| Summary Prospectus Supplement | August 30, 2021 |
| Putnam Income Fund | |
| Summary prospectus dated February 28, 2021 | |
Effective August 31, 2021, the section Your fund's management 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.
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