6.161 %

,

(1-month

SOFR

+

2.5 %),

3/18/30

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

United

States

1,197,000

1,201,638

3,402,995

a

a

a

a

a

a

#### Ground

#### Transportation

#### 0.2%
f

Genesee

&

Wyoming,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

5.45 %

,

(3-month

SOFR

+

1.75 %),

4/10/31

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

United

States

2,058,749

2,062,836

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.0%

#### †
f

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

CME

Term

Loan

,

5.402 %

,

(1-month

SOFR

+

1.75 %),

10/23/28

........

United

States

187,164

188,025

f

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.5%
1011778

BC

ULC,

First

Lien,

CME

Term

Loan,

B5

,

5.418 %

,

(1-month

SOFR

+

1.75 %),

9/20/30

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

Canada

949,894

951,969

Caesars

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

5.902 %

,

(1-month

SOFR

+

2.25 %),

2/06/31

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

United

States

1,063,719

1,032,807

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

5.45 %

,

(3-month

SOFR

+

1.75 %),

12/02/30

.......

Ireland

994,911

993,667

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

e

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

f

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

Penn

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.152 %

,

(1-month

SOFR

+

2.5 %),

5/03/29

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

United

States

1,116,360

$

1,122,198

Raising

Cane's

Restaurants

LLC,

First

Lien,

First

Amendment

New

CME

Term

Loan

,

5.652 %

,

(1-month

SOFR

+

%),

11/03/32

United

States

708,164

709,715

4,810,356

a

a

a

a

a

a

f

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.2%
Calpine

Construction

Finance

Co.

LP,

First

Lien,

2025

Refinancing

CME

Term

Loan

,

5.402 %

,

(1-month

SOFR

+

1.75 %),

7/31/30

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

United

States

1,000,000

1,004,515

Talen

Energy

Supply

LLC,

First

Lien,

2025-1

Incremental

CME

Term

Loan,

B

,

5.652 %

,

(1-month

SOFR

+

%),

11/25/32

.....

United

States

1,010,200

1,012,963

2,017,478

a

a

a

a

a

a

f

#### Media

#### 0.2%
Charter

Communications

Operating

LLC,

First

Lien,

CME

Term

Loan

B5

,

5.942 %

,

(3-month

SOFR

+

2.25 %),

12/15/31

......

United

States

992,462

993,033

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

9.175 %

,

(3-month

SOFR

+

5.25 %),

8/02/29

.......

United

States

30,401

30,527

Nexstar

Media,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.152 %

,

(1-month

SOFR

+

2.5 %),

6/28/32

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

United

States

994,987

995,127

2,018,687

a

a

a

a

a

a

f

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.2%
CQP

Holdco

LP,

First

Lien,

CME

Term

Loan,

B

,

5.45 %

,

(3-month

SOFR

+

1.75 %),

12/31/32

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

United

States

997,487

998,176

UGI

Energy

Services

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.152 %

,

(1-month

SOFR

+

2.5 %),

2/22/30

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

United

States

1,196,907

1,205,884

2,204,060

a

a

a

a

a

a

f

#### Passenger

#### Airlines

#### 0.1%
AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

2025

Incremental

CME

Term

Loan

,

6.425 %

,

(3-month

SOFR

+

2.75 %),

5/28/32

.....

United

States

118,800

118,490

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan

,

5.925 %

,

(3-month

SOFR

+

2.25 %),

4/20/28

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

United

States

992,481

988,412

1,106,902

a

a

a

a

a

a

#### Professional

#### Services

#### 0.1%
f

SS&C

Technologies,

Inc.,

First

Lien,

CME

Term

Loan,

B8

,

5.652 %

,

(1-month

SOFR

+

%),

5/09/31

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

United

States

932,162

933,323

f

#### Software

#### 0.1%
g

Gen

Digital,

Inc.,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan,

B

,

5.402 %

,

(1-month

SOFR

+

1.75 %),

4/16/32

United

States

994,987

979,441

Proofpoint,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

6.7 %

,

(3-month

SOFR

+

%),

8/31/28

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

United

States

102,117

99,324

1,078,765

a

a

a

a

a

a

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.1%
f

Samsonite

Group

SA,

First

Lien,

Initial

CME

Term

Loan,

B

,

5.402 %

,

(1-month

SOFR

+

1.75 %),

11/08/32

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

United

States

386,628

388,884

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

e

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

#### Trading

#### Companies

#### &

#### Distributors

#### 0.0%

#### †
f

QXO

Building

Products,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.652 %

,

(1-month

SOFR

+

%),

4/30/32

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

United

States

174,673

$

174,942

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $

#### 35,611,634

####)
........................

#### 35,641,646

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 2.8%
b

Angola

Government

Bond

,

Senior

Bond

,

144A,

8.25 %

,

5/09/28

.

Angola

610,000

625,850

b

Bank

Gospodarstwa

Krajowego

,

Senior

Bond

,

Reg

S,

5.375 %

,

5/22/33

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

Poland

640,000

654,386

b

Benin

Government

Bond

,

Senior

Bond

,

Reg

S,

4.875 %

,

1/19/32

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

Benin

431,000

EUR

487,432

Senior

Bond

,

Reg

S,

4.95 %

,

1/22/35

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

Benin

210,000

EUR

222,981

Brazil

Government

Bond

,

Senior

Bond

,

3.875 %

,

6/12/30

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

Brazil

1,188,000

1,141,371

Senior

Bond

,

%

,

10/20/33

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

Brazil

290,000

293,277

b

Bulgaria

Government

Bond

,

Senior

Bond

,

Reg

S,

%

,

3/05/37

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

Bulgaria

300,000

292,898

Senior

Note

,

Reg

S,

3.625 %

,

9/05/32

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

Bulgaria

520,000

EUR

617,415

Chile

Government

Bond

,

Senior

Note

,

4.85 %

,

1/22/29

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

Chile

530,000

537,288

Colombia

Government

Bond

,

Senior

Bond

,

7.5 %

,

2/02/34

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

Colombia

560,000

587,160

Senior

Note

,

4.5 %

,

11/26/30

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

Colombia

400,000

EUR

461,972

Comision

Federal

de

Electricidad

,

b

Senior

Bond

,

Reg

S,

3.875 %

,

7/26/33

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

Mexico

800,000

699,657

Corp.

Nacional

del

Cobre

de

Chile

,

b

Senior

Bond

,

144A,

6.33 %

,

1/13/35

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

Chile

510,000

541,620

b

Costa

Rica

Government

Bond

,

Senior

Bond

,

144A,

6.125 %

,

2/19/31

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

Costa

Rica

730,000

760,623

b

Dominican

Republic

Government

Bond

,

Senior

Bond

,

Reg

S,

%

,

7/19/28

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

Dominican

Republic

590,000

599,528

Senior

Bond

,

Reg

S,

4.875 %

,

9/23/32

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

Dominican

Republic

640,000

605,408

b

Eagle

Funding

Luxco

SARL

,

Senior

Note

,

144A,

5.5 %

,

8/17/30

.

Mexico

350,000

353,132

Ecopetrol

SA

,

Senior

Bond

,

4.625 %

,

11/02/31

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

Colombia

340,000

306,528

b

Egypt

Government

Bond

,

Senior

Bond

,

Reg

S,

7.6 %

,

3/01/29

..

Egypt

560,000

575,757

b

El

Salvador

Government

Bond

,

Senior

Bond

,

Reg

S,

8.625 %

,

2/28/29

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

El

Salvador

560,000

596,968

b

,c

Electricite

de

France

SA

,

Junior

Sub.

Bond

,

144A,

9.125%

to

6/14/33,

FRN

thereafter

,

Perpetual

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

France

735,000

857,334

b

Guatemala

Government

Bond

,

Senior

Bond

,

Reg

S,

6.6 %

,

6/13/36

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

Guatemala

780,000

838,500

Senior

Note

,

144A,

7.05 %

,

10/04/32

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

Guatemala

270,000

294,766

b

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25 %

,

6/16/29

Hungary

650,000

661,620

Indonesia

Government

Bond

,

b

Senior

Bond

,

Reg

S,

4.35 %

,

1/08/27

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

Indonesia

610,000

611,427

b

Ivory

Coast

Government

Bond

,

Senior

Bond

,

Reg

S,

6.125 %

,

6/15/33

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

Ivory

Coast

1,010,000

988,974

b

Kazakhstan

Government

Bond

,

Senior

Bond

,

Reg

S,

4.714 %

,

4/09/35

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

Kazakhstan

650,000

641,067

Mexico

Government

Bond

,

Senior

Bond

,

2.659 %

,

5/24/31

.....

Mexico

690,000

614,204

b

Montenegro

Government

Bond

,

Senior

Note

,

144A,

4.875 %

,

4/01/32

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

Montenegro

400,000

EUR

472,585

b

Nigeria

Government

Bond

,

Senior

Note

,

144A,

8.375 %

,

3/24/29

Nigeria

570,000

609,809

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities
(continued)

b

North

Macedonia

Government

Bond

,

Senior

Note

,

144A,

4.75 %

,

1/21/34

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

North

Macedonia

100,000

EUR

$

114,485

b

Paraguay

Government

Bond

,

Senior

Bond

,

144A,

3.849 %

,

6/28/33

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

Paraguay

1,150,000

1,080,138

Peru

Government

Bond

,

Senior

Bond

,

2.783 %

,

1/23/31

.......

Peru

990,000

912,235

Petroleos

Mexicanos

,

Senior

Note

,

6.7 %

,

2/16/32

...........

Mexico

360,000

361,399

Philippines

Government

Bond

,

Senior

Bond

,

5.5 %

,

2/04/35

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

Philippines

870,000

893,892

b

Power

Finance

Corp.

Ltd.

,

Senior

Bond

,

Reg

S,

3.95 %

,

4/23/30

.

India

700,000

677,935

b

Romania

Government

Bond

,

Senior

Bond

,

Reg

S,

5.625 %

,

2/22/36

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

Romania

760,000

EUR

869,873

Senior

Note

,

144A,

%

,

2/27/27

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

Romania

770,000

758,730

b

Serbia

Government

Bond

,

Senior

Note

,

144A,

6.25 %

,

5/26/28

..

Serbia

730,000

749,930

South

Africa

Government

Bond

,

Senior

Bond

,

4.85 %

,

9/27/27

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

South

Africa

550,000

551,482

Senior

Bond

,

5.875 %

,

4/20/32

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

South

Africa

600,000

609,025

Turkiye

Government

Bond

,

Senior

Bond

,

5.95 %

,

1/15/31

......

Turkiye

1,230,000

1,208,055

h

Uruguay

Government

Bond

,

Senior

Bond

,

PIK,

7.875 %

,

1/15/33

Uruguay

880,000

1,036,200

b

Uzbekistan

Government

Bond

,

Senior

Note

,

144A,

6.9 %

,

2/28/32

Uzbekistan

560,000

601,403

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 27,470,569

####)
............

#### 27,976,319

#### Asset-Backed

#### Securities

#### 13.4%

#### Capital

#### Markets

#### 0.2%
b

,f

Magnetite

XL

Ltd.

,

2024-40A

,

A1

,

144A,

FRN

,

5.123 %

,

(3-month

SOFR

+

1.45 %),

7/15/37

.

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

United

States

2,000,000

2,006,080

#### Consumer

#### Finance

#### 1.9%
Capital

One

Prime

Auto

Receivables

Trust

,

2025-1

,

A3

,

3.85 %

,

7/15/30

.

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

United

States

605,000

601,098

b

Carvana

Auto

Receivables

Trust

,

2023-P3

,

A3

,

144A,

5.82 %

,

8/10/28

.

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

United

States

287,850

289,054

GM

Financial

Consumer

Automobile

Receivables

Trust

,

2023-1

,

A3

,

4.66 %

,

2/16/28

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

United

States

198,634

198,909

2024-2

,

A3

,

5.1 %

,

3/16/29

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

United

States

1,459,320

1,468,534

Harley-Davidson

Motorcycle

Trust

,

2024-A

,

A3

,

5.37 %

,

3/15/29

.

United

States

964,731

973,653

Hyundai

Auto

Receivables

Trust

,

2024-A

,

A3

,

4.99 %

,

2/15/29

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

United

States

3,059,210

3,078,228

f

2025-C

,

A2B

,

FRN

,

3.99 %

,

(30-day

SOFR

Average

+

0.35 %),

7/17/28

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

United

States

3,626,597

3,625,920

f

2026-A

,

A2B

,

FRN

,

3.98 %

,

(30-day

SOFR

Average

+

0.34 %),

2/15/29

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

United

States

978,000

977,595

Toyota

Auto

Receivables

Owner

Trust

,

2023-C

,

A3

,

5.16 %

,

4/17/28

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

United

States

387,930

389,638

2024-A

,

A3

,

4.83 %

,

10/16/28

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

United

States

1,818,950

1,827,460

f

2025-D

,

A2B

,

FRN

,

3.96 %

,

(30-day

SOFR

Average

+

0.32 %),

8/15/28

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

United

States

984,880

985,200

2026-A

,

A3

,

3.86 %

,

9/16/30

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

United

States

585,000

581,580

World

Omni

Auto

Receivables

Trust

,

2025-C

,

A3

,

4.08 %

,

11/15/30

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

United

States

1,037,000

1,034,333

2026-A

,

A3

,

3.86 %

,

5/15/31

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

United

States

1,841,000

1,829,112

17,860,314

a

a

a

a

a

a

#### Financial

#### Services

#### 11.3%
b

,f

AGL

Core

CLO

Ltd.

,

2024-31A

,

A

,

144A,

FRN

,

5.075 %

,

(3-month

SOFR

+

1.4 %),

7/20/37

.

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

United

States

750,000

752,305

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b

,f

AIMCO

CLO

Ltd.

,

2022-17A

,

A1R

,

144A,

FRN

,

5.014 %

,

(3-month

SOFR

+

1.35 %),

7/20/37

.

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

Jersey

1,850,000

$

1,854,888

b

,f

Allegro

CLO

XII

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.112 %

,

(3-month

SOFR

+

1.44 %),

7/21/37

.

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

United

States

800,000

802,457

b

,f

Allegro

CLO

XIII

Ltd.

,

2021-1A

,

D1R

,

144A,

FRN

,

6.825 %

,

(3-month

SOFR

+

3.15 %),

7/20/38

.

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

United

States

3,000,000

3,016,314

b

,f

Apex

Credit

CLO

Ltd.

,

2024-2A

,

A

,

144A,

FRN

,

5.187 %

,

(3-month

SOFR

+

1.52 %),

7/25/37

.

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

United

States

1,500,000

1,505,194

b

,f

Bain

Capital

Credit

CLO

Ltd.

,

2022-2A

,

A1R

,

144A,

FRN

,

4.814 %

,

(3-month

SOFR

+

1.15 %),

4/22/35

.

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

United

States

900,000

900,890

b

Bank

of

America

Auto

Trust

,

2023-2A

,

A4

,

144A,

5.66 %

,

11/15/29

.

United

States

882,000

893,251

b

,f

Battalion

CLO

X

Ltd.

,

2016-10A

,

A1R3

,

144A,

FRN

,

4.807 %

,

(3-month

SOFR

+

1.14 %),

1/24/35

.

