Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
38901-Q3PH
1
If
you
need
assistance
accessing
this
content,
please
reach
out
to
your
sales
representative
or
send
an
email
to
accessibility@franklintempleton.com
.
Schedule
of
Investments
(unaudited)
Putnam
Income
Fund
2
Notes
to
Schedule
of
Investments
40
Putnam
Income
Fund
Schedule
of
Investments
(unaudited),
July
31,
2026
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Management
Investment
Companies
2.8%
Capital
Markets
2.8%
a
Franklin
Ultra
Short
Bond
ETF
..........................
United
States
1,013,480
$
25,387,674
Total
Management
Investment
Companies
(Cost
$25,217,930)
..................
25,387,674
Principal
Amount
*
Corporate
Bonds
43.8%
Aerospace
&
Defense
1.5%
b
BAE
Systems
plc
,
Senior
Bond,
144A,
5.3%,
3/26/34
.....................
United
Kingdom
1,100,000
1,099,675
Senior
Note,
144A,
5.125%,
3/26/29
...................
United
Kingdom
1,745,000
1,762,162
Boeing
Co.
(The)
,
Senior
Bond,
2.95%,
2/01/30
.........................
United
States
145,000
135,670
Senior
Bond,
3.625%,
2/01/31
........................
United
States
475,000
447,867
Senior
Bond,
3.6%,
5/01/34
..........................
United
States
1,123,000
994,951
Senior
Bond,
3.25%,
2/01/35
.........................
United
States
262,000
223,328
Senior
Bond,
6.875%,
3/15/39
........................
United
States
325,000
356,553
Senior
Bond,
3.375%,
6/15/46
........................
United
States
797,000
540,788
Senior
Bond,
3.9%,
5/01/49
..........................
United
States
577,000
412,373
Senior
Bond,
6.858%,
5/01/54
........................
United
States
767,000
822,185
Senior
Bond,
3.95%,
8/01/59
.........................
United
States
1,095,000
736,476
Senior
Bond,
5.93%,
5/01/60
.........................
United
States
225,000
210,215
Senior
Note,
2.7%,
2/01/27
..........................
United
States
584,000
579,320
Senior
Note,
6.259%,
5/01/27
........................
United
States
36,000
36,427
b
Bombardier,
Inc.
,
Senior
Bond,
144A,
7.45%,
5/01/34
....................
Canada
420,000
459,297
Senior
Note,
144A,
6.75%,
6/15/33
....................
Canada
605,000
623,887
b
Honeywell
Aerospace,
Inc.
,
Senior
Bond,
144A,
4.95%,
3/16/36
....................
United
States
715,000
689,510
Senior
Bond,
144A,
5.732%,
3/16/56
...................
United
States
405,000
386,015
Senior
Bond,
144A,
5.852%,
3/16/66
...................
United
States
275,000
261,657
Senior
Note,
144A,
4.6%,
3/16/33
.....................
United
States
360,000
348,166
Howmet
Aerospace,
Inc.
,
Senior
Bond,
4.75%,
4/15/36
.........................
United
States
165,000
157,134
Senior
Bond,
5.95%,
2/01/37
.........................
United
States
453,000
470,215
Senior
Note,
3%,
1/15/29
...........................
United
States
1,183,000
1,136,652
b
TransDigm,
Inc.
,
Senior
Secured
Note
,
144A,
6.875
%
,
12/15/30
United
States
985,000
1,010,368
13,900,891
Automobile
Components
0.1%
b
Forvia
SE
,
Senior
Note
,
144A,
6.75
%
,
9/15/33
..............
France
1,050,000
1,045,401
Automobiles
0.4%
b
Hyundai
Capital
America
,
Senior
Bond,
144A,
6.375%,
4/08/30
...................
United
States
181,000
187,777
Senior
Note,
144A,
6.5%,
1/16/29
.....................
United
States
1,195,000
1,235,709
Senior
Note,
144A,
5.35%,
3/19/29
....................
United
States
918,000
926,036
Senior
Note,
144A,
4.55%,
9/26/29
....................
United
States
485,000
479,179
Senior
Note,
144A,
5.4%,
1/08/31
.....................
United
States
481,000
484,607
3,313,308
Banks
5.5%
b
Australia
&
New
Zealand
Banking
Group
Ltd.
,
Sub.
Bond
,
144A,
2.57%
to
11/24/30,
FRN
thereafter
,
11/25/35
..............
Australia
1,145,000
1,019,106
Bank
of
America
Corp.
,
Senior
Bond,
2.496%
to
2/12/30,
FRN
thereafter,
2/13/31
...
United
States
1,325,000
1,217,519
Senior
Note,
6.204%
to
11/09/27,
FRN
thereafter,
11/10/28
..
United
States
375,000
382,332
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
Bank
of
America
Corp.,
(continued)
Sub.
Bond,
5.425%
to
8/14/34,
FRN
thereafter,
8/15/35
.....
United
States
1,798,000
$
1,768,571
Sub.
Bond,
3.846%
to
3/07/32,
FRN
thereafter,
3/08/37
.....
United
States
2,598,000
2,388,903
Bank
of
Nova
Scotia
(The)
,
Junior
Sub.
Bond
,
7.35%
to
4/26/30,
FRN
thereafter
,
4/27/85
.............................
Canada
1,620,000
1,671,906
b
Banque
Federative
du
Credit
Mutuel
SA
,
Senior
Preferred
Note
,
144A,
4.541
%
,
1/15/31
..............................
France
760,000
739,852
Barclays
plc
,
Senior
Note
,
5.367%
to
2/24/30,
FRN
thereafter
,
2/25/31
.........................................
United
Kingdom
1,190,000
1,196,977
b
BPCE
SA
,
Sub.
Bond
,
144A,
3.648%
to
1/13/32,
FRN
thereafter
,
1/14/37
.........................................
France
577,000
517,573
b
CaixaBank
SA
,
Senior
Non-Preferred
Note,
144A,
4.634%
to
7/02/28,
FRN
thereafter,
7/03/29
.................................
Spain
965,000
962,130
Senior
Non-Preferred
Note,
144A,
5.673%
to
3/14/29,
FRN
thereafter,
3/15/30
.................................
Spain
810,000
824,753
Citigroup,
Inc.
,
c
Junior
Sub.
Bond,
6.625%
to
2/14/31,
FRN
thereafter,
Perpetual
.......................................
United
States
845,000
849,397
c
CC,
Junior
Sub.
Bond,
7.125%
to
8/14/29,
FRN
thereafter,
Perpetual
.......................................
United
States
1,367,000
1,391,230
c
GG,
Junior
Sub.
Bond,
6.875%
to
8/14/30,
FRN
thereafter,
Perpetual
.......................................
United
States
1,849,000
1,868,089
Sub.
Bond,
4.45%,
9/29/27
..........................
United
States
3,482,000
3,473,791
Sub.
Bond,
4.75%,
5/18/46
..........................
United
States
386,000
319,373
b
Commonwealth
Bank
of
Australia
,
Sub.
Bond,
144A,
2.688%,
3/11/31
....................
Australia
500,000
448,556
Sub.
Bond,
144A,
5.837%,
3/13/34
....................
Australia
855,000
867,453
Fifth
Third
Bancorp
,
Senior
Note,
6.339%
to
7/26/28,
FRN
thereafter,
7/27/29
....
United
States
591,000
607,914
Senior
Note,
4.895%
to
9/05/29,
FRN
thereafter,
9/06/30
....
United
States
470,000
468,729
First-Citizens
Bank
&
Trust
Co.
,
Sub.
Bond
,
6.125
%
,
3/09/28
...
United
States
2,279,000
2,318,274
ING
Groep
NV
,
Senior
Note
,
6.083%
to
9/10/26,
FRN
thereafter
,
9/11/27
.........................................
Netherlands
1,625,000
1,627,399
JPMorgan
Chase
&
Co.
,
d
W,
Junior
Sub.
Bond,
FRN,
4.913%,
(3-month
SOFR
+
1.262%),
5/15/47
.................................
United
States
740,000
672,828
Senior
Bond,
5.294%
to
7/21/34,
FRN
thereafter,
7/22/35
...
United
States
1,354,000
1,343,042
Senior
Bond,
5.502%
to
1/23/35,
FRN
thereafter,
1/24/36
...
United
States
636,000
637,121
Senior
Note,
4.323%
to
4/25/27,
FRN
thereafter,
4/26/28
....
United
States
5,131,000
5,121,071
Senior
Note,
5.14%
to
1/23/30,
FRN
thereafter,
1/24/31
.....
United
States
1,619,000
1,625,310
Senior
Note,
5.041%
to
7/22/31,
FRN
thereafter,
7/23/32
....
United
States
385,000
383,403
Sub.
Bond,
2.956%
to
5/12/30,
FRN
thereafter,
5/13/31
.....
United
States
2,057,000
1,907,438
Sub.
Bond,
5.717%
to
9/13/32,
FRN
thereafter,
9/14/33
.....
United
States
647,000
659,099
Sub.
Bond,
5.576%
to
7/22/35,
FRN
thereafter,
7/23/36
.....
United
States
415,000
411,262
Sub.
Bond,
5.803%
to
7/22/36,
FRN
thereafter,
7/23/41
.....
United
States
395,000
391,156
PNC
Financial
Services
Group,
Inc.
(The)
,
Senior
Bond,
5.373%
to
7/20/35,
FRN
thereafter,
7/21/36
...
United
States
285,000
281,778
Sub.
Bond,
4.626%
to
6/05/32,
FRN
thereafter,
6/06/33
.....
United
States
2,951,000
2,829,439
Toronto-Dominion
Bank
(The)
,
Junior
Sub.
Bond
,
8.125%
to
10/30/27,
FRN
thereafter
,
10/31/82
.....................
Canada
885,000
912,445
d
Truist
Bank
,
Sub.
Bond
,
FRN
,
4.632
%
,
(
5-year
CMT
T-Note
+
1.15
%
),
9/17/29
...................................
United
States
410,000
404,852
Truist
Financial
Corp.
,
Senior
Bond,
5.711%
to
1/23/34,
FRN
thereafter,
1/24/35
...
United
States
893,000
902,317
Senior
Note,
5.435%
to
1/23/29,
FRN
thereafter,
1/24/30
....
United
States
1,143,000
1,156,241
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Banks
(continued)
US
Bancorp
,
Sub.
Bond
,
2.491%
to
11/02/31,
FRN
thereafter
,
11/03/36
........................................
United
States
734,000
$
633,823
Wells
Fargo
&
Co.
,
Senior
Note
,
5.574%
to
7/24/28,
FRN
thereafter
,
7/25/29
.................................
United
States
2,647,000
2,687,666
Westpac
Banking
Corp.
,
Sub.
Bond
,
4.421
%
,
7/24/39
........
Australia
470,000
410,693
50,300,811
Beverages
0.0%
†
Keurig
Dr.
Pepper,
Inc.
,
Senior
Bond
,
5.3
%
,
3/15/34
.........
United
States
465,000
459,423
Biotechnology
0.4%
AbbVie,
Inc.
,
Senior
Bond,
5.05%,
3/15/34
.........................
United
States
261,000
259,120
Senior
Bond,
4.75%,
3/15/36
.........................
United
States
185,000
177,090
Senior
Note,
4.8%,
3/15/29
..........................
United
States
1,018,000
1,021,394
Amgen,
Inc.
,
Senior
Bond,
5.65%,
3/02/53
.........................
United
States
686,000
638,104
Senior
Note,
5.25%,
3/02/30
.........................
United
States
1,361,000
1,377,605
3,473,313
Broadline
Retail
0.6%
Amazon.com,
Inc.
,
Senior
Bond,
4.875%,
3/13/36
........................
United
States
648,000
620,452
Senior
Bond,
6%,
7/09/46
...........................
United
States
855,000
831,667
Senior
Bond,
5.8%,
3/13/56
..........................
United
States
90,000
82,815
Senior
Bond,
6.05%,
3/13/76
.........................
United
States
580,000
536,723
Senior
Note,
5.1%,
7/09/33
..........................
United
States
685,000
678,831
b
Match
Group
Holdings
II
LLC
,
Senior
Bond
,
144A,
4.125
%
,
8/01/30
.........................................
United
States
1,010,000
945,791
b
Wayfair
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
9/15/30
.....
United
States
1,800,000
1,887,439
5,583,718
Building
Products
0.1%
Carlisle
Cos.,
Inc.
,
Senior
Bond
,
5.25
%
,
9/15/35
............
United
States
445,000
434,685
b
JH
North
America
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
5.875
%
,
1/31/31
...................................
United
States
15,000
14,980
b
Standard
Industries,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
7/15/30
.
United
States
1,085,000
1,025,255
1,474,920
Capital
Markets
2.3%
Ares
Capital
Corp.
,
Senior
Note
,
7
%
,
1/15/27
..............
United
States
218,000
220,177
Blackstone
Private
Credit
Fund
,
Senior
Note
,
3.25
%
,
3/15/27
..
United
States
874,000
864,779
Deutsche
Bank
AG
,
Senior
Non-Preferred
Note
,
2.311%
to
11/15/26,
FRN
thereafter
,
11/16/27
.....................
Germany
542,000
538,348
Goldman
Sachs
Group,
Inc.
(The)
,
c
U,
Junior
Sub.
Bond,
3.65%
to
8/09/26,
FRN
thereafter,
Perpetual
.......................................
United
States
350,000
349,758
Senior
Bond,
5.065%
to
1/20/36,
FRN
thereafter,
1/21/37
...
United
States
380,000
362,067
Senior
Bond,
5.425%
to
6/02/36,
FRN
thereafter,
6/03/37
...
United
States
370,000
361,599
Senior
Bond,
5.655%
to
7/20/36,
FRN
thereafter,
7/21/37
...
United
States
280,000
278,830
Senior
Note,
4.153%
to
10/20/28,
FRN
thereafter,
10/21/29
..
United
States
1,133,000
1,115,135
Senior
Note,
5.094%
to
4/19/33,
FRN
thereafter,
4/20/34
....
United
States
305,000
298,643
Intercontinental
Exchange,
Inc.
,
Senior
Note
,
4.35
%
,
6/15/29
...
United
States
655,000
648,613
b
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
5/01/33
...............................
United
States
1,370,000
1,397,193
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Capital
Markets
(continued)
Jefferies
Financial
Group,
Inc.
,
Senior
Note
,
4.5
%
,
9/15/26
....
United
States
1,355,000
$
1,354,136
b
KKR
Group
Finance
Co.
VI
LLC
,
Senior
Bond
,
144A,
3.75
%
,
7/01/29
.........................................
United
States
1,161,000
1,118,097
LPL
Holdings,
Inc.
,
Senior
Note,
6.75%,
11/17/28
........................
United
States
855,000
887,219
Senior
Note,
5.2%,
3/15/30
..........................
United
States
779,000
778,296
Morgan
Stanley
,
Senior
Bond,
5.073%
to
1/29/36,
FRN
thereafter,
1/30/37
...
United
States
570,000
547,081
Senior
Bond,
5.605%
to
7/16/36,
FRN
thereafter,
7/17/37
...
United
States
370,000
367,913
Senior
Bond,
5.9%
to
3/12/46,
FRN
thereafter,
3/13/47
.....
United
States
575,000
556,594
Senior
Note,
5.123%
to
1/31/28,
FRN
thereafter,
2/01/29
....
United
States
1,276,000
1,281,900
Senior
Note,
5.23%
to
1/14/30,
FRN
thereafter,
1/15/31
.....
United
States
340,000
341,818
Senior
Note,
4.493%
to
1/15/31,
FRN
thereafter,
1/16/32
....
United
States
570,000
553,425
Senior
Note,
4.708%
to
3/11/31,
FRN
thereafter,
3/12/32
....
United
States
820,000
801,573
Sub.
Bond,
5.948%
to
1/18/33,
FRN
thereafter,
1/19/38
.....
United
States
78,000
79,123
Sub.
Bond,
5.942%
to
2/06/34,
FRN
thereafter,
2/07/39
.....
United
States
1,201,000
1,210,376
b
MSCI,
Inc.
,
Senior
Bond,
144A,
3.625%,
9/01/30
...................
United
States
3,124,000
2,932,385
Senior
Bond,
144A,
3.875%,
2/15/31
...................
United
States
460,000
431,696
Nasdaq,
Inc.
,
Senior
Bond
,
5.55
%
,
2/15/34
................
United
States
33,000
33,374
b
StoneX
Group,
Inc.
,
Secured
Note
,
144A,
7.875
%
,
3/01/31
....
United
States
985,000
1,026,630
20,736,778
Commercial
Services
&
Supplies
0.3%
b
GFL
Environmental,
Inc.
,
Senior
Note,
144A,
4.375%,
8/15/29
...................
United
States
1,145,000
1,101,777
Senior
Secured
Note,
144A,
3.5%,
9/01/28
..............
United
States
115,000
112,059
Republic
Services,
Inc.
,
Senior
Note,
5%,
11/15/29
...........................
United
States
367,000
370,237
Senior
Note,
4.75%,
7/15/31
.........................
United
States
241,000
239,446
Waste
Connections,
Inc.
,
Senior
Bond
,
4.8
%
,
7/15/36
........
United
States
670,000
640,478
2,463,997
Communications
Equipment
0.2%
Motorola
Solutions,
Inc.
,
Senior
Bond,
2.3%,
11/15/30
.........................
United
States
250,000
223,663
Senior
Bond,
5.4%,
4/15/34
..........................
United
States
940,000
932,460
Senior
Note,
4.85%,
8/15/30
.........................
United
States
287,000
284,912
1,441,035
Construction
&
Engineering
0.2%
MasTec,
Inc.
,
Senior
Note
,
5.9
%
,
6/15/29
.................
United
States
1,758,000
1,797,456
Construction
Materials
0.0%
†
Cemex
SAB
de
CV
,
Senior
Bond
,
5.75
%
,
6/05/36
...........
Mexico
300,000
293,430
Consumer
Finance
2.3%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Bond,
3.3%,
1/30/32
..........................
Ireland
1,581,000
1,430,956
Senior
Bond,
3.4%,
10/29/33
.........................
Ireland
345,000
301,487
Senior
Note,
4.875%,
4/01/28
........................
Ireland
150,000
150,339
Senior
Note,
5.1%,
1/19/29
..........................
Ireland
1,240,000
1,245,511
Senior
Note,
4.125%,
2/28/29
........................
Ireland
260,000
255,349
Senior
Note,
4.625%,
9/10/29
........................
Ireland
565,000
560,172
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Consumer
Finance
(continued)
b
Aircastle
Ltd.
/
Aircastle
Ireland
DAC
,
Senior
Note
,
144A,
5.25
%
,
3/15/30
.........................................
United
States
695,000
$
693,798
Ally
Financial,
Inc.
,
Senior
Bond
,
8
%
,
11/01/31
.............
United
States
544,000
600,515
American
Express
Co.
,
Senior
Note
,
5.098%
to
2/15/27,
FRN
thereafter
,
2/16/28
.................................
United
States
524,000
525,817
b
Avolon
Holdings
Funding
Ltd.
,
Senior
Note,
144A,
5.75%,
11/15/29
...................
Ireland
1,173,000
1,192,410
Senior
Note,
144A,
4.9%,
10/10/30
....................
Ireland
1,225,000
1,204,033
Capital
One
Financial
Corp.
,
Senior
Note,
4.493%
to
9/10/30,
FRN
thereafter,
9/11/31
....
United
States
145,000
141,354
Senior
Note,
7.624%
to
10/29/30,
FRN
thereafter,
10/30/31
..
United
States
1,068,000
1,161,715
Sub.
Bond,
2.359%
to
7/28/31,
FRN
thereafter,
7/29/32
.....
United
States
642,000
552,151
b
FirstCash,
Inc.
,
Senior
Note,
144A,
6.875%,
3/01/32
...................
United
States
935,000
949,604
Senior
Note,
144A,
6.125%,
5/01/34
...................
United
States
700,000
690,419
Ford
Motor
Credit
Co.
LLC
,
Senior
Note,
5.8%,
3/05/27
..........................
United
States
970,000
975,047
Senior
Note,
4.125%,
8/17/27
........................
United
States
805,000
798,907
General
Motors
Financial
Co.,
Inc.
,
Senior
Bond,
5.45%,
9/06/34
.........................
United
States
480,000
472,545
Senior
Note,
4.2%,
10/27/28
.........................
United
States
315,000
311,206
Senior
Note,
5.8%,
1/07/29
..........................
United
States
1,056,000
1,077,709
Senior
Note,
4.9%,
10/06/29
.........................
United
States
389,000
388,708
b
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
8.25
%
,
5/15/30
.........................................
United
States
870,000
909,012
b
Macquarie
Airfinance
Holdings
Ltd.
,
Senior
Note,
144A,
5.15%,
3/17/30
....................
United
Kingdom
758,000
751,252
Senior
Note,
144A,
6.5%,
3/26/31
.....................
United
Kingdom
447,000
464,224
OneMain
Finance
Corp.
,
Senior
Note
,
7.5
%
,
5/15/31
.........
United
States
1,820,000
1,866,647
19,670,887
Consumer
Staples
Distribution
&
Retail
0.5%
b
7-Eleven,
Inc.
,
Senior
Bond,
144A,
1.8%,
2/10/31
.....................
United
States
244,000
211,220
Senior
Note,
144A,
1.3%,
2/10/28
.....................
United
States
2,222,000
2,110,782
b
Alimentation
Couche-Tard,
Inc.
,
Senior
Bond
,
144A,
2.95
%
,
1/25/30
.........................................
Canada
916,000
859,058
b
US
Foods,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.........
United
States
1,045,000
1,016,189
4,197,249
Containers
&
Packaging
0.5%
AptarGroup,
Inc.
,
Senior
Note
,
4.75
%
,
3/30/31
.............
United
States
585,000
575,406
Berry
Global,
Inc.
,
Senior
Secured
Note,
1.65%,
1/15/27
..................
United
States
3,143,000
3,104,144
Senior
Secured
Note,
5.5%,
4/15/28
...................
United
States
263,000
266,596
WestRock
MWV
LLC
,
Senior
Bond
,
8.2
%
,
1/15/30
...........
United
States
426,000
468,940
4,415,086
Diversified
REITs
0.6%
VICI
Properties
LP
,
Senior
Bond,
5.75%,
4/01/34
.........................
United
States
460,000
457,511
Senior
Note,
4.75%,
2/15/28
.........................
United
States
1,339,000
1,336,785
b
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.
,
Senior
Note,
144A,
3.75%,
2/15/27
....................
United
States
844,000
839,655
Senior
Note,
144A,
4.5%,
1/15/28
.....................
United
States
1,605,000
1,592,697
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Diversified
REITs
(continued)
b
VICI
Properties
LP
/
VICI
Note
Co.,
Inc.,
(continued)
Senior
Note,
144A,
3.875%,
2/15/29
...................
United
States
972,000
$
942,750
5,169,398
Diversified
Telecommunication
Services
1.0%
b
APLD
ComputeCo
3
LLC
,
Senior
Secured
Note
,
144A,
7
%
,
6/15/31
.........................................
United
States
460,000
449,201
b
APLD
ComputeCo
LLC
,
Senior
Secured
Note
,
144A,
9.25
%
,
12/15/30
........................................
United
States
420,000
446,689
AT&T,
Inc.
,
Senior
Bond,
2.55%,
12/01/33
........................
United
States
774,000
637,775
Senior
Bond,
5.125%,
4/30/36
........................
United
States
480,000
457,639
Senior
Bond,
6.2%,
10/30/56
.........................
United
States
159,000
147,305
b
Beacon
Point
DC
LLC
,
Senior
Secured
Bond
,
144A,
6.129
%
,
11/30/42
........................................
United
States
420,000
403,259
b
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
2/01/32
...............................
United
States
1,075,000
940,139
b
Cipher
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.125
%
,
11/15/30
........................................
United
States
1,065,000
1,087,643
b
RD
Michigan
Property
Owner
I
LLC
,
Senior
Secured
Bond
,
144A,
7.5
%
,
3/30/45
....................................
United
States
1,315,000
1,275,512
b
Space
Exploration
Technologies
Corp.
,
Senior
Note
,
144A,
5.35
%
,
7/15/31
...................................
United
States
670,000
652,367
Sprint
Capital
Corp.
,
Senior
Bond
,
6.875
%
,
11/15/28
.........
United
States
1,702,000
1,776,799
b
SV
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
5.875
%
,
3/01/31
...................................
United
States
665,000
618,361
Verizon
Communications,
Inc.
,
Junior
Sub.
Bond,
6.05%
to
5/13/33,
FRN
thereafter,
5/14/58
.
United
States
775,000
762,464
Senior
Bond,
5.25%,
4/02/35
.........................
United
States
790,000
770,519
10,425,672
Electric
Utilities
4.2%
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
1,257,810
D,
Junior
Sub.
Bond,
6.05%
to
3/14/36,
FRN
thereafter,
3/15/56
.........................................
United
States
425,000
417,829
Senior
Bond,
5.625%,
3/01/33
........................
United
States
572,000
584,260
b
American
Transmission
Systems,
Inc.
,
Senior
Bond
,
144A,
2.65
%
,
1/15/32
...................................
United
States
430,000
380,623
DTE
Electric
Co.
,
Senior
Bond,
5.25%,
5/15/35
.........................
United
States
1,030,000
1,021,210
A,
Senior
Bond,
4.85%,
3/01/36
.......................
United
States
550,000
525,615
Duke
Energy
Corp.
,
Senior
Bond,
5.75%,
9/15/33
.........................
United
States
1,774,000
1,821,408
Senior
Bond,
5.8%,
6/15/54
..........................
United
States
1,267,000
1,169,860
Senior
Note,
4.85%,
1/05/29
.........................
United
States
85,000
85,261
b
ENEL
Finance
International
NV
,
Senior
Bond,
144A,
2.5%,
7/12/31
.....................
Italy
785,000
694,285
Senior
Bond,
144A,
7.5%,
10/14/32
....................
Italy
1,255,000
1,393,826
Senior
Note,
144A,
4.875%,
7/13/31
...................
Italy
800,000
787,776
Eversource
Energy
,
Senior
Note
,
5.45
%
,
3/01/28
............
United
States
1,078,000
1,089,815
Exelon
Corp.
,
Senior
Bond,
5.625%,
6/15/35
........................
United
States
709,000
710,827
Senior
Note,
5.15%,
3/15/29
.........................
United
States
1,242,000
1,252,931
FirstEnergy
Transmission
LLC
,
Senior
Note
,
4.55
%
,
1/15/30
...
United
States
425,000
419,403
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Electric
Utilities
(continued)
Georgia
Power
Co.
,
Senior
Bond
,
5.25
%
,
3/15/34
...........
United
States
297,000
$
296,458
IPALCO
Enterprises,
Inc.
,
Senior
Secured
Note
,
4.25
%
,
5/01/30
United
States
1,500,000
1,452,726
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Bond,
5.9%,
3/15/55
..........................
United
States
805,000
752,978
AA,
Senior
Bond,
6%
to
9/30/31,
FRN
thereafter,
10/01/56
...
United
States
450,000
442,627
Senior
Note,
5.3%,
3/15/32
..........................
United
States
2,585,000
2,600,464
b
NRG
Energy,
Inc.
,
Senior
Bond,
144A,
6.25%,
11/01/34
...................
United
States
980,000
977,976
Senior
Note,
144A,
3.375%,
2/15/29
...................
United
States
960,000
913,923
Oncor
Electric
Delivery
Co.
LLC
,
Senior
Secured
Bond
,
4.95
%
,
9/15/52
.........................................
United
States
1,648,000
1,398,119
Pacific
Gas
and
Electric
Co.
,
Senior
Bond,
5.9%,
6/15/32
..........................
United
States
1,117,000
1,145,111
Senior
Bond,
6.95%,
3/15/34
.........................
United
States
543,000
585,193
e
Senior
Bond,
5.85%,
11/01/36
........................
United
States
355,000
354,569
Senior
Bond,
4.95%,
7/01/50
.........................
United
States
545,000
439,969
Senior
Bond,
6.75%,
1/15/53
.........................
United
States
245,000
248,137
Senior
Note,
6.1%,
1/15/29
..........................
United
States
1,834,000
1,882,449
Senior
Note,
5.05%,
11/15/31
........................
United
States
560,000
554,267
PG&E
Corp.
,
Senior
Secured
Bond
,
5.25
%
,
7/01/30
.........
United
States
115,000
113,150
Southern
Co.
(The)
,
Senior
Bond,
5.7%,
3/15/34
..........................
United
States
642,000
654,226
Senior
Note,
5.5%,
3/15/29
..........................
United
States
763,000
776,613
Virginia
Electric
and
Power
Co.
,
Senior
Bond,
5.05%,
8/15/34
.........................
United
States
691,000
677,308
Senior
Bond,
4.95%,
3/15/36
.........................
United
States
1,060,000
1,008,796
C,
Senior
Bond,
4.9%,
9/15/35
.......................
United
States
1,370,000
1,310,471
b
Vistra
Operations
Co.
LLC
,
Senior
Bond,
144A,
6.95%,
10/15/33
...................
United
States
1,188,000
1,264,919
Senior
Bond,
144A,
6%,
4/15/34
......................
United
States
769,000
777,957
Senior
Bond,
144A,
5.25%,
10/15/35
...................
United
States
370,000
352,891
Senior
Note,
144A,
3.7%,
1/30/27
.....................
United
States
904,000
898,838
Senior
Note,
144A,
4.375%,
5/01/29
...................
United
States
115,000
112,274
Senior
Note,
144A,
4.6%,
10/15/30
....................
United
States
250,000
243,432
Senior
Secured
Bond,
144A,
4.3%,
7/15/29
..............
United
States
915,000
893,597
Xcel
Energy,
Inc.
,
Senior
Bond,
5.45%,
8/15/33
.........................
United
States
880,000
882,928
Senior
Bond,
5.6%,
4/15/35
..........................
United
States
1,590,000
1,590,884
39,215,989
Electrical
Equipment
0.3%
Eaton
Corp.
,
Senior
Bond
,
4.8
%
,
3/06/36
.................
United
States
600,000
575,348
Regal
Rexnord
Corp.
,
Senior
Note
,
6.4
%
,
4/15/33
...........
United
States
930,000
970,280
Vertiv
Holdings
Co.
,
Senior
Bond,
4.85%,
3/15/36
.........................
United
States
953,000
897,858
Senior
Bond,
5.8%,
3/15/56
..........................
United
States
220,000
202,573
2,646,059
Electronic
Equipment,
Instruments
&
Components
0.1%
Amphenol
Corp.
,
Senior
Note
,
4.4
%
,
2/15/33
...............
United
States
1,075,000
1,031,480
Energy
Equipment
&
Services
0.2%
b
Archrock
Services
LP
/
Archrock
Partners
Finance
Corp.
,
Senior
Note
,
144A,
6
%
,
2/01/34
............................
United
States
795,000
778,416
b
Kodiak
Gas
Services
LLC
,
Senior
Note
,
144A,
6.5
%
,
10/01/33
..
United
States
125,000
124,910
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Energy
Equipment
&
Services
(continued)
Patterson-UTI
Energy,
Inc.
,
Senior
Bond
,
5.15
%
,
11/15/29
.....
United
States
403,000
$
402,110
b
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
6.75
%
,
10/15/33
........................................
United
States
975,000
987,574
2,293,010
Entertainment
0.2%
Netflix,
Inc.
,
Senior
Bond,
5.25%,
8/15/36
.........................
United
States
600,000
591,812
b
Senior
Bond,
144A,
5.375%,
11/15/29
..................
United
States
1,365,000
1,389,590
1,981,402
Financial
Services
0.6%
Corebridge
Financial,
Inc.
,
Senior
Note
,
3.85
%
,
4/05/29
.......
United
States
1,209,000
1,177,650
b
Osaic
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
8/01/32
United
States
895,000
898,652
b
Petronas
Capital
Ltd.
,
Senior
Note
,
144A,
4.95
%
,
1/03/31
.....
Malaysia
930,000
931,568
b
Rocket
Cos.,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
8/01/33
.......
United
States
1,655,000
1,666,903
Woodside
Finance
Ltd.
,
Senior
Bond
,
6
%
,
5/19/35
...........
Australia
489,000
499,412
5,174,185
Food
Products
0.7%
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
200,140
b
Senior
Bond,
144A,
6.4%,
5/10/57
.....................
United
States
200,000
190,014
Senior
Note,
3%,
2/02/29
...........................
United
States
1,324,000
1,266,302
Senior
Note,
5.75%,
4/01/33
.........................
United
States
300,000
304,454
Senior
Note,
6.75%,
3/15/34
.........................
United
States
110,000
118,056
Senior
Note,
5.95%,
4/20/35
.........................
United
States
1,040,000
1,051,771
Kellanova
,
B
,
Senior
Bond
,
7.45
%
,
4/01/31
................
United
States
241,000
265,975
Kraft
Heinz
Foods
Co.
,
Senior
Bond,
6.875%,
1/26/39
........................
United
States
330,000
353,066
Senior
Bond,
4.625%,
10/01/39
.......................
United
States
330,000
285,622
Senior
Bond,
5%,
6/04/42
...........................
United
States
1,180,000
1,021,144
b
Mars,
Inc.
,
Senior
Bond,
144A,
5.65%,
5/01/45
....................
United
States
595,000
568,781
Senior
Bond,
144A,
5.7%,
5/01/55
.....................
United
States
1,120,000
1,057,696
6,683,021
Ground
Transportation
0.7%
b
Ashtead
Capital,
Inc.
,
Senior
Bond,
144A,
2.45%,
8/12/31
....................
United
Kingdom
505,000
441,323
Senior
Bond,
144A,
5.95%,
10/15/33
...................
United
Kingdom
370,000
376,786
Burlington
Northern
Santa
Fe
LLC
,
Senior
Bond
,
5.55
%
,
3/15/56
United
States
510,000
475,953
b
Penske
Truck
Leasing
Co.
LP
/
PTL
Finance
Corp.
,
Senior
Note
,
144A,
4.4
%
,
7/01/27
...............................
United
States
1,546,000
1,544,067
Ryder
System,
Inc.
,
Senior
Note
,
4.95
%
,
9/01/29
............
United
States
759,000
761,061
b
SMBC
Aviation
Capital
Finance
DAC
,
Senior
Note,
144A,
5.3%,
4/03/29
.....................
Ireland
1,402,000
1,412,742
Senior
Note,
144A,
5.1%,
4/01/30
.....................
Ireland
400,000
399,006
5,410,938
Health
Care
Equipment
&
Supplies
0.2%
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
4.8
%
,
8/14/29
.
United
States
413,000
413,349
b
Medline
Borrower
LP
,
Senior
Secured
Note
,
144A,
3.875
%
,
4/01/29
.........................................
United
States
1,205,000
1,166,281
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Health
Care
Equipment
&
Supplies
(continued)
b
Medline
Borrower
LP
/
Medline
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
5.25
%
,
6/15/33
..........................
United
States
605,000
$
595,567
b
VSP
Optical
Group,
Inc.
,
Senior
Bond,
144A,
5.65%,
6/01/36
....................
United
States
90,000
89,337
Senior
Note,
144A,
5.4%,
6/01/33
.....................
United
States
165,000
163,355
2,427,889
Health
Care
Providers
&
Services
1.2%
CVS
Health
Corp.
,
Junior
Sub.
Bond,
7%
to
3/09/30,
FRN
thereafter,
3/10/55
...
United
States
955,000
983,850
Senior
Bond,
1.875%,
2/28/31
........................
United
States
360,000
313,569
Senior
Bond,
4.78%,
3/25/38
.........................
United
States
1,802,000
1,645,978
b
DaVita,
Inc.
,
Senior
Note,
144A,
6.875%,
9/01/32
...................
United
States
960,000
987,323
Senior
Note,
144A,
6.75%,
7/15/33
....................
United
States
25,000
25,653
HCA,
Inc.
,
Senior
Bond,
4.5%,
2/15/27
..........................
United
States
302,000
302,049
Senior
Bond,
5.6%,
4/01/34
..........................
United
States
731,000
735,269
Senior
Bond,
6%,
4/01/54
...........................
United
States
962,000
903,145
Senior
Note,
3.625%,
3/15/32
........................
United
States
334,000
307,436
Senior
Note,
4.6%,
11/15/32
.........................
United
States
525,000
504,984
b
Horseshoe
Funding
Trust
I
,
Senior
Note
,
144A,
6.062
%
,
2/15/36
United
States
945,000
942,485
Humana,
Inc.
,
Junior
Sub.
Bond,
6.625%
to
9/14/31,
FRN
thereafter,
9/15/56
United
States
870,000
856,464
Senior
Note,
5.75%,
3/01/28
.........................
United
States
1,700,000
1,724,499
Icon
Investments
Six
DAC
,
Senior
Secured
Note,
5.809%,
5/08/27
.................
United
States
874,000
880,510
Senior
Secured
Note,
5.849%,
5/08/29
.................
United
States
406,000
414,339
11,527,553
Health
Care
Technology
0.1%
b
IQVIA,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
6/01/32
.............
United
States
1,090,000
1,105,381
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
1,013,236
Hotels,
Restaurants
&
Leisure
1.9%
b
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond,
144A,
4%,
10/15/30
....................
Canada
980,000
921,500
Senior
Secured
Note,
144A,
3.5%,
2/15/29
..............
Canada
115,000
110,317
Airbnb,
Inc.
,
Senior
Bond,
5.25%,
3/16/36
.........................
United
States
215,000
209,574
Senior
Note,
4.65%,
3/16/31
.........................
United
States
425,000
419,108
b
Carnival
Corp.
Ltd.
,
Senior
Note,
144A,
4%,
8/01/28
......................
United
States
3,214,000
3,149,758
Senior
Note,
144A,
5.125%,
5/01/29
...................
United
States
1,310,000
1,300,497
Senior
Note,
144A,
5.75%,
3/15/30
....................
United
States
1,325,000
1,328,098
Senior
Note,
144A,
5.75%,
8/01/32
....................
United
States
1,080,000
1,071,397
b
Flutter
Treasury
DAC
,
Senior
Secured
Note
,
144A,
5.875
%
,
6/04/31
.........................................
United
Kingdom
600,000
591,343
b
Hilton
Domestic
Operating
Co.,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
9/15/33
.........................................
United
States
925,000
917,135
Hyatt
Hotels
Corp.
,
Senior
Note,
5.25%,
6/30/29
.........................
United
States
460,000
463,971
Senior
Note,
5.375%,
12/15/31
.......................
United
States
310,000
311,603
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
Marriott
International,
Inc.
,
Senior
Note
,
4.5
%
,
5/01/33
........
United
States
590,000
$
563,169
b
Rivers
Enterprise
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
10/15/30
...................................
United
States
910,000
914,434
b
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note,
144A,
6.25%,
3/15/32
....................
United
States
1,719,000
1,748,166
Senior
Note,
144A,
6%,
2/01/33
......................
United
States
981,000
989,151
b
Station
Casinos
LLC
,
Senior
Bond
,
144A,
4.625
%
,
12/01/31
...
United
States
1,085,000
1,020,944
b
Viking
Cruises
Ltd.
,
Senior
Note
,
144A,
9.125
%
,
7/15/31
......
United
States
1,000,000
1,047,422
17,077,587
Household
Durables
0.3%
Toll
Brothers
Finance
Corp.
,
Senior
Bond,
4.35%,
2/15/28
.........................
United
States
773,000
768,977
Senior
Bond,
3.8%,
11/01/29
.........................
United
States
864,000
834,263
Whirlpool
Corp.
,
Senior
Bond,
4.5%,
6/01/46
..........................
United
States
430,000
242,195
b
Senior
Secured
Note,
144A,
7.5%,
7/01/31
..............
United
States
145,000
144,457
b
Senior
Secured
Note,
144A,
7.875%,
7/01/34
............
United
States
245,000
232,235
2,222,127
Independent
Power
and
Renewable
Electricity
Producers
0.7%
b
AES
Andes
SA
,
Senior
Note
,
144A,
6.25
%
,
3/14/32
..........
Chile
450,000
463,342
b
Alexander
Funding
Trust
II
,
Senior
Secured
Note
,
144A,
7.467
%
,
7/31/28
.........................................
United
States
1,423,000
1,482,592
Constellation
Energy
Generation
LLC
,
Senior
Bond,
6.125%,
1/15/34
........................
United
States
221,000
230,627
Senior
Bond,
6.5%,
10/01/53
.........................
United
States
785,000
805,631
Senior
Bond,
5.75%,
3/15/54
.........................
United
States
485,000
454,682
Senior
Note,
5.6%,
3/01/28
..........................
United
States
1,245,000
1,262,179
Senior
Note,
4.4%,
1/15/31
..........................
United
States
410,000
399,356
Senior
Note,
4.8%,
1/15/32
..........................
United
States
30,000
29,424
Southern
Power
Co.
,
B,
Senior
Bond,
4.9%,
10/01/35
.......................
United
States
360,000
342,467
A,
Senior
Note,
4.25%,
10/01/30
......................
United
States
200,000
194,941
b
Talen
Energy
Supply
LLC
,
Senior
Note
,
144A,
6.125
%
,
5/01/31
.
United
States
890,000
885,117
6,550,358
Insurance
1.3%
Aon
Global
Ltd.
,
Senior
Bond
,
4.25
%
,
12/12/42
.............
United
States
820,000
668,250
Arthur
J
Gallagher
&
Co.
,
Senior
Note
,
4.85
%
,
12/15/29
......
United
States
695,000
695,349
b
Athene
Global
Funding
,
Secured
Bond,
144A,
2.55%,
11/19/30
.................
United
States
391,000
347,441
Secured
Note,
144A,
5.322%,
11/13/31
.................
United
States
871,000
858,469
Senior
Secured
Note,
144A,
5.526%,
7/11/31
............
United
States
1,439,000
1,435,640
Athene
Holding
Ltd.
,
Senior
Bond
,
5.875
%
,
1/15/34
..........
United
States
469,000
467,795
Brown
&
Brown,
Inc.
,
Senior
Note,
4.9%,
6/23/30
..........................
United
States
1,124,000
1,114,113
Senior
Note,
5.25%,
6/23/32
.........................
United
States
405,000
400,322
CNA
Financial
Corp.
,
Senior
Bond
,
5.125
%
,
2/15/34
.........
United
States
537,000
524,171
b
CNO
Global
Funding
,
Secured
Note,
144A,
2.65%,
1/06/29
...................
United
States
307,000
290,361
Secured
Note,
144A,
4.95%,
9/09/29
...................
United
States
332,000
330,848
b
Corebridge
Global
Funding
,
Secured
Note
,
144A,
5.2
%
,
6/24/29
United
States
917,000
923,538
F&G
Annuities
&
Life,
Inc.
,
Senior
Note
,
6.5
%
,
6/04/29
.......
United
States
1,104,000
1,126,358
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Insurance
(continued)
Fairfax
Financial
Holdings
Ltd.
,
Senior
Note
,
4.85
%
,
4/17/28
...
Canada
504,000
$
504,516
b
Protective
Life
Global
Funding
,
Secured
Note
,
144A,
5.467
%
,
12/08/28
........................................
United
States
885,000
898,148
10,585,319
Interactive
Media
&
Services
0.1%
Meta
Platforms,
Inc.
,
Senior
Bond,
5.25%,
5/15/36
.........................
United
States
302,000
289,675
Senior
Bond,
6.3%,
5/15/56
..........................
United
States
435,000
399,590
689,265
IT
Services
0.3%
b
Beignet
Investor
LLC
,
Senior
Secured
Bond
,
144A,
6.581
%
,
5/30/49
.........................................
United
States
350,000
339,585
b
Cogent
Communications
Group
LLC
/
Cogent
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.5
%
,
7/01/32
...............
United
States
2,110,000
1,880,580
b
Sopaipilla
Investor
LLC
,
Senior
Secured
Bond
,
144A,
7.534
%
,
11/30/48
........................................
United
States
605,000
627,491
2,847,656
Leisure
Products
0.2%
Brunswick
Corp.
,
Senior
Bond,
2.4%,
8/18/31
..........................
United
States
867,000
752,381
Senior
Note,
5.85%,
3/18/29
.........................
United
States
830,000
846,172
b
Mattel,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
4/01/29
.............
United
States
110,000
106,094
1,704,647
Life
Sciences
Tools
&
Services
0.2%
Illumina,
Inc.
,
Senior
Note
,
4.65
%
,
9/09/26
................
United
States
819,000
819,275
Thermo
Fisher
Scientific,
Inc.
,
Senior
Bond
,
4.902
%
,
2/12/36
...
United
States
495,000
478,761
1,298,036
Machinery
0.2%
b
ESAB
Corp.
,
Senior
Note
,
144A,
5.625
%
,
4/01/31
...........
United
States
1,025,000
1,015,170
Oshkosh
Corp.
,
Senior
Bond
,
4.6
%
,
5/15/28
...............
United
States
1,176,000
1,172,456
2,187,626
Media
0.4%
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
Corp.
,
Senior
Secured
Bond,
5.05%,
3/30/29
..................
United
States
299,000
295,784
Senior
Secured
Bond,
5.85%,
12/01/35
.................
United
States
415,000
387,743
Senior
Secured
Bond,
4.8%,
3/01/50
...................
United
States
245,000
171,508
b
Nexstar
Media,
Inc.
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/15/33
United
States
1,115,000
1,110,255
Omnicom
Group,
Inc.
,
Senior
Note
,
2.4
%
,
3/01/31
...........
United
States
391,000
348,274
Time
Warner
Cable
Enterprises
LLC
,
Senior
Secured
Bond
,
8.375
%
,
7/15/33
...................................
United
States
1,937,000
2,119,127
4,432,691
Metals
&
Mining
0.7%
b
Anglo
American
Capital
plc
,
Senior
Note
,
144A,
5
%
,
3/21/33
...
South
Africa
760,000
744,049
Commercial
Metals
Co.
,
Senior
Bond,
4.375%,
3/15/32
........................
United
States
115,000
107,632
Senior
Note,
4.125%,
1/15/30
........................
United
States
975,000
931,998
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Metals
&
Mining
(continued)
b
Glencore
Funding
LLC
,
Senior
Bond,
144A,
2.5%,
9/01/30
.....................
Australia
1,493,000
$
1,351,666
Senior
Bond,
144A,
5.634%,
4/04/34
...................
Australia
984,000
990,479
Senior
Bond,
144A,
5.508%,
4/01/36
...................
Australia
760,000
749,372
Senior
Note,
144A,
6.125%,
10/06/28
..................
Australia
721,000
739,919
Senior
Note,
144A,
6.375%,
10/06/30
..................
Australia
1,027,000
1,073,537
b
Sibanye-Stillwater
UK
Financing
plc
,
Senior
Note
,
144A,
6.25
%
,
11/15/31
........................................
South
Africa
220,000
216,904
6,905,556
Multi-Utilities
0.6%
Ameren
Corp.
,
Senior
Note
,
5
%
,
1/15/29
..................
United
States
757,000
761,158
Dominion
Energy,
Inc.
,
Junior
Sub.
Bond
,
6.2%
to
2/14/36,
FRN
thereafter
,
2/15/56
.................................
United
States
620,000
610,655
DTE
Energy
Co.
,
Senior
Bond
,
5.85
%
,
6/01/34
.............
United
States
684,000
702,430
NiSource,
Inc.
,
Senior
Note
,
5.2
%
,
7/01/29
................
United
States
855,000
865,576
Sempra,
Inc.
,
Senior
Bond,
3.25%,
6/15/27
.........................
United
States
1,336,000
1,321,094
Senior
Bond,
5.5%,
8/01/33
..........................
United
States
850,000
857,943
5,118,856
Oil,
Gas
&
Consumable
Fuels
4.0%
b
Aker
BP
ASA
,
Senior
Bond
,
144A,
5.8
%
,
10/01/54
...........
Norway
947,000
848,288
b
Antero
Resources
Corp.
,
Senior
Note
,
144A,
5.375
%
,
3/01/30
..
United
States
90,000
90,209
Canadian
Natural
Resources
Ltd.
,
Senior
Bond,
7.2%,
1/15/32
..........................
Canada
856,000
936,978
Senior
Note,
5%,
12/15/29
..........................
Canada
935,000
940,568
Cheniere
Energy
Partners
LP
,
Senior
Bond,
3.25%,
1/31/32
.........................
United
States
562,000
508,631
Senior
Note,
4.5%,
10/01/29
.........................
United
States
2,912,000
2,880,911
Senior
Note,
4%,
3/01/31
...........................
United
States
72,000
68,737
b
Cheniere
Energy,
Inc.
,
Senior
Bond
,
144A,
5.2
%
,
7/30/36
.....
United
States
155,000
149,991
b
Columbia
Pipelines
Operating
Co.
LLC
,
Senior
Note
,
144A,
5.927
%
,
8/15/30
...................................
United
States
915,000
945,586
b
Crescent
Energy
Finance
LLC
,
Senior
Note
,
144A,
8.375
%
,
1/15/34
.........................................
United
States
440,000
454,243
Diamondback
Energy,
Inc.
,
Senior
Bond
,
6.25
%
,
3/15/33
......
United
States
1,599,000
1,678,033
b
DT
Midstream,
Inc.
,
Senior
Bond
,
144A,
5.8
%
,
12/15/34
......
United
States
1,515,000
1,518,132
Eastern
Energy
Gas
Holdings
LLC
,
Senior
Bond,
5.8%,
1/15/35
..........................
United
States
1,055,000
1,072,483
Senior
Bond,
5.65%,
10/15/54
........................
United
States
405,000
370,574
Enbridge,
Inc.
,
Senior
Note
,
1.6
%
,
10/04/26
...............
Canada
456,000
453,926
Energy
Transfer
LP
,
Junior
Sub.
Bond,
6.7%
to
1/14/37,
FRN
thereafter,
1/15/57
..
United
States
755,000
744,200
c
B,
Junior
Sub.
Bond,
6.625%
to
2/14/28,
FRN
thereafter,
Perpetual
.......................................
United
States
1,817,000
1,824,355
Senior
Bond,
5.75%,
2/15/33
.........................
United
States
388,000
396,288
Senior
Note,
5.25%,
7/01/29
.........................
United
States
1,424,000
1,440,845
b
Eni
SpA
,
Senior
Bond
,
144A,
5.25
%
,
5/18/36
...............
Italy
980,000
946,125
b
Hess
Midstream
Operations
LP
,
Senior
Note
,
144A,
4.25
%
,
2/15/30
.........................................
United
States
1,065,000
1,020,351
b
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond
,
144A,
6
%
,
2/01/31
......................................
United
States
1,430,000
1,394,809
b
KazMunayGas
National
Co.
JSC
,
Senior
Bond
,
Reg
S,
5.375
%
,
4/24/30
.........................................
Kazakhstan
380,000
379,558
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
14
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Kinder
Morgan,
Inc.
,
Senior
Bond,
7.75%,
1/15/32
.........................
United
States
1,976,000
$
2,219,026
Senior
Note,
5%,
2/01/29
...........................
United
States
128,000
128,750
b
Kinetik
Holdings
LP
,
Senior
Note,
144A,
6.625%,
12/15/28
..................
United
States
900,000
915,479
Senior
Note,
144A,
5.875%,
6/15/30
...................
United
States
105,000
105,183
Murphy
Oil
Corp.
,
Senior
Note,
6%,
10/01/32
..........................
United
States
640,000
634,147
Senior
Note,
6.5%,
2/15/34
..........................
United
States
260,000
257,272
Occidental
Petroleum
Corp.
,
Senior
Bond,
7.5%,
5/01/31
..........................
United
States
20,000
21,892
Senior
Bond,
6.2%,
3/15/40
..........................
United
States
93,000
93,839
ONEOK,
Inc.
,
Senior
Bond,
6.35%,
1/15/31
.........................
United
States
310,000
324,217
Senior
Note,
4.75%,
10/15/31
........................
United
States
665,000
651,219
b
Senior
Note,
144A,
6.5%,
9/01/30
.....................
United
States
85,000
88,732
b
Pertamina
Hulu
Energi
PT
,
Senior
Note
,
144A,
5.25
%
,
5/21/30
.
Indonesia
500,000
495,544
South
Bow
USA
Infrastructure
Holdings
LLC
,
Senior
Note
,
5.026
%
,
10/01/29
..................................
Canada
1,325,000
1,321,310
b
Sunoco
LP
,
Senior
Note
,
144A,
6.25
%
,
7/01/33
.............
United
States
1,010,000
1,013,021
Targa
Resources
Corp.
,
Senior
Note
,
4.35
%
,
4/15/31
........
United
States
470,000
455,225
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp.
,
Senior
Bond,
5%,
1/15/28
...........................
United
States
1,076,000
1,075,280
Senior
Bond,
4.875%,
2/01/31
........................
United
States
938,000
927,918
Transcontinental
Gas
Pipe
Line
Co.
LLC
,
Senior
Note
,
5.1
%
,
3/15/36
.........................................
United
States
580,000
561,800
b
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
1/15/30
...................................
United
States
1,280,000
1,304,605
b
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
8.375
%
,
6/01/31
.........................................
United
States
230,000
237,891
b
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Bond,
144A,
7.75%,
5/01/35
.............
United
States
395,000
438,004
Senior
Secured
Note,
144A,
6.125%,
12/15/30
...........
United
States
440,000
447,259
Senior
Secured
Note,
144A,
7.5%,
5/01/33
..............
United
States
910,000
987,836
Viper
Energy
Partners
LLC
,
Senior
Bond,
5.7%,
8/01/35
..........................
United
States
618,000
614,607
Senior
Note,
4.9%,
8/01/30
..........................
United
States
583,000
575,774
Williams
Cos.,
Inc.
(The)
,
Senior
Bond
,
5.6
%
,
3/15/35
........
United
States
975,000
976,595
37,936,246
Paper
&
Forest
Products
0.1%
b
Georgia-Pacific
LLC
,
Senior
Note
,
144A,
4.9
%
,
5/15/33
.......
United
States
1,255,000
1,233,438
Passenger
Airlines
0.2%
b
AS
Mileage
Plan
IP
Ltd.
,
Senior
Secured
Note
,
144A,
5.021
%
,
10/20/29
........................................
United
States
1,790,000
1,764,445
Personal
Care
Products
0.3%
Kenvue,
Inc.
,
Senior
Note
,
4.9
%
,
3/22/33
.................
United
States
1,720,000
1,700,180
b
Opal
Bidco
SAS
,
Senior
Secured
Note
,
144A,
6.5
%
,
3/31/32
...
France
995,000
1,001,285
2,701,465
Pharmaceuticals
0.6%
Novartis
Capital
Corp.
,
Senior
Bond,
4.9%,
3/18/36
..........................
United
States
630,000
612,424
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Pharmaceuticals
(continued)
Novartis
Capital
Corp.,
(continued)
Senior
Bond,
5.7%,
3/18/56
..........................
United
States
340,000
$
328,808
Pharmacia
LLC
,
Senior
Bond
,
6.6
%
,
12/01/28
..............
United
States
1,780,000
1,857,396
Royalty
Pharma
plc
,
Senior
Bond,
5.4%,
9/02/34
..........................
United
States
1,168,000
1,161,679
Senior
Bond,
5.2%,
9/25/35
..........................
United
States
260,000
253,250
Senior
Note,
2.2%,
9/02/30
..........................
United
States
982,000
882,103
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Bond,
4.1%,
10/01/46
.........................
Israel
1,015,000
748,716
Senior
Note,
5.125%,
5/09/29
........................
Israel
200,000
199,519
Senior
Note,
8.125%,
9/15/31
........................
Israel
220,000
243,873
Wyeth
LLC
,
Senior
Bond
,
5.95
%
,
4/01/37
.................
United
States
233,000
242,313
6,530,081
Professional
Services
0.2%
Paychex,
Inc.
,
Senior
Note
,
5.1
%
,
4/15/30
.................
United
States
1,510,000
1,511,573
Semiconductors
&
Semiconductor
Equipment
1.0%
Broadcom,
Inc.
,
Senior
Bond
,
4.95
%
,
1/15/36
..............
United
States
450,000
422,608
b
Foundry
JV
Holdco
LLC
,
Senior
Secured
Note,
144A,
5.5%,
1/25/31
..............
United
States
365,000
368,390
Senior
Secured
Note,
144A,
6.15%,
1/25/32
.............
United
States
1,392,000
1,438,352
Senior
Secured
Note,
144A,
5.9%,
1/25/33
..............
United
States
1,030,000
1,049,827
Intel
Corp.
,
Senior
Bond,
4.15%,
8/05/32
.........................
United
States
1,685,000
1,586,257
Senior
Bond,
5.3%,
5/15/36
..........................
United
States
442,000
426,983
Senior
Bond,
6.125%,
5/15/56
........................
United
States
272,000
255,442
Marvell
Technology,
Inc.
,
Senior
Bond,
5.3%,
4/15/36
..........................
United
States
490,000
472,586
Senior
Note,
5.75%,
2/15/29
.........................
United
States
637,000
650,096
Senior
Note,
4.75%,
7/15/30
.........................
United
States
135,000
133,304
Senior
Note,
5.95%,
9/15/33
.........................
United
States
520,000
531,903
NVIDIA
Corp.
,
Senior
Bond,
5.55%,
6/15/46
.........................
United
States
765,000
706,470
Senior
Bond,
5.625%,
6/15/56
........................
United
States
337,000
305,156
Senior
Note,
4.95%,
6/15/36
.........................
United
States
750,000
717,925
b
Qnity
Electronics,
Inc.
,
Senior
Secured
Note
,
144A,
5.75
%
,
8/15/32
.........................................
United
States
1,395,000
1,386,821
10,452,120
Software
0.9%
Crowdstrike
Holdings,
Inc.
,
Senior
Note
,
3
%
,
2/15/29
.........
United
States
985,000
936,569
Oracle
Corp.
,
Senior
Bond,
3.9%,
5/15/35
..........................
United
States
528,000
431,809
Senior
Bond,
5.7%,
2/04/36
..........................
United
States
502,000
465,087
Senior
Bond,
3.65%,
3/25/41
.........................
United
States
654,000
443,978
Senior
Bond,
6.55%,
2/04/46
.........................
United
States
300,000
265,705
Senior
Bond,
6.7%,
2/04/56
..........................
United
States
340,000
300,113
Senior
Note,
2.3%,
3/25/28
..........................
United
States
2,276,000
2,169,252
Senior
Note,
4.45%,
9/26/30
.........................
United
States
570,000
538,189
Senior
Note,
4.8%,
9/26/32
..........................
United
States
760,000
699,752
Synopsys,
Inc.
,
Senior
Bond,
5.15%,
4/01/35
.........................
United
States
1,981,000
1,923,043
Senior
Bond,
5.7%,
4/01/55
..........................
United
States
90,000
82,618
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
16
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Software
(continued)
VMware
LLC
,
Senior
Note
,
1.4
%
,
8/15/26
.................
United
States
466,000
$
465,458
8,721,573
Specialized
REITs
1.2%
American
Tower
Corp.
,
Senior
Bond,
2.9%,
1/15/30
..........................
United
States
1,095,000
1,023,807
Senior
Bond,
2.7%,
4/15/31
..........................
United
States
1,651,000
1,487,899
Senior
Note,
2.75%,
1/15/27
.........................
United
States
1,724,000
1,711,322
Senior
Note,
4.7%,
12/15/32
.........................
United
States
350,000
339,423
Crown
Castle,
Inc.
,
Senior
Bond,
3.65%,
9/01/27
.........................
United
States
953,000
943,559
Senior
Note,
4.9%,
9/01/29
..........................
United
States
1,151,000
1,148,101
EPR
Properties
,
Senior
Bond,
4.5%,
6/01/27
..........................
United
States
407,000
406,296
Senior
Bond,
3.6%,
11/15/31
.........................
United
States
498,000
452,713
Equinix,
Inc.
,
Senior
Bond
,
3.2
%
,
11/18/29
................
United
States
2,563,000
2,423,195
Extra
Space
Storage
LP
,
Senior
Note
,
5.9
%
,
1/15/31
.........
United
States
1,255,000
1,291,918
11,228,233
Specialty
Retail
0.1%
Dick's
Sporting
Goods,
Inc.
,
Senior
Bond,
3.15%,
1/15/32
.........................
United
States
730,000
660,807
Senior
Bond,
4.1%,
1/15/52
..........................
United
States
1,055,000
729,437
1,390,244
Technology
Hardware,
Storage
&
Peripherals
0.4%
Dell
International
LLC
/
EMC
Corp.
,
Senior
Bond,
5.25%,
2/15/37
.........................
United
States
740,000
710,693
Senior
Note,
4.75%,
7/15/31
.........................
United
States
195,000
191,786
Hewlett
Packard
Enterprise
Co.
,
Senior
Note,
4.55%,
10/15/29
........................
United
States
786,000
777,662
Senior
Note,
4.85%,
10/15/31
........................
United
States
914,000
900,792
Seagate
Data
Storage
Technology
Pte.
Ltd.
,
Senior
Note
,
5.875
%
,
7/15/30
.........................................
United
States
890,000
904,945
3,485,878
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
1,097,856
Tapestry,
Inc.
,
Senior
Bond,
3.05%,
3/15/32
.........................
United
States
250,000
224,584
Senior
Bond,
5.5%,
3/11/35
..........................
United
States
841,000
832,594
Senior
Note,
5.1%,
3/11/30
..........................
United
States
694,000
695,027
2,850,061
Tobacco
0.9%
BAT
Capital
Corp.
,
Senior
Bond,
4.39%,
8/15/37
.........................
United
Kingdom
642,000
574,056
Senior
Note,
4.625%,
3/22/33
........................
United
Kingdom
2,380,000
2,295,277
b
Imperial
Brands
Finance
plc
,
Senior
Bond,
144A,
5.875%,
7/01/34
...................
United
Kingdom
1,000,000
1,015,560
Senior
Bond,
144A,
5.5%,
7/07/36
.....................
United
Kingdom
1,000,000
972,815
Philip
Morris
International,
Inc.
,
Senior
Note,
5.125%,
2/15/30
........................
United
States
2,232,000
2,249,613
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Tobacco
(continued)
Philip
Morris
International,
Inc.,
(continued)
Senior
Note,
4.375%,
4/30/30
........................
United
States
390,000
$
383,288
Senior
Note,
4.75%,
11/01/31
........................
United
States
780,000
774,467
8,265,076
Trading
Companies
&
Distributors
0.6%
b
Aviation
Capital
Group
LLC
,
Senior
Note,
144A,
5.375%,
7/15/29
...................
United
States
1,552,000
1,563,812
Senior
Note,
144A,
5.125%,
4/10/30
...................
United
States
960,000
955,216
b
EquipmentShare.com,
Inc.
,
Secured
Note
,
144A,
7.125
%
,
7/01/34
United
States
770,000
736,410
Sumisho
Air
Lease
Corp.
,
Senior
Note
,
5.85
%
,
12/15/27
......
United
States
1,494,000
1,514,991
4,770,429
Wireless
Telecommunication
Services
1.0%
Rogers
Communications,
Inc.
,
Senior
Note,
5%,
2/15/29
...........................
Canada
1,882,000
1,884,648
Sub.
Bond,
7.125%
to
4/14/35,
FRN
thereafter,
4/15/55
.....
Canada
765,000
772,427
NC5,
Sub.
Bond,
7%
to
4/14/30,
FRN
thereafter,
4/15/55
....
Canada
767,000
772,009
T-Mobile
USA,
Inc.
,
Senior
Bond,
5.05%,
7/15/33
.........................
United
States
334,000
326,717
Senior
Bond,
5%,
2/15/36
...........................
United
States
915,000
867,596
Senior
Note,
3.75%,
4/15/27
.........................
United
States
1,976,000
1,966,436
Senior
Note,
3.375%,
4/15/29
........................
United
States
1,307,000
1,257,487
Senior
Note,
3.875%,
4/15/30
........................
United
States
34,000
32,663
Senior
Note,
6.7%,
12/15/33
.........................
United
States
705,000
756,569
8,636,552
Total
Corporate
Bonds
(Cost
$408,220,037)
...................................
403,770,054
Senior
Floating
Rate
Interests
4.1%
Aerospace
&
Defense
0.1%
f
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
L,
6.231%,
(1-month
SOFR
+
2.5%),
1/19/32
.............................
United
States
1,061,100
1,063,652
f
Air
Freight
&
Logistics
0.2%
e
Rand
Parent
LLC,
First
Lien,
Add-on
CME
Term
Loan,
B,
6.842%,
(12-month
SOFR
+
3%),
3/18/30
......................
United
States
661,613
663,588
Rand
Parent
LLC,
First
Lien,
CME
Term
Loan,
B,
6.732%,
(3-month
SOFR
+
3%),
3/18/30
.......................
United
States
266,494
267,289
Stonepeak
Nile
Parent
LLC,
First
Lien,
Amendment
No.
3
CME
Term
Loan,
5.657%,
(3-month
SOFR
+
2%),
4/09/32
.......
United
States
1,197,000
1,195,689
2,126,566
a
a
a
a
a
a
Automobile
Components
0.1%
f
Allison
Transmission,
Inc.,
First
Lien,
2026
CME
Term
Loan,
5.425%,
(1-month
SOFR
+
1.75%),
1/03/33
..............
United
States
467,057
468,418
Beverages
0.1%
f
Primo
Brands
Corp.,
First
Lien,
2026
Refinancing
CME
Term
Loan,
6.482%,
(3-month
SOFR
+
2.75%),
3/31/31
.........
United
States
716,699
720,458
f
Biotechnology
0.1%
Alkermes,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B,
6.482%,
(3-month
SOFR
+
2.75%),
8/12/31
.....................
United
States
110,492
110,998
BioMarin
Pharmaceutical,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B,
5.428%,
(6-month
SOFR
+
1.75%),
4/27/33
............
United
States
377,498
377,570
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
18
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
f
Biotechnology
(continued)
Genmab
A/S,
First
Lien,
Amendment
No.
1
CME
Term
Loan,
5.732%,
(3-month
SOFR
+
2%),
12/13/32
................
Denmark
141,285
$
141,341
629,909
a
a
a
a
a
a
Broadline
Retail
0.0%
†
f
Peer
Holding
III
BV,
First
Lien,
CME
Term
Loan,
B8,
5.982%,
(3-month
SOFR
+
2.25%),
9/29/32
.....................
Netherlands
456,074
456,815
f
Capital
Markets
0.3%
Citadel
Securities
LP,
First
Lien,
2026-1
CME
Term
Loan,
5.661%,
(3-month
SOFR
+
2%),
6/10/33
.......................
United
States
681,388
681,368
CPI
Holdco
B
LLC,
First
Lien,
2025
Fourth
Amendment
Incremental
CME
Term
Loan,
5.731%,
(1-month
SOFR
+
2%),
5/19/31
.........................................
United
States
1,193,924
1,192,885
Jane
Street
Group
LLC,
First
Lien,
Extended
CME
Term
Loan,
5.666%,
(3-month
SOFR
+
2%),
12/15/31
................
United
States
989,529
986,788
2,861,041
a
a
a
a
a
a
f
Chemicals
0.1%
Albaugh
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.593%,
(1-month
SOFR
+
3.75;
3-month
SOFR
+
3.75),
4/06/29
.....
United
States
296,899
288,922
Element
Solutions,
Inc.,
First
Lien,
CME
Term
Loan,
B3,
5.481%,
(1-month
SOFR
+
1.75%),
12/18/30
....................
United
States
997,387
1,000,190
1,289,112
a
a
a
a
a
a
f
Commercial
Services
&
Supplies
0.2%
APi
Group
DE,
Inc.,
First
Lien,
Amendment
No.
9
CME
Term
Loan,
5.481%,
(1-month
SOFR
+
1.75%),
5/16/33
.........
United
States
157,087
157,573
Clean
Harbors,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.231%,
(1-month
SOFR
+
1.5%),
10/11/32
.....................
United
States
993,601
997,953
Prime
Security
Services
Borrower
LLC,
First
Lien,
2025
Incremental
CME
Term
Loan,
B2,
5.414%,
(1-month
SOFR
+
1.75%),
3/08/32
...................................
United
States
989,975
982,209
2,137,735
a
a
a
a
a
a
Construction
&
Engineering
0.0%
†
f
Dycom
Industries,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.401%,
(3-month
SOFR
+
1.75%),
1/27/33
.....................
United
States
79,646
79,845
Construction
Materials
0.0%
†
f
Knife
River
Corp.,
First
Lien,
2026
CME
Term
Loan,
B,
5.401%,
(3-month
SOFR
+
1.75%),
3/08/32
.....................
United
States
299,999
300,125
Diversified
Consumer
Services
0.1%
f
Covista,
Inc.,
First
Lien,
2026
CME
Term
Loan,
5.982%,
(3-month
SOFR
+
2.25%),
3/02/33
............................
United
States
638,889
641,285
Diversified
Telecommunication
Services
0.0%
†
f
QTS
Thunder
Managing
Issuer
LLC,
First
Lien,
CME
Term
Loan,
B,
6.24%,
(12-month
SOFR
+
2.25%),
7/22/33
............
United
States
208,044
205,444
f
Electric
Utilities
0.2%
Alpha
Generation
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
5.481%,
(1-month
SOFR
+
1.75%),
9/30/31
..............
United
States
992,424
989,467
Constellation
Renewables
LLC,
First
Lien,
CME
Term
Loan,
5.666%,
(3-month
SOFR
+
2%),
12/15/27
................
United
States
593,075
593,445
1,582,912
a
a
a
a
a
a
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Electronic
Equipment,
Instruments
&
Components
0.1%
f
TTM
Technologies,
Inc.,
First
Lien,
2026
CME
Term
Loan,
B,
5.397%,
(1-month
SOFR
+
1.75%),
5/30/30
..............
United
States
390,751
$
391,890
f
Entertainment
0.2%
Discovery
Global
Holdings,
Inc.,
First
Lien,
Initial
Dollar
CME
Term
Loan,
6.231%,
(1-month
SOFR
+
2.5%),
6/03/33
......
United
States
284,183
284,746
Live
Nation
Entertainment,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B,
5.668%,
(1-month
SOFR
+
2%),
10/21/32
.............
United
States
808,943
810,334
Playtika
Holding
Corp.,
First
Lien,
CME
Term
Loan,
B1,
6.595%,
(1-month
SOFR
+
2.75%),
3/13/28
.....................
United
States
989,556
971,477
2,066,557
a
a
a
a
a
a
f
Financial
Services
0.4%
Colossus
Acquireco
LLC,
First
Lien,
Initial
CME
Term
Loan,
5.37%,
(1-day
SOFR
+
1.75%),
1/31/33
.................
United
States
995,000
992,443
Corpay
Technologies
Operating
Co.
LLC,
First
Lien,
CME
Term
Loan,
B6,
5.481%,
(1-month
SOFR
+
1.75%),
11/05/32
.....
United
States
443,326
443,171
First
Eagle
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.232%,
(3-month
SOFR
+
3.5%),
8/16/32
...............
United
States
849,896
851,200
Hudson
River
Trading
LLC,
First
Lien,
CME
Term
Loan,
B2,
6.167%,
(1-month
SOFR
+
2.5%),
3/18/30
...............
United
States
1,194,000
1,193,284
3,480,098
a
a
a
a
a
a
Ground
Transportation
0.2%
f
Genesee
&
Wyoming,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.482%,
(3-month
SOFR
+
1.75%),
4/10/31
..............
United
States
2,053,524
2,050,197
f
Health
Care
Providers
&
Services
0.1%
DaVita,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
5.481%,
(1-month
SOFR
+
1.75%),
5/09/31
............................
United
States
685,292
685,988
McKesson
Medical-Surgical
Top
Holdings,
Inc.,
First
Lien,
Amendment
No.
1
CME
Term
Loan,
B,
5.982%,
(3-month
SOFR
+
2.25%),
6/09/32
.................................
United
States
127,487
127,766
813,754
a
a
a
a
a
a
f
Hotels,
Restaurants
&
Leisure
0.5%
1011778
BC
ULC,
First
Lien,
CME
Term
Loan,
B5,
5.481%,
(1-month
SOFR
+
1.75%),
9/20/30
.....................
Canada
947,368
948,751
Caesars
Entertainment,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
5.981%,
(1-month
SOFR
+
2.25%),
2/06/31
..............
United
States
1,061,005
1,013,700
Flutter
Financing
BV,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
5.482%,
(3-month
SOFR
+
1.75%),
12/02/30
......
Ireland
992,366
985,172
Penn
Entertainment,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.731%,
(1-month
SOFR
+
2%),
5/30/33
.......................
United
States
1,113,460
1,111,818
Raising
Cane's
Restaurants
LLC,
First
Lien,
First
Amendment
New
CME
Term
Loan,
5.731%,
(1-month
SOFR
+
2%),
11/03/32
United
States
706,389
704,977
4,764,418
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,
5.481%,
(1-month
SOFR
+
1.75%),
7/31/30
...................................
United
States
1,000,000
1,001,190
Talen
Energy
Supply
LLC,
First
Lien,
2025-1
Incremental
CME
Term
Loan,
B,
5.823%,
(3-month
SOFR
+
2%),
11/25/32
.....
United
States
1,007,668
998,302
1,999,492
a
a
a
a
a
a
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
20
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
f
Media
0.1%
DIRECTV
Financing
LLC,
First
Lien,
2026
Refinancing
CME
Term
Loan,
B,
8.323%,
(3-month
SOFR
+
4.5%),
8/02/29
........
United
States
29,543
$
29,761
Nexstar
Media,
Inc.,
First
Lien,
CME
Term
Loan,
B,
6.231%,
(1-month
SOFR
+
2.5%),
6/28/32
......................
United
States
992,481
990,005
1,019,766
a
a
a
a
a
a
f
Oil,
Gas
&
Consumable
Fuels
0.2%
CQP
Holdco
LP,
First
Lien,
CME
Term
Loan,
B,
5.482%,
(3-month
SOFR
+
1.75%),
12/31/32
...........................
United
States
997,487
993,572
UGI
Energy
Services
LLC,
First
Lien,
Refinancing
CME
Term
Loan,
5.731%,
(1-month
SOFR
+
2%),
2/22/30
............
United
States
1,193,814
1,196,799
2,190,371
a
a
a
a
a
a
Paper
&
Forest
Products
0.1%
f
Asplundh
Tree
Expert
LLC,
First
Lien,
Amendment
No.
5
Refinancing
CME
Term
Loan,
5.481%,
(1-month
SOFR
+
1.75%),
5/30/33
...................................
United
States
317,990
317,947
f
Passenger
Airlines
0.1%
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
2025
Incremental
CME
Term
Loan,
6.479%,
(3-month
SOFR
+
2.75%),
5/28/32
.....
United
States
118,500
118,648
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
CME
Term
Loan,
5.979%,
(3-month
SOFR
+
2.25%),
4/20/28
.....................
United
States
989,975
991,034
1,109,682
a
a
a
a
a
a
Personal
Care
Products
0.0%
†
f
Prestige
Brands,
Inc.,
First
Lien,
Delayed
Draw
CME
Term
Loan,
B,
5.731%,
(1-month
SOFR
+
2%),
6/13/33
..............
United
States
177,096
177,816
Professional
Services
0.1%
f
SS&C
Technologies,
Inc.,
First
Lien,
CME
Term
Loan,
B8,
5.731%,
(1-month
SOFR
+
2%),
5/09/31
................
United
States
920,094
920,209
f
Software
0.1%
e,g
CoreWeave
Financing
DDTL
V
LLC,
First
Lien,
Delayed
Draw
CME
Term
Loan,
8.12%,
(1-day
SOFR
+
4.5%),
11/17/31
....
United
States
30,285
30,304
Gen
Digital,
Inc.,
First
Lien,
Second
Amendment
Incremental
CME
Term
Loan,
B,
5.481%,
(1-month
SOFR
+
1.75%),
4/16/32
United
States
992,481
984,789
1,015,093
a
a
a
a
a
a
Specialty
Retail
0.0%
†
f,h
Chewy,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.446%,
(3-month
SOFR
+
1.75%),
6/23/33
............................
United
States
256,776
256,616
Textiles,
Apparel
&
Luxury
Goods
0.1%
f
Samsonite
IP
Holdings
SARL,
First
Lien,
Initial
CME
Term
Loan,
B,
5.481%,
(1-month
SOFR
+
1.75%),
11/08/32
...........
United
States
385,659
387,427
f
Trading
Companies
&
Distributors
0.1%
QXO
Building
Products,
Inc.,
First
Lien,
2026
Incremental
CME
Term
Loan,
B,
5.731%,
(1-month
SOFR
+
2%),
7/01/33
.....
United
States
444,444
444,222
QXO
Building
Products,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.731%,
(1-month
SOFR
+
2%),
4/30/32
................
United
States
174,673
174,696
618,918
a
a
a
a
a
a
Total
Senior
Floating
Rate
Interests
(Cost
$38,179,618)
........................
38,143,568
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
3.0%
b
Bank
Gospodarstwa
Krajowego
,
Senior
Bond
,
Reg
S,
5.375
%
,
5/22/33
.........................................
Poland
640,000
$
642,100
b
Benin
Government
Bond
,
Senior
Bond,
Reg
S,
4.875%,
1/19/32
..................
Benin
431,000
EUR
485,044
Senior
Bond,
Reg
S,
4.95%,
1/22/35
...................
Benin
210,000
EUR
225,122
Brazil
Government
Bond
,
Senior
Bond,
3.875%,
6/12/30
........................
Brazil
1,188,000
1,130,085
Senior
Bond,
6%,
10/20/33
...........................
Brazil
290,000
288,260
b
Bulgaria
Government
Bond
,
Senior
Bond,
Reg
S,
5%,
3/05/37
......................
Bulgaria
150,000
143,066
Senior
Note,
Reg
S,
3.625%,
9/05/32
...................
Bulgaria
520,000
EUR
601,917
Chile
Government
Bond
,
Senior
Note,
4.85%,
1/22/29
.........................
Chile
530,000
530,000
Colombia
Government
Bond
,
Senior
Bond,
3.125%,
4/15/31
........................
Colombia
230,000
202,607
Senior
Bond,
7.5%,
2/02/34
..........................
Colombia
560,000
588,560
Senior
Note,
4.5%,
11/26/30
..........................
Colombia
400,000
EUR
457,602
Comision
Federal
de
Electricidad
,
b
Senior
Bond,
Reg
S,
3.875%,
7/26/33
..................
Mexico
800,000
681,303
Corp.
Nacional
del
Cobre
de
Chile
,
b
Senior
Bond,
144A,
6.33%,
1/13/35
....................
Chile
510,000
524,229
b
Costa
Rica
Government
Bond
,
Senior
Bond
,
144A,
6.125
%
,
2/19/31
.........................................
Costa
Rica
730,000
747,703
b
Dominican
Republic
Government
Bond
,
Senior
Bond,
Reg
S,
6%,
7/19/28
......................
Dominican
Republic
440,000
443,960
Senior
Bond,
Reg
S,
4.875%,
9/23/32
..................
Dominican
Republic
640,000
599,360
b
Eagle
Funding
Luxco
SARL
,
Senior
Note
,
144A,
5.5
%
,
8/17/30
.
Mexico
350,000
349,825
Ecopetrol
SA
,
Senior
Bond
,
4.625
%
,
11/02/31
..............
Colombia
340,000
310,233
b
Egypt
Government
Bond
,
Senior
Bond
,
Reg
S,
7.6
%
,
3/01/29
..
Egypt
560,000
573,343
b
El
Salvador
Government
Bond
,
Senior
Bond
,
Reg
S,
8.625
%
,
2/28/29
.........................................
El
Salvador
560,000
589,078
b,c
Electricite
de
France
SA
,
Junior
Sub.
Bond
,
144A,
9.125%
to
6/14/33,
FRN
thereafter
,
Perpetual
.....................
France
1,710,000
1,980,939
b
Guatemala
Government
Bond
,
Senior
Bond,
Reg
S,
6.6%,
6/13/36
....................
Guatemala
780,000
811,200
Senior
Note,
144A,
7.05%,
10/04/32
....................
Guatemala
270,000
287,449
b
Hungary
Government
Bond
,
Senior
Note
,
Reg
S,
5.25
%
,
6/16/29
Hungary
650,000
654,432
Indonesia
Government
Bond
,
b
Senior
Bond,
Reg
S,
4.35%,
1/08/27
...................
Indonesia
290,000
290,549
Senior
Note,
5.03%,
5/29/31
.........................
Indonesia
590,000
586,732
b
Ivory
Coast
Government
Bond
,
Senior
Bond
,
Reg
S,
6.125
%
,
6/15/33
.........................................
Ivory
Coast
810,000
786,950
b
Kazakhstan
Government
Bond
,
Senior
Bond
,
Reg
S,
4.714
%
,
4/09/35
.........................................
Kazakhstan
650,000
620,750
Mexico
Government
Bond
,
Senior
Bond,
2.659%,
5/24/31
........................
Mexico
690,000
608,235
Senior
Bond,
6.125%,
2/09/38
........................
Mexico
200,000
191,250
b
Montenegro
Government
Bond
,
Senior
Note
,
144A,
4.875
%
,
4/01/32
.........................................
Montenegro
400,000
EUR
463,872
b
Nigeria
Government
Bond
,
Senior
Note
,
144A,
8.375
%
,
3/24/29
Nigeria
570,000
601,189
b
North
Macedonia
Government
Bond
,
Senior
Note
,
144A,
4.75
%
,
1/21/34
.........................................
North
Macedonia
100,000
EUR
114,065
b
Office
Cherifien
des
Phosphates
,
Senior
Bond
,
144A,
6.7
%
,
3/01/36
.........................................
Morocco
220,000
223,607
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
22
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
b
Paraguay
Government
Bond
,
Senior
Bond
,
144A,
3.849
%
,
6/28/33
.........................................
Paraguay
1,150,000
$
1,053,687
Peru
Government
Bond
,
Senior
Bond
,
2.783
%
,
1/23/31
.......
Peru
990,000
906,593
Petroleos
Mexicanos
,
Senior
Note
,
6.7
%
,
2/16/32
...........
Mexico
140,000
139,748
Philippines
Government
Bond
,
Senior
Bond,
5.5%,
2/04/35
..........................
Philippines
870,000
869,636
b
Power
Finance
Corp.
Ltd.
,
Senior
Bond
,
Reg
S,
3.95
%
,
4/23/30
.
India
700,000
668,586
b
Romania
Government
Bond
,
Senior
Bond,
Reg
S,
5.625%,
2/22/36
..................
Romania
760,000
EUR
872,888
Senior
Note,
144A,
3%,
2/27/27
.......................
Romania
570,000
564,247
b
Serbia
Government
Bond
,
Senior
Note
,
144A,
6.25
%
,
5/26/28
..
Serbia
730,000
742,426
South
Africa
Government
Bond
,
Senior
Bond,
4.85%,
9/27/27
.........................
South
Africa
300,000
300,046
Senior
Bond,
5.875%,
4/20/32
........................
South
Africa
600,000
608,666
b
Trinidad
&
Tobago
Government
Bond
,
Senior
Bond
,
144A,
6.2
%
,
7/16/38
.........................................
Trinidad
and
Tobago
200,000
195,800
Turkiye
Government
Bond
,
Senior
Bond
,
5.95
%
,
1/15/31
......
Turkiye
1,230,000
1,196,882
i
Uruguay
Government
Bond
,
Senior
Bond
,
PIK,
7.875
%
,
1/15/33
Uruguay
880,000
1,014,816
b
Uzbekistan
Government
Bond
,
Senior
Note
,
144A,
6.9
%
,
2/28/32
Uzbekistan
560,000
591,964
Total
Foreign
Government
and
Agency
Securities
(Cost
$27,981,960)
............
28,060,601
Asset-Backed
Securities
13.8%
Capital
Markets
0.2%
b,f
Magnetite
XL
Ltd.
,
2024-40A
,
A1
,
144A,
FRN
,
5.203
%
,
(
3-month
SOFR
+
1.45
%
),
7/15/37
.
............................
United
States
2,000,000
2,000,000
Consumer
Finance
1.6%
Capital
One
Prime
Auto
Receivables
Trust
,
2025-1
,
A3
,
3.85
%
,
7/15/30
.
.........................................
United
States
605,000
599,446
b
Carvana
Auto
Receivables
Trust
,
2023-P3
,
A3
,
144A,
5.82
%
,
8/10/28
.
.........................................
United
States
148,157
148,463
GM
Financial
Consumer
Automobile
Receivables
Trust
,
2023-1,
A3,
4.66%,
2/16/28
..........................
United
States
96,183
96,263
2024-2,
A3,
5.1%,
3/16/29
...........................
United
States
1,114,966
1,119,206
Harley-Davidson
Motorcycle
Trust
,
2024-A
,
A3
,
5.37
%
,
3/15/29
.
United
States
743,168
747,119
Hyundai
Auto
Receivables
Trust
,
2024-A,
A3,
4.99%,
2/15/29
..........................
United
States
2,372,780
2,382,270
f
2025-C,
A2B,
FRN,
3.975%,
(30-day
SOFR
Average
+
0.35%),
7/17/28
.........................................
United
States
2,674,014
2,674,406
f
2026-A,
A2B,
FRN,
3.965%,
(30-day
SOFR
Average
+
0.34%),
2/15/29
.........................................
United
States
978,000
978,373
Toyota
Auto
Receivables
Owner
Trust
,
2023-C,
A3,
5.16%,
4/17/28
..........................
United
States
259,945
260,702
2024-A,
A3,
4.83%,
10/16/28
.........................
United
States
1,407,719
1,412,081
f
2025-D,
A2B,
FRN,
3.945%,
(30-day
SOFR
Average
+
0.32%),
8/15/28
.........................................
United
States
725,173
725,459
2026-A,
A3,
3.86%,
9/16/30
..........................
United
States
585,000
578,977
World
Omni
Auto
Receivables
Trust
,
2025-C,
A3,
4.08%,
11/15/30
.........................
United
States
1,037,000
1,033,275
2026-A,
A3,
3.86%,
5/15/31
..........................
United
States
1,841,000
1,816,554
14,572,594
a
a
a
a
a
a
Financial
Services
12.0%
b,f
AGL
Core
CLO
31
Ltd.
,
2024-31A
,
A
,
144A,
FRN
,
5.129
%
,
(
3-month
SOFR
+
1.4
%
),
7/20/37
.
.....................
United
States
750,000
750,945
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
23
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
,
5.083
%
,
(
3-month
SOFR
+
1.35
%
),
7/20/37
.
....................
Jersey
1,850,000
$
1,853,060
b,f
Allegro
CLO
XII
Ltd.
,
2020-1A
,
A1R
,
144A,
FRN
,
5.174
%
,
(
3-month
SOFR
+
1.44
%
),
7/21/37
.
....................
United
States
800,000
801,647
b,f
Allegro
CLO
XIII
Ltd.
,
2021-1A
,
D1R
,
144A,
FRN
,
6.879
%
,
(
3-month
SOFR
+
3.15
%
),
7/20/38
.
....................
United
States
3,000,000
3,001,792
b,f
Apex
Credit
CLO
Ltd.
,
2024-2A
,
A
,
144A,
FRN
,
5.33
%
,
(
3-month
SOFR
+
1.52
%
),
7/25/37
.
............................
United
States
1,500,000
1,502,479
b,f
Bain
Capital
Credit
CLO
Ltd.
,
2022-2A
,
A1R
,
144A,
FRN
,
4.883
%
,
(
3-month
SOFR
+
1.15
%
),
4/22/35
.
....................
United
States
900,000
900,808
b
Bank
of
America
Auto
Trust
,
2023-2A
,
A4
,
144A,
5.66
%
,
11/15/29
.
United
States
882,000
888,195
b,f
Battalion
CLO
X
Ltd.
,
2016-10A
,
A1R3
,
144A,
FRN
,
4.915
%
,
(
3-month
SOFR
+
1.14
%
),
1/24/35
.
....................
United
States
1,022,154
1,023,047
b
Bayview
Opportunity
Master
Fund
VII
Trust
,
2023-1A
,
A
,
144A,
6.93
%
,
10/28/60
.
..................................
United
States
629,615
632,947
b,f
Beechwood
Park
CLO
Ltd.
,
2019-1A
,
A2RR
,
144A,
FRN
,
5.08
%
,
(
3-month
SOFR
+
1.33
%
),
1/17/35
.
....................
Jersey
2,500,000
2,501,303
b,f
Birch
Grove
CLO
2
Ltd.
,
2021-2A
,
A1R
,
144A,
FRN
,
5.129
%
,
(
3-month
SOFR
+
1.4
%
),
10/19/37
.
....................
United
States
1,750,000
1,754,396
b,f
Black
Diamond
CLO
Ltd.
,
2021-1A
,
A1AR
,
144A,
FRN
,
4.983
%
,
(
3-month
SOFR
+
1.25
%
),
11/22/34
.
....................
United
States
400,000
400,332
b,f
BlueMountain
CLO
XXVI
Ltd.
,
2019-26A
,
CR2
,
144A,
FRN
,
5.579
%
,
(
3-month
SOFR
+
1.85
%
),
10/20/34
.
.............
United
States
2,500,000
2,500,000
b,f
BRAVO
Residential
Funding
Trust
,
2025-HE1
,
A1
,
144A,
FRN
,
4.966
%
,
(
30-day
SOFR
Average
+
1.35
%
),
9/25/72
.
........
United
States
892,616
895,111
CarMax
Auto
Owner
Trust
,
2024-2,
A3,
5.5%,
1/16/29
...........................
United
States
1,004,071
1,011,260
2026-1,
A2A,
3.87%,
4/16/29
.........................
United
States
1,125,000
1,122,138
2026-1,
A3,
4.04%,
3/17/31
..........................
United
States
900,000
893,036
b,f
Cathedral
Lake
VIII
Ltd.
,
2021-8A
,
A1R
,
144A,
FRN
,
4.859
%
,
(
3-month
SOFR
+
1.13
%
),
1/20/35
.
....................
United
States
1,880,000
1,881,574
b
Chase
Auto
Owner
Trust
,
2024-1A
,
A3
,
144A,
5.13
%
,
5/25/29
.
..
United
States
2,073,669
2,084,154
b,f
CIFC
Funding
Ltd.
,
2014-2RA,
AR,
144A,
FRN,
5.135%,
(3-month
SOFR
+
1.36%),
10/24/37
........................................
United
States
1,500,000
1,502,591
2021-4A,
AR,
144A,
FRN,
5.112%,
(3-month
SOFR
+
1.36%),
7/23/37
.........................................
United
States
1,650,000
1,650,989
2021-7A,
AR,
144A,
FRN,
4.842%,
(3-month
SOFR
+
1.09%),
1/23/35
.........................................
United
States
3,967,000
3,970,859
b
Citizens
Auto
Receivables
Trust
,
2023-2
,
A3
,
144A,
5.83
%
,
2/15/28
.
.........................................
United
States
68,304
68,449
b
Compass
Datacenters
Issuer
II
LLC
,
2024-2A,
A1,
144A,
5.022%,
8/25/49
...................
United
States
1,451,000
1,431,646
2025-1A,
A1,
144A,
5.316%,
5/25/50
...................
United
States
504,000
500,279
2025-2A,
A1,
144A,
4.926%,
11/25/50
..................
United
States
2,746,000
2,673,483
b
Compass
Datacenters
Issuer
III
LLC
,
2026-2A
,
A21
,
144A,
5.715
%
,
7/25/56
.
..................................
United
States
1,513,000
1,523,682
b
Corporate
One
Auto
Receivables
Trust
,
2026-1A
,
A2
,
144A,
4.13
%
,
9/15/28
.
...................................
United
States
2,199,582
2,198,464
b,f
Crown
Point
CLO
10
Ltd.
,
2021-10A
,
A
,
144A,
FRN
,
5.161
%
,
(
3-month
SOFR
+
1.432
%
),
7/20/34
.
...................
United
States
250,000
250,417
b,f
Dryden
115
CLO
Ltd.
,
2024-115A
,
BR
,
144A,
FRN
,
5.229
%
,
(
3-month
SOFR
+
1.5
%
),
4/18/37
.
.....................
Jersey
1,525,000
1,526,853
b,f
Elevation
CLO
Ltd.
,
2021-13A
,
A1R
,
144A,
FRN
,
4.813
%
,
(
3-month
SOFR
+
1.06
%
),
7/15/34
.
....................
United
States
700,000
700,331
b,f
Elmwood
CLO
16
Ltd.
,
2022-3A
,
BRR
,
144A,
FRN
,
5.179
%
,
(
3-month
SOFR
+
1.45
%
),
4/20/37
.
....................
United
States
2,250,000
2,258,292
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
24
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b,f
Elmwood
CLO
33
Ltd.
,
2024-9RA
,
AR
,
144A,
FRN
,
5.114
%
,
(
3-month
SOFR
+
1.38
%
),
10/21/37
.
...................
United
States
1,500,000
$
1,502,552
b,f
Elmwood
CLO
I
Ltd.
,
2019-1A
,
A1R3
,
144A,
FRN
,
4.849
%
,
(
3-month
SOFR
+
1.12
%
),
4/20/37
.
....................
United
States
1,400,000
1,400,643
b,f
Elmwood
CLO
III
Ltd.
,
2019-3A
,
A1RR
,
144A,
FRN
,
5.109
%
,
(
3-month
SOFR
+
1.38
%
),
7/18/37
.
....................
United
States
1,700,000
1,703,486
b
FIGRE
Trust
,
2025-FL1,
A1,
144A,
5.265%,
7/25/55
..................
United
States
238,383
237,342
2025-FL2,
A1,
144A,
5.053%,
11/25/55
.................
United
States
245,411
242,597
Ford
Credit
Auto
Owner
Trust
,
2024-A,
A3,
5.09%,
12/15/28
.........................
United
States
3,259,056
3,274,943
2024-B,
A3,
5.1%,
4/15/29
...........................
United
States
2,682,932
2,696,305
b
GreenState
Auto
Receivables
Trust
,
2024-1A
,
A3
,
144A,
5.19
%
,
1/16/29
.
.........................................
United
States
1,102,197
1,105,716
b
GS
Mortgage-Backed
Securities
Trust
,
2025-CES2
,
A1
,
144A,
5.18
%
,
9/25/55
.
...................................
United
States
173,873
172,628
b,f
HalseyPoint
CLO
4
Ltd.
,
2021-4A
,
BR
,
144A,
FRN
,
5.543
%
,
(
3-month
SOFR
+
1.7
%
),
7/20/37
.
.....................
United
States
1,525,000
1,525,814
Honda
Auto
Receivables
Owner
Trust
,
2023-3,
A3,
5.41%,
2/18/28
..........................
United
States
694,875
697,465
2026-1,
A2A,
3.71%,
9/21/28
.........................
United
States
5,322,000
5,307,269
b
Iskandar
Enterprise
LLC
,
2026-1A
,
A21
,
144A,
5.049
%
,
4/17/56
.
United
States
2,147,000
2,103,506
b,f
KKR
CLO
43
Ltd.
,
2022-43A
,
A1R2
,
144A,
FRN
,
4.853
%
,
(
3-month
SOFR
+
1.1
%
),
4/15/38
.
.....................
Jersey
1,150,000
1,147,698
b
Lohrasp
Enterprise
II
LLC
,
2026-1A
,
A21
,
144A,
5.512
%
,
7/17/56
.
United
States
1,460,000
1,458,705
b,f
Madison
Park
Funding
L
Ltd.
,
2021-50A
,
AR
,
144A,
FRN
,
4.699
%
,
(
3-month
SOFR
+
0.97
%
),
4/19/34
.
....................
United
States
1,417,124
1,417,684
b,f
MP
CLO
VIII
Ltd.
,
2015-2A
,
CR3
,
144A,
FRN
,
5.688
%
,
(
3-month
SOFR
+
1.85
%
),
4/28/34
.
............................
United
States
3,900,000
3,906,507
b,f
Neuberger
Berman
Loan
Advisers
CLO
51
Ltd.
,
2022-51A
,
BR2
,
144A,
FRN
,
5.152
%
,
(
3-month
SOFR
+
1.4
%
),
10/23/36
.
....
Jersey
1,525,000
1,528,081
b,f
Northwoods
Capital
Ltd.
,
2018-11BA
,
D1R2
,
144A,
FRN
,
7.279
%
,
(
3-month
SOFR
+
3.55
%
),
7/19/37
.
....................
United
States
1,735,000
1,734,980
b,f
Oaktree
CLO
Ltd.
,
2021-1A
,
A1R
,
144A,
FRN
,
5.103
%
,
(
3-month
SOFR
+
1.35
%
),
1/15/38
.
............................
United
States
1,089,000
1,091,233
b
OCCU
Auto
Receivables
Trust
,
2025-1A
,
A3
,
144A,
4.81
%
,
11/15/29
.
........................................
United
States
1,706,000
1,710,848
b,f
Octagon
Investment
Partners
49
Ltd.
,
2020-5A
,
ARR
,
144A,
FRN
,
4.873
%
,
(
3-month
SOFR
+
1.12
%
),
4/15/37
.
..............
United
States
2,380,000
2,374,658
b
PK
ALIFT
Loan
Funding
8
LP
,
2026-1
,
A
,
144A,
4.614
%
,
9/15/43
.
United
States
781,000
767,406
b
PRET
LLC
,
2026-NPL3
,
A1
,
144A,
4.968
%
,
2/25/56
.
.........
United
States
3,509,651
3,473,167
b
PRET
Trust
,
2026-RN1
,
A1
,
144A,
5.668
%
,
6/25/66
.
.........
United
States
571,115
572,350
b,f
Regatta
XI
Funding
Ltd.
,
2018-1A
,
D1R2
,
144A,
FRN
,
6.7
%
,
(
3-month
SOFR
+
2.95
%
),
7/17/37
.
....................
United
States
1,800,000
1,806,154
b,f
RR
29
Ltd.
,
2024-29RA
,
A1R
,
144A,
FRN
,
5.143
%
,
(
3-month
SOFR
+
1.39
%
),
7/15/39
.
............................
United
States
1,150,000
1,152,802
b
Sabey
Data
Center
Issuer
LLC
,
2026-1
,
A2
,
144A,
5.482
%
,
1/20/51
.
.........................................
United
States
1,799,000
1,768,545
b,f
Signal
Peak
CLO
5
Ltd.
,
2018-5A
,
A1R2
,
144A,
FRN
,
5.04
%
,
(
3-month
SOFR
+
1.23
%
),
4/25/37
.
....................
United
States
1,900,000
1,901,607
b,f
Sound
Point
CLO
XXVI
Ltd.
,
2020-1A
,
AR
,
144A,
FRN
,
5.161
%
,
(
3-month
SOFR
+
1.432
%
),
7/20/34
.
...................
United
States
2,460,000
2,463,549
b,f
Sound
Point
CLO
XXXII
Ltd.
,
2021-4A
,
AR
,
144A,
FRN
,
4.84
%
,
(
3-month
SOFR
+
1.03
%
),
10/25/34
.
...................
United
States
1,000,000
1,000,814
b
Stack
Infrastructure
Issuer
LLC
,
2026-1A
,
A2
,
144A,
5
%
,
3/27/56
.
United
States
1,538,000
1,478,324
b,f
Trinitas
CLO
XV
Ltd.
,
2021-15A
,
A1R
,
144A,
FRN
,
4.853
%
,
(
3-month
SOFR
+
1.12
%
),
4/22/34
.
....................
United
States
2,324,920
2,327,712
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
25
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
,
4.949
%
,
(
3-month
SOFR
+
1.22
%
),
1/20/35
.
....................
United
States
750,000
$
750,766
b
Truist
Bank
Auto
Credit-Linked
Notes
,
2025-1
,
B
,
144A,
4.728
%
,
9/26/33
.
.........................................
United
States
937,302
934,220
b
VCAT
LLC
,
2026-NPL1
,
A1
,
144A,
5.101
%
,
1/25/56
.
.........
United
States
494,965
490,963
b,f
Venture
XIX
CLO
Ltd.
,
2014-19A
,
ARR
,
144A,
FRN
,
5.275
%
,
(
3-month
SOFR
+
1.522
%
),
1/15/32
.
...................
United
States
15,332
15,351
b,f
Venture
XV
CLO
Ltd.
,
2013-15A
,
AR3
,
144A,
FRN
,
5.195
%
,
(
3-month
SOFR
+
1.442
%
),
7/15/32
.
...................
United
States
228,968
229,115
b,f
Voya
CLO
Ltd.
,
2024-4A
,
A1
,
144A,
FRN
,
5.079
%
,
(
3-month
SOFR
+
1.35
%
),
7/20/37
.
............................
United
States
1,850,000
1,850,454
b,f
Wind
River
CLO
Ltd.
,
2021-4A
,
AR
,
144A,
FRN
,
4.964
%
,
(
3-month
SOFR
+
1.23
%
),
1/20/35
.
....................
United
States
1,200,000
1,200,595
b,f
Wise
CLO
Ltd.
,
2024-2A
,
A
,
144A,
FRN
,
5.213
%
,
(
3-month
SOFR
+
1.46
%
),
7/15/37
.
.................................
United
States
750,000
751,805
b,f
Zais
CLO
16
Ltd.
,
2020-16A
,
A1R2
,
144A,
FRN
,
4.859
%
,
(
3-month
SOFR
+
1.13
%
),
10/20/34
.
...................
United
States
1,000,000
1,001,311
110,932,229
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$127,699,208)
............................
127,504,823
Commercial
Mortgage-Backed
Securities
5.9%
Financial
Services
5.9%
b,f
AREIT
Trust
,
2022-CRE6
,
A
,
144A,
FRN
,
4.871
%
,
(
30-day
SOFR
Average
+
1.25
%
),
1/20/37
...........................
United
States
142,908
143,239
j
Banc
of
America
Commercial
Mortgage
Trust
,
2015-UBS7
,
B
,
FRN
,
4.286
%
,
9/15/48
..............................
United
States
1,754,752
1,750,584
j
Bank
of
America
Merrill
Lynch
Commercial
Mortgage
Trust
,
2016-
UB10
,
C
,
FRN
,
4.762
%
,
7/15/49
.......................
United
States
167,000
162,122
BANK
Trust
,
b
2018-BN11,
D,
144A,
3%,
3/15/61
.....................
United
States
750,000
649,701
j,k
2018-BN13,
XA,
IO,
FRN,
0.45%,
8/15/61
...............
United
States
136,124,688
1,083,961
j
2019-BN19,
C,
FRN,
4.03%,
8/15/61
...................
United
States
658,000
491,369
j,k
2020-BN26,
XA,
IO,
FRN,
1.189%,
3/15/63
..............
United
States
37,854,208
1,144,847
j
BANK5
Trust
,
2026-5YR22
,
C
,
FRN
,
5.962
%
,
6/15/59
........
United
States
649,000
643,860
b
Barclays
Commercial
Mortgage
Trust
,
2019-C5,
D,
144A,
2.5%,
11/15/52
.....................
United
States
528,000
437,860
j
2019-C5,
F,
144A,
FRN,
2.538%,
11/15/52
...............
United
States
4,179,000
2,492,935
j,k
2019-C5,
XF,
IO,
144A,
FRN,
1.25%,
11/15/52
............
United
States
8,651,300
298,253
j,k
BBCMS
Mortgage
Trust
,
2024-5C29
,
XA
,
IO,
FRN
,
1.596
%
,
9/15/57
.........................................
United
States
22,682,376
958,594
Benchmark
Mortgage
Trust
,
j
2018-B6,
B,
FRN,
4.584%,
10/10/51
....................
United
States
900,482
850,528
b
2025-V18,
D,
144A,
4.5%,
10/15/58
....................
United
States
752,000
634,221
b,j,k
2025-V18,
XD,
IO,
144A,
FRN,
1.949%,
10/15/58
..........
United
States
2,870,000
204,122
2026-V21,
AS,
5.506%,
3/15/59
.......................
United
States
960,000
960,085
j,k
2026-V21,
XA,
IO,
FRN,
1.43%,
3/15/59
.................
United
States
8,576,203
493,428
b,f
BIKE
Pass-Through
Trust
,
2026-BAND
,
B
,
144A,
FRN
,
7.826
%
,
(
1-month
SOFR
+
4.15
%
),
7/15/43
.....................
United
States
890,000
891,834
b
BX
Trust
,
j
2025-ARIA,
C,
144A,
FRN,
5.517%,
12/13/42
.............
United
States
1,394,000
1,381,015
f
2025-VOLT,
A,
144A,
FRN,
5.376%,
(1-month
SOFR
+
1.7%),
12/15/44
........................................
United
States
462,000
461,629
f
2026-CLS,
D,
144A,
FRN,
7.126%,
(1-month
SOFR
+
3.45%),
5/15/43
.........................................
United
States
1,131,000
1,138,260
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
26
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b,j
CFCRE
Commercial
Mortgage
Trust
,
2011-C2,
D,
144A,
FRN,
5.249%,
12/15/47
...............
United
States
111,299
$
109,461
2011-C2,
E,
144A,
FRN,
5.249%,
12/15/47
...............
United
States
175,000
164,646
j
Citigroup
Commercial
Mortgage
Trust
,
2016-P3,
B,
FRN,
4.271%,
4/15/49
.....................
United
States
894,000
864,943
2016-P6,
B,
FRN,
4.17%,
12/10/49
.....................
United
States
1,631,000
1,512,355
COMM
Mortgage
Trust
,
b,j
2012-CR1,
D,
144A,
FRN,
5.103%,
5/15/45
..............
United
States
936,344
879,993
2012-CR4,
AM,
3.251%,
10/15/45
.....................
United
States
1,200,000
1,165,420
b
2012-LC4,
E,
144A,
4.25%,
12/10/44
...................
United
States
1,918,000
227,107
j
2014-CR17,
C,
FRN,
4.78%,
5/10/47
...................
United
States
539,000
525,790
b,j
2014-CR17,
D,
144A,
FRN,
4.844%,
5/10/47
.............
United
States
233,000
206,394
j,k
2019-GC44,
XA,
IO,
FRN,
0.606%,
8/15/57
..............
United
States
77,080,916
1,143,619
b,j,k
Credit
Suisse
Commercial
Mortgage
Trust
,
2007-C2
,
AX
,
IO,
144A,
FRN
,
0.029
%
,
1/15/49
.........................
United
States
5,833,935
1,572
j
CSAIL
Commercial
Mortgage
Trust
,
2015-C1,
C,
FRN,
3.766%,
4/15/50
....................
United
States
1,507,000
1,435,391
k
2019-C17,
XA,
IO,
FRN,
1.308%,
9/15/52
................
United
States
49,692,810
1,557,348
j,k
CSMC
Trust
,
2016-NXSR
,
XA
,
IO,
FRN
,
0.72
%
,
12/15/49
.....
United
States
43,647,425
436
b,j
DBUBS
Mortgage
Trust
,
2011-LC3A
,
D
,
144A,
FRN
,
5.356
%
,
8/10/44
.........................................
United
States
2,839,223
2,776,894
j,k
GS
Mortgage
Securities
Trust
,
2014-GC22
,
XA
,
IO,
FRN
,
0.563
%
,
6/10/47
.........................................
United
States
11,752,450
64,559
b,j
IRV
Trust
,
2025-200P
,
C
,
144A,
FRN
,
5.73
%
,
3/14/47
........
United
States
1,422,000
1,394,243
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
b,j
2012-C6,
E,
144A,
FRN,
4.973%,
5/15/45
...............
United
States
114,918
113,787
b,j
2012-LC9,
D,
144A,
FRN,
3.573%,
12/15/47
.............
United
States
737,000
719,923
2016-JP3,
AS,
3.144%,
8/15/49
.......................
United
States
1,250,000
1,214,316
j
JPMBB
Commercial
Mortgage
Securities
Trust
,
2013-C12,
C,
FRN,
3.94%,
7/15/45
....................
United
States
91,116
90,011
b
2013-C14,
D,
144A,
FRN,
4.036%,
8/15/46
..............
United
States
917,000
731,872
k
2014-C25,
XA,
IO,
FRN,
0.396%,
11/15/47
...............
United
States
3,846,913
14,513
j
JPMDB
Commercial
Mortgage
Securities
Trust
,
2018-C8,
C,
FRN,
4.754%,
6/15/51
....................
United
States
387,000
352,145
k
2019-COR6,
XA,
IO,
FRN,
0.899%,
11/13/52
.............
United
States
65,032,564
1,593,877
b,j
MAD
Commercial
Mortgage
Trust
,
2025-11MD
,
D
,
144A,
FRN
,
6.359
%
,
10/15/42
..................................
United
States
1,081,000
1,090,240
j
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
b
2012-C5,
E,
144A,
FRN,
4.667%,
8/15/45
...............
United
States
156,082
155,405
2013-C10,
B,
FRN,
3.949%,
7/15/46
...................
United
States
627,364
596,886
b
2013-C10,
F,
144A,
FRN,
3.949%,
7/15/46
...............
United
States
2,331,000
413,357
Morgan
Stanley
Capital
I
Trust
,
j,k
2016-BNK2,
XA,
IO,
FRN,
0.931%,
11/15/49
.............
United
States
19,130,452
17,606
j,k
2016-UB12,
XA,
IO,
FRN,
0.654%,
12/15/49
.............
United
States
51,058,485
510
b
2018-H3,
D,
144A,
3%,
7/15/51
.......................
United
States
693,000
592,077
j,k
2018-H3,
XA,
IO,
FRN,
0.789%,
7/15/51
.................
United
States
36,420,182
434,380
j,k
2018-H4,
XA,
IO,
FRN,
0.798%,
12/15/51
................
United
States
50,051,085
772,954
j
2018-L1,
C,
FRN,
4.78%,
10/15/51
.....................
United
States
341,000
310,832
b,l
TIAA
Real
Estate
CDO
Ltd.
,
2003-1A
,
E
,
144A,
8
%
,
12/28/38
..
United
States
1,661,295
17
j
UBS
Commercial
Mortgage
Trust
,
k
2017-C7,
XA,
IO,
FRN,
0.962%,
12/15/50
................
United
States
53,661,258
541,818
k
2018-C12,
XA,
IO,
FRN,
0.834%,
8/15/51
................
United
States
97,868,842
1,292,250
b
2018-C15,
D,
144A,
FRN,
5.135%,
12/15/51
.............
United
States
619,000
562,058
b,j
VEGAS
,
2024-GCS
,
D
,
144A,
FRN
,
6.217
%
,
7/10/36
.........
United
States
954,000
945,436
b,j
VRTX
Trust
,
2025-HQ
,
D
,
144A,
FRN
,
6.596
%
,
8/05/42
.......
United
States
1,191,000
1,164,610
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
27
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
j,k
Wachovia
Bank
Commercial
Mortgage
Trust
,
2006-C29
,
IO,
FRN
,
0.293
%
,
11/15/48
..................................
United
States
16,632
$
7
Wells
Fargo
Commercial
Mortgage
Trust
,
2015-C31,
D,
3.852%,
11/15/48
.......................
United
States
1,348,007
1,272,177
j,k
2017-C41,
XA,
IO,
FRN,
1.141%,
11/15/50
...............
United
States
73,568,563
665,075
j
2018-C46,
C,
FRN,
4.953%,
8/15/51
...................
United
States
412,000
381,007
b
2019-C50,
D,
144A,
3%,
5/15/52
......................
United
States
632,000
507,644
j,k
2019-C50,
XA,
IO,
FRN,
1.397%,
5/15/52
................
United
States
41,637,067
1,204,048
j,k
2020-C55,
XA,
IO,
FRN,
1.266%,
2/15/53
................
United
States
61,817,260
2,683,345
j
2020-C57,
C,
FRN,
4.023%,
8/15/53
...................
United
States
1,121,000
1,021,664
j
WFRBS
Commercial
Mortgage
Trust
,
k
2013-C14,
XA,
IO,
FRN,
0.328%,
6/15/46
................
United
States
605,280
6
2014-C21,
C,
FRN,
4.234%,
8/15/47
...................
United
States
1,091,457
1,074,254
k
2014-C22,
XA,
IO,
FRN,
0.239%,
9/15/57
................
United
States
120,923
1
b,f
X-Caliber
Funding
LLC
,
2026-HRP
,
A
,
144A,
FRN
,
9.92
%
,
(
1-month
SOFR
+
6.25
%
),
7/15/46
.....................
United
States
451,000
452,745
54,285,471
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$57,979,318)
..............
54,285,471
Mortgage-Backed
Securities
36.6%
Federal
Home
Loan
Mortgage
Corp.
(FHLMC)
Fixed
Rate
0.4%
FHLMC
Pool,
30
Year,
2%,
5/01/51
......................
United
States
478,801
375,972
FHLMC
Pool,
30
Year,
2.5%,
4/01/43
-
4/01/52
.............
United
States
2,860,105
2,388,893
FHLMC
Pool,
30
Year,
3.5%,
4/01/42
-
10/01/46
............
United
States
263,255
242,079
FHLMC
Pool,
30
Year,
4%,
12/01/44
-
7/01/49
..............
United
States
241,735
225,200
FHLMC
Pool,
30
Year,
4.5%,
11/01/44
-
11/01/49
............
United
States
56,709
54,030
FHLMC
Pool,
30
Year,
5%,
3/01/41
-
7/01/52
...............
United
States
838,791
819,437
4,105,611
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
25.0%
FNMA,
3.5%,
2/01/47
-
6/01/56
.........................
United
States
2,926,200
2,611,254
FNMA,
3.5%,
9/01/57
................................
United
States
4,593,405
4,044,526
FNMA,
4%,
1/01/45
-
1/01/57
..........................
United
States
3,078,112
2,828,933
FNMA,
15
Year,
2%,
2/01/37
...........................
United
States
3,438,330
3,116,673
FNMA,
15
Year,
2%,
3/01/37
...........................
United
States
2,720,132
2,466,452
FNMA,
15
Year,
3.5%,
6/01/31
.........................
United
States
79,100
77,758
FNMA,
30
Year,
2%,
9/01/50
-
4/01/52
....................
United
States
2,329,751
1,842,887
FNMA,
30
Year,
2.5%,
12/01/50
-
2/01/52
.................
United
States
1,539,676
1,286,349
FNMA,
30
Year,
3%,
9/01/42
-
4/01/52
....................
United
States
2,728,832
2,398,616
FNMA,
30
Year,
3.5%,
5/01/42
-
8/01/45
..................
United
States
1,000,536
917,886
FNMA,
30
Year,
4%,
8/01/44
-
11/01/49
...................
United
States
701,859
654,394
FNMA,
30
Year,
4.5%,
7/01/44
-
8/01/53
..................
United
States
1,287,831
1,224,437
FNMA,
30
Year,
5%,
3/01/40
-
7/01/52
....................
United
States
2,352,531
2,296,537
FNMA,
30
Year,
5%,
9/01/52
...........................
United
States
2,777,653
2,708,713
FNMA,
30
Year,
5.5%,
1/01/33
-
2/01/35
..................
United
States
110,951
111,970
FNMA,
30
Year,
6%,
2/01/36
-
4/01/53
....................
United
States
942,316
974,688
m
Uniform
Mortgage-Backed
Securities,
1.5%,
TBA,
8/25/41
.....
United
States
6,000,000
5,296,529
m
Uniform
Mortgage-Backed
Securities,
1.5%,
TBA,
8/25/56
.....
United
States
6,910,000
5,144,711
m
Uniform
Mortgage-Backed
Securities,
2%,
TBA,
8/25/41
......
United
States
2,000,000
1,807,697
m
Uniform
Mortgage-Backed
Securities,
2%,
TBA,
8/25/56
......
United
States
64,100,000
50,053,859
m
Uniform
Mortgage-Backed
Securities,
2.5%,
TBA,
8/25/41
.....
United
States
4,430,000
4,096,706
m
Uniform
Mortgage-Backed
Securities,
2.5%,
TBA,
8/25/56
.....
United
States
45,300,000
37,023,806
m
Uniform
Mortgage-Backed
Securities,
3%,
TBA,
8/25/41
......
United
States
2,000,000
1,867,654
m
Uniform
Mortgage-Backed
Securities,
3%,
TBA,
8/25/56
......
United
States
15,130,000
12,901,276
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
28
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(continued)
m
Uniform
Mortgage-Backed
Securities,
3.5%,
TBA,
8/25/41
-
8/25/56
.........................................
United
States
5,530,000
$
4,980,916
m
Uniform
Mortgage-Backed
Securities,
4%,
TBA,
8/25/56
......
United
States
5,500,000
5,021,672
m
Uniform
Mortgage-Backed
Securities,
4.5%,
TBA,
8/25/56
.....
United
States
25,950,000
24,490,843
m
Uniform
Mortgage-Backed
Securities,
5%,
TBA,
8/25/56
......
United
States
20,100,000
19,460,194
m
Uniform
Mortgage-Backed
Securities,
5.5%,
TBA,
8/25/56
.....
United
States
5,800,000
5,768,988
m
Uniform
Mortgage-Backed
Securities,
6%,
TBA,
8/25/56
......
United
States
23,080,000
23,342,921
230,819,845
n
Government
National
Mortgage
Association
(GNMA)
Adjustable
Rate
0.1%
GNMA
II,
3.89%
-
4.7%,
5/20/65
-
8/20/65
.................
United
States
39,455
38,804
GNMA
II,
5.695%,
(1-year
Refinitiv
USD
IBOR
Consumer
Cash
Fallbacks
+/-
MBS
Margin),
12/20/68
...................
United
States
823,496
857,299
896,103
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
11.1%
GNMA
I,
Single-family,
30
Year,
3.5%,
11/15/47
.............
United
States
40,235
36,003
GNMA
I,
Single-family,
30
Year,
5%,
6/15/40
...............
United
States
916,279
915,266
GNMA
I,
Single-family,
30
Year,
6.5%,
3/15/31
-
10/15/31
......
United
States
47,625
48,365
GNMA
II,
30
Year,
3.5%,
9/20/48
........................
United
States
785,747
705,606
GNMA
II,
30
Year,
4.5%,
7/20/52
........................
United
States
542,667
514,244
GNMA
II,
30
Year,
5.5%,
7/20/53
........................
United
States
370,673
374,227
m
GNMA
II,
Single-family,
30
Year,
2%,
8/15/56
...............
United
States
12,000,000
9,611,250
GNMA
II,
Single-family,
30
Year,
2.5%,
2/20/53
.............
United
States
1,608,563
1,348,386
m
GNMA
II,
Single-family,
30
Year,
2.5%,
8/15/56
.............
United
States
9,000,000
7,513,495
GNMA
II,
Single-family,
30
Year,
3%,
3/20/43
-
2/20/53
.......
United
States
2,867,981
2,495,978
GNMA
II,
Single-family,
30
Year,
3.5%,
11/20/47
-
3/20/50
.....
United
States
4,296,981
3,790,498
m
GNMA
II,
Single-family,
30
Year,
3.5%,
8/15/56
.............
United
States
7,000,000
6,128,671
GNMA
II,
Single-family,
30
Year,
4%,
2/20/48
-
9/20/49
.......
United
States
3,705,221
3,372,361
m
GNMA
II,
Single-family,
30
Year,
4%,
8/15/56
...............
United
States
500,000
452,414
GNMA
II,
Single-family,
30
Year,
4.5%,
5/20/44
-
12/20/54
.....
United
States
3,362,767
3,226,617
m
GNMA
II,
Single-family,
30
Year,
4.5%,
8/15/56
.............
United
States
2,000,000
1,874,918
GNMA
II,
Single-family,
30
Year,
5%,
7/20/41
-
10/20/49
......
United
States
2,814,455
2,771,245
m
GNMA
II,
Single-family,
30
Year,
5%,
8/15/56
...............
United
States
4,000,000
3,870,826
GNMA
II,
Single-family,
30
Year,
5.5%,
4/20/49
-
7/20/53
......
United
States
1,651,420
1,667,211
m
GNMA
II,
Single-family,
30
Year,
5.5%,
8/15/56
.............
United
States
37,500,000
37,257,785
GNMA
II,
Single-family,
30
Year,
6%,
12/20/48
-
6/20/56
......
United
States
2,514,082
2,604,962
m
GNMA
II,
Single-family,
30
Year,
6.5%,
8/15/56
.............
United
States
11,000,000
11,366,779
101,947,107
Total
Mortgage-Backed
Securities
(Cost
$346,111,333)
.........................
337,768,666
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
491,239
492,000
b
Angel
Oak
Mortgage
Trust
,
2023-3,
A1,
144A,
4.8%,
9/26/67
......................
United
States
1,040,917
1,035,482
2024-9,
A1,
144A,
5.138%,
9/25/69
....................
United
States
562,728
561,893
b
Arroyo
Mortgage
Trust
,
j
2019-3,
M1,
144A,
FRN,
4.204%,
10/25/48
...............
United
States
3,050,000
2,877,017
2020-1,
A3,
144A,
3.328%,
3/25/55
....................
United
States
150,000
138,158
b,j
BRAVO
Residential
Funding
Trust
,
2020-RPL1
,
M1
,
144A,
FRN
,
3.25
%
,
5/26/59
...................................
United
States
5,430,000
5,185,715
b,j
Bunker
Hill
Loan
Depositary
Trust
,
2020-1
,
A3
,
144A,
FRN
,
3.253
%
,
2/25/55
...................................
United
States
2,100,000
2,061,200
b,f
Chase
Home
Lending
Mortgage
Trust
,
2025-10
,
A11
,
144A,
FRN
,
4.916
%
,
(
30-day
SOFR
Average
+
1.3
%
),
7/25/56
.........
United
States
648,279
649,967
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
29
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b,f
Chevy
Chase
Funding
LLC
,
2004-3A
,
A2
,
144A,
FRN
,
4.139
%
,
(
1-month
SOFR
+
0.414
%
),
8/25/35
....................
United
States
345,294
$
339,056
b
COLT
Mortgage
Loan
Trust
,
j
2021-1,
B1,
144A,
FRN,
3.144%,
6/25/66
................
United
States
2,996,000
2,286,147
2023-3,
A1,
144A,
7.18%,
9/25/68
.....................
