Fixed Income

PNCYX Putnam Income Fund

Diverse opportunities. The fund invests across all sectors of the U.S. bond market, including mortgage-backed securities, corporate bonds, and other government obligations.
Flexible risk allocations. The fund takes a unique approach to asset allocation, dynamically establishing diversified risk exposures rather than sector exposures.
Bottom-up approach. Security selection is the primary driver of returns, with subsector allocations and macro strategies also serving as potential alpha generators.

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks high current income consistent with what the portfolio managers believe to be prudent risk by investing across all sectors of the U.S. bond market, including mortgage-backed securities, corporate bonds, and other government obligations.

Benchmark: Bloomberg U.S. Aggregate Index
Dividend Frequency, if any: Monthly
Fund Inception Date: 11/01/1954
Distribution Rate at NAV⁴As of 03/12/2026 (Updated Daily): 3.18%
30-Day SEC Yield—With Waiver^5,6,7As of 02/28/2026 (Updated Monthly): 4.37%
30-Day SEC Yield—Without Waiver^6,7As of 02/28/2026 (Updated Monthly): 4.27%
Effective DurationAs of 02/28/2026 (Updated Monthly): 5.59 Years

Sales Charges, Expenses & Fees

As of 03/01/2026

Gross Expense Ratio⁸: 0.59%
Net Expense Ratio^8,9: 0.48%
Maximum Initial Charge: —
CDSC: N/A
12b-1 Fee: N/A

Identifiers

Ticker: PNCYX
Fund Number: 1803
CUSIP Code: 746792407

Average Annual Total Returns As of 02/28/2026

View performance section for additional info As of 02/28/2026

Class Y

With Sales Charge (POP)

Without Sales Charge (NAV)

6.89%1 Year
6.02%3 Years
0.33%5 Years
2.94%10 Years
6.95%Since Inception
11/01/1954

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Top Sectors

View portfolio section for additional info

As of 02/28/2026 - Notional Exposure % of Total (Updated Monthly)

Top Sectors
Corporate Bond - Investment Grade36.49%
Agency Pass-through34.08%
Residential MBS (Non-agency)6.98%
Asset-Backed Securities6.91%
Collateralized Loan Obligation6.70%

Additional Fund Info

Share Class Inception Date: 06/16/1994
Investment Style: Multi-Sector
Lipper Classification: Core Bond Funds
Morningstar Category¹⁰: Intermediate Core-Plus Bond

Manager and Commentary

About the Team

Putnam Investments

Putnam Investments has been serving clients and shareholders for over 85 years. We manage a range of equity portfolios with a focus on stock-specific opportunities. Our approach — stock-driven rather than style-driven — is designed to offer consistent outperformance, regardless of the market environment. Our portfolios are fueled by a variety of independent views and perspectives, enhanced by fundamental research and ongoing dialogue and debate. We combine this with portfolio construction that aims to reduce broader macro exposures and manage downside risk.

Franklin Templeton Fixed Income

Managed Fund Since 2024

Managed Fund Since 2007

Managed Fund Since 2024

Latest Insights

February 19, 2026

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December 10, 2025

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August 14, 2025

US equities: Earnings growth is key for sustained market gains

Performance

Average Annual Total Returns

As of 02/28/2026

Month End

Quarter End

As of

Class Y - With Sales Charge (POP) (%)

Month End

As of 02/28/2026

Class Y - Without Sales Charge (NAV) (%)

Month End

As of 02/28/2026

Bloomberg U.S. Aggregate Index (%)

Month End

As of 02/28/2026

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all Fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns without sales charge would have been lower had sales charges been reflected. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. Returns for periods of less than one year are not annualized.

See the risks and other important information.