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

United

States

1,175,957

1,177,228

b

Bayview

Opportunity

Master

Fund

VII

Trust

,

2023-1A

,

A

,

144A,

6.93 %

,

10/28/60

.

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

United

States

658,375

671,269

b

,f

Beechwood

Park

CLO

Ltd.

,

2019-1A

,

A2RR

,

144A,

FRN

,

5.01 %

,

(3-month

SOFR

+

1.33 %),

1/17/35

.

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

Jersey

2,500,000

2,501,193

b

,f

Birch

Grove

CLO

Ltd.

,

2021-2A

,

A1R

,

144A,

FRN

,

5.075 %

,

(3-month

SOFR

+

1.4 %),

10/19/37

.

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

United

States

1,750,000

1,755,459

b

,f

Black

Diamond

CLO

Ltd.

,

2021-1A

,

A1AR

,

144A,

FRN

,

4.914 %

,

(3-month

SOFR

+

1.25 %),

11/22/34

.

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

United

States

400,000

400,550

b

,f

BRAVO

Residential

Funding

Trust

,

2025-HE1

,

A1

,

144A,

FRN

,

4.995 %

,

(30-day

SOFR

Average

+

1.35 %),

9/25/72

.

........

United

States

989,825

992,635

CarMax

Auto

Owner

Trust

,

2024-2

,

A3

,

5.5 %

,

1/16/29

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

United

States

1,249,589

1,261,398

2026-1

,

A2A

,

3.87 %

,

4/16/29

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

United

States

1,125,000

1,123,428

2026-1

,

A3

,

4.04 %

,

3/17/31

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

United

States

900,000

896,154

b

,f

Cathedral

Lake

VIII

Ltd.

,

2021-8A

,

A1R

,

144A,

FRN

,

4.805 %

,

(3-month

SOFR

+

1.13 %),

1/20/35

.

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

United

States

1,880,000

1,881,524

b

,f

CBAM

Ltd.

,

2017-2A

,

AR

,

144A,

FRN

,

5.132 %

,

(3-month

SOFR

+

1.452 %),

7/17/34

.

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

United

States

1,650,000

1,653,071

b

Chase

Auto

Owner

Trust

,

2024-1A

,

A3

,

144A,

5.13 %

,

5/25/29

.

..

United

States

2,661,196

2,674,527

b

,f

CIFC

Funding

Ltd.

,

2014-2RA

,

AR

,

144A,

FRN

,

5.027 %

,

(3-month

SOFR

+

1.36 %),

10/24/37

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

United

States

1,500,000

1,504,114

2020-1A

,

A1R

,

144A,

FRN

,

5.085 %

,

(3-month

SOFR

+

1.412 %),

7/15/36

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

United

States

2,520,000

2,524,631

2021-4A

,

AR

,

144A,

FRN

,

5.026 %

,

(3-month

SOFR

+

1.36 %),

7/23/37

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

United

States

1,650,000

1,654,370

2021-7A

,

AR

,

144A,

FRN

,

4.756 %

,

(3-month

SOFR

+

1.09 %),

1/23/35

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

United

States

3,967,000

3,967,589

b

Citizens

Auto

Receivables

Trust

,

2023-2

,

A3

,

144A,

5.83 %

,

2/15/28

.

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

United

States

146,917

147,549

b

Compass

Datacenters

Issuer

II

LLC

,

2024-2A

,

A1

,

144A,

5.022 %

,

8/25/49

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

United

States

1,451,000

1,450,606

2025-1A

,

A1

,

144A,

5.316 %

,

5/25/50

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

United

States

504,000

506,276

2025-2A

,

A1

,

144A,

4.926 %

,

11/25/50

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

United

States

2,746,000

2,699,308

b

Corporate

One

Auto

Receivables

Trust

,

2026-1A

,

A2

,

144A,

4.13 %

,

9/15/28

.

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

United

States

2,408,000

2,406,060

b

,f

Crown

Point

CLO

Ltd.

,

2021-10A

,

A

,

144A,

FRN

,

5.107 %

,

(3-month

SOFR

+

1.432 %),

7/20/34

.

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

United

States

250,000

250,452

b

DataBank

Issuer

II

LLC

,

2025-1A

,

A2

,

144A,

5.18 %

,

9/27/55

.

...

United

States

1,927,000

1,900,300

b

,f

Diameter

Capital

CLO

Ltd.

,

2024-7A

,

A1A

,

144A,

FRN

,

5.155 %

,

(3-month

SOFR

+

1.48 %),

7/20/37

.

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

United

States

1,600,000

1,602,796

b

,f

Elevation

CLO

Ltd.

,

2021-13A

,

A1R

,

144A,

FRN

,

4.733 %

,

(3-month

SOFR

+

1.06 %),

7/15/34

.

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

United

States

700,000

700,516

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b

,f

Elmwood

CLO

Ltd.

,

2022-3A

,

BRR

,

144A,

FRN

,

5.125 %

,

(3-month

SOFR

+

1.45 %),

4/20/37

.

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

United

States

2,250,000

$

2,258,800

b

,f

Elmwood

CLO

Ltd.

,

2024-3A

,

A

,

144A,

FRN

,

5.195 %

,

(3-month

SOFR

+

1.52 %),

4/18/37

.

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

United

States

1,250,000

1,250,625

b

,f

Elmwood

CLO

Ltd.

,

2024-9RA

,

AR

,

144A,

FRN

,

5.052 %

,

(3-month

SOFR

+

1.38 %),

10/21/37

.

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

United

States

1,500,000

1,504,062

b

,f

Elmwood

CLO

I

Ltd.

,

2019-1A

,

A1R3

,

144A,

FRN

,

4.795 %

,

(3-month

SOFR

+

1.12 %),

4/20/37

.

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

United

States

1,400,000

1,397,221

b

,f

Elmwood

CLO

III

Ltd.

,

2019-3A

,

A1RR

,

144A,

FRN

,

5.055 %

,

(3-month

SOFR

+

1.38 %),

7/18/37

.

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

United

States

1,700,000

1,704,497

b

FIGRE

Trust

,

2025-FL1

,

A1

,

144A,

5.265 %

,

7/25/55

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

United

States

261,952

261,985

2025-FL2

,

A1

,

144A,

5.053 %

,

11/25/55

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

United

States

264,681

263,313

Ford

Credit

Auto

Owner

Trust

,

2024-A

,

A3

,

5.09 %

,

12/15/28

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

United

States

4,171,171

4,200,445

2024-B

,

A3

,

5.1 %

,

4/15/29

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

United

States

3,303,410

3,329,104

b

GreenState

Auto

Receivables

Trust

,

2024-1A

,

A3

,

144A,

5.19 %

,

1/16/29

.

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

United

States

1,527,593

1,534,854

b

GS

Mortgage-Backed

Securities

Trust

,

2025-CES2

,

A1

,

144A,

5.18 %

,

9/25/55

.

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

United

States

191,632

191,288

Honda

Auto

Receivables

Owner

Trust

,

2023-3

,

A3

,

5.41 %

,

2/18/28

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

United

States

1,092,209

1,097,699

2026-1

,

A2A

,

3.71 %

,

9/21/28

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

United

States

5,322,000

5,311,878

b

,g

Iskandar

Enterprise

LLC

,

2026-1A

,

A21

,

144A,

5.049 %

,

4/17/56

.

United

States

2,459,000

2,464,686

b

,f

KKR

CLO

Ltd.

,

2022-43A

,

A1R2

,

144A,

FRN

,

4.771 %

,

(3-month

SOFR

+

1.1 %),

4/15/38

.

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

Jersey

1,150,000

1,147,252

b

,f

Madison

Park

Funding

L

Ltd.

,

2021-50A

,

AR

,

144A,

FRN

,

4.645 %

,

(3-month

SOFR

+

0.97 %),

4/19/34

.

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

United

States

1,500,000

1,499,979

b

,f

,g

MP

CLO

VIII

Ltd.

,

2015-2A

,

CR3

,

144A,

FRN

,

Zero

Cpn.,

(3-month

SOFR

+

1.85 %),

4/28/34

.

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

United

States

3,900,000

3,903,335

b

,f

Nassau

Ltd.

,

2020-1A

,

A1R

,

144A,

FRN

,

5.225 %

,

(3-month

SOFR

+

1.552 %),

1/15/35

.

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

United

States

245,417

245,918

b

,f

Neuberger

Berman

CLO

XVII

Ltd.

,

2014-17A

,

AR3

,

144A,

FRN

,

5.064 %

,

(3-month

SOFR

+

1.4 %),

7/22/38

.

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

United

States

1,000,000

1,003,068

b

,f

Neuberger

Berman

Loan

Advisers

CLO

Ltd.

,

2022-51A

,

BR2

,

144A,

FRN

,

5.066 %

,

(3-month

SOFR

+

1.4 %),

10/23/36

.

....

Jersey

1,525,000

1,529,038

b

,f

Oaktree

CLO

Ltd.

,

2021-1A

,

A1R

,

144A,

FRN

,

5.023 %

,

(3-month

SOFR

+

1.35 %),

1/15/38

.

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

United

States

1,089,000

1,091,026

b

OCCU

Auto

Receivables

Trust

,

2025-1A

,

A3

,

144A,

4.81 %

,

11/15/29

.

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

United

States

1,706,000

1,715,862

b

,f

Octagon

Investment

Partners

Ltd.

,

2020-5A

,

ARR

,

144A,

FRN

,

4.793 %

,

(3-month

SOFR

+

1.12 %),

4/15/37

.

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

United

States

2,380,000

2,375,154

b

PK

ALIFT

Loan

Funding

LP

,

2026-1

,

A

,

144A,

4.614 %

,

9/15/43

.

United

States

781,000

766,028

b

PRET

LLC

,

2026-NPL3

,

A1

,

144A,

4.968 %

,

2/25/56

.

.........

United

States

3,622,462

3,597,381

b

,f

RR

Ltd.

,

2024-29RA

,

A1R

,

144A,

FRN

,

5.063 %

,

(3-month

SOFR

+

1.39 %),

7/15/39

.

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

United

States

1,150,000

1,153,025

b

Sabey

Data

Center

Issuer

LLC

,

2026-1

,

A2

,

144A,

5.482 %

,

1/20/51

.

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

United

States

1,799,000

1,785,915

b

,f

Signal

Peak

CLO

Ltd.

,

2018-5A

,

A1R

,

144A,

FRN

,

5.217 %

,

(3-month

SOFR

+

1.55 %),

4/25/37

.

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

United

States

1,900,000

1,906,330

b

,f

Sound

Point

CLO

XXVI

Ltd.

,

2020-1A

,

AR

,

144A,

FRN

,

5.107 %

,

(3-month

SOFR

+

1.432 %),

7/20/34

.

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

United

States

2,460,000

2,464,470

b

,f

Sound

Point

CLO

XXXII

Ltd.

,

2021-4A

,

AR

,

144A,

FRN

,

4.697 %

,

(3-month

SOFR

+

1.03 %),

10/25/34

.

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

United

States

1,000,000

1,000,474

b

Stack

Infrastructure

Issuer

LLC

,

2026-1A

,

A2

,

144A,

%

,

3/27/56

.

United

States

1,538,000

1,487,651

b

,f

Trinitas

CLO

XV

Ltd.

,

2021-15A

,

A1R

,

144A,

FRN

,

4.784 %

,

(3-month

SOFR

+

1.12 %),

4/22/34

.

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

United

States

2,500,000

2,502,693

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b

,f

Trinitas

CLO

XVIII

Ltd.

,

2021-18A

,

A1R

,

144A,

FRN

,

4.895 %

,

(3-month

SOFR

+

1.22 %),

1/20/35

.

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

United

States

750,000

$

751,043

b

Truist

Bank

Auto

Credit-Linked

Notes

,

2025-1

,

B

,

144A,

4.728 %

,

9/26/33

.

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

United

States

1,083,834

1,084,002

b

VCAT

LLC

,

2026-NPL1

,

A1

,

144A,

5.101 %

,

1/25/56

.

.........

United

States

535,515

533,419

b

,f

Venture

XIX

CLO

Ltd.

,

2014-19A

,

ARR

,

144A,

FRN

,

5.195 %

,

(3-month

SOFR

+

1.522 %),

1/15/32

.

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

United

States

42,095

42,096

b

,f

Venture

XV

CLO

Ltd.

,

2013-15A

,

AR3

,

144A,

FRN

,

5.115 %

,

(3-month

SOFR

+

1.442 %),

7/15/32

.

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

United

States

318,048

318,054

b

,f

Voya

CLO

Ltd.

,

2024-4A

,

A1

,

144A,

FRN

,

5.025 %

,

(3-month

SOFR

+

1.35 %),

7/20/37

.

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

United

States

1,850,000

1,854,906

b

,f

Wind

River

CLO

Ltd.

,

2021-4A

,

AR

,

144A,

FRN

,

4.902 %

,

(3-month

SOFR

+

1.23 %),

1/20/35

.

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

United

States

1,200,000

1,201,688

b

,f

Wise

CLO

Ltd.

,

2024-2A

,

A

,

144A,

FRN

,

5.133 %

,

(3-month

SOFR

+

1.46 %),

7/15/37

.

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

United

States

750,000

752,269

b

,f

Zais

CLO

Ltd.

,

2020-16A

,

A1R2

,

144A,

FRN

,

4.805 %

,

(3-month

SOFR

+

1.13 %),

10/20/34

.

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

United

States

1,000,000

1,001,041

113,511,876

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $

#### 133,311,298

####)
............................