United
States
625,366
625,205
b
Cross
Mortgage
Trust
,
2024-H3,
A1,
144A,
6.272%,
6/25/69
...................
United
States
352,545
354,011
2024-H4,
A1,
144A,
6.147%,
7/25/69
...................
United
States
836,326
842,187
b,j
Ellington
Financial
Mortgage
Trust
,
2020-1
,
A2
,
144A,
FRN
,
3.149
%
,
5/25/65
...................................
United
States
83,003
82,324
j
FHLMC
Seasoned
Credit
Risk
Transfer
Trust
,
b
2019-2,
M,
144A,
FRN,
4.75%,
8/25/58
.................
United
States
465,888
452,818
2019-3,
M,
FRN,
4.75%,
10/25/58
.....................
United
States
2,877,402
2,829,397
b
2019-4,
M,
144A,
FRN,
4.5%
,
2/25/59
..................
United
States
1,833,309
1,767,144
b,f
FHLMC
STACR
REMIC
Trust
,
2021-DNA5,
M2,
144A,
FRN,
5.266%,
(30-day
SOFR
Average
+
1.65%),
1/25/34
.................................
United
States
5,977
5,985
2021-DNA6,
M2,
144A,
FRN,
5.116%,
(
30-day
SOFR
Average
+
1.5%),
10/25/41
...................................
United
States
84,970
85,081
2021-DNA7,
M2,
144A,
FRN,
5.416%,
(30-day
SOFR
Average
+
1.8%),
11/25/41
..................................
United
States
386,453
387,579
2021-HQA4,
M2,
144A,
FRN,
5.966%,
(30-day
SOFR
Average
+
2.35%),
12/25/41
................................
United
States
3,732,140
3,750,378
2022-DNA2,
M1A,
144A,
FRN,
4.916%,
(30-day
SOFR
Average
+
1.3%),
2/25/42
..................................
United
States
825
825
2022-DNA3,
M1B,
144A,
FRN,
6.516%,
(30-day
SOFR
Average
+
2.9%),
4/25/42
..................................
United
States
10,000
10,134
2022-DNA5,
M1A,
144A,
FRN,
6.566%,
(30-day
SOFR
Average
+
2.95%),
6/25/42
.................................
United
States
13,806
13,950
2022-DNA6,
M1A,
144A,
FRN,
5.766%,
(30-day
SOFR
Average
+
2.15%),
9/25/42
.................................
United
States
24,080
24,111
2022-DNA6,
M1B,
144A,
FRN,
7.316%,
(
30-day
SOFR
Average
+
3.7%),
9/25/42
..................................
United
States
27,000
27,736
2022-HQA1,
M2,
144A,
FRN,
8.866%,
(30-day
SOFR
Average
+
5.25%),
3/25/42
.................................
United
States
6,323,000
6,489,258
2023-DNA1,
M1A,
144A,
FRN,
5.717%,
(30-day
SOFR
Average
+
2.1%),
3/25/43
..................................
United
States
38,482
38,890
2023-HQA2,
M1A,
144A,
FRN,
5.616%,
(30-day
SOFR
Average
+
2%),
6/25/43
....................................
United
States
11,426
11,438
2023-HQA3,
A1,
144A,
FRN,
5.466%,
(30-day
SOFR
Average
+
1.85%),
11/25/43
..................................
United
States
88,289
88,742
2023-HQA3,
M1,
144A,
FRN,
5.466%,
(30-day
SOFR
Average
+
1.85%),
11/25/43
.................................
United
States
15,407
15,481
2024-DNA1,
A1,
144A,
FRN,
4.966%,
(30-day
SOFR
Average
+
1.35%),
2/25/44
...................................
United
States
92,191
92,603
2024-DNA2,
A1,
144A,
FRN,
4.866%,
(30-day
SOFR
Average
+
1.25%),
5/25/44
...................................
United
States
96,673
97,114
2025-DNA3,
M1,
144A,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
9/25/45
..................................
United
States
592,542
592,757
FNMA
,
2003-34
,
P1
,
Strip
,
4/25/43
......................
United
States
46,208
42,698
f
FNMA
Connecticut
Avenue
Securities
Trust
,
2018-C02,
2M2,
FRN,
5.931%,
(30-day
SOFR
Average
+
2.314%),
8/25/30
..................................
United
States
5,238
5,305
b
2021-R03,
1M2,
144A,
FRN,
5.266%,
(30-day
SOFR
Average
+
1.65%),
12/25/41
..................................
United
States
114,927
115,164
b
2022-R02,
2M2,
144A,
FRN,
6.616%,
(30-day
SOFR
Average
+
3%),
1/25/42
.....................................
United
States
1,387,493
1,400,459
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
30
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-R03,
1M2,
144A,
FRN,
7.116%,
(30-day
SOFR
Average
+
3.5%),
3/25/42
....................................
United
States
38,000
$
38,617
b
2022-R04,
1M2,
144A,
FRN,
6.716%,
(30-day
SOFR
Average
+
3.1%),
3/25/42
....................................
United
States
53,000
53,676
b
2023-R06,
1M1,
144A,
FRN,
5.316%,
(30-day
SOFR
Average
+
1.7%),
7/25/43
....................................
United
States
218,174
218,680
b
2023-R07,
2M1,
144A,
FRN,
5.566%,
(
30-day
SOFR
Average
+
1.95%),
9/25/43
...................................
United
States
7,078
7,088
b
2024-R02,
1M1,
144A,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
2/25/44
....................................
United
States
866
866
b
2024-R03,
2M1,
144A,
FRN,
4.766%,
(30-day
SOFR
Average
+
1.15%),
3/25/44
...................................
United
States
5,915
5,915
b
2024-R06,
1A1,
144A,
FRN,
4.766%,
(30-day
SOFR
Average
+
1.15%),
9/25/44
...................................
United
States
73,680
73,867
b
2025-R06,
1A1,
144A,
FRN,
4.516%,
(30-day
SOFR
Average
+
0.9%),
9/25/45
....................................
United
States
586,844
587,086
b
2026-R01,
2A1,
144A,
FRN,
4.466%,
(30-day
SOFR
Average
+
0.85%),
1/25/46
...................................
United
States
1,457,951
1,457,774
b
2026-R01,
2M1,
144A,
FRN,
4.616%,
(30-day
SOFR
Average
+
1%),
1/25/46
.....................................
United
States
1,314,579
1,314,918
b
GCAT
Trust
,
2020-NQM2
,
A3
,
144A,
3.935
%
,
4/25/65
........
United
States
975,282
951,476
b
GS
Mortgage-Backed
Securities
Trust
,
j
2020-RPL1,
M2,
144A,
FRN,
3.729%,
7/25/59
............
United
States
1,125,000
957,967
2024-RPL4,
A1,
144A,
3.9%,
9/25/61
...................
United
States
419,896
409,092
b
J.P.
Morgan
Mortgage
Trust
,
2024-VIS2,
A1,
144A,
5.853%,
11/25/64
.................
United
States
389,902
390,440
j
2026-NQX2,
A1,
144A,
FRN,
5.628%,
10/25/66
...........
United
States
1,772,308
1,767,442
b
MFA
Trust
,
2025-NQM3
,
A1
,
144A,
5.261
%
,
8/25/70
.........
United
States
424,742
421,891
b,j
Morgan
Stanley
Resecuritization
Trust
,
2015-R4
,
CB1
,
144A,
FRN
,
4.061
%
,
8/26/47
..............................
United
States
308,149
308,334
b,f
Morgan
Stanley
Residential
Mortgage
Loan
Trust
,
2024-3
,
AF
,
144A,
FRN
,
4.966
%
,
(
30-day
SOFR
Average
+
1.35
%
),
7/25/54
United
States
113,580
113,831
b
OBX
Trust
,
2023-NQM7,
A1,
144A,
6.844%,
4/25/63
................
United
States
759,986
759,519
f
2025-J2,
AF,
144A,
FRN,
4.916%,
(30-day
SOFR
Average
+
1.3%),
9/25/55
....................................
United
States
760,934
763,136
b,j
Onity
Loan
Investment
Trust
,
2026-HB3
,
A
,
144A,
FRN
,
3
%
,
6/25/39
.........................................
United
States
393,850
385,651
b
PRET
LLC
,
2026-NPL1
,
A1
,
144A,
5.18
%
,
1/25/56
..........
United
States
613,093
607,504
b
PRKCM
Trust
,
2023-AFC2
,
A1
,
144A,
6.482
%
,
6/25/58
.......
United
States
2,485,776
2,479,682
b
PRPM
LLC
,
2026-1
,
A1
,
144A,
5.185
%
,
2/25/31
............
United
States
1,305,273
1,286,494
b,j
PRPM
Trust
,
2026-NQM3
,
A1
,
144A,
FRN
,
5.845
%
,
7/25/71
...
United
States
1,498,000
1,502,350
b,f
Station
Place
Securitization
Trust
,
2025-3,
A,
144A,
FRN,
4.593%,
(1-month
SOFR
+
0.9%),
9/23/26
.........................................
United
States
3,370,000
3,386,942
2025-7,
A,
144A,
FRN,
4.593%,
(1-month
SOFR
+
0.9%),
11/24/26
........................................
United
States
3,403,000
3,421,168
2026-2,
A,
144A,
FRN,
4.526%,
(1-month
SOFR
+
0.85%),
8/23/27
.........................................
United
States
3,201,000
3,208,080
b,j
Towd
Point
Mortgage
Trust
,
2018-5,
M1,
144A,
FRN,
3.25%,
7/25/58
................
United
States
209,000
173,657
2019-2,
A2,
144A,
FRN,
3.75%,
12/25/58
................
United
States
327,000
292,924
b
Verus
Securitization
Trust
,
2024-1
,
A1
,
144A,
5.712
%
,
1/25/69
.
United
States
941,399
944,131
b
Visio
Trust
,
2022-1
,
A2
,
144A,
6.85
%
,
8/25/57
..............
United
States
1,020,683
1,019,463
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
31
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
,
2005-AR13,
A1B2,
FRN,
4.699%,
(1-month
SOFR
+
0.974%),
10/25/45
........................................
United
States
491,851
$
468,892
2005-AR13,
A1C4,
FRN,
4.699%,
(1-month
SOFR
+
0.974%),
10/25/45
........................................
United
States
1,722,505
1,632,488
2005-AR17,
A1B2,
FRN,
4.659%,
(1-month
SOFR
+
0.934%),
12/25/45
........................................
United
States
1,014,302
932,632
2005-AR2,
2A1B,
FRN,
4.579%,
(1-month
SOFR
+
0.854%),
1/25/45
.........................................
United
States
146,639
143,796
68,362,878
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$68,485,197)
...............
68,362,878
Agency
Commercial
Mortgage-Backed
Securities
5.9%
Financial
Services
5.9%
FHLMC
,
f
3065,
DC,
FRN,
8.64%,
(-3
x
30-day
SOFR
Average
+
19.517%),
3/15/35
.................................
United
States
82,250
83,141
j
3117,
AF,
FRN,
Zero
Cpn.,
2/15/36
.....................
United
States
5,572
4,876
3369,
BO,
Strip,
9/15/37
.............................
United
States
1,347
1,141
3391,
Strip,
4/15/37
................................
United
States
24,646
21,358
f
3408,
EK,
FRN,
10.744%,
(-4
x
30-day
SOFR
Average
+
25.332%),
4/15/37
.................................
United
States
148,918
163,933
k
4018,
DI,
IO,
4.5%,
7/15/41
..........................
United
States
7,272
7
f
406,
F30,
FRN,
4.766%,
(30-day
SOFR
Average
+
1.15%),
10/25/53
........................................
United
States
1,292,643
1,303,318
k
4132,
IP,
IO,
4.5%
,
11/15/42
..........................
United
States
328,088
21,382
f,k
4839,
WS,
IO,
FRN,
2.36%,
(-1
x
30-day
SOFR
Average
+
5.986%),
8/15/56
..................................
United
States
11,919,121
1,347,422
k
5050,
IM,
IO,
3.5%,
10/25/50
.........................
United
States
2,017,184
390,093
k
5349,
IB,
IO,
4%,
12/15/46
...........................
United
States
3,035,258
638,313
f
5419,
AF,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
6/25/54
.........................................
United
States
1,216,583
1,226,351
b,f
FHLMC
Multi-family
Structured
Credit
Risk
Trust
,
2021-MN3
,
M2
,
144A,
FRN
,
7.616
%
,
(
30-day
SOFR
Average
+
4
%
),
11/25/51
.
United
States
478,000
490,111
FNMA
,
2006-84,
OT,
Strip,
9/25/36
..........................
United
States
2,554
2,136
2007-14,
KO,
Strip,
3/25/37
..........................
United
States
20,462
17,329
k
2012-128,
QI,
IO,
3.5%,
6/25/42
.......................
United
States
516,294
13,098
k
2015-33,
AI,
IO,
5%,
6/25/45
.........................
United
States
5,152,383
597,040
k
2017-72,
ID,
IO,
4.5%,
9/25/47
........................
United
States
9,340,766
1,706,575
k
2021-12,
NI,
IO,
2.5%,
3/25/51
........................
United
States
22,758,275
3,771,331
k
2023-49,
IA,
IO,
3%,
8/25/46
.........................
United
States
3,346,658
426,134
k
2023-49,
IB,
IO,
3.5%,
3/25/47
........................
United
States
2,978,032
451,676
f
2024-10,
FA,
FRN,
4.716%,
(30-day
SOFR
Average
+
1.1%),
3/25/54
.........................................
United
States
985,345
987,932
f
2026-43,
FD,
FRN,
4.546%,
(30-day
SOFR
Average
+
0.93%),
6/25/56
.........................................
United
States
2,113,359
2,114,363
k
409,
C24,
IO,
4.5%,
4/25/42
..........................
United
States
2,747,895
532,255
b,f
FNMA
Multi-family
Connecticut
Avenue
Securities
Trust
,
2019-01,
M10,
144A,
FRN,
6.981%,
(30-day
SOFR
Average
+
3.364%),
10/25/49
.................................
United
States
2,155,555
2,177,776
2020-01,
M10,
144A,
FRN,
7.481%,
(30-day
SOFR
Average
+
3.864%),
3/25/50
..................................
United
States
2,554,825
2,595,546
b,f
FREMF
Mortgage
Trust
,
2018-KF43
,
B
,
144A,
FRN
,
5.896
%
,
(
30-
day
SOFR
Average
+
2.264
%
),
1/25/28
.................
United
States
2,579,818
2,526,518
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
32
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
GNMA
,
k
2009-79,
IC,
IO,
6%,
8/20/39
.........................
United
States
1,747,332
$
166,034
k
2010-9,
UI,
IO,
5%,
1/20/40
..........................
United
States
2,126,949
403,951
j,k
2010-H19,
GI,
IO,
FRN,
1.471%,
8/20/60
................
United
States
1,706,545
81,663
f,k
2011-70,
YI,
IO,
FRN,
0.15%,
(-1
x
1-month
SOFR
+
4.886%),
12/20/40
........................................
United
States
2,553,027
15,470
k
2012-113,
ID,
IO,
3.5%,
9/20/42
.......................
United
States
5,252,934
718,869
k
2012-136,
IO,
3.5%,
11/20/42
.........................
United
States
4,255,063
515,386
k
2012-38,
MI,
IO,
4%,
3/20/42
.........................
United
States
9,602,411
1,589,622
k
2013-164,
CI,
IO,
3%,
11/16/28
.......................
United
States
285,306
2,556
k
2014-100,
JI,
IO,
3.5%,
7/16/29
.......................
United
States
497,405
9,536
k
2014-102,
IG,
IO,
3.5%,
3/16/41
.......................
United
States
78,237
623
k
2014-180,
IO,
5%,
12/20/44
..........................
United
States
4,974,680
953,596
k
2014-30,
KI,
IO,
3%,
2/16/29
.........................
United
States
116,331
810
k
2014-5,
LI,
IO,
3%,
1/16/29
..........................
United
States
103,075
856
k
2014-71,
BI,
IO,
4.5%,
5/20/29
........................
United
States
225
—
k
2014-76,
IO,
5%,
5/20/44
............................
United
States
1,308,305
259,226
j,k
2014-H11,
GI,
IO,
FRN,
1.561%,
6/20/64
................
United
States
6,049,466
205,022
k
2015-52,
KI,
IO,
3.5%,
11/20/40
.......................
United
States
824,605
19,886
k
2015-53,
MI,
IO,
4%,
4/16/45
.........................
United
States
4,705,698
912,392
j,k
2015-H01,
CI,
IO,
FRN,
1.558%,
12/20/64
...............
United
States
1,089,399
22,239
j,k
2015-H04,
AI,
IO,
FRN,
1.951%,
12/20/64
...............
United
States
3,941,987
141,792
j,k
2015-H10,
CI,
IO,
FRN,
1.779%,
4/20/65
................
United
States
2,188,208
74,296
j,k
2015-H12,
AI,
IO,
FRN,
1.844%,
5/20/65
................
United
States
1,685,371
67,208
j,k
2015-H12,
EI,
IO,
FRN,
1.776%,
4/20/65
................
United
States
3,212,274
71,907
j,k
2015-H12,
GI,
IO,
FRN,
1.841%,
5/20/65
................
United
States
3,721,874
149,947
j,k
2015-H16,
XI,
IO,
FRN,
2.522%,
7/20/65
................
United
States
2,406,516
133,362
j,k
2015-H20,
AI,
IO,
FRN,
1.879%,
8/20/65
................
United
States
2,702,583
106,120
j,k
2015-H25,
AI,
IO,
FRN,
1.685%,
9/20/65
................
United
States
1,909,269
46,804
j,k
2015-H25,
CI,
IO,
FRN,
2.341%,
10/20/65
...............
United
States
2,226,823
103,305
j,k
2015-H26,
DI,
IO,
FRN,
2.396%,
10/20/65
...............
United
States
2,154,609
115,797
j,k
2016-H11,
HI,
IO,
FRN,
1.775%,
1/20/66
................
United
States
1,277,033
46,215
j,k
2016-H23,
NI,
IO,
FRN,
2.739%,
10/20/66
...............
United
States
4,909,191
241,719
j,k
2016-H24,
JI,
IO,
FRN,
2.739%,
11/20/66
................
United
States
2,376,024
148,276
j,k
2017-H08,
NI,
IO,
FRN,
2.185%,
3/20/67
................
United
States
2,037,424
78,910
j,k
2017-H10,
MI,
IO,
FRN,
1.879%,
4/20/67
................
United
States
3,249,216
91,558
j,k
2017-H12,
QI,
IO,
FRN,
2.114%,
5/20/67
................
United
States
3,526,621
137,288
j,k
2017-H18,
CI,
IO,
FRN,
2.01%,
9/20/67
.................
United
States
3,382,303
248,341
j,k
2017-H23,
BI,
IO,
FRN,
1.919%,
11/20/67
...............
United
States
4,327,468
156,113
j,k
2018-H02,
EI,
IO,
FRN,
2.5%,
1/20/68
..................
United
States
4,295,861
178,461
j,k
2018-H17,
GI,
IO,
FRN,
2.139%,
10/20/68
...............
United
States
6,704,846
203,425
f,k
2019-121,
SD,
IO,
FRN,
2.216%,
(-1
x
1-month
SOFR
+
5.886%),
10/20/49
.................................
United
States
2,204,776
206,784
f,k
2019-125,
SG,
IO,
FRN,
2.266%,
(-1
x
1-month
SOFR
+
5.936%),
10/20/49
.................................
United
States
3,172,169
287,169
f,k
2019-65,
BS,
IO,
FRN,
2.316%,
(-1
x
1-month
SOFR
+
5.986%),
5/20/49
..................................
United
States
4,870,820
389,820
k
2019-83,
IO,
4.5%,
6/20/49
..........................
United
States
6,592,131
1,470,691
j,k
2019-H02,
DI,
IO,
FRN,
2.557%,
11/20/68
...............
United
States
5,222,598
234,124
j,k
2019-H14,
IB,
IO,
FRN,
2.442%,
8/20/69
................
United
States
6,278,755
255,589
k
2020-123,
NI,
IO,
2.5%,
8/20/50
.......................
United
States
12,614,476
1,861,830
k
2020-151,
MI,
IO,
2.5%,
10/20/50
......................
United
States
22,243,363
3,254,804
j,k
2020-H02,
GI,
IO,
FRN,
2.437%,
1/20/70
................
United
States
8,720,842
388,932
k
2021-91,
AI,
IO,
3.5%,
5/20/51
........................
United
States
13,792,801
2,515,950
f
2023-140,
JS,
FRN,
7.039%,
(-2
x
30-day
SOFR
Average
+
16.05%),
9/20/53
..................................