The fund began offering Class Y shares on 6/16/1994. Returns for periods prior to 6/16/1994 are based on the fund's Class A performance, which has not been adjusted for the lower operating expenses; had it been adjusted, performance would be higher. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Overall Morningstar Rating: Overall Morningstar Rating: 3 out of 5 stars
As of 02/28/2026

3 Years: 3 Years: 4 out of 5 stars
498 Funds in category

5 Years: 5 Years: 2 out of 5 stars
456 Funds in category

10 Years: 10 Years: 4 out of 5 stars
341 Funds in category

Rating Category: Intermediate Core-Plus Bond

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Morningstar Style Box

As of 02/28/2026

Current Historical
			High
			Medium
			Low
LTD	MOD	EXT
Duration

Quality

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Portfolio

Assets

As of02/28/2026 (Updated Monthly)

Total Net Assets: $1.03 Billion

Positions

As of 02/28/2026 (Updated Monthly)

Number of Holdings

Fund: 1,248

Portfolio Statistics

As of 02/28/2026 (Updated Monthly)

Effective Duration

Fund: 5.59 Years

Weighted Average Life

Fund: 8.51 Years

Sector Exposure
Notional exposure figures are estimated and are intended to show the portfolio's direct exposure to securities and indirect exposure, through derivatives. Direct and indirect exposures are subject to change over time and methodologies for calculating indirect exposures vary by derivative type. Portfolio breakdown percentages may not total 100% and may be negative due to rounding, use of derivatives, unsettled trades or other factors.

As of 02/28/2026 - Notional Exposure % of Total (Updated Monthly)

Sector Exposure
Sector	% of Total	Benchmark
Corporate Bond - Investment Grade	36.49%	23.58%
Agency Pass-through	34.08%	24.11%
Residential MBS (Non-agency)	6.98%	—
Asset-Backed Securities	6.91%	0.43%
Collateralized Loan Obligation	6.70%	—
Commercial Mortgage-Backed Securities	4.62%	1.42%
Agency CMO	4.26%	—
Bank Loans	3.94%	—
Emerging Markets Bonds	3.34%	1.41%
Corporate Bond - High Yield	2.76%	0.00%
Investment Vehicle	2.47%	—
Municipal Bonds	0.69%	0.44%
U.S. Treasury/Agency	—	46.56%
Local Currency Government/Agency Bonds	—	2.04%
Net Cash	6.48%	—

Holdings
As of 01/31/2026 (Updated Monthly)

US 5YR NOTE (CBT) MAR26 FVH6

FNMA FN30 TBA UMBS 05.5000 02/01/2056

US 10YR ULTRA FUT MAR26 UXYH6

FNMA FN30 TBA UMBS 02.0000 02/01/2056

US 10YR NOTE (CBT)MAR26 TYH6

US ULTRA BOND CBT MAR26 WNH6

FNMA FN30 TBA UMBS 02.5000 02/01/2056

GNMA GII30 TBA 05.5000 02/01/2054

US 2YR NOTE (CBT) MAR26 TUH6

FRANKLIN ULTRA SHORT BOND ETF

Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.

Distributions & Tax

Federal ID Number 04-6013712

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Jan 22	0.022	—	—	—	—	—	—	—	—
Feb 20	0.022	—	—	—	—	—	—	—	—
Mar 25	0.0187	—	—	—	—	—	—	—	—
Apr 24	0.0204	—	—	—	—	—	—	—	—
May 23	0.0149	—	—	—	—	—	—	—	—
Jun 24	0.0211	—	—	—	—	—	—	—	—
Jul 25	0.0213	—	—	—	—	—	—	—	—
Aug 25	0.0206	—	—	—	—	—	—	—	—
Sep 24	0.0206	—	—	—	—	—	—	—	—
Oct 27	0.0197	—	—	—	—	—	—	—	—
Nov 21	0.0189	—	—	—	—	—	—	—	—
Dec 24	0.0293	—	—	—	—	—	—	—	—
	0.2495	—	—	—	—	—	—	—	—