#### 133,378,270

#### Commercial

#### Mortgage-Backed

#### Securities

#### 5.3%

#### Financial

#### Services

#### 5.3%
b

,f

AREIT

Trust

,

2022-CRE6

,

A

,

144A,

FRN

,

4.89 %

,

(30-day

SOFR

Average

+

1.25 %),

1/20/37

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

United

States

376,973

377,545

i

Banc

of

America

Commercial

Mortgage

Trust

,

2015-UBS7

,

B

,

FRN

,

4.429 %

,

9/15/48

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

United

States

1,754,752

1,737,786

BANK

,

b

2018-BN11

,

D

,

144A,

%

,

3/15/61

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

United

States

750,000

640,630

i,j

2018-BN13

,

XA

,

IO,

FRN

,

0.599 %

,

8/15/61

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

United

States

146,396,112

1,345,790

i

2019-BN19

,

C

,

FRN

,

4.165 %

,

8/15/61

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

United

States

658,000

490,543

i,j

2020-BN26

,

XA

,

IO,

FRN

,

1.305 %

,

3/15/63

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

United

States

37,954,748

1,261,180

i

Bank

of

America

Merrill

Lynch

Commercial

Mortgage

Trust

,

2016-

UB10

,

C

,

FRN

,

4.996 %

,

7/15/49

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

United

States

167,000

161,901

b

Barclays

Commercial

Mortgage

Trust

,

2019-C5

,

D

,

144A,

2.5 %

,

11/15/52

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

United

States

528,000

421,916

i

2019-C5

,

F

,

144A,

FRN

,

2.666 %

,

11/15/52

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

United

States

4,179,000

2,431,851

i,j

2019-C5

,

XF

,

IO,

144A,

FRN

,

1.25 %

,

11/15/52

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

United

States

8,651,300

322,300

i

,j

BBCMS

Mortgage

Trust

,

2024-5C29

,

XA

,

IO,

FRN

,

1.819 %

,

9/15/57

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

United

States

22,691,038

1,057,173

Benchmark

Mortgage

Trust

,

i

2018-B6

,

B

,

FRN

,

4.738 %

,

10/10/51

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

United

States

900,482

856,364

2026-V21

,

AS

,

5.506 %

,

3/15/59

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

United

States

960,000

977,766

i,j

2026-V21

,

XA

,

IO,

FRN

,

1.648 %

,

3/15/59

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

United

States

8,577,595

527,859

b

BX

Trust

,

i

2025-ARIA

,

C

,

144A,

FRN

,

5.701 %

,

12/13/42

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

United

States

1,908,000

1,916,766

f

2025-VOLT

,

A

,

144A,

FRN

,

5.355 %

,

(1-month

SOFR

+

1.7 %),

12/15/44

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

United

States

690,000

690,769

b

,i

CFCRE

Commercial

Mortgage

Trust

,

2011-C2

,

D

,

144A,

FRN

,

5.08 %

,

12/15/47

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

United

States

111,299

109,767

2011-C2

,

E

,

144A,

FRN

,

5.08 %

,

12/15/47

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

United

States

175,000

165,601

i

Citigroup

Commercial

Mortgage

Trust

,

2016-P6

,

B

,

FRN

,

4.286 %

,

12/10/49

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

United

States

1,631,000

1,506,022

COMM

Mortgage

Trust

,

b,i

2012-CR1

,

D

,

144A,

FRN

,

5.274 %

,

5/15/45

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

United

States

936,344

873,739

2012-CR4

,

AM

,

3.251 %

,

10/15/45

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

United

States

1,200,000

1,173,521

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

COMM

Mortgage

Trust,

(continued)

b

2012-LC4

,

E

,

144A,

4.25 %

,

12/10/44

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

United

States

1,918,000

$

227,148

i

2014-CR17

,

C

,

FRN

,

4.942 %

,

5/10/47

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

United

States

634,000

599,584

b,i

2014-CR17

,

D

,

144A,

FRN

,

5.006 %

,

5/10/47

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

United

States

233,000

205,039

i,j

2014-UBS4

,

XA

,

IO,

FRN

,

0.902 %

,

8/10/47

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

United

States

1,473,276

i,j

2019-GC44

,

XA

,

IO,

FRN

,

0.724 %

,

8/15/57

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

United

States

77,269,824

1,253,231

b

,i

,j

Credit

Suisse

Commercial

Mortgage

Trust

,

2007-C2

,

AX

,

IO,

144A,

FRN

,

0.029 %

,

1/15/49

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

United

States

5,837,558

1,507

i

CSAIL

Commercial

Mortgage

Trust

,

2015-C1

,

C

,

FRN

,

3.888 %

,

4/15/50

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

United

States

1,507,000

1,415,261

j

2019-C17

,

XA

,

IO,

FRN

,

1.45 %

,

9/15/52

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

United

States

52,964,116

1,726,323

i

,j

CSMC

Trust

,

2016-NXSR

,

XA

,

IO,

FRN

,

0.715 %

,

12/15/49

....

United

States

67,230,633

47,949

b

,i

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.535 %

,

8/10/44

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

United

States

2,849,889

2,787,464

i

,j

GS

Mortgage

Securities

Trust

,

2014-GC22

,

XA

,

IO,

FRN

,

0.723 %

,

6/10/47

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

United

States

11,924,838

67,887

b

,i

IRV

Trust

,

2025-200P

,

C

,

144A,

FRN

,

5.921 %

,

3/14/47

.......

United

States

1,422,000

1,424,603

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

b,i

2012-C6

,

E

,

144A,

FRN

,

5.129 %

,

5/15/45

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

United

States

128,883

127,615

b,i

2012-LC9

,

D

,

144A,

FRN

,

3.691 %

,

12/15/47

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

United

States

737,000

719,944

2016-JP3

,

AS

,

3.144 %

,

8/15/49

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

United

States

1,250,000

1,212,297

i

JPMBB

Commercial

Mortgage

Securities

Trust

,

2013-C12

,

C

,

FRN

,

4.072 %

,

7/15/45

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

United

States

101,419

100,192

b

2013-C14

,

D

,

144A,

FRN

,

4.171 %

,

8/15/46

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

United

States

917,000

734,119

j

2014-C22

,

XA

,

IO,

FRN

,

0.554 %

,

9/15/47

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

United

States

1,009,923

j

2014-C25

,

XA

,

IO,

FRN

,

0.548 %

,

11/15/47

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

United

States

4,005,801

16,639

i

JPMDB

Commercial

Mortgage

Securities

Trust

,

2018-C8

,

C

,

FRN

,

4.913 %

,

6/15/51

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

United

States

387,000

355,840

j

2019-COR6

,

XA

,

IO,

FRN

,

1.03 %

,

11/13/52

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

United

States

65,133,558

1,751,168

b

,i

MAD

Commercial

Mortgage

Trust

,

2025-11MD

,

D

,

144A,

FRN

,

6.571 %

,

10/15/42

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

United

States

1,900,000

1,924,366

i

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

b

2012-C5

,

E

,

144A,

FRN

,

4.819 %

,

8/15/45

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

United

States

180,454

179,676

2013-C10

,

B

,

FRN

,

4.082 %

,

7/15/46

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

United

States

670,981

638,442

b

2013-C10

,

F

,

144A,

FRN

,

4.082 %

,

7/15/46

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

United

States

2,331,000

379,833

i

Morgan

Stanley

Capital

I

Trust

,

j

2016-BNK2

,

XA

,

IO,

FRN

,

1.066 %

,

11/15/49

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

United

States

19,870,746

60,749

j

2016-UB12

,

XA

,

IO,

FRN

,

0.759 %

,

12/15/49

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

United

States

59,044,443

27,591

j

2018-H3

,

XA

,

IO,

FRN

,

0.939 %

,

7/15/51

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

United

States

39,845,781

549,410

j

2018-H4

,

XA

,

IO,

FRN

,

0.967 %

,

12/15/51

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

United

States

51,398,618

898,628

2018-L1

,

C

,

FRN

,

4.926 %

,

10/15/51

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

United

States

341,000

311,283

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

,

1.115 %

,

12/15/50

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

United

States

53,995,077

679,982

2018-C12

,

XA

,

IO,

FRN

,

1.004 %

,

8/15/51

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

United

States

98,348,850

1,529,777

b

,i

VEGAS

,

2024-GCS

,

D

,

144A,

FRN

,

6.424 %

,

7/10/36

.........

United

States

954,000

948,795

b

,i

VRTX

Trust

,

2025-HQ

,

D

,

144A,

FRN

,

6.815 %

,

8/05/42

.......

United

States

1,191,000

1,191,138

i

,j

Wachovia

Bank

Commercial

Mortgage

Trust

,

2006-C29

,

IO,

FRN

,

0.488 %

,

11/15/48

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

United

States

26,420

Wells

Fargo

Commercial

Mortgage

Trust

,

2015-C31

,

D

,

3.852 %

,

11/15/48

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

United

States

1,409,000

1,279,418

i,j

2017-C41

,

XA

,

IO,

FRN

,

1.29 %

,

11/15/50

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

United

States

73,999,535

887,521

i

2018-C46

,

C

,

FRN

,

5.118 %

,

8/15/51

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

United

States

412,000

387,859

b

2019-C50

,

D

,

144A,

%

,

5/15/52

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

United

States

632,000

507,152

i,j

2019-C50

,

XA

,

IO,

FRN

,

1.571 %

,

5/15/52

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

United

States

41,884,058

1,296,940

i,j

2020-C55

,

XA

,

IO,

FRN

,

1.397 %

,

2/15/53

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

United

States

61,870,341

2,931,219

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

Wells

Fargo

Commercial

Mortgage

Trust,

(continued)

i

2020-C57

,

C

,

FRN

,

4.157 %

,

8/15/53

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

United

States

1,121,000

$

1,024,151

i

WFRBS

Commercial

Mortgage

Trust

,

j

2013-C14

,

XA

,

IO,

FRN

,

0.456 %

,

6/15/46

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

United

States

854,990

2014-C21

,

C

,

FRN

,

4.234 %

,

8/15/47

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

United

States

1,285,000

1,242,495

j

2014-C22

,

XA

,

IO,

FRN

,

0.383 %

,

9/15/57

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

United

States

2,950,895

j

2014-C23

,

XA

,

IO,

FRN

,

0.198 %

,

10/15/57

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

United

States

587,808

821

52,698,720

a

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 56,190,091

####)
..............

#### 52,698,720

#### Mortgage-Backed

#### Securities

#### 34.6%

#### Federal

#### Home

#### Loan

#### Mortgage

#### Corp.
(FHLMC)

#### Fixed

#### Rate

#### 0.4%
FHLMC

Pool,

Year

,

%,

5/01/51

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

United

States

486,730

392,147

FHLMC

Pool,

Year

,

2.5 %,

4/01/43

-

4/01/52

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

United

States

2,932,406

2,515,179

FHLMC

Pool,

Year

,

3.5 %,

4/01/42

-

10/01/46

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

United

States

272,503

255,274

FHLMC

Pool,

Year

,

%,

12/01/44

-

7/01/49

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

United

States

256,459

245,231

FHLMC

Pool,

Year

,

4.5 %,

11/01/44

-

11/01/49

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

United

States

58,448

57,254

FHLMC

Pool,

Year

,

%,

3/01/41

-

7/01/52

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

United

States

865,347

860,508

4,325,593

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 23.6%
FNMA

,

3.5 %,

2/01/47

-

6/01/56

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

United

States

3,011,974

2,758,007

FNMA

,

3.5 %,

9/01/57

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

United

States

4,724,027

4,269,279

FNMA

,

%,

1/01/45

-

1/01/57

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

United

States

3,141,506

2,964,895

FNMA,

Year

,

%,

2/01/37

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

United

States

3,603,259

3,311,934

FNMA,

Year

,

%,

3/01/37

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

United

States

2,847,705

2,617,870

FNMA,

Year

,

3.5 %,

6/01/31

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

United

States

88,343

87,278

FNMA,

Year

,

%,

9/01/50

-

4/01/52

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

United

States

2,382,948

1,932,999

FNMA,

Year

,

2.5 %,

12/01/50

-

2/01/52

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

United

States

1,572,425

1,347,308

FNMA,

Year

,

%,

9/01/42

-

4/01/52

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

United

States

2,808,522

2,525,108

FNMA,

Year

,

3.5 %,

5/01/42

-

8/01/45

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

United

States

1,020,479

954,402

FNMA,

Year

,

%,

8/01/44

-

11/01/49

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

United

States

713,515

682,103

FNMA,

Year

,

4.5 %,

7/01/44

-

11/01/49

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

United

States

592,385

577,473

FNMA,

Year

,

%,

3/01/40

-

9/01/52

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

United

States

5,277,702

5,247,404

FNMA,

Year

,

5.5 %,

1/01/33

-

2/01/35

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

United

States

120,149

122,510

FNMA,

Year

,

%,

2/01/36

-

4/01/53

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

United

States

956,601

1,003,701

l

Uniform

Mortgage-Backed

Securities

,

1.5 %

,

TBA,

5/25/41

.....

United

States

6,000,000

5,383,877

l

Uniform

Mortgage-Backed

Securities

,

1.5 %

,

TBA,

5/25/56

.....

United

States

6,910,000

5,294,052

l

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

5/25/41

......

United

States

2,000,000

1,834,626

l

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

5/25/56

......

United

States

64,100,000

51,303,222

l

Uniform

Mortgage-Backed

Securities

,

2.5 %

,

TBA,

5/25/41

.....

United

States

4,430,000

4,170,273

l

Uniform

Mortgage-Backed

Securities

,

2.5 %

,

TBA,

5/25/56

.....

United

States

45,300,000

37,939,445

l

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

5/25/41

......

United

States

2,000,000

1,904,915

l

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

5/25/56

......

United

States

15,130,000

13,247,904

l

Uniform

Mortgage-Backed

Securities

,

3.5 %

,

TBA,

5/25/41

.....

United

States

1,000,000

960,510

l

Uniform

Mortgage-Backed

Securities

,

3.5 %

,

TBA,

5/25/56

.....

United

States

4,530,000

4,123,979

l

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

5/25/56

......

United

States

5,500,000

5,158,614

l

Uniform

Mortgage-Backed

Securities

,

4.5 %

,

TBA,

5/25/56

.....

United

States

27,650,000

26,600,407

l

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

5/25/56

......

United

States

16,000,000

15,911,562

l

Uniform

Mortgage-Backed

Securities

,

5.5 %

,

TBA,

5/25/56

.....

United

States

3,300,000

3,316,931

l

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

5/25/56

......

United

States

26,080,000

26,627,387

234,179,975

m

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Adjustable

#### Rate

#### 0.1%
GNMA

II

,

3.89 %

-

4.7 %,

5/20/65

-

8/20/65

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

United

States

47,673

47,297

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Mortgage-Backed

#### Securities
(continued)

m

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Adjustable

#### Rate
(contin-

ued)

GNMA

II

,

5.697 %,

(1-year

Refinitiv

USD

IBOR

Consumer

Cash

Fallbacks

+/-

MBS

Margin),

12/20/68

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

United

States

893,219

$

932,558

979,855

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 10.5%
GNMA

I,

Single-family,

Year

,

3.5 %,

11/15/47

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

United

States

40,548

37,283

GNMA

I,

Single-family,

Year

,

%,

6/15/40

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

United

States

932,924

953,916

GNMA

I,

Single-family,

Year

,

6.5 %,

3/15/31

-

10/15/31

......

United

States

50,020

51,042

GNMA

II,

Year

,

3.5 %,

9/20/48

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

United

States

807,343

746,921

GNMA

II,

Year

,

4.5 %,

7/20/52

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

United

States

547,566

533,643

GNMA

II,

Year

,

5.5 %,

7/20/53

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

United

States

381,052

391,818

l

GNMA

II,

Single-family,

Year

,

%,

5/15/56

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

United

States

12,000,000

9,876,222

GNMA

II,

Single-family,

Year

,

2.5 %,

2/20/53

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

United

States

1,652,479

1,421,445

l

GNMA

II,

Single-family,

Year

,

2.5 %,

5/15/56

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

United

States

9,000,000

7,710,607

GNMA

II,

Single-family,

Year

,

%,

3/20/43

-

2/20/53

.......

United

States

2,935,849

2,623,844

GNMA

II,

Single-family,

Year

,

3.5 %,

11/20/47

-

3/20/50

.....

United

States

4,352,240

3,958,292

l

GNMA

II,

Single-family,

Year

,

3.5 %,

5/15/56

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

United

States

7,000,000

6,328,711

GNMA

II,

Single-family,

Year

,

%,

2/20/48

-

9/20/49

.......

United

States

3,768,448

3,535,864

l

GNMA

II,

Single-family,

Year

,

%,

5/15/56

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

United

States

500,000

466,612

GNMA

II,

Single-family,

Year

,

4.5 %,

5/20/44

-

12/20/54

.....

United

States

3,444,729

3,398,557

l

GNMA

II,

Single-family,

Year

,

4.5 %,

5/15/56

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

United

States

2,000,000

1,929,063

GNMA

II,

Single-family,

Year

,

%,

7/20/41

-

10/20/49

......

United

States

2,872,156

2,896,646

l

GNMA

II,

Single-family,

Year

,

%,

5/15/56

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

United

States

4,000,000

3,965,902

GNMA

II,

Single-family,

Year

,

5.5 %,

4/20/49

-

7/20/53

......

United

States

1,698,520

1,736,102

l

GNMA

II,

Single-family,

Year

,

5.5 %,

5/15/56

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

United

States

37,500,000

37,769,381

GNMA

II,

Single-family,

Year

,

%,

12/20/48

-

4/20/55

......

United

States

2,116,299

2,203,775

l

GNMA

II,

Single-family,

Year

,

6.5 %,

5/15/56

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

United

States

11,000,000

11,491,354

104,027,000

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 347,109,358

####)
.........................

#### 343,512,423

#### Residential

#### Mortgage-Backed

#### Securities

#### 7.4%

#### Financial

#### Services

#### 7.4%
b

A&D

Mortgage

Trust

,

2023-NQM4

,

A2

,

144A,

7.826 %

,

9/25/68

.

United

States

544,490

548,621

b

Angel

Oak

Mortgage

Trust

,

2023-3

,

A1

,

144A,

4.8 %

,

9/26/67

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

United

States

1,073,079

1,069,347

2024-9

,

A1

,

144A,

5.138 %

,

9/25/69

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

United

States

615,932

616,241

b

Arroyo

Mortgage

Trust

,

i

2019-3

,

M1

,

144A,

FRN

,

4.204 %

,

10/25/48

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

United

States

3,050,000

2,865,989

2020-1

,

A3

,

144A,

3.328 %

,

3/25/55

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

United

States

150,000

139,426

b

,i

BRAVO

Residential

Funding

Trust

,

2020-RPL1

,

M1

,

144A,

FRN

,

3.25 %

,

5/26/59

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

United

States

5,430,000

5,204,774

b

,i

Bunker

Hill

Loan

Depositary

Trust

,

2020-1

,

A3

,

144A,

FRN

,

3.253 %

,

2/25/55

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

United

States

2,100,000

2,058,011

b

,f

Chase

Home

Lending

Mortgage

Trust

,

2025-10

,

A11

,

144A,

FRN

,

4.945 %

,

(30-day

SOFR

Average

+

1.3 %),

7/25/56

.........

United

States

675,792

677,666

b

,f

Chevy

Chase

Funding

LLC

,

2004-3A

,

A2

,

144A,

FRN

,

4.069 %

,

(1-month

SOFR

+

0.414 %),

8/25/35

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

United

States

353,575

348,355

b

COLT

Mortgage

Loan

Trust

,

i

2021-1

,

B1

,

144A,

FRN

,

3.144 %

,

6/25/66

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

United

States

2,996,000

2,338,527

2023-3

,

A1

,

144A,

7.18 %

,

9/25/68

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

United

States

683,585

687,796

b

Cross

Mortgage

Trust

,

2024-H3

,

A1

,

144A,

6.272 %

,

6/25/69

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

United

States

398,526

402,054

2024-H4

,

A1

,

144A,

6.147 %

,

7/25/69

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

United

States

935,781

944,574

b

,i

Deephaven

Residential

Mortgage

Trust

,

2022-3

,

A3

,

144A,

FRN

,

5.3 %

,

7/25/67

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

United

States

2,030,649

2,043,263

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b

,i

Ellington

Financial

Mortgage

Trust

,

2020-1

,

A2

,

144A,

FRN

,

3.149 %

,

5/25/65

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

United

States

98,307

$

97,519

i

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

,

b

2019-2

,

M

,

144A,

FRN

,

4.75 %

,

8/25/58

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

United

States

484,787

474,200

2019-3

,

M

,

FRN

,

4.75 %

,

10/25/58

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

United

States

3,067,256

3,027,854

b

2019-4

,

M

,

144A,

FRN

,

4.5 %

,

2/25/59

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

United

States

1,897,014

1,844,423

b

,f

FHLMC

STACR

REMIC

Trust

,

2021-DNA5

,

M2

,

144A,

FRN

,

5.295 %

,

(30-day

SOFR

Average

+

1.65 %),

1/25/34

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

United

States

8,475

8,497

2021-DNA6

,

M2

,

144A,

FRN

,

5.145 %

,

(30-day

SOFR

Average

+

1.5 %),

10/25/41

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

United

States

92,852

93,069

2021-DNA7

,

M2

,

144A,

FRN

,

5.445 %

,

(30-day

SOFR

Average

+

1.8 %),

11/25/41

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

United

States

394,000

395,956

2021-HQA4

,

M2

,

144A,

FRN

,

5.995 %

,

(30-day

SOFR

Average

+

2.35 %),

12/25/41

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

United

States

3,732,140

3,761,704

2022-DNA2

,

M1A

,

144A,

FRN

,

4.945 %

,

(30-day

SOFR

Average

+

1.3 %),

2/25/42

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

United

States

1,896

1,897

2022-DNA3

,

M1B

,

144A,

FRN

,

6.545 %

,

(30-day

SOFR

Average

+

2.9 %),

4/25/42

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

United

States

10,000

10,176

2022-DNA5

,

M1A

,

144A,

FRN

,

6.595 %

,

(30-day

SOFR

Average

+

2.95 %),

6/25/42

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

United

States

17,086

17,297

2022-DNA6

,

M1A

,

144A,

FRN

,

5.795 %

,

(30-day

SOFR

Average

+

2.15 %),

9/25/42

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

United

States

54,074

54,196

2022-DNA6

,

M1B

,

144A,

FRN

,

7.345 %

,

(30-day

SOFR

Average

+

3.7 %),

9/25/42

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

United

States

27,000

27,920

2022-HQA1

,

M1A

,

144A,

FRN

,

5.745 %

,

(30-day

SOFR

Average

+

2.1 %),

3/25/42

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

United

States

736

736

2022-HQA1

,

M2

,

144A,

FRN

,

8.895 %

,

(30-day

SOFR

Average

+

5.25 %),

3/25/42

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

United

States

6,323,000

6,548,462

2022-HQA2

,

M1B

,

144A,

FRN

,

7.645 %

,

(30-day

SOFR

Average

+

%),

7/25/42

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

United

States

1,000,000

1,034,259

2023-DNA1

,

M1A

,

144A,

FRN

,

5.746 %

,

(30-day

SOFR

Average

+

2.1 %),

3/25/43

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

United

States

43,781

44,300

2023-HQA2

,

M1A

,

144A,

FRN

,

5.645 %

,

(30-day

SOFR

Average

+

%),

6/25/43

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

United

States

11,426

11,438

2023-HQA3

,

A1

,

144A,

FRN

,

5.495 %

,

(30-day

SOFR

Average

+

1.85 %),

11/25/43

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

United

States

88,289

88,837

2023-HQA3

,

M1

,

144A,

FRN

,

5.495 %

,

(30-day

SOFR

Average

+

1.85 %),

11/25/43

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

United

States

15,407

15,496

2024-DNA1

,

A1

,

144A,

FRN

,

4.995 %

,

(30-day

SOFR

Average

+

1.35 %),

2/25/44

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

United

States

96,049

96,503

2024-DNA2

,

A1

,

144A,

FRN

,

4.895 %

,

(30-day

SOFR

Average

+

1.25 %),

5/25/44

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

United

States

101,045

101,499

2025-DNA3

,

M1

,

144A,

FRN

,

4.745 %

,

(30-day

SOFR

Average

+

1.1 %),

9/25/45

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

United

States

757,569

757,942

FNMA

,

2003-34

,

P1

,

Strip

,

4/25/43

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

United

States

46,782

43,258

f

FNMA

Connecticut

Avenue

Securities

Trust

,

2018-C02

,

2M2

,

FRN

,

5.96 %

,

(30-day

SOFR

Average

+

2.314 %),

8/25/30

..................................

United

States

5,572

5,645

b

2021-R03

,

1M2

,

144A,

FRN

,

5.295 %

,

(30-day

SOFR

Average

+

1.65 %),

12/25/41

..................................

United

States

120,284

120,770

b

2022-R02

,

2M2

,

144A,

FRN

,

6.645 %

,

(30-day

SOFR

Average

+

%),

1/25/42

.....................................

United

States

1,473,081

1,491,827

b

2022-R03

,

1M2

,

144A,

FRN

,

7.145 %

,

(30-day

SOFR

Average

+

3.5 %),

3/25/42

....................................

United

States

38,000

38,832

b

2022-R04

,

1M2

,

144A,

FRN

,

6.745 %

,

(30-day

SOFR

Average

+

3.1 %),

3/25/42

....................................

United

States

53,000

53,914

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

f

FNMA

Connecticut

Avenue

Securities

Trust,

(continued)

b

2022-R05

,

2M1

,

144A,

FRN

,

5.545 %

,

(30-day

SOFR

Average

+

1.9 %),

4/25/42

....................................

United

States

77,467

$

77,492

b

2023-R06

,

1M1

,

144A,

FRN

,

5.345 %

,

(30-day

SOFR

Average

+

1.7 %),

7/25/43

....................................

United

States

293,309

294,009

b

2023-R07

,

2M1

,

144A,

FRN

,

5.595 %

,

(30-day

SOFR

Average

+

1.95 %),

9/25/43

...................................

United

States

12,392

12,417

b

2024-R02

,

1M1

,

144A,

FRN

,

4.745 %

,

(30-day

SOFR

Average

+

1.1 %),

2/25/44

....................................

United

States

2,391

2,392

b

2024-R03

,

2M1

,

144A,

FRN

,

4.795 %

,

(30-day

SOFR

Average

+

1.15 %),

3/25/44

...................................

United

States

12,357

12,359

b

2024-R04

,

1M1

,

144A,

FRN

,

4.745 %

,

(30-day

SOFR

Average

+

1.1 %),

5/25/44

....................................

United

States

9,455

9,456

b

2024-R06

,

1A1

,

144A,

FRN

,

4.795 %

,

(30-day

SOFR

Average

+

1.15 %),

9/25/44

...................................

United

States

82,678

82,968

b

2025-R06

,

1A1

,

144A,

FRN

,

4.545 %

,

(30-day

SOFR

Average

+

0.9 %),

9/25/45

....................................

United

States

622,291

622,975

b

2026-R01

,

2A1

,

144A,

FRN

,

4.495 %

,

(30-day

SOFR

Average

+

0.85 %),

1/25/46

...................................

United

States

1,537,975

1,538,468

b

2026-R01

,

2M1

,

144A,

FRN

,

4.645 %

,

(30-day

SOFR

Average

+

%),

1/25/46

.....................................

United

States

1,652,888

1,653,925

b

GCAT

Trust

,

2020-NQM2

,

A3

,

144A,

3.935 %

,

4/25/65

........

United

States

1,024,122

1,002,924

b

GS

Mortgage-Backed

Securities

Trust

,

i

2020-RPL1

,

M2

,

144A,

FRN

,

3.75 %

,

7/25/59

.............

United

States

1,125,000

979,837

2024-RPL4

,

A1

,

144A,

3.9 %

,

9/25/61

...................

United

States

433,175

423,700

b

J.P.

Morgan

Mortgage

Trust

,

2024-VIS2

,

A1

,

144A,

5.853 %

,

11/25/64

........................................

United

States

412,861

415,690

b

MFA

Trust

,

2025-NQM3

,

A1

,

144A,

5.261 %

,

8/25/70

.........

United

States

445,813

446,870

b

,i

Morgan

Stanley

Resecuritization

Trust

,

2015-R4

,

CB1

,

144A,

FRN

,

4.037 %

,

8/26/47

..............................

United

States

625,003

625,716

b

,f

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

2024-3

,

AF

,

144A,

FRN

,

4.995 %

,

(30-day

SOFR

Average

+

1.35 %),

7/25/54

United

States

129,110

129,426

b

OBX

Trust

,

2023-NQM7

,

A1

,

144A,

6.844 %

,

4/25/63

................

United

States

879,775

884,196

f

2025-J2

,

AF

,

144A,

FRN

,

4.945 %

,

(30-day

SOFR

Average

+

1.3 %),

9/25/55

....................................

United

States

830,680

833,580

b

PRET

LLC

,

2026-NPL1

,

A1

,

144A,

5.18 %

,

1/25/56

..........

United

States

635,025

630,700

b

PRKCM

Trust

,

2023-AFC2

,

A1

,

144A,

6.482 %

,

6/25/58

.......

United

States

2,967,547

2,960,810

b

PRPM

LLC

,

2026-1

,

A1

,

144A,

5.185 %

,

2/25/31

............

United

States

1,367,391

1,355,565

b

,i

RMF

Proprietary

Issuance

Trust

,

2022-3

,

A

,

144A,

FRN

,

%

,

8/25/62

.........................................

United

States

1,816,001

1,805,653

b

,f

Station

Place

Securitization

Trust

,

2025-1

,

A

,

144A,

FRN

,

4.552 %

,

(1-month

SOFR

+

0.9 %),

7/23/26

.........................................

United

States

3,380,000

3,382,120

2025-3

,

A

,

144A,

FRN

,

4.552 %

,

(1-month

SOFR

+

0.9 %),

9/23/26

.........................................

United

States

3,370,000

3,384,802

2025-7

,

A

,

144A,

FRN

,

4.552 %

,

(1-month

SOFR

+

0.9 %),

11/24/26

........................................

United

States

3,403,000

3,422,127

b

,i

Towd

Point

Mortgage

Trust

,

2018-5

,

M1

,

144A,

FRN

,

3.25 %

,

7/25/58

................

United

States

209,000

179,344

2019-2

,

A2

,

144A,

FRN

,

3.75 %

,

12/25/58

................

United

States

327,000

299,204

b

Verus

Securitization

Trust

,

2024-1

,

A1

,

144A,

5.712 %

,

1/25/69

.

United

States

1,074,939

1,078,898

b

Visio

Trust

,

2022-1

,

A2

,

144A,

5.85 %

,

8/25/57

..............

United

States

1,080,368

1,078,912

f

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

2005-AR13

,

A1B2

,

FRN

,

4.629 %

,

(1-month

SOFR

+

0.974 %),

10/25/45

........................................

United

States

521,871

508,129

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

f

WaMu

Mortgage

Pass-Through

Certificates

Trust,

(continued)

2005-AR13

,

A1C4

,

FRN

,

4.629 %

,

(1-month

SOFR

+

0.974 %),

10/25/45

........................................

United

States

1,827,639

$

1,768,146

2005-AR17

,

A1B2

,

FRN

,

4.589 %

,

(1-month

SOFR

+

0.934 %),

12/25/45

........................................

United

States

1,029,679

951,908

2005-AR2

,

2A1B

,

FRN

,

4.509 %

,

(1-month

SOFR

+

0.854 %),

1/25/45

.........................................

United

States

160,841

161,585

73,229,373

a

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 72,748,597

####)
...............

#### 73,229,373

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 5.4%

#### Financial

#### Services

#### 5.4%
FHLMC

,

f

3065

,

DC

,

FRN

,

8.597 %

,

(-

x

30-day

SOFR

Average

+

19.517 %),

3/15/35

.................................

