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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.

 

(a) The Report to Shareholders is filed herewith

Putnam Income Fund
image
Class A   [PINCX]
Semi-Annual Shareholder Report | April 30, 2026
image
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*,†
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
$992,847,243
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
1,189
Portfolio Turnover Rate
170%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Portfolio Composition*  (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• 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
Class C   [PUICX]
Semi-Annual Shareholder Report | April 30, 2026
image
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*,†
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
$992,847,243
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
1,189
Portfolio Turnover Rate
170%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Portfolio Composition*  (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• 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
Class M   [PNCMX]
Semi-Annual Shareholder Report | April 30, 2026
image
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*,†
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
$992,847,243
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
1,189
Portfolio Turnover Rate
170%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Portfolio Composition*  (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• 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
Class R   [PIFRX]
Semi-Annual Shareholder Report | April 30, 2026
image
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*,†
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
$992,847,243
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
1,189
Portfolio Turnover Rate
170%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Portfolio Composition*  (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• 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
Class R5   [PINFX]
Semi-Annual Shareholder Report | April 30, 2026
image
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*,†
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
$992,847,243
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
1,189
Portfolio Turnover Rate
170%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Portfolio Composition*  (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• 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
Class R6   [PINHX]
Semi-Annual Shareholder Report | April 30, 2026
image
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*,†
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
$992,847,243
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
1,189
Portfolio Turnover Rate
170%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Portfolio Composition*  (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• 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
Class Y   [PNCYX]
Semi-Annual Shareholder Report | April 30, 2026
image
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*,†
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
$992,847,243
Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)
1,189
Portfolio Turnover Rate
170%
WHAT DID THE FUND INVEST IN? (as of April 30, 2026)
Portfolio Composition*  (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• 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
 

(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.

 

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

 