United
States
672,351
677,898
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
33
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
GNMA,
(continued)
f
2023-152,
FB,
FRN,
4.771%,
(
30-day
SOFR
Average
+
1.15%),
4/20/51
.........................................
United
States
2,466,237
$
2,523,527
f,k
2023-19,
S,
IO,
FRN,
2.266%,
(-1
x
1-month
SOFR
+
5.936%),
11/20/49
........................................
United
States
14,477,932
1,326,548
f
2023-66,
PS,
FRN,
6.322%,
(-3
x
30-day
SOFR
Average
+
15.375%),
5/20/53
.................................
United
States
2,607,156
2,389,487
k
2025-120,
IA,
IO,
4%,
3/20/52
........................
United
States
6,541,435
1,225,189
f,k
2025-120,
SD,
IO,
FRN,
2.216%,
(-1
x
1-month
SOFR
+
5.886%),
10/20/49
.................................
United
States
11,362,195
1,023,936
f
2025-169,
FB,
FRN,
4.621%,
(30-day
SOFR
Average
+
1%),
10/20/55
........................................
United
States
1,821,819
1,831,385
53,893,399
a
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$55,422,556)
.......
53,893,399
Municipal
Bonds
1.2%
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
957,427
City
of
Orange
,
Revenue
,
2021
,
Refunding
,
2.65
%
,
6/01/34
....
United
States
470,000
394,504
City
of
Pomona
,
Revenue
,
2020
BJ
,
3.716
%
,
8/01/40
........
United
States
285,000
238,569
County
of
Fresno
,
Revenue
,
2004
A
,
NATL
Insured
,
5.07
%,
8/15/32
.........................................
United
States
620,000
459,779
County
of
Tulare
,
Revenue
,
2018
,
4.445
%
,
6/01/37
..........
United
States
900,000
835,286
State
of
California
,
GO,
4.35%
,
11/01/32
...............................
United
States
1,290,000
1,257,874
GO,
7.5%,
4/01/34
.................................
United
States
770,000
862,513
5,005,952
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
938,316
Georgia
0.0%
†
Georgia
Higher
Education
Facilities
Authority
,
University
System
of
Georgia
,
Revenue
,
2026
A
,
5.273
%
,
1/01/40
...........
United
States
220,000
213,342
Illinois
0.1%
State
of
Illinois
,
GO
,
2026
A
,
4.954
%
,
4/01/33
..............
United
States
865,000
858,790
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
203,727
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
675,292
Ohio
0.1%
JobsOhio
Beverage
System
,
Revenue,
Senior
Lien
,
2020
A
,
ETM,
2.833
%
,
1/01/38
...................................
United
States
565,000
465,769
Pennsylvania
0.2%
Pennsylvania
Economic
Development
Financing
Authority
,
Revenue
,
2025
,
5.689
%
,
6/01/54
......................
United
States
670,000
644,517
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
34
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Redevelopment
Authority
of
the
City
of
Philadelphia
,
City
of
Philadelphia
,
Revenue
,
2026
A
,
5.002
%
,
11/01/38
.........
United
States
1,045,000
$
1,010,551
1,655,068
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
717,127
Total
Municipal
Bonds
(Cost
$10,965,479)
....................................
10,733,383
Total
Long
Term
Investments
(Cost
$1,166,262,636)
...........................
1,147,910,517
a
Short
Term
Investments
8.0%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
2.1%
o,p
U.S.
Treasury
Bills
,
3.57%,
10/22/26
...................................
United
States
4,200,000
4,165,690
3.72%,
12/10/26
...................................
United
States
15,400,000
15,192,836
19,358,526
Total
U.S.
Government
and
Agency
Securities
(Cost
$19,354,873)
...............
19,358,526
Shares
Management
Investment
Companies
5.9%
a,q
Putnam
Short
Term
Investment
Fund,
Class
P,
3.819%
.......
United
States
54,866,908
54,866,908
Total
Management
Investment
Companies
(Cost
$54,866,908)
..................
54,866,908
Total
Short
Term
Investments
(Cost
$74,221,781
)
..............................
74,225,434
a
Total
Investments
(Cost
$1,240,484,417)
132.5%
..............................
$1,222,135,951
TBA
Sale
Commitments
(6.7)%
..............................................
(61,894,395)
Other
Assets,
less
Liabilities
(25.8)%
........................................
(238,053,003)
Net
Assets
100.0%
.........................................................
$922,188,553
a
a
a
Principal
Amount
*
r
TBA
Sale
Commitments
(6.7)%
Mortgage-Backed
Securities
(6.7)%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(6.5)%
Uniform
Mortgage-Backed
Securities
,
2%,
TBA,
8/25/56
..................................
United
States
(21,000,000)
(16,469,531)
2.5%,
TBA,
8/25/56
................................
United
States
(12,000,000)
(9,869,062)
3.5%,
TBA,
8/25/56
................................
United
States
(4,530,000)
(4,040,194)
4.5%,
TBA,
8/25/56
................................
United
States
(17,500,000)
(16,554,922)
5%,
TBA,
8/25/56
..................................
United
States
(7,500,000)
(7,298,670)
5.5%,
TBA,
8/25/56
................................
United
States
(3,690,000)
(3,680,592)
6%,
TBA,
8/25/56
..................................
United
States
(2,000,000)
(2,027,500)
(59,940,471)
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
35
a
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
(0.2)%
GNMA
II,
Single-family,
30
Year
,
4.5%,
8/15/56
....................................
United
States
(1,000,000)
$
(937,459)
6%,
8/15/56
......................................
United
States
(1,000,000)
(1,016,465)
(1,953,924)
Total
TBA
Sale
Commitments
(Proceeds
$(
62,019,284))
........................
$(61,894,395)
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
4
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
July
31,
2026,
the
aggregate
value
of
these
securities
was
$348,383,169,
representing
37.8%
of
net
assets.
c
Perpetual
security
with
no
stated
maturity
date.
d
The
coupon
rate
shown
represents
the
rate
at
period
end.
e
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
f
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
g
See
Note
3
regarding
unfunded
loan
commitments.
h
Fair
valued
using
significant
unobservable
inputs.
See
Note
5
regarding
fair
value
measurements.
i
Income
may
be
received
in
additional
securities
and/or
cash.
j
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.
The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
k
Investment
in
an
interest-only
security
entitles
holders
to
receive
only
the
interest
payment
on
the
underlying
instruments.
The
principal
amount
shown
is
the
notional
amount
of
the
underlying
instruments.
l
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
m
Security
purchased
on
a
to-be-announced
(TBA)
basis.
n
Adjustable
Rate
Mortgage-Backed
Security
(ARM);
the
rate
shown
is
the
effective
rate
at
period
end.
ARM
rates
are
not
based
on
a
published
reference
rate
and
spread;
they
are
based
on
the
weighted
average
rates
of
the
underlying
mortgage
loans,
less
the
applicable
servicing
and
guarantee
fees
(MBS
margin).
o
The
rate
shown
represents
the
yield
at
period
end.
p
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts
and
TBA
securities.
At
July
31,
2026,
the
aggregate
value
of
these
securities
pledged
amounted
to
$17,763,582,
representing
1.9%
of
net
assets.
q
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
r
Security
sold
on
a
to-be-announced
(TBA)
basis
resulting
in
a
short
position.
As
such,
the
Fund
is
not
subject
to
fees
and
expenses
associated
with
short
sale
transactions.
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
36
At
July
31,
2026,
the
Fund
had
the
following futures
contracts
outstanding.
At
July
31,
2026,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
At
July
31,
2026,
the
Fund
had
the
following forward
premium
swap
options contracts
outstanding.
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
222
$
23,976,000
9/21/26
$
(374,571)
U.S.
Treasury
10
Year
Ultra
Notes
................
Short
381
41,796,891
9/21/26
781,861
U.S.
Treasury
2
Year
Notes
.....................
Long
149
30,635,797
9/30/26
(99,923)
U.S.
Treasury
5
Year
Notes
.....................
Long
2,375
251,694,337
9/30/26
(2,610,536)
U.S.
Treasury
Long
Bonds
.....................
Long
711
77,010,188
9/21/26
(2,645,500)
U.S.
Treasury
Ultra
Bonds
......................
Long
338
37,074,375
9/21/26
(1,510,962)
Total
Futures
Contracts
......................................................................
$(6,459,631)
*
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
British
Pound
......
HSBK
Sell
1,000
1,331
9/16/26
$
—
$
(17)
Euro
.............
BOFA
Sell
159,100
184,026
9/16/26
237
—
Euro
.............
HSBK
Sell
1,992,600
2,299,027
9/16/26
2,340
(5,119)
Euro
.............
MSCO
Sell
1,253,200
1,449,228
9/16/26
1,560
—
Euro
.............
SSBT
Sell
525,200
607,432
9/16/26
733
—
Total
Forward
Exchange
Contracts
...................................................
$4,870
$(5,136)
Net
unrealized
appreciation
(depreciation)
............................................
$(266)
*
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
$
137,915
4.127%/1-day
SOFR/Nov-60/(Purchased)
BNDP
11/18/30
/
4.127%
6,900,000
822,825
(246,683)
4.306%/1-day
SOFR/Jun-61/(Purchased)
BNDP
6/09/31
/
4.306%
7,000,000
806,750
(107,344)
(4.306%)/1-day
SOFR/Jun-61/(Purchased)
BNDP
6/09/31
/
4.306%
7,000,000
806,750
108,987
2.91%/1-day
SOFR/Apr-52/(Purchased)
BNDP
3/31/32
/
2.91%
56,609,500
3,453,179
(1,764,511)
(2.765%)/3-month
EURIBOR/Mar-28/
(Purchased)
BOFA
3/19/27
/
2.765%
EUR
94,021,000
393,230
20,894
(3.165%)/3-month
EURIBOR/Mar-28/(Written)
BOFA
3/19/27
/
3.165%
EUR
94,021,000
(242,910)
31,620
(3.565%)/3-month
EURIBOR/Mar-28/(Written)
BOFA
3/19/27
/
3.565%
EUR
94,021,000
(161,214)
48,124
4.2%/1-day
SOFR/Aug-60/(Purchased)
BOFA
8/26/30
/
4.2%
3,430,800
427,821
(132,458)
(4.2%)/1-day
SOFR/Aug-60/(Purchased)
BOFA
8/26/30
/
4.2%
3,430,800
427,821
25,934
4.33%/1-day
SOFR/May-52/(Purchased)
DBAB
5/19/32
/
4.33%
5,542,800
694,236
(209,291)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
37
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
At
July
31,
2026,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
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
(4.33%)/1-day
SOFR/May-52/(Purchased)
DBAB
5/19/32
/
4.33%
5,542,800
$
694,236
$
5,560
3.043%/1-day
SOFR/Mar-52/(Purchased)
JPHQ
3/29/32
/
3.043%
33,000,000
1,980,825
(928,357)
(4.384%)/1-day
SOFR/Feb-38/(Purchased)
MCM
1/31/28
/
4.384%
7,948,000
366,005
(91,113)
3.884%/1-day
SOFR/Feb-38/(Purchased)
MCM
1/31/28
/
3.884%
7,948,000
351,302
(209,501)
2.48%/1-day
SOFR/Feb-59/(Purchased)
MSCO
2/15/29
/
2.48%
37,620,500
2,334,766
(1,889,997)
(4.825%)/1-day
SOFR/May-57/(Purchased)
NATW
4/30/27
/
4.825%
15,152,700
548,528
(184,739)
Unrealized
appreciation
379,034
Unrealized
(depreciation)
(5,763,994)
Total
$(5,384,960)
*
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
Sell
Protection
c,d
Traded
Index
CDX.NA.HY.46
.
5.00%
Quarterly
6/20/31
11,090,000
$
891,787
$
508,661
$
383,126
Non-
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$891,787
$508,661
$383,126
OTC
Swap
Contracts
Contracts
to
Buy
Protection
c
Traded
Index
CMBX.NA.BB.6
.
(5.00)%
Monthly
CITI
5/11/63
641,000
76,159
84,659
(8,500)
CMBX.NA.BB.6
.
(5.00)%
Monthly
GSCO
5/11/63
2,168,000
257,586
308,144
(50,558)
CMBX.NA.BB.6
.
(5.00)%
Monthly
JPHQ
5/11/63
953,000
113,228
490,603
(377,375)
CMBX.
NA.BBB-.10
..
(3.00)%
Monthly
GSCO
11/17/59
3,191,000
935,681
611,348
324,333
CMBX.
NA.BBB-.11
..
(3.00)%
Monthly
GSCO
11/18/54
2,356,000
249,147
303,924
(54,777)
CMBX.
NA.BBB-.12
..
(3.00)%
Monthly
GSCO
8/17/61
2,356,000
525,918
427,614
98,304
CMBX.
NA.BBB-.13
..
(3.00)%
Monthly
GSCO
12/16/72
4,596,000
1,025,942
963,415
62,527
CMBX.
NA.BBB-.13
..
(3.00)%
Monthly
JPHQ
12/16/72
1,381,000
308,274
267,511
40,763
CMBX.NA.BBB-.6
(3.00)%
Monthly
JPHQ
5/11/63
2,416,000
174,158
538,787
(364,629)
CMBX.NA.BBB-.9
(3.00)%
Monthly
MSCO
9/17/58
2,356,000
527,749
423,196
104,553
Contracts
to
Sell
Protection
c,d
Traded
Index
CMBX.NA.BB.6
.
5.00%
Monthly
CITI
5/11/63
3,485,000
(414,062)
(605,950)
191,888
Non-
Investment
Grade
Putnam
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
38
At
July
31,
2026,
the
Fund
had
the
following interest
rate swap
contracts
outstanding.
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
(continued)
Traded
Index
(continued)
CMBX.NA.BB.6
.
5.00%
Monthly
MSCO
5/11/63
2,135,000
$
(253,665)
$
(283,474)
$
29,809
Non-
Investment
Grade
CMBX.NA.BBB-.6
3.00%
Monthly
BOFA
5/11/63
2,416,000
(
174,157)
(145,536)
(28,621)
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$3,351,958
$3,384,241
$(32,283)
Total
Credit
Default
Swap
Contracts
....................................
$4,243,745
$
3,892,902
$350,843
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
4.04%
....
Annual
9/16/28
364,859,000
$
843,044
$
(685,373)
$
1,528,417
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.06%
....
Annual
9/16/28
3,670,000
7,086
(10,102)
17,188
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.02%
....
Annual
9/16/31
24,808,000
150,363
(78,300)
228,663
Receive
Fixed
4%
.....
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/31
16,854,000
(117,211)
(70,291)
(46,920)
Receive
Fixed
4.04%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/31
14,418,000
(74,508)
(1,507)
(73,001)
Receive
Floating
6-month
EURIBOR
...........
Semi-Annual
Pay
Fixed
2.94%
....
Annual
9/16/31
3,493,000
EUR
29,713
(22,424)
52,137
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
39
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
4.06%
....
Annual
9/16/33
62,655,000
$
568,399
$
406,889
$
161,510
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.08%
....
Annual
9/16/33
14,043,000
110,525
35,560
74,965
Receive
Fixed
4.04%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/33
12,326,000
(126,629)
(72,163)
(54,466)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.14%
....
Annual
9/16/36
15,255,000
210,185
(95,036)
305,221
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.16%
....
Annual
9/16/36
867,000
10,546
4,690
5,856
Receive
Fixed
4.18%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/36
3,884,000
(40,974)
(
20,493)
(20,481)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.28%
....
Annual
9/16/56
11,001,000
395,144
211,804
183,340
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.32%
....
Annual
9/16/56
286,000
8,404
(3,913)
12,317
Receive
Fixed
4.3%
...
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/56
5,838,000
(190,619)
(6,925)
(183,694)
Total
Interest
Rate
Swap
Contracts
.................................
$1,783,468
$
(407,584)
$2,191,052
*
In
U.S.
dollars
unless
otherwise
indicated.
See
A
bbreviations
on
page
43
.
Putnam
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
40
Quarterly
Schedule
of
Investments
1.
Organization
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.
2. 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 Trust'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
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. 
Putnam
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
41
Quarterly
Schedule
of
Investments
3.
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.
Funded
portions
of
credit
agreements
are
presented
in
the Schedule
of Investments.
At
July
31,
2026,
unfunded
commitments
were
as
follows:
4.
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.
During
the
period
ended
July
31,
2026,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
5. 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)
Borrower
Unfunded
Commitment
Putnam
Income
Fund
CoreWeave
,
Inc.
$
39,569
First
Eagle
Holdings,
Inc.
145,833
$
185,402
    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
$—
$—
$—
$(30,404)
$25,387,674
1,013,480
$756,715
Putnam
Short
Term
Investment
Fund,
Class
P,
3.819%
......
75,325,056
231,141,296
(251,599,444)
—
—
54,866,908
54,866,908
1,810,148
Total
Affiliated
Securities
...
$100,743,134
$231,141,296
$(251,599,444)
$—
$(30,404)
$80,254,582
$2,566,863
Putnam
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
42
Quarterly
Schedule
of
Investments
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
July
31,
2026,
in
valuing
the
Fund's assets
and
liabilities carried
at
fair
value,
is
as
follows:
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the period.
Level
1
Level
2
Level
3
Total
Putnam
Income
Fund
Assets:
Investments
in
Securities:
a
Management
Investment
Companies
.........
$
25,387,674
$
—
$
—
$
25,387,674
Corporate
Bonds
........................
—
403,770,054
—
403,770,054
Senior
Floating
Rate
Interests
...............
—
37,886,952
256,616
38,143,568
Foreign
Government
and
Agency
Securities
....
—
28,060,601
—
28,060,601
Asset-Backed
Securities
...................
—
127,504,823
—
127,504,823
Commercial
Mortgage-Backed
Securities
......
—
54,285,471
—
54,285,471
Mortgage-Backed
Securities
................
—
337,768,666
—
337,768,666
Residential
Mortgage-Backed
Securities
.......
—
68,362,878
—
68,362,878
Agency
Commercial
Mortgage-Backed
Securities
—
53,893,399
—
53,893,399
Municipal
Bonds
.........................
—
10,733,383
—
10,733,383
Short
Term
Investments
...................
54,866,908
19,358,526
—
74,225,434
Total
Investments
in
Securities
...........
$80,254,582
$1,141,624,753
$256,616
$1,222,135,951
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$4,870
$—
$4,870
Forward
Premium
Swap
Option
Contracts
.....
—
379,034
—
379,034
Futures
Contracts
.......................
781,861
—
—
781,861
Swap
Contracts
.........................
—
3,804,917
—
3,804,917
Unfunded
Loan
Commitments
..............
—
1,552
—
1,552
Total
Other
Financial
Instruments
.........
$781,861
$4,190,373
$—
$4,972,234
–
–
–
–
Liabilities:
Other
Financial
Instruments:
TBA
Sale
Commitments
...................
$
—
$
61,894,395
$
—
$
61,894,395
Forward
Exchange
Contracts
...............
—
5,136
—
5,136
Forward
Premium
Swap
Option
Contracts
......
—
5,763,994
—
5,763,994
Futures
Contracts
........................
7,241,492
—
—
7,241,492
Swap
Contracts
.........................
—
1,263,022
—
1,263,022
Total
Other
Financial
Instruments
.........
$7,241,492
$68,926,547
$—
$76,168,039
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
5. Fair
Value
Measurements
(continued)
Putnam
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
43
Quarterly
Schedule
of
Investments
Abbreviations
Counterparty
BNDP
BNP
Paribas
SA
BOFA
Bank
of
America
NA
CITI
Citibank
NA
DBAB
Deutsche
Bank
AG
GSCO
Goldman
Sachs
Group,
Inc.
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
MCM
Mizuho
Capital
Markets
LLC
MSCO
Morgan
Stanley
NATW
Natwest
Markets
plc
SSBT
State
Street
Bank
and
Trust
Co.
Cu
r
rency
EUR
Euro
Index
CDX.NA.HY
CDX
North
America
High
Yield
Index
CMBX.NA
CMBX
North
America
Index
Selected
Portfolio
CLO
Collateralized
Loan
Obligation
CMT
Constant
Monthly
U.S.
Treasury
Securities
Yield
Curve
Rate
Index
ETF
Exchange-Traded
Fund
ETM
Escrowed
to
Maturity
EURIBOR
Euro
Inter-Bank
Offer
Rate
FHLMC
Federal
Home
Loan
Mortgage
Corp.
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
...................
2.48%
6-month
EURIBOR
...................
2.71%
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.