United

States

89,963

92,608

i

3117

,

AF

,

FRN

,

Zero

Cpn.,

2/15/36

.....................

United

States

5,879

5,198

3369

,

BO

,

Strip

,

9/15/37

.............................

United

States

1,928

1,648

3391

,

Strip

,

4/15/37

................................

United

States

25,645

22,452

f

3408

,

EK

,

FRN

,

10.686 %

,

(-

x

30-day

SOFR

Average

+

25.332 %),

4/15/37

.................................

United

States

154,777

179,894

j

4018

,

DI

,

IO,

4.5 %

,

7/15/41

..........................

United

States

29,596

f

,

F30

,

FRN

,

4.795 %

,

(30-day

SOFR

Average

+

1.15 %),

10/25/53

........................................

United

States

1,419,386

1,432,396

j

4132

,

IP

,

IO,

4.5 %

,

11/15/42

..........................

United

States

372,123

24,707

f,j

4839

,

WS

,

IO,

FRN

,

2.346 %

,

(-

x

30-day

SOFR

Average

+

5.986 %),

8/15/56

..................................

United

States

12,164,208

1,600,717

j

5050

,

IM

,

IO,

3.5 %

,

10/25/50

.........................

United

States

2,084,137

407,861

j

5349

,

IB

,

IO,

%

,

12/15/46

...........................

United

States

3,107,023

651,995

b

,f

FHLMC

Multi-family

Structured

Credit

Risk

Trust

,

2021-MN3

,

M2

,

144A,

FRN

,

7.645 %

,

(30-day

SOFR

Average

+

%),

11/25/51

.

United

States

478,000

495,264

FNMA

,

2006-84

,

OT

,

Strip

,

9/25/36

..........................

United

States

2,603

2,198

2007-14

,

KO

,

Strip

,

3/25/37

..........................

United

States

21,046

17,951

j

2012-128

,

QI

,

IO,

3.5 %

,

6/25/42

.......................

United

States

616,918

17,013

j

2015-33

,

AI

,

IO,

%

,

6/25/45

.........................

United

States

5,468,369

653,040

j

2017-72

,

ID

,

IO,

4.5 %

,

9/25/47

........................

United

States

9,701,547

1,798,330

j

2021-12

,

NI

,

IO,

2.5 %

,

3/25/51

........................

United

States

23,117,867

3,862,434

j

2023-49

,

IA

,

IO,

%

,

8/25/46

.........................

United

States

3,497,324

446,898

j

2023-49

,

IB

,

IO,

3.5 %

,

3/25/47

........................

United

States

3,045,434

465,380

j

,

C24

,

IO,

4.5 %

,

4/25/42

..........................

United

States

2,833,765

555,790

b

,f

FNMA

Multi-family

Connecticut

Avenue

Securities

Trust

,

2019-01

,

M10

,

144A,

FRN

,

7.01 %

,

(30-day

SOFR

Average

+

3.364 %),

10/25/49

.................................

United

States

2,182,616

2,217,175

2020-01

,

M10

,

144A,

FRN

,

7.51 %

,

(30-day

SOFR

Average

+

3.864 %),

3/25/50

..................................

United

States

2,662,081

2,706,998

b

,f

FREMF

Mortgage

Trust

,

2018-KF43

,

B

,

144A,

FRN

,

5.917 %

,

(30-

day

SOFR

Average

+

2.264 %),

1/25/28

.................

United

States

2,579,818

2,518,056

GNMA

,

j

2009-79

,

IC

,

IO,

%

,

8/20/39

.........................

United

States

1,888,229

187,393

j

2010-9

,

UI

,

IO,

%

,

1/20/40

..........................

United

States

2,193,240

425,211

i,j

2010-H19

,

GI

,

IO,

FRN

,

1.454 %

,

8/20/60

................

United

States

2,017,161

89,219

f,j

2011-70

,

YI

,

IO,

FRN

,

0.15 %

,

(-

x

1-month

SOFR

+

4.886 %),

12/20/40

........................................

United

States

2,638,357

17,553

j

2012-113

,

ID

,

IO,

3.5 %

,

9/20/42

.......................

United

States

5,457,733

772,407

j

2012-136

,

IO,

3.5 %

,

11/20/42

.........................

United

States

4,400,822

549,385

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

GNMA,

(continued)

j

2012-38

,

MI

,

IO,

%

,

3/20/42

.........................

United

States

9,863,492

$

1,673,115

j

2013-164

,

CI

,

IO,

%

,

11/16/28

.......................

United

States

361,134

4,091

j

2014-100

,

JI

,

IO,

3.5 %

,

7/16/29

.......................

United

States

618,558

13,385

j

2014-102

,

IG

,

IO,

3.5 %

,

3/16/41

.......................

United

States

131,767

1,402

j

2014-180

,

IO,

%

,

12/20/44

..........................

United

States

5,139,559

999,847

j

2014-30

,

KI

,

IO,

%

,

2/16/29

.........................

United

States

166,026

1,597

j

2014-5

,

LI

,

IO,

%

,

1/16/29

..........................

United

States

145,430

1,558

j

2014-71

,

BI

,

IO,

4.5 %

,

5/20/29

........................

United

States

1,138

j

2014-76

,

IO,

%

,

5/20/44

............................

United

States

1,349,081

272,846

i,j

2014-H11

,

GI

,

IO,

FRN

,

1.531 %

,

6/20/64

................

United

States

7,097,533

229,087

j

2015-52

,

KI

,

IO,

3.5 %

,

11/20/40

.......................

United

States

915,227

25,956

j

2015-53

,

MI

,

IO,

%

,

4/16/45

.........................

United

States

4,868,474

950,922

i,j

2015-H01

,

CI

,

IO,

FRN

,

1.538 %

,

12/20/64

...............

United

States

1,290,112

26,053

i,j

2015-H04

,

AI

,

IO,

FRN

,

1.933 %

,

12/20/64

...............

United

States

4,611,212

164,299

i,j

2015-H10

,

CI

,

IO,

FRN

,

1.763 %

,

4/20/65

................

United

States

2,479,251

85,495

i,j

2015-H12

,

AI

,

IO,

FRN

,

1.857 %

,

5/20/65

................

United

States

2,393,559

77,367

i,j

2015-H12

,

EI

,

IO,

FRN

,

1.764 %

,

4/20/65

................

United

States

4,251,183

86,737

i,j

2015-H12

,

GI

,

IO,

FRN

,

1.807 %

,

5/20/65

................

United

States

4,213,433

170,695

i,j

2015-H16

,

XI

,

IO,

FRN

,

2.613 %

,

7/20/65

................

United

States

2,710,562

160,099

i,j

2015-H20

,

AI

,

IO,

FRN

,

1.854 %

,

8/20/65

................

United

States

3,304,781

119,973

i,j

2015-H25

,

AI

,

IO,

FRN

,

1.681 %

,

9/20/65

................

United

States

2,519,065

54,160

i,j

2015-H25

,

CI

,

IO,

FRN

,

2.327 %

,

10/20/65

...............

United

States

2,467,692

117,265

i,j

2015-H26

,

DI

,

IO,

FRN

,

2.37 %

,

10/20/65

................

United

States

2,275,156

122,608

i,j

2016-H11

,

HI

,

IO,

FRN

,

1.822 %

,

1/20/66

................

United

States

1,638,101

51,911

i,j

2016-H23

,

NI

,

IO,

FRN

,

2.748 %

,

10/20/66

...............

United

States

5,762,514

284,651

i,j

2016-H24

,

JI

,

IO,

FRN

,

2.72 %

,

11/20/66

.................

United

States

2,661,852

168,285

i,j

2017-H08

,

NI

,

IO,

FRN

,

2.197 %

,

3/20/67

................

United

States

2,424,280

88,951

i,j

2017-H10

,

MI

,

IO,

FRN

,

1.622 %

,

4/20/67

................

United

States

3,758,958

110,720

i,j

2017-H12

,

QI

,

IO,

FRN

,

2.08 %

,

5/20/67

.................

United

States

3,977,127

155,705

i,j

2017-H18

,

CI

,

IO,

FRN

,

2.2 %

,

9/20/67

..................

United

States

3,939,172

273,414

i,j

2017-H23

,

BI

,

IO,

FRN

,

1.903 %

,

11/20/67

...............

United

States

4,906,473

177,232

i,j

2018-H02

,

EI

,

IO,

FRN

,

2.511 %

,

1/20/68

................

United

States

5,057,768

210,153

i,j

2018-H17

,

GI

,

IO,

FRN

,

2.213 %

,

10/20/68

...............

United

States

7,623,459

239,605

f,j

2019-121

,

SD

,

IO,

FRN

,

2.225 %

,

(-

x

1-month

SOFR

+

5.886 %),

10/20/49

.................................

United

States

2,267,675

254,019

f,j

2019-125

,

SG

,

IO,

FRN

,

2.275 %

,

(-

x

1-month

SOFR

+

5.936 %),

10/20/49

.................................

United

States

3,235,607

347,850

f,j

2019-65

,

BS

,

IO,

FRN

,

2.325 %

,

(-

x

1-month

SOFR

+

5.986 %),

5/20/49

..................................

United

States

5,035,295

480,312

j

2019-83

,

IO,

4.5 %

,

6/20/49

..........................

United

States

6,787,500

1,521,235

i,j

2019-H02

,

DI

,

IO,

FRN

,

2.601 %

,

11/20/68

...............

United

States

5,924,126

278,668

i,j

2019-H14

,

IB

,

IO,

FRN

,

2.495 %

,

8/20/69

................

United

States

7,160,276

294,917

f,j

2020-112

,

MS

,

IO,

FRN

,

2.525 %

,

(-

x

1-month

SOFR

+

6.186 %),

8/20/50

..................................

United

States

3,939,144

509,372

j

2020-123

,

NI

,

IO,

2.5 %

,

8/20/50

.......................

United

States

13,034,364

1,953,344

j

2020-151

,

MI

,

IO,

2.5 %

,

10/20/50

......................

United

States

22,888,748

3,409,139

i,j

2020-H02

,

GI

,

IO,

FRN

,

2.488 %

,

1/20/70

................

United

States

9,970,164

453,762

j

2021-91

,

AI

,

IO,

3.5 %

,

5/20/51

........................

United

States

14,159,826

2,631,228

f

2023-140

,

JS

,

FRN

,

6.992 %

,

(-

x

30-day

SOFR

Average

+

16.05 %),

9/20/53

..................................

United

States

765,794

768,368

f

2023-152

,

FB

,

FRN

,

4.79 %

,

(30-day

SOFR

Average

+

1.15 %),

4/20/51

.........................................

United

States

2,526,729

2,581,881

f,j

2023-19

,

S

,

IO,

FRN

,

2.275 %

,

(-

x

1-month

SOFR

+

5.936 %),

11/20/49

........................................

United

States

14,877,839

1,595,608

f

2023-66

,

PS

,

FRN

,

6.275 %

,

(-

x

30-day

SOFR

Average

+

15.375 %),

5/20/53

.................................

United

States

2,679,065

2,581,300

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

GNMA,

(continued)

j

2025-120

,

IA

,

IO,

%

,

3/20/52

........................

United

States

6,744,989

$

1,294,500

f,j

2025-120

,

SD

,

IO,

FRN

,

2.225 %

,

(-

x

1-month

SOFR

+

5.886 %),

10/20/49

.................................

United

States

11,692,753

1,250,653

f

2025-169

,

FB

,

FRN

,

4.64 %

,

(30-day

SOFR

Average

+

%),

10/20/55

........................................

United

States

1,861,690

1,874,324

53,417,052

a

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 54,374,341

####)
.......

#### 53,417,052

#### Municipal

#### Bonds

#### 1.1%

#### California

#### 0.5%
California

Health

Facilities

Financing

Authority

,

State

of

California

Personal

Income

Tax

,

Revenue

,

2022

,

4.19 %

,

6/01/37

......

United

States

1,040,000

974,260

City

of

Orange

,

Revenue

,

2021

,

Refunding

,

2.65 %

,

6/01/34

....

United

States

470,000

403,139

City

of

Pomona

,

Revenue

,

2020

BJ

,

3.716 %

,

8/01/40

........

United

States

285,000

245,071

County

of

Fresno

,

Revenue

,

2004

A

,

NATL

Insured

,

4.71 %,

8/15/32

.........................................

United

States

620,000

464,114

County

of

Tulare

,

Revenue

,

2018

,

4.445 %

,

6/01/37

..........

United

States

900,000

857,458

State

of

California

,

GO

,

4.35 %

,

11/01/32

...............................

United

States

1,290,000

1,288,533

GO

,

7.5 %

,

4/01/34

.................................

United

States

770,000

883,097

5,115,672

#### Florida

#### 0.1%
State

Board

of

Administration

Finance

Corp.

,

Florida

Hurricane

Catastrophe

Fund

,

Revenue

,

2024

A

,

5.526 %

,

7/01/34

......

United

States

915,000

957,026

#### Georgia

#### 0.0%

#### †
Georgia

Higher

Education

Facilities

Authority

,

University

System

of

Georgia

,

Revenue

,

2026

A

,

5.273 %

,

1/01/40

...........

United

States

220,000

219,986

#### Illinois

#### 0.1%
State

of

Illinois

,

GO

,

2026

A

,

4.954 %

,

4/01/33

..............

United

States

865,000

875,054

#### New

#### Jersey

#### 0.0%

#### †
New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2010

B

,

6.561 %

,

12/15/40

.............

United

States

190,000

208,197

#### New

#### York

#### 0.1%
New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2026

,

4.66 %

,

2/01/36

....................

United

States

700,000

686,288

#### Ohio

#### 0.0%

#### †
JobsOhio

Beverage

System

,

Revenue,

Senior

Lien

,

2020

A

,

ETM,

2.833 %

,

1/01/38

...................................

United

States

565,000

472,233

#### Pennsylvania

#### 0.2%
Pennsylvania

Economic

Development

Financing

Authority

,

Revenue

,

2025

,

5.689 %

,

6/01/54

......................

United

States

670,000

672,774

Redevelopment

Authority

of

the

City

of

Philadelphia

,

City

of

Philadelphia

,

Revenue

,

2026

A

,

5.002 %

,

11/01/38

.........

United

States

1,045,000

1,029,836

1,702,610

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas

#### 0.1%
North

Texas

Tollway

Authority

,

North

Texas

Tollway

System

,

Revenue,

First

Tier

,

2009

B

,

6.718 %

,

1/01/49

.............

United

States

675,000

$

727,228

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 10,958,701

####)
....................................

#### 10,964,294

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 1,200,345,544

####)
...........................

#### 1,193,955,860

#### a

#### Short

#### Term

#### Investments

#### 7.7%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 1.5%
n,o

U.S.

Treasury

Bills

,

.56

%

,

7/16/26

......................

United

States

15,100,000

14,985,837

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 14,987,849

####)
...............

#### 14,985,837

#### Shares

#### Management

#### Investment

#### Companies

#### 6.2%
a,p

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.843 %

.......

United

States

61,584,806

61,584,806

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 61,584,806

####)
..................

#### 61,584,806

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 76,572,655

####)
..............................

#### 76,570,643

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 1,276,918,199

####)
127.9 #### %
..............................