(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
1
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
70
Remuneration
Paid
to
Directors,
Officers
and
Others
70
Board
Approval
of
Management
and
Subadvisory
Agreements
70
Putnam
Income
Fund
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
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
3
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.
4
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
5
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.
6
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
7
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.
8
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
9
a
a
Country
Shares
a
Value
a
a
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
,
3
%
,
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.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
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
11
a
a
Country
Principal
Amount
*
a
Value
a
a
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
,
7
%
,
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.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
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
,
5
%
,
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
,
5
%
,
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
13
a
a
Country
Principal
Amount
*
a
Value
a
a
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
,
8
%
,
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.
14
a
a
Country
Principal
Amount
*
a
Value
a
a
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
1
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
15
a
a
Country
Principal
Amount
*
a
Value
a
a
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,
6
%
,
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.
16
a
a
Country
Principal
Amount
*
a
Value
a
a
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
,
3
%
,
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
,
5
%
,
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,
5
%
,
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
17
a
a
Country
Principal
Amount
*
a
Value
a
a
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
,
6
%
,
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,
4
%
,
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.
18
a
a
Country
Principal
Amount
*
a
Value
a
a
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,
4
%
,
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,
6
%
,
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
,
5
%
,
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
19
a
a
Country
Principal
Amount
*
a
Value
a
a
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.
20
a
a
Country
Principal
Amount
*
a
Value
a
a
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,
5
%
,
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
,
5
%
,
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
,
5
%
,
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
,
4
%
,
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
21
a
a
Country
Principal
Amount
*
a
Value
a
a
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,
6
%
,
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
,
5
%
,
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
,
6
%
,
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
,
5
%
,
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,
6
%
,
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.
22
a
a
Country
Principal
Amount
*
a
Value
a
a
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
,
2
%
,
5/15/30
...........................
United
States
244,000
221,807
Senior
Bond
,
5
%
,
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
23
a
a
Country
Principal
Amount
*
a
Value
a
a
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
,
3
%
,
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.
24
a
a
Country
Principal
Amount
*
a
Value
a
a
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
,
5
%
,
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
,
5
%
,
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
25
a
a
Country
Principal
Amount
*
a
Value
a
a
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
%
),
3/18/30
...............................
United
States
267,170
268,582
Stonepeak
Nile
Parent
LLC,
First
Lien,
Amendment
No.
1
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
+
3
%
),
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
+
2
%
),
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
+
2
%
),
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.
26
a
a
Country
Principal
Amount
*
a
Value
a
a
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
+
3
%
),
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
+
2
%
),
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
+
2
%
),
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
27
a
a
Country
Principal
Amount
*
a
Value
a
a
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
+
2
%
),
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
+
2
%
),
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
+
2
%
),
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
+
3
%
),
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.
28
a
a
Country
Principal
Amount
*
a
Value
a
a
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
+
2
%
),
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
,
6
%
,
10/20/33
...........................
Brazil
290,000
293,277
b
Bulgaria
Government
Bond
,
Senior
Bond
,
Reg
S,
5
%
,
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,
6
%
,
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
29
a
a
Country
Principal
Amount
*
a
Value
a
a
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,
3
%
,
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
31
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.
30
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b
,f
AIMCO
CLO
17
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
2
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
10
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
7
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
31
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b
,f
Elmwood
CLO
16
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
27
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
33
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
43
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
51
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
49
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
8
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
29
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
5
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,
5
%
,
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.
32
a
a
Country
Principal
Amount
*
a
Value
a
a
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
16
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
%
,
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
33
a
a
Country
Principal
Amount
*
a
Value
a
a
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
153
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
16
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,
8
%
,
12/28/38
..
United
States
1,661,295
201
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
26
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,
3
%
,
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.
34
a
a
Country
Principal
Amount
*
a
Value
a
a
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
7
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
472
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,
30
Year
,
2
%,
5/01/51
......................
United
States
486,730
392,147
FHLMC
Pool,
30
Year
,
2.5
%,
4/01/43
-
4/01/52
.............
United
States
2,932,406
2,515,179
FHLMC
Pool,
30
Year
,
3.5
%,
4/01/42
-
10/01/46
............
United
States
272,503
255,274
FHLMC
Pool,
30
Year
,
4
%,
12/01/44
-
7/01/49
..............
United
States
256,459
245,231
FHLMC
Pool,
30
Year
,
4.5
%,
11/01/44
-
11/01/49
............
United
States
58,448
57,254
FHLMC
Pool,