Jan 22

Feb 20

Mar 25

Apr 24

May 23

Jun 24

Jul 25

Aug 25

Sep 24

Oct 27

Nov 21

Dec 24

Supplemental Tax Information

Foreign Source Income: —
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: 6.82%
Specified Private Activity Bond Interest: —
Dividends Received Deduction: —
Section 163(j): 90.54%
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

Pricing History

As of 03/12/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 03/12/2026

Share Prices

As of 03/12/2026

NAV ¹(Net Asset Value): $5.24
NAV Change ¹: $-0.02
NAV Change (%) ¹: -0.38%
POP ¹¹(Public Offering Price): $5.24

52-Week Range

Highest NAV As of 02/27/2026: $5.33
Lowest NAV As of 04/11/2025: $5.10

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Putnam Income Fund	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Putnam Income Fund - Class Y	Download Document
Checkbox	Annual Financial Statements and Other Information - Putnam Income Fund	Download Document
Checkbox	Semi-Annual Report - Putnam Income Fund Class Y	Download Document
Checkbox	Semiannual Financial Statements and Other Information - Putnam Income Fund	Download Document
Checkbox	Prospectus - Putnam Income Fund	Download Document
Checkbox	Summary Prospectus - Putnam Income Fund	Download Document
Checkbox	Statement Of Additional Information - Putnam Income FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Putnam Income FundMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Putnam Income FundMailed hardcopies unavailable.	Download Document

Risks

All investments involve risks, including possible loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Asset-backed, mortgage-backed or mortgage-related securities are subject to prepayment and extension risks. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. Active management does not ensure gains or protect against market declines. The manager may consider environmental, social and governance (ESG) criteria in the research or investment process; however, ESG considerations may not be a determinative factor in security selection. In addition, the manager may not assess every investment for ESG criteria, and not every ESG factor may be identified or evaluated. These and other risks are discussed in the fund's prospectus.

Important Information

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.

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

Performance data quoted represents past performance, which does not guarantee future results.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

The Bloomberg US Aggregate Index is comprised of investment-grade, U.S. dollar-denominated government, corporate, and mortgage- and asset-backed issues having at least one year to maturity.
Source: Bloomberg Indices.

Putnam funds are not exchangeable for other funds distributed by Franklin Distributors, LLC.

Franklin Distributors, LLC. Member FINRA/SIPC. Putnam Investment is a Franklin Templeton company. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.

Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics. ©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Distribution Rate is calculated by annualizing the most recent distribution amount paid, divided by the NAV as of the date indicated. The Distribution Rate calculation includes income and excludes special distributions. The Distribution Rate is subject to change and is not guaranteed nor a quotation of fund performance.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
30-Day SEC Yield is calculated using the net income (interest and dividends) per share earned over a trailing 30-day period (annualized), divided by the fund’s share price at the end of that period. It may not equal the fund’s actual income distribution rate, which reflects the fund’s past dividends paid to shareholders.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Public Offering Price – the purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.
Credit Quality is a measure of a bond issuer's ability to repay interest and principal in a timely manner. The credit ratings shown are based on each portfolio security's rating as provided by S&P Global Ratings, Moody's Investors Service and/or Fitch Ratings, Inc. and typically range from AAA (highest) to D (lowest), or an equivalent and/or similar rating. For this purpose, if two or more of the agencies have assigned differing ratings to a security, the highest rating is used. Securities that are unrated by all three agencies are reflected as such. The credit quality of the investments in the portfolio does not apply to the stability or safety of the portfolio. The methodology used for the calculation of credit quality ratings displayed may differ from the methodology for monitoring investment limits, if applicable. Please note, the portfolio itself has not been rated by an independent rating agency.

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Individual Investor

Financial Professional

Institutional Investor

PNCYX Putnam Income Fund

Popular Documents

Overview

Fund description

Sales Charges, Expenses & Fees

Identifiers

Class Y

Top Sectors

Additional Fund Info

Manager and Commentary

About the Team

Latest Insights

Performance

Average Annual Total Returns

Ratings 3

Portfolio

Distributions & Tax

Federal ID Number 04-6013712

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ³