| Prospectus Supplement | August 30, 2021 |
| Putnam Income Fund | |
| Prospectus dated February 28, 2021 | |
Effective August 31, 2021, the sub-section Your fund's management in the section Fund summary is replaced in its entirety with the following:
Your fund's management
Investment advisor
Putnam Investment Management, LLC
Portfolio manager
Michael Salm, Chief Investment Officer, Fixed Income, portfolio manager of the fund since 2007
Andrew Benson, Portfolio Manager, portfolio manager of the fund since 2021
Brett Kozlowski, Co-Head of Structured Credit, portfolio manager of the fund since 2011
Sub-advisor
Putnam Investments Limited*
*Though the investment advisor has retained the services of Putnam Investments Limited (PIL), PIL does not currently manage any assets of the fund.
Effective August 31, 2021, the sub-section The fund’s investment manager – Portfolio managers in the section Who oversees and manages the fund? is replaced in its entirety with the following:
Portfolio managers. The officers of Putnam Management identified below are jointly and primarily responsible for the day-to-day management of the fund’s portfolio.
| Portfolio managers | Joined fund | Employer | Positions over past five years |
| Michael Salm | 2007 | Putnam Management | Chief Investment Officer, |
| 1997 - Present | Fixed Income | ||
| Previously, Co-Chief | |||
| Investment Officer, Fixed | |||
| Income, Co-Head of Fixed | |||
| Income | |||
| Andrew Benson | 2021 | Putnam Management | Portfolio Manager |
| 2008 - Present | Previously, Trader | ||
| Brett Kozlowski | 2011 | Putnam Management | Co-Head of Structured Credit, |
| 2008 - Present | Previously, Portfolio Manager |
The SAI provides information about these individuals’ compensation, other accounts managed by these individuals and these individuals’ ownership of securities in the fund.
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