30
Year
,
5
%,
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
,
4
%,
1/01/45
-
1/01/57
..........................
United
States
3,141,506
2,964,895
FNMA,
15
Year
,
2
%,
2/01/37
...........................
United
States
3,603,259
3,311,934
FNMA,
15
Year
,
2
%,
3/01/37
...........................
United
States
2,847,705
2,617,870
FNMA,
15
Year
,
3.5
%,
6/01/31
.........................
United
States
88,343
87,278
FNMA,
30
Year
,
2
%,
9/01/50
-
4/01/52
....................
United
States
2,382,948
1,932,999
FNMA,
30
Year
,
2.5
%,
12/01/50
-
2/01/52
.................
United
States
1,572,425
1,347,308
FNMA,
30
Year
,
3
%,
9/01/42
-
4/01/52
....................
United
States
2,808,522
2,525,108
FNMA,
30
Year
,
3.5
%,
5/01/42
-
8/01/45
..................
United
States
1,020,479
954,402
FNMA,
30
Year
,
4
%,
8/01/44
-
11/01/49
...................
United
States
713,515
682,103
FNMA,
30
Year
,
4.5
%,
7/01/44
-
11/01/49
.................
United
States
592,385
577,473
FNMA,
30
Year
,
5
%,
3/01/40
-
9/01/52
....................
United
States
5,277,702
5,247,404
FNMA,
30
Year
,
5.5
%,
1/01/33
-
2/01/35
..................
United
States
120,149
122,510
FNMA,
30
Year
,
6
%,
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
,
2
%
,
TBA,
5/25/41
......
United
States
2,000,000
1,834,626
l
Uniform
Mortgage-Backed
Securities
,
2
%
,
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
,
3
%
,
TBA,
5/25/41
......
United
States
2,000,000
1,904,915
l
Uniform
Mortgage-Backed
Securities
,
3
%
,
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
,
4
%
,
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
,
5
%
,
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
,
6
%
,
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
35
a
a
Country
Principal
Amount
*
a
Value
a
a
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,
30
Year
,
3.5
%,
11/15/47
.............
United
States
40,548
37,283
GNMA
I,
Single-family,
30
Year
,
5
%,
6/15/40
...............
United
States
932,924
953,916
GNMA
I,
Single-family,
30
Year
,
6.5
%,
3/15/31
-
10/15/31
......
United
States
50,020
51,042
GNMA
II,
30
Year
,
3.5
%,
9/20/48
........................
United
States
807,343
746,921
GNMA
II,
30
Year
,
4.5
%,
7/20/52
........................
United
States
547,566
533,643
GNMA
II,
30
Year
,
5.5
%,
7/20/53
........................
United
States
381,052
391,818
l
GNMA
II,
Single-family,
30
Year
,
2
%,
5/15/56
...............
United
States
12,000,000
9,876,222
GNMA
II,
Single-family,
30
Year
,
2.5
%,
2/20/53
.............
United
States
1,652,479
1,421,445
l
GNMA
II,
Single-family,
30
Year
,
2.5
%,
5/15/56
.............
United
States
9,000,000
7,710,607
GNMA
II,
Single-family,
30
Year
,
3
%,
3/20/43
-
2/20/53
.......
United
States
2,935,849
2,623,844
GNMA
II,
Single-family,
30
Year
,
3.5
%,
11/20/47
-
3/20/50
.....
United
States
4,352,240
3,958,292
l
GNMA
II,
Single-family,
30
Year
,
3.5
%,
5/15/56
.............
United
States
7,000,000
6,328,711
GNMA
II,
Single-family,
30
Year
,
4
%,
2/20/48
-
9/20/49
.......
United
States
3,768,448
3,535,864
l
GNMA
II,
Single-family,
30
Year
,
4
%,
5/15/56
...............
United
States
500,000
466,612
GNMA
II,
Single-family,
30
Year
,
4.5
%,
5/20/44
-
12/20/54
.....
United
States
3,444,729
3,398,557
l
GNMA
II,
Single-family,
30
Year
,
4.5
%,
5/15/56
.............
United
States
2,000,000
1,929,063
GNMA
II,
Single-family,
30
Year
,
5
%,
7/20/41
-
10/20/49
......
United
States
2,872,156
2,896,646
l
GNMA
II,
Single-family,
30
Year
,
5
%,
5/15/56
...............
United
States
4,000,000
3,965,902
GNMA
II,
Single-family,
30
Year
,
5.5
%,
4/20/49
-
7/20/53
......
United
States
1,698,520
1,736,102
l
GNMA
II,
Single-family,
30
Year
,
5.5
%,
5/15/56
.............
United
States
37,500,000
37,769,381
GNMA
II,
Single-family,
30
Year
,
6
%,
12/20/48
-
4/20/55
......
United
States
2,116,299
2,203,775
l
GNMA
II,
Single-family,
30
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.
36
a
a
Country
Principal
Amount
*
a
Value
a
a
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
+
4
%
),
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
+
2
%
),
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
+
3
%
),
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
37
a
a
Country
Principal
Amount
*
a
Value
a
a
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
%
),
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
,
4
%
,
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.
38
a
a
Country
Principal
Amount
*
a
Value
a
a
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
%
,
(
-
3
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
%
,
(
-
4
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
211
f
406
,
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
%
,
(
-
1
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,
4
%
,
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
+
4
%
),
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,
5
%
,
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,
3
%
,
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
409
,
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,
6
%
,
8/20/39
.........................
United
States
1,888,229
187,393
j
2010-9
,
UI
,
IO,
5
%
,
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
%
,
(
-
1
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
39
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
GNMA,
(continued)
j
2012-38
,
MI
,
IO,
4
%
,
3/20/42
.........................
United
States
9,863,492
$
1,673,115
j
2013-164
,
CI
,
IO,
3
%
,
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,
5
%
,
12/20/44
..........................
United
States
5,139,559
999,847
j
2014-30
,
KI
,
IO,
3
%
,
2/16/29
.........................
United
States
166,026
1,597
j
2014-5
,
LI
,
IO,
3
%
,
1/16/29
..........................
United
States
145,430
1,558
j
2014-71
,
BI
,
IO,
4.5
%
,
5/20/29
........................
United
States
1,138
6
j
2014-76
,
IO,
5
%
,
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
%
,
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
%
,
(
-
1
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
%
,
(
-
1
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
%
,
(
-
1
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
%
,
(
-
1
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
%
,
(
-
2
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
%
,
(
-
1
x
1-month
SOFR
+
5.936
%
),
11/20/49
........................................
United
States
14,877,839
1,595,608
f
2023-66
,
PS
,
FRN
,
6.275
%
,
(
-
3
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.
40
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
GNMA,
(continued)
j
2025-120
,
IA
,
IO,
4
%
,
3/20/52
........................
United
States
6,744,989
$
1,294,500
f,j
2025-120
,
SD
,
IO,
FRN
,
2.225
%
,
(
-
1
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
+
1
%
),
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
F-2
,
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
41
a
a
Country
Principal
Amount
*
a
Value
a
a
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
a
a
U.S.
Government
and
Agency
Securities
1.5%
n,o
U.S.
Treasury
Bills
,
3
.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
a
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
,
5
%
,
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,
30
Year
,
4.5
%
,
5/15/56
....................................
United
States
(1,000,000)
(
964,531
)
6
%
,
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.
42
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
(
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
1
(
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
1
(
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
7
.
l
Security
purchased
on
a
to-be-announced
(TBA)
basis.
See
Note
1
(
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
1
(
d
).
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
43
At
April
30,
2026
,
the
Fund
had
the
following futures
contracts
outstanding.
See
Note
1
(
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
10
Year
Notes
....................
Long
396
$