#### $1,270,526,503

#### TBA

#### Sale

#### Commitments

#### (3.1 ####)

#### %
..............................................

#### (#### 30,978,720

####)

#### Other

#### Assets,

#### less

#### Liabilities

#### (24.8 ####)

#### %
........................................

#### (246,700,540)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $992,847,243

#### a

#### Principal

#### Amount

#### \*
q

#### TBA

#### Sale

#### Commitments

#### (3.1)%

#### Mortgage-Backed

#### Securities

#### (3.1)%

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### (2.4)%
Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

5/25/56

..................................

United

States

(23,400,000)

(23,202,965)

5.5 %

,

TBA,

5/25/56

................................

United

States

(690,000)

(693,540)

(23,896,505)

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### (0.7)%
GNMA

II,

Single-family,

Year

,

4.5 %

,

5/15/56

....................................

United

States

(1,000,000)

(964,531)

%

,

5/15/56

......................................

United

States

(6,000,000)

(6,117,684)

(7,082,215)

#### Total

#### TBA

#### Sale

#### Commitments

#### (Proceeds

#### $

#### (#### 30,987,076

####)
........................

#### $(30,978,720)
Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

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

April

30,

2026,

the

aggregate

value

of

these

securities

was

$356,676,783,

representing

35.9%

of

net

assets.

c

Perpetual

security

with

no

stated

maturity

date.

d

The

coupon

rate

shown

represents

the

rate

at

period

end.

e

See

Note

(f)

regarding

senior

floating

rate

interests.

f

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

g

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

(d).

h

Income

may

be

received

in

additional

securities

and/or

cash.

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

April

30,

2026,

the

aggregate

value

of

these

securities

pledged

amounted

to

$13,165,908,

representing

1.3%

of

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

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

At

April

30,

2026

,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

(e).

At

April

30,

2026

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

1(e)

.

At

April

30,

2026,

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

$

43,795,125

6/18/26

$

(1,046,309)

U.S.

Treasury

Year

Ultra

Notes

................

Long

514

58,009,719

6/18/26

(1,643,336)

U.S.

Treasury

Year

Notes

.....................

Long

24,647,875

6/30/26

(218,646)

U.S.

Treasury

Year

Notes

.....................

Long

1,158

124,874,016

6/30/26

(2,226,497)

U.S.

Treasury

Long

Bonds

.....................

Long

23,584,344

6/18/26

(1,003,934)

U.S.

Treasury

Ultra

Bonds

......................

Long

38,765,531

6/18/26

(1,870,162)

Total

Futures

Contracts

......................................................................

$(8,008,884)

\*

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

.............

BOFA

Sell

159,100

183,457

6/17/26

$

—

$

(3,661)

Euro

.............

HSBK

Sell

1,674,000

1,930,097

6/17/26

—

(38,699)

Euro

.............

MSCO

Sell

1,253,200

1,447,882

6/17/26

—

(26,010)

Euro

.............

SSBT

Sell

525,200

605,588

6/17/26

—

(12,102)

Total

Forward

Exchange

Contracts

...................................................

—

$(80,472)

Net

unrealized

appreciation

(depreciation)

............................................

$(80,472)

\*

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
(4.127%)/1-day

SOFR/Nov-60/(Purchased)

BNDP

11/18/30

/

4.127%

6,900,000

$

822,825

$

33,995

4.127%/1-day

SOFR/Nov-60/(Purchased)

BNDP

11/18/30

/

4.127%

6,900,000

822,825

(134,201)

2.91%/1-day

SOFR/Apr-52/(Purchased)

BNDP

3/31/32

/

2.91%

56,609,500

3,453,180

(1,574,983)

(3.165%)/3-month

EURIBOR/Mar-28/(Written)

BOFA

3/19/27

/

3.165%

EUR

94,021,000

(242,910)

(9,429)

(3.565%)/3-month

EURIBOR/Mar-28/(Written)

BOFA

3/19/27

/

3.565%

EUR

94,021,000

(161,213)

(2,685)

(2.765%)/3-month

EURIBOR/Mar-28/

(Purchased)

BOFA

3/19/27

/

2.765%

EUR

94,021,000

393,230

12,593

(4.2%)/1-day

SOFR/Aug-60/(Purchased)

BOFA

8/26/30

/

4.2%

3,430,800

427,821

(24,945)

4.2%/1-day

SOFR/Aug-60/(Purchased)

BOFA

8/26/30

/

4.2%

3,430,800

427,821

(72,774)

(4.608%)/1-day

SOFR/May-56/(Purchased)

CITI

5/26/26

/

4.608%

3,531,500

128,193

(126,585)

(3.88%)/1-day

SOFR/Jul-36/(Purchased)

CITI

7/10/26

/

3.88%

9,301,000

113,007

24,265

(4.09%)/1-day

SOFR/Jul-36/(Written)

CITI

7/10/26

/

4.09%

27,903,000

(159,512)

(27,387)

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

April

30,

2026

,

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
(4.3%)/1-day

SOFR/Jul-36/(Purchased)

CITI

7/10/26

/

4.3%

18,602,000

$

48,830

$

4,541

4.33%/1-day

SOFR/May-52/(Purchased)

DBAB

5/19/32

/

4.33%

5,542,800

694,236

(146,823)

(4.33%)/1-day

SOFR/May-52/(Purchased)

DBAB

5/19/32

/

4.33%

5,542,800

694,236

(60,172)

3.043%/1-day

SOFR/Mar-52/(Purchased)

JPHQ

3/29/32

/

3.043%

33,000,000

1,980,825

(798,706)

(4.384%)/1-day

SOFR/Feb-38/(Purchased)

MCM

1/31/28

/

4.384%

17,226,000

793,257

(322,449)

3.884%/1-day

SOFR/Feb-38/(Purchased)

MCM

1/31/28

/

3.884%

17,226,000

761,389

(275,785)

2.48%/1-day

SOFR/Feb-59/(Purchased)

MSCO

2/15/29

/

2.48%

37,620,500

2,334,766

(1,794,670)

(4.825%)/1-day

SOFR/May-57/(Purchased)

NATW

4/30/27

/

4.825%

15,152,700

548,528

(262,285)

#### Unrealized

#### appreciation

#### 75,394

#### Unrealized
(depreciation)

#### (5,633,879)

#### Total

#### $(5,558,485)
\*

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

#### Centrally

#### Cleared

#### Swap

#### Contracts

#### to

#### Buy

#### Protection

#### c

#### Traded

#### Index
iTraxx

Europe

Main

....

(1.00)%

Quarterly

6/20/31

24,540,000

EUR

$

(591,238)

$

(362,000)

$

(229,238)

#### Contracts

#### to

#### Sell

#### Protection

#### c,d

#### Traded

#### Index
CDX.NA.HY.46

.

5.00%

Quarterly

6/20/31

11,090,000

855,017

508,661

346,356

Non-

Investment

Grade

CDX.NA.IG.46

..

1.00%

Quarterly

6/20/31

28,260,000

626,566

448,454

178,112

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$890,345

$595,115

$295,230

#### OTC

#### Swap

#### Contracts

#### to

#### Buy

#### Protection

#### c

#### Traded

#### Index
CMBX.NA.BB.6

.

(5.00)%

Monthly

CITI

5/11/63

641,000

85,701

84,659

1,042

CMBX.NA.BB.6

.

(5.00)%

Monthly

GSCO

5/11/63

2,168,000

289,861

308,144

(18,283)

CMBX.NA.BB.6

.

(5.00)%

Monthly

JPHQ

5/11/63

953,000

127,415

490,603

(363,188)

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

GSCO

11/17/59

3,191,000

856,509

611,348

245,161

CMBX.

NA.BBB-.11

..

(3.00)%

Monthly

GSCO

11/18/54

2,356,000

276,202

303,924

(27,722)

CMBX.

NA.BBB-.12

..

(3.00)%

Monthly

GSCO

8/17/61

2,356,000

456,828

427,614

29,214

CMBX.

NA.BBB-.13

..

(3.00)%

Monthly

GSCO

12/16/72

4,596,000

962,211

963,415

(1,204)

CMBX.

NA.BBB-.13

..

(3.00)%

Monthly

JPHQ

12/16/72

1,381,000

289,124

267,511

21,613

CMBX.NA.BBB-.6

(3.00)%

Monthly

JPHQ

5/11/63

2,416,000

166,391

538,787

(372,396)

CMBX.NA.BBB-.9

(3.00)%

Monthly

MSCO

9/17/58

2,356,000

546,787

423,196

123,591

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

At

April

30,

2026

,

the

Fund

had

the

following

interest

rate

swap

contracts

outstanding.

See

Note

(e).

#### Credit

#### Default

#### Swap

#### Contracts
(continued)

#### 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
(continued)

#### to

#### Sell

#### Protection

#### c,d

#### Traded

#### Index
CMBX.NA.BB.6

.

5.00%

Monthly

CITI

5/11/63

3,485,000

$

(465,942)

$

(605,950)

$

140,008

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

MSCO

5/11/63

2,135,000

(285,449)

(283,474)

(1,975)

Non-

Investment

Grade

CMBX.NA.BBB-.6

3.00%

Monthly

BOFA

5/11/63

2,416,000

(166,390)

(145,536)

(20,854)

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$3,139,248

$3,384,241

$(244,993)

Total

Credit

Default

Swap

Contracts

....................................

$4,029,593

$

3,979,356

$50,237

a

In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

b

Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

c

Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

d

The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

#### Interest

#### Rate

#### Swap

#### Contracts

#### Description

#### Payment

#### Frequency

#### 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

3.3%

.....

Annual

3/18/28

218,778,000

$

1,847,388

$

(190,512)

$

2,037,900

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.32%

....

Annual

3/18/28

1,421,000

11,451

(1,849)

13,300

Receive

Fixed

3.28%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/28

16,784,000

(148,200)

6,799

(154,999)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.48%

....

Annual

6/17/28

17,156,000

84,030

36,899

47,131

Receive

Fixed

3.5%

...

Annual

Pay

Floating

1-day

SOFR

............

Annual

6/17/28

46,636,000

(210,603)

(167,457)

(43,146)

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

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

Fixed

3.52%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

6/17/28

2,588,000

$

(10,698)

$

(8,303)

$

(2,395)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.45%

....

Annual

3/18/31

105,903,000

1,331,861

260,036

1,071,825

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.47%

....

Annual

3/18/31

1,816,000

21,180

(323)

21,503

Receive

Fixed

3.43%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/31

6,393,000

(86,236)

1,715

(87,951)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.53%

....

Annual

6/17/31

6,236,000

58,307

25,908

32,399

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.55%

....

Annual

6/17/31

42,342,000

357,611

240,105

117,506

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.57%

....

Annual

6/17/31

478,000

3,605

1,820

1,785

Receive

Floating

6-month

EURIBOR

...........

Semi-Annual

Pay

Fixed

2.8%

.....

Annual

6/17/31

3,855,000

EUR

21,274

13,319

7,955

Receive

Fixed

3.73%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/36

2,324,000

(42,019)

(7,362)

(34,657)

Receive

Fixed

3.75%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/36

18,473,000

(303,295)

(107,916)

(195,379)

Receive

Fixed

3.77%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/36

4,128,000

(60,915)

18,962

(79,877)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.78%

....

Annual

6/17/36

1,290,000

19,775

10,032

9,743

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.8%

.....

Annual

6/17/36

43,969,000

601,669

417,093

184,576

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.82%

....

Annual

6/17/36

1,840,000

22,151

12,244

9,907

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

4.08%

....

Annual

3/18/56

16,062,000

357,170

134,580

222,590

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

4.1%

.....

Annual

3/18/56

411,000

7,732

4,248

3,484

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

Putnam

Income

Fund

Schedule

of

Investments

(unaudited)

#### 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

4.12%

....

Annual

3/18/56

1,266,000

$

19,482

$

(25,558)

$

45,040

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

4.05%

....

Annual

6/17/56

4,033,000

112,924

85,693

27,231

Receive

Fixed

4.03%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

6/17/56

15,868,000

(498,070)

(302,047)

(196,023)

Total

Interest

Rate

Swap

Contracts

.................................

$3,517,574

$

458,126

$3,059,448

\*

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

April

30,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$1,190,115,462

Cost

-

Non-controlled

affiliates

(Note

g)

........................................................

86,802,737

Value

-

Unaffiliated

issuers

..................................................................

$1,183,584,427

Value

-

Non-controlled

affiliates

(Note

g)

.......................................................

86,942,076

Cash

....................................................................................

3,422,718

Receivables:

Investment

securities

sold

...................................................................

3,104,102

Receivable

for

sales

of

TBA

securities

(Note

d)

..................................................

30,948,834

Capital

shares

sold

........................................................................

1,111,006

Dividends

and

interest

.....................................................................

5,072,408

Deposits

with

brokers

for:

Centrally

cleared

swap

contracts

............................................................

12,118,564

Variation

margin

on

futures

contracts

...........................................................

465,428

OTC

swap

contracts

(upfront

payments)

..........................................................

4,419,201

Unrealized

appreciation

on

forward

premium

swap

option

contracts

.....................................

75,394

Unrealized

appreciation

on

OTC

swap

contracts

....................................................

560,629

Unrealized

appreciation

on

unfunded

loan

commitments

(Note

8)

.......................................

750

Prepaid

expenses

..........................................................................

235,686

Total

assets

..........................................................................

1,332,061,223

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

10,782,268

Payable

for

purchases

of

TBA

securities

(Note

d)

................................................

284,459,861

Capital

shares

redeemed

...................................................................

1,132,158

Management

fees

.........................................................................

214,738

Administrative

fees

........................................................................

Distribution

fees

..........................................................................

103,619

Transfer

agent

fees

........................................................................

213,747

Trustees'

fees

and

expenses

.................................................................

246,577

Variation

margin

on

centrally

cleared

swap

contracts

...............................................

238,659

Deposits

from

brokers

for:

OTC

derivative

contracts

..................................................................

2,980,000

TBA

transactions

........................................................................

119,000

OTC

swap

contracts

(upfront

receipts)

...........................................................

1,034,960

Unrealized

depreciation

on

OTC

swap

contracts

....................................................

805,622

Unrealized

depreciation

on

OTC

forward

exchange

contracts

..........................................

80,472

Unrealized

depreciation

on

forward

premium

swap

option

contracts

.....................................

5,633,879

TBA

sale

commitments,

at

value

(proceeds

$30,987,076)

(Note

1d)

.....................................

30,978,720

Accrued

expenses

and

other

liabilities

...........................................................

189,686

Total

liabilities

.........................................................................

339,213,980

Net

assets,

at

value

.................................................................

$992,847,243

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$1,804,691,531

Total

distributable

earnings

(losses)

.............................................................

(811,844,288)

Net

assets,

at

value

.................................................................

$992,847,243

Putnam

Income

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

April

30,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Income

#### Fund

#### Class

#### A:
Net

assets,

at

value

.......................................................................

$365,648,620

Shares

outstanding

........................................................................

72,047,932

Net

asset

value

per

share

a,b

..................................................................

$5.08

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.00%)

b

................................

$5.29

#### Class

#### C:
Net

assets,

at

value

.......................................................................

$16,904,116

Shares

outstanding

........................................................................

3,378,033

Net

asset

value

and

maximum

offering

price

per

share

a,b

............................................