43,795,125
6/18/26
$
(
1,046,309
)
U.S.
Treasury
10
Year
Ultra
Notes
................
Long
514
58,009,719
6/18/26
(
1,643,336
)
U.S.
Treasury
2
Year
Notes
.....................
Long
119
24,647,875
6/30/26
(
218,646
)
U.S.
Treasury
5
Year
Notes
.....................
Long
1,158
124,874,016
6/30/26
(
2,226,497
)
U.S.
Treasury
Long
Bonds
.....................
Long
209
23,584,344
6/18/26
(
1,003,934
)
U.S.
Treasury
Ultra
Bonds
......................
Long
337
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
a
a
a
a
a
a
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
a
a
a
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.
44
At
April
30,
2026
,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
See
Note
1
(
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
a
a
a
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
Contracts
to
Buy
Protection
c
Traded
Index
iTraxx
Europe
Main
45
....
(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
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
45
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
At
April
30,
2026
,
the
Fund
had
the
following
interest
rate
swap
contracts
outstanding.
See
Note
1
(
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)
Contracts
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
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.
46
Interest
Rate
Swap
Contracts
(continued)
Description
Payment
Frequency
Maturity
Date
Notional
Amount*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
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
47
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
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 
9
 regarding
other
derivative
information.
See
A
bbreviations
on
page
69
.
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.
48
Putnam
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$1,190,115,462
Cost
-
Non-controlled
affiliates
(Note
3
g
)
........................................................
86,802,737
Value
-
Unaffiliated
issuers
..................................................................
$1,183,584,427
Value
-
Non-controlled
affiliates
(Note
3
g
)
.......................................................
86,942,076
Cash
....................................................................................
3,422,718
Receivables:
Investment
securities
sold
...................................................................
3,104,102
Receivable
for
sales
of
TBA
securities
(Note
1
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
1
d
)
................................................
284,459,861
Capital
shares
redeemed
...................................................................
1,132,158
Management
fees
.........................................................................
214,738
Administrative
fees
........................................................................
14
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
49
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.
50
Putnam
Income
Fund
Investment
income:
Dividends:
Non-controlled
affiliates
(Note
3
g
)
.............................................................
$1,807,503
Interest:
Unaffiliated
issuers
........................................................................
22,612,319
Total
investment
income
...................................................................
24,419,822
Expenses:
Management
fees
(Note
3
a
)
...................................................................
1,860,613
Administrative
fees
(Note
3
b
)
..................................................................
8,714
Distribution
fees:
(Note
3c
)
    Class
A
................................................................................
470,891
    Class
C
................................................................................
91,922
    Class
M
................................................................................
74,411
    Class
R
................................................................................
9,965
Transfer
agent
fees:
(Note
3e
)
    Class
A
................................................................................
256,790
    Class
C
................................................................................
12,553
    Class
M
................................................................................
20,286
    Class
R
................................................................................
2,720
    Class
R5
...............................................................................
1,927
    Class
R6
...............................................................................
26,300
    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
3
f
)
...........................................................
20,029
Other
....................................................................................
15,827
Total
expenses
.........................................................................
3,452,178
Expense
reductions
(Note
4
)
...............................................................
(11,226)
Expenses
waived/paid
by
affiliates
(Note
3
g
and
3
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
51
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
3
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.
52
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
53
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
8
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
4
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
4
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)
54
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.
Securities
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)
55
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)
56
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
9
 regarding
other
derivative
information.
1.
Organization
and
Significant
Accounting
Policies
(continued)
e.
Derivative
Financial
Instruments
(continued)
Putnam
Income
Fund
Notes
to
Financial
Statements
(unaudited)
57
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)
58
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)
59
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)
60
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)
61
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.
    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      
a  
a  
a  
a  
a  
a  
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)
62
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.
Transactions
with
Affiliates
(continued)
h.
Waiver
and
Expense
Reimbursements
(continued)
Putnam
Income
Fund
Notes
to
Financial
Statements
(unaudited)
63
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)
64
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
  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)
65
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
$
1
9.
Other
Derivative
Information
(continued)
Putnam
Income
Fund
Notes
to
Financial
Statements
(unaudited)
66
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
page
69
.
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)
67
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
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
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)
68
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)
69
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
70
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.

 

(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.

 

(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.

 

(a) Not applicable.

 

(b) Not applicable.

 

ITEM 19. EXHIBITS.

 

(a) (1) Not applicable.

Exhibit 99.CODE ETH

 

(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

 

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

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  
 
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

XBRL SCHEMA FILE

XBRL DEFINITION FILE

XBRL LABEL FILE

XBRL PRESENTATION FILE

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