$5.00

#### Class

#### M:
Net

assets,

at

value

.......................................................................

$29,261,070

Shares

outstanding

........................................................................

6,048,800

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$4.84

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.75%)

b

................................

$5.00

#### Class

#### R:
Net

assets,

at

value

.......................................................................

$3,929,462

Shares

outstanding

........................................................................

786,803

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$4.99

#### Class

#### R5:
Net

assets,

at

value

.......................................................................

$3,676,904

Shares

outstanding

........................................................................

711,763

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$5.17

#### Class

#### R6:
Net

assets,

at

value

.......................................................................

$107,184,204

Shares

outstanding

........................................................................

20,582,696

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$5.21

#### Class

#### Y:
Net

assets,

at

value

.......................................................................

$466,242,867

Shares

outstanding

........................................................................

89,291,322

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$5.22

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Putnam

Income

Fund

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

April

30,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Income

#### Fund
Investment

income:

Dividends:

Non-controlled

affiliates

(Note

g)

.............................................................

$1,807,503

Interest:

Unaffiliated

issuers

........................................................................

22,612,319

Total

investment

income

...................................................................

24,419,822

Expenses:

Management

fees

(Note

a)

...................................................................

1,860,613

Administrative

fees

(Note

b)

..................................................................

8,714

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

470,891

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

91,922

&nbsp;&nbsp;&nbsp;&nbsp;Class

M

................................................................................

74,411

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

................................................................................

9,965

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

256,790

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

12,553

&nbsp;&nbsp;&nbsp;&nbsp;Class

M

................................................................................

20,286

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

................................................................................

2,720

&nbsp;&nbsp;&nbsp;&nbsp;Class

R5

...............................................................................

1,927

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

...............................................................................

26,300

&nbsp;&nbsp;&nbsp;&nbsp;Class

Y

................................................................................

322,752

Custodian

fees

.............................................................................

2,722

Reports

to

shareholders

fees

..................................................................

52,957

Registration

and

filing

fees

....................................................................

59,405

Professional

fees

...........................................................................

141,394

Trustees'

fees

and

expenses

(Note

f)

...........................................................

20,029

Other

....................................................................................

15,827

Total

expenses

.........................................................................

3,452,178

Expense

reductions

(Note

4)

...............................................................

(11,226)

Expenses

waived/paid

by

affiliates

(Note

g

and

h)

..............................................

(512,539)

Net

expenses

.........................................................................

2,928,413

Net

investment

income

................................................................

21,491,409

Putnam

Income

Fund

Financial

Statements

Statement

of

Operations

(continued)

for

the

six

months

ended

April

30,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Income

#### Fund
Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

(837,376)

Foreign

currency

transactions

................................................................

4,141

Forward

exchange

contracts

.................................................................

76,633

Forward

premium

swap

option

contracts

........................................................

(810,567)

Futures

contracts

.........................................................................

4,479,565

TBA

sale

commitments

.....................................................................

823,876

Swap

contracts

...........................................................................

213,457

Net

realized

gain

(loss)

..................................................................

3,949,729

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

(6,139,831)

Non-controlled

affiliates

(Note

g)

...........................................................

(60,808)

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

..............................

4,839

Unfunded

loan

commitments

(Note

8)

..........................................................

(111) Forward

exchange

contracts

.................................................................

(114,255)

Forward

premium

swap

option

contracts

........................................................

(647,252)

Futures

contracts

.........................................................................

(11,047,902)

TBA

sale

commitments

.....................................................................

30,363

Swap

contracts

...........................................................................

4,989,917

Net

change

in

unrealized

appreciation

(depreciation)

............................................

(12,985,040)

Net

realized

and

unrealized

gain

(loss)

............................................................

(9,035,311)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$12,456,098

Putnam

Income

Fund

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Income

#### Fund

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026
(unaudited)

#### Year

#### Ended

#### October

#### 31,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$21,491,409

$48,723,320

Net

realized

gain

(loss)

.................................................

3,949,729

1,908,615

Net

change

in

unrealized

appreciation

(depreciation)

...........................

(12,985,040)

14,888,755

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

12,456,098

65,520,690

Distributions

to

shareholders:

Class

A

.............................................................

(8,465,857)

(33,207,157)

Class

C

.............................................................

(351,279)

(1,852,754)

Class

M

............................................................

(668,394)

(2,707,789)

Class

R

.............................................................

(85,681)

(392,321)

Class

R5

............................................................

(83,593)

(289,943)

Class

R6

............................................................

(2,489,821)

(9,244,599)

Class

Y

.............................................................

(10,944,670)

(43,678,091)

Total

distributions

to

shareholders

..........................................

(23,089,295)

(91,372,654)

Capital

share

transactions:

(Note

2)

Class

A

.............................................................

(20,551,196)

(7,782,434)

Class

C

.............................................................

(2,641,805)

(6,099,060)

Class

M

............................................................

(874,146)

(1,295,480)

Class

R

.............................................................

(263,595)

(362,789)

Class

R5

............................................................

198,612

257,866

Class

R6

............................................................

2,571,545

(14,347,271)

Class

Y

.............................................................

(7,994,429)

(45,024,351)

Total

capital

share

transactions

............................................

(29,555,014)

(74,653,519)

Net

increase

(decrease)

in

net

assets

...................................

(40,188,211)

(100,505,483)

Net

assets:

Beginning

of

period

.....................................................

1,033,035,454

1,133,540,937

End

of

period

..........................................................

$992,847,243

$1,033,035,454

Putnam

Income

Fund

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

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.

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

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

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Stripped

#### Securities
The

Fund

may

invest

in

stripped

securities

which

represent

a

participation

in

securities

that

may

be

structured

in

classes

with

rights

to

receive

different

portions

of

the

interest

and

principal.

Interest-only

securities

receive

all

of

the

interest

and

principal-only

securities

receive

all

of

the

principal.

If

the

interest

only

securities

experience

greater

than

anticipated

prepayments

of

principal,

the

Fund

may

fail

to

recoup

fully

its

initial

investment

in

these

securities.

Conversely,

principal-

only

securities

increase

in

value

if

prepayments

are

greater

than

anticipated

and

decline

if

prepayments

are

slower

than

anticipated.

The

fair

value

of

these

securities

is

highly

sensitive

to

changes

in

interest

rates.

d. #### Purchased

#### on

#### a

#### When-Issued,

#### Forward Commitment or

#### Delayed

#### Delivery

#### Basis

#### and

#### TBA

#### Basis
The

Fund

may

purchase

securities

on

a when-issued,

forward

commitment

or

delayed

delivery

and to-be-

announced

(TBA)

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

Collateral

has

been

pledged

and/or

received

for

open

TBA

trades.

The

Fund

may

also

enter

into

TBA

sale

commitments

to

hedge

its

portfolio

positions,

to

sell

mortgage-backed

securities

it

owns

under

delayed

delivery

arrangements

or

to

take

a

short

position

in

mortgage-backed

securities.

Proceeds

of

TBA

sale

commitments

are

not

received

until

the

contractual

settlement

date.

During

the

time

a

TBA

sale

commitment

is

outstanding,

either

equivalent

deliverable

securities

or

an

offsetting

TBA

purchase

commitment

deliverable

on

or

before

the

sale

commitment

date

are

held

as

"cover"

for

the

transaction,

or

other

liquid

assets

in

an

amount

equal

to

the

notional

value

of

the

TBA

sale

commitment

are

segregated.

If

the

TBA

sale

commitment

is

closed

through

the

acquisition

of

an

offsetting

TBA

purchase

commitment,

the

Fund

realizes

a

gain

or

loss.

If

the

Fund

delivers

securities

under

the

commitment,

the

Fund

realizes

a

gain

or

a

loss

from

the

sale

of

the

securities

based

upon

the

unit

price

established

at

the

date

the

commitment

was

entered

into.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

TBA

commitments,

which

are

accounted

for

as

purchase

and

sale

transactions,

may

be

considered

securities

themselves,

and

involve

a

risk

of

loss

due

to

changes

in

the

value

of

the

security

prior

to

the

settlement

date

as

well

as

the

risk

that

the

counterparty

to

the

transaction

will

not

perform

its

obligations.

Counterparty

risk

is

mitigated

by

having

a

master

agreement

between

the

Fund

and

the

counterparty.

Unsettled

TBA

commitments

are

valued

at

their

fair

value

according

to

the

procedures

described

in

the

Financial

Instrument

Valuation

note.

The

contract

is

marked

to

market

daily

and

the

change

in

fair

value

is

recorded

by

the

Fund

as

an

unrealized

gain

or

loss.

Based

on

market

circumstances,

the

investment

manager

will

determine

whether

to

take

delivery

of

the

underlying

securities

or

to

dispose

of

the

TBA

commitments

prior

to

settlement.

e. #### Derivative

#### Financial

#### Instruments
The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statement

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

The

Fund

attempts

to

reduce

its

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Fund

include

failure

of

the

Fund

to

maintain

certain

net

asset

levels

and/or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

or

at

the

broker and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund's

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Fund

entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to

interest

rate

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward Commitment or

#### Delayed

#### Delivery

#### Basis

#### and

#### TBA

#### Basis
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date.

Forward

exchange

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund

entered

into

credit

default

swap

contracts

primarily

to

manage

and/or

gain

exposure

to

credit

risk.

A

credit

default

swap

is

an

agreement

between

the

Fund

and

a

counterparty

whereby

the

buyer

of

the

contract

receives

credit

protection

and

the

seller

of

the

contract

guarantees

the

credit

worthiness

of

a

referenced

debt

obligation.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

credit

default

swaps)

or

may

be

executed

in

a

multilateral

trade

facility

platform,

such

as

a

registered

exchange

(centrally

cleared

credit

default

swaps).

The

underlying

referenced

debt

obligation

may

be

a

single

issuer

of

corporate

or

sovereign

debt,

a

credit

index,

a

basket

of

issuers

or

indices,

or

a

tranche

of

a

credit

index

or

basket

of

issuers

or

indices.

In

the

event

of

a

default

of

the

underlying

referenced

debt

obligation,

the

buyer

is

entitled

to

receive

the

notional

amount

of

the

credit

default

swap

contract

from

the

seller

in

exchange

for

the

referenced

debt

obligation,

a

net

settlement

amount

equal

to

the

notional

amount

of

the

credit

default

swap

less

the

recovery

value

of

the

referenced

debt

obligation,

or

other

agreed

upon

amount.

For

centrally

cleared

credit

default

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

the

buyer

pays

the

seller

a

periodic

stream

of

payments,

provided

that

no

event

of

default

has

occurred.

Such

periodic

payments

are

accrued

daily

as

an

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Upfront

payments

and

receipts

are

reflected

in

the Statement

of

Assets

and

Liabilities

and

represent

compensating

factors

between

stated

terms

of

the

credit

default

swap

agreement

and

prevailing

market

conditions

(credit

spreads

and

other

relevant

factors).

These

upfront

payments

and

receipts

are

amortized

over

the

term

of

the

contract

as

a

realized

gain

or

loss

in

the Statement

of

Operations.

Credit

default

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund entered

into

interest

rate

swap

contracts

primarily

to

manage

interest

rate

risk.

An

interest

rate

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

cash

flows

based

on

the

difference

between

two

interest

rates,

applied

to

a

notional

amount.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

interest

rate

swaps)

or

may

be

executed

on

a

registered

exchange

(centrally

cleared

interest

rate

swaps).

For

centrally

cleared

interest

rate

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

and

to

be

received

are

accrued

daily

and

recorded

as

unrealized

appreciation

or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Interest

rate

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund

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,

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

regarding

other

derivative

information.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

April

30,

2026, 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).

The

Fund's

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

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.

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.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

j. #### Guarantees

#### and

#### Indemnifications
Under

the Fund's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the

Fund against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Fund

that

have

not

yet

occurred.

Currently,

the Fund

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

April

30,

2026,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

...................................

3,150,139

$16,150,172

7,974,503

$40,619,370

Shares

issued

in

reinvestment

of

distributions

..........

1,508,613

7,704,513

5,979,068

29,995,697

Shares

redeemed

...............................

(8,673,897)

(44,405,881)

(15,424,059)

(78,397,501)

Net

increase

(decrease)

..........................

(4,015,145)

$(20,551,196)

(1,470,488)

$(7,782,434)

#### Class

#### C

#### Shares:
Shares

sold

...................................

168,205

$850,795

549,126

$2,759,150

Shares

issued

in

reinvestment

of

distributions

..........

67,051

337,773

353,231

1,747,505

Shares

redeemed

a

..............................

(758,662)

(3,830,373)

(2,113,871)

(10,605,715)

Net

increase

(decrease)

..........................

(523,406)

$(2,641,805)

(1,211,514)

$(6,099,060)

#### Class

#### M

#### Shares:
Shares

sold

...................................

—

$—

2,200

$10,450

Shares

redeemed

...............................

(179,000)

(874,146)

(267,300)

(1,305,930)

Net

increase

(decrease)

..........................

(179,000)

$(874,146)

(265,100)

$(1,295,480)

#### Class

#### R

#### Shares:
Shares

sold

...................................

72,334

$365,219

190,764

$956,096

Shares

issued

in

reinvestment

of

distributions

..........

16,648

83,682

77,922

384,998

Shares

redeemed

...............................

(140,999)

(712,496)

(340,294)

(1,703,883)

Net

increase

(decrease)

..........................

(52,017)

$(263,595)

(71,608)

$(362,789)

#### Class

#### R5

#### Shares:
Shares

sold

...................................

45,893

$240,387

66,722

$345,928

Shares

issued

in

reinvestment

of

distributions

..........

16,084

83,593

56,773

289,943

Shares

redeemed

...............................

(24,016)

(125,368)

(73,040)

(378,005)

Net

increase

(decrease)

..........................

37,961

$198,612

50,455

$257,866

#### Class

#### R6

#### Shares:
Shares

sold

...................................

2,471,053

$12,960,444

6,746,082

$35,159,830

Shares

issued

in

reinvestment

of

distributions

..........

411,413

2,155,394

1,545,117

7,941,599

Shares

redeemed

...............................

(2,387,678)

(12,544,293)

(10,966,570)

(57,448,700)

Net

increase

(decrease)

..........................

494,788

$2,571,545

(2,675,371)

$(14,347,271)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the Fund are

also

officers

and/or directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Fund

pays Advisers

a

management

fee

(based

on

the

Fund's

average

net

assets

and

computed

and

paid

monthly)

at

annual

rates

that

may

vary

based

on

the

average

of

the

aggregate

net

assets

of

all

open-end

mutual

funds

sponsored

by

Putnam

Management

(including

open-end

funds

managed

by

affiliates

of

Putnam

Management

that

have

been

deemed

to

be

sponsored

by

Putnam

Management

for

this

purpose)

(excluding

net

assets

of

such

funds

that

are

invested

in,

or

that

are

invested

in

by,

other

such

funds

to

the

extent

necessary

to

avoid

"double

counting"

of

those

assets).

Such

annual

rates

may

vary

as

follows:

For

the

period

ended

April

30,

2026,

the

annualized

gross

effective

investment

management

fee

rate

was 0.368%

of

the

Fund's

average daily

net

assets.

#### Six

#### Months

#### Ended

#### April

#### 30,

#### 2026

#### Year

#### Ended

#### October

#### 31,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### Y

#### Shares:
Shares

sold

...................................

11,673,658

$61,550,486

28,602,004

$150,151,901

Shares

issued

in

reinvestment

of

distributions

..........

1,908,688

10,030,636

7,691,225

39,649,686

Shares

redeemed

...............................

(15,108,249)

(79,575,551)

(45,057,645)

(234,825,938)

Net

increase

(decrease)

..........................

(1,525,903)

$(7,994,429)

(8,764,416)

$(45,024,351)

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

#### 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.

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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.

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

e. #### Transfer

#### Agent

#### Fees
PSERV,

an

affiliate

of

Advisers,

provides

investor

servicing

agent

functions

to

the

Fund.

PSERV

received

fees

for

investor

servicing

for

Class

A,

Class

C,

Class

R,

Class

M

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.

#### 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%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..............................

$9,265

CDSC

retained

..............................................................................

$1,226

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Class R5

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class R5

shares

at

an

annual

rate

of

0.12%.

Class R6

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class R6

shares

at

an

annual

rate

of

0.05%.

f. #### Trustee

#### Fees
The

Fund

has

adopted

a

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees to

defer

the

receipt

of

all

or

a

portion

of

Trustees'

fees

payable

from

July

1,

1995

through

December

31,

2023. The

deferred

fees

remain

invested

in

certain

Putnam

funds

until

distribution

in

accordance

with

the

Deferral

Plan.

The

Fund

has

adopted

an

unfunded

noncontributory

defined

benefit

pension

plan

(the

Pension

Plan)

covering

all

Trustees

of

the

Fund

who

have

served

as

a

Trustee

for

at

least

five

years

and

were

first

elected

prior

to

2004. Benefits

under

the

Pension

Plan

are

equal

to

50%

of

the

Trustee's

average

annual

attendance

and

retainer

fees

for

the

three

years

ended

December

31,

2005. The

retirement

benefit

is

payable

during

a

Trustee's

lifetime,

beginning

the

year

following

retirement,

for

the

number

of

years

of

service

through

December

31,

2006. Pension

expense

for

the

Fund

is

included

in

the

Trustees' fees

and

expenses

in

the

Statement

of

Operations.

Accrued

pension

liability

is

included

in

Payable

for

Trustees' fees

and

expenses

in

the

Statement

of

Assets

and

Liabilities.

The

Trustees

have

terminated

the

Pension

Plan

with

respect

to

any

Trustee

first

elected

after

2003. g. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

April

30,

2026,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

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.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### Income

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Ultra

Short

Bond

ETF

.

$25,418,078

$—

$—

$—

$(60,808)

$25,357,270

1,013,480

$532,624

Putnam

Short

Term

Investment

Fund,

Class

P,

3.843%

......

75,325,056

155,299,075

(169,039,325)

—

—

61,584,806

61,584,806

1,274,879

#### Total

#### Affiliated

#### Securities

#### ...
$100,743,134

$155,299,075

$(169,039,325)

$—

$(60,808)

$86,942,076

$1,807,503

3. #### Transactions

#### with

#### Affiliates
(continued)

e. #### Transfer

#### Agent

#### Fees
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

4. #### Expense

#### Offset

#### Arrangement
The Fund has entered

into

an arrangement

with PSERV

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

fees.

During

the

period

ended

April

30,

2026,

the

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

5. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

October

31,

2025,

the

capital

loss

carryforwards

were

as

follows:

At

April

30,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

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

period

ended

April

30,

2026,

aggregated

$2,116,838,763 and

$3,338,550,394,

respectively.

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

................................................................................

$

231,948,415

Long

term

................................................................................

503,482,647

Total

capital

loss

carryforwards

...............................................................

$735,431,062

Cost

of

investments

..........................................................................

$1,314,203,169

Unrealized

appreciation

........................................................................

$22,149,236

Unrealized

depreciation

........................................................................

(102,905,296)

Net

unrealized

appreciation

(depreciation)

..........................................................

$(80,756,060)

3. #### with

#### Affiliates
(continued)

h. #### Waiver

#### and

#### Expense

#### Reimbursements
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

7. #### Credit

#### Risk

#### and

#### Defaulted

#### Securities
At

April

30,

2026,

the

Fund

had 9.8% of

its

portfolio

invested

in

high

yield

securities,

senior

secured

floating

rate

loans,

or

other

securities

rated

below

investment

grade

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

The

Fund held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

April

30,

2026,

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

April

30,

2026,

unfunded

commitments

were

as

follows:

9. #### Other

#### Derivative

#### Information
At

April

30,

2026,

investments

in

derivative

contracts

are

reflected

in

the Statement of

Assets

and

Liabilities

as

follows:

#### Borrower

#### Unfunded

#### Commitment

#### Putnam

#### Income

#### Fund
First

Eagle

Holdings,

Inc.

$

145,833

#### 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

$

—

Variation

margin

on

futures

contracts

$

8,008,884

a

Variation

margin

on

centrally

cleared

swap

contracts

3,853,875

a

Variation

margin

on

centrally

cleared

swap

contracts

794,427

a

Unrealized

appreciation

on

forward

premium

swap

option

contracts

75,394

Unrealized

depreciation

on

forward

premium

swap

option

contracts

5,633,879

Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

—

Unrealized

depreciation

on

OTC

forward

exchange

contracts

80,472

Credit

contracts

............

Variation

margin

on

centrally

cleared

swap

contracts

524,468

a

Variation

margin

on

centrally

cleared

swap

contracts

229,238

a

OTC

swap

contracts

(upfront

payments)

4,419,201

OTC

swap

contracts

(upfront

receipts)

1,034,960

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

For

the

period

ended

April

30,

2026,

the

effect

of

derivative

contracts

in

the Statement

of

Operations

was

as

follows:

For

the

period

ended

April

30,

2026,

the

average

month

end

notional

amount

of

futures

contracts,

swap

contracts

and

options,

and

the

average month

end

contract

value

for forward

exchange

contracts,

were as

follows:

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Putnam

#### Income

#### Fund
(continued)

Credit

contracts

............

Unrealized

appreciation

on

OTC

swap

contracts

$

560,629

Unrealized

depreciation

on

OTC

swap

contracts

$

805,622

Total

....................

$9,433,567

$16,587,482

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

period

end

is

separately

reported

within

the

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Period

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Period

#### Putnam

#### Income

#### Fund
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Futures

contracts

$4,479,565

Futures

contracts

$(11,047,902)

Swap

contracts

356,628

Swap

contracts

4,340,638

Forward

premium

swap

option

contracts

(810,567)

Forward

premium

swap

option

contracts

(647,252)

Foreign

exchange

contracts

.....

Forward

exchange

contracts

76,633

Forward

exchange

contracts

(114,255)

Credit

contracts

...............

Swap

contracts

(143,171)

Swap

contracts

649,279

Total

.......................

$3,959,088

$(6,819,492)

#### Putnam

#### Income

#### Fund
Futures

contracts

............................................................................

$328,672,422

Swap

contracts

..............................................................................

563,025,650

Forward

exchange

contracts

....................................................................

2,944,837

Options

....................................................................................

549,886,323

9. #### Other

#### Derivative

#### Information
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

At

April

30,

2026,

the

Fund's

OTC

derivative

assets

and

liabilities

are

as

follows:

At

April

30,

2026,

OTC

derivative

assets,

which

may

be

offset

against

the

Fund's

OTC

derivative

liabilities

and

collateral

received

from

the

counterparty,

are

as

follows:

#### Gross

#### Amounts

#### of

#### Assets

#### and

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Assets

#### a

#### Liabilities

#### a

#### Putnam

#### Income

#### Fund
Forward

e

xchange

Contracts

.............................

$

—

$

80,472

Forward

Premium

Swap

Option

Contracts

...................

75,394

5,633,879

Swap

Contracts

.......................................

4,979,830

1,840,582

Total

.............................................

$5,055,224

$7,554,933

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

...................

$

33,995

$

(33,995)

$

—

$

—

$

—

BOFA

....................

12,593

(12,593)

—

—

—

CITI

.....................

254,515

(254,515)

—

—

—

DBAB

...................

—

—

—

—

—

GSCO

...................

2,888,820

(47,209)

—

(2,640,000)

201,611

HSBK

...................

—

—

—

—

—

JPHQ

...................

1,318,514

(1,318,514)

—

—

—

MCM

....................

—

—

—

—

—

MSCO

...................

546,787

(546,787)

—

—

—

NATW

...................

—

—

—

—

—

SSBT

....................

—

—

—

—

—

TDOM

...................

—

—

—

—

—

Total

...................

$5,055,224

$(2,213,613)

$—

$(2,640,000)

$201,611

$

9. #### Other

#### Derivative

#### Information
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

At

April

30,

2026,

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. #### Upcoming

#### Reorganization
On

May

21,

2026,

the

Board

approved

a

proposal

to

reorganize

the

Fund

with

and

into

a

newly-organized

exchange

traded

fund

(ETF).

Upon

completion

of

the

reorganization,

and

subject

to

certain

conditions,

on

or

around

the

first

quarter

of

2027,

substantially

all

net

assets

in

the

Fund

will

be

transferred

into

the

ETF

and

ETF

shares

will

be

distributed

to

the

Fund's

shareholders

in

complete

liquidation

of

the

Fund.

11. #### Credit

#### Facility
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

29,

2027. 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.

#### 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

...................

$

1,709,184

$

(33,995)

$

(1,675,189)

$

—

$

—

BOFA

....................

279,884

(12,593)

(238,186)

—

29,105

CITI

.....................

759,922

(254,515)

(342,391)

—

163,016

DBAB

...................

206,995

—

(206,995)

—

—

GSCO

...................

47,209

(47,209)

—

—

—

HSBK

...................

38,699

—

—

—

38,699

JPHQ

...................

1,534,290

(1,318,514)

(215,776)

—

—

MCM

....................

598,234

—

(598,234)

—

—

MSCO

...................

2,106,129

(546,787)

(1,305,059)

—

254,283

NATW

...................

262,285

—

(215,359)

—

46,926

SSBT

....................

12,102

—

—

—

12,102

Total

...................

$7,554,933

$(2,213,613)

$(4,797,189)

$—

$544,131

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

(unaudited)

franklintempleton.com

Semiannual

Report

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

may,

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

period

ended

April

30,

2026,

the Fund

did

not

use

the

Global

Credit

Facility.

12. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

April

30,

2026,

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

.........

$

25,357,270

$

—

$

—

$

25,357,270

Corporate

Bonds

........................

—

437,780,493

—

437,780,493

Senior

Floating

Rate

Interests

...............

—

35,641,646

—

35,641,646

Foreign

Government

and

Agency

Securities

....

—

27,976,319

—

27,976,319

Asset-Backed

Securities

...................

—

133,378,270

—

133,378,270

Commercial

Mortgage-Backed

Securities

......

—

52,698,720

—

52,698,720

Mortgage-Backed

Securities

................

—

343,512,423

—

343,512,423

Residential

Mortgage-Backed

Securities

.......

—

73,229,373

—

73,229,373

Agency

Commercial

Mortgage-Backed

Securities

—

53,417,052

—

53,417,052

Municipal

Bonds

.........................

—

10,964,294

—

10,964,294

Short

Term

Investments

...................

61,584,806

14,985,837

—

76,570,643

Total

Investments

in

Securities

...........

$86,942,076

$1,183,584,427

$—

$1,270,526,503

Other

Financial

Instruments:

Forward

Premium

Swap

Option

Contracts

.....

$—

$75,394

$—

$75,394

Swap

Contracts

.........................

—

4,938,972

—

4,938,972

Unfunded

Loan

Commitments

..............

—

750

—

750

Total

Other

Financial

Instruments

.........

$—

$5,015,116

$—

$5,015,116

–

–

–

–

#### Liabilities:
Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$

—

$

30,978,720

$

—

$

30,978,720

Forward

Exchange

Contracts

...............

—

80,472

—

80,472

Forward

Premium

Swap

Option

Contracts

......

—

5,633,879

—

5,633,879

Futures

Contracts

........................

8,008,884

—

—

8,008,884

11. #### Credit

#### Facility
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

13. #### 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.

14. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

in

addition

to

those

events

previously

disclosed,

the

following

subsequent

events

require

disclosure:

On

May

21,

2026

,

the

Board

approved

a

proposal

to

liquidate

Class

M. Class

M

is

scheduled

to

liquidate

on

or

about

July

31,

2026. Effective

July

27,

2026,

any

front-end

sales

charges

applicable

to

the

purchase

of

Fund

shares

or

contingent

deferred

sales

charges

applicable

to

the

redemption

of

Fund

shares

will

be

waived.

Effective

October

22,

2026,

the

Fund

will

be

closed

to

new

investors.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Income

#### Fund
(continued)

#### Liabilities:
(continued)

Other

Financial

Instruments:

(continued)

Swap

Contracts

.........................

—

1,829,287

—

1,829,287

Total

Other

Financial

Instruments

.........

$8,008,884

$38,522,358

$—

$46,531,242

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

12. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Abbreviations

#### Counterparty

#### BNDP
BNP

Paribas

SA

#### BOFA
Bank

of

America

NA

#### BZWS
Barclays

Bank

plc

#### CITI
Citibank

NA

#### 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

#### SSBT
State

Street

Bank

and

Trust

Co.

#### Cu

#### r

#### rency

#### EUR
Euro

#### USD
United

States

Dollar

#### Index

#### CDX.NA.HY.

#### Series

#### number
CDX

North

America

High

Yield

Index

#### CDX.NA.IG.

#### Series

#### number
CDX

North

America

Investment

Grade

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

#### ETM
Escrowed

to

Maturity

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### FREMF
Freddie

Mac

Multifamily

Securities

#### FNMA
Federal

National

Mortgage

Association

#### FRN
Floating

Rate

Note

#### GNMA
Government

National

Mortgage

Association

#### GO
General

Obligation

#### IBOR
Interbank

Offered

Rate

#### IO
Interest

Only

#### MBS
Mortgage-Backed

Security

#### NATL
National

Reinsurance

Corp.

#### 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

........................

3.66%

3-month

EURIBOR

...................

2.20%

6-month

EURIBOR

...................

2.52%

Putnam

Income

Fund

franklintempleton.com

Semiannual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

38901-SFSOI

06/26©

2026

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrants acknowledge the Staff's comment. In future filings on Form N-CSR, the certifications required by Rule 30a-2 and
 Item 19(a)(3) will include the designations "principal executive officer" and "principal financial officer" in
 the signature blocks, reflecting the capacity in which each signatory executes the certification, in conformity with the language of the
 Rule and Form N-CSR. The Registrants may also include each signatory's actual title with respect to the Funds alongside the required
 designation.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable.

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](pif-efp25084_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&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-efp25084_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

**Putnam Income Fund**

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | June 22, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | June 22, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | June 22, 2026 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jonathan S. Horwitz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Income Fund**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: June 22, 2026 |
| /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz |
| Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Income Fund**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| |
|:---|
| Date: June 22, 2026 |
| /s/ Jeffrey White |
| Jeffrey White |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **April 30, 2026** (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;&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: June 22, 2026 | Date: June 22, 2026 |

---

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.